WEBVTT - Who The Hell is George Soros, Anyway? Part 1

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<v Speaker 1>Oh yeah, it could happen here a podcast where I

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<v Speaker 1>just made my colleagues I can see them through the

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<v Speaker 1>zoom deeply uncomfortable by opening this podcast with with with

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<v Speaker 1>a sound that you shouldn't make in the workplace. I'm

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<v Speaker 1>Robert Evans. Joining me today is Mia Wong and Garrison

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<v Speaker 1>Davis me. I take it from here.

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<v Speaker 2>Oh boy, So it's been a you know, this is Okay,

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<v Speaker 2>So this, I guess is now like last week's Twitter thing.

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<v Speaker 2>But okay, so also not this is this is this

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<v Speaker 2>is not a Twitter thing? No, well it kind of is.

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<v Speaker 1>It kind of is, but like let's not let's not

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<v Speaker 1>frame this as a Twitter thing.

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<v Speaker 2>Yeah, okay, okay, So what this is we we are okay,

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<v Speaker 2>we have been experiencing in the last you know, like

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<v Speaker 2>half decade, actually belonging from that, because it's like this

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<v Speaker 2>seventy eight years now, like the the sort of incredible

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<v Speaker 2>rise in casual American anti semitism and the level of

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<v Speaker 2>anti semitism that you could just do in in sort

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<v Speaker 2>of public discourse and it's quote unquote fine. And one

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<v Speaker 2>of the sort of biggest indicators of this is the

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<v Speaker 2>like the the extent to which it's now socially acceptable

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<v Speaker 2>to just do the most like absolutely like unhinged, like

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<v Speaker 2>antisemitic conspiracy theories about George Soros. And specifically the thing

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<v Speaker 2>that specifically was like, Okay, I need to do this

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<v Speaker 2>episode was last week Elon Musk like compared George Soros

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<v Speaker 2>to Magneto and then said, quote, you assume they are

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<v Speaker 2>good intentions. They are not. He wants to erode the fabric,

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<v Speaker 2>the very fabric of civilization. Soros hates humanity. And this

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<v Speaker 2>is just like the mainstreamline of the Republican Party now

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<v Speaker 2>like they just all do this. You can just sort

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<v Speaker 2>of I mean, and this and honestly like as bad,

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<v Speaker 2>like you know, this is like the stuff that Elon

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<v Speaker 2>Musk is saying is unbelievably unacceptable. That's not even anywhere

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<v Speaker 2>near as bad as it goes. Like it's pretty common

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<v Speaker 2>to just sho these people like talking about the Satan

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<v Speaker 2>Sorrow's agenda and shit. Now like it's it has gotten

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<v Speaker 2>unbelievably unfathomably out of control. And so today I wanted

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<v Speaker 2>to take a look at, Okay, who George Soros actually is,

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<v Speaker 2>like the real human being and not the sort of

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<v Speaker 2>like caricature projection that has been created of him on

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<v Speaker 2>the right, and I wanted to also sort of look

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<v Speaker 2>at why the right hates him so much. And you know,

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<v Speaker 2>Soros is kind of an interesting figure because he falls

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<v Speaker 2>like right in the middle of like our two shows

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<v Speaker 2>about people, because he's not he's not really like a

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<v Speaker 2>cool person. He does cool stuff, but though he does

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<v Speaker 2>stuff that's cool sometimes, but he's not also like a

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<v Speaker 2>bastard properly.

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<v Speaker 1>So though he's done some bastardy stuff too.

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<v Speaker 2>Oh he has, We are going to talk about that.

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<v Speaker 1>Yeah, he said, he's a Yeah, I mean.

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<v Speaker 2>Most of what this episode is about, he's.

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<v Speaker 1>I would say he's like twenty percent more complicated than

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<v Speaker 1>the average billionaire A on a more Yeah.

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<v Speaker 2>I think I think like twenty or thirty percent. Yeah,

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<v Speaker 2>there's somewhere in that neighborhood. Yeah, you know, and I

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<v Speaker 2>think there's three George Soros's. Two of them are real

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<v Speaker 2>and one of them is fake. There is you know.

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<v Speaker 2>So George Soros is a billionaire philanthropist, right, and you know,

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<v Speaker 2>so that means that he has a sort of billionaire

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<v Speaker 2>side and a philanthropist's side, and they are very often

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<v Speaker 2>working across purposes. Sometimes they're not working sometimes there he

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<v Speaker 2>aligns them together, sometimes he doesn't. And so the way

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<v Speaker 2>I've sort of structured this is like the first episode

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<v Speaker 2>we're gonna be talking about the sort of billionaire side

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<v Speaker 2>and how he did that, and the second episode is

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<v Speaker 2>going to be more about the philanthropist's side, and how

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<v Speaker 2>both of these basically have been kind of accidentally structured

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<v Speaker 2>in such a way that the right was like, oh

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<v Speaker 2>my god, this is the perfect guy to do atise

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<v Speaker 2>medic conspiracy theories about. And then there's also the third

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<v Speaker 2>George Soros is like the one who's just literally the

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<v Speaker 2>devil who the Republicans have made up And yeah, so

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<v Speaker 2>George Soros was born to a Jewish family in Hungary

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<v Speaker 2>in nineteen thirty, which is not not a good time

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<v Speaker 2>to be born into a Jewish family in Hungary.

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<v Speaker 1>No, really, there's not a good time to be born

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<v Speaker 1>to a Jewish and family in Hungary until like I'm

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<v Speaker 1>gonna get I'm gonna say sometime in the fifties.

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<v Speaker 2>Yeah, you know, I will say that it gets way

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<v Speaker 2>like it it is way worse when he is born

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<v Speaker 2>than it was in like even like the eighteen nineties,

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<v Speaker 2>which is like not a great time, but it's gotten

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<v Speaker 2>significantly worse. He is fourteen when the Nazis invade Hungary

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<v Speaker 2>nineteen forty four, and this is the point at which

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<v Speaker 2>we get to our first Soros conspiracy, which is that

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<v Speaker 2>there's this, there's this.

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<v Speaker 1>It's a little more complicated than that. It's not really

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<v Speaker 1>the Nazis, and well it's a little more complex than

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<v Speaker 1>when extermination of the Hungarian Jewish community begins really in

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<v Speaker 1>nineteen forty four.

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<v Speaker 2>Yeah, yeah, And so there's a thing that happens. I

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<v Speaker 2>don't know. He and his dad have a kind of

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<v Speaker 2>complicated like set of things they survive. And there's a

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<v Speaker 2>part of the story that gets picked up by the

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<v Speaker 2>right that gets if you've ever heard Alex Jones talk

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<v Speaker 2>about sorows, like the second or third thing he will

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<v Speaker 2>say is that like Soros is a Nazi collaborator, was

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<v Speaker 2>like a willing collaborator with the Nazis, which is not true.

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<v Speaker 2>And also like he's fourteen, like you know, like I.

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<v Speaker 1>Don't really call even like fourteen year olds and the

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<v Speaker 1>Hitler youth willing collaborators because they're children. Yeah, you have

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<v Speaker 1>to have a lion at some point, even with Nazis,

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<v Speaker 1>where if their kids they're not really morally responsible either way.

