WEBVTT 00:00:00.000 --> 00:00:29.980 Ladies and gentlemen, welcome to the second quarter wrap up news trends and stories with Dr. Joseph P. Farrell. Joseph, I'm so glad to be talking through these stories. As I was going through this, I've been working on sort of what's happening in the stock market. 00:00:30.000 --> 00:00:36.200 globally all week long and I thought, thank God I can do this with Joseph because he understands how the money works. 00:00:36.960 --> 00:00:37.840 Well, I try. 00:00:39.460 --> 00:00:51.320 Well, it's hard to have a conversation with anybody about the equity markets if they don't understand the energy model, they don't understand the breakaway civilization, they don't understand the hidden system of finance. 00:00:51.820 --> 00:00:51.960 Right. 00:00:51.960 --> 00:01:05.480 It was really funny, I was telling somebody the other day on an interview how I had split away from the, you know, the people who do financial markets and the alternative media to just work with you because you were the only one who understood money. 00:01:06.420 --> 00:01:14.920 Well, yeah, the problem is, and I think we backed into this more or less at the same time independently of each other, 00:01:14.920 --> 00:01:22.860 the economic and financial models that are de rigueur in academia just don't work. 00:01:23.620 --> 00:01:24.100 Yeah. 00:01:24.140 --> 00:01:32.720 They're just not adequate to it, and that means there's an aspect of finance that's completely hidden and unseen that no one's talking about. 00:01:33.180 --> 00:01:37.340 Well, but here's the thing, if you want to train, you know, I have an MBA from Wharton, 00:01:37.340 --> 00:01:45.040 if you want to train kids at Wharton to go work for the big government-created corporate monopolies and do a good job, 00:01:45.420 --> 00:01:51.180 they need a framework that will, that they can operate in, and it gives them that framework. 00:01:51.400 --> 00:01:51.660 Right. 00:01:51.720 --> 00:01:58.780 It has no bearing on reality, but it will keep them turtling along inside a corporate monopoly and doing what they do, right? 00:01:59.060 --> 00:02:00.880 Right, exactly, exactly. 00:02:01.300 --> 00:02:04.560 Right, so anyway, but I'm very grateful to be here. 00:02:04.560 --> 00:02:12.920 So I just want to point out to everybody listening, we do have, if you go to the commentary on the website, you can click over to the website. 00:02:13.100 --> 00:02:16.600 We have a dedicated website for the second quarter wrap-up. 00:02:16.720 --> 00:02:26.640 Our theme, Joseph, on the, you know, sort of the big topic for the second quarter is student loans, the fraudulent adducement of family wealth. 00:02:26.960 --> 00:02:29.740 And it, we haven't published it yet. 00:02:29.800 --> 00:02:31.600 We'll publish news trends and stories first. 00:02:32.020 --> 00:02:37.960 When it goes up, what you'll see, I haven't looked, I haven't done a deep dive on student loans for about a decade. 00:02:38.520 --> 00:02:41.880 The last time I looked hard at them was coming out of the financial crisis. 00:02:42.900 --> 00:02:45.520 It is so much more horrible than it used to be. 00:02:45.720 --> 00:02:46.500 Yep, it is. 00:02:46.860 --> 00:02:47.280 It is. 00:02:47.380 --> 00:02:51.780 Guess what percentage of student loans are not being paid right now? 00:02:52.520 --> 00:02:56.680 Oh, I could, I could imagine anywhere between 70 and 90%. 00:02:56.680 --> 00:02:58.260 76%. 00:02:58.260 --> 00:02:59.460 Holy cow, yeah. 00:02:59.460 --> 00:03:03.340 And the majority of people who are really hung in this are 50 and older. 00:03:03.960 --> 00:03:04.080 Yeah. 00:03:04.220 --> 00:03:18.560 And what they've managed to do as they've evolved it is find ways of getting the parents and the grandparents, you know, on the, on the, so, so you're absolutely targeting and, and destroying family wealth. 00:03:18.680 --> 00:03:22.020 But if you look at all the tricks they play, this is so predatory. 00:03:22.440 --> 00:03:22.740 Yes. 00:03:22.820 --> 00:03:27.020 And so fraudulent, you just can't, you just can't believe it. 00:03:27.020 --> 00:03:40.120 Anyway, it's, it's quite a story and, um, and I'm going to get into it when we talk about News Trends & Stories today because if you look at, uh, our story number six, uh, is going to be about the great poisoning. 00:03:41.360 --> 00:03:47.020 So imagine you lever all your young people up with debt and then you poison them. 00:03:47.340 --> 00:03:47.560 Yeah. 00:03:48.560 --> 00:03:50.200 And it's a pincer move. 00:03:50.340 --> 00:03:50.640 Yes. 00:03:51.020 --> 00:03:52.040 On family wealth. 00:03:52.380 --> 00:03:53.600 Health and education, yep. 00:03:54.080 --> 00:04:02.160 If you look at what they're planning with stablecoins and programmable money, they're, they're looking to extend that fraudulent adducement to the whole planet. 00:04:02.500 --> 00:04:02.700 Yep. 00:04:03.340 --> 00:04:03.580 Yep. 00:04:03.900 --> 00:04:04.120 Yeah. 00:04:04.120 --> 00:04:05.440 It's quite, it's quite clever. 00:04:05.780 --> 00:04:15.920 And then if you look at a lot of the spin we'll talk about today, the bad guys are always the guys who are against usury because you got to finish wiping them out before you. 00:04:16.220 --> 00:04:16.460 Yep. 00:04:17.280 --> 00:04:17.760 Yep. 00:04:18.080 --> 00:04:24.600 Anyway, okay, so, so, um, before we start any, anything you want to point out before we dive in? 00:04:25.060 --> 00:04:26.660 No, I think we're good to go. 00:04:26.760 --> 00:04:29.940 I made some notes on your, on your outline here, so. 00:04:30.200 --> 00:04:33.520 Okay, well, I want to thank the Soluria team because they've worked very hard. 00:04:34.020 --> 00:04:39.840 You know, we're always trying to aggregate all the headlines and then we go through this process of figuring out what's going on. 00:04:40.300 --> 00:04:45.720 You know, and it's always very illuminating for me, but then I talk with you and it's even more illuminating. 00:04:45.720 --> 00:04:47.240 So that's what's going to happen today. 00:04:47.500 --> 00:04:52.220 Okay, so story number one, the going direct reset accelerates. 00:04:53.160 --> 00:04:56.960 And what was interesting at some point, I said to everybody on the team working on this, 00:04:57.060 --> 00:04:58.600 okay, what's the most important story? 00:04:58.840 --> 00:05:00.460 And they all agreed, this is it. 00:05:00.880 --> 00:05:02.860 So we'll start off with the big one. 00:05:03.420 --> 00:05:10.800 Okay, so at the top of every section on the website, we have the stories we picked from Giza Death Star. 00:05:10.800 --> 00:05:16.880 Usually they're the recent story about things that you've written, but for this story, 00:05:16.920 --> 00:05:26.260 we picked Financial Vipers of Venice, your book on Venice, and, you know, because you've described the model, right? 00:05:26.260 --> 00:05:34.440 And we know that every 80 to 120 years, the central bankers do a reset, and we're in one of those resets. 00:05:35.280 --> 00:05:38.600 I want to start with programmable money. 00:05:39.480 --> 00:05:46.340 We did a, we had a big meeting with a group of legislators, and coming out of that meeting, 00:05:46.340 --> 00:05:48.080 we got a great suggestion. 00:05:48.200 --> 00:05:54.760 They said, you know, you ought to make, you ought to do a scenario planning on, on the possibilities 00:05:54.760 --> 00:05:59.920 of programmable money, uh, and, and what it will do to our world. 00:06:00.000 --> 00:06:01.900 And so we came up with four scenarios. 00:06:02.100 --> 00:06:06.380 Justin, if you could just bring up the four scenarios, they're in the slides or they're on 00:06:06.380 --> 00:06:06.960 the website. 00:06:07.720 --> 00:06:08.160 Yeah. 00:06:08.340 --> 00:06:09.320 So there it is. 00:06:09.500 --> 00:06:15.160 So the variables we chose were, we could be decentralized or centralized. 00:06:15.760 --> 00:06:16.640 This is the top. 00:06:16.700 --> 00:06:18.040 So that's the vertical axis. 00:06:18.400 --> 00:06:24.800 And then on the horizontal axis, you could have a relative amount of financial transaction 00:06:24.800 --> 00:06:25.260 freedom. 00:06:25.460 --> 00:06:30.380 So you have analog choices, you keep using cash, you have multiple digital choices. 00:06:30.680 --> 00:06:34.020 But on the right, you have financial transaction control. 00:06:34.160 --> 00:06:41.340 So everything is digital and everything is essentially giving the central system the ability to control. 00:06:41.940 --> 00:06:45.820 And that creates four worlds, okay? 00:06:46.640 --> 00:06:52.460 And the high-tech feudalism is the world and the right, and that's the world where everything 00:06:52.460 --> 00:06:58.580 is highly centralized, and financial transaction control is present. 00:06:58.880 --> 00:07:04.160 And literally, that's when we go from the current system to a whole new system where the bankers 00:07:04.160 --> 00:07:07.840 not only control monetary policy, they control fiscal policy. 00:07:08.300 --> 00:07:11.260 And of course, that's the world we're trying to avoid. 00:07:11.260 --> 00:07:20.540 And when we did the scenario design, our goal was to, you know, we want to make sure that 00:07:20.540 --> 00:07:28.280 everybody understands the importance of putting guardrails up so that, you know, the new financial 00:07:28.280 --> 00:07:31.560 tools can't be used to wipe out our constitutional rights. 00:07:32.220 --> 00:07:39.800 And even if people didn't think that the high-tech feudalism was the goal of the central bankers, 00:07:39.800 --> 00:07:44.720 we wanted them to agree that, that, you know, that we should put up guardrails. 00:07:44.800 --> 00:07:50.920 And what was interesting, only 67% said high-tech feudalism was the goal of the bankers. 00:07:52.060 --> 00:07:58.560 But, but 100% said they wanted guardrails put up so that that, you know, if that happened, 00:07:58.620 --> 00:08:00.760 it couldn't wipe out their constitutional results. 00:08:01.060 --> 00:08:02.380 And here's what's interesting. 00:08:02.540 --> 00:08:08.740 I keep reminding everyone of why I believe that the goal of the system is high-tech feudalism. 00:08:08.740 --> 00:08:15.080 And I want to show a video you've seen many times before, but I want to make sure everybody in the Solari Report has seen this, 00:08:15.180 --> 00:08:22.580 because I absolutely believe that when the central bankers do you the service of telling you the truth about where they intend to go, 00:08:22.660 --> 00:08:23.640 you ought to believe them. 00:08:24.420 --> 00:08:30.820 On our analysis on CBDC, in particular for the use of general, to the general use, 00:08:31.520 --> 00:08:34.720 we tend to establish the equivalence with cash. 00:08:35.540 --> 00:08:37.980 And there is a huge difference there. 00:08:38.680 --> 00:08:45.180 For example, in cash, we don't know, for example, who is using a $100 bill today. 00:08:45.180 --> 00:08:48.340 We don't know who is using a $1,000 bill today. 00:08:49.440 --> 00:08:58.920 A key difference with the CBDC is that central bank will have absolute control on the rules and regulations 00:08:58.920 --> 00:09:04.680 that will determine the use of that expression of central bank liability. 00:09:05.620 --> 00:09:08.960 And also, we will have the technology to enforce that. 00:09:09.620 --> 00:09:19.120 Those two issues are extremely important, and that makes a huge difference with respect to what cash is. 00:09:19.820 --> 00:09:29.620 Okay, now, what I want to know is, how can anybody listen to that and think that that complete control is not the goal? 00:09:30.620 --> 00:09:37.260 And then, he adds to that something I didn't hear before when you've played that selection. 00:09:37.480 --> 00:09:43.560 He said something to the effect that we need to be able to control our liability or something. 00:09:45.040 --> 00:09:49.900 So, it's not your money. It's their expression of central bank liability. It's their money. 00:09:50.080 --> 00:09:51.360 It's their money. Exactly. 00:09:51.860 --> 00:09:57.200 You put in the backing system, it's their money. And they can make the rules on how you can use their money. 00:09:57.500 --> 00:10:00.800 And they can enforce it centrally. 00:10:01.200 --> 00:10:10.640 Right. And they get to change their liability exposure if something goes wrong. I mean, come on. That's not a currency system, Catherine. 00:10:11.460 --> 00:10:12.600 No, it's a control system. 00:10:12.620 --> 00:10:19.520 It's a control system and it's a model for grotesque financial instability. 00:10:20.420 --> 00:10:35.260 Well, but here's the thing. If you need to stop inflation by creating deflation, you can deflate all day long because you can, whether you shut down or steal, you know, you can deflate. 00:10:35.260 --> 00:10:49.260 So let's, I just want to show you one of the slides. We did a briefing last Thursday and I want to show you some of the slides from the briefing to express the point about this. 00:10:49.320 --> 00:11:06.020 So if we could bring up the third lock slide, Justin. Okay, so if you look at top left, if you and I do a cash transaction, you have a lock and I have a lock. In other words, that transaction won't happen unless you want it to happen and I want it to happen. We both have a veto. 00:11:06.020 --> 00:11:31.860 That's a two lock transaction. If we put money in a bank and we transact, we're now in a system that has what I call a manual third lock. The bank is subject to know your customer rules, money laundering rules, sanction rules. And if we try and do a transaction, which is, you know, on the sanctions list and is considered not, you know, not legal, the bank may intercede. 00:11:31.860 --> 00:11:59.380 So if you look at the Canadian truckers, the, you know, each bank had to intercede and it took a lot of paperwork and it was cumbersome and it was hard to do a lot of banks, you know, at the same time. And some of the banks said, no, this is not legal. We won't do it. You know, but essentially they had to manually intercede. It was what I call a manual third lock. If you look top right, the goal of programmable money is to create an automated third lock. 00:11:59.820 --> 00:12:29.280 So that, you know, if you want to shut down 5 million people, you can do it, bam, all at once. You can implement it with AI and the bank or the credit union is not involved. They have, you know, and you can do it both either through the software code in the money itself or in the wallet. So you can freeze their wallet or you can, you know, have the money. And if you look at the bottom, if you look at all the 00:12:29.280 --> 00:12:58.740 governmental and central bank excuses on why they should be able to do this and do this with thousands and thousands of rules that can be applied individually at the individual level, they all relate to virtue, protecting the environment, fairness and equity, anti-terrorism, consumer protection, public health. You know, they got 5,000 reasons why their central control is virtuous. And if you look behind 00:12:58.740 --> 00:13:15.100 behind it, it's all complete yaya. Because if you look at how the people running this model are running their entire, they're stripping the soil, they're engaged in massive crime, they're dropping bombs all over the, in other words, you know, this is not a virtuous group, right? 00:13:15.100 --> 00:13:28.040 And if they, here's the thing, you've just outlined the thing that's going to hoist them on their own petard. Because if they implement an algorithmically controlled third lock, 00:13:28.200 --> 00:13:33.360 on transactions, they themselves are going to be caught in it. 00:13:33.800 --> 00:13:34.060 Yeah. 00:13:34.340 --> 00:13:36.060 The AI will shut them down. 00:13:36.660 --> 00:13:41.440 Right, you know, and here's the thing. First of all, the AI is going to make tons of mistakes, right? 00:13:41.680 --> 00:13:42.080 Totally. 00:13:42.680 --> 00:13:45.580 You're going to have a mess. And if the bank is not involved, 00:13:45.900 --> 00:13:46.160 Yes. 00:13:46.420 --> 00:13:48.340 The bank, you have no one to call. 00:13:48.860 --> 00:13:49.620 Yeah, exactly. 00:13:49.900 --> 00:13:50.800 Where are you going to call? 00:13:51.200 --> 00:13:55.920 Yeah. Yeah, there's no accountability. There's, you know, it's like calling customer service. 00:13:57.000 --> 00:13:57.240 Right. 00:13:57.660 --> 00:14:01.540 It, it, there's not, there's not going to be any place you can call. 00:14:01.760 --> 00:14:02.480 Right, exactly. 00:14:02.980 --> 00:14:14.580 Right. So, um, anyway, so I'm going to use those words during this, um, we're, we're just in the process of publishing our Stablecoin, uh, wrap up in hardcover. 00:14:14.880 --> 00:14:15.380 Oh boy. 00:14:15.660 --> 00:14:26.900 One of the things, it's really, wait, you see, this cover is beautiful, but, um, and, and, uh, uh, one of the things I'm thinking of as a subtitle is all grift, no guardrails. 00:14:26.900 --> 00:14:30.720 Well, yeah, that's, that's exactly the problem. 00:14:30.720 --> 00:14:44.720 You have on your outline here something that I think is, is, needs to be stressed with the guardrails for programmable money is the idea of the right to a non-digital life. 00:14:45.120 --> 00:14:49.240 So let me just show you, let's pull up the Switzerland slide, uh, Justin. 00:14:49.920 --> 00:14:56.140 So this idea came out of Switzerland and they are moving Canton by Canton. 00:14:56.140 --> 00:15:00.800 There's a group called the Pirate Party who's trying to get this enacted into their constitution. 00:15:01.500 --> 00:15:03.500 And you have to do it Canton by Canton. 00:15:03.500 --> 00:15:04.420 By Canton, yeah. 00:15:04.680 --> 00:15:08.120 It's been rejected by three and accepted by two. 00:15:08.380 --> 00:15:15.180 And then, you know, it's pending in, uh, well, it's been accepted for vote in one and then pending in three. 00:15:15.320 --> 00:15:17.560 So, so they're going Canton by Canton. 00:15:17.820 --> 00:15:23.440 And, and we are now writing model legislation for this for states in the United States, Joseph. 00:15:23.440 --> 00:15:40.440 Because, because one of the things I've found talking with really, uh, excellent government leaders is, is it, it is really feasible to, to get agreement on the fact that a citizen should have that right. 00:15:41.040 --> 00:15:41.600 Right. 00:15:41.700 --> 00:15:43.400 You know, it's a basic human right. 00:15:43.600 --> 00:15:51.700 And then once you institute that, it's then easier to come back with legislation for cash bills or putting guardrails on programmable money. 00:15:51.700 --> 00:15:55.060 So the right to have a non-digital life is foundational. 00:15:55.620 --> 00:15:55.740 Yeah. 00:15:55.740 --> 00:15:58.060 And that's why I think Switzerland is leading the way. 00:15:58.440 --> 00:16:05.300 There are other countries across Europe who've talked about this or done it, you know, a little bit in informal ways or at a very local level. 00:16:05.520 --> 00:16:11.380 But I, for one, would love to see this take off because I think it's a super, super, super. 00:16:12.040 --> 00:16:17.480 It needs not only to take off, but they need to give it some teeth to, to, for, for enforcement. 00:16:17.980 --> 00:16:18.140 Yep. 00:16:18.260 --> 00:16:18.720 I agree. 00:16:19.000 --> 00:16:19.500 I agree. 00:16:19.960 --> 00:16:33.340 So, um, you know, we saw Susan Luchas in, uh, got a bill, uh, passed in South Dakota to protect cash, including at school games, but, you know, at governmental entities and they didn't respect it. 00:16:33.380 --> 00:16:35.660 And she had to go arrange to get it enforced. 00:16:35.840 --> 00:16:37.280 So enforcement is important. 00:16:37.780 --> 00:16:38.100 Okay. 00:16:38.180 --> 00:16:42.500 So, so let's talk about what the, where we are in the programmable money. 00:16:42.600 --> 00:16:48.100 The Genius Act has passed and we've been writing pieces in response to the rulemaking. 00:16:48.220 --> 00:17:07.600 One of the things we've said in our rulemaking, um, Joseph, is that any decision to freeze, block, um, burn, or, you know, wipe out, whether it's wiping out your wallet or your money, should be, the final decision has to be made by a human. 00:17:07.740 --> 00:17:09.360 It can't be automated through machines. 00:17:10.060 --> 00:17:10.140 Yeah. 00:17:10.480 --> 00:17:14.420 And, um, you know, we'll see what the response at Treasury is to that. 00:17:14.520 --> 00:17:16.340 But to me, that's very important. 00:17:16.340 --> 00:17:19.160 Okay, let's just look at the stablecoin slide. 00:17:20.060 --> 00:17:20.600 Here we go. 00:17:21.140 --> 00:17:26.180 In the last, just literally the last three months, since we did this the last time. 00:17:26.720 --> 00:17:30.640 Okay, right now there's about 2.6 trillion of stablecoins outstanding. 00:17:31.600 --> 00:17:36.500 Um, I'm sorry, of crypto outstanding and about 300 billion of stablecoins outstanding. 00:17:37.160 --> 00:17:40.740 The Genius Act starts implementation at the beginning of next year. 00:17:40.740 --> 00:17:48.180 And the Secretary of Treasury has said that 3.7 trillion is their expected issuance by 2030. 00:17:48.360 --> 00:17:51.440 Now, I think they're going to try and go for a much higher amount. 00:17:51.940 --> 00:17:56.700 But essentially, that's all money that will then flow into the treasury market, essentially. 00:17:57.520 --> 00:18:02.200 And, and high, uh, you know, some bank deposits, but mostly treasury bills. 00:18:02.340 --> 00:18:02.580 Okay. 00:18:02.960 --> 00:18:10.020 And that is going to take, maybe that takes the total amount of crypto up, you know, anywhere from, 00:18:10.020 --> 00:18:15.640 I don't know, it depends on what's happening elsewhere in the market, but $4 trillion to $10 trillion. 00:18:16.140 --> 00:18:16.300 Okay. 00:18:16.980 --> 00:18:22.780 Currently, household net worth, including not-for-profits is $183 trillion. 00:18:24.100 --> 00:18:28.820 And if you look at how many people hold crypto or stable coins, it's tiny. 00:18:29.720 --> 00:18:31.560 You know, it's, it's 10 to 20%. 00:18:31.560 --> 00:18:35.780 A lot of the ones who hold it, hold it through ETFs in their brokerage account. 00:18:36.080 --> 00:18:44.220 But if you look at the numbers, stable coins are a half of 1% of U.S. holdings. 00:18:44.680 --> 00:18:44.920 Okay. 00:18:45.340 --> 00:18:56.900 Now, we've been trying to put guardrails, so, so we've been working with states to put legislation up as guardrails against stable coins being programmable in a way that could compromise your rights. 00:18:57.800 --> 00:19:04.540 But the universe that we were, we were working with was to do this for $4 trillion. 00:19:05.200 --> 00:19:05.680 Right? 00:19:06.160 --> 00:19:11.180 Because, because that's, $2.6 trillion is what you've got on distributed ledgers now. 00:19:11.360 --> 00:19:24.000 If you add another $3 trillion, then say it's $6 trillion, we're trying to get guardrails against programmable money being able to corner you a strip your rights on $4 to $6 trillion, or $3 to $6 trillion. 00:19:24.420 --> 00:19:24.640 Okay. 00:19:24.920 --> 00:19:27.220 So that was when we talked last. 00:19:27.600 --> 00:19:34.200 Our model legislation wanted to put guardrails up on, you know, on $3 to $6 trillion. 00:19:34.320 --> 00:19:37.900 Okay, here's what's happened since then. 00:19:38.080 --> 00:19:43.140 So let's just look at the chart on the DTC announcement. 00:19:43.940 --> 00:19:51.120 Two weeks coming into our meeting with legislators, DTC, which is Depository Trust Company, 00:19:52.040 --> 00:19:58.540 which does the ownership and archiving for $114 trillion of stocks and bonds, 00:19:59.760 --> 00:20:07.680 announced that they were doing a pilot to move, to create digital tokens on a distributed ledger, 00:20:07.880 --> 00:20:13.340 which would allow you globally to trade stocks, and I'm presuming they'll get to bonds, 00:20:14.100 --> 00:20:17.340 as programmable assets on a distributed ledger. 00:20:18.040 --> 00:20:18.180 Okay? 00:20:18.540 --> 00:20:19.500 Holy cow! 00:20:19.900 --> 00:20:26.320 Okay, that pilot includes 50 of the top brokerage firms in the United States, 00:20:26.320 --> 00:20:28.120 as well as the Israeli exchange. 00:20:29.580 --> 00:20:30.400 Ah, there we are. 00:20:30.880 --> 00:20:31.760 Okay, okay. 00:20:31.880 --> 00:20:35.400 And we'll get to the Israelis getting into the military, too, later. 00:20:36.000 --> 00:20:42.640 So, now, my understanding, and you can, you know, I've heard this from people working at the firms, 00:20:42.720 --> 00:20:44.680 but also articles about the firms. 00:20:45.120 --> 00:20:48.180 What people are saying is, what is this? 00:20:48.240 --> 00:20:49.120 We don't want this. 00:20:49.220 --> 00:20:51.160 This doesn't give us anything we want. 00:20:51.220 --> 00:20:52.400 The customers don't want it. 00:20:52.460 --> 00:20:53.320 We won't want it. 00:20:53.720 --> 00:20:57.260 They don't understand why they're doing it unless they're Slurry Report subscribers, 00:20:57.260 --> 00:20:58.700 and then they understand exactly. 00:20:59.400 --> 00:21:07.620 But the people building the systems top-down are being very cagey about why they want this, okay? 00:21:08.120 --> 00:21:14.620 Now, what they're also saying is they're going to do 24-7 trading with these digital tokens. 00:21:15.720 --> 00:21:22.060 And, in fact, some of them may be digital tokens which are not collateralized with real stock. 00:21:22.060 --> 00:21:26.680 They're just the equivalent of a prediction market on where the price is going. 00:21:26.780 --> 00:21:27.480 So it's gambling. 00:21:27.820 --> 00:21:28.580 Oh, my God. 00:21:29.220 --> 00:21:31.280 Right, so it's really a form of derivative. 00:21:31.620 --> 00:21:31.800 Okay. 00:21:32.320 --> 00:21:32.640 Bingo. 00:21:33.000 --> 00:21:34.660 I was just thinking that. 00:21:35.400 --> 00:21:35.760 Right. 00:21:36.240 --> 00:21:44.260 Now, in fact, Coinbase, the head just said, we're going to be able, they're planning on collateralizing with real stock. 00:21:44.260 --> 00:21:49.200 He said, we're going to be able to bring 4 billion new customers into the stock market. 00:21:52.500 --> 00:21:52.900 Okay. 00:21:53.280 --> 00:21:54.460 Yeah, I got the picture. 00:21:54.920 --> 00:21:55.360 Hold on. 00:21:55.500 --> 00:21:58.480 Oh, no, I'm going to keep going because I'm not through with this at all. 00:21:58.960 --> 00:22:01.160 Okay, so keep going. 00:22:01.680 --> 00:22:04.840 So let's look at what the banks are saying. 00:22:04.840 --> 00:22:10.180 So I'm sitting in the meeting, you know, so DTC happens two weeks before the meeting. 00:22:10.280 --> 00:22:24.760 I'm sitting in the meeting and JPMorgan City and a whole bunch of the clearinghouse banks announced they're going to move bank deposits onto distributed ledgers, making them potentially programmable. 00:22:25.200 --> 00:22:25.320 Okay. 00:22:26.140 --> 00:22:32.180 So now we're talking about stocks and bonds and bank deposits, as well as your crypto. 00:22:32.900 --> 00:22:34.960 Okay, so keep going to the next slide. 00:22:36.920 --> 00:22:45.980 Yeah, so here's Brian Armstrong from Coinbase saying, oh, $4 billion new people in the markets, in U.S. stock market. 00:22:48.120 --> 00:22:50.740 Okay, so we're going to get- 00:22:50.740 --> 00:22:51.980 Trading 24-7, yeah. 00:22:52.060 --> 00:22:53.160 Trading 24-7. 00:22:53.160 --> 00:22:56.680 Oh, one firm said they're going to offer 20 times margin. 00:23:04.520 --> 00:23:07.280 Okay, yes, go ahead. 00:23:07.740 --> 00:23:10.500 So let's look at the balance sheet, okay? 00:23:10.900 --> 00:23:15.820 So I said $183 trillion in household net worth. 00:23:16.880 --> 00:23:29.520 Now, if you pull in bank deposits and you pull in global stocks and bonds, there's $114 trillion at DTC, but globally there's $271 trillion, right? 00:23:29.980 --> 00:23:31.260 And you add bank accounts. 00:23:31.340 --> 00:23:33.420 Now we're talking about a world of $300 trillion. 00:23:34.980 --> 00:23:38.360 Now, how much is that of U.S. household net worth? 00:23:38.400 --> 00:23:44.700 If you look at the right, securities are 40% to 55%, and bank deposits are 5%. 00:23:44.700 --> 00:23:51.200 So now we're talking about 45% to 60%, well, you add crypto, you know, it's another 1%. 00:23:51.200 --> 00:23:56.800 May I interject something here, just to make people remember something? 00:23:57.820 --> 00:24:12.900 Before 9-11, remember the Russian economist by the name of Dr. Tatiana Koryagana, who wrote in Pravda that the West, this is in July of 2001, 00:24:12.900 --> 00:24:26.520 that the West was shortly going to be attacked on its own soil by a cabal, a conspiracy, that had assets in excess of $300 trillion, and that was her figure. 00:24:27.180 --> 00:24:27.520 Right. 00:24:28.760 --> 00:24:34.780 Right, and if you look at all the money that's been disappearing and how the offshore havens have ballooned while that's happening. 00:24:35.040 --> 00:24:35.340 Yep. 00:24:35.780 --> 00:24:37.280 Yep, it's absolutely possible. 00:24:37.280 --> 00:24:42.060 I mean, it's always amazing to me how much gets drained and they get away with it. 00:24:42.680 --> 00:25:00.060 Anyway, so now going, you know, the last time I spoke to you in News Trends & Stories, the Soleri team is working with legislators, amazing legislators all over the country, who are trying to pass legislation to put up guardrails against $4 trillion. 00:25:00.680 --> 00:25:14.380 And suddenly going into next year's legislation, or the next legislative session, we're talking about putting up guardrails on $300 trillion, not $4 trillion, $300 trillion, okay? 00:25:14.780 --> 00:25:18.120 So that's almost a multiple of 100 times. 00:25:19.400 --> 00:25:23.840 We're talking about the entire financial system, okay? 00:25:24.360 --> 00:25:29.840 So, and if you look at the speed at which they say they're going to move, Joseph, it's very, very fast. 00:25:30.680 --> 00:25:33.820 Okay, so here's my concern. 00:25:34.300 --> 00:25:42.460 If I was going to give an award for the worst marketing job of the year, it would be this one for Secretary Besant. 00:25:42.580 --> 00:25:45.300 So if we could show the second video. 00:25:45.840 --> 00:25:57.520 2,200, the shells and missiles and drones here, 5 or 600 there, all of a sudden it's, oh, here, they have at it. 00:25:57.520 --> 00:26:01.260 So, you know, we've frozen Iranian bank accounts. 00:26:01.480 --> 00:26:03.740 After they, after they started getting bombed by Iran. 00:26:03.920 --> 00:26:09.520 Yes, but it was a big, it was a big strategic failure on the financial side. 00:26:09.700 --> 00:26:10.560 And you jumped right in. 00:26:10.660 --> 00:26:12.220 And we, we, we jumped right in. 00:26:12.500 --> 00:26:14.880 And, you know, they've been very good partners. 00:26:15.420 --> 00:26:19.400 We, I believe that we have seized about a billion dollars of their crypto. 00:26:20.780 --> 00:26:21.500 And, you know. 00:26:21.500 --> 00:26:22.640 Just outright seized it. 00:26:22.700 --> 00:26:24.980 Just outright grabbed the wallets. 00:26:24.980 --> 00:26:31.960 Some of the, you know, some of them may be, like, typing in right now and realize, they might not have realized that their wallet had been grabbed. 00:26:32.200 --> 00:26:39.520 And, you know, we are working with our allies all over Europe to grab, you know, villas and houses and properties. 00:26:40.100 --> 00:26:42.620 And, you know, this is money that's stolen from the Iranian people. 00:26:44.200 --> 00:26:45.120 Wait a minute. 00:26:45.640 --> 00:26:48.440 So, so, wait a minute. 00:26:48.440 --> 00:26:59.760 So, so, so I'm going out to market $4 trillion of stable coins to get people all around the world into the, my treasury bill market to finance treasuries. 00:27:00.020 --> 00:27:00.280 Uh-huh. 00:27:00.280 --> 00:27:06.980 And I'm, and that, and that money is going into treasuries where it's going to finance the war machine that is trying to take over the world. 00:27:07.400 --> 00:27:07.620 Yes. 00:27:07.620 --> 00:27:18.160 So, so my way of marketing is to remind them that every dime they put in, these assets has a leash and I can, I can grab that leash whenever I want. 00:27:18.440 --> 00:27:21.360 Yeah, that, that was my, this is my problem. 00:27:21.500 --> 00:27:42.960 He just confirmed something that you and I were saying 10 to 12 years ago when all of this hype about cryptocurrencies and distributed ledgers and blockchain, oh, now we have a way around an end run around the central banksters and this is a completely secure, non-hackable system. 00:27:42.960 --> 00:27:48.900 Your money is safe, no one can take it, and there we are, folks. 00:27:49.140 --> 00:27:55.980 He just went on record and admitted it was all a big, huge scam. 00:27:56.280 --> 00:27:56.760 Right. 00:27:57.420 --> 00:28:10.860 I couldn't believe he did that because if you're coming out and you're going to market $4 trillion in stable coins, it's like, get out of a real asset that you control and come into this asset that has a leash on it. 00:28:10.980 --> 00:28:11.240 Bam. 00:28:11.240 --> 00:28:16.540 Yeah, that we can confiscate anytime we want to. 00:28:17.260 --> 00:28:21.220 Well, here's the thing, you know, because I used to have clients who had money all over the world. 00:28:21.480 --> 00:28:30.080 And if you have a, if you own dollars anywhere, if you have dollars in your bank account, from a legal matter, it's deemed to be in New York. 00:28:30.420 --> 00:28:33.800 So those dollars are not in Zurich or Singapore, they're in New York. 00:28:34.120 --> 00:28:34.340 Right. 00:28:34.340 --> 00:28:42.120 Okay, so Justin, I just want to show Joseph the illustration for Money & Markets this week. 00:28:42.220 --> 00:28:44.460 This is, you know what a genius Robert is. 00:28:44.600 --> 00:28:45.740 He's an amazing genius. 00:28:45.980 --> 00:28:57.040 Okay, so I was trying to explain this idea of the importance of staying focused on real assets as opposed to the unreal and chasing these bubbles. 00:28:57.300 --> 00:29:10.020 So here's Mr. Global rolling up the real assets, your land, your real estate, your houses, while everybody's chasing these, you know, these bubbles, whether they're SPACs or crypto or, you know, whatever. 00:29:11.260 --> 00:29:14.440 He could have put a couple of tulips up there too. 00:29:15.340 --> 00:29:15.860 Exactly. 00:29:18.100 --> 00:29:19.020 That's good. 00:29:19.740 --> 00:29:26.160 So to me, there's a difference between an asset that you really own and control and one that can be snapped and grabbed away. 00:29:26.160 --> 00:29:28.560 You know, one's an asset, the other's a trap. 00:29:28.900 --> 00:29:35.460 Well, yeah, you just said a couple slides ago about the Deposit Trust Corporation archiving securities. 