1 00:00:01,800 --> 00:00:04,960 Speaker 1: Al Zone Media. 2 00:00:06,760 --> 00:00:09,080 Speaker 2: Welcome to it could happen to hear a podcast coming 3 00:00:09,080 --> 00:00:11,480 Speaker 2: to you from what they are calling the fakest economy 4 00:00:11,520 --> 00:00:14,800 Speaker 2: of all time. I am your host, Via Wong, and 5 00:00:15,080 --> 00:00:19,119 Speaker 2: with me to discuss really truly a stock market that 6 00:00:19,239 --> 00:00:22,120 Speaker 2: is like a microcosm of all of the unhinged things 7 00:00:22,120 --> 00:00:26,520 Speaker 2: they are going on in the economy. Is a friend 8 00:00:26,520 --> 00:00:30,479 Speaker 2: of the show, Vicky Ostrowil, who has done many, many, 9 00:00:30,520 --> 00:00:36,400 Speaker 2: many many things. The writers, an organizer, recent author, current author. 10 00:00:37,000 --> 00:00:39,520 Speaker 3: I'm just an author now. I think I have two books. Author? 11 00:00:39,680 --> 00:00:41,440 Speaker 2: Yeah, two two books makes you an author? 12 00:00:41,720 --> 00:00:44,120 Speaker 3: That's right? Hi? How's it gone? How's it going yet? 13 00:00:44,159 --> 00:00:45,840 Speaker 3: How you doing today? This is beautiful June day? 14 00:00:46,040 --> 00:00:50,480 Speaker 2: Awful, absolutely terrible. The whole world is on fire, both 15 00:00:50,520 --> 00:00:52,239 Speaker 2: metaphorically and literally. 16 00:00:52,520 --> 00:00:54,480 Speaker 3: You trying to learn about the economy again, didn't you? 17 00:00:54,640 --> 00:00:58,080 Speaker 3: This is what happens. You should never look that rock. 18 00:00:58,160 --> 00:00:59,120 Speaker 3: Don't turn over that rock. 19 00:00:59,240 --> 00:01:02,959 Speaker 2: Huge mistake. I am learning about financial instruments that are 20 00:01:03,000 --> 00:01:06,000 Speaker 2: so deranged they like they make the stuff. The two 21 00:01:06,000 --> 00:01:09,120 Speaker 2: thousand and eight financial collapses based on look normal and stable. 22 00:01:09,720 --> 00:01:13,120 Speaker 2: We're doing great here, having promised a story about the 23 00:01:13,120 --> 00:01:15,800 Speaker 2: economy is fake. I want to do first, when I 24 00:01:15,800 --> 00:01:22,040 Speaker 2: am calling a bonus horror, Oh so this bonus horror? Now, 25 00:01:22,560 --> 00:01:23,880 Speaker 2: I think you are one of the people who are 26 00:01:24,040 --> 00:01:28,399 Speaker 2: most uniquely qualified to address this bonus horror, as someone 27 00:01:28,400 --> 00:01:31,000 Speaker 2: who has recently written a book called The Extended Universe, 28 00:01:31,040 --> 00:01:33,080 Speaker 2: How Disney Killed the Movies and took over the World, 29 00:01:33,080 --> 00:01:36,760 Speaker 2: that is about the evils of intellectual property, and also 30 00:01:36,760 --> 00:01:39,720 Speaker 2: has written about riots, and also has written about the 31 00:01:39,760 --> 00:01:44,600 Speaker 2: transgender I want to hear your thoughts on oh Boy, 32 00:01:45,120 --> 00:01:49,640 Speaker 2: Oh Boy, a DMC eight takedown notice filed by the 33 00:01:49,680 --> 00:01:56,440 Speaker 2: Stonewall in LLLC against a T shirt shop that was 34 00:01:56,560 --> 00:02:01,040 Speaker 2: being run by the Canadian trans comics writer Sophie LaBelle 35 00:02:01,360 --> 00:02:04,800 Speaker 2: for shirts that said stone Wall was a riot, so thicky? 36 00:02:05,320 --> 00:02:07,960 Speaker 2: What do you think about the phenomenon of trademarking a. 37 00:02:08,080 --> 00:02:11,760 Speaker 3: Riot happy pride? First of all, I think I think 38 00:02:11,800 --> 00:02:16,160 Speaker 3: it's really important that we celebrate June this year in 39 00:02:16,200 --> 00:02:20,000 Speaker 3: all the right ways. Yeah, I mean, you know, trademarking 40 00:02:20,000 --> 00:02:22,640 Speaker 3: a riot that seems good, Like you trade out a 41 00:02:22,760 --> 00:02:28,600 Speaker 3: historical event, copywriting a historical era, you know, patenting human genome. 42 00:02:28,720 --> 00:02:32,720 Speaker 3: These are all good things. Frankly, I think it's outrageous 43 00:02:32,800 --> 00:02:36,799 Speaker 3: that anything should be the common property of a community 44 00:02:37,000 --> 00:02:39,600 Speaker 3: history in humanity. So I just think it's great when 45 00:02:39,639 --> 00:02:43,639 Speaker 3: people draw fences around the word stone wall for example, 46 00:02:44,360 --> 00:02:48,120 Speaker 3: which you know, sure it functions you know as a 47 00:02:49,200 --> 00:02:52,120 Speaker 3: you know, as a stand in for an entire historical era, 48 00:02:52,880 --> 00:02:55,760 Speaker 3: for a crucial moment, and indeed for a riot. But 49 00:02:56,400 --> 00:02:58,760 Speaker 3: what about the people who own the stone wall in Yeah, 50 00:02:58,919 --> 00:03:01,799 Speaker 3: did you ever think about them their interests? I don't 51 00:03:01,800 --> 00:03:02,280 Speaker 3: think you did. 52 00:03:02,400 --> 00:03:04,680 Speaker 2: It's like one of those like things where it's like, well, 53 00:03:04,680 --> 00:03:11,639 Speaker 2: you couldn't have had Stonewall without the police. It's like I'm. 54 00:03:09,760 --> 00:03:13,880 Speaker 3: Yeah, yeah, yeah, yeah, yeah, it's that's the conscious Polly, 55 00:03:13,960 --> 00:03:17,040 Speaker 3: that is the good guy in the Jesus story theory, right, yeah, 56 00:03:17,240 --> 00:03:19,240 Speaker 3: you know, like, oh, if it worn't for the Roman centurions, 57 00:03:19,280 --> 00:03:22,639 Speaker 3: you know, who would have who would have sacrificed Jesus? Yeah, no, 58 00:03:23,120 --> 00:03:25,080 Speaker 3: it's it's bad. I mean, I would love to have 59 00:03:25,120 --> 00:03:26,840 Speaker 3: a hot take, but I feel like or even a 60 00:03:26,919 --> 00:03:30,200 Speaker 3: lukewarm one, but that one's really just that's just just 61 00:03:30,240 --> 00:03:33,120 Speaker 3: a happy, happy bride. Love a business gay, you know, 62 00:03:33,240 --> 00:03:34,399 Speaker 3: I just love a business gay. 63 00:03:34,680 --> 00:03:37,200 Speaker 2: The feeling I saw seeing that, the only feeling I've 64 00:03:37,200 --> 00:03:39,520 Speaker 2: had like that recently was discovering that the n C, 65 00:03:39,680 --> 00:03:43,160 Speaker 2: the NC double A was like selling the biometrics data 66 00:03:43,280 --> 00:03:46,280 Speaker 2: of their athletes to sports gambling companies, so the sports 67 00:03:46,280 --> 00:03:49,320 Speaker 2: gambling companies could set lines it seems right, which is 68 00:03:49,400 --> 00:03:51,760 Speaker 2: like I can I emphasize this enough. This is the 69 00:03:51,800 --> 00:03:55,400 Speaker 2: thing that like scouts for professional teams have a hard 70 00:03:55,440 --> 00:03:58,120 Speaker 2: time getting access to like the actual like heights and 71 00:03:58,160 --> 00:04:00,800 Speaker 2: weights and stuff of It's I don't know, this is 72 00:04:00,840 --> 00:04:04,800 Speaker 2: this is maybe the worst maybe the worst economy well 73 00:04:05,040 --> 00:04:06,160 Speaker 2: that they've that we've had. 74 00:04:07,040 --> 00:04:09,720 Speaker 3: If you're talking about like sort of high tech surveillance 75 00:04:09,760 --> 00:04:13,120 Speaker 3: apparatus that's largely used to prop up a casino. I 76 00:04:13,160 --> 00:04:15,640 Speaker 3: mean you might be talking about the NC double A, 77 00:04:15,800 --> 00:04:18,680 Speaker 3: but you might also be talking about the stock market. 78 00:04:19,160 --> 00:04:22,480 Speaker 2: Yeah, and oh boy. Today today we are going on 79 00:04:22,600 --> 00:04:24,919 Speaker 2: what I am I am colloquially referring to as the 80 00:04:25,000 --> 00:04:26,240 Speaker 2: coast B roller coaster. 81 00:04:26,880 --> 00:04:29,400 Speaker 3: Yay, let's go. Oh boy. 82 00:04:29,480 --> 00:04:31,600 Speaker 2: So it's a coastby for people who don't know, is 83 00:04:31,680 --> 00:04:34,680 Speaker 2: like the main Korean stock index in the way that 84 00:04:34,839 --> 00:04:37,080 Speaker 2: like I mean we kind of have multiple I don't. 85 00:04:36,880 --> 00:04:39,120 Speaker 3: Know, NASDAK or that some pea five hundred. 86 00:04:39,279 --> 00:04:42,120 Speaker 2: Yeah, it's it's like it's like that basically, it's an index. 87 00:04:42,160 --> 00:04:45,080 Speaker 3: It's the main major index of major Korean stocks. 88 00:04:45,600 --> 00:04:49,279 Speaker 2: Yeah. And and people longtime listeners of the show may 89 00:04:49,360 --> 00:04:51,520 Speaker 2: remember that we have talked a bit about what's called 90 00:04:51,560 --> 00:04:55,120 Speaker 2: the Magnificent Seven, which are these seven American tech stocks 91 00:04:55,120 --> 00:04:58,360 Speaker 2: that make up an absolutely unhinged like percentage of these 92 00:04:58,400 --> 00:04:59,279 Speaker 2: like stock listings. 93 00:04:59,360 --> 00:04:59,520 Speaker 3: Right. 