WEBVTT - Neoliberalism Part 2: The Trade World War: G7 vs G77 0:00:05.120 --> 0:00:12.160 What's I mean, that's that's all I got today. Who's 0:00:12.160 --> 0:00:16.919 who's taken over? Come on? It's me? I guess it's me. 0:00:17.520 --> 0:00:20.000 All right, Well then, what what show is this? And 0:00:20.079 --> 0:00:22.520 what do we do? This is it could happen here 0:00:22.640 --> 0:00:26.920 we talk about things being bad and also what you 0:00:26.920 --> 0:00:29.120 can do about them, But this is a this is 0:00:29.160 --> 0:00:31.680 a things are bad episode, and not at what you 0:00:31.680 --> 0:00:35.360 can do about the episode specifically. This is part two 0:00:35.560 --> 0:00:37.840 of what I guess you could call our mini series 0:00:37.840 --> 0:00:41.920 on neoliberalism. And so you know, yesterday we talked a 0:00:41.920 --> 0:00:45.960 lot about who the original the liberals are. They have 0:00:46.000 --> 0:00:47.760 a bit of power in Germany in the fifties, but 0:00:47.800 --> 0:00:51.159 through fifties and sixties up to the seventies, they're kind 0:00:51.200 --> 0:00:54.080 of nobody's there. You know, they're they're there. They have 0:00:54.120 --> 0:00:55.520 a couple of think tanks, but they're kind of they're 0:00:55.600 --> 0:00:58.160 kind of just siloed off in the corner and they 0:00:58.240 --> 0:01:01.800 yell at people and people kind of northam and what 0:01:01.800 --> 0:01:05.480 they're waiting for, essentially is the right crisis, and in 0:01:05.520 --> 0:01:09.480 the nineteen seventies they finally find that crisis. Now, I 0:01:09.520 --> 0:01:13.000 think it's kind of hard to remember in a lot 0:01:13.000 --> 0:01:15.560 of ways because of how the eighties went. But in 0:01:15.800 --> 0:01:19.400 early nineteen seventies, things are not looking good for capitalism. 0:01:19.440 --> 0:01:21.080 I mean, you have so you know I and i 0:01:21.240 --> 0:01:25.000 end wins this election nineteen seventy We'll talk about what 0:01:25.200 --> 0:01:29.520 happened there in another episode. But you know it's it's 0:01:29.560 --> 0:01:33.120 not just that in nineteen nineteen seventy four. Well, so 0:01:33.160 --> 0:01:36.560 the whole early nineteen seventies, am called Carbrial is just 0:01:36.720 --> 0:01:41.319 absolutely annihilating the Portuguese army. And he, you know, he wins. 0:01:41.520 --> 0:01:43.240 He fights one of the like one of history's greatest 0:01:43.240 --> 0:01:47.720 grilla wars, and this basically destroys the entire Portuguese state 0:01:47.760 --> 0:01:51.000 and caused the Carnathan Carnation Revolution. The Portuguese colonies get free, 0:01:51.000 --> 0:01:52.880 the dirt takes part in me Theiopia and the ninteen 0:01:52.920 --> 0:01:56.080 seventy five the North Vietnam wins of the like the 0:01:56.200 --> 0:01:58.200 war in Vietnam. And now you know the product of 0:01:58.240 --> 0:02:01.840 this is that Compada falls, Loos falls. There's now there's 0:02:01.920 --> 0:02:05.760 five social estates in Eastern East Asia, in Southeast Asia, 0:02:06.240 --> 0:02:08.440 and you're also Uncle Lea, but nobody really cares about them. 0:02:08.520 --> 0:02:11.000 And as as all of this is happening, as these 0:02:11.000 --> 0:02:12.720 sort of as the anti colonial armies are sort of 0:02:12.760 --> 0:02:17.520 marching their way through the world. There's an enormous economic crisis, 0:02:18.360 --> 0:02:21.200 and yeah, I mean there's a lot of things happening 0:02:21.200 --> 0:02:23.480 at the same time. One of the ones I think 0:02:23.560 --> 0:02:25.320 is probably the thing, the thing that people remember the 0:02:25.360 --> 0:02:30.520 most is there's just unbelievable inflation, and you know, and 0:02:30.520 --> 0:02:35.120 and economic growth starts to slow down. Although something I 0:02:35.160 --> 0:02:37.080 think that we do need to keep in mind is 0:02:37.120 --> 0:02:40.400 that when I say economic growth slows, so economic growth 0:02:40.480 --> 0:02:47.160 from like sixty seven nine is um from two thousand 0:02:47.200 --> 0:02:48.960 to two thousand and seven, it was two point three 