00:29:36.160 --> 00:29:47.980 So in other words, they're taking securities, not just money, folks, they're taking securities, stocks, bonds, all of that into the digital archive, which they control. 00:29:48.200 --> 00:29:55.740 Well, you know, we've had a real debate because my friend David Webb and I deeply disagree. 00:29:55.980 --> 00:30:00.620 He has this book about a great taking and he's saying the Fed can take your stocks and bonds. 00:30:01.380 --> 00:30:07.440 And I'm saying, David, you know, if you look at his basis on saying all of that, I said, that's not the real problem. 00:30:07.780 --> 00:30:10.600 The real problem is they move stocks on a distributed ledger. 00:30:10.940 --> 00:30:11.280 Yes. 00:30:11.620 --> 00:30:13.220 And then they can take them. 00:30:13.320 --> 00:30:18.140 And the Secretary of State just explained to you how easy that was. 00:30:18.140 --> 00:30:30.920 I mean, remember, in the beginning of the operation last year when they tried to do it covertly, he claimed he drove the price of the Iranian currency down 94% against the dollar. 00:30:30.940 --> 00:30:32.760 Oh, they can do much more than that. 00:30:33.000 --> 00:30:41.180 People, you know, they can use the transaction period as a transaction for stocks or bonds or whatever. 00:30:41.180 --> 00:30:54.820 They can use that period that you and I would know as the float and transact during the float itself and use somebody else's assets as their own in terms of an asset on the ledger. 00:30:54.940 --> 00:30:58.960 So, in other words, they're ballooning in every way they possibly can. 00:30:59.140 --> 00:31:00.840 It's just a craziness. 00:31:01.340 --> 00:31:05.540 So, one of the things we're going to get into when we go into story number four about the equity markets. 00:31:05.540 --> 00:31:09.740 The equity markets are at a – the pillar – the Shiller PE is at 42. 00:31:10.040 --> 00:31:12.440 At the height of the dot-com, it was 44. 00:31:13.080 --> 00:31:17.140 So, it's getting close and people are beginning to say we're in dot-com territory. 00:31:18.280 --> 00:31:29.360 And, you know, very fine investment advisors are saying, you know, I just – I'm going to show you something where Ed Dowd, you know, just thinks you're crazy to stay in the markets. 00:31:30.180 --> 00:31:31.940 And – but here's the problem. 00:31:33.000 --> 00:31:42.300 Imagine in your mind – this is just an imaginary exercise – that we go out to the global citizens and we say, here's your stablecoin account. 00:31:42.420 --> 00:31:46.220 You can get out of your local currency and you can go into dollars. 00:31:46.640 --> 00:31:46.860 Right. 00:31:46.940 --> 00:31:51.200 And you can do it through your mobile payment systems, Google, Apple, et cetera. 00:31:52.040 --> 00:31:56.500 And we're going to lend you money. 00:31:56.500 --> 00:32:04.500 You can borrow, you know, if you're a small farmer, if you're a small businessman, you can borrow and collateralize it with your land and real estate. 00:32:05.360 --> 00:32:05.800 Right. 00:32:06.200 --> 00:32:08.780 But – but we'll loan you all the money you want. 00:32:09.080 --> 00:32:09.520 Right. 00:32:09.620 --> 00:32:16.040 And – and not only that, you know, in your wallet or related wallet, you can trade stocks. 00:32:16.720 --> 00:32:21.020 And – and you can move that – that, let's say, we'll lend you $1,000. 00:32:21.480 --> 00:32:25.720 You move that $1,000 into your stock account with 20 times margin. 00:32:25.720 --> 00:32:37.680 You can buy $20,000 of Apple or Google or Meta, or I should say Alphabet, and – and – and you can – you can trade it 24-7. 00:32:39.900 --> 00:32:47.040 Do you think if you brought 4 billion people in and gave them that kind of leverage that you could run the stock market up more? 00:32:47.580 --> 00:33:07.820 Oh, what you're outlining, Catherine, is the prelude to the stock market crashes of 1929, because this is precisely the type of things that they were doing, only they didn't have a cryptocurrency and a 24-hour, 7-days-a-week stock market to do it on. 00:33:08.120 --> 00:33:08.860 Now they do. 00:33:09.040 --> 00:33:11.780 And they didn't have a 20-times margin either. 00:33:12.500 --> 00:33:12.680 Right. 00:33:12.680 --> 00:33:25.660 Right, so now we're, you know, I said that student loan, maybe I'll just show you the cover for the student loan theme for this second quarter wrap-up, if you could just bring up the cover, Justin. 00:33:26.660 --> 00:33:35.200 So our theme is student loans, the fraudulent inducement of family wealth, because it's so bankrupted families. 00:33:36.200 --> 00:33:37.100 There you go. 00:33:38.460 --> 00:33:38.740 Yeah. 00:33:39.260 --> 00:33:40.420 And it's true. 00:33:40.960 --> 00:33:41.180 Yeah. 00:33:41.480 --> 00:33:42.120 It's true. 00:33:42.680 --> 00:33:50.320 So, so I hadn't looked at student loans for about 10 years, and I've been reading and working on the draft, and it's so bad. 00:33:50.500 --> 00:33:56.300 It's so, I've never seen so much predatory lending and tricks and lies and deceit. 00:33:56.540 --> 00:33:57.700 It's incredible. 00:33:57.920 --> 00:33:59.500 I mean, this is, this is war. 00:33:59.960 --> 00:34:00.760 Yes, it is. 00:34:00.980 --> 00:34:01.220 Right. 00:34:01.300 --> 00:34:01.800 It's war. 00:34:02.180 --> 00:34:10.720 And, and it's like they've taken all of the things they've learned doing student loans and doing some of the other fraudulent inducements, like the mortgage market. 00:34:11.480 --> 00:34:12.780 And now they're going to do it globally. 00:34:13.160 --> 00:34:13.520 Yes. 00:34:14.000 --> 00:34:14.260 Right. 00:34:14.680 --> 00:34:14.960 Right. 00:34:15.340 --> 00:34:16.600 Because they're going after retail. 00:34:16.720 --> 00:34:19.280 They're going after the small business guys and the small farmers. 00:34:19.920 --> 00:34:21.780 And, and that's what they're going to do. 00:34:22.040 --> 00:34:27.200 So, um, anyway, so, so this is absolutely accelerating. 00:34:27.200 --> 00:34:32.180 And of course, you know, the question for everybody is they listen to this is what you can do. 00:34:32.320 --> 00:34:33.740 And there's so much you can do. 00:34:34.040 --> 00:34:38.860 I mean, first you can do is keep analog alive, keep cash alive, keep checks alive. 00:34:39.160 --> 00:34:44.840 But the other thing you can do is stop financing these guys, stop working for them, stop helping them. 00:34:45.480 --> 00:34:49.480 I am, we're going to talk about this in story number five and four. 00:34:49.620 --> 00:35:00.200 I am so sick of sitting in an audience where people in their 401ks and IRAs are, half of their money is financing data centers. 00:35:00.640 --> 00:35:01.120 Yes. 00:35:01.520 --> 00:35:02.400 Half of their money. 00:35:02.720 --> 00:35:03.080 Yes. 00:35:03.480 --> 00:35:14.080 So we'll get into that subsequently, but, and then of course you can get legislation passed in your state or support the people who are getting legislation. 00:35:14.600 --> 00:35:26.160 So if you have legislators in your state who are working to pass legislation, you know, and put up guardrails, you know, so create legislation for your right to have a digital life. 00:35:26.680 --> 00:35:38.000 Pass legislation protecting cash, and then pass legislation to put up guardrails on all the distributed ledger programmable assets and money, for God's sake, support them. 00:35:38.560 --> 00:35:48.460 I think, I think we have to go further with cash. I think we have to make it a law that it remains legal tender and that all businesses must accept it in transaction. 00:35:48.940 --> 00:35:57.980 So here's what we found in the states. The states are willing to say the state must accept it. But a lot of states hate to tell businesses what to do. 00:35:58.200 --> 00:35:58.420 I know. 00:35:58.820 --> 00:36:14.300 But let's go back and look at the slides on cash. So Massachusetts passed a law protecting cash access in 78. And then nothing happened until 2019. And now what you can see is states are starting to do this. 00:36:15.060 --> 00:36:37.460 New Jersey, Rhode Island in 2019, Connecticut and Colorado in 21, Oregon and Delaware in 22, Montana in 23, Idaho in 24. Idaho was just protecting government or requiring government. Then South Dakota and D.C. in, you know, between, I think that's 25, and then New York in 26. 00:36:38.320 --> 00:37:01.180 And the big divide is many governments hate to tell the small business people they have to do it, but they will say, okay, government has to do it. And that's sort of step one. And if you could go to the prior slide, Justin, I just want to show, you know, we have this, we did this in our legislative briefing last week, and it'll, the video will be up on the 17th. 00:37:01.180 --> 00:37:25.660 And the slides are already up at the commentary. You can get and download them. But this shows you the details of what these different states have done. And some cities, too, New York City, Philadelphia, San Francisco, you can get a local law adapted. And I'm with you. If you look at how fast they're moving on all $300 trillion, keeping analog alive and cash alive is absolutely essential and very, very doable. 00:37:26.000 --> 00:37:49.560 We just published a new interview called Turtling with Cash Part 2 with Susan Luches. And if you look at, you know, a lot of people have turned around on this issue globally, including the Scandinavian Central Bank. So, yep, it's very good. Okay, so anything else on, there are many things you can do. I want to point out, you know, we have this come and clean. Did we send you a come and clean booklet? 00:37:49.560 --> 00:37:50.260 Yes, I have it. 00:37:50.260 --> 00:38:19.820 Okay, so this is really a buffet of all the different things you can do. And, you know, for one thing, if you're going to work in building this digital control grid, maybe you should stop. If you love crypto, maybe it's time for the crypto industry to step up and take responsibility and say, we're going to help you put up guardrails. So I like to say that if the utility industry had been as responsible as the crypto industry, my ancestors would have been electrocute. 00:38:20.260 --> 00:38:22.400 Yes, probably. 00:38:22.400 --> 00:38:26.420 Right. So I don't know if you ever remember the old-timey utility executives? 00:38:26.900 --> 00:38:27.460 Oh, yes. 00:38:27.960 --> 00:38:31.220 You know, the safety was like number one, number two, number three. 00:38:31.520 --> 00:38:31.720 Yeah. 00:38:31.720 --> 00:38:39.820 They were just safety fanatics protecting their customer from the dangers of, you know, the electrical lines. 00:38:40.640 --> 00:38:46.680 You know, it's time for the crypto industry to start caring about being something other than a honey trap. 00:38:47.140 --> 00:38:50.720 I agree, but I have to say I'm not holding my breath. 00:38:51.920 --> 00:39:01.420 I will say this, as a collective, not as individuals, but as a collective, it is the single most irresponsible industry I have ever seen in my life. 00:39:02.340 --> 00:39:08.240 And it is even more irresponsible than the private equity industry, which was the leader up until crypto. 00:39:08.620 --> 00:39:11.740 And they are now in a partnership in Washington. 00:39:12.400 --> 00:39:13.460 Oh, joy. 00:39:13.980 --> 00:39:15.320 Yeah, they're lobbying together. 00:39:16.040 --> 00:39:21.500 Okay, so let's go to story number two, the shift to C4, energy wars and trade bottlenecks. 00:39:22.500 --> 00:39:27.000 And I say C4, C4 is an expression I got from Thierry Mison where he said, 00:39:27.540 --> 00:39:35.180 the world is reorganizing from the G7 to the C4, C4 being China, India, Russia, and the United States. 00:39:35.480 --> 00:39:37.960 And they're slicing up the world. 00:39:38.640 --> 00:39:45.540 If you go to story number two, Justin, Brad put up the C4 map this morning. 00:39:45.640 --> 00:39:46.560 It's really cute. 00:39:47.100 --> 00:39:47.820 Isn't that cute? 00:39:48.140 --> 00:39:49.260 That's good. 00:39:51.840 --> 00:39:53.020 Well, here's the thing. 00:39:53.140 --> 00:39:57.400 If the East-West strategy to take down Russia fails, 00:39:58.100 --> 00:40:01.820 then if you're going to get the resources you need to be resilient, 00:40:02.040 --> 00:40:03.500 then you've got to go north-south. 00:40:03.960 --> 00:40:04.340 Right? 00:40:04.580 --> 00:40:07.720 And that's what the Greenland to Latin America thing is. 00:40:07.720 --> 00:40:16.200 So with that, let me introduce the first video for this story on Iran and the war, et cetera. 00:40:16.920 --> 00:40:20.700 Dollar dominance is essential in everything President Trump is doing here. 00:40:21.380 --> 00:40:28.100 If you look, the new Venezuela is going to, is invoicing in dollars. 00:40:28.260 --> 00:40:30.440 They're coming back onto the dollar system. 00:40:30.580 --> 00:40:31.540 They've been sanctioned. 00:40:31.560 --> 00:40:34.960 They were not allowed to translate or to transact in dollars. 00:40:35.040 --> 00:40:41.500 And now, dollar, the dollar is going to be the centerpiece of their trade. 00:40:42.140 --> 00:40:45.840 They were selling discounted oil to China and not getting dollars. 00:40:46.260 --> 00:40:53.840 We're seeing in the Iranian negotiations, the Iranians will be invoicing in dollars. 00:40:54.140 --> 00:40:58.380 So everything we are doing is pushing the dollar back. 00:40:58.760 --> 00:41:04.660 It's never left as the centerpiece for the global currency system, but we're reinforcing it. 00:41:04.660 --> 00:41:17.920 I would anticipate when the Russia-Ukraine conflict ends that Russia will want to come back in the dollar system because, again, the dollar, it's our liquidity. 00:41:18.300 --> 00:41:19.380 It's our capital markets. 00:41:19.540 --> 00:41:20.880 It's the depth and breadth. 00:41:21.320 --> 00:41:23.060 Everyone wants to be here. 00:41:23.540 --> 00:41:30.880 And I think many times, the great thing about the United States is we course correct when we go too far one way or the other. 00:41:30.880 --> 00:41:47.120 And I think we should not be shy about flexing where we have advantages and where we have advantages, share with our allies, and push back on those who are not aligned with us. 00:41:49.440 --> 00:41:54.900 Okay, so let's, I should mention in story number one, we have a wealth of stats. 00:41:54.900 --> 00:42:02.540 I had Corey Lynn go and look at all the stats on the dollar, and the dollar remains dangerous and dominant. 00:42:02.760 --> 00:42:11.140 You're seeing a tiny drop in market share, but it's tiny, you know, in both reserves and trade and trading across the board. 00:42:11.840 --> 00:42:16.380 The dollar remains strong throughout this whole period, and right now it's in an uptrend. 00:42:16.380 --> 00:42:40.980 So I keep hearing, you know, various people chiming in about how it's going to collapse, and we've been, I don't know if you remember in 2014 when we were together in California in a workshop, and you exploded at somebody who said that, you know, the dollar was going to collapse and the Chinese were going to run the global currency, and you said, China has only one aircraft carrier, and they're still learning how to sail it. 00:42:40.980 --> 00:42:41.680 Are you crazy? 00:42:44.880 --> 00:42:57.240 Well, listen, Catherine, I've been hearing the dollar is going to, as you know, and you have too, we've been hearing the dollar is going to collapse any minute now, at least since Richard Nixon, if not before. 00:42:57.900 --> 00:42:58.260 Right. 00:42:58.440 --> 00:43:10.380 So, you know, I'm not in the financial dollar is going to collapse chicken little world at all. I'm just not. I don't see it happening anytime soon. 00:43:10.380 --> 00:43:24.980 Okay, so one thing that is reminding me from this video is the U.S. now controls who gets Venezuela's oil. So they direct the sales and they get all the revenues. 00:43:25.620 --> 00:43:25.720 Yep. 00:43:25.720 --> 00:43:30.580 So remember how the revenues, the oil sale revenues from Iraq are now deposited at the New York Fed? 00:43:31.020 --> 00:43:31.140 Yeah. 00:43:31.140 --> 00:43:36.980 I don't know if Venezuela, I'm assuming Venezuela is also depositing at the New York Fed from what the announcements have been. 00:43:36.980 --> 00:43:40.460 But this is how you bolster the dollar, right? 00:43:41.460 --> 00:43:41.940 Yeah. 00:43:42.340 --> 00:43:44.820 You take over the oil and control the market. 00:43:45.180 --> 00:43:48.780 You know, this is not the end of the petrodollar. 00:43:48.920 --> 00:43:50.940 This is the petrodollar on steroids. 00:43:51.880 --> 00:43:52.120 Right. 00:43:52.220 --> 00:43:56.500 But it's also, somebody pointed out, it's not the petrodollar, it's the LNG gas dollar. 00:43:56.800 --> 00:43:57.720 That's true too. 00:43:58.240 --> 00:43:58.380 Yeah. 00:43:58.380 --> 00:44:06.220 So we've been publishing this timeline that I've sent you several times of all the sabotage, both of energy and trade bottlenecks around the world. 00:44:06.300 --> 00:44:09.540 And we're about to republish the next monthly update. 00:44:10.220 --> 00:44:14.320 And I think, I describe this as channel wars. 00:44:14.780 --> 00:44:15.800 Yes, absolutely. 00:44:16.220 --> 00:44:22.460 I want, you know, here's my channel, my publicly traded stocks, my flow of data. 00:44:23.240 --> 00:44:23.540 Right. 00:44:23.640 --> 00:44:26.080 And I want everything coming through my channel. 00:44:26.240 --> 00:44:32.540 So if a Huawei phone gives data to China, then it's illegal. 00:44:33.060 --> 00:44:34.540 Chinese cars are illegal. 00:44:34.720 --> 00:44:38.880 You can't buy Chinese cars in the United States because they sent the data to China. 00:44:39.400 --> 00:44:39.500 Right. 00:44:39.840 --> 00:44:42.700 So I've got a channel and you've got to be in my channel. 00:44:42.820 --> 00:44:54.260 That was the fight I had, you know, with the feds because I was, you know, I was returning money to taxpayers and that was funneling money out of their corporate channels. 00:44:54.420 --> 00:44:54.860 Right. 00:44:55.020 --> 00:45:01.680 Because they were subsidizing monopolies and they were using money out of the back door of HUD to do that. 00:45:01.680 --> 00:45:02.320 Okay. 00:45:02.780 --> 00:45:10.940 So we've seen remarkable headlines, including you discussing this, about channel wars. 00:45:11.060 --> 00:45:15.240 So let me show you the next video and then I want to get back to your story on cable cutting. 00:45:15.920 --> 00:45:18.780 Kind of delve into what we're dealing with. 00:45:18.840 --> 00:45:19.900 So this digital noose. 00:45:20.260 --> 00:45:24.300 Now note on the map here, it is not just the straight, okay? 00:45:24.300 --> 00:45:27.780 It actually goes around into the Red Sea. 00:45:27.940 --> 00:45:30.440 Again, very tight pass. 00:45:31.360 --> 00:45:32.500 Why is that important? 00:45:33.060 --> 00:45:42.180 Well, look, if you start to get into the things that it could impact, it's pretty nutty, actually, 00:45:42.500 --> 00:45:47.140 because it is not something that you would initially think about. 00:45:47.560 --> 00:45:49.620 I wasn't really focused on that. 00:45:49.700 --> 00:45:52.400 I'm focused on the oil and the energy and the impacts around the world. 00:45:52.400 --> 00:45:56.200 But the digital aspect is absolutely crazy. 00:45:57.120 --> 00:46:01.200 So, as I mentioned, it's no longer just an oil choke point. 00:46:01.560 --> 00:46:02.880 It's a data choke point. 00:46:03.520 --> 00:46:07.900 Everyone understands the Strait of Hormuz, right? 00:46:07.920 --> 00:46:09.320 It's a valve for golf oil. 00:46:09.600 --> 00:46:16.960 But sitting underneath it, that exact same corridor, are fiber optic cables carrying regional and international 00:46:16.960 --> 00:46:18.260 internet traffic. 00:46:18.440 --> 00:46:24.300 That means a Hormuz crisis does not just threaten crude, diesel, and jet fuel. 00:46:24.420 --> 00:46:32.820 It also threatens cloud services, banking traffic, military comms, logistics, and AI infrastructure. 00:46:33.860 --> 00:46:34.000 Okay. 00:46:34.260 --> 00:46:44.300 So, you know, over the years, you and I have seen many strategic moments when underground cables get cut. 00:46:44.720 --> 00:46:44.980 Yep. 00:46:45.520 --> 00:46:49.580 So, tell us a little bit about your cable cutting updates. 00:46:50.140 --> 00:47:13.240 Well, the cable business started way back in the 2000s with that attack on a California electrical substation when you had what the FBI itself would go on to describe as a professional team hit a substation, remove specific equipment, and got out before law enforcement could respond. 00:47:13.600 --> 00:47:18.200 That was followed in that same time frame of a few months. 00:47:18.540 --> 00:47:24.600 That was followed by the cutting of an internet cable between Flagstaff and Phoenix. 00:47:25.960 --> 00:47:40.980 Then that was followed by a further cable cutting episode in California, in San Francisco, where again the FBI came to the conclusion it was a professional team that knew exactly what to do and where to go. 00:47:41.680 --> 00:47:51.000 There was an internet cable that cut, that was cut in San Francisco that interfered with a lot of bank traffic, transaction clearing, and so on. 00:47:52.040 --> 00:48:03.880 Then that was followed by yet another internet cable being cut that brought down the Salt Lake City Air Traffic Control Center, which I remember that one. 00:48:03.880 --> 00:48:18.640 It was reported on national news that messed up air traffic control in the entire Southeast United States because Salt Lake City's air traffic had to be shunted to Phoenix and Las Vegas and Los Angeles and so on. 00:48:19.500 --> 00:48:27.120 So I came to the conclusion, and I don't know if this is where you wanted me to go, but my conclusion from all these episodes, Catherine, 00:48:28.400 --> 00:48:44.740 is these are deliberate attacks, number one, they're professional, and number three, somebody is trying to map the hardware architecture of the whole internet. 00:48:46.200 --> 00:49:02.540 And they're injecting themselves into a process. They're serving notice. That's in addition to the hacks that we saw against Wells Fargo and Sony and so on and so forth, the software attacks. So in other words, this is a coordinated effort. 00:49:02.540 --> 00:49:20.040 And I have to say that I think it's probably a non-state actor or actors behind it. And they're part of the operation is they're sending some sort of message to Mr. Globaloni and something. I don't think it's Mr. Globaloni behind it. 00:49:20.140 --> 00:49:20.720 Right. 00:49:20.960 --> 00:49:25.820 Because this does not serve their interest to have these weaknesses exposed. 00:49:26.340 --> 00:49:38.940 So we wrote a book review on a very good book called Underground Empire and what it describes and it's you know it's the underground cables and the undersea cables but it's also going to more and more include the satellites. 00:49:39.560 --> 00:49:39.640 Right. 00:49:39.920 --> 00:49:45.440 This entire control model is dependent on hardware infrastructure all around the world. 00:49:45.720 --> 00:49:46.060 Yes. 00:49:46.660 --> 00:49:54.820 You know if you look at the data centers and the capacity here that they're building you know that's not just for U.S. data that's for global data behind the dollar. 00:49:54.820 --> 00:50:04.600 That is the entire dollar system data putting you know as you know 4 billion plus 325 million people under surveillance if they can get them. 00:50:05.060 --> 00:50:05.080 Yeah. 00:50:05.080 --> 00:50:12.100 You know they're getting them into a honey trap but they're getting them into a surveillance trap and and that's a lot of data and it depends on those cables. 00:50:13.040 --> 00:50:13.160 Yes. 00:50:13.160 --> 00:50:23.520 So when the Iranians came out and said we want to tax the cables and we assert jurisdiction over it because that's our territory and we're asserting jurisdiction and we have the right to tax those cables. 00:50:23.520 --> 00:50:26.880 They were basically throwing the whole model out. 00:50:27.320 --> 00:50:27.420 Yes. 00:50:27.420 --> 00:50:35.500 They're saying the whole going direct model we're going to throw up in the air because we're going to tax you and assert jurisdiction over your infrastructure. 00:50:35.980 --> 00:50:39.660 And they don't have a Rothschild controlled central bank. 00:50:40.020 --> 00:50:40.360 Right. 00:50:40.640 --> 00:50:40.860 Right. 00:50:41.440 --> 00:50:45.140 Golly I wonder if that's I wonder if that's just merely a coincidence. 00:50:45.780 --> 00:50:55.300 Well I think part of the real negotiation here is trying to get the Iranians to agree to go on the US on the control grid infrastructure. 00:50:55.620 --> 00:50:55.820 Right. 00:50:55.920 --> 00:51:11.680 They want them on the distributed ledger they can't be outside the system you know or they just cut them off from China and that's another another question was you know how much oil are they sending to China from Alaska to basically buy them out of Iran. 00:51:12.700 --> 00:51:41.720 Well given the fact that we've seen recently both Russia and China not only pledge support to Iran to the regime there but moving key military assets in particularly in Russia's case down toward the Iranian border I don't think they're ready to give up on Iran if anything I think they're reading the situation the long-term financial game just like you are. 00:51:41.720 --> 00:51:42.540 Right 00:51:42.540 --> 00:51:49.040 And this is the decision that they've taken in Moscow and Beijing if we get into this thing we won't ever get out 00:51:49.040 --> 00:51:57.500 So yeah, I read their move as being primarily a geopolitical financial move in response to this 00:51:57.500 --> 00:52:05.860 So remember they publicly they've embraced the BIS digital ID and CBDC thing they just want to control their own 00:52:05.860 --> 00:52:06.420 Right 00:52:06.420 --> 00:52:07.260 Right 00:52:07.260 --> 00:52:09.160 Right, they want to control their own 00:52:09.160 --> 00:52:14.020 Okay, so there have been a lot of major things that have happened 00:52:14.020 --> 00:52:15.660 I think 00:52:15.660 --> 00:52:20.440 In not only the conduct of this war 00:52:20.440 --> 00:52:23.820 But people's understanding of it that have really 00:52:23.820 --> 00:52:27.060 Shifted our view of the world 00:52:27.060 --> 00:52:27.920 So I want to show you 00:52:27.920 --> 00:52:30.540 This is Eric Prince at Hillsdale College 00:52:30.540 --> 00:52:31.760 He was a Navy SEAL 00:52:31.760 --> 00:52:33.860 And obviously he watches 00:52:33.860 --> 00:52:37.140 For business reasons he watches everything military closely 00:52:37.140 --> 00:52:39.140 They wanted me to talk about AI 00:52:39.140 --> 00:52:41.080 And the future of warfare 00:52:41.080 --> 00:52:43.120 I think 00:52:43.120 --> 00:52:45.620 I think it's important to look back 00:52:45.620 --> 00:52:47.780 To enable us to look forward 00:52:47.780 --> 00:52:49.440 And like 00:52:49.440 --> 00:52:50.940 Let's start where we are right now 00:52:50.940 --> 00:52:53.560 And what's happened in 00:52:53.560 --> 00:52:55.840 The Ukraine-Russia war 00:52:55.840 --> 00:52:58.780 Has massively accelerated 00:52:58.780 --> 00:53:00.960 Warfare in a way 00:53:00.960 --> 00:53:02.840 That I think it's the greatest advancement 00:53:02.840 --> 00:53:05.380 Or it's the greatest swing in the pendulum 00:53:05.380 --> 00:53:09.040 Really since Genghis Khan 00:53:09.040 --> 00:53:10.560 Put stirrups on horses 00:53:10.560 --> 00:53:12.340 Now 00:53:12.340 --> 00:53:14.220 If you go back that far 00:53:14.220 --> 00:53:16.560 I think that was 12 00:53:16.560 --> 00:53:18.380 1218 or so 00:53:18.380 --> 00:53:19.280 He set off 00:53:19.280 --> 00:53:22.300 Literally the Mongol Empire 00:53:22.300 --> 00:53:24.200 When he was done 00:53:24.200 --> 00:53:26.220 Went from the Pacific 00:53:26.220 --> 00:53:27.780 To Hungary 00:53:27.780 --> 00:53:30.660 And he mauled 00:53:30.660 --> 00:53:32.240 And terrorized his way 00:53:32.240 --> 00:53:32.840 Through 00:53:32.840 --> 00:53:36.400 Millions of millions of people 00:53:36.400 --> 00:53:39.700 And millions and millions of square miles of terrain 00:53:39.700 --> 00:53:41.420 What 00:53:41.420 --> 00:53:44.780 What stirrups on horses did 00:53:44.780 --> 00:53:45.560 Is it allowed 00:53:45.560 --> 00:53:47.520 Instead of walking into battle 00:53:47.520 --> 00:53:49.560 Or riding 00:53:49.560 --> 00:53:51.260 And having to get off and fight 00:53:51.260 --> 00:53:52.720 Dismounted 00:53:52.720 --> 00:53:54.560 It allowed people to stand up 00:53:54.560 --> 00:53:55.720 In the saddle 00:53:55.720 --> 00:53:57.160 Engage 00:53:57.160 --> 00:53:58.500 At a high rate of fire 00:53:58.500 --> 00:53:59.540 With a bow and arrow 00:53:59.540 --> 00:54:00.960 While riding forward 00:54:00.960 --> 00:54:02.400 And also riding backwards 00:54:02.400 --> 00:54:03.780 And so now you could 00:54:03.780 --> 00:54:05.560 War so accelerated 00:54:05.560 --> 00:54:07.120 Instead of moving at 00:54:07.120 --> 00:54:08.780 Three to five miles an hour 00:54:08.780 --> 00:54:10.380 Now you could move at 00:54:10.380 --> 00:54:12.040 Twenty and thirty miles an hour 00:54:12.040 --> 00:54:12.280 And 00:54:12.280 --> 00:54:14.720 The Mongol armies of course 00:54:14.720 --> 00:54:17.060 When he moved to the 00:54:17.060 --> 00:54:18.740 150,000 people 00:54:18.740 --> 00:54:19.740 Soldiers 00:54:19.740 --> 00:54:21.920 Each of them had three horses 00:54:21.920 --> 00:54:24.020 So you could ride hard 00:54:24.020 --> 00:54:25.040 Switch them out 00:54:25.040 --> 00:54:26.480 Ride hard again 00:54:26.480 --> 00:54:27.260 And so he was moving 00:54:27.260 --> 00:54:28.880 A hundred plus miles a day 00:54:28.880 --> 00:54:31.020 And he just outmaneuvered 00:54:31.020 --> 00:54:31.960 And wrecked 00:54:31.960 --> 00:54:32.460 Wrecked 00:54:32.460 --> 00:54:33.140 His way 00:54:33.140 --> 00:54:34.280 Through societies 00:54:34.280 --> 00:54:36.700 That's what's happened now 00:54:36.700 --> 00:54:38.660 You haven't seen the full effects yet 00:54:38.660 --> 00:54:40.160 But I'm telling you 00:54:40.160 --> 00:54:42.020 That level of change 00:54:42.020 --> 00:54:43.120 And black swan event 00:54:43.120 --> 00:54:43.940 Is possible 00:54:43.940 --> 00:54:47.800 Okay, so let's talk about 00:54:47.800 --> 00:54:48.780 Some of the things 00:54:48.780 --> 00:54:49.560 That have happened 00:54:49.560 --> 00:54:51.080 And there's 00:54:51.080 --> 00:54:52.580 There are more than several of it 00:54:52.580 --> 00:54:53.320 One is 00:54:53.320 --> 00:54:55.960 The previous war 00:54:55.960 --> 00:54:57.160 Against Iran 00:54:57.160 --> 00:54:58.720 Or attack on Iran 00:54:58.720 --> 00:55:00.000 Had been very successful 00:55:00.000 --> 00:55:01.580 And the reason 00:55:01.580 --> 00:55:02.780 It had been successful 00:55:02.780 --> 00:55:04.620 Was that the 00:55:04.620 --> 00:55:06.920 Palantir Lavender type systems 00:55:06.920 --> 00:55:08.620 Were able to track 00:55:08.620 --> 00:55:09.540 Identify 00:55:09.540 --> 00:55:11.340 And target for assassination 00:55:11.340 --> 00:55:12.700 You know 00:55:12.700 --> 00:55:15.220 11 of the top 12 leaders 00:55:15.220 --> 00:55:17.560 They go into the 00:55:17.560 --> 00:55:18.540 Covert operation 00:55:18.540 --> 00:55:20.240 Late in 2025 00:55:20.240 --> 00:55:23.300 Drive the currency down 94% 00:55:23.300 --> 00:55:25.720 And the covert operation 00:55:25.720 --> 00:55:27.000 Is working to start 00:55:27.000 --> 00:55:28.440 Riots and other problems 00:55:28.440 --> 00:55:29.440 And then suddenly 00:55:29.440 --> 00:55:31.200 Iran figures out 00:55:31.200 --> 00:55:32.580 How to shut down 00:55:32.580 --> 00:55:34.040 Starlink 00:55:34.040 --> 00:55:36.040 And the whole thing 00:55:36.040 --> 00:55:36.860 Collapses 00:55:36.860 --> 00:55:37.520 Yes 00:55:37.520 --> 00:55:38.220 And the West 00:55:38.220 --> 00:55:39.280 The West 00:55:39.280 --> 00:55:39.860 Israel 00:55:39.860 --> 00:55:40.760 And the U.S. 00:55:40.780 --> 00:55:41.860 Are left flat footed 00:55:41.860 --> 00:55:42.440 Yeah 00:55:42.440 --> 00:55:43.920 Boom 00:55:43.920 --> 00:55:44.960 So 00:55:44.960 --> 00:55:45.920 So they got 00:55:45.920 --> 00:55:46.740 Power shifted 00:55:46.740 --> 00:55:48.160 And I think 00:55:48.160 --> 00:55:49.300 That's really important 00:55:49.300 --> 00:55:49.660 Joseph 00:55:49.660 --> 00:55:51.080 Because my recollection 00:55:51.080 --> 00:55:51.720 Of when 00:55:51.720 --> 00:55:53.740 That full effect 00:55:53.740 --> 00:55:54.480 Of that system 00:55:54.480 --> 00:55:55.360 Was demonstrated 00:55:55.360 --> 00:55:55.920 By the 00:55:55.920 --> 00:55:57.280 11 assassinations 00:55:57.280 --> 00:55:59.340 All of the 00:55:59.340 --> 00:56:00.140 European leaders 00:56:00.140 --> 00:56:01.580 Just looked terrified 00:56:01.580 --> 00:56:02.380 Yep 00:56:02.380 --> 00:56:03.480 They sure did 00:56:03.480 --> 00:56:04.840 Because they know 00:56:04.840 --> 00:56:05.880 It's not just 00:56:05.880 --> 00:56:06.940 Iranians being tracked 00:56:06.940 --> 00:56:07.660 It's everybody 00:56:07.660 --> 00:56:08.300 Yes 00:56:08.300 --> 00:56:08.840 Right 00:56:08.840 --> 00:56:09.880 So 00:56:09.880 --> 00:56:10.900 But suddenly 00:56:10.900 --> 00:56:12.920 A group of 00:56:12.920 --> 00:56:14.260 A group of countries 00:56:14.260 --> 00:56:15.780 Because it can't just be Iran 00:56:15.780 --> 00:56:18.300 Figured out how to beat that system 00:56:18.300 --> 00:56:19.960 And all of a sudden 00:56:19.960 --> 00:56:21.220 It power shifted 00:56:21.220 --> 00:56:22.200 The whole situation 00:56:22.200 --> 00:56:22.640 Yes 00:56:22.640 --> 00:56:23.360 Right 00:56:23.360 --> 00:56:24.800 And that's when Trump 00:56:24.800 --> 00:56:26.280 Decides to go to war 00:56:26.280 --> 00:56:27.440 And 00:56:27.440 --> 00:56:28.520 And steps right 00:56:28.520 --> 00:56:29.180 In the trap 00:56:29.180 --> 00:56:30.780 And that's when Peter Thiel 00:56:30.780 --> 00:56:31.980 Moved his operation 00:56:31.980 --> 00:56:33.600 To Argentina 00:56:33.600 --> 00:56:35.220 Right 00:56:35.220 --> 00:56:36.220 We're going to get to that 00:56:36.220 --> 00:56:37.260 I've got a little video 00:56:37.260 --> 00:56:38.020 On Peter Thiel 00:56:38.020 --> 00:56:39.100 Moving to Argentina 00:56:39.100 --> 00:56:40.040 So 00:56:40.040 --> 00:56:41.340 You know 00:56:41.340 --> 00:56:45.980 I think that's a major 00:56:45.980 --> 00:56:47.180 Shift 00:56:47.180 --> 00:56:48.780 And I still don't understand 00:56:48.780 --> 00:56:50.780 What the full ramifications 00:56:50.780 --> 00:56:51.460 Of it are 00:56:51.460 --> 00:56:53.560 So let me talk 00:56:53.560 --> 00:56:54.580 Keep talking about 00:56:54.580 --> 00:56:55.360 The different things 00:56:55.360 --> 00:56:55.980 That have changed 00:56:55.980 --> 00:56:57.340 Russia 00:56:57.340 --> 00:56:58.220 And Iran 00:56:58.220 --> 00:56:58.620 And now 00:56:58.620 --> 00:56:59.440 Have proved 00:56:59.440 --> 00:57:00.560 That they can 00:57:00.560 --> 00:57:01.740 Develop 00:57:01.740 --> 00:57:02.460 And send 00:57:02.460 --> 00:57:03.100 A missile 00:57:03.100 --> 00:57:04.440 At very 00:57:04.440 --> 00:57:05.820 And they can make it 00:57:05.820 --> 00:57:07.200 On a very economic basis 00:57:07.200 --> 00:57:08.220 That Israel 00:57:08.220 --> 00:57:09.100 And the United States 00:57:09.100 --> 00:57:09.860 Cannot stop 00:57:09.860 --> 00:57:10.580 Right 00:57:10.580 --> 00:57:12.780 I'm going to go further 00:57:12.780 --> 00:57:13.300 Catherine 00:57:13.300 --> 00:57:14.320 And suggest 00:57:14.320 --> 00:57:15.460 And I'm not trying 00:57:15.460 --> 00:57:15.960 To say 00:57:15.960 --> 00:57:17.500 That the Iranians 00:57:17.500 --> 00:57:18.320 Would not have been 00:57:18.320 --> 00:57:19.300 Able to figure out 00:57:19.300 --> 00:57:20.240 What was going on 00:57:20.240 --> 00:57:21.500 With the Starlink 00:57:21.500 --> 00:57:22.940 Business 00:57:22.940 --> 00:57:24.880 But I 00:57:24.880 --> 00:57:26.000 Strongly suspect 00:57:26.000 --> 00:57:27.320 That that was figured out 00:57:27.320 --> 00:57:28.160 By the Russians 00:57:28.160 --> 00:57:29.800 Really? 