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<v Speaker 2>Yeah, and like, you know, so the speific thing that

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<v Speaker 2>he does, there's these notices that are sent up by

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<v Speaker 2>the government that's like telling Jewish people to like go

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<v Speaker 2>like to a place and if you go to the place,

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<v Speaker 2>you're gonna get routed up and killed. And basically, so

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<v Speaker 2>the thing that actually happened is that so Georg Ros's

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<v Speaker 2>dad is told to do this, and he gives it

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<v Speaker 2>to George Soros and is like, go tell these people

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<v Speaker 2>that they've been called for this and that if they go,

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<v Speaker 2>they're like they're gonna get taken away. And this has

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<v Speaker 2>been transformed by you know this that is this is

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<v Speaker 2>a nightmarish thing and these people are surviving. This has

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<v Speaker 2>been transformed by a bunch of the worst people wh've

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<v Speaker 2>ever lived into Nazi collaboration. Which is also you know,

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<v Speaker 2>the part of the story that never gets told, even

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<v Speaker 2>even when people sort of like do the like dive

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<v Speaker 2>into like oh this is fake, is that the thing

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<v Speaker 2>that like Soros's family spends the rest of the war

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<v Speaker 2>doing is basically getting like counterfeit papers to Jewish families

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<v Speaker 2>that like says that they're Christian, and you know, they

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<v Speaker 2>like they stay legitimately save a bunch of families from

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<v Speaker 2>dying in the Holocaust, and.

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<v Speaker 1>You know the ship that Joeanes pulls on them as

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<v Speaker 1>like part of this because of like the job this

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<v Speaker 1>guy who's like saving young George Soros has involves like

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<v Speaker 1>basically like itemizing stuff left behind by Jewish families forced

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<v Speaker 1>out of their homes. He's like they were profiting off

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<v Speaker 1>of the holl No, they were like doing whatever job

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<v Speaker 1>kept them under the radar while they attempted to help.

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<v Speaker 1>Like it was the Holocaust, it was messy. Yeah, but

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<v Speaker 1>like it's almost like saying like Oscar Schindler took advantage

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<v Speaker 1>of slave labors. Well, no, it's actually what Schindler was

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<v Speaker 1>doing was not that. Yeah, Like he was using the

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<v Speaker 1>trappings of this slave labor system in order to rescue people.

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<v Speaker 1>It's quite different from just enslaving people.

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<v Speaker 2>Yeah. I think the thing that's really desturbing about the

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<v Speaker 2>stow right is like, Okay, like this is like Alex

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<v Speaker 2>Joses Alex Jones, Right, he's just gonna say the worst

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<v Speaker 2>shit you've ever heard. But like this is like a

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<v Speaker 2>thing that mainstream right wingers just say. Now, yeah, and

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<v Speaker 2>it's just unbelievably horrible and it sucks and it's just

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<v Speaker 2>like not true. But fortunately for George Soros, his family

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<v Speaker 2>makes it through the Holocaust, well his immediate family does,

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<v Speaker 2>and they like get out and they end up in

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<v Speaker 2>the US. And this is where, Okay, this is something,

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<v Speaker 2>this is something that I think is very important to

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<v Speaker 2>the story that isn't told very much. So Soros is

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<v Speaker 2>like a finance whiz, right, he is very very very

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<v Speaker 2>good at finance. And we're gonna be talking a bit

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<v Speaker 2>about like how like the things that he figured out

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<v Speaker 2>to let him do this, because it's interesting. But he's

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<v Speaker 2>also not from the sort of like American or the

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<v Speaker 2>British financial elite, Like if I don't there's like a

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<v Speaker 2>certain kind of person, right who like goes into finance,

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<v Speaker 2>and you know it's like like like wasp frat brose

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<v Speaker 2>or like in bred British aristocrats, right, And George Soros

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<v Speaker 2>is like a hung is a Hungarian immigrant, right. He

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<v Speaker 2>he is not sort of from these people. He is

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<v Speaker 2>like and and you know this is this is gonna

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<v Speaker 2>be a really big deal when he like goes up

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<v Speaker 2>against a British financial elite later on. But you know,

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<v Speaker 2>he threw sort of like he's able to turn like

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<v Speaker 2>a job doing door to door salesman into like a

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<v Speaker 2>way into a firm, and he's able to sort of

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<v Speaker 2>work his way up to a point where like he

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<v Speaker 2>has suddenly like has his own hedge fund, and he

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<v Speaker 2>is really really good at this. He's one of the

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<v Speaker 2>sort of early people who does hedge funds. There's a

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<v Speaker 2>great book called The Influence of Soros, Politics, Power, and

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<v Speaker 2>the Struggle for an Open Society by Emily Tampkin, who

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<v Speaker 2>did a lot of really great work, like interviewed Soros,

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<v Speaker 2>interviewed an enormous number of the people who were around him,

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<v Speaker 2>and I want to read a passage of this about

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<v Speaker 2>like how he figured out how to sort of beat

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<v Speaker 2>the market. He's talking about this guy named Carl Popper,

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<v Speaker 2>who's like a philosopher of science who also wrote this

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<v Speaker 2>book called The Open Society that we'll talk about next

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<v Speaker 2>episode more. Popper's philosophy made me more sensitive to the

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<v Speaker 2>role of misconceptions in financial markets. Decades later, people believe

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<v Speaker 2>that markets don't lie and shouldn't be and should be trusted,

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<v Speaker 2>but that isn't true. Sorow's knew markets react to humans

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<v Speaker 2>and humans are fallible. Instead of looking at the money

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<v Speaker 2>being made, or as Sebastian Malaby put it, in more

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<v Speaker 2>money than God, his book on the history of hedge funds,

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<v Speaker 2>the psychology that drove investors' appetites, Soros looked at how

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<v Speaker 2>one impacted the other, predicting that each would drive the

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<v Speaker 2>other forward until the trust were so completely overvalued that

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<v Speaker 2>a crash was inevitable. And this is this is really smart,

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<v Speaker 2>like if you even today, right, you know, if you're

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<v Speaker 2>able to understand that, you know, like the way a

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<v Speaker 2>lot of hedgehoon people tend to think about the market

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<v Speaker 2>as like the market, you know, especially in this period,

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<v Speaker 2>is this is this sort of dogmatic, neo lible thing

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<v Speaker 2>of like the market is like a perfect condvance of

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<v Speaker 2>price signals and Sorow's just like no, it's made out

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<v Speaker 2>of people. And those people like get greedy. They have

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<v Speaker 2>emotional stuff they like they give get into these like

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<v Speaker 2>fomo like fear of missing out stuff. You know, they

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<v Speaker 2>like intensely overvalue assets because everyone else sees the assets

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<v Speaker 2>like expensive, so everyone like you know, rushes to buy it,

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<v Speaker 2>and like this is something like like even now right,

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<v Speaker 2>this is this is like a very smart way to

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<v Speaker 2>understand finance. He's figured this out in like the seventies,

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<v Speaker 2>and if you, if you, if you're able to do

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<v Speaker 2>this kind of stuff and like use this to understand

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<v Speaker 2>how the market works in the seventies, you are going

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<v Speaker 2>to look like a god among men. And he starts

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<v Speaker 2>a hedge fund in nineteen seventy three, but by nineteen

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<v Speaker 2>eighty one he has a fund that is worth three

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<v Speaker 2>hundred and eighty one million dollars in like nineteen eighty

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<v Speaker 2>one money. I don't know what that is in modern money,

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<v Speaker 2>but I assume it's a lot. I'm a hack of

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<v Speaker 2>a fraud. I should actually figured this out.

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<v Speaker 1>Yeah, that's like a billion dollars.