94 00:05:00,160 --> 00:05:02,760 Speaker 2: So the reason I want to talk about Coast B, 95 00:05:02,920 --> 00:05:05,280 Speaker 2: the South Korean one is because in a lot of ways, 96 00:05:05,400 --> 00:05:10,560 Speaker 2: it's like the entire economy and microcosm, because you know, 97 00:05:10,680 --> 00:05:13,520 Speaker 2: where whereas the US has like seven Tex stocks that 98 00:05:13,560 --> 00:05:16,640 Speaker 2: are like a huge percentage of the market, Coast B 99 00:05:17,279 --> 00:05:21,440 Speaker 2: over half of the fucking index is two companies, Yeah, 100 00:05:21,560 --> 00:05:23,840 Speaker 2: Samsung and s k Hyeks, which. 101 00:05:23,600 --> 00:05:25,640 Speaker 3: Are that's not good, that's not good economy. 102 00:05:25,920 --> 00:05:29,440 Speaker 4: Yeah, And that's how you know your economy is good 103 00:05:29,440 --> 00:05:33,080 Speaker 4: and normal when it's two fucking companies, both of which 104 00:05:33,160 --> 00:05:36,240 Speaker 4: is like, valuations have been spiking massively, specifically because of 105 00:05:36,320 --> 00:05:38,960 Speaker 4: chip production, and specifically because of chip production. 106 00:05:39,080 --> 00:05:41,599 Speaker 2: For I guess I have to say the words AI 107 00:05:41,880 --> 00:05:44,200 Speaker 2: instead of just doing a long and elaborate bit where 108 00:05:44,200 --> 00:05:47,200 Speaker 2: I simply just call it matrix multiplication over and over again. 109 00:05:47,520 --> 00:05:50,960 Speaker 3: Yeah, graphics cards they're doing it. It's because graphics cards 110 00:05:51,000 --> 00:05:53,000 Speaker 3: are so valuable. That's what that's what this is all about. 111 00:05:53,480 --> 00:05:57,560 Speaker 2: Yeah, this is now like half of the main index 112 00:05:58,080 --> 00:06:00,840 Speaker 2: of like one of the most advanced industrial economies in 113 00:06:01,480 --> 00:06:06,320 Speaker 2: human history, right, is fucking making graphics cards for chatbots. 114 00:06:06,480 --> 00:06:09,560 Speaker 3: South Thrade is what's the thirteenth the twelfth or thirteenth 115 00:06:09,640 --> 00:06:12,360 Speaker 3: largest in the entire world inast two companies, Right, Yeah, Yeah, 116 00:06:12,360 --> 00:06:13,920 Speaker 3: it's good, and it's good. 117 00:06:14,160 --> 00:06:16,360 Speaker 2: You know, there was a while back to executive disorder 118 00:06:16,360 --> 00:06:19,280 Speaker 2: where I was like spending a decent amount of time 119 00:06:19,560 --> 00:06:22,120 Speaker 2: tracking post By going up and down because it has 120 00:06:22,320 --> 00:06:26,600 Speaker 2: lost ten percent of its value multiple times this year. 121 00:06:26,960 --> 00:06:32,000 Speaker 2: That's unhidge. That does not happen, right, like outside of 122 00:06:32,080 --> 00:06:35,680 Speaker 2: like the Great Recession, Right, it's like that kind of shit. 123 00:06:35,760 --> 00:06:38,120 Speaker 2: That's a really raird thing to happen. 124 00:06:38,440 --> 00:06:41,160 Speaker 3: This used to happen in the nineteenth century all the time, right, 125 00:06:41,240 --> 00:06:43,559 Speaker 3: So like what we're looking at in Korea and indeed 126 00:06:43,560 --> 00:06:45,960 Speaker 3: in the US is like stock markets that like what 127 00:06:46,360 --> 00:06:49,000 Speaker 3: used to be before the Great Depression, before Black Friday 128 00:06:49,000 --> 00:06:51,359 Speaker 3: and the dungeon of the SEC. To make sure that 129 00:06:51,400 --> 00:06:54,640 Speaker 3: this wouldn't happen every day, and I think like one 130 00:06:54,680 --> 00:06:56,040 Speaker 3: of the things that I mean, maybe you're gonna get 131 00:06:56,040 --> 00:06:57,960 Speaker 3: to this. I don't want to jump on on top 132 00:06:57,960 --> 00:06:59,760 Speaker 3: of your thing. But I think the thing that is 133 00:07:00,080 --> 00:07:02,440 Speaker 3: really wild about what's going on with the COSP is 134 00:07:02,560 --> 00:07:04,800 Speaker 3: also I think again to connected to sort of the 135 00:07:04,800 --> 00:07:07,800 Speaker 3: gambling thing, is that in the last month, two months, 136 00:07:07,800 --> 00:07:10,880 Speaker 3: I don't remember exactly when this happened, Korean stocks got 137 00:07:10,920 --> 00:07:13,360 Speaker 3: added to like Robin Hood, right, it got added to 138 00:07:13,440 --> 00:07:18,160 Speaker 3: like US retail trading. Now, like retail trading like used 139 00:07:18,160 --> 00:07:20,920 Speaker 3: to technically be possible before these like apps and before 140 00:07:20,960 --> 00:07:23,360 Speaker 3: we reddit, you know, our our Wall Street bets or whatever. 141 00:07:23,560 --> 00:07:25,240 Speaker 3: But it was hard. You had to have you had 142 00:07:25,240 --> 00:07:26,960 Speaker 3: to have an agent, you had to like do a thing. 143 00:07:26,960 --> 00:07:28,600 Speaker 3: And then day trading in the nineties made it a 144 00:07:28,600 --> 00:07:31,440 Speaker 3: little easier for like middle class people to do. But 145 00:07:31,600 --> 00:07:36,440 Speaker 3: now like you can do it instantly anywhere. And you know, 146 00:07:36,480 --> 00:07:38,520 Speaker 3: if you remember, I mean, I know you remember Mia, 147 00:07:38,560 --> 00:07:41,400 Speaker 3: but if the folks at home remember like the game 148 00:07:41,480 --> 00:07:44,960 Speaker 3: stock stuff like that cult during the NFT era, you know, 149 00:07:45,000 --> 00:07:47,480 Speaker 3: the memestock, the meme it was called meme stocks, and 150 00:07:47,520 --> 00:07:50,280 Speaker 3: how like sort of you know this one reddit subreddit 151 00:07:50,320 --> 00:07:52,760 Speaker 3: could like make a stock, you know, quadruple its price 152 00:07:52,840 --> 00:07:55,600 Speaker 3: overnight or go ten times overnight. Right. The thing is 153 00:07:55,640 --> 00:07:59,640 Speaker 3: what's happening is that the Korean retail market has also exploded. 154 00:07:59,840 --> 00:08:03,600 Speaker 3: So not only are you getting US investors right, like 155 00:08:03,920 --> 00:08:07,320 Speaker 3: day traders just like going on really weird tips and 156 00:08:07,400 --> 00:08:11,000 Speaker 3: like pouring millions and millions of US dollars right because, like, 157 00:08:11,840 --> 00:08:13,480 Speaker 3: you know, if it used to be hard to trade 158 00:08:13,560 --> 00:08:15,920 Speaker 3: on the US Stock Exchange, trading in a foreign stock 159 00:08:16,040 --> 00:08:19,200 Speaker 3: was basically impossible. Yeah, you just couldn't do it. Again, 160 00:08:19,240 --> 00:08:20,880 Speaker 3: you technically could, but you had to have a lot 161 00:08:20,880 --> 00:08:22,000 Speaker 3: of money in a lot of connections. 162 00:08:22,080 --> 00:08:25,200 Speaker 2: Yeah, you had to actually be someone who worked in finance, yes, 163 00:08:25,600 --> 00:08:28,120 Speaker 2: Like you know, like you had to be effectively a 164 00:08:28,160 --> 00:08:31,640 Speaker 2: professional exactly. Or it's like, you know, to like return 165 00:08:31,640 --> 00:08:34,000 Speaker 2: to the gambling analogy, which is increasingly less and less 166 00:08:34,000 --> 00:08:36,959 Speaker 2: of an analogy, it's like the equivalence of like it 167 00:08:37,400 --> 00:08:40,320 Speaker 2: was technically possible to be one of those guys who 168 00:08:40,520 --> 00:08:44,199 Speaker 2: like played online poker, right, right, it was equivalent to 169 00:08:44,240 --> 00:08:46,320 Speaker 2: that where it's like, Okay, you can dedicate your entire 170 00:08:46,440 --> 00:08:50,000 Speaker 2: life to this one incredibly niche thing exactly. 171 00:08:50,520 --> 00:08:53,920 Speaker 3: But so the opening up and the deregulation of this 172 00:08:54,000 --> 00:08:57,800 Speaker 3: trade has this sort of maybe can be a little 173 00:08:57,840 --> 00:09:01,280 Speaker 3: hard to grasp, but like so the career economy is massive, 174 00:09:01,360 --> 00:09:03,560 Speaker 3: but compared to the US economy, it's nothing. Right, So 175 00:09:04,160 --> 00:09:07,200 Speaker 3: when all of the money from when a ton of 176 00:09:07,200 --> 00:09:09,960 Speaker 3: retail money from the US in coordinated fashion, you know, 177 00:09:10,000 --> 00:09:13,079 Speaker 3: coordinate online on Reddit or whatever in discord servers can 178 00:09:13,160 --> 00:09:16,440 Speaker 3: flood into the Korean markets, it can make a huge change. 179 00:09:16,520 --> 00:09:19,120 Speaker 3: Imagine an even smaller imagine a smaller market, right, Like, 180 00:09:19,280 --> 00:09:21,640 Speaker 3: imagine something that's not worth very much and you get, yeah, 181 00:09:21,679 --> 00:09:23,960 Speaker 3: the exchange rate in there, and you're not getting hit 182 00:09:24,000 --> 00:09:26,560 Speaker 3: on exchange rate fees. You can really swing the market. 