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Speaker 1: Cable news is ripping us apart, dividing the nation, making

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Speaker 1: it impossible to function as a society and to know

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Speaker 1: what is true and what is false. The good news

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Speaker 1: is that they're failing and they know it. That is

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Speaker 1: why we're building something new. Be part of creating a new, better, healthier,

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Speaker 1: member today at breakingpoints dot com. Your hard earned money

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Speaker 1: is going to help us build for the midterms and

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Speaker 1: the upcoming presidential election so we can provide unparalleled coverage

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Speaker 1: of what is sure to be one of the most

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Speaker 1: pivotal moments in American history. So what are you waiting for?

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Speaker 1: Go to Breakingpoints dot com to help us out. President

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Speaker 1: Trump is endorsing doctor Oz in the Pennsylvania Senate. Racist

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Speaker 1: put this up there on the screen. I've got to

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Speaker 1: read you this fun statement. It is truly something classic. Okay,

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Speaker 1: endorsement of doctor Oz from President Donald Trump. This is

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Speaker 1: all about winning elections in order to stop the radical

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Speaker 1: left maniacs from destroying our country. The great Commonwealth of

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Speaker 1: Pennsylvania has a tremendous opportunity to save America by electing

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Speaker 1: the brilliant and well known doctor Mehmet Oz for the

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Speaker 1: United States Senate. I have known doctor Oz for many years.

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Speaker 1: He has lived through with us through the screen. Has

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Speaker 1: always made popular, respected and smart. He even said I

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Speaker 1: was an extraordinary health which made me like him even more,

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Speaker 1: although he also said I should lose a couple of pounds.

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Speaker 1: He is a graduate of Harvard University. He earned a

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Speaker 1: joint MDMA, md MBA from the University of Pennsylvania School

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Speaker 1: Medicine and Wharton School Finance. He has authored three hundred

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Speaker 1: and fifty books. He continues, doctor Oz is pro life,

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Speaker 1: strong on crime the border of the election. He also

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Speaker 1: passionately believes in high quality education, protecting parent involvement. Perhaps

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Speaker 1: more importantly, I believe doctor memon Oz will be the

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Speaker 1: one to win the general election. Women in particular are

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Speaker 1: drawn to doctor Oz for his advice and counsel. I

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Speaker 1: have seen this many times over the years. They know him,

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Speaker 1: believe in him, trust him. Likewise, he will do well

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Speaker 1: in Philadelphia and Pittsburgh where other candidates will not be accepted.

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Speaker 1: He knows his job is to serve every single Pennsylvanian.

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Speaker 1: He is smart, tough, and will never let you down. Therefore,

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Speaker 1: he has my complete and total endorsement. Good luck, doctor Oz.

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Speaker 1: Our country needs you. So low key, I think he

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Speaker 1: might be a little bit right about the women thing. Oh,

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Speaker 1: I know, he's one hundred percent. I mean, this is

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Speaker 1: like an Oprah aligned figure. This is like daytime TV.

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Speaker 1: So I do think he might Day Oz announced. You

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Speaker 1: can go and check the record. I said, I think

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Speaker 1: he's gonna win, specifically because of his appeal to people

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Speaker 1: who are non political celebrity, a normy appeal exactly. I mean, yeah,

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Speaker 1: that's a hard thing. That's a hard thing to deal with.

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Speaker 1: But so this has caused full scale meltdown in the

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Speaker 1: Maga universe, and it's especially hilarious to me given all

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Speaker 1: of the characters who are involved. So the other rival

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Speaker 1: against doctor Oz was David McCormick. He actually was leading

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Speaker 1: Oz in the polls up to this. Let's put this

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Speaker 1: up there on the screen now. David McCormick, up until

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Speaker 1: I don't know six months ago, was the CEO and

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Speaker 1: head of the largest hedge fund in the world, Bridgewater Capital,

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Speaker 1: which was run by oh Right, globalist in chief and

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Speaker 1: China apologist Ray Dalyo. He himself is reportedly worth at

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Speaker 1: least up to a billion dollars at the very least,

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Speaker 1: he's got hundreds of millions in his pockets. This guy

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Speaker 1: is a Wall Street ghoul through and through, a huge

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Speaker 1: proponent of ESG, of investing in China. The worst of

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Speaker 1: globalism incarnate is David McCormick. But but, and this is

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Speaker 1: why MAGA is melting down. His wife happens to be

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Speaker 1: Dina Powell. Now, you guys might not know who that is,

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Speaker 1: but she was on the National Security Council in the

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Speaker 1: Trump administration up until twenty seventeen, while she was on

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Speaker 1: a leave of absence from Goldman Sachs of where she

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Speaker 1: currently works. Right now, she's back at Goldman. Don't worry,

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Speaker 1: she's doing just fine. And at the time Trump loved her.

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Speaker 1: She's an Egyptian Coptic Christian. She did a lot of

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Speaker 1: the Isis stuff. She made a lot of friends in

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Speaker 1: the White House. So a lot of her former friends

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Speaker 1: in the White House are now working for David mccormy,

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Speaker 1: including Stephen Miller, Hope Hicks, huge number of people from

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Speaker 1: the Trump Trump campaign and the Trump White House pays

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Speaker 1: big bucks, and so they have conferred upon David McCormick.

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Speaker 1: The MAGA status, so they feel very stabbed in the

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Speaker 1: back or stabbed in the front by Trump endorsing Doctor Oz.

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Speaker 1: What I think is hilarious about this whole thing is

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Speaker 1: everybody's like, oh, doctor Oz is a huge liberal because

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Speaker 1: he interviewed Michelle Obama once on his show. Or doctor

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Speaker 1: Oz was pro choice before his pro life Yeah, so

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Speaker 1: was Trump. Okay, like savior fake crocodile tears. And the

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Speaker 1: alternative crystal is that they are claiming that the true

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Speaker 1: Maga warrior is a freaking edge fund executive who is

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Speaker 1: I could not conjure a more Davos like ghoulish figure

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Speaker 1: than David mccormy. And just to give you a sense

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Speaker 1: of how cynecal he is, in that piece that we

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Speaker 1: just had up for the New York Times, they say

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Speaker 1: McCormick's marriage to DNA Powell Golden Sacks, a couple has

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Speaker 1: been warning their front the McCormick plans to play up

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Speaker 1: Trump like views on the campaign trail what they described

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Speaker 1: as simply the cost of running in a Republican primary

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Speaker 1: right now. According to two business associates of his from

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Speaker 1: Wall Street who asked not to be named, discussing private conversations,

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Speaker 1: so they're going around to their Wall Street polite society

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Speaker 1: people and basically being like, we don't really mean any

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Speaker 1: of these stuff, but you know, these roubes in the

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Speaker 1: Republican primary, like we got to play up all the

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Speaker 1: sort of xenophobia and all of so just disregard what

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Speaker 1: he's saying. It's worse Crystal, which is that Dina Powell

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Speaker 1: and Dina Powell and her husband in their meeting with Trump.

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Speaker 1: This is according to people who were inside the room.

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Speaker 1: You take it for where you will was from the

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Speaker 1: New York Times. They say that they pulled out a

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Speaker 1: picture of Oz wearing a turban where he was in

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Speaker 1: Turkey and a funeral procession wearing traditional Islamic garb, and

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Speaker 1: they're like, this guy can't win in Pennsylvania, so they're

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Speaker 1: willing to try and use Oz's Muslim identity. Doctor Oz

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Speaker 1: is not like a practicing Muslim, He's a secular Muslim.

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Speaker 1: Even that not only it's actually worse than meeting racist.

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Speaker 1: It just shows complete contempt for the electorate that you

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Speaker 1: think that you could just like put that picture up

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Speaker 1: there and that a bunch of you know, Pennsylvania rednecks

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Speaker 1: would be like, oh, he'll know right, this guy exactly.

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Speaker 1: I'm so glad you said that. I mean, here, let

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Speaker 1: me here's another one that I found pretty pretty interesting

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Speaker 1: about David McCormick, and in twenty eighteen up ed in

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Speaker 1: the Washington Post. He backed Democratic congressional candidate Amy McGrath,

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Speaker 1: who was like literally the worst candidate who ever ran

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Speaker 1: for office in Kentucky and ultimately lost and was back

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Speaker 1: big time by the Democratic establishment over Charles Booker is

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Speaker 1: much more compelling and dynamic candidate. So anyway, this is

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Speaker 1: but now, now, this is the new makeover. In an

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Speaker 1: interview with the Fox News host Mark Leavitt, McCormick said

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Speaker 1: he was running against quote the weakness and wokeness that

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Speaker 1: you see across the country. We wonder how long you

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Speaker 1: workedhot that. He noted he'd been driving a Ford F

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Speaker 1: one point fifty pickup across Pennsylvania to meet voters, and

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Speaker 1: though his fo there was actually a university president, he

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Speaker 1: made sure to mention the family farm, which he now owns.

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Speaker 1: These people are so freakin yeah fake, it is incredible.

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Speaker 1: I mean Trump. Also, I don't know why anyone was

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Speaker 1: surprised that he endorsed like the TV dude that is

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Speaker 1: you know, has some similarities to him. Frankly, I don't

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Speaker 1: know why at has known him for thirty years. Ultimately

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Speaker 1: shocked by that. But yeah, I mean this Republican primary,

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Speaker 1: so the Trump had actually endorsed a different candidate, remember

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Speaker 1: this shot for now he saw ultimately his wife had

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Speaker 1: in court filings that came out that he was accused

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Speaker 1: of domestic violence. He drops out of the race. That

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Speaker 1: was the original Trump endorsement, and so that left the

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Speaker 1: race really pretty wide open. The last polling I saw

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Speaker 1: had a massive number of voters who were undecided and

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Speaker 1: who said that, you know, sixty one percent of those

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Speaker 1: voters said they're more likely to vote for a candidate

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Speaker 1: if Trump ultimately endorses them. So, while we've been giving

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Speaker 1: you some instances where the Trump endorsement had it really

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Speaker 1: worked out, Georgia being sort of the key one here,

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Speaker 1: this is one where, since it was already close, I

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Speaker 1: would think that this helps push OZ to the front

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Speaker 1: of the Republican primary. Right, but at the same time

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Speaker 1: OZ is not necessarily doing well in head to head

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Speaker 1: polls against John Fettererick. Yeah, which is interesting. So Fetterman

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Speaker 1: has you know, his lieutenant governor has a big profile

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Speaker 1: in the state and a big lead right now on

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Speaker 1: the Democratic side. Let's go ahead and put this up

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Speaker 1: on the screen. This is from the Philadelphia in Choir.

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Speaker 1: They say, John Fetterman has a big lead in the

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Speaker 1: Pennsylvania Senate primary on the Democratic side. Will attax matter

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Speaker 1: with six weeks to go? He is facing the big

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Speaker 1: contender against him. Is this sort of like Corporatis blue

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Speaker 1: dog Democrat Connor Lamb. He's a member of Congress right now,

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Speaker 1: and Lamb went up a super pac affiliated with Connor

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Speaker 1: Lamb went up with this big ad trashing Fetterman, saying

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Speaker 1: he's like a socialist and he won't be able to

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Speaker 1: win in the fall, same old playbook that they run

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Speaker 1: against anyone who's even like to lead to the left whatsoever.

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Speaker 1: But at this point Fetterman has such a lead in

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Speaker 1: the primary. The last poll that I saw had him

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Speaker 1: at thirty three percent of the Democratic primary, followed by

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Speaker 1: Connor Lamb with ten percent, so a big gap there.

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Speaker 1: There are still a lot of undecided voters, but if

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Speaker 1: you dig into those undecided voters, very few of them

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Speaker 1: are actually leaning towards Lamb. So it looks like it's

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Speaker 1: Fetterman's race to lose. The DC establishment is actually lining

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Speaker 1: up behind this guy and trying to tell Connor Lamb

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Speaker 1: to chill out so they don't damage him for the fall.

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Speaker 1: Let's go and put this up on the screen. DC

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Speaker 1: Dems get on a front runner Fetterman's way in Pennsylvania

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Speaker 1: and his previous runs, they were sort of oppositional towards

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Speaker 1: him because he does come from war of the Bernie

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Speaker 1: wing of the party, backs medicare for all of those

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Speaker 1: sorts of things, but now because he has sense a

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Speaker 1: formidable lead. Party leaders on Tuesday, they say heard private

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Speaker 1: concerns about a pro Lamb super pac after the group's

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Speaker 1: slam Fetterman as a self described Democratic socialist, a claim

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Speaker 1: that led to the ad being pulled from one TV station.

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Speaker 1: That's how dishonest it was. Senator Warren raised the addres

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Speaker 1: a Democratic Caucus meeting on Tuesday, and JORDI leader Chuck

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Speaker 1: Schumer and Democratic Sedatorial Campaign Committee chair Gary Peters said

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Speaker 1: they were quote addressing the issue, and Elizabeth Warren also

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Speaker 1: said publicly, I saw the pack ad that is currently

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Speaker 1: running in Pennsylvania. It is wrong, it is disgusting, and

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Speaker 1: if Connor Lamb wants to stand up as a Democrat,

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Speaker 1: then he needs to disavout that ad today, so an

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Speaker 1: unusual instance of the Democratic establishment backing someone who is

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Speaker 1: at least purportedly on the left. Although I saw a

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Speaker 1: bunch of headlines this morning about the way that he's like,

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Speaker 1: you know, prostrating himself to make sure he's like, I'm

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Speaker 1: super pro Israel and I'm not going to rock the boat.

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Speaker 1: So he's trying to shore up that support. Listen, In

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Speaker 1: terms of the prospects in the fall, I think it's

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Speaker 1: going to be very difficult for a Democrat to win

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Speaker 1: in Pennsylvania this year. I mean, it's a true swing state.

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Speaker 1: Biden barely want it, as we all know, is very close,

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Speaker 1: and the landscape is just really difficult. So even though

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Speaker 1: right now the polls might say and a head to

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Speaker 1: head matchup Fetterman versus Oz that he's got an edge,

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Speaker 1: I think it's the I think it's pretty tough sledding.

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Speaker 1: And it pains me to say that because you know,

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Speaker 1: some of what Fetterman's done in some of his policy positions,

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Speaker 1: et cetera. I really like and really appreciate, but I

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Speaker 1: just think the landscape doesn't really matter that much about

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Speaker 1: these two individual candidates. It's just a very tough landscape

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Speaker 1: for democratic Yeah, I think that's right. I mean, look,

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Speaker 1: at the end of the day, it's a terrible landscape. Fetterman,

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Speaker 1: he's probably a powerful candidate. He has obviously won statewide.

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Speaker 1: At the same time, the guy doesn't seem to make

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Speaker 1: a sentence without the words LGBTQ. So good luck, especially

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Speaker 1: in this environment. I think that against Oz, especially somebody

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Speaker 1: who's Oz is not a right wing culture warrior. He's

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Speaker 1: somebody who can really lean into the COVID, the COVID

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Speaker 1: talking points of terms of there was a great Wall

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Speaker 1: Street journal piece, maybe we'll cover it tomorrow call the

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Speaker 1: Long COVID Effect on politics, which is basically suburban people

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Speaker 1: who were fed up around school closures and around restrictions

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Speaker 1: and are remembering it even now months later. Obviously inflation

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Speaker 1: is going to be a top one as well. Put

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Speaker 1: it all together, it's a terrible national environment. But the

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Speaker 1: magup fight part of this is just the most funny one.

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Speaker 1: And don't worry, I'm sure David McCormick is going to

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Speaker 1: burn a ton of his millions and billions of dollars

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Speaker 1: still trying to win this primary. So yeah, it is

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Speaker 1: not over. Yeah, well listen, like I said, I think

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Speaker 1: Fetterman is as far as Democratic candidates, I think it's

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Speaker 1: a pretty strong Canada. I mean, I think that's what

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Speaker 1: the polling shows. People in Pennsylvania like him. I think

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Speaker 1: he projects a lot of strength. I think, you know,

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Speaker 1: he was a mayor of a small town that was

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Speaker 1: decimated by by globalization and by NAFTA, and so you know,

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Speaker 1: he has a lot of credibility and frankly, just his

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Speaker 1: persona is, you know, really quite compelling and quite unusual.

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Speaker 1: You know, this is a guy who shows up to

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Speaker 1: every event in like basketball, yeah, and like shorts and

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Speaker 1: really comes across as like that everyman. I just don't

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Speaker 1: know that candidates matter that much when you have a

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Speaker 1: national landscape. I hate to say it, but when you

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Speaker 1: have a national landscape that is as bad for Democrats

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Speaker 1: as it is right now, the particular characteristics or policy

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Speaker 1: positions of either doctor Oz or John Fetterman are probably

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Speaker 1: going to matter a lot less than the fact that

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Speaker 1: Joe Biden's approval rating really super sucks and people are

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Speaker 1: paying a lot of money at the gas pump. I

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Speaker 1: think that's the reality of Yeah. We covered one of

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Speaker 1: the segments we did on Rising, which I'll always remember,

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Speaker 1: was the decline in candidate quality from overall election analysis

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Speaker 1: in IS twenty ten. It just doesn't matter that much. Yeah,

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Speaker 1: it say, it's almost all national conditions. Not great. All right.

