1 00:00:00,760 --> 00:00:03,680 Speaker 1: Hey, guys, ready or not, twenty twenty four is here, 2 00:00:03,840 --> 00:00:06,320 Speaker 1: and we here at breaking points, are already thinking of 3 00:00:06,360 --> 00:00:08,600 Speaker 1: ways we can up our game for this critical election. 4 00:00:08,800 --> 00:00:11,719 Speaker 2: We rely on our premium subs to expand coverage, upgrade 5 00:00:11,720 --> 00:00:15,720 Speaker 2: the studio ad staff give you, guys, the best independent. 6 00:00:15,120 --> 00:00:16,239 Speaker 3: Coverage that is possible. 7 00:00:16,280 --> 00:00:18,279 Speaker 2: If you like what we're all about, it just means 8 00:00:18,320 --> 00:00:20,080 Speaker 2: the absolute world to have your support. 9 00:00:20,160 --> 00:00:21,840 Speaker 3: But enough with that, let's get to the show. 10 00:00:24,880 --> 00:00:28,200 Speaker 2: There's been a lot of concern in the markets right 11 00:00:28,200 --> 00:00:32,080 Speaker 2: now around Nvidia after this major event Happenalles's put this 12 00:00:32,200 --> 00:00:34,360 Speaker 2: up there on the screen from the Wall Street Journal. 13 00:00:34,560 --> 00:00:39,199 Speaker 2: It recently ascended to become the world's most valuable company, 14 00:00:39,560 --> 00:00:44,280 Speaker 2: going over Microsoft in terms of its market capitalization, reminding 15 00:00:44,400 --> 00:00:46,960 Speaker 2: a lot of people of what happened not that long 16 00:00:47,000 --> 00:00:50,720 Speaker 2: ago during the dot com bust. As they reference Cisco 17 00:00:51,000 --> 00:00:54,440 Speaker 2: Systems in March of two thousand, was the last time 18 00:00:54,600 --> 00:01:00,160 Speaker 2: a major, big provider of computing infrastructure surpassed Microsoft, and 19 00:01:00,160 --> 00:01:04,880 Speaker 2: in retrospect, actually was a major indicator of some of 20 00:01:04,880 --> 00:01:07,440 Speaker 2: the falling values to come now. I want to say, 21 00:01:07,480 --> 00:01:10,400 Speaker 2: to be fair, the CEO of Cisco at that time, 22 00:01:10,680 --> 00:01:13,280 Speaker 2: while he said that there are some parallels. Said quote 23 00:01:13,280 --> 00:01:15,679 Speaker 2: that the dynamics of AI are different than the previous 24 00:01:15,680 --> 00:01:18,840 Speaker 2: ones such as internet and cloud computing, and he has 25 00:01:19,000 --> 00:01:21,960 Speaker 2: said that he himself is majorly invested in AI and 26 00:01:22,000 --> 00:01:25,080 Speaker 2: in cybersecurity, so he doesn't think it's necessarily a one 27 00:01:25,120 --> 00:01:28,080 Speaker 2: to one situation. But part of the reason why it's 28 00:01:28,160 --> 00:01:32,640 Speaker 2: kind of scary is that the exponential jumps in Nvidia 29 00:01:33,040 --> 00:01:37,040 Speaker 2: are powering huge portions of everybody's retirement that they may 30 00:01:37,080 --> 00:01:40,000 Speaker 2: not even really be aware of. And it's not just them, 31 00:01:40,240 --> 00:01:42,960 Speaker 2: it's that the market forces that are driving video above 32 00:01:43,280 --> 00:01:46,000 Speaker 2: Microsoft are the same ones that are powering let's say 33 00:01:46,000 --> 00:01:50,320 Speaker 2: Google or Meta or any of these other technology companies 34 00:01:50,360 --> 00:01:53,280 Speaker 2: who are betting the farm on AI. They're investing massive 35 00:01:53,360 --> 00:01:55,920 Speaker 2: hundreds of billions of dollars into this, and so if 36 00:01:55,960 --> 00:01:58,360 Speaker 2: there's any crack in the system, it's not just going 37 00:01:58,440 --> 00:02:00,840 Speaker 2: to come from Nvidio, it's going to share, you know, 38 00:02:01,000 --> 00:02:04,240 Speaker 2: huge amounts of value off all of these technology companies. 39 00:02:04,400 --> 00:02:04,960 Speaker 3: And when you. 40 00:02:04,880 --> 00:02:07,160 Speaker 2: Add those up, I mean seven out of the eight 41 00:02:07,200 --> 00:02:11,440 Speaker 2: trillion dollar companies in the world are US based technology companies. 42 00:02:11,480 --> 00:02:14,560 Speaker 2: The only other one is Saudi Aramco. So that means 43 00:02:14,600 --> 00:02:17,480 Speaker 2: that if you saw any drop in Nvidia. It's not 44 00:02:17,560 --> 00:02:20,680 Speaker 2: just that Nvidia is so dramatically represented in the S 45 00:02:20,720 --> 00:02:21,680 Speaker 2: and P five hundred. 46 00:02:21,840 --> 00:02:24,280 Speaker 3: So let's say you're normal investor. 47 00:02:24,040 --> 00:02:26,679 Speaker 2: You're Voo is like a meme online, which is like 48 00:02:26,720 --> 00:02:29,000 Speaker 2: the Vanguard S and P five hundred ETF. 49 00:02:29,120 --> 00:02:30,399 Speaker 3: You're like, I have brought exposure. 50 00:02:30,440 --> 00:02:32,960 Speaker 2: It's like, well, you know, actually today you don't not 51 00:02:33,120 --> 00:02:35,040 Speaker 2: nearly as much as you think. Let's put this up 52 00:02:35,040 --> 00:02:37,760 Speaker 2: there on the screen just to give people an example. 53 00:02:37,800 --> 00:02:38,920 Speaker 3: I mean, you can see. 54 00:02:38,639 --> 00:02:43,399 Speaker 2: There clearly what the how far n video is powering 55 00:02:43,480 --> 00:02:47,240 Speaker 2: the S and P five hundred above where things are, 56 00:02:47,280 --> 00:02:49,160 Speaker 2: and so where we say, like, oh, the S and 57 00:02:49,200 --> 00:02:51,120 Speaker 2: P five hundred is up what twenty five percent or 58 00:02:51,160 --> 00:02:53,680 Speaker 2: whatever over the last year or so, Well, when we 59 00:02:53,720 --> 00:02:55,840 Speaker 2: look at it, though, a huge portion of that is 60 00:02:55,919 --> 00:02:59,760 Speaker 2: driven by those exponential n Vidia gains. So it's not 61 00:02:59,880 --> 00:03:03,600 Speaker 2: just that the single stock is so behind the rally 62 00:03:03,680 --> 00:03:06,600 Speaker 2: in so many public markets. It's that if there were 63 00:03:06,600 --> 00:03:09,119 Speaker 2: to ever be a crack in Nvidia, it would mean 64 00:03:09,120 --> 00:03:12,320 Speaker 2: that there is a crack in the whole technology ecosystem, 65 00:03:12,440 --> 00:03:14,880 Speaker 2: which is almost like a quarter of you US GDP 66 00:03:15,000 --> 00:03:18,040 Speaker 2: at this point, and any significant plunge we're talking about 67 00:03:18,040 --> 00:03:21,799 Speaker 2: capital problems, liquidity problems, people's retirements get wiped out. I mean, 68 00:03:21,919 --> 00:03:24,720 Speaker 2: it's a disaster, as we all found out in two 69 00:03:24,720 --> 00:03:25,359 Speaker 2: thousand and eight. 70 00:03:25,400 --> 00:03:26,800 Speaker 3: So this is something that a lot. 71 00:03:26,720 --> 00:03:29,120 Speaker 2: Of people that I know that are skeptical are starting 72 00:03:29,160 --> 00:03:31,119 Speaker 2: to get worried about what happens here. 73 00:03:31,160 --> 00:03:33,000 Speaker 3: Should anything happen with this single company. 74 00:03:33,120 --> 00:03:33,560 Speaker 4: Yeah, and it. 75 00:03:33,520 --> 00:03:36,760 Speaker 1: Seems to me like the question isn't whether AI will 76 00:03:36,840 --> 00:03:41,080 Speaker 1: ultimately be a transformative technology and whether these chips are 77 00:03:41,120 --> 00:03:43,320 Speaker 1: going to continue to be central to a lot of 78 00:03:43,360 --> 00:03:46,240 Speaker 1: new tech development. But I mean that's the thing, like 79 00:03:46,240 --> 00:03:48,640 Speaker 1: with the dot com bubble, it's not that the Internet 80 00:03:48,880 --> 00:03:52,600 Speaker 1: wasn't transformation directs that you had a lot of you know, 81 00:03:53,080 --> 00:03:56,680 Speaker 1: dumb company ideas, a lot of froth in the early days, 82 00:03:57,120 --> 00:04:01,080 Speaker 1: and a lot of money just being thrown at absolutely anything, 83 00:04:01,640 --> 00:04:04,800 Speaker 1: whether it had a real market, whether it had a 84 00:04:04,840 --> 00:04:08,400 Speaker 1: real path to you know, earning revenue and becoming profitable 85 00:04:08,640 --> 00:04:10,920 Speaker 1: or not. And you know, I mean you see this 86 00:04:11,040 --> 00:04:14,520 Speaker 1: with a lot of new industries when they're first developing. 