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<v Speaker 2>Yeah, And like he personally is like has like for

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<v Speaker 2>himself like one hundred million dollars, right, and he you know,

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<v Speaker 2>at this point he starts to become sort of very

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<v Speaker 2>famous in finance circles because you know, I mean he's

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<v Speaker 2>just like absolutely destroying the market. Now, okay, this is

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<v Speaker 2>where things get. You know, up until this point, he's

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<v Speaker 2>kind of like he's been doing a lot of sort

0:12:17.960 --> 0:12:21.040
<v Speaker 2>of finance stuff that's kind of shady, but it's mostly

0:12:21.080 --> 0:12:24.199
<v Speaker 2>just been him, like ripping off other finance people, which

0:12:24.320 --> 0:12:28.120
<v Speaker 2>I'm entirely okay with, like that's just very funny. But

0:12:28.240 --> 0:12:33.320
<v Speaker 2>he starts to get into currency speculation, and in nineteen

0:12:33.320 --> 0:12:36.080
<v Speaker 2>eighty five he has one of his big breaks, which

0:12:36.120 --> 0:12:39.280
<v Speaker 2>is he predicts the Plaza Chords. Now, okay, Aplasa chord

0:12:39.360 --> 0:12:41.760
<v Speaker 2>is something we've talked about on the show before, but

0:12:42.040 --> 0:12:44.160
<v Speaker 2>I need to talk about it a bit more because

0:12:44.280 --> 0:12:46.880
<v Speaker 2>unfortunately it's we have to talk about the Asian financial

0:12:46.920 --> 0:12:49.600
<v Speaker 2>collaps this episode. And this is a like one of

0:12:49.640 --> 0:12:51.640
<v Speaker 2>the key moments of the Asian financial collaps even though

0:12:51.640 --> 0:12:55.240
<v Speaker 2>it was like a decade earlier. So in nineteen eighty five,

0:12:55.440 --> 0:12:58.040
<v Speaker 2>Ronald Reagan is trying to like revive the US as

0:12:58.080 --> 0:13:04.600
<v Speaker 2>a domestic manufacturing industry because it's like dying, and you know,

0:13:04.640 --> 0:13:06.240
<v Speaker 2>and the reason part of the like a big part

0:13:06.240 --> 0:13:07.959
<v Speaker 2>of the reason is dying is that they're getting absolutely

0:13:07.960 --> 0:13:10.120
<v Speaker 2>destroyed by sort of German and like West German and

0:13:10.200 --> 0:13:15.680
<v Speaker 2>Japanese manufacturers. And part of what's happening here is that

0:13:16.120 --> 0:13:20.440
<v Speaker 2>particularly Japan's currencies are worth way currency is worth way

0:13:20.520 --> 0:13:22.880
<v Speaker 2>less than the dollar. This is called having a weak currency,

0:13:22.880 --> 0:13:25.080
<v Speaker 2>and having a weak currency is really good for if

0:13:25.120 --> 0:13:28.840
<v Speaker 2>you have like an export based manufacturing economy. And so

0:13:28.920 --> 0:13:31.800
<v Speaker 2>Reagan basically like walks into a meeting with like the Germans,

0:13:31.880 --> 0:13:34.280
<v Speaker 2>Japanese government, the British and like few other people and

0:13:34.400 --> 0:13:37.400
<v Speaker 2>just basically just like not quite in so many words,

0:13:37.400 --> 0:13:40.600
<v Speaker 2>but basically just says like you are all American military protectorates,

0:13:41.080 --> 0:13:43.400
<v Speaker 2>and because you're all American military protectorates, like I can

0:13:43.440 --> 0:13:45.439
<v Speaker 2>I can force you to increase the value of your

0:13:45.440 --> 0:13:50.680
<v Speaker 2>currency like or else capital O, capital e. And they do,

0:13:50.760 --> 0:13:52.640
<v Speaker 2>they comply, and this is this, this becomes this is

0:13:52.640 --> 0:13:55.240
<v Speaker 2>a thing called the Plaza Cords and this this, you know,

0:13:55.320 --> 0:13:57.559
<v Speaker 2>weakens the value of the dollar versus a bunch of

0:13:57.600 --> 0:14:01.800
<v Speaker 2>other currencies. And this like literally handedly like restores the

0:14:01.840 --> 0:14:06.400
<v Speaker 2>profitability of American manufacturing like through the nineties, which is

0:14:06.440 --> 0:14:10.960
<v Speaker 2>really wild. But the the other the important thing for

0:14:11.000 --> 0:14:14.120
<v Speaker 2>this story is that I I don't know how he

0:14:14.160 --> 0:14:16.679
<v Speaker 2>did this, but like George Soros predicts that this is

0:14:16.720 --> 0:14:20.000
<v Speaker 2>gonna happen, and she makes an unbelievable amount of money

0:14:20.440 --> 0:14:24.280
<v Speaker 2>basically like no, no, like basically doing currency speculation because

0:14:24.280 --> 0:14:27.160
<v Speaker 2>he knows what, like currencies are going to increase in value,

0:14:27.200 --> 0:14:30.000
<v Speaker 2>which you know, he knows that like uh. For example,

0:14:30.280 --> 0:14:32.320
<v Speaker 2>he knows that like the Japanese yen is going to

0:14:32.360 --> 0:14:34.520
<v Speaker 2>increase in value. So he makes an enormous amount of

0:14:34.560 --> 0:14:38.880
<v Speaker 2>money doing this stuff, and he gets very famous for

0:14:38.920 --> 0:14:40.920
<v Speaker 2>like he'll like make it much of money, and then

0:14:40.920 --> 0:14:43.800
<v Speaker 2>I'll lose it again, and then he'll make it again.

0:14:45.040 --> 0:14:50.800
<v Speaker 2>And this all culminates in Okay, so they're they're okay.

0:14:51.000 --> 0:14:59.479
<v Speaker 2>He starts taking ah, truly enormous bets, like against national currencies,

0:15:00.520 --> 0:15:02.520
<v Speaker 2>and there's one of these that's just funny, and there's

0:15:02.560 --> 0:15:05.600
<v Speaker 2>one of these that's really bad. So we're gonna do

0:15:05.600 --> 0:15:08.400
<v Speaker 2>the funny one first, which is so in nineteen ninety

0:15:08.440 --> 0:15:10.200
<v Speaker 2>two Soros And this is the other part that they

0:15:10.200 --> 0:15:11.920
<v Speaker 2>ever gonna talked about. It's like it's not just Soros

0:15:11.960 --> 0:15:15.520
<v Speaker 2>doing this stuff. He has like allies because like as

0:15:15.520 --> 0:15:17.480
<v Speaker 2>big as Soros as for MBA is right, he can't

0:15:18.560 --> 0:15:20.720
<v Speaker 2>him and his ally is gonna take a fifteen billion

0:15:20.800 --> 0:15:23.760
<v Speaker 2>dollars short position on the pound, and even he doesn't

0:15:23.760 --> 0:15:26.280
<v Speaker 2>have like nobody like this is like fifteen billion of

0:15:26.360 --> 0:15:28.960
<v Speaker 2>nineteen nineties money, right, Like you need a bunch of

0:15:29.000 --> 0:15:31.840
<v Speaker 2>firms working together in order to do this. But he

0:15:31.960 --> 0:15:35.000
<v Speaker 2>basically takes this massive bet the pound is gonna go down,

0:15:35.520 --> 0:15:37.520
<v Speaker 2>and because of the way that these these bets work,

0:15:37.600 --> 0:15:42.160
<v Speaker 2>like the actual value of the pounds like collapses, and

0:15:42.520 --> 0:15:45.640
<v Speaker 2>the British Central Bank like like doesn't have enough. And

0:15:45.800 --> 0:15:47.000
<v Speaker 2>the reason we're able to do is they figure out