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Speaker 1: This other piece is something we've been tracking closely and

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Speaker 1: is extremely scary and disturbing and has vast consequences. So

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Speaker 1: let's go ahead and put this next one up on

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Speaker 1: the screen. So global food prices hit their highest recorded

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Speaker 1: levels ever last month. Of course, this is driven up

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Speaker 1: significantly by the war. Let me just read you a

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Speaker 1: little bit of this article. They say. The Food and

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Speaker 1: Agriculture Organization announced on Friday that it's Food Price Index,

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Speaker 1: which tracks monthly changes in the international prices of a

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Speaker 1: basket of commonly traded food commodities, averaged one hundred and

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Speaker 1: fifty nine point three points in March. That's up twelve

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Speaker 1: point six percent just from February. So jumped up when

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Speaker 1: thirteen percent in just one month. February had already seen

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Speaker 1: the highest level since the organization began tracking in nineteen ninety.

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Speaker 1: And get this, it's more than a third higher than

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Speaker 1: it was just a year ago. So this basket of

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Speaker 1: sort of common food commodities, I'm sure things like wheat,

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Speaker 1: for example, has spiked by a third. Prices have gone

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Speaker 1: up in just one year. Fao went on to say

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Speaker 1: that the war spread shocks through markets for staple grains

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Speaker 1: and vegetable oils. Of course, guys, this is something we've

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Speaker 1: been tracking here. Russia and Ukraine collectively account for about

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Speaker 1: thirty percent of global wheat exports and twenty percent of

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Speaker 1: exports over the last three years. And then you add

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Speaker 1: on top of that, as if that wasn't all bad enough,

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Speaker 1: we've had some impacts both here and around the world

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Speaker 1: in terms of climate change that has also made the

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Speaker 1: harvest less than what it should be. China said this

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Speaker 1: was like their worst harvest on record, which also puts

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Speaker 1: stress on the food system. You know, countries in that

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Speaker 1: region really depend on Ukraine in particular and on Russia,

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Speaker 1: both for wheat and for maize and some other and

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Speaker 1: sunflower oil and some other critical sort of staples there,

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Speaker 1: and also for some of the components that go into fertilizer,

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Speaker 1: which means that you're not just talking about a now

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Speaker 1: problem in terms of food prices and poor countries in

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Speaker 1: particular being unable to you know, people being unable to

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Speaker 1: afford to feed themselves in their children. You're also talking

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Speaker 1: about significant lagging effects where the next harvest is also

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Speaker 1: going to be impacted because farmers can't get the fertilizer

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Speaker 1: that they need in order to grow crops. I don't

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Speaker 1: have to tell you that. You know, you would be

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Speaker 1: hard pressed to find a better indicator of when and

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Speaker 1: where and how revolutions start than the price of wheat.

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Speaker 1: In the price of bread, this is a like multi

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Speaker 1: thousands of years historical trend, and of course it's just

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Speaker 1: going to cause mass suffering. I do want to be clear.

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Speaker 1: There is enough wheat, There is enough food to feed

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Speaker 1: the world, but the price is the issue. It's going

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Speaker 1: to be out of reach for millions and millions and

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Speaker 1: millions of people. Yeah. I think that the real problem

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Speaker 1: here is that if you look throughout history, and this

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Speaker 1: is actually what I was thinking. Part of the reason

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Speaker 1: that the Czars and the Russians and the Soviet Union

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Speaker 1: were always so obsessed with controlling Ukraine is it was

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Speaker 1: known as the bread basket of Europe. It's the largest

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Speaker 1: country in all of continental Europe. They are very fertile soil,

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Speaker 1: and they have for years produced an immense amount of

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Speaker 1: the world's wheat. Now since they've become an independent country,

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Speaker 1: they export a ton of wheat to the rest of

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Speaker 1: the world. As you're appointing to with India, one of

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Speaker 1: the reasons that this has always been so concerning, and

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Speaker 1: almost immediately they were appointing to on the show was, yeah,

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Speaker 1: food inflation here is bad. It's way worse in developing

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Speaker 1: countries Africa and in India and elsewhere where. They are

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Speaker 1: number one already more food insecure, to use a politically

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Speaker 1: correct term, but also much more dependent on imports and

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Speaker 1: have much more fluctuating commodity food markets. So there's a

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Speaker 1: lot of different disruptions that can happen within the food

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Speaker 1: markets that make life there very difficult. Now we're going

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Speaker 1: to get to this in Shanghai, but people should consider

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Speaker 1: that not everybody lives the way that you and I live,

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Speaker 1: or that Americans live. A lot of people here eat

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Speaker 1: frozen food. Now I don't think frozen food is good

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Speaker 1: for you, but in terms of storage and all of that,

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Speaker 1: it's very convenient. Part of the reason why, and we'll

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Speaker 1: talk about this more in Shanghai. That Shanghai is such

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Speaker 1: a complete disaster is because Chinese mostly eat fresh food,

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Speaker 1: so they need food from the markets every two or

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Speaker 1: three days. That's a massive logistical challenge for the government.

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Speaker 1: Same in terms of the flower and other things. This

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Speaker 1: is more of an Indian problem. But people there don't

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Speaker 1: think of grocery store shopping in the way that a

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Speaker 1: lot of people here in the West do, not going

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Speaker 1: to Costco once a week for three months of frozen

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Speaker 1: pizzas or whatever, And so food inflation hits harder on

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Speaker 1: the wallet. And also the supply chain disruption has a

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Speaker 1: much more immediate effect on the food systems in third

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Speaker 1: world countries than it does in the first round, specifically

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Speaker 1: the West in the United States, just because of the

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Speaker 1: difference in our food patterns. So this is a really

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Speaker 1: this is a disaster. It really is. And as you said,

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Speaker 1: I mean, what's the number one con constant throughout you know,

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Speaker 1: all of civilization No food, no bread. There's a problem.

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Speaker 1: You can look at the Mayans, you can look at

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Speaker 1: the Sumerians, like trevolutionolution. It's like, you know, I don't

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Speaker 1: even have to go that far back. A couple hundred

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Speaker 1: years within the last two decades. These are big, big

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Speaker 1: problems that have long standing fortieth fiftieth order effects. Yeah,

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Speaker 1: and of course you already have some countries where I

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Speaker 1: hope there was already mass famine. I mean Afghanistan thanks

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Speaker 1: to our government's policies. Yemen also partly thanks to our

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Speaker 1: government policies. So already before this war you had a

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Speaker 1: dire situation with regards to wheat and overall food prices,

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Speaker 1: with the UN agency responsible for sort of distributing aid

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Speaker 1: saying that they were more stretched before the war than

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Speaker 1: they had ever been in history. So with these kind

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Speaker 1: of price spikes thirteen percent in a single month, it

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Speaker 1: really spells a lot of heartache, death, pain, and disaster.

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Speaker 1: And you know something we're definitely going to keep your

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Speaker 1: eye on. Yeah, Okay, let's go ahead and move on

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Speaker 1: to Shanghai. This is something I've been watching with a

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Speaker 1: lot of interest. The city of Shanghai right now is

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Speaker 1: in a dystopian nightmarish lockdown. And it all really began

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Speaker 1: in the last couple of days as food deliveries began

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Speaker 1: to run out within the city. The first sign that

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Speaker 1: things were not great over there was this leaked video

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Speaker 1: taken from a balcony in Shanghai. We verified the translation

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Speaker 1: For those who are just listening. A drone is passing

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Speaker 1: over the city asking residents to go back into their balconies, saying, quote,

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Speaker 1: please comply with COVID restrictions. Control your soul's desire for freedom.

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Speaker 1: Do not open the window or sing let's take a listen. Yeah,

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Speaker 1: I mean that's as control of your soul's desire for freedom, Crystal.

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Speaker 1: It's only gotten worse since that video came out. That

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Speaker 1: was five days ago. As I was explaining earlier in

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Speaker 1: the show, Chinese people do not eat the same level

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Speaker 1: of process and frozen food, so that requires consistent visits

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Speaker 1: to the market and food deliveries in order to feed them.

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Speaker 1: That is a massive logistical challenge. When current Shanghai city

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Speaker 1: lockdown regulations say you cannot even leave your apartment door.

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Speaker 1: You could used to be able to at least leave

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Speaker 1: within the building to go pick up deliveries. Now these

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Speaker 1: deliveries are a total nightmare. They're either coordinated by the government.

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Speaker 1: About three or four orders that people are placing per

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Speaker 1: day are just being canceled because of the inability to

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Speaker 1: deliver the other one is requiring a whole bunch of

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Speaker 1: black market trading. Some people have access to groceries in

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Speaker 1: this part of the city, they're selling them to other

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Speaker 1: people in this part of the city. It's a total disaster.

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Speaker 1: People are putting empty fridges out on their balconies as

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Speaker 1: a symbol of protests against the government, and there's a

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Speaker 1: lot of people who are running out of food. All

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Speaker 1: of this is because Shanghai is totally committed to a

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Speaker 1: COVID zero policy, which is that they are going to

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Speaker 1: lock the city down as long as it takes in

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Speaker 1: order to have zero COVID. Here's the thing. The Chinese

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Speaker 1: government has put himself in a real bind, as have

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Speaker 1: explained here before. Number one, their elderly population is not

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Speaker 1: even close as vaccinated as ours now. The reason why

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Speaker 1: is because a lot of them thought that zero COVID

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Speaker 1: was going to work, because with previous strains both ALTA

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Speaker 1: in the original COVID you know, lockdowns as China did,

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Speaker 1: it actually did kind of work. But Amicron is so

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Speaker 1: transmissible that they now have twenty five thousand i think

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Speaker 1: admitted cases of COVID, which means you have tens and

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Speaker 1: tens of thousands if not millions of more. This current

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Speaker 1: lockdown policy is not going to work. So they have

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Speaker 1: an elderly population which is not as vaccinated their general

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Speaker 1: population also not nearly as vaccinated Sino farm and Sinovac,

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Speaker 1: the vaccine who they've created is also not particularly effective

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Speaker 1: against even original COVID let alone amicron, So they're in

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Speaker 1: a real catch twenty two. They can either do lockdown

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Speaker 1: an ineffective one, or they've condemned a lot of their

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Speaker 1: elderly population to death by emphasizing zero COVID instead of vaccination.

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Speaker 1: So you put all of that together, They're obviously in

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Speaker 1: a tough spot. But the population is suffering to a

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Speaker 1: degree that is really difficult to comprehend, and we are

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00:22:51,640 --> 00:22:55,400
Speaker 1: seeing extraordinary scenes out of the city of Shanghai. We're

430
00:22:55,440 --> 00:22:59,040
Speaker 1: about to show you a clip of residents, millions of

431
00:22:59,080 --> 00:23:02,919
Speaker 1: people sitting on their city balconies who are screaming and

432
00:23:03,040 --> 00:23:07,200
Speaker 1: singing for freedom from their balconies. This is going to

433
00:23:07,240 --> 00:23:09,800
Speaker 1: be in Shanghai, neis So we're only going to play

434
00:23:09,960 --> 00:23:12,119
Speaker 1: a couple of seconds for those who are just listening,

435
00:23:12,119 --> 00:23:13,479
Speaker 1: but just to give you a taste, this is what

436
00:23:13,520 --> 00:23:19,400
Speaker 1: it sounds like in the city at night, because it's

437
00:23:19,400 --> 00:23:22,080
Speaker 1: a lot that y'all I'm not telling to have in them.

438
00:23:23,640 --> 00:23:25,680
Speaker 1: The guy who's speaking there is basically saying he because

439
00:23:25,680 --> 00:23:27,800
Speaker 1: I don't think people can hold out much longer. He

440
00:23:27,800 --> 00:23:29,879
Speaker 1: says that there's tragedy. So there's some videos that are

441
00:23:29,880 --> 00:23:32,359
Speaker 1: surfacing out of China this morning, crystal of the Chinese

442
00:23:32,400 --> 00:23:35,240
Speaker 1: military which is being deployed in the streets of Shanghai.

443
00:23:35,400 --> 00:23:37,439
Speaker 1: Now you put that all together, and this is a

444
00:23:37,480 --> 00:23:40,760
Speaker 1: real dangerous situation. I don't think the Chinese government is

445
00:23:40,760 --> 00:23:43,080
Speaker 1: going to back down. They've never back down in the past.

446
00:23:43,119 --> 00:23:45,359
Speaker 1: People should remember, we probably have a better idea of

447
00:23:45,440 --> 00:23:47,600
Speaker 1: what's happened in Shanghai than people in Beijing and in

448
00:23:47,600 --> 00:23:49,680
Speaker 1: the rest of the country, just because of the Chinese

449
00:23:49,720 --> 00:23:53,000
Speaker 1: government's ability in order to crack down in the Beijing

450
00:23:53,000 --> 00:23:55,680
Speaker 1: equivalent of Times Square or whatever. There were signs this

451
00:23:55,720 --> 00:23:58,720
Speaker 1: morning saying don't believe everything you see on social media

452
00:23:58,760 --> 00:24:01,479
Speaker 1: and do not share a viral videos. So these are

453
00:24:01,480 --> 00:24:05,439
Speaker 1: all being put out to the population though actually pretty much.

454
00:24:06,440 --> 00:24:10,040
Speaker 1: But the most dystopian one that I've seen yet is

455
00:24:10,080 --> 00:24:11,960
Speaker 1: this policy. Let's put this up there on the screen.

456
00:24:12,359 --> 00:24:16,880
Speaker 1: Health officials in Shanghai are defending the policy of separating

457
00:24:17,040 --> 00:24:20,760
Speaker 1: babies and young children from their parents if they test

458
00:24:20,880 --> 00:24:25,680
Speaker 1: positive for COVID nineteen. So they are literally taking children

459
00:24:25,880 --> 00:24:29,600
Speaker 1: who are testing positive for COVID and receiving treatment in

460
00:24:29,640 --> 00:24:31,919
Speaker 1: a public health center. They even say this, this is

461
00:24:32,320 --> 00:24:34,719
Speaker 1: a direct quote. If the child is younger than seven,

462
00:24:34,840 --> 00:24:37,320
Speaker 1: those children will receive treatment in the public health center.

463
00:24:37,560 --> 00:24:40,480
Speaker 1: For older children, we will just mainly isolate them in

464
00:24:40,520 --> 00:24:43,479
Speaker 1: centralized quarantine places. Some of the reports out of those

465
00:24:43,520 --> 00:24:47,000
Speaker 1: quarantine places are nightmarish, not enough food, not so bad,

466
00:24:47,040 --> 00:24:50,040
Speaker 1: sleeping conditions, toilets, all of that. So this is a

467
00:24:50,080 --> 00:24:54,240
Speaker 1: total I mean, it is difficult to comprehend the level

468
00:24:54,400 --> 00:24:58,000
Speaker 1: of dystopian disaster. We're talking about people who are kneeling

469
00:24:58,000 --> 00:25:00,560
Speaker 1: in the street as people come by and check their

470
00:25:00,560 --> 00:25:04,000
Speaker 1: ID passes, who were swabbing them constantly. I mean, this

471
00:25:04,080 --> 00:25:07,200
Speaker 1: is the full stuff of nightmares of authoritarian lockdown. Yeah.

472
00:25:07,240 --> 00:25:11,040
Speaker 1: And I think the reason why it matters is obviously

473
00:25:11,240 --> 00:25:14,560
Speaker 1: out of empathy for the people who are suffering there

474
00:25:14,600 --> 00:25:16,920
Speaker 1: and are scared, and the children who are being taken

475
00:25:16,960 --> 00:25:19,199
Speaker 1: from their parents against their will and all of that.

476
00:25:19,400 --> 00:25:23,399
Speaker 1: But I also think at the beginning of COVID, when

477
00:25:23,640 --> 00:25:27,359
Speaker 1: China really cracked down, and they like quickly erected these hospitals,

478
00:25:27,400 --> 00:25:29,640
Speaker 1: and they forced every stay in their homes and were

479
00:25:29,760 --> 00:25:32,600
Speaker 1: very very sort of stringent in what they were doing.