183 00:09:26,880 --> 00:09:29,880 Speaker 3: Foreigners could swing the market really easily, right by speculating, 184 00:09:30,120 --> 00:09:33,160 Speaker 3: which again used to be a thing that finance operatives did, 185 00:09:33,160 --> 00:09:34,680 Speaker 3: but it was really risky and it was like a 186 00:09:34,679 --> 00:09:38,040 Speaker 3: really dodgy thing to do. But these retail investors don't 187 00:09:38,080 --> 00:09:41,040 Speaker 3: really care because it's gambling. It's just a gambling app right, 188 00:09:41,120 --> 00:09:45,079 Speaker 3: they're gambling on stocks. But now there's it has become 189 00:09:45,240 --> 00:09:47,680 Speaker 3: a huge thing in Korea as well. There was just 190 00:09:47,679 --> 00:09:49,840 Speaker 3: a documentary I think it was released like yesterday on 191 00:09:49,920 --> 00:09:54,760 Speaker 3: like Bloomberg about how intense retail buying so everyone in 192 00:09:54,840 --> 00:09:58,280 Speaker 3: Korea has like sort of stock mania, right, Like in 193 00:09:58,280 --> 00:10:00,280 Speaker 3: the documenty there's like, you know, like a a woman 194 00:10:00,320 --> 00:10:02,960 Speaker 3: at a grocery checkout, like she's working and she's like 195 00:10:03,040 --> 00:10:05,880 Speaker 3: checking her stock prices and she's like scanning stuff, you know, 196 00:10:05,920 --> 00:10:09,440 Speaker 3: and like it's not about lower class people shouldn't have access. 197 00:10:09,480 --> 00:10:13,600 Speaker 3: It's about this means that all the money is being funneled. 198 00:10:13,640 --> 00:10:16,199 Speaker 3: The reason Korea is important, as most of you probably know, 199 00:10:16,360 --> 00:10:18,200 Speaker 3: is because it's where all the chips are made. It 200 00:10:18,280 --> 00:10:20,719 Speaker 3: is where processors have to be made. It's the only 201 00:10:20,800 --> 00:10:23,000 Speaker 3: place on earth where they can really they're in Taiwan 202 00:10:23,280 --> 00:10:26,920 Speaker 3: where they can be made. And because of the huge 203 00:10:27,000 --> 00:10:31,160 Speaker 3: AI boom, right, the huge amount of money circulating between 204 00:10:31,240 --> 00:10:36,040 Speaker 3: three different companies right back and forth forever that every 205 00:10:36,160 --> 00:10:40,679 Speaker 3: piece AI supply chain, right, so like the you know, 206 00:10:40,760 --> 00:10:43,320 Speaker 3: each mineral that goes into it. The people who make 207 00:10:43,360 --> 00:10:46,400 Speaker 3: a particular like plastic clip that's really hard to make 208 00:10:46,440 --> 00:10:48,400 Speaker 3: that like fits into the data center. Like all of 209 00:10:48,440 --> 00:10:52,320 Speaker 3: these companies get identified by you know, deranged gamblers, you know, 210 00:10:52,679 --> 00:10:54,800 Speaker 3: and they say, like this company. And in the Korean 211 00:10:54,800 --> 00:10:56,920 Speaker 3: stock market, so in the US stock market, there's like tickers, 212 00:10:56,960 --> 00:10:58,800 Speaker 3: you know, like three letters in the Korean s Sotongware 213 00:10:58,840 --> 00:11:01,000 Speaker 3: is just like a number, right, so in the kosp 214 00:11:01,280 --> 00:11:05,000 Speaker 3: so they're like, guys, four two oh one is this company? 215 00:11:05,200 --> 00:11:08,040 Speaker 3: I'm telling you it makes you know, the it makes 216 00:11:08,040 --> 00:11:10,760 Speaker 3: the sort of fiber cables that go in a data center, right, 217 00:11:10,960 --> 00:11:13,880 Speaker 3: and if that takes off on finance, Twitter or in 218 00:11:14,040 --> 00:11:16,280 Speaker 3: you know, Wall Street bets or whatever, they can just 219 00:11:16,360 --> 00:11:19,400 Speaker 3: swing these companies. And of course, so you've got these 220 00:11:19,520 --> 00:11:22,440 Speaker 3: US and European investors throwing all their money in. So 221 00:11:22,480 --> 00:11:24,440 Speaker 3: then Korean people are like, we got to get in 222 00:11:24,480 --> 00:11:26,600 Speaker 3: on this because it's all booming, and all of these 223 00:11:26,640 --> 00:11:30,040 Speaker 3: are just are just really random companies that make really obscure. 224 00:11:30,040 --> 00:11:32,079 Speaker 3: They're basically what would have been penny stocks back in 225 00:11:32,120 --> 00:11:35,360 Speaker 3: the day. Yeah, right, and they're getting traded at wild 226 00:11:35,480 --> 00:11:40,440 Speaker 3: volumes and it's uh, it's good. It's good because it's 227 00:11:40,520 --> 00:11:43,440 Speaker 3: real money that really reflects the value of the Korean 228 00:11:43,480 --> 00:11:46,760 Speaker 3: economy and it's not just a bunch of people losing 229 00:11:46,840 --> 00:11:49,720 Speaker 3: their shirts in a series of complex scams. 230 00:11:50,320 --> 00:11:53,880 Speaker 2: Yeah, there's obviously the sort of like ground swammania of 231 00:11:53,920 --> 00:11:56,720 Speaker 2: this sort of like it's just a gambling boom, right, 232 00:11:57,480 --> 00:12:00,960 Speaker 2: But on the institutional level, yes, they also doing things 233 00:12:01,320 --> 00:12:04,760 Speaker 2: that are I was saying, it's VICKI before before I 234 00:12:04,760 --> 00:12:08,479 Speaker 2: sorry this so, like these might be the most deranged 235 00:12:08,480 --> 00:12:11,960 Speaker 2: financial instruments I have ever seen, and like I have 236 00:12:12,040 --> 00:12:14,160 Speaker 2: spent a significant amount of my life studying the two 237 00:12:14,160 --> 00:12:18,080 Speaker 2: thousand and eight financial collapse, and these make those instruments 238 00:12:18,520 --> 00:12:19,600 Speaker 2: look normal. 239 00:12:20,120 --> 00:12:22,360 Speaker 3: Yeah, you described one to me, and I literally was 240 00:12:22,400 --> 00:12:25,040 Speaker 3: stunned in silence because I didn't believe that the thing 241 00:12:25,080 --> 00:12:26,280 Speaker 3: you had just described was real. 242 00:12:26,400 --> 00:12:29,160 Speaker 2: It's the dumbest thing I've ever heard of my entire life. 243 00:12:29,240 --> 00:12:42,840 Speaker 2: Will we come back from these apps? Okay, we are back. 244 00:12:42,960 --> 00:12:47,280 Speaker 2: I have been promising you the worst financial idea I 245 00:12:47,320 --> 00:12:49,480 Speaker 2: have ever seen. Right, So, like what we've been talking 246 00:12:49,480 --> 00:12:52,960 Speaker 2: about thus far has been you know, like, are the 247 00:12:53,080 --> 00:12:55,200 Speaker 2: entire economy now is someone who thinks they got they 248 00:12:55,200 --> 00:12:56,840 Speaker 2: got a tip on the horses and is putting their 249 00:12:56,880 --> 00:12:59,720 Speaker 2: life savings in on like fucking I don't know what 250 00:12:59,720 --> 00:13:05,880 Speaker 2: you can what's a horse name? Like secretary? I don't know, Monday, 251 00:13:06,160 --> 00:13:08,480 Speaker 2: ye would I don't know? 252 00:13:10,320 --> 00:13:11,520 Speaker 3: Yeah? 253 00:13:12,240 --> 00:13:16,959 Speaker 2: So, but like here's the thing, right that is comparatively 254 00:13:18,160 --> 00:13:22,280 Speaker 2: not that risky in the sense that when you put 255 00:13:22,320 --> 00:13:25,640 Speaker 2: the money on the horses, right, there's kind of a 256 00:13:25,760 --> 00:13:29,200 Speaker 2: limit to how much you can lose. Yeah, totally, you're 257 00:13:29,320 --> 00:13:33,240 Speaker 2: putting the money in. You can only lose that much money. Now, 258 00:13:33,480 --> 00:13:35,480 Speaker 2: if the stuff of the regular people doing are again 259 00:13:35,520 --> 00:13:38,520 Speaker 2: like putting it all on red or just like fucking 260 00:13:38,600 --> 00:13:41,360 Speaker 2: I gotta tip on the horses. What the institutional people 261 00:13:41,360 --> 00:13:45,360 Speaker 2: are doing, I can only describe this shit as like 262 00:13:45,640 --> 00:13:47,680 Speaker 2: and some of this is also designed to be bought 263 00:13:47,679 --> 00:13:50,440 Speaker 2: by retail investors, which is just unbelievably insane. Like I 264 00:13:50,440 --> 00:13:53,200 Speaker 2: can only describe this as the equivalent of it's the 265 00:13:53,240 --> 00:13:57,560 Speaker 2: market equivalent of Russian roulette. Okay, So on June twenty second, 266 00:13:57,880 --> 00:14:01,400 Speaker 2: KOSB did a thing that it does semi normally, which 267 00:14:01,440 --> 00:14:03,920 Speaker 2: was again, lose ten percent and trigger the circuit breakers. 268 00:14:03,960 --> 00:14:07,160 Speaker 2: They trigger the circuit breakers, like again like today we 269 00:14:07,160 --> 00:14:09,760 Speaker 2: were recording this on June twenty six, a thing that 270 00:14:09,840 --> 00:14:12,440 Speaker 2: again is not supposed to happen in normal markets, like no, 271 00:14:12,720 --> 00:14:18,040 Speaker 2: that's panic shit, But on Monday it triggered because Korea's 272 00:14:18,080 --> 00:14:21,640 Speaker 2: like national like financial watch dog, like the guy you ran. 273 00:14:21,720 --> 00:14:25,840 Speaker 2: It was like, Okay, maybe maybe it was a mistake 274 00:14:26,040 --> 00:14:31,960 Speaker 2: for regulators to have approved this thing called leverage ETFs 275 00:14:32,000 --> 00:14:35,640 Speaker 2: on a single stock Okay, So so to understand how 276 00:14:35,800 --> 00:14:38,960 Speaker 2: bonkers this is, like that that that's all gibberish, right, 277 00:14:39,600 --> 00:14:42,120 Speaker 2: and for once, this isn't even a case where the 278 00:14:42,120 --> 00:14:45,880 Speaker 2: financial people are packaging something simple with a gibberish name. 279 00:14:46,280 --> 00:14:50,800 Speaker 2: This is ridiculous. So ETFs are exchange traded funds, and 280 00:14:50,800 --> 00:14:53,760 Speaker 2: it's supposed to be a mechanism where like, okay, there's 281 00:14:53,800 --> 00:14:57,920 Speaker 2: just one thing you can buy, but that one like security. 