00:57:30.100 --> 00:57:30.860 Yes I do 00:57:30.860 --> 00:57:32.700 And shared with Iran 00:57:32.700 --> 00:57:34.780 Because we have to remember 00:57:34.780 --> 00:57:37.640 Both Russia and China 00:57:37.640 --> 00:57:39.120 Have significantly 00:57:39.120 --> 00:57:40.340 Large 00:57:40.340 --> 00:57:41.760 Very 00:57:41.760 --> 00:57:42.920 Adept 00:57:42.920 --> 00:57:43.620 Cyber 00:57:43.620 --> 00:57:44.480 Warfare 00:57:44.480 --> 00:57:46.160 Departments 00:57:46.160 --> 00:57:46.860 Right 00:57:46.860 --> 00:57:48.260 And I 00:57:48.260 --> 00:57:49.580 I strongly suspect 00:57:49.580 --> 00:57:50.640 That Russia may have 00:57:50.640 --> 00:57:51.620 Had something to do 00:57:51.620 --> 00:57:52.140 With this 00:57:52.140 --> 00:57:53.020 So I think 00:57:53.020 --> 00:57:54.240 Both Russia and China 00:57:54.240 --> 00:57:56.260 Were in on that 00:57:56.260 --> 00:57:57.080 Is my guess 00:57:57.080 --> 00:57:57.620 Yeah 00:57:57.620 --> 00:57:59.340 If Russia gave it to Iran 00:57:59.340 --> 00:58:00.300 They gave it to China 00:58:00.300 --> 00:58:00.660 China 00:58:00.660 --> 00:58:01.140 Probably 00:58:01.140 --> 00:58:01.700 In other words 00:58:01.700 --> 00:58:02.560 Those three 00:58:02.560 --> 00:58:03.460 Have it together 00:58:03.460 --> 00:58:04.740 And 00:58:04.740 --> 00:58:05.920 And it's important 00:58:05.920 --> 00:58:06.340 Because 00:58:06.340 --> 00:58:07.080 One you can 00:58:07.080 --> 00:58:08.080 Protect your people 00:58:08.080 --> 00:58:09.360 From 00:58:09.360 --> 00:58:10.620 The lavender 00:58:10.620 --> 00:58:11.640 Type systems 00:58:11.640 --> 00:58:12.240 Or 00:58:12.240 --> 00:58:13.060 I guess it's 00:58:13.060 --> 00:58:13.700 Where's daddy 00:58:13.700 --> 00:58:14.980 So you can 00:58:14.980 --> 00:58:15.820 You can protect 00:58:15.820 --> 00:58:16.320 Your people 00:58:16.320 --> 00:58:17.280 From where's daddy 00:58:17.280 --> 00:58:18.600 But then you can 00:58:18.600 --> 00:58:19.780 Respond with a missile 00:58:19.780 --> 00:58:20.880 That they can't stop 00:58:20.880 --> 00:58:21.480 Right 00:58:21.480 --> 00:58:22.820 And that changes 00:58:22.820 --> 00:58:24.180 The total equation 00:58:24.180 --> 00:58:24.900 Yep 00:58:24.900 --> 00:58:25.560 Of warfare 00:58:25.560 --> 00:58:26.120 Okay 00:58:26.120 --> 00:58:27.060 Now 00:58:27.060 --> 00:58:28.360 One of the major 00:58:28.360 --> 00:58:29.760 Things that we saw 00:58:29.760 --> 00:58:30.920 Happen in this war 00:58:30.920 --> 00:58:32.580 Is that 00:58:32.580 --> 00:58:33.740 The Iranians 00:58:33.740 --> 00:58:34.900 Took the position 00:58:34.900 --> 00:58:36.180 That 00:58:36.180 --> 00:58:37.580 If your military 00:58:37.580 --> 00:58:38.160 Is 00:58:38.160 --> 00:58:38.900 Is made 00:58:38.900 --> 00:58:39.780 Feasible 00:58:39.780 --> 00:58:41.140 And possible 00:58:41.140 --> 00:58:41.940 By private 00:58:41.940 --> 00:58:42.500 Corporate 00:58:42.500 --> 00:58:43.200 Companies 00:58:43.200 --> 00:58:44.120 Contractors 00:58:44.120 --> 00:58:45.300 We reserve 00:58:45.300 --> 00:58:45.900 The right to 00:58:45.900 --> 00:58:46.380 Bomb them 00:58:46.380 --> 00:58:47.100 Yes 00:58:47.100 --> 00:58:47.640 If you're 00:58:47.640 --> 00:58:48.180 If you're 00:58:48.180 --> 00:58:49.020 If you're 00:58:49.020 --> 00:58:50.060 Military data 00:58:50.060 --> 00:58:50.940 Is operating 00:58:50.940 --> 00:58:51.660 In a cloud 00:58:51.660 --> 00:58:52.680 At an Amazon 00:58:52.680 --> 00:58:53.660 Installation 00:58:53.660 --> 00:58:54.240 In the Gulf 00:58:54.240 --> 00:58:55.300 We reserve 00:58:55.300 --> 00:58:55.940 The right to 00:58:55.940 --> 00:58:56.360 Bomb them 00:58:56.360 --> 00:58:56.880 Yeah 00:58:56.880 --> 00:58:57.920 And you would 00:58:57.920 --> 00:58:58.780 See the Iranians 00:58:58.780 --> 00:58:59.420 Announce it 00:58:59.420 --> 00:58:59.800 And tell the 00:58:59.800 --> 00:59:00.420 Employees to 00:59:00.420 --> 00:59:00.700 Leave 00:59:00.700 --> 00:59:00.920 So 00:59:00.920 --> 00:59:01.580 Because they 00:59:01.580 --> 00:59:01.820 Were going 00:59:01.820 --> 00:59:02.360 To bomb it 00:59:02.360 --> 00:59:02.860 Yeah 00:59:02.860 --> 00:59:04.080 Yeah 00:59:04.080 --> 00:59:05.040 They're 00:59:05.040 --> 00:59:05.620 They're 00:59:05.620 --> 00:59:06.860 They're 00:59:06.860 --> 00:59:07.420 Basically 00:59:07.420 --> 00:59:08.220 Doing 00:59:08.220 --> 00:59:08.720 What 00:59:08.720 --> 00:59:09.380 What Germany 00:59:09.380 --> 00:59:09.840 Did in 00:59:09.840 --> 00:59:10.380 World War 00:59:10.380 --> 00:59:10.840 One 00:59:10.840 --> 00:59:11.660 They're 00:59:11.660 --> 00:59:12.240 Playing by 00:59:12.240 --> 00:59:12.800 The rules 00:59:12.800 --> 00:59:13.180 And they're 00:59:13.180 --> 00:59:13.640 Announcing 00:59:13.640 --> 00:59:14.060 Okay 00:59:14.060 --> 00:59:14.660 You know 00:59:14.660 --> 00:59:15.000 We're going 00:59:15.000 --> 00:59:15.340 To send 00:59:15.340 --> 00:59:15.880 U-boats 00:59:15.880 --> 00:59:16.240 Against 00:59:16.240 --> 00:59:16.880 Any ships 00:59:16.880 --> 00:59:17.120 And 00:59:17.120 --> 00:59:17.880 Too bad 00:59:17.880 --> 00:59:18.340 If you're 00:59:18.340 --> 00:59:18.760 Flying a 00:59:18.760 --> 00:59:19.040 Neutral 00:59:19.040 --> 00:59:19.420 Flag 00:59:19.420 --> 00:59:20.100 If you're 00:59:20.100 --> 00:59:20.500 Carrying 00:59:20.500 --> 00:59:20.920 War 00:59:20.920 --> 00:59:21.540 Materiel 00:59:21.540 --> 00:59:22.020 To Great 00:59:22.020 --> 00:59:22.340 Britain 00:59:22.340 --> 00:59:22.700 You're 00:59:22.700 --> 00:59:23.120 You're 00:59:23.120 --> 00:59:23.980 A belligerent 00:59:23.980 --> 00:59:24.740 Right 00:59:24.740 --> 00:59:25.440 And by law 00:59:25.440 --> 00:59:25.860 We can 00:59:25.860 --> 00:59:26.200 Sink you 00:59:26.200 --> 00:59:26.960 That's exactly 00:59:26.960 --> 00:59:27.540 What Iran 00:59:27.540 --> 00:59:28.060 Is doing 00:59:28.060 --> 00:59:29.360 Right 00:59:29.360 --> 00:59:30.220 Now 00:59:30.220 --> 00:59:31.020 Another thing 00:59:31.020 --> 00:59:31.280 That's 00:59:31.280 --> 00:59:31.740 Changed 00:59:31.740 --> 00:59:32.200 Is 00:59:32.200 --> 00:59:33.360 We reserve 00:59:33.360 --> 00:59:33.840 The right 00:59:33.840 --> 00:59:34.100 If 00:59:34.100 --> 00:59:34.740 If you 00:59:34.740 --> 00:59:35.520 If you 00:59:35.520 --> 00:59:36.040 Allow 00:59:36.040 --> 00:59:36.600 The U.S. 00:59:36.620 --> 00:59:36.940 To put 00:59:36.940 --> 00:59:37.480 A base 00:59:37.480 --> 00:59:38.400 In your 00:59:38.400 --> 00:59:38.800 Country 00:59:38.800 --> 00:59:39.780 We reserve 00:59:39.780 --> 00:59:40.160 The right 00:59:40.160 --> 00:59:40.600 To bomb 00:59:40.600 --> 00:59:41.240 That base 00:59:41.240 --> 00:59:41.560 And 00:59:41.560 --> 00:59:42.680 We don't 00:59:42.680 --> 00:59:43.000 Care 00:59:43.000 --> 00:59:43.500 If 00:59:43.500 --> 00:59:43.960 If you 00:59:43.960 --> 00:59:44.220 Think 00:59:44.220 --> 00:59:44.380 You're 00:59:44.380 --> 00:59:44.800 A sovereign 00:59:44.800 --> 00:59:45.280 Nations 00:59:45.280 --> 00:59:45.980 Who's not 00:59:45.980 --> 00:59:47.200 Who's not 00:59:47.200 --> 00:59:47.540 In this 00:59:47.540 --> 00:59:47.720 Thing 00:59:47.720 --> 00:59:47.920 You 00:59:47.920 --> 00:59:48.260 You've 00:59:48.260 --> 00:59:48.460 Given 00:59:48.460 --> 00:59:48.700 Them 00:59:48.700 --> 00:59:49.300 A military 00:59:49.300 --> 00:59:49.780 Base 00:59:49.780 --> 00:59:50.020 And if 00:59:50.020 --> 00:59:50.280 They have 00:59:50.280 --> 00:59:50.600 A THAT 00:59:50.600 --> 00:59:51.400 Installation 00:59:51.400 --> 00:59:51.920 Boom 00:59:51.920 --> 00:59:52.940 Yeah 00:59:52.940 --> 00:59:53.260 We were 00:59:53.260 --> 00:59:53.680 You know 00:59:53.680 --> 00:59:53.900 So 00:59:53.900 --> 00:59:54.620 So now 00:59:54.620 --> 00:59:56.120 It's kind 00:59:56.120 --> 00:59:56.440 Of funny 00:59:56.440 --> 00:59:56.920 It's like 00:59:56.920 --> 00:59:57.340 The 00:59:57.340 --> 00:59:59.540 The mask 00:59:59.540 --> 01:00:00.120 Is off 01:00:00.120 --> 01:00:02.000 Yes 01:00:02.000 --> 01:00:02.820 You know 01:00:02.820 --> 01:00:03.780 The big 01:00:03.780 --> 01:00:04.340 Companies 01:00:04.340 --> 01:00:04.980 And the 01:00:04.980 --> 01:00:05.380 Allies 01:00:05.380 --> 01:00:05.860 Don't get 01:00:05.860 --> 01:00:06.280 To hide 01:00:06.280 --> 01:00:06.780 Behind the 01:00:06.780 --> 01:00:07.000 Big 01:00:07.000 --> 01:00:07.440 U.S. 01:00:07.620 --> 01:00:08.060 Mask 01:00:08.060 --> 01:00:08.540 Is off 01:00:08.540 --> 01:00:09.240 Right 01:00:09.240 --> 01:00:09.460 Yeah 01:00:09.460 --> 01:00:10.400 Okay 01:00:10.400 --> 01:00:11.280 So the 01:00:11.280 --> 01:00:11.680 Other thing 01:00:11.680 --> 01:00:11.920 That's 01:00:11.920 --> 01:00:12.280 Happened 01:00:12.280 --> 01:00:12.480 Is 01:00:12.480 --> 01:00:12.880 Drones 01:00:12.880 --> 01:00:13.380 And AI 01:00:13.380 --> 01:00:15.800 And drones 01:00:15.800 --> 01:00:16.280 And AI 01:00:16.280 --> 01:00:17.000 Have really 01:00:17.000 --> 01:00:17.660 Changed 01:00:17.660 --> 01:00:18.500 I mean 01:00:18.500 --> 01:00:19.040 If you 01:00:19.040 --> 01:00:19.640 If you look 01:00:19.640 --> 01:00:19.880 At what 01:00:19.880 --> 01:00:20.560 Happened in the 01:00:20.560 --> 01:00:20.940 Ukraine 01:00:20.940 --> 01:00:21.520 With drones 01:00:21.520 --> 01:00:22.040 And AI 01:00:22.040 --> 01:00:22.700 It's really 01:00:22.700 --> 01:00:23.320 Changed 01:00:23.320 --> 01:00:24.300 How war 01:00:24.300 --> 01:00:24.780 Works 01:00:24.780 --> 01:00:25.680 Oh absolutely 01:00:25.680 --> 01:00:26.300 Yeah 01:00:26.300 --> 01:00:27.180 And also 01:00:27.180 --> 01:00:27.520 The 01:00:27.520 --> 01:00:28.320 The Palantir 01:00:28.320 --> 01:00:29.040 Type systems 01:00:29.040 --> 01:00:29.800 Yeah 01:00:29.800 --> 01:00:30.500 Absolutely 01:00:30.500 --> 01:00:31.680 Right 01:00:31.680 --> 01:00:32.100 So 01:00:32.100 --> 01:00:33.800 We're going 01:00:33.800 --> 01:00:34.520 Into a world 01:00:34.520 --> 01:00:35.240 Where war 01:00:35.240 --> 01:00:35.860 Is a very 01:00:35.860 --> 01:00:36.340 Different 01:00:36.340 --> 01:00:36.720 Looking 01:00:36.720 --> 01:00:37.320 Thing 01:00:37.320 --> 01:00:38.080 It's a 01:00:38.080 --> 01:00:38.260 Very 01:00:38.260 --> 01:00:38.600 Different 01:00:38.600 --> 01:00:38.920 Looking 01:00:38.920 --> 01:00:39.340 Thing 01:00:39.340 --> 01:00:39.900 It's 01:00:39.900 --> 01:00:40.640 A lot 01:00:40.640 --> 01:00:41.200 Cheaper 01:00:41.200 --> 01:00:41.780 And 01:00:41.780 --> 01:00:42.400 We've 01:00:42.400 --> 01:00:42.640 Yet 01:00:42.640 --> 01:00:43.660 We have 01:00:43.660 --> 01:00:43.980 Just 01:00:43.980 --> 01:00:45.920 We have 01:00:45.920 --> 01:00:46.140 Yet 01:00:46.140 --> 01:00:46.780 To begin 01:00:46.780 --> 01:00:47.520 To see 01:00:47.520 --> 01:00:48.460 The Russian 01:00:48.460 --> 01:00:49.080 Response 01:00:49.080 --> 01:00:49.980 To the Ukraine 01:00:49.980 --> 01:00:50.580 Use of 01:00:50.580 --> 01:00:51.000 Drones 01:00:51.000 --> 01:00:53.260 Because 01:00:53.260 --> 01:00:53.780 Two can 01:00:53.780 --> 01:00:54.260 Play that 01:00:54.260 --> 01:00:54.720 Game 01:00:54.720 --> 01:00:56.380 And 01:00:56.380 --> 01:00:56.720 What do you 01:00:56.720 --> 01:00:57.120 Think will 01:00:57.120 --> 01:00:57.640 Happen? 01:00:58.400 --> 01:00:58.880 Oh I think 01:00:58.880 --> 01:00:59.380 Russia will 01:00:59.380 --> 01:01:00.020 Start using 01:01:00.020 --> 01:01:00.540 Them on 01:01:00.540 --> 01:01:01.100 A massive 01:01:01.100 --> 01:01:01.580 Scale 01:01:01.580 --> 01:01:02.000 That is 01:01:02.000 --> 01:01:02.280 Going 01:01:02.280 --> 01:01:02.700 To 01:01:02.700 --> 01:01:04.920 It's 01:01:04.920 --> 01:01:05.080 Going 01:01:05.080 --> 01:01:05.220 To 01:01:05.220 --> 01:01:05.520 Spin 01:01:05.520 --> 01:01:06.240 Everybody's 01:01:06.240 --> 01:01:06.580 Head 01:01:06.580 --> 01:01:08.340 Thus 01:01:08.340 --> 01:01:08.760 Far 01:01:08.760 --> 01:01:09.140 Thus 01:01:09.140 --> 01:01:09.400 Far 01:01:09.400 --> 01:01:09.640 It's 01:01:09.640 --> 01:01:09.820 Been 01:01:09.820 --> 01:01:10.420 Primarily 01:01:10.420 --> 01:01:11.080 The Ukraine 01:01:11.080 --> 01:01:11.340 That's 01:01:11.340 --> 01:01:11.500 Been 01:01:11.500 --> 01:01:12.140 Successful 01:01:12.140 --> 01:01:12.400 With 01:01:12.400 --> 01:01:12.560 Their 01:01:12.560 --> 01:01:13.160 Long-term 01:01:13.160 --> 01:01:13.840 Long-range 01:01:13.840 --> 01:01:14.300 Strikes 01:01:14.300 --> 01:01:15.740 And 01:01:15.740 --> 01:01:17.220 You know 01:01:17.220 --> 01:01:17.720 They're 01:01:17.720 --> 01:01:18.140 They're 01:01:18.140 --> 01:01:18.720 Proking 01:01:18.720 --> 01:01:18.960 And 01:01:18.960 --> 01:01:19.360 Proding 01:01:19.360 --> 01:01:19.820 The bear 01:01:19.820 --> 01:01:20.400 Russia 01:01:20.400 --> 01:01:20.780 And 01:01:20.780 --> 01:01:21.460 Sergei 01:01:21.460 --> 01:01:21.880 Lavrov 01:01:21.880 --> 01:01:22.240 Just 01:01:22.240 --> 01:01:22.600 Very 01:01:22.600 --> 01:01:23.220 Recently 01:01:23.220 --> 01:01:24.360 Came 01:01:24.360 --> 01:01:24.580 Out 01:01:24.580 --> 01:01:24.800 With 01:01:24.800 --> 01:01:24.940 A 01:01:24.940 --> 01:01:25.180 Very 01:01:25.180 --> 01:01:25.900 Significant 01:01:25.900 --> 01:01:26.640 Statement 01:01:26.640 --> 01:01:27.820 That 01:01:27.820 --> 01:01:28.240 You know 01:01:28.240 --> 01:01:29.260 Basically 01:01:29.260 --> 01:01:29.840 Russia's 01:01:29.840 --> 01:01:30.180 Done 01:01:30.180 --> 01:01:30.420 With 01:01:30.420 --> 01:01:31.360 Negotiations 01:01:31.360 --> 01:01:31.760 Of 01:01:31.760 --> 01:01:32.140 Any 01:01:32.140 --> 01:01:32.680 Sort 01:01:32.680 --> 01:01:33.940 Not 01:01:33.940 --> 01:01:34.200 Just 01:01:34.200 --> 01:01:34.420 With 01:01:34.420 --> 01:01:34.840 America 01:01:34.840 --> 01:01:35.140 But 01:01:35.140 --> 01:01:35.420 With 01:01:35.420 --> 01:01:35.720 The 01:01:35.720 --> 01:01:36.260 West 01:01:36.260 --> 01:01:38.060 So 01:01:38.060 --> 01:01:38.620 They 01:01:38.620 --> 01:01:39.800 They've 01:01:39.800 --> 01:01:39.940 Been 01:01:39.940 --> 01:01:40.280 Very 01:01:40.280 --> 01:01:40.980 Disciplined 01:01:40.980 --> 01:01:41.500 About 01:01:41.500 --> 01:01:42.140 Only 01:01:42.140 --> 01:01:43.240 Cleaning 01:01:43.240 --> 01:01:43.460 Up 01:01:43.460 --> 01:01:43.620 The 01:01:43.620 --> 01:01:43.940 Special 01:01:43.940 --> 01:01:44.480 Operation 01:01:44.480 --> 01:01:44.720 They 01:01:44.720 --> 01:01:45.180 Defined 01:01:45.180 --> 01:01:45.420 The 01:01:45.420 --> 01:01:45.960 Territory 01:01:45.960 --> 01:01:46.140 They 01:01:46.140 --> 01:01:46.280 Were 01:01:46.280 --> 01:01:46.400 Going 01:01:46.400 --> 01:01:46.480 To 01:01:46.480 --> 01:01:46.660 Take 01:01:46.660 --> 01:01:47.320 Responsibility 01:01:47.320 --> 01:01:47.740 For 01:01:47.740 --> 01:01:48.660 Protect 01:01:48.660 --> 01:01:48.940 The 01:01:48.940 --> 01:01:49.300 Russian 01:01:49.300 --> 01:01:49.740 Sort 01:01:49.740 --> 01:01:49.940 Of 01:01:49.940 --> 01:01:50.880 Speaking 01:01:50.880 --> 01:01:51.700 Population 01:01:51.700 --> 01:01:52.600 And 01:01:52.600 --> 01:01:52.780 They 01:01:52.780 --> 01:01:53.020 Have 01:01:53.020 --> 01:01:53.320 Not 01:01:53.320 --> 01:01:53.780 Feared 01:01:53.780 --> 01:01:54.740 I 01:01:54.740 --> 01:01:54.920 Mean 01:01:54.920 --> 01:01:55.400 They 01:01:55.400 --> 01:01:55.700 Are 01:01:55.700 --> 01:01:56.620 Still 01:01:56.620 --> 01:01:57.340 Moving 01:01:57.340 --> 01:01:57.560 To 01:01:57.560 --> 01:01:57.820 Clean 01:01:57.820 --> 01:01:58.040 That 01:01:58.040 --> 01:01:58.280 Up 01:01:58.280 --> 01:01:58.780 I 01:01:58.780 --> 01:01:59.020 Thought 01:01:59.020 --> 01:01:59.260 They'd 01:01:59.260 --> 01:01:59.520 Start 01:01:59.520 --> 01:01:59.820 Headed 01:01:59.820 --> 01:02:00.040 For 01:02:00.040 --> 01:02:00.540 Odessa 01:02:00.540 --> 01:02:00.760 But 01:02:00.760 --> 01:02:00.920 They 01:02:00.920 --> 01:02:01.360 Haven't 01:02:01.360 --> 01:02:02.680 I 01:02:02.680 --> 01:02:03.460 Suspect 01:02:03.460 --> 01:02:04.000 That 01:02:04.000 --> 01:02:04.440 If 01:02:04.440 --> 01:02:04.600 If 01:02:04.600 --> 01:02:05.140 This 01:02:05.140 --> 01:02:05.480 Keeps 01:02:05.480 --> 01:02:05.840 Going 01:02:05.840 --> 01:02:06.360 My 01:02:06.360 --> 01:02:06.900 Point 01:02:06.900 --> 01:02:07.100 In 01:02:07.100 --> 01:02:07.560 Raising 01:02:07.560 --> 01:02:07.900 This 01:02:07.900 --> 01:02:08.180 Was 01:02:08.180 --> 01:02:08.360 That 01:02:08.360 --> 01:02:08.560 If 01:02:08.560 --> 01:02:08.780 This 01:02:08.780 --> 01:02:09.080 Keeps 01:02:09.080 --> 01:02:09.620 Going 01:02:09.620 --> 01:02:10.800 Iran 01:02:10.800 --> 01:02:11.660 And 01:02:11.660 --> 01:02:11.960 Its 01:02:11.960 --> 01:02:12.560 Behavior 01:02:12.560 --> 01:02:13.080 In 01:02:13.080 --> 01:02:13.400 This 01:02:13.400 --> 01:02:14.040 War 01:02:14.040 --> 01:02:15.120 I 01:02:15.120 --> 01:02:15.440 Don't 01:02:15.440 --> 01:02:15.700 Think 01:02:15.700 --> 01:02:16.280 Iran 01:02:16.280 --> 01:02:16.500 Would 01:02:16.500 --> 01:02:16.640 Have 01:02:16.640 --> 01:02:17.320 Responded 01:02:17.320 --> 01:02:17.640 As 01:02:17.640 --> 01:02:17.840 It 01:02:17.840 --> 01:02:18.540 Did 01:02:18.540 --> 01:02:19.520 Without 01:02:19.520 --> 01:02:19.860 A 01:02:19.860 --> 01:02:20.180 Wink 01:02:20.180 --> 01:02:20.340 And 01:02:20.340 --> 01:02:20.520 A 01:02:20.520 --> 01:02:20.820 Nod 01:02:20.820 --> 01:02:21.080 From 01:02:21.080 --> 01:02:21.620 Moscow 01:02:21.620 --> 01:02:21.900 And 01:02:21.900 --> 01:02:22.260 Beijing 01:02:22.260 --> 01:02:24.480 So 01:02:24.480 --> 01:02:24.640 In 01:02:24.640 --> 01:02:24.800 Other 01:02:24.800 --> 01:02:25.140 Words 01:02:25.140 --> 01:02:26.040 That 01:02:26.040 --> 01:02:26.380 Was 01:02:26.380 --> 01:02:26.840 That 01:02:26.840 --> 01:02:27.060 Was 01:02:27.060 --> 01:02:27.320 The 01:02:27.320 --> 01:02:27.900 Warning 01:02:27.900 --> 01:02:28.160 To 01:02:28.160 --> 01:02:28.360 The 01:02:28.360 --> 01:02:28.720 West 01:02:28.720 --> 01:02:28.940 If 01:02:28.940 --> 01:02:29.060 You 01:02:29.060 --> 01:02:29.340 Keep 01:02:29.340 --> 01:02:29.780 Doing 01:02:29.780 --> 01:02:30.340 This 01:02:30.340 --> 01:02:31.540 We're 01:02:31.540 --> 01:02:31.880 Taking 01:02:31.880 --> 01:02:32.120 The 01:02:32.120 --> 01:02:32.540 Gloves 01:02:32.540 --> 01:02:32.920 Off 01:02:32.920 --> 01:02:34.140 Drones 01:02:34.140 --> 01:02:34.400 Could 01:02:34.400 --> 01:02:34.720 Start 01:02:34.720 --> 01:02:35.320 Appearing 01:02:35.320 --> 01:02:35.920 Over 01:02:35.920 --> 01:02:37.060 The 01:02:37.060 --> 01:02:37.980 Ziegus 01:02:37.980 --> 01:02:38.300 Ale 01:02:38.300 --> 01:02:38.960 In Berlin 01:02:38.960 --> 01:02:39.540 Or 01:02:39.540 --> 01:02:39.760 The 01:02:39.760 --> 01:02:40.120 Champs 01:02:40.120 --> 01:02:40.580 Elyse 01:02:40.580 --> 01:02:41.400 In Paris 01:02:41.400 --> 01:02:42.480 And 01:02:42.480 --> 01:02:43.160 Cause 01:02:43.160 --> 01:02:43.500 A lot 01:02:43.500 --> 01:02:43.620 Of 01:02:43.620 --> 01:02:44.340 Problems 01:02:44.340 --> 01:02:44.900 For 01:02:44.900 --> 01:02:44.920 For 01:02:44.920 --> 01:02:45.340 For 01:02:45.340 --> 01:02:45.520 The 01:02:45.520 --> 01:02:45.940 West 01:02:45.940 --> 01:02:47.440 And 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01:03:44.120 --> 01:03:44.300 Up 01:03:44.300 --> 01:03:44.460 And 01:03:44.460 --> 01:03:44.940 Noticed 01:03:44.940 --> 01:03:46.460 Because 01:03:46.460 --> 01:03:47.120 We hear 01:03:47.120 --> 01:03:47.420 About 01:03:47.420 --> 01:03:47.900 All the 01:03:47.900 --> 01:03:48.280 Military 01:03:48.280 --> 01:03:49.140 Successes 01:03:49.140 --> 01:03:49.640 We hear 01:03:49.640 --> 01:03:50.600 Absolutely 01:03:50.600 --> 01:03:51.580 Nothing 01:03:51.580 --> 01:03:52.640 In 01:03:52.640 --> 01:03:52.920 This 01:03:52.920 --> 01:03:53.420 Country 01:03:53.420 --> 01:03:54.600 About 01:03:54.600 --> 01:03:54.900 The 01:03:54.900 --> 01:03:55.440 Iranian 01:03:55.440 --> 01:03:56.420 Successes 01:03:56.420 --> 01:03:56.720 Every 01:03:56.720 --> 01:03:57.000 Now 01:03:57.000 --> 01:03:57.100 And 01:03:57.100 --> 01:03:57.260 Then 01:03:57.260 --> 01:03:57.600 Something 01:03:57.600 --> 01:03:57.920 Might 01:03:57.920 --> 01:03:58.340 Trickle 01:03:58.340 --> 01:03:58.620 Through 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01:04:35.620 West 01:04:35.620 --> 01:04:36.440 I've 01:04:36.440 --> 01:04:36.660 Thought 01:04:36.660 --> 01:04:36.840 The 01:04:36.840 --> 01:04:37.080 Goal 01:04:37.080 --> 01:04:37.540 Always 01:04:37.540 --> 01:04:37.800 Was 01:04:37.800 --> 01:04:37.980 To 01:04:37.980 --> 01:04:38.360 Cleanse 01:04:38.360 --> 01:04:38.520 It 01:04:38.520 --> 01:04:38.780 Out 01:04:38.780 --> 01:04:39.060 So 01:04:39.060 --> 01:04:39.820 You 01:04:39.820 --> 01:04:40.000 Could 01:04:40.000 --> 01:04:40.220 Bring 01:04:40.220 --> 01:04:40.380 In 01:04:40.380 --> 01:04:40.540 New 01:04:40.540 --> 01:04:40.940 People 01:04:40.940 --> 01:04:41.880 So 01:04:41.880 --> 01:04:42.120 I 01:04:42.120 --> 01:04:42.300 Want 01:04:42.300 --> 01:04:42.440 To 01:04:42.440 --> 01:04:42.920 The 01:04:42.920 --> 01:04:43.160 One 01:04:43.160 --> 01:04:43.380 Thing 01:04:43.380 --> 01:04:43.540 That 01:04:43.540 --> 01:04:43.700 Is 01:04:43.700 --> 01:04:44.040 Different 01:04:44.040 --> 01:04:44.320 This 01:04:44.320 --> 01:04:44.660 Time 01:04:44.660 --> 01:04:45.600 Is 01:04:45.600 --> 01:04:45.840 The 01:04:45.840 --> 01:04:46.480 Uranians 01:04:46.480 --> 01:04:46.660 Have 01:04:46.660 --> 01:04:46.960 Started 01:04:46.960 --> 01:04:47.200 To 01:04:47.200 --> 01:04:47.500 Learn 01:04:47.500 --> 01:04:47.740 How 01:04:47.740 --> 01:04:47.860 To 01:04:47.860 --> 01:04:48.180 Play 01:04:48.180 --> 01:04:48.420 The 01:04:48.420 --> 01:04:48.720 Media 01:04:48.720 --> 01:04:49.120 Game 01:04:49.120 --> 01:04:49.720 Yes 01:04:49.720 --> 01:04:49.800 I 01:04:49.800 --> 01:04:49.980 Want 01:04:49.980 --> 01:04:50.000 To 01:04:50.000 --> 01:04:50.340 Skip 01:04:50.340 --> 01:04:50.740 Ahead 01:04:50.740 --> 01:04:50.980 And 01:04:50.980 --> 01:04:51.240 Show 01:04:51.240 --> 01:04:51.540 You 01:04:51.540 --> 01:04:53.000 Remember 01:04:53.000 --> 01:04:53.360 When 01:04:53.360 --> 01:04:53.840 They 01:04:53.840 --> 01:04:54.320 Said 01:04:54.320 --> 01:04:54.480 They 01:04:54.480 --> 01:04:54.620 Were 01:04:54.620 --> 01:04:54.960 Going 01:04:54.960 --> 01:04:55.260 In 01:04:55.260 --> 01:04:55.480 To 01:04:55.480 --> 01:04:55.860 Grab 01:04:55.860 --> 01:04:56.080 The 01:04:56.080 --> 01:04:56.640 Uranium 01:04:56.640 --> 01:04:57.440 Enrichment 01:04:57.440 --> 01:04:57.660 And 01:04:57.660 --> 01:04:57.800 The 01:04:57.800 --> 01:04:58.120 Whole 01:04:58.120 --> 01:04:58.940 Thing 01:04:58.940 --> 01:04:59.420 Failed 01:04:59.420 --> 01:05:00.080 Yes 01:05:00.080 --> 01:05:00.240 The 01:05:00.240 --> 01:05:00.760 Iranians 01:05:00.760 --> 01:05:01.040 Put 01:05:01.040 --> 01:05:01.260 Out 01:05:01.260 --> 01:05:01.560 This 01:05:01.560 --> 01:05:02.200 This 01:05:02.200 --> 01:05:02.540 Video 01:05:02.540 --> 01:05:02.720 And 01:05:02.720 --> 01:05:02.820 I 01:05:02.820 --> 01:05:02.960 Want 01:05:02.960 --> 01:05:03.060 To 01:05:03.060 --> 01:05:03.340 Show 01:05:03.340 --> 01:05:03.500 It 01:05:03.500 --> 01:05:03.700 Just 01:05:03.700 --> 01:05:03.880 To 01:05:03.880 --> 01:05:04.160 Show 01:05:04.160 --> 01:05:04.520 You 01:05:04.520 --> 01:05:05.620 It's 01:05:05.620 --> 01:05:05.740 An 01:05:05.740 --> 01:05:06.360 Example 01:05:06.360 --> 01:05:06.660 Of 01:05:06.660 --> 01:05:07.000 How 01:05:07.000 --> 01:05:07.440 The 01:05:07.440 --> 01:05:08.240 Iranians 01:05:08.240 --> 01:05:08.440 Are 01:05:08.440 --> 01:05:08.680 Now 01:05:08.680 --> 01:05:09.020 Playing 01:05:09.020 --> 01:05:09.220 The 01:05:09.220 --> 01:05:09.480 Media 01:05:09.480 --> 01:05:09.780 Game 01:05:09.780 --> 01:05:10.040 So 01:05:10.040 --> 01:05:10.460 Let's 01:05:10.460 --> 01:05:10.660 Look 01:05:10.660 --> 01:05:11.060 At 01:05:11.060 --> 01:05:11.500 Video 01:05:11.500 --> 01:05:11.740 Number 01:05:11.740 --> 01:05:12.120 Seven 01:05:12.120 --> 01:05:12.540 Justin 01:05:12.540 --> 01:05:14.920 Yeah 01:05:14.920 --> 01:05:44.900 Oh, God. 01:05:44.920 --> 01:06:14.900 Oh, God. 01:06:14.920 --> 01:06:44.900 Oh, God. 01:06:44.920 --> 01:06:51.920 Oh, God. 01:07:14.920 --> 01:07:27.320 Oh, God. 01:07:27.320 --> 01:07:28.080 Oh, wow. 01:07:28.640 --> 01:07:29.240 Right. 01:07:29.540 --> 01:07:42.020 So, the media game shifted because if you look at how this has been, you know, the other side has not been able to reach, you know, anybody, really. 01:07:42.020 --> 01:07:45.000 And suddenly we started to see these videos come out. 01:07:45.120 --> 01:07:51.460 And, of course, it was constantly referring to the people in the United States leading the Iran war as the Epstein class. 01:07:51.720 --> 01:07:52.200 Yes. 01:07:52.600 --> 01:07:54.440 So, very effective technique. 01:07:54.440 --> 01:08:09.400 It's very effective and it's effective in another way in that they were reminding people of all the times that Trump has said, well, their air force has been wiped out, their navy's sunk, we've wiped out their military, they don't have a military. 01:08:09.840 --> 01:08:14.560 Well, okay, then how are they shooting things down, you know? 01:08:15.380 --> 01:08:20.240 So, Justin, I want to go look at the chart at the top of story number two on the website. 01:08:21.300 --> 01:08:26.580 So, this was the astonishing comparison. 01:08:26.800 --> 01:08:35.320 If you look, if you go back to the first Trump administration, Trump was adamant that Obama had made a bad deal and then he canceled the deal. 01:08:36.200 --> 01:08:46.180 Okay, and then if you look at where we are now, you know, if we just kept the Obama deal, we'd be much better off. 01:08:46.540 --> 01:08:46.840 Mm-hmm. 01:08:47.340 --> 01:08:47.640 Right. 01:08:48.000 --> 01:09:04.800 So, what he's managed to do is to cancel a deal and then after, you know, hundreds of billions of dollars of war, we have something that's worse based on the last ceasefire, which has now been canceled. 01:09:05.160 --> 01:09:05.420 Yep. 01:09:05.600 --> 01:09:06.240 Right. 01:09:06.380 --> 01:09:19.120 Now, you know, the big question to me is the $300 billion of quote-unquote private investment, is that conditioned on them adopting the distributed ledger infrastructure that they need to integrate them in? 01:09:20.060 --> 01:09:21.480 Yeah, we were never told. 01:09:22.460 --> 01:09:22.780 Right. 01:09:23.000 --> 01:09:25.620 We have not been told, and that's a key point. 01:09:25.980 --> 01:09:26.700 Yeah, absolutely. 01:09:27.600 --> 01:09:27.900 Right. 01:09:28.640 --> 01:09:33.600 So, you know, but that deal is busted anyway. 01:09:33.600 --> 01:09:38.880 So, now, so I want to keep coming back to this change in the military model. 01:09:39.700 --> 01:09:47.660 The biggest change in the military model to be, there are two issues here. 01:09:47.780 --> 01:09:56.180 One is the Gulf as a financial center, but the other as the U.S. military as being part of sovereign government. 01:09:56.340 --> 01:09:59.260 So, let's see if we can play video six, Justin. 01:09:59.960 --> 01:10:09.220 This is Ro Khanna, a congressman from California, who's been trying to stop Section 224 of the National Defense Authorization Bill. 01:10:09.420 --> 01:10:11.320 Okay, here's, so here's Ro Khanna. 01:10:14.120 --> 01:10:19.420 Thomas Massey and I are teaming up again to remove Section 224 from our defense bill. 01:10:19.920 --> 01:10:25.740 Section 224 is a first step in integrating our military with Israel's military. 01:10:26.280 --> 01:10:32.820 I'm a senior member of the Armed Services Committee and I will be introducing an amendment to remove Section 224. 01:10:33.320 --> 01:10:37.860 Basically, the establishment has figured out that direct aid to Israel is unpopular. 01:10:38.320 --> 01:10:42.400 So they want to do an end run around the foreign sales process. 01:10:42.820 --> 01:10:47.680 The foreign sales at least requires a commitment to upholding human rights. 01:10:47.820 --> 01:10:52.880 Under this section, you would have a fusion of the United States and Israel military. 01:10:53.280 --> 01:10:56.720 So there's no human rights test and no vote on aid. 01:10:57.060 --> 01:10:59.800 We need to strip Section 224. 01:11:00.860 --> 01:11:01.620 Hear, hear. 01:11:01.800 --> 01:11:12.160 Okay, so I don't know if you've seen this, but Wilkerson claims that when he was chief of staff to Powell at the Joint Chiefs and Rumsfeld was the secretary, 01:11:12.380 --> 01:11:19.380 Rumsfeld was constantly complaining that the Israelis controlled the Pentagon, not him, because they had a free run of the building. 01:11:19.380 --> 01:11:20.060 Yep. 01:11:20.740 --> 01:11:32.600 So now we're talking about basically giving them control or partnership control of a budget that is completely outside of the financial management laws. 01:11:33.140 --> 01:11:35.300 So we have trillions of dollars going through. 01:11:35.860 --> 01:11:39.700 We have secret financials because of FASB-56. 01:11:40.220 --> 01:11:40.440 Yep. 01:11:40.620 --> 01:11:42.160 Trillions of dollars disappearing. 01:11:42.660 --> 01:11:45.700 And this basically gives them control of all the money in the world. 01:11:46.160 --> 01:11:46.500 Yes. 01:11:46.980 --> 01:11:47.240 Right. 01:11:47.420 --> 01:11:47.580 Yeah. 01:11:47.580 --> 01:11:51.840 So they stop being a country of seven million people and they control all the money in the world. 01:11:52.400 --> 01:11:52.620 Yeah. 01:11:53.140 --> 01:11:53.380 Right. 01:11:53.380 --> 01:11:56.680 They basically made us their colony. 01:11:57.840 --> 01:11:58.480 Yeah. 01:11:59.100 --> 01:12:00.260 That's all it is. 01:12:01.020 --> 01:12:04.960 I cannot tell you how outraged I am. 01:12:05.800 --> 01:12:11.160 The good news, if there is any in this, is that they are having to do it. 01:12:12.220 --> 01:12:22.340 Because the old model is clearly, Netanyahu shot that and has ended the old model forever. 01:12:23.080 --> 01:12:29.500 We're going to talk in story number seven, we're going to talk about how the holocausters are moving everywhere. 01:12:30.020 --> 01:12:30.520 Yeah. 01:12:31.140 --> 01:12:37.460 So one, another big issue on the model of the war is the Gulf Financial Centers. 01:12:37.720 --> 01:12:47.420 My theory has always been that the Gulf was a way that the Western economies could trade with Eastern economies and keep a lot secret. 01:12:48.320 --> 01:12:48.340 Right. 01:12:48.400 --> 01:12:52.600 You know, it was sort of a way station for a lot of stuff going on. 01:12:52.740 --> 01:12:57.020 So let's see if we can look at video eight, Justin. 01:12:57.720 --> 01:13:03.460 This is Simon Dixon just, you know, basically describing this role of the Gulf. 01:13:04.160 --> 01:13:25.040 If you want to transition to a world of multipolarity, the Middle East becomes effectively a go-between, a financial go-between, between China-led BRICS SEO blocks and America as a regional power that dominates Europe and the Western Hemisphere. 01:13:26.300 --> 01:13:33.120 But private corporate interests dominated by those three factions of private corporate power, MC, FIC, and TIC. 01:13:34.420 --> 01:13:44.360 And so FIC aligned with the Gulf Sovereign Wealth Funds, which are predominantly funded by energy purchases from China. 01:13:45.100 --> 01:13:51.600 So transnational capital, you have the financial industrial complex, which is hosted in New York, 01:13:51.940 --> 01:14:00.920 the stock market, the bond market, London factions like the insurance market, the FX markets, the derivative markets, 01:14:01.420 --> 01:14:09.940 the Swiss Bank for International Settlements, but all the liquidity is on New York, in the New York Stock Exchange and Nasdaq. 01:14:10.500 --> 01:14:17.580 And so that faction co-opted the Gulf Sovereign Wealth Funds, i.e. you get to joint invest in every deal. 01:14:18.020 --> 01:14:28.880 But because they are trade surplus countries, and America is world reserve currency, the dollar becomes a vehicle for asset stripping the West. 01:14:29.840 --> 01:14:39.320 And then you have to partner with those that maintain their energy and are able to have large sovereign wealth funds who end up purchasing all the assets. 01:14:39.880 --> 01:14:42.900 And as they purchase more and more assets, they exert more control. 01:14:43.140 --> 01:14:50.560 Foreign direct investment is the vehicle for exerting control in the financial-industrial complex, assets under administration. 01:14:51.480 --> 01:14:55.980 But it is all backed up by the largest manufacturing base in the world, which is China. 01:14:56.520 --> 01:15:03.580 And so that creates an informal allegiance of capital, which can dictate the flow of funds globally. 01:15:04.660 --> 01:15:07.180 And the other part of that is energy. 01:15:09.000 --> 01:15:24.180 So it's amazing, it's remarkable how much the Gulf Sovereign Wealth Funds have been part of, you know, of coming into the United States and basically, you know, rounding up a lot of assets. 