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Speaker 1: Hey, guys, we're going to be totally upfront with you.

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Speaker 1: This is the most perilous time that we have ever

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Speaker 1: operated in. It is so difficult just to sort through

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Speaker 1: the information that's coming at us, but more importantly, to

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Speaker 1: accurately report the news as a wave of censorship spreads

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Speaker 1: across the nation. If you can help us out by

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Speaker 1: percent censorship proof. You help us build an independent, vibrant

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Speaker 1: ecosystem for media that can resist mainstream pressure. And again, guys,

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Speaker 1: go to Breakingpoints dot com in order to subscribe. Thank

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Speaker 1: you all so much. We love you and we appreciate you.

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Speaker 1: Enjoy the show. Join us now for our weekly partnership segment,

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Speaker 1: we have Andrew Perez. He is a senior editor and

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Speaker 1: reporter at the newly named Lever, the Lever News, which

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Speaker 1: we are very excited about. Great to see Andrew, Thanks

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Speaker 1: for having me so. First of all, we wanted to

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Speaker 1: tell everybody it's not the Daily Poster anymore. It is

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Speaker 1: the Lever and you guys are expanding. You put together

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Speaker 1: a little promo video for the brand change. Let's take

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Speaker 1: a look at that the entity formerly known as the

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Speaker 1: Daily Poster is now rebranding to the Lever. Right now,

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Speaker 1: we're in the void where all facts are being questioned

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Speaker 1: because there are very very few trusted sources that the

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Speaker 1: audience trust doesn't have an ulterior motive and isn't skewing

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Speaker 1: the facts. We are an independent media outBut David Serota,

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Speaker 1: the award winning investigative journalist nominated for an Oscar for

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Speaker 1: Best Original Screenplay, I Don't Look Up was nominated for

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Speaker 1: four Academy Awards. We're small in the ocean of a

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Speaker 1: corporate media environment. The future of this to rebuild that

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Speaker 1: trust requires reader and subscriber supported news that doesn't have

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Speaker 1: these problems and that is always focused on making sure

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Speaker 1: the audience can see where the facts are coming from.

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Speaker 1: When you read a story on our website, you will

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Speaker 1: see all of the links to source material. You don't

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Speaker 1: have to trust us, go make sure that what you're

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Speaker 1: being told is true. Corporate media doesn't seem to care

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Speaker 1: about that. Are we going with Lever or Lever the

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Speaker 1: Lever the Lever so guys subscribe at levernews dot com.

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Speaker 1: Other than despising hearing the sound of my own voice.

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Speaker 1: That was great. Andrew's let's just start before. We're going

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Speaker 1: to get to some of your reporting on union busting,

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Speaker 1: which is really important. But I think it's so critical

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Speaker 1: that we underscore the importance of an independent media if

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Speaker 1: we're going to have a better democracy, if we're going

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Speaker 1: to have people really understand what is going on and

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Speaker 1: why it's happening. What was it that attracted you to

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Speaker 1: this outlet in this work? Sure, well, so I had

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Speaker 1: worked for several years before with David Stiuda, and so

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Speaker 1: I actually helped him start this new outlet when it

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Speaker 1: was literally just like a substack newsletter, didn't have a name,

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Speaker 1: and it was right right when David was leaving the

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Speaker 1: Burning campaign. He was just ready to you know, get

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Speaker 1: his thoughts out there, and he asked me to help

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Speaker 1: edit it, and you know, I was stoked, because the

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Speaker 1: truth is, I've always loved working with David, and you know,

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Speaker 1: I knew like we have the same kind of thoughts

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Speaker 1: on what coverage matters, what's not being covered, and you know,

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Speaker 1: we have the same kind of ethos for our reporting,

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Speaker 1: which is that we wanted to you know, both of

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Speaker 1: US have always been devoted to covering and exposing corporate

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Speaker 1: power and influence on policy. Yeah, well it's you together

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Speaker 1: have built a really vital and formidable outlet, and so

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Speaker 1: I'm excited to see the rebrand. I'm excited to see

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Speaker 1: the expansion. I think it's like a critical backbone of

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Speaker 1: the alternative media ecosystem, which we have to have because

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Speaker 1: they're like obviously, the cable news networks, as long as

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Speaker 1: their incentives are what they are, and the legacy media outlets,

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Speaker 1: as long as their incentives are what they are, they're

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Speaker 1: not really going to change. So we have to build

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Speaker 1: an alternative ecosystem to provide people with that information. So

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Speaker 1: let's talk about some of the real reporting. The latest

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Speaker 1: report that you have here, let's go ahead and put

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Speaker 1: it up on the screen, guys, is about a Verizon

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Speaker 1: union effort and the predictable union busting that is occurring there.

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Speaker 1: You say, Verizon sens and the union busters. Verison workers

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Speaker 1: seeking to unionize in Washington State say the company just

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Speaker 1: brought an executives to intimidate them. So just break down

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Speaker 1: the story for us. Sure, So, workers at two Verizon

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Speaker 1: retail stores in the Seattle area in Everett and Lynnwood,

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Speaker 1: you know, started organizing and then recently asked Verizon to

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Speaker 1: voluntarily recognize their union. And you know, organizers said that

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Speaker 1: Verizon immediately flew in a series of executives and labor

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Speaker 1: relations managers to their stores starting the very next day,

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Speaker 1: like after they requested recognition to try to dissuade these

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Speaker 1: workers from from unionizing. And you know, they said they've

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Speaker 1: been sending execs in into other stores too, and training

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Speaker 1: in the area and training store managers to you know,

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Speaker 1: tell workers about how unionizing would be it would be

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Speaker 1: bad for them. And you know the other thing here

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Speaker 1: that happened is as this was all happening, a private

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Speaker 1: Reddit page for Verizon employees, a long standing page, announced

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Speaker 1: that it was banning any discussion of unions. And you know,

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Speaker 1: these organizers thought that this was like a direct reflection

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Speaker 1: of their organizing efforts and that the that the company

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Speaker 1: was cracking down. And you know, the new news here

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Speaker 1: is that actually, so on on Friday, which you know

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Speaker 1: now is so on Friday, they'll be the workers will

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Speaker 1: be receiving their mail in ballots. Actually, so they said

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Speaker 1: that Verizon's been you know, applying pretty intense pressure so far,

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Speaker 1: but that's all going to stop really soon. Wait, so

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Speaker 1: what did you make of the reddit piece of that?

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Speaker 1: Because I thought that was interesting as well. So it's

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Speaker 1: a private reddit thread, it's not run by like Verizon corporate,

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Speaker 1: and yet they're saying, hey, you can't talk about union

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Speaker 1: efforts here at all. And their justification is, listen, we're

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Speaker 1: worried about people taking keeping their jobs. We don't want

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Speaker 1: them to face retaliation. But what did you think was

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Speaker 1: going on with that detail? Yeah, well, so it's it's

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Speaker 1: a it's a private page for Verison employees. It's moderated

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Speaker 1: by by Verison employees, but you know not I guess

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Speaker 1: in their official capacity. You do have you do have

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Speaker 1: to be like a Verizon employee to actually join the subreddit.

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Speaker 1: I think they like require a copy of your of

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Speaker 1: your like badge. So so it is for you know,

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Speaker 1: Verizon employees. And you know, I mean, as you know,

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Speaker 1: as one of the workers told us. You know, if

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Speaker 1: if you're worried about getting unfairly targeted by management and

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Speaker 1: fired for what you're sending online, you know what you need,

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Speaker 1: right a union, And I mean I think that is right,

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Speaker 1: you know, So I think you know there's there's maybe

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Speaker 1: two elements to it where like, you know, the moderators,

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Speaker 1: you know, may have kind of a point about you know,

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Speaker 1: like the company can target you based on online interactions.

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Speaker 1: But you know, I mean, I think I think it

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Speaker 1: was also perceived as like this is sort of an

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Speaker 1: effort by you know, employees who were you know, supportive

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Speaker 1: of Verizon to cut out any any conversation of unions

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Speaker 1: can't have any agitation. So it's both a reflection of

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Speaker 1: potential sort of like people who are sympathizers for the

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Speaker 1: Verizon corporate position and also people who and also an

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Speaker 1: indication of a genuine climate of fear where people don't

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Speaker 1: want to be fired just for what should be protected

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Speaker 1: union organizing activity. Another point you make here that I

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Speaker 1: think is really important, and I'm reading from the piece now,

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Speaker 1: it says Verizon is a big federal contractor. Since Biden

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Speaker 1: took office, the company has received one hundred and thirty

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Speaker 1: three million dollars in federal contract payments. The company also

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Speaker 1: benefits from expansive government subsidies. And you have the Biden

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Speaker 1: administration promising they would quote use long standing authority to

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Speaker 1: leverage the federal governments purchasing and spending power to support

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Speaker 1: workers who are organizing and pro worker employees. One way

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Speaker 1: to do that, they said the administration is to ensure

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Speaker 1: that federal contract dollars are not spent on anti union

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Speaker 1: campaigns and that the anti union campaign activities by federal

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Speaker 1: contractors are publicly disclosed. So is there any prayer that

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Speaker 1: the Biden administration is going to actually live up to

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Speaker 1: what they're saying there and make sure that federal dollars

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Speaker 1: are not being used to support a company that is

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Speaker 1: clearly engaged in union busting activity. Yeah, so you know

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Speaker 1: this that was part of like a task force recommendation

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Speaker 1: and I think the task courses was led by the

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Speaker 1: Labor Secretary Marty Walsh and Vice President Harris, and you know,

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Speaker 1: so that was sort of a recommendation within it. They

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Speaker 1: have not taken any kind of official action yet there,

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Speaker 1: but it is really an important, you know, part of

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Speaker 1: this conversation, which is that yes, Biden has pledged to

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Speaker 1: you know, he also pledged in sure that federal contractors

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Speaker 1: only go to employers who sign neutrality agreements committing not

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Speaker 1: to run anti union campaigns, and so you know, there

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Speaker 1: are things that they can do within their authority, you know,

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Speaker 1: like more broadly speaking, Democrats could pass the pro Act,

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Speaker 1: right which would which would really make it a lot

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Speaker 1: easier for workers to unionize, but that you know has

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Speaker 1: obviously there's going to be trouble getting that through Congress

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Speaker 1: right now unless Democrats, uh, you know, decide to eliminate

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Speaker 1: the filibuster, which obviously you know a few of them

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Speaker 1: are so reluctant to do. So this is something that

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Speaker 1: we're we're biding could act and make things easier for

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Speaker 1: workers just with executive authority. I think that is an

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Speaker 1: incredibly important point because all the time we hear like, Eh,

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Speaker 1: they're doing what they can. What do you is? You

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Speaker 1: got the filibuster, you got the parliamentary, you got Joe Manchin,

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Speaker 1: cares and cinema. What can you do? He's doing everything possible,

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Speaker 1: like you're saying, and you're pointing out very specific things

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Speaker 1: that the Biden administration and so Biden promised to be

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Speaker 1: the most pro union president in history could do to

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Speaker 1: make it easier for workers to organize. That they just

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Speaker 1: have decided not to do. That is completely in one

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Speaker 1: hundred percent in their control. Andrew, thank you so much

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Speaker 1: for joining us. And breaking this all down for us. Guys,

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Speaker 1: Go and subscribe to the Levers thelevernews dot com and

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Speaker 1: support the incredible work that they are doing. Really grateful

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Speaker 1: for your time today, Thank you join us now to

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Speaker 1: talk about some of the demographic changes in this country

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Speaker 1: and the way that Republicans have been peeling off Latino

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Speaker 1: voters from Democrats. Is a great friend of mine, Justin Guest.

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Speaker 1: He is a professor of policy and government at the

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Speaker 1: shar School at George Mason University. Great to see you,

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Speaker 1: my friends. Good to a with you. So there's a

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Speaker 1: lot I want to get to. But first of all,

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Speaker 1: you've done a lot of research on demographic shifts in

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Speaker 1: this country, in countries around the world, how that's worked

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Speaker 1: out for political systems, both in ways good and bad,

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Speaker 1: and it's given you some particular insight into the trouble

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Speaker 1: that Democrats are having with Latina right now. So just

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Speaker 1: break a little bit of that down for us. Sure, Well,

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Speaker 1: the United States has been trending in the direction that

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Speaker 1: we see of other majority minority states around the world.

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Speaker 1: Where you see a lot of minority groups growing in number,

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Speaker 1: you often see the racialization of politics, and we are

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Speaker 1: beginning to see the US trending in that direction over

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Speaker 1: the last two decades, where what racial or ethnic identity

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Speaker 1: you are often as predicting or more predicting of your

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Speaker 1: political choices. But that's starting to change in an interesting

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Speaker 1: way right now because recently there have been a number

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Speaker 1: of polls that are showing that Latinos are actually beginning

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Speaker 1: to marginally move closer towards the Republican Party, whereas before

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Speaker 1: they were almost a two one third split, two to

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Speaker 1: one split towards Democrats. And that was something that was

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Speaker 1: true for other minority groups and remains true in some

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Speaker 1: cases even more extreme. But Latinos are moving closer and

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Speaker 1: closer towards a more even split to the Republican Party

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Speaker 1: in a way that we haven't seen really since George W.

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Speaker 1: Bush in two thousand and four. So let's track it

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Speaker 1: then in terms of history, and that's what you write

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Speaker 1: about in the book. How does that track with recent

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Speaker 1: arrivals to the United States in the nineteen hundreds. How

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Speaker 1: long does that transition away from ethnic voting block to

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Speaker 1: kind of a total assimilation into normal American politics take? Well,

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Speaker 1: in some cases, it never really goes away. You know,

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Speaker 1: there's a lot of times parties make a bond with

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Speaker 1: a particular minority group or other identity group, and that

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Speaker 1: bond lasts a very long time, you know. We see

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Speaker 1: that today with a lot of Cuban Americans and the

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Speaker 1: Republican Party. And that's just true in general. So there's

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Speaker 1: no real sort of broad rule necessarily, but certainly one

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Speaker 1: a minority group. When an immigrant group begins to vote,

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Speaker 1: not as that identity group, not as an Irish person

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Speaker 1: or an Italian person or a Catholic person, but just

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Speaker 1: you know, as a sort of everyday American, or finds

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Speaker 1: another form of identity, whether it's a white racial identity

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Speaker 1: or perhaps a professional identity, you know, as an attorney

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Speaker 1: or as a union member. That's when you really start

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Speaker 1: to see what you might call assimilation, because they have

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Speaker 1: dropped what had made them distinct and different before and

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Speaker 1: have taken on a different identity. Yeah. And by the way, guys,

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Speaker 1: the book is called majority minority. That's why we've mentioned

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Speaker 1: that a couple of times. We can go ahead and

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Speaker 1: put that book jacket up on the screen and highly

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Speaker 1: recommend it to all of you. So this is particularly

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Speaker 1: noteworthy because it's the opposite of predictions that were being

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Speaker 1: made both by the Democratic Party that had this idea

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Speaker 1: of the coalition of the ascendant and these demographic changes

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Speaker 1: in the country were just going to like guarantee their

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Speaker 1: political power forever. And now they're in a situation where

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Speaker 1: they're facing down likely significant losses in the midterms. Biden

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Speaker 1: looks extraordinarily weak for reelection. Of course, you never want

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Speaker 1: to outright that against incumbent president. And the other piece

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Speaker 1: of this is specifically with Donald Trump because his rhetoric

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Speaker 1: was so inflammatory with regards to immigration, he had such

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Speaker 1: a hardline, hawkish view. Especially in the twenty sixteen election,

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Speaker 1: all of the punnets were predicting, oh, there's going to

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Speaker 1: be historic margins among Latinos for Democrats, and in fact,

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Speaker 1: not only have we not seen that, but Trump improved

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Speaker 1: again his you know, his stand with Latinos in the

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Speaker 1: twenty twenty election. We see poll after poll that in

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Speaker 1: the midterms Latinos may sort of split their vote fifty

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Speaker 1: to fifty between Democrats and Republicans. So what has triggered

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Speaker 1: this shift right now at this time? Do you think

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Speaker 1: so many people think it's that Latinos are looking differently

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Speaker 1: at us political parties. But what I would argue is

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Speaker 1: that actually Latinos are looking differently at themselves. They see

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Speaker 1: themselves through a different prism, not necessarily, and by the way,

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Speaker 1: we shouldn't be generalizing across all Latinos, yes, but those

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Speaker 1: who are shifting their votes in particular, we can generalize

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Speaker 1: a little bit more about. We're seeing them In pockets

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Speaker 1: of the country like South Texas, South Florida. You have

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Speaker 1: a lot of Americans there who actually self identify as

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Speaker 1: white Hispanics. So in the census, you know, you're asked

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Speaker 1: for your ethnicity, whether you're Hispanic or not Hispanic, and

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Speaker 1: then you're asked your race white, Black, Asian, American, a

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Speaker 1: Native Pacific islander, et cetera. In this case, you have

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Speaker 1: a lot of Latinos who also identify as white, and

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Speaker 1: that white ey identity may be superseding their sense of

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Speaker 1: Latino solidarity. In many cases, like the parts of South Texas,

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Speaker 1: the borderlands of the country, many of those are people

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Speaker 1: of Mexican origin who never actually necessarily migrate to the

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Speaker 1: United States. They'll saying there is I didn't cross the border.