282 00:14:57,960 --> 00:15:00,400 Speaker 2: This is like that the physical thing you're buying has 283 00:15:00,440 --> 00:15:01,320 Speaker 2: like a bunch of stocks in it. 284 00:15:01,800 --> 00:15:03,680 Speaker 3: Right, So you could say, like I want to buy 285 00:15:03,800 --> 00:15:06,840 Speaker 3: all the peanut farmers in America, right, Okay, there's five 286 00:15:06,880 --> 00:15:09,880 Speaker 3: probabilisted peanut companies. They make an ETF. It's the peanut ETF. 287 00:15:10,200 --> 00:15:12,160 Speaker 3: You buy it, you know, and then you just buy 288 00:15:12,200 --> 00:15:13,840 Speaker 3: that and you ride the whole all five of them 289 00:15:13,880 --> 00:15:14,840 Speaker 3: together instead of just one. 290 00:15:14,960 --> 00:15:17,240 Speaker 2: Yeah. The place you might have heard of this is 291 00:15:17,880 --> 00:15:19,600 Speaker 2: there were a bunch of like supposed to be like 292 00:15:19,760 --> 00:15:21,840 Speaker 2: green ETFs that were supposed to be like this and 293 00:15:21,880 --> 00:15:23,400 Speaker 2: these are the things you can invest in to save 294 00:15:23,480 --> 00:15:26,760 Speaker 2: the environment. And obviously a lot of that with scams, 295 00:15:26,800 --> 00:15:29,000 Speaker 2: but also it's one of those things that was bad 296 00:15:29,040 --> 00:15:31,320 Speaker 2: while it was happening, and I and you miss it 297 00:15:31,360 --> 00:15:34,360 Speaker 2: when it's gone because it was replaced by what I 298 00:15:34,400 --> 00:15:37,120 Speaker 2: can only describe as what if we did an ETF 299 00:15:37,160 --> 00:15:40,960 Speaker 2: on destroying the economy. But again, so the purpose of 300 00:15:41,040 --> 00:15:44,120 Speaker 2: these things, right, is that they're supposed to allow you 301 00:15:44,160 --> 00:15:47,760 Speaker 2: to have one instrument the whole positions on multiple companies. 302 00:15:47,920 --> 00:15:49,760 Speaker 3: Right, it's a basket of companies. 303 00:15:49,520 --> 00:15:53,520 Speaker 2: Yes, now, now it lasts about seven years, right, This 304 00:15:53,600 --> 00:15:57,320 Speaker 2: is a relatively recent phenomenon. I'm sure people maybe had 305 00:15:57,360 --> 00:15:58,840 Speaker 2: like done something like this before that, but this is 306 00:15:58,840 --> 00:16:01,920 Speaker 2: a real, relatively reason for I'm not somebody had the 307 00:16:02,200 --> 00:16:08,080 Speaker 2: absolutely horrible idea of what if you had an ETF 308 00:16:08,440 --> 00:16:09,920 Speaker 2: that was just one stock? 309 00:16:10,040 --> 00:16:12,000 Speaker 3: Well, but mia, that doesn't make any sense. They're all 310 00:16:12,080 --> 00:16:12,640 Speaker 3: the same thing. 311 00:16:12,840 --> 00:16:14,520 Speaker 2: Yeah, right, And I look at this and I was like, 312 00:16:14,560 --> 00:16:15,720 Speaker 2: what the fuck are you talking about? 313 00:16:15,720 --> 00:16:15,800 Speaker 3: That? 314 00:16:15,880 --> 00:16:17,720 Speaker 2: Like what what? What? What the fuck is it? What 315 00:16:17,760 --> 00:16:21,000 Speaker 2: the fuck is a single stock ETF? Like that's that's like, 316 00:16:21,000 --> 00:16:25,560 Speaker 2: that's it's literally it's nonsensical, right yeah, right, you buy 317 00:16:25,560 --> 00:16:28,440 Speaker 2: the stock or you buy a future like on the stock. 318 00:16:28,520 --> 00:16:29,880 Speaker 2: Right if if you're bending the stocks and you go 319 00:16:29,920 --> 00:16:33,960 Speaker 2: up and down, you buy like futures. Right, This the 320 00:16:34,000 --> 00:16:36,040 Speaker 2: only way. I don't know. I think Vicky kind of 321 00:16:36,040 --> 00:16:37,600 Speaker 2: came up with the best way to describe this that 322 00:16:37,640 --> 00:16:39,280 Speaker 2: I've heard, which is like, it's it's like getting a 323 00:16:39,320 --> 00:16:42,640 Speaker 2: parlay on a stock. Yeah, So what are the very 324 00:16:42,720 --> 00:16:47,800 Speaker 2: formative moments of of me a childhood? Right was reading 325 00:16:47,840 --> 00:16:50,240 Speaker 2: this book by Cory doctor a friend of the show, 326 00:16:50,760 --> 00:16:54,360 Speaker 2: called for the Win, which is about a bunch of 327 00:16:54,400 --> 00:16:58,360 Speaker 2: gold miners in a video game unionizing. There's like a plot, right, 328 00:16:58,400 --> 00:16:59,840 Speaker 2: but then in between the plot, there will just be 329 00:16:59,880 --> 00:17:03,240 Speaker 2: a chapter that is Cory doctor O explaining to you 330 00:17:03,320 --> 00:17:06,000 Speaker 2: how the two thousand and eight financial collapse happens. And 331 00:17:06,119 --> 00:17:08,040 Speaker 2: one of the things that he knows that has stuck 332 00:17:08,080 --> 00:17:10,160 Speaker 2: with me my entire life, and I think is genuinely 333 00:17:10,200 --> 00:17:13,320 Speaker 2: a really important lesson, is that if someone comes up 334 00:17:13,400 --> 00:17:16,920 Speaker 2: to you and the thing that they say is, hey, 335 00:17:17,400 --> 00:17:20,399 Speaker 2: you can buy this thing, right, you know, or you 336 00:17:20,400 --> 00:17:22,159 Speaker 2: can you can place a bet, you can buy a 337 00:17:22,200 --> 00:17:26,400 Speaker 2: financial instrument. And the way that it works is if 338 00:17:26,640 --> 00:17:29,840 Speaker 2: multiple things happen, you know, like like several things that 339 00:17:29,880 --> 00:17:32,600 Speaker 2: are different happen, right. So for example, it's like if 340 00:17:32,680 --> 00:17:37,280 Speaker 2: Lebron scores thirty two and Wemby has three blocks. 341 00:17:37,000 --> 00:17:39,080 Speaker 3: And I beat the point spread by five, right. 342 00:17:39,160 --> 00:17:40,960 Speaker 2: Yeah, right, then you get paid out one hundred million 343 00:17:41,000 --> 00:17:41,840 Speaker 2: dollars or whatever. 344 00:17:42,000 --> 00:17:42,240 Speaker 3: Right. 345 00:17:42,320 --> 00:17:44,160 Speaker 2: That's and that's sort of a streame example, But. 346 00:17:44,240 --> 00:17:45,400 Speaker 3: That's a parlay. That's a sports part. 347 00:17:45,520 --> 00:17:50,000 Speaker 2: Yeah, that's a sport's parlay. Every single time someone is 348 00:17:50,040 --> 00:17:53,080 Speaker 2: doing that is a scam. One hundred percent is a scam. 349 00:17:53,160 --> 00:17:55,160 Speaker 2: If you put your money into this, you are lighting 350 00:17:55,240 --> 00:17:59,560 Speaker 2: it the fuck on fire. Now, this is effectively what's 351 00:17:59,600 --> 00:18:02,720 Speaker 2: going on on with with these with these leverage ETFs, right, 352 00:18:03,240 --> 00:18:06,199 Speaker 2: they're taking like a shit ton of positions at the 353 00:18:06,240 --> 00:18:08,240 Speaker 2: same time. It's the thing that allows you to like 354 00:18:08,680 --> 00:18:11,840 Speaker 2: have a bunch of different positions at one time on 355 00:18:11,880 --> 00:18:15,360 Speaker 2: the same stock. This is an asset so dangerous that 356 00:18:15,520 --> 00:18:18,399 Speaker 2: like if you look up any definition of these things, 357 00:18:18,840 --> 00:18:21,840 Speaker 2: literally the all of the sites will tell you do 358 00:18:22,000 --> 00:18:25,119 Speaker 2: not hold this thing for longer than one day. Yeah, 359 00:18:25,280 --> 00:18:27,240 Speaker 2: because if you hold this asset for longer than one day, 360 00:18:27,240 --> 00:18:30,080 Speaker 2: you will lose all of your money. Like Investipedia for example, Well, 361 00:18:30,240 --> 00:18:33,200 Speaker 2: like it just explains this right where they're like, hey, uh, 362 00:18:33,280 --> 00:18:36,760 Speaker 2: this fucking asset you can be betting on a stock 363 00:18:36,840 --> 00:18:39,679 Speaker 2: to go up, right, because of the way it happened, 364 00:18:39,720 --> 00:18:43,320 Speaker 2: you can lose money yep, on the stock you're betting 365 00:18:43,359 --> 00:18:46,240 Speaker 2: to go up, going up, because it's this like fucking 366 00:18:46,320 --> 00:18:47,320 Speaker 2: unhint set of parlays. 367 00:18:47,359 --> 00:18:49,159 Speaker 3: It's all these conditionals on that, so like, yeah, it 368 00:18:49,200 --> 00:18:51,520 Speaker 3: has to go up within a certain time window, or 369 00:18:51,600 --> 00:18:53,600 Speaker 3: it has to bounce, right, has to go down then 370 00:18:53,680 --> 00:18:55,359 Speaker 3: up or something like that. Right, So a bunch of 371 00:18:55,400 --> 00:18:56,200 Speaker 3: weird conditions. 