01:15:24.480 --> 01:15:27.080 They're an intermediate in this game. 01:15:27.160 --> 01:15:34.600 And so I want to show you, one of our stories in this section is on the Trump family grift, which is just unbelievable. 01:15:34.600 --> 01:15:43.320 But I wanted to show you, you know, because the Gulf Financial Center, as this war has been going on, they are definitely in the middle. 01:15:43.680 --> 01:15:48.480 So, for example, the UAE is the primary trading partner with Iran. 01:15:48.880 --> 01:15:50.820 And meantime, Iran's bombing it. 01:15:50.880 --> 01:15:54.240 You've got to be pretty brave to bomb your bankers, is why. 01:15:54.240 --> 01:16:03.840 But let's watch video number nine to just remind us of this little game of plundering the West with the sovereign wealth funds. 01:16:04.600 --> 01:16:14.700 Soon after Trump's first term ended, Jared Kushner moved to Florida. 01:16:15.120 --> 01:16:20.300 Basically two days after the election, Jared Kushner woke up and told Ivanka, hey, we're moving to Miami. 01:16:20.800 --> 01:16:26.460 Ivanka Trump and Jared Kushner purchased a two-acre waterfront lot for $32 million. 01:16:27.160 --> 01:16:31.040 Indian Creek Island is the most expensive neighborhood in America. 01:16:31.880 --> 01:16:35.840 And here he established a new company, Affinity Partners. 01:16:37.480 --> 01:16:47.080 What surprised me was that instead of going back into real estate, Jared Kushner went into a new business, which is private equity, quite a lucrative business. 01:16:47.360 --> 01:16:55.760 And his first step was reaching out to Crown Prince Mohammed bin Salman to help fund his new private equity business. 01:16:57.260 --> 01:17:04.100 Initially, the board overseeing Saudi Arabia's investments through the Kingdom's Public Investment Fund was reluctant. 01:17:05.060 --> 01:17:13.220 The advisory committee, who are the leading lights of the Saudi investment world, as well as a couple of international businessmen that they've brought in, thought that it was a bad idea. 01:17:14.600 --> 01:17:23.300 Why would this massive fund that has access to every investment organization in the world look at the landscape and say, 01:17:23.640 --> 01:17:31.800 Let's go with this young fellow who's never really done this kind of work before, and let's put $2 billion in his pocket and see what he can do with it. 01:17:33.640 --> 01:17:35.600 Oh, Catherine, where do I begin? 01:17:44.100 --> 01:18:10.020 I knew we were in trouble a couple of days after the election when he, when Mr. Trump, or pardon me, not after the election, after the inauguration, when he started signing all these executive orders, and one of the first things he does is he sets up this so-called sovereign wealth fund and then made it very clear that part of the assets that were going to go into the sovereign wealth fund were going to be kleptocurrencies. 01:18:12.100 --> 01:18:20.080 I thought, okay, that's it with me, sorry, I'm no longer part of your MAGA crowd here. 01:18:20.160 --> 01:18:33.960 So we could do a whole interview on Trump family cryptograph, but before we dive into that, we'll look at Trump grift in a second, but before we dive in and look at that, I want to talk about the energy model. 01:18:33.960 --> 01:18:59.660 Because we have seen dramatic developments in nuclear modular fusion, and no one knows better than you or my wonderful colleague, Jeroen von Stratton and Robert here in the Netherlands, that breakthrough energy, you know, dramatically lower expense energy has been available for more than a century, at least, if not before. 01:19:00.020 --> 01:19:05.540 And one of the questions we've asked for many years is, well, when are they going to bring it out? 01:19:06.440 --> 01:19:12.220 I mean, the cost of, you know, the cost of energy is up here. We know they can bruise down here. 01:19:12.560 --> 01:19:23.300 The question is, are they using that for the underground bases? Are they using it for, you know, all these black technologies? Are they using them in any way? We don't know. 01:19:23.300 --> 01:19:36.940 But what I will tell you is, we've got an entire global stock market trading on one energy model when we know that they could bring out an entirely different one that could revolutionize how everything trades in the stock market. 01:19:37.720 --> 01:19:54.380 It, it, yeah, the, the paradigm, the paradigm change in, in the global economic financial models would be very dramatic if, if you had that kind of energy system. 01:19:55.100 --> 01:20:09.740 Because, you know, my, my mantra has been your energy system and your financial systems are tied because the financial system is always a mirror of the physics of your energy system. 01:20:09.740 --> 01:20:22.980 If you're dealing with a closed system of, of energy, in other words, you're, you're dealing with non-renewable energy resources, that's the kind of financial system you'll have. 01:20:23.220 --> 01:20:30.220 And you can play havoc and, and make a lot of money, as we've seen under the central bank model. 01:20:30.640 --> 01:20:53.200 The problem is, if you go to a system of energy that is more or less open, and here, here's the key part of it, easy, more or less easy to engineer, your financial system will follow suit, and you're, you're dealing with a system that potentially bankers cannot control. 01:20:53.220 --> 01:20:54.880 They cannot manipulate it. 01:20:54.880 --> 01:20:55.100 Right. 01:20:55.980 --> 01:20:58.240 This is the problem they've always had. 01:20:58.240 --> 01:21:08.400 So what has been the delay in bringing out this type of energy, be it fusion energy or zero-point energy or what have you? 01:21:08.500 --> 01:21:09.820 What, what has been the problem? 01:21:11.140 --> 01:21:23.060 Well, in, in Babylon's Banksters, um, in that book, I argued, and I still believe this, that we had that kind of system of energy with Tesla's, 01:21:23.060 --> 01:21:24.840 wireless power system. 01:21:24.840 --> 01:21:25.040 Right. 01:21:26.080 --> 01:21:38.980 And the story is always told that J.P. Morgan put the end to that system because he complained he couldn't meter it and thus make any money from it. 01:21:38.980 --> 01:21:53.040 Well, that's a bunch of poppycock because J.P. Morgan stood to make a fortune from the licensing fees and royalties that he would have had sponsoring Tesla as, 01:21:53.060 --> 01:21:55.020 as his financial backers. 01:21:55.080 --> 01:21:56.960 So why did he pull the plug? 01:21:57.280 --> 01:22:07.420 He pulled the plug, in my opinion, because they realized, once they understood how simple Tesla's system really was, 01:22:07.700 --> 01:22:20.160 that anybody with a junior high or high school degree and education in physics, anybody could engineer a similar system. 01:22:20.840 --> 01:22:22.280 Right. Get out of control. 01:22:22.280 --> 01:22:33.580 And the other problem was that Tesla slowly began to disclose that his system could be a very powerful weapon. 01:22:34.540 --> 01:22:43.580 So if you have the ability to engineer a simple system and turn it into a very powerful weapon, you've got a proliferation problem. 01:22:43.580 --> 01:23:00.800 So they could not bring this system out until they had a surveillance grid adequate to the task of tracking everybody and making sure that they're not buying supplies to build a system like that. 01:23:00.800 --> 01:23:23.720 Or think of the Iran cannot get a nuclear weapon problem and multiply that by every garage in America with a kid in junior high or high school that is taking a degree in electronics or what have you and wants to play around with those types of systems. 01:23:23.940 --> 01:23:26.040 That's a proliferation nightmare. 01:23:26.380 --> 01:23:28.080 This is why they stopped it. 01:23:28.640 --> 01:23:31.640 Right, but they are building the surveillance grid and the control grid. 01:23:31.640 --> 01:23:33.140 They are building the surveillance grid, right. 01:23:33.160 --> 01:23:37.180 They need, and so in theory, so here's my question. 01:23:38.120 --> 01:23:52.320 We have seen the U.S. get dangerously close to the bottom of the strategic reserve before you, you know, you put the whole reserve in danger of collapsing if you take any more oil out. 01:23:53.280 --> 01:23:58.480 And we see the oil price dropping dramatically despite that. 01:23:58.600 --> 01:24:03.960 Now, there are rumors that they're huge shorts in the market, but something doesn't make sense. 01:24:04.040 --> 01:24:11.020 In other words, if you look at the conduct of this war, somebody feels like they don't need oil. 01:24:12.680 --> 01:24:26.600 And let's add to that something else that is happening in this country, in the United States particularly, with all of these artificial intelligence data centers that they're trying to build up. 01:24:27.280 --> 01:24:40.220 There is now, in the state that I'm in, there is now, and you know me, I follow talk radio, so I'm listening to more and more of these types of stories appear on talk radio, 01:24:40.220 --> 01:24:52.880 particularly locally, to a lesser extent nationally. More and more now, the opposition to artificial intelligence centers is happening at a local level when people find out the energy costs. 01:24:53.420 --> 01:24:53.560 Right. 01:24:54.000 --> 01:25:04.980 So what's happening where I'm at is that many of these companies that want to build data centers around my region are telling the state, 01:25:04.980 --> 01:25:17.760 we'll build our own power supply, and we will not be on your power grid at all, and therefore your energy prices for the average consumer will stay the same. 01:25:18.500 --> 01:25:30.240 Now, I strongly suspect that that's poppycock, because they are going to have to do something with that excess power, so why not plug it into the grid? 01:25:30.520 --> 01:25:31.120 Right. 01:25:31.240 --> 01:25:32.000 And sell it. 01:25:32.680 --> 01:25:32.920 Right. 01:25:32.920 --> 01:25:41.360 The key thing here is, as you know, these data centers, as you've put it several times, use more energy than a panzer division. 01:25:42.540 --> 01:25:54.060 And if that's the case, and they're going to build out their own power supply, that tells me they've got some sort of trick up their sleeve for that power. 01:25:54.460 --> 01:25:54.900 Right. 01:25:54.900 --> 01:26:03.560 Whether it's a local tiny thorium reactor or fusion power or something even more exotic, I don't know. 01:26:03.960 --> 01:26:05.760 But I think you're absolutely correct. 01:26:06.340 --> 01:26:17.240 The AI data centers are the key here to telling us that they keep telling us the current power grid is inadequate to power these things. 01:26:17.320 --> 01:26:18.920 Well, then why are we building them? 01:26:19.280 --> 01:26:22.600 Well, they're building them, and they've let the cat out of the bag now. 01:26:22.820 --> 01:26:29.800 We've got our own power sources, and we're going to use them to build these data centers to keep surveillance and tabs on everybody else. 01:26:30.160 --> 01:26:31.620 That's exactly what's going on. 01:26:31.700 --> 01:26:33.920 They've got something up their sleeve. 01:26:34.220 --> 01:26:35.340 I completely agree. 01:26:35.860 --> 01:26:36.880 I completely agree. 01:26:37.040 --> 01:26:42.640 And I do think it's likely to be modular nuclear that's portable. 01:26:43.080 --> 01:26:43.880 Yes, it's portable. 01:26:44.060 --> 01:26:45.320 You can move around. 01:26:46.720 --> 01:27:02.740 Okay, so part of what's happening in Iran is at the same time Iran is happening, we are seeing more grift publicly than I've ever seen before. 01:27:03.220 --> 01:27:03.360 Yes. 01:27:03.860 --> 01:27:12.020 So I think it was the New York Times and Forbes just came out saying that the Trump family grifts at the inauguration has been 2.2 billion. 01:27:12.020 --> 01:27:30.660 I show it as being, Tiffany Sianci just gave a speech and said $6 billion, which to me sounds more like it, but I haven't done a deep dive research yet, but I've been tracking a list of grifts, and it's now 10 pages long, and it's tiny type. 01:27:31.160 --> 01:27:31.280 Yeah. 01:27:31.280 --> 01:27:41.600 So, I mean, we're talking about bribes, you know, people buying pardons with donations, and I mean, it just goes on and on and on. It's incredible. 01:27:42.020 --> 01:27:55.760 But I wanted to see, I loved Tim Dillon, who's a comedian, and he was the one, I showed you the last drop, and he says, in America under Trump, he says, America's, it's, it's, it's auction. 01:27:56.900 --> 01:27:57.340 Yeah. 01:27:57.940 --> 01:28:04.840 Okay, so this is Tim Dillon talking about now where we are after this many months of the Iran war. 01:28:05.260 --> 01:28:08.460 It's the greatest con in history. By the way, it's the greatest con in history. I mean, truly. 01:28:09.140 --> 01:28:18.100 It's the greatest, it's the, and I don't say great in like a good way, it is truly the, the most successful con in history. 01:28:18.220 --> 01:28:22.240 It makes Enron look like a guy doing three-card Monty on the street. 01:28:23.260 --> 01:28:29.880 Anything that you can remember and identify as a complete and utter scam, this is the greatest con in history. 01:28:30.360 --> 01:28:39.120 To run as an America first, and you're going to take care of America, and then turn around and go, you know, all of these things, daycare, Medicare, Medicaid, we have nothing to do with that. 01:28:39.140 --> 01:28:45.860 We're fighting wars. That's what we're here to do. We're here to have a defense budget of $1.5 trillion, and we're here to fight wars. 01:28:46.480 --> 01:28:56.660 It is the greatest scam in history. You got to hand it to him. And I mean, truly, and not, you know, again, not in a moral way, but like you got to hand it to him. 01:28:58.040 --> 01:29:06.220 This is the greatest about-face in political history that I have really ever seen. 01:29:09.140 --> 01:29:10.460 I would agree with that. 01:29:10.760 --> 01:29:11.920 I would too, absolutely. 01:29:12.260 --> 01:29:16.000 The number one reason people voted for Trump was no more wars. 01:29:16.300 --> 01:29:16.580 Yep. 01:29:17.200 --> 01:29:22.840 They, you know, anyway, so, so, and it's a remarkable switch hit. 01:29:23.000 --> 01:29:43.020 Well, it's not only remarkable, but it, whether people like it or not, his betrayal of that portion of his base and the fallout, I go back to the murder of Charlie Kirk as being a bellwether benchmark change in the political atmosphere in this country. 01:29:43.020 --> 01:29:45.220 because what it has done 01:29:45.220 --> 01:29:46.540 is 01:29:46.540 --> 01:29:48.920 once for all time 01:29:48.920 --> 01:29:52.780 it has exposed the power and influence of the Israeli lobby 01:29:52.780 --> 01:29:59.680 and it's chokehold over a certain segment of American culture and politics 01:29:59.680 --> 01:30:03.100 so you are going to see fallout from this 01:30:03.100 --> 01:30:04.860 hit the Republican Party 01:30:04.860 --> 01:30:06.540 hit the Democratic Party 01:30:06.540 --> 01:30:08.680 it will be long term 01:30:08.680 --> 01:30:10.900 and the problem is 01:30:10.900 --> 01:30:14.680 it has basically fractured 01:30:14.680 --> 01:30:17.420 the American right in a way that 01:30:17.420 --> 01:30:20.180 that would not have been possible 01:30:20.180 --> 01:30:23.160 without this second Trump administration 01:30:23.160 --> 01:30:25.440 Reagan put together that coalition 01:30:25.440 --> 01:30:31.280 of old time conservatives and evangelical Protestantism in this country 01:30:31.280 --> 01:30:34.620 and what the Charlie Kirk murder did 01:30:34.620 --> 01:30:38.620 and the exposure of the influence of the Israeli lobby has done 01:30:38.620 --> 01:30:40.620 is it has fractured that 01:30:40.620 --> 01:30:44.340 that evangelical component of the Reagan coalition 01:30:44.340 --> 01:30:45.460 that's gone 01:30:45.460 --> 01:30:47.600 and it is not going to come back 01:30:47.600 --> 01:30:49.140 I hope you're right 01:30:49.140 --> 01:30:50.000 because that group 01:30:50.000 --> 01:30:51.220 you know if it kept going 01:30:51.220 --> 01:30:52.420 it would destroy the church 01:30:52.420 --> 01:30:54.720 well it would not only destroy the church 01:30:54.720 --> 01:30:55.840 you know it 01:30:55.840 --> 01:30:59.220 it is in the process of destroying the country 01:30:59.220 --> 01:31:00.100 right 01:31:00.100 --> 01:31:03.300 so I think you're seeing a sea change 01:31:03.300 --> 01:31:05.400 a massive cultural change 01:31:05.400 --> 01:31:06.560 in American politics 01:31:06.560 --> 01:31:08.860 and we're just at the beginning of it 01:31:08.860 --> 01:31:10.720 so we'll get to story 7 01:31:10.720 --> 01:31:11.840 we're going to talk about this 01:31:11.840 --> 01:31:13.120 because I'm with you 01:31:13.120 --> 01:31:15.280 I think it's a massive massive change 01:31:15.280 --> 01:31:15.820 yeah 01:31:15.820 --> 01:31:17.600 and I see it everywhere I go 01:31:17.600 --> 01:31:18.660 yes absolutely 01:31:18.660 --> 01:31:19.180 yes 01:31:19.180 --> 01:31:20.040 everywhere I go 01:31:20.040 --> 01:31:21.860 okay so one last 01:31:21.860 --> 01:31:23.760 or actually we have 01:31:23.760 --> 01:31:25.840 a few last ones 01:31:25.840 --> 01:31:26.920 okay so 01:31:26.920 --> 01:31:28.580 so this is Trump 01:31:28.580 --> 01:31:31.180 speaking of grift nation 01:31:31.180 --> 01:31:34.100 after grifting 2.2 billion 01:31:34.100 --> 01:31:34.820 to 6 billion 01:31:34.820 --> 01:31:36.440 this is Trump on 01:31:36.440 --> 01:31:37.400 the American's 01:31:37.400 --> 01:31:39.360 financial situation 01:31:39.360 --> 01:31:44.780 when you're negotiating 01:31:44.780 --> 01:31:46.000 with Iran Mr. President 01:31:46.000 --> 01:31:46.940 to what extent 01:31:46.940 --> 01:31:47.820 are American's 01:31:47.820 --> 01:31:48.940 financial situations 01:31:48.940 --> 01:31:49.940 motivating you 01:31:49.940 --> 01:31:50.620 to make a deal 01:31:50.620 --> 01:31:52.360 not even a little bit 01:31:52.360 --> 01:31:54.080 the only thing that matters 01:31:54.080 --> 01:31:55.520 when I'm talking about Iran 01:31:55.520 --> 01:31:57.220 they can't have a nuclear weapon 01:31:57.220 --> 01:31:58.140 I don't think about 01:31:58.140 --> 01:32:01.040 American's financial situation 01:32:01.040 --> 01:32:02.180 I don't think about anybody 01:32:02.180 --> 01:32:03.480 I think about one thing 01:32:03.480 --> 01:32:05.760 we cannot let Iran 01:32:05.760 --> 01:32:06.900 have a nuclear weapon 01:32:06.900 --> 01:32:07.380 that's all 01:32:07.380 --> 01:32:08.980 that's the only thing 01:32:08.980 --> 01:32:09.340 that matters 01:32:09.340 --> 01:32:12.200 so I 01:32:12.200 --> 01:32:13.140 I believe 01:32:13.140 --> 01:32:14.300 that what they 01:32:14.300 --> 01:32:15.140 have done 01:32:15.140 --> 01:32:16.980 you know 01:32:16.980 --> 01:32:17.380 because when 01:32:17.380 --> 01:32:18.420 when Trump went in 01:32:18.420 --> 01:32:19.620 the speed at which 01:32:19.620 --> 01:32:20.680 all the control grid 01:32:20.680 --> 01:32:21.540 stuff rolled out 01:32:21.540 --> 01:32:21.880 you know 01:32:21.880 --> 01:32:22.940 we have the control grid 01:32:22.940 --> 01:32:23.920 collection at Solari 01:32:23.920 --> 01:32:25.740 we update it every week 01:32:25.740 --> 01:32:27.080 the speed at which 01:32:27.080 --> 01:32:27.440 he's 01:32:27.440 --> 01:32:28.300 he's implemented 01:32:28.300 --> 01:32:29.040 the control grid 01:32:29.040 --> 01:32:30.140 is dazzling 01:32:30.140 --> 01:32:31.120 yes it is 01:32:31.120 --> 01:32:31.120 I mean 01:32:31.120 --> 01:32:32.060 when it comes to 01:32:32.060 --> 01:32:33.220 implementing the control grid 01:32:33.220 --> 01:32:34.840 Trump gets an A plus 01:32:34.840 --> 01:32:36.400 and I think 01:32:36.400 --> 01:32:37.580 to continue to implement 01:32:37.580 --> 01:32:38.560 they need to get 01:32:38.560 --> 01:32:39.560 Iran in the tent 01:32:39.560 --> 01:32:41.320 and that's what this is about 01:32:41.320 --> 01:32:41.780 it's not 01:32:41.780 --> 01:32:43.240 that's the nuclear weapon 01:32:43.240 --> 01:32:44.500 it's not nuclear weapon 01:32:44.500 --> 01:32:46.040 it's the control grid 01:32:46.040 --> 01:32:47.160 it's the control grid 01:32:47.160 --> 01:32:47.880 infrastructure 01:32:47.880 --> 01:32:48.540 yeah 01:32:48.540 --> 01:32:49.740 so he needs them 01:32:49.740 --> 01:32:50.580 on the control grid 01:32:50.580 --> 01:32:52.000 and it's been that way 01:32:52.000 --> 01:32:52.780 the seven countries 01:32:52.780 --> 01:32:53.540 in five years 01:32:53.540 --> 01:32:54.560 with Wesley Clark 01:32:54.560 --> 01:32:56.320 that was getting everybody 01:32:56.320 --> 01:32:57.420 into the central banking 01:32:57.420 --> 01:32:58.580 model 01:32:58.580 --> 01:32:59.000 so 01:32:59.000 --> 01:33:01.400 and that's all he cares about 01:33:01.400 --> 01:33:02.580 and that's what he's paid to do 01:33:02.580 --> 01:33:03.720 and as long as he does that 01:33:03.720 --> 01:33:05.400 he's free to grift as much as he wants 01:33:05.400 --> 01:33:06.220 yeah 01:33:06.220 --> 01:33:07.020 right 01:33:07.020 --> 01:33:08.900 there's some interesting stories 01:33:08.900 --> 01:33:10.060 that I put on the website 01:33:10.060 --> 01:33:11.820 three of them 01:33:11.820 --> 01:33:12.980 from the spring issue 01:33:12.980 --> 01:33:13.800 of Foreign Affairs 01:33:13.800 --> 01:33:15.600 and literally 01:33:15.600 --> 01:33:16.940 so this is Foreign Affairs 01:33:16.940 --> 01:33:20.620 the magazine of the Council on Foreign Relations 01:33:20.620 --> 01:33:22.580 and they have one called 01:33:22.580 --> 01:33:24.040 the predatory hegemon 01:33:24.040 --> 01:33:25.720 and another on the grifting 01:33:25.720 --> 01:33:27.420 and one of the things he says is 01:33:27.420 --> 01:33:28.980 stop trying to figure out 01:33:28.980 --> 01:33:30.480 what Trump's foreign policy is 01:33:30.480 --> 01:33:31.940 his foreign policy is 01:33:31.940 --> 01:33:32.760 his foreign policy is simply 01:33:32.760 --> 01:33:34.900 where the opportunity is 01:33:34.900 --> 01:33:35.960 to make money for himself 01:33:35.960 --> 01:33:36.540 and his friends 01:33:36.540 --> 01:33:38.440 that's his policy 01:33:38.440 --> 01:33:39.680 that's his foreign policy 01:33:39.680 --> 01:33:40.980 it's a plunder 01:33:40.980 --> 01:33:42.380 it's a plunder policy 01:33:42.380 --> 01:33:44.460 the most outrageous one 01:33:44.460 --> 01:33:45.300 is the Peace Board 01:33:45.300 --> 01:33:46.920 which we haven't spoken about 01:33:46.920 --> 01:33:48.400 but it's just 01:33:48.400 --> 01:33:49.480 Catherine 01:33:49.480 --> 01:33:51.080 watching Donald Trump 01:33:51.080 --> 01:33:52.100 is like watching 01:33:52.100 --> 01:33:53.260 Ulysses Grant 01:33:53.260 --> 01:33:54.380 yep 01:33:54.380 --> 01:33:55.060 exactly 01:33:55.060 --> 01:33:56.160 you know 01:33:56.160 --> 01:33:58.240 the parallels are so blatant 01:33:58.240 --> 01:33:58.840 to me 01:33:58.840 --> 01:34:01.800 it's not even funny 01:34:01.800 --> 01:34:02.660 you know 01:34:02.660 --> 01:34:03.700 because if there was 01:34:03.700 --> 01:34:04.460 ever a president 01:34:04.460 --> 01:34:05.740 without a foreign policy 01:34:05.740 --> 01:34:07.040 it was Ulysses Grant 01:34:07.040 --> 01:34:08.600 and he was rolling 01:34:08.600 --> 01:34:09.500 in grift 01:34:09.500 --> 01:34:10.340 and corruption 01:34:10.340 --> 01:34:12.140 it's unbelievable 01:34:12.140 --> 01:34:13.640 it's unbelievable 01:34:13.640 --> 01:34:14.680 so 01:34:14.680 --> 01:34:16.180 Alistair Crook 01:34:16.180 --> 01:34:17.960 who I think is one of the best people 01:34:17.960 --> 01:34:19.320 commenting on the Middle East 01:34:19.320 --> 01:34:20.800 got on Tucker Carlson 01:34:20.800 --> 01:34:21.580 during the quarter 01:34:21.580 --> 01:34:23.620 and I wanted to 01:34:23.620 --> 01:34:24.940 he brought it down 01:34:24.940 --> 01:34:26.500 to what it means to us 01:34:26.500 --> 01:34:28.340 and I thought it was 01:34:28.340 --> 01:34:29.140 very well done 01:34:29.140 --> 01:34:29.920 I think 01:34:29.920 --> 01:34:31.380 that we do need 01:34:31.380 --> 01:34:32.260 sort of 01:34:32.260 --> 01:34:33.120 what I call 01:34:33.120 --> 01:34:34.480 creative destruction 01:34:34.480 --> 01:34:35.880 a little bit 01:34:35.880 --> 01:34:36.400 to 01:34:36.400 --> 01:34:37.720 to help us 01:34:37.720 --> 01:34:38.360 rethink 01:34:38.360 --> 01:34:39.620 for a start 01:34:39.620 --> 01:34:40.640 what sort of 01:34:40.640 --> 01:34:41.840 economic structure 01:34:41.840 --> 01:34:42.740 do we need 01:34:42.740 --> 01:34:43.080 to 01:34:43.080 --> 01:34:44.180 to address 01:34:44.180 --> 01:34:44.840 the problems 01:34:44.840 --> 01:34:45.360 we have 01:34:45.360 --> 01:34:46.960 because the economic 01:34:46.960 --> 01:34:48.560 structure 01:34:48.560 --> 01:34:49.200 we've had 01:34:49.200 --> 01:34:49.900 in this period 01:34:49.900 --> 01:34:50.820 has not 01:34:50.820 --> 01:34:52.500 has brought about 01:34:52.500 --> 01:34:53.460 this bipolar 01:34:53.460 --> 01:34:54.120 world 01:34:54.120 --> 01:34:54.760 there is 01:34:54.760 --> 01:34:55.440 you know 01:34:55.440 --> 01:34:55.940 the 01:34:55.940 --> 01:34:57.460 the world 01:34:57.460 --> 01:34:58.860 of the billionaires 01:34:58.860 --> 01:34:59.900 and the world 01:34:59.900 --> 01:35:00.560 of the rest 01:35:00.560 --> 01:35:00.960 which is 01:35:00.960 --> 01:35:01.420 is getting 01:35:01.420 --> 01:35:02.140 progressively 01:35:02.140 --> 01:35:03.440 it's horrible 01:35:03.440 --> 01:35:04.300 and 01:35:04.300 --> 01:35:04.920 you know 01:35:04.920 --> 01:35:05.660 our people 01:35:05.660 --> 01:35:06.840 our only people 01:35:06.840 --> 01:35:07.920 wherever it is 01:35:07.920 --> 01:35:08.440 in Europe 01:35:08.440 --> 01:35:09.200 and others 01:35:09.200 --> 01:35:09.900 they think 01:35:09.900 --> 01:35:10.460 well 01:35:10.460 --> 01:35:11.060 you know 01:35:11.060 --> 01:35:12.340 protest doesn't 01:35:12.340 --> 01:35:12.740 work 01:35:12.740 --> 01:35:14.720 because we protest 01:35:14.720 --> 01:35:15.700 nothing happens 01:35:15.700 --> 01:35:16.400 we 01:35:16.400 --> 01:35:17.480 voting doesn't 01:35:17.480 --> 01:35:17.800 work 01:35:17.800 --> 01:35:18.700 we can vote 01:35:18.700 --> 01:35:19.520 for Tweedledee 01:35:19.520 --> 01:35:20.480 or Tweedledum 01:35:20.480 --> 01:35:22.080 it doesn't 01:35:22.080 --> 01:35:22.880 change the 01:35:22.880 --> 01:35:23.540 economic 01:35:23.540 --> 01:35:24.320 system 01:35:24.320 --> 01:35:25.700 and 01:35:25.700 --> 01:35:26.140 bring 01:35:26.140 --> 01:35:26.800 about the 01:35:26.800 --> 01:35:27.180 change 01:35:27.180 --> 01:35:27.960 and that's 01:35:27.960 --> 01:35:28.660 what we 01:35:28.660 --> 01:35:29.820 want to see 01:35:29.820 --> 01:35:30.600 and I think 01:35:30.600 --> 01:35:31.240 the whole 01:35:31.240 --> 01:35:32.140 of this 01:35:32.140 --> 01:35:32.660 period 01:35:32.660 --> 01:35:33.480 partly 01:35:33.480 --> 01:35:34.520 stimulated 01:35:34.520 --> 01:35:35.580 by what the 01:35:35.580 --> 01:35:36.560 Iranians are 01:35:36.560 --> 01:35:36.920 doing 01:35:36.920 --> 01:35:37.340 and 01:35:37.340 --> 01:35:38.700 even by their 01:35:38.700 --> 01:35:39.060 sort of 01:35:39.060 --> 01:35:40.080 thoughts about it 01:35:40.080 --> 01:35:41.980 is going to 01:35:41.980 --> 01:35:42.980 provoke 01:35:42.980 --> 01:35:44.260 people to think 01:35:44.260 --> 01:35:45.280 more deeply 01:35:45.280 --> 01:35:46.040 in Europe 01:35:46.040 --> 01:35:47.100 about 01:35:47.100 --> 01:35:48.960 you know 01:35:48.960 --> 01:35:49.800 how do we 01:35:49.800 --> 01:35:50.260 actually 01:35:50.260 --> 01:35:51.120 not just 01:35:51.120 --> 01:35:51.800 produce a 01:35:51.800 --> 01:35:52.320 cosmetic 01:35:52.320 --> 01:35:53.520 market 01:35:53.520 --> 01:35:54.440 relations 01:35:54.440 --> 01:35:55.240 type of 01:35:55.240 --> 01:35:55.680 paint 01:35:55.680 --> 01:35:56.800 but how do 01:35:56.800 --> 01:35:57.580 we actually 01:35:57.580 --> 01:35:58.680 find 01:35:58.680 --> 01:35:59.620 a solution 01:35:59.620 --> 01:36:00.480 that 01:36:00.480 --> 01:36:00.980 would 01:36:00.980 --> 01:36:01.940 provide 01:36:01.940 --> 01:36:02.820 a decent 01:36:02.820 --> 01:36:03.380 living 01:36:03.380 --> 01:36:04.060 for 01:36:04.060 --> 01:36:04.480 our 01:36:04.480 --> 01:36:04.900 people 01:36:04.900 --> 01:36:08.380 I think 01:36:08.380 --> 01:36:09.060 that's the 01:36:09.060 --> 01:36:10.720 that's the most 01:36:10.720 --> 01:36:11.560 hopeful thing I've heard 01:36:11.560 --> 01:36:12.160 in a long time 01:36:12.160 --> 01:36:12.540 and I'm 01:36:12.540 --> 01:36:13.260 grateful for your 01:36:13.260 --> 01:36:13.660 analysis 01:36:13.660 --> 01:36:15.740 so 01:36:15.740 --> 01:36:16.380 essentially 01:36:16.380 --> 01:36:17.060 what 01:36:17.060 --> 01:36:17.780 what 01:36:17.780 --> 01:36:18.600 Alistair has been 01:36:18.600 --> 01:36:19.400 saying is 01:36:19.400 --> 01:36:20.680 this is going to 01:36:20.680 --> 01:36:21.500 force many 01:36:21.500 --> 01:36:22.220 people in the 01:36:22.220 --> 01:36:22.620 West 01:36:22.620 --> 01:36:25.300 to look 01:36:25.300 --> 01:36:26.220 you know 01:36:26.220 --> 01:36:26.780 fundamentally 01:36:26.780 --> 01:36:27.580 at our 01:36:27.580 --> 01:36:28.180 values 01:36:28.180 --> 01:36:28.800 and our 01:36:28.800 --> 01:36:29.280 economy 01:36:29.280 --> 01:36:31.640 because our 01:36:31.640 --> 01:36:32.040 values 01:36:32.040 --> 01:36:32.520 and our 01:36:32.520 --> 01:36:32.840 economy 01:36:32.840 --> 01:36:33.620 don't work 01:36:33.620 --> 01:36:34.280 for us 01:36:34.280 --> 01:36:35.120 no 01:36:35.120 --> 01:36:35.400 they 01:36:35.400 --> 01:36:35.880 absolutely 01:36:35.880 --> 01:36:36.940 I'm glad 01:36:36.940 --> 01:36:37.500 you mentioned 01:36:37.500 --> 01:36:38.680 and played 01:36:38.680 --> 01:36:38.980 that 01:36:38.980 --> 01:36:39.320 Catherine 01:36:39.320 --> 01:36:39.940 because there's 01:36:39.940 --> 01:36:40.260 something 01:36:40.260 --> 01:36:40.980 there's two 01:36:40.980 --> 01:36:41.580 things I want 01:36:41.580 --> 01:36:42.040 to mention 01:36:42.040 --> 01:36:42.880 in that 01:36:42.880 --> 01:36:43.360 respect 01:36:43.360 --> 01:36:44.640 the first 01:36:44.640 --> 01:36:44.940 is 01:36:44.940 --> 01:36:45.680 I've been 01:36:45.680 --> 01:36:46.200 watching 01:36:46.200 --> 01:36:47.120 all year 01:36:47.120 --> 01:36:47.860 waiting 01:36:47.860 --> 01:36:49.960 for 01:36:49.960 --> 01:36:51.800 the 01:36:51.800 --> 01:36:53.160 enthusiasm 01:36:53.160 --> 01:36:55.540 of 01:36:55.540 --> 01:36:55.820 the 01:36:55.820 --> 01:36:57.000 250th 01:36:57.000 --> 01:36:57.540 anniversary 01:36:57.540 --> 01:36:58.020 of 01:36:58.020 --> 01:36:58.420 American 01:36:58.420 --> 01:36:59.100 independence 01:36:59.100 --> 01:36:59.840 to 01:36:59.840 --> 01:37:00.720 manifest 01:37:00.720 --> 01:37:01.400 itself 01:37:01.400 --> 01:37:02.980 I was in 01:37:02.980 --> 01:37:03.460 college 01:37:03.460 --> 01:37:04.620 you were alive 01:37:04.620 --> 01:37:05.140 during the 01:37:05.140 --> 01:37:05.900 200th 01:37:05.900 --> 01:37:06.560 anniversary 01:37:06.560 --> 01:37:07.620 celebrations 01:37:07.620 --> 01:37:09.160 and we were 01:37:09.160 --> 01:37:09.620 literally 01:37:09.620 --> 01:37:10.420 celebrating 01:37:10.420 --> 01:37:10.920 the whole 01:37:10.920 --> 01:37:11.360 year 01:37:11.360 --> 01:37:13.200 there were 01:37:13.200 --> 01:37:13.980 specials on 01:37:13.980 --> 01:37:14.660 television 01:37:14.660 --> 01:37:15.540 people were 01:37:15.540 --> 01:37:15.980 constantly 01:37:15.980 --> 01:37:17.040 talking about 01:37:17.040 --> 01:37:17.340 it 01:37:17.340 --> 01:37:18.400 we saw 01:37:18.400 --> 01:37:18.860 special 01:37:18.860 --> 01:37:19.400 sporting 01:37:19.400 --> 01:37:20.040 events 01:37:20.040 --> 01:37:20.420 there were 01:37:20.420 --> 01:37:20.820 special 01:37:20.820 --> 01:37:21.460 things going 01:37:21.460 --> 01:37:21.940 on in 01:37:21.940 --> 01:37:22.660 the schools 01:37:22.660 --> 01:37:23.920 so it was 01:37:23.920 --> 01:37:24.240 a big 01:37:24.240 --> 01:37:24.840 party 01:37:24.840 --> 01:37:25.520 all year 01:37:25.520 --> 01:37:25.960 long 01:37:25.960 --> 01:37:26.240 and 01:37:26.240 --> 01:37:26.920 that 01:37:27.240 --> 01:37:28.280 after 01:37:28.280 --> 01:37:29.240 Nixon 01:37:29.240 --> 01:37:30.840 after Watergate 01:37:30.840 --> 01:37:31.320 with 01:37:31.320 --> 01:37:31.760 you know 01:37:31.760 --> 01:37:32.240 Gerald 01:37:32.240 --> 01:37:33.280 Fumbling Ford 01:37:33.280 --> 01:37:34.340 and the White House 01:37:34.340 --> 01:37:36.140 the mood in the country 01:37:36.140 --> 01:37:36.840 was 01:37:36.840 --> 01:37:38.720 celebratory 01:37:38.720 --> 01:37:40.620 I did not 01:37:40.620 --> 01:37:41.500 see 01:37:41.500 --> 01:37:42.680 or feel 01:37:42.680 --> 01:37:43.400 any 01:37:43.400 --> 01:37:44.320 of that 01:37:44.320 --> 01:37:46.400 this 01:37:46.400 --> 01:37:47.620 250th 01:37:47.620 --> 01:37:48.140 anniversary 01:37:48.140 --> 01:37:49.520 there was a little 01:37:49.520 --> 01:37:50.200 enthusiasm 01:37:50.200 --> 01:37:51.100 but it was 01:37:51.100 --> 01:37:52.080 nothing 01:37:52.080 --> 01:37:54.080 like the scale 01:37:54.080 --> 01:37:54.740 it was 01:37:54.740 --> 01:37:55.560 back in 01:37:55.560 --> 01:37:56.560 1976 01:37:56.560 --> 01:37:57.120 right 01:37:57.120 --> 01:37:57.700 there was 01:37:57.700 --> 01:37:58.300 and 01:37:58.300 --> 01:37:59.760 what we focused on 01:37:59.760 --> 01:38:00.280 at Solari 01:38:00.280 --> 01:38:02.140 was prayers 01:38:02.140 --> 01:38:03.040 for another 01:38:03.040 --> 01:38:04.220 250 years 01:38:04.220 --> 01:38:04.940 so we were 01:38:04.940 --> 01:38:05.660 looking at the 01:38:05.660 --> 01:38:06.140 future 01:38:06.140 --> 01:38:07.580 because what is 01:38:07.580 --> 01:38:08.480 happening so now 01:38:08.480 --> 01:38:09.200 is so 01:38:09.200 --> 01:38:10.360 I mean 01:38:10.360 --> 01:38:11.000 Washington 01:38:11.000 --> 01:38:12.540 has become 01:38:12.540 --> 01:38:13.980 absolutely 01:38:13.980 --> 01:38:14.520 committed 01:38:14.520 --> 01:38:15.640 to depopulating 01:38:15.640 --> 01:38:16.380 and plundering 01:38:16.380 --> 01:38:17.580 America 01:38:17.580 --> 01:38:19.220 is what I see 01:38:19.220 --> 01:38:19.920 and we'll 01:38:19.920 --> 01:38:21.060 get to that 01:38:21.060 --> 01:38:21.620 in some of the 01:38:21.620 --> 01:38:22.180 later stories 01:38:22.180 --> 01:38:22.800 the second thing 01:38:22.800 --> 01:38:23.280 the second 01:38:23.280 --> 01:38:24.520 I mention that 01:38:24.520 --> 01:38:24.980 because 01:38:24.980 --> 01:38:25.700 I 01:38:25.700 --> 01:38:27.280 I 01:38:27.280 --> 01:38:28.620 am in agreement 01:38:28.620 --> 01:38:29.160 that 01:38:29.160 --> 01:38:29.520 that 01:38:29.520 --> 