87 00:04:14,760 --> 00:04:17,560 Speaker 1: Some things will succeed and many other things will not 88 00:04:17,680 --> 00:04:19,479 Speaker 1: make it and crash even though they were in the 89 00:04:19,560 --> 00:04:21,400 Speaker 1: right place sort of at the right time. There were 90 00:04:21,400 --> 00:04:24,200 Speaker 1: a lot of early personal computing brands that are no 91 00:04:24,320 --> 00:04:30,080 Speaker 1: longer around, even as the PC obviously became really transformational technology. So, 92 00:04:30,440 --> 00:04:32,279 Speaker 1: you know what, I know, I'm a layperson. I'm just 93 00:04:32,279 --> 00:04:35,719 Speaker 1: looking at this from the outside, but having lived through 94 00:04:36,040 --> 00:04:39,320 Speaker 1: the you know, two thousand and that crash, it does 95 00:04:39,360 --> 00:04:41,839 Speaker 1: seem like it could rhyme like we could be seeing 96 00:04:41,880 --> 00:04:45,080 Speaker 1: a very similar dynamic where there's so much hype around AI, 97 00:04:45,160 --> 00:04:48,200 Speaker 1: there's so much money being thrown at it, there's so 98 00:04:48,279 --> 00:04:51,240 Speaker 1: much projection of what it will mean in the future 99 00:04:51,640 --> 00:04:55,080 Speaker 1: that obviously in Nvidia's price right now like doesn't reflect 100 00:04:55,120 --> 00:04:58,039 Speaker 1: where they are right now today. It's all based on 101 00:04:58,200 --> 00:05:02,279 Speaker 1: people's projections of what it could be in the future. Yes, 102 00:05:02,440 --> 00:05:05,560 Speaker 1: so if anything rocks that, if you know, the if 103 00:05:05,600 --> 00:05:08,120 Speaker 1: it doesn't come to fruition to be as transformation, or 104 00:05:08,120 --> 00:05:10,520 Speaker 1: if a lot of these companies startup companies and other 105 00:05:10,640 --> 00:05:13,840 Speaker 1: larger players that are incorporating this and betting on this 106 00:05:13,880 --> 00:05:16,479 Speaker 1: for their future success, if it doesn't work out in 107 00:05:16,560 --> 00:05:19,720 Speaker 1: the first iteration, there could be massive exposure here. 108 00:05:19,760 --> 00:05:21,360 Speaker 4: So I definitely think it's an important thing to keep 109 00:05:21,360 --> 00:05:21,719 Speaker 4: an eye on. 110 00:05:21,720 --> 00:05:22,320 Speaker 3: I'm worried about it. 111 00:05:22,360 --> 00:05:25,080 Speaker 2: I mean, for example, you know, the quarterly revenue of Apple, 112 00:05:25,160 --> 00:05:27,359 Speaker 2: which is I think the second most valuable company, is 113 00:05:27,360 --> 00:05:29,599 Speaker 2: like ninety billion. It's like Nvidia is doing like twenty 114 00:05:29,600 --> 00:05:33,520 Speaker 2: six billion. Well okay, so again, market people, I get it, 115 00:05:33,520 --> 00:05:34,480 Speaker 2: it's about future. 116 00:05:34,279 --> 00:05:35,600 Speaker 3: Value, not current value. 117 00:05:35,680 --> 00:05:38,800 Speaker 2: But we're talking about Apple, a global brand with its 118 00:05:38,839 --> 00:05:42,480 Speaker 2: own you know, proven infrastructure, has a lot more resilience. 119 00:05:42,920 --> 00:05:45,440 Speaker 2: This is not the similar situation. I mean I was 120 00:05:45,440 --> 00:05:48,240 Speaker 2: looking at some of the worries about Nvidia. The very 121 00:05:48,279 --> 00:05:51,200 Speaker 2: first thing that the new tsmc CEO, the person who 122 00:05:51,520 --> 00:05:54,400 Speaker 2: actually makes all the chips in Taiwan, He's like, yeah, 123 00:05:54,440 --> 00:05:55,839 Speaker 2: I think Jensen and I are going to need to 124 00:05:55,880 --> 00:05:58,600 Speaker 2: talk about prices, you know, forest chips. Yeah, well, this 125 00:05:58,640 --> 00:06:01,520 Speaker 2: single company is making all the chips. You're basically have 126 00:06:01,760 --> 00:06:04,200 Speaker 2: the world's most valuable company. You're there, a soul supplier. 127 00:06:04,360 --> 00:06:05,720 Speaker 2: What do you think you're going to do? It doesn't 128 00:06:05,720 --> 00:06:08,520 Speaker 2: take an economics genius to figure it out. At the 129 00:06:08,560 --> 00:06:12,320 Speaker 2: same time, I mean, we are a single one. Imagine this, 130 00:06:12,440 --> 00:06:14,880 Speaker 2: China doesn't even invade Taiwan. They do what North Korea 131 00:06:14,920 --> 00:06:17,240 Speaker 2: does and they just launch a missile over Taiwan that 132 00:06:17,320 --> 00:06:19,240 Speaker 2: crashes over. You are going to see half the s 133 00:06:19,279 --> 00:06:21,599 Speaker 2: and P five hundred go to zero. I mean, the 134 00:06:21,640 --> 00:06:25,640 Speaker 2: existential systemic risk that you see there is outrageous. I mean, 135 00:06:25,839 --> 00:06:29,040 Speaker 2: and the back of the US economy is built on this, 136 00:06:29,120 --> 00:06:33,560 Speaker 2: So we are really subject to a massive shock. And geopolitics, 137 00:06:33,760 --> 00:06:36,560 Speaker 2: what you think Ukraine was important, Yeah, I get it. 138 00:06:36,560 --> 00:06:39,719 Speaker 2: It's spike the price of gas and screwed up some 139 00:06:39,760 --> 00:06:42,839 Speaker 2: wheat markets. That is nothing compared to the risk that 140 00:06:42,960 --> 00:06:46,039 Speaker 2: is sitting on the Taiwan island. And when we consider 141 00:06:46,200 --> 00:06:48,440 Speaker 2: you know, the geopolitical risk, but really a lot of 142 00:06:48,480 --> 00:06:50,320 Speaker 2: the exposure that people have here. 143 00:06:50,720 --> 00:06:52,760 Speaker 3: People are very worried about froth. 144 00:06:52,880 --> 00:06:55,240 Speaker 2: They're worried about like miss price and it's like you 145 00:06:55,279 --> 00:06:57,240 Speaker 2: just said, no one is saying this company is not 146 00:06:57,279 --> 00:07:01,320 Speaker 2: extraordinarily valuable and it's not a trends but it is 147 00:07:01,400 --> 00:07:04,960 Speaker 2: also one where it could be just overpriced from where 148 00:07:04,960 --> 00:07:07,880 Speaker 2: it was, just like Amazon dot Com was in the 149 00:07:07,880 --> 00:07:10,400 Speaker 2: middle of the dot com bubble, And ask any of 150 00:07:10,400 --> 00:07:12,920 Speaker 2: your parents who lived through the dot com crash. It 151 00:07:12,960 --> 00:07:15,440 Speaker 2: took a while for people to come out of that. 152 00:07:15,520 --> 00:07:17,760 Speaker 2: There were a lot of lessons learned. We're already seeing 153 00:07:17,800 --> 00:07:20,480 Speaker 2: like some signs of a lot of these ai startups 154 00:07:20,560 --> 00:07:21,120 Speaker 2: just going busts. 155 00:07:21,200 --> 00:07:22,640 Speaker 4: There's going to be a lot of pets dot com. 156 00:07:22,720 --> 00:07:23,920 Speaker 3: Yeah, and we're already watching it. 157 00:07:23,960 --> 00:07:27,320 Speaker 2: There was this famous Marquise Brownly like helped kill this company. 