480
00:25:32,600 --> 00:25:35,320
Speaker 1: As best we could tell from here, there was almost

481
00:25:35,359 --> 00:25:40,160
Speaker 1: like an envy of their ability to take those sorts

482
00:25:40,240 --> 00:25:44,720
Speaker 1: of super aggressive authoritarian actions. Yeah, that's right, And there

483
00:25:44,800 --> 00:25:49,480
Speaker 1: was a kind of weird horseshoe between people like right

484
00:25:49,520 --> 00:25:52,560
Speaker 1: wing people who are kind of like authoritarian curious and

485
00:25:52,800 --> 00:25:56,560
Speaker 1: left wing super pro lockdown folks that were kind of

486
00:25:56,680 --> 00:26:00,359
Speaker 1: jealous of what was being done in China ultimately, and

487
00:26:00,400 --> 00:26:03,919
Speaker 1: I think now we see the ugly face of that

488
00:26:04,359 --> 00:26:07,199
Speaker 1: and the fact that they only focused on what is

489
00:26:07,240 --> 00:26:12,960
Speaker 1: a completely unrealistic and frankly anti scientific policy of zero

490
00:26:13,040 --> 00:26:16,600
Speaker 1: COVID that has not worked in one place in the

491
00:26:16,800 --> 00:26:22,160
Speaker 1: entire world, rather than focusing on vaccination in making sure

492
00:26:22,200 --> 00:26:27,359
Speaker 1: that especially vulnerable elderly populations of which China has a

493
00:26:27,600 --> 00:26:31,439
Speaker 1: large proportion, making sure that they were protected. You know,

494
00:26:31,720 --> 00:26:36,600
Speaker 1: with the highly effective vaccines that we now have, that

495
00:26:36,680 --> 00:26:41,919
Speaker 1: has led to just an unfolding disaster of catastrophic consequences.

496
00:26:42,400 --> 00:26:45,560
Speaker 1: And you know, now it's as you said, it's too

497
00:26:45,640 --> 00:26:48,120
Speaker 1: late because even if they shifted. Now, okay, well, let's

498
00:26:48,119 --> 00:26:50,480
Speaker 1: just go out and get every ready vaccinate. That takes

499
00:26:50,520 --> 00:26:53,000
Speaker 1: a lot of time, and so in the meantime you're

500
00:26:53,040 --> 00:26:56,720
Speaker 1: going to have a lot of severe illness and a

501
00:26:56,760 --> 00:27:01,560
Speaker 1: lot of death among an elderly population that is under vaccinated. Yeah,

502
00:27:01,640 --> 00:27:04,960
Speaker 1: I mean, I'll repeat it again. Only half of Chinese

503
00:27:05,160 --> 00:27:08,480
Speaker 1: aged eighty and older are fully vaccinated against COVID. Half

504
00:27:08,520 --> 00:27:11,920
Speaker 1: And that's what Sino. Listen, we haven't done raised job

505
00:27:11,960 --> 00:27:14,800
Speaker 1: in the world on vaccination here because of our own

506
00:27:14,840 --> 00:27:17,800
Speaker 1: government's policy and a deep strain of anti vac sentiment

507
00:27:17,880 --> 00:27:21,119
Speaker 1: within the country. But our elderly population is almost one

508
00:27:21,200 --> 00:27:24,320
Speaker 1: hundred percent at least one shot and almost one hundred

509
00:27:24,359 --> 00:27:27,440
Speaker 1: percent so on that metterric, and that was the key

510
00:27:27,520 --> 00:27:30,320
Speaker 1: age group. We have done much much, much more rich

511
00:27:30,400 --> 00:27:31,560
Speaker 1: and those are the people who are going to die.

512
00:27:31,600 --> 00:27:34,879
Speaker 1: Let's be honest. Those people have a vay way higher

513
00:27:35,680 --> 00:27:38,840
Speaker 1: a chance of actually dying from COVID. And listen to this.

514
00:27:38,960 --> 00:27:41,359
Speaker 1: Of the two hundred and sixty four million Chinese age

515
00:27:41,359 --> 00:27:44,960
Speaker 1: over sixty fifty two are yet to be fully fifty

516
00:27:44,960 --> 00:27:47,640
Speaker 1: two million are yet to be fully vaccinated. That's one

517
00:27:47,720 --> 00:27:49,600
Speaker 1: sixth of the population. Yeah, you're not going to snap

518
00:27:49,600 --> 00:27:51,639
Speaker 1: your fingers and get that. It's impossible. Think, yeah, it

519
00:27:51,680 --> 00:27:53,600
Speaker 1: takes a month in order to do two doses. What

520
00:27:53,640 --> 00:27:55,880
Speaker 1: are you going to do? Amicron is going to outpace

521
00:27:55,960 --> 00:27:59,400
Speaker 1: this thing. It's going to burn through the entire country.

522
00:27:59,560 --> 00:28:01,720
Speaker 1: And it look we have rural hospital problems, but not

523
00:28:01,760 --> 00:28:04,080
Speaker 1: even close to the level of China. So they're about

524
00:28:04,119 --> 00:28:07,320
Speaker 1: to get flooded. They are going fully on the lockdown.

525
00:28:07,440 --> 00:28:09,840
Speaker 1: Here's an update actually from an American guy who lives

526
00:28:09,880 --> 00:28:11,840
Speaker 1: in Shanghai. Let's put us up there on the screen.

527
00:28:12,000 --> 00:28:14,920
Speaker 1: He says, day twenty two of my Shanghai lockdown. As

528
00:28:14,960 --> 00:28:18,080
Speaker 1: we feared yesterday, we have new restrictions. Before we were

529
00:28:18,080 --> 00:28:20,359
Speaker 1: allowed to leave our building, but not our community to

530
00:28:20,359 --> 00:28:23,160
Speaker 1: get deliveries. No more. Now we are not allowed out

531
00:28:23,160 --> 00:28:25,560
Speaker 1: of our apartment door. He references how he has to

532
00:28:25,640 --> 00:28:28,360
Speaker 1: don a full hazmat suit in order to go down

533
00:28:28,400 --> 00:28:31,119
Speaker 1: and get some deliveries. He's a volunteer who's allowed to

534
00:28:31,200 --> 00:28:34,280
Speaker 1: like basically go door to door. But he points it

535
00:28:34,320 --> 00:28:38,440
Speaker 1: out again, which is that his situation is bad and

536
00:28:38,640 --> 00:28:41,240
Speaker 1: many of his neighbors and others because of groceries and

537
00:28:41,280 --> 00:28:43,680
Speaker 1: their inability in order to get food. I reference this,

538
00:28:43,800 --> 00:28:46,520
Speaker 1: but he says for my family, we had three deliveries

539
00:28:46,520 --> 00:28:49,080
Speaker 1: that were booked to deliver today, two group purchases of

540
00:28:49,120 --> 00:28:52,720
Speaker 1: meat and seafood, and one individual purchase of soap and shampoo.

541
00:28:53,040 --> 00:28:55,880
Speaker 1: All three were canceled. We eventually were able to get

542
00:28:55,920 --> 00:28:58,479
Speaker 1: a delivery from a friend in another part of the

543
00:28:58,520 --> 00:29:01,640
Speaker 1: city who had better access to groceries. There are reports

544
00:29:01,640 --> 00:29:05,120
Speaker 1: out there of black market level prices for food, which

545
00:29:05,200 --> 00:29:07,600
Speaker 1: means that the poor people who live in Shanghai are

546
00:29:07,600 --> 00:29:11,240
Speaker 1: screwed as usual and they're not able to eat and

547
00:29:11,280 --> 00:29:14,200
Speaker 1: you know, going to have to have subpar nutrition for

548
00:29:14,240 --> 00:29:17,920
Speaker 1: their themselves and for their kids. Who knows how long

549
00:29:17,960 --> 00:29:20,840
Speaker 1: this thing is going to last. I mean, the Chinese government,

550
00:29:21,080 --> 00:29:24,040
Speaker 1: they don't back down there. There's no way this level

551
00:29:24,080 --> 00:29:27,240
Speaker 1: of social strife. You know, everybody here would fold no

552
00:29:27,240 --> 00:29:29,440
Speaker 1: matter what. But over there they're going to call in

553
00:29:29,520 --> 00:29:33,120
Speaker 1: the military. They are going to enforce full compliance. And

554
00:29:33,240 --> 00:29:35,960
Speaker 1: we saw this in very limited instances actually in Wuhan.

555
00:29:36,280 --> 00:29:38,840
Speaker 1: Sometimes if people in the building had COVID, they just

556
00:29:38,840 --> 00:29:41,040
Speaker 1: seal off the building, and if some people in there died,

557
00:29:41,080 --> 00:29:42,959
Speaker 1: it was like, well, you know, so be it. There

558
00:29:42,960 --> 00:29:45,000
Speaker 1: were a lot of reports of that, and this is

559
00:29:45,040 --> 00:29:48,560
Speaker 1: what full communist collectivism really looks like whenever it comes

560
00:29:48,600 --> 00:29:51,800
Speaker 1: to enforcement. It's it's such a sad situation. There are

561
00:29:52,120 --> 00:29:54,640
Speaker 1: thirty million people live in Shange. This is what full

562
00:29:54,680 --> 00:29:58,840
Speaker 1: authoritarianism is, not any you know, backed by any ideology.

563
00:29:58,960 --> 00:30:02,280
Speaker 1: And yeah, again, I think there was a lot of

564
00:30:03,080 --> 00:30:05,640
Speaker 1: sort of triumphalism, both coming from China but also from

565
00:30:05,760 --> 00:30:08,880
Speaker 1: Western observers looking at what they were able to do

566
00:30:09,280 --> 00:30:12,000
Speaker 1: and say, I wish we had that. No you don't, No,

567
00:30:12,120 --> 00:30:15,560
Speaker 1: you don't listen. I mean, we've got a long way

568
00:30:15,560 --> 00:30:18,360
Speaker 1: to go to have a real true democracy here. But

569
00:30:18,520 --> 00:30:22,080
Speaker 1: at least the say of the people means something. And

570
00:30:22,320 --> 00:30:24,720
Speaker 1: I will take that and all of the strife and

571
00:30:24,840 --> 00:30:27,920
Speaker 1: the messiness that that entails on a daily basis over

572
00:30:28,120 --> 00:30:34,640
Speaker 1: drone circling overhead, fantastising you for your soul wanting freedom.

573
00:30:34,960 --> 00:30:37,760
Speaker 1: Let's jump right in with the latest with regards to

574
00:30:38,000 --> 00:30:42,000
Speaker 1: Ukraine and Russia. And this is actually a really big deal.

575
00:30:42,080 --> 00:30:43,920
Speaker 1: Let's go ahead and throw this first tear sheet up

576
00:30:43,920 --> 00:30:48,680
Speaker 1: on the screen. It looks like Finland and Sweden may

577
00:30:49,040 --> 00:30:54,120
Speaker 1: join NATO as soon as this summer. This is really

578
00:30:54,200 --> 00:30:58,440
Speaker 1: an extraordinary turn for both of these countries, Finland in particular,

579
00:30:58,880 --> 00:31:02,280
Speaker 1: and this is the way Washington officials are spinning this.

580
00:31:02,360 --> 00:31:05,280
Speaker 1: They say Russia has made a massive strategic blunder as

581
00:31:05,320 --> 00:31:08,120
Speaker 1: Finland and Sweden look poised to join NATO as early

582
00:31:08,160 --> 00:31:11,400
Speaker 1: as the summer. Washington is banking on the move that

583
00:31:11,440 --> 00:31:15,080
Speaker 1: will stretch Russia's military and enlarge the Western Alliance from

584
00:31:15,120 --> 00:31:18,320
Speaker 1: thirty to thirty two members as a direct consequence of

585
00:31:18,400 --> 00:31:22,000
Speaker 1: President Putin's invasion of Ukraine. You know, one thing that

586
00:31:22,080 --> 00:31:25,160
Speaker 1: is pretty remarkable here to their point about you know,

587
00:31:25,200 --> 00:31:29,240
Speaker 1: if Russia's concern was NATO enlargement, this is really tremendously

588
00:31:29,280 --> 00:31:34,120
Speaker 1: backfired because support for joining NATO in Finland in particular

589
00:31:34,400 --> 00:31:37,800
Speaker 1: has skyrocketed, jumped up over the past month. There was

590
00:31:37,880 --> 00:31:41,320
Speaker 1: not even close to majority support with that population previously,

591
00:31:41,680 --> 00:31:45,560
Speaker 1: and now it's up about sixty two percent in March.

592
00:31:45,960 --> 00:31:49,200
Speaker 1: This obviously is significant because it would increase the land

593
00:31:49,280 --> 00:31:52,040
Speaker 1: border between NATO territory and Russia. It would more than

594
00:31:52,080 --> 00:31:55,000
Speaker 1: double from around currently seven hundred and fifty four miles

595
00:31:55,280 --> 00:31:58,960
Speaker 1: to nearly sixteen hundred miles. It would also this is

596
00:31:59,000 --> 00:32:02,160
Speaker 1: from FP, It would also extend NATO's northern flank across

597
00:32:02,200 --> 00:32:05,560
Speaker 1: the full length of the border, very strategic area where

598
00:32:05,640 --> 00:32:09,280
Speaker 1: Russia's navy is a sizable chunk of it is based.

599
00:32:09,400 --> 00:32:12,080
Speaker 1: And by the way, there doesn't seem to be any

600
00:32:12,360 --> 00:32:15,800
Speaker 1: objections from NATO members at this point to the idea

601
00:32:15,880 --> 00:32:20,560
Speaker 1: of further enlarging the alliance. NATO members seemed universally ready

602
00:32:20,880 --> 00:32:24,640
Speaker 1: to welcome Sweden and Finland with open arms. They're saying

603
00:32:24,680 --> 00:32:27,360
Speaker 1: effectively that, you know, they'd be kind of a packagingale,

604
00:32:27,360 --> 00:32:29,560
Speaker 1: even though obviously those countries would kind of determine their

605
00:32:29,600 --> 00:32:32,120
Speaker 1: own fate individually. But the idea is that they both

606
00:32:32,160 --> 00:32:34,120
Speaker 1: bring a lot to bear, and obviously they're sort of,

607
00:32:34,160 --> 00:32:35,920
Speaker 1: you know, aligned, and so it makes sense to bring

608
00:32:35,960 --> 00:32:39,840
Speaker 1: them in together. But obviously this comes with, you know,

609
00:32:40,000 --> 00:32:43,320
Speaker 1: extraordinary risks. We've already seen the way that NATO expansion

610
00:32:43,720 --> 00:32:47,520
Speaker 1: has exacerbated tensions with Russia. And while Putin is responsible

611
00:32:47,560 --> 00:32:50,400
Speaker 1: for his own actions and his invasion into Ukraine was

612
00:32:50,440 --> 00:32:54,840
Speaker 1: nowhere near justified, it was a predictable response to previous

613
00:32:54,920 --> 00:32:58,960
Speaker 1: expansions of NATO. Russia is already being very clear that

614
00:32:59,000 --> 00:33:01,920
Speaker 1: they find this to be an untenable situation. Let's put

615
00:33:01,960 --> 00:33:04,720
Speaker 1: this BBC tear sheet up on the screen Ukraine War,

616
00:33:05,000 --> 00:33:09,320
Speaker 1: Russia warns Sweden and Finland against NATO membership. And we

617
00:33:09,360 --> 00:33:11,680
Speaker 1: also put this map on the side that shows you

618
00:33:12,680 --> 00:33:16,680
Speaker 1: the countries that have joined NATO just since nineteen ninety seven,

619
00:33:16,840 --> 00:33:21,160
Speaker 1: fourteen of them. You can see Therestnia, Latvia, Lithuania, and

620
00:33:21,200 --> 00:33:23,840
Speaker 1: on and on, and so this would add another two

621
00:33:23,960 --> 00:33:27,720
Speaker 1: to that mix. Here's specifically what Russia is saying. They've

622
00:33:27,760 --> 00:33:31,640
Speaker 1: said everything is about mutual deterring and should one side,

623
00:33:31,920 --> 00:33:34,840
Speaker 1: and we consider NATO to be one side, be more

624
00:33:34,880 --> 00:33:37,560
Speaker 1: powerful than the other, especially in terms of nuclear arms,

625
00:33:37,840 --> 00:33:40,000
Speaker 1: then it will be considered a threat for the whole

626
00:33:40,120 --> 00:33:42,880
Speaker 1: architecture of security and it will take us to take

627
00:33:43,120 --> 00:33:46,000
Speaker 1: it will cause us to take additional measures. That is

628
00:33:46,000 --> 00:33:50,680
Speaker 1: from Dmitry Peskov. Putin's spokesman said that to Sky News

629
00:33:50,760 --> 00:33:56,200
Speaker 1: on Friday. So it looks like this is almost fade accomplished.