01:38:30.840 people are waking up 01:38:30.840 --> 01:38:31.640 and they're realizing 01:38:31.640 --> 01:38:33.020 this is not 01:38:33.020 --> 01:38:34.520 what we signed on for 01:38:34.520 --> 01:38:36.280 the other thing 01:38:36.280 --> 01:38:37.280 the other big 01:38:37.280 --> 01:38:38.260 big 01:38:38.260 --> 01:38:39.400 thing 01:38:39.400 --> 01:38:39.820 that 01:38:39.820 --> 01:38:40.820 cues me in 01:38:40.820 --> 01:38:41.820 that something is 01:38:41.820 --> 01:38:43.580 is really going on 01:38:43.580 --> 01:38:44.900 and it's something that 01:38:44.900 --> 01:38:46.560 really slipped right off 01:38:46.560 --> 01:38:47.380 the news radar 01:38:47.380 --> 01:38:49.060 probably did in Europe too 01:38:49.060 --> 01:38:50.320 but to a lesser extent 01:38:50.320 --> 01:38:52.520 Chancellor Schultz 01:38:52.520 --> 01:38:54.120 or pardon me 01:38:54.120 --> 01:38:54.840 Chancellor Mertz 01:38:54.840 --> 01:38:56.920 in Germany 01:38:56.920 --> 01:38:58.380 has 01:38:58.380 --> 01:38:59.900 recently come out 01:38:59.900 --> 01:39:01.860 and announced that he wants to give 01:39:01.860 --> 01:39:03.720 the legal right 01:39:03.720 --> 01:39:05.100 to the BND 01:39:05.100 --> 01:39:08.360 to the Bundesnachrichtendienst 01:39:08.360 --> 01:39:10.180 to carry out assassination 01:39:10.180 --> 01:39:12.460 yes 01:39:12.460 --> 01:39:14.860 yeah 01:39:14.860 --> 01:39:18.520 now talk about 01:39:18.520 --> 01:39:19.760 a major step 01:39:19.760 --> 01:39:21.740 well you know 01:39:21.740 --> 01:39:22.760 that does remind me 01:39:22.760 --> 01:39:23.160 when 01:39:23.160 --> 01:39:23.660 when 01:39:23.660 --> 01:39:24.680 when 01:39:24.680 --> 01:39:25.280 New York 01:39:25.280 --> 01:39:26.120 took the position 01:39:26.120 --> 01:39:26.620 that it could 01:39:26.620 --> 01:39:28.840 adopt an administrative rule 01:39:28.840 --> 01:39:30.880 for health reasons 01:39:30.880 --> 01:39:31.960 to kidnap anyone 01:39:31.960 --> 01:39:33.060 with no proof 01:39:33.060 --> 01:39:34.460 and put them under lock and key 01:39:34.460 --> 01:39:35.480 and take their assets 01:39:35.480 --> 01:39:36.100 yep 01:39:36.100 --> 01:39:37.380 I called 01:39:37.380 --> 01:39:37.820 when 01:39:37.820 --> 01:39:38.880 when Bobby Cox 01:39:38.880 --> 01:39:39.580 made the presentation 01:39:39.580 --> 01:39:40.820 to me of what that was 01:39:40.820 --> 01:39:41.080 I said 01:39:41.080 --> 01:39:41.400 Bobby 01:39:41.400 --> 01:39:43.160 this has nothing to do with health 01:39:43.160 --> 01:39:44.760 this is so they can grab 01:39:44.760 --> 01:39:46.040 anybody in the financial markets 01:39:46.040 --> 01:39:47.240 and make them do what they want 01:39:47.240 --> 01:39:47.780 yes 01:39:47.780 --> 01:39:48.260 exactly 01:39:48.260 --> 01:39:48.560 this is 01:39:48.560 --> 01:39:49.800 this is a New York 01:39:49.800 --> 01:39:51.100 Fed administrative rule 01:39:51.100 --> 01:39:51.740 yeah 01:39:51.740 --> 01:39:52.500 right 01:39:52.500 --> 01:39:53.740 same thing 01:39:53.740 --> 01:39:55.660 it's exactly the same thing 01:39:55.660 --> 01:39:57.280 and it's a sign 01:39:57.280 --> 01:39:57.860 that 01:39:57.860 --> 01:39:59.140 the power elite 01:39:59.140 --> 01:39:59.720 know 01:39:59.720 --> 01:40:02.460 that people are waking up 01:40:02.460 --> 01:40:03.740 and waking up 01:40:03.740 --> 01:40:04.920 very fast 01:40:04.920 --> 01:40:06.860 because if they're grabbing 01:40:06.860 --> 01:40:08.140 for that kind of power 01:40:08.140 --> 01:40:08.640 that 01:40:08.640 --> 01:40:09.640 that can only mean 01:40:09.640 --> 01:40:10.760 they're beginning to get 01:40:10.760 --> 01:40:11.720 very concerned 01:40:11.720 --> 01:40:13.200 about the stability 01:40:13.200 --> 01:40:14.060 of their position 01:40:14.060 --> 01:40:15.340 so you know 01:40:15.340 --> 01:40:16.600 I think Mr. Cook 01:40:16.600 --> 01:40:17.740 is absolutely right 01:40:17.740 --> 01:40:20.420 the 01:40:20.420 --> 01:40:21.280 the political 01:40:21.280 --> 01:40:21.960 and cultural 01:40:21.960 --> 01:40:22.580 landscape 01:40:22.580 --> 01:40:23.440 are changing 01:40:23.440 --> 01:40:24.640 and they're changing 01:40:24.640 --> 01:40:25.780 very very quickly 01:40:25.780 --> 01:40:26.820 frankly 01:40:26.820 --> 01:40:27.540 I don't think 01:40:27.540 --> 01:40:28.380 I don't think 01:40:28.380 --> 01:40:29.280 Mr. Global 01:40:29.280 --> 01:40:30.180 only for all his 01:40:30.180 --> 01:40:31.020 technological 01:40:31.020 --> 01:40:34.640 surveillance muscle 01:40:34.640 --> 01:40:35.680 has a prayer 01:40:35.680 --> 01:40:37.780 I really don't 01:40:37.780 --> 01:40:38.500 it's going to go 01:40:38.500 --> 01:40:39.140 too fast 01:40:39.140 --> 01:40:40.040 it's going to go 01:40:40.040 --> 01:40:40.660 too fast 01:40:40.660 --> 01:40:41.720 Vandalin 01:40:41.720 --> 01:40:42.700 just tried to 01:40:42.700 --> 01:40:43.380 pass a law 01:40:43.380 --> 01:40:43.980 saying that they 01:40:43.980 --> 01:40:44.600 could read 01:40:44.600 --> 01:40:45.180 your chats 01:40:45.180 --> 01:40:45.640 as they were 01:40:45.640 --> 01:40:46.100 happening 01:40:46.100 --> 01:40:47.200 and it 01:40:47.200 --> 01:40:48.660 it failed 01:40:48.660 --> 01:40:49.380 and so she 01:40:49.380 --> 01:40:49.760 brought it 01:40:49.760 --> 01:40:50.360 back again 01:40:50.360 --> 01:40:50.820 and stuffed 01:40:50.820 --> 01:40:51.280 it through 01:40:51.280 --> 01:40:52.300 it's a little 01:40:52.300 --> 01:40:52.840 bit like the 01:40:52.840 --> 01:40:53.240 bailouts 01:40:53.240 --> 01:40:54.100 okay so let's 01:40:54.100 --> 01:40:54.760 turn to story 01:40:54.760 --> 01:40:55.440 number three 01:40:55.440 --> 01:40:56.200 called 01:40:56.200 --> 01:40:57.260 Inflation Rises 01:40:57.260 --> 01:41:00.160 and we had a 01:41:00.160 --> 01:41:00.760 major 01:41:00.760 --> 01:41:02.040 a really 01:41:02.040 --> 01:41:02.540 wonderful 01:41:02.540 --> 01:41:03.340 salary report 01:41:03.340 --> 01:41:04.080 with Carlos 01:41:04.080 --> 01:41:06.040 and 01:41:06.040 --> 01:41:07.580 and his part 01:41:07.580 --> 01:41:08.280 from Finance 01:41:08.280 --> 01:41:09.060 Technologies 01:41:09.060 --> 01:41:12.520 why am I 01:41:12.520 --> 01:41:13.200 I'm always 01:41:13.200 --> 01:41:14.260 mispronouncing 01:41:14.260 --> 01:41:14.740 Carlos 01:41:14.740 --> 01:41:18.500 Algaria 01:41:18.500 --> 01:41:21.360 Allegria 01:41:21.360 --> 01:41:21.360 Allegria 01:41:21.360 --> 01:41:22.580 Allegria 01:41:22.580 --> 01:41:23.260 okay 01:41:23.260 --> 01:41:24.020 Allegria 01:41:24.020 --> 01:41:25.620 and Ed Dowd 01:41:25.620 --> 01:41:26.220 from Finance 01:41:26.220 --> 01:41:26.860 Technologies 01:41:26.860 --> 01:41:27.440 and 01:41:27.440 --> 01:41:28.060 and 01:41:28.060 --> 01:41:28.640 and 01:41:28.640 --> 01:41:30.000 Carlos makes a 01:41:30.000 --> 01:41:30.680 very compelling 01:41:30.680 --> 01:41:31.820 point that 01:41:31.820 --> 01:41:32.820 inflation 01:41:32.820 --> 01:41:34.500 is going to run 01:41:34.500 --> 01:41:34.920 up as 01:41:34.920 --> 01:41:35.680 as a short 01:41:35.680 --> 01:41:36.400 term because 01:41:36.400 --> 01:41:37.180 of the shock 01:41:37.180 --> 01:41:37.580 the oil 01:41:37.580 --> 01:41:37.960 shock 01:41:37.960 --> 01:41:38.820 from the 01:41:38.820 --> 01:41:39.380 war 01:41:39.380 --> 01:41:40.540 but he 01:41:40.540 --> 01:41:40.960 doesn't think 01:41:40.960 --> 01:41:41.260 it's going 01:41:41.260 --> 01:41:41.760 to be long 01:41:41.760 --> 01:41:42.180 lived 01:41:42.180 --> 01:41:42.560 and one 01:41:42.560 --> 01:41:42.760 of the 01:41:42.760 --> 01:41:43.080 reasons 01:41:43.080 --> 01:41:43.620 is 01:41:43.620 --> 01:41:44.540 if you 01:41:44.540 --> 01:41:44.900 look at 01:41:44.900 --> 01:41:45.240 some of 01:41:45.240 --> 01:41:45.760 the ways 01:41:45.760 --> 01:41:46.140 Joseph 01:41:46.140 --> 01:41:46.680 that they 01:41:46.680 --> 01:41:47.140 have 01:41:47.140 --> 01:41:47.600 of 01:41:47.600 --> 01:41:48.200 engineering 01:41:48.200 --> 01:41:49.520 deflation 01:41:49.520 --> 01:41:50.520 they 01:41:50.520 --> 01:41:51.020 continue 01:41:51.020 --> 01:41:51.360 to be 01:41:51.360 --> 01:41:51.660 very 01:41:51.660 --> 01:41:52.100 powerful 01:41:52.100 --> 01:41:52.480 so I 01:41:52.480 --> 01:41:52.640 want 01:41:52.640 --> 01:41:52.780 to 01:41:52.780 --> 01:41:53.020 show 01:41:53.020 --> 01:41:53.240 you 01:41:53.240 --> 01:41:53.620 two 01:41:53.620 --> 01:41:54.360 videos 01:41:54.360 --> 01:41:55.900 so let's 01:41:55.900 --> 01:41:56.260 look at 01:41:56.260 --> 01:41:56.900 13 01:41:56.900 --> 01:41:57.800 video number 01:41:57.800 --> 01:41:58.440 13 01:41:58.440 --> 01:41:59.720 and then 01:41:59.720 --> 01:42:00.580 after that 01:42:00.580 --> 01:42:00.960 I'll talk 01:42:00.960 --> 01:42:01.220 about 01:42:01.220 --> 01:42:01.880 14 01:42:01.880 --> 01:42:04.020 well you 01:42:04.020 --> 01:42:04.400 know that 01:42:04.400 --> 01:42:04.740 I've been 01:42:04.740 --> 01:42:05.200 saying for 01:42:05.200 --> 01:42:05.540 a long 01:42:05.540 --> 01:42:05.860 time 01:42:05.860 --> 01:42:06.140 that I 01:42:06.140 --> 01:42:06.360 think 01:42:06.360 --> 01:42:06.520 they're 01:42:06.520 --> 01:42:06.620 going 01:42:06.620 --> 01:42:06.740 to 01:42:06.740 --> 01:42:07.280 deflate 01:42:07.280 --> 01:42:08.480 right 01:42:08.480 --> 01:42:08.800 I've 01:42:08.800 --> 01:42:08.900 been 01:42:08.900 --> 01:42:09.140 saying 01:42:09.140 --> 01:42:09.300 that 01:42:09.300 --> 01:42:09.420 for 01:42:09.420 --> 01:42:09.600 about 01:42:09.600 --> 01:42:09.740 a 01:42:09.740 --> 01:42:10.140 decade 01:42:10.140 --> 01:42:10.800 right 01:42:10.800 --> 01:42:10.980 well 01:42:10.980 --> 01:42:11.300 that's 01:42:11.300 --> 01:42:11.560 part 01:42:11.560 --> 01:42:11.740 of 01:42:11.740 --> 01:42:11.900 you 01:42:11.900 --> 01:42:12.020 know 01:42:12.020 --> 01:42:12.320 using 01:42:12.320 --> 01:42:12.680 gold 01:42:12.680 --> 01:42:12.920 to 01:42:12.920 --> 01:42:13.360 deflate 01:42:13.360 --> 01:42:13.680 that's 01:42:13.680 --> 01:42:13.880 very 01:42:13.880 --> 01:42:14.240 powerful 01:42:14.240 --> 01:42:14.620 okay 01:42:14.620 --> 01:42:14.900 so 01:42:14.900 --> 01:42:15.820 here's 01:42:15.820 --> 01:42:16.320 here's 01:42:16.320 --> 01:42:16.900 13 01:42:16.900 --> 01:42:18.600 it's 01:42:18.600 --> 01:42:18.640 it's 01:42:18.640 --> 01:42:18.980 it's 01:42:18.980 --> 01:42:19.540 about 01:42:19.540 --> 01:42:19.980 the 01:42:19.980 --> 01:42:20.400 oil 01:42:20.400 --> 01:42:21.000 shock 01:42:21.000 --> 01:42:22.380 but 01:42:22.380 --> 01:42:23.320 you know 01:42:23.320 --> 01:42:23.660 it's 01:42:23.660 --> 01:42:24.160 describing 01:42:24.160 --> 01:42:24.660 a scenario 01:42:24.660 --> 01:42:24.980 that's 01:42:24.980 --> 01:42:25.420 exactly 01:42:25.420 --> 01:42:25.820 what we 01:42:25.820 --> 01:42:26.000 saw 01:42:26.000 --> 01:42:26.220 in the 01:42:26.220 --> 01:42:26.660 pandemic 01:42:26.660 --> 01:42:27.000 so 01:42:27.000 --> 01:42:27.220 let's 01:42:27.220 --> 01:42:27.500 go ahead 01:42:27.500 --> 01:42:27.780 and play 01:42:27.780 --> 01:42:28.000 this 01:42:28.000 --> 01:42:28.260 one 01:42:28.260 --> 01:42:30.460 spirit 01:42:30.460 --> 01:42:30.960 airlines 01:42:30.960 --> 01:42:31.400 just 01:42:31.400 --> 01:42:31.980 collapsed 01:42:31.980 --> 01:42:32.800 couldn't 01:42:32.800 --> 01:42:33.100 afford 01:42:33.100 --> 01:42:33.480 the jet 01:42:33.480 --> 01:42:33.860 fuel 01:42:33.860 --> 01:42:35.020 the next 01:42:35.020 --> 01:42:35.300 ticket 01:42:35.300 --> 01:42:35.500 you 01:42:35.500 --> 01:42:35.880 book 01:42:35.880 --> 01:42:36.300 will 01:42:36.300 --> 01:42:36.540 cost 01:42:36.540 --> 01:42:36.840 twice 01:42:36.840 --> 01:42:37.040 as 01:42:37.040 --> 01:42:37.460 much 01:42:37.460 --> 01:42:38.700 republicans 01:42:38.700 --> 01:42:39.020 handed 01:42:39.020 --> 01:42:39.200 the 01:42:39.200 --> 01:42:39.640 entire 01:42:39.640 --> 01:42:40.140 sky 01:42:40.140 --> 01:42:40.420 to 01:42:40.420 --> 01:42:40.740 four 01:42:40.740 --> 01:42:41.280 airlines 01:42:41.280 --> 01:42:41.900 who 01:42:41.900 --> 01:42:42.120 know 01:42:42.120 --> 01:42:42.300 you 01:42:42.300 --> 01:42:42.500 have 01:42:42.500 --> 01:42:42.840 nowhere 01:42:42.840 --> 01:42:43.120 else 01:42:43.120 --> 01:42:43.280 to 01:42:43.280 --> 01:42:43.540 go 01:42:43.540 --> 01:42:44.160 this 01:42:44.160 --> 01:42:44.400 isn't 01:42:44.400 --> 01:42:44.520 a 01:42:44.520 --> 01:42:45.000 mistake 01:42:45.000 --> 01:42:45.500 this 01:42:45.500 --> 01:42:45.640 is 01:42:45.640 --> 01:42:46.200 the plan 01:42:46.200 --> 01:42:47.100 it's the same 01:42:47.100 --> 01:42:47.480 plan 01:42:47.480 --> 01:42:48.360 they're running on the 01:42:48.360 --> 01:42:49.100 family farm 01:42:49.100 --> 01:42:50.480 the fishing boat 01:42:50.480 --> 01:42:52.220 and every small business 01:42:52.220 --> 01:42:53.180 on your main street 01:42:53.180 --> 01:42:55.340 a small farmer cannot absorb 01:42:55.340 --> 01:42:56.200 diesel doubling 01:42:56.200 --> 01:42:58.680 a fishing boat cannot absorb fuel 01:42:58.680 --> 01:43:00.840 going from 4,000 to 8,000 01:43:00.840 --> 01:43:03.080 a budget airline cannot absorb 01:43:03.080 --> 01:43:05.220 a 100 million dollar fuel hit 01:43:05.220 --> 01:43:06.160 in two months 01:43:06.160 --> 01:43:08.260 but a giant corporation can 01:43:08.260 --> 01:43:10.040 so when fuel spikes 01:43:10.040 --> 01:43:12.100 the small operator goes bankrupt 01:43:12.100 --> 01:43:14.980 the corporate operator buys the land 01:43:14.980 --> 01:43:15.860 the boat 01:43:15.860 --> 01:43:16.800 the route 01:43:16.800 --> 01:43:17.800 the business 01:43:17.800 --> 01:43:19.800 at fire sale prices 01:43:19.800 --> 01:43:22.240 then Project 2025 01:43:22.240 --> 01:43:23.980 finishes the job 01:43:23.980 --> 01:43:27.420 the 920 page Republican blueprint 01:43:27.420 --> 01:43:28.560 Trump disavowed 01:43:28.560 --> 01:43:30.920 is only the half they let you read 01:43:30.920 --> 01:43:33.240 the other half is secret 01:43:33.240 --> 01:43:35.600 architect Russ Vogt 01:43:35.600 --> 01:43:37.160 was caught on hidden camera 01:43:37.160 --> 01:43:38.780 admitting they designed it 01:43:38.780 --> 01:43:40.400 so the documents wouldn't be 01:43:40.400 --> 01:43:40.940 quote 01:43:40.940 --> 01:43:43.120 F-O-I-A-able 01:43:43.120 --> 01:43:45.420 the half we can see 01:43:45.520 --> 01:43:47.600 repeals crop insurance 01:43:47.600 --> 01:43:50.400 cuts farm service agency loans 01:43:50.400 --> 01:43:53.580 kills small business administration lending 01:43:53.580 --> 01:43:59.000 and ends the essential air service that keeps rural airports alive 01:43:59.000 --> 01:44:02.720 the half we can't see is already executing 01:44:02.720 --> 01:44:07.560 trace the ownership of the buyers and the same three names appear 01:44:07.560 --> 01:44:08.960 Blackrock 01:44:08.960 --> 01:44:10.360 Vanguard 01:44:10.360 --> 01:44:12.280 State Street 01:44:12.280 --> 01:44:15.500 together they manage over 30 trillion dollars and hold the 01:44:15.500 --> 01:44:18.160 largest stakes in oil companies cashing in 01:44:18.160 --> 01:44:20.360 airlines consolidating 01:44:20.360 --> 01:44:24.400 and agribusiness giants devouring family farms 01:44:24.400 --> 01:44:26.320 they want it all 01:44:26.320 --> 01:44:30.200 the high price at the pump is how they're getting it 01:44:30.200 --> 01:44:32.080 yep 01:44:32.080 --> 01:44:35.280 yeah so in story number four we're going to talk about 01:44:35.280 --> 01:44:37.080 why you're putting your money there 01:44:37.080 --> 01:44:41.100 okay but another thing is 01:44:41.100 --> 01:44:42.520 what 01:44:42.520 --> 01:44:44.620 what Carlos and Ed had done 01:44:45.480 --> 01:44:50.200 I think about six months before we done a big one on China 01:44:50.200 --> 01:44:53.560 and China is exporting deflation 01:44:53.560 --> 01:44:55.460 I can believe that 01:44:55.460 --> 01:44:56.480 it's unbelievable 01:44:56.480 --> 01:45:00.140 and you know so their real estate market has really collapsed 01:45:00.140 --> 01:45:02.580 and they have this manufacturing juggernaut 01:45:02.580 --> 01:45:04.560 which gets more and more competitive 01:45:04.560 --> 01:45:05.620 more and more competitive 01:45:05.620 --> 01:45:06.660 more and more competitive 01:45:06.660 --> 01:45:10.040 I just got a wonderful subscriber who posted 01:45:10.040 --> 01:45:14.400 he couldn't get somebody to come and do 01:45:14.400 --> 01:45:15.840 I think he needed a backhoe 01:45:15.840 --> 01:45:18.340 and it was going to cost $7,500 01:45:18.340 --> 01:45:20.180 and he got on Timu 01:45:20.180 --> 01:45:23.860 or figured out how to buy a Chinese piece of equipment 01:45:23.860 --> 01:45:26.100 for $6,500 and do the job himself 01:45:26.100 --> 01:45:28.540 and now of course he owns the piece of equipment 01:45:28.540 --> 01:45:30.680 but then he talked about all the things 01:45:30.680 --> 01:45:32.340 he and his kids are buying on Timu 01:45:32.340 --> 01:45:33.340 from China 01:45:33.340 --> 01:45:35.840 at dramatically lower prices 01:45:35.840 --> 01:45:37.660 so I 01:45:37.660 --> 01:45:40.620 and I've bought things 01:45:40.620 --> 01:45:42.340 from China 01:45:42.340 --> 01:45:43.320 through Etsy 01:45:43.320 --> 01:45:44.080 Etsy 01:45:44.080 --> 01:45:45.460 and there's no mail problem 01:45:45.460 --> 01:45:46.300 I can't get 01:45:46.300 --> 01:45:47.620 I have real problems 01:45:47.620 --> 01:45:48.980 getting mail from the United States 01:45:48.980 --> 01:45:50.580 but it's no problem coming in 01:45:50.580 --> 01:45:51.500 in the Netherlands 01:45:51.500 --> 01:45:52.040 from China 01:45:52.040 --> 01:45:52.440 Catherine 01:45:52.440 --> 01:45:54.140 I've bought models 01:45:54.140 --> 01:45:55.580 you know 01:45:55.580 --> 01:45:56.260 you know me 01:45:56.260 --> 01:45:57.520 I like to put together models 01:45:57.520 --> 01:45:58.820 I've bought models 01:45:58.820 --> 01:46:00.020 directly from China 01:46:00.020 --> 01:46:01.380 right 01:46:01.380 --> 01:46:02.820 and there's no mailing problems 01:46:02.820 --> 01:46:04.600 there's no problem whatsoever 01:46:04.600 --> 01:46:06.440 they fill out the customs form 01:46:06.440 --> 01:46:07.420 and it's done 01:46:07.420 --> 01:46:08.560 so 01:46:08.560 --> 01:46:09.400 so anyway 01:46:09.400 --> 01:46:10.780 so I went to Timu 01:46:10.780 --> 01:46:11.820 to see 01:46:11.820 --> 01:46:12.700 so I've been buying 01:46:12.700 --> 01:46:13.740 scarves on Etsy 01:46:13.740 --> 01:46:15.320 I went to Timu 01:46:15.320 --> 01:46:16.740 and I've got to check it out 01:46:16.740 --> 01:46:17.280 some more 01:46:17.280 --> 01:46:18.240 one 01:46:18.240 --> 01:46:19.740 they have a special partnership 01:46:19.740 --> 01:46:21.280 with the Netherlands Mail Service 01:46:21.280 --> 01:46:22.860 no problem on mail 01:46:22.860 --> 01:46:24.440 but two 01:46:24.440 --> 01:46:25.960 I could get 01:46:25.960 --> 01:46:28.580 a scarf on Timu 01:46:28.580 --> 01:46:30.080 for one tenth 01:46:30.080 --> 01:46:31.660 of what I'm paying on Etsy 01:46:31.660 --> 01:46:32.780 yeah 01:46:32.780 --> 01:46:33.720 so 01:46:33.720 --> 01:46:35.380 talk about deflation 01:46:35.380 --> 01:46:36.140 yeah 01:46:36.140 --> 01:46:36.900 you know 01:46:36.900 --> 01:46:38.420 if you look at the feedback 01:46:38.420 --> 01:46:39.220 I'm getting 01:46:39.220 --> 01:46:40.380 and it's got nothing to do 01:46:40.380 --> 01:46:40.820 with AI 01:46:40.820 --> 01:46:41.500 I mean 01:46:41.500 --> 01:46:43.900 I'm not saying software automation isn't in there 01:46:43.900 --> 01:46:44.220 but 01:46:44.220 --> 01:46:45.400 you know 01:46:45.400 --> 01:46:49.200 there is a very powerful deflation coming from automation 01:46:49.200 --> 01:46:51.560 and it's definitely coming from China 01:46:51.560 --> 01:46:54.420 so let me just show our old pal Hank Paulson 01:46:54.420 --> 01:46:56.380 who thought he could let AIG go under 01:46:56.380 --> 01:46:59.360 Secretary of the Treasury during the bailouts 01:46:59.360 --> 01:47:01.280 he was just interviewed 01:47:01.280 --> 01:47:03.020 talking about China 01:47:03.020 --> 01:47:04.000 and you know 01:47:04.000 --> 01:47:06.320 before you believe there's a war with China 01:47:06.320 --> 01:47:07.520 listen to Hank Paulson 01:47:07.520 --> 01:47:08.720 you mentioned China 01:47:08.720 --> 01:47:13.300 where is that relationship between the United States and China right now 01:47:13.300 --> 01:47:15.420 because it has been at odds sometimes 01:47:15.420 --> 01:47:18.560 well it's clearly so here's the way you look at it 01:47:18.560 --> 01:47:20.400 you and I have talked before how it is 01:47:20.400 --> 01:47:21.620 by far the 01:47:21.620 --> 01:47:23.100 it's going to 01:47:23.100 --> 01:47:25.940 it's going to really set the geopolitical 01:47:25.940 --> 01:47:29.180 and geoeconomic landscape for the foreseeable future 01:47:29.180 --> 01:47:31.980 but this relationship is fraught right 01:47:31.980 --> 01:47:34.000 that's going to be fraught for the foreseeable future 01:47:34.000 --> 01:47:35.500 no doubt about it 01:47:35.500 --> 01:47:37.460 but they are a 01:47:37.460 --> 01:47:39.560 strategic economic competitor 01:47:39.560 --> 01:47:41.600 they're the adversary when it comes to 01:47:41.600 --> 01:47:43.220 to military and security 01:47:43.220 --> 01:47:44.360 but 01:47:44.360 --> 01:47:47.180 our economies are deeply linked 01:47:47.180 --> 01:47:49.600 which creates a kind of tension 01:47:49.600 --> 01:47:51.200 but also 01:47:51.200 --> 01:47:52.840 a sort of stability 01:47:52.840 --> 01:47:54.780 because each country 01:47:54.780 --> 01:47:57.120 knows that the other can do things 01:47:57.120 --> 01:47:59.260 to seriously damage their economy 01:47:59.260 --> 01:48:03.040 neither country can afford a trade war right now 01:48:03.040 --> 01:48:05.440 each knows that if it spins out of control 01:48:05.440 --> 01:48:07.280 while it reverberates through the 01:48:07.280 --> 01:48:09.680 through the global economy 01:48:09.680 --> 01:48:11.860 and so there's a 01:48:11.860 --> 01:48:14.480 this is what I would call 01:48:14.480 --> 01:48:19.720 a period of mutually assured economic disruption 01:48:19.720 --> 01:48:20.860 right 01:48:20.860 --> 01:48:24.560 which results in a kind of stability 01:48:24.560 --> 01:48:29.520 and not from the fact that each side trusts each other 01:48:29.520 --> 01:48:30.840 quite the opposite 01:48:30.840 --> 01:48:33.460 but because the costs of escalation 01:48:33.460 --> 01:48:34.920 are so high 01:48:34.920 --> 01:48:38.160 so I would say it this way 01:48:38.160 --> 01:48:38.900 Mr. Global 01:48:38.900 --> 01:48:43.380 considers China deeply important to running the planet 01:48:43.380 --> 01:48:45.060 right 01:48:45.060 --> 01:48:46.520 right 01:48:46.520 --> 01:48:47.740 but here's the thing 01:48:47.740 --> 01:48:48.800 China has 01:48:48.800 --> 01:48:51.480 is what has kept the cost of goods sold 01:48:51.480 --> 01:48:53.840 as low as it is in the United States 01:48:53.840 --> 01:48:54.600 and if you 01:48:54.600 --> 01:48:56.740 if you break that relationship 01:48:56.740 --> 01:48:58.420 inflation flies through the roof 01:48:58.420 --> 01:49:00.740 the other problem 01:49:00.740 --> 01:49:02.380 the biggest problem 01:49:02.380 --> 01:49:04.400 Mr. Global Loney has right now 01:49:04.400 --> 01:49:04.960 is 01:49:04.960 --> 01:49:08.080 this is going to sound 01:49:08.080 --> 01:49:09.740 in a certain sense absurd 01:49:09.740 --> 01:49:12.100 but I truly think that this is the problem 01:49:12.100 --> 01:49:13.520 that Mr. Global Loney has 01:49:13.520 --> 01:49:17.040 because Mr. Global Loney is treating China 01:49:17.040 --> 01:49:18.840 like they were treating China 01:49:18.840 --> 01:49:20.460 during the Boxer Rebellion 01:49:20.460 --> 01:49:22.320 right 01:49:22.320 --> 01:49:24.260 China is 01:49:24.260 --> 01:49:26.200 to them it's a colony 01:49:26.200 --> 01:49:27.440 it's an economic colony 01:49:27.440 --> 01:49:29.980 and they continue to treat China that way 01:49:29.980 --> 01:49:32.020 oh come and be part of our global 01:49:32.020 --> 01:49:34.140 China is not going to take 01:49:34.140 --> 01:49:34.580 a 01:49:34.580 --> 01:49:37.440 second rank role 01:49:37.440 --> 01:49:39.840 in the administration 01:49:39.840 --> 01:49:40.620 of this 01:49:40.620 --> 01:49:41.660 of this global 01:49:41.660 --> 01:49:43.580 system that they want to build out 01:49:43.580 --> 01:49:45.480 they just are not going to do it 01:49:45.480 --> 01:49:47.020 and 01:49:47.020 --> 01:49:50.320 I think Mr. Global Loney continues to think that they will 01:49:50.320 --> 01:49:51.480 and 01:49:51.480 --> 01:49:52.620 and that's the problem 01:49:52.620 --> 01:49:54.140 that's the real tension 01:49:54.140 --> 01:49:56.220 it's not even so much the United States 01:49:56.220 --> 01:49:57.340 it's 01:49:57.340 --> 01:49:57.820 it's the 01:49:57.820 --> 01:49:59.360 it's the Davos set 01:49:59.360 --> 01:50:02.080 that thinks that they're going to engineer China into that 01:50:02.080 --> 01:50:02.340 and 01:50:02.340 --> 01:50:04.240 and they're just not going to be able to do it 01:50:04.240 --> 01:50:04.560 well 01:50:04.560 --> 01:50:06.440 if you look at the Brits 01:50:06.440 --> 01:50:07.840 the Brits are really 01:50:07.840 --> 01:50:08.960 uh 01:50:08.960 --> 01:50:10.600 partnering with the Chinese 01:50:10.600 --> 01:50:11.360 yes 01:50:11.360 --> 01:50:12.360 yeah 01:50:12.360 --> 01:50:13.300 right 01:50:13.300 --> 01:50:14.800 remember that dinner with the Queen 01:50:14.800 --> 01:50:16.980 and the Queen saying we're both old civilizations 01:50:16.980 --> 01:50:18.180 and the Americans are not 01:50:18.180 --> 01:50:19.440 the Brits 01:50:19.440 --> 01:50:21.680 the Brits are giving quite a lot of 01:50:21.680 --> 01:50:22.840 slack to the Chinese 01:50:22.840 --> 01:50:23.460 yeah 01:50:23.460 --> 01:50:24.280 yeah 01:50:24.280 --> 01:50:25.220 I agree 01:50:25.220 --> 01:50:28.080 and that's a little bit different than the Davos set 01:50:28.080 --> 01:50:28.700 but it's 01:50:28.700 --> 01:50:31.740 it is different than the Davos set 01:50:31.740 --> 01:50:32.200 and it's 01:50:32.200 --> 01:50:32.480 it's 01:50:32.480 --> 01:50:34.320 it's another indicator of just 01:50:34.320 --> 01:50:35.240 just how 01:50:35.240 --> 01:50:37.240 fractured this 01:50:37.240 --> 01:50:38.700 this system is becoming 01:50:38.700 --> 01:50:40.000 in my opinion 01:50:40.000 --> 01:50:41.040 okay 01:50:41.040 --> 01:50:41.420 so 01:50:41.420 --> 01:50:42.340 go ahead 01:50:42.340 --> 01:50:43.560 so 01:50:43.560 --> 01:50:45.380 so we've got monetary inflation 01:50:45.380 --> 01:50:47.700 and we have 01:50:47.700 --> 01:50:49.280 these deflationary pressures 01:50:49.280 --> 01:50:51.680 and we have many people 01:50:51.680 --> 01:50:53.500 predicting hyperinflation 01:50:53.500 --> 01:50:54.520 which I don't think 01:50:54.520 --> 01:50:56.280 given the deflationary 01:50:56.280 --> 01:50:58.180 pressures 01:50:58.180 --> 01:51:00.940 but right into the middle of this 01:51:00.940 --> 01:51:01.700 we plop 01:51:01.700 --> 01:51:02.820 a new Fed chairman 01:51:02.820 --> 01:51:04.160 Warsh 01:51:04.160 --> 01:51:05.280 I'm so glad 01:51:05.280 --> 01:51:06.020 that you decided 01:51:06.020 --> 01:51:06.660 to do that 01:51:06.660 --> 01:51:08.920 this 01:51:08.920 --> 01:51:09.820 this guy 01:51:09.820 --> 01:51:11.300 I have to tell you 01:51:11.300 --> 01:51:12.860 I tried to watch 01:51:12.860 --> 01:51:13.380 a little bit 01:51:13.380 --> 01:51:14.080 of some 01:51:14.080 --> 01:51:15.000 of what I think 01:51:15.000 --> 01:51:16.280 you're about ready to play 01:51:16.280 --> 01:51:18.320 and my first 01:51:18.320 --> 01:51:19.420 and I don't know 01:51:19.420 --> 01:51:20.200 maybe you agree 01:51:20.200 --> 01:51:21.080 maybe you don't agree 01:51:21.080 --> 01:51:22.160 but my first impression 01:51:22.160 --> 01:51:23.000 was this guy 01:51:23.000 --> 01:51:24.480 knows that the old models 01:51:24.480 --> 01:51:25.620 are not working anymore 01:51:25.620 --> 01:51:27.340 and we can't use them 01:51:27.340 --> 01:51:28.940 well remember 01:51:28.940 --> 01:51:29.700 this guy was 01:51:29.700 --> 01:51:30.180 in the room 01:51:30.180 --> 01:51:30.800 with Paulson 01:51:30.800 --> 01:51:31.820 to do the bailouts 01:51:31.820 --> 01:51:32.820 yeah 01:51:32.820 --> 01:51:33.720 right 01:51:33.720 --> 01:51:35.120 so this was a bailout player 01:51:35.120 --> 01:51:35.480 okay 01:51:35.480 --> 01:51:36.920 so let's just watch 01:51:36.920 --> 01:51:38.680 the video number 15 01:51:38.680 --> 01:51:39.620 of Warsh 01:51:39.620 --> 01:51:41.280 during his first 01:51:41.280 --> 01:51:42.340 press conference 01:51:42.340 --> 01:51:42.960 yeah 01:51:42.960 --> 01:51:45.840 we recognize 01:51:45.840 --> 01:51:47.240 that inflation 01:51:47.240 --> 01:51:47.960 has been running 01:51:47.960 --> 01:51:48.720 well ahead 01:51:48.720 --> 01:51:50.020 of the Fed's 01:51:50.020 --> 01:51:50.820 long stated 01:51:50.820 --> 01:51:51.600 inflation goal 01:51:51.600 --> 01:51:52.280 of 2% 01:51:52.280 --> 01:51:54.020 that's been going on 01:51:54.020 --> 01:51:54.520 for more than 01:51:54.520 --> 01:51:55.300 five years 01:51:55.300 --> 01:51:58.400 persistently 01:51:58.400 --> 01:51:59.120 high prices 01:51:59.120 --> 01:52:00.500 are a burden 01:52:00.500 --> 01:52:01.260 for the American 01:52:01.260 --> 01:52:01.660 people 01:52:01.660 --> 01:52:03.880 but the recent 01:52:03.880 --> 01:52:04.340 past 01:52:04.340 --> 01:52:05.060 need not be 01:52:05.060 --> 01:52:06.060 prologue 01:52:06.060 --> 01:52:07.620 I am pleased 01:52:07.620 --> 01:52:08.180 to report 01:52:08.180 --> 01:52:09.740 that members 01:52:09.740 --> 01:52:10.100 of the 01:52:10.100 --> 01:52:10.900 FOMC 01:52:10.900 --> 01:52:12.280 are unambiguous 01:52:12.280 --> 01:52:14.020 and unanimous 01:52:14.020 --> 01:52:15.460 this committee 01:52:15.460 --> 01:52:16.580 will deliver 01:52:16.580 --> 01:52:17.680 price stability 01:52:17.680 --> 01:52:20.260 so 01:52:20.260 --> 01:52:21.060 what I 01:52:21.060 --> 01:52:21.980 hear is 01:52:21.980 --> 01:52:22.700 we will have 01:52:22.700 --> 01:52:23.480 a control grid 01:52:23.480 --> 01:52:23.760 now 01:52:23.760 --> 01:52:24.820 that was my 01:52:24.820 --> 01:52:25.160 theory 01:52:25.160 --> 01:52:25.520 because 01:52:25.520 --> 01:52:27.040 Warsh is saying 01:52:27.040 --> 01:52:27.960 so the Fed 01:52:27.960 --> 01:52:28.560 balance sheet 01:52:28.560 --> 01:52:29.300 has been rising 01:52:29.300 --> 01:52:29.940 dramatically 01:52:29.940 --> 01:52:31.240 there's a 01:52:31.240 --> 01:52:31.840 you know 01:52:31.840 --> 01:52:32.620 here's the 01:52:32.620 --> 01:52:33.600 U.S. stock market 01:52:33.600 --> 01:52:34.780 and here's the 01:52:34.780 --> 01:52:35.680 Fed balance sheet 01:52:35.680 --> 01:52:36.340 okay 01:52:36.340 --> 01:52:37.760 and it's like 01:52:37.760 --> 01:52:38.440 it's like 01:52:38.440 --> 01:52:38.920 two 01:52:38.920 --> 01:52:39.400 you know 01:52:39.400 --> 01:52:40.060 jet fighters 01:52:40.060 --> 01:52:41.000 at an air show 01:52:41.000 --> 01:52:41.640 you know 01:52:41.640 --> 01:52:42.520 flying together 01:52:42.520 --> 01:52:43.620 and so 01:52:43.620 --> 01:52:44.560 Warsh has been saying 01:52:44.560 --> 01:52:45.300 he wants to get 01:52:45.300 --> 01:52:46.340 the balance sheet down 01:52:46.340 --> 01:52:47.680 now given 01:52:47.680 --> 01:52:48.580 that the Treasury 01:52:48.580 --> 01:52:49.300 has to borrow 01:52:49.300 --> 01:52:50.040 borrow borrow 01:52:50.040 --> 01:52:50.980 I don't 01:52:50.980 --> 01:52:51.360 you know 01:52:51.360 --> 01:52:51.900 I don't see 01:52:51.900 --> 01:52:52.620 how you do that 01:52:52.620 --> 01:52:53.220 unless you have 01:52:53.220 --> 01:52:53.740 a full-on 01:52:53.740 --> 01:52:54.400 control grid 01:52:54.400 --> 01:52:54.740 but 01:52:54.740 --> 01:52:56.300 put that aside 01:52:56.300 --> 01:52:56.880 for a second 01:52:56.880 --> 01:52:57.820 so 01:52:57.820 --> 01:52:58.840 he announces 01:52:58.840 --> 01:52:59.380 so he 01:52:59.380 --> 01:52:59.960 he announced 01:52:59.960 --> 01:53:01.060 at his first press conference 01:53:01.060 --> 01:53:01.760 he's going to invite 01:53:01.760 --> 01:53:02.520 all these people 01:53:02.520 --> 01:53:03.620 to help 01:53:03.620 --> 01:53:04.520 rethink 01:53:04.520 --> 01:53:05.800 how their models 01:53:05.800 --> 01:53:06.320 work 01:53:06.320 --> 01:53:07.260 and how their 01:53:07.260 --> 01:53:08.440 processes work 01:53:08.440 --> 01:53:09.120 bingo 01:53:09.120 --> 01:53:09.680 there we are 01:53:09.680 --> 01:53:10.720 so this week 01:53:10.720 --> 01:53:11.660 he just made 01:53:11.660 --> 01:53:12.900 a huge announcement 01:53:12.900 --> 01:53:13.540 and you know 01:53:13.540 --> 01:53:14.060 who the two 01:53:14.060 --> 01:53:15.160 lead players were 01:53:15.160 --> 01:53:17.880 no 01:53:17.880 --> 01:53:19.180 but I can guess 01:53:19.180 --> 01:53:20.560 I'm going to say 01:53:20.560 --> 01:53:21.180 BlackRock 01:53:21.180 --> 01:53:21.800 one of them 01:53:21.800 --> 01:53:23.040 one is 01:53:23.040 --> 01:53:23.700 Merwin King 01:53:23.700 --> 01:53:24.600 the former governor 01:53:24.600 --> 01:53:25.820 of the Bank of England 01:53:25.820 --> 01:53:26.400 okay 01:53:27.080 --> 01:53:28.200 and the other 01:53:28.200 --> 01:53:29.380 is Mark Andreessen 01:53:29.380 --> 01:53:30.340 venture capitalist 01:53:30.340 --> 01:53:31.120 who's the king 01:53:31.120 --> 01:53:31.640 of crypto 01:53:31.640 --> 01:53:35.320 so if you want 01:53:35.320 --> 01:53:36.120 to go full on 01:53:36.120 --> 01:53:36.740 control grid 01:53:36.740 --> 01:53:37.620 if you want 01:53:37.620 --> 01:53:38.200 to make your 01:53:38.200 --> 01:53:39.180 operation 01:53:39.180 --> 01:53:40.000 acceptable 01:53:40.000 --> 01:53:40.700 to get 01:53:40.700 --> 01:53:41.360 authorizing 01:53:41.360 --> 01:53:42.040 legislation 01:53:42.040 --> 01:53:43.020 for CBDC 01:53:43.020 --> 01:53:45.140 isn't that 01:53:45.140 --> 01:53:45.820 what you would do 01:53:45.820 --> 01:53:46.260 that's what 01:53:46.260 --> 01:53:46.540 yeah 01:53:46.540 --> 01:53:47.200 exactly 01:53:47.200 --> 01:53:47.580 okay 01:53:47.580 --> 01:53:48.640 and Merwin King 01:53:48.640 --> 01:53:49.260 was the guy 01:53:49.260 --> 01:53:50.320 who gave the interview 01:53:50.320 --> 01:53:50.800 that said 01:53:50.800 --> 01:53:51.420 look all this 01:53:51.420 --> 01:53:52.160 inflation came 01:53:52.160 --> 01:53:52.680 from the 01:53:52.680 --> 01:53:53.880 injection of the 01:53:53.880 --> 01:53:54.320 Fed at the 01:53:54.320 --> 01:53:54.740 beginning of the 01:53:54.740 --> 01:53:55.120 