158 00:07:27,320 --> 00:07:29,240 Speaker 2: It was called Humane AI. It was like a pin 159 00:07:29,360 --> 00:07:31,520 Speaker 2: that you wear that you try and speak to and 160 00:07:31,560 --> 00:07:34,600 Speaker 2: it was a terrible idea honestly. But I mean they 161 00:07:34,680 --> 00:07:37,320 Speaker 2: raised like a quarter billion dollars. He actually uses it 162 00:07:37,320 --> 00:07:39,760 Speaker 2: doesn't up doing well at all. Now I think they're 163 00:07:39,880 --> 00:07:42,200 Speaker 2: you know, a fire sale or whatever on the company 164 00:07:42,320 --> 00:07:44,320 Speaker 2: is a lot of these wearable AI texts. 165 00:07:44,480 --> 00:07:46,160 Speaker 3: Just from an observation. I know a lot of these 166 00:07:46,160 --> 00:07:47,240 Speaker 3: people work in tech. 167 00:07:47,520 --> 00:07:49,800 Speaker 2: Two years ago they were all Web three you know, 168 00:07:49,880 --> 00:07:50,679 Speaker 2: crypto guys. 169 00:07:50,920 --> 00:07:54,480 Speaker 3: Now they're AI guys or like using AI to power X, 170 00:07:54,600 --> 00:07:54,920 Speaker 3: y and Z. 171 00:07:55,160 --> 00:07:58,280 Speaker 2: And the other funny thing is you watch how chat 172 00:07:58,320 --> 00:08:01,200 Speaker 2: GPT for example, and it's translation. Whenever it rolled out 173 00:08:01,200 --> 00:08:04,160 Speaker 2: real times translation, that wiped out like seven different companies 174 00:08:04,320 --> 00:08:04,920 Speaker 2: who had. 175 00:08:04,840 --> 00:08:06,320 Speaker 3: Raised hundreds of millions of dollars. 176 00:08:06,400 --> 00:08:08,720 Speaker 2: Being like, we're going to use AI to real time 177 00:08:08,760 --> 00:08:11,280 Speaker 2: translate and chat GPT is like yeah, but we could 178 00:08:11,320 --> 00:08:13,960 Speaker 2: just do that well now, yeah, yeah exactly, And we're 179 00:08:14,000 --> 00:08:17,320 Speaker 2: watching too here, Like Microsoft a huge portion of their 180 00:08:17,440 --> 00:08:20,760 Speaker 2: rally is through their enterprise collaboration. 181 00:08:20,440 --> 00:08:23,200 Speaker 3: With open ai, right with chat EPT. 182 00:08:23,400 --> 00:08:25,200 Speaker 2: So you can just see how like there's a lot 183 00:08:25,200 --> 00:08:27,120 Speaker 2: of like there's only a couple dominoes that need to 184 00:08:27,120 --> 00:08:28,920 Speaker 2: fall here, and a lot of stuff is going to 185 00:08:28,960 --> 00:08:29,440 Speaker 2: get wiped off. 186 00:08:29,480 --> 00:08:31,000 Speaker 3: Now, Microsoft not is going to go bankrupt. 187 00:08:31,000 --> 00:08:32,800 Speaker 2: I'm not saying that, but right, you know, you shaved 188 00:08:32,840 --> 00:08:35,120 Speaker 2: what ten percent or whatever off the value that's two 189 00:08:35,120 --> 00:08:36,080 Speaker 2: trillion dollar company. 190 00:08:36,160 --> 00:08:38,600 Speaker 1: Yeah, well, I mean you've got definitely the pets dot 191 00:08:38,600 --> 00:08:39,319 Speaker 1: com phenomenon. 192 00:08:39,559 --> 00:08:40,600 Speaker 4: We already see that. 193 00:08:40,640 --> 00:08:42,640 Speaker 1: I mean the numbers in that first article we put up, 194 00:08:42,679 --> 00:08:46,040 Speaker 1: they say that been fatiable flow of money into AIS 195 00:08:46,120 --> 00:08:49,720 Speaker 1: raised eyebrows among investors uncertain the boom can continue without pause. 196 00:08:49,920 --> 00:08:54,240 Speaker 1: Some fifty billion dollars has been invested in in videos 197 00:08:54,320 --> 00:08:57,120 Speaker 1: chips since the boom began, according to a Sequoia capital 198 00:08:57,200 --> 00:09:01,360 Speaker 1: estimate March, but generative AI stars have only brought in 199 00:09:01,640 --> 00:09:06,560 Speaker 1: three billion in sales. So fifty billion invested but only 200 00:09:06,840 --> 00:09:10,720 Speaker 1: three billion in sales returned. No one should have any 201 00:09:10,720 --> 00:09:15,120 Speaker 1: confidence also that the vcs that are primarily responsible for 202 00:09:15,160 --> 00:09:18,120 Speaker 1: distributing a lot of this money have any more sophisticated 203 00:09:18,240 --> 00:09:20,880 Speaker 1: understanding of what's going to work than basically like you 204 00:09:21,000 --> 00:09:23,360 Speaker 1: or I do, we've seen the way that they have 205 00:09:23,440 --> 00:09:26,240 Speaker 1: been fleeced. If you come in with the right pitch 206 00:09:26,360 --> 00:09:28,520 Speaker 1: and the right set of investors and the right board 207 00:09:28,640 --> 00:09:31,240 Speaker 1: and people who seem like they're prestigious and know what 208 00:09:31,240 --> 00:09:35,240 Speaker 1: they're doing, they can easily be fleeced on this stuff too. 209 00:09:35,559 --> 00:09:38,640 Speaker 1: So that's no check against this sort of froth. And 210 00:09:38,679 --> 00:09:40,439 Speaker 1: then the other thing I would say is like, in 211 00:09:40,640 --> 00:09:43,280 Speaker 1: the established players, it's not like some of the products 212 00:09:43,280 --> 00:09:45,720 Speaker 1: they've put out have really gone over that well, what 213 00:09:45,800 --> 00:09:50,080 Speaker 1: is it the Google like AI generated results have been 214 00:09:50,280 --> 00:09:52,960 Speaker 1: dramatically wrong and embarrassing? 215 00:09:53,280 --> 00:09:55,880 Speaker 4: What was the image thing that we covered, or like. 216 00:09:55,760 --> 00:09:58,360 Speaker 3: They're like show me a Nazi soldiers or a black guy. 217 00:09:59,040 --> 00:10:01,760 Speaker 1: They went to the direction of being woke and it 218 00:10:01,880 --> 00:10:06,040 Speaker 1: just like made it wrong, like just totally historically inaccurate, 219 00:10:06,080 --> 00:10:08,480 Speaker 1: and their attempt not to have white people on the 220 00:10:08,520 --> 00:10:11,640 Speaker 1: screen at any particular time. So it's not like even 221 00:10:11,640 --> 00:10:14,560 Speaker 1: the established players have really lived up to the hype 222 00:10:14,559 --> 00:10:15,120 Speaker 1: at this point. 223 00:10:15,360 --> 00:10:16,679 Speaker 4: So a lot of question marks there. 224 00:10:16,800 --> 00:10:19,640 Speaker 2: Yeah, I'm very worried because it you know, even at 225 00:10:19,679 --> 00:10:21,920 Speaker 2: twenty five percent drop ten percent drop, which is you 226 00:10:21,920 --> 00:10:24,800 Speaker 2: should always if you're buying and playing around in single stocks, 227 00:10:25,080 --> 00:10:27,959 Speaker 2: you need to be prepared for that. And if that happens, 228 00:10:28,120 --> 00:10:30,160 Speaker 2: huge portion of the S and P five hundred goes down. 229 00:10:30,400 --> 00:10:32,600 Speaker 2: Now we're asking all of these questions. I mean, if 230 00:10:32,640 --> 00:10:34,520 Speaker 2: you go back and you study the dot com era, 231 00:10:34,840 --> 00:10:38,240 Speaker 2: it took I think like seven years really to yield 232 00:10:38,280 --> 00:10:41,480 Speaker 2: some of the investment results that eventually went down into 233 00:10:41,520 --> 00:10:44,520 Speaker 2: the fact that dot com enabled people to lay broadband 234 00:10:44,559 --> 00:10:47,720 Speaker 2: and fiber optics some of that stuff and eventually yielded 235 00:10:47,720 --> 00:10:50,080 Speaker 2: results in two thousand and eight and forward. But I mean, 236 00:10:50,080 --> 00:10:52,079 Speaker 2: it took a long time for some of that stuff 237 00:10:52,120 --> 00:10:54,840 Speaker 2: to materialize. And I always think about the sixty five 238 00:10:54,920 --> 00:10:57,240 Speaker 2: year old of today because it's easy to think about, 239 00:10:57,480 --> 00:10:59,240 Speaker 2: you know, oh, well, in the long run, everything will 240 00:10:59,240 --> 00:11:01,200 Speaker 2: be okay. If you have to wait seven years and 241 00:11:01,200 --> 00:11:03,280 Speaker 2: you're sixty five, it's a long time for you to 242 00:11:03,280 --> 00:11:05,640 Speaker 2: wait for your retirement. Stating has to come back. At 243 00:11:05,679 --> 00:11:07,720 Speaker 2: the same time, we do have a counter indicator that 244 00:11:07,720 --> 00:11:10,160 Speaker 2: a Nvidia is not going anywhere and it's doing just fine. 245 00:11:10,240 --> 00:11:14,319 Speaker 2: Let's put this up there on the screen. Nancy, presumably 246 00:11:14,400 --> 00:11:17,520 Speaker 2: her husband maybe her has now made over five million 247 00:11:17,600 --> 00:11:20,720 Speaker 2: dollars off of some Nvidia options, up two hundred and 248 00:11:20,720 --> 00:11:23,080 Speaker 2: thirty percent in two hundred and ten days. Still not 249 00:11:23,200 --> 00:11:25,880 Speaker 2: sold her call option, she has made over twenty times 250 00:11:25,880 --> 00:11:28,760 Speaker 2: her salary portfolio at an all time high of one 251 00:11:28,840 --> 00:11:33,480 Speaker 2: hundred percent according to our friend unusual whales. So when 252 00:11:33,840 --> 00:11:37,560 Speaker 2: she actually sells, then perhaps we may be in a problem. 253 00:11:38,320 --> 00:11:39,320 Speaker 3: But here's the other problem. 254 00:11:39,360 --> 00:11:42,040 Speaker 2: You won't find out in terms of reporting until like 255 00:11:42,120 --> 00:11:44,480 Speaker 2: thirty days or whatever after we sell, So we don't 256 00:11:44,520 --> 00:11:47,200 Speaker 2: have a real time indicator of whether she's getting out 257 00:11:47,320 --> 00:11:47,520 Speaker 2: or not. 258 00:11:47,760 --> 00:11:50,000 Speaker 4: But I don't know she could be selling today. 259 00:11:50,040 --> 00:11:50,920 Speaker 3: We don't know exactly. 260 00:11:51,200 --> 00:11:53,680 Speaker 2: Personally, I'm just saying I'm worried about it because of 261 00:11:54,080 --> 00:11:56,080 Speaker 2: first of all, a lot of friends who work in technology. 262 00:11:56,280 --> 00:11:59,240 Speaker 2: But second, and really the most importantly is just anybody 263 00:11:59,280 --> 00:12:01,160 Speaker 2: out there who's got tirem and savings and more. You 264 00:12:01,160 --> 00:12:03,200 Speaker 2: have a lot more exposure to this stuff than you 265 00:12:03,280 --> 00:12:06,160 Speaker 2: may even realize, and something could just happen and boom. 266 00:12:06,240 --> 00:12:07,840 Speaker 3: You know, we're in a totally different economy. 267 00:12:07,920 --> 00:12:10,000 Speaker 1: Yeah, and that has ripple effects for everyone, whether you're 268 00:12:10,040 --> 00:12:11,040 Speaker 1: in the stock market or not. 269 00:12:13,640 --> 00:12:16,199 Speaker 2: All right, let's go to Russia and North Korea. This 270 00:12:16,280 --> 00:12:19,920 Speaker 2: is something again been tracking very closely, and one in 271 00:12:19,960 --> 00:12:22,720 Speaker 2: which the level of lying from the mainstream media is 272 00:12:22,840 --> 00:12:25,240 Speaker 2: just out shocking to us. You know, really, let's put 273 00:12:25,240 --> 00:12:28,440 Speaker 2: this up there on the screen. So President Putin recently 274 00:12:28,520 --> 00:12:31,960 Speaker 2: visited North Korea. It was only the second visit of 275 00:12:32,000 --> 00:12:36,160 Speaker 2: his entire presidency, and in this visit he's you know, 276 00:12:36,280 --> 00:12:39,160 Speaker 2: heralded as a god. They roll out all the singing 277 00:12:39,240 --> 00:12:42,160 Speaker 2: children for him, and the stadiums and all of the 278 00:12:42,200 --> 00:12:43,120 Speaker 2: old school. 279 00:12:42,800 --> 00:12:44,280 Speaker 3: Propaganda that we know and love. 280 00:12:44,600 --> 00:12:47,880 Speaker 2: But perhaps most importantly was this is that Russia and 281 00:12:47,920 --> 00:12:50,960 Speaker 2: North Korea have now signed a partnership deal that will 282 00:12:50,960 --> 00:12:54,520 Speaker 2: be the strongest since the Cold War. The details of 283 00:12:54,520 --> 00:12:56,800 Speaker 2: the deal are not one hundred percent clear, but they 284 00:12:56,880 --> 00:13:00,439 Speaker 2: quote pledge mutual aid if either country faces a Russian 285 00:13:00,679 --> 00:13:05,600 Speaker 2: and most importantly, it locks down a huge like a 286 00:13:05,679 --> 00:13:10,400 Speaker 2: supply of ammunition from North Korea. North Korea has one 287 00:13:10,440 --> 00:13:13,720 Speaker 2: of the largest stockpiles of the Soviet style ammunition and 288 00:13:13,760 --> 00:13:17,560 Speaker 2: production facilities of any country in the world. North Korea 289 00:13:17,640 --> 00:13:21,200 Speaker 2: now is supplying a lot of these weapons and has 290 00:13:21,280 --> 00:13:24,520 Speaker 2: a huge stockpile not just of Soviet style weapons, chemical weapons, 291 00:13:24,559 --> 00:13:27,600 Speaker 2: all kinds of really nasty stuff. The most basics of 292 00:13:27,960 --> 00:13:31,240 Speaker 2: artillery and others to Russia for the Russian war machine 293 00:13:31,440 --> 00:13:35,040 Speaker 2: in Ukraine. The important thing behind this is that you 294 00:13:35,120 --> 00:13:37,120 Speaker 2: would presume that this was inevitable. 295 00:13:37,200 --> 00:13:38,239 Speaker 3: It was not inevitable. 296 00:13:38,320 --> 00:13:42,920 Speaker 2: It is directly a product of Joe Biden abandoning the 297 00:13:42,960 --> 00:13:47,680 Speaker 2: Trump policy of engagement with Pyongyang. Donald Trump shocked the world, 298 00:13:47,760 --> 00:13:49,120 Speaker 2: and I'll never forget it. That's still one of the 299 00:13:49,120 --> 00:13:50,679 Speaker 2: best things you ever did. When he just went to 300 00:13:50,720 --> 00:13:54,200 Speaker 2: Singapore and sat across from Kim, shook his hand. 301 00:13:54,400 --> 00:13:55,080 Speaker 3: You know what happened. 302 00:13:55,120 --> 00:13:58,280 Speaker 2: We stopped seeing missile tests, We stopped seeing a lot 303 00:13:58,280 --> 00:14:01,880 Speaker 2: of the aggression. Now at first, Fir people were very skeptical, 304 00:14:01,960 --> 00:14:04,800 Speaker 2: the South Koreans and others, but the tensions were actually 305 00:14:04,840 --> 00:14:09,520 Speaker 2: beginning to come down. Biden comes back into office immediately 306 00:14:09,600 --> 00:14:13,360 Speaker 2: reverts back to the Obama policy of non engagement, where 307 00:14:13,360 --> 00:14:16,360 Speaker 2: we tell the North Koreans nothing. We will not give 308 00:14:16,400 --> 00:14:19,080 Speaker 2: you anything as long as you have nuclear weapons. Now 309 00:14:19,120 --> 00:14:23,800 Speaker 2: do you know anybody on earth, a hermit kingdom dictator 310 00:14:23,880 --> 00:14:25,800 Speaker 2: with nukes who is just going to give him up? 311 00:14:25,960 --> 00:14:26,520 Speaker 3: Why would you? 312 00:14:26,760 --> 00:14:29,200 Speaker 2: And apparently from the people I've spoken to who sat 313 00:14:29,240 --> 00:14:31,960 Speaker 2: across from the North Koreans, what do they always talk 314 00:14:31,960 --> 00:14:34,960 Speaker 2: about Gadafi, They're like, listen, Gadafi gave up his stuff. 