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Speaker 1: The border crossed me, right, So they're historic Tehanos who

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Speaker 1: have actually always lived in that part of Texas back

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Speaker 1: when it was actually part of Mexico. Now that's not

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Speaker 1: the majority group, but there is a sense that they

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Speaker 1: are different because the many generations that they've been in

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Speaker 1: the United States from the immigrants who are recently arriving

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Speaker 1: from Latin America and elsewhere. Yeah, So, how does that

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Speaker 1: trend then for our politics moving forward? So there's a

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Speaker 1: couple of ways it can go, right, which is that

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Speaker 1: increasing identity politics makes white people rediscover or reignite identity politics.

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Speaker 1: That's probably not good for everybody involved. The other way

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Speaker 1: that it goes is that generally, kind of how I

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Speaker 1: see things, everything breaks down more long class lines as

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Speaker 1: we move forward with assimilation is even with high levels

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Speaker 1: of immigration, which way of those trend lines do you

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Speaker 1: think it will go? Well, I can tell you that

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Speaker 1: the way we want things to go is not that

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Speaker 1: this is the politics of whiteness and Latinos are just

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Speaker 1: assimilating into an understanding of whiteness that is somehow nationalistic

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Speaker 1: and exclusive of other cultures. What we hope is that

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Speaker 1: the Republican Party is actually making a concerted appeal to

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Speaker 1: people of minority backgrounds and to Latinos in particular to

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Speaker 1: create this change. Now, from my observations, I'm not seeing

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Speaker 1: that appeal. I'm not seeing that concerted effort to bring

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Speaker 1: in Latinos necessarily. What I'm seeing is more at the

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Speaker 1: sort of broadening of the politics of whiteness to reach

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Speaker 1: the next most quote unquote assimilable group. And I think

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Speaker 1: that's problematic actually for p US politics going forward. So

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Speaker 1: let's broaden out. Because the book focuses on Okay, there

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Speaker 1: have been other countries in other places where you had

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Speaker 1: a group that was previously in the majority that becomes

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Speaker 1: then in the minority. How does that typically go. Yeah,

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Speaker 1: So it's a mix of conflict and coexistence, and different

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Speaker 1: countries have different experiences based on a variety of things

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Speaker 1: that I'd write about in the book quite extensively. I say,

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Speaker 1: six different countries and they are so different. One thing

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Speaker 1: they all have in common, aside from the fact that

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Speaker 1: they're all islands because they're very fragile demographies that change easily,

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Speaker 1: is that they have all reached a majority minority milestone,

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Speaker 1: which is the milestone that the US will reach in

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Speaker 1: around twenty forty four twenty forty five, and that is

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Speaker 1: when the original native or native ethnic or religious group

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Speaker 1: loses its numerical advantage to one or more minority groups.

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Speaker 1: And they have all gone through this. And what we

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Speaker 1: see across all these places, Crystal, is that there are

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Speaker 1: pivots that they can take towards coexistence or pivots that

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Speaker 1: they can take towards conflict. And you see a mix

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Speaker 1: of both. But the places that pivot towards coexistence are

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Speaker 1: inspiring in the way that they are redefining who they are.

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Speaker 1: They are focused, they're not dropping their heritage, but they're

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Speaker 1: re understanding and broadening the understanding of the nation. Right,

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Speaker 1: And this goes back to it what we're just chatting

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Speaker 1: about with Latinos. Are we broadening the nation or are

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Speaker 1: we broadening whiteness? And I think that's the real question

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Speaker 1: for the United States. Can we broaden the civic understand

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Speaker 1: of who we are as a country? And that's when

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Speaker 1: we can actually follow those co existing countries well. Which

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Speaker 1: places did well? Yeah, So I would say that the

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Speaker 1: place that the best is probably actually Hawaii. So Hawaii was,

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Speaker 1: of course its own country until the US annexed it

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Speaker 1: forcibly in eighteen ninety three, and even by that point,

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Speaker 1: it was already a majority minority country, but Hawaiians were

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Speaker 1: always actually very open to intermarriage and so and with

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Speaker 1: a sort of shrinking native population in terms of blood quantum,

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Speaker 1: a native population shrinking, they begin to open their minds

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Speaker 1: about what actually constitutes being Kanaka, what constitutes being Hawaiian.

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Speaker 1: And that broadening was expedited when the US took over,

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Speaker 1: right because you have a sense of almost an external

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Speaker 1: threat and very harsh assimilation regime made Hawaiians actually realize

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Speaker 1: that they were all kind of in and against US assimilationism.

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Speaker 1: Now we don't have the luxury of some kind of

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Speaker 1: external enemy trying to take over our country right now.

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Speaker 1: And I was hopeful actually that the coronavirus pansandemic would

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Speaker 1: actually serve as a kind of external enemy that might

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Speaker 1: strength with solidarity, but unfortunately that didn't come to pass. Yeah, so,

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Speaker 1: whenever you say whiteness, what does that mean, like in

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Speaker 1: terms of assimilating whiteness? Right, So, because like, what's wrong

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Speaker 1: with the Tejano person identifying as well, I'm from Texas. Sorry,

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Speaker 1: I'm very familiar with the border crossing and I remember,

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Speaker 1: you know, seeing that at the time and being like, yeah,

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Speaker 1: I mean econom makes sense, and like you were saying,

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Speaker 1: these people see themselves as legitimately part of the Texas

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Speaker 1: identity in a way that a lot of people in

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Speaker 1: the Northeast and their politics don't really get. So what

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Speaker 1: do you mean when you say that assimilation is itself whiteness?

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Speaker 1: Does that make sense? Yeah? Absolutely, it's a great question.

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Speaker 1: So whiteness itself has changed over the course of American history.

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Speaker 1: So early in our history, of course, whiteness referred to

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Speaker 1: being Anglo British or maybe Anglo Dutch, Northern European Protestant right,

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Speaker 1: and that broadened actually in really important ways. That brought

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Speaker 1: us to our contemporary understanding of who we understand is white, right.

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Speaker 1: And of course, identity is always not just about how

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Speaker 1: you feel about how other people perceive it, and that

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Speaker 1: has also changed over the course of American history. So

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Speaker 1: in many ways, actually, the evolutionary nature of whiteness, the

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Speaker 1: evolutionary nature of identity is in some ways a strength

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Speaker 1: of the United States, because we can actually conceive of

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Speaker 1: our identity changing over time in a much more versatile

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Speaker 1: way than maybe other states could. On the other hand,

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Speaker 1: it's also problematic because it's so paradoxical. It creates contradictions

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Speaker 1: in who we think we are. You know, if we

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Speaker 1: take a look at our country right now through a

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Speaker 1: nineteenth century Lens, right that Northern European Protestant Lens, we're

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Speaker 1: already a majority minority country. You wouldn't include Greeks or Slavs,

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Speaker 1: or Jews, or Italians or maybe even the Irish because

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Speaker 1: of their Catholicism into the old conception of whiteness. And

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Speaker 1: yet that has evolved over time. And so I think

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Speaker 1: that that is the flirt of flexibility of identity. But

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Speaker 1: the worst part of this is that that flexibility allowed

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Speaker 1: the country by bringing in new people into the understanding

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Speaker 1: of whiteness, it actually led to the persistence of the

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Speaker 1: subjugation of people of color, so people who were deemed

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Speaker 1: too dark to be white or too different to be white.

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Speaker 1: And that's what's so problematic. We want to create a

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Speaker 1: civic identity that is not hinged on any kind of

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Speaker 1: phenotypical appearance or any kind of race or religious background.

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Speaker 1: We want to create one that is all about the

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Speaker 1: civic identity of who it means to American. The America

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Speaker 1: is an idea, a project that we're all contributing to

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Speaker 1: Do you think that because of some of our American

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Speaker 1: mythology we might have a leg up on other countries

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Speaker 1: in doing this, Because, as you know, much as we

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Speaker 1: fall short, and as much as there are constant contradictions

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Speaker 1: in all of this, we do have this notion of

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Speaker 1: America as a country of immigrants and people of all

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Speaker 1: races and colors and creeds coming together in this belief

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Speaker 1: in the American ideal. Does that give us some sort

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Speaker 1: of like you know, cultural propaganda advantage in being able

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Speaker 1: to pull this off? Absolutely, I'm actually an optimist about this.

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Speaker 1: There's so much to be pessimistic about. Our social affairs

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Speaker 1: are the strength of our social fabric right now. But

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Speaker 1: America has a number of structural advantages to who we are.

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Speaker 1: It's not like immigration has just suddenly happened in our

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Speaker 1: history of the last twenty years and this is a

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Speaker 1: shock to the system. That is what happened in a

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Speaker 1: lot of the other countries that I studied. We're different.

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Speaker 1: We've been receiving immigrants since our conception. Right. Second, intermarriage

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Speaker 1: is growing, and mixed race children is growing threefold in

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Speaker 1: the last ten years. According to the US Census Bureau

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Speaker 1: it's remarkable. What that does is it blurs our identities, right.

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Speaker 1: It means that it's harder to divide us over ethnicity

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Speaker 1: or race or religion because more people are of mixed backgrounds.

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Speaker 1: So you can't just say that, you know, there are

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Speaker 1: hard lines between us when people are embodying the transcendence

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Speaker 1: of those differences. And so these are structural advantages alongside

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Speaker 1: the sort of evolving and flexible nature of American identity.

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Speaker 1: And so we have a lot of attributes that we

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Speaker 1: can leverage in that direction on the stand. At the

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Speaker 1: same time, we have a lot of fearmongers who are

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Speaker 1: actually trying to leverage those differences against us, and I

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00:23:04,200 --> 00:23:06,119
Speaker 1: think that's what's so worrisome. And so I think that

431
00:23:06,160 --> 00:23:08,280
Speaker 1: the United States is at a crossroads right now, and

432
00:23:08,320 --> 00:23:12,200
Speaker 1: whether we pivot towards coexistence or pivot towards conflict depends

433
00:23:12,240 --> 00:23:14,679
Speaker 1: on what we as people understand, what we and what

434
00:23:14,720 --> 00:23:17,320
Speaker 1: our leaders actually pursue. Yeah, I'm mostly an optimist on

435
00:23:17,320 --> 00:23:19,280
Speaker 1: this question too. It's been great talking to you, justin

436
00:23:19,440 --> 00:23:21,080
Speaker 1: appreciate it. We're gonna have a link down in the

437
00:23:21,080 --> 00:23:22,960
Speaker 1: description to the book. Go ahead and check it out

438
00:23:22,960 --> 00:23:24,399
Speaker 1: and we'll see you guys later. Great to have you

439
00:23:24,520 --> 00:23:30,119
Speaker 1: justin thank you pleasure, guys. Thanks. Inflation is obviously killing

440
00:23:30,160 --> 00:23:32,959
Speaker 1: everybody in terms of their wallets and the gas pumps

441
00:23:32,960 --> 00:23:35,280
Speaker 1: with gas prices and all of that, and that's led

442
00:23:35,280 --> 00:23:38,040
Speaker 1: to questions amongst elites of how exactly do we get

443
00:23:38,040 --> 00:23:41,280
Speaker 1: these pores to stop complaining. So the people over at

444
00:23:41,320 --> 00:23:44,680
Speaker 1: Bloomberg have some good advice for all of you. Let's

445
00:23:44,680 --> 00:23:47,000
Speaker 1: go and put this up there on the screen. Inflation

446
00:23:47,119 --> 00:23:50,000
Speaker 1: stings most if you earn less than three hundred K,

447
00:23:50,119 --> 00:23:52,360
Speaker 1: which is not percent of the whole country. Here's how

448
00:23:52,400 --> 00:23:56,560
Speaker 1: to deal. Number one, take the bus, okay. Number two,

449
00:23:56,720 --> 00:24:01,400
Speaker 1: don't buy in bulk. Number three try let instead of meat.

450
00:24:01,520 --> 00:24:05,640
Speaker 1: But number four nobody said this would be fun. Let's

451
00:24:05,640 --> 00:24:07,480
Speaker 1: go put the next one up there, because there's some

452
00:24:07,560 --> 00:24:11,960
Speaker 1: other helpful advice in this column. Let's put this up there, please, Yes,

453
00:24:12,160 --> 00:24:16,800
Speaker 1: from selling your car to foregoing chemo for your dog,

454
00:24:17,280 --> 00:24:21,280
Speaker 1: some tips on how to beat inflation. You know, I

455
00:24:21,280 --> 00:24:23,720
Speaker 1: think they should have split the difference crystal and just

456
00:24:23,760 --> 00:24:26,160
Speaker 1: said that you should eat your dog because that's probably

457
00:24:26,200 --> 00:24:29,160
Speaker 1: more protein than these lentils. But so no one said

458
00:24:29,160 --> 00:24:31,080
Speaker 1: this was going to be fun. This is going to

459
00:24:31,119 --> 00:24:35,160
Speaker 1: be fun. So Bloomberg's advice is, screw you, let your

460
00:24:35,160 --> 00:24:37,920
Speaker 1: dog die. Also, why wouldn't you buy in bulk? I

461
00:24:37,960 --> 00:24:41,680
Speaker 1: don't understand that, because you could pay more whenever you're

462
00:24:41,800 --> 00:24:45,840
Speaker 1: not a buy So the theory is that when you

463
00:24:45,920 --> 00:24:49,440
Speaker 1: buy in bulk, especially food, you actually just end up

464
00:24:49,560 --> 00:24:52,720
Speaker 1: consuming more and so you don't get the savings. That's

465
00:24:52,800 --> 00:24:57,479
Speaker 1: the theory that I've heard expressed, so highly controversial theory.