pandemic 01:53:55.120 --> 01:53:55.780 he was the one 01:53:55.780 --> 01:53:56.340 who outed 01:53:56.340 --> 01:53:57.340 the inflation 01:53:57.340 --> 01:53:58.340 so 01:53:58.340 --> 01:53:58.660 and 01:53:58.660 --> 01:54:00.200 I read his book 01:54:00.200 --> 01:54:01.280 and I think I reviewed it 01:54:01.280 --> 01:54:02.020 and I liked it 01:54:02.020 --> 01:54:02.640 I mean I think 01:54:02.640 --> 01:54:03.920 if I was going to pick 01:54:03.920 --> 01:54:04.680 a central banker 01:54:04.680 --> 01:54:05.540 that would be 01:54:05.540 --> 01:54:06.580 most attractive 01:54:06.580 --> 01:54:07.640 to someone like me 01:54:07.640 --> 01:54:08.340 that's it 01:54:08.340 --> 01:54:08.760 right 01:54:08.760 --> 01:54:10.020 but also 01:54:10.020 --> 01:54:11.140 you want Bank of England 01:54:11.140 --> 01:54:11.700 in the room 01:54:11.700 --> 01:54:12.340 if you're going to go 01:54:12.340 --> 01:54:14.020 so I tweeted it out 01:54:14.020 --> 01:54:14.420 and I said 01:54:14.420 --> 01:54:15.220 Kevin Warsh 01:54:15.220 --> 01:54:16.120 goes full on 01:54:16.120 --> 01:54:16.900 control grid 01:54:16.900 --> 01:54:17.420 yeah 01:54:17.420 --> 01:54:18.400 yeah 01:54:18.400 --> 01:54:19.780 and he's got big money 01:54:19.780 --> 01:54:20.680 in Silicon Valley 01:54:20.680 --> 01:54:21.460 private equity 01:54:21.460 --> 01:54:22.420 and all that kind of stuff 01:54:22.420 --> 01:54:23.080 so he's a 01:54:23.080 --> 01:54:24.360 you know 01:54:24.360 --> 01:54:25.560 but my read of what 01:54:25.560 --> 01:54:27.080 he's trying to be 01:54:27.080 --> 01:54:28.840 the happy face 01:54:28.840 --> 01:54:30.360 to the control grid 01:54:30.360 --> 01:54:32.140 and he's going full on 01:54:32.140 --> 01:54:33.320 and then the next day 01:54:33.320 --> 01:54:34.080 you ready for this 01:54:34.080 --> 01:54:35.340 that makes a lot of sense 01:54:35.340 --> 01:54:35.880 yes go ahead 01:54:35.880 --> 01:54:37.040 Anthropic announces 01:54:37.040 --> 01:54:38.440 that they're appointing somebody 01:54:38.440 --> 01:54:39.560 on their trust 01:54:39.560 --> 01:54:41.340 Ben Bernanke 01:54:41.340 --> 01:54:43.240 oh for crying out loud 01:54:43.240 --> 01:54:47.280 so 01:54:47.280 --> 01:54:48.820 holy cow 01:54:48.820 --> 01:54:50.020 the number one 01:54:50.020 --> 01:54:51.300 AI in the country 01:54:51.300 --> 01:54:53.320 is bringing in 01:54:53.320 --> 01:54:54.880 the central banker 01:54:54.880 --> 01:54:56.000 who's not going on 01:54:56.000 --> 01:54:57.240 to Warsh's task force 01:54:57.240 --> 01:55:00.060 you know 01:55:00.060 --> 01:55:01.440 Mr. Helicopter Money 01:55:01.440 --> 01:55:03.700 holy cow 01:55:03.700 --> 01:55:08.300 I knew you'd appreciate 01:55:08.300 --> 01:55:08.940 that one 01:55:08.940 --> 01:55:10.480 well Catherine 01:55:10.480 --> 01:55:11.320 all I can say is 01:55:11.320 --> 01:55:12.880 I wish them the best of luck 01:55:12.880 --> 01:55:14.280 I really do 01:55:14.280 --> 01:55:15.220 because I don't think 01:55:15.220 --> 01:55:16.560 any of this is going to work 01:55:16.560 --> 01:55:17.900 I just 01:55:17.900 --> 01:55:20.220 gee whiz 01:55:20.220 --> 01:55:21.020 I mean 01:55:21.020 --> 01:55:22.500 Anthropic already has 01:55:22.500 --> 01:55:23.400 problems that are 01:55:23.400 --> 01:55:24.200 being talked about 01:55:24.200 --> 01:55:27.280 so no 01:55:27.280 --> 01:55:27.780 that's a 01:55:27.780 --> 01:55:28.080 well 01:55:28.080 --> 01:55:28.440 so 01:55:28.440 --> 01:55:29.580 so we need to 01:55:29.580 --> 01:55:30.280 anyway 01:55:30.280 --> 01:55:30.880 my 01:55:30.880 --> 01:55:31.560 my 01:55:31.560 --> 01:55:33.300 my thing on inflation is 01:55:33.300 --> 01:55:33.620 you know 01:55:33.620 --> 01:55:35.140 if you look at the CPI 01:55:35.140 --> 01:55:36.800 it's at three and a half 01:55:36.800 --> 01:55:37.560 if you look at the 01:55:37.560 --> 01:55:38.300 Chapwood Index 01:55:38.300 --> 01:55:39.340 depending on where you are 01:55:39.340 --> 01:55:40.180 it's anywhere from 01:55:40.180 --> 01:55:41.340 nine to fourteen 01:55:41.340 --> 01:55:42.820 and 01:55:42.820 --> 01:55:43.880 and the big difference 01:55:43.880 --> 01:55:45.220 as Carlos pointed out 01:55:45.220 --> 01:55:46.680 the CPI 01:55:46.680 --> 01:55:47.700 has 45% 01:55:47.700 --> 01:55:48.200 in housing 01:55:48.200 --> 01:55:49.480 if you already own your house 01:55:49.480 --> 01:55:50.780 you're not dealing 01:55:50.780 --> 01:55:51.600 with those prices 01:55:51.600 --> 01:55:53.000 you're dealing with 01:55:53.000 --> 01:55:53.520 you know 01:55:53.520 --> 01:55:53.800 you know 01:55:53.800 --> 01:55:55.000 the things that are going up 01:55:55.000 --> 01:55:56.220 eight to twelve percent 01:55:56.220 --> 01:55:57.660 so inflation 01:55:57.660 --> 01:55:59.440 is really hurting people 01:55:59.440 --> 01:55:59.980 and 01:55:59.980 --> 01:56:01.360 my concern 01:56:01.360 --> 01:56:02.400 is that 01:56:02.400 --> 01:56:03.140 that 01:56:03.140 --> 01:56:04.560 if you look at 01:56:04.560 --> 01:56:05.680 offsetting deflation 01:56:05.680 --> 01:56:07.500 it's not going to lower 01:56:07.500 --> 01:56:08.700 your expenses that much 01:56:08.700 --> 01:56:09.920 it's going to lower your revenues 01:56:09.920 --> 01:56:10.840 yep 01:56:10.840 --> 01:56:11.380 right 01:56:11.380 --> 01:56:11.720 so 01:56:11.720 --> 01:56:12.540 lower 01:56:12.540 --> 01:56:13.560 we're talking about 01:56:13.560 --> 01:56:14.100 a form of 01:56:14.100 --> 01:56:15.480 turbo stagflation 01:56:15.480 --> 01:56:17.140 and part of it is 01:56:17.140 --> 01:56:18.320 if you look at the 01:56:18.320 --> 01:56:19.440 government is 01:56:19.440 --> 01:56:20.060 massively 01:56:20.060 --> 01:56:21.320 financing 01:56:21.320 --> 01:56:22.920 these corporate monopolies 01:56:22.920 --> 01:56:23.460 that are building 01:56:23.460 --> 01:56:24.320 the control grid 01:56:24.320 --> 01:56:25.780 and they need to get 01:56:25.780 --> 01:56:26.380 that subsidy 01:56:26.380 --> 01:56:27.100 from someplace 01:56:27.100 --> 01:56:28.460 and you're the place 01:56:28.460 --> 01:56:29.380 yeah 01:56:29.380 --> 01:56:30.320 it's a parasite 01:56:30.320 --> 01:56:31.020 so 01:56:31.020 --> 01:56:32.460 so there's 01:56:32.460 --> 01:56:33.520 many many things 01:56:33.520 --> 01:56:33.940 you can do 01:56:33.940 --> 01:56:34.780 to protect yourself 01:56:34.780 --> 01:56:35.920 and I just send you 01:56:35.920 --> 01:56:36.980 back to coming clean 01:56:36.980 --> 01:56:38.020 and we talk about them 01:56:38.020 --> 01:56:38.960 constantly 01:56:38.960 --> 01:56:39.840 but please 01:56:39.840 --> 01:56:40.620 please 01:56:40.620 --> 01:56:42.080 the more you can do 01:56:42.080 --> 01:56:42.960 to build internal 01:56:42.960 --> 01:56:43.920 resilience on your 01:56:43.920 --> 01:56:44.460 balance sheet 01:56:44.460 --> 01:56:45.320 and income statement 01:56:45.320 --> 01:56:46.020 you want to do 01:56:46.020 --> 01:56:47.260 so let's go to 01:56:47.260 --> 01:56:48.260 story number four 01:56:48.260 --> 01:56:49.480 and this story 01:56:49.480 --> 01:56:51.780 I love the name 01:56:51.780 --> 01:56:53.560 so let me go back again 01:56:53.560 --> 01:56:54.640 number one was 01:56:54.640 --> 01:56:55.680 going direct reset 01:56:55.680 --> 01:56:57.640 number two was 01:56:57.640 --> 01:56:58.820 the shift to C4 01:56:58.820 --> 01:56:59.580 energy wars 01:56:59.580 --> 01:57:00.540 and trade bottlenecks 01:57:00.540 --> 01:57:01.220 story number three 01:57:01.220 --> 01:57:01.960 was inflation 01:57:01.960 --> 01:57:03.420 story number four 01:57:03.420 --> 01:57:03.680 is 01:57:03.680 --> 01:57:05.440 the giant sucking sound 01:57:05.440 --> 01:57:06.940 accessing your capital 01:57:06.940 --> 01:57:08.360 to build the control grid 01:57:08.360 --> 01:57:09.960 okay 01:57:09.960 --> 01:57:10.660 and 01:57:10.660 --> 01:57:13.620 here's the reality 01:57:13.620 --> 01:57:17.860 the amount of money 01:57:17.860 --> 01:57:20.920 50% or more 01:57:20.920 --> 01:57:21.740 of 01:57:21.740 --> 01:57:22.960 people's retirement 01:57:22.960 --> 01:57:23.560 savings 01:57:23.560 --> 01:57:25.540 is going into 01:57:25.540 --> 01:57:26.760 a handful of stocks 01:57:26.760 --> 01:57:27.540 that happen to be 01:57:27.540 --> 01:57:28.100 the stocks 01:57:28.100 --> 01:57:28.880 that are building 01:57:28.880 --> 01:57:30.620 the AI 01:57:30.620 --> 01:57:31.820 and the data centers 01:57:31.820 --> 01:57:32.940 and 01:57:32.940 --> 01:57:34.060 it's frightening 01:57:34.060 --> 01:57:34.680 to see 01:57:34.680 --> 01:57:35.180 the 01:57:35.180 --> 01:57:36.940 lack 01:57:36.940 --> 01:57:37.440 of 01:57:37.440 --> 01:57:38.580 diversification 01:57:38.580 --> 01:57:39.580 the over concentration 01:57:39.580 --> 01:57:40.740 of 401ks 01:57:40.740 --> 01:57:41.420 and IRAs 01:57:41.420 --> 01:57:41.940 and this stuff 01:57:41.940 --> 01:57:42.780 anyway 01:57:42.780 --> 01:57:43.920 so let's just 01:57:43.920 --> 01:57:44.860 take a look 01:57:44.860 --> 01:57:45.700 at the first video 01:57:45.700 --> 01:57:48.000 someone I follow 01:57:48.000 --> 01:57:48.520 a lot 01:57:48.520 --> 01:57:49.220 and have followed 01:57:49.220 --> 01:57:49.720 for years 01:57:49.720 --> 01:57:50.780 is Jeremy Grantham 01:57:50.780 --> 01:57:51.140 who 01:57:51.140 --> 01:57:52.480 just published 01:57:52.480 --> 01:57:52.960 a book 01:57:52.960 --> 01:57:54.740 he calls himself 01:57:54.740 --> 01:57:55.500 a perma bear 01:57:55.500 --> 01:57:57.560 because he's very 01:57:57.560 --> 01:57:58.380 focused on 01:57:58.380 --> 01:57:59.260 long-term 01:57:59.260 --> 01:58:00.680 economics 01:58:00.680 --> 01:58:01.980 versus what the 01:58:01.980 --> 01:58:02.760 market's doing 01:58:02.760 --> 01:58:04.080 and so 01:58:04.080 --> 01:58:05.220 when the market's 01:58:05.220 --> 01:58:06.000 coming into the 01:58:06.000 --> 01:58:06.840 dot-com bubble 01:58:06.840 --> 01:58:07.820 he kept saying 01:58:07.820 --> 01:58:08.360 it's a bubble 01:58:08.360 --> 01:58:09.180 and refusing to 01:58:09.180 --> 01:58:09.900 invest in it 01:58:09.900 --> 01:58:11.020 and a tremendous 01:58:11.020 --> 01:58:11.700 amount of money 01:58:11.700 --> 01:58:12.480 left their firm 01:58:12.480 --> 01:58:13.300 and then it crashed 01:58:13.300 --> 01:58:13.900 and it turned out 01:58:13.900 --> 01:58:14.380 he was right 01:58:14.380 --> 01:58:15.180 and he made a fortune 01:58:15.180 --> 01:58:15.720 for his 01:58:15.720 --> 01:58:16.580 you know 01:58:16.580 --> 01:58:17.460 so he's been very 01:58:17.460 --> 01:58:18.760 and one of the 01:58:18.760 --> 01:58:19.380 things he'll say 01:58:19.380 --> 01:58:19.640 is 01:58:19.640 --> 01:58:20.640 in the history 01:58:20.640 --> 01:58:21.600 of the stock market 01:58:21.600 --> 01:58:21.960 there have been 01:58:21.960 --> 01:58:22.880 26 bubbles 01:58:22.880 --> 01:58:23.700 and they always 01:58:23.700 --> 01:58:24.660 revert to the mean 01:58:24.660 --> 01:58:26.440 and it has to 01:58:26.440 --> 01:58:27.300 revert to the mean 01:58:27.300 --> 01:58:28.640 and I agree with him 01:58:28.640 --> 01:58:29.500 except I'm looking 01:58:29.500 --> 01:58:30.140 at what they can 01:58:30.140 --> 01:58:30.580 pump out 01:58:30.580 --> 01:58:31.480 with stable coins 01:58:31.480 --> 01:58:32.440 and digital tokens 01:58:32.440 --> 01:58:32.840 right 01:58:32.840 --> 01:58:33.240 right 01:58:33.240 --> 01:58:34.040 and I'm like 01:58:34.040 --> 01:58:34.960 you know 01:58:34.960 --> 01:58:36.100 you could bubble 01:58:36.100 --> 01:58:37.780 this much higher 01:58:37.780 --> 01:58:38.520 yes 01:58:38.520 --> 01:58:39.200 so here's 01:58:39.200 --> 01:58:40.020 Jeremy Grantham 01:58:40.020 --> 01:58:40.860 on 01:58:40.860 --> 01:58:42.000 with Steve Bartlett 01:58:42.000 --> 01:58:43.200 on Diary of a CEO 01:58:43.200 --> 01:58:44.800 explaining the 01:58:44.800 --> 01:58:45.760 fundamental problem 01:58:45.760 --> 01:58:46.460 that we're dealing 01:58:46.460 --> 01:58:47.060 with with the 01:58:47.060 --> 01:58:47.660 current bubble 01:58:47.660 --> 01:58:49.040 one of the things 01:58:49.040 --> 01:58:49.400 you're famous 01:58:49.400 --> 01:58:50.080 for talking about 01:58:50.080 --> 01:58:51.360 is this idea 01:58:51.360 --> 01:58:52.260 of bubbles 01:58:52.260 --> 01:58:52.960 and we're living 01:58:52.960 --> 01:58:53.420 in a moment 01:58:53.420 --> 01:58:54.160 where everybody's 01:58:54.160 --> 01:58:54.580 talking about 01:58:54.580 --> 01:58:55.200 the subject 01:58:55.200 --> 01:58:56.380 of artificial intelligence 01:58:56.380 --> 01:58:57.420 and everyone's 01:58:57.420 --> 01:58:58.120 getting very excited 01:58:58.120 --> 01:58:58.600 by it 01:58:58.600 --> 01:58:59.220 some people are 01:58:59.220 --> 01:59:00.420 getting very pessimistic 01:59:00.420 --> 01:59:01.160 about the impact 01:59:01.160 --> 01:59:02.080 it'll have on society 01:59:02.080 --> 01:59:03.500 I wanted to start 01:59:03.500 --> 01:59:04.020 there because 01:59:04.020 --> 01:59:04.860 it's an area 01:59:04.860 --> 01:59:05.400 where there is 01:59:05.400 --> 01:59:06.380 rife optimism 01:59:06.380 --> 01:59:07.500 on one side of things 01:59:07.500 --> 01:59:08.540 but there's also 01:59:08.540 --> 01:59:09.100 a lot of money 01:59:09.100 --> 01:59:10.120 plowing into the market 01:59:10.120 --> 01:59:10.820 which is 01:59:10.820 --> 01:59:12.200 I guess in your view 01:59:12.200 --> 01:59:13.100 making things 01:59:13.100 --> 01:59:14.560 prone to collapse 01:59:14.560 --> 01:59:16.340 what's your view 01:59:16.340 --> 01:59:17.180 on artificial intelligence 01:59:17.180 --> 01:59:17.840 well you said 01:59:17.840 --> 01:59:18.260 you're good at 01:59:18.260 --> 01:59:18.920 understanding what 01:59:18.920 --> 01:59:19.480 people are missing 01:59:19.480 --> 01:59:20.040 what is it that 01:59:20.040 --> 01:59:20.660 people are missing 01:59:20.660 --> 01:59:21.680 well first of all 01:59:21.680 --> 01:59:22.100 let me say 01:59:22.100 --> 01:59:23.700 I think artificial intelligence 01:59:23.700 --> 01:59:24.100 is 01:59:24.100 --> 01:59:25.460 right up there 01:59:25.460 --> 01:59:26.300 with the railroads 01:59:26.300 --> 01:59:27.180 it's one of the 01:59:27.180 --> 01:59:29.520 defining great ideas 01:59:29.520 --> 01:59:30.520 of the last 01:59:30.520 --> 01:59:31.940 couple of hundred years 01:59:31.940 --> 01:59:33.720 it's going to change everything 01:59:33.720 --> 01:59:34.620 and 01:59:34.620 --> 01:59:35.500 that is critical 01:59:35.500 --> 01:59:36.080 if you 01:59:36.080 --> 01:59:37.100 if you mean to have a bubble 01:59:37.100 --> 01:59:38.300 people think that 01:59:38.300 --> 01:59:39.180 a bubble is a 01:59:39.180 --> 01:59:40.740 mainly because it's a scam 01:59:40.740 --> 01:59:41.920 and nothing could be further 01:59:41.920 --> 01:59:42.760 from the truth 01:59:42.760 --> 01:59:44.040 the great bubbles 01:59:44.040 --> 01:59:44.880 always occur 01:59:44.880 --> 01:59:46.180 around the very most 01:59:46.180 --> 01:59:47.140 important ideas 01:59:47.140 --> 01:59:48.720 so the railroads 01:59:48.720 --> 01:59:49.760 everyone could see 01:59:49.760 --> 01:59:51.200 that it would change the world 01:59:51.200 --> 01:59:53.560 and everyone wanted to put their money in 01:59:53.560 --> 01:59:55.300 and everybody put their money in 01:59:55.300 --> 01:59:56.840 they overinvested 01:59:56.840 --> 01:59:58.340 and even though the railroads 01:59:58.340 --> 02:00:00.660 were a spectacularly powerful idea 02:00:00.660 --> 02:00:02.620 the railroads 02:00:02.620 --> 02:00:04.660 collapsed at stocks 02:00:04.660 --> 02:00:06.260 and everybody lost a ton of dough 02:00:06.260 --> 02:00:07.900 the same with the internet 02:00:07.900 --> 02:00:09.680 and then out of the wreckage 02:00:09.680 --> 02:00:10.780 the railroads 02:00:10.780 --> 02:00:12.000 changed the world 02:00:12.000 --> 02:00:12.260 and 02:00:12.260 --> 02:00:13.400 and the internet 02:00:13.400 --> 02:00:14.540 changed the world 02:00:14.540 --> 02:00:16.160 what we have to remember 02:00:16.160 --> 02:00:17.000 is that 02:00:17.000 --> 02:00:19.040 in 99 02:00:19.040 --> 02:00:20.160 Amazon went up 02:00:20.160 --> 02:00:21.180 6 or 7 times 02:00:21.180 --> 02:00:22.320 in the crash 02:00:22.320 --> 02:00:23.220 in the tech bubble 02:00:23.220 --> 02:00:25.240 it went down 92% 02:00:25.240 --> 02:00:26.760 as I like to say 02:00:26.760 --> 02:00:27.220 check it 02:00:27.220 --> 02:00:28.880 it's such a remarkably large number 02:00:28.880 --> 02:00:30.440 and then out of the wreckage 02:00:30.440 --> 02:00:32.540 it inherited the retail world 02:00:32.540 --> 02:00:33.540 and 02:00:33.540 --> 02:00:34.300 that's 02:00:34.300 --> 02:00:35.260 that's how it works 02:00:35.260 --> 02:00:36.460 the greater the idea 02:00:36.460 --> 02:00:38.220 the more obvious the idea 02:00:38.220 --> 02:00:39.880 the more money goes in 02:00:39.880 --> 02:00:41.100 and the bigger the bubble 02:00:41.100 --> 02:00:42.240 and the bigger the bus 02:00:42.240 --> 02:00:45.220 so 02:00:45.220 --> 02:00:47.180 that is what happened 02:00:47.180 --> 02:00:47.560 but 02:00:47.560 --> 02:00:49.820 I wanted to bring up 02:00:49.820 --> 02:00:51.100 in that vein 02:00:51.100 --> 02:00:53.160 if you look at the AI model 02:00:53.160 --> 02:00:54.120 in the United States 02:00:54.120 --> 02:00:55.680 and the AI model in China 02:00:55.680 --> 02:00:57.940 it's so completely different 02:00:57.940 --> 02:00:58.980 I just did an interview 02:00:58.980 --> 02:01:00.000 with Travis Oliphant 02:01:00.000 --> 02:01:01.160 on open source AI 02:01:01.160 --> 02:01:02.780 and 02:01:02.780 --> 02:01:04.000 the US has been 02:01:04.000 --> 02:01:04.860 very negative 02:01:04.860 --> 02:01:06.460 about open source AI 02:01:06.460 --> 02:01:07.000 yep 02:01:07.000 --> 02:01:08.580 and China is 02:01:08.580 --> 02:01:10.220 pushing open source AI 02:01:10.220 --> 02:01:11.300 all over the world 02:01:11.300 --> 02:01:11.980 yep 02:01:11.980 --> 02:01:12.140 okay 02:01:12.140 --> 02:01:13.060 and 02:01:13.060 --> 02:01:14.400 I don't see how you 02:01:14.400 --> 02:01:15.300 control this 02:01:15.300 --> 02:01:15.520 so 02:01:15.520 --> 02:01:16.900 this is Eric Schmidt 02:01:16.900 --> 02:01:18.320 former head of Google 02:01:18.320 --> 02:01:20.320 talking about this 02:01:20.320 --> 02:01:22.880 battle of the AI models 02:01:22.880 --> 02:01:25.260 right in the middle of this stock market bubble 02:01:25.260 --> 02:01:26.540 okay so let's look at it 02:01:26.540 --> 02:01:26.840 at 02:01:26.840 --> 02:01:28.320 video 17 02:01:28.320 --> 02:01:31.760 what I like about 02:01:31.760 --> 02:01:32.320 this 02:01:32.320 --> 02:01:34.080 is that we have real competitors 02:01:34.080 --> 02:01:35.480 what I don't like about it 02:01:35.480 --> 02:01:35.960 is 02:01:35.960 --> 02:01:38.160 China is very focused 02:01:38.160 --> 02:01:40.820 in broad diffusion of this technology globally 02:01:40.820 --> 02:01:42.600 and it's all open source 02:01:42.600 --> 02:01:44.040 which means it's largely 02:01:44.040 --> 02:01:45.400 uncontrolled 02:01:45.400 --> 02:01:47.440 and not controlled in any way by us 02:01:47.440 --> 02:01:50.240 so I think a fair statement is 02:01:50.240 --> 02:01:53.300 a year ago I said I thought that they were one to two years 02:01:53.300 --> 02:01:54.440 behind 02:01:54.440 --> 02:01:59.900 it looks like they've caught up enough that the most recent analysis is China is within six months 02:01:59.900 --> 02:02:02.400 which is a nanosecond 02:02:02.400 --> 02:02:03.640 right in our world 02:02:03.640 --> 02:02:06.700 so it gives you a sense of how committed China is 02:02:06.700 --> 02:02:08.660 to the AI leadership position 02:02:08.660 --> 02:02:10.760 and they're not going to stop 02:02:10.760 --> 02:02:13.040 it makes you feel any better 02:02:13.040 --> 02:02:16.640 in order to do this you have to have a whole country 02:02:16.640 --> 02:02:17.360 of 02:02:17.360 --> 02:02:18.160 you know 02:02:18.160 --> 02:02:21.740 engineers, scientists, nerds, money, hardware and so forth 02:02:21.740 --> 02:02:24.300 there are not going to be many countries 02:02:24.300 --> 02:02:26.200 that can do this on their own 02:02:26.200 --> 02:02:27.980 but China is clearly one 02:02:27.980 --> 02:02:29.680 America is another one with our 02:02:29.680 --> 02:02:30.980 allies of course 02:02:30.980 --> 02:02:32.620 maybe there will be a third or a fourth 02:02:32.620 --> 02:02:36.700 so we're absolutely dividing 02:02:36.700 --> 02:02:39.220 into AI superpowers 02:02:39.220 --> 02:02:40.040 because 02:02:40.040 --> 02:02:42.260 so many countries behind the world 02:02:42.260 --> 02:02:43.560 are completely outside 02:02:43.560 --> 02:02:44.800 you know 02:02:44.800 --> 02:02:45.100 they're 02:02:45.100 --> 02:02:45.880 they're customers 02:02:45.880 --> 02:02:47.240 they're not developers 02:02:47.240 --> 02:02:48.320 but 02:02:48.320 --> 02:02:50.420 but China's doing open source 02:02:50.420 --> 02:02:51.020 and 02:02:51.020 --> 02:02:51.780 and 02:02:51.780 --> 02:02:52.820 US is doing 02:02:52.820 --> 02:02:53.860 you know 02:02:53.860 --> 02:02:55.660 big mega data center 02:02:55.660 --> 02:02:56.020 you know 02:02:56.020 --> 02:02:57.060 they're doing big model 02:02:57.060 --> 02:02:58.280 because if you look at China 02:02:58.280 --> 02:02:59.180 the open source 02:02:59.180 --> 02:03:00.800 can be distributed 02:03:00.800 --> 02:03:02.160 data holdings 02:03:02.160 --> 02:03:03.200 and 02:03:03.200 --> 02:03:04.680 what's interesting is 02:03:04.680 --> 02:03:06.880 their model is very much designed 02:03:06.880 --> 02:03:08.120 to produce productivity 02:03:08.120 --> 02:03:09.580 in fundamental business 02:03:09.580 --> 02:03:11.200 as opposed to control grid 02:03:11.200 --> 02:03:11.840 right 02:03:11.840 --> 02:03:13.060 now 02:03:13.060 --> 02:03:14.860 what this means is 02:03:14.860 --> 02:03:17.840 we're making massive investments 02:03:17.840 --> 02:03:18.760 in control 02:03:18.760 --> 02:03:22.540 and the only way you can justify the economics 02:03:22.540 --> 02:03:23.360 is with plunder 02:03:23.360 --> 02:03:24.300 yep 02:03:24.300 --> 02:03:25.540 okay so 02:03:25.540 --> 02:03:26.700 here's Richard Werner 02:03:26.700 --> 02:03:28.600 Richard Werner back on Tucker 02:03:28.600 --> 02:03:30.620 did a fabulous job of explaining 02:03:30.620 --> 02:03:32.360 what in the world is going on 02:03:32.360 --> 02:03:33.140 and his partner 02:03:33.140 --> 02:03:34.580 Taylor Hudak is his partner 02:03:34.580 --> 02:03:36.720 she just wrote a big story for us 02:03:36.720 --> 02:03:39.280 on private capital going into data center 02:03:39.280 --> 02:03:41.060 I had seen Kevin O'Leary on Tucker 02:03:41.060 --> 02:03:43.540 who was insisting it was all private capital 02:03:43.540 --> 02:03:44.500 and I said 02:03:44.500 --> 02:03:45.080 yeah 02:03:45.080 --> 02:03:46.320 it's totally yeah yeah 02:03:46.320 --> 02:03:47.200 I'm sorry 02:03:47.200 --> 02:03:47.720 so I had 02:03:47.720 --> 02:03:49.320 Taylor write a piece on the 02:03:49.320 --> 02:03:49.740 all the 02:03:49.740 --> 02:03:51.360 all the taxpayer money 02:03:51.360 --> 02:03:52.500 going into data centers 02:03:52.500 --> 02:03:53.440 so 02:03:53.440 --> 02:03:54.500 and I sent it to Tucker 02:03:54.500 --> 02:03:55.060 and I said 02:03:55.060 --> 02:03:55.980 you know 02:03:55.980 --> 02:03:58.360 Kevin O'Leary was lying to you 02:03:58.360 --> 02:03:59.340 which he knew 02:03:59.340 --> 02:04:01.080 okay so let's watch 02:04:01.080 --> 02:04:01.580 Richard 02:04:01.580 --> 02:04:02.940 in video 18 02:04:02.940 --> 02:04:04.040 talk about this 02:04:04.040 --> 02:04:05.620 we're heading towards 02:04:05.620 --> 02:04:07.120 digital control 02:04:07.120 --> 02:04:08.080 systems 02:04:08.080 --> 02:04:10.240 where we have no more control 02:04:10.240 --> 02:04:10.920 over 02:04:10.920 --> 02:04:12.060 our liquid assets 02:04:12.060 --> 02:04:14.040 it will be 02:04:14.040 --> 02:04:14.880 of course 02:04:14.880 --> 02:04:15.760 programmable 02:04:15.760 --> 02:04:17.600 permission based 02:04:17.600 --> 02:04:19.600 so only what the central planners 02:04:19.600 --> 02:04:20.800 allow you to use 02:04:20.800 --> 02:04:21.960 your money 02:04:21.960 --> 02:04:22.620 for 02:04:22.620 --> 02:04:23.980 at what time 02:04:23.980 --> 02:04:24.500 and place 02:04:24.500 --> 02:04:25.120 and location 02:04:25.120 --> 02:04:25.960 will be permitted 02:04:25.960 --> 02:04:27.080 and if you're in the wrong place 02:04:27.080 --> 02:04:27.880 it's not going to work 02:04:27.880 --> 02:04:29.200 and if you're buying the wrong book 02:04:29.200 --> 02:04:29.740 title 02:04:29.740 --> 02:04:31.040 it's not going to work 02:04:31.040 --> 02:04:31.540 and so on 02:04:31.540 --> 02:04:32.560 I mean there's no limit to 02:04:32.560 --> 02:04:34.280 how much you can fine tune 02:04:34.280 --> 02:04:34.620 and control 02:04:34.620 --> 02:04:36.200 oh they don't have so much power 02:04:36.200 --> 02:04:37.000 they can't control 02:04:37.000 --> 02:04:37.780 you know 02:04:37.780 --> 02:04:38.680 millions of people 02:04:38.680 --> 02:04:40.400 well this is what the 02:04:40.780 --> 02:04:41.920 drive to build all these 02:04:41.920 --> 02:04:42.880 hundreds 02:04:42.880 --> 02:04:43.680 in fact thousands 02:04:43.680 --> 02:04:44.820 of data centers 02:04:44.820 --> 02:04:45.500 is about 02:04:45.500 --> 02:04:46.260 it is 02:04:46.260 --> 02:04:47.960 an organizational challenge 02:04:47.960 --> 02:04:49.360 to micromanage 02:04:49.360 --> 02:04:50.440 the world's population 02:04:50.440 --> 02:04:51.280 through the new 02:04:51.280 --> 02:04:53.200 financial world order 02:04:53.200 --> 02:04:53.980 yes 02:04:53.980 --> 02:04:55.700 but they're working on 02:04:55.700 --> 02:04:56.320 solving that 02:04:56.320 --> 02:04:56.860 AI 02:04:56.860 --> 02:04:57.920 is really 02:04:57.920 --> 02:04:58.840 about that 02:04:58.840 --> 02:05:00.040 if AI 02:05:00.040 --> 02:05:01.260 was about 02:05:01.260 --> 02:05:02.840 helping us 02:05:02.840 --> 02:05:03.740 to be more productive 02:05:03.740 --> 02:05:04.700 the principle 02:05:04.700 --> 02:05:06.180 of decentralization 02:05:06.180 --> 02:05:06.900 would be applied 02:05:06.900 --> 02:05:08.700 because any human organization 02:05:08.700 --> 02:05:09.460 and any use 02:05:09.460 --> 02:05:10.020 and any 02:05:10.020 --> 02:05:10.540 anywhere 02:05:10.640 --> 02:05:11.340 humans are involved 02:05:11.340 --> 02:05:12.820 if you introduce 02:05:12.820 --> 02:05:13.340 the principle 02:05:13.340 --> 02:05:14.260 of decentralization 02:05:14.260 --> 02:05:15.000 subsidiarity 02:05:15.000 --> 02:05:16.140 it will be more 02:05:16.140 --> 02:05:16.580 productive 02:05:16.580 --> 02:05:19.020 exactly 02:05:19.020 --> 02:05:20.520 now 02:05:20.520 --> 02:05:21.100 how are they 02:05:21.100 --> 02:05:21.460 going to get 02:05:21.460 --> 02:05:22.700 this massive capital 02:05:22.700 --> 02:05:23.980 let me just show you 02:05:23.980 --> 02:05:24.480 the next one 02:05:24.480 --> 02:05:24.960 this is 02:05:24.960 --> 02:05:26.480 BlackRock Larry Fink 02:05:26.480 --> 02:05:27.720 with Governor 02:05:27.720 --> 02:05:28.580 Abbott of Texas 02:05:28.580 --> 02:05:29.740 Texas has the most 02:05:29.740 --> 02:05:30.340 data centers 02:05:30.340 --> 02:05:30.840 projected 02:05:30.840 --> 02:05:32.200 of any state 02:05:32.200 --> 02:05:32.700 in the union 02:05:32.700 --> 02:05:33.840 explaining how 02:05:33.840 --> 02:05:34.160 they're going to 02:05:34.160 --> 02:05:34.840 get the capital 02:05:34.840 --> 02:05:35.760 to do all these 02:05:35.760 --> 02:05:36.800 massive data centers 02:05:36.800 --> 02:05:37.660 to control you 02:05:37.660 --> 02:05:39.120 Americans 02:05:39.120 --> 02:05:40.040 to think about 02:05:40.040 --> 02:05:40.500 growing 02:05:40.500 --> 02:05:44.100 growing with the United States 02:05:44.100 --> 02:05:46.980 we will have 02:05:46.980 --> 02:05:48.180 far than enough money 02:05:48.180 --> 02:05:50.260 to invest in this infrastructure 02:05:50.260 --> 02:05:53.140 but as the governor was talking about 02:05:53.140 --> 02:05:55.460 the need for electrons 02:05:55.460 --> 02:05:58.660 is growing every day 02:05:58.660 --> 02:05:59.700 some of these 02:05:59.700 --> 02:06:00.180 that you know 02:06:00.180 --> 02:06:02.740 if we're going to be the leader in technology 02:06:02.740 --> 02:06:04.100 which we are 02:06:04.100 --> 02:06:06.260 if we are going to be the leader 02:06:06.260 --> 02:06:07.140 in AI 02:06:07.140 --> 02:06:09.140 which we presently are 02:06:09.140 --> 02:06:10.360 it's just going to require 02:06:10.360 --> 02:06:12.920 trillions of dollars of investments 02:06:12.920 --> 02:06:14.920 and if we don't invest in it 02:06:14.920 --> 02:06:15.960 China will be the 02:06:15.960 --> 02:06:17.640 global leader in this 02:06:17.640 --> 02:06:19.080 and so to me it's not 02:06:19.080 --> 02:06:20.360 whether 02:06:20.360 --> 02:06:21.720 it this is a must 02:06:24.920 --> 02:06:24.920 and 02:06:24.920 --> 02:06:27.800 if you think about how that translates 02:06:27.800 --> 02:06:30.200 it translates into a more 02:06:30.200 --> 02:06:32.520 dynamic economy 02:06:32.520 --> 02:06:34.520 we need the United States economy to grow it 02:06:34.520 --> 02:06:36.120 over over two percent 02:06:36.120 --> 02:06:38.920 we need the U.S. economy to grow at three percent 02:06:38.920 --> 02:06:40.840 especially with the growing deficits 02:06:40.840 --> 02:06:42.200 the federal government has 02:06:42.840 --> 02:06:44.920 and so much of this money 02:06:44.920 --> 02:06:45.880 not just the project 02:06:45.880 --> 02:06:47.480 is going to be coming from the private sector 02:06:48.520 --> 02:06:49.720 from savings accounts 02:06:49.720 --> 02:06:50.680 from pension accounts 02:06:50.680 --> 02:06:51.720 from insurance companies 02:06:51.720 --> 02:06:52.760 and on and on and on 02:06:55.080 --> 02:06:55.720 okay so 02:06:55.720 --> 02:06:56.600 well this is 02:06:56.600 --> 02:06:57.720 Catherine this is why 02:06:57.720 --> 02:06:59.480 whenever I think of Larry Fink 02:06:59.480 --> 02:07:00.440 or refer to him 02:07:00.440 --> 02:07:01.480 I always say 02:07:02.040 --> 02:07:04.760 to the aptly surnamed 02:07:04.760 --> 02:07:05.960 Larry Fink 02:07:06.760 --> 02:07:07.960 so we made a big deal 02:07:07.960 --> 02:07:09.000 we just did an interview 02:07:09.000 --> 02:07:10.040 with Tiffany Sianzzi 02:07:10.040 --> 02:07:10.840 on the effort 02:07:10.840 --> 02:07:12.920 by the administration 02:07:12.920 --> 02:07:14.040 with Fink's help 02:07:14.040 --> 02:07:15.720 to get the Department of Labor 02:07:15.720 --> 02:07:19.160 to strip liability 02:07:19.160 --> 02:07:21.960 from 401k fiduciaries 02:07:21.960 --> 02:07:23.640 who do 02:07:23.640 --> 02:07:24.200 what? 02:07:24.920 --> 02:07:25.800 who do 02:07:25.800 --> 02:07:28.680 who do alternative investments 02:07:28.680 --> 02:07:30.600 you know including private equity 02:07:30.600 --> 02:07:33.360 because they're getting sued 02:07:33.360 --> 02:07:34.940 and they you know 02:07:34.940 --> 02:07:36.440 according to their allocations 02:07:36.440 --> 02:07:37.800 they can do up to 5% 02:07:37.800 --> 02:07:39.480 but they don't want to do it 02:07:39.480 --> 02:07:40.520 because they're getting sued 02:07:40.520 --> 02:07:41.080 and so 02:07:41.080 --> 02:07:43.020 the Trump administration 02:07:43.020 --> 02:07:44.580 is trying to give them 02:07:44.580 --> 02:07:45.880 essentially indemnification 02:07:45.880 --> 02:07:47.680 so they can't be sued 02:07:47.680 --> 02:07:48.820 when they lose money 02:07:48.820 --> 02:07:49.920 on private equity 02:07:49.920 --> 02:07:50.640 and crypto 02:07:50.640 --> 02:07:51.540 oh holy cow 02:07:51.540 --> 02:07:52.820 it's private equity 02:07:52.820 --> 02:07:53.580 and crypto 02:07:53.580 --> 02:07:55.060 and you know 02:07:55.060 --> 02:07:56.180 on and on and on 02:07:56.180 --> 02:07:56.760 okay 02:07:56.760 --> 02:07:58.280 and now a vaccine 02:07:58.280 --> 02:08:00.420 a vaccine immunity 02:08:00.420 --> 02:08:02.400 to a fiduciary 02:08:02.400 --> 02:08:03.400 right 02:08:03.400 --> 02:08:03.860 right 02:08:03.860 --> 02:08:05.020 so we're going to get to that 02:08:05.020 --> 02:08:06.000 in story number six 02:08:06.000 --> 02:08:06.300 so 02:08:06.300 --> 02:08:07.180 so 02:08:07.180 --> 02:08:08.060 so anyway 02:08:08.060 --> 02:08:08.440 but 02:08:08.440 --> 02:08:08.880 but 02:08:08.880 --> 02:08:10.200 but right now 02:08:10.200 --> 02:08:12.040 if you go into many 401ks 02:08:12.040 --> 02:08:12.980 and IRAs 02:08:12.980 --> 02:08:13.660 uh-huh 02:08:13.660 --> 02:08:14.540 you know 02:08:14.540 --> 02:08:15.600 they have all their money 02:08:15.600 --> 02:08:17.140 in S&P index funds 02:08:17.140 --> 02:08:18.480 and 02:08:18.480 --> 02:08:20.480 and those S&P index funds 02:08:20.480 --> 02:08:21.220 have as much as 02:08:21.220 --> 02:08:22.720 35 to 50 percent 02:08:22.720 --> 02:08:24.560 in the stocks 02:08:24.560 --> 02:08:25.160 that are building 02:08:25.160 --> 02:08:26.340 the AI and data center 02:08:26.340 --> 02:08:28.760 so you are financing 02:08:28.760 --> 02:08:29.860 when 02:08:29.860 --> 02:08:30.140 when 02:08:30.140 --> 02:08:31.740 Grantham talks about 02:08:31.740 --> 02:08:32.580 you're putting your money 02:08:32.580 --> 02:08:33.100 in a bubble 02:08:33.100 --> 02:08:34.600 he's talking about 02:08:34.600 --> 02:08:35.500 you could lose money 02:08:35.500 --> 02:08:35.980 on a bubble 02:08:35.980 --> 02:08:37.480 but what I'm saying is 02:08:37.480 --> 02:08:38.640 before you lose your money 02:08:38.640 --> 02:08:39.360 you're financing 02:08:39.360 --> 02:08:40.460 the control grid 02:08:40.460 --> 02:08:41.360 that will 02:08:41.360 --> 02:08:43.160 strip you 02:08:43.160 --> 02:08:43.980 of your freedoms 02:08:43.980 --> 02:08:44.840 right 02:08:44.840 --> 02:08:45.700 and 02:08:45.700 --> 02:08:46.700 and 02:08:46.700 --> 02:08:47.860 this is very frustrating 02:08:47.860 --> 02:08:48.400 for me 02:08:48.400 --> 02:08:49.160 because I go out 02:08:49.160 --> 02:08:49.920 on the hustings 02:08:49.920 --> 02:08:51.940 and I'll be in an audience 02:08:51.940 --> 02:08:52.800 of a thousand people 02:08:52.800 --> 02:08:53.300 and they say 02:08:53.300 --> 02:08:53.940 what are you doing 02:08:53.940 --> 02:08:55.020 to stop the control grid 02:08:55.020 --> 02:08:55.580 and I'm like 02:08:55.580 --> 02:08:56.400 I 02:08:56.400 --> 02:08:57.500 I can't fight you 02:08:57.500 --> 02:08:58.360 you're all financing 02:08:58.360 --> 02:08:59.620 you're not financing me 02:08:59.620 --> 02:09:00.940 I'm financing me 02:09:00.940 --> 02:09:02.180 you're financing 02:09:02.180 --> 