0:02:48.960 --> 0:02:51.520 percent in the US, And so you know, when when 0:02:51.520 --> 0:02:53.359 when I say there's an economic crisis going on here, 0:02:53.400 --> 0:02:55.560 like economic growth in the seventies is better than any 0:02:55.600 --> 0:02:59.280 decades sense, but it's still considered the crisis decade because 0:02:59.320 --> 0:03:02.480 there's much of the nation and you know, everyone has 0:03:02.520 --> 0:03:05.880 their own theory as to why this is happening. Because 0:03:06.960 --> 0:03:09.359 the sort of Keynesians who who have been in power, 0:03:09.440 --> 0:03:11.360 whose thing is, oh, well, we can you know, if 0:03:11.480 --> 0:03:13.480 there's every economic crisis, we can sort of we can 0:03:13.520 --> 0:03:15.360 spend money, and that you know, then the government spending 0:03:15.360 --> 0:03:17.880 money will drag everyone out of the crisis. But in 0:03:18.000 --> 0:03:20.919 Keynsian theory, like there's not supposed to be inflation if 0:03:21.760 --> 0:03:24.360 like if if unemployment is increasing and there's an economic crisis, 0:03:24.360 --> 0:03:26.679 there's not supposed to inflation, and suddenly there's both. So 0:03:26.760 --> 0:03:29.079 the Kensians have nothing and they're sort of just running 0:03:29.120 --> 0:03:32.880 around like just with basically like chickens to their head 0:03:32.880 --> 0:03:34.720 cut off, going oh god, we have no idea what's happening. 0:03:34.720 --> 0:03:37.680 We don't know what's happening. And so into this gap 0:03:37.840 --> 0:03:41.280 steps a bunch of weirdos. And so I'm just gonna 0:03:41.280 --> 0:03:44.280 I'm gonna go through a few of the theories as 0:03:44.280 --> 0:03:48.640 to why this crisis happened, because I don't know, and 0:03:48.680 --> 0:03:50.960 I think there's elements of truth in most of the 0:03:51.400 --> 0:03:55.280 stories ish kind of, but you know, it's this is 0:03:55.280 --> 0:03:59.840 extremely complicated and there's still no consensus on it. So 0:04:00.000 --> 0:04:04.640 I'm gonna start with the most crank, which is so 0:04:04.640 --> 0:04:09.360 so the run Paul people. The whole thing is, yeah, 0:04:09.560 --> 0:04:11.720 every everything went to ship has been shipped ever since 0:04:11.760 --> 0:04:15.520 because the US abandon the gold standard, and like they're 0:04:15.600 --> 0:04:19.360 right into the extent that this happens. So basically Nixon 0:04:19.360 --> 0:04:20.800 has been trying to pay for the Vietnam War, and 0:04:20.839 --> 0:04:23.560 he can't. And you know, the the US dollar has 0:04:23.560 --> 0:04:25.520 been pegged to a certain amount of gold, right, and 0:04:25.560 --> 0:04:26.680 you can do this thing where if you get it, 0:04:26.760 --> 0:04:28.279 you have an American dollar, you can exchange it for 0:04:28.279 --> 0:04:32.800 that amount of gold. And so travels the goal just's like, okay, 0:04:32.800 --> 0:04:34.520 we're just gonna we're gonna take all of this gold, 0:04:34.880 --> 0:04:36.440 and so he does in the US starts running out 0:04:36.440 --> 0:04:38.880 of gold and so bye bye bye. In the early seventies, 0:04:39.000 --> 0:04:41.760 Nixon is like, fuck this, you can't actually exchange dollars 0:04:41.760 --> 0:04:45.520 for gold anymore. And now every single libertarian starts every 0:04:45.600 --> 0:04:50.840 rant with fiat currency. But you know this, this this 0:04:50.960 --> 0:04:52.920 does have an effect on the economy, which we'll talk 0:04:52.960 --> 0:04:56.800 about more in the bit um. There's you know, there's 0:04:56.880 --> 0:05:00.239 there's there's a lot of other explanations for this um 0:05:00.279 --> 0:05:02.560 the modern monetary three people if you listen to them, 0:05:02.600 --> 0:05:06.640 and also Peter Thiel. Weirdly, I will argue, oh, it's 0:05:06.640 --> 0:05:09.000 all because of the oil shock, because oil prices increased, 0:05:10.680 --> 0:05:15.360 Neoliberals will spend neo liberal essentially they blame too much 0:05:15.360 --> 0:05:19.479 government spending welfare programs and then wages being too high, 0:05:19.480 --> 0:05:25.720 and also bad monetary