466
00:24:57,560 --> 00:25:01,520
Speaker 1: I would say, I'm still committed as a cost go shopper. Yeah,

467
00:25:01,600 --> 00:25:04,120
Speaker 1: let me read you a little bit from this. Just say,

468
00:25:04,119 --> 00:25:06,080
Speaker 1: you guys can get a full sense of what's going

469
00:25:06,119 --> 00:25:08,760
Speaker 1: on here. They say, though your palate may not be

470
00:25:08,880 --> 00:25:12,520
Speaker 1: used to it. Tasty meat substitutes include vegetables where prices

471
00:25:12,600 --> 00:25:15,280
Speaker 1: are up only a little over four percent, or lentils

472
00:25:15,280 --> 00:25:17,480
Speaker 1: and beans, which are up about nine percent. So you're

473
00:25:17,520 --> 00:25:20,000
Speaker 1: not even like really doing that great on the price savings.

474
00:25:20,160 --> 00:25:23,479
Speaker 1: Plan to cut out the middle creature and consume plants directly.

475
00:25:23,560 --> 00:25:26,960
Speaker 1: It's a more efficient, healthier and cheaper way to get calories.

476
00:25:27,000 --> 00:25:29,520
Speaker 1: I'm sure it's good for people's health maybe, and it's

477
00:25:29,520 --> 00:25:31,720
Speaker 1: certainly good for the planet. But you know, it's a

478
00:25:31,760 --> 00:25:35,639
Speaker 1: lot to say, like you should change your entire diet

479
00:25:35,880 --> 00:25:38,080
Speaker 1: and go for lentils instead of the things that you

480
00:25:38,280 --> 00:25:41,000
Speaker 1: just sense. Well, and here's the thing, the part that

481
00:25:41,080 --> 00:25:44,200
Speaker 1: really actually bothered me was the whole framing of this

482
00:25:44,240 --> 00:25:46,760
Speaker 1: is going to hurt for anyone making under three hundred

483
00:25:46,840 --> 00:25:49,960
Speaker 1: thousand dollars a year. That's ninety eight percent of the country,

484
00:25:50,359 --> 00:25:52,560
Speaker 1: you know, and they act like that's like low income,

485
00:25:53,040 --> 00:25:55,200
Speaker 1: but I mean, it does show you how much these

486
00:25:55,240 --> 00:25:59,000
Speaker 1: price increases are so significant, and the gas price increases

487
00:25:59,000 --> 00:26:01,359
Speaker 1: are so significant that you know it is going to

488
00:26:01,480 --> 00:26:05,359
Speaker 1: hurt people pretty far up the income scale, especially given

489
00:26:05,400 --> 00:26:07,880
Speaker 1: how high costs are in housing and other things. Here's

490
00:26:07,920 --> 00:26:10,000
Speaker 1: the pet chemotherapy one. They say, if you're one of

491
00:26:10,040 --> 00:26:12,400
Speaker 1: the many Americans who became a new pet owner during

492
00:26:12,400 --> 00:26:15,320
Speaker 1: the pandemic, you might want to rethink those costly pet

493
00:26:15,359 --> 00:26:18,880
Speaker 1: medical needs. It may sound harsh, but researchers actually don't

494
00:26:18,920 --> 00:26:22,680
Speaker 1: recommend pet chemotherapy, which can cost up to ten thousand dollars,

495
00:26:22,920 --> 00:26:25,480
Speaker 1: for ethical reasons. What do you think about that one, sager.

496
00:26:26,040 --> 00:26:28,240
Speaker 1: I think that anybody who loves their pets as much

497
00:26:28,240 --> 00:26:30,840
Speaker 1: as I love my cat and my dog, that they

498
00:26:31,000 --> 00:26:33,160
Speaker 1: should be able to spend whatever they want, and it's

499
00:26:33,200 --> 00:26:35,879
Speaker 1: up to them. I wouldn't necessarily recommend it if you're broke,

500
00:26:36,040 --> 00:26:38,840
Speaker 1: but look more, what it is is that the way

501
00:26:38,840 --> 00:26:41,199
Speaker 1: that they talk down to people and are just like

502
00:26:41,280 --> 00:26:44,239
Speaker 1: you people, you got to cut corners, what you know,

503
00:26:44,440 --> 00:26:48,040
Speaker 1: sacrifice more. Nobody said this would be fun. Instead, we

504
00:26:48,040 --> 00:26:50,960
Speaker 1: should be running as many columns as possible what to

505
00:26:51,040 --> 00:26:53,679
Speaker 1: do about it. Here's plans, here's ways we can bring that.

506
00:26:53,720 --> 00:26:56,159
Speaker 1: We've done, You've done now monologues on the oil companies.

507
00:26:56,160 --> 00:26:58,600
Speaker 1: We've had on economists about how to drop gas prices.

508
00:26:58,640 --> 00:27:01,080
Speaker 1: We've talked to here about food prices, about maybe, you know,

509
00:27:01,240 --> 00:27:04,639
Speaker 1: bolstering nitrogen production, fertilizer, all of that in order to

510
00:27:04,640 --> 00:27:08,280
Speaker 1: bring that down, working with the supply chain, national Languard.

511
00:27:08,359 --> 00:27:10,479
Speaker 1: There's so many things that we could throw at this,

512
00:27:10,560 --> 00:27:13,440
Speaker 1: and already, already we are seeing prices increase in food.

513
00:27:13,440 --> 00:27:15,880
Speaker 1: I'm right as we're taping this segment, I just read

514
00:27:15,880 --> 00:27:18,520
Speaker 1: a Wall Street Journal piece on how already the Russian

515
00:27:18,560 --> 00:27:21,040
Speaker 1: increase in food price is beginning to go in there

516
00:27:21,280 --> 00:27:25,840
Speaker 1: wheat prices. Wheat is in everything, I mean, oil, sunflower, oil, seed,

517
00:27:25,880 --> 00:27:28,240
Speaker 1: oil products. Not that you should be eating them, by

518
00:27:28,280 --> 00:27:32,040
Speaker 1: the way, but I just find this first. So, first

519
00:27:32,040 --> 00:27:34,040
Speaker 1: of all, we're gonna have malnutrition. It's not like we

520
00:27:34,080 --> 00:27:37,600
Speaker 1: already don't have a massive obestied health crisis in this country.

521
00:27:37,600 --> 00:27:39,320
Speaker 1: This is the worse thing you could possibly do, push

522
00:27:39,320 --> 00:27:42,760
Speaker 1: people towards the cheaper, worse for you options. So there's

523
00:27:42,800 --> 00:27:45,280
Speaker 1: a lot that's happening right now. Yeah, I think that's

524
00:27:45,320 --> 00:27:48,959
Speaker 1: just awful. It's like this, First of all, if you

525
00:27:49,000 --> 00:27:53,920
Speaker 1: are in a situation where your budget is stretched by inflation,

526
00:27:54,080 --> 00:27:56,600
Speaker 1: which I think, as they are pointing out, it would

527
00:27:56,640 --> 00:28:00,280
Speaker 1: be overwhelmingly most of the country, you're probably going to

528
00:28:00,280 --> 00:28:02,199
Speaker 1: be in a better position and know how it's going

529
00:28:02,280 --> 00:28:04,760
Speaker 1: to work for you and your family to cut quarters

530
00:28:05,000 --> 00:28:08,160
Speaker 1: than random bloomb columnists and everything problem that you see

531
00:28:08,160 --> 00:28:10,199
Speaker 1: at the grocery stores doing that. Yeah, of course doing

532
00:28:10,320 --> 00:28:13,840
Speaker 1: so likely. That's where the sort of contempt comes in,

533
00:28:14,000 --> 00:28:17,359
Speaker 1: to think that people who are struggling don't already know,

534
00:28:17,560 --> 00:28:20,800
Speaker 1: aren't already thrifty, aren't already cutting all kinds of corners,

535
00:28:20,840 --> 00:28:24,480
Speaker 1: aren't already well aware of like the best ways to

536
00:28:24,560 --> 00:28:27,680
Speaker 1: make their budget go as far as possible. That's number one.

537
00:28:27,920 --> 00:28:30,840
Speaker 1: And then number two, as you said, it's like this

538
00:28:31,000 --> 00:28:34,840
Speaker 1: personal responsibility narrative around a crisis that is not these

539
00:28:34,880 --> 00:28:39,240
Speaker 1: peopil's fault whatsoever. So use your perch instead at Bloomberg

540
00:28:39,680 --> 00:28:43,000
Speaker 1: to talk about solutions that will actually directly help people

541
00:28:43,040 --> 00:28:45,000
Speaker 1: so that they don't have to, you know, cut out

542
00:28:45,000 --> 00:28:48,560
Speaker 1: the pet chemotherapy and take the bus and only eat lentils.

543
00:28:49,560 --> 00:28:52,640
Speaker 1: Maybe use your perch to focus on those solutions and

544
00:28:52,680 --> 00:28:55,760
Speaker 1: pressuring the government instead of you know, just kind of

545
00:28:55,800 --> 00:28:58,920
Speaker 1: shifting the burden onto the populace. Yeah, exactly right. Who

546
00:28:58,920 --> 00:29:02,440
Speaker 1: we're all scrambling at all or Costco or whatever cheap

547
00:29:02,520 --> 00:29:04,720
Speaker 1: stuff shouldn't have to be that way. You guys. Might

548
00:29:04,720 --> 00:29:07,400
Speaker 1: have seen a viral Twitter thread which said that Donald

549
00:29:07,440 --> 00:29:09,800
Speaker 1: Trump was going to go on the Joe Rogan experience,

550
00:29:09,920 --> 00:29:12,680
Speaker 1: and turns out that's not true at all. But now

551
00:29:12,760 --> 00:29:14,960
Speaker 1: it's not just here that Joe has debuggd that, but

552
00:29:15,000 --> 00:29:17,000
Speaker 1: he made some interesting comments about whether he's going to

553
00:29:17,040 --> 00:29:20,560
Speaker 1: interview any political candidates anymore in the future. Let's say

554
00:29:20,600 --> 00:29:24,760
Speaker 1: a listen been a whole thing where one hundred people

555
00:29:24,880 --> 00:29:29,040
Speaker 1: at least have texted me and sent me emails and

556
00:29:29,080 --> 00:29:32,840
Speaker 1: contacted friends because they heard Trump was coming on my podcast,

557
00:29:33,040 --> 00:29:36,720
Speaker 1: And the source of it is a fake Trump account

558
00:29:36,760 --> 00:29:39,280
Speaker 1: on Twitter that said I'm going on the Joe it's

559
00:29:39,320 --> 00:29:42,120
Speaker 1: a Trump's face and it's a fake account that said

560
00:29:42,120 --> 00:29:44,960
Speaker 1: I'm going on the Joe Rogan podcast soon. And I

561
00:29:45,000 --> 00:29:47,440
Speaker 1: think it came out of the fact that Trump was

562
00:29:47,480 --> 00:29:53,040
Speaker 1: on the Nelk Boys podcast and then YouTube removed that podcast.

563
00:29:53,400 --> 00:29:58,040
Speaker 1: They pulled the podcast, which is you know, that's one

564
00:29:58,080 --> 00:29:59,920
Speaker 1: of the craziest things you could do, because then ever

565
00:30:00,120 --> 00:30:02,240
Speaker 1: is going to talk about how YouTube removed that removed

566
00:30:02,280 --> 00:30:05,440
Speaker 1: that podcast, like you can't even have Trump talk right right, well,

567
00:30:05,600 --> 00:30:08,280
Speaker 1: former president of the United States, you can't let them talk.

568
00:30:08,360 --> 00:30:10,560
Speaker 1: Somebody did send me apparently not, but somebody did send

569
00:30:10,600 --> 00:30:14,160
Speaker 1: me a note saying that he was going to be

570
00:30:14,200 --> 00:30:17,480
Speaker 1: on your show. It's great, Yeah, I thought I've got

571
00:30:17,480 --> 00:30:20,320
Speaker 1: the Really sure if that's the case, somebody's it's not

572
00:30:20,400 --> 00:30:25,640
Speaker 1: the case, I'll send you the look I am. I

573
00:30:25,720 --> 00:30:30,040
Speaker 1: have decided that I am very apolitical when it comes

574
00:30:30,080 --> 00:30:34,280
Speaker 1: to the future, and like in political candidates, I don't

575
00:30:34,280 --> 00:30:36,360
Speaker 1: want to have that kind of an influence and I

576
00:30:36,400 --> 00:30:40,320
Speaker 1: don't want to. I don't want to I want to

577
00:30:40,360 --> 00:30:42,720
Speaker 1: be someone who could watch and observe. I don't want

578
00:30:42,720 --> 00:30:47,800
Speaker 1: to be someone who's actually affecting this see I actually, well,

579
00:30:47,840 --> 00:30:50,480
Speaker 1: I understand his decision. I think that's very sad. You know,

580
00:30:50,520 --> 00:30:53,960
Speaker 1: we just were looking at that morning consult polling around

581
00:30:54,280 --> 00:30:56,280
Speaker 1: the people who actually listen to Rogan, and they are

582
00:30:56,320 --> 00:30:59,160
Speaker 1: the persuadables, truly in the middle, kind of all over

583
00:30:59,200 --> 00:31:01,160
Speaker 1: the map id a lot, and part of the takeaway

584
00:31:01,160 --> 00:31:04,160
Speaker 1: from morning console polling was these are exactly the type

585
00:31:04,160 --> 00:31:06,280
Speaker 1: of people that politicians want to reach you And I've

586
00:31:06,320 --> 00:31:10,680
Speaker 1: always intuitively understood that that's who our audience really terms

587
00:31:10,720 --> 00:31:12,840
Speaker 1: to be. And it's always funny that the politicians don't

588
00:31:12,840 --> 00:31:14,680
Speaker 1: want to engage with it. But the fact that he's

589
00:31:14,680 --> 00:31:16,280
Speaker 1: declaring out right that he doesn't want to do that

590
00:31:16,600 --> 00:31:18,760
Speaker 1: just shows you that the immense pressure from the media

591
00:31:18,840 --> 00:31:21,200
Speaker 1: and others have made it so that the biggest podcaster

592
00:31:21,320 --> 00:31:23,680
Speaker 1: in the world doesn't want to engage with these topics

593
00:31:23,720 --> 00:31:26,920
Speaker 1: because they can see just how much backlash that that is.

594
00:31:27,480 --> 00:31:30,320
Speaker 1: And that's a self own by the media, because you're

595
00:31:30,320 --> 00:31:33,520
Speaker 1: also making it so that the lack of incentive to engage,

596
00:31:33,760 --> 00:31:35,960
Speaker 1: you know, is really would be politically beneficial to the

597
00:31:36,000 --> 00:31:38,600
Speaker 1: whole country and to others. And it's just a form

598
00:31:38,640 --> 00:31:41,200
Speaker 1: of gatekeeping that has now obviously had a back. Now, look,

599
00:31:41,240 --> 00:31:43,120
Speaker 1: he could do whatever he wants and should he. You know,

600
00:31:43,160 --> 00:31:45,080
Speaker 1: he doesn't want to deal with it, and I wouldn't

601
00:31:45,080 --> 00:31:46,720
Speaker 1: want to deal with it either if I was him,

602
00:31:46,760 --> 00:31:49,080
Speaker 1: So I completely understand where he's coming from. But I

603
00:31:49,120 --> 00:31:50,720
Speaker 1: think it's a net loss for the country for that

604
00:31:50,760 --> 00:31:54,120
Speaker 1: to happen. Yeah, I think that's right. I think this

605
00:31:54,240 --> 00:31:57,520
Speaker 1: is probably you know, I'm also reminded of the reaction

606
00:31:57,720 --> 00:32:00,640
Speaker 1: to him, like casually making a statement that he probably

607
00:32:00,720 --> 00:32:04,160
Speaker 1: vote for Bernie Sanders, and then that's right, and then

608
00:32:04,280 --> 00:32:07,680
Speaker 1: you know, the burning people understandably were like the most

609
00:32:07,680 --> 00:32:10,360
Speaker 1: popular podcast in the world was The Over. Yeah, they

610
00:32:11,080 --> 00:32:13,760
Speaker 1: you know, they used it for their campaign because obviously

611
00:32:13,960 --> 00:32:17,000
Speaker 1: they saw it as political benefit, as any candidate would.