02:09:03.300 the people 02:09:03.300 --> 02:09:03.660 you see 02:09:03.660 --> 02:09:04.220 right 02:09:04.220 --> 02:09:05.440 so 02:09:05.440 --> 02:09:06.620 so maybe 02:09:06.620 --> 02:09:09.240 I want you to use cash 02:09:09.240 --> 02:09:10.740 but I want you to stop 02:09:10.740 --> 02:09:12.900 helping finance your enemy 02:09:12.900 --> 02:09:14.600 stop financing your enemy 02:09:14.600 --> 02:09:15.380 stop it 02:09:15.380 --> 02:09:15.880 stop it 02:09:15.880 --> 02:09:16.420 stop it 02:09:16.420 --> 02:09:17.220 and 02:09:17.220 --> 02:09:17.960 and 02:09:17.960 --> 02:09:18.540 you know 02:09:18.540 --> 02:09:19.520 there are different degrees 02:09:19.520 --> 02:09:21.320 of difficulty to stop it 02:09:21.320 --> 02:09:22.820 but it can be done 02:09:22.820 --> 02:09:23.520 now let me tell you 02:09:23.520 --> 02:09:24.340 how bad this is 02:09:24.340 --> 02:09:24.700 because 02:09:24.700 --> 02:09:26.360 up until now 02:09:26.360 --> 02:09:27.520 I've been worried 02:09:27.520 --> 02:09:28.440 about you financing 02:09:28.440 --> 02:09:29.060 your prison 02:09:29.060 --> 02:09:31.440 but what worries me 02:09:31.440 --> 02:09:32.420 even more now 02:09:32.420 --> 02:09:32.860 is 02:09:32.860 --> 02:09:33.660 we saw 02:09:33.660 --> 02:09:34.520 on the SpaceX 02:09:34.520 --> 02:09:35.560 IPO 02:09:35.560 --> 02:09:37.420 NASDAQ 02:09:37.420 --> 02:09:37.940 and 02:09:37.940 --> 02:09:39.000 Russell 1000 02:09:39.000 --> 02:09:40.400 changed the rules 02:09:40.400 --> 02:09:41.460 and allowed 02:09:41.460 --> 02:09:41.980 SpaceX 02:09:41.980 --> 02:09:43.600 to go into the index 02:09:43.600 --> 02:09:44.540 when it clearly 02:09:44.540 --> 02:09:45.340 didn't qualify 02:09:45.340 --> 02:09:47.020 it was massive 02:09:47.020 --> 02:09:47.940 violation of the rules 02:09:47.940 --> 02:09:49.400 luckily the S&P index 02:09:49.400 --> 02:09:49.780 didn't 02:09:49.780 --> 02:09:50.940 but what that meant 02:09:50.940 --> 02:09:51.360 was 02:09:51.360 --> 02:09:53.080 SpaceX goes public 02:09:53.080 --> 02:09:53.600 and suddenly 02:09:53.600 --> 02:09:54.480 there's a giant 02:09:54.480 --> 02:09:55.240 sucking sound 02:09:55.240 --> 02:09:57.000 retirement savings 02:09:57.000 --> 02:09:57.900 into AI 02:09:57.900 --> 02:09:58.860 and data centers 02:09:58.860 --> 02:09:59.780 in a way 02:09:59.780 --> 02:10:00.340 which is 02:10:00.340 --> 02:10:01.020 absolutely 02:10:01.020 --> 02:10:02.000 in violation 02:10:02.000 --> 02:10:03.120 of prudent man 02:10:03.120 --> 02:10:03.440 rules 02:10:03.440 --> 02:10:04.320 absolutely 02:10:04.320 --> 02:10:05.160 in violation 02:10:05.160 --> 02:10:06.500 holy cow 02:10:06.500 --> 02:10:06.900 right 02:10:06.900 --> 02:10:07.400 it's 02:10:07.400 --> 02:10:08.440 I just said 02:10:08.440 --> 02:10:08.940 there's like 02:10:08.940 --> 02:10:09.900 a complete breakdown 02:10:09.900 --> 02:10:11.220 of financial standards 02:10:11.220 --> 02:10:11.740 I'm 02:10:11.740 --> 02:10:13.280 well with FASB 56 02:10:13.280 --> 02:10:14.440 that was the end 02:10:14.440 --> 02:10:14.880 right 02:10:14.880 --> 02:10:15.700 so we know that 02:10:15.700 --> 02:10:15.900 sure 02:10:15.900 --> 02:10:16.560 okay 02:10:16.560 --> 02:10:16.960 so 02:10:16.960 --> 02:10:19.100 now they want to 02:10:19.100 --> 02:10:20.020 stuff this stuff 02:10:20.020 --> 02:10:20.800 all into 02:10:20.800 --> 02:10:23.380 those pension funds 02:10:23.380 --> 02:10:24.620 and retirement accounts 02:10:24.620 --> 02:10:26.100 that have been doing 02:10:26.100 --> 02:10:26.920 private equity 02:10:26.920 --> 02:10:27.880 so let's look 02:10:27.880 --> 02:10:29.240 at how that worked out 02:10:29.240 --> 02:10:30.500 so let's play 02:10:30.500 --> 02:10:31.760 Jeff Gunlatch 02:10:31.760 --> 02:10:33.160 is one of my 02:10:33.160 --> 02:10:35.440 one of the 02:10:35.440 --> 02:10:35.780 money 02:10:35.780 --> 02:10:37.700 money managers 02:10:37.700 --> 02:10:38.600 I most respect 02:10:38.600 --> 02:10:39.560 he grew up in the 02:10:39.560 --> 02:10:40.860 bond business 02:10:40.860 --> 02:10:41.980 and then started his own 02:10:41.980 --> 02:10:42.740 for Double Line 02:10:42.740 --> 02:10:44.140 and he's remarkably 02:10:44.140 --> 02:10:45.660 like Grantham 02:10:45.660 --> 02:10:46.780 he's remarkably 02:10:46.780 --> 02:10:48.120 focused on what's real 02:10:48.120 --> 02:10:48.880 and how it relates 02:10:48.880 --> 02:10:49.480 to the markets 02:10:49.480 --> 02:10:51.020 so let's listen to 02:10:51.020 --> 02:10:51.920 Jeff talk about 02:10:51.920 --> 02:10:52.640 private equity 02:10:52.640 --> 02:10:53.500 in the last quarter 02:10:53.500 --> 02:10:54.720 I really 02:10:54.720 --> 02:10:56.440 first 02:10:56.440 --> 02:10:57.620 started thinking 02:10:57.620 --> 02:10:58.260 that something was 02:10:58.260 --> 02:10:58.720 changing 02:10:58.720 --> 02:11:00.160 one year ago 02:11:00.160 --> 02:11:00.880 just about 02:11:00.880 --> 02:11:02.140 exactly one year ago 02:11:02.140 --> 02:11:03.380 when I was speaking 02:11:03.380 --> 02:11:04.940 at a conference 02:11:04.940 --> 02:11:06.300 here in Los Angeles 02:11:06.300 --> 02:11:08.020 and before my 02:11:08.020 --> 02:11:08.920 fireside chat 02:11:08.920 --> 02:11:09.940 the group before me 02:11:09.940 --> 02:11:10.540 was a bunch of 02:11:10.540 --> 02:11:11.640 private credit people 02:11:11.640 --> 02:11:13.160 and they were senior people 02:11:13.160 --> 02:11:14.160 from the big firms 02:11:14.160 --> 02:11:16.120 and I was listening to them 02:11:16.120 --> 02:11:17.020 and I got this 02:11:17.020 --> 02:11:18.060 eerie feeling 02:11:18.060 --> 02:11:18.940 that I had heard 02:11:18.940 --> 02:11:21.120 that the tone change 02:11:21.120 --> 02:11:22.780 sounded a lot like 02:11:22.780 --> 02:11:23.780 where we were going 02:11:23.780 --> 02:11:25.900 pre-global financial crisis 02:11:25.900 --> 02:11:26.960 where suddenly 02:11:26.960 --> 02:11:27.540 everyone was 02:11:27.540 --> 02:11:28.680 everything looked 02:11:28.680 --> 02:11:29.740 absolutely fantastic 02:11:29.740 --> 02:11:30.540 and then all of a sudden 02:11:30.540 --> 02:11:32.080 you started to hear 02:11:32.080 --> 02:11:32.960 different language 02:11:32.960 --> 02:11:33.560 being used 02:11:33.560 --> 02:11:34.260 on the panels 02:11:34.260 --> 02:11:34.940 and in this panel 02:11:34.940 --> 02:11:36.040 they started talking about 02:11:36.040 --> 02:11:36.700 tension 02:11:36.700 --> 02:11:38.900 between different private credit firms 02:11:38.900 --> 02:11:40.260 they started talking about 02:11:40.260 --> 02:11:41.140 the need to 02:11:41.140 --> 02:11:42.540 increase their runway 02:11:42.540 --> 02:11:44.380 they were basically admitting 02:11:44.380 --> 02:11:45.300 that they couldn't liquidate 02:11:45.300 --> 02:11:46.300 any of their investments 02:11:46.300 --> 02:11:47.340 and I sort of thought 02:11:47.340 --> 02:11:47.560 wow 02:11:47.560 --> 02:11:47.940 this is 02:11:47.940 --> 02:11:49.020 this is starting to sound 02:11:49.020 --> 02:11:50.000 like they're not as confident 02:11:50.000 --> 02:11:50.740 as they used to be 02:11:50.740 --> 02:11:51.700 and then 02:11:51.700 --> 02:11:52.960 early last year 02:11:52.960 --> 02:11:53.920 in the first quarter 02:11:53.920 --> 02:11:55.320 I had a big insurance company 02:11:55.320 --> 02:11:56.240 client come to me 02:11:56.240 --> 02:11:58.200 we managed money for them 02:11:58.200 --> 02:11:58.480 but they 02:11:58.480 --> 02:11:58.880 like 02:11:58.880 --> 02:12:00.200 most insurance companies 02:12:00.200 --> 02:12:01.660 they're drowning in private credit 02:12:01.660 --> 02:12:02.020 and private 02:12:02.020 --> 02:12:02.380 equity 02:12:02.380 --> 02:12:03.500 they've got tons of it 02:12:03.500 --> 02:12:04.620 and this firm has 02:12:04.620 --> 02:12:05.600 had a lot of managers 02:12:05.600 --> 02:12:06.920 and he told me 02:12:06.920 --> 02:12:07.940 he just shared with me 02:12:07.940 --> 02:12:08.620 unsolicited 02:12:08.620 --> 02:12:10.640 that he had got an evaluation report 02:12:10.640 --> 02:12:11.620 for I think year end 02:12:11.620 --> 02:12:12.080 2024 02:12:12.080 --> 02:12:14.280 and that eight of the managers 02:12:14.280 --> 02:12:16.160 owned exactly the same position 02:12:16.160 --> 02:12:17.260 exactly 02:12:17.260 --> 02:12:17.600 you know 02:12:17.600 --> 02:12:19.020 if the public thing 02:12:19.020 --> 02:12:20.040 would have been the same QSIP 02:12:20.040 --> 02:12:20.440 literally 02:12:20.440 --> 02:12:22.480 so it was exactly the same loan 02:12:22.480 --> 02:12:23.240 and he said 02:12:23.240 --> 02:12:24.740 I was really sort of surprised 02:12:24.740 --> 02:12:25.880 I'm getting concerned 02:12:25.880 --> 02:12:27.320 because one firm 02:12:27.320 --> 02:12:28.540 had it marked at 95 02:12:28.540 --> 02:12:31.100 and one of the firms 02:12:31.100 --> 02:12:31.960 at the other end of the spec 02:12:31.960 --> 02:12:33.500 had it marked at eight 02:12:33.500 --> 02:12:36.300 okay 02:12:36.300 --> 02:12:36.760 so 02:12:36.760 --> 02:12:39.280 they have very lax rules 02:12:39.280 --> 02:12:40.480 about disclosure 02:12:40.480 --> 02:12:41.600 at mark to market 02:12:41.600 --> 02:12:43.300 and 02:12:43.300 --> 02:12:44.500 and one of the reasons 02:12:44.500 --> 02:12:46.140 that all the state pension funds 02:12:46.140 --> 02:12:47.200 went into private equity 02:12:47.200 --> 02:12:48.020 was the idea 02:12:48.020 --> 02:12:48.900 they could get more 02:12:48.900 --> 02:12:50.140 yield than they could get 02:12:50.140 --> 02:12:51.260 in the liquid markets 02:12:51.260 --> 02:12:52.720 it's turned around 02:12:52.720 --> 02:12:53.960 you know 02:12:53.960 --> 02:12:55.440 if they'd stayed in the liquid markets 02:12:55.440 --> 02:12:56.000 they would have 02:12:56.000 --> 02:12:57.480 gotten a better performance 02:12:57.480 --> 02:12:58.960 and now they have 02:12:58.960 --> 02:12:59.700 no liquidity 02:12:59.700 --> 02:13:00.940 because what is happening 02:13:00.940 --> 02:13:01.340 all 02:13:01.340 --> 02:13:02.320 you know 02:13:02.320 --> 02:13:03.640 all throughout this year 02:13:03.640 --> 02:13:04.340 is funds 02:13:04.340 --> 02:13:05.180 are stopping 02:13:05.180 --> 02:13:05.880 redemptions 02:13:05.880 --> 02:13:06.540 because they're getting 02:13:06.540 --> 02:13:07.600 too many redemptions 02:13:07.600 --> 02:13:07.900 and they 02:13:07.900 --> 02:13:09.080 then they freeze 02:13:09.080 --> 02:13:10.140 and it's happening 02:13:10.140 --> 02:13:10.560 in Europe 02:13:10.560 --> 02:13:11.080 it's happening 02:13:11.080 --> 02:13:12.520 all across the United States 02:13:12.520 --> 02:13:13.620 holy cow 02:13:13.620 --> 02:13:14.160 yeah 02:13:14.160 --> 02:13:15.420 yeah 02:13:15.420 --> 02:13:15.680 so 02:13:15.680 --> 02:13:16.500 remember 02:13:16.500 --> 02:13:17.020 Harvard 02:13:17.020 --> 02:13:18.000 had trouble 02:13:18.000 --> 02:13:18.440 you know 02:13:18.440 --> 02:13:19.240 Harvard and Yale 02:13:19.240 --> 02:13:20.240 Yale was a big leader 02:13:20.240 --> 02:13:21.000 in private equity 02:13:21.000 --> 02:13:21.540 then Harvard 02:13:21.540 --> 02:13:22.360 went with them 02:13:22.360 --> 02:13:23.820 they did a huge amount 02:13:23.820 --> 02:13:24.560 of private equity 02:13:24.560 --> 02:13:25.600 I thought it was 02:13:25.600 --> 02:13:26.180 because they wanted 02:13:26.180 --> 02:13:27.000 to do the plunder 02:13:27.000 --> 02:13:28.180 and disaster capitalism 02:13:28.180 --> 02:13:29.040 because they fired 02:13:29.040 --> 02:13:29.900 most of their 02:13:29.900 --> 02:13:30.720 internal staff 02:13:30.720 --> 02:13:31.260 internal staff 02:13:31.260 --> 02:13:32.200 you and I talked about it 02:13:32.200 --> 02:13:33.020 in 2017 02:13:33.020 --> 02:13:34.240 it sort of went dark 02:13:34.240 --> 02:13:35.940 as to what they were doing 02:13:35.940 --> 02:13:37.300 well when they got in trouble 02:13:37.300 --> 02:13:38.320 with the Trump administration 02:13:38.320 --> 02:13:41.420 they got in a liquidity bind 02:13:41.420 --> 02:13:42.500 and so they went out 02:13:42.500 --> 02:13:43.300 to the bond market 02:13:43.300 --> 02:13:44.280 couldn't raise everything 02:13:44.280 --> 02:13:45.040 they need 02:13:45.040 --> 02:13:46.540 and then because 02:13:46.540 --> 02:13:47.220 their endowment 02:13:47.220 --> 02:13:48.640 wasn't sufficiently liquid 02:13:48.640 --> 02:13:50.680 they put an enormous 02:13:50.680 --> 02:13:51.820 amount of private equity 02:13:51.820 --> 02:13:52.640 up for bid 02:13:52.640 --> 02:13:53.820 in the secondary market 02:13:53.820 --> 02:13:54.720 Yale too 02:13:54.720 --> 02:13:56.320 it's what's called 02:13:56.320 --> 02:13:57.140 a cut and run 02:13:57.140 --> 02:13:58.400 get out 02:13:58.400 --> 02:13:58.800 you know 02:13:58.800 --> 02:14:00.240 he who panics first 02:14:00.240 --> 02:14:01.120 panics best 02:14:01.120 --> 02:14:02.260 is the old saying 02:14:02.260 --> 02:14:03.500 when you go into 02:14:03.500 --> 02:14:04.520 this kind of situation 02:14:04.520 --> 02:14:04.900 so 02:14:04.900 --> 02:14:07.020 the private equity market 02:14:07.020 --> 02:14:08.440 is in serious trouble 02:14:08.440 --> 02:14:09.120 part of it is 02:14:09.120 --> 02:14:10.200 the interest rates went up 02:14:10.200 --> 02:14:10.940 so nobody can get 02:14:10.940 --> 02:14:11.520 their exits 02:14:11.520 --> 02:14:12.060 right 02:14:12.060 --> 02:14:14.340 okay now 02:14:14.340 --> 02:14:16.620 as this is happening 02:14:16.620 --> 02:14:20.260 pushback is also happening 02:14:20.260 --> 02:14:21.820 and people are getting scared 02:14:21.820 --> 02:14:23.400 so speaking of 02:14:23.400 --> 02:14:24.020 scaredy cats 02:14:24.020 --> 02:14:24.820 let's look at 02:14:24.820 --> 02:14:25.760 video 21 02:14:25.760 --> 02:14:27.920 one of America's 02:14:27.920 --> 02:14:29.020 most influential 02:14:29.020 --> 02:14:31.100 and weirdest billionaires 02:14:31.100 --> 02:14:32.140 has packed up 02:14:32.140 --> 02:14:33.160 fled the country 02:14:33.160 --> 02:14:34.060 and moved to 02:14:34.060 --> 02:14:35.180 of all places 02:14:35.180 --> 02:14:36.320 Argentina 02:14:36.320 --> 02:14:37.700 Peter Thiel 02:14:37.700 --> 02:14:40.060 co-founder of PayPal and Palantir 02:14:40.060 --> 02:14:42.080 one of Facebook's earliest backers 02:14:42.080 --> 02:14:43.920 and Republican megadonor 02:14:43.920 --> 02:14:47.220 who has publicly warned about the coming of the Antichrist 02:14:47.220 --> 02:14:50.640 has bought a 12 million dollar mansion in Buenos Aires 02:14:50.640 --> 02:14:53.840 and enrolled his children into local schools 02:14:53.840 --> 02:14:58.240 but while Thiel has moved himself and his family to Argentina 02:14:58.240 --> 02:15:01.260 his fortune is doing the exact opposite 02:15:01.260 --> 02:15:02.980 in a single quarter 02:15:02.980 --> 02:15:09.820 his company booked 687 million dollars in revenue from the United States government alone 02:15:09.820 --> 02:15:15.580 meanwhile his venture firm just wrote the largest single check in its history 02:15:15.580 --> 02:15:21.120 for a defense contractor that landed a 20 billion dollar US Army deal 02:15:21.120 --> 02:15:24.960 so instead of fleeing the American system 02:15:24.960 --> 02:15:29.080 Thiel now owns a larger piece of it than ever before 02:15:29.080 --> 02:15:34.520 so do you know one of the reasons that he went to Argentina 02:15:34.520 --> 02:15:37.680 I can think of several but let's hear yours 02:15:37.680 --> 02:15:40.240 so this is one of my theories 02:15:40.240 --> 02:15:45.420 Argentina is now considering starting LLCs 02:15:45.420 --> 02:15:51.940 limited liability companies that can be started and owned by an AI agent 02:15:51.940 --> 02:15:56.920 not good 02:15:56.920 --> 02:15:58.520 but not surprising 02:15:58.520 --> 02:16:02.440 so if the where's daddy software shoots the wrong leaders 02:16:02.440 --> 02:16:05.560 mommy mommy the AI did it not me 02:16:05.560 --> 02:16:06.180 yeah 02:16:06.180 --> 02:16:06.960 right 02:16:06.960 --> 02:16:07.680 yeah 02:16:07.680 --> 02:16:08.920 right 02:16:08.920 --> 02:16:10.060 holy cow 02:16:10.060 --> 02:16:12.980 well I was about to say 02:16:12.980 --> 02:16:15.020 yeah if you if you want to do business 02:16:15.020 --> 02:16:19.160 with a group of assassins and and war veterans 02:16:19.160 --> 02:16:21.160 Argentina is the place to do it 02:16:21.160 --> 02:16:26.880 and so much the better if you can make AIs corporate agents 02:16:26.880 --> 02:16:29.900 unbelievable 02:16:29.900 --> 02:16:32.440 yeah well not surprising 02:16:32.440 --> 02:16:36.020 yeah so here's what's happened to the Treaty of Westphalia 02:16:36.020 --> 02:16:36.720 yep 02:16:36.720 --> 02:16:37.740 yep 02:16:37.740 --> 02:16:39.940 okay 02:16:39.940 --> 02:16:41.780 so two more sucking 02:16:41.780 --> 02:16:43.100 sucking 02:16:43.100 --> 02:16:45.380 the giant sucking sound stories 02:16:45.380 --> 02:16:49.680 I did an interview on Miles Franklin 02:16:49.680 --> 02:16:55.100 about this idea of financing the control grid and I want to keep coming back to it 02:16:55.100 --> 02:16:58.440 as you know my second company I have an investment screen company 02:16:58.440 --> 02:17:03.860 and what happened I was an investment advisor and one of the managers I kept working with me kept coming 02:17:03.860 --> 02:17:08.360 back and saying please do a screen please do a screen people want you to do a screen 02:17:08.360 --> 02:17:13.560 because they want to be able to know that they're not putting their money into anything that you wouldn't 02:17:13.560 --> 02:17:19.560 and that's all my money all my money in the stock market is invested in a fund that uses my screen 02:17:19.560 --> 02:17:26.280 so I don't and and what one of the things I know from doing that is there's a world of great companies 02:17:26.280 --> 02:17:31.660 that are not doing the control grid or not destroying the planet do you know what I mean there are plenty 02:17:31.660 --> 02:17:38.000 of good companies that just go around and do something useful so um you don't have to you don't have to 02:17:38.000 --> 02:17:43.120 finance the control grid you can have plenty of options outside the control grid anyway so I did this 02:17:43.120 --> 02:17:51.740 interview but uh somebody took it and and put it together with a um uh interview that Ed Dowd did 02:17:51.740 --> 02:18:02.820 I think the um the master plan is to implement total control and to run uh a society with two sets of 02:18:02.820 --> 02:18:09.800 rules one for a small group of oligarchs so um I don't know if you ever saw the interview after 02:18:09.800 --> 02:18:14.560 Jerry Kushner left the first Trump administration he gave an interview and he said given what's 02:18:14.560 --> 02:18:18.980 happening in biotech I'm going to be the first generation to live forever the last generation 02:18:18.980 --> 02:18:23.460 not to live forever I think that there's a good probability that my generation is hopefully with 02:18:23.460 --> 02:18:28.020 the advances in science either you know the the first generation to live forever or the last 02:18:28.020 --> 02:18:33.740 generation that's going to die I just had one of our subscribers meet have dinner with Steve Wolfram 02:18:33.740 --> 02:18:38.880 and and Wolfram was saying it doesn't matter that we do the digital control grid because if you look at 02:18:38.880 --> 02:18:42.900 what AI can do with biotech we can live forever you know if we look at sort of 02:18:42.900 --> 02:18:46.380 what what the important developments that might happen in the future are 02:18:46.380 --> 02:18:49.680 probably the one that's going to be sort of the biggest discontinuity in human 02:18:49.680 --> 02:18:54.380 history is when human immortality is achieved which it undoubtedly will be how 02:18:54.380 --> 02:18:58.400 will it be achieved there are two basic paths it's either you know technology and 02:18:58.400 --> 02:19:04.440 electronics and so on or it's biology so so now if you can't let 8 billion people 02:19:04.440 --> 02:19:07.440 live forever because you're going to have an environmental problem so you have one 02:19:07.440 --> 02:19:11.280 group of people who apparently think they're going to live forever and then 02:19:11.280 --> 02:19:16.240 you have another set of rules for for everybody else and you want to put them 02:19:16.240 --> 02:19:21.000 on a trajectory to steadily decline in terms of number of population so I think 02:19:21.000 --> 02:19:26.880 you're looking at a very long-term plan to reduce the population and and create a 02:19:26.880 --> 02:19:32.640 two-class society where you have you know the oligarchs and then everybody else and 02:19:32.640 --> 02:19:37.440 and and the oligarchs are free of having to manage everybody else one because 02:19:37.440 --> 02:19:42.880 they have complete control but they can say they can turn it over to AI and let the AI do it and then 02:19:42.880 --> 02:19:50.320 when things go wrong they can just blame the AI it wasn't me it was the AI well a Malthusian society 02:19:50.320 --> 02:19:56.320 and and that vision I believe is something that you know uh has been pushed by the likes of Bill Gates 02:19:56.320 --> 02:20:05.120 um who's buying up all the farmland in the United States um and again just to play devil's advocate here 02:20:05.120 --> 02:20:11.840 when you speak of these oligarchs like who are they what evidence convinces you you know that this is a 02:20:11.840 --> 02:20:19.280 coordinated effort rather than the natural evolution of tech and financial systems I used to live and work 02:20:19.280 --> 02:20:24.880 with it that's amazing I think I've got the best FHA commissioner in the history of HUD it's the first 02:20:24.880 --> 02:20:31.600 woman uh commissioner in the history of of uh HUD and uh I'm very proud that uh the Bush administration was 02:20:31.600 --> 02:20:37.360 able to attract someone of Austin Fitts talent off of Wall Street to come down and help us and she's an 02:20:37.360 --> 02:20:46.720 expert in financing so you know I lived in that world and I watched them become more and more alienated 02:20:46.720 --> 02:20:52.400 from who is them who is them so it's the people who run the financial system at any given time it's a 02:20:52.400 --> 02:20:58.080 hundred to a thousand people who run the different key spots in the banks the insurance companies the central 02:20:58.080 --> 02:21:05.120 bank and the treasury and and if you look at you know and and that system is very much done by consensus 02:21:05.120 --> 02:21:11.440 through all these different groups and meetings and everything else very organic and um you know but 02:21:11.440 --> 02:21:19.440 I saw them reach a wide consensus that you couldn't trust the average person to behave in a responsible way 02:21:19.440 --> 02:21:27.520 and you know and so you had to assert more central control and and essentially by giving people lots of 02:21:27.520 --> 02:21:34.640 consumer attention and choice move them out of having any political say whatsoever so you wanted to reduce 02:21:34.640 --> 02:21:39.520 them to the point where their vote or their participation in the political system didn't mean 02:21:39.520 --> 02:21:44.640 anything but you wanted to do it in a way where you couldn't you could persuade them to take all their 02:21:44.640 --> 02:21:51.200 capital and and invest it in a way that you could use it to build in the direction you wanted to build 02:21:53.600 --> 02:22:01.600 well the stock market is telling the most highly valued companies are ai companies ai is going to be 02:22:01.600 --> 02:22:07.200 you know if you want to be cynical which i am the market is telling you that the most valuable stocks 02:22:07.200 --> 02:22:15.200 are the ones that are building the digital prison you know yeah so that's the the only growth in the 02:22:15.200 --> 02:22:22.400 country at the moment is the building of the digital prison think about that for a second geez that's it 02:22:23.440 --> 02:22:29.120 you know the growth in the sectors are are are building our future enslavement that's where the 02:22:29.120 --> 02:22:35.600 last bit of growth is coming from so right now you know if i go to a meeting with people who are trying 02:22:35.600 --> 02:22:41.760 to stop the control grid and trying to stop a data center i can get them to pull out their portfolios 02:22:41.760 --> 02:22:50.320 and i can show them they're financing very data centers they're trying to stop that's it 02:22:52.880 --> 02:22:58.560 it's um so i wanted to provide an alternative because the question is what can people do 02:22:59.440 --> 02:23:04.960 right we always we always come back to what people can do so you know how i talk about financing the 02:23:04.960 --> 02:23:11.680 people bank do you remember my people bank story when the litigation started i had a quarter million 02:23:11.680 --> 02:23:16.800 dollars lender given to friends and then it was the one source of money they couldn't cut off people 02:23:16.800 --> 02:23:22.640 started paying me back or right you know one wealthy uncle said well she helped others so i'll help her but 02:23:22.640 --> 02:23:32.480 you know over the next 11 years i i had gifted or lent 250 000 over the next next 11 years i got re repaid 02:23:32.480 --> 02:23:38.560 or gifted 250 000 and that's what kept me alive i would never have made it without that money yeah anyway 02:23:38.560 --> 02:23:44.080 so i wanted to do before we finish this thing i wanted to finish on a positive note and show you a 02:23:45.120 --> 02:23:52.320 a positive people bank example of uh somebody who did the same thing so i don't know if you're a willing 02:23:52.400 --> 02:24:02.000 nelson fan i love oh so i like his music so here's willy nelson and the people bank in 1990 federal agents 02:24:02.000 --> 02:24:08.800 seized everything willy nelson owned his ranch his recording studio his homes in six states his golf 02:24:08.800 --> 02:24:17.040 course every gold record he had ever earned he owed the irs 32 million dollars he had not stolen a penny 02:24:17.920 --> 02:24:23.440 the accounting firm he trusted for years had hidden his money in tax shelters that turned out to be 02:24:23.440 --> 02:24:29.920 illegal he didn't even know there was a problem until the agents arrived as the trucks pulled up to his 02:24:29.920 --> 02:24:36.960 studio his daughter lana ran inside and grabbed the one thing she couldn't let them take a battered classical 02:24:36.960 --> 02:24:46.560 guitar named trigger willy had bought it in 1969 for 750 dollars it had played on every album he had ever 02:24:46.560 --> 02:24:52.800 recorded the wood near the sound hole was so worn down by his fingernails that there was a literal hole 02:24:52.800 --> 02:25:01.040 in the body willy had once said when trigger goes i'll quit lana shipped the guitar 4 000 miles across the 02:25:01.040 --> 02:25:09.120 pacific to hawaii and hid it in a closet the irs never found it most 57 year olds in that situation would 02:25:09.120 --> 02:25:15.760 have filed bankruptcy willy recorded an album he sat down alone with the guitar the government didn't know 02:25:15.760 --> 02:25:24.960 existed and made a stripped down record called who'll buy my memories the irs tapes it raised 3.6 million 02:25:24.960 --> 02:25:32.480 dollars toward his debt but the most beautiful part of the story almost nobody tells the irs held public 02:25:32.480 --> 02:25:39.920 auctions of everything they had taken they expected to make millions they didn't the farmers willy had spent 02:25:39.920 --> 02:25:45.440 decades helping through farm aid quietly showed up at the auctions they pulled their money and bought 02:25:45.440 --> 02:25:51.760 back his ranch a retired football coach bought his golf course and said he'd sell it back to willy anytime 02:25:51.760 --> 02:25:58.400 he wanted it piece by piece the community willy had spent 40 years helping bought his life back for him 02:25:59.040 --> 02:26:06.800 in 1993 the debt was settled lana flew to maui opened the closet and brought trigger home willy is 92 years 02:26:06.800 --> 02:26:14.160 old now he still tours he still plays the same guitar he had spent his life giving things away he never realized 02:26:14.160 --> 02:26:23.040 the world had been keeping count yeah so it's true he had been incredibly generous especially the farmers who 02:26:23.040 --> 02:26:31.680 were being targeted by the you know the system in very evil ways and um well i'm not surprised and i'll i'll 02:26:31.680 --> 02:26:42.800 tell you a little personal anecdote uh about him that that i'm not surprised i actually went to his concerts that 02:26:42.800 --> 02:26:49.920 he used to have down in texas on his ranch i went there with some friends one summer when i was in 02:26:49.920 --> 02:26:58.000 graduate school a long time ago but listened to his concert and everything and it was just absolutely 02:26:58.800 --> 02:27:05.760 boiling hot out there that day i mean it was just unbelievable but catherine you would not have 02:27:05.760 --> 02:27:12.320 believed the crowd that showed up to hear him i can believe it yeah it was it was off the charts and 02:27:12.800 --> 02:27:19.760 what struck me talking to some of them was many of them were from the area you know around his ranch 02:27:20.560 --> 02:27:30.000 and they knew him mm-hmm and they had they had good things to say about him how he was involved in the 02:27:30.000 --> 02:27:37.280 community and you know this this story makes a lot of sense so yeah i i can i can believe it that they 02:27:37.280 --> 02:27:42.480 would do that for him so if you look at how willie nelson made his money he made it doing something 02:27:42.480 --> 02:27:50.640 productive right you know he earned his money and then he was very generous with it and and it paid well 02:27:50.640 --> 02:27:59.040 he he also wrote the music for one of my favorite country singers Patsy Cline oh that's right that's 02:27:59.040 --> 02:28:06.960 right yeah yeah well somebody to be inspired not everybody uses their capital to finance the control 02:28:06.960 --> 02:28:14.720 grid and please whatever you do don't do it um i'm i'm done with them to the extent possible when i 02:28:14.720 --> 02:28:21.040 when i lost my facebook account and and got so frustrated trying to get it back jumping through 02:28:21.040 --> 02:28:27.280 all their hoops i just said this is ridiculous i'm gone so i'm writing letters to my family now 02:28:27.280 --> 02:28:33.120 to let them know you know taking a stamp and putting it on a real envelope and writing a real letter and 02:28:33.120 --> 02:28:39.440 putting it in the mail right uh no more facebook do you know how much money we will spend this year 02:28:39.440 --> 02:28:47.280 dealing with imposters i i i can believe it's off the charts it's off the charts it's it's a big number 02:28:47.920 --> 02:28:53.600 and we we have two firm we got one from one in america one in europe and we're now having to 02:28:53.600 --> 02:28:59.520 trademark things and you know i suspect by the time it's over this year we'll spend this is not including 02:28:59.520 --> 02:29:05.280 our time you know for us it's a major project we'll spend thirty or forty thousand dollars before this is 02:29:05.280 --> 02:29:13.920 over oh it's unbelievable it's it's obscene is what it is and there's there's no reason for it well but 02:29:13.920 --> 02:29:22.320 there is a reason for it so so so uh on x we've had hundreds of people tell us that they've complained 02:29:22.320 --> 02:29:27.840 about the imposters and x won't take them down i mean they want you know so x is supporting this one way 02:29:27.840 --> 02:29:34.560 or another but my favorite one was somebody asked me if i'd like to they wanted me to to hook me up with 02:29:34.560 --> 02:29:41.520 elon musk and i said well first of all i'm not interested but second of all you need to know that 02:29:41.520 --> 02:29:47.840 if you if you did introduce me to elon musk the first two questions would be uh or with the first 02:29:47.840 --> 02:29:55.200 three questions would be how long have you been an actor how much are you paid and who issues the check 02:29:56.720 --> 02:30:00.480 right yeah and they just said oh you're so difficult 02:30:02.160 --> 02:30:09.520 okay so the giant sucking sound any other thoughts before we we close this other than uh please i'm 02:30:09.520 --> 02:30:16.640 good okay last story in part one mr global in your street we just published a wonderful wrap of the 02:30:16.640 --> 02:30:21.760 first quarter wrap-up was by Elsa von Hamlin mr global in your street if you haven't read it it's 02:30:21.760 --> 02:30:24.960 incredible and we'll have it out in a hard copy we're working on it now 02:30:25.600 --> 02:30:32.000 um the pushback so citizens say no to control grid hardware data centers drones and flat cameras 02:30:32.560 --> 02:30:41.680 the pushback is unbelievable and you know i drove uh and flow i in in two months i went to 20 cities in 02:30:41.680 --> 02:30:51.360 the united states and drove 5 000 miles and everywhere i went it's a whole new world everybody sees it they 02:30:51.360 --> 02:30:55.520 get or i shouldn't say everybody but so many people see it and get it and say you know i'm 02:30:55.520 --> 02:31:02.560 not paying for this because they're using taxpayers money to do it yep yep there are places there are 02:31:02.560 --> 02:31:09.280 places actually where people are physically late at night going out and taking down those slot cameras 02:31:09.280 --> 02:31:14.960 yeah we're going to talk about that so so let me tell you the number one failure of mr global on 02:31:14.960 --> 02:31:22.400 marketing you want to see the worst marketing yet for the control grid sure my ministers all will also 02:31:22.400 --> 02:31:31.360 proceed with the introduction of digital id that will modernize how citizens interact with public services 02:31:33.280 --> 02:31:35.360 doesn't he look trustworthy 02:31:40.480 --> 02:31:45.680 so let me play a couple more because you know something our subjects will be billeting soldiers 02:31:45.680 --> 02:31:48.720 in their homes as we round up their arms 02:31:51.840 --> 02:31:59.680 okay here's Eric Schmidt who we just saw in the last uh story um trying to give a speech a commencement 02:31:59.680 --> 02:32:05.920 speak at Arizona University and this is what the students thought of what he was saying okay let's 02:32:05.920 --> 02:32:09.360 architects of artificial intelligence interesting 02:32:14.080 --> 02:32:20.080 the question is whether you will help shape artificial intelligence we do not know 02:32:21.440 --> 02:32:28.000 we do not know the precise contours of what