policy. There's like an entire there's 0:05:25.760 --> 0:05:28.719 there's like seventeen different Marxist explanations for it, some of 0:05:28.720 --> 0:05:32.400 which are I'll talk about like one and a half 0:05:32.440 --> 0:05:37.640 of them, um that are more plausible. One of the 0:05:37.640 --> 0:05:43.039 explanations has to do with how essentially, so the other 0:05:43.080 --> 0:05:45.480 thing that's happening in the sixty seventies is that minorities 0:05:45.520 --> 0:05:47.560 and women are entering the workplace and are you know, 0:05:48.839 --> 0:05:51.880 actually demanding to be paid the wages that white men 0:05:51.920 --> 0:05:55.440 have been being paid, and corporation essentially just can't afford this, 0:05:56.040 --> 0:05:58.720 and so you know that they have two choices. It's 0:05:58.760 --> 0:06:00.640 either we pay these people actually ages or we just 0:06:00.720 --> 0:06:05.440 murder everyone. And they took the second one. So it's 0:06:05.240 --> 0:06:07.320 something that that has also been happening through this whole 0:06:07.320 --> 0:06:10.919 period is that profit rates and manufacturing just keep collapsing. 0:06:11.720 --> 0:06:13.960 And there there's there's a whole thing here about some 0:06:14.200 --> 0:06:19.080 Marxist theory stuff, But the thing that's important is that 0:06:19.080 --> 0:06:21.120 that and this this doesn't happen in the seventies. Eventually 0:06:21.160 --> 0:06:25.800 you hit a point where manufacturing growth becomes zero sum. 0:06:25.839 --> 0:06:28.960 And you know, so you can have manufacturing growth in 0:06:29.080 --> 0:06:31.360 one country, but you can't have it in another because 0:06:31.680 --> 0:06:34.480 at a certain point you're producing too much stuff and 0:06:34.480 --> 0:06:37.240 people start getting kicked out of the labor process. And 0:06:37.279 --> 0:06:38.880 this has a bunch of effects. One is that it 0:06:38.920 --> 0:06:40.479 means you get a bunch of people who are employed 0:06:40.520 --> 0:06:45.400 and too. It means that there's just a bunch of 0:06:45.440 --> 0:06:48.120 money floating around that nobody can actually invest in places. 0:06:48.120 --> 0:06:49.840 And this is you know, like all of the weird 0:06:49.880 --> 0:06:55.800 stuff the Saudias do is just basically from this this money. 0:06:55.800 --> 0:06:58.040 There's a whole there, the whole piles of oil money 0:06:58.080 --> 0:06:59.720 that are just sitting around that nobody can invest in 0:06:59.760 --> 0:07:04.000 any thing. And that's going to cause you know, that 0:07:04.000 --> 0:07:05.520 that that that that's that's that's going to cause a 0:07:05.560 --> 0:07:11.600 lot of stuff down the road. But for now, yeah, 0:07:11.600 --> 0:07:13.560 we'll talk about the dead crisis and causes sort of 0:07:13.640 --> 0:07:17.080 next episode. But for now, I'm going to try to 0:07:17.200 --> 0:07:19.520 pull all of these together and like have something, have 0:07:19.560 --> 0:07:23.600 a coherent thing that makes sense, which is essentially but 0:07:23.720 --> 0:07:26.640 by the end of the seventies, profit rate or declining, 0:07:26.680 --> 0:07:29.240 and then Nixon pulls, you know, Nick Nixon pulls the 0:07:29.240 --> 0:07:33.560 dollar off the gold standard, and this causes the value 0:07:33.560 --> 0:07:36.560 of the dollar is plunge and this this is the 0:07:36.600 --> 0:07:40.280 thing that sets off the nine oil crisis. So the 0:07:40.320 --> 0:07:42.040 nay said, the oil crisis is weird because it's not 0:07:42.080 --> 0:07:44.120 an oil crisis. Every everyone looks at the grill of 0:07:44.120 --> 0:07:45.640 crisis and it goes, oh, it's an oil crisis. The 0:07:45.640 --> 0:07:47.720 crisis because there wasn't enough oil, and it's it's not 0:07:47.760 --> 0:07:49.480 it's nothing to do with that is literally nothing to 0:07:49.480 --> 0:07:52.720 do a supply of oil at all. What actually happens 0:07:52.960 --> 0:07:56.960 is that so you have OPEC, right or PECK is 0:07:56.960 --> 0:07:59.320 this sort of is the Alliance of Oil Producing cartels 0:07:59.520 --> 0:08:05.800 um and they have this