612
00:32:17,520 --> 00:32:20,960
Speaker 1: And then because there was so much media hatred of Bernie,

613
00:32:21,160 --> 00:32:23,720
Speaker 1: then they go on this witch hunt to show, well,

614
00:32:23,840 --> 00:32:25,960
Speaker 1: this is why it's a terrible thing that such a

615
00:32:25,960 --> 00:32:31,080
Speaker 1: popular post and media figure supports their campaign. And that

616
00:32:31,160 --> 00:32:33,840
Speaker 1: opened a whole, you know, a whole ugly direction. And

617
00:32:33,880 --> 00:32:36,240
Speaker 1: it's really been sort of since then that the knives

618
00:32:36,240 --> 00:32:38,960
Speaker 1: have been out for Joe in a really significant way.

619
00:32:39,000 --> 00:32:41,520
Speaker 1: And then of course it increased another level when he

620
00:32:41,600 --> 00:32:44,680
Speaker 1: ultimately went to Spotify. I think the other piece of

621
00:32:44,720 --> 00:32:50,280
Speaker 1: this is that, you know, part of the foundational value

622
00:32:50,280 --> 00:32:53,320
Speaker 1: and approach that Joe takes to his show is assuming

623
00:32:53,400 --> 00:32:57,760
Speaker 1: the good faith of whoever he's sitting across. So you know,

624
00:32:58,120 --> 00:33:01,440
Speaker 1: sometimes occasionally you might find a politician that you can

625
00:33:01,480 --> 00:33:04,400
Speaker 1: sit down with in good faith and have a great discussion.

626
00:33:04,520 --> 00:33:07,760
Speaker 1: I personally thought like that his conversation with Bernie Sanders

627
00:33:07,880 --> 00:33:09,840
Speaker 1: was a great example of that, where they had a

628
00:33:09,880 --> 00:33:12,200
Speaker 1: really good exchange, and there were a lot of people,

629
00:33:12,240 --> 00:33:15,720
Speaker 1: I think who got around some of the media caricature

630
00:33:15,720 --> 00:33:18,000
Speaker 1: of him by having him sit for that long form

631
00:33:18,040 --> 00:33:21,000
Speaker 1: of an interview. But there just aren't that many instances

632
00:33:21,040 --> 00:33:23,480
Speaker 1: where you will actually get a politician who will sit

633
00:33:23,520 --> 00:33:27,560
Speaker 1: down with you in good faith and actually engage and

634
00:33:27,560 --> 00:33:29,520
Speaker 1: be willing to admit where they're wrong and be open

635
00:33:29,560 --> 00:33:32,680
Speaker 1: minded and say things that are uncomfortable or controversial or

636
00:33:32,680 --> 00:33:37,600
Speaker 1: provocative or whatever. Certainly, with Trump, that would be very

637
00:33:37,640 --> 00:33:40,560
Speaker 1: difficult to pull off because that guy's just he's just

638
00:33:40,560 --> 00:33:42,880
Speaker 1: full of it all the time. So you can't go

639
00:33:43,000 --> 00:33:46,880
Speaker 1: into a conversation with Donald Trump assuming you're going to

640
00:33:46,960 --> 00:33:50,960
Speaker 1: have a good faith like exchange of ideas. So From

641
00:33:51,040 --> 00:33:54,320
Speaker 1: that perspective, I understand why he would want to just say, like,

642
00:33:54,600 --> 00:33:56,960
Speaker 1: you know, I don't want to do this anymore. I

643
00:33:57,000 --> 00:33:59,240
Speaker 1: totally get it. I totally understand where he's coming from

644
00:33:59,280 --> 00:34:00,920
Speaker 1: and why I also wouldn't want to do with it

645
00:34:00,960 --> 00:34:02,840
Speaker 1: the same in that position, I can't imagine what it's

646
00:34:02,840 --> 00:34:05,080
Speaker 1: even like to be at the center of one of

647
00:34:05,080 --> 00:34:06,840
Speaker 1: those storms. I just think that this is a good

648
00:34:06,880 --> 00:34:09,920
Speaker 1: example of how the media has made it untenable for

649
00:34:10,000 --> 00:34:12,799
Speaker 1: people who are that big and culturally influential to even

650
00:34:12,840 --> 00:34:15,200
Speaker 1: want to engage in politics. It makes them keep their

651
00:34:15,239 --> 00:34:18,360
Speaker 1: virtual monopoly on the conversation and worse, you know, it

652
00:34:18,480 --> 00:34:22,200
Speaker 1: just bludgeons anybody who dares just speak their mind. And

653
00:34:22,239 --> 00:34:24,440
Speaker 1: speaking your mind is the most important thing that we

654
00:34:24,560 --> 00:34:26,839
Speaker 1: have in this country, and it's exactly you know, for

655
00:34:26,920 --> 00:34:30,440
Speaker 1: this reason that the incentive is to not do so,

656
00:34:30,800 --> 00:34:33,080
Speaker 1: when frankly, I think we'd all be better off if

657
00:34:33,080 --> 00:34:35,759
Speaker 1: politicians did engage with it. But that's his right, you know,

658
00:34:35,800 --> 00:34:38,120
Speaker 1: to make that decision. And uh, I guess check one

659
00:34:38,160 --> 00:34:40,640
Speaker 1: for the media on this one. It's a sad situation

660
00:34:40,680 --> 00:34:45,120
Speaker 1: in my opinion, that this had to happen. Hey, guys,

661
00:34:45,120 --> 00:34:47,719
Speaker 1: our friend Marshal Kossof. He's going to be conducting interviews

662
00:34:47,719 --> 00:34:49,799
Speaker 1: with experts and newsmakers for us here on the Breaking

663
00:34:49,840 --> 00:34:53,440
Speaker 1: Points channel. We're really excited. Yep. Here it is Helliskanlan.

664
00:34:53,480 --> 00:34:57,640
Speaker 1: Welcome to Breaking Points. Hey, Rachel, that's it good. Great

665
00:34:57,680 --> 00:35:00,200
Speaker 1: to talk with you. So, as you know and you

666
00:35:00,280 --> 00:35:04,319
Speaker 1: cover on substack, YouTube, TikTok, all the various platforms you're on,

667
00:35:04,400 --> 00:35:06,840
Speaker 1: there's always different stories going on right now, and I

668
00:35:06,880 --> 00:35:10,160
Speaker 1: wanted to speak with you because you're an excellent synthesizer.

669
00:35:10,280 --> 00:35:14,120
Speaker 1: You are taking all these stories, putting together, providing something

670
00:35:14,160 --> 00:35:16,279
Speaker 1: comprehensive that people could really think about. So I wanted

671
00:35:16,320 --> 00:35:19,080
Speaker 1: to just take this Wednesday to go over and talk

672
00:35:19,120 --> 00:35:21,760
Speaker 1: through some of these big top line stories to guide viewers.

673
00:35:21,800 --> 00:35:24,279
Speaker 1: So let's just start. We were talking right before this

674
00:35:24,719 --> 00:35:28,480
Speaker 1: recording and you were saying you're really concerned about commodities.

675
00:35:28,719 --> 00:35:30,360
Speaker 1: That's something we should really focus on. So let's just

676
00:35:30,360 --> 00:35:33,399
Speaker 1: start there. Yeah, I mean, you've just seen a huge

677
00:35:33,440 --> 00:35:36,399
Speaker 1: run up in commodities since the envision and really over

678
00:35:36,440 --> 00:35:40,359
Speaker 1: the past year because of the pandemic across everything, right,

679
00:35:40,480 --> 00:35:44,640
Speaker 1: so wheat, corn, soybeans, and then an input into all

680
00:35:44,640 --> 00:35:48,319
Speaker 1: these commodities is fertilizer, and you've seen fertilizer have a

681
00:35:48,400 --> 00:35:51,400
Speaker 1: huge run up in price, mostly because Russia and Belarus

682
00:35:51,440 --> 00:35:55,120
Speaker 1: are both massive producers up fertilizer. And also an input

683
00:35:55,160 --> 00:35:58,040
Speaker 1: into fertilizer is natral gas. And so we have a

684
00:35:58,080 --> 00:36:00,600
Speaker 1: whole energy crisis that we're grappling with. So it's almost

685
00:36:00,600 --> 00:36:03,640
Speaker 1: everywhere you turn, one of the inputs to the processes

686
00:36:03,680 --> 00:36:06,759
Speaker 1: that we have become so reliant on is sort of

687
00:36:06,760 --> 00:36:12,640
Speaker 1: crumbling away. Yeah, and you've just said Ukraine, Russia, but

688
00:36:12,680 --> 00:36:15,000
Speaker 1: then also the broader pandemic. How much of the surge

689
00:36:15,000 --> 00:36:17,719
Speaker 1: and commodity prices has been driven by what's happened in

690
00:36:17,719 --> 00:36:19,399
Speaker 1: the past month, and how much it was a long

691
00:36:19,480 --> 00:36:22,520
Speaker 1: term trend that we should be worrying about. Yeah, I

692
00:36:22,560 --> 00:36:24,879
Speaker 1: mean we t is up like twenty percent I think

693
00:36:24,920 --> 00:36:27,719
Speaker 1: since invasion day so and I think it's up like

694
00:36:27,760 --> 00:36:30,560
Speaker 1: sixty nine percent over the past year. So a large

695
00:36:30,600 --> 00:36:33,480
Speaker 1: portion of it is because of the envision, and I

696
00:36:33,520 --> 00:36:37,120
Speaker 1: think that most of it is worrying because of the envision,

697
00:36:37,800 --> 00:36:41,640
Speaker 1: because of the war. Right, So planting season is getting disrupted,

698
00:36:41,960 --> 00:36:45,319
Speaker 1: flows are getting disrupted, so being able to get fertilizer

699
00:36:45,400 --> 00:36:49,600
Speaker 1: onto the actual crops themselves is disrupted. Being able to

700
00:36:49,719 --> 00:36:53,279
Speaker 1: go and farm the crops is disrupted. So it's all

701
00:36:53,320 --> 00:36:55,880
Speaker 1: of those things that are worry that we need to

702
00:36:55,880 --> 00:36:58,080
Speaker 1: worry about. Yeah, And how is this going to be

703
00:36:58,160 --> 00:37:00,560
Speaker 1: felt in our lives over the coming month and even

704
00:37:00,600 --> 00:37:03,799
Speaker 1: the year. Yeah, I mean, I think that a lot

705
00:37:03,840 --> 00:37:05,920
Speaker 1: of us are already feeling it, whether that be through

706
00:37:05,960 --> 00:37:08,600
Speaker 1: a higher grocery bill or through prices at the pump.

707
00:37:09,080 --> 00:37:12,120
Speaker 1: The Federal Reserve decided to raise interest rates to help

708
00:37:12,200 --> 00:37:15,120
Speaker 1: combat or attempt to combat some of the simplation. So

709
00:37:15,160 --> 00:37:17,760
Speaker 1: hopefully we'll see some of it stem soon. But it'll

710
00:37:17,760 --> 00:37:21,440
Speaker 1: depend on how quickly these supply chains can recover, It'll

711
00:37:21,440 --> 00:37:24,960
Speaker 1: depend on what the end of this war does look like,

712
00:37:25,080 --> 00:37:29,839
Speaker 1: and it'll depend on how companies choose to manage how

713
00:37:29,880 --> 00:37:33,880
Speaker 1: they mitigate the cost. You glad you brought up supply chains.

714
00:37:33,880 --> 00:37:37,520
Speaker 1: It seems like for the past COVID period there's been

715
00:37:37,840 --> 00:37:40,120
Speaker 1: all these different supply chains and incidents, and now this

716
00:37:40,239 --> 00:37:43,200
Speaker 1: is just the light latest one. Where is the what's

717
00:37:43,239 --> 00:37:46,840
Speaker 1: the current state of the supply chain discourse post invasion?

718
00:37:46,840 --> 00:37:49,760
Speaker 1: We've seen the narrative shift at different times or past Christmas.

719
00:37:49,760 --> 00:37:53,239
Speaker 1: Where do things stand now? Yeah, it's still up in

720
00:37:53,280 --> 00:37:57,920
Speaker 1: the air. It's difficult to get ships around a little bit.

721
00:37:58,000 --> 00:38:01,160
Speaker 1: But I mean everything is still running like it's supposed to.

722
00:38:01,400 --> 00:38:04,880
Speaker 1: But because gasoline prices are so high, that puts pressure

723
00:38:04,960 --> 00:38:08,319
Speaker 1: on trucks, that puts pressure on planes, and so those

724
00:38:08,320 --> 00:38:10,720
Speaker 1: are core components of the supply chain, and that makes

725
00:38:10,719 --> 00:38:13,400
Speaker 1: that whole process more expensive. So we don't really have

726
00:38:13,719 --> 00:38:15,719
Speaker 1: the same bottlenecks of the ports that we used to.

727
00:38:15,800 --> 00:38:18,480
Speaker 1: It's still not great, but it's not like, oh, everything's

728
00:38:18,520 --> 00:38:21,640
Speaker 1: building up because of XYZ. It's more like everything is

729
00:38:21,719 --> 00:38:25,319
Speaker 1: just becoming, you know, a little bit more expensive. And

730
00:38:25,560 --> 00:38:29,400
Speaker 1: let's talk about gasoline. You just had a YouTube video

731
00:38:29,560 --> 00:38:32,040
Speaker 1: and substack out around this. How much of the current

732
00:38:32,080 --> 00:38:34,880
Speaker 1: increasing gas prices is due to those geoporitical tensions and

733
00:38:34,920 --> 00:38:37,360
Speaker 1: how much is actually under control when it comes to

734
00:38:37,520 --> 00:38:41,960
Speaker 1: the US specifically. Yeah, so gasoline is super interesting, right, So,

735
00:38:42,000 --> 00:38:44,600
Speaker 1: like it responds to the price of oil, but WTI,

736
00:38:44,680 --> 00:38:48,440
Speaker 1: crude oil is not necessarily gasoline, Like gasoline is a

737
00:38:48,480 --> 00:38:51,800
Speaker 1: refinery process from crude oil itself, So it responds to

738
00:38:52,239 --> 00:38:55,600
Speaker 1: crude oil has bounced between one hundred dollars a barrel

739
00:38:55,719 --> 00:38:58,799
Speaker 1: to like, you know, essentially like over one thirty dollars

740
00:38:58,840 --> 00:39:01,600
Speaker 1: a barrel, which is huge moves, huge, huge moves, and

741
00:39:02,040 --> 00:39:06,560
Speaker 1: variability and oil prices like that freak out the people

742
00:39:06,600 --> 00:39:09,640
Speaker 1: who like the different gasoline stations because they're like, oh

743
00:39:09,640 --> 00:39:11,600
Speaker 1: my gosh, like how am I going to manage? And

744
00:39:11,680 --> 00:39:14,359
Speaker 1: gas itself is pretty low margin for gas stations. They

745
00:39:14,360 --> 00:39:17,280
Speaker 1: make most of their money through selling snacks or whatever.

