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Speaker 1: Or okay, everybody, We are incredibly fortunate to have by far,

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Speaker 1: one of the most requested guests and regulars on the

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Speaker 1: David Rutherford Show. David Rutherford Show. Excuse me, uh and

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Speaker 1: that's Bryce. Welcome brother, Nice to see you.

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Speaker 2: Yeah, I'm at Merry Christmas and it's great to wrap

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Speaker 2: up the year with like an in studio version of

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Speaker 2: the podcast with you. So I'm glad we could make

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Speaker 2: this work.

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Speaker 1: Let's start out first and foremost with I think the

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Speaker 1: most obvious, which is Venezuela. Give us your understanding of Venezuela,

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Speaker 1: Venezuelan economy, and then more so what role Venezuela plays

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Speaker 1: with our economy and the impact that might have on

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Speaker 1: a broader perspective.

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Speaker 2: Yeah. Absolutely, so Venezuela, I guess, like, let's hit the

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Speaker 2: big bullet points. Venezuela used to be one of the

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Speaker 2: richest countries in the world. You know. Famously they went

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Speaker 2: from a more market based economy towards Hugo Chavez was elected, Okay,

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Speaker 2: and Hugo Chavez nationalized the oil industry and so this

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Speaker 2: is something that really upset like powerful American organizations, right

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Speaker 2: and basically put them on the You know, they got

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Speaker 2: black balled by the US government, right, So it's been

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Speaker 2: now I can't remember when Hugo Chavas was exactly elected,

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Speaker 2: but yeah, so a few decades now of basically being

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Speaker 2: on the outs of the international community, sanctioned by the

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Speaker 2: United States, basically US putting all the geopolitical pressure we

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Speaker 2: can on them to you know, give up their socialist government. Right.

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Speaker 2: And now Hugo Javas is gone, but Nicholas Maduro took

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Speaker 2: over for him. Everybody's kind of seen him in the news. Now.

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Speaker 2: He's sort of Hugo chaves a successor, right, and represents

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Speaker 2: the same type of basically like Venezuelan nationalism mixed with socialism. Right,

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Speaker 2: we're gonna you know, they expropriated these assets, but they

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Speaker 2: didn't steal, you know, assets from really rich Venezuelans. They

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Speaker 2: stole assets from wealthy international corporations, right, and nationalize them

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Speaker 2: for Venezuela. So that's sort of the origins of our

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Speaker 2: dislike of Venezuela. It all comes down to, like the

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Speaker 2: oil industry for the most part, and you know, I

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Speaker 2: think the United States also doesn't like the fact that

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Speaker 2: there's a socialist government in our backyard. This is sort

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Speaker 2: of a holdover from the Cold War essentially, and so

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Speaker 2: you've seen tensions ramp up with them. Obviously, we're doing

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Speaker 2: strikes on these drug boats quote unquote drug boats. Nobody really,

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Speaker 2: I mean, there probably are drugs on them, but I

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Speaker 2: think the whole drug sort of angle to this is

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Speaker 2: an excuse to do what we wanted to do anyway,

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Speaker 2: which is put pressure on them and get Maduro to

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Speaker 2: step down and instead put in you know, essentially like

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Speaker 2: a Western puppet sort of leader. Okay, and if anybody's

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Speaker 2: really I guess has been paying attention. Okay, there's this

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Speaker 2: lady that just got the Nobel Peace Prize that was

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Speaker 2: the opposition quote unquote leader for Venezuela. The exact same

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Speaker 2: thing happened in Trump's first term. There's a guy named

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Speaker 2: Juan Guido who was supposedly like the democratic person that

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Speaker 2: the people of Venezuela really wanted, and we tried to

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Speaker 2: install him kind of multiple times. It didn't really work

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Speaker 2: out because the reality is as much as in the

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Speaker 2: United States, we want to make this about like socialism

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Speaker 2: versus capitalism. And again, I think a lot of this

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Speaker 2: is a holdover from the Cold War and the Soviet

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Speaker 2: Union and all this stuff. It's really more about nationalism

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Speaker 2: for the Venezuelan people, and they probably don't really love

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Speaker 2: Nicholas Maduro that much. Hugo Javis was extremely popular, but

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Speaker 2: when we tried to put in Juan Guido, you know,

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Speaker 2: there was a million person something march on the capitol

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Speaker 2: in protest of like this Western sort of attempt to

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Speaker 2: install Wan Guido in power. So it's not really about

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Speaker 2: socialism as much as it is about nationalism, I think

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Speaker 2: for the Venezuelan people and for the United States, and

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Speaker 2: we're talking about like wealthy, powerful corporations that are upset

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Speaker 2: about their assets being expropriated. And I think for Donald Trump,

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Speaker 2: like there's a reasonable case to be made like, hey,

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Speaker 2: if there are Western companies in there helping with this infrastructure,

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Speaker 2: I think they would be generating more oil. I think

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Speaker 2: actually speaking like a non socialist economy would probably be

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Speaker 2: good for Venezuela. Right. But part of their problem too,

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Speaker 2: is just that we've been sanctioning them so hard and

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Speaker 2: for so long, and at this point I think you're

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Speaker 2: seeing these strikes on these drug boats. Really what this

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Speaker 2: is is one we want to get rid of this

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Speaker 2: government we have for three decades. Okay, so nothing's really

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Speaker 2: changed there. But you have Donald Trump, who's like a

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Speaker 2: like a media branding guy who's very good at attention. Right.

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Speaker 2: I think these drug strikes are essentially what have One

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Speaker 2: put pressure on the Venezuelan government right sees the oil

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Speaker 2: tanker as well, it's big part of their economy. But two,

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Speaker 2: it's really about sending a message to the rest of

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Speaker 2: South America. Okay, because what's really going on here, in

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Speaker 2: my personal opinion, is like Monroe Doctrine two point zero.

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Speaker 2: Monroe Doctrine is about like the United States controlling its

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Speaker 2: own hemisphere and keeping other world powers out. And I

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Speaker 2: think what's happened is basically mostly China, but you know

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Speaker 2: Russia a little bit in Venezuela. You've seen these other

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Speaker 2: geopolitical powers, you know, Muscle In give a lot of

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Speaker 2: money for infrastructure, kind of selling influence in South America,

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Speaker 2: and the United States doesn't like that. So that's why

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Speaker 2: I think the Venezuela conflict is ramped up again. You know,

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Speaker 2: you've seen a similar thing with US, like supporting Colombia

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Speaker 2: for example. There's like a couple other examples down there.

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Speaker 2: I think this is more about like the Monroe Doctrine

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Speaker 2: than it is about drug boats or even really Venezuela

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Speaker 2: in general. I'm trying to remember the name of that

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Speaker 2: like general that was down there that helped like South

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Speaker 2: America break away from Spain. It'll come to me eventually,

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Speaker 2: but famous general that helped basically liberate South America from

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Speaker 2: like Spain and the other sort of like colonial powers

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Speaker 2: at the time. I believe he was Venezuelan. So part

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Speaker 2: of this I really want to emphasize is, like I think,

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Speaker 2: for them, it's about nationalism, it's about independence from like

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Speaker 2: colonial powers, and that message just resonates in South America

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Speaker 2: if you talk to anybody from South America. So you

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Speaker 2: got the United States trying to exert influence Monroe Doctrine,

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Speaker 2: keep the Chinese out, and you've got sort of these

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Speaker 2: Latin American countries wanting to maintain a little bit more

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Speaker 2: independence and like decision making power. That makes sense, you know.

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Speaker 1: Two weeks ago I interviewed a gentleman by the name

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Speaker 1: of George Pazzulo. He's a New York Times bestselling author.

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Speaker 1: He's written like thirty books. One of my favorite GWO

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Speaker 1: books called the Jawbreaker, which is the story of Gary Bernston,

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Speaker 1: a CIA paramilitary case officer who led the charge in

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Speaker 1: the invasion of Afghanistan. He was on the case or

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Speaker 1: the trail of Bin Laden. There's this famous Mexican standoff

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Speaker 1: that took off place, you know, as he and his

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Speaker 1: Delta CIA ground branch team were like an hour away

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Speaker 1: from him, and then there was just like we want

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Speaker 1: more money, and then he tried to get Tommy Franks

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Speaker 1: to launch rangers to cut off the border. Anyways, George

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Speaker 1: Bluzzo teamed up with Gary Bernstein recently and another guy

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Speaker 1: named Martin Rodill. And Martin is a Venezuelan American who's

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Speaker 1: been working for the DEA for the last twenty years

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Speaker 1: and he's been running human sources for the cartel industry

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Speaker 1: and the DEA in all these different regions. Well, after

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Speaker 1: twenty twenty election, they partnered up and conducted They have

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Speaker 1: their own consulting firm, Asset Recovery Firm, and they did

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Speaker 1: conducted a massive, massive investigation and discovered they believe that

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Speaker 1: all of dominion voting machines and smartmatic voting machines around

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Speaker 1: the world are controlled by source code that originated from Chavez.

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Speaker 2: These three.

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Speaker 1: American Venezuelan American coders who actually started i mean Smartmatic

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Speaker 1: started in Delray Beach, Florida, and they live in Boca.

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Speaker 2: Some of them, and.

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Speaker 1: They like these guys, believe that that's the reason why

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Speaker 1: socialism swept over South America because if you look at

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Speaker 1: all of the countries over that time since Chavez, really

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Speaker 1: where this went into place was when he was recalled

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Speaker 1: in two thousand and two or three, when it was

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Speaker 1: that's when they implemented the electronic voting machines. And then

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Speaker 1: over they believe over since that time, over seventy two

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Speaker 1: different countries have been flipped with the dominion or Smartmatic

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Speaker 1: source code, you know, and that's internationally. Smartattic is the

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Speaker 1: international company and they have ties to Open Society Foundation.

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Speaker 1: China did a six hundred million dollar investment, Russia did

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Speaker 1: like a twenty million dollar investment. And they also believe

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Speaker 1: that they flipped over ten thousand elections in the United

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Speaker 1: States and they believe that the first one they flipped

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Speaker 1: was in Cook County, Illinois, when they flipped the primary

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Speaker 1: between Obama and Clinton.

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Speaker 2: They put him in.

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Speaker 1: And they have human source testimonial that of a guy

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Speaker 1: that was in that during there when Chavez bragged that

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Speaker 1: I'm about ready to get the first black American president elected.

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Speaker 1: I bring that up because you know, some people are

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Speaker 1: saying that this is a derivative of that right that

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Speaker 1: the Trump administration obviously fully believes, or Trump himself fully believes,

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Speaker 1: and people within the administration fully believed that twenty twenty

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Speaker 1: was completely stolen. I think the I had another guy

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Speaker 1: on I named David Clements, who's a former prosecutor in

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Speaker 1: New Mexico and did an investigation for years and was

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Speaker 1: a big part of the cyber team led by Mike

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Speaker 1: Lindell to discover what happened. And he believes the same

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Speaker 1: thing many people. There's thousands of people obviously I believe

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Speaker 1: it January sixth, and that this is a bigger part

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Speaker 1: of the whole thing, you know. That being said, I

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Speaker 1: agree with you. I think that's a bunch of it.

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Speaker 1: But I also agree with you that it's this oil

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Speaker 1: play because when you look at the organizations that really

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Speaker 1: had a pivotal foothold in Venezuela and you know oil production,

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Speaker 1: it was what Chevron and Exxon and all these I

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Speaker 1: think Shell was down there maybe, but it was all

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Speaker 1: these big consortium you know, international oil organizations that were

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Speaker 1: kicked out and lost access to that. So I think

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Speaker 1: it's one of the more complicated instances of geopolitics, right,

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Speaker 1: all these different facets. And obviously they do have the

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Speaker 1: largest cartel, the Cartel do Solas, which is some people

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Speaker 1: estimate is two trillion dollars annually of international sales. They

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Speaker 1: don't manufacturer produce, but they've they've recruited, you know, the

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Speaker 1: farc from Colombia to move the materials from Columbia or

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Speaker 1: Bolivia or wherever into assemble and then ship out of

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Speaker 1: and then you know, also, I had a couple of

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Speaker 1: g WAT guys that I was listening to last night.

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Speaker 1: We're saying that, you know, potentially what's also happened is

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Speaker 1: are massive arms deals. So on those oil tankers, it's

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Speaker 1: not just oil, it's it's you know, cocaine, it's arms deals,

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Speaker 1: it's it's.

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Speaker 2: A lot caught with a lot of Russian arms. I

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Speaker 2: believe this was maybe Trump's first term, and maybe this

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Speaker 2: is a shabaz thing, but there's a long standing relationship

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Speaker 2: between them and Russia, and I almost look at Venezuela

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Speaker 2: at least personally, right, as like the Western hemispheres version

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Speaker 2: of like Iran. Yeah, okay, because the exact same thing

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Speaker 2: happened in Iran where you had like a nationalist leader.