extremely complicated system where they 0:08:05.480 --> 0:08:08.120 they sell oil to oil companies and then the oil 0:08:08.160 --> 0:08:10.200 companies sell the oil, did they refine it and sell 0:08:10.200 --> 0:08:13.440 it to you, and they have this incredibly convoluted tax 0:08:13.440 --> 0:08:21.480 structured on it. And eventually, so the oil companies are 0:08:21.520 --> 0:08:23.600 having to like the price of oil starts to rise, 0:08:23.600 --> 0:08:26.320 and the oil companies are basically just taking it all off, 0:08:26.360 --> 0:08:28.080 the profit from this, and so OPEC goes, okay, you 0:08:28.120 --> 0:08:31.520 guys are gonna pay taxes, and the oil companies just refuse, 0:08:32.480 --> 0:08:36.520 and so OPEC just unilaterally just you know, OPEC just 0:08:36.600 --> 0:08:38.680 unilaterally is like, okay, you guys are gonna pay taxes, 0:08:38.679 --> 0:08:40.680 and we're gonna make you pay taxes by by just 0:08:41.200 --> 0:08:44.640 increasing the price that we sell you oil at. And 0:08:44.880 --> 0:08:48.680 this gets remembered as like OPEC increasing the price of oil, 0:08:48.720 --> 0:08:50.520 even though it was literally just them saying you're gonna 0:08:50.559 --> 0:08:56.520 pay taxes. Now, this is the part that's very weird, 0:08:57.080 --> 0:09:00.760 which is that, Okay, so if if you heard you 0:09:00.800 --> 0:09:03.880 two heard of the oil crisis, like the story, yeah, yeah, 0:09:03.920 --> 0:09:06.800 I mean I are the way it's always gone in textbooks, 0:09:06.800 --> 0:09:09.280 as you talk about like the stagflation of the seventies 0:09:09.320 --> 0:09:12.280 and the fucking you know, lines of cars at gas 0:09:12.320 --> 0:09:16.719 stations going back blocks because OPEC facory And yeah, that's 0:09:16.720 --> 0:09:19.440 how it's always framed, is that, like there's this big 0:09:19.960 --> 0:09:24.200 political crisis over OPEC that led the gas supply getting throttled, 0:09:24.200 --> 0:09:26.000 and it came at a time when the economy had 0:09:26.000 --> 0:09:29.160 already slowed down and everything got terrible. And then a 0:09:29.200 --> 0:09:32.920 few years later we got RoboCop. Yeah, well we did 0:09:32.920 --> 0:09:35.280 get a pop. But the important thing about the story 0:09:35.400 --> 0:09:38.240 is that every single thing about that story is wrong, 0:09:39.080 --> 0:09:41.360 every part of it. Well, I mean there were lines 0:09:41.400 --> 0:09:43.079 at gas station, yeah, I mean, there are lines of 0:09:43.080 --> 0:09:45.160 gas stations. But the lines at the gas stations have 0:09:45.280 --> 0:09:48.720 literally nothing to do with OPEC. It's just nothing. So 0:09:49.000 --> 0:09:55.120 on October six, the Arab members of of OPEC are like, fuckett, 0:09:55.120 --> 0:09:57.000 we're gonna make the oil companies pay more for oil. 0:09:57.360 --> 0:09:59.520 And then the rest of the rest of OPEC follows them. 0:09:59.559 --> 0:10:04.439 Now two days later, is it yeah? The next day 0:10:04.480 --> 0:10:07.520 there is a completely unrelated thing to all of this, 0:10:07.679 --> 0:10:09.640 which is that while while this is going on, the 0:10:09.679 --> 0:10:13.840 yan Kapoor War starts, and so Egypt and Syria attack Israel, 0:10:14.440 --> 0:10:18.080 um the basically attack the Israel occupation forces in their country, 0:10:18.360 --> 0:10:20.920 and the war is going really badly for them there. 0:10:21.360 --> 0:10:22.600 I mean it's it's I mean, it's not going it's 0:10:22.640 --> 0:10:24.960 not going as badly as like the previous wars had 0:10:24.960 --> 0:10:26.800 gone for the air powers, but it's not going great. 0:10:26.840 --> 0:10:31.880 And so on October six, Arab oil producing countries declare 0:10:31.920 --> 0:10:33.840 if they're they're cutting the amount of oil they export 0:10:33.920 --> 0:10:36.600 by five percent per month until Israel returns his territories. 