0:15:47.000 --> 0:15:48.520
<v Speaker 2>that the British Central Bank doesn't have enough money to

0:15:48.520 --> 0:15:50.440
<v Speaker 2>stop them, like they don't have enough money to like

0:15:50.560 --> 0:15:52.760
<v Speaker 2>maintain like they don't have enough reserves to like maintain

0:15:52.800 --> 0:15:55.920
<v Speaker 2>the value of the pound. And so he gets like

0:15:56.040 --> 0:15:58.200
<v Speaker 2>completely blamed for this, even though again there's like other

0:15:58.280 --> 0:16:02.720
<v Speaker 2>people involved in this, right, Like the front page of

0:16:02.760 --> 0:16:05.880
<v Speaker 2>the Daily Mail is literally his face in the title

0:16:05.960 --> 0:16:10.840
<v Speaker 2>I made a billion crashing the pound baste, which is

0:16:10.880 --> 0:16:13.240
<v Speaker 2>I okay, so like an anti British level, this is

0:16:13.360 --> 0:16:20.040
<v Speaker 2>very funny. It's no, there's a bunch of arguments about

0:16:20.080 --> 0:16:22.920
<v Speaker 2>like what does this mean for like the world economy

0:16:23.000 --> 0:16:26.720
<v Speaker 2>and for national sovereignty. Soros thinks that like currency speculation

0:16:26.800 --> 0:16:30.640
<v Speaker 2>is necessary evil and he has this sort.

0:16:30.440 --> 0:16:32.880
<v Speaker 1>Of tay to think that when you're making that much money,

0:16:33.000 --> 0:16:34.080
<v Speaker 1>yeah right, you know.

0:16:35.760 --> 0:16:42.480
<v Speaker 2>Now, okay, this this like specific thing which is like

0:16:43.080 --> 0:16:46.440
<v Speaker 2>a a a bank. A banker comes in and is

0:16:46.480 --> 0:16:49.160
<v Speaker 2>able to manipulate the value of a currency. This is like,

0:16:50.160 --> 0:16:55.800
<v Speaker 2>this is like absolutely like this is the fodder for

0:16:55.880 --> 0:16:59.400
<v Speaker 2>like the absolute most paranoid fantasies of the anti Semitic right.

0:17:00.120 --> 0:17:02.520
<v Speaker 2>Like it's this sort of like rootless cosmopolitan banker like

0:17:02.520 --> 0:17:06.280
<v Speaker 2>attacks the good and righteous like noble people of Britain thing.

0:17:06.320 --> 0:17:08.000
<v Speaker 2>And this is how it gets framed in the press,

0:17:08.040 --> 0:17:10.000
<v Speaker 2>who are like the press is I mean it's the

0:17:10.000 --> 0:17:12.800
<v Speaker 2>British press, right, Like the British are not known for,

0:17:13.560 --> 0:17:17.280
<v Speaker 2>you know, not being anti Semitic, so they just like

0:17:17.400 --> 0:17:21.359
<v Speaker 2>go wild with this. But you know, like this particular

0:17:21.600 --> 0:17:24.800
<v Speaker 2>thing he's doing against the British. Part of what's happening here, right,

0:17:24.880 --> 0:17:27.159
<v Speaker 2>is there's this sort of there's this kind of like

0:17:27.240 --> 0:17:31.280
<v Speaker 2>national populist equation thing going on here, where there's this

0:17:31.320 --> 0:17:33.760
<v Speaker 2>assumption that like the Bank of Britain, like the bank,

0:17:33.840 --> 0:17:37.520
<v Speaker 2>like the British Central Bank is like an entity that

0:17:37.720 --> 0:17:42.280
<v Speaker 2>is identifiable with like an ordinary person in Britain, and

0:17:42.680 --> 0:17:45.600
<v Speaker 2>like no, like the British Central Bank is run by

0:17:45.680 --> 0:17:49.840
<v Speaker 2>just unbelievably in bred aristocrats, right, and you.

0:17:49.800 --> 0:17:53.320
<v Speaker 1>Know I think they're pretty believably in bred.

0:17:53.760 --> 0:17:54.560
<v Speaker 2>Oh that's fair.

0:17:56.440 --> 0:18:00.240
<v Speaker 1>We're just talking about like like zero point five six

0:18:00.320 --> 0:18:03.800
<v Speaker 1>of a Habsburg unit, you know, a hack. The Habsburg

0:18:03.840 --> 0:18:06.399
<v Speaker 1>is the international unit for measuring how inbred someone is.

0:18:06.520 --> 0:18:11.399
<v Speaker 2>If you're if you're unaware, Yeah, yeah that that seems

0:18:11.400 --> 0:18:13.520
<v Speaker 2>like a reasonable amount of inbred for these specific people.

0:18:14.280 --> 0:18:15.560
<v Speaker 2>But you know, like but this is what I was

0:18:15.560 --> 0:18:16.960
<v Speaker 2>talking about, Like at the very beginning, I was talking

0:18:17.000 --> 0:18:19.440
<v Speaker 2>about sort of like Sorrow's not being from this sort

0:18:19.440 --> 0:18:24.480
<v Speaker 2>of like normal class of finance people. And the thing is,

0:18:24.480 --> 0:18:26.440
<v Speaker 2>like the normal class of finance people are fucking terrible

0:18:26.440 --> 0:18:29.199
<v Speaker 2>at their jobs, right, like these amber British aristocrats and

0:18:29.240 --> 0:18:32.719
<v Speaker 2>like the fucking American like cocaine frat boys like like

0:18:32.880 --> 0:18:35.080
<v Speaker 2>just like doing lines of cocaine off each other's as cracks.

0:18:35.080 --> 0:18:38.080
<v Speaker 2>Like these people all suck at their jobs. And George

0:18:38.080 --> 0:18:40.400
<v Speaker 2>Soros is like smart and is good at his job.

0:18:40.880 --> 0:18:44.439
<v Speaker 2>And so she just like absolutely goes through these people

0:18:44.480 --> 0:18:47.720
<v Speaker 2>like a fucking flaming chainsaw, and she just like, you know,

0:18:47.760 --> 0:18:50.800
<v Speaker 2>and the maneuvers that he's doing here, she just like

0:18:51.040 --> 0:18:54.280
<v Speaker 2>absolutely humiliates all of the people at the at the

0:18:55.119 --> 0:18:57.720
<v Speaker 2>British Central Bank. He's humiliating like and not just those

0:18:57.720 --> 0:19:00.720
<v Speaker 2>guys too, it's humiliating the Tories. He's humiliating like all

0:19:00.800 --> 0:19:05.000
<v Speaker 2>of the people who are seriously important in the real economy,

0:19:05.000 --> 0:19:08.720
<v Speaker 2>in the sort of real British economy. And he can

0:19:08.800 --> 0:19:12.440
<v Speaker 2>do this right because like his opponents are you know,

0:19:12.600 --> 0:19:14.879
<v Speaker 2>people who are like they're they're they're promoting, they're like

0:19:14.880 --> 0:19:16.840
<v Speaker 2>they're they're they're okay, they take in like their people

0:19:16.840 --> 0:19:18.639
<v Speaker 2>from college, right, and they're promoting the base off how

0:19:18.640 --> 0:19:23.040
<v Speaker 2>good they are at golf. And so when when he

0:19:23.160 --> 0:19:26.000
<v Speaker 2>just sort of like like walks in and just makes

0:19:26.040 --> 0:19:28.520
<v Speaker 2>it like makes like billions of dollars just like destroying

0:19:28.560 --> 0:19:33.720
<v Speaker 2>these people, he makes just a permanent enemy of a

0:19:33.840 --> 0:19:37.320
<v Speaker 2>very very powerful like faction of the British ruling class

0:19:37.840 --> 0:19:40.480
<v Speaker 2>and the British ruling class. Like I don't know, they

0:19:40.560 --> 0:19:43.560
<v Speaker 2>they it is hard to find people who will beat

0:19:43.560 --> 0:19:46.560
<v Speaker 2>the British ruling class in an anti Semitism off. And

0:19:46.640 --> 0:19:48.040
<v Speaker 2>this is this is one of the things that sort

0:19:48.080 --> 0:19:51.160
<v Speaker 2>of you know, if you're looking at like why Sorrow

0:19:51.280 --> 0:19:54.240
<v Speaker 2>specifically is the guy who all of these sort of

0:19:54.280 --> 0:19:57.199
<v Speaker 2>right wing conspiracies wind up being about, like part of

0:19:57.240 --> 0:20:00.679
<v Speaker 2>it is because he pisses off these specif people.