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Speaker 2: And I believe this is like the seventies, or I

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Speaker 2: guess this would have been the sixties that this happened.

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Speaker 2: Nationalist leader comes to power, wants to expropriate the oil

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Speaker 2: industry at least keep a little bit more of the

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Speaker 2: profits and the infrastructure is all owned by like Great

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Speaker 2: Britain in the United States at the time, and you know,

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Speaker 2: roughly like a pretty moderate guy. Actually, I think he

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Speaker 2: just wanted to keep a little bit more for like,

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Speaker 2: you know, Iran itself, right, And what we did is

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Speaker 2: we basically staged a coup and got rid of them, right,

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Speaker 2: And this led to the shop being in power was

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Speaker 2: very popular area, right. And then obviously this culminates in

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Speaker 2: the Iranian Revolution, right, and it's been like a theocratic

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Speaker 2: state ever since.

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Speaker 1: Right.

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Speaker 2: And so I think it's a similar thing in Venezuela

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Speaker 2: basically where these Western oil companies look at the same

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Speaker 2: way Iran is. And by the way, it's the same

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Speaker 2: thing in Cuba with the casinos and the mods, right,

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Speaker 2: that's right, So my Landsky, Yeah, you just have these

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Speaker 2: very powerful interest groups. That's either you know, billions of

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Speaker 2: dollars in assets get expropriated and can put a lot

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Speaker 2: of pressure financially and diplomatically on getting the US government

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Speaker 2: to do something about it. So and the dominion voting machine.

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Speaker 2: I had heard at something about that with like Shavas

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Speaker 2: being involved in all of that. I haven't like seen

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Speaker 2: all the evidence for that great book.

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Speaker 1: I highly recommend it's called Stolen Elections by Ralph Bazula.

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Speaker 2: I've heard that he's a part of the whole thing

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Speaker 2: though absolutely. You know, at the same time, like Donald

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Speaker 2: Trump was involved in regime change in Venezuela in his

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Speaker 2: first term in office before any of this controversy around

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Speaker 2: the twenty twenty election happened, right, So I do think

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Speaker 2: there's a long standing sort of conflict with them that

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Speaker 2: comes down to Western assets basically being expropriated. And really

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Speaker 2: this is about like, hey, if we're gonna have this

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Speaker 2: global economy with the United States at the center, like

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Speaker 2: the Imperial core yep, Right, our responsibility is to essentially

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Speaker 2: police the world right and maintain multinational corporate interests and

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Speaker 2: their property rights. That's what holds everything kind of together.

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Speaker 2: So that's why like Venezuela, Iran really sticks in people's craw.

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Speaker 1: I think, can you give us a little bit of more.

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Speaker 1: How how big a role does does South Center? Let's

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Speaker 1: go South America. How big a role does South America

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Speaker 1: play in terms of the US economy in terms of

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Speaker 1: either exports or imports. You know, there's a big thing

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Speaker 1: about South American beef right right now, there's a feud

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Speaker 1: with our farm our cattle farmers and South American farmers. Obviously,

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Speaker 1: there's a tremendous amount of produce that comes with bananas, avocados, whatever.

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Speaker 2: You know. Also, I think you know other types.

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Speaker 1: I mean, obviously there's NAFTA and all those agreements. How

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Speaker 1: big of a role to set to South America play

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Speaker 1: for the US economy.

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Speaker 2: In like dollar terms, like a percentage of imports? Pretty small, okay?

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Speaker 2: Now they do have like a big share of agricultural produce,

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Speaker 2: like Peru has recently started importing a lot into the

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Speaker 2: United States. Argentina with the beef you mentioned, obviously, although

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Speaker 2: we just bailed out Argentina's central bank, right one of

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Speaker 2: the reasons.

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Speaker 1: Why can you explain that a little bit? Yeah, that

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Speaker 1: was I was like, wait what.

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Speaker 2: Yeah, So argent this is again, this is a Monroe

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Speaker 2: doctrine fit. Right, So people hear about this, they're like,

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Speaker 2: why are we spending money to bail out Argentina's Central

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Speaker 2: bank and the Paso down there? You know, these soybean

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Speaker 2: farmers aren't getting taken care of, but we're gonna bail

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Speaker 2: out Argentina. Again, it comes down to Monroe doctrine. You

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Speaker 2: can either have you know, Javier Malay in there, who's

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Speaker 2: kind kind of a pro Western or kind of like

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Speaker 2: almost like a libertarian type ideological guy with his chainsaw.

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Speaker 2: He's very entertaining, right, that's sort of turning the ship

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Speaker 2: in Argentina after I think it's been like seventy eighty

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Speaker 2: years of like this big government nationalist policy. Okay down there,

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Speaker 2: and it's either him or it's going to be somebody

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Speaker 2: that's West, pro Western, right, that's kind of the idea.

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Speaker 2: So we're gonna bail him out and keep him in

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Speaker 2: office because he's an ally. A similar thing happened in Brazil, right,

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Speaker 2: the Brazil the tariffs on Brazil because of their political situation.

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Speaker 2: We're in a tariff Brazilian coffee. We did that because

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Speaker 2: Jyra Bolsonaro, who is like a pro kind of Trump

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Speaker 2: pro Western guy, basically got thrown in jail by the

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Speaker 2: socialist former president Lula de Silva, who was also just

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Speaker 2: in jail. Right. Brazil's crazy, Yeah, Brazil's crazy. But the

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Speaker 2: way to understand a lot of this Latin American political

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Speaker 2: stuff is it's the United States exerting Monroe doctrine. Don't

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Speaker 2: gotta So there's all this kind of like chaotic different

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Speaker 2: stuff happening, and by itself, it seems like, why are

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Speaker 2: we intervening in Argentina. It doesn't matter. It's about getting

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Speaker 2: as many governments on our side versus like China as possible. Right,

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Speaker 2: But to wrap back to your original question, I don't

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Speaker 2: know the exact numbers at the top my head, but

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Speaker 2: all of South America you're going to talk, it's going

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Speaker 2: to be something like fifteen percent of US imports at maximum.

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Speaker 2: It's mostly commodity things like agriculture. What you're starting to

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Speaker 2: see though, is, ever since the COVID pandemic and the

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Speaker 2: fact that China controls certain elements of supply chains, right,

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Speaker 2: rare earth elements have been a major issue recently, or lithium. Recently,

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Speaker 2: we've started to look in South America as an alternative

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Speaker 2: source of supply for some of these key elements, like

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Speaker 2: Chile famously has like one of the biggest deposits of

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Speaker 2: lithium in the world. Right, So I think you're starting

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Speaker 2: to see more and more relationships get built down there.

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Speaker 2: And again, I think the idea for the United States is,

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Speaker 2: we can't keep policing the entire world. We have to

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Speaker 2: retrench a little bit here, you know, do a little

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Speaker 2: bit of like a fighting retreat and gain our strength

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Speaker 2: and like rebuild supply chains in a more resilient way.

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Speaker 2: Everything can't come from China and the Far East anymore,

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Speaker 2: and so Latin America is kind of a natural place

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Speaker 2: to do that. And I think once we started looking

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Speaker 2: down there again and paying attention, people realized, oh, hey,

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Speaker 2: the Chinese are paying for all of the ports to

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Speaker 2: be modernized in Peru, Like they're doing all this debt

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Speaker 2: diplomacy stuff down there, which by the way, they learned

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Speaker 2: from US. Right, people are very upset at China, and

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Speaker 2: I understand why. And again I'm on America's side. Right,

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Speaker 2: But yeah, China is incredibly impressive because they basically have

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Speaker 2: taken everything that the United States did to grow into

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Speaker 2: a world superpower, and they've just copied us. That's right, right,

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Speaker 2: the teariffs, the industrial policy, the keeping out imports, the

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Speaker 2: building up domestic industry, that's the American system. We invented

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Speaker 2: that in the United States. Right. Debt, you argue the

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Speaker 2: Brits invented right mercantism or whatever. Yeah, but you know,

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Speaker 2: debt diplomacy, right, lending you a bunch of money so

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Speaker 2: you can build a hydro electric dam that we know

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Speaker 2: is never going to work, right, But Westinghouse gets the

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Speaker 2: contract and then the government owes, you know, us a

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Speaker 2: bunch of money, and then when they can't make the payments,

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Speaker 2: which we knew they wouldn't be able to, we get

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Speaker 2: to come in and influence the political situation. Right. So

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Speaker 2: China's is doing the same thing we did.

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Speaker 1: Yeah. Uh, it's interesting part of the story with Gary Bernstein.

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Speaker 1: He after Afghanistan, he ended up becoming the station chief

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Speaker 1: for Bolivia and there was a moment after Obama got

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Speaker 1: into office that basically they ramped down all these operations

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Speaker 1: because a lot of these station chiefs he was suggesting

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Speaker 1: that were like, hey, we've got a problem down here.

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Speaker 1: Socialism is spreading rampantly. We've been so fixated on the

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Speaker 1: Middle East. All of our assets, all of our focus,

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Speaker 1: all of our all of our personnel, all of our collection,

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Speaker 1: everything is focused on the Middle East and the g WATT.

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Speaker 1: We've negated this responsibility, thus allowing this massive flourish of

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Speaker 1: of national socialism.

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Speaker 2: I mean, I think many tastes that's what it is.

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Speaker 1: Right and and now you you have everybody going, oh wait,

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Speaker 1: we've got a major problem. There's a lot of other

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Speaker 1: things that are resulting out of not paying attention to it.

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Speaker 1: And it was I had a buddy of mine that

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Speaker 1: I knew at the agency who is one of the

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Speaker 1: guys on the original China desk when you know about

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Speaker 1: I don't know, a few years ago, the agency was like, hey,

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Speaker 1: we need to start a China desk, like we have

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Speaker 1: to have a full blown.

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Speaker 2: Now we didn't have that for some reason. Yeah, for

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Speaker 2: some oldest civilization and world history and the oldest we

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Speaker 2: blew off a China desk.

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Speaker 1: Right. Well, I mean the CTC, the counter Terrorism Center,

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Speaker 1: took over everything out of like ninety three, and he

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Speaker 1: was in charge at a large part in terms of

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Speaker 1: South America, and he was flying down meeting with leaders regularly.

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Speaker 1: And at one point, I remember we were chatting, we

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Speaker 1: were having lunch up in DC and and he was like,

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Speaker 1: you know what, he's like, there's only one pro democratic

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Speaker 1: Western supporting country down there, and that's Paraguay. And I'm like,

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Speaker 1: that's not true. I'm like Brazil. And he walked through

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Speaker 1: Brazil and the movement towards Lula, right, we walked through

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Speaker 1: all the other organism, you know, all the other countries,

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Speaker 1: and I was just like, oh my gosh. And I

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Speaker 1: was like, well, what does that mean? And he goes,

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Speaker 1: it means China grabs a strategic foothold in our hemisphere exactly.

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Speaker 1: And I think, you know, that is finally now coming

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Speaker 1: to fruition with with all of these synergies, whether it's

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Speaker 1: you know, drug production or distribution oil, natural menials, right,

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Speaker 1: you know, whatever it might be, but it's really about

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Speaker 1: that Monroe doctor.

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Speaker 2: And I'm glad you'd summarize that.

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Speaker 1: All right, let's shift from South or central South America

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Speaker 1: and let's let's move over to the European Union. I

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Speaker 1: think one of the biggest things that I'm seeing that

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Speaker 1: I talked about recently in one of the shows I did,

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Speaker 1: is there's this massive insistence that the EU dominates the

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Speaker 1: or not dominates, but works itself into the peace talks

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Speaker 1: between Ukraine and Russia right and and basically destroyed all

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Speaker 1: of the negotiations that were taking place. And in the

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Speaker 1: same time, you've seen the European Union and NATO, led

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Speaker 1: by Mark Root really begin to talk about war footing

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Speaker 1: and the escalation of war spending, the escalation of NATO

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Speaker 1: budgets increasing more now and then the other thing, and

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Speaker 1: the one I wanted you to talk about, uh, in detail,

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Speaker 1: you can talk about all of it, but the thing

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Speaker 1: that really I found fascinating was that they are going

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Speaker 1: to take Russian assets that they're sitting on and up

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Speaker 1: into including the Chelsea football team that was bought by

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Speaker 1: some you know, some oligar, Russian oligar for two point

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Speaker 1: five billion dollars. They're taking that money and they're gonna

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Speaker 1: give it right to Zolensky to fund the effort. Because

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Speaker 1: I would imagine, I wish and I kind of want

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Speaker 1: you to lay this out, you know, is it because

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Speaker 1: the European Union, the economies are all struggling, they don't

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Speaker 1: have those types of defense reserves. And and then also

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Speaker 1: has you know have do you know of any time

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Speaker 1: where you know, hoarding you know, civilians, if you will,

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Speaker 1: their assets and using it to fund a war against.

