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Speaker 1: Hey, guys, Saga and Crystal here.

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Speaker 2: Independent media just played a truly massive role in this election,

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Speaker 2: and we are so excited about what that means for

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Speaker 2: the future of this show.

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Speaker 1: This is the only place where you can find honest

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Speaker 1: perspectives from the left and the right that simply does

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Speaker 1: not exist anywhere else.

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Speaker 2: So if that is something that's important to you, please

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Speaker 2: go to Breakingpoints dot com. Become a member today and

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Speaker 1: We need your help to build the future of independent

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Speaker 1: news media and we hope to see you at Breakingpoints

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Speaker 1: dot com. Good morning, everybody, Happy Thursday. We have an

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Speaker 1: amazing show for everybuddy today where we have Crystal.

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Speaker 2: Indeed we do so a lot of military assets. Moving

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Speaker 2: back to the golf region, Jeffrey Sachs is saying that

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Speaker 2: new war with Iran is imminent, so we will take

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Speaker 2: a look at that. At the same time, Marco Rubio

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Speaker 2: was on the hill testifying and taking a lot of

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Speaker 2: heat from Rand Paul among others. You'll definitely want to

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Speaker 2: see that. We've got a bunch of economic news, in particular,

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Speaker 2: we're going to start with the dire warning from Peterschiff,

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Speaker 2: who called the two thousand and eight crash correctly, who

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Speaker 2: is once again sounding the alarm bells. Trump also out

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Speaker 2: with his new Trump accounts for all the babies down there.

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Speaker 2: Pretty interesting play. There's a lot to say about that one.

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Speaker 1: We'll discuss it. I'll discuss yes, as a personal finance

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Speaker 1: nerd and as someone whose child will benefit from the

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Speaker 1: Trump account. I will break down Trump. I will Trump

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Speaker 1: be a breakdown the Trump account forever.

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Speaker 2: We've got new video of Alex Party that was taken

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Speaker 2: eleven days before he was ultimately murdered. That has gotten

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Speaker 2: a lot of attention. We also have a bunch of

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Speaker 2: new developments there. The agents involved have apparently been put

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Speaker 2: on leave. We've got some updates and investigation. We've also

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Speaker 2: got another wild one. The FBI raided the Fulton County

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Speaker 2: election headquarters in the context of Trump's wild twenty twenty

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Speaker 2: stop the Steel delusions. Tulci Gabbert, who is the Director

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Speaker 2: of National Intelligence, was there lurking at the scene. What

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Speaker 2: the hell is going on? Nobody should feel comfortable with

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Speaker 2: whatever is unfolding there. And we've also got polling in

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Speaker 2: the show poor whites actually turning on Trump. It's kind

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Speaker 2: of an undernoticed trend, but that's been a core part

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Speaker 2: of his base that seems to be very unhappy with

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Speaker 2: his economic stewardship among other things. That it makes perfect sense,

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Speaker 2: just hasn't gotten a lot of attention.

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Speaker 1: Yeah, that's right, all right. So before we get to that,

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Speaker 1: we have a couple of housekeeping things. So because technically

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Speaker 1: the way that we do it for the AMA, we're

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Speaker 1: not able to do it this week. However, remember on

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Speaker 1: the Friday Show they do take AMA questions, So on

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Speaker 1: locals there's an AMA link and you can leave your

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Speaker 1: questions there. That will count as the AMA for this week.

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Speaker 1: Remember it's available to all premium subscribers. And then second,

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Speaker 1: Spotify is close to being fixed. We have narrowed down

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Speaker 1: what the problem is for Spotify Video for our premium subscribers,

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Speaker 1: which is a good reminder, by the way, if you

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Speaker 1: can help support us Breakingpoints dot com. As we have

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Speaker 1: noted all of the controversial topics that we cover, many

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Speaker 1: of them get demonetized or under ranked in the algorithm,

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Speaker 1: and we've especially seen that in recent days in coverage

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Speaker 1: with Ice, which is what makes it most important to

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Speaker 1: get premium support, so Breakingpoints dot Com if you're able

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Speaker 1: to support the show. But let's go ahead and start

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Speaker 1: with Iran. So a lot of moving parts. Whenever it

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Speaker 1: comes to Iran, another attack appears imminent, and that is

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Speaker 1: definitely the analysis of Professor Jeffrey Sachs we always rely on.

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Speaker 3: Here.

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Speaker 1: He is from an interview Jess yesterday on the Glenn

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Speaker 1: Decent Show. Let's take a listen.

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Speaker 4: I think it's clear well for Israel, this has been

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Speaker 4: a thirty year effort to overthrow the Iranian government. The

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Speaker 4: United States basically does what Israel says, and so Israel

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Speaker 4: has been pulling the United States into war with Iran

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Speaker 4: and attempting to do that endlessly. It did that last summer.

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Speaker 1: The goal was.

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Speaker 4: To create regime change, to have an overthrow. That didn't work.

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Speaker 4: The US then has been using economic instruments what our

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Speaker 4: Treasury Secretary Scott Besnt called economic state craft, but he

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Speaker 4: laid out the deliberate measures by the United States to

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Speaker 4: destroy the Iranian economy. The idea, again was regime change.

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Speaker 4: That didn't work, and so now we have a carrier

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Speaker 4: strike group on its way to attack Iran. So an

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Speaker 4: attack is imminent. I think the goal here has never

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Speaker 4: been negotiation. Whenever there has been negotiation, Israel has jumped

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Speaker 4: up and down saying don't negotiate. Of course, a nuclear

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Speaker 4: agreement was reached with Iran a decade ago, the Joint

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Speaker 4: Comprehensive Plan of Action JCPOA. It was actually ratified by

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Speaker 4: the UN Security Council Resolution twenty two thirty one on

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Speaker 4: the twentieth of July twenty fifteen. Then Trump ripped it

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Speaker 4: up in his first term. So there's never been any

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Speaker 4: desire by Israel to have a negotiated settlement. And since

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Speaker 4: the United States does what Israel tells it to do,

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Speaker 4: there has never been a readiness of the United States

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Speaker 4: to have real negotiations.

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Speaker 1: So I think this is very important for his analysis.

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Speaker 1: In the overall context, and as we begin to see

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Speaker 1: things moving behind the scenes, a lot of this is

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Speaker 1: backed up. Let's put the next one, please mac up

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Speaker 1: on the screen. Truth social that kind of came not

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Speaker 1: out of nowhere, per se, if you've been paying attention.

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Speaker 1: But of course it's been a lot else going on

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Speaker 1: in the news. Donald Trump, A massive armada is heading

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Speaker 1: to Iran. It is moving quickly with great power, enthusiasm

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Speaker 1: and purpose. It is a larger fleet, headed by the

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Speaker 1: great aircraft carrier Abraham Lincoln, that sent to Venezuela like

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Speaker 1: within as it is ready, willing and able to rapidly

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Speaker 1: fulfill its mission with speed and violence if necessary. Hopefully

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Speaker 1: Iran will quickly come to the table and negotiate a

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Speaker 1: fair and equitable deal no nuclear weapons, one that is

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Speaker 1: good for all parties. Time is running out. It is

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Speaker 1: truly of the essence. As I told Iran before, make

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Speaker 1: a deal. They didn't. There was Operation Midnight Hammer. The

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Speaker 1: next attack will be far worse. Don't make that happen again.

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Speaker 1: I really think everyone should sit with this for a second,

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Speaker 1: because the justification of Midnight Hammer was that we would

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Speaker 1: wipe out all of Iran's nuclear facilities. Thus no deal.

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Speaker 1: We've eliminated the threat, and yet here we are some

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Speaker 1: six months later, and now the criticism is, oh, well,

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Speaker 1: we have to strike Iran because they won't make a

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Speaker 1: deal on nuclear weapons. But wait, you told us that

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Speaker 1: you had eliminated their nuclear capacity, so why does their

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Speaker 1: need to be some deal. It's all fake. What it

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Speaker 1: traces back to is Israel actually moved the goalposts and

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Speaker 1: they said now it's no longer about nuclear facilities, nuclear fission,

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Speaker 1: or nuclear producuction. Now it's about long range or regional

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Speaker 1: range missiles. Now again keep that in mind, is that

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Speaker 1: regional range missiles are ones that are no threat to

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Speaker 1: the United States. They'll say that it's a threat to

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Speaker 1: our basis or any of that, irl, what is it

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Speaker 1: really a threat to to Israel? And then even then

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Speaker 1: they're saying that with the nuclear threat that could potentially

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Speaker 1: be attached. Again they said that it was all destroyed.

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Speaker 1: So either they lied, which I obviously always said that

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Speaker 1: they did on nuclear nuclear facilities and actually eradicating them,

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Speaker 1: or they told the truth and they're moving the goalposts.

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Speaker 1: And let's also not forget all of this was precipitated

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Speaker 1: with nothing to do with nukes. It's not like there

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Speaker 1: was some breakout period or any of that. Like again

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Speaker 1: they were falsely caming in the days up to Midnight Hammer.

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Speaker 1: This was all precipitated by protests in Iran, which again

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Speaker 1: by all accounts, even from so called democracy activists in

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Speaker 1: Iran are telling us that have been quelled by the regime,

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Speaker 1: and largely the regime remains solidly in power. So there

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Speaker 1: are pretexts upon pretext, just like with the Venezuela operation,

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Speaker 1: they said it was about drugs, and now it's about

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Speaker 1: law enforcement. It's all fake. This is regime change. This

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Speaker 1: is straight up and down regime change. And what's worse again,

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Speaker 1: this time there's no organized movement against it. And in fact,

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Speaker 1: you have multiple voices telling the president, including Lindsay Graham

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Speaker 1: and other influential ones, sir, the way to take eyes

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Speaker 1: off of all of the problems with Ice, with Epstein

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Speaker 1: and all that is to pursue the great democracy project

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Speaker 1: here in Iran. All signs currently point now. Look, listen,

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Speaker 1: he's done this before. You never know. But considering the

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Speaker 1: fact that we literally kidnapped Maduro, you know, in the

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Speaker 1: middle of the night and executed a massive regime change

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Speaker 1: operation with no congressional you know, authorization or anything, we

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Speaker 1: cannot rule any of this out. It could be bluster,

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Speaker 1: it also could not be And this is ten, i mean,

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Speaker 1: one hundred times more dangerous than what could happen with Venezuela. Yeah.

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Speaker 2: Well, and he clearly is framing it as another Venezuela

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Speaker 2: type operation, which tells you a lot about his psychology

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Speaker 2: and how he thinks of it. Your analysis there is

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Speaker 2: really worth underscoring because in the same way that Venezuela

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Speaker 2: was about the drugs, and then it wasn't about the drugs,

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Speaker 2: and then it was about machine guns, and then you know,

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Speaker 2: it's about the oil. We had the same thing here.

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Speaker 2: Originally it's supposed to be about the nukes. Then it's

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Speaker 2: not about the nukes, it's about oh my god, you're

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Speaker 2: being so mean to these protesters. Now it's back to

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Speaker 2: it's about the nukes. But also, by the way, we

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Speaker 2: are not going to you know, part of any negotiation

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Speaker 2: with you requires you to give up these ballistic missiles,

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Speaker 2: which no sovereign nation would agree, I mean, for the

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Speaker 2: Iranians would be insane to agree to that. So it

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Speaker 2: seems like a poison pill designed and we already know

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Speaker 2: the negotiations have broken down, designed to lead directly to war,

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Speaker 2: which is why Jeffrey Saxon others are analyzing that. You know,

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Speaker 2: this looks like that's where we're heading. Let's go and

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Speaker 2: put the CNN tear sheet up on the screen, because

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Speaker 2: we have some reporting from them that is worth breaking down.

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Speaker 2: So they say that President Trump is weighing a major

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Speaker 2: new strike gun run after preliminary discussions between Washington and

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Speaker 2: Tehran overlimiting the country's nuclear program and ballistic missile production

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Speaker 2: failed to make progress. It's a rapid refocusing of the

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Speaker 2: administration's publicly framed objectives for Iran. Comes only weeks after

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Speaker 2: Trump seriously considered military action he framed as potential aid

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Speaker 2: for nationwide protests in Iran. Protesters had faced violent crackdowns.

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Speaker 2: Trump on Wednesday posts on True Social demanding Iran come

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Speaker 2: to the table. Options he is now considering include US

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Speaker 2: military air strikes aimed at Iran's leaders and the security

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Speaker 2: officials believed to be responsible for the killings, as well

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Speaker 2: as strikes on Irani nuclear sites and government institutions. The

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Speaker 2: sources said Trump has not made a final decision on

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Speaker 2: how to proceed, but he believes his military options have

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Speaker 2: been expanded from earlier this month, now that a US

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Speaker 2: carrier strike group is in the region, and we've been.

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Speaker 5: Saying it for weeks.

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Speaker 2: Now that they're high on their own supply, they think

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Speaker 2: Venezuela was a great like political and military coup. He

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Speaker 2: loved the coverage it, he loved the spectacle of it,

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Speaker 2: and he's trying to figure out how to achieve the

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Speaker 2: same type of results in Iran.

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Speaker 1: Yes, Matt, can we please go ahead and put the

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Speaker 1: Barock Revid report that I sent earlier this morning. This

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Speaker 1: is very important and I can explain a little bit.

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Speaker 1: What's going on is that the Saudi and Israeli ministers

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Speaker 1: of defense or military officials visited Washington yesterday. Now the

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Speaker 1: reason why, reportedly behind the scenes, Israel's military chief is

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Speaker 1: only in Washington for one reason, to provide what a

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Speaker 1: target list to the United States military, also to coordinate

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Speaker 1: any potential response, because as we all saw, the reason

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Speaker 1: they're obsessed with Iranian ballistic missiles is because those ballistic

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Speaker 1: missiles massively penetrated you know, they're supposedly phenomenal missile shield

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Speaker 1: and actually caused huge amounts of damage. Don't forget that.

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Speaker 1: You know, it took the full force of the US

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Speaker 1: military twenty five percent of all of our interceptors in

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Speaker 1: the entire world in the so called Twelve Day war,

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Speaker 1: and there was still huge damage in downtown Tel Aviv

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Speaker 1: and all across of Israel, including to many of their

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Speaker 1: military targets. Now, the Saudis are very likely here in

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Speaker 1: Washington reading behind the scenes in that not only do

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Speaker 1: they want to prevent some sort of attack, but let's

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Speaker 1: say they think that it is inevitable. They in no

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Speaker 1: way want their airspace to be used as some sort

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Speaker 1: of staging ground or overfly so that they can deny

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Speaker 1: complicity in any attack on Iran, because that would potentially

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Speaker 1: invite ballistic missiles and other things being sent their way

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Speaker 1: if US military assets were to use their airspace, staging

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Speaker 1: ground or any of their own military intelligence. So you

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Speaker 1: can read behind the scenes here and see that things

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Speaker 1: and the clock is all starting to turn. Mac Please

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Speaker 1: put the next one that I sent up here on

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Speaker 1: the screen. This is also highly relevant, and so we've

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Speaker 1: talked about the Armada and about the Carrier Strike Group.