630
00:33:57,160 --> 00:33:59,680
Speaker 1: It looks like there is very little resistance. It looks

631
00:33:59,680 --> 00:34:03,360
Speaker 1: like the populations of these countries have become firmly in

632
00:34:03,400 --> 00:34:06,200
Speaker 1: favor of joining NATO. I understand from their perspective why

633
00:34:06,240 --> 00:34:08,400
Speaker 1: they would want to do it. I do not understand

634
00:34:08,400 --> 00:34:11,760
Speaker 1: from our perspective why we want to continue to escalate

635
00:34:11,800 --> 00:34:14,440
Speaker 1: and ritchet of tensions with Russia. Yeah, and I think that. Look,

636
00:34:14,520 --> 00:34:18,319
Speaker 1: it's difficult to do this without standing callous. However, we

637
00:34:18,360 --> 00:34:22,360
Speaker 1: should consider the context through which this entire conflict erupted,

638
00:34:22,400 --> 00:34:25,839
Speaker 1: and NATO expansion was a key part of the impetus

639
00:34:25,880 --> 00:34:28,880
Speaker 1: that drove Putin's paranoid mindset and led him to the

640
00:34:28,960 --> 00:34:32,760
Speaker 1: unjustified invasion. Not blaming the United States, but we're also

641
00:34:32,840 --> 00:34:35,319
Speaker 1: not saying that the US did not have any role

642
00:34:35,400 --> 00:34:39,360
Speaker 1: whatsoever in setting the table through which this specific conflict

643
00:34:39,520 --> 00:34:42,759
Speaker 1: erupted from which then begs the question, given what we

644
00:34:42,880 --> 00:34:46,319
Speaker 1: know now about Russian behavior and about NATO expansion, is

645
00:34:46,360 --> 00:34:51,440
Speaker 1: expanding NATO really still a good idea. Look Finland and Sweden,

646
00:34:51,520 --> 00:34:54,000
Speaker 1: if you're them, I get it. Both have actually been

647
00:34:54,040 --> 00:34:57,640
Speaker 1: invaded by Russia in the past, both have a long

648
00:34:57,800 --> 00:35:02,480
Speaker 1: history of tension and defense their sovereignty and exchanging borders

649
00:35:02,640 --> 00:35:06,000
Speaker 1: and all of that. However, they do not get to decide.

650
00:35:06,120 --> 00:35:08,360
Speaker 1: The Swedish people do not get to decide where the

651
00:35:08,520 --> 00:35:10,560
Speaker 1: United States is going to launch a nuclear weapon on

652
00:35:10,600 --> 00:35:13,120
Speaker 1: their behalf. The Finnish people do not get to decide

653
00:35:13,160 --> 00:35:16,359
Speaker 1: that The American people should get to decide that and

654
00:35:16,840 --> 00:35:20,400
Speaker 1: we are missing the exact debate that we lacked in

655
00:35:20,440 --> 00:35:22,600
Speaker 1: two thousand and eight. Let's put this up there on

656
00:35:22,600 --> 00:35:24,800
Speaker 1: the screen. And this is important because this debate mirrors

657
00:35:24,840 --> 00:35:28,400
Speaker 1: what it is today. Fiona Hill, who is herself a russiagator,

658
00:35:28,680 --> 00:35:32,560
Speaker 1: actually says that she warned George W. Bush in the

659
00:35:32,560 --> 00:35:35,520
Speaker 1: Oval Office in two thousand and eight that offering Ukraine

660
00:35:35,680 --> 00:35:38,880
Speaker 1: NATO membership would be seen as a provocation by Putin.

661
00:35:39,280 --> 00:35:43,279
Speaker 1: Then Vice President Dick Cheney responded by asking her if

662
00:35:43,360 --> 00:35:47,160
Speaker 1: she hated freedom, As Madie Hausen says, sounds like familiar

663
00:35:47,280 --> 00:35:50,640
Speaker 1: rhetoric to some of us today. Do I wish invasion

664
00:35:50,719 --> 00:35:53,239
Speaker 1: upon the Swedish people or the Finnish people? No, I've

665
00:35:53,239 --> 00:35:55,880
Speaker 1: been to Finland. Finland is an awesome place, terrible food.

666
00:35:56,040 --> 00:35:58,279
Speaker 1: Just have to say it. But you put that out there,

667
00:35:58,480 --> 00:36:01,520
Speaker 1: and what we see is that that doesn't mean that

668
00:36:01,600 --> 00:36:05,319
Speaker 1: as Americans, we should be risking nuclear war on the

669
00:36:05,360 --> 00:36:10,040
Speaker 1: Finnish people's behalf. It can sound callous. You can stand

670
00:36:10,080 --> 00:36:12,960
Speaker 1: with somebody and also not want to sacrifice perhaps one

671
00:36:13,000 --> 00:36:15,440
Speaker 1: hundred million of your own citizens on behalf of them.

672
00:36:15,760 --> 00:36:18,319
Speaker 1: This is the cold language of real politics, which is

673
00:36:18,520 --> 00:36:22,440
Speaker 1: necessary in terms of strategic balancing. And I think your

674
00:36:22,480 --> 00:36:25,919
Speaker 1: point about how so many of these actions have been

675
00:36:25,920 --> 00:36:29,920
Speaker 1: taken with little to no debate is a really important

676
00:36:29,920 --> 00:36:32,960
Speaker 1: one and one that we keep trying to emphasize here

677
00:36:33,400 --> 00:36:36,560
Speaker 1: how quickly and how far and how fast the United

678
00:36:36,560 --> 00:36:41,200
Speaker 1: States has gone in the escalations with Russia with very

679
00:36:41,360 --> 00:36:45,239
Speaker 1: little public discussion or debate. It's just, you know, it's

680
00:36:45,320 --> 00:36:47,400
Speaker 1: completely off the table, and then all of a sudden,

681
00:36:47,440 --> 00:36:50,880
Speaker 1: it's a done deal. And it feels very much like,

682
00:36:51,000 --> 00:36:53,840
Speaker 1: I mean, this is being announced as like it's already done,

683
00:36:54,680 --> 00:36:57,160
Speaker 1: when to your point, there should be a real debate

684
00:36:57,200 --> 00:37:01,359
Speaker 1: and discussion over the wisdom of this, which also was

685
00:37:01,400 --> 00:37:05,600
Speaker 1: not done before offering Ukraine and Georgia NATO membership back

686
00:37:05,640 --> 00:37:08,600
Speaker 1: in that era. It is worth I think reading the

687
00:37:08,680 --> 00:37:11,480
Speaker 1: New York Times article with the specifics of this anecdote

688
00:37:11,480 --> 00:37:15,279
Speaker 1: from Fiona Hill, because it is so classic, they say

689
00:37:15,280 --> 00:37:17,440
Speaker 1: in the Oval Office, Hill recalls, describing a scene that

690
00:37:17,440 --> 00:37:20,400
Speaker 1: has not been previously reported. She told Bush, Bush and

691
00:37:20,480 --> 00:37:23,600
Speaker 1: Vice President Cheney that offering a membership past Ukraine and

692
00:37:23,600 --> 00:37:26,960
Speaker 1: Georgia could be problematic. While Bush's appetite for promoting the

693
00:37:27,040 --> 00:37:29,919
Speaker 1: spread of democracy had not been dampened by the Iraq War,

694
00:37:30,239 --> 00:37:33,319
Speaker 1: President Putin of Russia viewed NATO with suspicion and was

695
00:37:33,400 --> 00:37:37,280
Speaker 1: vehemently opposed neighboring countries joining its ranks. He would regard

696
00:37:37,280 --> 00:37:39,279
Speaker 1: it as a provocation, which was one reason in the

697
00:37:39,360 --> 00:37:43,120
Speaker 1: US's key NATO allies opposed the idea. Cheney took umbridge

698
00:37:43,120 --> 00:37:46,520
Speaker 1: at Hill's assessment. Quote, So you're telling me you're opposed

699
00:37:46,600 --> 00:37:49,959
Speaker 1: to freedom and democracy, she says, he snapped. According to Hill,

700
00:37:50,040 --> 00:37:53,040
Speaker 1: he then abruptly gathered his materials and walked out of

701
00:37:53,080 --> 00:37:56,719
Speaker 1: the Oval office. He's just yanking your change, she remembers Bush,

702
00:37:56,760 --> 00:37:59,080
Speaker 1: telling her go on with what you were saying. But

703
00:37:59,280 --> 00:38:01,680
Speaker 1: the President seemed confident he could win over the other

704
00:38:01,760 --> 00:38:04,560
Speaker 1: NATAL leaders, saying, I like it when diplomacy is tough.

705
00:38:04,760 --> 00:38:07,440
Speaker 1: Ignoring the advice of Hill and the US intelligence community,

706
00:38:07,480 --> 00:38:10,360
Speaker 1: Bush announced in Bucharest that NATO should welcome you, Georgia

707
00:38:10,400 --> 00:38:13,960
Speaker 1: and Ukraine into the membership action plan. So those are

708
00:38:14,000 --> 00:38:16,800
Speaker 1: the mistakes of the past. That again, it does not

709
00:38:17,120 --> 00:38:21,680
Speaker 1: justify Putin's illegal invasion of Ukraine. But there's a difference

710
00:38:21,719 --> 00:38:26,160
Speaker 1: between justification and saying that our actions created a predictable

711
00:38:26,600 --> 00:38:30,000
Speaker 1: conflict here, and that's exactly what we're facing now. One

712
00:38:30,000 --> 00:38:32,600
Speaker 1: thing that people are pointing out is, look, Ukraine used

713
00:38:32,640 --> 00:38:35,480
Speaker 1: to be part of the Soviet Union, Finland and Sweden weren't,

714
00:38:35,480 --> 00:38:37,359
Speaker 1: so there may be a little bit less of you know,

715
00:38:37,640 --> 00:38:40,400
Speaker 1: maybe a little less sort of agitating to putin in

716
00:38:40,440 --> 00:38:43,440
Speaker 1: his vision of Russia's greatness and what their sphere of

717
00:38:43,480 --> 00:38:47,000
Speaker 1: influence should ultimately be. But you're talking about a sizeable

718
00:38:47,120 --> 00:38:49,759
Speaker 1: increase in the land border that they are telling you

719
00:38:49,840 --> 00:38:53,239
Speaker 1: upfront they will consider to be a sort of provocation.

720
00:38:53,440 --> 00:38:55,840
Speaker 1: So this should be I mean, this should be a

721
00:38:55,960 --> 00:38:59,279
Speaker 1: huge debate. People should think very carefully about the consequences

722
00:38:59,320 --> 00:39:02,200
Speaker 1: of this. And is just being presented by the press

723
00:39:02,280 --> 00:39:04,600
Speaker 1: is like, this is something that's happening, and who could

724
00:39:04,600 --> 00:39:07,040
Speaker 1: possibly object? Yeah, look at the risk? Is sounding like

725
00:39:07,080 --> 00:39:11,400
Speaker 1: one of those boomers. Our founders foresaw this and warned

726
00:39:11,440 --> 00:39:14,880
Speaker 1: about the risk of foreign entanglements abroad. John Quincy Adams,

727
00:39:14,880 --> 00:39:17,960
Speaker 1: we do not go abroad in search of monsters to destroy.

728
00:39:18,120 --> 00:39:22,319
Speaker 1: We also established under JQA the Monroe Doctrine, under which

729
00:39:22,360 --> 00:39:25,600
Speaker 1: we would focus on our interests in the Western hemisphere

730
00:39:25,640 --> 00:39:27,920
Speaker 1: and to keep the European powers out, which is what

731
00:39:28,000 --> 00:39:31,160
Speaker 1: an entire century of our foreign policy was oriented around,

732
00:39:31,200 --> 00:39:34,040
Speaker 1: so then we should understand how other countries can also

733
00:39:34,120 --> 00:39:36,640
Speaker 1: have their own version of that and can want strategic

734
00:39:36,680 --> 00:39:40,080
Speaker 1: breathing room in their geographical area. That does not mean

735
00:39:40,239 --> 00:39:42,520
Speaker 1: that I think it's okay for people to be subjugated,

736
00:39:42,680 --> 00:39:45,279
Speaker 1: But it also doesn't mean that we should downplay the risk.

737
00:39:45,360 --> 00:39:47,520
Speaker 1: And I just keep coming back to George Kennan, the

738
00:39:47,600 --> 00:39:50,920
Speaker 1: father of US containment policy in the Cold War, a

739
00:39:51,000 --> 00:39:54,640
Speaker 1: person who understood Russia probably better than any American for

740
00:39:55,040 --> 00:39:57,799
Speaker 1: or since, wrote this in nineteen ninety six. Let's put

741
00:39:57,840 --> 00:40:01,120
Speaker 1: this up there on the screenplase, which is this, Expanding

742
00:40:01,200 --> 00:40:04,560
Speaker 1: NATO would be the most fateful error of American policy

743
00:40:04,800 --> 00:40:08,360
Speaker 1: in the entire post Cold War era. Such a decision

744
00:40:08,400 --> 00:40:12,640
Speaker 1: may be expected to inflame the nationalistic, anti Western militaristic

745
00:40:12,719 --> 00:40:15,680
Speaker 1: tendencies in Russian opinion, to have an adverse effect on

746
00:40:15,719 --> 00:40:19,040
Speaker 1: the development of Russian democracy, to restore the atmosphere of

747
00:40:19,080 --> 00:40:21,880
Speaker 1: the Cold War to East West relations, to impel Russian

748
00:40:21,880 --> 00:40:24,919
Speaker 1: foreign policy and directions decidedly not to our liking. Last,

749
00:40:24,920 --> 00:40:27,040
Speaker 1: but not least, it might make it much more difficult,

750
00:40:27,040 --> 00:40:30,759
Speaker 1: if not impossible, to secure the Russian douma's ratification of

751
00:40:30,800 --> 00:40:33,600
Speaker 1: the start to treaty and to achieve further reductions of

752
00:40:33,680 --> 00:40:38,239
Speaker 1: nuclear weaponry. Basically, every sentence in that came true, every

753
00:40:38,280 --> 00:40:41,839
Speaker 1: single sentence. And I am just begging people, Let's have

754
00:40:41,920 --> 00:40:44,880
Speaker 1: the debate that we did not have when we expanded

755
00:40:44,960 --> 00:40:48,640
Speaker 1: NATO into the Baltic States. Let's have the debate that

756
00:40:48,719 --> 00:40:51,080
Speaker 1: we did not have in two thousand and eight when

757
00:40:51,200 --> 00:40:55,400
Speaker 1: NATO made an official policy pronouncement that Georgia and Ukraine

758
00:40:55,760 --> 00:40:58,239
Speaker 1: will be a part of NATO. There's an excellent op

759
00:40:58,400 --> 00:41:01,320
Speaker 1: ed in the New York Times today Putin's called Putin's

760
00:41:01,320 --> 00:41:04,279
Speaker 1: War in Ukraine is watershed time for America to get real.

761
00:41:04,480 --> 00:41:07,480
Speaker 1: His name is darl Doctor Charles Kupchen is an international

762
00:41:07,560 --> 00:41:10,120
Speaker 1: affairs professor at Georgetown. He's a realist. And what you

763
00:41:10,160 --> 00:41:13,239
Speaker 1: actually can point to in doctor Cupchin's op ed is

764
00:41:13,280 --> 00:41:17,680
Speaker 1: that the invitation of NATO membership to Sakosphielly at Georgia

765
00:41:17,719 --> 00:41:20,279
Speaker 1: in two thousand and eight invited an action on his

766
00:41:20,400 --> 00:41:22,680
Speaker 1: behalf that he thought the West was a lot more

767
00:41:22,719 --> 00:41:25,920
Speaker 1: with him than he originally thought, so he launched operations

768
00:41:25,920 --> 00:41:28,799
Speaker 1: in South as Sessia. That is what then prompted the

769
00:41:28,840 --> 00:41:32,279
Speaker 1: Putin And I'm not justifying it incursion into Georgia and

770
00:41:32,320 --> 00:41:35,520
Speaker 1: the takeover of that area, and then Sachospheley was shocked

771
00:41:35,640 --> 00:41:38,120
Speaker 1: when the West didn't actually have his back. So the

772
00:41:38,160 --> 00:41:41,839
Speaker 1: point is is that these gray area of pronouncements about

773
00:41:41,840 --> 00:41:44,160
Speaker 1: who isn't going to be NATO and not can actually

774
00:41:44,160 --> 00:41:47,920
Speaker 1: increase uncertainty and risk and give people the wrong opinion

775
00:41:48,200 --> 00:41:51,120
Speaker 1: on all sides. Same thing in terms of Finland and Sweden.