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Speaker 2: Their own people.

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Speaker 1: I just think this is a ramp up and way

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Speaker 1: that could have profound negative impacts and ultimately lead to

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Speaker 1: I think a conflict probably in Eastern Europe.

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Speaker 2: Yeah, so it's really interesting to see like the Europeans

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Speaker 2: here because typically right, like at least my whole life,

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Speaker 2: it was always like the United States sort of dragging

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Speaker 2: the Europeans kicking and screaming into different conflicts really and

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Speaker 2: they'd always be really upset at us. And by the way,

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Speaker 2: I think the European like normal people are still that way,

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Speaker 2: and I think they look at their leaders out there

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Speaker 2: like what is going on?

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Speaker 1: Well, well, sentiment on the street is hilarious. I love

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Speaker 1: the interviews on the streets because you can't find a

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Speaker 1: single young person in any of these countries Germany, Switzerland,

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Speaker 1: London anywhere that are like, yeah, well we'll go fight

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Speaker 1: for sure, We're up for it.

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Speaker 2: Yeah, that's exactly right. And you know, I think basically

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Speaker 2: like a couple things are going on, all right. One

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Speaker 2: is that Europe isn't really a democracy in any sense

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Speaker 2: of the world. Okay. When the European Union was created,

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Speaker 2: it was the idea of like, hey, let's get us

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Speaker 2: all together and like this monetary union and well, lower

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Speaker 2: trade barriers and whatever. And over time what you've seen

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Speaker 2: is all of these different countries with distinct cultures have

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Speaker 2: essentially seeded their sovereignty okay, to Brussels, which is where

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Speaker 2: the government has actually run out of and there's you know,

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Speaker 2: like six layers of bureaucracy between like the actual people

431
00:25:25,280 --> 00:25:29,960
Speaker 2: and the actual like policymakers, and so you voting in

432
00:25:30,040 --> 00:25:35,240
Speaker 2: Germany or you know, Portugal or whatever, it doesn't matter. Unfortunately,

433
00:25:35,600 --> 00:25:38,200
Speaker 2: it matters very little. And so I think what you're

434
00:25:38,200 --> 00:25:44,280
Speaker 2: seeing is like this this elite European elite in Brussels

435
00:25:44,280 --> 00:25:48,680
Speaker 2: who's completely disconnected from what the people on the ground think,

436
00:25:49,560 --> 00:25:53,159
Speaker 2: dragging them all into war here. And I think the

437
00:25:53,200 --> 00:25:56,240
Speaker 2: reason why is maybe it's like a couple of things. Okay.

438
00:25:56,280 --> 00:25:59,640
Speaker 2: One is I think these people that are in Brussels

439
00:25:59,680 --> 00:26:03,280
Speaker 2: that are like running the European Union are very fearful

440
00:26:03,320 --> 00:26:06,160
Speaker 2: of Russia, okay from a historical perspective, and they see

441
00:26:06,200 --> 00:26:10,360
Speaker 2: the United States pulling back basically saying, hey, Europe, you're

442
00:26:10,480 --> 00:26:13,160
Speaker 2: just as wealthy as the United States as a whole.

443
00:26:13,720 --> 00:26:16,560
Speaker 2: Why can't you fund your own defense? And nobody really

444
00:26:16,560 --> 00:26:20,960
Speaker 2: has a good argument against that, okay, and so they're

445
00:26:21,040 --> 00:26:24,320
Speaker 2: sort of losing it over that. They're very concerned, and

446
00:26:24,359 --> 00:26:27,400
Speaker 2: I think part of this is just posturing and making

447
00:26:27,440 --> 00:26:31,200
Speaker 2: themselves look all puffed up. Yeah, yeah, you know, it's

448
00:26:31,320 --> 00:26:33,320
Speaker 2: kind of like what a weak person does.

449
00:26:33,280 --> 00:26:36,119
Speaker 1: England when it's one hundred and what fifty nine thousand

450
00:26:36,160 --> 00:26:38,120
Speaker 1: active duty troops, A one hundred and eighty an thats

451
00:26:38,160 --> 00:26:38,679
Speaker 1: whatever it is.

452
00:26:38,840 --> 00:26:41,800
Speaker 2: Yeah, you know, there's been The military in Europe is

453
00:26:42,040 --> 00:26:45,880
Speaker 2: unfortunately a joke, and by the way, that was on purpose.

454
00:26:45,960 --> 00:26:49,159
Speaker 2: The whole point of NATO is to keep Europe down

455
00:26:49,440 --> 00:26:52,479
Speaker 2: and away from Russia, right and kind of under our thumb.

456
00:26:53,000 --> 00:26:55,639
Speaker 2: So I think they're sort of scrambling and realizing, oh

457
00:26:55,640 --> 00:26:58,119
Speaker 2: my god, you know, we're out here by ourselves and

458
00:26:58,160 --> 00:27:00,240
Speaker 2: we've got nothing, and so part of it's just they're

459
00:27:00,280 --> 00:27:02,760
Speaker 2: puffing themselves up, and you know, they want to keep

460
00:27:02,880 --> 00:27:05,560
Speaker 2: Ukraine in as long as possible to keep Russia distracted

461
00:27:05,640 --> 00:27:06,760
Speaker 2: and maybe.

462
00:27:06,440 --> 00:27:11,840
Speaker 1: And draining their which is ironic because you know, yes,

463
00:27:12,040 --> 00:27:15,880
Speaker 1: war drains commodity, but with one hundred and fifty million people, right,

464
00:27:15,920 --> 00:27:18,160
Speaker 1: and they have some type of reserve of another two

465
00:27:18,200 --> 00:27:21,440
Speaker 1: million if they needed. You know, what they're gaining is

466
00:27:21,440 --> 00:27:26,560
Speaker 1: is hardened war experience on the modern battlefield. And that's

467
00:27:26,720 --> 00:27:31,680
Speaker 1: the pivotal thing, right how I mean, obviously, I think

468
00:27:31,720 --> 00:27:33,919
Speaker 1: one of the funniest things about the whole thing was

469
00:27:33,960 --> 00:27:39,520
Speaker 1: that throughout this entire conflict, you know, the European Union

470
00:27:39,560 --> 00:27:43,520
Speaker 1: has been purchasing Russian oil, right, some ungodly amount of

471
00:27:43,560 --> 00:27:44,200
Speaker 1: Russian oil.

472
00:27:45,600 --> 00:27:46,400
Speaker 2: Two questions.

473
00:27:46,600 --> 00:27:51,880
Speaker 1: One, did Europe moving into the European Union make it

474
00:27:53,760 --> 00:27:59,040
Speaker 1: much more much stronger economically as a as a global power?

475
00:27:59,560 --> 00:28:00,919
Speaker 2: And then what.

476
00:28:02,600 --> 00:28:07,080
Speaker 1: Is transpiring you in terms of the individual countries and

477
00:28:07,119 --> 00:28:10,840
Speaker 1: their economies right now as a potential result of.

478
00:28:10,760 --> 00:28:14,040
Speaker 2: All this, Yeah, did it make Europe more powerful and

479
00:28:14,160 --> 00:28:17,240
Speaker 2: like a global scale? I think in some ways it did,

480
00:28:17,359 --> 00:28:20,840
Speaker 2: because you know, you can sort of speak from Brussels

481
00:28:20,840 --> 00:28:24,600
Speaker 2: as like one unit, okay, but at the same time

482
00:28:25,200 --> 00:28:30,080
Speaker 2: they've tied themselves all to this one currency and essentially

483
00:28:30,160 --> 00:28:33,440
Speaker 2: like a it's great for Germany. Right, So Germany gets

484
00:28:33,480 --> 00:28:36,360
Speaker 2: like a lower exchange rate because it's tied to Portugal

485
00:28:36,400 --> 00:28:38,680
Speaker 2: and Spain, but it's really bad for like Portugal and

486
00:28:38,760 --> 00:28:42,040
Speaker 2: Spain and Greece, right, And so I think for the

487
00:28:42,080 --> 00:28:45,760
Speaker 2: southern European states this has been probably not a good

488
00:28:45,760 --> 00:28:47,880
Speaker 2: deal at all, especially by the way what they did

489
00:28:47,880 --> 00:28:52,880
Speaker 2: to Greece during like the Greek bankruptcy. At the time,

490
00:28:52,920 --> 00:28:55,200
Speaker 2: I was sort of like, hey, these Greeks, like they're

491
00:28:55,240 --> 00:28:57,959
Speaker 2: not paying their bills whatever else. Right, I was very

492
00:28:58,000 --> 00:29:00,280
Speaker 2: much like, hey, Greece, you know, should have to deal

493
00:29:00,320 --> 00:29:03,280
Speaker 2: with their own problems. The more I researched into that,

494
00:29:03,320 --> 00:29:05,160
Speaker 2: you know, Greece had a worse recession than like the

495
00:29:05,160 --> 00:29:07,760
Speaker 2: Great Depression, and it's still not back to where it

496
00:29:07,920 --> 00:29:11,520
Speaker 2: was pre banking crisis. They basically threw Greece to the

497
00:29:11,560 --> 00:29:15,560
Speaker 2: wolves and like sold off its national assets. And listen,

498
00:29:16,240 --> 00:29:18,680
Speaker 2: if you can't pay your loan, that's partially your faults

499
00:29:20,040 --> 00:29:21,960
Speaker 2: at the scale of like a country, though that's part

500
00:29:22,000 --> 00:29:24,680
Speaker 2: of the bank, it's partially the banker's fault as well, right,

501
00:29:24,720 --> 00:29:26,960
Speaker 2: I think it's always the bankers. There should have been

502
00:29:27,080 --> 00:29:30,160
Speaker 2: massive right downs, They should have let Greece off the

503
00:29:30,200 --> 00:29:33,160
Speaker 2: hook on that, but they essentially threw them to the wolves.

504
00:29:33,880 --> 00:29:35,960
Speaker 2: And so I think it's been great for Germany. I

505
00:29:36,000 --> 00:29:38,800
Speaker 2: think the EU has been a big win for Germany,

506
00:29:39,040 --> 00:29:41,640
Speaker 2: maybe even for France. I think for the rest of

507
00:29:41,640 --> 00:29:45,600
Speaker 2: the countries probably not so much. And that's why you've seen,

508
00:29:46,520 --> 00:29:50,680
Speaker 2: you know, so much. I guess strife over like the

509
00:29:50,720 --> 00:29:53,800
Speaker 2: loss of sovereignty to Brussels, right, and this has mostly

510
00:29:53,840 --> 00:29:57,360
Speaker 2: been centered around immigration. It's the reason why Great Britain

511
00:29:57,480 --> 00:29:59,640
Speaker 2: left the I mean they were only in the trade Union,

512
00:29:59,680 --> 00:30:02,160
Speaker 2: they kept the pound. But you know, you also see

513
00:30:02,160 --> 00:30:08,200
Speaker 2: countries like Hungry, for example, Poland. These are essentially, you know,

514
00:30:08,560 --> 00:30:15,000
Speaker 2: countries that want to maintain like an ethnic you know, homogeny, right,

515
00:30:15,640 --> 00:30:18,080
Speaker 2: and they don't like the loss of sovereignty that they

516
00:30:18,080 --> 00:30:20,200
Speaker 2: were having to Brussels. And the idea was basically, hey,

517
00:30:20,240 --> 00:30:22,640
Speaker 2: let's just import a bunch of people in here, because

518
00:30:22,680 --> 00:30:26,440
Speaker 2: nobody's having kids from North Africa to work in the factories.

519
00:30:27,080 --> 00:30:28,720
Speaker 2: And obviously this has turned out to be kind of

520
00:30:28,760 --> 00:30:32,520
Speaker 2: a disaster. So I think generally, speaking of your Germany

521
00:30:32,600 --> 00:30:34,240
Speaker 2: and you want to sort of exert yourself on the

522
00:30:34,240 --> 00:30:36,719
Speaker 2: world stage or France, I think the EU is probably

523
00:30:36,720 --> 00:30:39,520
Speaker 2: a positive for the rest of the European States. I

524
00:30:39,560 --> 00:30:44,000
Speaker 2: think it's much more of a wash and probably leaning

525
00:30:44,000 --> 00:30:46,640
Speaker 2: more towards the negative. I mean, you don't have a

526
00:30:46,680 --> 00:30:50,920
Speaker 2: sovereign currency anymore. You've lost all your decision making to Brussels.

527
00:30:51,440 --> 00:30:52,600
Speaker 2: You know, at the end of the day, Like how

528
00:30:52,680 --> 00:30:56,800
Speaker 2: much power does Belgium have the Belgian people, You don't matter.