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Speaker 1: This is the Ocean account that I sent. Multiple aerial

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Speaker 1: ref fueling tanks have departed from peace Peace Air National

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Speaker 1: Guard Base in New Hampshire, preparing to cross the Atlantic

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Speaker 1: towing a flight of six Growler electronic warfare aircraft from

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Speaker 1: the Naval Air Station air Base in Spain, likely with

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Speaker 1: the final destination to the Middle East. So these aerial

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Speaker 1: refueling tankers were critical part of the Midnight Hammer mission.

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Speaker 1: It is in fact, you know, one of the logistical

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Speaker 1: things that you really need to mount a full scale

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Speaker 1: multiple strike operation against Iran. All of the pieces are

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Speaker 1: being moved in such a way that it could happen now. Again,

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Speaker 1: a lot of this that we saw also happened the

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Speaker 1: last time that Trump supposedly chickened out tacoed on Iran,

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Speaker 1: but only for the first time. But as I repeatedly warned,

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Speaker 1: the main reason, in my opinion, why nothing happened was

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Speaker 1: because that this carrier was in the South China Sea

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Speaker 1: and the rest of the naval assets were down in

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Speaker 1: the Caribbean. Just to show you that the United States

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Speaker 1: military is not invincible, is that if you actually do

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Speaker 1: want to do something, you have to pick and choose.

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Speaker 1: There are discrete choices cannot simply blanket across the glow

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Speaker 1: and all of our focus here an Iran is involving

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Speaker 1: tens of thousands of troops, something that our own Secretary

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Speaker 1: of State made very clear yesterday when testifying on Capitol Hill. Guys,

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Speaker 1: let's mac please play a three just to show you

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Speaker 1: the way that this is being described. Tens of thousands

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Speaker 1: of American troops in the region and poise for this.

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Speaker 6: So we have thirty to forty thousand American troops stationed

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Speaker 6: across eight or nine facilities in that region. All are

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Speaker 6: within the reach theoretically, not theoretically, in reality, all are

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Speaker 6: within the reach of an array of thousands of Iranian

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Speaker 6: one way UAVs and Iranian short term ballistic missiles short

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Speaker 6: short range of ballistic missiles that threaten our troop presence.

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Speaker 6: We have to have enough force and power in the region,

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Speaker 6: just on a baseline to defend against that possibility that

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Speaker 6: at some point, as a result of something the Iranian

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Speaker 6: regime decides to strike at our troop presence region. The

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Speaker 6: President always reserves the preemptive defensive option in essence, if

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Speaker 6: we have indications that in fact they're going to attack

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Speaker 6: our troops in the region, to defend our personnel in

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Speaker 6: the region, we also have security agreements, the Defense of

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Speaker 6: Israel Plan and others that require us to have a

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Speaker 6: forced posture in the region to defend against that. And

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Speaker 6: so I think it's wise and prudent to have a

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Speaker 6: forced posture within the region that could respond and potentially

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Speaker 6: not necessarily what's going to happen, but if necessary, preemptibly

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Speaker 6: prevent the attack against thousands of American servicemen and other

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Speaker 6: facilities in the region and our allies. I hope it

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Speaker 6: doesn't come to that, but that's I think what you're

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Speaker 6: seeing now is the ability to posture assets in the

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Speaker 6: region to defend against what could be an Iranian threat.

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Speaker 1: So I mean, as I said, they're going to say, oh,

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Speaker 1: it's a threat to us because we got all these

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Speaker 1: bases there. Well, why do we have all these bases there?

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Speaker 1: Because of that?

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Speaker 2: It's certain yet another justification, right, a new justifica. Well,

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Speaker 2: we think they may attack us. There is zero indication

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Speaker 2: of fat okay US and Israel. We are the belligerents

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Speaker 2: in the region. They're the ones that really needs to be,

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Speaker 2: you know, concerned and striking up defensive positions. I mean,

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Speaker 2: I think we also need to remember that reporting from

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Speaker 2: last time when Trump pulled back, you know, which we

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Speaker 2: support the Taco We are in full support of many

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Speaker 2: Trump tacos pro taco, especially in this instance. But there

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Speaker 2: was a report that the Israelis actually like, yo, we're

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Speaker 2: not ready yet. And you know, last time, a lot

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Speaker 2: of the indications which you wouldn't hear in Western press,

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Speaker 2: but what it looked like happened is that the Iranians

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Speaker 2: were able to significantly penetrate Israel's missile defense systems. They

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Speaker 2: were running low on interceptors, and they were like, hey,

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Speaker 2: we got to negotiate some sort of a peace deal

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Speaker 2: for now so that we can rebuild our supplies. You know,

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Speaker 2: this is part of the military assets that are being

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Speaker 2: moved to the region as well, is more missile defense systems,

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Speaker 2: not just to protect us, but also to protect the Israelis,

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Speaker 2: which is what we always do. So I think that

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Speaker 2: was the reason for the that was the reason for

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Speaker 2: the original ceasefire, that was the reason for the delay.

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Speaker 5: In the plans.

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Speaker 2: And now that you have all all of these assets

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Speaker 2: coming in and you know, the Israelis coming to town

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Speaker 2: to give us the target list, it's looking pretty grim here.

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Speaker 2: I mean, it's looking like and Trump needs some sort

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Speaker 2: of political win, and he thinks the war is great

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Speaker 2: for his image. Cheer, and we'll get everybody talking about

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Speaker 2: something other than Americans being executed in the street in Minneapolis.

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Speaker 1: Let's put the Iranian response, please mac A five. The

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Speaker 1: Islamic Republic of Iran responds with the Trump style statement,

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Speaker 1: last time the US blundered into wars in Afghanistan, and

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Speaker 1: in Iraq it squandered over squandered over seven trillion dollars

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Speaker 1: and lost more than seven thousand American lives. Iran stands

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Speaker 1: ready for dialogue based on mutual respect and interest, but

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Speaker 1: if pushed, it will defend itself and respond like never before. Look,

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Speaker 1: we have no idea. Remember the Iranians also kind of

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Speaker 1: tacoed last time around, because you know, they fired these missiles. Again.

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Speaker 1: I supported this is a good thing. They fired these

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Speaker 1: thirteen missiles at the Doha base. They basically gave us

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Speaker 1: a heads up. We shot him down, and everybody just

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Speaker 1: kind of walked away. Everybody gets to live great, good face.

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Speaker 1: Saved everybody's cool this time, though, as we saw with Israel.

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Speaker 1: Remember with Israel, they did and were able to inflict

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Speaker 1: some major damage upon that country. Let's put a six

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Speaker 1: up here on the screen, Nettanyahu ahead of this, saying

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Speaker 1: quote Netta Yahu repeats the warning against Iran making a

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Speaker 1: grave mistake of attacking Israel. So look, these are all

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Speaker 1: just breadcrumbs. We have no idea of how they will

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Speaker 1: all end up. But the stage is set, just like

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Speaker 1: it was for Maduro. Is that at any point the

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Speaker 1: situa the ripcord can be pulled and something extraordinary could happen.

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Speaker 1: Except this time, we're talking about a country with ninety

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Speaker 1: million people, with multiple different ethnic groups. We've got democracy protesters,

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Speaker 1: we've got the regime elements themselves, all of whom are

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Speaker 1: highly armed. And yeah, from a basic strategic perspective, you

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Speaker 1: can understand how watching Venezuela, how can you ever ever

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Speaker 1: give up anything that could potentially stave off some sort

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Speaker 1: of attack like this if you are in any way

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Speaker 1: an aggressor state or an oppositional state to the United States,

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Speaker 1: Their ballistic missile threat is the only guarantee guarantee of

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Speaker 1: not becoming an Israeli rump state. And by the way,

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Speaker 1: that's what the Israelis and apparently the Americans want for them.

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Speaker 1: So they either surrender now, which look it's possible, it's

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Speaker 1: possible that they may do so that they're supposedly so weak.

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Speaker 1: But part of the problem is that we always know

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Speaker 1: is that the goalposts always move. And basically, as we

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Speaker 1: saw during the Twelve Day War, even though they said

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Speaker 1: that it was over, the end result is always the same.

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Speaker 1: They will these people will stop at nothing for regime change.

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Speaker 1: They will flagrantly lie about it, and the net result

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Speaker 1: will be Syria. I mean, that is the modal outcome

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Speaker 1: Syria and Libya, even in instances where the United States

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Speaker 1: is not put so boots on the ground or any

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Speaker 1: of that. So, you know, and this also is not Venezuela.

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Speaker 1: You don't have you know, a similar at least for now,

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Speaker 1: a situation where there's at least some elements in the

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Speaker 1: regime that we may be willing to play. You know,

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Speaker 1: you also are going to have Look if the United

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Speaker 1: States comes in, it takes out an Iranian leader, the

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Speaker 1: Ayatola or any of the IRGC officials, Like, are they

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Speaker 1: really just going to take it lying down? Maybe for

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Speaker 1: five months, maybe for six months, but after that collapse.

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Speaker 1: You know, it took what twelve fourteen years something like

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Speaker 1: that for USAD to collapse, so it can take it

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Speaker 1: can take a long time. They will obviously, just like

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Speaker 1: with Venezuela, they'll do mission accomplished. They've tried to learn

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Speaker 1: the lesson of no boots on the ground, But honestly,

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Speaker 1: that can invite even more or even as much chaos

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Speaker 1: as when we do. So we will see how this

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Speaker 1: situation unfolds. What we did want to, but we had

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Speaker 1: to start the show with this because this is this

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Speaker 1: is so important to keep your eye on. It can

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Speaker 1: come literally out of nowhere. Remember, allegedly things were calming

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Speaker 1: down with Venezuela and the next thing you know, Maduro

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Speaker 1: is on his way to the United States. So everybody

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Speaker 1: pay very close attention.

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Speaker 2: Well, and there's there's one other piece that I just

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Speaker 2: want to mention here, and this is again not to

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Speaker 2: take away anything from the you know, the legitimate protests.

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Speaker 2: There's no doubt that the Iranian government is unpopular with

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Speaker 2: the largement of the population. What percent that is, I

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Speaker 2: don't know, but there is a large segment of the

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Speaker 2: population that is very unhappy. Scott Bessant at Davos all

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Speaker 2: but admitted bragged about the economic pressure, the economic warfare

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Speaker 2: that the US has been waging against Iran and the

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Speaker 2: increased pressure. It's important to understand this was something else

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Speaker 2: that actually Jeffrey sax laid out in that interview with

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Speaker 2: with Glenn deson the recent Scott Bessant became so wealthy

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Speaker 2: and what he became known for was working with George

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Speaker 2: Soros in the nineties to attack the British Pound successfully

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Speaker 2: by the way, so this is a guy who knows

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Speaker 2: about attacking currencies and what triggered what was the like

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Speaker 2: igniting force behind these protests. It was a currency collapse

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Speaker 2: and then it you know, spread more broadly. And obviously

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Speaker 2: there are a lot of reasons that people in Iran

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Speaker 2: are dissatisfied with their government, but that was the precipitating force.

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Speaker 2: Then you also had you know, the Israelis and others

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Speaker 2: bragging about massad agents into the streets alongside the protesters,

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Speaker 2: like we can't be polyami. And imagine that the US

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Speaker 2: were in Israel, were not involved at all, that they

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Speaker 2: were totally hands off. No, they were trying to engineer

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Speaker 2: this level of pressure. And this has been you know,

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Speaker 2: acute in this instance, these tactics that are being deployed,

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Speaker 2: but this has been the long term strategy.

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Speaker 5: Of the US.

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Speaker 2: So you know, that's worth putting out there just in

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Speaker 2: terms of thinking about They've tried a variety of techniques

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Speaker 2: in order to try to effectuate some sort of regime

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Speaker 2: change or just regime collapse, which the Israelis would be

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Speaker 2: perfectly happy with because then that state is a mess.

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Speaker 1: I would love that.

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Speaker 2: Yeah, and they no longer have, you know, any sort

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Speaker 2: of challenge for regional hegemony, They would be perfectly happy

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Speaker 2: with that. So there have been a variety of techniques

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Speaker 2: that have been tried, and this may be the latest effort. Now, Trump,

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Speaker 2: it appears, is very reluctant to actually get in in

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Speaker 2: the you know, Iraq war sense and boots on the ground, etc.

433
00:22:52,560 --> 00:22:53,480
Speaker 5: And in Venezuela.

434
00:22:53,800 --> 00:22:56,919
Speaker 2: So far he's been able to pull that off of

435
00:22:57,000 --> 00:22:59,800
Speaker 2: just doing this decapitation strike and then having Delza red

436
00:22:59,880 --> 00:23:02,119
Speaker 2: ride is in place and having her play ball with

437
00:23:02,200 --> 00:23:04,280
Speaker 2: him and you know, do whatever he wanted her to

438
00:23:04,320 --> 00:23:06,119
Speaker 2: do with the oil. Again, Maduro was willing to do

439
00:23:06,119 --> 00:23:09,719
Speaker 2: those things, but put that aside. Iran is more it's

440
00:23:09,720 --> 00:23:12,919
Speaker 2: it's more difficult. I mean, even just from the military perspective,

441
00:23:13,000 --> 00:23:16,480
Speaker 2: Caracas is right on the is on the water. Tehran

442
00:23:16,640 --> 00:23:19,199
Speaker 2: is not right and it's yeah, it's closer by, and

443
00:23:19,240 --> 00:23:21,399
Speaker 2: Tehran is not right on any sort of body of what.

444
00:23:21,520 --> 00:23:23,880
Speaker 2: You have to overfly the country in order to get

445
00:23:23,920 --> 00:23:26,879
Speaker 2: to Tehran. So even just from a military perspective, it

446
00:23:26,960 --> 00:23:30,800
Speaker 2: is more complex. You are always risking that there is

447
00:23:30,840 --> 00:23:33,720
Speaker 2: some sort of conflagration that American service members died.

448
00:23:33,760 --> 00:23:35,080
Speaker 5: There was a close call actually.

449
00:23:34,880 --> 00:23:37,600
Speaker 2: In Venezuela in that operation where a helicopter was nearly

450
00:23:38,040 --> 00:23:40,360
Speaker 2: disabled or was disabled and there had to be a rescue.

451
00:23:40,800 --> 00:23:45,399
Speaker 2: Those sorts of things create so much risk. Military operations

452
00:23:45,440 --> 00:23:48,159
Speaker 2: are not always going to go perfectly one hundred percent

453
00:23:48,240 --> 00:23:51,840
Speaker 2: of the time. Iran is not Venezuela, right, they are

454
00:23:51,880 --> 00:23:55,960
Speaker 2: not identical countries. There are totally different political forces to

455
00:23:56,040 --> 00:23:58,840
Speaker 2: be reckoned with here. So it is an extremely, extremely

456
00:23:58,920 --> 00:24:00,879
Speaker 2: dangerous game that they are.

457
00:24:03,720 --> 00:24:07,000
Speaker 1: And now let's get to Venezuela. There were some great

458
00:24:07,119 --> 00:24:10,960
Speaker 1: moments between Senator Ran Paul and and Secretary of State

459
00:24:11,000 --> 00:24:15,159
Speaker 1: Marco Rubio on Venezuela. Here's Senator Paul pressing him on

460
00:24:15,200 --> 00:24:17,120
Speaker 1: the Venezuela operation. Let's take a listen.