776
00:41:51,680 --> 00:41:54,400
Speaker 1: It would require a two thirds vert vote in the

777
00:41:54,480 --> 00:41:58,239
Speaker 1: United States Senate in order to ratify that as a treaty. Previously,

778
00:41:58,400 --> 00:42:02,160
Speaker 1: these things have sailed through North Macedonia. Do you remember

779
00:42:02,280 --> 00:42:04,759
Speaker 1: ever deciding whether you wanted to send your kids to

780
00:42:04,800 --> 00:42:07,840
Speaker 1: go abroad and die from North Macedonia? I don't remember

781
00:42:07,880 --> 00:42:10,479
Speaker 1: having that discussion, and that happened in the last couple

782
00:42:10,520 --> 00:42:12,839
Speaker 1: of years. This is exactly the debate we have to

783
00:42:12,840 --> 00:42:17,280
Speaker 1: have right now over Finland, over Sweden. We had extraordinarily

784
00:42:17,400 --> 00:42:20,520
Speaker 1: huge debates in our history going back to the League

785
00:42:20,520 --> 00:42:25,400
Speaker 1: of Nations and lodges, lodges reservations, to Wilson's fourteen points.

786
00:42:25,440 --> 00:42:28,440
Speaker 1: This became a national policy through which we tried to

787
00:42:28,520 --> 00:42:32,279
Speaker 1: understand what treaty obligations will the United States have? What

788
00:42:32,320 --> 00:42:34,920
Speaker 1: does it mean for American boys and blood, and we

789
00:42:35,000 --> 00:42:37,319
Speaker 1: lost that in the post Cold War era. Yeah, we

790
00:42:37,400 --> 00:42:39,680
Speaker 1: have lost that. And I think that's a part of

791
00:42:39,719 --> 00:42:42,120
Speaker 1: a larger trend that we've talked about here a number

792
00:42:42,120 --> 00:42:44,040
Speaker 1: of times with regards to the Federal Reserve and any

793
00:42:44,120 --> 00:42:48,480
Speaker 1: number of other critical US domestic and foreign policy decisions,

794
00:42:48,880 --> 00:42:53,239
Speaker 1: which is that there's been this anti populist pushback that

795
00:42:53,320 --> 00:42:56,440
Speaker 1: has said, this is all too complicated for you all

796
00:42:56,480 --> 00:42:59,680
Speaker 1: to understand, so don't worry about it. Let the experts

797
00:43:00,080 --> 00:43:03,400
Speaker 1: handle it, the one with the PhDs and Foreign Affairs

798
00:43:03,440 --> 00:43:06,319
Speaker 1: and the relevant experience. Let them make the decisions, and

799
00:43:06,360 --> 00:43:09,200
Speaker 1: you all just trust us, Just trust us. Well, No,

800
00:43:09,600 --> 00:43:13,040
Speaker 1: this is what a democracy is all about, is citizens

801
00:43:13,080 --> 00:43:17,200
Speaker 1: engaging and informing themselves and actually having input on what

802
00:43:17,280 --> 00:43:21,680
Speaker 1: are incredibly consequential decisions, as you put it, even putting

803
00:43:21,840 --> 00:43:27,200
Speaker 1: Russia aside, are you prepared to extend that those treaty

804
00:43:27,239 --> 00:43:29,800
Speaker 1: obligations to two more countries that say if those countries

805
00:43:29,840 --> 00:43:33,440
Speaker 1: are attacked, we will be at war, period, end of story.

806
00:43:34,040 --> 00:43:36,239
Speaker 1: Are you ready to do that? I mean, at the

807
00:43:36,360 --> 00:43:38,839
Speaker 1: very least we should be having a conversation about what

808
00:43:38,880 --> 00:43:40,960
Speaker 1: that means. And that goes back to my frustration with

809
00:43:41,000 --> 00:43:43,919
Speaker 1: the press coverage of this war, which has not been

810
00:43:44,400 --> 00:43:47,320
Speaker 1: serious minded at all, which has not helped to inform

811
00:43:47,360 --> 00:43:51,799
Speaker 1: the American people about the potential consequences and backlash of

812
00:43:51,880 --> 00:43:54,840
Speaker 1: some of these extraordinary decisions that are being made in

813
00:43:54,880 --> 00:43:58,200
Speaker 1: a very short period of time with very little, very

814
00:43:58,239 --> 00:44:01,759
Speaker 1: few dissenting voices. So this is another one that is

815
00:44:01,800 --> 00:44:04,360
Speaker 1: being presented as a done deal, but it is not.

816
00:44:04,960 --> 00:44:07,440
Speaker 1: So make sure that if you have an opinion on this,

817
00:44:07,560 --> 00:44:13,080
Speaker 1: you are making that opinion heard loud and clear. Elon

818
00:44:13,200 --> 00:44:16,239
Speaker 1: Musk and Twitter, what a whirlwind of things that have

819
00:44:16,320 --> 00:44:18,840
Speaker 1: happened here. So we brought you previously the news that

820
00:44:18,880 --> 00:44:21,200
Speaker 1: Elon Musk had bought about a nine point seven percent

821
00:44:21,280 --> 00:44:25,160
Speaker 1: stake in Twitter, which makes him officially the largest shareholder

822
00:44:25,200 --> 00:44:27,560
Speaker 1: of that company. That spawned all sorts of takes because

823
00:44:27,560 --> 00:44:29,880
Speaker 1: Elon has much more of a free speech view and

824
00:44:29,920 --> 00:44:32,800
Speaker 1: wants to change the product. So then Twitter announced that

825
00:44:32,840 --> 00:44:36,240
Speaker 1: after discussion with Elon, the CEO said that Elon Musk

826
00:44:36,320 --> 00:44:38,759
Speaker 1: would be joining the board of directors. Now why that's

827
00:44:38,800 --> 00:44:41,600
Speaker 1: important is because Elon, if he joined the board of directors,

828
00:44:41,800 --> 00:44:44,920
Speaker 1: would be subject to fiduciary responsibilities as a member of

829
00:44:44,920 --> 00:44:48,000
Speaker 1: the board, meaning that he could not take actions publicly

830
00:44:48,200 --> 00:44:50,640
Speaker 1: which could possibly impact the stock price, which would open

831
00:44:50,760 --> 00:44:54,799
Speaker 1: up about shareholder lawsuits. But number two, and this was underreported,

832
00:44:55,120 --> 00:44:57,560
Speaker 1: was it as part of his shareholder agreement with the

833
00:44:57,560 --> 00:45:00,080
Speaker 1: board of directors. Was he said is that he he

834
00:45:00,200 --> 00:45:04,240
Speaker 1: would not acquire more than a fourteen point nine percent

835
00:45:04,320 --> 00:45:07,600
Speaker 1: stake in the company, meaning that he would not increase

836
00:45:07,640 --> 00:45:10,360
Speaker 1: his ownership stake, which could then lead to the grounds

837
00:45:10,480 --> 00:45:13,800
Speaker 1: for a hostile takeover. That was the ground that was

838
00:45:13,840 --> 00:45:19,400
Speaker 1: set until yesterday morning when paragh Agarwall made a shock announcement.

839
00:45:19,400 --> 00:45:21,120
Speaker 1: He's the CEO of Twitter. Let's put this up there

840
00:45:21,160 --> 00:45:23,920
Speaker 1: on the screen. He says, Elon has decided not to

841
00:45:24,000 --> 00:45:27,080
Speaker 1: join our board. Now here's the note that he sent

842
00:45:27,120 --> 00:45:28,560
Speaker 1: to his team, and I'm going to read a lot

843
00:45:28,560 --> 00:45:31,600
Speaker 1: of this. Elon Musk has decided not to join our board.

844
00:45:31,760 --> 00:45:33,759
Speaker 1: Here's I can share what happened. The board and I

845
00:45:33,800 --> 00:45:36,400
Speaker 1: had many discussions about Elon joining the board. With Elon directly,

846
00:45:36,560 --> 00:45:38,560
Speaker 1: we were excited to collaborate and clear about the risk.

847
00:45:38,800 --> 00:45:42,160
Speaker 1: We also believed having Elon as a fiduciary of the company,

848
00:45:42,239 --> 00:45:44,680
Speaker 1: where he, like all board members, has to act in

849
00:45:44,719 --> 00:45:47,279
Speaker 1: the best interest of the company in our shareholders was

850
00:45:47,320 --> 00:45:50,640
Speaker 1: the best path forward. The board offered him a seat.

851
00:45:50,719 --> 00:45:53,040
Speaker 1: We announced on Tuesday Elon would be appointed the board,

852
00:45:53,040 --> 00:45:56,600
Speaker 1: contingent on a background check and formal acceptance. Elon's appointment

853
00:45:56,640 --> 00:45:59,200
Speaker 1: to the board was to become officially effective on four

854
00:45:59,239 --> 00:46:02,439
Speaker 1: to nine, but Elon shared that same morning he will

855
00:46:02,480 --> 00:46:05,120
Speaker 1: no longer be joining the board. I believe this is

856
00:46:05,120 --> 00:46:08,680
Speaker 1: for the best. We have and will always value input

857
00:46:08,719 --> 00:46:11,520
Speaker 1: from our shareholders, whether they are on the board or not.

858
00:46:11,880 --> 00:46:14,440
Speaker 1: Elon is our biggest shareholder. We will remain open to

859
00:46:14,480 --> 00:46:18,920
Speaker 1: his input. There will be distractions ahead, but our goals

860
00:46:18,960 --> 00:46:23,400
Speaker 1: and priorities remain unchanged. The decisions we make, how we

861
00:46:23,480 --> 00:46:26,880
Speaker 1: execute is in our hands, no one else's. Let's tune

862
00:46:26,920 --> 00:46:29,759
Speaker 1: out the noise and stay focused on the work and

863
00:46:29,880 --> 00:46:33,959
Speaker 1: what we're building. All eyes on that last paragraph. There

864
00:46:34,000 --> 00:46:37,960
Speaker 1: will be distractions ahead, sound be honest. There is a

865
00:46:38,320 --> 00:46:40,920
Speaker 1: particular little hint as to what happened. Let's put this

866
00:46:41,040 --> 00:46:43,759
Speaker 1: up there on the screen, which is Elon actually deleted

867
00:46:43,880 --> 00:46:46,600
Speaker 1: a lot of his tweets which were critical of the

868
00:46:46,640 --> 00:46:50,279
Speaker 1: Twitter product, but a very conspicuous like which said this

869
00:46:50,400 --> 00:46:52,480
Speaker 1: in response, let me break this down for you Elon

870
00:46:52,600 --> 00:46:55,680
Speaker 1: became largest shareholder. For free speech, Elon was told to

871
00:46:55,719 --> 00:46:59,240
Speaker 1: play nice and not to speak freely, and Musk actually

872
00:46:59,320 --> 00:47:02,680
Speaker 1: liked that. Now, the reason that this matters, Crystal, let's

873
00:47:02,680 --> 00:47:04,760
Speaker 1: go ahead and put the CNBC piece up on the screen,

874
00:47:05,120 --> 00:47:08,319
Speaker 1: is that Elon is no longer bound now by the

875
00:47:08,360 --> 00:47:11,040
Speaker 1: agreement that he made with the board not to take

876
00:47:11,600 --> 00:47:14,600
Speaker 1: up to a fourteen point nine percent stake in the company.

877
00:47:14,800 --> 00:47:18,040
Speaker 1: He could now if he wanted to pursue a hostile

878
00:47:18,080 --> 00:47:21,160
Speaker 1: takeover of the company, where he could acquire as much

879
00:47:21,160 --> 00:47:23,480
Speaker 1: of a share as he wanted within the company and

880
00:47:23,520 --> 00:47:27,400
Speaker 1: then cobble together other pieces with large shareholders or possibly

881
00:47:27,800 --> 00:47:31,880
Speaker 1: even retail shareholders and force changes both at the CEO

882
00:47:32,320 --> 00:47:35,319
Speaker 1: board level, but also in terms of governance at the

883
00:47:35,360 --> 00:47:39,400
Speaker 1: company itself. So this could have an extraordinary impact on

884
00:47:39,480 --> 00:47:42,840
Speaker 1: Twitter the company. Now the real question, obviously everyone's asking

885
00:47:42,880 --> 00:47:46,640
Speaker 1: is why should I care? Well? Because Twitter, yes, by

886
00:47:46,680 --> 00:47:50,880
Speaker 1: only having three hundred million daily active users, is disproportionately

887
00:47:50,920 --> 00:47:55,440
Speaker 1: impactful on the elites of news, of politics, sports, pretty

888
00:47:55,480 --> 00:47:59,240
Speaker 1: much everything. And so with that disproportioned impact, their content policy,

889
00:47:59,440 --> 00:48:02,239
Speaker 1: how the com being's run and more has a huge

890
00:48:02,320 --> 00:48:05,960
Speaker 1: impact on the way that you receive information from basically

891
00:48:06,000 --> 00:48:08,360
Speaker 1: all aspects of your entire life. Yeah, I mean, just

892
00:48:08,440 --> 00:48:11,720
Speaker 1: to be you know, give you one really specific example.

893
00:48:12,080 --> 00:48:15,080
Speaker 1: Is Trump going to be on Twitter during the next campaign? Right?

894
00:48:15,120 --> 00:48:19,440
Speaker 1: I mean, just that decision alone, it's extraordinarily consequential. And

895
00:48:19,480 --> 00:48:23,560
Speaker 1: it's not just the possibility that Elon could execute a

896
00:48:23,600 --> 00:48:26,680
Speaker 1: hostile takeover here. It's also that if he was sitting

897
00:48:26,680 --> 00:48:29,759
Speaker 1: on the board, he would have a fiduciary responsibility to

898
00:48:29,880 --> 00:48:32,839
Speaker 1: act in the best interests of the company and of

899
00:48:32,880 --> 00:48:36,240
Speaker 1: its shareholders. Specifically, now that he's not at the board,

900
00:48:36,440 --> 00:48:38,600
Speaker 1: on the board, he's not under that obligation, so it

901
00:48:38,600 --> 00:48:40,800
Speaker 1: wouldn't have to go so far as a hostile takeover.

902
00:48:41,160 --> 00:48:44,920
Speaker 1: You can understand. So I can understand why, you know,

903
00:48:44,960 --> 00:48:48,600
Speaker 1: the CEO, the board members, the other major shareholders. I

904
00:48:48,600 --> 00:48:52,799
Speaker 1: can understand why they're nervous about this, because, ultimately, regardless

905
00:48:52,840 --> 00:48:56,040
Speaker 1: of how you feel about, you know, Elon's ideology versus

906
00:48:56,080 --> 00:48:59,000
Speaker 1: brag Agerwall, this is also about control, and it's about power,

907
00:48:59,040 --> 00:49:01,879
Speaker 1: and it's about who actually is directing the future of

908
00:49:01,920 --> 00:49:05,680
Speaker 1: this platform, which is extraordinarily significant and central to our

909
00:49:05,920 --> 00:49:09,160
Speaker 1: ability to communicate and the way elites process information in

910
00:49:09,160 --> 00:49:12,799
Speaker 1: this country. So I understand why they're kind of freaked out,

911
00:49:13,040 --> 00:49:16,200
Speaker 1: but there's a lot of reporting of like employees freaking out,

912
00:49:16,360 --> 00:49:18,920
Speaker 1: which makes a little bit less sense to me. I mean,

913
00:49:18,960 --> 00:49:22,080
Speaker 1: I guess ultimately it's also you know, they are they're

914
00:49:22,160 --> 00:49:26,600
Speaker 1: probably more comfortable with Prague's interpretation of you know, his

915
00:49:26,760 --> 00:49:30,680
Speaker 1: basic rejection of the First Amendment and free speech, so

916
00:49:31,160 --> 00:49:35,000
Speaker 1: they are nervous about what this will ultimately mean from them.

917
00:49:35,040 --> 00:49:38,359
Speaker 1: I mean, you guys know, my overall view is, you know,

918
00:49:38,680 --> 00:49:41,560
Speaker 1: I feel about Elon the way I feel about every billionaire.

919
00:49:41,719 --> 00:49:45,319
Speaker 1: They are acting in their own self interest. He has

920
00:49:45,480 --> 00:49:49,600
Speaker 1: used Twitter in ways that has been sanctioned by the SEC,

921
00:49:50,160 --> 00:49:53,720
Speaker 1: even in this deal. Let's go ahead and put the

922
00:49:53,760 --> 00:49:57,160
Speaker 1: next element up on the screen. So he waited to

923
00:49:57,320 --> 00:50:01,680
Speaker 1: file his disclosures with the SEC eleven days, So he

924
00:50:01,800 --> 00:50:05,040
Speaker 1: was eleven days late in publicly declaring that he had

925
00:50:05,040 --> 00:50:08,240
Speaker 1: amassed a large stake in Twitter. So once you acquire

926
00:50:08,280 --> 00:50:11,200
Speaker 1: a certain amount, you're supposed to immediately publicly disclose that.