529
00:30:56,960 --> 00:31:00,240
Speaker 2: It's like, you know in the United States, where kind

530
00:31:00,240 --> 00:31:02,120
Speaker 2: of are like the European Union in a way, right,

531
00:31:02,200 --> 00:31:04,880
Speaker 2: and you have this problem of like people don't feel

532
00:31:04,920 --> 00:31:07,000
Speaker 2: like they have a lot of sovereignty.

533
00:31:07,480 --> 00:31:11,000
Speaker 1: Well, I heard a great analysis on it yes yesterday.

534
00:31:11,760 --> 00:31:14,880
Speaker 1: I heard someone say, well, you know, the United States

535
00:31:14,960 --> 00:31:19,480
Speaker 1: is essentially its own empire, right. We have all these

536
00:31:19,480 --> 00:31:23,960
Speaker 1: different you know, sects of people, all these different this

537
00:31:24,160 --> 00:31:30,560
Speaker 1: mass land area, all these different you know, resources, capabilities, production.

538
00:31:31,400 --> 00:31:35,480
Speaker 1: We're essentially our own empire contained here. And and that's

539
00:31:35,800 --> 00:31:39,880
Speaker 1: what the European Union was intending to do. However, they

540
00:31:39,920 --> 00:31:45,960
Speaker 1: haven't been able to really leverage that collectivisation because I think,

541
00:31:46,280 --> 00:31:49,719
Speaker 1: you know, fundamentally, each one of these countries are so

542
00:31:49,960 --> 00:31:55,720
Speaker 1: radically independent in their sovereignty that there's an automatic conflict

543
00:31:55,760 --> 00:31:58,080
Speaker 1: of interest going on across each one of them.

544
00:31:58,160 --> 00:32:00,880
Speaker 2: Yeah, there's so many distinct cultures in your I mean,

545
00:32:00,920 --> 00:32:03,240
Speaker 2: you get on a train and you ride for two hours,

546
00:32:03,280 --> 00:32:05,200
Speaker 2: and you're in a different place, of the different language,

547
00:32:05,200 --> 00:32:08,560
Speaker 2: with a different distinct culture. That's five hundred, one thousand

548
00:32:08,600 --> 00:32:10,800
Speaker 2: years old. And I think one of the reasons why

549
00:32:10,800 --> 00:32:14,080
Speaker 2: the United States became an empire right as we basically

550
00:32:14,120 --> 00:32:17,760
Speaker 2: as the country was formed, had like a monoculture of

551
00:32:17,840 --> 00:32:23,680
Speaker 2: like Protestant sort of white Anglo Saxon Christian people coming

552
00:32:23,720 --> 00:32:26,960
Speaker 2: over here. You had in the Irish and their Catholic right,

553
00:32:27,080 --> 00:32:31,360
Speaker 2: you add in like the Italians or whatever, but generally speaking,

554
00:32:31,400 --> 00:32:34,400
Speaker 2: it was a very homogeneous culture. And then we were

555
00:32:34,480 --> 00:32:36,800
Speaker 2: forging the fire of the Indian Wars. For like one

556
00:32:36,880 --> 00:32:40,640
Speaker 2: hundred years, we fought the Indians and took this entire continent.

557
00:32:40,920 --> 00:32:42,800
Speaker 2: And then as soon as that's over, it's like, hey,

558
00:32:42,800 --> 00:32:45,080
Speaker 2: we beat Spain in the Spanish American War in like

559
00:32:45,280 --> 00:32:49,920
Speaker 2: three weeks or something, right, and San Juan Hill and

560
00:32:49,960 --> 00:32:51,800
Speaker 2: all that, but we destroyed their navy in like two

561
00:32:52,000 --> 00:32:54,360
Speaker 2: three weeks. And then after that it's like we go

562
00:32:54,400 --> 00:32:58,280
Speaker 2: to World War One. You got basically an entire army

563
00:32:58,320 --> 00:33:01,720
Speaker 2: of like cowboys that have spent a generation or two

564
00:33:01,760 --> 00:33:06,440
Speaker 2: generations in like the hardest conditions in the world fighting Indians.

565
00:33:06,760 --> 00:33:08,240
Speaker 2: It's like, we show up in Europe and.

566
00:33:09,160 --> 00:33:14,720
Speaker 1: No dog's That's one of my favorite stories from World

567
00:33:14,720 --> 00:33:19,000
Speaker 1: War One was, you know, when the Marines hit what

568
00:33:19,160 --> 00:33:23,440
Speaker 1: was it, Bello bello, bello, bellowood right, and just the

569
00:33:23,440 --> 00:33:27,959
Speaker 1: ferocity with which they just again they were fighting a starving.

570
00:33:28,200 --> 00:33:30,160
Speaker 2: But the German, what is going on?

571
00:33:31,160 --> 00:33:33,360
Speaker 1: The French, the English were like, oh my god, you know,

572
00:33:33,520 --> 00:33:35,440
Speaker 1: it's literally was cowboys showing up.

573
00:33:35,600 --> 00:33:38,560
Speaker 2: I mean, that's like the reality. And so I think

574
00:33:38,600 --> 00:33:41,080
Speaker 2: one of the problems that Europe is having right now

575
00:33:41,120 --> 00:33:43,400
Speaker 2: with all this like we have all this these different

576
00:33:43,400 --> 00:33:45,680
Speaker 2: cultures and how do we keep them all together right

577
00:33:45,880 --> 00:33:48,200
Speaker 2: and like a unified thing, and they've never been able

578
00:33:48,200 --> 00:33:50,760
Speaker 2: to make it work right. You're not seeing like the

579
00:33:50,880 --> 00:33:53,280
Speaker 2: United States have this happened in the reverse way, where

580
00:33:53,280 --> 00:33:56,120
Speaker 2: we just had so much immigration from so many different

581
00:33:56,160 --> 00:33:59,920
Speaker 2: cultures so quickly without any of it being like digested

582
00:34:00,040 --> 00:34:02,640
Speaker 2: by the system or any even being you know, sort

583
00:34:02,640 --> 00:34:05,360
Speaker 2: of like assimilated, and we don't really have like a

584
00:34:06,640 --> 00:34:10,400
Speaker 2: unified like I don't know, like cultural identity here anymore.

585
00:34:10,760 --> 00:34:12,880
Speaker 2: That the United States is not starting to break apart

586
00:34:12,920 --> 00:34:15,400
Speaker 2: from the inside, right, like the cracks are forming, because

587
00:34:15,800 --> 00:34:18,440
Speaker 2: now you have all these distinct cultures and so it's

588
00:34:18,480 --> 00:34:20,640
Speaker 2: hard to keep that all together without like a national

589
00:34:20,760 --> 00:34:22,800
Speaker 2: identity that's consistent. I agree.

590
00:34:22,880 --> 00:34:25,120
Speaker 1: Yeah, all right, let's do kind of this loop down.

591
00:34:25,560 --> 00:34:32,759
Speaker 1: We've been seeing a tremendous amount of investment we'll call it,

592
00:34:33,120 --> 00:34:37,720
Speaker 1: to what degree that's going to emerge or or actually

593
00:34:37,800 --> 00:34:42,880
Speaker 1: translate into jobs and profits for America from the Middle East,

594
00:34:43,080 --> 00:34:48,200
Speaker 1: right from you know, Qatar, from all those Middle Eastern countries,

595
00:34:48,239 --> 00:34:51,040
Speaker 1: they're putting trement. I just saw, you know, a few

596
00:34:51,160 --> 00:34:54,120
Speaker 1: about a month ago, there was a huge economic symposium

597
00:34:54,120 --> 00:34:56,959
Speaker 1: down in Miami, and all these Middle Eastern countries were

598
00:34:57,480 --> 00:34:59,359
Speaker 1: wanting to come in and dedicate. I mean, they're buying

599
00:34:59,440 --> 00:35:02,200
Speaker 1: up real estate. You know, they're making these huge investments.

600
00:35:03,520 --> 00:35:07,760
Speaker 1: What's your impression of why they're doing this? And then

601
00:35:08,000 --> 00:35:11,200
Speaker 1: how is it going to impact the American economy?

602
00:35:12,719 --> 00:35:15,319
Speaker 2: And then and then you know, once we get through that,

603
00:35:15,360 --> 00:35:17,960
Speaker 2: we'll come and we'll finish with the America's economy. Yeah.

604
00:35:18,000 --> 00:35:20,520
Speaker 2: So I think it's it's twofold, okay. And on one hand,

605
00:35:20,560 --> 00:35:23,520
Speaker 2: you have basically the United States over the past let's

606
00:35:23,560 --> 00:35:26,319
Speaker 2: say twenty years or so, going from being a net

607
00:35:26,360 --> 00:35:28,800
Speaker 2: importer of energy and not producing a lot of oil

608
00:35:28,800 --> 00:35:30,759
Speaker 2: and natural gas and now being the biggest producer of

609
00:35:30,760 --> 00:35:33,799
Speaker 2: oil and natural gas in the world because of hydraulic fracturing. Right.

610
00:35:33,960 --> 00:35:36,040
Speaker 2: So essentially what that did is it broke like the

611
00:35:36,080 --> 00:35:40,400
Speaker 2: OPEC oil monopoly and made us like a new swing

612
00:35:40,400 --> 00:35:43,160
Speaker 2: producer in the world. And so I think in the

613
00:35:43,239 --> 00:35:46,879
Speaker 2: Middle East, these people look at that situation and say, hey,

614
00:35:47,600 --> 00:35:50,400
Speaker 2: we can't just be dependent on like oil revenue alone

615
00:35:50,719 --> 00:35:53,520
Speaker 2: for the foreseeable future, right, we need to have more

616
00:35:53,719 --> 00:35:55,880
Speaker 2: links to like the United States, more links to this

617
00:35:56,239 --> 00:35:59,120
Speaker 2: like the Imperial core than we have in the past.

618
00:35:59,520 --> 00:36:04,040
Speaker 2: And so they're trying to diversify into entertainment, into technology

619
00:36:04,160 --> 00:36:07,919
Speaker 2: and to AI and all kinds of defense. Right, get

620
00:36:07,960 --> 00:36:11,600
Speaker 2: on our side in like the Middle East more, you know,

621
00:36:11,960 --> 00:36:14,600
Speaker 2: unify with Israel if you're Saudi Arabia, right, get them

622
00:36:14,680 --> 00:36:18,719
Speaker 2: kind of on your side versus Iran. So that's part

623
00:36:18,719 --> 00:36:20,440
Speaker 2: of it, is just like the oil monopoly kind of

624
00:36:20,440 --> 00:36:23,879
Speaker 2: got broken, and they're scrambling to maintain relevance and sort

625
00:36:23,920 --> 00:36:27,759
Speaker 2: of diversify their investment portfolio. The other side of it.

626
00:36:28,200 --> 00:36:30,680
Speaker 2: And this is really more of a broad point, okay,

627
00:36:30,800 --> 00:36:34,000
Speaker 2: is it's about trade deficits because when you have a

628
00:36:34,080 --> 00:36:36,359
Speaker 2: trade deficit, so the United States, I think our trade

629
00:36:36,400 --> 00:36:38,600
Speaker 2: deficit annually is like a trillion dollars. Okay, we buy

630
00:36:38,600 --> 00:36:40,600
Speaker 2: a trillion dollars more from other countries than they buy

631
00:36:40,600 --> 00:36:45,000
Speaker 2: from us. When that happens, Like if you read a

632
00:36:45,040 --> 00:36:47,840
Speaker 2: textbook from like the nineteen eighties or the nineteen nineties

633
00:36:47,840 --> 00:36:50,520
Speaker 2: about it, it'll say like, hey, trade deficits are good

634
00:36:50,680 --> 00:36:53,799
Speaker 2: because you know, we get stuff they worked hard to make,

635
00:36:54,440 --> 00:36:57,440
Speaker 2: and you know, we just give them dollars that we printed, right,

636
00:36:57,520 --> 00:37:00,359
Speaker 2: So it's a huge win for us. Right, But that's

637
00:37:00,400 --> 00:37:04,880
Speaker 2: not true that that's always been kind of a misleading

638
00:37:05,400 --> 00:37:08,640
Speaker 2: sort of half truth, okay, because we don't give them dollars,

639
00:37:09,040 --> 00:37:11,920
Speaker 2: we give them ownership of national assets. That's what a

640
00:37:11,960 --> 00:37:15,279
Speaker 2: trade devisit is, right, the dollars go abroad. They don't

641
00:37:15,280 --> 00:37:16,719
Speaker 2: just sit there, They don't just stand with their one

642
00:37:16,760 --> 00:37:20,839
Speaker 2: hundred dollars bills, right, They take the dollars and they

643
00:37:20,920 --> 00:37:23,480
Speaker 2: use them to buy assets in the United States. Right,

644
00:37:23,560 --> 00:37:25,600
Speaker 2: So that could be the S and P five hundred,

645
00:37:26,120 --> 00:37:29,080
Speaker 2: that could be farmland next to a military base. That

646
00:37:29,120 --> 00:37:33,399
Speaker 2: could be members of Congress right, or lobbying firms in Washington, DC.