461
00:24:17,400 --> 00:24:20,040
Speaker 7: So I would ask you if a foreign country bombed

462
00:24:20,040 --> 00:24:24,159
Speaker 7: our air defense missiles, captured and removed our president, and

463
00:24:24,200 --> 00:24:27,720
Speaker 7: blockaded our country, would that be considered an active war?

464
00:24:28,040 --> 00:24:30,679
Speaker 6: Well, I think your question is about the and I

465
00:24:30,680 --> 00:24:33,080
Speaker 6: will acknowledge you been very consistent on all these points

466
00:24:33,080 --> 00:24:36,800
Speaker 6: the entire career. So let me let me no matter

467
00:24:36,800 --> 00:24:38,800
Speaker 6: who the who's in charge. So I will point to

468
00:24:38,840 --> 00:24:41,000
Speaker 6: two things. The first is it's hard for us to

469
00:24:41,160 --> 00:24:43,639
Speaker 6: conceive that an operation that lasted about four and a

470
00:24:43,680 --> 00:24:46,320
Speaker 6: half hours and was a law enforcement operation to capture

471
00:24:46,480 --> 00:24:49,120
Speaker 6: someone we don't recognize as a head of state indicted

472
00:24:49,280 --> 00:24:50,240
Speaker 6: in the United States.

473
00:24:50,600 --> 00:24:51,920
Speaker 7: One with a fifty million.

474
00:24:51,680 --> 00:24:53,960
Speaker 8: Dollars bout would be if it only took four hours

475
00:24:54,000 --> 00:24:57,040
Speaker 8: to take our presidents very short. Nobody dies on the

476
00:24:57,040 --> 00:25:00,600
Speaker 8: other side, nobody dies on our side. It's perfect. Would

477
00:25:00,600 --> 00:25:01,480
Speaker 8: it be an active war?

478
00:25:01,760 --> 00:25:04,240
Speaker 6: We just don't believe that this operation comes anywhere close

479
00:25:04,280 --> 00:25:06,000
Speaker 6: to the constitutional definition.

480
00:25:05,560 --> 00:25:06,960
Speaker 7: Of But would it be an active war?

481
00:25:07,119 --> 00:25:10,600
Speaker 8: Someone did it does nobody does, few casualties there in

482
00:25:10,680 --> 00:25:13,879
Speaker 8: and out, boom, It's a perfect military operation. Would that

483
00:25:13,920 --> 00:25:16,359
Speaker 8: be an active war? Of course it would be an

484
00:25:16,400 --> 00:25:19,280
Speaker 8: active war. I'm probably the most anti war person in

485
00:25:19,320 --> 00:25:22,280
Speaker 8: the Senate, and I would vote to declare war if

486
00:25:22,320 --> 00:25:24,720
Speaker 8: someone invaded our country and took our president.

487
00:25:25,359 --> 00:25:27,720
Speaker 7: So I think we need to at least.

488
00:25:27,440 --> 00:25:30,760
Speaker 8: Acknowledge this is a one way argument. One way arguments

489
00:25:30,800 --> 00:25:34,359
Speaker 8: that don't rebound, that you can't apply to yourselves, that

490
00:25:34,480 --> 00:25:37,200
Speaker 8: cannot be universally applicable, are bad arguments.

491
00:25:37,359 --> 00:25:37,560
Speaker 4: Yep.

492
00:25:37,720 --> 00:25:40,600
Speaker 1: I mean, he's obviously right, and the fact that Rubio

493
00:25:40,680 --> 00:25:43,080
Speaker 1: can't even respond. There are a lot of moments here

494
00:25:43,080 --> 00:25:46,040
Speaker 1: for mister Rubio where there was some mask off here.

495
00:25:46,280 --> 00:25:50,400
Speaker 1: Next one is on Cuba. This is about regime change

496
00:25:50,400 --> 00:25:53,360
Speaker 1: in Cuba. He would not rule it out. Let's take

497
00:25:53,400 --> 00:25:53,800
Speaker 1: a listen.

498
00:25:54,359 --> 00:25:57,120
Speaker 9: Will you make a public commitment today to rule out

499
00:25:57,359 --> 00:25:59,080
Speaker 9: US regime change in Cuba?

500
00:26:00,119 --> 00:26:00,680
Speaker 1: Change? Yes?

501
00:26:00,720 --> 00:26:02,480
Speaker 6: Oh no, I think we would like to see the regime,

502
00:26:02,520 --> 00:26:04,399
Speaker 6: no change. We would like to That doesn't mean that

503
00:26:04,440 --> 00:26:05,879
Speaker 6: we're going to make a change, but we would love

504
00:26:05,880 --> 00:26:06,600
Speaker 6: to see a change.

505
00:26:06,640 --> 00:26:09,080
Speaker 9: I'm not asking you whether we would prefer a different

506
00:26:09,920 --> 00:26:12,639
Speaker 9: kind of government. I'm asking whether you are trying to

507
00:26:12,680 --> 00:26:14,760
Speaker 9: precipitate the fall of the current regime.

508
00:26:14,840 --> 00:26:15,960
Speaker 1: Yeah, but that's statutory.

509
00:26:16,040 --> 00:26:19,960
Speaker 6: The Helms Burton Act, the US embargo on Cuba is codified.

510
00:26:20,480 --> 00:26:22,920
Speaker 6: It was codified in law, and it requires regime change

511
00:26:22,920 --> 00:26:24,360
Speaker 6: in order for US to lift the embargo.

512
00:26:24,560 --> 00:26:26,680
Speaker 1: So he will not rule out regime change in Cuba.

513
00:26:26,880 --> 00:26:29,840
Speaker 1: It started off talking about Iran. Refuses to say that

514
00:26:29,920 --> 00:26:32,360
Speaker 1: it is an act of war. This is it. I mean,

515
00:26:32,400 --> 00:26:36,359
Speaker 1: this is the Donro doctrine fully in effect. But you know,

516
00:26:36,520 --> 00:26:39,160
Speaker 1: to the Iran Let's just take the Iran situation again

517
00:26:39,920 --> 00:26:42,760
Speaker 1: as why it's very important. They wanted to do something,

518
00:26:42,840 --> 00:26:44,919
Speaker 1: couldn't do it a bunch of naval assets down here

519
00:26:44,920 --> 00:26:47,200
Speaker 1: in Caribbean, a bunch of naval assets in the South

520
00:26:47,200 --> 00:26:49,760
Speaker 1: trying to see now what they're basically trying to do.

521
00:26:49,840 --> 00:26:53,159
Speaker 1: This is the basic equivalent of world policemen, like pure

522
00:26:53,240 --> 00:26:57,120
Speaker 1: two thousand and five neo conservatism, without any of the democracy.

523
00:26:57,160 --> 00:27:00,000
Speaker 1: It's just the idea. It's like the famous Joanah Goldberg quote,

524
00:27:00,119 --> 00:27:01,920
Speaker 1: like every once in a while, the United States should

525
00:27:01,920 --> 00:27:04,400
Speaker 1: go out and just overthrow a dictator just to show

526
00:27:04,400 --> 00:27:08,040
Speaker 1: that we can, right, And that's effectively like what this means.

527
00:27:08,040 --> 00:27:11,840
Speaker 1: What this ignores is the economic situation that we're all

528
00:27:12,119 --> 00:27:14,439
Speaker 1: currently in. It ignores the fact that we it's no

529
00:27:14,520 --> 00:27:16,920
Speaker 1: longer the unipolar moment that we have not just a

530
00:27:17,000 --> 00:27:21,720
Speaker 1: rising China, very capable China. We have multiple strategic allies

531
00:27:21,760 --> 00:27:25,520
Speaker 1: who are thinking very differently about their own security situation.

532
00:27:25,720 --> 00:27:29,160
Speaker 1: India comes to mind, Japan, South Korea, all of these countries.

533
00:27:29,160 --> 00:27:32,679
Speaker 1: We have a totally different global economy. And ironically, you know,

534
00:27:32,720 --> 00:27:36,440
Speaker 1: this time around, the Europeans are all in on Venezuela

535
00:27:36,480 --> 00:27:38,960
Speaker 1: and regime change. By the way, France just took a

536
00:27:38,960 --> 00:27:42,360
Speaker 1: step yesterday to trying to put even more regime pressure

537
00:27:42,400 --> 00:27:45,480
Speaker 1: on Iran just so everybody understands where they're coming from.

538
00:27:45,480 --> 00:27:48,160
Speaker 1: But the rest of the world, a much more powerful

539
00:27:48,200 --> 00:27:50,240
Speaker 1: rest of the world, which had very little say in

540
00:27:50,320 --> 00:27:53,320
Speaker 1: global affairs in back in two thousand and three, they

541
00:27:53,320 --> 00:27:56,119
Speaker 1: don't think so different. They think very differently than the

542
00:27:56,160 --> 00:27:59,120
Speaker 1: rest of these people. So you could see very clearly

543
00:27:59,440 --> 00:28:03,760
Speaker 1: how this all come to a head and invite global chaos,

544
00:28:03,920 --> 00:28:06,880
Speaker 1: not even just regional chaos like we had during Iraq.

545
00:28:06,960 --> 00:28:09,080
Speaker 1: And then what do we do. We have to pick

546
00:28:09,160 --> 00:28:12,200
Speaker 1: and choose, and worse, this one would be entirely of

547
00:28:12,200 --> 00:28:14,600
Speaker 1: our own making. It would be a war of choice,

548
00:28:14,640 --> 00:28:16,800
Speaker 1: just like Iraq was, and we all know how that

549
00:28:16,880 --> 00:28:17,320
Speaker 1: worked out.

550
00:28:17,760 --> 00:28:22,720
Speaker 2: Yeah, Well, if you put Roan and Venezuela and Cuba

551
00:28:23,040 --> 00:28:26,040
Speaker 2: and Greenland and even Canada, I mean, I think they're

552
00:28:26,080 --> 00:28:29,120
Speaker 2: actually serious about the like annexing Canada thing they keep

553
00:28:29,119 --> 00:28:32,440
Speaker 2: talking about Alberta separatists like I think they are. They

554
00:28:32,480 --> 00:28:35,600
Speaker 2: do not believe in this principle that we've all sort

555
00:28:35,640 --> 00:28:37,960
Speaker 2: of taken for granted, the idea of sovereignty.

556
00:28:38,080 --> 00:28:39,960
Speaker 5: They don't believe in that. And you put that.

557
00:28:40,000 --> 00:28:43,720
Speaker 2: Together with the Board of Peace, which is meant to

558
00:28:43,720 --> 00:28:47,080
Speaker 2: replace the un like Trump's wants himself to be the

559
00:28:47,200 --> 00:28:51,280
Speaker 2: undisputed emperor of the world. It's not enough to have

560
00:28:51,560 --> 00:28:54,920
Speaker 2: multilateral institutions that are dominated by the US, that the

561
00:28:55,000 --> 00:28:58,320
Speaker 2: US like by and large ninety percent of the time, controls.

562
00:28:58,720 --> 00:29:01,080
Speaker 2: He wants to have one hundred percent of control. He

563
00:29:01,120 --> 00:29:03,240
Speaker 2: wants to be the chairman of the Board, as he's

564
00:29:03,280 --> 00:29:06,360
Speaker 2: putting himself in terms of the quote unquote Board of Peace,

565
00:29:06,600 --> 00:29:09,840
Speaker 2: which was originally sold as just being about Gaza and

566
00:29:09,880 --> 00:29:12,760
Speaker 2: then you know, lo and behold once the documents come

567
00:29:12,800 --> 00:29:15,080
Speaker 2: out as no, no, no, this is a total replacement

568
00:29:15,120 --> 00:29:17,360
Speaker 2: for the UN that puts me as.

569
00:29:17,280 --> 00:29:19,040
Speaker 5: The lifetime king.

570
00:29:19,720 --> 00:29:22,400
Speaker 2: And yeah, you other countries can join, especially if you

571
00:29:22,440 --> 00:29:24,440
Speaker 2: give me a billion dollars that I can do whatever

572
00:29:24,480 --> 00:29:26,560
Speaker 2: I want with. But if you piss me off, I'm

573
00:29:26,560 --> 00:29:28,800
Speaker 2: gonna kick you off, which he already did with Canada.

574
00:29:28,920 --> 00:29:31,080
Speaker 2: You know, Mark Carney stepped down a line and went

575
00:29:31,080 --> 00:29:32,480
Speaker 2: and did a deal with chiny He's like, all right,

576
00:29:32,520 --> 00:29:35,520
Speaker 2: you're out. Then forget about it. He has total control.

577
00:29:35,560 --> 00:29:38,760
Speaker 2: He has absolute vetote power. That is the way he

578
00:29:38,800 --> 00:29:41,360
Speaker 2: wants to run the world. I mean, he said it

579
00:29:41,440 --> 00:29:46,200
Speaker 2: himself that the only check on his on what he does.

580
00:29:46,560 --> 00:29:49,920
Speaker 2: There's no legal institution either here or internationally. It's just

581
00:29:50,000 --> 00:29:53,480
Speaker 2: his own mind, his own quote unquote morality. And so,

582
00:29:53,800 --> 00:29:57,040
Speaker 2: you know Cuba, there's again a parallel here with Iran,

583
00:29:57,120 --> 00:29:59,680
Speaker 2: where they tried to use economic pressure to collapse the

584
00:29:59,680 --> 00:30:03,040
Speaker 2: regime hasn't succeeded yet. That's what they're trying to do

585
00:30:03,200 --> 00:30:06,200
Speaker 2: with Cuba. They're blocking you know, Venezuela and other oil

586
00:30:06,480 --> 00:30:10,360
Speaker 2: from reaching Cuba. That country is already because of you know,

587
00:30:10,560 --> 00:30:13,440
Speaker 2: a variety of reasons, but predominantly because of our decades

588
00:30:13,520 --> 00:30:19,080
Speaker 2: long economic warfare against Cuba. The conditions truly are incredibly dire.

589
00:30:19,400 --> 00:30:20,040
Speaker 5: It would not be.

590
00:30:20,040 --> 00:30:23,760
Speaker 2: Surprising if just the economic warfare worked out. But that's

591
00:30:23,800 --> 00:30:26,480
Speaker 2: the tactic they're deploying now, and if that doesn't succeed,

592
00:30:26,520 --> 00:30:28,880
Speaker 2: then they'll try another tactic, just like what we have

593
00:30:28,920 --> 00:30:30,960
Speaker 2: seen them cycling through with regard to Iran.