927
00:50:11,280 --> 00:50:14,440
Speaker 1: So he was eleven days late in doing that. While

928
00:50:14,440 --> 00:50:18,400
Speaker 1: he was doing that, he continued to acquire Twitter stock

929
00:50:18,760 --> 00:50:23,560
Speaker 1: at that low price. Then once after belatedly his stake

930
00:50:23,640 --> 00:50:26,120
Speaker 1: is disclosed. Of course, the Twitter stock price went through

931
00:50:26,120 --> 00:50:29,560
Speaker 1: the roof, and he personally benefited to the tune of

932
00:50:29,560 --> 00:50:32,880
Speaker 1: one hundred and fifty nine million dollars. One hundred and

933
00:50:32,880 --> 00:50:35,759
Speaker 1: fifty six Sorry, So here's the Washington Post. Elon Must

934
00:50:35,760 --> 00:50:37,680
Speaker 1: delayed filing a form and made one hundred and fifty

935
00:50:37,719 --> 00:50:40,759
Speaker 1: six million dollars. I mean this is this is securities fraud.

936
00:50:40,800 --> 00:50:44,000
Speaker 1: Whether it was intentional or incidental, He ends up, as

937
00:50:44,000 --> 00:50:47,520
Speaker 1: billionaires always do, on top. Even if the SEC ends

938
00:50:47,600 --> 00:50:49,560
Speaker 1: up finding him for this. He made one hundred and

939
00:50:49,560 --> 00:50:52,400
Speaker 1: fifty six million dollars. The fine is liable to be

940
00:50:52,440 --> 00:50:55,080
Speaker 1: a couple of one hundred thousand at the most. So

941
00:50:55,120 --> 00:50:58,080
Speaker 1: he makes a massive profit here. And this hearkens back

942
00:50:58,120 --> 00:51:01,760
Speaker 1: to other ways he has used Twitter to his own benefit.

943
00:51:02,680 --> 00:51:05,360
Speaker 1: Back in twenty eighteen, he had to enter into a

944
00:51:05,400 --> 00:51:09,320
Speaker 1: consent decree with the Securities Exchange Commission for allegedly misleading

945
00:51:09,360 --> 00:51:12,279
Speaker 1: investors when he tweeted he'd gathered enough funding to take

946
00:51:12,360 --> 00:51:15,600
Speaker 1: Tesla private. Must paid a twenty million dollars fine and

947
00:51:15,640 --> 00:51:17,800
Speaker 1: agreed to step down as chairman and vet his tweets

948
00:51:17,840 --> 00:51:20,600
Speaker 1: with lawyers. Last month, he asked the SEC to scrap

949
00:51:20,600 --> 00:51:23,840
Speaker 1: that agreement. He also has pushed the rules by pulling

950
00:51:23,880 --> 00:51:26,239
Speaker 1: his Twitter followers on whether he should sell a ten

951
00:51:26,280 --> 00:51:29,040
Speaker 1: percent stake in Tesla, and The Wall Street Journal also

952
00:51:29,040 --> 00:51:31,959
Speaker 1: reported in February the SEC was investigating a stock sale

953
00:51:31,960 --> 00:51:35,840
Speaker 1: by Mus's brother a day before that tweet. All of

954
00:51:35,880 --> 00:51:38,840
Speaker 1: this is to say that he may be genuinely committed

955
00:51:38,880 --> 00:51:41,680
Speaker 1: to free speech, but also keep in mind that his

956
00:51:42,000 --> 00:51:44,600
Speaker 1: free speech on Twitter is something that he has used

957
00:51:44,840 --> 00:51:48,640
Speaker 1: in order to profit him directly. My overall view here

958
00:51:48,960 --> 00:51:52,520
Speaker 1: is that with all of these tech companies, these tech giants,

959
00:51:52,520 --> 00:51:55,160
Speaker 1: and the problems that they have created for discourse in

960
00:51:55,239 --> 00:51:57,600
Speaker 1: the public square, the answer is not going to be

961
00:51:57,680 --> 00:52:00,719
Speaker 1: to sort of like libertarian entrepreneur our way out of it.

962
00:52:00,840 --> 00:52:04,160
Speaker 1: There's going to have to be government regulation because we

963
00:52:04,200 --> 00:52:07,640
Speaker 1: cannot depend on the whims of which billionaire happens to

964
00:52:07,680 --> 00:52:10,040
Speaker 1: be at the helm for when all of our public

965
00:52:10,080 --> 00:52:13,759
Speaker 1: discourse ultimately depends on these platforms. So if he wants

966
00:52:13,760 --> 00:52:16,880
Speaker 1: to get involved in being part of that broader solution

967
00:52:17,160 --> 00:52:19,439
Speaker 1: and not just sort of screwing around with Twitter here,

968
00:52:19,680 --> 00:52:21,799
Speaker 1: that would be something I would be much more interesting. Yeah,

969
00:52:21,800 --> 00:52:23,960
Speaker 1: and part of the issue too, is assembling a hostile

970
00:52:24,040 --> 00:52:27,480
Speaker 1: takeover like coalition would just be very difficult. I want

971
00:52:27,480 --> 00:52:29,879
Speaker 1: to hand pull to who the other top investors are

972
00:52:29,880 --> 00:52:34,800
Speaker 1: in the company. It's Vanguard, Morgan Stanley, Blackrock, and State Street. Cool.

973
00:52:35,239 --> 00:52:38,480
Speaker 1: Good luck convincing them in order to join a coalition

974
00:52:38,560 --> 00:52:41,200
Speaker 1: so that you can enforce more free speech policy. All

975
00:52:41,239 --> 00:52:43,960
Speaker 1: of those people benefit from not having more free speech

976
00:52:44,239 --> 00:52:47,520
Speaker 1: on the platform. The other issue here, which is kind

977
00:52:47,520 --> 00:52:51,560
Speaker 1: of interesting, is that Twitter's governance structure is actually set

978
00:52:51,600 --> 00:52:55,560
Speaker 1: up differently than all other companies. So, for example, Facebook

979
00:52:55,560 --> 00:52:59,680
Speaker 1: and Google are set up such that Zuckerberg and Sergei

980
00:52:59,719 --> 00:53:03,040
Speaker 1: Brand and I'm forgetting his name is Larry Page all

981
00:53:03,080 --> 00:53:06,680
Speaker 1: have mega controlling voting power in the company right, meaning

982
00:53:06,680 --> 00:53:09,000
Speaker 1: that even though they don't own the vast majority of shares,

983
00:53:09,160 --> 00:53:10,719
Speaker 1: they set it up as a Class A and a

984
00:53:10,719 --> 00:53:13,640
Speaker 1: Class B structure, where Class B shares have ten times

985
00:53:13,640 --> 00:53:15,919
Speaker 1: of voting power of a Class A share, which means

986
00:53:15,920 --> 00:53:18,399
Speaker 1: that they'll always remain in total control of what they

987
00:53:18,400 --> 00:53:20,640
Speaker 1: can do. Twitter does not have that because they don't

988
00:53:20,680 --> 00:53:22,840
Speaker 1: have a single founder, they had a founding team, and

989
00:53:22,880 --> 00:53:25,120
Speaker 1: they've had a real mess of a governance structure, so

990
00:53:25,120 --> 00:53:28,360
Speaker 1: they're actually much more rife for hostile takeovers. But it

991
00:53:28,400 --> 00:53:30,799
Speaker 1: also makes it so that all these investors can throw

992
00:53:30,800 --> 00:53:32,279
Speaker 1: their weight around, so that there could be a big

993
00:53:32,320 --> 00:53:34,360
Speaker 1: fight here. Is more what I'm saying, Elon is not

994
00:53:34,440 --> 00:53:38,040
Speaker 1: the de facto winner by any means. There's also I mean,

995
00:53:38,040 --> 00:53:41,760
Speaker 1: there's also a real possibility that he's basically just trolling.

996
00:53:42,000 --> 00:53:43,919
Speaker 1: I mean, oh yeah, definitely, you know, I mean, that's

997
00:53:43,960 --> 00:53:46,600
Speaker 1: certainly a possibility here. Is he's just being sort of

998
00:53:46,600 --> 00:53:50,960
Speaker 1: a shit disturber and trolling and throwing his billionaire weight around,

999
00:53:51,120 --> 00:53:53,120
Speaker 1: Because I mean, listen, this is a guy who's got

1000
00:53:53,160 --> 00:53:55,000
Speaker 1: a lot of other stuff going on. Is he really

1001
00:53:55,200 --> 00:53:57,040
Speaker 1: like if you were going to actually do the hostile

1002
00:53:57,120 --> 00:53:59,799
Speaker 1: takeover and then you know, influence them in this way

1003
00:54:00,080 --> 00:54:01,640
Speaker 1: that way and sort of take control of the home

1004
00:54:01,680 --> 00:54:04,000
Speaker 1: like that takes a lot of time and a lot

1005
00:54:04,000 --> 00:54:06,960
Speaker 1: of focus, and he's certainly got the money to do it.

1006
00:54:07,040 --> 00:54:10,640
Speaker 1: But does he have the personal bandwidth or desire to

1007
00:54:10,800 --> 00:54:13,000
Speaker 1: make that a core part of what he's up to.

1008
00:54:13,160 --> 00:54:15,440
Speaker 1: I think that's a big building two other companies. The

1009
00:54:15,520 --> 00:54:18,200
Speaker 1: vast majority of his attention should be on tests on SpaceX.

1010
00:54:18,280 --> 00:54:21,920
Speaker 1: I frankly prefer it that way, but you know, it's interesting. Nonetheless,

1011
00:54:21,920 --> 00:54:24,120
Speaker 1: I am enjoying the Twitter employees freaking out. We have

1012
00:54:24,200 --> 00:54:27,040
Speaker 1: some breaking news right now this morning, which is we

1013
00:54:27,120 --> 00:54:30,000
Speaker 1: got the very latest in terms of inflation numbers, and

1014
00:54:30,040 --> 00:54:32,800
Speaker 1: I'm reading now from a Heatherlaw and washing Post economics

1015
00:54:32,840 --> 00:54:36,880
Speaker 1: reporter on what those numbers are. She says, US inflation

1016
00:54:37,080 --> 00:54:39,840
Speaker 1: hit eight point five percent in March. That is the

1017
00:54:40,080 --> 00:54:43,400
Speaker 1: highest level since the end of nineteen eighty one. It

1018
00:54:43,480 --> 00:54:45,040
Speaker 1: was a great year those year I was have born in.

1019
00:54:45,480 --> 00:54:49,720
Speaker 1: High gas prices accounted for half the March March inflation spie.

1020
00:54:49,719 --> 00:54:52,799
Speaker 1: Gas prices peaked on March eleventh. Rising food and rent

1021
00:54:52,800 --> 00:54:57,480
Speaker 1: prices also hurt wages. We're up five point six percent

1022
00:54:57,560 --> 00:54:59,720
Speaker 1: in the past year, and if you can do basic

1023
00:54:59,760 --> 00:55:01,879
Speaker 1: ma you can see that that does not even come

1024
00:55:01,960 --> 00:55:06,320
Speaker 1: close to keeping up with inflation. So we were prepped

1025
00:55:06,360 --> 00:55:11,600
Speaker 1: for this rather dire report that shows an extraordinary continued

1026
00:55:11,760 --> 00:55:15,440
Speaker 1: increase in inflation. It's really not too much of a surprise,

1027
00:55:15,719 --> 00:55:17,640
Speaker 1: given that on top of all of the issues we

1028
00:55:17,680 --> 00:55:21,600
Speaker 1: are already having with supply chain shocks and all the rent,

1029
00:55:21,640 --> 00:55:23,960
Speaker 1: corporate greed and all the rest that you add on

1030
00:55:24,040 --> 00:55:27,279
Speaker 1: top of that now a war which is causing increased

1031
00:55:27,520 --> 00:55:31,320
Speaker 1: gas prices further increased food prices. We covered yesterday the

1032
00:55:31,400 --> 00:55:34,839
Speaker 1: world food prices have shot up to a historic high.

1033
00:55:34,960 --> 00:55:37,560
Speaker 1: And you know, it shouldn't be surprised to anyone that

1034
00:55:37,600 --> 00:55:40,719
Speaker 1: we're having these horrific inflation numbers coming out this month.

1035
00:55:41,000 --> 00:55:44,799
Speaker 1: Jensaki actually sort of tried to lay the groundwork for

1036
00:55:45,040 --> 00:55:48,239
Speaker 1: this yesterday in her own annoying little way. Let's listen

1037
00:55:48,239 --> 00:55:50,000
Speaker 1: to what she had to say. So, because of the

1038
00:55:50,040 --> 00:55:53,239
Speaker 1: actions we've taken to address the Putin price hike, we

1039
00:55:53,280 --> 00:55:55,840
Speaker 1: are in a better place than we were last month.

1040
00:55:56,440 --> 00:56:00,680
Speaker 1: But we expect March CPA CPI headline inflation to be

1041
00:56:00,760 --> 00:56:05,120
Speaker 1: extraordinarily elevated due to Putin's price hike, and we expect

1042
00:56:05,120 --> 00:56:08,440
Speaker 1: a large difference between core and headline inflation, reflecting the

1043
00:56:08,440 --> 00:56:12,880
Speaker 1: global disruptions and energy and food market Sore inflation doesn't

1044
00:56:12,920 --> 00:56:17,359
Speaker 1: include energy and food prices. Headline inflation does, and of

1045
00:56:17,360 --> 00:56:21,360
Speaker 1: course we know that core inflation energy the impact of

1046
00:56:21,480 --> 00:56:24,400
Speaker 1: energy of course on oil prices, gas prices, we expect

1047
00:56:24,400 --> 00:56:28,680
Speaker 1: that to continue to reflect what we've seen the increases

1048
00:56:28,760 --> 00:56:31,319
Speaker 1: be over the course of this invasion, and just as

1049
00:56:31,360 --> 00:56:35,200
Speaker 1: an example, since President Putin's military build up accelerated in January,

1050
00:56:35,200 --> 00:56:37,919
Speaker 1: average gas prices are up more than eighty cents. Most

1051
00:56:37,960 --> 00:56:40,480
Speaker 1: of the increase occurred in the month of March, and

1052
00:56:40,480 --> 00:56:43,560
Speaker 1: at times gas prices were more than a dollar above

1053
00:56:43,680 --> 00:56:47,240
Speaker 1: pre invasion level, so that roughly twenty five percent increasing

1054
00:56:47,280 --> 00:56:50,759
Speaker 1: gas prices will drive tomorrow's inflation reading. And certainly it's

1055
00:56:50,800 --> 00:56:53,080
Speaker 1: not a surprise to us, but we certainly think it

1056
00:56:53,120 --> 00:56:56,800
Speaker 1: will be reflected the putin price. I thing really annoys

1057
00:56:56,800 --> 00:57:00,839
Speaker 1: the crop on because it's so crin to start with.

1058
00:57:01,000 --> 00:57:03,840
Speaker 1: And second of all, we're not stupid. I mean we

1059
00:57:04,000 --> 00:57:08,800
Speaker 1: remember that inflation started long before Russia's war in Ukraine.

1060
00:57:08,880 --> 00:57:11,719
Speaker 1: Is it making the situation worse? Yes, but God, have

1061
00:57:11,840 --> 00:57:14,239
Speaker 1: some basic respect for the American people in level with

1062
00:57:14,320 --> 00:57:17,040
Speaker 1: them about what is actually going on. Here one more

1063
00:57:17,040 --> 00:57:21,000
Speaker 1: piece of data that is significant about the inflation report,

1064
00:57:21,080 --> 00:57:23,800
Speaker 1: and this is from Neil Irwin, who's chief economic correspondent

1065
00:57:23,840 --> 00:57:26,560
Speaker 1: at AXIOS. He says, the most worrying thing is that

1066
00:57:26,720 --> 00:57:31,040
Speaker 1: services excluding energy services are also up point six percent,

1067
00:57:31,120 --> 00:57:34,360
Speaker 1: and that has accelerated that price increase each of the

1068
00:57:34,480 --> 00:57:37,360
Speaker 1: last three months. So he says, even of durable goods

1069
00:57:37,400 --> 00:57:41,880
Speaker 1: and energy prices stabilized, that suggests real broadening of underlying inflation.

1070
00:57:42,440 --> 00:57:44,960
Speaker 1: So just to break that down a little bit, what

1071
00:57:45,080 --> 00:57:49,160
Speaker 1: has been driving inflation previously was not services because you know,

1072
00:57:49,160 --> 00:57:51,440
Speaker 1: people were locked down from COVID and so they were

1073
00:57:51,520 --> 00:57:55,000
Speaker 1: using their money to buy things goods, and that was

1074
00:57:55,080 --> 00:57:57,320
Speaker 1: part of what was driving up the prices. So the

1075
00:57:57,360 --> 00:58:00,360
Speaker 1: thought was, okay, well, once things sort of level out

1076
00:58:00,480 --> 00:58:03,000
Speaker 1: and we get these supply chain issues worked out, we

1077
00:58:03,080 --> 00:58:06,760
Speaker 1: can kind of stabilize again and inflation will go back down.