647
00:37:34,360 --> 00:37:39,080
Speaker 2: Or you know, it could be institutions universities right, institutions universities,

648
00:37:39,600 --> 00:37:42,960
Speaker 2: Or that could be single family homes in America. Blackrock

649
00:37:43,080 --> 00:37:46,040
Speaker 2: is a big player in that space. Or it could

650
00:37:46,080 --> 00:37:48,520
Speaker 2: be you know, hey, we're going to build a factory

651
00:37:48,520 --> 00:37:52,120
Speaker 2: in the US. Right. So when you hear about like

652
00:37:52,120 --> 00:37:55,400
Speaker 2: FEI indirect investment, that's another argument is like, hey, trillion

653
00:37:55,400 --> 00:37:56,879
Speaker 2: dollars go broad, but they just come back as four

654
00:37:56,960 --> 00:38:01,440
Speaker 2: indirect investment. Again, it's a half truth because most of

655
00:38:01,480 --> 00:38:04,359
Speaker 2: what foreign direct investment is, or traditionally has been over

656
00:38:04,360 --> 00:38:07,160
Speaker 2: the past thirty years, is just I take my dollars

657
00:38:07,160 --> 00:38:09,400
Speaker 2: and I buy an asset from you. So all that

658
00:38:09,440 --> 00:38:12,640
Speaker 2: happens is like paper changes hands and the asset goes

659
00:38:12,719 --> 00:38:15,960
Speaker 2: up in value. So the same real estate still exists,

660
00:38:16,320 --> 00:38:18,560
Speaker 2: it's just worth more. Got it. Now, what's starting to

661
00:38:18,560 --> 00:38:22,400
Speaker 2: happen is the for indirect investment is actual like physical capex,

662
00:38:23,000 --> 00:38:26,880
Speaker 2: like production capacity happening in the United States. So I

663
00:38:26,880 --> 00:38:29,840
Speaker 2: think it's a good thing. I mean, listen, if Saudi

664
00:38:29,880 --> 00:38:34,080
Speaker 2: Arabia owns a semiconductor factory or like a pharmaceutical facility

665
00:38:34,160 --> 00:38:36,640
Speaker 2: or something. I have no issue with that at all, honestly,

666
00:38:36,680 --> 00:38:40,719
Speaker 2: as long it's as it's domestic, because in a bad situation,

667
00:38:41,400 --> 00:38:44,120
Speaker 2: that gives us a lot of leverage in this country sure,

668
00:38:44,480 --> 00:38:47,400
Speaker 2: and keeps people on our side. If Saudi Arabia owns

669
00:38:47,560 --> 00:38:52,319
Speaker 2: a pharmaceutical facility in Doha or in you know, in

670
00:38:52,840 --> 00:38:56,360
Speaker 2: riod or whatever, and they just import pharmaceuticals into the

671
00:38:56,440 --> 00:38:59,640
Speaker 2: United States, that's not as good for us, right, So

672
00:38:59,800 --> 00:39:03,319
Speaker 2: I think having the plant equipment domestic is a positive thing.

673
00:39:03,600 --> 00:39:06,640
Speaker 1: Good good and we I mean, I think the two

674
00:39:06,719 --> 00:39:10,279
Speaker 1: prior times first show that one of everybody's favorites was

675
00:39:10,320 --> 00:39:13,120
Speaker 1: of obviously the teriff launch back in the day everybody's

676
00:39:13,160 --> 00:39:16,200
Speaker 1: freaking out. And then the second one was just the

677
00:39:16,200 --> 00:39:20,799
Speaker 1: the impact of reindustrialization. And so as we're seeing this,

678
00:39:21,400 --> 00:39:23,840
Speaker 1: you know, I think a lot of people are like,

679
00:39:24,000 --> 00:39:28,160
Speaker 1: all right, Trump is really you know, he's spout and

680
00:39:28,160 --> 00:39:30,560
Speaker 1: he's you know, patting himself on the back, taking his

681
00:39:30,680 --> 00:39:32,920
Speaker 1: victory lap this at the end of the year, with

682
00:39:33,520 --> 00:39:37,040
Speaker 1: how strong the US economy is and how much he's

683
00:39:37,120 --> 00:39:41,680
Speaker 1: kicked ass and how how he's shifted the consensus of

684
00:39:41,719 --> 00:39:44,040
Speaker 1: the world to want to reinvest in America in a

685
00:39:44,040 --> 00:39:47,960
Speaker 1: big way. But yet we also still hear, you know,

686
00:39:48,280 --> 00:39:53,440
Speaker 1: the horror stories of your generation and their inability to

687
00:39:53,440 --> 00:39:56,399
Speaker 1: buy homes, and you know, and the whole thing.

688
00:39:56,440 --> 00:39:58,120
Speaker 2: I mean, it's just a repetitive cycle.

689
00:39:58,160 --> 00:40:02,040
Speaker 1: And I and and as many I think correct pundits

690
00:40:02,040 --> 00:40:06,400
Speaker 1: have evaluated, this is the reason for a Mundani getting elected.

691
00:40:06,440 --> 00:40:10,000
Speaker 1: This is the reason for a Democratic mayor getting elected

692
00:40:10,080 --> 00:40:14,000
Speaker 1: in Miami Beach for the first time in thirty nine years.

693
00:40:15,040 --> 00:40:19,719
Speaker 1: What's your assessment of currently where we're at in the economy.

694
00:40:19,840 --> 00:40:24,040
Speaker 1: Is Trump's economic plan working? And then what's the truth

695
00:40:24,239 --> 00:40:28,759
Speaker 1: about you know, regular folks trying to eke out a

696
00:40:28,800 --> 00:40:29,359
Speaker 1: live in here.

697
00:40:29,719 --> 00:40:33,960
Speaker 2: Yeah, so listen. I will give Donald Trump credit on

698
00:40:34,120 --> 00:40:36,560
Speaker 2: reshoring to a certain extent. Okay, I think he did

699
00:40:36,680 --> 00:40:40,480
Speaker 2: popularize this issue in his first term in office. Then

700
00:40:40,520 --> 00:40:43,080
Speaker 2: what really made this takeoff is not Donald Trump. It

701
00:40:43,160 --> 00:40:47,120
Speaker 2: was COVID, Okay, because COVID changed the status quo around

702
00:40:47,200 --> 00:40:50,640
Speaker 2: free trade and globalization in Washington, d C. Didn't matter

703
00:40:50,680 --> 00:40:52,440
Speaker 2: who you voted for, you couldn't buy toilet paper and

704
00:40:52,520 --> 00:40:55,759
Speaker 2: baby formula. So everybody got on board. And I think

705
00:40:55,840 --> 00:40:59,759
Speaker 2: what's really Trump's biggest legacy to me at least, is

706
00:40:59,800 --> 00:41:03,279
Speaker 2: that he's completely shifted the Overton window around globalization. Now,

707
00:41:03,360 --> 00:41:06,240
Speaker 2: if you look like the Democratic Party, they basically agree

708
00:41:06,280 --> 00:41:10,600
Speaker 2: with them. They've just given they've completely seated that issue

709
00:41:10,640 --> 00:41:12,920
Speaker 2: and they totally agree with them. So I think he

710
00:41:13,000 --> 00:41:15,919
Speaker 2: deserves a lot of credit on that front. Okay, as

711
00:41:15,960 --> 00:41:21,400
Speaker 2: of this second term, Listen, I'm in supportive of certain tariffs. Personally,

712
00:41:21,960 --> 00:41:24,000
Speaker 2: I think he's been way too ad hoc and chaotic

713
00:41:24,040 --> 00:41:26,480
Speaker 2: about this whole thing. You can't just slap tariffs on

714
00:41:26,560 --> 00:41:28,840
Speaker 2: pull them off, you know, putting in a tariff on

715
00:41:28,840 --> 00:41:31,399
Speaker 2: Canada because of a TV commercial. That's the reason why

716
00:41:31,400 --> 00:41:33,600
Speaker 2: they're in the Supreme Court. It's getting challenged, right, So

717
00:41:34,120 --> 00:41:35,880
Speaker 2: I think teriffs need to be targeted. I think they

718
00:41:35,880 --> 00:41:37,680
Speaker 2: need to be consistent, and there needs to be like

719
00:41:37,719 --> 00:41:41,360
Speaker 2: a you know, a vision behind them, right, And so

720
00:41:42,120 --> 00:41:43,480
Speaker 2: I think tariffs are going to be around for a

721
00:41:43,520 --> 00:41:46,320
Speaker 2: long time. I think that this big increase in tariffs

722
00:41:46,360 --> 00:41:49,799
Speaker 2: that Trump basically did during Liberation Day, most of them

723
00:41:49,840 --> 00:41:51,439
Speaker 2: are going to remain in place. They're going to bring

724
00:41:51,440 --> 00:41:54,400
Speaker 2: a lot of revenue into the treasury going forward consistently.

725
00:41:55,040 --> 00:41:57,239
Speaker 2: And so I think he shifted the Overton window and

726
00:41:57,480 --> 00:42:01,040
Speaker 2: I think there are positives to tariffs. Okay, now that

727
00:42:01,120 --> 00:42:05,239
Speaker 2: all being said, I think he's managed this all very poorly. Right,

728
00:42:05,520 --> 00:42:09,080
Speaker 2: As I mentioned, it's been very chaotic the revenue from tariffs. Okay,

729
00:42:09,920 --> 00:42:11,719
Speaker 2: they have no plan for this revenue. And we're talking

730
00:42:11,719 --> 00:42:15,080
Speaker 2: about three hundred billion dollars a year. Right. They should

731
00:42:15,160 --> 00:42:17,600
Speaker 2: earmark every single dollar that comes into the treasury from

732
00:42:17,680 --> 00:42:21,120
Speaker 2: tariffs for like infrastructure modernization and other types of like

733
00:42:21,160 --> 00:42:25,360
Speaker 2: industrial policy investments. So I'm gonna invest in Intel and

734
00:42:25,400 --> 00:42:27,920
Speaker 2: take an equity stake. I'm gonna invest in this rare

735
00:42:27,960 --> 00:42:30,400
Speaker 2: earth element mining company and take an equity stake. That

736
00:42:30,440 --> 00:42:31,920
Speaker 2: should just be tariff money going into that.

737
00:42:32,080 --> 00:42:34,640
Speaker 1: You think the government should take an active stake in

738
00:42:34,680 --> 00:42:35,480
Speaker 1: these companies.

739
00:42:35,600 --> 00:42:37,960
Speaker 2: I think they're going to. And I think there's nothing

740
00:42:38,000 --> 00:42:40,560
Speaker 2: really new about this. They did this with the automakers

741
00:42:40,640 --> 00:42:43,239
Speaker 2: during two thousand and eight, two thousand and nine, right,

742
00:42:43,280 --> 00:42:47,719
Speaker 2: and I think that the situation is relatively dire, and

743
00:42:47,800 --> 00:42:50,520
Speaker 2: so listen, if they're going to invest and make money

744
00:42:50,520 --> 00:42:53,839
Speaker 2: off of these investments, I think that's a fine thing

745
00:42:54,280 --> 00:42:56,400
Speaker 2: for the taxpayer, and they should just use the tariff

746
00:42:56,440 --> 00:42:58,880
Speaker 2: revenue for all of this. Why do you say dire.

747
00:42:59,600 --> 00:43:02,719
Speaker 2: It's because there's certain key elements of supply chains we

748
00:43:02,760 --> 00:43:05,359
Speaker 2: have no control over. Rarest elements are like the most

749
00:43:05,400 --> 00:43:06,200
Speaker 2: recent ones. Yeah.

750
00:43:06,239 --> 00:43:11,040
Speaker 1: I've got some friends that are part of an organization

751
00:43:11,200 --> 00:43:19,759
Speaker 1: that tries to coordinate agreements within the US government, private companies,

752
00:43:19,840 --> 00:43:22,880
Speaker 1: mining companies, and foreign countries to put them together to

753
00:43:22,920 --> 00:43:27,759
Speaker 1: be able to for the US to exploit those rare

754
00:43:27,840 --> 00:43:30,920
Speaker 1: earth to bring some of the ninety three percent that

755
00:43:31,040 --> 00:43:34,440
Speaker 1: China dominates the world and over back to US a

756
00:43:34,880 --> 00:43:36,200
Speaker 1: national security perspective.