315 00:14:35,000 --> 00:14:37,520 Speaker 2: You guys invaded in Iraq and then you know, he 316 00:14:37,640 --> 00:14:40,440 Speaker 2: was sodomiyed on live television after you guys bombed his 317 00:14:40,520 --> 00:14:42,760 Speaker 2: country and you took him out. If you think that 318 00:14:42,760 --> 00:14:44,720 Speaker 2: we're going to take your word for it, we do 319 00:14:44,760 --> 00:14:47,360 Speaker 2: not believe you. These nukes are the only things that 320 00:14:47,440 --> 00:14:50,400 Speaker 2: keep us in power. So we are basically locked in 321 00:14:50,560 --> 00:14:54,080 Speaker 2: an existential battle with the North Koreans where they want 322 00:14:54,080 --> 00:14:55,960 Speaker 2: to survive. That's all they want. They want the corrupt 323 00:14:56,000 --> 00:14:59,400 Speaker 2: Kim regime to survive. We, for some stupid reason, just 324 00:14:59,480 --> 00:15:04,640 Speaker 2: cling to the nuclearization policy, and in exchange, they say, fine, 325 00:15:04,840 --> 00:15:06,680 Speaker 2: you know we need money, so what are we gonna do. 326 00:15:06,720 --> 00:15:08,680 Speaker 2: We're going to the Russians. The Russians are gonna pay us. 327 00:15:08,920 --> 00:15:12,880 Speaker 2: And so now we have this terrible new like actual alliance, 328 00:15:13,080 --> 00:15:15,920 Speaker 2: which let's say you care about Ukraine. Then the policy 329 00:15:15,920 --> 00:15:18,960 Speaker 2: of isolation towards North Korea has been a disaster, you know. 330 00:15:19,040 --> 00:15:23,440 Speaker 2: Same with respect to China. The Chinese apparently they're not 331 00:15:23,520 --> 00:15:28,920 Speaker 2: like selling the Russians weapons directly, but they're facilitating the transactions. Obviously, 332 00:15:29,080 --> 00:15:32,480 Speaker 2: the Kim regime is a client state of the Chinese, 333 00:15:32,720 --> 00:15:36,280 Speaker 2: and they're actively encouraging this. And now what happens the 334 00:15:36,320 --> 00:15:38,840 Speaker 2: European Union in the United States is trying to slap 335 00:15:39,000 --> 00:15:43,000 Speaker 2: China with sanctions over our policy visa vi Ukraine. It's 336 00:15:43,040 --> 00:15:46,160 Speaker 2: like the whole world is all revolving around Ukraine. Is 337 00:15:46,160 --> 00:15:48,600 Speaker 2: if it's the most important thing, but it's evolving a 338 00:15:48,640 --> 00:15:50,760 Speaker 2: new axis against us, which make. 339 00:15:50,640 --> 00:15:51,880 Speaker 3: Fun of North Korea. All you want. 340 00:15:52,440 --> 00:15:55,120 Speaker 2: Ask the people in Soul who actually have to grapple 341 00:15:55,280 --> 00:15:58,800 Speaker 2: with the threat. It's terrifying. They will openly say they're like, look, 342 00:15:58,840 --> 00:16:01,480 Speaker 2: the North Koreans can destroy our most valuable city in 343 00:16:01,520 --> 00:16:03,600 Speaker 2: forty five minutes. They could shell us. They've got the 344 00:16:03,640 --> 00:16:06,760 Speaker 2: world's most powerful chemical weapons, they have all these stockpiles 345 00:16:06,960 --> 00:16:09,800 Speaker 2: of ammunition. They're one of the world's largest standing armies. 346 00:16:09,880 --> 00:16:12,000 Speaker 2: You can laugh at them all you want, but don't 347 00:16:12,080 --> 00:16:16,600 Speaker 2: underestimate both their military capability in Korea. But they can 348 00:16:16,680 --> 00:16:19,200 Speaker 2: launch a mission and wipe Los Angeles off the map 349 00:16:19,280 --> 00:16:21,360 Speaker 2: if they want to. So this is something that we 350 00:16:21,400 --> 00:16:24,960 Speaker 2: had directly facilitated, both in our policy on Ukraine and 351 00:16:25,040 --> 00:16:26,680 Speaker 2: in our policy in North Korean. It's so a very 352 00:16:26,720 --> 00:16:29,560 Speaker 2: good example of what you talked about crystal the Biden 353 00:16:29,640 --> 00:16:33,120 Speaker 2: brain of reversion back to the nineteen nineties, where we 354 00:16:33,160 --> 00:16:35,880 Speaker 2: think that we have chips which are long. 355 00:16:35,640 --> 00:16:36,520 Speaker 3: Gone off of the table. 356 00:16:36,560 --> 00:16:39,440 Speaker 1: That's exactly right where he still thinks he's living in 357 00:16:39,440 --> 00:16:41,520 Speaker 1: a world where we are the sole superpower. We can 358 00:16:41,520 --> 00:16:43,240 Speaker 1: do whatever the hell we want and no one can 359 00:16:43,240 --> 00:16:45,720 Speaker 1: do a goddamn thing about it. And because of that, 360 00:16:45,800 --> 00:16:48,280 Speaker 1: I mean, the direct thing that Putin points to in 361 00:16:48,560 --> 00:16:50,640 Speaker 1: going forward with this pact, and there had already been 362 00:16:50,680 --> 00:16:53,480 Speaker 1: a lot of cooperation weapons sales, et cetera between North 363 00:16:53,560 --> 00:16:56,240 Speaker 1: Korea and Russia in the context of the Ukrainian War. 364 00:16:56,840 --> 00:16:59,560 Speaker 1: The specific thing he pointed to was the fact that 365 00:16:59,640 --> 00:17:03,240 Speaker 1: we said, and hey, Ukraine, go ahead and use our weapons, 366 00:17:03,600 --> 00:17:07,240 Speaker 1: and are you know to to hit targets within Russia? 367 00:17:07,640 --> 00:17:12,000 Speaker 1: So that very immediate, discrete decision. But above and beyond that, 368 00:17:12,200 --> 00:17:16,719 Speaker 1: I mean, think of two, how we threw everything in 369 00:17:16,760 --> 00:17:20,400 Speaker 1: our sanctions playbook against Russia. And that's the other thing 370 00:17:20,480 --> 00:17:22,960 Speaker 1: that Russia and North Korea talked about here is part 371 00:17:22,960 --> 00:17:26,800 Speaker 1: of the cooperation is an attempt to undercut and further 372 00:17:26,840 --> 00:17:27,960 Speaker 1: short circuit. 373 00:17:27,920 --> 00:17:29,159 Speaker 4: Our sanctions regime. 374 00:17:29,600 --> 00:17:33,040 Speaker 1: I mean, Russia is already demonstrated that those sanctions, we 375 00:17:33,200 --> 00:17:35,840 Speaker 1: just don't have the bite. We just don't have the 376 00:17:35,880 --> 00:17:40,080 Speaker 1: power and the might to uh extract that economic cost 377 00:17:40,200 --> 00:17:43,240 Speaker 1: and wage that economic war that we once did as well. 378 00:17:43,720 --> 00:17:46,760 Speaker 1: So you know, we have we're already coming into a 379 00:17:46,800 --> 00:17:51,920 Speaker 1: world of multipolarity by our actions in Ukraine, I think 380 00:17:51,960 --> 00:17:54,720 Speaker 1: also with regard to Israel and the way you know, 381 00:17:54,800 --> 00:17:57,840 Speaker 1: most of the world has been oppositional to that. You know, 382 00:17:57,920 --> 00:18:00,040 Speaker 1: even going back to our actions with regard to the 383 00:18:00,160 --> 00:18:03,240 Speaker 1: a Rock War, we have helped to accelerate a shift 384 00:18:03,280 --> 00:18:05,600 Speaker 1: away from us. We have helped to consolidate a block 385 00:18:05,760 --> 00:18:09,320 Speaker 1: that isn't that is directly opposed and adversarial to us. 386 00:18:09,640 --> 00:18:14,680 Speaker 1: And none of this was none of this was necessary, 387 00:18:14,920 --> 00:18:17,919 Speaker 1: It didn't have to happen, and was not inevitable that 388 00:18:17,960 --> 00:18:20,680 Speaker 1: we end up in this direction. This is all directly 389 00:18:20,800 --> 00:18:25,000 Speaker 1: because of decisions that were made in this administration and others. Besides, 390 00:18:25,040 --> 00:18:27,639 Speaker 1: by the way, you know, going back a lot of years, 391 00:18:27,680 --> 00:18:30,119 Speaker 1: and the way that we've acted with complete arrogance and 392 00:18:30,200 --> 00:18:33,560 Speaker 1: disregard for any other actors and any other perspectives, and 393 00:18:33,600 --> 00:18:36,359 Speaker 1: in this very warlike manner as well around the world. 