594
00:30:31,360 --> 00:30:34,880
Speaker 1: Yeah, very important, as you said, And just to continue

595
00:30:34,920 --> 00:30:37,760
Speaker 1: to keep an eye a little bit on Venezuela. There's

596
00:30:38,200 --> 00:30:40,480
Speaker 1: weird stuff that is currently happening. Can we put a

597
00:30:40,560 --> 00:30:44,920
Speaker 1: ten up here on the screen. Delsa Rodriguez now claiming

598
00:30:45,240 --> 00:30:49,480
Speaker 1: that she has quote had enough of US interference in

599
00:30:49,680 --> 00:30:53,520
Speaker 1: US orders? How much KFA is going on here. We

600
00:30:53,640 --> 00:30:57,040
Speaker 1: have no idea, you know, is she a collaborator? To me,

601
00:30:57,080 --> 00:31:00,320
Speaker 1: it seems very likely she's probably the one that sold

602
00:31:00,360 --> 00:31:03,000
Speaker 1: them out. We don't really know for sure. What we

603
00:31:03,080 --> 00:31:06,320
Speaker 1: do generally kind of know is that this oil scheme

604
00:31:06,720 --> 00:31:10,000
Speaker 1: seems to be going very well for Venezuela and for

605
00:31:10,080 --> 00:31:12,920
Speaker 1: the United States. And in fact, Rubio was asked about

606
00:31:12,920 --> 00:31:15,040
Speaker 1: this and these oil funds which are currently in a

607
00:31:15,120 --> 00:31:17,640
Speaker 1: Katari bank account, and how exactly they're all going to

608
00:31:17,640 --> 00:31:20,240
Speaker 1: be administered. So A nine MAC, can you go ahead

609
00:31:20,280 --> 00:31:20,719
Speaker 1: and roll it?

610
00:31:21,080 --> 00:31:24,240
Speaker 9: Earlier you testified that the funds are being held short

611
00:31:24,360 --> 00:31:27,160
Speaker 9: term and Cutter and then we'll move to a Treasury

612
00:31:27,240 --> 00:31:31,520
Speaker 9: blocked account. What is the statutory authority for the administration

613
00:31:31,640 --> 00:31:34,520
Speaker 9: relying on Cutter to hold the funds.

614
00:31:34,760 --> 00:31:35,520
Speaker 6: It's not our funds.

615
00:31:35,560 --> 00:31:39,280
Speaker 7: The funds are in an account that's owned and signed.

616
00:31:39,560 --> 00:31:42,560
Speaker 6: It's an account that belongs to Venezuela, but it has

617
00:31:42,680 --> 00:31:44,760
Speaker 6: US sanctions as a blocking mechanism on it.

618
00:31:44,800 --> 00:31:47,520
Speaker 9: And you're saying it's Venezuela's money. But it does sound

619
00:31:47,600 --> 00:31:50,360
Speaker 9: like according to the EO, according to the President's statements,

620
00:31:51,000 --> 00:31:54,560
Speaker 9: you are in charge of that money. How what authority

621
00:31:54,560 --> 00:31:58,000
Speaker 9: are you relying on to be in charge almost in

622
00:31:58,080 --> 00:32:03,080
Speaker 9: a sort of receivership kind of arrangement of how funds

623
00:32:03,080 --> 00:32:05,640
Speaker 9: are both received and expended for a foreign country, Like,

624
00:32:05,640 --> 00:32:08,800
Speaker 9: wouldn't you have to come to Congress to establish.

625
00:32:08,320 --> 00:32:08,880
Speaker 7: That kind of Really?

626
00:32:09,000 --> 00:32:11,120
Speaker 6: Well no, because the money never enters our hands. We

627
00:32:11,560 --> 00:32:13,720
Speaker 6: only control the disbursement of the money. We don't control

628
00:32:13,760 --> 00:32:16,720
Speaker 6: the actual money. But if it comes into our bank account.

629
00:32:16,760 --> 00:32:19,520
Speaker 9: Do you think that you have somewhere in the statute

630
00:32:19,680 --> 00:32:25,400
Speaker 9: or the constitution the authority to control disbursements of a

631
00:32:25,440 --> 00:32:26,200
Speaker 9: foreign country.

632
00:32:26,440 --> 00:32:29,040
Speaker 1: Well, they've agreed to this, so yeah. I mean, this

633
00:32:29,160 --> 00:32:31,160
Speaker 1: is why I think that the del c. Rodriguez thing

634
00:32:31,200 --> 00:32:33,440
Speaker 1: is kind of a cafe. Remember, they're going to be

635
00:32:33,760 --> 00:32:37,560
Speaker 1: massively enriched the Maduro regime, by the way. Current reports

636
00:32:37,600 --> 00:32:40,760
Speaker 1: that are coming out from Venezuela are that all of

637
00:32:40,800 --> 00:32:43,600
Speaker 1: the Maduro gangs continue to roam the streets and to

638
00:32:43,680 --> 00:32:47,240
Speaker 1: control security checkpoints. So, if anything, the regime is going

639
00:32:47,240 --> 00:32:49,040
Speaker 1: to be quite a bit stronger. Again, not that they

640
00:32:49,040 --> 00:32:52,240
Speaker 1: ever particularly cared about democracy in Venezuela. And then the

641
00:32:52,320 --> 00:32:54,480
Speaker 1: very last thing that we had to put up here

642
00:32:54,640 --> 00:32:59,840
Speaker 1: is this new CNN report A twelve Shall we see

643
00:33:00,000 --> 00:33:02,960
Speaker 1: and then had this report. They say, it remains to

644
00:33:02,960 --> 00:33:05,120
Speaker 1: be seen how the Venezuelan people respond to a more

645
00:33:05,120 --> 00:33:08,520
Speaker 1: overt CIA presence in the country post Maduro. For years,

646
00:33:08,600 --> 00:33:12,840
Speaker 1: Maduro casts a CIA as a convenient boogeyman, repeatedly accusing

647
00:33:12,840 --> 00:33:16,280
Speaker 1: the agency without evidence, of attempting to topple his regime

648
00:33:16,280 --> 00:33:19,400
Speaker 1: as he clung to power. Now, the CIA has helped

649
00:33:19,400 --> 00:33:22,440
Speaker 1: supplant Maduro and his boys to help manage the Trump

650
00:33:22,440 --> 00:33:26,960
Speaker 1: administrate his dealings with Venezuela new leadership. So without evidence,

651
00:33:27,240 --> 00:33:29,360
Speaker 1: he claimed that the CIA was trying to topple him,

652
00:33:29,480 --> 00:33:32,560
Speaker 1: and the next paragraph they say, and the CIA.

653
00:33:32,280 --> 00:33:35,720
Speaker 2: And then the CIA toppled it. Yes, so lacky Maduro.

654
00:33:35,920 --> 00:33:38,920
Speaker 2: Don't know where he gets these crazy ideas.

655
00:33:38,440 --> 00:33:41,320
Speaker 1: From oh Oudam Maduro stand or anything. But you know,

656
00:33:42,200 --> 00:33:43,080
Speaker 1: I haven't.

657
00:33:42,840 --> 00:33:44,960
Speaker 2: Trying to coo him for like how long now at

658
00:33:44,960 --> 00:33:46,760
Speaker 2: this point. I mean the first Trumpet ministry, we all

659
00:33:46,840 --> 00:33:49,240
Speaker 2: had the whole wanguido thing and some failed.

660
00:33:49,480 --> 00:33:51,280
Speaker 5: What did they call it. They didn't call it bea pigs.

661
00:33:51,280 --> 00:33:53,520
Speaker 2: They called it I don't remember, something akin to that

662
00:33:53,520 --> 00:33:55,760
Speaker 2: that was like, you know, embarrassed. Anyway, there was a

663
00:33:55,760 --> 00:33:59,680
Speaker 2: whole failed plot during the first Trump regime as well,

664
00:33:59,760 --> 00:34:02,160
Speaker 2: And so I love whether that crazy Maduro with his

665
00:34:02,240 --> 00:34:04,760
Speaker 2: paranoid delusion thing in the CIA is out to get

666
00:34:04,800 --> 00:34:09,160
Speaker 2: him anyway when the CIA came and take to that now, yeah,

667
00:34:09,280 --> 00:34:11,880
Speaker 2: oh my god, it's how do you write this stuff

668
00:34:12,400 --> 00:34:14,680
Speaker 2: and like have zero self awareness.

669
00:34:14,400 --> 00:34:16,879
Speaker 1: Because that's what they do. Look, you know, these people.

670
00:34:16,840 --> 00:34:18,560
Speaker 2: Look at this and not be like, you know, these

671
00:34:18,600 --> 00:34:21,160
Speaker 2: two lines that are right next to each other kind

672
00:34:21,200 --> 00:34:23,279
Speaker 2: of contradict each other and don't really make sense. At

673
00:34:23,360 --> 00:34:25,360
Speaker 2: least space them ount a little bit in terms of

674
00:34:25,400 --> 00:34:25,920
Speaker 2: the article.

675
00:34:26,000 --> 00:34:27,719
Speaker 1: I don't know for all to talk about how the

676
00:34:27,760 --> 00:34:29,640
Speaker 1: press is anti Trump and all that, and that can

677
00:34:29,680 --> 00:34:32,560
Speaker 1: be true on like a character level. They do not

678
00:34:32,640 --> 00:34:37,200
Speaker 1: object to the core like project of not just US empire,

679
00:34:37,280 --> 00:34:40,120
Speaker 1: but of the idea that anything that we do is legitimate,

680
00:34:40,200 --> 00:34:43,280
Speaker 1: anything that other people do is illegitimate. They are completely

681
00:34:43,320 --> 00:34:46,160
Speaker 1: unable to like put yourself in another person's shoes or

682
00:34:46,280 --> 00:34:48,400
Speaker 1: see things from the others. You see this with Russia,

683
00:34:48,480 --> 00:34:51,840
Speaker 1: says in the Ukraine situation's a NATO. It just it

684
00:34:52,000 --> 00:34:55,040
Speaker 1: never ends. And like, if there's any core project that

685
00:34:55,120 --> 00:34:57,520
Speaker 1: I try to instill with all these people is it's

686
00:34:57,520 --> 00:34:59,000
Speaker 1: like the around thing they're like, well, why don't they

687
00:34:59,040 --> 00:35:00,920
Speaker 1: just give up their ballistic miss I'm like, well, would

688
00:35:00,920 --> 00:35:03,719
Speaker 1: you what would you do? You just watched the Venezuela Vigo,

689
00:35:03,880 --> 00:35:06,520
Speaker 1: what would you do? Same with North Korea? I mean

690
00:35:06,600 --> 00:35:09,080
Speaker 1: during the whole deal. Oh, Kim Jong un, he just

691
00:35:09,080 --> 00:35:11,000
Speaker 1: he just won't give up these nukes. I'm like, yeah,

692
00:35:11,000 --> 00:35:14,200
Speaker 1: why would he? I'm like, he's this like literally, the

693
00:35:14,280 --> 00:35:16,560
Speaker 1: Kim family is one of the most vindicated people in

694
00:35:16,680 --> 00:35:19,400
Speaker 1: all of the most vindicated family in all of history.

695
00:35:19,640 --> 00:35:22,040
Speaker 1: Not saying they're good people. They killed a shitload, all right,

696
00:35:22,080 --> 00:35:25,480
Speaker 1: they're bad, they're bad dictators, et cetera pure strategic logic,

697
00:35:25,600 --> 00:35:28,120
Speaker 1: they were correct, Okay, Kim Il sung, Kim Jong Al,

698
00:35:28,120 --> 00:35:31,080
Speaker 1: and Kim Jong un all dedicated themselves to a single project,

699
00:35:31,080 --> 00:35:33,640
Speaker 1: we will secure a nuclear weapon as a credible deterrent

700
00:35:33,680 --> 00:35:36,480
Speaker 1: against the United States. They get to sleep very happy

701
00:35:36,560 --> 00:35:39,800
Speaker 1: in their compounds of luxury while they watch basketball or whatever.

702
00:35:39,840 --> 00:35:41,960
Speaker 1: And yes, their people suffer, but we can't do anything

703
00:35:42,000 --> 00:35:44,439
Speaker 1: about it. And this is this is the core reason why.

704
00:35:44,520 --> 00:35:47,600
Speaker 1: That's probably the most important lesson for any person who's

705
00:35:48,040 --> 00:35:52,120
Speaker 1: in opposition to the United States to learn Pakistan India.

706
00:35:52,239 --> 00:35:55,360
Speaker 1: You know, do do you really think those countries wouldn't

707
00:35:55,400 --> 00:35:57,560
Speaker 1: have been way more severely messed with if they didn't

708
00:35:57,560 --> 00:36:00,560
Speaker 1: have nukes. It is the only reason why they're allowed

709
00:36:00,560 --> 00:36:03,319
Speaker 1: to exist, and so I think that that's just, I mean, again,

710
00:36:03,520 --> 00:36:06,799
Speaker 1: very very important lesson. And if you're if you want

711
00:36:06,800 --> 00:36:08,560
Speaker 1: to survive in the long run, you should probably get

712
00:36:08,600 --> 00:36:10,880
Speaker 1: a nuclear weapon. I wish weren't the case. I'm an

713
00:36:10,920 --> 00:36:14,239
Speaker 1: advocate of non ploriferation. However, you know, the logic is

714
00:36:14,360 --> 00:36:16,120
Speaker 1: extremely simple at this point.

715
00:36:16,600 --> 00:36:19,040
Speaker 2: Yeah, I mean I can't even really say, like I

716
00:36:19,040 --> 00:36:21,400
Speaker 2: would like in an ideal world at some point in

717
00:36:21,400 --> 00:36:24,399
Speaker 2: the future to advocate for non proliferation. But for each

718
00:36:24,400 --> 00:36:27,160
Speaker 2: of these individual countries, I mean, for Iran, the most

719
00:36:27,200 --> 00:36:28,920
Speaker 2: sensible thing at this point would be for them to

720
00:36:29,000 --> 00:36:31,160
Speaker 2: race to a bomb like that would be the smartest,

721
00:36:31,680 --> 00:36:34,160
Speaker 2: smartest play, and nobody should be surprised if that is

722
00:36:34,239 --> 00:36:36,560
Speaker 2: the path that they ultimately pursue.

723
00:36:36,880 --> 00:36:39,440
Speaker 5: But this also underscores the.

724
00:36:39,320 --> 00:36:44,520
Speaker 2: Reason why Trump's approach here is so incredibly dangerous, because.

725
00:36:44,719 --> 00:36:46,640
Speaker 5: You know, we live in a nuclear world.

726
00:36:46,880 --> 00:36:49,240
Speaker 2: We live in a world well where we can completely

727
00:36:49,239 --> 00:36:53,160
Speaker 2: annihilate each other, and so if we are going back

728
00:36:53,239 --> 00:36:57,840
Speaker 2: to these you know like East India Company type colonialism

729
00:36:58,320 --> 00:37:00,600
Speaker 2: and the law of the jungle, and my makes right.

730
00:37:00,920 --> 00:37:04,920
Speaker 2: We are doing so in an era of the possibility

731
00:37:05,040 --> 00:37:08,319
Speaker 2: of complete and utter annihilation. Like we should be very

732
00:37:08,320 --> 00:37:10,560
Speaker 2: clear that that's what we're playing with. And I'm not

733
00:37:10,600 --> 00:37:13,879
Speaker 2: here saying that that's happening tomorrow or whatever, but that

734
00:37:14,120 --> 00:37:16,359
Speaker 2: is what we are playing with right now.

735
00:37:18,960 --> 00:37:22,719
Speaker 1: All right. Turning now to the economy, some major developments

736
00:37:22,760 --> 00:37:25,359
Speaker 1: whenever it comes to the status of the US dollar.

737
00:37:25,440 --> 00:37:28,440
Speaker 1: We did see a very noteworthy clip here from Peter Schiff,

738
00:37:28,520 --> 00:37:31,440
Speaker 1: who has been very prescient on major collapses. He was

739
00:37:31,480 --> 00:37:34,719
Speaker 1: on Fox Business dropping some truth bonds. Here's what he

740
00:37:34,760 --> 00:37:35,200
Speaker 1: had to say.