0:10:37.120 --> 0:10:40.200 It occupies seven and they haven't embargo on the US. 0:10:41.679 --> 0:10:44.240 But and this is the very important part, this has 0:10:44.480 --> 0:10:47.000 nothing to do with OPEC. This is not OPAQ at all. 0:10:48.000 --> 0:10:49.360 It's not this, this is this is this is just 0:10:49.480 --> 0:10:51.520 a couple of random Arab countries are like, we're going 0:10:51.559 --> 0:10:54.640 to do this. And you know, and I think when 0:10:54.640 --> 0:10:56.520 I think it's interesting about Robert, we're talking about is 0:10:56.800 --> 0:10:59.679 OPEC factory. You know? Is how this gets remembered and 0:10:59.800 --> 0:11:01.679 this this is one of the things that that neoliberals 0:11:01.840 --> 0:11:04.560 used to sort of push their model of the world, right, 0:11:04.600 --> 0:11:07.120 which is that everything functions office supply and demands and 0:11:07.280 --> 0:11:09.160 oh look, hey the Arabs cut the supply of oil 0:11:09.160 --> 0:11:12.600 and that's why the prices rose. But it's just it's 0:11:12.679 --> 0:11:15.360 just wrong. It's empirically wrong. The price cut happens, I mean, 0:11:15.400 --> 0:11:21.040 the price increases happened the day before the the oil 0:11:21.240 --> 0:11:25.079 the price increases the day before the embargo, and the 0:11:25.160 --> 0:11:28.360 embargo and the oil price. People are different groups, they 0:11:28.440 --> 0:11:31.920 have nothing to do with each other. But you know, 0:11:32.080 --> 0:11:34.319 this this gets sort of system it like this this 0:11:34.480 --> 0:11:37.319 is this is how it's it's remembered and and you know, 0:11:37.400 --> 0:11:39.079 it's not even just how to remembered, like like the 0:11:39.160 --> 0:11:41.640 Encyclopedia Britannica has the dates and which all of this 0:11:41.679 --> 0:11:43.520 stuff happens wrong. They have the sequence of events wrong, 0:11:43.640 --> 0:11:45.240 like all of the most of the people who write 0:11:45.240 --> 0:11:47.959 about this remember this whole thing wrong, and and this 0:11:48.160 --> 0:11:50.320 is this is part of the sort of an enormous 0:11:50.320 --> 0:11:52.079 propaganda effort that and neo liberals are able to do 0:11:52.160 --> 0:11:55.240 at this moment, which is they convince everyone that, oh, yeah, 0:11:55.280 --> 0:11:57.800 the price increases and the gag. Typically the gas shortages 0:11:58.640 --> 0:12:01.360 are are are about opaque. But again also like the 0:12:01.440 --> 0:12:03.920 the US only imports like seven percent of its oil 0:12:04.720 --> 0:12:06.920 from from the countries who are doing the embargo at 0:12:06.920 --> 0:12:09.840 this point, So the actual thing that's going on has 0:12:09.880 --> 0:12:11.200 to do with price. It's it's a weird thing as 0:12:11.360 --> 0:12:14.400 with price controls and gas companies are hoarding gas because 0:12:14.400 --> 0:12:16.120 they don't want to sell at a price control levels 0:12:16.280 --> 0:12:20.080 and stuff like that. But you know, the oil price increases, 0:12:20.800 --> 0:12:22.880 you know, the yeah, like it is bad, Like the 0:12:22.920 --> 0:12:25.160 price of oil does go up and there are shortages, 0:12:25.280 --> 0:12:29.600 but it has nothing to do with like there's nothing 0:12:29.600 --> 0:12:31.120 to do with the embargo, has nothing to do with, 0:12:31.960 --> 0:12:34.480 you know, like the supply of oil going down. It's 0:12:34.559 --> 0:12:37.480 just companies didn't want to pay taxes and so they 0:12:37.480 --> 0:12:39.240 started hoarding the oil instead of selling it, and they 0:12:39.320 --> 0:12:41.520 passed the price the tax increase on. So the consumers 0:12:41.520 --> 0:12:54.240 instead of paying it. And as we talked about before, 0:12:54.640 --> 0:12:57.400 once this sort of like tax increase goes that opec 0:12:57.679 --> 0:12:59.440 well some of the open countries want to do, goes 0:12:59.480 --> 0:13:02.559 into place. The price of whale does increase, and this 0:13:02.760 --> 0:13:04.960 does funck the economy even more. But the economy had 0:13:05.040 --> 0:13:08.599 really even sort of a mess before this, and it 0:13:08.720 --> 0:13:12.760 has one other very important effect that you know this 0:13:12.960 --> 0:13:15.480 is you know, I guess, I guess. The theme of 0:13:15.559 --> 0:13:17.360 this episode is that the oil