0:20:01.680 --> 0:20:04.520
<v Speaker 1>Yeah, these guys who's like dads were all friends with

0:20:04.600 --> 0:20:07.560
<v Speaker 1>the King of England, who was like a close personal

0:20:07.600 --> 0:20:10.439
<v Speaker 1>buddy with Hitler. Like there it's a bunch of like,

0:20:10.600 --> 0:20:12.920
<v Speaker 1>it's a bunch of guys who are already pretty bigoted

0:20:13.200 --> 0:20:15.880
<v Speaker 1>and then they get beaten at their own stupid financial game.

0:20:16.080 --> 0:20:19.080
<v Speaker 1>And so like the fact that it's a Jewish dude

0:20:19.119 --> 0:20:21.879
<v Speaker 1>who does it means that they're going to be even

0:20:21.920 --> 0:20:24.800
<v Speaker 1>more racist than they already were. And the fact that

0:20:24.840 --> 0:20:30.400
<v Speaker 1>there's plenty of international anti semitism and that George Soros

0:20:30.480 --> 0:20:34.320
<v Speaker 1>after this starts funding liberal and you know, vaguely progressive

0:20:34.359 --> 0:20:36.920
<v Speaker 1>causes like yeah, it's not this is not a it's

0:20:36.960 --> 0:20:38.840
<v Speaker 1>not surprising that this is the way things went.

0:20:39.880 --> 0:20:43.640
<v Speaker 2>Yeah, and you know, and again, like I can't under

0:20:43.720 --> 0:20:46.720
<v Speaker 2>emphasize the extent to which this is also very specifically

0:20:46.760 --> 0:20:49.439
<v Speaker 2>the reaction to British media class. Who I mean, we

0:20:49.600 --> 0:20:53.560
<v Speaker 2>know now that those people are psychos, Like we have

0:20:53.640 --> 0:20:56.720
<v Speaker 2>seen them see a transperson at a boat race and

0:20:56.880 --> 0:20:59.680
<v Speaker 2>like like ten years ago and like like draw a

0:20:59.720 --> 0:21:01.879
<v Speaker 2>gi things circling them in a boat and making it

0:21:01.920 --> 0:21:05.160
<v Speaker 2>a front page news story. Those people in the nineties

0:21:05.160 --> 0:21:09.560
<v Speaker 2>were like sure, they are biological biologically better at navigation.

0:21:09.720 --> 0:21:12.960
<v Speaker 2>That is that has actually been improved. Yeah, but then

0:21:12.960 --> 0:21:16.040
<v Speaker 2>they're like justice, they're they're they're just a sort of

0:21:16.119 --> 0:21:22.040
<v Speaker 2>feral and like terrifying lead bigoted then as they are now.

0:21:22.240 --> 0:21:25.639
<v Speaker 2>And this means that like like just if you're a

0:21:25.680 --> 0:21:28.440
<v Speaker 2>regular British person and you are like walking down the

0:21:28.480 --> 0:21:32.840
<v Speaker 2>street and there's a newspaper sand you are seeing like

0:21:32.840 --> 0:21:38.000
<v Speaker 2>like they truly unbelievably terrifying anti Semitic shit, like just

0:21:38.160 --> 0:21:43.400
<v Speaker 2>literally everywhere. And this this will have no consequences whatsoever.

0:21:44.040 --> 0:21:47.080
<v Speaker 2>Uh yeah, it's all good, nothing bad ever happens. And

0:21:47.280 --> 0:21:51.800
<v Speaker 2>speaking of no consequences, I do you know what we

0:21:51.880 --> 0:21:56.879
<v Speaker 2>can promise about about training services? Twenty three minutes in?

0:21:58.080 --> 0:22:11.520
<v Speaker 2>You know, look you're welcome, Damnan. Okay, we're back and

0:22:11.560 --> 0:22:15.240
<v Speaker 2>we have to talk about Okay. So the doing it

0:22:15.280 --> 0:22:18.240
<v Speaker 2>to the British economy was mostly just really funny because

0:22:18.280 --> 0:22:20.640
<v Speaker 2>the British economy is going to be fine. And it's

0:22:21.119 --> 0:22:23.000
<v Speaker 2>the funny part about she was doing it to the

0:22:23.000 --> 0:22:25.600
<v Speaker 2>British economy is that this actually unfortunately helps the British

0:22:25.640 --> 0:22:31.000
<v Speaker 2>economy because it forces the British to like abandon some

0:22:31.520 --> 0:22:34.959
<v Speaker 2>truly spectacularly not very good financial policy they were doing.

0:22:36.640 --> 0:22:43.320
<v Speaker 2>But then he does it to Thailand, and that is

0:22:44.720 --> 0:22:50.800
<v Speaker 2>a lot less justifiable. So it in this is five

0:22:50.880 --> 0:22:54.000
<v Speaker 2>years later, this is nineteen ninety seven. Sous brings in

0:22:54.200 --> 0:23:00.680
<v Speaker 2>some economists, Arminio Fraga, like Roddy Joe's David Kowitz. Uh

0:23:00.920 --> 0:23:03.280
<v Speaker 2>he he brings He's bringing in people who are sort

0:23:03.280 --> 0:23:09.400
<v Speaker 2>of experts in like developing market uh economics. And that's

0:23:09.680 --> 0:23:12.720
<v Speaker 2>never no one has ever brought in a developing market

0:23:12.840 --> 0:23:18.520
<v Speaker 2>economist for like a good reason. And what they what

0:23:18.880 --> 0:23:22.840
<v Speaker 2>they realize is that they start doing analysis of Southeast Asia,

0:23:23.000 --> 0:23:25.359
<v Speaker 2>like the Southeast Asian markets, and they realize very quickly

0:23:26.000 --> 0:23:32.200
<v Speaker 2>that Thailand is fucked. They they figure out that Thailand

0:23:32.720 --> 0:23:36.840
<v Speaker 2>has Thailand has his currency pegged to the dollar and this,

0:23:37.080 --> 0:23:39.119
<v Speaker 2>but you know, they don't have the reserves support this,

0:23:39.160 --> 0:23:42.040
<v Speaker 2>and the tie like actual tai currency isn't strong enough

0:23:42.080 --> 0:23:45.600
<v Speaker 2>to maintain like like stay being pegged to the dollars.

0:23:45.640 --> 0:23:47.840
<v Speaker 2>It's not a strong enough currency. And so they do

0:23:47.920 --> 0:23:53.080
<v Speaker 2>a two billion dollars short of of of like Thailand's currency.