394 00:18:36,480 --> 00:18:38,520 Speaker 2: Yeah, absolutely, let's put the next part up because this 395 00:18:38,560 --> 00:18:42,119 Speaker 2: is a perfect example. Putin, not yet long ago, was 396 00:18:42,160 --> 00:18:45,800 Speaker 2: a direct participant in US efforts to quote unquote denuclear 397 00:18:45,840 --> 00:18:49,399 Speaker 2: eyes or at least halt nuclear weapons production in North Korea. 398 00:18:49,520 --> 00:18:52,159 Speaker 2: And to be clear, also amy Ran, which is currently 399 00:18:52,160 --> 00:18:55,479 Speaker 2: seeing signs of nuclear enrichment. Guess what Putin is now doing. 400 00:18:55,560 --> 00:18:57,879 Speaker 2: Putin says, I don't care about literally any of that. 401 00:18:57,960 --> 00:19:00,400 Speaker 2: In fact, I'll probably help you if you want. As 402 00:19:00,400 --> 00:19:02,040 Speaker 2: you see in front of you, Putin once tried North 403 00:19:02,080 --> 00:19:04,680 Speaker 2: Koreas to curb North Korea's nuclear program that is now 404 00:19:04,720 --> 00:19:07,639 Speaker 2: over with the signing of this mutual assistance pack. He's 405 00:19:08,240 --> 00:19:13,119 Speaker 2: similarly helping Iranians build production facilities of their drones on 406 00:19:13,600 --> 00:19:17,320 Speaker 2: Russian soil, which are then being used inside of Ukraine. 407 00:19:17,400 --> 00:19:19,720 Speaker 2: It's a great deal for Iran they get money, they 408 00:19:19,800 --> 00:19:23,680 Speaker 2: get to see how their weapons perform against sophisticated Western 409 00:19:23,720 --> 00:19:26,959 Speaker 2: technology win when same here for the North Koreans, Like 410 00:19:27,160 --> 00:19:29,640 Speaker 2: it's just a battleground testing ground for them. They're like, sure, 411 00:19:29,720 --> 00:19:32,480 Speaker 2: take as many much ammunition as you want. They've got 412 00:19:32,480 --> 00:19:35,639 Speaker 2: literal slave labor that can crank it out. All of 413 00:19:35,680 --> 00:19:38,920 Speaker 2: this could have been prevented, but we are just slowly 414 00:19:39,000 --> 00:19:42,720 Speaker 2: pushing these countries together and we are underestimating the sheer 415 00:19:42,800 --> 00:19:45,720 Speaker 2: power that they now represent. We are not living in 416 00:19:45,840 --> 00:19:49,040 Speaker 2: nineteen ninety one anymore, where we can just do whatever 417 00:19:49,080 --> 00:19:53,200 Speaker 2: we want with relatively no consequences. These are powerful nations, 418 00:19:53,240 --> 00:19:57,520 Speaker 2: and you know, watching this happen should be humbling in Ukraine, 419 00:19:57,560 --> 00:20:01,760 Speaker 2: but instead things are actually flipping the opposite. Every single day, 420 00:20:01,880 --> 00:20:04,680 Speaker 2: things actually get worse in terms of dragging us more 421 00:20:04,720 --> 00:20:06,720 Speaker 2: and more into this war. For example, let's put this 422 00:20:06,840 --> 00:20:10,159 Speaker 2: up there. What do we see from CNN? The US 423 00:20:10,200 --> 00:20:13,200 Speaker 2: and the UK and NATO allies are actively debating terms 424 00:20:13,200 --> 00:20:15,800 Speaker 2: for Ukraine ahead of the summit. US the wants to 425 00:20:15,840 --> 00:20:19,600 Speaker 2: communicate to say that Ukraine has a bridge to NATO membership. 426 00:20:19,800 --> 00:20:22,120 Speaker 2: The UK and others want to say that Ukraine's path 427 00:20:22,280 --> 00:20:26,800 Speaker 2: is irreversible. So the divide today is the language over 428 00:20:27,119 --> 00:20:31,679 Speaker 2: Ukraine eventually getting into NATO, not anybody saying, yeah, maybe 429 00:20:32,040 --> 00:20:35,160 Speaker 2: you're never going to get into NATO literally ever, Yeah sure, 430 00:20:35,240 --> 00:20:37,920 Speaker 2: maybe we'll help you out if we want to, if 431 00:20:38,160 --> 00:20:41,520 Speaker 2: you actually conduct yourself in a good manner. But this 432 00:20:41,600 --> 00:20:44,960 Speaker 2: is the contours of the debate. And then just this morning, 433 00:20:45,000 --> 00:20:47,520 Speaker 2: I wake up to this insane news that the US 434 00:20:47,600 --> 00:20:51,439 Speaker 2: is currently halting all open orders of Patriot air defense 435 00:20:51,480 --> 00:20:56,840 Speaker 2: systems and interceptors for all allies deliveries to countries that 436 00:20:56,840 --> 00:20:59,800 Speaker 2: are actually important to US until quote Ukraine has enough 437 00:21:00,080 --> 00:21:03,840 Speaker 2: to defend itself from Russia's air attacks, which basically means 438 00:21:04,000 --> 00:21:07,919 Speaker 2: the entire US industrial military complex is working on behalf 439 00:21:08,040 --> 00:21:12,200 Speaker 2: of freaking Ukraine right now, abandoning Taiwan or any of 440 00:21:12,240 --> 00:21:16,040 Speaker 2: these other countries genuinely important to the US economy. This 441 00:21:16,240 --> 00:21:18,800 Speaker 2: is like we are just watching, like the whole US 442 00:21:18,920 --> 00:21:23,840 Speaker 2: policy is revolving here around Ukraine for no discernible reason, 443 00:21:23,880 --> 00:21:27,520 Speaker 2: Crystal and watching it happen is honestly terrifying, especially in 444 00:21:27,560 --> 00:21:30,639 Speaker 2: the North Korean context. I mean, if they develop what 445 00:21:30,760 --> 00:21:33,600 Speaker 2: twenty fifty some nuclear weapons, that's going to put them 446 00:21:33,600 --> 00:21:36,080 Speaker 2: on the par with some of the other great nuclear 447 00:21:36,080 --> 00:21:39,640 Speaker 2: powers like Pakistan and India, and they're directly in an 448 00:21:39,720 --> 00:21:43,760 Speaker 2: ally with China and with Russia, with Iran, presumably when 449 00:21:44,080 --> 00:21:47,040 Speaker 2: just five ten years ago we easily had them on 450 00:21:47,080 --> 00:21:49,160 Speaker 2: our side under the Trump administration and it was thrown 451 00:21:49,200 --> 00:21:50,200 Speaker 2: away for no reason. 452 00:21:50,960 --> 00:21:54,680 Speaker 1: I mean, we've created, over the course of a number 453 00:21:54,680 --> 00:21:59,520 Speaker 1: of years a landscape in which the incentives for smaller 454 00:21:59,520 --> 00:22:02,760 Speaker 1: countries are all in the direction of obtaining nuclear weapons, 455 00:22:02,920 --> 00:22:05,120 Speaker 1: because I mean Ukraine probably which as they still held 456 00:22:05,160 --> 00:22:08,840 Speaker 1: onto their nuclear weapons as well, that is the direction 457 00:22:08,920 --> 00:22:11,480 Speaker 1: that the motivation is all in, and Libya being the 458 00:22:11,520 --> 00:22:14,520 Speaker 1: primary example of why that is ultimately the case. But 459 00:22:15,040 --> 00:22:18,720 Speaker 1: I mean with regards to Ukraine again, the original policy, 460 00:22:19,240 --> 00:22:22,359 Speaker 1: which there was a big difference between how Barack Obama 461 00:22:22,520 --> 00:22:24,919 Speaker 1: viewed how a relationship with Ukraine would be. He was 462 00:22:24,960 --> 00:22:27,359 Speaker 1: actually much more sort of dubbish, unwilling to do some 463 00:22:27,400 --> 00:22:30,520 Speaker 1: of the things that Trump did in terms of weaponshipments 464 00:22:30,560 --> 00:22:34,800 Speaker 1: and training for Ukraine. But Biden is locked into this 465 00:22:35,000 --> 00:22:41,520 Speaker 1: ossified old Cold War arrogant mentality, and so the thinking 466 00:22:41,640 --> 00:22:46,280 Speaker 1: was basically to use Russia's invasion as a pretext to 467 00:22:46,359 --> 00:22:50,919 Speaker 1: re up the Cold War and use them, as the Ukrainians, 468 00:22:50,960 --> 00:22:54,160 Speaker 1: as our plaything and engage in this proxy war under 469 00:22:54,200 --> 00:22:57,400 Speaker 1: the arrogant assumption that we could actually foment some sort 470 00:22:57,440 --> 00:23:00,159 Speaker 1: of regime change in Russia, that we could topple that 471 00:23:00,240 --> 00:23:03,040 Speaker 1: regime and make it more compliant so that they just did, 472 00:23:03,080 --> 00:23:05,000 Speaker 1: you know, whatever we wanted them to do whenever we 473 00:23:05,040 --> 00:23:07,879 Speaker 1: wanted them to do it. Now that the foolishness of 474 00:23:07,920 --> 00:23:10,920 Speaker 1: that has been ultimately revealed. There is no other plan. 475 00:23:11,160 --> 00:23:13,800 Speaker 1: There is no other plan. The plan is just to 476 00:23:13,880 --> 00:23:17,480 Speaker 1: muddle through, hope to get through election day, sacrifice a 477 00:23:17,480 --> 00:23:22,280 Speaker 1: lot more Ukrainians, and worsen their position visa any potential 478 00:23:22,359 --> 00:23:27,439 Speaker 1: future settlement. And it's just foolishness after foolishness, with no 479 00:23:27,560 --> 00:23:32,240 Speaker 1: willingness to you know, change course, no willingness to readjust 480 00:23:32,280 --> 00:23:35,680 Speaker 1: because Biden rightly perceives that to do so at this point, 481 00:23:36,000 --> 00:23:38,240 Speaker 1: after you've said, you know, we're not going to give up, 482 00:23:38,320 --> 00:23:40,720 Speaker 1: allow them to give up an inch of territory would 483 00:23:40,760 --> 00:23:42,359 Speaker 1: be to admit to fee and it would be a 484 00:23:42,359 --> 00:23:43,760 Speaker 1: political problem, especially. 485 00:23:43,480 --> 00:23:44,920 Speaker 4: The way that the media covers these things. 486 00:23:44,960 --> 00:23:46,840 Speaker 1: Yeah, so they're just you know, that's how you get 487 00:23:46,840 --> 00:23:49,000 Speaker 1: locked into these forever wars. That and all the money 488 00:23:49,000 --> 00:23:51,440 Speaker 1: that there is to be made off of warlike behavior. 489 00:23:51,520 --> 00:23:53,760 Speaker 3: Yeah, it's not. It's very terrifying. 490 00:23:53,920 --> 00:23:56,199 Speaker 2: All of this is just slow moving and it's like 491 00:23:56,720 --> 00:23:59,040 Speaker 2: these things just happen and we move past. Oh, Biden 492 00:23:59,119 --> 00:24:03,320 Speaker 2: gives permission to rut to Ukraine, to hit Russian territory. 493 00:24:03,320 --> 00:24:06,320 Speaker 2: They're like, but don't hit Moscow. Okay, just not Moscow, 494 00:24:06,359 --> 00:24:09,560 Speaker 2: but everywhere else is fine. And now now we're halting 495 00:24:09,600 --> 00:24:13,200 Speaker 2: all production just making sure that it's going to Ukraine. 496 00:24:13,240 --> 00:24:17,040 Speaker 2: And now, oh, we're actually stealing fifty billion dollars from 497 00:24:17,119 --> 00:24:20,040 Speaker 2: Russian assets and breaking the integrity of the global financial 498 00:24:20,080 --> 00:24:23,639 Speaker 2: system just to give money to bankrupt Ukraine. On to 499 00:24:23,720 --> 00:24:27,440 Speaker 2: protect democracy in a country which literally just canceled elections. 500 00:24:27,840 --> 00:24:30,520 Speaker 3: How does that work? Exactly? What? Sorry? Oh? 501 00:24:30,560 --> 00:24:34,199 Speaker 2: Also this, we have to protect human rights of Ukrainian civilians. 502 00:24:34,640 --> 00:24:37,199 Speaker 2: Let's forget about Israelankaza. Don't worry about that. 503 00:24:37,760 --> 00:24:38,760 Speaker 3: Obviously. 504 00:24:38,880 --> 00:24:41,080 Speaker 2: People in the rest of the world, in the global South, 505 00:24:41,119 --> 00:24:43,240 Speaker 2: Asia or whatever, they're like, what are you people doing? 506 00:24:43,280 --> 00:24:45,720 Speaker 3: You people are idiots. We don't believe a word that 507 00:24:45,800 --> 00:24:46,120 Speaker 3: you say. 508 00:24:46,160 --> 00:24:47,719 Speaker 2: And then what was that China? You want to give 509 00:24:47,720 --> 00:24:51,399 Speaker 2: me some money? Okay, sure, let me. I'll take the meeting. 510 00:24:51,560 --> 00:24:54,399 Speaker 2: At least I'll take the meeting. That is basically the. 511 00:24:54,480 --> 00:24:56,200 Speaker 3: Road to where we are right now. 512 00:24:56,320 --> 00:24:58,920 Speaker 2: And look, you know, maybe it'll happen tomorrow, it could 513 00:24:59,000 --> 00:25:01,800 Speaker 2: happened in a decade. But at the very least, we 514 00:25:01,840 --> 00:25:03,919 Speaker 2: are setting things up in a way which is not 515 00:25:04,000 --> 00:25:04,680 Speaker 2: good for us. 516 00:25:04,960 --> 00:25:05,320 Speaker 3: Not good. 517 00:25:05,440 --> 00:25:09,840 Speaker 4: I think there's no doubt about that. All right, Soccer, 518 00:25:09,840 --> 00:25:10,760 Speaker 4: what are you looking at well. 519 00:25:10,800 --> 00:25:12,560 Speaker 2: If you have a brow of some kind in your life, 520 00:25:12,560 --> 00:25:14,920 Speaker 2: you may have already heard the devastating news that I'm 521 00:25:14,920 --> 00:25:17,840 Speaker 2: going to share with you. On June seventeenth, twenty twenty fourth, 522 00:25:17,920 --> 00:25:21,760 Speaker 2: the tobacco giant Philip Morris International, announced they were pausing 523 00:25:21,800 --> 00:25:25,800 Speaker 2: all sales of zin nicotine pouches online after being served 524 00:25:25,800 --> 00:25:28,560 Speaker 2: a subpoena from the Office of the Attorney General for 525 00:25:28,640 --> 00:25:31,560 Speaker 2: the District of Columbia. The latest move is a result 526 00:25:31,720 --> 00:25:36,320 Speaker 2: of outrageous government overreach targeted at the smokeless nicotine industry 527 00:25:36,600 --> 00:25:39,680 Speaker 2: and fits with a nationwide witch hunt against a drug 528 00:25:39,760 --> 00:25:43,520 Speaker 2: that stands to benefit society as we become more permissive 529 00:25:43,600 --> 00:25:46,919 Speaker 2: to the worst substances in crimes around us. The subpoena 530 00:25:46,960 --> 00:25:49,520 Speaker 2: by the Office of the Attorney General stems from a 531 00:25:49,560 --> 00:25:53,119 Speaker 2: twenty twenty one law passed by the local jurisdiction titled 532 00:25:53,200 --> 00:25:56,960 Speaker 2: quote the Flavored Tobacco Product Prohibition Amendment Act of twenty 533 00:25:57,000 --> 00:26:00,159 Speaker 2: twenty one. It's designed to keep tobacco out of the 534 00:26:00,200 --> 00:26:02,480 Speaker 2: hands of miners under the age of sixteen. 535 00:26:02,800 --> 00:26:02,960 Speaker 3: Now. 536 00:26:03,000 --> 00:26:06,280 Speaker 2: The law fits with the overall federal government witch hunt 537 00:26:06,480 --> 00:26:09,840 Speaker 2: against flavored vapes that's been spurred by the FDA. That 538 00:26:09,960 --> 00:26:12,600 Speaker 2: is a law we now know to be totally ineffective 539 00:26:12,800 --> 00:26:16,800 Speaker 2: and in fact counterproductive, resulting in many under twenty year 540 00:26:16,840 --> 00:26:21,240 Speaker 2: old nicotine users switching to straight up combustible cigarettes, and 541 00:26:21,400 --> 00:26:25,800 Speaker 2: also resulting in no change whatsoever to existing nicotine habits. 