757
00:43:36,600 --> 00:43:38,919
Speaker 2: Yeah, so I think that's a dire situation that needs

758
00:43:38,960 --> 00:43:42,360
Speaker 2: to be rectified. And like I'm I'm generally speaking like

759
00:43:42,400 --> 00:43:45,520
Speaker 2: a libertarian person, Okay, but I think the reality is

760
00:43:45,560 --> 00:43:49,280
Speaker 2: that COVID exposed a huge problem in the United States,

761
00:43:49,840 --> 00:43:52,719
Speaker 2: and the problem is that thirty years of globalization, especially

762
00:43:53,040 --> 00:43:55,239
Speaker 2: post collapse of the Civiet Union, there is basically no

763
00:43:55,480 --> 00:43:59,719
Speaker 2: justification for unilaterally low tariff barriers. I think we gave

764
00:43:59,760 --> 00:44:03,400
Speaker 2: away the farm to other countries because it benefited you know,

765
00:44:03,520 --> 00:44:05,560
Speaker 2: one percent of people in the country, and we sold

766
00:44:05,560 --> 00:44:08,320
Speaker 2: out the middle class. And you know, there's this really

767
00:44:08,320 --> 00:44:14,239
Speaker 2: interesting paradox when it comes to economic freedom, Okay, and

768
00:44:14,400 --> 00:44:16,719
Speaker 2: the paradox is that when you have a lot of

769
00:44:16,800 --> 00:44:21,200
Speaker 2: economic freedom internationally, it leads to less economic freedom domestically

770
00:44:21,400 --> 00:44:24,719
Speaker 2: and vice versa. Right, So the United States, starting as

771
00:44:24,719 --> 00:44:29,400
Speaker 2: a country, lots of economic freedom domestically, internationally, high tariff

772
00:44:29,440 --> 00:44:33,360
Speaker 2: barriers keep England out like this is our continent, stay away.

773
00:44:34,200 --> 00:44:38,239
Speaker 2: We did not have a libertarian economic policy internationally at all,

774
00:44:38,360 --> 00:44:41,360
Speaker 2: and it led to the most free, prosperous nation in

775
00:44:41,400 --> 00:44:44,840
Speaker 2: the world because it created a very strong, fast growing

776
00:44:44,880 --> 00:44:48,080
Speaker 2: like middle class. And to have like a democracy that thrives,

777
00:44:48,120 --> 00:44:51,760
Speaker 2: you need broad representation. You need people that are paying attention,

778
00:44:51,880 --> 00:44:54,040
Speaker 2: that are invested. If you have a bunch of people

779
00:44:54,040 --> 00:44:56,880
Speaker 2: that don't own assets, and we'll get into that shortly,

780
00:44:57,440 --> 00:44:59,279
Speaker 2: you know, they have no stake in the future and

781
00:44:59,680 --> 00:45:02,239
Speaker 2: they just become demoralized and don't want to participate. And

782
00:45:02,280 --> 00:45:05,520
Speaker 2: so you need a kind of a broad middle class

783
00:45:05,960 --> 00:45:10,040
Speaker 2: to generate like a consistent, self renewing republic. And I

784
00:45:10,080 --> 00:45:13,280
Speaker 2: think the way you do that is, you know, internationally,

785
00:45:13,960 --> 00:45:17,640
Speaker 2: economic freedom is not the priority. Domestically, economic freedom is

786
00:45:17,640 --> 00:45:20,440
Speaker 2: the priority, and you have what we have, which is globalization,

787
00:45:20,480 --> 00:45:24,439
Speaker 2: in my opinion, created this huge stratification and wealth all.

788
00:45:24,520 --> 00:45:27,960
Speaker 2: You know, one percent of people have all the money. Well,

789
00:45:28,000 --> 00:45:29,640
Speaker 2: when they have all the money, they're going to use

790
00:45:29,680 --> 00:45:32,280
Speaker 2: it to lobby the government. The only people they really

791
00:45:32,320 --> 00:45:34,880
Speaker 2: have any kind of like cultural affinity with are elites

792
00:45:34,880 --> 00:45:37,960
Speaker 2: from other countries because they're just traveling to Europe and

793
00:45:38,000 --> 00:45:40,160
Speaker 2: they're traveling all over the world. They're not like in

794
00:45:40,200 --> 00:45:43,279
Speaker 2: their hometown at all. And so it creates this like

795
00:45:44,239 --> 00:45:49,000
Speaker 2: super like national class of people that are sort of

796
00:45:49,160 --> 00:45:52,560
Speaker 2: like untethered and that really only have like affinity for

797
00:45:52,600 --> 00:45:55,680
Speaker 2: each other. And I think it's a huge problem, and

798
00:45:55,760 --> 00:45:58,840
Speaker 2: it's led to us importing a lot of like Chinese

799
00:45:58,840 --> 00:46:02,120
Speaker 2: style likes, you know, censorship into the United States. How

800
00:46:02,120 --> 00:46:05,200
Speaker 2: do we keep these you know, these pearls, these peasants

801
00:46:05,239 --> 00:46:08,120
Speaker 2: from rebelling, you know, when the idea should be, hey,

802
00:46:08,160 --> 00:46:10,719
Speaker 2: how do we make our own country people feel appreciated

803
00:46:10,760 --> 00:46:13,000
Speaker 2: and part of like a greater collective that maybe I'm

804
00:46:13,160 --> 00:46:16,400
Speaker 2: I'm leading here. Right, there's no no bless obleege with

805
00:46:16,480 --> 00:46:19,800
Speaker 2: the ruling class in the America or really anywhere else anymore.

806
00:46:19,880 --> 00:46:23,200
Speaker 2: So there's a paradox of freedom. And I think we

807
00:46:23,239 --> 00:46:27,920
Speaker 2: should go away from international economic freedom towards national economic

808
00:46:28,040 --> 00:46:32,680
Speaker 2: freedom and focus on, you know, the domestic people in America.

809
00:46:32,840 --> 00:46:34,880
Speaker 2: I think that's like the ideal way to do things.

810
00:46:36,320 --> 00:46:39,680
Speaker 2: But Okay, all that being said, we'll talk about asset

811
00:46:39,719 --> 00:46:42,560
Speaker 2: holders in a second. The United States economy. Okay, Donald

812
00:46:42,560 --> 00:46:46,440
Speaker 2: Trump is bragging about the US economy and like, listen,

813
00:46:46,480 --> 00:46:50,440
Speaker 2: on the surface, like the economy is doing fine. I

814
00:46:50,480 --> 00:46:52,920
Speaker 2: think like the jobs numbers we've gotten now after the

815
00:46:52,960 --> 00:46:56,880
Speaker 2: government has reopened, shows the labor markets adding seventy thousand

816
00:46:56,960 --> 00:46:59,359
Speaker 2: jobs a month. That's slower than last year, but it's

817
00:46:59,360 --> 00:47:01,880
Speaker 2: really slower because we cracked down on illegal immigration heavily.

818
00:47:02,760 --> 00:47:05,800
Speaker 2: We've laid off three hundred thousand government employees in the

819
00:47:05,880 --> 00:47:10,200
Speaker 2: United States. That's a policy choice. So it decreases jobs,

820
00:47:10,320 --> 00:47:13,720
Speaker 2: right or job growth on net, But it's a policy choice,

821
00:47:13,760 --> 00:47:15,960
Speaker 2: and that's what Donald Trump got elected on and I

822
00:47:16,000 --> 00:47:18,120
Speaker 2: personally agree with it. Yeah, I think the federal government

823
00:47:18,160 --> 00:47:20,840
Speaker 2: was bloated, and then you've got like AI is having

824
00:47:20,920 --> 00:47:24,480
Speaker 2: a marginal effect I think as well. Right, so, hey,

825
00:47:24,600 --> 00:47:28,359
Speaker 2: job markets slowed down, but consumer spending remains strong. And

826
00:47:28,680 --> 00:47:31,040
Speaker 2: at the same time, you have this massive cap X boom, right,

827
00:47:31,080 --> 00:47:33,800
Speaker 2: all the investment in plan equipment happening in the United States,

828
00:47:33,800 --> 00:47:36,560
Speaker 2: which I do think Donald Trump deserves some credit for

829
00:47:37,200 --> 00:47:39,320
Speaker 2: and so the combination of those two things means GDP

830
00:47:39,480 --> 00:47:43,280
Speaker 2: is growing either way. Okay. I think the most interesting

831
00:47:43,360 --> 00:47:46,680
Speaker 2: question here, and one that you've alluded to, is why

832
00:47:46,760 --> 00:47:51,600
Speaker 2: has consumer spending remains so strong because the labor market,

833
00:47:51,600 --> 00:47:54,000
Speaker 2: as I mentioned, is slowing down. I think there's basically

834
00:47:54,000 --> 00:47:56,600
Speaker 2: no argument against that. I think the economy is going

835
00:47:56,640 --> 00:48:00,200
Speaker 2: to continue to grow, probably next year. I'll tell you

836
00:48:00,239 --> 00:48:04,680
Speaker 2: maybe a reason why that could change, but consumer spending

837
00:48:04,719 --> 00:48:08,160
Speaker 2: is gonna hold up. And the reason why is and

838
00:48:08,160 --> 00:48:10,680
Speaker 2: this gets to the asset owner problem we have in

839
00:48:10,760 --> 00:48:13,640
Speaker 2: the United States. My whole career, I was always told

840
00:48:13,640 --> 00:48:16,440
Speaker 2: to watch people thirty to fifty four years old, okay,

841
00:48:16,480 --> 00:48:19,840
Speaker 2: because they're the biggest producer and consumer demograph. Right. They're working,

842
00:48:19,880 --> 00:48:22,160
Speaker 2: they're starting families, they're buying houses, they're buying cars, they're

843
00:48:22,160 --> 00:48:26,040
Speaker 2: buying appliances. Right. They're the engine of the US economy

844
00:48:26,239 --> 00:48:29,080
Speaker 2: because they produce a lot, but they also consume a lot.

845
00:48:29,719 --> 00:48:32,440
Speaker 2: And you know, they have kids and they spur the

846
00:48:32,480 --> 00:48:37,080
Speaker 2: economy forward. Right. What's happened recently in the United States?

847
00:48:37,280 --> 00:48:39,759
Speaker 2: And I guess it started really ten years ago, but

848
00:48:39,880 --> 00:48:42,160
Speaker 2: as of twenty twenty two, thirty to fifty four year

849
00:48:42,160 --> 00:48:44,319
Speaker 2: olds are not the biggest consumer demographic in the United

850
00:48:44,360 --> 00:48:47,560
Speaker 2: States anymore. Today, the biggest consumer demographic in the United

851
00:48:47,600 --> 00:48:51,920
Speaker 2: States is people sixty five years or older. It's retired people. Well, okay,

852
00:48:52,480 --> 00:48:56,160
Speaker 2: and that's never happened before in the United States, and

853
00:48:56,960 --> 00:48:59,920
Speaker 2: I don't think ever before in world history. Right, Like,

854
00:49:00,200 --> 00:49:02,920
Speaker 2: you retire, you kind of step back a little bit.

855
00:49:04,360 --> 00:49:06,200
Speaker 2: You're on a fixed income or you have to you know,

856
00:49:06,239 --> 00:49:07,920
Speaker 2: your savings that you have to deal with, so you

857
00:49:07,920 --> 00:49:11,239
Speaker 2: have to be a little bit more prudent. Right today,

858
00:49:11,960 --> 00:49:16,719
Speaker 2: the baby boomers have massively benefited from the asset boom

859
00:49:16,719 --> 00:49:20,360
Speaker 2: that's happened during globalization. Houses have gone way up in value,

860
00:49:21,560 --> 00:49:26,680
Speaker 2: tax advantage, savings accounts, brokerage accounts, all these different things.

861
00:49:26,680 --> 00:49:29,400
Speaker 2: They're in charge of the government, right, okay, And so

862
00:49:29,480 --> 00:49:30,760
Speaker 2: they have a lot of money to spend.

863
00:49:30,800 --> 00:49:34,600
Speaker 1: How much how much how many total assets or their

864
00:49:34,719 --> 00:49:38,000
Speaker 1: net worth? Does the boomer sixty five and over a

865
00:49:38,080 --> 00:49:40,880
Speaker 1: tribute for the economy, for the markets?

866
00:49:42,000 --> 00:49:44,960
Speaker 2: How big is that? I mean, they're twenty two percent

867
00:49:45,000 --> 00:49:47,480
Speaker 2: of consumer spending as of I think it is twenty

868
00:49:47,520 --> 00:49:50,680
Speaker 2: twenty two. So I'm guessing it's higher today because it's

869
00:49:50,680 --> 00:49:53,600
Speaker 2: been on an upper trend line for twelve years or something.