0:23:54.000 --> 0:23:56.119
<v Speaker 2>And I mean, I'm gonna read from the Influence of

0:23:56.160 --> 0:24:01.000
<v Speaker 2>Sorrows again about like the process of this. It was

0:24:01.040 --> 0:24:03.760
<v Speaker 2>a debate we had. Jones told me we'd gone to

0:24:03.800 --> 0:24:05.879
<v Speaker 2>work in Asia, and here you are taking large scale

0:24:05.920 --> 0:24:09.600
<v Speaker 2>short positions in countries with institutional fragility. Going for the

0:24:09.680 --> 0:24:12.520
<v Speaker 2>juggular in the United Kingdom was one thing doing the same,

0:24:12.520 --> 0:24:15.760
<v Speaker 2>and Thailand was another. The Bank of England would surely recover.

0:24:16.280 --> 0:24:19.000
<v Speaker 2>Thailand was a developing economy and it was unclear what

0:24:19.080 --> 0:24:24.240
<v Speaker 2>impact outside investors could have. Soros has justified speculation with

0:24:24.280 --> 0:24:25.840
<v Speaker 2>the idea that it could serve as a kind of

0:24:25.840 --> 0:24:30.959
<v Speaker 2>warning to governments. Look, Thai government, the bot needs to devalue.

0:24:31.080 --> 0:24:33.879
<v Speaker 2>Change your policy now before a currency collapses, devastating for

0:24:33.920 --> 0:24:38.000
<v Speaker 2>your people. The trouble is the Thai government didn't do this. Instead,

0:24:38.040 --> 0:24:40.480
<v Speaker 2>it spent months using Bank of Thailand reserves to buy

0:24:40.560 --> 0:24:42.879
<v Speaker 2>Tai bot. When it finally ran out in early summer

0:24:42.960 --> 0:24:45.760
<v Speaker 2>nineteen ninety seven, the value of the bot plunged thirty

0:24:45.760 --> 0:24:48.520
<v Speaker 2>two percent against the dollar and millions of people lost

0:24:48.800 --> 0:24:51.840
<v Speaker 2>Thai people lost their livelihoods. The Soros fund made seven

0:24:51.960 --> 0:24:53.360
<v Speaker 2>hundred and fifty million dollars.

0:24:54.280 --> 0:24:57.240
<v Speaker 1>Yeah, it's a little bit like me being like, look, yes,

0:24:57.359 --> 0:25:00.520
<v Speaker 1>I made a lot of money selling heroin to those

0:25:00.560 --> 0:25:03.439
<v Speaker 1>middle schoolers. But really, when you think about it, it

0:25:03.560 --> 0:25:06.560
<v Speaker 1>was a warning to those schools that it was too

0:25:06.600 --> 0:25:09.480
<v Speaker 1>easy for me to bribe the janitor to sell heroin

0:25:09.600 --> 0:25:12.600
<v Speaker 1>to kids there. You know, I was actually performing a

0:25:12.640 --> 0:25:16.760
<v Speaker 1>public service. So true, Robert, It is just like that,

0:25:18.560 --> 0:25:18.760
<v Speaker 1>you know.

0:25:19.119 --> 0:25:21.160
<v Speaker 2>To be fair, you know, I'm not going to every money.

0:25:21.160 --> 0:25:23.280
<v Speaker 2>I'm not going to finish that thought. That's probably for

0:25:23.359 --> 0:25:23.720
<v Speaker 2>the best.

0:25:24.520 --> 0:25:27.720
<v Speaker 1>Yeah, we need we need one person to remain uncanceled

0:25:27.720 --> 0:25:28.760
<v Speaker 1>here to keep the lights on.

0:25:30.520 --> 0:25:32.480
<v Speaker 2>Oh God, doesn't have to be me.

0:25:32.680 --> 0:25:34.640
<v Speaker 1>Oh no, yeah, no, legally it does.

0:25:34.880 --> 0:25:38.240
<v Speaker 2>It's really bad. Yeah, no more joking, but yeah, we can't.

0:25:38.359 --> 0:25:40.000
<v Speaker 2>We can't suffer any other jokes.

0:25:40.119 --> 0:25:44.840
<v Speaker 1>Yes, somebody's gotta upload this episode.

0:25:43.800 --> 0:25:47.080
<v Speaker 2>All right here, here, here, here's the next joke. Soros

0:25:47.119 --> 0:25:50.200
<v Speaker 2>actually doesn't make money off of the speculation, if off

0:25:50.200 --> 0:25:54.040
<v Speaker 2>of a speculating in Southeast Asia, because he loses basically

0:25:54.040 --> 0:25:56.840
<v Speaker 2>the same amount of money taking like a long position

0:25:56.880 --> 0:25:57.560
<v Speaker 2>in Indonesia.

0:25:57.920 --> 0:25:59.920
<v Speaker 1>Yeah, the same thing happened to me when I took

0:26:00.119 --> 0:26:03.719
<v Speaker 1>a long position on doing cocaine in my bathroom with

0:26:03.760 --> 0:26:07.200
<v Speaker 1>the money that I made selling drugs to all those kids.

0:26:07.320 --> 0:26:10.840
<v Speaker 1>You know, we're a lot alike, him and me, we're

0:26:10.840 --> 0:26:11.399
<v Speaker 1>a lot of like.

0:26:12.359 --> 0:26:14.320
<v Speaker 2>Well, okay, to be fair, to be fair, and this

0:26:14.359 --> 0:26:16.720
<v Speaker 2>is okay, this is the thing. The reason I wanted

0:26:16.720 --> 0:26:20.119
<v Speaker 2>to talk about this specifically is that, like, okay, like

0:26:20.200 --> 0:26:25.359
<v Speaker 2>to this day, if you look under sort of if

0:26:25.400 --> 0:26:27.360
<v Speaker 2>you if you every once in a while, someone someone,

0:26:27.400 --> 0:26:30.000
<v Speaker 2>there'll be a tweet that's like, what did George Sorrows do?

0:26:31.000 --> 0:26:33.600
<v Speaker 2>And immediately there will be a bunch of people talking

0:26:33.600 --> 0:26:36.360
<v Speaker 2>about how he like deliberately destroyed all of the economies

0:26:36.359 --> 0:26:40.440
<v Speaker 2>in Southeast Asia. Yeah, and that's not really what happened.

0:26:41.640 --> 0:26:43.439
<v Speaker 1>And that would be for one thing, too much to

0:26:43.440 --> 0:26:46.160
<v Speaker 1>put on one guy fucking around with a cup.

0:26:46.280 --> 0:26:49.040
<v Speaker 2>Yeah. Yeah, And I wanted to actually kind of walk

0:26:49.080 --> 0:26:52.720
<v Speaker 2>through this a little bit in depth just because okay,

0:26:52.800 --> 0:26:55.560
<v Speaker 2>there's a really really easy way to think about the

0:26:55.600 --> 0:26:58.439
<v Speaker 2>economy that is bad. It leads you into anti Semitic traps,

0:26:58.480 --> 0:27:01.520
<v Speaker 2>which is like, hey, here is like one banker who

0:27:01.520 --> 0:27:03.800
<v Speaker 2>wanted to make money, and because he wanted to make money,

0:27:03.880 --> 0:27:07.919
<v Speaker 2>he like destroyed all these economies. And like, on the

0:27:07.960 --> 0:27:11.679
<v Speaker 2>one hand, yeah, like like Sorrow's betting against like the

0:27:11.720 --> 0:27:14.199
<v Speaker 2>tai currency is bad, right, like this is this is

0:27:14.200 --> 0:27:16.240
<v Speaker 2>not a thing you should have been doing. On the