741
00:37:35,600 --> 00:37:38,080
Speaker 3: And the world is now pulling the rug out from

742
00:37:38,160 --> 00:37:40,640
Speaker 3: under the US. The dollar is going to collapse. The

743
00:37:40,719 --> 00:37:43,279
Speaker 3: dollar is going to be replaced by gold. Central banks

744
00:37:43,320 --> 00:37:45,840
Speaker 3: are buying goal they are to back up their pertrecies.

745
00:37:46,000 --> 00:37:48,719
Speaker 3: They're getting rid of dollars, they're getting rid of treasuries.

746
00:37:48,920 --> 00:37:52,000
Speaker 3: We are headed for an economic crisis again that will

747
00:37:52,040 --> 00:37:54,800
Speaker 3: make the two thousand and eight financial crisis look like

748
00:37:54,840 --> 00:37:58,240
Speaker 3: a Sunday school picnic. The biggest difference between the crisis

749
00:37:58,280 --> 00:38:00,359
Speaker 3: that we're about to have and the one we had

750
00:38:00,360 --> 00:38:03,479
Speaker 3: back then is this one is all in America, all.

751
00:38:03,440 --> 00:38:06,480
Speaker 1: Right, So all of this is part and parcel, as

752
00:38:06,520 --> 00:38:10,240
Speaker 1: we've said here in the past, of a major movement

753
00:38:10,719 --> 00:38:13,080
Speaker 1: against the dollar. Now, I want to be very clear,

754
00:38:13,400 --> 00:38:15,000
Speaker 1: even when we say dollar crash, we're talking about like

755
00:38:15,080 --> 00:38:18,120
Speaker 1: point six one percent or whatever drop. But what this

756
00:38:18,239 --> 00:38:21,480
Speaker 1: generally can mean in a longer term trend, especially as

757
00:38:21,520 --> 00:38:24,759
Speaker 1: we started here with global affairs, with wars, with what's

758
00:38:24,760 --> 00:38:28,440
Speaker 1: going on with Venezuela, the Greenland situation, some reporting that

759
00:38:28,560 --> 00:38:31,040
Speaker 1: actually behind the scenes, the Danes and the EU had

760
00:38:31,120 --> 00:38:34,800
Speaker 1: threatened the United States with massively selling off big portions

761
00:38:34,840 --> 00:38:38,600
Speaker 1: of our debt. Is instability of reserve currency and the

762
00:38:38,640 --> 00:38:42,000
Speaker 1: simultaneous spike in gold could lead to some sort of

763
00:38:42,040 --> 00:38:45,920
Speaker 1: event like this. Peter Schiff is effectively echoing Ray Dalio thought,

764
00:38:46,160 --> 00:38:49,439
Speaker 1: and I don't even really agree necessarily, but I do

765
00:38:49,480 --> 00:38:52,080
Speaker 1: think it is important to air this type of perspective

766
00:38:52,160 --> 00:38:54,400
Speaker 1: in the midst of all this gold insanity that I

767
00:38:54,480 --> 00:38:57,799
Speaker 1: certainly don't fully understand. Let's go and let's go ahead

768
00:38:57,800 --> 00:39:00,480
Speaker 1: and queue up Ray Daalio, who has been talking about

769
00:39:00,520 --> 00:39:03,080
Speaker 1: this now for quite some time, of video that he

770
00:39:03,120 --> 00:39:05,960
Speaker 1: put out just yesterday. Mac, can we take a listen.

771
00:39:06,080 --> 00:39:11,360
Speaker 10: It's the beginning of the end of the monetary system

772
00:39:11,360 --> 00:39:13,960
Speaker 10: as we know it. It's not just the US Darmer,

773
00:39:14,080 --> 00:39:20,240
Speaker 10: it's the fiat monetary currencies, So the UK, the Euro, Japan,

774
00:39:21,040 --> 00:39:24,880
Speaker 10: China all have similar debt problems and so on and

775
00:39:24,960 --> 00:39:28,440
Speaker 10: are dealing with the same inter relationships, which is the

776
00:39:28,520 --> 00:39:32,400
Speaker 10: reason you're seeing gold being chosen by the central banks.

777
00:39:32,800 --> 00:39:37,239
Speaker 11: They want a currency. Gold has always been the main currency,

778
00:39:37,719 --> 00:39:41,160
Speaker 11: and it's the only non fiat currency in other words,

779
00:39:41,200 --> 00:39:44,959
Speaker 11: not the currency that can't be printed that they want.

780
00:39:45,200 --> 00:39:48,440
Speaker 11: And so that's why you're seeing central banks move and

781
00:39:48,560 --> 00:39:51,760
Speaker 11: sovereign will funds moved to gold, and that's the nature

782
00:39:51,800 --> 00:39:53,640
Speaker 11: of the shift of the monetary system.

783
00:39:54,000 --> 00:39:56,000
Speaker 1: So I mean, effectively, what he's saying is about a

784
00:39:56,000 --> 00:40:00,320
Speaker 1: flight from US reserve status in the midst of global instability. Again,

785
00:40:00,640 --> 00:40:03,319
Speaker 1: I don't fully buy a lot of goldbug arguments and

786
00:40:03,360 --> 00:40:06,520
Speaker 1: gold standard stuff that could I think can go to

787
00:40:06,640 --> 00:40:10,040
Speaker 1: kukery very very quickly. But it is undeniable that this

788
00:40:10,160 --> 00:40:15,040
Speaker 1: massive price spike in goal is not connected deeply to

789
00:40:15,160 --> 00:40:18,440
Speaker 1: the actions of the Trump administration and of the United States,

790
00:40:18,560 --> 00:40:21,200
Speaker 1: especially in the last you know year or so under

791
00:40:21,400 --> 00:40:25,279
Speaker 1: the under Donald Trump, the terror regime, global instability, and

792
00:40:25,480 --> 00:40:28,560
Speaker 1: it could be you know, about flight to its Usually

793
00:40:28,640 --> 00:40:30,520
Speaker 1: it's what it really signals. And this is why I

794
00:40:30,520 --> 00:40:33,000
Speaker 1: think he's talking about collapse. It's not just about currency,

795
00:40:33,200 --> 00:40:36,719
Speaker 1: but about flight to safety away from US assets, and

796
00:40:36,760 --> 00:40:40,200
Speaker 1: what that broadly means is about lack of strength and

797
00:40:40,360 --> 00:40:43,080
Speaker 1: faith in the overall US economy, which of course is

798
00:40:43,080 --> 00:40:45,000
Speaker 1: what all of our four oh one k you know,

799
00:40:45,680 --> 00:40:49,400
Speaker 1: rely on, all of our retirement accounts. Everybody's just general

800
00:40:49,440 --> 00:40:52,839
Speaker 1: ability to buy and trade with foreign goods. It's going

801
00:40:52,920 --> 00:40:55,520
Speaker 1: to make exports and you know, very different in terms

802
00:40:55,560 --> 00:40:59,279
Speaker 1: of our relationship manufacturing inputs, all those types of things.

803
00:40:59,320 --> 00:41:01,840
Speaker 1: So that's why I do think it is still interesting.

804
00:41:01,920 --> 00:41:03,640
Speaker 1: We do have to, you know, I like to pay

805
00:41:03,680 --> 00:41:06,760
Speaker 1: attention to the dalios and the shifts of the world,

806
00:41:06,760 --> 00:41:10,239
Speaker 1: even though I don't necessarily one hundred percent agree per se.

807
00:41:10,360 --> 00:41:12,279
Speaker 1: But like you can't look at the current movement in

808
00:41:12,320 --> 00:41:15,120
Speaker 1: the gold market and say it doesn't sew something. It's

809
00:41:15,120 --> 00:41:17,400
Speaker 1: definitely showing us something and we're all just trying to

810
00:41:17,400 --> 00:41:18,279
Speaker 1: figure out what that is.

811
00:41:19,120 --> 00:41:23,440
Speaker 2: Daalio has a theory of the cycles that societies go

812
00:41:23,600 --> 00:41:27,160
Speaker 2: through that is worth engaging with as well, and in

813
00:41:27,200 --> 00:41:31,719
Speaker 2: his view. We've now moved from phase five to phase six,

814
00:41:31,760 --> 00:41:35,440
Speaker 2: which is basically like imminent civil war and some sort

815
00:41:35,520 --> 00:41:39,359
Speaker 2: of you know, mass turmoil. And you know, I think

816
00:41:39,440 --> 00:41:41,880
Speaker 2: there are signs that we could be heading towards that.

817
00:41:42,040 --> 00:41:44,839
Speaker 2: We'll talk more in the block about Minneapolis and what's

818
00:41:44,880 --> 00:41:47,160
Speaker 2: going on there. The sort of face saving moves that

819
00:41:47,480 --> 00:41:50,239
Speaker 2: Trump is engaging in now to sort of step back

820
00:41:50,280 --> 00:41:52,680
Speaker 2: from the brink. I think that's all very good. I'm

821
00:41:52,719 --> 00:41:55,440
Speaker 2: glad to see it, because the temperature has been so

822
00:41:55,600 --> 00:41:58,720
Speaker 2: incredibly high that, you know, I've been quite worried about

823
00:41:58,719 --> 00:42:00,880
Speaker 2: it spiling out of control. Doesn't mean it's not going

824
00:42:00,920 --> 00:42:02,839
Speaker 2: to spiral out of control, but at least maybe there's

825
00:42:02,880 --> 00:42:04,760
Speaker 2: a step back from the brink right at this moment.

826
00:42:05,120 --> 00:42:09,359
Speaker 2: You know, my understanding of what this Trump administration is

827
00:42:09,480 --> 00:42:12,880
Speaker 2: doing right now, and Trump himself and Scott Bessett and

828
00:42:12,920 --> 00:42:15,920
Speaker 2: others have sort of indicated this. They've laid out their strategy,

829
00:42:15,960 --> 00:42:19,760
Speaker 2: et cetera. Trump was asked about the decline of the dollar,

830
00:42:20,200 --> 00:42:22,520
Speaker 2: and when the dollar declines, you know, most of the

831
00:42:22,560 --> 00:42:25,040
Speaker 2: things that we all buy at this point are imported

832
00:42:25,040 --> 00:42:25,800
Speaker 2: from abroad.

833
00:42:26,239 --> 00:42:28,040
Speaker 5: So if the dollar.

834
00:42:27,920 --> 00:42:31,320
Speaker 2: Isn't buying as many goods abroad. That means everything's getting

835
00:42:31,360 --> 00:42:33,759
Speaker 2: more expensive for you. That means whatever you've got in

836
00:42:33,800 --> 00:42:36,640
Speaker 2: your savings account or whatever wages you're earning, they're not

837
00:42:36,719 --> 00:42:39,719
Speaker 2: going as far. Right, So, for your average person who

838
00:42:39,719 --> 00:42:43,319
Speaker 2: doesn't own a lot of assets, the dollar's decline is

839
00:42:43,760 --> 00:42:46,680
Speaker 2: it's really bad, right. It takes away your purchasing power,

840
00:42:46,760 --> 00:42:50,440
Speaker 2: It makes you poor. If you are a very wealthy

841
00:42:50,440 --> 00:42:54,239
Speaker 2: person who is an asset owner, it actually can be beneficial.

842
00:42:54,480 --> 00:42:56,839
Speaker 2: It also is beneficial, and this is part of their

843
00:42:57,440 --> 00:42:59,480
Speaker 2: part of why they're moving in this direction, I think

844
00:42:59,520 --> 00:43:03,280
Speaker 2: intention only. It also is beneficial in terms of making

845
00:43:03,360 --> 00:43:07,520
Speaker 2: your exports more competitive. So if you do want to rebuild,

846
00:43:07,560 --> 00:43:10,320
Speaker 2: you know, in the manufacturing basis, this is something you're prioritizing.

847
00:43:10,360 --> 00:43:12,880
Speaker 2: This would be something that you would do, and so

848
00:43:12,960 --> 00:43:16,600
Speaker 2: for people who own those capital producing assets, it also

849
00:43:16,840 --> 00:43:20,440
Speaker 2: is beneficial. The other reason to do this is because

850
00:43:20,520 --> 00:43:23,200
Speaker 2: we have a massive amount of debt.

851
00:43:23,719 --> 00:43:24,560
Speaker 5: So if you.

852
00:43:24,719 --> 00:43:29,280
Speaker 2: Make the dollar value like that those dollars worth less,

853
00:43:29,680 --> 00:43:32,759
Speaker 2: then it is easier to pay off that debt. And

854
00:43:32,800 --> 00:43:35,560
Speaker 2: that has also been you know something that has been Yeah,

855
00:43:35,640 --> 00:43:38,000
Speaker 2: this is a tactic that's been deployed over any number.

856
00:43:37,840 --> 00:43:40,200
Speaker 1: Of currency manipulation is very common.

857
00:43:40,560 --> 00:43:43,759
Speaker 2: Yeah, exactly, So I think that is what is going on. So,

858
00:43:43,920 --> 00:43:45,719
Speaker 2: you know, when Trump comes out and he gets asked

859
00:43:45,719 --> 00:43:48,239
Speaker 2: about the dollar's decline and he's like, I'm happy with it,

860
00:43:48,280 --> 00:43:50,359
Speaker 2: Like I'm happy with the where the dollars, I think

861
00:43:50,360 --> 00:43:52,719
Speaker 2: you should take his word for it that that is

862
00:43:52,800 --> 00:43:55,480
Speaker 2: actually their plan, and you need to understand what that

863
00:43:55,600 --> 00:43:58,080
Speaker 2: means for you, for what's in your savings account, for

864
00:43:58,120 --> 00:44:01,000
Speaker 2: what's in your you know, ability to purchase, and that

865
00:44:01,160 --> 00:44:04,879
Speaker 2: is a plan directly to make you poor in terms.

866
00:44:04,920 --> 00:44:07,920
Speaker 2: So that's one piece. The other piece is this question

867
00:44:08,080 --> 00:44:13,120
Speaker 2: of selling American right, not purchasing American not buying American bonds,

868
00:44:13,160 --> 00:44:18,000
Speaker 2: off loading treasury bonds, not holding as much in terms

869
00:44:18,000 --> 00:44:20,520
Speaker 2: of dollar reserve. Central banks have reduced their amount of

870
00:44:20,560 --> 00:44:24,880
Speaker 2: dollar reserves. That is a separate piece which really reflects

871
00:44:24,920 --> 00:44:28,960
Speaker 2: the sort of you know, the shrinking power of the US,

872
00:44:29,000 --> 00:44:31,400
Speaker 2: the fact that a lot of countries are very unhappy

873
00:44:31,440 --> 00:44:33,840
Speaker 2: with US and the way we run the global financial system,

874
00:44:33,960 --> 00:44:37,320
Speaker 2: the increasing realization that we are not in the unipolar

875
00:44:37,480 --> 00:44:41,000
Speaker 2: moment anymore, countries wanting to protect themselves from you know,

876
00:44:41,120 --> 00:44:46,400
Speaker 2: our ability to completely manipulate their financial system, and you

877
00:44:46,440 --> 00:44:48,680
Speaker 2: know the part of Peter Shift's analysis there that I'm

878
00:44:48,680 --> 00:44:51,239
Speaker 2: skeptical of is I don't know that it happens in

879
00:44:51,280 --> 00:44:53,880
Speaker 2: this big collapse all at once, but you can see

880
00:44:53,880 --> 00:44:57,520
Speaker 2: this sort of slow and steady erosion moving in a

881
00:44:57,560 --> 00:45:02,080
Speaker 2: direction away from the US being the central player and

882
00:45:02,239 --> 00:45:04,120
Speaker 2: you know, the one and only central player in the

883
00:45:04,160 --> 00:45:05,160
Speaker 2: global financial system.