870
00:49:53,760 --> 00:49:56,840
Speaker 2: So maybe a quarter of consumer spending is baby boomers

871
00:49:56,880 --> 00:50:00,680
Speaker 2: that are retired. Okay, it's a lot in twenty twelve,

872
00:50:01,280 --> 00:50:04,480
Speaker 2: so it's not that long ago. Right. They're the lowest

873
00:50:04,480 --> 00:50:07,200
Speaker 2: consumer demographic, and before that they were always the lowest

874
00:50:07,200 --> 00:50:09,160
Speaker 2: consumer demographic in the United States.

875
00:50:09,239 --> 00:50:11,920
Speaker 1: So is that a numbers thing because there's just.

876
00:50:11,920 --> 00:50:13,800
Speaker 2: More boomers, there's more of that.

877
00:50:13,880 --> 00:50:16,960
Speaker 1: Gen X is smaller, Millennials are kind of small, and

878
00:50:16,960 --> 00:50:18,360
Speaker 1: then it blows up with gen Z.

879
00:50:18,600 --> 00:50:22,440
Speaker 2: Right, it's that, But it's also you know the fact

880
00:50:22,520 --> 00:50:27,320
Speaker 2: that the United States economic policy has been to benefit

881
00:50:27,360 --> 00:50:31,000
Speaker 2: asset owners since the collapse of the Soviet Union. Again,

882
00:50:31,040 --> 00:50:33,120
Speaker 2: I think before that you can have this globalization argument

883
00:50:33,160 --> 00:50:35,960
Speaker 2: that like it's a geopolitical thing, we need to do it. Yeah,

884
00:50:36,360 --> 00:50:38,880
Speaker 2: that it just went away after the Soviet Union collapsed,

885
00:50:38,960 --> 00:50:40,960
Speaker 2: and so after that it was just a cash grab

886
00:50:41,360 --> 00:50:43,920
Speaker 2: by asset owners. In my opinion, that was bad for

887
00:50:44,000 --> 00:50:47,239
Speaker 2: the country on net and the beneficiaries of that are

888
00:50:47,239 --> 00:50:49,520
Speaker 2: asset owners. I own a lot of assets, right, it's

889
00:50:49,520 --> 00:50:51,920
Speaker 2: good for my brokerage account. But we're getting to the

890
00:50:51,960 --> 00:50:55,320
Speaker 2: point now that like the entire economy, the consumer spending

891
00:50:55,440 --> 00:50:58,880
Speaker 2: is like the top ten percent are fifty five percent

892
00:50:58,920 --> 00:51:01,759
Speaker 2: of consumer spending, top ten percent of income earners, and

893
00:51:01,840 --> 00:51:05,759
Speaker 2: then retired people are twenty five percent or something. Right now,

894
00:51:05,840 --> 00:51:08,960
Speaker 2: there's overlap there. It's not seventy five percent of consumer spending.

895
00:51:09,000 --> 00:51:12,560
Speaker 2: But if you're a normal person, a working person, you

896
00:51:12,560 --> 00:51:15,319
Speaker 2: know you're getting a much smaller piece of the pie.

897
00:51:15,800 --> 00:51:18,400
Speaker 2: And so, yeah, people are upset because they can't afford

898
00:51:18,400 --> 00:51:21,360
Speaker 2: to buy houses or like live a middle class, normal

899
00:51:21,480 --> 00:51:24,239
Speaker 2: life because all those assets have gotten very expensive. There's

900
00:51:24,280 --> 00:51:27,000
Speaker 2: like a saying that globalization made all the stuff that

901
00:51:27,040 --> 00:51:30,600
Speaker 2: we want cheap and all the stuff that we need expensive. Right.

902
00:51:30,719 --> 00:51:32,680
Speaker 2: You can buy all the cheap junk on Amazon that

903
00:51:32,719 --> 00:51:36,040
Speaker 2: you want, but a house is going to be completely unaffordable, right,

904
00:51:36,080 --> 00:51:39,720
Speaker 2: And again that's the trade deficit. Dollars go abroad instead

905
00:51:39,719 --> 00:51:42,359
Speaker 2: of getting paid to a domestic employee, you know, they

906
00:51:42,400 --> 00:51:46,560
Speaker 2: get paid to a Chinese manufacturing firm. As the line

907
00:51:46,760 --> 00:51:49,520
Speaker 2: worker in the factory getting a dollar in his paycheck.

908
00:51:49,640 --> 00:51:53,080
Speaker 2: No management's keeping the dollars. It's going to the Chinese

909
00:51:53,120 --> 00:51:55,239
Speaker 2: Communist Party. It's going to the finance sector who at

910
00:51:55,280 --> 00:51:58,000
Speaker 2: billionaires over there. Then they reinvested in assets in the

911
00:51:58,120 --> 00:52:03,160
Speaker 2: United States. Right, So it's made wealth and equality worse.

912
00:52:03,520 --> 00:52:07,600
Speaker 2: It's made assets way too expensive in the United States,

913
00:52:08,239 --> 00:52:12,080
Speaker 2: and the entire economy is basically asset owners are running everything.

914
00:52:12,160 --> 00:52:16,400
Speaker 2: Now AI probably makes that worse, honestly, and so I

915
00:52:16,400 --> 00:52:19,720
Speaker 2: think you're going to see a massive backlash continue to happen.

916
00:52:20,280 --> 00:52:22,920
Speaker 2: You know, it's being shown up as like mom Donnie

917
00:52:22,920 --> 00:52:27,600
Speaker 2: in New York or whatever, socialism is becoming more popular

918
00:52:28,200 --> 00:52:30,440
Speaker 2: because people that did everything right and got the right

919
00:52:30,440 --> 00:52:32,480
Speaker 2: degree and took out a bunch of student loan debt

920
00:52:32,600 --> 00:52:34,879
Speaker 2: or whatever, can't afford a house, can't afford to get married,

921
00:52:34,920 --> 00:52:37,239
Speaker 2: can afford to have kids, and they see this as

922
00:52:37,320 --> 00:52:41,040
Speaker 2: very inequitable. And listen, the baby boomers saved money and

923
00:52:41,080 --> 00:52:43,200
Speaker 2: they did what they were kind of told to do,

924
00:52:43,400 --> 00:52:48,680
Speaker 2: and so I'm not blaming them specifically, but it's nice that, hey,

925
00:52:48,719 --> 00:52:51,799
Speaker 2: asset owners are huge young consumer spending. Because the job

926
00:52:51,840 --> 00:52:54,359
Speaker 2: market slows down, people spend money still, right. It makes

927
00:52:54,400 --> 00:52:58,040
Speaker 2: the economy a little bit more or like less cyclical

928
00:52:58,080 --> 00:53:02,640
Speaker 2: and makes it more stable. Right. But the problem is, Hey,

929
00:53:02,680 --> 00:53:05,239
Speaker 2: if you have all the money and you're retired and

930
00:53:05,280 --> 00:53:07,399
Speaker 2: somebody who's you know, trying to start out and buy

931
00:53:07,440 --> 00:53:10,040
Speaker 2: a house or have kids. Doesn't have any money till

932
00:53:10,040 --> 00:53:14,600
Speaker 2: they're forty years old. Right, Well, by the time you're forty,

933
00:53:14,640 --> 00:53:16,960
Speaker 2: you can't really have any kids. That's right, that's the

934
00:53:17,000 --> 00:53:19,319
Speaker 2: problem here. Yeah, I think that's a real issue. If

935
00:53:19,520 --> 00:53:23,160
Speaker 2: there was no biological clock around reproduction in humans, which

936
00:53:23,200 --> 00:53:27,040
Speaker 2: there just is scientifically, okay, this would be less of

937
00:53:27,080 --> 00:53:29,960
Speaker 2: an issue. But the problem is it's taking away people's

938
00:53:30,000 --> 00:53:32,200
Speaker 2: future essentially because they can't afford to do it in

939
00:53:32,280 --> 00:53:34,560
Speaker 2: like that window where reproduction.

940
00:53:34,120 --> 00:53:37,600
Speaker 1: Is viable thirty five right, exactly, all right, all right,

941
00:53:37,640 --> 00:53:39,719
Speaker 1: that's an incredible assessment.

942
00:53:39,760 --> 00:53:40,160
Speaker 2: Thank you.

943
00:53:40,480 --> 00:53:45,879
Speaker 1: All right, last question as well, it's two parts one

944
00:53:46,560 --> 00:53:52,520
Speaker 1: moving into twenty six. Do you feel the economy is

945
00:53:53,160 --> 00:53:55,640
Speaker 1: going to be steady? Is it going to be it's

946
00:53:55,680 --> 00:53:58,319
Speaker 1: gonna we're gonna have some volatility. If so, where might

947
00:53:58,360 --> 00:54:01,720
Speaker 1: it originate? And then your last whole thing, what can

948
00:54:02,000 --> 00:54:06,960
Speaker 1: people younger in your opinion, really focus on in terms

949
00:54:06,960 --> 00:54:12,280
Speaker 1: of developing those assets, developing you know, a way to

950
00:54:12,400 --> 00:54:16,040
Speaker 1: increase wealth and prepare and plan for the future.

951
00:54:17,120 --> 00:54:20,600
Speaker 2: Yeah, so I think next year, okay, you've got again

952
00:54:20,760 --> 00:54:24,279
Speaker 2: top heavy asset owner consumer base that's not going to

953
00:54:24,360 --> 00:54:26,480
Speaker 2: really change. So They're going to keep spending money no

954
00:54:26,480 --> 00:54:27,920
Speaker 2: matter what. They don't care how the job market of

955
00:54:27,960 --> 00:54:30,400
Speaker 2: the economy really is, right, as long as the assets

956
00:54:30,400 --> 00:54:33,200
Speaker 2: are worth a lot of money, they're going to spend money. Also, Baby,

957
00:54:33,239 --> 00:54:35,560
Speaker 2: once you're retired, it's like you're going to die eventually,

958
00:54:36,040 --> 00:54:37,880
Speaker 2: so you might you don't want to take it with you.

959
00:54:38,000 --> 00:54:41,520
Speaker 2: That's kind of the idea. I'm not trying to broad

960
00:54:41,560 --> 00:54:43,960
Speaker 2: brush the baby boomers, but that's kind of the idea

961
00:54:44,000 --> 00:54:44,719
Speaker 2: of that generation.

962
00:54:44,840 --> 00:54:48,319
Speaker 1: Okay, Well, that those assets are going to transfer to

963
00:54:48,320 --> 00:54:49,640
Speaker 1: to a certain degree, right.

964
00:54:49,480 --> 00:54:51,680
Speaker 2: Maybe, yeah, if they don't spend it all. There's like

965
00:54:51,719 --> 00:54:54,560
Speaker 2: a whole movement to like, hey, don't take anything with you, right, Yeah,

966
00:54:55,239 --> 00:54:57,879
Speaker 2: it's not leaving money to kids. It's like that's kind

967
00:54:57,880 --> 00:55:02,080
Speaker 2: of a more public, I guess, display of what's consistent

968
00:55:02,120 --> 00:55:04,120
Speaker 2: in that generation, just like I had to do it myself,

969
00:55:04,160 --> 00:55:08,520
Speaker 2: so you should too. Okay, So consumer spending is going

970
00:55:08,560 --> 00:55:10,440
Speaker 2: to probably continue to increase at the same da you

971
00:55:10,480 --> 00:55:13,600
Speaker 2: have massive foreign direct investment CAPEX happening. So the two

972
00:55:13,640 --> 00:55:16,560
Speaker 2: of those things mean GDP goes up yep. Right, so

973
00:55:16,600 --> 00:55:19,919
Speaker 2: I think the economy probably grows next year. What could

974
00:55:20,000 --> 00:55:22,960
Speaker 2: change that is the AI bubble pops. Okay, I think

975
00:55:23,000 --> 00:55:27,000
Speaker 2: that's by far the biggest risk here because listen, it's

976
00:55:27,000 --> 00:55:30,359
Speaker 2: seven companies have driven everything for years. It's a very

977
00:55:30,360 --> 00:55:32,960
Speaker 2: powerful story. I understand that. I know. I look at

978
00:55:33,000 --> 00:55:35,880
Speaker 2: AI in my life and I see most of it

979
00:55:35,920 --> 00:55:39,040
Speaker 2: as like it's kind of a parlor trick, right. It's

980
00:55:39,080 --> 00:55:42,520
Speaker 2: interesting that chat GBT can summarize things, but like, it's

981
00:55:42,520 --> 00:55:46,040
Speaker 2: not really revolutionizing production in the United States at all. No,

982
00:55:46,400 --> 00:55:49,080
Speaker 2: we don't really see it in productivity statistics at all.