and bargo matters. But 0:13:17.360 --> 0:13:20.240 the oil and bargo matters because people think it matters, 0:13:20.280 --> 0:13:23.319 not because they did anything and the other. So it 0:13:23.440 --> 0:13:25.480 matters in the US because everyone thinks that, oh, the 0:13:25.520 --> 0:13:28.520 scary Arab nations are coming for us. But it matters 0:13:28.559 --> 0:13:32.839 in the rest of the world because everyone else looks 0:13:32.880 --> 0:13:36.000 at this and goes, wait, hold on, you can actually 0:13:36.320 --> 0:13:40.199 use commodities. Essentially, you can use commodity prices like countries 0:13:40.280 --> 0:13:46.000 that like have raw you know, commodities can use this 0:13:46.480 --> 0:13:49.719 control to actually go fight you know, to like to 0:13:49.840 --> 0:13:51.559 go fight the West, to go fight the capitalists and 0:13:51.600 --> 0:13:55.480 go like, you know, get money for themselves. And this 0:13:55.640 --> 0:14:00.280 leads us into something Robert Garrison, if you are you 0:14:00.360 --> 0:14:04.439 ever heard of the G seventies seven. Uh that like 0:14:04.640 --> 0:14:08.280 the seventies seven countries that have the most money. Well, 0:14:08.400 --> 0:14:11.559 that that's the that's the G seven. Well yeah, but 0:14:11.600 --> 0:14:14.560 I was I was seven might be just a longer list. 0:14:15.600 --> 0:14:17.800 So yeah. So so this is this is the other 0:14:17.880 --> 0:14:20.080 thing from this period that just is completely lost as 0:14:20.080 --> 0:14:22.320 almost completely lost to history, and seventy seven is actually 0:14:22.360 --> 0:14:28.480 still around. But what they are was so in the sixties, 0:14:28.640 --> 0:14:30.520 you know, you have all of these countries that have 0:14:31.120 --> 0:14:34.520 recently gained independence, and all these countries have getting deependence 0:14:35.080 --> 0:14:38.360 um from their sort of colonial overlords, and they start 0:14:38.440 --> 0:14:40.840 to band together into basically a voting block in the 0:14:40.960 --> 0:14:43.280 u N. And also this is the other the other 0:14:43.320 --> 0:14:45.080 weird part about the story is that so in the 0:14:45.160 --> 0:14:48.200 niteen seventies and sixties seventies particularly, the un actually matters 0:14:49.360 --> 0:14:51.840 like it's it's it's it's a thing that people there 0:14:51.920 --> 0:14:54.800 was that like twenties years after World War Two, where 0:14:54.840 --> 0:14:58.280 people were maybe I mean a good example of the 0:14:58.400 --> 0:15:00.600 degree to which the u N Act really used to 0:15:00.680 --> 0:15:05.080 be meaningful is watch the first Street Fighter movie, um, 0:15:05.560 --> 0:15:08.080 because the Good Guys and that are clearly based off 0:15:08.160 --> 0:15:10.960 the u N and nobody thinks it's ridiculous that the 0:15:11.080 --> 0:15:14.800 United Nations are actually doing something. Um, it's fine to 0:15:14.880 --> 0:15:16.680 have Jean Claude van dam And be the leader of 0:15:16.720 --> 0:15:19.440 the United Nations fist fighting a guy that that makes 0:15:19.480 --> 0:15:22.440 total sense in the nineteen nineties, and you know, and 0:15:22.560 --> 0:15:25.280 so and part of how about this war next episode? 0:15:25.280 --> 0:15:27.800 But basically, so, the reason the UN is a joke 0:15:27.960 --> 0:15:31.920 right now is because of what the US was doing 0:15:32.000 --> 0:15:34.840 to stop that G seventy seven from doing anything. I mean, 0:15:34.880 --> 0:15:38.440 I would argue that fail massive failures in Rwanda and 0:15:38.720 --> 0:15:42.160 uh Bosnia had a huge impact on that. A couple 0:15:42.200 --> 0:15:44.240 of genocides go down and people are like, well, what 0:15:44.320 --> 0:15:47.120 are these guys doing? But yeah, yeah, well this is 0:15:47.240 --> 0:15:49.000 this is this is how they got dysfunctional to the 0:15:49.000 --> 0:15:51.360 point where you can get that yeah, which is so 0:15:52.040 --> 0:15:55.160 so okay. So you have you know, and a bunch 0:15:55.200 --> 0:15:57.560 of coaches that call themselves, you know, the term they 0:15:57.640 --> 0:16:00.600 used