884
00:45:05,280 --> 00:45:05,640
Speaker 4: Yeah right.

885
00:45:05,680 --> 00:45:07,440
Speaker 1: And by the way, as we speak, gold is currently

886
00:45:07,440 --> 00:45:09,920
Speaker 1: a fifty five hundred per Houns. It's insane. I mean,

887
00:45:09,960 --> 00:45:12,600
Speaker 1: I literally, I mean not only not sitting like this,

888
00:45:12,680 --> 00:45:14,680
Speaker 1: but everyone's calling it safe haven. And yeah, you're right.

889
00:45:14,680 --> 00:45:17,080
Speaker 1: I mean, this is again why I also generally look

890
00:45:17,120 --> 00:45:19,480
Speaker 1: the goldbugs. You know, many of them are also invested,

891
00:45:19,520 --> 00:45:22,120
Speaker 1: and that's why I'm always a little bit skeptical sometimes

892
00:45:22,160 --> 00:45:24,200
Speaker 1: of their analysis. But they have good critiques of the

893
00:45:24,200 --> 00:45:26,520
Speaker 1: global financial system. And I think one of the things

894
00:45:26,560 --> 00:45:29,640
Speaker 1: that you know you're pointing to is if we look

895
00:45:29,680 --> 00:45:32,360
Speaker 1: at the way that empires kind of fade away, is

896
00:45:32,360 --> 00:45:35,640
Speaker 1: that this is kind of sometimes can be canary in

897
00:45:35,680 --> 00:45:39,440
Speaker 1: the coal mine. Usually what happens is a great war. Unfortunately,

898
00:45:39,520 --> 00:45:41,960
Speaker 1: what we just talked about was a war with Iran,

899
00:45:42,080 --> 00:45:44,560
Speaker 1: you know, so who knows it could be certainly something.

900
00:45:44,719 --> 00:45:47,120
Speaker 1: So you see instability. Then you have an outbreak of

901
00:45:47,160 --> 00:45:50,920
Speaker 1: a great war, and immediately afterwards. Usually what happens is

902
00:45:50,920 --> 00:45:53,520
Speaker 1: you don't immediately acknowledge. You're like, oh, well, we're no

903
00:45:53,600 --> 00:45:57,000
Speaker 1: longer an empire, but you slowly, within the next decade,

904
00:45:57,040 --> 00:45:59,680
Speaker 1: you know, find yourself no longer let's say the Pound

905
00:45:59,719 --> 00:46:03,280
Speaker 1: Stirling no longer as powerful as it once was, and you,

906
00:46:03,280 --> 00:46:05,880
Speaker 1: you know, watch your empire kind of fade from nineteen

907
00:46:05,960 --> 00:46:08,719
Speaker 1: nineteen all the way up until the nineteen sixties. That's

908
00:46:08,840 --> 00:46:10,680
Speaker 1: usually what the story can look like, let's say the

909
00:46:10,719 --> 00:46:12,960
Speaker 1: Roman Empire, any of these others, if you've studied this,

910
00:46:13,080 --> 00:46:17,960
Speaker 1: but internally also a key part of strength is not

911
00:46:18,560 --> 00:46:21,319
Speaker 1: just how you trade abroad, but what happens to you

912
00:46:21,360 --> 00:46:24,480
Speaker 1: at home. So yesterday we talked, sorry, two days ago,

913
00:46:24,560 --> 00:46:28,040
Speaker 1: we talked about the long term unemployment rate. We also

914
00:46:28,080 --> 00:46:31,279
Speaker 1: have this AI data spending that's all been happening. You know,

915
00:46:31,280 --> 00:46:33,440
Speaker 1: we haven't covered it in quite some time, but it

916
00:46:33,520 --> 00:46:36,200
Speaker 1: is still like a massive monolith of all of our

917
00:46:36,400 --> 00:46:39,640
Speaker 1: GDP per capita spend. And we're also beginning to see

918
00:46:39,640 --> 00:46:42,120
Speaker 1: the effects of this in the white collar marketplace. So

919
00:46:42,160 --> 00:46:44,360
Speaker 1: can we put B four please up on the screen.

920
00:46:44,640 --> 00:46:48,840
Speaker 1: This is a you know, massively influential story. Amazon is

921
00:46:48,880 --> 00:46:53,880
Speaker 1: set to act another sixteen thousand corporate jobs. The cuts

922
00:46:53,920 --> 00:46:57,240
Speaker 1: will bring the total number of layoffs to thirty thousand

923
00:46:57,400 --> 00:47:00,720
Speaker 1: over the last three months, and a higher spending on AI,

924
00:47:00,920 --> 00:47:05,560
Speaker 1: and they said organization changes, reducing layers, removing bureaucracy. Most

925
00:47:05,719 --> 00:47:08,680
Speaker 1: US Bays based employees would be given ninety days to

926
00:47:08,800 --> 00:47:12,440
Speaker 1: look for a new role internally or offered service severance

927
00:47:12,480 --> 00:47:16,360
Speaker 1: pay and the cuts basically from thirty thousand all appears

928
00:47:16,520 --> 00:47:19,360
Speaker 1: to be part of the AI and how it would

929
00:47:19,400 --> 00:47:23,480
Speaker 1: reduce the Amazon headcount, which they previewed last year in

930
00:47:23,520 --> 00:47:25,840
Speaker 1: their investor letter. And this is you know, the second

931
00:47:25,920 --> 00:47:29,719
Speaker 1: round that we've seen already. If you total it up

932
00:47:29,760 --> 00:47:32,359
Speaker 1: back to twenty twenty three, it's like tens of thousands

933
00:47:32,400 --> 00:47:35,880
Speaker 1: actually that have been laid off from Amazon. So I

934
00:47:35,880 --> 00:47:38,520
Speaker 1: think it's really really important for people to pay attention,

935
00:47:38,640 --> 00:47:41,040
Speaker 1: you know, in these white collar tech more focused workplaces,

936
00:47:41,239 --> 00:47:44,319
Speaker 1: because that can be a precursor to what's happening to you.

937
00:47:44,560 --> 00:47:46,640
Speaker 1: And so if we have high unemployment, then we're going

938
00:47:46,719 --> 00:47:49,920
Speaker 1: to be thinking also about our own domestic federal interest

939
00:47:50,000 --> 00:47:53,280
Speaker 1: rate policy and how that interacts with the globe safe

940
00:47:53,280 --> 00:47:55,759
Speaker 1: like this is where chaos. I'm not saying it's the

941
00:47:55,760 --> 00:47:58,400
Speaker 1: Great Depression, but you can see why the Great Depression

942
00:47:58,440 --> 00:48:01,440
Speaker 1: was so massively influential, where we had to balance not

943
00:48:01,480 --> 00:48:03,720
Speaker 1: only what was happening here but with the global system

944
00:48:03,719 --> 00:48:06,640
Speaker 1: itself and how that unleashed, you know, an insane war

945
00:48:06,719 --> 00:48:07,839
Speaker 1: in the Second World War.

946
00:48:08,320 --> 00:48:10,080
Speaker 2: Yeah, and from the sound of it, p is very

947
00:48:10,120 --> 00:48:14,520
Speaker 2: unhappy about all developments, which I understand if you can

948
00:48:14,560 --> 00:48:14,839
Speaker 2: hear that.

949
00:48:15,239 --> 00:48:18,640
Speaker 1: Sorry, that's baby life. That is baby life. They don't

950
00:48:18,680 --> 00:48:21,040
Speaker 1: care about the microphone. In fact, she likes the microphone.

951
00:48:21,080 --> 00:48:22,840
Speaker 1: She likes to come and to play with it whenever.

952
00:48:23,520 --> 00:48:24,680
Speaker 5: That's a terrible There we go.

953
00:48:26,000 --> 00:48:28,000
Speaker 2: Let's go and put B three up because I actually

954
00:48:28,040 --> 00:48:32,480
Speaker 2: think this relates to the Trump account block that we're.

955
00:48:32,320 --> 00:48:33,279
Speaker 5: About to do here.

956
00:48:33,760 --> 00:48:35,920
Speaker 2: So I really had to sit with this one for

957
00:48:35,960 --> 00:48:38,320
Speaker 2: a while to figure out whether this was any meaningful

958
00:48:38,360 --> 00:48:42,040
Speaker 2: in any way. But basically, people have been sharing this chart,

959
00:48:42,080 --> 00:48:44,319
Speaker 2: and this isn't like, you know, a new invention that

960
00:48:44,360 --> 00:48:47,839
Speaker 2: people use, but people track the stock market not only

961
00:48:48,200 --> 00:48:51,600
Speaker 2: valued in US dollars, but also okay, compared to the

962
00:48:51,680 --> 00:48:53,600
Speaker 2: value of gold. And so the persis is if you

963
00:48:53,680 --> 00:48:57,160
Speaker 2: measure the stock market in gold instead of in dollars,

964
00:48:57,200 --> 00:49:00,600
Speaker 2: the US stock market has basically collapsed. No, I mean

965
00:49:00,640 --> 00:49:04,280
Speaker 2: this makes logical sense when you consider how much gold

966
00:49:04,560 --> 00:49:08,239
Speaker 2: has gone up in price, it has vastly exceeded the

967
00:49:08,560 --> 00:49:11,720
Speaker 2: you know, returns, the increase in returns on the stock market.

968
00:49:11,800 --> 00:49:14,960
Speaker 2: So that's the relationship that is being tracked here. And

969
00:49:15,200 --> 00:49:17,560
Speaker 2: what this points to is that in a sense, some

970
00:49:17,600 --> 00:49:20,359
Speaker 2: of the stock market gains are a bit of an

971
00:49:20,400 --> 00:49:24,359
Speaker 2: illusion because if the dollars are worth less and you're

972
00:49:25,360 --> 00:49:29,840
Speaker 2: valuing it in dollars, then it stands to reason that

973
00:49:29,960 --> 00:49:32,799
Speaker 2: you know, your store of value is not staying at

974
00:49:32,800 --> 00:49:35,359
Speaker 2: the same level. So that's what this chart is is

975
00:49:35,400 --> 00:49:38,480
Speaker 2: trying to establish. And like I said, this will kind

976
00:49:38,520 --> 00:49:40,799
Speaker 2: of shift us into this Trump account thing, because what

977
00:49:40,880 --> 00:49:44,520
Speaker 2: this administration has said is, first of all, they're.

978
00:49:44,400 --> 00:49:46,320
Speaker 5: Very interested in the stock market performance.

979
00:49:46,560 --> 00:49:48,839
Speaker 2: It's the one thing that really causes Trump to you know,

980
00:49:48,880 --> 00:49:50,719
Speaker 2: I think it's a reason he backed down from his

981
00:49:50,840 --> 00:49:53,759
Speaker 2: greenland threat threats because he saw the market reacting. He

982
00:49:53,800 --> 00:49:56,720
Speaker 2: didn't like that and whatever. And they really talk about

983
00:49:56,800 --> 00:50:00,440
Speaker 2: as we move into this AI era, rather than having

984
00:50:00,560 --> 00:50:03,680
Speaker 2: more progressive taxation, rather than having public ownership of the

985
00:50:03,680 --> 00:50:07,520
Speaker 2: AI technology rather than having some sort of universal basic income.

986
00:50:07,960 --> 00:50:10,560
Speaker 2: Their view is, well, why don't we just get everybody

987
00:50:10,600 --> 00:50:12,759
Speaker 2: more invested in the stock market, and so then when

988
00:50:12,840 --> 00:50:15,920
Speaker 2: Nvidia goes up, you guys, you commoners out there, will

989
00:50:15,960 --> 00:50:18,480
Speaker 2: sort of, you know, get the second order gains from

990
00:50:18,480 --> 00:50:21,560
Speaker 2: whatever your holdings are in the stock market. That seems

991
00:50:21,600 --> 00:50:24,880
Speaker 2: to be their view of how to handle the shift

992
00:50:25,239 --> 00:50:28,359
Speaker 2: to the AA economy, where the idea is that you

993
00:50:28,400 --> 00:50:30,719
Speaker 2: are going to be out of a job and you know,

994
00:50:30,760 --> 00:50:33,800
Speaker 2: you're going to have an even greater consolidation of wealth

995
00:50:33,800 --> 00:50:36,120
Speaker 2: and power in the hands of a few. We're already

996
00:50:36,160 --> 00:50:38,680
Speaker 2: starting to see in some isolated instances like what we

997
00:50:38,800 --> 00:50:41,560
Speaker 2: just covered with Amazon, that job loss. We're seeing an

998
00:50:41,560 --> 00:50:44,279
Speaker 2: impact you know, on college grads right now. And so

999
00:50:44,600 --> 00:50:47,879
Speaker 2: that is the direction that they think they should push

1000
00:50:47,920 --> 00:50:50,040
Speaker 2: things in, and I think that is the you know,

1001
00:50:50,120 --> 00:50:52,480
Speaker 2: the sort of genesis of the idea of these of

1002
00:50:52,560 --> 00:50:56,080
Speaker 2: these Trump accounts and these investments for babies which are

1003
00:50:56,080 --> 00:50:57,120
Speaker 2: being piloted.

1004
00:50:57,160 --> 00:51:02,960
Speaker 1: Now, Yeah, that's a great actually transition, because there's a

1005
00:51:03,000 --> 00:51:06,319
Speaker 1: lot going on here with these Trump accounts. Trump yesterday

1006
00:51:06,520 --> 00:51:09,279
Speaker 1: announced them. Before we get into it, is something that

1007
00:51:09,320 --> 00:51:13,399
Speaker 1: had been passing the Big Beautiful Bill. What they effectively

1008
00:51:13,480 --> 00:51:17,080
Speaker 1: do is they set up like a child custodial account

1009
00:51:17,320 --> 00:51:20,279
Speaker 1: which will be funded with one thousand dollars from the

1010
00:51:20,400 --> 00:51:24,479
Speaker 1: United States government. Now various philanthropies, people like Michael Dell

1011
00:51:24,800 --> 00:51:27,480
Speaker 1: and others, have announced that they also will be giving

1012
00:51:27,680 --> 00:51:29,439
Speaker 1: some money, so it could actually be more like twelve

1013
00:51:29,520 --> 00:51:32,640
Speaker 1: hundred and fifty. The accounts will be very tightly controlled

1014
00:51:32,680 --> 00:51:35,640
Speaker 1: by the government and will solely invest in low cost

1015
00:51:35,760 --> 00:51:38,279
Speaker 1: index funds. But I think what's important, you know, and

1016
00:51:38,360 --> 00:51:41,000
Speaker 1: if you're watching this continuously, this will make more sense,

1017
00:51:41,360 --> 00:51:44,240
Speaker 1: is that what happened is that in order to potentially

1018
00:51:44,280 --> 00:51:46,640
Speaker 1: to prop up stock gains, you actually have kind of

1019
00:51:46,680 --> 00:51:50,360
Speaker 1: a circular share where the government itself will be purchasing

1020
00:51:50,680 --> 00:51:53,000
Speaker 1: index funds in companies, which of course is going to

1021
00:51:53,080 --> 00:51:55,760
Speaker 1: have some sort of distortionary effect on the overall price

1022
00:51:55,760 --> 00:51:57,160
Speaker 1: if you have I mean, I don't know how many

1023
00:51:57,160 --> 00:51:59,400
Speaker 1: millions of children were born in twenty twenty five, whenever

1024
00:51:59,440 --> 00:52:03,080
Speaker 1: all of these will be when these who will qualify

1025
00:52:03,280 --> 00:52:05,840
Speaker 1: for this, but in and of itself, like when they buy,

1026
00:52:06,120 --> 00:52:08,360
Speaker 1: is going to be important for the overall price and

1027
00:52:08,400 --> 00:52:10,919
Speaker 1: for the index, and kind of a faith in the US.