0:27:16.240 --> 0:27:18.200
<v Speaker 2>other hand, you know, okay, so that's like the sort

0:27:18.200 --> 0:27:20.760
<v Speaker 2>of level one thing. But the thing about that, you know,

0:27:20.840 --> 0:27:22.080
<v Speaker 2>this is the sort of this is the sort of

0:27:22.119 --> 0:27:25.320
<v Speaker 2>like great Man, anti anti Semitism theory of collapse. And

0:27:25.400 --> 0:27:26.560
<v Speaker 2>this is the theory that a lot of the sort

0:27:26.600 --> 0:27:30.560
<v Speaker 2>of regional leaders take, you know, because and this and

0:27:30.600 --> 0:27:33.120
<v Speaker 2>this is sort of a crucial thing, right, this position

0:27:33.880 --> 0:27:36.800
<v Speaker 2>very conveniently allows them to just like not think about

0:27:36.800 --> 0:27:39.720
<v Speaker 2>capitalism in general or like their role in this in

0:27:39.760 --> 0:27:45.000
<v Speaker 2>this crisis, which is not insignificance. And so in order

0:27:45.040 --> 0:27:48.360
<v Speaker 2>to figure out what what actually happened here, we need

0:27:48.400 --> 0:27:50.520
<v Speaker 2>to look at so so Sorow sort of like tip

0:27:50.640 --> 0:27:54.439
<v Speaker 2>like tip some dominoes, right, but the dominoes were already

0:27:54.480 --> 0:27:56.560
<v Speaker 2>there and they were going like regardless even if Soros

0:27:56.560 --> 0:27:59.080
<v Speaker 2>had never existed, right, Like, they were going to fall.

0:28:00.000 --> 0:28:03.560
<v Speaker 2>And they're going to fall because ironically of the plaza coords.

0:28:05.680 --> 0:28:07.760
<v Speaker 2>So you know, when we talked about the plaza courds earlier.

0:28:07.880 --> 0:28:09.840
<v Speaker 2>The US forces Japan to increase the value of its

0:28:09.840 --> 0:28:12.880
<v Speaker 2>currency relative to the dollar. Okay, so this is great

0:28:12.880 --> 0:28:16.720
<v Speaker 2>for the American economy. This nukes the Japanese economy, I

0:28:16.720 --> 0:28:18.880
<v Speaker 2>mean the Japanese economy, you know. And we'll talk about

0:28:18.920 --> 0:28:20.639
<v Speaker 2>this in a bit too. It was already kind of

0:28:20.680 --> 0:28:23.440
<v Speaker 2>doing bad. When the US does this and its manufacturer

0:28:23.440 --> 0:28:27.600
<v Speaker 2>economy just like implodes it. It guts the Japanese economy.

0:28:27.640 --> 0:28:29.800
<v Speaker 2>It has The Japanese economy has never recovered from this.

0:28:30.400 --> 0:28:34.520
<v Speaker 2>It probably will never recover really into what it was.

0:28:37.040 --> 0:28:40.600
<v Speaker 2>And you know, the effect this has is that now

0:28:40.680 --> 0:28:43.080
<v Speaker 2>the government of Japan has to figure out how to

0:28:43.120 --> 0:28:47.120
<v Speaker 2>grow their economy without having any way to make money

0:28:47.120 --> 0:28:50.760
<v Speaker 2>that grows your economy. But now they have a stronger currency,

0:28:50.800 --> 0:28:54.440
<v Speaker 2>and so their solution is, Okay, what did they all

0:28:54.480 --> 0:28:56.320
<v Speaker 2>the central banking people look around each other and they go,

0:28:56.360 --> 0:29:01.600
<v Speaker 2>what is a strong currency good for housing speculation? And

0:29:01.680 --> 0:29:04.640
<v Speaker 2>so they they start like they start, they start slashing

0:29:04.680 --> 0:29:08.800
<v Speaker 2>interest race, and they start basically building an entire economy, uh,

0:29:08.880 --> 0:29:11.240
<v Speaker 2>based on the assumption that housing prices will always go up,

0:29:11.320 --> 0:29:13.040
<v Speaker 2>and so you should just take out loans so you

0:29:13.040 --> 0:29:15.880
<v Speaker 2>could buy houses because the value of the housing will

0:29:18.320 --> 0:29:20.120
<v Speaker 2>because you know, highing prices will always go up, so

0:29:20.120 --> 0:29:21.640
<v Speaker 2>you can you can have all of these assets based

0:29:21.680 --> 0:29:24.719
<v Speaker 2>and mortgages. H This is this may may or may

0:29:24.720 --> 0:29:26.840
<v Speaker 2>not be sounding familiar to everyone who literally thousand and

0:29:26.840 --> 0:29:30.440
<v Speaker 2>eight I and so you know, in in like in

0:29:30.440 --> 0:29:33.760
<v Speaker 2>like nineteen eighty two, the entire Japanese economy implodes sort

0:29:33.800 --> 0:29:39.320
<v Speaker 2>of again because they they literally built the two thousand

0:29:39.320 --> 0:29:43.080
<v Speaker 2>and eight machine. And so this this forces the US

0:29:44.080 --> 0:29:46.920
<v Speaker 2>to do something called the reverse Plaza Cords, where they

0:29:47.280 --> 0:29:49.120
<v Speaker 2>take the original Plaza records and they reverse it and

0:29:49.120 --> 0:29:52.000
<v Speaker 2>they increase the value of the American dollar. American manufactury

0:29:52.080 --> 0:29:56.240
<v Speaker 2>dies like it's never recovered, it's never coming back. And

0:29:56.920 --> 0:29:59.800
<v Speaker 2>this for a this kind of this stabilizes the Japanese

0:29:59.800 --> 0:30:01.960
<v Speaker 2>a to be a little bit, but it means that

0:30:02.000 --> 0:30:05.120
<v Speaker 2>the US now no longer has a functional economy. And

0:30:05.200 --> 0:30:07.400
<v Speaker 2>so we do. Our solution to this is we need

0:30:07.440 --> 0:30:09.760
<v Speaker 2>two thousand and eight. Right, we build an entire economy

0:30:09.800 --> 0:30:13.640
<v Speaker 2>also on the Japanese model of currency speculat of you know,

0:30:13.800 --> 0:30:16.520
<v Speaker 2>of like housing price speculation, ceculation of like or like

0:30:16.520 --> 0:30:19.120
<v Speaker 2>the rising prices of like stocks. Right, we build an

0:30:19.120 --> 0:30:24.680
<v Speaker 2>economy completely made a bullshit. But you know, okay, but

0:30:24.840 --> 0:30:26.480
<v Speaker 2>what does this have to do with the Asian market collaps? Okay?

0:30:26.720 --> 0:30:28.320
<v Speaker 2>The problem is that like all of the countries and

0:30:28.400 --> 0:30:30.920
<v Speaker 2>in East Asia and like Southeast Asia also do this.

0:30:31.320 --> 0:30:32.880
<v Speaker 2>They also do the thing where they're like, oh, we're

0:30:32.880 --> 0:30:34.600
<v Speaker 2>gonna we're gonna, we're gonna ba We're okay, so our

0:30:34.640 --> 0:30:37.240
<v Speaker 2>manufacturing economies are declining, right, so we're gonna we're gonna

0:30:37.240 --> 0:30:41.520
<v Speaker 2>base our entire economy on housing prices going up. And

0:30:41.600 --> 0:30:44.720
<v Speaker 2>you know that's and it's not George Soros. That's the

0:30:44.760 --> 0:30:50.320
<v Speaker 2>thing that actually destroys like the sort of that's something

0:30:50.320 --> 0:30:52.560
<v Speaker 2>that like that like actually destroys all of these economies.