for themselves is the third World, and they come 0:16:00.640 --> 0:16:02.360 together the form of this group and it's it's it's 0:16:02.400 --> 0:16:05.440 a really weird ideological mixed bag, like I mean, you 0:16:05.560 --> 0:16:08.119 have you know, you have you have like actual socialists 0:16:08.200 --> 0:16:12.040 like tensan years and Michael Borele and Jamaica. You've also 0:16:12.080 --> 0:16:16.840 got like Gaddaffi and the Bathists and like was a 0:16:17.000 --> 0:16:26.040 socialist come on Paradise ka Libya. You know, okay, my my, 0:16:26.280 --> 0:16:28.800 my my, My most contrarian hot take is that Salak 0:16:28.880 --> 0:16:31.600 Jaded was like actually kind of an mL who was 0:16:31.680 --> 0:16:34.560 that he was? He was briefly the Bathist in charge 0:16:34.600 --> 0:16:38.160 of Syria and then he got overthrown by But both 0:16:38.240 --> 0:16:44.080 of them, there's there's definite like actual like Marxist, you know, Linen, 0:16:44.240 --> 0:16:46.640 there's something like especially in the old school Bathists, like 0:16:46.720 --> 0:16:49.360 there were aspects of that. There was socialism kind of 0:16:49.560 --> 0:16:53.760 within it. It just it would be nonsense like for example, 0:16:53.840 --> 0:16:59.160 called Saddam Hussein's baths. Yeah yeah, and you know, and 0:16:59.200 --> 0:17:00.640 you can't red see like this is this is this 0:17:00.720 --> 0:17:02.040 is this is a real grab back and you have 0:17:02.160 --> 0:17:04.240 there's also just a bunch of random Latin American countries, 0:17:04.520 --> 0:17:07.159 like none of whom you can call socialist. And then 0:17:07.200 --> 0:17:11.280 there's also Saudi Arabia and Thailand or in this group. 0:17:12.080 --> 0:17:13.919 To get a sense of how fractus this is, India 0:17:13.960 --> 0:17:16.159 and Pakistan are also both part of this, and they 0:17:16.240 --> 0:17:18.600 fight too full scale wars while they're both in the 0:17:18.680 --> 0:17:20.920 G seventies seven. Actually that's not true. There's two full 0:17:20.960 --> 0:17:23.159 scale wars and then there's like another half war they 0:17:23.200 --> 0:17:26.119 fight in the nineties. This yeah, like all all of 0:17:26.160 --> 0:17:28.200 the people in this thing are fighting, are literally fighting 0:17:28.240 --> 0:17:31.359 wars against each other. It's kind of a mess, and 0:17:31.520 --> 0:17:33.040 you know, it's fun. It's fun. In in the mid 0:17:33.160 --> 0:17:36.960 sixties and until likeeen seventy four, it's kind of their 0:17:37.040 --> 0:17:40.520 Their whole thing is we have moral authority like where yeah, 0:17:40.600 --> 0:17:42.720 like where you know where We're like we we we 0:17:42.880 --> 0:17:45.520 we have the authority of all of these nations have 0:17:45.600 --> 0:17:47.359 colonized us for a long time, and we're going to 0:17:47.480 --> 0:17:51.680 use that. But in the seventies, you know that the 0:17:51.760 --> 0:17:55.120 oil embarko happens, and a lot like most i think 0:17:55.240 --> 0:17:58.320 all most of the OPEC states are are are are 0:17:58.520 --> 0:18:05.080 in um are are in the G and they look 0:18:05.119 --> 0:18:07.360 at they look at the oil embargo and they look 0:18:07.400 --> 0:18:11.560 at OPEC raising prices and they go, wait, we can 0:18:11.600 --> 0:18:14.719 do this too. And the OPEC states are like, oh, hey, 0:18:14.800 --> 0:18:16.560 we can use this to push the hood, you know, 0:18:16.680 --> 0:18:18.760 we can use like push the whole power of like 0:18:18.920 --> 0:18:21.760 of the Third world. And they they they're planned to do. 0:18:21.880 --> 0:18:25.240 This is something called the New International Economic Order, which 0:18:25.280 --> 0:18:26.879 is also something that no one has ever heard of 0:18:27.000 --> 0:18:33.480 that is extremely important that as just so, the spoilerler 0:18:33.600 --> 0:18:36.359 is that this this movement gets crushed so thoroughly that 0:18:36.480 --> 0:18:38.359 nobody knows what the new Economic order is and the 0:18:38.400 --> 0:18:41.560 Third World is now a slur. But you know, the 0:18:41.800 --> 0:18:44.840 thing