746
00:39:17,600 --> 00:39:20,440
Speaker 1: But a lot of people, you know, gas prices are sticky,

747
00:39:20,640 --> 00:39:23,600
Speaker 1: so if oil prices go up, gas prices go up,

748
00:39:23,640 --> 00:39:25,920
Speaker 1: they're going to We're not going to see gas prices

749
00:39:25,920 --> 00:39:28,640
Speaker 1: fall as much. So if you think about the invasion,

750
00:39:28,719 --> 00:39:31,440
Speaker 1: like a large function of the price of oil fluctuating

751
00:39:31,440 --> 00:39:34,800
Speaker 1: so much just because the United States has sanctioned Russian oil,

752
00:39:35,080 --> 00:39:38,359
Speaker 1: there's talks that Europe could potentially sanction Russian oil as well.

753
00:39:38,600 --> 00:39:40,920
Speaker 1: And then in the US we're trying to ramp up

754
00:39:40,920 --> 00:39:43,360
Speaker 1: shale production. We're trying to get more oil up, and

755
00:39:43,560 --> 00:39:45,560
Speaker 1: there is a little bit of movement, but it's not

756
00:39:45,800 --> 00:39:48,400
Speaker 1: like in terms of actual movement versus what is actually

757
00:39:48,440 --> 00:39:51,200
Speaker 1: being produced. It's not a one to one ratio. So

758
00:39:51,239 --> 00:39:53,560
Speaker 1: we're trying to find different solutions, whether that be from

759
00:39:53,800 --> 00:39:57,320
Speaker 1: Saudi Arabia, or having OPEC produce Opek in general produce

760
00:39:57,360 --> 00:40:00,480
Speaker 1: a little bit more. So, Yeah, that's kind up in

761
00:40:00,520 --> 00:40:03,880
Speaker 1: the air too. Yeah, And as we're thinking about this

762
00:40:04,000 --> 00:40:08,279
Speaker 1: broader geopolitical picture, you did some riding around where things

763
00:40:08,360 --> 00:40:10,400
Speaker 1: stood at the start of the invasion. It's been a

764
00:40:10,400 --> 00:40:13,560
Speaker 1: few weeks obviously, as you're looking at the analysis of

765
00:40:13,600 --> 00:40:18,600
Speaker 1: these various issues, whether it's the commodities or the broader sanctions,

766
00:40:18,680 --> 00:40:22,160
Speaker 1: how much confidence do folks have that this is basically

767
00:40:22,239 --> 00:40:24,680
Speaker 1: going to be the status quo for a long time

768
00:40:24,719 --> 00:40:29,680
Speaker 1: moving forward? Oh, in terms of like how the sanctions

769
00:40:29,680 --> 00:40:31,960
Speaker 1: are playing out on the prices of everything, Yeah, I

770
00:40:32,000 --> 00:40:33,960
Speaker 1: just have a sanctions in the current confidence as in,

771
00:40:34,000 --> 00:40:35,719
Speaker 1: basically the way to sum it up is, is this

772
00:40:35,760 --> 00:40:38,920
Speaker 1: the type of situation across these boards we're discussing where

773
00:40:39,000 --> 00:40:41,920
Speaker 1: things could just get better next month, let's say, if

774
00:40:41,920 --> 00:40:45,000
Speaker 1: a piece deal happens, or are these longer term baked

775
00:40:45,040 --> 00:40:48,320
Speaker 1: in problems now, Yeah, I mean I think that'll depend

776
00:40:48,360 --> 00:40:50,560
Speaker 1: on what the end of the war looks like, right, So,

777
00:40:50,680 --> 00:40:54,080
Speaker 1: like if I'm not sure if Russia like just backs

778
00:40:54,120 --> 00:40:56,360
Speaker 1: off and then things can kind of go back to

779
00:40:56,440 --> 00:40:59,560
Speaker 1: normal a little bit faster, potentially, like sanctions get lifted,

780
00:40:59,600 --> 00:41:03,440
Speaker 1: everybody goes back to normal somehow. It'll just depend on

781
00:41:03,520 --> 00:41:06,399
Speaker 1: what that actual endpoint looks like. I think most people

782
00:41:06,400 --> 00:41:09,720
Speaker 1: are expecting a little bit of pain for longer, because

783
00:41:09,760 --> 00:41:12,319
Speaker 1: it's not like you can just invade your neighbor and

784
00:41:12,400 --> 00:41:15,120
Speaker 1: not have consequences happen. Because of that, Like, the plan

785
00:41:15,239 --> 00:41:18,000
Speaker 1: with the economications that the United States and the West

786
00:41:18,040 --> 00:41:21,720
Speaker 1: have implemented on Russia alongside other countries is to decimate

787
00:41:21,760 --> 00:41:25,200
Speaker 1: Russia's economy, and so in terms of them being a

788
00:41:25,200 --> 00:41:27,200
Speaker 1: part of this sort of like how we think about

789
00:41:27,200 --> 00:41:29,920
Speaker 1: pricing models, how we think about a globalized economy, like

790
00:41:29,960 --> 00:41:31,840
Speaker 1: they're just not going to be the same core component

791
00:41:31,840 --> 00:41:35,400
Speaker 1: that we're used to, and like the economy is essentially

792
00:41:35,480 --> 00:41:38,120
Speaker 1: a giant Jinga tower, right, so if you remove one

793
00:41:38,160 --> 00:41:41,560
Speaker 1: of those janga pieces, like we're sort of doing with Russia,

794
00:41:42,239 --> 00:41:44,320
Speaker 1: the whole thing becomes that much more unstable. So I

795
00:41:44,400 --> 00:41:47,279
Speaker 1: think that's how most people are thinking about it. Is

796
00:41:47,400 --> 00:41:51,480
Speaker 1: just like who knows? And this is the question I

797
00:41:51,520 --> 00:41:53,279
Speaker 1: really wanted to ask you, and no one really knows,

798
00:41:53,280 --> 00:41:55,799
Speaker 1: So I understand if you're the perfect answer, But how

799
00:41:55,800 --> 00:41:58,319
Speaker 1: does crypto fit into all of this? It seems like

800
00:41:58,680 --> 00:42:01,520
Speaker 1: when it came to the sanction critiques that this could

801
00:42:01,600 --> 00:42:04,640
Speaker 1: lead to evasion. How is the crypto picture playing out

802
00:42:04,680 --> 00:42:06,840
Speaker 1: so far? Yeah, so I think there's a couple of

803
00:42:06,880 --> 00:42:10,919
Speaker 1: interesting things with crypto. So Russia the government itself can't

804
00:42:10,960 --> 00:42:13,760
Speaker 1: use crypto to evate sanctions. There's so evidence of that happening.

805
00:42:13,960 --> 00:42:17,040
Speaker 1: It's not something that we see, like it's a public letter,

806
00:42:17,560 --> 00:42:18,800
Speaker 1: so you would see if all of a sudden the

807
00:42:18,800 --> 00:42:21,200
Speaker 1: country started moving billions of dollars or tried to do

808
00:42:21,360 --> 00:42:23,960
Speaker 1: like sneaky things. You do see the Russian people in

809
00:42:24,080 --> 00:42:26,960
Speaker 1: Ukrainian spying crypto, so you do see optics and flows there,

810
00:42:26,960 --> 00:42:29,680
Speaker 1: which I you know, I think is good. They're able

811
00:42:29,760 --> 00:42:32,440
Speaker 1: to get away for like the rubel has completely lost

812
00:42:32,480 --> 00:42:35,160
Speaker 1: all value, which is Russia's currency, So that's been really

813
00:42:35,200 --> 00:42:38,000
Speaker 1: valuable for the Russian and Ukrainian people who are trying

814
00:42:38,040 --> 00:42:40,480
Speaker 1: to find stable currency to put their money in, their

815
00:42:40,520 --> 00:42:43,720
Speaker 1: harder money. And then crypto has been a really strong

816
00:42:43,800 --> 00:42:46,080
Speaker 1: donation tool. So I think last time I checked it

817
00:42:46,120 --> 00:42:48,800
Speaker 1: was over one hundred million US dollars have been donated

818
00:42:48,800 --> 00:42:51,880
Speaker 1: in terms of crypto to Ukraine, which is really valuable.

819
00:42:52,520 --> 00:42:55,160
Speaker 1: So I think there's a lot of you know, the

820
00:42:56,400 --> 00:42:58,520
Speaker 1: president of the ECB came out today and said that

821
00:42:58,600 --> 00:43:01,520
Speaker 1: people in Russian was using crypt to have instinctions, and

822
00:43:01,560 --> 00:43:04,480
Speaker 1: I think that's just more about trying to grapple with

823
00:43:04,560 --> 00:43:08,719
Speaker 1: regulation around crypto. So it's the narrative doesn't match the

824
00:43:08,719 --> 00:43:12,080
Speaker 1: flows though, you know. Yeah, and just something thats all up.

825
00:43:12,080 --> 00:43:16,960
Speaker 1: We've hit a bunch of different topics, everything from crypto, energy, agriculture, geopolitics.

826
00:43:17,160 --> 00:43:19,640
Speaker 1: How would you, just as an analyst of this space,

827
00:43:20,120 --> 00:43:23,400
Speaker 1: sum up the broader story or just the moment that

828
00:43:23,400 --> 00:43:26,200
Speaker 1: everyone seems to be working their way through right now. Yeah,

829
00:43:26,280 --> 00:43:30,920
Speaker 1: I would just say, like uncertainty is probably the biggest word. Uncertainty,

830
00:43:31,400 --> 00:43:36,160
Speaker 1: just an uncertainty and uncommon circumstances, so nobody really knows

831
00:43:36,200 --> 00:43:38,360
Speaker 1: what's going to happen. We have a general idea of

832
00:43:38,400 --> 00:43:42,000
Speaker 1: how we can start moving in the right direction to

833
00:43:42,040 --> 00:43:45,560
Speaker 1: sort of protect you know, agriculture, but you have in

834
00:43:45,880 --> 00:43:48,800
Speaker 1: a globalized world, you just have all of these delicate

835
00:43:48,840 --> 00:43:51,520
Speaker 1: little balances that are happening all the time. And I

836
00:43:51,520 --> 00:43:54,760
Speaker 1: think that we've gotten really used to this perfect world

837
00:43:54,840 --> 00:43:58,040
Speaker 1: almost right of a globalist economy where we can rely

838
00:43:58,160 --> 00:44:03,799
Speaker 1: on other countries, but that's become increasingly not it so yeah,

839
00:44:03,880 --> 00:44:08,279
Speaker 1: uncertainty and uncommon circumstances. Kylo, this has been really great.

840
00:44:08,280 --> 00:44:10,240
Speaker 1: I'd love for you to just go down the Ledger

841
00:44:10,400 --> 00:44:12,600
Speaker 1: and just shout out everywhere folks should take a look

842
00:44:12,600 --> 00:44:15,359
Speaker 1: at your work. Yeah. Yeah, So I'm on Twitter at

843
00:44:15,400 --> 00:44:18,480
Speaker 1: Kyla scan on Instagram at Kyla scan i have YouTube

844
00:44:18,520 --> 00:44:23,239
Speaker 1: channel Kyla Scanlon, subtac kyl doubtac dot com. Everything is

845
00:44:23,280 --> 00:44:26,439
Speaker 1: self named, not because I intended to its easiest that way.

846
00:44:27,200 --> 00:44:29,960
Speaker 1: And then yeah, so YouTube podcast is called Let's Appreciate.

847
00:44:30,040 --> 00:44:33,839
Speaker 1: It's on Spotify, Apple Podcast, and yeah, I'm across the board.

848
00:44:33,920 --> 00:44:37,600
Speaker 1: Just google me Kyla Scanlon and I come up. So yeah,

849
00:44:37,680 --> 00:44:40,160
Speaker 1: hey guys, Kyle Kolinsky is letting us post some of

850
00:44:40,160 --> 00:44:42,920
Speaker 1: the clips from his channel that we think you guys

851
00:44:42,960 --> 00:44:46,600
Speaker 1: will really love in the Breaking Points community on our channel. Yep,

852
00:44:46,719 --> 00:44:49,280
Speaker 1: let's get to it. So Bill Maher on his show

853
00:44:50,080 --> 00:44:53,399
Speaker 1: was asking questions about Russia and Ukraine and the war

854
00:44:53,440 --> 00:44:56,480
Speaker 1: that's ongoing, and he said something that's getting quite a

855
00:44:56,480 --> 00:44:58,200
Speaker 1: few headlines. So let me show you the article here.

856
00:44:58,239 --> 00:45:01,920
Speaker 1: This is in Media I. Bill Maher asks why didn't

857
00:45:01,920 --> 00:45:05,880
Speaker 1: Putin invade Ukraine when his boyfriend Trump was in office?

858
00:45:06,640 --> 00:45:08,360
Speaker 1: So I'm not going to show you the video because

859
00:45:08,840 --> 00:45:13,120
Speaker 1: HBO and Real Time are massive copyright sharks, but I

860
00:45:13,160 --> 00:45:16,400
Speaker 1: will read you this. So Mar says, But I know

861
00:45:16,440 --> 00:45:18,319
Speaker 1: you were watching our show last week and you heard

862
00:45:18,320 --> 00:45:21,520
Speaker 1: me say why didn't Putin invade Ukraine when his boyfriend

863
00:45:21,560 --> 00:45:23,640
Speaker 1: Trump was in office? I mean, Trump stood with him

864
00:45:23,719 --> 00:45:26,840
Speaker 1: at Helsinki and defended him over our own intelligence agencies.

865
00:45:26,920 --> 00:45:28,840
Speaker 1: So I was just asking the question, and maybe you

866
00:45:28,880 --> 00:45:31,040
Speaker 1: do have an answer. Why not when Trump was in

867
00:45:31,080 --> 00:45:33,200
Speaker 1: office it would seem to be the more logical place.

868
00:45:34,000 --> 00:45:37,440
Speaker 1: So this guy, Max Brooks responds, not to be confused

869
00:45:37,440 --> 00:45:40,279
Speaker 1: with the lovely Michael Brooks, who would never say something

870
00:45:40,320 --> 00:45:43,080
Speaker 1: so stupid. No, he didn't invade because he didn't need to,

871
00:45:43,400 --> 00:45:45,680
Speaker 1: because you only roll out the tanks when you think

872
00:45:45,800 --> 00:45:48,880
Speaker 1: you're out of options. And Putin had a great asymmetric

873
00:45:48,960 --> 00:45:51,440
Speaker 1: strategy to dismantle NATO from within. I don't know why

874
00:45:51,440 --> 00:45:53,799
Speaker 1: they spelled NATO like that, and it was working. When

875
00:45:53,800 --> 00:45:56,959
Speaker 1: the commander chief of the United States Armed Forces calls

876
00:45:57,040 --> 00:45:59,640
Speaker 1: NATO obsolete, you are on the road to a fifth

877
00:45:59,640 --> 00:46:03,520
Speaker 1: column victory. And that's what he was doing. And as

878
00:46:03,560 --> 00:46:06,240
Speaker 1: a matter of fact, we know now in twenty eighteen,

879
00:46:06,840 --> 00:46:10,560
Speaker 1: thank you. Maybe, well, we know this. In twenty eighteen,

880
00:46:10,600 --> 00:46:12,520
Speaker 1: Trump wanted to pull out of NATO, and it was

881
00:46:12,600 --> 00:46:15,200
Speaker 1: John Kelly and John Bolton who had told him who

882
00:46:15,200 --> 00:46:17,080
Speaker 1: had to hold him down like a rabid dog to

883
00:46:17,120 --> 00:46:19,239
Speaker 1: stop him from doing that. And if Trump had won

884
00:46:19,440 --> 00:46:22,640
Speaker 1: a second term, he would have done it, but Biden

885
00:46:22,680 --> 00:46:26,240
Speaker 1: being elected caused Putin's plans plan to go up in smoke.