1078
00:58:07,080 --> 00:58:11,520
Speaker 1: But when you see services those prices also starting to increase,

1079
00:58:11,880 --> 00:58:14,520
Speaker 1: that indicates you have a broader problem than just the

1080
00:58:14,560 --> 00:58:18,200
Speaker 1: supply chain issues. So all of this adds up to

1081
00:58:18,440 --> 00:58:22,240
Speaker 1: a very worrying situation, and it also means the Fed

1082
00:58:22,320 --> 00:58:25,560
Speaker 1: is going to be under more pressure to hike interest

1083
00:58:25,640 --> 00:58:30,600
Speaker 1: rates more quickly and to rid themselves get assets off

1084
00:58:30,640 --> 00:58:33,360
Speaker 1: of their balance sheet more quickly, which also has a

1085
00:58:33,360 --> 00:58:36,360
Speaker 1: massive tightening effect. We talked to you last week about

1086
00:58:36,360 --> 00:58:38,760
Speaker 1: how their comments, even from the most dubvish members of

1087
00:58:38,800 --> 00:58:41,479
Speaker 1: the FEDS, essentially say they're going to be doing both

1088
00:58:41,480 --> 00:58:44,080
Speaker 1: of those things at a rapid pace. We found at

1089
00:58:44,120 --> 00:58:46,959
Speaker 1: the meetings from the last the minutes from the last

1090
00:58:47,000 --> 00:58:50,160
Speaker 1: meeting when they hyped interest rates a quarter of percent,

1091
00:58:50,600 --> 00:58:52,600
Speaker 1: that there were a number of members who wanted to

1092
00:58:52,640 --> 00:58:56,000
Speaker 1: go further than that. So that's the other question is

1093
00:58:56,040 --> 00:58:58,600
Speaker 1: with the Fed looking at this information, it makes it

1094
00:58:58,640 --> 00:59:01,480
Speaker 1: more likely that they tighten, and that makes it more

1095
00:59:01,600 --> 00:59:04,040
Speaker 1: likely that they tip us into recession. Yeah, and just

1096
00:59:04,040 --> 00:59:06,840
Speaker 1: to give you guys an idea, inflation is actually accelerating,

1097
00:59:06,880 --> 00:59:10,320
Speaker 1: because inflation in February was up by point eight percent.

1098
00:59:10,440 --> 00:59:12,800
Speaker 1: In March it was up one point two percent just

1099
00:59:12,880 --> 00:59:15,280
Speaker 1: in a single month. And if you think about how

1100
00:59:15,320 --> 00:59:18,360
Speaker 1: that compounds from October it was point nine, then point seven,

1101
00:59:18,360 --> 00:59:20,400
Speaker 1: then point six, then point six, ten point eight, now

1102
00:59:20,440 --> 00:59:23,280
Speaker 1: one point two. As it continues to escalate, you can

1103
00:59:23,360 --> 00:59:26,200
Speaker 1: just see the compounding effect of food price, gas price,

1104
00:59:26,280 --> 00:59:30,080
Speaker 1: now service price. Everything is going up. The food inflation

1105
00:59:30,360 --> 00:59:33,720
Speaker 1: is actually up eight point eight percent. That's the largest

1106
00:59:33,720 --> 00:59:38,160
Speaker 1: twelve month increase since the period of May nineteen eighty one.

1107
00:59:38,440 --> 00:59:42,400
Speaker 1: And combine that, obviously with gas prices, and it's a

1108
00:59:42,440 --> 00:59:47,000
Speaker 1: total disaster. I mean, people are just getting continually hammered

1109
00:59:47,480 --> 00:59:51,520
Speaker 1: in such a destructive way. When you consider that most

1110
00:59:51,520 --> 00:59:54,400
Speaker 1: Americans spend the vast majority of their income on housing, food,

1111
00:59:54,520 --> 00:59:56,439
Speaker 1: and gas, and when you have all three of those

1112
00:59:56,480 --> 01:00:00,200
Speaker 1: go up five point six measily increase in wages not

1113
01:00:00,240 --> 01:00:02,800
Speaker 1: going to do a single thing. So look, we have

1114
01:00:02,880 --> 01:00:05,080
Speaker 1: big problems in this country right now. I mean even

1115
01:00:05,120 --> 01:00:07,120
Speaker 1: on the gas price part of the issue. And again

1116
01:00:07,280 --> 01:00:09,439
Speaker 1: I know it's unpopular to talk about it, but we've

1117
01:00:09,640 --> 01:00:12,600
Speaker 1: you know, crude oil prices have actually gone down, and

1118
01:00:12,720 --> 01:00:15,840
Speaker 1: yet your gas price has not really gone down that much.

1119
01:00:15,880 --> 01:00:18,320
Speaker 1: The average price is still four dollars a gallon. You

1120
01:00:18,360 --> 01:00:21,000
Speaker 1: know why, gas stations actually make the most of the

1121
01:00:21,080 --> 01:00:23,960
Speaker 1: profits when oil prices fall, So a lot of people

1122
01:00:23,960 --> 01:00:26,400
Speaker 1: are keeping their gas prices high. Now, look, am I

1123
01:00:26,400 --> 01:00:29,200
Speaker 1: going to sit here and demonize some guy who's you know,

1124
01:00:29,280 --> 01:00:32,440
Speaker 1: convenience store owner or whatever. He's probably been hammered all

1125
01:00:32,480 --> 01:00:36,200
Speaker 1: throughout COVID, you know, got wrecked. Needs the profit. I

1126
01:00:36,320 --> 01:00:39,680
Speaker 1: get it, But I'm saying that on a broader structural level,

1127
01:00:39,800 --> 01:00:43,160
Speaker 1: we have a big problem here because you the increase

1128
01:00:43,200 --> 01:00:45,920
Speaker 1: in these services inflation two. I mean, I'm sure you've

1129
01:00:45,920 --> 01:00:48,160
Speaker 1: seen this as too, Crystal. I've been hearing from people,

1130
01:00:48,200 --> 01:00:49,640
Speaker 1: you know, if you want to get your house fixed

1131
01:00:49,720 --> 01:00:53,160
Speaker 1: or something like that, good luck, fifty percent increase. They

1132
01:00:53,160 --> 01:00:56,080
Speaker 1: could charge whatever they want. Cars obviously the same thing.

1133
01:00:56,720 --> 01:00:58,760
Speaker 1: The amount of power that some of these people have

1134
01:00:58,840 --> 01:01:02,080
Speaker 1: and are using in order to increase price even more

1135
01:01:02,120 --> 01:01:05,000
Speaker 1: so than inflation. Makes it so that people are in

1136
01:01:05,040 --> 01:01:07,240
Speaker 1: a really, really tough bind right now because they're just

1137
01:01:07,280 --> 01:01:09,880
Speaker 1: not making more money, but everything costs more, and that

1138
01:01:10,000 --> 01:01:12,000
Speaker 1: just I mean, that really hurts a lot of people's

1139
01:01:12,200 --> 01:01:14,959
Speaker 1: household balance sheets, and it really affects quality of life.

1140
01:01:14,960 --> 01:01:17,560
Speaker 1: I mean, people, look, if there's a recession, you should

1141
01:01:17,600 --> 01:01:20,680
Speaker 1: remember that people die, like people kill themselves during recessions.

1142
01:01:20,720 --> 01:01:23,680
Speaker 1: People die out of lack of health care and you know,

1143
01:01:23,920 --> 01:01:26,760
Speaker 1: inability in order to afford certain types of medicine they

1144
01:01:26,760 --> 01:01:31,480
Speaker 1: don't buy as nutritious food, mental health suffers dramatically, alcohol

1145
01:01:31,520 --> 01:01:34,280
Speaker 1: and drug use goes up. It's not a joke, you know,

1146
01:01:34,480 --> 01:01:37,560
Speaker 1: it's really not. Yeah, And part of the reason why

1147
01:01:37,600 --> 01:01:41,640
Speaker 1: the landscape is so distressing right now is because effectively

1148
01:01:41,720 --> 01:01:44,960
Speaker 1: the only economic tools we have at our disposal are

1149
01:01:45,000 --> 01:01:49,280
Speaker 1: the FED, because Congress is so broken and unable to

1150
01:01:49,360 --> 01:01:53,600
Speaker 1: respond to literally anything. So you have to rely on

1151
01:01:53,760 --> 01:01:56,200
Speaker 1: the FED to get inflation under control, which is obviously

1152
01:01:56,240 --> 01:01:58,640
Speaker 1: a massive issue for working people trying to make ends

1153
01:01:58,680 --> 01:02:00,880
Speaker 1: meet every single month. I mean, it is by far

1154
01:02:00,960 --> 01:02:03,440
Speaker 1: the number one concern for voters going to the polls

1155
01:02:03,520 --> 01:02:06,640
Speaker 1: and just for you know, ordinary families trying to survive,

1156
01:02:07,240 --> 01:02:11,440
Speaker 1: and the fed's instruments are very blunt, and the fed's

1157
01:02:11,480 --> 01:02:14,520
Speaker 1: instruments take a while for you to see the impact.

1158
01:02:14,800 --> 01:02:17,400
Speaker 1: So that means it's very easy for them to overshoot

1159
01:02:17,400 --> 01:02:20,680
Speaker 1: the mark they're trying to bring in the economy for

1160
01:02:20,760 --> 01:02:23,640
Speaker 1: what they call a soft landing, okay, meaning that you

1161
01:02:23,760 --> 01:02:27,920
Speaker 1: slowly tighten things up, tighten things up, and hopefully it

1162
01:02:28,040 --> 01:02:30,880
Speaker 1: sort of you know, gets inflation under control without triggering

1163
01:02:30,880 --> 01:02:35,840
Speaker 1: that recession. But that is no easy task, especially when

1164
01:02:36,480 --> 01:02:40,680
Speaker 1: during COVID they went even further than they had gone

1165
01:02:40,840 --> 01:02:45,640
Speaker 1: during the financial crash of two thousand and eight, they

1166
01:02:45,800 --> 01:02:50,000
Speaker 1: acquired through quantitative easing an extraordinary amount. It's like thirty

1167
01:02:50,080 --> 01:02:54,400
Speaker 1: three percent of GDP of assets on their balance sheet,

1168
01:02:54,800 --> 01:02:58,000
Speaker 1: And so it's not just a question of how quickly

1169
01:02:58,040 --> 01:03:00,959
Speaker 1: they raise interest rates, and a report like this will

1170
01:03:01,000 --> 01:03:04,200
Speaker 1: certainly push them towards hiking them a lot more quickly,

1171
01:03:04,600 --> 01:03:07,600
Speaker 1: But when you also are unwidening that balance sheet at

1172
01:03:07,600 --> 01:03:11,640
Speaker 1: a more escalated pace, that also has the equivalent effect

1173
01:03:11,800 --> 01:03:15,960
Speaker 1: of even further hiking interest rates. So that's why you're

1174
01:03:16,000 --> 01:03:19,720
Speaker 1: seeing more and more economists warning that we're heading towards recession.

1175
01:03:20,080 --> 01:03:24,120
Speaker 1: You're seeing more and more people who we don't necessarily love,

1176
01:03:24,200 --> 01:03:28,000
Speaker 1: but who are definitely invested in the future of the economy,

1177
01:03:28,040 --> 01:03:31,560
Speaker 1: People like Jamie Diamond and others looking at this and saying,

1178
01:03:31,640 --> 01:03:34,720
Speaker 1: you know, this is a very tough landscape. You've had

1179
01:03:34,840 --> 01:03:41,360
Speaker 1: massive acid price inflation, and it's a dangerous situation right now.

1180
01:03:41,440 --> 01:03:44,640
Speaker 1: It really truly is this inflation report. It's gonna hurt

1181
01:03:44,840 --> 01:03:48,200
Speaker 1: food prices being so high, gas prices continuing to be

1182
01:03:48,280 --> 01:03:51,560
Speaker 1: so high. Wage is not even close to keeping pace.

1183
01:03:51,920 --> 01:03:54,640
Speaker 1: And then you have this pushing the Fed towards more

1184
01:03:54,720 --> 01:03:58,960
Speaker 1: dramatic action, which could very well tip the country into recession.

1185
01:03:59,000 --> 01:04:01,600
Speaker 1: So it really is. That's really a pretty dire landscape,

1186
01:04:01,600 --> 01:04:03,240
Speaker 1: and we got a much better picture of it with

1187
01:04:03,280 --> 01:04:05,640
Speaker 1: this inflation report this morning. Yeah, I feel really bad

1188
01:04:05,680 --> 01:04:07,320
Speaker 1: for a lot of working people out there. This is

1189
01:04:07,360 --> 01:04:11,120
Speaker 1: an interesting study and interesting report from great front of

1190
01:04:11,120 --> 01:04:15,080
Speaker 1: the show Derek Thompson, who always has thoughtful, thoughtful pieces

1191
01:04:15,120 --> 01:04:17,960
Speaker 1: about sort of cultural trends in society. Let's go ahead

1192
01:04:18,000 --> 01:04:20,080
Speaker 1: and put this piece up there on the screen. Why

1193
01:04:20,160 --> 01:04:23,160
Speaker 1: American teens are so sad? Four forces are propelling the

1194
01:04:23,240 --> 01:04:26,000
Speaker 1: rising rates of depression among young people. I'm just going

1195
01:04:26,080 --> 01:04:28,360
Speaker 1: to go through this piece a little bit, So first

1196
01:04:28,400 --> 01:04:32,040
Speaker 1: of all, on the numbers, you know, some people have

1197
01:04:32,080 --> 01:04:36,200
Speaker 1: a kind of a potential fallacy that the reason it

1198
01:04:36,240 --> 01:04:40,160
Speaker 1: looks like teenagers are sadder than previous generations is because

1199
01:04:40,200 --> 01:04:43,280
Speaker 1: they're more comfortable talking about their feelings, and so teenagers

1200
01:04:43,280 --> 01:04:46,080
Speaker 1: have always been moody. Is just this generation is more

1201
01:04:46,320 --> 01:04:49,880
Speaker 1: comfortable actually sharing that and talking about it with posters,

1202
01:04:49,920 --> 01:04:53,480
Speaker 1: for example. But there are some hard data to suggest

1203
01:04:53,640 --> 01:04:56,240
Speaker 1: that that is not the case. So Derek points out,

1204
01:04:56,240 --> 01:04:58,400
Speaker 1: from twenty nine to twenty twenty one, the share of

1205
01:04:58,400 --> 01:05:01,000
Speaker 1: American high school students who say they persistent feelings of

1206
01:05:01,040 --> 01:05:04,760
Speaker 1: sadness or hopelessness rose from twenty six percent to four percent.

1207
01:05:05,400 --> 01:05:08,720
Speaker 1: That is the highest level that's ever recorded, and it's

1208
01:05:08,800 --> 01:05:12,560
Speaker 1: matched with increases in rates of people having to go

1209
01:05:12,560 --> 01:05:15,280
Speaker 1: to the hospital for suicide attempts or having to see

1210
01:05:15,320 --> 01:05:20,160
Speaker 1: counseling for suicide attempts, and so there is hard data

1211
01:05:20,280 --> 01:05:23,640
Speaker 1: to match what is being self reported by teenagers. This

1212
01:05:23,800 --> 01:05:27,680
Speaker 1: is also not equal among groups. So the chart up

1213
01:05:27,720 --> 01:05:30,800
Speaker 1: there showed some of the different demographic groups within teen

1214
01:05:30,880 --> 01:05:33,800
Speaker 1: populations and the way that they are feeling. So you

1215
01:05:33,920 --> 01:05:37,160
Speaker 1: have very high rates nearly half of LGBTQ teens who

1216
01:05:37,200 --> 01:05:40,640
Speaker 1: say they have contemplated suicide during the pandemic. That compares

1217
01:05:40,640 --> 01:05:44,080
Speaker 1: with fourteen percent of their heterosexual peers. But even if

1218
01:05:44,160 --> 01:05:49,040
Speaker 1: you look at every single demographic group, whether it's by race,

1219
01:05:49,200 --> 01:05:54,000
Speaker 1: whether it's by identity, other identity factors, you see sadness

1220
01:05:54,240 --> 01:05:57,560
Speaker 1: being self reported going up and up and up. So

1221
01:05:57,680 --> 01:06:02,520
Speaker 1: Derek looks into this and he posits for overlapping reasons

1222
01:06:02,560 --> 01:06:06,160
Speaker 1: why this might be the case, and I think these

1223
01:06:06,160 --> 01:06:09,360
Speaker 1: are pretty interesting. So Number one, he points to social media,

1224
01:06:09,920 --> 01:06:12,800
Speaker 1: and he has some data here to back this up.