542 00:26:25,920 --> 00:26:27,800 Speaker 2: So we have a law that was born of a 543 00:26:27,840 --> 00:26:31,840 Speaker 2: completely false moral panic. It's counterproductive, and it applies only 544 00:26:32,000 --> 00:26:34,000 Speaker 2: to a single city. And if it was just that, 545 00:26:34,240 --> 00:26:36,240 Speaker 2: I guess I could live with it. But because of 546 00:26:36,280 --> 00:26:38,919 Speaker 2: the total insanity of the way that smokeless nicotine is 547 00:26:39,000 --> 00:26:42,119 Speaker 2: regulated in the United States, this means Washington, d C, 548 00:26:42,520 --> 00:26:45,200 Speaker 2: one of the most poorly run cities in the country, 549 00:26:45,440 --> 00:26:48,560 Speaker 2: can now shut down all onlines in sales for the 550 00:26:48,720 --> 00:26:53,240 Speaker 2: United States based upon a subpoena, a subpoena of suspicion 551 00:26:53,359 --> 00:26:56,600 Speaker 2: that proves nothing that some flavored nicotine product may have 552 00:26:56,600 --> 00:27:00,200 Speaker 2: been improperly sold in the district, and not even a vape. 553 00:27:00,400 --> 00:27:03,200 Speaker 2: The reason is that Philip Morris is terrified of having 554 00:27:03,240 --> 00:27:05,560 Speaker 2: the same thing happened to Zin that happened to Jewell. 555 00:27:05,760 --> 00:27:08,800 Speaker 2: They would rather nerve sales for the entire product online 556 00:27:08,880 --> 00:27:10,840 Speaker 2: and show regulators that they will have to be in 557 00:27:10,960 --> 00:27:14,720 Speaker 2: one hundred percent compliance rather than risk some ban that's 558 00:27:14,760 --> 00:27:17,399 Speaker 2: down the line. Again, It's not even fair because the 559 00:27:17,480 --> 00:27:20,480 Speaker 2: last company that preemptively did this was Jewell, which was 560 00:27:20,520 --> 00:27:24,359 Speaker 2: still punished by the FDA under totally false pretenses, only 561 00:27:24,400 --> 00:27:27,119 Speaker 2: to have to reverse themselves years later. As I recently 562 00:27:27,160 --> 00:27:30,800 Speaker 2: covered furthermore, this Attorney General's office, which is behind this 563 00:27:31,040 --> 00:27:33,639 Speaker 2: is at best incompetent and at worst a straight up 564 00:27:33,680 --> 00:27:37,920 Speaker 2: crime enabler himself. Under his leadership, Washington DC has defied 565 00:27:37,960 --> 00:27:41,480 Speaker 2: all expectations of other major metropolitan areas and actually had 566 00:27:41,520 --> 00:27:43,720 Speaker 2: a higher murder rate in twenty twenty three than the 567 00:27:43,800 --> 00:27:47,239 Speaker 2: year before, beating out somehow, beating similar cities that are 568 00:27:47,240 --> 00:27:50,240 Speaker 2: all across the East Coast even worse having a bad 569 00:27:50,320 --> 00:27:53,800 Speaker 2: murder rate. This Attorney General himself and his predecessor have 570 00:27:53,920 --> 00:27:56,639 Speaker 2: contributed to a major scourge which is very unique to 571 00:27:56,720 --> 00:27:59,880 Speaker 2: the district. As even here liberals in the Washington Post 572 00:28:00,000 --> 00:28:03,760 Speaker 2: are now acknowledging a massive spike in violent crime perpetrated 573 00:28:03,800 --> 00:28:06,920 Speaker 2: on children is being enabled by the Attorney General's decision 574 00:28:07,119 --> 00:28:10,840 Speaker 2: to dismiss violent and gun related charges against juveniles. As 575 00:28:10,920 --> 00:28:13,600 Speaker 2: usual with these pro crime policies, it's in the language 576 00:28:13,600 --> 00:28:16,240 Speaker 2: of leniency and race, and as always, in reality, it 577 00:28:16,280 --> 00:28:19,840 Speaker 2: means an epidemic of actual violent juveniles against fellow children 578 00:28:20,080 --> 00:28:23,720 Speaker 2: has now erupted so badly that city elders are begging 579 00:28:23,800 --> 00:28:26,199 Speaker 2: the city to actually do something about it. This is 580 00:28:26,359 --> 00:28:30,119 Speaker 2: directly attributable to this ag whose office has dismissed more 581 00:28:30,119 --> 00:28:32,600 Speaker 2: than a third of juvenile cases, of many of whom 582 00:28:32,640 --> 00:28:35,640 Speaker 2: are involved in carjacking. Who wants to guess what people 583 00:28:35,760 --> 00:28:38,720 Speaker 2: arrested for carjacking do after charges are dropped against them, 584 00:28:38,880 --> 00:28:41,480 Speaker 2: you would guess right. It means carjacking is now in 585 00:28:41,560 --> 00:28:44,400 Speaker 2: DC one of the highest rates in the entire United States, 586 00:28:44,560 --> 00:28:46,920 Speaker 2: much of it perpetrated by the very people this guy 587 00:28:47,040 --> 00:28:51,120 Speaker 2: is working to actively release. Now, not only that Washington, 588 00:28:51,200 --> 00:28:54,480 Speaker 2: DC is now chopped full of marijuana shops, including one 589 00:28:54,680 --> 00:28:56,840 Speaker 2: less than a block from the very studio I am 590 00:28:56,880 --> 00:29:00,080 Speaker 2: recording this right now. There has been an explosion of 591 00:29:00,120 --> 00:29:03,120 Speaker 2: pot shops across this city. There has been zero pressure 592 00:29:03,120 --> 00:29:06,280 Speaker 2: from the Attorney General or the city on allegedly attempting 593 00:29:06,280 --> 00:29:08,040 Speaker 2: to keep this out of the hands of kids or 594 00:29:08,280 --> 00:29:11,120 Speaker 2: similar finds that they're leveling at the tobacco industry. So, 595 00:29:11,240 --> 00:29:14,200 Speaker 2: as usual, we have an insane double standard here. 596 00:29:14,400 --> 00:29:14,880 Speaker 3: What weed. 597 00:29:14,880 --> 00:29:17,720 Speaker 2: Smokers complained about in the two thousand about how cigarettes 598 00:29:17,720 --> 00:29:20,840 Speaker 2: got to pass but they were somehow persecuted. That's gone. 599 00:29:20,960 --> 00:29:24,240 Speaker 2: Everything is flipped. People have somehow decided marijuana it's self 600 00:29:24,240 --> 00:29:27,560 Speaker 2: a dubiously useful drug that has exploded teen psychosis and 601 00:29:27,560 --> 00:29:30,520 Speaker 2: itself pollutes the literal air around us, is now more 602 00:29:30,520 --> 00:29:34,560 Speaker 2: permissible than flavored nicotine pouches, which don't even have cancer 603 00:29:34,600 --> 00:29:37,440 Speaker 2: causing tobacco in them. It has no linked adverse health 604 00:29:37,440 --> 00:29:39,960 Speaker 2: effects and is one of the most powerful not tropics 605 00:29:40,000 --> 00:29:40,600 Speaker 2: known to man. 606 00:29:40,800 --> 00:29:42,840 Speaker 3: Somebody make it make sense. You can't. 607 00:29:43,080 --> 00:29:45,480 Speaker 2: In the meantime, this is a national trend. You had 608 00:29:45,560 --> 00:29:48,320 Speaker 2: Senator Chuck Schumer, a man who wants to legalize weed 609 00:29:48,320 --> 00:29:52,000 Speaker 2: and nationwide calls in a quote pouch packed with problems, 610 00:29:52,200 --> 00:29:55,680 Speaker 2: who is now pushing the FDA and FDC to crack 611 00:29:55,720 --> 00:29:58,000 Speaker 2: down on them. The so called war on drugs is 612 00:29:58,040 --> 00:30:01,280 Speaker 2: coming to a close. It is instead now war on nicotine. 613 00:30:01,400 --> 00:30:03,240 Speaker 2: You get to choose what society that you want to 614 00:30:03,280 --> 00:30:05,680 Speaker 2: live in. Is it one where people use tobacco free 615 00:30:05,760 --> 00:30:08,240 Speaker 2: nicotine pouches or one where it get people get shot 616 00:30:08,320 --> 00:30:10,480 Speaker 2: left and right and the air reeks of weed. I 617 00:30:10,480 --> 00:30:13,239 Speaker 2: think I know which one I choose? So, Crystal, I'm 618 00:30:13,280 --> 00:30:14,080 Speaker 2: sure you've got our grand 619 00:30:14,200 --> 00:30:16,840 Speaker 1: If you want to hear my reaction to Sager's monologue, 620 00:30:16,880 --> 00:30:28,920 Speaker 1: become a premium subscriber today at breakingpoints dot com.