886
00:46:27,480 --> 00:46:29,799
Speaker 1: So right off the bat, I do not buy that

887
00:46:29,880 --> 00:46:31,879
Speaker 1: for a second, this idea that Trump would have pulled

888
00:46:31,880 --> 00:46:34,120
Speaker 1: out of NATO. He did say many NATO skeptical things,

889
00:46:34,200 --> 00:46:37,319
Speaker 1: which by the way, sort of based, but he never

890
00:46:37,360 --> 00:46:39,279
Speaker 1: would have actually done it because and we saw this

891
00:46:39,320 --> 00:46:42,080
Speaker 1: on a number of different fronts, like with Afghanistan, for example,

892
00:46:42,200 --> 00:46:43,800
Speaker 1: there were a number of times while he was president

893
00:46:43,840 --> 00:46:46,000
Speaker 1: where he tweeted, We're going out of Afghanistan. That's where

894
00:46:46,000 --> 00:46:47,840
Speaker 1: we're gonna do. It's gonna be tremendous, gonna be wonderful.

895
00:46:47,920 --> 00:46:49,760
Speaker 1: And then some general would walk into the Oval office

896
00:46:49,760 --> 00:46:51,239
Speaker 1: and say, sir, we're not doing that, and he'd be like,

897
00:46:51,320 --> 00:46:52,799
Speaker 1: you're right, No, we're not gonna do that. That's not

898
00:46:52,840 --> 00:46:56,560
Speaker 1: a good idea. So ultimately, whenever Trump got pressure from

899
00:46:56,560 --> 00:46:59,160
Speaker 1: the intelligence agencies and the deep State and his own staffers.

900
00:46:59,160 --> 00:47:01,719
Speaker 1: He would back down. He would back down. When he's

901
00:47:01,760 --> 00:47:03,760
Speaker 1: told like, we can't do that and we're not gonna

902
00:47:03,800 --> 00:47:05,840
Speaker 1: do that, he'd be like, Okay, I guess we're not

903
00:47:05,880 --> 00:47:07,719
Speaker 1: gonna do that. That's fine. There Again, there was a

904
00:47:07,719 --> 00:47:09,839
Speaker 1: time I specifically remember when he tweeted, we are getting

905
00:47:09,840 --> 00:47:11,920
Speaker 1: out of Afghanistan, and then he just didn't get out

906
00:47:11,960 --> 00:47:14,680
Speaker 1: of Afghanistan. Eventually, they set some sort of date they

907
00:47:14,760 --> 00:47:16,480
Speaker 1: negotiate with a Taliban, and they set some sort of date,

908
00:47:16,520 --> 00:47:19,680
Speaker 1: which was after Trump was already out of office, but

909
00:47:20,080 --> 00:47:22,600
Speaker 1: they didn't. He never actually did it. He never did it.

910
00:47:23,040 --> 00:47:24,719
Speaker 1: And by the way, Biden actually followed through on that.

911
00:47:24,760 --> 00:47:26,719
Speaker 1: It's one of the best things Biden done, but unfortunately

912
00:47:26,719 --> 00:47:29,400
Speaker 1: Biden ruined it with sanctions afterwards that are now starving

913
00:47:29,400 --> 00:47:31,880
Speaker 1: millions of people in Afghanistan. So it's sort of like

914
00:47:32,880 --> 00:47:34,560
Speaker 1: the lowest bar of all time that you praise him

915
00:47:34,560 --> 00:47:37,080
Speaker 1: for getting out if he's actually hurting civilians even more. Anyway,

916
00:47:37,120 --> 00:47:40,160
Speaker 1: I digress. From that point, Trump was a cook to

917
00:47:40,200 --> 00:47:43,520
Speaker 1: the deep state. All you needed was one person who

918
00:47:43,760 --> 00:47:45,840
Speaker 1: was wearing an official military uniform to come in and

919
00:47:45,880 --> 00:47:48,000
Speaker 1: say sir, we're not doing that, and he'd be like, okay, no,

920
00:47:48,120 --> 00:47:49,440
Speaker 1: you're red. I think you're read. I think that's a

921
00:47:49,440 --> 00:47:51,839
Speaker 1: good point. And happened time and time and time again.

922
00:47:51,880 --> 00:47:53,200
Speaker 1: So it wasn't actually gonna pull out of NATO. It

923
00:47:53,200 --> 00:47:56,120
Speaker 1: that's point number one. But point number two is this

924
00:47:56,280 --> 00:48:02,680
Speaker 1: idea that like, oh Trump Putin's boyfriend. I don't know

925
00:48:02,719 --> 00:48:05,799
Speaker 1: why everybody overlooks what was actually happening in terms of

926
00:48:05,840 --> 00:48:09,040
Speaker 1: the policy under Trump. So he didn't allow the nord

927
00:48:09,080 --> 00:48:13,600
Speaker 1: Stream two pipeline, which is something Russia wanted massively and

928
00:48:13,680 --> 00:48:16,680
Speaker 1: so did Germany. But he said no to the north

929
00:48:16,719 --> 00:48:18,680
Speaker 1: Stream two pipeline. He wouldn't allow it. Now Biden came

930
00:48:18,680 --> 00:48:21,600
Speaker 1: in and said, okay, sure. Now to be clear, I

931
00:48:21,640 --> 00:48:24,000
Speaker 1: was actually on Biden's side with that, because I don't

932
00:48:24,000 --> 00:48:27,200
Speaker 1: think it's the US place to tell that these foreign

933
00:48:27,320 --> 00:48:31,040
Speaker 1: sovereign nations what kind of a deal or relationship they

934
00:48:31,080 --> 00:48:33,359
Speaker 1: want to set up. So but Trump said no to that,

935
00:48:33,800 --> 00:48:36,239
Speaker 1: which is the harsher position against Russia, and Biden said

936
00:48:36,280 --> 00:48:37,759
Speaker 1: yes to that. Now, eventually that became a point of

937
00:48:37,800 --> 00:48:41,080
Speaker 1: leverage when Russia invaded, where now Biden was able to

938
00:48:41,080 --> 00:48:42,399
Speaker 1: turn around in Germany he was able to turn around

939
00:48:42,400 --> 00:48:43,279
Speaker 1: and say, well, now we're not going to do the

940
00:48:43,280 --> 00:48:45,280
Speaker 1: nor Stream two pipeline because you're aggressive and you're invading

941
00:48:45,320 --> 00:48:46,839
Speaker 1: your neighbor, which is good. So you had a point

942
00:48:46,840 --> 00:48:48,440
Speaker 1: of leverage if you allowed it, and then you disallowed

943
00:48:48,480 --> 00:48:49,920
Speaker 1: it when he invaded, you had a point of leverage,

944
00:48:49,920 --> 00:48:52,200
Speaker 1: which was a good thing. But Trump said no to that.

945
00:48:52,360 --> 00:48:54,719
Speaker 1: The other thing Trump did which Obama refused to do,

946
00:48:55,480 --> 00:48:59,040
Speaker 1: is arm Ukraine. He did that. Now it also happens

947
00:48:59,080 --> 00:49:01,359
Speaker 1: to be the case. Remember the perfect phone call that

948
00:49:01,400 --> 00:49:05,439
Speaker 1: Trump made with Zelensky where Zelenski was basically asking like, hey,

949
00:49:05,520 --> 00:49:08,000
Speaker 1: where are our weapons? And Trump was like, well, maybe

950
00:49:08,040 --> 00:49:09,279
Speaker 1: I'll only give them to you if you give me

951
00:49:09,320 --> 00:49:11,400
Speaker 1: dirt on the country Biden and Joe Biden. So he

952
00:49:11,440 --> 00:49:14,360
Speaker 1: also like withheld some of the military support. But under Trump,

953
00:49:14,440 --> 00:49:16,520
Speaker 1: before that, we had already given a military support. And

954
00:49:16,520 --> 00:49:18,439
Speaker 1: that's a policy that Obama didn't want to pursue because

955
00:49:18,480 --> 00:49:21,600
Speaker 1: Obama viewed it as too aggressive and you know, basically

956
00:49:21,680 --> 00:49:25,680
Speaker 1: prodding Russia too much. But Trump armed not just Ukraine,

957
00:49:25,719 --> 00:49:27,239
Speaker 1: but also a lot of those weapons did go to

958
00:49:27,239 --> 00:49:29,960
Speaker 1: the Azov Battalion. Trump was arming Neo Nazis in Ukraine.

959
00:49:30,000 --> 00:49:33,160
Speaker 1: That's what happened. Now, that is right for criticism, but

960
00:49:33,160 --> 00:49:35,360
Speaker 1: anybody's making that criticism because they're too busy making this

961
00:49:35,440 --> 00:49:39,280
Speaker 1: dumb criticism Alike, he's Putin's puppet. Well, if he's Putin's puppet,

962
00:49:39,280 --> 00:49:43,719
Speaker 1: why were there endless you know, NATO exercises right on

963
00:49:43,800 --> 00:49:47,840
Speaker 1: Russia's border under Trump. If anything, he was too bellicos,

964
00:49:47,880 --> 00:49:52,319
Speaker 1: he was too hawkish. He was continuing the same policies

965
00:49:52,880 --> 00:49:55,359
Speaker 1: of many of the previous administrations. Obama was a little

966
00:49:55,360 --> 00:49:57,759
Speaker 1: more dubbish than Trump on this, But you know, you

967
00:49:57,840 --> 00:50:02,760
Speaker 1: go back, like Putin invaded Georgia under George W. Bush.

968
00:50:03,000 --> 00:50:06,719
Speaker 1: George W. Bush is a neocon hawk. George W. Bush

969
00:50:06,760 --> 00:50:09,880
Speaker 1: on paper is a lot like Donald Trump, a Republican

970
00:50:10,080 --> 00:50:13,160
Speaker 1: who is not all that bright, and so the idea

971
00:50:13,200 --> 00:50:15,120
Speaker 1: that like, well, he wouldn't do it under Trump. My

972
00:50:15,160 --> 00:50:17,960
Speaker 1: guess is if Trump got a second term, Putin would

973
00:50:18,000 --> 00:50:21,000
Speaker 1: have still done it. That's my guess. Now we don't know,

974
00:50:21,280 --> 00:50:25,200
Speaker 1: We can't, you know, break down some sort of alternate timeline,

975
00:50:25,200 --> 00:50:27,839
Speaker 1: because it's just educated guesses when push comes to shove

976
00:50:27,880 --> 00:50:29,640
Speaker 1: and everybody knows that. But my guess is he would

977
00:50:29,680 --> 00:50:32,280
Speaker 1: have done it under Trump. If Trump got re elected.

978
00:50:33,040 --> 00:50:35,719
Speaker 1: But you know, Mark can't help himself. He always goes

979
00:50:35,760 --> 00:50:38,600
Speaker 1: back to the standard Russia Gate arguments. And that's what

980
00:50:38,600 --> 00:50:40,560
Speaker 1: this is, is is a standard rush Gie argument of like

981
00:50:40,840 --> 00:50:45,040
Speaker 1: Trump is Putin's puppet. But it's also it's also massively

982
00:50:45,080 --> 00:50:51,240
Speaker 1: ironic because hold on, if Putin invaded Ukraine under Trump,

983
00:50:51,640 --> 00:50:55,360
Speaker 1: that would have been called evidence of Trump being Putin's puppet.

984
00:50:56,400 --> 00:50:59,480
Speaker 1: But when he doesn't invade it under Trump, they turn

985
00:50:59,520 --> 00:51:02,839
Speaker 1: around and say, well, that shows your Putin's puppet. You're

986
00:51:02,880 --> 00:51:06,000
Speaker 1: his boyfriend. So then understand something. And this is the

987
00:51:06,040 --> 00:51:08,960
Speaker 1: hallmark of a conspiracy theory. It's a non falsifiable claim.

988
00:51:09,280 --> 00:51:11,800
Speaker 1: If Putin does it under Trump, that proves he's his puppet.

989
00:51:11,880 --> 00:51:13,600
Speaker 1: If he doesn't do it under Trump, that proves he's

990
00:51:13,600 --> 00:51:18,279
Speaker 1: his puppet. Well, maybe the whole dialogue is stupid and unnecessary,

991
00:51:18,280 --> 00:51:20,520
Speaker 1: and instead we should be focusing on what actually is

992
00:51:20,520 --> 00:51:22,520
Speaker 1: happening on the ground and what Trump actually did and

993
00:51:22,560 --> 00:51:24,960
Speaker 1: what the results of it were. But when he wants

994
00:51:24,960 --> 00:51:31,200
Speaker 1: to have that conversation, so again, my guess is if

995
00:51:31,280 --> 00:51:34,279
Speaker 1: Trump got a second term, Vladimir Putin still would have

996
00:51:34,280 --> 00:51:37,160
Speaker 1: done it. He probably still would have invaded. That's my guess,

997
00:51:37,360 --> 00:51:39,840
Speaker 1: but certainly the claims of him being a Russian puppet

998
00:51:39,920 --> 00:51:43,440
Speaker 1: or him being Putin's boyfriend. It's the liberal brainworms. Man.

999
00:51:43,560 --> 00:51:46,880
Speaker 1: There were so many salient criticisms to make of Donald Trump, like,

1000
00:51:46,920 --> 00:51:50,360
Speaker 1: for example, stop arming Neo Nazis on the issue of Ukraine,

1001
00:51:50,719 --> 00:51:52,840
Speaker 1: and nobody had time to make it because everybody was

1002
00:51:52,840 --> 00:51:59,560
Speaker 1: too busy saying he's Putin's butt buddy. So Bill Maher

1003
00:51:59,680 --> 00:52:03,120
Speaker 1: swing and missing as per usual, his guest here swinging

1004
00:52:03,120 --> 00:52:07,840
Speaker 1: and mission missing as per usual, and their analysis I

1005
00:52:07,880 --> 00:52:10,879
Speaker 1: just think is totally wrong. It's totally wrong. This idea

1006
00:52:10,880 --> 00:52:13,800
Speaker 1: that Trump actually would have pulled out of NATO. There's

1007
00:52:13,840 --> 00:52:15,560
Speaker 1: no way he would have had the balls to do that.