1028
00:52:10,960 --> 00:52:13,800
Speaker 1: This is somewhat common sometimes and sovereign wealth funds and

1029
00:52:13,840 --> 00:52:16,239
Speaker 1: all that. So it's not in a completely extraordinary thing,

1030
00:52:16,280 --> 00:52:18,960
Speaker 1: but it has not generally happened here in the history

1031
00:52:19,120 --> 00:52:21,440
Speaker 1: of the United States. But it's also being sold as

1032
00:52:21,480 --> 00:52:24,000
Speaker 1: a way for parents and for children. Why these accounts

1033
00:52:24,000 --> 00:52:25,640
Speaker 1: and all of that are great. And to be clear,

1034
00:52:25,680 --> 00:52:27,880
Speaker 1: I do not in any way object to giving children

1035
00:52:27,880 --> 00:52:29,520
Speaker 1: who are born in the United States money, but I

1036
00:52:29,560 --> 00:52:31,640
Speaker 1: do have some problems with the way that this account

1037
00:52:31,719 --> 00:52:33,239
Speaker 1: is set up. So with all of that being said,

1038
00:52:33,239 --> 00:52:37,080
Speaker 1: here's Donald Trump announcing and talking about the Trump account yesterday.

1039
00:52:37,200 --> 00:52:37,960
Speaker 1: Let's take a listen.

1040
00:52:38,200 --> 00:52:41,800
Speaker 12: Perhaps no provision of the Great, Big, Beautiful Bill will

1041
00:52:42,360 --> 00:52:47,319
Speaker 12: prove more consequential than Trump accounts. Under this program, the

1042
00:52:47,400 --> 00:52:51,400
Speaker 12: US government will automatically create a tax free investment account

1043
00:52:51,600 --> 00:52:56,640
Speaker 12: for every newborn American child, something that nobody really would

1044
00:52:56,640 --> 00:53:00,440
Speaker 12: have even thought of. There were some brilliant people that

1045
00:53:00,520 --> 00:53:02,440
Speaker 12: thought of it for a long time. They're here with

1046
00:53:02,520 --> 00:53:04,600
Speaker 12: us today. We're going to introduce a couple of them,

1047
00:53:05,200 --> 00:53:08,239
Speaker 12: but nobody really. I mean, I've had friends that the

1048
00:53:08,239 --> 00:53:10,400
Speaker 12: top people in business, they came up to me, whose

1049
00:53:10,440 --> 00:53:13,239
Speaker 12: idea was this? This is great I never thought they said,

1050
00:53:13,239 --> 00:53:17,520
Speaker 12: I never thought of that. We'll fund those personal accounts

1051
00:53:17,560 --> 00:53:21,000
Speaker 12: with a seed contribution of one thousand dollars, which will

1052
00:53:21,040 --> 00:53:24,000
Speaker 12: compound and grow over the course of their lives and

1053
00:53:24,040 --> 00:53:29,920
Speaker 12: could grow it to very very substantial numbers. Parents, employers, churches, states,

1054
00:53:29,960 --> 00:53:32,239
Speaker 12: and loved ones will also be able to add up

1055
00:53:32,280 --> 00:53:35,600
Speaker 12: to five thousand dollars in additional money for those accounts,

1056
00:53:36,440 --> 00:53:39,960
Speaker 12: and with every modest contribution, Trump accounts should reach at

1057
00:53:40,080 --> 00:53:44,239
Speaker 12: least fifty thousand dollars in value by the time the

1058
00:53:44,360 --> 00:53:48,239
Speaker 12: child turns eighteen, and could be very substantially more than that.

1059
00:53:48,480 --> 00:53:52,920
Speaker 13: Today there's one hundred and ten million Americans who basically

1060
00:53:52,960 --> 00:53:56,160
Speaker 13: have no plan for their future. They never did have

1061
00:53:56,239 --> 00:53:58,680
Speaker 13: a plan, and they don't know what they're going to

1062
00:53:58,719 --> 00:54:04,760
Speaker 13: do retirement. This idea, the Trump account solves that problem,

1063
00:54:04,840 --> 00:54:05,719
Speaker 13: or a good part of.

1064
00:54:05,640 --> 00:54:08,360
Speaker 14: It, because you're basically.

1065
00:54:07,719 --> 00:54:10,960
Speaker 13: Making an investment, not just in an individual that's born

1066
00:54:11,800 --> 00:54:13,200
Speaker 13: in their family.

1067
00:54:14,000 --> 00:54:16,840
Speaker 14: The burden of a family to educate or help a

1068
00:54:16,960 --> 00:54:21,320
Speaker 14: child launch can be really difficult, particularly you have a

1069
00:54:21,400 --> 00:54:25,800
Speaker 14: large one. Think about this and this money you can't

1070
00:54:26,120 --> 00:54:30,360
Speaker 14: touch for eighteen years. Let the power of the world's

1071
00:54:30,600 --> 00:54:34,279
Speaker 14: large the economy go to work for a child for

1072
00:54:34,400 --> 00:54:38,920
Speaker 14: eighteen years and stand back in awe and see what

1073
00:54:39,120 --> 00:54:42,640
Speaker 14: happens if you can't touch it and you let it

1074
00:54:42,760 --> 00:54:46,839
Speaker 14: do its thing. What I love about this is it's

1075
00:54:47,080 --> 00:54:48,799
Speaker 14: better than Social Security.

1076
00:54:49,520 --> 00:54:53,080
Speaker 1: It really is. Okay, so let's talk about this. And

1077
00:54:53,120 --> 00:54:55,040
Speaker 1: I want him to pay very close attention to the

1078
00:54:55,080 --> 00:54:57,720
Speaker 1: words he said, you can't touch it for eighteen years.

1079
00:54:57,760 --> 00:55:00,640
Speaker 1: I am a huge believer in compound, in tryst in,

1080
00:55:00,840 --> 00:55:03,879
Speaker 1: set forget it, in investment, and I wish way more

1081
00:55:03,880 --> 00:55:06,120
Speaker 1: people would do it. And if it leads to more

1082
00:55:06,480 --> 00:55:09,200
Speaker 1: general interests, and I think that that's fine. But but,

1083
00:55:09,440 --> 00:55:12,520
Speaker 1: and I think this is very important. The key theory

1084
00:55:12,880 --> 00:55:15,799
Speaker 1: behind this is that these accounts, which not only can

1085
00:55:15,840 --> 00:55:18,799
Speaker 1: be given from the government, but that you yourself as a

1086
00:55:18,800 --> 00:55:22,960
Speaker 1: family can invest in, will be transferred as custom to

1087
00:55:23,239 --> 00:55:27,480
Speaker 1: total control account of this account at age eighteen. That's

1088
00:55:27,520 --> 00:55:29,680
Speaker 1: where I don't know, if Crystal I start to get

1089
00:55:29,760 --> 00:55:31,680
Speaker 1: a little bit scared. I actually looked into this when

1090
00:55:31,680 --> 00:55:34,080
Speaker 1: my daughter was born and decided to instead put money

1091
00:55:34,120 --> 00:55:36,239
Speaker 1: in the five twenty nine plan instead of something called

1092
00:55:36,239 --> 00:55:38,560
Speaker 1: an UTMA. It's like, I'm not going to go into it. Basically,

1093
00:55:38,719 --> 00:55:41,279
Speaker 1: it's a similar style account with very littable restrictions, but

1094
00:55:41,320 --> 00:55:44,040
Speaker 1: the child gets total custody of set account at either

1095
00:55:44,080 --> 00:55:46,440
Speaker 1: eighteen or twenty one, depending on the state that you

1096
00:55:46,480 --> 00:55:49,359
Speaker 1: created in the issue with that account is they get

1097
00:55:49,360 --> 00:55:51,840
Speaker 1: total control of this account. Now, everyone says, oh, you

1098
00:55:51,880 --> 00:55:54,200
Speaker 1: should raise your child so that that's not going to

1099
00:55:54,239 --> 00:55:56,960
Speaker 1: be a problem. Well, I mean, Crystal, it's just a

1100
00:55:57,000 --> 00:55:58,960
Speaker 1: basic thing where I think, you know, even as I

1101
00:55:58,960 --> 00:56:01,120
Speaker 1: am learning, there's only so much that you can do.

1102
00:56:01,200 --> 00:56:03,480
Speaker 1: And also, I think my parents were great parents. If

1103
00:56:03,520 --> 00:56:06,239
Speaker 1: you had given me fifty thousand dollars when I was

1104
00:56:06,320 --> 00:56:09,160
Speaker 1: age of eighteen, I was an idiot, okay literally an

1105
00:56:09,200 --> 00:56:13,479
Speaker 1: idiot well with a very underdeveloped brain. And I think

1106
00:56:13,520 --> 00:56:15,919
Speaker 1: that that is where I'm starting to get a little

1107
00:56:15,920 --> 00:56:18,719
Speaker 1: bit afraid. So some of my friends in the financial

1108
00:56:18,719 --> 00:56:22,000
Speaker 1: industry have told me I'm freaking out too much. They're like, look,

1109
00:56:22,040 --> 00:56:24,600
Speaker 1: it's much more like a retirement account, because if you

1110
00:56:24,680 --> 00:56:27,279
Speaker 1: do pull it out before the age of retirement from

1111
00:56:27,280 --> 00:56:29,719
Speaker 1: the Trump account, you're gonna have to pay taxes and penalties.

1112
00:56:29,880 --> 00:56:32,879
Speaker 1: But do children who are age eighteen really think hard

1113
00:56:32,880 --> 00:56:35,400
Speaker 1: about taxes and penalties or do they say a shitload

1114
00:56:35,440 --> 00:56:37,880
Speaker 1: of free money, Like if you see fifty thousand dollars

1115
00:56:37,960 --> 00:56:39,160
Speaker 1: and they're like, oh, but you're gonna have to pay

1116
00:56:39,160 --> 00:56:41,000
Speaker 1: forty percent. They're like, oh, I don't care. I'll just

1117
00:56:41,000 --> 00:56:42,920
Speaker 1: pull it out and spend it on whatever I want.

1118
00:56:42,960 --> 00:56:45,600
Speaker 1: And if you, as a parent, can't necessarily do much

1119
00:56:45,600 --> 00:56:48,520
Speaker 1: about it. So for me, I would like to see

1120
00:56:48,680 --> 00:56:52,400
Speaker 1: government funded let's say five twenty nine plans with strict

1121
00:56:52,440 --> 00:56:55,120
Speaker 1: things that you could take that money out of, for example,

1122
00:56:55,400 --> 00:56:59,920
Speaker 1: either college education, college related types expenses, first time down payment,

1123
00:57:00,120 --> 00:57:03,120
Speaker 1: but the rest of the money, the money basically should

1124
00:57:03,160 --> 00:57:05,880
Speaker 1: be up to I think either the parent or should

1125
00:57:05,920 --> 00:57:08,759
Speaker 1: be created in such a way to not just incentivize,

1126
00:57:08,760 --> 00:57:11,480
Speaker 1: but to create strict control. There's a reason why if

1127
00:57:11,520 --> 00:57:14,480
Speaker 1: you look at inherited wealth across the world, and even

1128
00:57:14,520 --> 00:57:17,000
Speaker 1: the richest families in America today, they don't just give

1129
00:57:17,080 --> 00:57:19,120
Speaker 1: trust fund accounts to eighteen year olds, and when they do,

1130
00:57:19,160 --> 00:57:22,480
Speaker 1: it's usually a disaster. They write very strict instructions about

1131
00:57:22,520 --> 00:57:24,720
Speaker 1: the type of things that money can and should be

1132
00:57:24,720 --> 00:57:26,919
Speaker 1: spent on. And then let's say when you're age thirty

1133
00:57:26,960 --> 00:57:29,400
Speaker 1: and you're much more mature and you're developed than maybe

1134
00:57:29,440 --> 00:57:32,520
Speaker 1: you can have total control and spending over that account.

1135
00:57:32,560 --> 00:57:34,360
Speaker 1: But that is my biggest fear is that this will

1136
00:57:34,360 --> 00:57:39,320
Speaker 1: turns a well intentioned thing about the lessons of compound interests,

1137
00:57:39,400 --> 00:57:42,520
Speaker 1: but unfortunately, because of the lack of financial literacy, is

1138
00:57:42,560 --> 00:57:44,840
Speaker 1: that probably eighteen years from now, there will be a

1139
00:57:44,960 --> 00:57:47,640
Speaker 1: huge number of people who will just take all the

1140
00:57:47,680 --> 00:57:50,640
Speaker 1: money out taxes and penalties, and there's not enough of

1141
00:57:50,680 --> 00:57:53,640
Speaker 1: an incentive or even really rules that are built in

1142
00:57:54,320 --> 00:57:56,760
Speaker 1: to encourage and make sure that the money is spent

1143
00:57:56,800 --> 00:57:58,360
Speaker 1: in a way that we as a society, since it

1144
00:57:58,400 --> 00:58:01,600
Speaker 1: is tax payer money, is going to be spent again responsibly.

1145
00:58:01,640 --> 00:58:03,520
Speaker 1: So yes, some of it's on the parents. Of course,

1146
00:58:03,520 --> 00:58:06,680
Speaker 1: I believe in financial literacy and in education, but there

1147
00:58:06,720 --> 00:58:10,280
Speaker 1: are reasons why people do not do this, and that's

1148
00:58:10,320 --> 00:58:12,480
Speaker 1: the biggest worry that I have about this account.