1225
01:06:12,800 --> 01:06:16,200
Speaker 1: In particular, there's a new study from Cambridge University where

1226
01:06:16,320 --> 01:06:18,520
Speaker 1: researchers looked at eighty four thousand people of all ages

1227
01:06:18,560 --> 01:06:21,640
Speaker 1: and found social media was strongly associated with worse mental

1228
01:06:21,680 --> 01:06:25,800
Speaker 1: health during certain sensitive life periods, including for girls ages

1229
01:06:25,920 --> 01:06:29,360
Speaker 1: eleven to thirteen. This is backed by other research, is

1230
01:06:29,400 --> 01:06:34,440
Speaker 1: actually backed by the leaked Instagram Facebook studies about the

1231
01:06:34,480 --> 01:06:39,040
Speaker 1: way Instagram made young girls feel worse about themselves. And

1232
01:06:39,120 --> 01:06:41,240
Speaker 1: I like the way he explained it. He compared it

1233
01:06:41,280 --> 01:06:46,120
Speaker 1: to something like alcohol, which can be social lubricant and

1234
01:06:46,440 --> 01:06:49,520
Speaker 1: you know, actually be beneficial in certain situations, but for

1235
01:06:49,600 --> 01:06:54,160
Speaker 1: a minority of users presents a real, significant problem that's

1236
01:06:54,200 --> 01:06:58,000
Speaker 1: detrimental to their health and overall well being. The second factor,

1237
01:06:58,080 --> 01:07:00,360
Speaker 1: so social media is number one. The second factor points

1238
01:07:00,400 --> 01:07:04,240
Speaker 1: to which is again related, is sociality. So compared with

1239
01:07:04,280 --> 01:07:06,919
Speaker 1: their counterparts in the two thousands, today's teams are less

1240
01:07:06,960 --> 01:07:09,080
Speaker 1: likely to go out with their friends, less likely to

1241
01:07:09,080 --> 01:07:11,960
Speaker 1: get their driver's license, and less likely to play youth sports.

1242
01:07:12,240 --> 01:07:15,000
Speaker 1: These are all trends, by the way, that predate COVID,

1243
01:07:15,280 --> 01:07:20,480
Speaker 1: but obviously COVID lockdowns exacerbated both the you know, overdependence

1244
01:07:20,520 --> 01:07:23,600
Speaker 1: on social media and the lack of in real life

1245
01:07:23,880 --> 01:07:28,200
Speaker 1: interactions with friends, peers, playing sports and all of those things.

1246
01:07:28,560 --> 01:07:30,400
Speaker 1: And so what he talks about is, you know, social

1247
01:07:30,400 --> 01:07:33,240
Speaker 1: media isn't necessarily a problem if it's being like, instead

1248
01:07:33,240 --> 01:07:36,440
Speaker 1: of watching TV, you're on your phone or on your device,

1249
01:07:36,880 --> 01:07:39,400
Speaker 1: it does start to become more of an issue if

1250
01:07:39,440 --> 01:07:43,640
Speaker 1: it's replacing real life interactions that you know, are associated

1251
01:07:43,680 --> 01:07:47,200
Speaker 1: with positive health and mental well being outcomes. So again,

1252
01:07:47,280 --> 01:07:49,760
Speaker 1: things like playing sports or you know, hanging out with

1253
01:07:49,800 --> 01:07:52,880
Speaker 1: your friends in real life. The third piece that he

1254
01:07:52,960 --> 01:07:57,600
Speaker 1: talks about here is just bad news. The fact that

1255
01:07:57,360 --> 01:08:00,959
Speaker 1: there seems to be an endless spy role of sort

1256
01:08:01,000 --> 01:08:04,840
Speaker 1: of existentially bad news, and of course news media which

1257
01:08:04,880 --> 01:08:07,040
Speaker 1: is invested in playing that up at every turn, whether

1258
01:08:07,080 --> 01:08:09,040
Speaker 1: it's you know, right now looming threat of recession and

1259
01:08:09,080 --> 01:08:10,920
Speaker 1: you've got a war, and you've got the climate crisis,

1260
01:08:10,960 --> 01:08:13,640
Speaker 1: and you've got Trump louving on the horizon and political

1261
01:08:13,680 --> 01:08:16,559
Speaker 1: divisions and all of these things that that can certainly

1262
01:08:16,920 --> 01:08:20,639
Speaker 1: stress parents and stress kids. And by the way, stressed

1263
01:08:20,680 --> 01:08:23,120
Speaker 1: parents often contribute to stressed kids. And that's the last

1264
01:08:23,160 --> 01:08:26,759
Speaker 1: factor that he talks about here, which is parenting parents

1265
01:08:26,800 --> 01:08:31,960
Speaker 1: are very especially upper class parents, very concerned about their

1266
01:08:32,040 --> 01:08:33,920
Speaker 1: kids being able to go to the good school and

1267
01:08:33,960 --> 01:08:35,800
Speaker 1: get the good job and make sure that they end

1268
01:08:35,880 --> 01:08:38,760
Speaker 1: up on the happy side of the class divide. And

1269
01:08:39,120 --> 01:08:42,920
Speaker 1: that stress is being transmitted to kids in the form of,

1270
01:08:43,040 --> 01:08:45,799
Speaker 1: you know, all sorts of expectations and pressure and tutoring

1271
01:08:45,880 --> 01:08:48,719
Speaker 1: and clubs and practices and all of this sort of stuff.

1272
01:08:49,000 --> 01:08:51,720
Speaker 1: And that also, you know, the amount of time that

1273
01:08:52,080 --> 01:08:54,519
Speaker 1: parents spend chaper earning their kids around and taking them

1274
01:08:54,560 --> 01:08:56,160
Speaker 1: to all the various things that they think they have

1275
01:08:56,200 --> 01:08:58,680
Speaker 1: to do in order to achieve a basic sort of

1276
01:08:58,720 --> 01:09:01,360
Speaker 1: stable life. That has all increased over the years. So

1277
01:09:01,520 --> 01:09:04,400
Speaker 1: just to recap social media, sociality, bad news, and parenting.

1278
01:09:04,720 --> 01:09:06,679
Speaker 1: Those are the four things that he's sort of pointing

1279
01:09:06,680 --> 01:09:09,360
Speaker 1: to here, many of which were exacerbated by the pandemic.

1280
01:09:09,560 --> 01:09:12,519
Speaker 1: This is really upsetting, obviously, given what's happening. You got

1281
01:09:12,520 --> 01:09:15,439
Speaker 1: these teenagers. They're the future, and how you feel and

1282
01:09:15,479 --> 01:09:17,720
Speaker 1: your teen years is very informative for how you're going

1283
01:09:17,800 --> 01:09:19,439
Speaker 1: to feel for the rest of your life. I never

1284
01:09:19,479 --> 01:09:21,400
Speaker 1: thought I would say this, but look, some of these

1285
01:09:21,400 --> 01:09:24,800
Speaker 1: bad behaviors for teenagers are down, it says per Derek,

1286
01:09:25,040 --> 01:09:27,400
Speaker 1: Lots of self reported behaviors and moving a positive direction

1287
01:09:27,600 --> 01:09:30,000
Speaker 1: the nineteen nineties. Drinking and driving is down fifty percent,

1288
01:09:30,040 --> 01:09:32,240
Speaker 1: school fights are down fifty percent, Sex before thirteen is

1289
01:09:32,280 --> 01:09:35,080
Speaker 1: down seventy percent, school bullying is down. All of those

1290
01:09:35,160 --> 01:09:38,000
Speaker 1: are good things, but it's indicative of people not taking

1291
01:09:38,000 --> 01:09:40,840
Speaker 1: more risky behavior. And while it can be good on

1292
01:09:40,960 --> 01:09:43,880
Speaker 1: the extremes it behaviors like this, it does indicate that

1293
01:09:43,960 --> 01:09:47,719
Speaker 1: people are being more lonely, people are taking less risk

1294
01:09:47,800 --> 01:09:49,639
Speaker 1: and that that is manifesting, yes in some of these

1295
01:09:49,640 --> 01:09:53,240
Speaker 1: good ways, but that these less risky inclinations and wanting

1296
01:09:53,439 --> 01:09:56,519
Speaker 1: to engage in this type of more sociological behavior is

1297
01:09:56,600 --> 01:09:59,400
Speaker 1: obviously way way down, and there's a lot of reasons

1298
01:09:59,400 --> 01:10:03,000
Speaker 1: for that. Social media, obviously, the COVID lockdowns push things

1299
01:10:03,240 --> 01:10:05,760
Speaker 1: in the wrong direction. And when you look at all

1300
01:10:05,800 --> 01:10:09,080
Speaker 1: those indicators, what Derek points to is that while all

1301
01:10:09,120 --> 01:10:11,960
Speaker 1: of what he's saying is that teens are not behaving badly,

1302
01:10:12,080 --> 01:10:14,960
Speaker 1: in fact, they're not really behaving in any way whatsoever.

1303
01:10:15,040 --> 01:10:19,240
Speaker 1: They're becoming a lot more lonely, and by being lonely,

1304
01:10:19,520 --> 01:10:22,519
Speaker 1: they're not engaging in more social activity, which is then

1305
01:10:22,880 --> 01:10:28,479
Speaker 1: increasing suicide. Social media obviously is a proxy for it's

1306
01:10:28,479 --> 01:10:33,800
Speaker 1: a proxy for social interaction, but it's not real. It's

1307
01:10:33,840 --> 01:10:37,200
Speaker 1: not got the same level of connection. And so by

1308
01:10:37,400 --> 01:10:40,559
Speaker 1: indulging these things, and also with the rise of the

1309
01:10:40,640 --> 01:10:44,200
Speaker 1: parenting and the helicopter parent with that, it's made it

1310
01:10:44,439 --> 01:10:46,880
Speaker 1: so that a lot of people are not experiencing life

1311
01:10:47,040 --> 01:10:48,960
Speaker 1: in the same way. This can sound like a boomer

1312
01:10:49,040 --> 01:10:51,040
Speaker 1: talking point, like I get that, but I think that

1313
01:10:51,240 --> 01:10:54,599
Speaker 1: there is obviously a certain level of truth to you're

1314
01:10:54,640 --> 01:10:57,680
Speaker 1: growing up with a phone, You're just like your youth,

1315
01:10:58,040 --> 01:10:59,960
Speaker 1: and life is just going to be significantly different from them.

1316
01:11:00,000 --> 01:11:01,840
Speaker 1: Those of us who were not raised with the audience. Yes,

1317
01:11:01,880 --> 01:11:04,000
Speaker 1: that's very true. I mean, there's a couple of things

1318
01:11:04,320 --> 01:11:06,679
Speaker 1: to say about this. First of all, the way Derek

1319
01:11:07,040 --> 01:11:11,080
Speaker 1: paints it, I think is really helpful, which he says basically,

1320
01:11:11,680 --> 01:11:14,200
Speaker 1: in a lot of ways, kids are being sort of

1321
01:11:14,640 --> 01:11:18,360
Speaker 1: kept kids longer and sheltered more, both by you know,

1322
01:11:18,439 --> 01:11:21,920
Speaker 1: anxious parents and by the realities of more social media

1323
01:11:21,920 --> 01:11:27,080
Speaker 1: interaction versus real life experimental action in the real world.

1324
01:11:27,439 --> 01:11:30,240
Speaker 1: And so in that way, they're being kept kids longer,

1325
01:11:30,240 --> 01:11:33,280
Speaker 1: and yet because of their being exposed to any manner

1326
01:11:33,320 --> 01:11:36,000
Speaker 1: of things on the internet, in other ways, they're becoming

1327
01:11:36,439 --> 01:11:42,120
Speaker 1: more adult quicker, and those two tensions are creating a

1328
01:11:42,120 --> 01:11:46,240
Speaker 1: lot of stress. So that's one thing. And then, you know,

1329
01:11:46,600 --> 01:11:48,880
Speaker 1: I think the other thing is with regards to social media,

1330
01:11:49,000 --> 01:11:52,160
Speaker 1: like I see this in my own life. What I

1331
01:11:52,280 --> 01:11:55,720
Speaker 1: look less at what people are saying about me online,

1332
01:11:56,200 --> 01:11:59,560
Speaker 1: my mental health certainly improves. And in theory, I'm a

1333
01:11:59,600 --> 01:12:02,519
Speaker 1: growing up with better you know, coping skills to deal

1334
01:12:02,560 --> 01:12:05,400
Speaker 1: with those sorts of things than you know, a young

1335
01:12:05,439 --> 01:12:07,519
Speaker 1: girl or a young boy who's just sort of like

1336
01:12:07,600 --> 01:12:11,760
Speaker 1: going through puberty and coming of age. And also I

1337
01:12:11,760 --> 01:12:14,120
Speaker 1: don't have you know, if somebody says something mean to

1338
01:12:14,160 --> 01:12:16,599
Speaker 1: me online, like I'm never going to meet that person.

1339
01:12:16,760 --> 01:12:18,920
Speaker 1: I don't have to see that person ever in my life.

1340
01:12:19,479 --> 01:12:24,000
Speaker 1: Imagine you have that kind of like nasty or backbiting

1341
01:12:24,200 --> 01:12:27,160
Speaker 1: or petty or whatever kind of comment directed at you

1342
01:12:27,240 --> 01:12:29,599
Speaker 1: on social media, and then you have to show up

1343
01:12:29,640 --> 01:12:32,040
Speaker 1: and see that person in real life at your high

1344
01:12:32,080 --> 01:12:35,559
Speaker 1: school every day. That sucks. That would stress me out.

1345
01:12:35,640 --> 01:12:39,760
Speaker 1: That definitely would contribute to, you know, an anxiety producing situation.

1346
01:12:40,120 --> 01:12:42,840
Speaker 1: So I think it's really important that we dig into

1347
01:12:42,880 --> 01:12:49,240
Speaker 1: these trends because look, obviously a healthy society we've always

1348
01:12:49,240 --> 01:12:51,960
Speaker 1: aspired to, it's going to be better for the next generation.

1349
01:12:52,040 --> 01:12:53,800
Speaker 1: They're going to do better than their parents. We're going

1350
01:12:53,880 --> 01:12:56,760
Speaker 1: to that's kind of a definition of like societal progress,

1351
01:12:57,080 --> 01:12:59,519
Speaker 1: and this is just one more metric where that seems

1352
01:12:59,560 --> 01:13:01,640
Speaker 1: to not be the case, where we no longer have

1353
01:13:01,720 --> 01:13:04,200
Speaker 1: this expectation that our kids are going to live a

1354
01:13:04,200 --> 01:13:07,760
Speaker 1: better life than we did. And that's a profound indictment

1355
01:13:07,960 --> 01:13:11,960
Speaker 1: of the values and policy choices of our country. I

1356
01:13:11,960 --> 01:13:14,759
Speaker 1: think that's right. Cable News is ripping us apart, dividing

1357
01:13:14,760 --> 01:13:17,480
Speaker 1: the country, making it impossible to function as a society,

1358
01:13:17,520 --> 01:13:19,519
Speaker 1: and make it impossible to know just what is true

1359
01:13:19,600 --> 01:13:22,439
Speaker 1: and what is false. But the good news is they

1360
01:13:22,439 --> 01:13:24,559
Speaker 1: are failing and they know it. That is why we're

1361
01:13:24,560 --> 01:13:27,439
Speaker 1: building something new, a new mainstream, a healthier one, something

1362
01:13:27,439 --> 01:13:29,680
Speaker 1: more trustworthy, something that we are going to need in

1363
01:13:29,680 --> 01:13:32,080
Speaker 1: one of the most pivotal times in American history. We

1364
01:13:32,120 --> 01:13:34,320
Speaker 1: are building up here for the midterms, for the upcoming

1365
01:13:34,320 --> 01:13:36,760
Speaker 1: presidential election. But we need your help. So if you

1366
01:13:36,760 --> 01:13:38,720
Speaker 1: can help us out by becoming a premium member today

1367
01:13:38,720 --> 01:13:41,320
Speaker 1: at breakingpoints dot com. We're trying to change America for

1368
01:13:41,320 --> 01:13:43,120
Speaker 1: the better and the entire world. So what are you

1369
01:13:43,120 --> 01:13:46,360
Speaker 1: waiting for? Guys, Go to Breakingpoints dot com and sign

1370
01:13:46,439 --> 01:13:48,360
Speaker 1: up and help us build a new mainstream.