372 00:18:56,320 --> 00:18:58,680 Speaker 2: Yeah, and you can lose more money on this than 373 00:18:58,720 --> 00:19:01,280 Speaker 2: you put in How's that? Which is insane because because 374 00:19:01,320 --> 00:19:03,320 Speaker 2: you have to pay out all of the options that 375 00:19:03,359 --> 00:19:06,520 Speaker 2: you get, right, of course, you can lose more, but 376 00:19:06,720 --> 00:19:10,639 Speaker 2: even you put it dot. They found a form of 377 00:19:10,680 --> 00:19:14,159 Speaker 2: gambling that is actually worse than putting all of your 378 00:19:14,200 --> 00:19:16,440 Speaker 2: life savings on red. Yeah, because at least you put 379 00:19:16,440 --> 00:19:18,480 Speaker 2: all your life savings on red, you can only lose 380 00:19:18,520 --> 00:19:21,800 Speaker 2: all of your life savings. You could lose your family's 381 00:19:21,880 --> 00:19:24,119 Speaker 2: life savings on this ship like they can. 382 00:19:24,280 --> 00:19:26,199 Speaker 3: Like famously, it's always good to go into debt to 383 00:19:26,240 --> 00:19:29,680 Speaker 3: your booking. This is famously it's famously good to get 384 00:19:29,720 --> 00:19:32,840 Speaker 3: credit from your from your sports gambler. That's a famous, 385 00:19:33,119 --> 00:19:34,800 Speaker 3: a famous narrative thing that's good to do. 386 00:19:35,119 --> 00:19:37,919 Speaker 2: Yeah, and again to get a sense of how unhinged. 387 00:19:37,920 --> 00:19:41,919 Speaker 2: This market is right now the regulator saying we probably 388 00:19:41,960 --> 00:19:44,360 Speaker 2: shouldn't have a crude people making these for a bunch 389 00:19:44,440 --> 00:19:47,280 Speaker 2: of the biggest Korean tech stocks cause the market to 390 00:19:47,320 --> 00:19:48,359 Speaker 2: tank by ten percent. 391 00:19:48,920 --> 00:19:52,320 Speaker 3: Yeah, just saying like exactly, there's a lot of different 392 00:19:52,440 --> 00:19:54,320 Speaker 3: angles on this that we could we could go into. Sorry, 393 00:19:54,320 --> 00:19:56,080 Speaker 3: so I'm is it'll get my switched to like some 394 00:19:56,200 --> 00:19:59,679 Speaker 3: US stuff as an example for a second, for amazing. So, folks, 395 00:20:00,000 --> 00:20:02,040 Speaker 3: we were pretty it became pretty clear that Trump was 396 00:20:02,080 --> 00:20:05,159 Speaker 3: playing the price of oil. Right Mondays, you'd be like, 397 00:20:05,200 --> 00:20:09,800 Speaker 3: we're retaliating against Iran. Fridays, you'd be like, pieces here, right, 398 00:20:10,080 --> 00:20:13,199 Speaker 3: there's just a really open trade that he was just making. 399 00:20:13,480 --> 00:20:15,520 Speaker 3: And it worked because it worked, right. It was a 400 00:20:15,520 --> 00:20:18,840 Speaker 3: classic like like, well the investors do it, so it works, 401 00:20:18,880 --> 00:20:20,600 Speaker 3: the price goes up and down, you can play it. 402 00:20:20,880 --> 00:20:23,480 Speaker 3: That was how war policy has been dictated for most 403 00:20:23,480 --> 00:20:26,040 Speaker 3: of twenty twenty six, which is great and awesome and 404 00:20:26,080 --> 00:20:29,119 Speaker 3: really good. But so the thing about the AI stuff 405 00:20:29,200 --> 00:20:33,199 Speaker 3: is that, like financial people insist that AI is relatively 406 00:20:33,200 --> 00:20:36,960 Speaker 3: safe because there's actual capital spending, right, money is being 407 00:20:37,000 --> 00:20:40,879 Speaker 3: spent they say on data centers, and you know ed Zetron, 408 00:20:40,920 --> 00:20:42,480 Speaker 3: who I know is part of the network, is in 409 00:20:42,520 --> 00:20:45,040 Speaker 3: a lot of reporting on the money's not actually being spent. 410 00:20:45,320 --> 00:20:50,520 Speaker 3: It doesn't actually but yeah, so yes, exactly, So it's 411 00:20:50,560 --> 00:20:53,280 Speaker 3: all bullshit. These are these bullshit companies that AI but 412 00:20:53,400 --> 00:20:55,080 Speaker 3: like one of the things that we're starting to see 413 00:20:55,119 --> 00:20:58,880 Speaker 3: happen and that Trump really innovative, but that everyone's favorite 414 00:20:58,960 --> 00:21:01,679 Speaker 3: Nazi the trail Elon Musk, although he's not a trillionaire 415 00:21:01,680 --> 00:21:04,199 Speaker 3: anymore unless he moved out of his space expositions, I 416 00:21:04,200 --> 00:21:05,760 Speaker 3: think he. 417 00:21:05,880 --> 00:21:08,560 Speaker 2: Mage should you a pump and dump with his own company. 418 00:21:08,760 --> 00:21:13,200 Speaker 3: Elon Musk did a crypto rug pull at the scale 419 00:21:13,280 --> 00:21:17,320 Speaker 3: of the world economy, okay, which, like you know, in 420 00:21:17,359 --> 00:21:20,600 Speaker 3: a way like you know, yeah, I'm not gonna hand 421 00:21:20,600 --> 00:21:21,520 Speaker 3: it to you, don't have to hand it to it. 422 00:21:21,600 --> 00:21:24,719 Speaker 3: But it's truly one of the craziest scams that, like 423 00:21:24,800 --> 00:21:26,600 Speaker 3: in planes set, that's ever happened. And part of the 424 00:21:26,640 --> 00:21:28,320 Speaker 3: way this worked. I want to talk about this because 425 00:21:28,480 --> 00:21:31,280 Speaker 3: it's not just about him being a creepy scammer. It's 426 00:21:31,320 --> 00:21:33,919 Speaker 3: about the way that this is all being supported by 427 00:21:34,000 --> 00:21:35,800 Speaker 3: the finance industry, like, which is what you're talking about 428 00:21:35,800 --> 00:21:37,879 Speaker 3: with these instruments. Yeah, so you've got these like really 429 00:21:38,000 --> 00:21:42,159 Speaker 3: nasty instruments that they're developing to rinse Korean grossers of 430 00:21:42,240 --> 00:21:44,600 Speaker 3: their you know, their of their money whatever. But you've 431 00:21:44,640 --> 00:21:48,399 Speaker 3: also got like what what happened with the SpaceX ipo 432 00:21:49,119 --> 00:21:52,600 Speaker 3: is that when something gets listed on the NASZAC and 433 00:21:52,600 --> 00:21:55,800 Speaker 3: the SMP, when it gets added to these indexes, everyone 434 00:21:55,920 --> 00:21:59,000 Speaker 3: holding an index fund has to buy those stocks. So 435 00:21:59,040 --> 00:22:01,960 Speaker 3: it means that like really safe stuff like you know 436 00:22:02,160 --> 00:22:04,119 Speaker 3: a four oh one K and you're just like I 437 00:22:04,240 --> 00:22:06,800 Speaker 3: just put the four oh one k in the S 438 00:22:06,840 --> 00:22:08,639 Speaker 3: and P five hundred, right, it's just the stock market 439 00:22:08,640 --> 00:22:11,400 Speaker 3: and buying the whole stock market, YEP, line goes up, 440 00:22:11,520 --> 00:22:16,000 Speaker 3: no problem. So when the SpaceX ipo happened, I listed 441 00:22:16,040 --> 00:22:17,240 Speaker 3: at one hundred and sixty So one of that one 442 00:22:17,280 --> 00:22:18,199 Speaker 3: hundred and sixty was it. 443 00:22:18,200 --> 00:22:21,280 Speaker 1: One hundred and sixty nine point sixty nine the exact number? 444 00:22:21,320 --> 00:22:22,640 Speaker 1: I think there was it that didn't have a meme price. 445 00:22:22,680 --> 00:22:26,080 Speaker 1: I don't even remember it when it listed. That was 446 00:22:26,280 --> 00:22:28,600 Speaker 1: ten days ago, fifteen days ago that the IPO happened. 447 00:22:29,359 --> 00:22:32,600 Speaker 3: When that, when that went public, all of the institutional 448 00:22:32,600 --> 00:22:36,720 Speaker 3: funds had to buy a proportional amount of SpaceX, right, 449 00:22:36,960 --> 00:22:38,959 Speaker 3: so they had to buy it because that's just how 450 00:22:38,960 --> 00:22:41,560 Speaker 3: it works, and that's that's reasonable. That is actually like regulated, 451 00:22:41,560 --> 00:22:44,439 Speaker 3: it's a reasonable thing. So what happened was this the 452 00:22:44,520 --> 00:22:48,400 Speaker 3: price the retailers drove it way up. Right, Elon still 453 00:22:48,400 --> 00:22:50,400 Speaker 3: has you know, with it. Using Twitter, managed to get 454 00:22:50,400 --> 00:22:51,960 Speaker 3: a bunch of retail investors, this is going to go 455 00:22:52,000 --> 00:22:55,040 Speaker 3: straight to the moon whatever whatever. So for five days 456 00:22:55,240 --> 00:22:57,359 Speaker 3: it goes up to like one ninety two hundred, I 457 00:22:57,359 --> 00:22:59,680 Speaker 3: think it crosses two hundred at one point right, and 458 00:22:59,720 --> 00:23:02,040 Speaker 3: now it is down to one fifty. So it is 459 00:23:02,119 --> 00:23:04,640 Speaker 3: ten percent down from where it was ten days ago. 460 00:23:04,840 --> 00:23:06,960 Speaker 3: Why is it ten percent down because SpaceX, to say, 461 00:23:07,200 --> 00:23:10,679 Speaker 3: valueless company compared to what they're valuating it at SpaceX 462 00:23:10,800 --> 00:23:13,600 Speaker 3: is fifteen government contracts in a trench code. Yeah, like 463 00:23:13,640 --> 00:23:16,600 Speaker 3: it's just not it's not a company that has any 464 00:23:16,840 --> 00:23:19,720 Speaker 3: pass to profitability. It also doesn't have a path to Mars. 465 00:23:20,720 --> 00:23:24,960 Speaker 3: But what that means is that institutional investors created and 466 00:23:25,000 --> 00:23:27,639 Speaker 3: regulators created a situation where Elon and his buddy is 467 00:23:27,680 --> 00:23:29,880 Speaker 3: pump and dumped. As you said, they got the price 468 00:23:29,920 --> 00:23:32,600 Speaker 3: way up, they moved out of their position, and now 469 00:23:33,119 --> 00:23:36,640 Speaker 3: those funds lost their ten percent invest stake in SpaceX, 470 00:23:36,640 --> 00:23:39,040 Speaker 3: and there's no reason to anticipate that stock going back up. 471 00:23:39,680 --> 00:23:41,680 Speaker 3: It's just like, there's there's no reason for it. It's 472 00:23:41,720 --> 00:23:45,239 Speaker 3: overvalued as it is. Right, So this is how like 473 00:23:45,520 --> 00:23:47,600 Speaker 3: people who aren't doing retail investing, people who are not 474 00:23:48,040 --> 00:23:49,879 Speaker 3: you know, people who are like I don't trust the 475 00:23:49,920 --> 00:23:50,440 Speaker 3: stock market. 