that they're trying to do is create a new 0:18:45.359 --> 0:18:48.359 It calls the New International Economic Order a trade union 0:18:48.440 --> 0:18:51.000 of the poor. And so it's it's this thing they're 0:18:51.040 --> 0:18:54.200 trying to get passed through the u N that would 0:18:54.680 --> 0:18:56.640 you know, just designed to sort of ensure the economic 0:18:56.680 --> 0:19:00.280 sovereignty of these developing nations. Um and I'm gonna read 0:19:00.400 --> 0:19:04.600 a list of the stuff that's in here. Um So. 0:19:04.960 --> 0:19:08.720 A an absolute right of states to control the extraction 0:19:08.840 --> 0:19:12.320 and marketing of their domestic natural resources. Be the establishment 0:19:12.359 --> 0:19:15.800 and recognition of state man managed resource cartels to stabilize 0:19:15.840 --> 0:19:20.280 and raise commodity prices. See the regulation of transnational Corporations 0:19:20.720 --> 0:19:24.600 D no strings attached technology transfers from north to south. E. 0:19:25.280 --> 0:19:29.200 The granting of preferential trade preferences to countries in the south, 0:19:29.320 --> 0:19:32.720 and f forgiveness for for certain debts that states in 0:19:32.800 --> 0:19:36.520 the South, Oh to the north. So this is like 0:19:38.000 --> 0:19:41.840 the act, this thing, if the International Economic Order had 0:19:41.840 --> 0:19:44.640 ever been implemented at all, it would have completely reversed 0:19:44.840 --> 0:19:49.200 the basically completely reverse the balance of economic power, shifting 0:19:49.240 --> 0:19:52.760 it basically from countries like the US, like you know, 0:19:52.840 --> 0:19:56.360 Western Europe, like Japan that are these giant manufacturing powerhouses, 0:19:56.840 --> 0:19:59.679 two countries that produce you know, raw materials, and there 0:19:59.680 --> 0:20:00.840 would have you know, and the other thing that would 0:20:00.840 --> 0:20:04.840 have happened from this is you have these the no streams, 0:20:04.920 --> 0:20:07.560 you have a debt relief for the global South, and 0:20:08.040 --> 0:20:12.520 also these technology transfers. And the plan is basically to 0:20:15.040 --> 0:20:17.919 create a bunch of mini opex for just not even 0:20:17.960 --> 0:20:20.320 mini opus, create opex basically for every commodity. So you know, 0:20:20.359 --> 0:20:23.560 you have like an opaque, but it's for like box 0:20:23.600 --> 0:20:27.600 site or like copper, and you know they would use 0:20:27.720 --> 0:20:30.359 they would you know, you have all these opex and 0:20:31.040 --> 0:20:32.639 each one of them uses their power and they all 0:20:32.640 --> 0:20:35.000 cooperate to to to make sure that there's a stable 0:20:35.080 --> 0:20:39.000 price for for all of these commodities. And another part 0:20:39.080 --> 0:20:42.240 of this is that it's supposed to basically enshrine the 0:20:42.320 --> 0:20:44.800 right of countries to be able to just like nationalized 0:20:44.840 --> 0:20:47.040 resource companies, so you know, you have like a British 0:20:47.080 --> 0:20:48.760 oil company. I was like, well, we just take it 0:20:48.840 --> 0:20:52.680 out now it's ours. And the threat of this is 0:20:52.760 --> 0:20:55.240 great enough that if you read conservatives in the era, 0:20:55.359 --> 0:20:57.639 they will say things like the Soviet Union is no 0:20:57.760 --> 0:20:59.920 longer a threat. The greatest danger to the West today 0:21:00.000 --> 0:21:03.920 is the seventies seven. Yeah, yeah, this is this. Yeah, 0:21:03.960 --> 0:21:07.159 it's it's these these people are enormous. Yeah, no, no 0:21:07.200 --> 0:21:09.280 one even rivers this anymore. And and it's it's because 0:21:09.440 --> 0:21:13.280 largely it's because of how just unbelievably badly these guys 0:21:13.320 --> 0:21:16.280 got stopped. Um, you know. And one of the other 0:21:16.359 --> 0:21:17.760 things that happens out of the product of this is 0:21:17.880 --> 0:21:20.040 this is where the G seven comes from. And it's 0:21:20.040 --> 0:21:23.479 originally and I think there's another thing. Yeah, the other 0:21:23.520 --> 0:21:25.240