1008
00:52:15,920 --> 00:52:22,520
Speaker 1: There's no way. I highly, highly highly doubt that. So

1009
00:52:22,560 --> 00:52:27,360
Speaker 1: there you have it, Bill Maher and Max Brooks having

1010
00:52:27,560 --> 00:52:32,920
Speaker 1: a stupid off on Real Time. Hey guys, we're excited

1011
00:52:32,960 --> 00:52:35,480
Speaker 1: to partner with upcoming YouTuber James Lee of fifty one

1012
00:52:35,680 --> 00:52:38,600
Speaker 1: forty nine. He's going to explain culture, politics, anything else

1013
00:52:38,600 --> 00:52:40,759
Speaker 1: that he's explaining, and we're really excited about him. Yep,

1014
00:52:40,840 --> 00:52:43,319
Speaker 1: here is his latest effort. Let's get to it. Hey then,

1015
00:52:43,360 --> 00:52:45,360
Speaker 1: my name is James Lee. Welcome to another segment, a

1016
00:52:45,440 --> 00:52:48,640
Speaker 1: term Web three or Web three point zero toss around

1017
00:52:48,719 --> 00:52:52,279
Speaker 1: quite a bit lately. In fact, Web three featured prominently

1018
00:52:52,360 --> 00:52:54,800
Speaker 1: this year at south By Southwest, the tech film and

1019
00:52:54,880 --> 00:52:58,680
Speaker 1: music festival that just concluded last weekend. Martina Welkoff wrote

1020
00:52:58,680 --> 00:53:01,879
Speaker 1: on geek Boir, an online news website, quote web three

1021
00:53:02,000 --> 00:53:04,840
Speaker 1: is dominant. It seemed like every street corner in Austin

1022
00:53:04,960 --> 00:53:08,759
Speaker 1: was plastered with announcements for an NFT drop, a new metaverse,

1023
00:53:08,880 --> 00:53:11,520
Speaker 1: or a crypto event. In one of the first activations

1024
00:53:11,520 --> 00:53:14,480
Speaker 1: I walked into, I was offered a complimentary NFT at

1025
00:53:14,480 --> 00:53:17,280
Speaker 1: the door and proceeded up the stairs to see multiple

1026
00:53:17,320 --> 00:53:20,000
Speaker 1: people in headsets playing a social VR game that was

1027
00:53:20,040 --> 00:53:23,040
Speaker 1: being projected on the walls. Most of this technology has

1028
00:53:23,080 --> 00:53:25,080
Speaker 1: been a part of south By Southwest in the past,

1029
00:53:25,120 --> 00:53:28,280
Speaker 1: but this year it was inescapable and part of almost

1030
00:53:28,320 --> 00:53:31,239
Speaker 1: every conversation. So today we're going to be diving into

1031
00:53:31,239 --> 00:53:34,560
Speaker 1: the world of Web three, a kind of catch all

1032
00:53:34,719 --> 00:53:38,400
Speaker 1: term that technologists and investors and the media have applied

1033
00:53:38,440 --> 00:53:41,680
Speaker 1: to the ushering in of a new era of Internet,

1034
00:53:41,920 --> 00:53:46,319
Speaker 1: one that is built on these decentralized blockchains and manifesting

1035
00:53:46,480 --> 00:53:52,880
Speaker 1: in many different application and use cases such as cryptocurrencies, NFTs, DOWS,

1036
00:53:52,960 --> 00:53:55,640
Speaker 1: and DeFi, all of which we will get into today.

1037
00:53:56,000 --> 00:53:57,360
Speaker 1: Now I'm not going to be able to cover everything

1038
00:53:57,400 --> 00:54:00,360
Speaker 1: in this segment, but hopefully after watching you'll have a

1039
00:54:00,400 --> 00:54:03,719
Speaker 1: good understanding of the fundamentals of Web three, what the

1040
00:54:03,800 --> 00:54:07,319
Speaker 1: purported vision is some this is important, some of what

1041
00:54:07,360 --> 00:54:10,839
Speaker 1: the skeptics are saying, and what the future might look like.

1042
00:54:11,200 --> 00:54:13,759
Speaker 1: So the characteristic of Web one, if people remember their

1043
00:54:13,800 --> 00:54:17,840
Speaker 1: original AOL account, was an ability to look in a curated,

1044
00:54:17,880 --> 00:54:21,040
Speaker 1: walled garden at a set of content that was not interactive,

1045
00:54:21,040 --> 00:54:23,680
Speaker 1: but was presented to you on AOL the way that

1046
00:54:23,719 --> 00:54:26,360
Speaker 1: Time magazine used to show you the articles they wanted

1047
00:54:26,360 --> 00:54:28,520
Speaker 1: you to see inside of their magazine, just you could

1048
00:54:28,520 --> 00:54:31,319
Speaker 1: see it on a screen. The innovation of Web two

1049
00:54:31,920 --> 00:54:34,160
Speaker 1: was that suddenly you could not only read content, but

1050
00:54:34,200 --> 00:54:37,000
Speaker 1: you could also write content. This is when the blogosphere

1051
00:54:37,080 --> 00:54:39,200
Speaker 1: became a big thing. People remember this from the late

1052
00:54:39,280 --> 00:54:43,920
Speaker 1: nineties the early two thousands. The reason for the centralization

1053
00:54:44,000 --> 00:54:45,960
Speaker 1: of the Internet, of course, was that all of that

1054
00:54:46,040 --> 00:54:49,360
Speaker 1: activity was being monetized by a very small number of

1055
00:54:49,440 --> 00:54:53,640
Speaker 1: companies Facebook, as chairwoman mentions, Google, and two or three

1056
00:54:53,680 --> 00:54:57,280
Speaker 1: other companies. What makes web three different is the ability

1057
00:54:57,320 --> 00:55:01,680
Speaker 1: to own the actual network. And that's what crypto assets

1058
00:55:01,719 --> 00:55:05,880
Speaker 1: themselves represent is an ownership stake in an underlying network.

1059
00:55:06,000 --> 00:55:08,440
Speaker 1: So when you hear people talk about, for example, layer

1060
00:55:08,480 --> 00:55:12,040
Speaker 1: one tokens, what they mean is this is your reward

1061
00:55:12,520 --> 00:55:16,319
Speaker 1: for providing the Ledger maintenance services, the computing power to

1062
00:55:16,360 --> 00:55:18,919
Speaker 1: the network that on Web one and two was done

1063
00:55:18,920 --> 00:55:22,160
Speaker 1: by Google. Right, So now people in my hometown of Pueblo,

1064
00:55:22,200 --> 00:55:26,000
Speaker 1: Colorado can actually own the Ethereum network, but they can't

1065
00:55:26,040 --> 00:55:28,520
Speaker 1: own the Internet that's owned by Google and a few

1066
00:55:28,520 --> 00:55:31,480
Speaker 1: other companies. That's what the project of crypto is all about,

1067
00:55:31,520 --> 00:55:34,440
Speaker 1: is allowing people to directly own the networks that have

1068
00:55:34,640 --> 00:55:37,360
Speaker 1: native assets that are supporting it. And that's the nature

1069
00:55:37,360 --> 00:55:41,160
Speaker 1: of decentralization. That was Brian Brooks, CEO of an artificial

1070
00:55:41,160 --> 00:55:45,360
Speaker 1: intelligence company called Bitfury and a crypto expert, explaining the

1071
00:55:45,440 --> 00:55:47,759
Speaker 1: vision of Web three to Congress, a vision that I

1072
00:55:47,760 --> 00:55:51,920
Speaker 1: think is full of promise. Right. The economic and digital

1073
00:55:51,920 --> 00:55:56,959
Speaker 1: paradigm that we are in features power that is concentrated

1074
00:55:57,000 --> 00:56:01,560
Speaker 1: in the hands of a few giant corporations. It's like Facebook, Google, Amazon,

1075
00:56:01,920 --> 00:56:04,960
Speaker 1: who dominate the current iteration of the Internet known as

1076
00:56:05,000 --> 00:56:09,440
Speaker 1: Web two, and this imbalance of power makes the possibility

1077
00:56:09,560 --> 00:56:12,480
Speaker 1: for regular people to take back the Internet and own

1078
00:56:12,520 --> 00:56:14,640
Speaker 1: a piece of the pie as part of Web three

1079
00:56:14,840 --> 00:56:20,120
Speaker 1: incredibly alluring and enticing to entrepreneurs and just the average onlooker.

1080
00:56:20,480 --> 00:56:23,600
Speaker 1: For example, NFTs or non fungible tokens have become this

1081
00:56:23,800 --> 00:56:27,960
Speaker 1: crazy Internet sensation where images of CryptoPunks or board apes

1082
00:56:28,560 --> 00:56:32,080
Speaker 1: or other digital art collections are selling for upwards of

1083
00:56:32,120 --> 00:56:36,400
Speaker 1: a million dollars online, even as people don't still don't

1084
00:56:36,719 --> 00:56:40,520
Speaker 1: quite grasp what an NFT actually is. A simplified explanation

1085
00:56:40,560 --> 00:56:42,280
Speaker 1: I'll give to you today is that at the heart

1086
00:56:42,320 --> 00:56:46,120
Speaker 1: of NFTs and other crypto creations is the blockchain technology,

1087
00:56:46,120 --> 00:56:50,279
Speaker 1: defined simply as the shared decentralized ledgers and databases that

1088
00:56:50,320 --> 00:56:55,000
Speaker 1: power Bitcoin and other cryptocurrencies, that in some instances are

1089
00:56:55,080 --> 00:56:59,600
Speaker 1: used to create unique, uncopyable digital files, with numerous other

1090
00:56:59,680 --> 00:57:03,719
Speaker 1: use kse is one of them being NFTs today. What

1091
00:57:03,800 --> 00:57:08,240
Speaker 1: we're focusing on so far in early NFT mainstream knowledge

1092
00:57:08,760 --> 00:57:12,480
Speaker 1: is collectible as an art. However, the far bigger impact

1093
00:57:12,480 --> 00:57:15,880
Speaker 1: of an NFT is the technology itself. That token has

1094
00:57:15,960 --> 00:57:20,960
Speaker 1: an underlining smart contract potential built into it. That contract

1095
00:57:21,040 --> 00:57:24,920
Speaker 1: can represent anything For example, if we issued the NFT,

1096
00:57:25,080 --> 00:57:27,520
Speaker 1: now two things happen that are better than the paper

1097
00:57:27,520 --> 00:57:30,160
Speaker 1: ticket or the virtual ticket that those two events are

1098
00:57:30,280 --> 00:57:34,280
Speaker 1: issuing today. One immediately that becomes a digital asset. The

1099
00:57:34,400 --> 00:57:38,520
Speaker 1: organization in that ticket can say, if this piece of art,

1100
00:57:38,720 --> 00:57:40,640
Speaker 1: which is a ticket, well this is going to blend

1101
00:57:40,720 --> 00:57:42,640
Speaker 1: think about the art festival. They can make a very

1102
00:57:42,680 --> 00:57:47,120
Speaker 1: beautiful digital asset as the ticket. When that ticket, that

1103
00:57:47,160 --> 00:57:50,440
Speaker 1: piece of art is sold in the future as a collectible,

1104
00:57:50,600 --> 00:57:52,720
Speaker 1: no different than a ticket to the first World Series

1105
00:57:52,800 --> 00:57:54,920
Speaker 1: or the World Cup. I call an eBay right now

1106
00:57:54,960 --> 00:57:57,400
Speaker 1: and buy a ticket stub from the first World Cup.

1107
00:57:57,520 --> 00:58:00,600
Speaker 1: Right when that's sold, the person that owned it and

1108
00:58:00,800 --> 00:58:03,440
Speaker 1: eBay will make all the money. However, in the future,

1109
00:58:03,520 --> 00:58:07,520
Speaker 1: the people that issued the NFT will That was Gary Vaynerchuk,

1110
00:58:07,920 --> 00:58:10,120
Speaker 1: known online as Gary Vee. I'm sure many of you

1111
00:58:10,200 --> 00:58:13,440
Speaker 1: have heard of him, this famous digital marketer who is

1112
00:58:13,560 --> 00:58:18,680
Speaker 1: now quite the NFT mogul, and some of the applications

1113
00:58:18,680 --> 00:58:22,840
Speaker 1: and use cases he brings up are indeed quite interesting. Right.

1114
00:58:22,880 --> 00:58:28,160
Speaker 1: Instead of centralized distribution platforms holding all the power, the

1115
00:58:28,240 --> 00:58:32,800
Speaker 1: smart contract capabilities underlying NFTs can actually more fairly compensate

1116
00:58:32,920 --> 00:58:38,080
Speaker 1: artists and creators for their content. For example, artists can

1117
00:58:38,080 --> 00:58:41,200
Speaker 1: make millions of dollars in the Web three ecosystem by

1118
00:58:41,360 --> 00:58:45,280
Speaker 1: monetizing their assets and then selling them directly to their fans,

1119
00:58:46,000 --> 00:58:47,720
Speaker 1: and then they can make way more money this way

1120
00:58:47,760 --> 00:58:50,200
Speaker 1: compared to what they would otherwise earn from a more

1121
00:58:50,240 --> 00:58:55,160
Speaker 1: traditional Web two type service like Spotify. Now switching gears

1122
00:58:55,160 --> 00:58:57,480
Speaker 1: a little bit to another use case of blockchain. I

1123
00:58:57,520 --> 00:59:01,000
Speaker 1: mentioned earlier something called a DOW, which stands for a

1124
00:59:01,080 --> 00:59:07,720
Speaker 1: decentralized autonomous organization. Today we're looking at decentralized autonomous organizations

1125
00:59:07,880 --> 00:59:11,920
Speaker 1: and how they work. A decentralized autonomous organization, also known

1126
00:59:11,960 --> 00:59:15,800
Speaker 1: as a DOO, is like any traditional organization like say

1127
00:59:15,960 --> 00:59:19,520
Speaker 1: Uber or Google. The big difference is that it's autonomous.

1128
00:59:19,880 --> 00:59:23,000
Speaker 1: Doos are run by programming code written on a collection

1129
00:59:23,040 --> 00:59:27,200
Speaker 1: of smart contracts written on ethereum. Imagine an autonomous uber

1130
00:59:27,240 --> 00:59:31,160
Speaker 1: type transportation company. Let's call it uber da Uber has

1131
00:59:31,200 --> 00:59:34,520
Speaker 1: been created by a group of developers and entrepreneurs as

1132
00:59:34,520 --> 00:59:39,560
Speaker 1: an alternative to centralized transportation companies. It operates completely transparently

1133
00:59:39,840 --> 00:59:43,840
Speaker 1: and independence of any human intervention, including its original creators.