983
00:55:49,760 --> 00:55:52,400
Speaker 2: MIT did a study ninety five percent of businesses that

984
00:55:52,440 --> 00:55:55,600
Speaker 2: buy AI tool see no return on investment. Wow, so

985
00:55:56,200 --> 00:56:01,880
Speaker 2: that's MIT, you know, so maybe that changes, right, But

986
00:56:02,520 --> 00:56:04,879
Speaker 2: I think a lot of this is just theoretical right now.

987
00:56:04,920 --> 00:56:08,640
Speaker 2: And I think Silicon Valley loves AI because the one

988
00:56:08,760 --> 00:56:15,399
Speaker 2: area that it's automated very effectively is computer programming. It's programming, right,

989
00:56:15,560 --> 00:56:19,480
Speaker 2: it's coding. So does that really translate into other sectors

990
00:56:19,480 --> 00:56:23,120
Speaker 2: of the economy very well? So far not really. So

991
00:56:24,040 --> 00:56:27,000
Speaker 2: I'm worried that, hey, something causes the music to stop.

992
00:56:27,360 --> 00:56:29,680
Speaker 2: These stocks fall, Okay, if they follow are going to

993
00:56:29,719 --> 00:56:31,680
Speaker 2: fall in tandem, it's going to cause a big correction

994
00:56:31,719 --> 00:56:35,040
Speaker 2: in the stock market. If that happens, one those asset

995
00:56:35,080 --> 00:56:37,319
Speaker 2: owners that are doing all the consumer spending, they look

996
00:56:37,320 --> 00:56:39,920
Speaker 2: at their brokerage accountant's down a lot. They might pull back.

997
00:56:39,960 --> 00:56:42,960
Speaker 2: They might not take that second vacation to Europe this year. Right, Okay,

998
00:56:43,560 --> 00:56:46,120
Speaker 2: I guess that does that really impact consumer spending the US?

999
00:56:46,200 --> 00:56:48,640
Speaker 2: Probably not, but you get what I'm saying, flights and

1000
00:56:49,120 --> 00:56:55,080
Speaker 2: flights whatever. Number two is all that AI data center

1001
00:56:55,160 --> 00:56:57,920
Speaker 2: construction that we've all heard so much about this year.

1002
00:56:58,160 --> 00:57:00,560
Speaker 2: All those companies probably pull back on Capex AI data

1003
00:57:00,600 --> 00:57:01,279
Speaker 2: centers as well.

1004
00:57:01,640 --> 00:57:01,759
Speaker 1: Right.

1005
00:57:02,040 --> 00:57:04,200
Speaker 2: The factory construction is going to keep happening anyway. It's

1006
00:57:04,320 --> 00:57:06,279
Speaker 2: four times as much as data centers, so I think

1007
00:57:06,360 --> 00:57:10,440
Speaker 2: there's there's some tailwind still. But Kapex slows down in

1008
00:57:10,520 --> 00:57:12,480
Speaker 2: that situation. So you have a one two bunch of

1009
00:57:12,600 --> 00:57:15,200
Speaker 2: like less consumer spending and less Capex that could cause

1010
00:57:15,239 --> 00:57:18,320
Speaker 2: a recession. So it's AI and it's impact on the

1011
00:57:18,400 --> 00:57:21,280
Speaker 2: economy and this story sort of falling apart that makes

1012
00:57:21,320 --> 00:57:24,280
Speaker 2: me the most worried. Got it as as far as

1013
00:57:24,360 --> 00:57:30,800
Speaker 2: like what could a young person do? Yeah, to get ahead, man,

1014
00:57:30,840 --> 00:57:33,920
Speaker 2: I think like spend as little time in like the

1015
00:57:33,960 --> 00:57:38,560
Speaker 2: digital world as possible. That's like my gut tells me, like,

1016
00:57:38,720 --> 00:57:41,360
Speaker 2: that's the you waste so much time in the digital world.

1017
00:57:41,880 --> 00:57:43,840
Speaker 2: I'm just as guilty of it as everybody. I travel

1018
00:57:43,920 --> 00:57:46,080
Speaker 2: for work. I'm in the airport, I'm stuck on my tone.

1019
00:57:46,680 --> 00:57:50,640
Speaker 1: But I hate But it also, you know, it benefits

1020
00:57:51,000 --> 00:57:54,480
Speaker 1: your profession as well too. It gives you greater assessment

1021
00:57:54,600 --> 00:57:55,880
Speaker 1: of all things.

1022
00:57:56,040 --> 00:57:58,080
Speaker 2: I'd like to say that, Dave, but I don't think

1023
00:57:58,120 --> 00:58:03,280
Speaker 2: it's really true. I think that maybe thirty minutes of

1024
00:58:03,360 --> 00:58:07,080
Speaker 2: my day on social media, maybe that's beneficial, but it's

1025
00:58:07,120 --> 00:58:08,560
Speaker 2: really you know, if I want to know about something,

1026
00:58:08,560 --> 00:58:12,520
Speaker 2: I read a book, right right, read more books, go outside,

1027
00:58:12,800 --> 00:58:16,959
Speaker 2: have hobbies, interact with real people. Any time you spend

1028
00:58:17,000 --> 00:58:20,040
Speaker 2: in the digital world is probably a complete waste. Ninety

1029
00:58:20,040 --> 00:58:21,320
Speaker 2: percent of the time you're on your phone is a

1030
00:58:21,440 --> 00:58:25,000
Speaker 2: waste of time easily. These companies don't care about you.

1031
00:58:25,720 --> 00:58:28,720
Speaker 2: Everything that's free is not actually free. You're you're being

1032
00:58:28,800 --> 00:58:31,560
Speaker 2: sold as the product, or you're being sold commercials like

1033
00:58:32,280 --> 00:58:36,920
Speaker 2: Instagram is a giant commercial. So I think just if

1034
00:58:36,920 --> 00:58:40,280
Speaker 2: you can interact less with digital spaces, and that takes

1035
00:58:40,320 --> 00:58:43,200
Speaker 2: a lot of discipline, it's very difficult to do create

1036
00:58:43,280 --> 00:58:46,240
Speaker 2: more bonds with people more bonds with people. Just literally

1037
00:58:46,320 --> 00:58:48,760
Speaker 2: build a skill in the real world whatever. This stuff

1038
00:58:48,840 --> 00:58:51,560
Speaker 2: doesn't seem like it matters, But the older I get,

1039
00:58:51,720 --> 00:58:54,000
Speaker 2: like the more I realize, Like I was so lucky

1040
00:58:54,040 --> 00:58:57,040
Speaker 2: to be raised in the nineties when the Internet didn't exist,

1041
00:58:57,080 --> 00:58:59,200
Speaker 2: and I was like Huckleberry Finn in like the woods

1042
00:58:59,240 --> 00:59:01,520
Speaker 2: for eight hours a day, and I know how to

1043
00:59:01,560 --> 00:59:05,680
Speaker 2: make eye contact with people. And I just hate the Internet, honestly,

1044
00:59:05,800 --> 00:59:08,640
Speaker 2: They're more powerful. It gets somewhere. I hate it and

1045
00:59:08,760 --> 00:59:10,920
Speaker 2: resent it. And I think the last time you can

1046
00:59:10,960 --> 00:59:13,840
Speaker 2: spend in digital space is like, you know, other than

1047
00:59:13,880 --> 00:59:18,600
Speaker 2: watching the Dave Rock the podcast, right, no, man, if

1048
00:59:18,680 --> 00:59:21,480
Speaker 2: people turn it off and go outside them go outside,

1049
00:59:21,560 --> 00:59:24,520
Speaker 2: touch grass, Like I know that's sort of a stereotype.

1050
00:59:24,760 --> 00:59:27,120
Speaker 2: But put your time into something else, build a skill

1051
00:59:27,320 --> 00:59:29,920
Speaker 2: and like this stuff it doesn't seem like it matters,

1052
00:59:30,080 --> 00:59:32,960
Speaker 2: but it compounds over time. Like me and you connected

1053
00:59:33,080 --> 00:59:36,040
Speaker 2: over firearms, right. I didn't get raised with firearms. I

1054
00:59:36,160 --> 00:59:37,760
Speaker 2: was just interested in them, and I put a lot

1055
00:59:37,800 --> 00:59:41,120
Speaker 2: of time into like investigating and buying them and playing

1056
00:59:41,160 --> 00:59:43,760
Speaker 2: around with them and like learning to shoot. And most

1057
00:59:43,800 --> 00:59:45,600
Speaker 2: of that time was by myself. I didn't have anybody

1058
00:59:45,640 --> 00:59:47,600
Speaker 2: else to do it. I never put it on Instagram,

1059
00:59:48,080 --> 00:59:51,320
Speaker 2: but oh it creates a connection with somebody, right, That's

1060
00:59:51,400 --> 00:59:54,600
Speaker 2: how the world works. So less time in digital spaces.

1061
00:59:55,160 --> 00:59:57,080
Speaker 2: Anybody that tells you it's about staying in touch with

1062
00:59:57,200 --> 01:00:01,200
Speaker 2: people or it's all bowl, it's all eye, it's justifying

1063
01:00:01,360 --> 01:00:04,840
Speaker 2: addiction to digital technology. This stuff is not helpful at

1064
01:00:04,880 --> 01:00:07,480
Speaker 2: all for the most part. Awesome, all right.

1065
01:00:07,560 --> 01:00:11,040
Speaker 1: Last one is what's Santa bringing Bryce in terms of

1066
01:00:11,120 --> 01:00:12,280
Speaker 1: firearms for Christmas?

1067
01:00:12,640 --> 01:00:15,440
Speaker 2: Santa's what is Santa bringing to Rice for firearms? You

1068
01:00:15,520 --> 01:00:17,680
Speaker 2: know what? I don't think I'm gonna have any other guns?

1069
01:00:17,760 --> 01:00:21,920
Speaker 2: Well that's not true. So two of my buddies just

1070
01:00:22,120 --> 01:00:27,400
Speaker 2: bought some land in Texas. So as a gift. I

1071
01:00:27,520 --> 01:00:31,080
Speaker 2: bought them like a lever action rifle. It's not really

1072
01:00:31,160 --> 01:00:33,000
Speaker 2: for me. I guess I purchased it and I'm gonna

1073
01:00:33,000 --> 01:00:34,800
Speaker 2: receive it by then. I'm just gonna pass it right

1074
01:00:34,840 --> 01:00:37,720
Speaker 2: along so they can. You'll play out their cowboy fantasies

1075
01:00:37,760 --> 01:00:41,040
Speaker 2: out there, right? Are they gonna build a range for you, Bud?

1076
01:00:41,440 --> 01:00:44,919
Speaker 2: I might have to do that myself. But that's that's

1077
01:00:45,000 --> 01:00:47,040
Speaker 2: like the big firearm news is. I think there's sort

1078
01:00:47,040 --> 01:00:49,720
Speaker 2: of like a new retro thing happening in the firearms

1079
01:00:49,760 --> 01:00:53,640
Speaker 2: absolutely right. You're seeing revolvers make a huge comeback. You're

1080
01:00:53,640 --> 01:00:55,840
Speaker 2: seeing like lever action rifles have been blowing up for

1081
01:00:55,880 --> 01:00:59,160
Speaker 2: a while, and a lot of it's like gen Z,

1082
01:00:59,320 --> 01:01:01,880
Speaker 2: it's like younger people. It's like the return to tradition

1083
01:01:02,120 --> 01:01:04,640
Speaker 2: thing with jet My Generous is a call of duty.

1084
01:01:04,720 --> 01:01:06,600
Speaker 2: It's like, yeah, I want every gun in call of

1085
01:01:06,720 --> 01:01:09,240
Speaker 2: duty that I play growing up them. It's like I

1086
01:01:09,320 --> 01:01:13,960
Speaker 2: want to collect old Smith and Wesson revolvers and yeah,

1087
01:01:14,080 --> 01:01:14,880
Speaker 2: blued steel.

1088
01:01:15,080 --> 01:01:15,280
Speaker 1: Yes.

1089
01:01:15,760 --> 01:01:17,240
Speaker 2: So I think that's going to be a huge trend

1090
01:01:17,280 --> 01:01:19,240
Speaker 2: going forward. All these used old guns are going to

1091
01:01:19,280 --> 01:01:21,840
Speaker 2: go up in value and they're pretty fun to shoot, right,

1092
01:01:21,920 --> 01:01:22,920
Speaker 2: even though they're obsolete.

1093
01:01:23,320 --> 01:01:27,560
Speaker 1: Awesome, Bryce gil Man, God bless you. Merry Christmas, and

1094
01:01:27,680 --> 01:01:30,960
Speaker 1: thank you so so much for being such an awesome

1095
01:01:31,040 --> 01:01:32,520
Speaker 1: part of the Dave Rudford.

1096
01:01:32,160 --> 01:01:36,200
Speaker 2: Show manah Man, Merry Christmas, Happy New Year. Ye awesome