476 00:23:50,560 --> 00:23:53,000 Speaker 2: Yeah, so this this is the California pension. 477 00:23:52,680 --> 00:23:56,520 Speaker 3: Fund exactly exactly. So yeah, and like obviously like Trump 478 00:23:56,560 --> 00:23:59,280 Speaker 3: did that with the trump coin. Like we're like basically 479 00:23:59,320 --> 00:24:03,119 Speaker 3: like what the lesson learned from the crypto and the 480 00:24:03,240 --> 00:24:06,399 Speaker 3: NFT explosion. And by the way, bitcoin is down almost 481 00:24:06,440 --> 00:24:08,879 Speaker 3: one hundred percent on the year. It's been under sixty 482 00:24:08,920 --> 00:24:11,760 Speaker 3: thousand for months. Bitcoin is coapsing as a safe the 483 00:24:11,800 --> 00:24:14,600 Speaker 3: safe haven asset. If you were heavily invested in bitcoin, 484 00:24:14,640 --> 00:24:17,000 Speaker 3: you're ruined right now if you if you held for 485 00:24:17,040 --> 00:24:20,560 Speaker 3: a year. Anyway, what they learned from cryptos and NFTs is, oh, 486 00:24:20,600 --> 00:24:23,719 Speaker 3: we can just do that in the stock market too, right, 487 00:24:24,119 --> 00:24:25,600 Speaker 3: we can just do it. We can just we can 488 00:24:25,680 --> 00:24:28,000 Speaker 3: just play the entire stock more early this, you know, 489 00:24:28,040 --> 00:24:29,760 Speaker 3: and we can blame it on you know. I started 490 00:24:29,800 --> 00:24:31,960 Speaker 3: by talking about the retail investors, and that's real. That 491 00:24:32,119 --> 00:24:35,280 Speaker 3: is driving the volatility, and that's if you're a professional 492 00:24:35,400 --> 00:24:37,240 Speaker 3: or you're in an industry for us, you can just 493 00:24:37,440 --> 00:24:39,840 Speaker 3: skim the cash off now. The reason that they need 494 00:24:39,880 --> 00:24:42,240 Speaker 3: to skim the cash as fast as possible right now 495 00:24:42,880 --> 00:24:45,280 Speaker 3: is because two years ago, I think I came on 496 00:24:45,320 --> 00:24:47,440 Speaker 3: here to talk about the commercial Did we talk about 497 00:24:47,440 --> 00:24:49,800 Speaker 3: commercial real estate like the forcial real estate bubble on 498 00:24:49,840 --> 00:24:50,480 Speaker 3: the show? Oh? 499 00:24:50,520 --> 00:24:51,280 Speaker 2: I don't remember that. 500 00:24:51,480 --> 00:24:52,760 Speaker 3: I don't remember if we actually talked about on the 501 00:24:52,800 --> 00:24:54,560 Speaker 3: show or just just you know, we just texted about 502 00:24:54,600 --> 00:24:59,240 Speaker 3: it whatever, cackled about it privately. So basically the private 503 00:24:59,359 --> 00:25:02,280 Speaker 3: banking side, or sorry, the shadow banking which is now 504 00:25:02,320 --> 00:25:06,399 Speaker 3: called private capital private financing, like that sector was facing 505 00:25:06,440 --> 00:25:09,080 Speaker 3: a collapse two years ago in twenty twenty three, as 506 00:25:09,160 --> 00:25:11,960 Speaker 3: all of their office buildings came to Basically there's this 507 00:25:12,000 --> 00:25:15,760 Speaker 3: massive expansion commercial real estate and the pandemic combined with 508 00:25:15,800 --> 00:25:18,879 Speaker 3: the cooling economy, like they was in trouble. All of 509 00:25:18,920 --> 00:25:21,840 Speaker 3: that money has now gone into the AI boom, so 510 00:25:21,880 --> 00:25:24,960 Speaker 3: they staved off this collapse that was supposed to happen 511 00:25:25,000 --> 00:25:27,120 Speaker 3: in twenty twenty three, twenty twenty four. There was even 512 00:25:27,160 --> 00:25:29,440 Speaker 3: a word for it, which was like the maturity wall, right, 513 00:25:29,480 --> 00:25:31,400 Speaker 3: like all these things were going to hit this maturity wall, 514 00:25:31,520 --> 00:25:35,520 Speaker 3: like everyone was ready for it. So now those companies 515 00:25:35,560 --> 00:25:38,280 Speaker 3: are starting to go down, right, the private equity. And 516 00:25:38,359 --> 00:25:40,480 Speaker 3: the thing about private equity is that it's what if 517 00:25:40,480 --> 00:25:44,639 Speaker 3: a bank had no regulation. So private equity has burned 518 00:25:44,720 --> 00:25:46,680 Speaker 3: all of their money into the AI boom. But it's 519 00:25:46,720 --> 00:25:48,840 Speaker 3: not just them. If we look at like the huge 520 00:25:48,880 --> 00:25:51,080 Speaker 3: layoffs and video game companies that are going on right now, 521 00:25:51,160 --> 00:25:54,840 Speaker 3: right like all tech investors are taking all of their 522 00:25:54,880 --> 00:25:57,800 Speaker 3: money out of everything and putting it in AI. Right, 523 00:25:57,840 --> 00:26:00,879 Speaker 3: they're going all in on AI. That why they're so 524 00:26:01,000 --> 00:26:03,760 Speaker 3: insistent on doing it. Movies can't get made. Like I 525 00:26:03,800 --> 00:26:05,720 Speaker 3: talked to you know for my book that I wrote. 526 00:26:05,800 --> 00:26:07,280 Speaker 3: I've talked to a bunch of movie producers. I have 527 00:26:07,320 --> 00:26:09,879 Speaker 3: relationships with them. They just can't get funding. These are 528 00:26:09,920 --> 00:26:13,800 Speaker 3: people with huge movies, right, big small producers. There's nothing 529 00:26:13,920 --> 00:26:18,120 Speaker 3: is getting greenlit. There is just no capital for anything 530 00:26:18,520 --> 00:26:22,800 Speaker 3: except AI. The entire economy has put all of its 531 00:26:22,840 --> 00:26:29,200 Speaker 3: resources into lms. Nothing else is getting made. The data 532 00:26:29,200 --> 00:26:33,320 Speaker 3: centers aren't being built. And then they developed elaborate ways 533 00:26:33,400 --> 00:26:38,080 Speaker 3: to ruin Korea by gambling on it. Yeah, incredible economy 534 00:26:38,160 --> 00:26:38,960 Speaker 3: it's astounding. 535 00:26:39,320 --> 00:26:41,480 Speaker 2: It's like it's like the entire it's like every rich 536 00:26:41,560 --> 00:26:46,560 Speaker 2: person on earth has collectively taken all of humanity's chips 537 00:26:46,760 --> 00:26:48,399 Speaker 2: and put it on tulip bulbs. 538 00:26:48,800 --> 00:26:51,040 Speaker 3: Yeah, you know, I compared this the nineteenth century because 539 00:26:51,440 --> 00:26:55,879 Speaker 3: this is before the SEC. What used to happen. Joint 540 00:26:55,880 --> 00:26:58,720 Speaker 3: stock companies used to Guys just used to go around 541 00:26:59,000 --> 00:27:01,800 Speaker 3: a town, right, you know, during the era of the telegram. 542 00:27:02,119 --> 00:27:04,080 Speaker 3: This are the railroads. We're the most famous example of this. 543 00:27:04,320 --> 00:27:06,960 Speaker 3: For the eighteen sixties and the eighteen seventies post Civil War, 544 00:27:07,440 --> 00:27:10,960 Speaker 3: there were like five or six railroad stock crashes. People 545 00:27:11,000 --> 00:27:13,480 Speaker 3: would just sell you, listen, we're gonna make this rail line. 546 00:27:13,600 --> 00:27:17,120 Speaker 3: It's gonna be awesome. Okay, rails are the future. It's 547 00:27:17,160 --> 00:27:19,679 Speaker 3: so high tech, you know, get it on the ground floor. 