this if you if you'd let me make this point please 02:32:35.680 --> 02:32:43.600 choose a diversity of perspectives including the perspective of the immigrant who has so often 02:32:43.600 --> 02:32:51.440 been the person who came to this country and made it better we thought that we were adding stones to a 02:32:51.440 --> 02:32:59.040 cathedral of knowledge that humanity had been constructing for centuries but the world we built 02:32:59.680 --> 02:33:05.840 artificial intelligence that reflects those values the world will be unimaginably better for it 02:33:10.720 --> 02:33:19.600 you are surrendering your agency we have only seen maybe one percent of what is to come i'm very 02:33:19.600 --> 02:33:25.440 proud of us if you don't care about science that's okay because ai is going to touch everything else as 02:33:25.440 --> 02:33:33.360 well whatever path you choose AI will become part of how work is done if you want to learn something 02:33:33.360 --> 02:33:39.680 entirely new and you want to have a personal tutor in any language for the cost of an internet connection 02:33:39.680 --> 02:33:45.200 you can have it you can now assemble a team of AI agents to help you with the parts that you could 02:33:45.200 --> 02:33:53.440 never accomplish on your own when someone offers you a seat on the rocket ship you do not ask which seat 02:33:53.440 --> 02:34:02.720 you just get on the rocket ship is here let me give you some advice first find a way to say yes listen 02:34:04.000 --> 02:34:09.520 you bring the judgment you bring the conscience you bring the perspective 02:34:09.520 --> 02:34:17.360 i'll give you one final reflection happiness i have come to believe is not the same as joy 02:34:18.480 --> 02:34:25.520 happiness is derived from meaning meaning in your work meaning in your relationships thank you very much 02:34:25.520 --> 02:34:28.160 and good night 02:34:37.600 --> 02:34:41.840 okay so so i would say that the certainly the young people 02:34:43.760 --> 02:34:46.640 have a pretty good sense of 02:34:48.480 --> 02:34:51.760 of the fact that this leadership cannot be trusted 02:34:54.000 --> 02:35:01.200 well i would think that at least part of what we were hearing is coming from that sentiment the other 02:35:01.200 --> 02:35:10.640 part of it i have to say uh having been a college professor and having taught education majors 02:35:11.280 --> 02:35:19.440 i go back to the warning i put in in uh the book i i co-wrote with gary lawrence rotten to the common core 02:35:20.480 --> 02:35:27.360 education the so-called discipline of education and i don't acknowledge it as a genuine academic 02:35:27.360 --> 02:35:35.520 discipline it's it's nothing but an indoctrination school for cultural marxism so a lot of that booing 02:35:35.520 --> 02:35:42.320 i think is coming out of the fact that these are as education majors some of the most indoctrinated 02:35:42.320 --> 02:35:50.640 people in the country really and oh absolutely they are catherine i have go back and and read what i said 02:35:50.640 --> 02:36:00.880 in in common core um education as a field to get your teaching certificate to light the license to to teach 02:36:01.760 --> 02:36:09.920 you are exposed to all sorts of marxist rot in the name oh i agree i have pedagogy but the other part of 02:36:09.920 --> 02:36:19.760 it is that to me that that that video is a vignette of what's wrong because it's it's they're both talking 02:36:19.760 --> 02:36:27.280 the same language he's talking the language of centralization and control and so are most of 02:36:27.280 --> 02:36:35.200 those students so it to me it was in other words the students are booing him out of that marxist 02:36:35.200 --> 02:36:42.960 indoctrination i think they're booing him because they believe he wants to do what Melania Trump proposed 02:36:42.960 --> 02:36:49.280 which is with AI you can have robots be the teachers well i again i go back to what i just said i think 02:36:49.280 --> 02:36:56.560 some of the booing is genuine right but i think some of it is just incomprehensible marxist cultural 02:36:56.560 --> 02:37:05.200 reaction against it it's not coming from a sincere opposition so i i agree with you about the education 02:37:05.200 --> 02:37:11.840 major in this in the united states where i don't where i don't agree on this one is i think 02:37:13.440 --> 02:37:21.280 my personal experience is that teaching is not about transferring data no that's right and it 02:37:21.280 --> 02:37:28.240 requires a human connection and experience yeah and and where that human connection and experience happens 02:37:29.680 --> 02:37:36.880 magical things happen if you take the human connection out of it it won't work it well again 02:37:36.880 --> 02:37:43.040 teaching it to to i totally agree teaching is not about the transference of data and that 02:37:43.040 --> 02:37:50.080 is what we have made it that's what we have made it right but i think those kids know that 02:37:50.640 --> 02:37:55.680 i really some of them may and again i'm not disagreeing but i am i am telling you 02:37:56.400 --> 02:38:02.800 as a matter of statistical probability many of those students are not would not be clued into 02:38:02.800 --> 02:38:12.640 what we're trying to say um the the most most american educators do not know 02:38:12.640 --> 02:38:19.840 the difference between teaching and professing right professing is teaching people how to think 02:38:20.720 --> 02:38:29.680 in in the terms of their discipline um and and it it barely exists anymore in the american classroom 02:38:29.680 --> 02:38:38.240 that's why we're so stupid in spite of the fact that you know we we have a whole battery of standardized 02:38:38.240 --> 02:38:43.680 tests that we put people through which measure in my opinion measure basically nothing 02:38:44.880 --> 02:38:52.880 so i i did too i taught two classes about six months ago in the united states in florida and what i will tell 02:38:52.880 --> 02:39:01.520 you is the majority of kids in that room did not have the physical energy or chemistry necessary to really 02:39:01.520 --> 02:39:08.080 learn i agree had nothing to do with the teachers the teacher was very good actually and but and 02:39:08.240 --> 02:39:12.240 and you had a few kids in the room who did have the physical energy and the training 02:39:12.880 --> 02:39:20.720 to learn and to be interested and they they were going really fast but the the spectrum of who could 02:39:20.720 --> 02:39:27.520 learn and who couldn't was very wide and scary it is okay so let me get back to the mr global in your 02:39:27.520 --> 02:39:35.840 street one of the things that's been very gratifying for me is the many citizens are realizing 02:39:36.480 --> 02:39:43.280 that the businesses who show up and get uh local approval to do data centers or flock cameras 02:39:43.920 --> 02:39:50.720 they lie they cheat they steal yeah so i want to show you the next video somebody made a video to help 02:39:50.720 --> 02:39:56.080 people come to grips with how bad this is and what they're facing when it comes to managing you know 02:39:56.080 --> 02:40:02.240 opposing your local process so let's play 26. we're gonna need a ton of water but we'll tell the product 02:40:02.240 --> 02:40:06.240 that it's not a lot of water and that's gonna work it has they're gonna find out i got this 02:40:06.240 --> 02:40:12.560 well tell them it's closed loop technology how often do you have to change the water what are you 02:40:12.560 --> 02:40:16.800 putting in the water are you putting PFAS in that water they last forever is poison shut your mouth 02:40:16.800 --> 02:40:22.480 we're just gonna tell them it's a trade secret no more questions it's a trade secret you don't have to 02:40:22.480 --> 02:40:29.680 know they don't have to know it's a trade secret you sons of how dare you ask me what i put in your water 02:40:29.680 --> 02:40:36.000 you scared me right there if anyone still wants to complain we'll just say you use email you use social media you 02:40:36.000 --> 02:40:41.040 use a data center even though an AI data center is completely different because you use a ton of power 02:40:41.040 --> 02:40:45.760 it feels like a lot hey it should feel like a lot because it is a lot but we need it we need it we need 02:40:45.760 --> 02:40:49.760 because there's no way for us to advertise you with all the data we steal from you if you don't give us 02:40:49.760 --> 02:40:53.280 the gigawatt listen to the man how are we gonna get that approved that's a good question because we'll 02:40:53.280 --> 02:40:58.560 need power lines and that'll steal a bunch of land from people through eminent domain right you can't live 02:40:58.560 --> 02:41:03.760 here you can't live here oh i know the utility they'll make billions making us new gas plants we'll just let 02:41:03.760 --> 02:41:08.480 their lobbyists do the line for us but the product wants renewables that's how much 70 percent renewable 02:41:08.480 --> 02:41:12.240 but do we put that in the contract do we put that in the contract no we didn't put that in a contract 02:41:12.240 --> 02:41:16.880 are you crazy we can't actually do it we're just gonna say it what about all the people who live 02:41:16.880 --> 02:41:21.360 around there are you talking about the poor farmers and the working class across the country yeah that's 02:41:21.360 --> 02:41:25.760 exactly what i mean i can't help it they're not rich that's their fault they'll fly over states for a 02:41:25.760 --> 02:41:31.120 reason the defense rests your honor is it a land grab yeah could their power bills go up and there be 02:41:31.120 --> 02:41:36.960 rolling blackouts yes but you know what mass surveillance isn't free yeah yeah yeah these 02:41:36.960 --> 02:41:43.280 politicians are so dumb they'll give us tax breaks yes tax breaks now bailouts later genius yes the 02:41:43.280 --> 02:41:48.400 town is never gonna vote for that the town doesn't have to the common council will uh-huh we only need 02:41:48.400 --> 02:41:52.800 to convince a few people not the whole town are you kidding me yeah okay but what about when people show 02:41:52.800 --> 02:41:57.520 up to these council meetings nobody's gonna show up to the common council meetings no one's ever gonna find 02:41:57.520 --> 02:42:04.000 i know i know i'm proud of us uh oh have you been filming this whole thing yeah son of a 02:42:09.600 --> 02:42:14.880 you know the rolling black outside blackouts thing you know i'm i'm sitting here thinking okay 02:42:14.880 --> 02:42:20.640 we're building out the surveillance grid and it's going to surveil everybody but it's going to cause 02:42:20.640 --> 02:42:27.040 rolling blackouts because of the power grid not being able to help it and when the blackouts on we won't 02:42:27.040 --> 02:42:38.240 be able to surveil everybody so these people are so nuts well but here's what's interesting you're now 02:42:38.240 --> 02:42:43.520 beginning to see the shared intelligence go to work and people sharing documents and handbooks 02:42:43.520 --> 02:42:50.960 on how to stop yeah flat cameras or how to stop so it it's speeding up it's incredible so here's here's 02:42:50.960 --> 02:42:58.320 a california resident uh going up against flock camera in his area my name is brett and i've been 02:42:58.320 --> 02:43:04.480 a corona resident in district 4 for 15 years i'm here to introduce uh d flock corona a community 02:43:04.480 --> 02:43:09.840 coalition asking this council to cancel the city's contract with flock safety and remove the cameras 02:43:09.840 --> 02:43:16.080 that have been deployed throughout our city our website is d flock dash corona dot org i'm here 02:43:16.080 --> 02:43:20.560 because new flock cameras were recently installed between my home and my daughter's school so now every 02:43:20.560 --> 02:43:26.720 time i make that drive my family's being photographed and logged into a giant corporate database i want 02:43:26.720 --> 02:43:31.360 to be clear what these cameras actually are and i say that with somebody with 20 years of experience in 02:43:31.360 --> 02:43:36.960 it i've served as the chief network architect for fortune 500 companies i've designed data centers and 02:43:36.960 --> 02:43:41.600 today i work on cloud infrastructure for one of the largest loan origination companies in the country 02:43:42.720 --> 02:43:48.640 i'm not speculating on how this technology work i've read their patents and i know how it works flock 02:43:48.640 --> 02:43:53.200 advertises these cameras as simple license plate readers their own patents tell a different story 02:43:53.200 --> 02:43:57.760 they're ai-powered surveillance machines that capture every passing vehicle in person and transmit 02:43:57.760 --> 02:44:03.120 that data to a private corporate cloud making it queryable by a multitude of state and federal agencies 02:44:03.120 --> 02:44:07.840 the city of corona does not control that database and corona residents have no public record rights 02:44:07.840 --> 02:44:14.400 against a private company's servers our daily movements are being harvested by a 7.5 billion dollar 02:44:14.400 --> 02:44:20.720 corporation that only answers to venture capital investors not to us flock did not reach that 02:44:20.720 --> 02:44:27.440 valuation on their per camera subscription fees that math doesn't add up the city council should 02:44:27.440 --> 02:44:32.640 also understand who they're doing business with flock ceo is asked whether the company had any federal 02:44:32.640 --> 02:44:38.160 contracts he said no that was a lie public records revealed that flock had been secretly running a 02:44:38.160 --> 02:44:42.720 pilot program giving the u.s border patrol access to local police camera data without the knowledge of 02:44:42.720 --> 02:44:49.680 the cities that paid for the cameras now consider who's behind the company and where your data flows flock 02:44:49.680 --> 02:44:54.640 uh integrates directly with palantir a data fusion platform with a 30 million dollar contract with ice 02:44:54.640 --> 02:44:59.360 peter thiel the founder of palantir is also one of flocks primary investors these are not separate 02:44:59.360 --> 02:45:04.320 companies with separate agendas they're connected actors that are building a connected infrastructure 02:45:05.120 --> 02:45:10.880 palantir's own ceo stated publicly just this month that his technology is being used as a political instrument 02:45:10.880 --> 02:45:16.560 to uh designed to reduce the political power of certain voters and that's the ecosystem that our corona uh 02:45:16.560 --> 02:45:23.600 cameras are feeding into uh we're not anti-police at all we're against mass surveillance of innocent 02:45:23.600 --> 02:45:29.280 residents by a company with a documented record of deception um built by investors with a stated political 02:45:29.280 --> 02:45:34.880 agenda we're asking the city council to start auditing the uh queries made against flocks database to 02:45:34.880 --> 02:45:40.000 disclose any data sharing agreements and to take a vote to cancel the flock safety contract 02:45:40.880 --> 02:45:49.040 yep so you're now seeing people who are exceptionally capable and exceptionally credentialed pushing back 02:45:49.920 --> 02:45:54.240 well you're seeing you're seeing that and you're seeing something else as i indicated earlier you're 02:45:54.240 --> 02:46:01.360 seeing people actually going out and physically removing those cameras so i'm gonna get to that okay 02:46:02.160 --> 02:46:08.800 we're gonna get to that okay it's um um okay so the next one i wanted to show you because we uh 02:46:10.000 --> 02:46:16.880 it's been a big fight in farm country as you know about the right to repair your own farm equipment yep but 02:46:16.880 --> 02:46:25.360 guess what they're up to now okay let's play the next one get this wow ford so ford and gm literally just 02:46:25.360 --> 02:46:31.600 showed up at the white house they went into the oval office to lobby the president of the united states 02:46:31.600 --> 02:46:39.120 to stop you from fixing your own vehicle i'm not kidding that's not an exaggeration that's exactly what they 02:46:39.120 --> 02:46:45.600 just did now we've covered a lot of right to repair and ownership issues over the last several months 02:46:45.600 --> 02:46:52.640 especially with vehicles and this is where it gets insane like ford is just stepping in it every single 02:46:52.640 --> 02:47:00.960 time i turn on a camera on june 3rd gm ceo mary barra ford's andrew frick the alliance for automotive 02:47:00.960 --> 02:47:08.320 innovation and the nada all of them walked into the oval office and the very next day president trump 02:47:08.320 --> 02:47:14.720 he goes on camera and says out loud on record he said we had the auto industry in yesterday 02:47:15.280 --> 02:47:21.440 they don't want people to fix their car and then he said that's strange i've never heard of that that's 02:47:21.440 --> 02:47:28.400 not a joke that's why they went to the white house ford and gm are so desperate for you to not repair 02:47:28.400 --> 02:47:35.040 your own vehicles that they took this to the white house they want to block you from repairing your vehicles 02:47:35.040 --> 02:47:41.840 with legislation lobbyists in washington dc are now in control of the future of right to repair 02:47:43.280 --> 02:47:52.800 so we did a great interview with padfield and uh dr robert padfield on privacy you know a car is a 02:47:52.800 --> 02:48:00.240 surveillance trap now yeah that's all yep right and and a new car is not only a surveillance trap but if you 02:48:00.240 --> 02:48:06.720 don't have the right to repair it yourself yeah you don't own it you don't own it and and it's going 02:48:06.720 --> 02:48:14.560 to be much much more expensive yeah so part of it is if you look globally the chinese auto industry is 02:48:15.120 --> 02:48:17.280 killing the auto industry 02:48:19.920 --> 02:48:28.800 well i look at it this way katherine um i have i have an older car that is not not one of these jeep geo 02:48:30.240 --> 02:48:39.840 synchronous positioning cars it doesn't report my location and so on uh i would not i i number one i 02:48:39.840 --> 02:48:46.560 couldn't afford a new car because now they're as much as a house in fact most new cars would now cost 02:48:46.560 --> 02:48:55.120 me more than my house mortgage uh it's obscene so no i won't buy a new car if i go out to buy another car 02:48:55.120 --> 02:49:00.980 it's going to be a used car and i'm going to have a certain date past which i will not buy that car 02:49:00.980 --> 02:49:07.220 yeah i would never buy a car after 2012 at this no i won't either i i won't either right i'm trying to 02:49:07.220 --> 02:49:13.160 figure out how i can buy one that's in good shape that i can take on the highway that's 1985 or before 02:49:13.160 --> 02:49:18.760 yeah here here yeah yeah here here yeah yeah we're going to start having to build our own 02:49:18.760 --> 02:49:24.640 all the local mechanics we'll just start building our own well look that's the other thing i'm noticing 02:49:24.640 --> 02:49:32.480 i'm noticing a lot of uh mechanic shops popping up around you know where i live uh uh i've had 02:49:32.480 --> 02:49:41.180 two mechanics shops pop up within a mile of my house in wonderful in the last three years yeah 02:49:41.180 --> 02:49:47.480 something something is going on uh people are turning off the guy that lives across from me 02:49:47.480 --> 02:49:54.160 uh just bought another new vehicle and he has not bought he he's bought three new vehicles 02:49:54.160 --> 02:50:02.140 in the last five years and each one has been a vehicle that was made before 2012 that's just me 02:50:02.140 --> 02:50:08.060 observing someone so it's interesting one of my favorite videos last year was a guy an auto mechanic 02:50:08.060 --> 02:50:13.400 that said look you know when people used to bring in a brand i didn't know i just pull out the manual 02:50:13.400 --> 02:50:20.000 figure out how it worked right and he said but after 2012 they started to put in all these sensors 02:50:20.000 --> 02:50:27.000 and now there's no mechanical logic to how it works i he said for some brands i could spend 150 hours 02:50:27.000 --> 02:50:32.760 trying to figure out how it works and he said so it's not economic so i only do brands i know or before 02:50:32.760 --> 02:50:41.620 2012 yep yep so okay so i wanted to before we leave pushback because uh there are two more videos i wanted 02:50:41.620 --> 02:50:48.720 to show you i want to end on flock but i do want to say something about ice because ice has turned out to 02:50:48.720 --> 02:50:56.340 be a very different thing than we were told um first of all uh more people were deported under 02:50:56.340 --> 02:51:06.980 obama and biden than under trump so far right so so um the whole notion was we're going to find the 02:51:06.980 --> 02:51:13.420 hardened criminals and put them out but that didn't happen they started going after mothers and schools and 02:51:13.420 --> 02:51:18.120 kids and you know it was like going after the low-hanging fruit and terrorizing people 02:51:18.120 --> 02:51:27.060 mm-hmm and they as of two months ago they had they were up to 2012 detention centers 02:51:27.060 --> 02:51:33.980 a quiet reorganization is taking over rural america and you probably never heard of it 02:51:33.980 --> 02:51:40.200 larry bender has been the supervisor of tremont pennsylvania for 40 years a town of 300 people 02:51:40.200 --> 02:51:47.640 larry voted for trump but his loyalty did not protect him larry found out from a facebook post that ice 02:51:47.640 --> 02:51:54.360 had quietly bought the biggest building in his town converting it into a detention center for 7,500 02:51:54.360 --> 02:52:03.800 people a town of 300 about to wake up 25 times its size overnight and the warehouse sits 300 yards from the 02:52:03.800 --> 02:52:12.040 only daycare in town imagine the local kids playing outside while families being separated inside scream 02:52:12.040 --> 02:52:20.040 through the walls Tremont is not alone the Washington Post obtained a leaked plan 24 warehouses across 02:52:20.040 --> 02:52:28.040 America for 38 billion dollars all bought in secret a Maryland warehouse already running has four toilets 02:52:28.040 --> 02:52:37.560 and two water fountains for 1,500 detainees how is this legal they are using a navy contract designed for 02:52:37.560 --> 02:52:44.440 emergency tents in war zones to skip the bidding process and the environmental reviews so who's 02:52:44.440 --> 02:52:51.800 getting rich when following the money we find geo group a private prison company last year they posted 02:52:51.800 --> 02:53:01.240 254 million in profit a 700 percent increase geo and core civic gave trump's campaign over a million 02:53:01.240 --> 02:53:07.400 dollars tom holman trump's border czar took consulting checks from geo before taking 02:53:07.400 --> 02:53:15.640 the job remember the Tremont warehouse the county assessed it at 59 million but the feds paid 119 02:53:16.360 --> 02:53:23.400 twice the value and no questions asked 70 percent of the people locked inside these places have no 02:53:23.400 --> 02:53:28.600 criminal conviction and the people running this playbook are betting that by the time you hear about 02:53:28.600 --> 02:53:31.000 yours it will already be built 02:53:34.680 --> 02:53:40.600 yes which raises the question of why are they contracting with private prisons to round these 02:53:40.600 --> 02:53:48.440 people up and put them in warehouses right that's diabolically evil but but if you look at how 02:53:48.440 --> 02:53:54.280 many detention centers we showed it on money and markets a map of where they are they're not they're 02:53:54.280 --> 02:53:59.080 not where the immigrants are i mean if you look at where illegal illegal immigrants are and where the 02:53:59.080 --> 02:54:04.520 detention centers are something doesn't match yeah well they're getting ready to round 02:54:04.520 --> 02:54:14.440 people like you and me up as i'm serious as a clam i'm serious as a clam uh so this they've always 02:54:14.440 --> 02:54:20.280 preferred free range and the whole point of the digital control grid is it's too expensive yeah they 02:54:20.280 --> 02:54:25.960 don't they they're never gonna i mean i'm not saying they won't try and and and you know because they 02:54:25.960 --> 02:54:33.640 keep trying to move the definition of a domestic terrorist if if you oppose a data center you're a domestic 02:54:34.360 --> 02:54:41.240 well if you're a traditional roman catholic you're on a domestic terrorist if you if you if you attend a 02:54:41.240 --> 02:54:48.440 pta meeting you could be a domestic terrorist i mean it's ridiculous okay so so i just want to tell you 02:54:48.440 --> 02:54:56.920 that that i have tremendous faith in the creativity and imagination of the american people and i think 02:54:57.560 --> 02:55:04.200 that what is now happening with pushback is going to click into high gear with creativity 02:55:04.200 --> 02:55:12.440 creativity and imagination and you know the machine will not be able to deal with it and and so you 02:55:12.440 --> 02:55:18.280 know we try and end a lot of these stories with what you should do but i want to end this story with what 02:55:18.280 --> 02:55:24.760 you should never do okay okay so i want you to understand when it comes to flock cameras what you 02:55:24.760 --> 02:55:31.480 should never ever ever ever do okay so so let's run video 30 02:55:33.560 --> 02:55:37.320 today's video i'm going to tell y'all what not to do don't ever do these things 02:55:37.320 --> 02:55:43.720 um the first thing is going to be don't ever ever approach one of these poles with a sawzall 02:55:43.720 --> 02:55:47.400 okay if you do that and you start cutting around them they're just going to fall down and we want 02:55:47.400 --> 02:55:51.160 to make sure that big brother has a chance to to really put cameras in your area and always be 02:55:51.160 --> 02:55:55.720 watching you this is going to really hinder them from watching you so please please please don't 02:55:55.720 --> 02:55:59.560 vandalize these kind of things and cut them down with a sawzall because they'll fall down really 02:55:59.560 --> 02:56:05.320 quick next don't label all the flock cameras in your area by using dflock.org you don't want to do that 02:56:05.320 --> 02:56:09.320 because if you label them then people with bad intentions are going to cut them down number three 02:56:09.880 --> 02:56:16.280 do not under any circumstances buy a $50 high powered blue or green laser from amazon and shine it 02:56:16.280 --> 02:56:20.920 directly onto the flock cameras because that's going to damage them y'all that's going to damage the sensors 02:56:21.160 --> 02:56:25.400 and it's going to make them unable to spy on you and we definitely don't want that number four 02:56:27.400 --> 02:56:34.360 do not under any circumstances use the camera map on dflock.org to find the cameras in your area and 02:56:34.360 --> 02:56:39.480 spray them with a spray paint extender that you see some of these these awful people using they come up 02:56:39.480 --> 02:56:43.320 from behind them and they spray the uh the front of the camera they're not going to be able to see 02:56:43.320 --> 02:56:49.960 nothing i mean come on guys grow up number five these flock cameras are attached using a simple 02:56:49.960 --> 02:56:54.920 eight millimeter socket so please don't carry around eight millimeter sockets you're just going to be 02:56:54.920 --> 02:57:01.160 tempted to use them okay number six do not buy a pair of the uh what do they call the vader facial 02:57:01.160 --> 02:57:06.280 recognition blocking sunglasses because that's going to prevent flock from finding out who you are 02:57:06.280 --> 02:57:11.400 in case you accidentally just ran into one too hard and they consider it vandalism number seven if you're 02:57:11.400 --> 02:57:17.480 caught uh you're gonna have like a class four misdemeanor which is serious business y'all this is private 02:57:17.480 --> 02:57:23.960 property a class four misdemeanor means you're looking at community service if you get caught so i mean i 02:57:23.960 --> 02:57:29.000 hope you feel the weight of what's going on here number eight do not go around telling all the homeless 02:57:29.000 --> 02:57:35.080 people that the flock cameras have about 10 pounds of copper inside them because look that's gonna give 02:57:35.080 --> 02:57:40.440 them way too many ideas and they're gonna try to get rich quick number nine definitely definitely do not 02:57:40.440 --> 02:57:46.280 attend any of the city planning meetings and argue against these cameras because we all love Peter Thiel 02:57:46.280 --> 02:57:50.520 and we love big brother and we love mass surveillance we want to make sure that he's able to keep doing his 02:57:50.520 --> 02:57:56.520 job all right at the end of the day y'all just remember that these things do not belong to the city 02:57:56.520 --> 02:58:01.960 they are private property of a very very perverted company that believes that they should be turning 02:58:01.960 --> 02:58:07.880 our lives into a real life hunger games oh number 10 by the way i forgot to tell you about this uh don't 02:58:07.880 --> 02:58:13.080 buy those lasers and donate them to a bunch of 14 to 18 year old kids this summer with nothing else to do 02:58:13.080 --> 02:58:16.760 because they might actually you know accidentally damage one of these things when you do that 02:58:17.480 --> 02:58:24.840 so these are the things we do not to do yes don't don't do these we do not we don't want anything like 02:58:24.840 --> 02:58:33.240 that being done uh and we we might add to that we don't want people training pigeons or other birds 02:58:33.240 --> 02:58:43.000 to be pulling wires out of 5g towers uh we don't want that no see that video is exactly why you 02:58:43.000 --> 02:58:51.720 and i live in the heartland yes yes yes yes this is why we don't choose to live in new york city or 02:58:51.720 --> 02:58:57.000 we don't we don't want to live next to eric schmidt and peter thiel no we don't right 02:58:58.520 --> 02:59:04.040 or the kushners in miami no no we don't want to live around any of those people 02:59:08.120 --> 02:59:16.840 do do not folks do not go out and buy green lasers or uh spray paint pole things and give them to 02:59:16.840 --> 02:59:26.360 children um but we don't want that no no no no ah so now one thing i'll say is they're serious about 02:59:26.360 --> 02:59:33.000 this apparently somebody i read a a tweet that said somebody had been given an army he was an army 02:59:33.000 --> 02:59:39.480 engineer he'd been given 18 years for destroying three fly cameras and i tweeted out and i said well 02:59:39.480 --> 02:59:45.480 it's not like he stole 21 trillion which is not so bad but destroying three fly cameras you know so nobody 02:59:45.480 --> 02:59:51.400 went to jail over stealing 21 trillion nobody went to jail over 29 train of bailouts no one went to jail 02:59:51.400 --> 02:59:58.840 for 6 trillion of you know injections that's not a problem and and trump can drift in his family 2.2 02:59:58.840 --> 03:00:05.800 billion is 6 billion but anyway so another guy came up who had a go fund me campaign he's being 03:00:05.800 --> 03:00:12.440 prosecuted for destroying a flat camera so we sent in a hundred dollars and anyway so if you see any 03:00:12.440 --> 03:00:22.360 go send me uh you know accounts for these folks it's something to do yeah do do that okay um that's the 03:00:22.360 --> 03:00:28.120 end of part one we'll be back next week with part two any closing comments joseph no 03:00:31.240 --> 03:00:32.680 i like that video 03:00:35.160 --> 03:00:41.080 oh i got good ones for you in part two okay well let's let's do them thanks for having me back 03:00:42.120 --> 03:00:48.920 ladies and gentlemen thank you for joining uh on news trends and stories and you see now why we have 03:00:48.920 --> 03:00:55.080 someone with a phd in patristics helping us with finance because the finance guys with the 03:00:55.080 --> 03:01:00.760 possible exception of ed dowd and his partner carlos have have trouble understanding what's really 03:01:00.760 --> 03:01:07.560 going on here joseph okay ladies and gentlemen we have a wonderful week and joseph and i will see you 03:01:07.560 --> 03:01:17.720 next week 03:01:37.560 --> 03:01:39.480 I'll see you in the next week 03:01:39.480 --> 03:01:40.960 I'll see you in the next week 03:01:40.960 --> 03:01:42.360 I'll see you in the next week 03:01:42.360 --> 03:01:43.520 I'll see you in the next week 03:01:43.520 --> 03:01:45.280 I'll see you in the next week 03:01:45.280 --> 03:01:47.440 I'll see you in the next week 03:01:47.440 --> 03:01:48.960 I'll see you in the next week 03:01:48.960 --> 03:01:51.080 I'll see you in the next week 03:01:51.080 --> 03:01:53.120 I'll see you in the next week 03:01:53.120 --> 03:01:55.960 I'll see you in the next week 03:01:55.960 --> 03:01:58.000 I'll see you in the next week 03:01:58.000 --> 03:02:00.120 I'll see you in the next week 03:02:00.120 --> 03:02:03.080 I'll see you in the next week 03:02:03.080 --> 03:02:05.080 I'll see you in the next week 03:02:05.080 --> 03:02:06.640 I'll see you in the next week 03:02:06.640 --> 03:02:07.960 I'll see you in the next week 03:02:07.960 --> 03:02:08.640 I'll see you in the next week 03:02:08.640 --> 03:02:09.920 I'll see you in the next week 03:02:09.920 --> 03:02:10.640 I'll see you in the next week 03:02:10.640 --> 03:02:11.640 I'll see you in the next week 03:02:11.640 --> 03:02:12.400 I'll see you in the next week 03:02:12.400 --> 03:02:12.640 I'll see you in the next week 03:02:12.640 --> 03:02:13.600 I'll see you in the next week 03:02:13.600 --> 03:02:14.640 I'll see you in the next week 03:02:14.640 --> 03:02:15.640 I'll see you in the next week 03:02:15.640 --> 03:02:16.160 I'll see you in the next week 03:02:16.160 --> 03:02:16.640 I'll see you in the next week 03:02:16.640 --> 03:02:17.720 I'll see you in the next week 03:02:17.720 --> 03:02:18.640 I'll see you in the next week 03:02:18.640 --> 03:02:19.640 I'll see you in the next week 03:02:19.640 --> 03:02:20.600 I'll see you in the next week 03:02:20.600 --> 03:02:21.920 I'll see you in the next week 03:02:21.920 --> 03:02:22.640 I'll see you in the next week 03:02:22.640 --> 03:02:24.400 I'll see you in the next week 03:02:24.400 --> 03:02:25.640 I'll see you in the next week 03:02:25.640 --> 03:02:27.640 I'll see you in the next week 03:02:35.080 --> 03:03:02.320 I'll see you in the next week