0:30:53.680 --> 0:30:56.040
<v Speaker 2>And you know, and I wanted to sort of run

0:30:56.120 --> 0:30:57.320
<v Speaker 2>through this, and you know, this is like a lot

0:30:57.320 --> 0:30:59.800
<v Speaker 2>of like sort of econ shit, right, But the reason

0:30:59.840 --> 0:31:01.920
<v Speaker 2>I wanted to run through this is that I think

0:31:02.680 --> 0:31:06.479
<v Speaker 2>I think he gets at the sort of truly the

0:31:06.520 --> 0:31:11.560
<v Speaker 2>truly horrifying thing about how our economy works that is

0:31:12.920 --> 0:31:15.440
<v Speaker 2>really difficult to face, and is I think it's at

0:31:15.520 --> 0:31:19.200
<v Speaker 2>least a part of why people really really want there

0:31:19.240 --> 0:31:21.920
<v Speaker 2>to just be one guy who is running anything everything,

0:31:21.960 --> 0:31:24.200
<v Speaker 2>whether that's the CIA, whether that's Soros, whether that's like

0:31:24.320 --> 0:31:30.440
<v Speaker 2>the New World Order. Yeah, right, because if there's if

0:31:30.440 --> 0:31:33.000
<v Speaker 2>there's like a guy who's doing this, right, you can

0:31:33.040 --> 0:31:36.720
<v Speaker 2>stop him. But the great horror of this world is

0:31:36.760 --> 0:31:39.320
<v Speaker 2>that there is no deep state, right, there is no sataniscoball,

0:31:39.480 --> 0:31:41.600
<v Speaker 2>there's no one pulling the strings at all. The only

0:31:41.640 --> 0:31:44.040
<v Speaker 2>thing that is there is just sort of the cold,

0:31:44.160 --> 0:31:47.600
<v Speaker 2>lifeless and inexorable death logic of capital, and that logic

0:31:47.720 --> 0:31:49.840
<v Speaker 2>is moving all of us, right, all you know, the

0:31:50.560 --> 0:31:53.800
<v Speaker 2>people who are doing the conspiracies, insofar as they exist,

0:31:53.880 --> 0:31:55.840
<v Speaker 2>are being moved by this. All of the rulers are

0:31:55.880 --> 0:31:58.239
<v Speaker 2>being moved by capital. All of us, the subjects, are

0:31:58.240 --> 0:32:03.240
<v Speaker 2>being moved by capital. But that like sucks, right, Like

0:32:03.480 --> 0:32:06.160
<v Speaker 2>the fact that all of these economies are destroyed not

0:32:06.320 --> 0:32:09.520
<v Speaker 2>by like the individual actions of people, but by the

0:32:09.560 --> 0:32:12.040
<v Speaker 2>fact that, like returns are less good in Thailand than

0:32:12.080 --> 0:32:14.800
<v Speaker 2>they are in China. And this is just sort of

0:32:14.840 --> 0:32:17.080
<v Speaker 2>the inectable logic of the entire economic system we have.

0:32:18.160 --> 0:32:22.360
<v Speaker 2>This is, you know, this is absolutely terrifying, and faced

0:32:22.400 --> 0:32:24.760
<v Speaker 2>with this sort of reality, right, like, people who want

0:32:24.840 --> 0:32:27.560
<v Speaker 2>to protect capitalism because you know, they have a bunch

0:32:27.560 --> 0:32:31.120
<v Speaker 2>of assets in it, right, retreat into this sort of

0:32:31.240 --> 0:32:34.480
<v Speaker 2>like they you know, they they use Soros as a

0:32:34.520 --> 0:32:37.040
<v Speaker 2>smoke screen for like why everything is suddenly going wrong.

0:32:39.000 --> 0:32:41.760
<v Speaker 2>But sort of simultaneous to this, right, this is also

0:32:42.040 --> 0:32:47.200
<v Speaker 2>a real problem for George Soros because he's, like, you know,

0:32:47.320 --> 0:32:49.479
<v Speaker 2>when he's not sort of in his role as like

0:32:49.720 --> 0:32:53.680
<v Speaker 2>capital He's like not a piece of shit. He's like

0:32:54.440 --> 0:32:59.800
<v Speaker 2>a person who wants the world to be better. And this,

0:33:00.200 --> 0:33:05.200
<v Speaker 2>you know, this causes a sort of there was a

0:33:05.240 --> 0:33:07.880
<v Speaker 2>contradiction in his ideology, right, which is that he wants

0:33:07.880 --> 0:33:10.280
<v Speaker 2>the world to be a better place, and simultaneously he's

0:33:10.280 --> 0:33:13.120
<v Speaker 2>also a capitalist, and these two things are sort of

0:33:13.320 --> 0:33:15.479
<v Speaker 2>warring with each other. Even as early as even as

0:33:15.480 --> 0:33:18.200
<v Speaker 2>early sort of the nineties, he's giving speeches about how

0:33:18.760 --> 0:33:20.840
<v Speaker 2>like his open society that he wants. It's just sort

0:33:20.840 --> 0:33:23.480
<v Speaker 2>of like this liberal democratic society of like laws and

0:33:23.560 --> 0:33:27.040
<v Speaker 2>norms and human rights. The greatest danger Twitter ceased to

0:33:27.080 --> 0:33:30.480
<v Speaker 2>be communism, it's now capitalism. But he can't do anything

0:33:30.480 --> 0:33:34.440
<v Speaker 2>about it because he is also a capitalist. And next episode,

0:33:34.520 --> 0:33:39.160
<v Speaker 2>we're going to watch Soros like through his philanthropic endeavors,

0:33:39.200 --> 0:33:42.080
<v Speaker 2>attempt to solve the problems that his economic system has

0:33:42.120 --> 0:33:47.040
<v Speaker 2>caused and fail catastrophically and become the sort of boogeyman

0:33:47.240 --> 0:33:51.440
<v Speaker 2>and the the anti sementic spector of every conspiracy theory

0:33:51.480 --> 0:33:51.880
<v Speaker 2>in the world.

0:33:52.640 --> 0:33:57.200
<v Speaker 1>Yeah, so check out that next time. And you know,

0:33:57.360 --> 0:34:00.720
<v Speaker 1>if you're hanging out around Clark Middle School and you

0:34:00.840 --> 0:34:05.120
<v Speaker 1>have forty dollars. I can hook you up with some

0:34:05.120 --> 0:34:08.399
<v Speaker 1>some of that sweet black tar, so you know, give

0:34:08.440 --> 0:34:10.959
<v Speaker 1>me a ring. My phone numbers posted in the show

0:34:11.000 --> 0:34:17.000
<v Speaker 1>notes of every episode It.

0:34:16.920 --> 0:34:19.320
<v Speaker 2>Could Happen Here as a production of cool Zone Media.

0:34:19.400 --> 0:34:22.120
<v Speaker 2>For more podcasts from cool Zone Media, visit our website

0:34:22.120 --> 0:34:25.239
<v Speaker 2>coolzonemedia dot com, or check us out on the iHeartRadio app,

0:34:25.280 --> 0:34:28.640
<v Speaker 2>Apple Podcasts, or wherever you listen to podcasts. You can

0:34:28.640 --> 0:34:31.359
<v Speaker 2>find sources for It could Happen Here, Updated monthly at

0:34:31.400 --> 0:34:34.640
<v Speaker 2>coolzonemedia dot com slash sources. Thanks for listening.