548 00:27:20,000 --> 00:27:22,840 Speaker 3: And then there would be massive economic collapses, and you 549 00:27:22,880 --> 00:27:27,439 Speaker 3: know that wild insecurity was driven by a lot of 550 00:27:27,800 --> 00:27:30,760 Speaker 3: what we would call now retail investment. Right, A lot 551 00:27:30,760 --> 00:27:33,080 Speaker 3: of what the twentieth century did, what the SEC did 552 00:27:33,200 --> 00:27:35,879 Speaker 3: was to try to make sure that didn't happen. Because 553 00:27:35,880 --> 00:27:38,400 Speaker 3: when everyone puts all of their money into a sort 554 00:27:38,400 --> 00:27:42,480 Speaker 3: of speculative asset like say AI data centers because shrimp Jesus, 555 00:27:42,960 --> 00:27:46,359 Speaker 3: when everyone was like, wait a second, these aren't very valuable, 556 00:27:46,840 --> 00:27:56,640 Speaker 3: the money just is gone. 557 00:27:59,040 --> 00:28:00,800 Speaker 2: Part of the reason why we beings feels so weird 558 00:28:01,080 --> 00:28:04,320 Speaker 2: is that, like, in order for the entire economic system 559 00:28:04,359 --> 00:28:08,600 Speaker 2: to function, there's two giant collective delusions that everyone has 560 00:28:08,640 --> 00:28:12,200 Speaker 2: to maintain at the same time or everything collapses. One 561 00:28:12,320 --> 00:28:14,000 Speaker 2: is that the is that the AI boom is inevitable 562 00:28:14,000 --> 00:28:16,760 Speaker 2: and it's going to make money. And the second one, 563 00:28:17,000 --> 00:28:19,320 Speaker 2: and this is also directly tied to South Korea, is 564 00:28:19,320 --> 00:28:20,800 Speaker 2: that the war in Iran is going to end and 565 00:28:20,800 --> 00:28:21,600 Speaker 2: it is going to end soon. 566 00:28:21,760 --> 00:28:21,920 Speaker 3: Yep. 567 00:28:22,359 --> 00:28:25,920 Speaker 2: Because if both of these things are not true, and 568 00:28:26,200 --> 00:28:30,920 Speaker 2: they're true not true, like there's no fucking no, they're 569 00:28:30,960 --> 00:28:34,080 Speaker 2: both complete lies, that everything falls aboard immediately. And South Korea, 570 00:28:34,119 --> 00:28:36,399 Speaker 2: you know, the other reason why South Korea was was 571 00:28:36,440 --> 00:28:39,240 Speaker 2: having these like just ten percent of the market gets 572 00:28:39,280 --> 00:28:42,360 Speaker 2: annihilated in a few minutes is that this would happen 573 00:28:42,600 --> 00:28:46,560 Speaker 2: every time it became clear that no, the war isn't ending, 574 00:28:46,680 --> 00:28:49,680 Speaker 2: like every time Trump's fake like peace deal fell, like 575 00:28:49,800 --> 00:28:52,680 Speaker 2: latest fake peace deal fell apart, that the market would collapse. 576 00:28:53,000 --> 00:28:54,760 Speaker 2: But the problem is in order for all these people 577 00:28:54,800 --> 00:28:57,320 Speaker 2: to keep making money. Everyone has to continue to collectively 578 00:28:57,360 --> 00:29:00,840 Speaker 2: believe that no, it's going to end. Yeah, and so 579 00:29:00,920 --> 00:29:03,040 Speaker 2: you're just in this perpetual cycle, right where like South 580 00:29:03,120 --> 00:29:04,720 Speaker 2: Korea is one of the countries in the world that 581 00:29:04,800 --> 00:29:08,000 Speaker 2: is the most exposed to the effects of this war. 582 00:29:08,040 --> 00:29:10,920 Speaker 2: That's not like actively being bombed like this is like 583 00:29:10,920 --> 00:29:13,520 Speaker 2: like in terms of massive industrial economies, right like obviously 584 00:29:13,560 --> 00:29:15,520 Speaker 2: like East Asia. Yeah, like like the rest of like 585 00:29:15,640 --> 00:29:19,160 Speaker 2: eastern South Asia particularly by all of this, as we've 586 00:29:19,160 --> 00:29:23,120 Speaker 2: talked about elsewhere on this show. But South Korea is 587 00:29:23,160 --> 00:29:26,560 Speaker 2: the core industrial center. Yeah, that's the most fucked by this, 588 00:29:26,600 --> 00:29:29,800 Speaker 2: specifically because they because they rely so much on natural 589 00:29:29,840 --> 00:29:34,000 Speaker 2: gas and just regular like regular fossil fuels that come 590 00:29:34,080 --> 00:29:36,400 Speaker 2: to come to the traid of Hormeurs, which is not open, 591 00:29:36,480 --> 00:29:39,000 Speaker 2: has never been opened, will not be reopened. 592 00:29:39,560 --> 00:29:41,640 Speaker 3: Yeah, I heard there was a great deal. I heard 593 00:29:41,680 --> 00:29:43,880 Speaker 3: that Actually it's gonna be open. Don't worry, it's gonna 594 00:29:43,920 --> 00:29:47,560 Speaker 3: be fine. Listen, Nenyaho's a reasonable man. You know, Trump 595 00:29:47,600 --> 00:29:50,200 Speaker 3: is our reasonable These are reasonable people. It's gonna go fine. 596 00:29:50,280 --> 00:29:51,440 Speaker 3: It's all gonna reopen soon. 597 00:29:51,800 --> 00:29:56,040 Speaker 2: Yeah. Ben Gavier only only holds a minor post in 598 00:29:56,080 --> 00:29:59,080 Speaker 2: the Israeli government. Hold on, I am googling this live. 599 00:30:00,240 --> 00:30:01,960 Speaker 3: God damn it, goddamn it. 600 00:30:02,240 --> 00:30:05,800 Speaker 2: Oh wow, check's notes. He is the Minister of National Security. 601 00:30:05,840 --> 00:30:07,560 Speaker 2: Oh no, oh no. 602 00:30:09,720 --> 00:30:12,360 Speaker 3: So of course, you know, we talked about the economy, 603 00:30:12,360 --> 00:30:15,640 Speaker 3: and obviously the horror in Lebanon and Palestine is the 604 00:30:15,680 --> 00:30:19,160 Speaker 3: real like the is the most horrible, and Iran is 605 00:30:19,200 --> 00:30:21,600 Speaker 3: the most horrible thing going on right now. But these 606 00:30:21,600 --> 00:30:25,760 Speaker 3: cascading effects are also horrible. If we've learned one thing 607 00:30:25,760 --> 00:30:27,600 Speaker 3: for the last ten years, it's that it can always 608 00:30:27,600 --> 00:30:30,000 Speaker 3: get worse for everyone. Oh yeah, So we have this 609 00:30:30,120 --> 00:30:37,320 Speaker 3: moment where like everyone is gambling on South Korean chip manufacturers, 610 00:30:37,600 --> 00:30:41,640 Speaker 3: right yep, and sub manufacturers on the basis that they 611 00:30:41,680 --> 00:30:44,680 Speaker 3: will be totally necessary to the production of chips that 612 00:30:44,720 --> 00:30:48,200 Speaker 3: are being sold to companies that can't use them, that 613 00:30:48,240 --> 00:30:51,360 Speaker 3: are a depreciating asset that could become valueless. These extremely 614 00:30:51,360 --> 00:30:54,480 Speaker 3: expensive chips lose all their value within five years. They 615 00:30:54,480 --> 00:30:58,320 Speaker 3: are going to install those chips into buildings that don't 616 00:30:58,360 --> 00:31:01,680 Speaker 3: exist yet that are and they're going to put billions 617 00:31:01,680 --> 00:31:04,320 Speaker 3: of dollars worth of these chips. Again, the chips have 618 00:31:04,320 --> 00:31:07,760 Speaker 3: been made, The chips do exist largely although there's still 619 00:31:07,760 --> 00:31:09,880 Speaker 3: a lot of speculations. The chips exist, they're sitting in 620 00:31:09,880 --> 00:31:12,840 Speaker 3: a warehouse. At some point someone is going to put 621 00:31:12,880 --> 00:31:17,560 Speaker 3: them into a warehouse that itself is being speculated on buy. 622 00:31:17,600 --> 00:31:21,400 Speaker 3: The same companies who are buying Future compute on it 623 00:31:21,400 --> 00:31:24,320 Speaker 3: as a different financial instrument, and they're going to build it. 624 00:31:24,680 --> 00:31:27,760 Speaker 3: And then when they do build it, there's going to 625 00:31:27,800 --> 00:31:31,800 Speaker 3: be so much demand for AI because people love to 626 00:31:31,920 --> 00:31:35,040 Speaker 3: use it and it's really made the economy so efficient. 627 00:31:35,520 --> 00:31:37,000 Speaker 3: It is, like truly and. 628 00:31:37,040 --> 00:31:39,760 Speaker 2: Also and also one final point about this, right yeah, 629 00:31:39,800 --> 00:31:42,120 Speaker 2: and also that the people who use it and who 630 00:31:42,120 --> 00:31:45,440 Speaker 2: become power users of it aren't going to request more 631 00:31:45,520 --> 00:31:49,600 Speaker 2: tokens no than actually make the money because more people 632 00:31:49,680 --> 00:31:51,800 Speaker 2: using it is actually bad for them because if those 633 00:31:51,800 --> 00:31:54,719 Speaker 2: people use tokens, they're selling the tokens below cost. 634 00:31:55,240 --> 00:32:00,200 Speaker 3: Right, Yeah, it's good. So basically this is a really 635 00:32:00,320 --> 00:32:03,640 Speaker 3: strong thing for the economy. And it's obviously it's obscene 636 00:32:03,920 --> 00:32:08,080 Speaker 3: and it's funny and it's it's truly terrifying. But I 637 00:32:08,120 --> 00:32:10,080 Speaker 3: think the thing that I think I really want to 638 00:32:10,240 --> 00:32:11,880 Speaker 3: underline and me, I know, you know, you know you 639 00:32:11,920 --> 00:32:15,320 Speaker 3: would say the same, is that this is our money. Yeah, 640 00:32:15,360 --> 00:32:18,960 Speaker 3: this is money that we produced by working our whole lives. 641 00:32:19,400 --> 00:32:22,120 Speaker 3: We have worked so hard for so long, and we 642 00:32:22,200 --> 00:32:26,040 Speaker 3: produced so much surplus value, and we know that's that's 643 00:32:26,120 --> 00:32:29,560 Speaker 3: the nature of the situation, and that money is being 644 00:32:29,720 --> 00:32:34,560 Speaker 3: lit on fire, sometimes quite literally right like in coal 645 00:32:34,640 --> 00:32:38,520 Speaker 3: fire plants and gas plants. It is destroying the planet. 