1134
00:59:44,440 --> 00:59:48,440
Speaker 1: No boss. Again, given the amount of control the giant

1135
00:59:48,440 --> 00:59:52,240
Speaker 1: tech companies and corporate bohemos have over our lives as

1136
00:59:52,280 --> 00:59:56,640
Speaker 1: consumers and the kind of exploitation that gig workers experience

1137
00:59:56,760 --> 01:00:02,520
Speaker 1: under their monopolistic control. It's impossible not to be excited

1138
01:00:02,560 --> 01:00:06,800
Speaker 1: about what's being sold here. This kind of decentralized autonomous organization,

1139
01:00:07,520 --> 01:00:11,680
Speaker 1: a utopian co op organization where there is no ceo,

1140
01:00:11,840 --> 01:00:15,400
Speaker 1: there's no board, there's no hierarchy, and everyone has an

1141
01:00:15,440 --> 01:00:19,640
Speaker 1: equal opportunity to shape the organization. We saw the promise

1142
01:00:19,680 --> 01:00:23,000
Speaker 1: of dows when over fifty million dollars in crypto funds

1143
01:00:23,320 --> 01:00:26,480
Speaker 1: were raised to support the campaign of Wikileak's founder, Juliana

1144
01:00:26,600 --> 01:00:31,160
Speaker 1: San to fight for his freedom from US and British authorities. Finally,

1145
01:00:31,240 --> 01:00:34,640
Speaker 1: the other term I threw out earlier under the Web

1146
01:00:34,720 --> 01:00:41,160
Speaker 1: three umbrella was DeFi, which stands for decentralized finance, and

1147
01:00:41,200 --> 01:00:43,880
Speaker 1: the idea here is to use the blockchain technology to

1148
01:00:43,920 --> 01:00:47,640
Speaker 1: create a new Internet native financial system that could potentially

1149
01:00:47,680 --> 01:00:53,120
Speaker 1: replace the traditional wall street intermediaries and trust mechanisms. DEFIND

1150
01:00:53,200 --> 01:00:56,280
Speaker 1: the term for the next generation of digital financial services

1151
01:00:56,280 --> 01:00:59,040
Speaker 1: and products that has been built on and enabled by

1152
01:00:59,080 --> 01:01:04,720
Speaker 1: blockchain technology. So blockchain technology is the overall, the overall

1153
01:01:04,720 --> 01:01:07,800
Speaker 1: innovation behind bitcoin, and bitcoin you could think of as

1154
01:01:07,840 --> 01:01:12,120
Speaker 1: the largest use case of blockchain technology. Today, blockchains have

1155
01:01:12,200 --> 01:01:15,920
Speaker 1: gone much more sophisticated and they enable much more complex

1156
01:01:16,000 --> 01:01:20,720
Speaker 1: financial use cases and applications. These new use cases are

1157
01:01:20,760 --> 01:01:25,400
Speaker 1: called DAPs decentralized applications. When you think about DeFi apps

1158
01:01:25,680 --> 01:01:27,560
Speaker 1: is greater than the parts, right, It's not just a

1159
01:01:27,560 --> 01:01:31,640
Speaker 1: collection of these DAPs. It's an interconnected ecosystem. And the

1160
01:01:31,680 --> 01:01:34,720
Speaker 1: goal of DeFi is to create a new financial system

1161
01:01:35,000 --> 01:01:37,880
Speaker 1: that is fully digital native from the beginning. It's going

1162
01:01:37,960 --> 01:01:40,400
Speaker 1: to be faster, it's going to be interoperable, it's going

1163
01:01:40,440 --> 01:01:42,960
Speaker 1: to be more transparent, it's going to be global from

1164
01:01:43,040 --> 01:01:45,080
Speaker 1: day one, and around the world can use these financial

1165
01:01:45,120 --> 01:01:49,200
Speaker 1: products and services accessible to anyone with an Internet connection. Okay,

1166
01:01:49,240 --> 01:01:52,560
Speaker 1: so anyone with an Internet connection can now own a

1167
01:01:52,600 --> 01:01:55,720
Speaker 1: piece of the financial system. Are you guys maybe sensing

1168
01:01:55,760 --> 01:02:00,680
Speaker 1: a theme here? Whether it's DeFi, cryptocurrencies, dows or a

1169
01:02:00,760 --> 01:02:04,840
Speaker 1: simple NFDR collection, The orchestrators and marketers of Web three

1170
01:02:04,880 --> 01:02:09,520
Speaker 1: products and services have leaned heavily on the word decentralization,

1171
01:02:09,600 --> 01:02:14,520
Speaker 1: while peppering and other aspirational descriptors like transparency and democracy,

1172
01:02:14,560 --> 01:02:17,160
Speaker 1: and to me, this first of all indicates that folks

1173
01:02:17,360 --> 01:02:22,000
Speaker 1: are aware and understand that power in our society has

1174
01:02:22,040 --> 01:02:26,040
Speaker 1: become much more centralized, with just a few people or

1175
01:02:26,160 --> 01:02:29,560
Speaker 1: organizations in finance and tech basically controlling all the rules

1176
01:02:29,560 --> 01:02:33,280
Speaker 1: and regulations that dictate the direction of society at large.

1177
01:02:34,200 --> 01:02:38,880
Speaker 1: But are we being sold something real here? Ken Web

1178
01:02:38,920 --> 01:02:43,919
Speaker 1: three actually revolutionize the world by shifting power from these

1179
01:02:43,960 --> 01:02:49,520
Speaker 1: centralized platforms and organizations to regular people. James muldoone author

1180
01:02:49,560 --> 01:02:52,880
Speaker 1: of the forthcoming book Platform Socialism, How to Reclaim our

1181
01:02:52,880 --> 01:02:56,040
Speaker 1: Digital Future from Big Tech, wrote recently in Jack of

1182
01:02:56,120 --> 01:02:59,880
Speaker 1: a magazine, web three is unlikely to meaningfully read it

1183
01:03:00,000 --> 01:03:03,280
Speaker 1: should be value because it doesn't challenge the fundamental drive

1184
01:03:03,360 --> 01:03:07,760
Speaker 1: to commodification that now dominates the web right within a

1185
01:03:07,760 --> 01:03:13,720
Speaker 1: capitalistic economic system. Commodification is this idea of transforming things

1186
01:03:13,720 --> 01:03:17,919
Speaker 1: such as good services ideas nature, personal information, or even

1187
01:03:18,040 --> 01:03:23,520
Speaker 1: people into objects of trade or commodities. And that is

1188
01:03:23,640 --> 01:03:28,240
Speaker 1: really what drives our society, isn't it. Things, whether it

1189
01:03:28,280 --> 01:03:31,680
Speaker 1: be you know, the good services, ideas nature, or even people.

1190
01:03:31,720 --> 01:03:35,439
Speaker 1: And we just talked about they're only as valuable as

1191
01:03:35,480 --> 01:03:39,560
Speaker 1: the money they can be exchanged for. And in today's world,

1192
01:03:39,600 --> 01:03:42,480
Speaker 1: where there is money to be made. You can pretty

1193
01:03:42,560 --> 01:03:45,440
Speaker 1: much bet that there will indeed be a small group

1194
01:03:45,840 --> 01:03:50,760
Speaker 1: of people or organizations that have unequal asymmetric access to

1195
01:03:50,800 --> 01:03:55,360
Speaker 1: these opportunities, even in the so called decentralized Web three

1196
01:03:55,400 --> 01:03:59,800
Speaker 1: ecosystem of DeFi, cryptos, doos, and NFTs. Right, I'll give

1197
01:03:59,800 --> 01:04:02,600
Speaker 1: you an example here today. In the case of NFTs,

1198
01:04:03,240 --> 01:04:06,680
Speaker 1: many projects are corrupted by a practice called whitelisting, in

1199
01:04:06,680 --> 01:04:09,800
Speaker 1: which certain people are invited to buy their NFTs before

1200
01:04:09,800 --> 01:04:13,280
Speaker 1: they're available to the general public. And what whitelisting means

1201
01:04:14,120 --> 01:04:17,640
Speaker 1: is that many profits flow to these well connected insiders

1202
01:04:17,640 --> 01:04:20,280
Speaker 1: who get their NFTs at a discount and then can

1203
01:04:20,320 --> 01:04:23,800
Speaker 1: sell them for more profit once they're release publicly to

1204
01:04:23,840 --> 01:04:26,880
Speaker 1: the market and the price jumps. A study by Chain

1205
01:04:26,880 --> 01:04:31,320
Speaker 1: Analysis found that whitelisted investors who resold their NFTs made

1206
01:04:31,360 --> 01:04:34,120
Speaker 1: a profit seventy five percent of the time, versus just

1207
01:04:34,160 --> 01:04:38,440
Speaker 1: twenty percent of the time for non whitelisted users. This

1208
01:04:38,560 --> 01:04:41,040
Speaker 1: is kind of similar to IPOs in the stock market

1209
01:04:41,160 --> 01:04:44,280
Speaker 1: in that a tight circle of insiders who have early

1210
01:04:44,360 --> 01:04:48,520
Speaker 1: access to investment opportunities will reap much much more the

1211
01:04:48,520 --> 01:04:52,640
Speaker 1: reward compared to your average regular retail investor and taking

1212
01:04:52,640 --> 01:04:55,280
Speaker 1: a look at crypto and the NFT landscape as a whole,

1213
01:04:55,400 --> 01:04:57,840
Speaker 1: and this is as of twenty twenty one, the top

1214
01:04:58,000 --> 01:05:01,600
Speaker 1: nine percent of accounts hold eighty percent of the forty

1215
01:05:01,600 --> 01:05:05,200
Speaker 1: one billion dollar market value of NFTs. On the Ethereum blockchain,

1216
01:05:05,840 --> 01:05:08,800
Speaker 1: the top two percent of accounts own ninety five percent

1217
01:05:08,920 --> 01:05:12,600
Speaker 1: of the eight hundred billion dollars supply of bitcoin. That

1218
01:05:12,600 --> 01:05:15,720
Speaker 1: doesn't appear to be too decentralized at all. And in

1219
01:05:15,760 --> 01:05:20,040
Speaker 1: the case of Dows, which once again is this utopianes

1220
01:05:20,240 --> 01:05:25,040
Speaker 1: organization where people can cooperatively share power, early signs also

1221
01:05:25,080 --> 01:05:28,560
Speaker 1: point to this being more of an illusion than reality.

1222
01:05:29,000 --> 01:05:32,280
Speaker 1: This is according to Professor Scott Gallaway of NYU. Quote

1223
01:05:32,520 --> 01:05:37,360
Speaker 1: Web three acolytes claimed Dows decentralized autonomous organizations are superior

1224
01:05:37,440 --> 01:05:41,800
Speaker 1: to traditionally organized corporations, but many efforts, many early efforts

1225
01:05:41,800 --> 01:05:45,200
Speaker 1: have fallen short. It's not clear that most of these

1226
01:05:45,520 --> 01:05:50,360
Speaker 1: enterprises are even decentralized in practice. Constitution Dow, which made

1227
01:05:50,360 --> 01:05:52,400
Speaker 1: news when it lost out in a forty three million

1228
01:05:52,440 --> 01:05:55,440
Speaker 1: dollar bidding war for an original copy of the US Constitution,

1229
01:05:56,040 --> 01:05:59,479
Speaker 1: hadn't even established a governance model before it shut down

1230
01:05:59,560 --> 01:06:02,360
Speaker 1: because the founders hadn't figured out how to prevent a

1231
01:06:02,440 --> 01:06:06,320
Speaker 1: few large holders or whales from taking control. Not only

1232
01:06:06,400 --> 01:06:08,800
Speaker 1: that's too surprising at all, and based on the evidence

1233
01:06:08,840 --> 01:06:12,320
Speaker 1: so far, I'm not at all convinced that Web three

1234
01:06:12,360 --> 01:06:17,000
Speaker 1: and something like a dow can actually radically redistribute value

1235
01:06:17,000 --> 01:06:20,520
Speaker 1: from the hands of a feedback to the masses, especially

1236
01:06:20,960 --> 01:06:24,560
Speaker 1: given who owns the development of this technology. Take a

1237
01:06:24,560 --> 01:06:28,840
Speaker 1: look at this graphic from CNBC. Blockchain startups raised a

1238
01:06:28,880 --> 01:06:32,160
Speaker 1: record twenty five billion dollars in venture capital last year,

1239
01:06:32,520 --> 01:06:36,160
Speaker 1: an eight fold increase from previous years, according to CB Insights.

1240
01:06:36,360 --> 01:06:37,880
Speaker 1: I mean, just think about it for one second. Here

1241
01:06:37,960 --> 01:06:39,800
Speaker 1: what they're trying to sell you. I think this is

1242
01:06:39,800 --> 01:06:44,760
Speaker 1: the kind of neocolonialist type message that the businesses and

1243
01:06:44,840 --> 01:06:47,520
Speaker 1: the tools that we've created, and when I mean we

1244
01:06:47,800 --> 01:06:52,440
Speaker 1: mean the venture capitalists, these businesses and tools will liberate you.

1245
01:06:52,880 --> 01:06:56,120
Speaker 1: For example, people like David Marcus, a Web three entrepreneur

1246
01:06:56,160 --> 01:06:59,800
Speaker 1: who previously ran divisions at both PayPal and Facebook, including

1247
01:06:59,840 --> 01:07:03,080
Speaker 1: the failed cryptoproject DM, are saying things like quote, I've

1248
01:07:03,120 --> 01:07:06,120
Speaker 1: never felt this connected to a community of builders like

1249
01:07:06,200 --> 01:07:09,160
Speaker 1: the crypto Web three one. I'm not talking about folks

1250
01:07:09,160 --> 01:07:11,520
Speaker 1: who are in it for a speculative win. I'm talking

1251
01:07:11,520 --> 01:07:14,840
Speaker 1: about people who want to rebuild the Internet's infrastructure to

1252
01:07:14,920 --> 01:07:18,200
Speaker 1: move value and power in the hands of people. Now,

1253
01:07:18,280 --> 01:07:20,680
Speaker 1: the question is, do you think that's actually possible, Because

1254
01:07:20,760 --> 01:07:24,560
Speaker 1: you know, let me reiterate the sales pitch once again, right,

1255
01:07:25,120 --> 01:07:28,240
Speaker 1: what they're saying is by embracing Web three products and services,

1256
01:07:28,560 --> 01:07:33,080
Speaker 1: which they've developed and they own, we will somehow be

1257
01:07:33,200 --> 01:07:38,080
Speaker 1: more free. I mean, that seems highly unlikely. We're being

1258
01:07:38,120 --> 01:07:41,600
Speaker 1: advertised that Web three and its various use cases and

1259
01:07:41,600 --> 01:07:45,960
Speaker 1: applications will result in a decentralization of power out of

1260
01:07:46,000 --> 01:07:48,800
Speaker 1: the hands of a few, But in reality, what I

1261
01:07:48,800 --> 01:07:52,480
Speaker 1: think is actually happening is that power is already in

1262
01:07:52,520 --> 01:07:56,600
Speaker 1: the process of being recentralized into the hands of even

1263
01:07:56,760 --> 01:08:00,440
Speaker 1: fewer tech overlords. Maybe the original vision might have been

1264
01:08:00,440 --> 01:08:03,160
Speaker 1: more different and more pure, but as we're seeing in

1265
01:08:03,200 --> 01:08:06,000
Speaker 1: efforts by the government of China and even in Canada,

1266
01:08:06,480 --> 01:08:09,480
Speaker 1: the cashless world likely to be built around Web three

1267
01:08:09,880 --> 01:08:12,400
Speaker 1: can actually be controlled in a very similar manner to

1268
01:08:12,640 --> 01:08:16,840
Speaker 1: existing monetary systems and online platforms. Despite the Web three

1269
01:08:16,880 --> 01:08:21,240
Speaker 1: proponent's promise of decentralization. So I think, you know, the

1270
01:08:21,320 --> 01:08:24,679
Speaker 1: more likely reality you are headed toward is a world

1271
01:08:24,760 --> 01:08:30,160
Speaker 1: of government issue digital currencies within an ecosystem of other

1272
01:08:31,040 --> 01:08:34,080
Speaker 1: newer technology applications that will be controlled once again by

1273
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Speaker 1: a very small group of venture capitalists, hedge funds, and

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Speaker 1: giant tech firms that who themselves have deep ties within

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Speaker 1: the federal government. Now, the last thing I want to

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Speaker 1: say today is I encourage you to continue to monitor

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Speaker 1: and discuss the development of Web three technology. I will

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Speaker 1: certainly be doing the same because I do think there

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Speaker 1: is a little bit of validity here, and in fact,

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Speaker 1: there are certainly some people who will take full advantage

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Speaker 1: of this period of rapid technological change, with these massive

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Speaker 1: market bubbles to read huge financial benefits. But my current

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Speaker 1: opinion is that innovations like NFTs, DOWS or even DeFi

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Speaker 1: are highly unlikely to bring about any kind of significant

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Speaker 1: realignment to the existing power structures, and that Web three

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Speaker 1: is merely a marketing buzzword that serves to distract us

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Speaker 1: from and prevents us quite honestly, from coalescing in a

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Speaker 1: way that can actually lead to you and I having

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Speaker 1: any kind of meaningful, controlling interest in the system and

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Speaker 1: society that we live in. I hope you enjoyed this

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01:09:40,680 --> 01:09:43,400
Speaker 1: breakdown of web three. If you'd like to know more

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01:09:43,400 --> 01:09:45,880
Speaker 1: about this topic and many others, please check out my

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Speaker 1: channel fifty one to forty nine with James Lee, where

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Speaker 1: I release weekly videos relating to the intersection of business

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Speaker 1: and politics and society. The link will be in the

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Speaker 1: description below, and of course subscribe Breaking Points and thank

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Speaker 1: you so much for your time today. Yeah.