646 00:32:38,840 --> 00:32:41,680 Speaker 3: It is doing so in the name of keeping this 647 00:32:41,760 --> 00:32:44,920 Speaker 3: bubble alive long enough for all of the big people 648 00:32:44,920 --> 00:32:47,360 Speaker 3: who are being rinsed, who got rinsed by investing in 649 00:32:47,400 --> 00:32:51,080 Speaker 3: office buildings, to get out with their cash and leave 650 00:32:51,120 --> 00:32:54,680 Speaker 3: with the bag, so that as we face the total 651 00:32:54,720 --> 00:32:58,600 Speaker 3: political and economic collapse as well as ecological disaster, there 652 00:32:58,600 --> 00:33:01,320 Speaker 3: are people with enough money that they stole. This is 653 00:33:01,400 --> 00:33:05,520 Speaker 3: one it's like one last job at the level of 654 00:33:05,880 --> 00:33:10,840 Speaker 3: global delusion. And it's all built on this like myth 655 00:33:10,880 --> 00:33:13,760 Speaker 3: making about AI, but it's also built on all of 656 00:33:13,760 --> 00:33:16,960 Speaker 3: these structures, and it's also built on the collapse of 657 00:33:16,960 --> 00:33:20,600 Speaker 3: the global economic system through war and stuff. In short, 658 00:33:20,880 --> 00:33:24,680 Speaker 3: it's good, but this is our money. This is our money. 659 00:33:24,880 --> 00:33:27,000 Speaker 3: We made this money. They're lighting it on fire so 660 00:33:27,040 --> 00:33:30,360 Speaker 3: that they can get a bad investment they made ten 661 00:33:30,440 --> 00:33:32,840 Speaker 3: years ago back all the bad investments they've made since 662 00:33:32,880 --> 00:33:35,240 Speaker 3: two thousand and nine. They're trying to cash out on 663 00:33:35,320 --> 00:33:38,040 Speaker 3: that as fast as possible right now, and as long 664 00:33:38,080 --> 00:33:41,800 Speaker 3: as they can keep pumping the stock market, they can 665 00:33:42,320 --> 00:33:45,040 Speaker 3: keep taking that money out and they have a chance 666 00:33:45,040 --> 00:33:46,840 Speaker 3: to make it, and some of them will be ruined. 667 00:33:47,080 --> 00:33:48,720 Speaker 3: But this isn't going to be like the thirties. I 668 00:33:48,760 --> 00:33:49,800 Speaker 3: don't think we're going to see a lot of them 669 00:33:49,880 --> 00:33:53,400 Speaker 3: jumping out of skyscrapers tragically like because I think I think, 670 00:33:53,440 --> 00:33:56,440 Speaker 3: honestly most of them are going to get out and 671 00:33:56,760 --> 00:33:58,960 Speaker 3: we're going to be the ones holding the bag, and 672 00:33:59,000 --> 00:34:00,920 Speaker 3: we're the ones who produce that money that they're lading 673 00:34:00,920 --> 00:34:02,600 Speaker 3: on fire. And this is what they want to do 674 00:34:02,640 --> 00:34:04,760 Speaker 3: with us and with the world and the world that 675 00:34:04,800 --> 00:34:07,440 Speaker 3: we live in. And I'm so glad that we have 676 00:34:07,480 --> 00:34:09,840 Speaker 3: no way to stop them. I think that's good personally. 677 00:34:10,360 --> 00:34:13,279 Speaker 2: Yeah, you know, the optimistic view on this. And again 678 00:34:13,320 --> 00:34:15,440 Speaker 2: I've been saying this already. Trust approval rating is thirty 679 00:34:15,480 --> 00:34:18,239 Speaker 2: percent and the bomb hasn't even gone off yet, Like 680 00:34:18,440 --> 00:34:19,719 Speaker 2: the econvia has have blown. 681 00:34:19,560 --> 00:34:23,520 Speaker 3: Up and Loki. The demands destruction for natural gas and 682 00:34:23,520 --> 00:34:27,920 Speaker 3: oil is so intense that the economy, the global energy 683 00:34:28,000 --> 00:34:32,959 Speaker 3: market is greening faster. It's greening for the first time 684 00:34:33,040 --> 00:34:35,600 Speaker 3: since we started doing this is greening at a pace 685 00:34:37,400 --> 00:34:40,040 Speaker 3: fast enough to potentially stop some of the worst effects 686 00:34:40,080 --> 00:34:40,920 Speaker 3: of climate change. 687 00:34:41,120 --> 00:34:45,160 Speaker 2: So unfortunately, the problem is at the same time we're 688 00:34:45,200 --> 00:34:49,160 Speaker 2: also all of our new economic growth is entirely like 689 00:34:49,239 --> 00:34:50,520 Speaker 2: fucking gas. 690 00:34:50,600 --> 00:34:52,560 Speaker 3: They're never going to run. It's like it's you know, 691 00:34:52,640 --> 00:34:54,719 Speaker 3: it's fine, it's those are never going to run. 692 00:34:54,920 --> 00:34:58,240 Speaker 2: Well, they they have definitely poisonou shit ton of people. 693 00:34:58,120 --> 00:35:03,280 Speaker 3: All right, Oh, yes, absolutely, no doubt, no doubt. Yeah. 694 00:35:03,360 --> 00:35:05,840 Speaker 2: But I also think that like you know, like just 695 00:35:05,880 --> 00:35:08,080 Speaker 2: to some extent, like part of the strategy here, right, 696 00:35:08,120 --> 00:35:11,080 Speaker 2: if you look at sort of like what venture capital 697 00:35:11,120 --> 00:35:13,400 Speaker 2: is doing this, their plan is like, okay, yeah, we 698 00:35:13,440 --> 00:35:16,880 Speaker 2: can we can navigate the complete destruction of the global 699 00:35:16,880 --> 00:35:20,320 Speaker 2: economy and the subsequent political like calamities and the subject 700 00:35:20,360 --> 00:35:22,480 Speaker 2: of political fallout in the collapse of like nation states 701 00:35:22,520 --> 00:35:26,480 Speaker 2: by you know, creating our own sort of fascist corporate detocracies. 702 00:35:26,960 --> 00:35:27,360 Speaker 3: Totally. 703 00:35:27,960 --> 00:35:30,719 Speaker 2: But they don't have to be right about that, Like, 704 00:35:31,040 --> 00:35:31,720 Speaker 2: they just don't. 705 00:35:31,840 --> 00:35:34,799 Speaker 3: They're not right. Have you seen how bad these guys are? 706 00:35:35,040 --> 00:35:37,520 Speaker 3: Elon Musk can't even make a friend. You think this 707 00:35:37,600 --> 00:35:40,839 Speaker 3: guy can run a corporate state, city state, Like, come on, 708 00:35:40,960 --> 00:35:43,640 Speaker 3: when that money stops having its value, they're not ready 709 00:35:43,680 --> 00:35:45,959 Speaker 3: for the whirl within their reaping. I said, there's nothing 710 00:35:45,960 --> 00:35:47,680 Speaker 3: we can do about that. There's nothing that we can 711 00:35:47,719 --> 00:35:49,920 Speaker 3: do about it with the levers of power that exist 712 00:35:50,000 --> 00:35:52,839 Speaker 3: right now formally, but there's actually a lot we can 713 00:35:52,880 --> 00:35:55,440 Speaker 3: do about it. And they're going to learn a lot 714 00:35:55,480 --> 00:35:59,840 Speaker 3: of reasons why previous capitalists built the sec built them 715 00:36:00,000 --> 00:36:03,160 Speaker 3: a fair state. Yeah, why they did things, And that's 716 00:36:03,200 --> 00:36:05,440 Speaker 3: gonna be one of the last things they learned in Shillah. 717 00:36:06,000 --> 00:36:08,920 Speaker 2: Yeah, last time they did something like this that was 718 00:36:09,520 --> 00:36:13,799 Speaker 2: frankly less stupid, because I cannot believe I'm saying this. 719 00:36:15,000 --> 00:36:20,040 Speaker 2: At least there were houses. I don't believe I'm saying 720 00:36:20,040 --> 00:36:22,719 Speaker 2: this right. But like the last time they did this, 721 00:36:23,040 --> 00:36:26,200 Speaker 2: they set off a wave of world revolutions. They barely 722 00:36:26,239 --> 00:36:30,239 Speaker 2: survived and like revived the international left in a way 723 00:36:30,320 --> 00:36:34,600 Speaker 2: that he had been basically moribunned YEP for extremely long 724 00:36:34,640 --> 00:36:37,440 Speaker 2: period of time outside of like very small regions. And 725 00:36:38,040 --> 00:36:40,520 Speaker 2: now this, you know, this, this sort of like the 726 00:36:41,160 --> 00:36:44,360 Speaker 2: sort of sleeping giant that they unleashed has been awake 727 00:36:44,480 --> 00:36:47,160 Speaker 2: for like a decade and a half and They're like, 728 00:36:47,719 --> 00:36:51,760 Speaker 2: what if we did this shit again but worse. 729 00:36:52,440 --> 00:36:54,919 Speaker 3: I mean, I don't see what could go on for them. 730 00:36:55,200 --> 00:36:58,320 Speaker 3: I think I'm gonna say it again, Happy Pride. Let's 731 00:36:58,320 --> 00:37:03,640 Speaker 3: make this one the last birthday America ever has. Two 732 00:37:03,760 --> 00:37:05,759 Speaker 3: fifty is more than enough. Don't you think they had 733 00:37:05,800 --> 00:37:06,320 Speaker 3: their time? 734 00:37:06,520 --> 00:37:08,399 Speaker 2: Our time is coming soon. 735 00:37:08,800 --> 00:37:09,520 Speaker 3: It could happen here. 736 00:37:14,640 --> 00:37:17,120 Speaker 5: It could happen Here is a production of cool Zone Media. 737 00:37:17,320 --> 00:37:20,320 Speaker 5: For more podcasts from cool Zone Media, visit our website 738 00:37:20,440 --> 00:37:24,040 Speaker 5: Coolzonemedia dot com, or check us out on the iHeartRadio app, 739 00:37:24,080 --> 00:37:26,160 Speaker 5: Apple Podcasts, or wherever. 740 00:37:25,800 --> 00:37:27,120 Speaker 2: You listen to podcasts. 741 00:37:27,400 --> 00:37:29,359 Speaker 5: You can now find sources for it could Happen Here 742 00:37:29,360 --> 00:37:32,360 Speaker 5: listed directly in episode descriptions. Thanks for listening.