1149
00:58:13,280 --> 00:58:17,280
Speaker 2: So the question for me is also around you know,

1150
00:58:17,880 --> 00:58:20,400
Speaker 2: we have finanite resources, we don't do a lot of

1151
00:58:20,400 --> 00:58:23,760
Speaker 2: social spending, So what are the alternatives here and who

1152
00:58:23,840 --> 00:58:26,800
Speaker 2: is this primarily going to benefit. The way this is

1153
00:58:26,800 --> 00:58:30,320
Speaker 2: structured is the government gives you that first thousand dollars

1154
00:58:30,680 --> 00:58:32,840
Speaker 2: and then you're on your own. So it is similar

1155
00:58:32,840 --> 00:58:34,840
Speaker 2: to a five to twenty nine plan, where you know

1156
00:58:34,880 --> 00:58:37,040
Speaker 2: it's tax advantage money. So you can put in what

1157
00:58:37,120 --> 00:58:39,640
Speaker 2: is it, five thousand dollars a year, and so for

1158
00:58:39,760 --> 00:58:42,880
Speaker 2: parents who have an extra five grand or ten grand

1159
00:58:42,960 --> 00:58:44,880
Speaker 2: or fifteen grand, depending on how many kids they have,

1160
00:58:45,680 --> 00:58:47,840
Speaker 2: they can put that in and that's a tremendous benefit

1161
00:58:47,920 --> 00:58:52,120
Speaker 2: to them. So it's prenominantly going to benefit people who

1162
00:58:52,280 --> 00:58:56,200
Speaker 2: are at least middle or upper middle or wealthy, same

1163
00:58:56,240 --> 00:58:59,280
Speaker 2: as with five twenty nines. And that is that is

1164
00:58:59,360 --> 00:59:01,840
Speaker 2: real spending. So there's no taxes being paid on this

1165
00:59:02,000 --> 00:59:05,360
Speaker 2: tax advantage, and so that is real spending, and it's

1166
00:59:05,360 --> 00:59:09,200
Speaker 2: going once again to benefit people who are already comparatively privileged.

1167
00:59:09,520 --> 00:59:12,360
Speaker 2: So if you care about something like, you know, reducing inequality,

1168
00:59:12,360 --> 00:59:14,720
Speaker 2: which I think even if you don't give a shit

1169
00:59:14,800 --> 00:59:17,880
Speaker 2: about inequality from like a moral perspective, I think everyone

1170
00:59:17,920 --> 00:59:20,960
Speaker 2: should really be very concerned about inequality from like a

1171
00:59:21,200 --> 00:59:25,600
Speaker 2: society surviving perspective. If you care about that, this is

1172
00:59:25,600 --> 00:59:28,000
Speaker 2: not going to do anything to solve that. In fact,

1173
00:59:28,120 --> 00:59:31,440
Speaker 2: because of the structure of it, it could actually increase

1174
00:59:31,800 --> 00:59:34,760
Speaker 2: that level of inequality. The other thing to point out is,

1175
00:59:34,880 --> 00:59:37,600
Speaker 2: you know, even with quote unquote just one thousand dollars

1176
00:59:38,000 --> 00:59:41,160
Speaker 2: going to all of all of these babies. That's still

1177
00:59:41,200 --> 00:59:44,280
Speaker 2: a very expensive program that costs a lot of money.

1178
00:59:44,400 --> 00:59:46,000
Speaker 2: There are a lot of other things that you could

1179
00:59:46,040 --> 00:59:48,800
Speaker 2: do with that program, something like you know, universal childcare

1180
00:59:49,040 --> 00:59:53,200
Speaker 2: that would have a more broad based benefit and would

1181
00:59:53,320 --> 00:59:56,240
Speaker 2: go further to you know, helping to ease the burden

1182
00:59:56,280 --> 00:59:58,360
Speaker 2: for people who need it the most, but still have

1183
00:59:58,560 --> 01:00:01,640
Speaker 2: still be a universal program. So I have some issues

1184
01:00:01,680 --> 01:00:04,200
Speaker 2: with it because of you know, the opportunity cost of

1185
01:00:04,240 --> 01:00:06,320
Speaker 2: what this money could otherwise go to, and because of

1186
01:00:06,360 --> 01:00:10,440
Speaker 2: who It ultimately ends up being a somewhat regressive program

1187
01:00:10,800 --> 01:00:13,480
Speaker 2: because of the structure of it now again similar to

1188
01:00:13,520 --> 01:00:15,920
Speaker 2: five twenty nine's which is for people who don't know,

1189
01:00:16,320 --> 01:00:19,160
Speaker 2: that's this tax advantage college saving program you can put

1190
01:00:19,160 --> 01:00:21,640
Speaker 2: money in, and again it's you know, tax advantage, and

1191
01:00:21,720 --> 01:00:24,600
Speaker 2: so people who are upper middle class or better off

1192
01:00:24,880 --> 01:00:27,360
Speaker 2: typically are investing in those and they're getting the benefit

1193
01:00:27,400 --> 01:00:29,000
Speaker 2: from it. People who are poor and don't have that

1194
01:00:29,080 --> 01:00:33,200
Speaker 2: extra cash obviously they're not benefiting from it. So there's that,

1195
01:00:33,400 --> 01:00:37,840
Speaker 2: and then you know, on a broader ideological plane, this

1196
01:00:37,920 --> 01:00:40,200
Speaker 2: gets to what I was talking about before, in terms

1197
01:00:40,280 --> 01:00:45,920
Speaker 2: of the Trump administration's plan for dealing with the reality of.

1198
01:00:45,920 --> 01:00:47,040
Speaker 5: An AI future.

1199
01:00:47,560 --> 01:00:51,920
Speaker 2: In which people don't have jobs, where there's a massive

1200
01:00:52,040 --> 01:00:56,160
Speaker 2: labor disruption and there are many fewer jobs, and you

1201
01:00:56,320 --> 01:00:59,640
Speaker 2: have the world's first trillionaires, and you have this incredible

1202
01:00:59,680 --> 01:01:03,040
Speaker 2: wealth and power, the likes of which we cannot even comprehend,

1203
01:01:03,440 --> 01:01:06,640
Speaker 2: consolidated in the hands of a few. And their answer

1204
01:01:06,720 --> 01:01:10,160
Speaker 2: to that is basically the stock market is, look, we're

1205
01:01:10,200 --> 01:01:12,880
Speaker 2: gonna you know, we're going to keep inflating the stock

1206
01:01:12,880 --> 01:01:14,840
Speaker 2: market and pushing this line goes up and up and

1207
01:01:14,920 --> 01:01:17,480
Speaker 2: up as much as we possibly can, and so we're

1208
01:01:17,480 --> 01:01:20,680
Speaker 2: going to give you some ways to increase your axis

1209
01:01:20,680 --> 01:01:24,480
Speaker 2: and exposure. So you feel like as Nvidia, you know,

1210
01:01:24,640 --> 01:01:27,360
Speaker 2: goes up, or as you know, Elon Musk's wealth or

1211
01:01:27,400 --> 01:01:30,800
Speaker 2: whoever else, as their wealth skyrockets, you feel like at

1212
01:01:30,920 --> 01:01:34,120
Speaker 2: least you were getting some piece of that. Now, is

1213
01:01:34,160 --> 01:01:36,440
Speaker 2: that going to be adequate to overcome the fact that

1214
01:01:36,480 --> 01:01:39,240
Speaker 2: you're going to have these massive labor disruptions, et cetera.

1215
01:01:39,400 --> 01:01:42,600
Speaker 2: I think that's very unlikely. But that's the broader sort

1216
01:01:42,640 --> 01:01:45,680
Speaker 2: of like ideological or policy scheme that I think that

1217
01:01:45,760 --> 01:01:48,520
Speaker 2: these Trump accounts really fit into. And then the last things, Sorry,

1218
01:01:48,520 --> 01:01:49,720
Speaker 2: I know, I'm going on for a long time, and

1219
01:01:49,720 --> 01:01:52,040
Speaker 2: I thought a lot about this too. The last thing

1220
01:01:52,120 --> 01:01:54,479
Speaker 2: is with Trump, you know, everything is about is about

1221
01:01:54,480 --> 01:01:57,680
Speaker 2: the corruption and is about the like cronyism. You already

1222
01:01:57,680 --> 01:02:00,160
Speaker 2: have a bunch of companies that have titled up to

1223
01:02:00,200 --> 01:02:03,280
Speaker 2: the table, some of whom have you know, are facing

1224
01:02:03,520 --> 01:02:07,320
Speaker 2: lawsuit DOJ lawsuits or regulatory action who are like, hey,

1225
01:02:07,480 --> 01:02:11,280
Speaker 2: we love mister Trump, what a brilliant idea. You know,

1226
01:02:11,480 --> 01:02:14,160
Speaker 2: we're going to donate some to these Trump accounts as well.

1227
01:02:14,520 --> 01:02:19,240
Speaker 2: So it's yet another avenue for companies to curry favor

1228
01:02:19,960 --> 01:02:25,040
Speaker 2: with Trump himself. Yeah, we know, hes Yeah, exactly, that's

1229
01:02:25,080 --> 01:02:28,240
Speaker 2: exactly right. And you know, and there's still questions about like, well,

1230
01:02:28,240 --> 01:02:29,800
Speaker 2: what are these going to be invested in. They're saying,

1231
01:02:29,840 --> 01:02:32,680
Speaker 2: you know, high quality index funds. If so, that's relatively neutral,

1232
01:02:32,680 --> 01:02:34,600
Speaker 2: but you could imagine them gaining the system with that

1233
01:02:34,720 --> 01:02:37,360
Speaker 2: to prop up to be able to shovel government money

1234
01:02:37,640 --> 01:02:40,000
Speaker 2: to their fronts and allies. I don't think anyone would

1235
01:02:40,000 --> 01:02:41,800
Speaker 2: put that past them. So, you know, there's a lot

1236
01:02:41,800 --> 01:02:45,280
Speaker 2: of questions of like direct cronyism and potential corruption here.

1237
01:02:45,520 --> 01:02:46,800
Speaker 1: Well, there's a lot of problems with it, And this

1238
01:02:46,880 --> 01:02:48,720
Speaker 1: is kind of what I'm getting at and this is

1239
01:02:48,760 --> 01:02:50,520
Speaker 1: where you know, the libertarians always get mad at me

1240
01:02:50,560 --> 01:02:52,439
Speaker 1: because they're like, oh, you don't believe in freedom of choice.

1241
01:02:52,440 --> 01:02:54,760
Speaker 1: I'm like, well, there's a reason why the vast majority

1242
01:02:54,760 --> 01:02:56,720
Speaker 1: of people with means don't just hand an eighteen year

1243
01:02:56,760 --> 01:02:59,440
Speaker 1: old a shitload of money. It's because we generally have

1244
01:02:59,520 --> 01:03:01,240
Speaker 1: to try and to like, what are the types of

1245
01:03:01,280 --> 01:03:02,880
Speaker 1: things that we're trying to identivize? This is it gets

1246
01:03:02,920 --> 01:03:05,040
Speaker 1: to your point. This is why I've also just ultimately

1247
01:03:05,080 --> 01:03:08,080
Speaker 1: turned against this idea of UBI as well, because they're like, well,

1248
01:03:08,120 --> 01:03:10,160
Speaker 1: for eighteen years. By the way, you know, if you

1249
01:03:10,200 --> 01:03:12,320
Speaker 1: want to do the compound math, you know, for one

1250
01:03:12,320 --> 01:03:15,040
Speaker 1: thousand dollars compounding depending on what it will come to,

1251
01:03:15,080 --> 01:03:17,800
Speaker 1: it's like eighteen thousand dollars, which, again, if you withdraw

1252
01:03:18,040 --> 01:03:21,640
Speaker 1: at age eighteen, after penalty and tax inflation adjusted, not

1253
01:03:21,760 --> 01:03:24,240
Speaker 1: exactly a ton of money. Like yeah, maybe like how

1254
01:03:24,320 --> 01:03:27,040
Speaker 1: much does an use cargo for these days? Like twenty

1255
01:03:27,040 --> 01:03:30,040
Speaker 1: five thousand dollars? Right, and so okay, so you could

1256
01:03:30,040 --> 01:03:32,400
Speaker 1: buy half of a used car, like great. I mean

1257
01:03:33,000 --> 01:03:35,640
Speaker 1: what you're trying to get at also is that at

1258
01:03:35,640 --> 01:03:38,120
Speaker 1: the same time, if you don't do anything about the

1259
01:03:38,160 --> 01:03:41,560
Speaker 1: general cost of living, about housing, about the actual like

1260
01:03:41,600 --> 01:03:44,680
Speaker 1: structural and let's say educational inflation. If a stock market

1261
01:03:44,720 --> 01:03:47,040
Speaker 1: is going to return seven percent on average over here,

1262
01:03:47,040 --> 01:03:49,880
Speaker 1: but healthcare inflation for education is going to be like

1263
01:03:49,880 --> 01:03:52,520
Speaker 1: twenty five thirty percent, even a five twenty nine, you're

1264
01:03:52,640 --> 01:03:56,280
Speaker 1: still losing money in the long run considering how much

1265
01:03:56,440 --> 01:03:58,680
Speaker 1: the overall tuition. So it doesn't deal with any of

1266
01:03:58,720 --> 01:04:01,800
Speaker 1: the cost structure. It's kind of a libertarian ideology, right,

1267
01:04:01,880 --> 01:04:05,480
Speaker 1: And so it gets to this idea of like compounding interest,

1268
01:04:05,520 --> 01:04:07,960
Speaker 1: which again is phenomenal and is great, and I think

1269
01:04:08,000 --> 01:04:11,840
Speaker 1: people should take advantage, but also when it's taxpayer dollars,

1270
01:04:11,880 --> 01:04:13,960
Speaker 1: we should also have somewhat of a say, not only

1271
01:04:13,960 --> 01:04:16,280
Speaker 1: in the structure around us, in terms of the way

1272
01:04:16,360 --> 01:04:18,720
Speaker 1: that the money is spent, and so just broadly, like

1273
01:04:18,960 --> 01:04:21,120
Speaker 1: looking at all this, I'm going to take advantage of it,

1274
01:04:21,120 --> 01:04:23,480
Speaker 1: all right. I'm not above taking free money from the government.

1275
01:04:23,520 --> 01:04:26,600
Speaker 1: I definitely will take it, but it's not really something

1276
01:04:26,600 --> 01:04:28,840
Speaker 1: I'm going to be like plowing a whole bunch of

1277
01:04:28,920 --> 01:04:31,640
Speaker 1: money into. And the only real reason from one of

1278
01:04:31,720 --> 01:04:35,240
Speaker 1: my friends who talks about this is that in some

1279
01:04:35,320 --> 01:04:38,520
Speaker 1: ways it's a good workaround for rich because a lot

1280
01:04:38,520 --> 01:04:41,680
Speaker 1: of rich people are obsessed with putting money in their kids'

1281
01:04:41,920 --> 01:04:44,520
Speaker 1: wroth iras. And you can only put money into a

1282
01:04:44,560 --> 01:04:47,720
Speaker 1: roth ira if your child is working, So people come

1283
01:04:47,800 --> 01:04:49,800
Speaker 1: up with all kinds of elaborate schemes to put their

1284
01:04:49,840 --> 01:04:52,600
Speaker 1: kids on payroll so that they can fund their roth ira.

1285
01:04:52,880 --> 01:04:55,200
Speaker 1: He's like, well, you know, the big brain way to

1286
01:04:55,280 --> 01:04:57,920
Speaker 1: do this is to like max out these Trump accounts

1287
01:04:57,960 --> 01:04:59,720
Speaker 1: and then when your kid turns eighteen, you roll it

1288
01:04:59,720 --> 01:05:02,160
Speaker 1: all in to a roth ira and they can become

1289
01:05:02,240 --> 01:05:04,720
Speaker 1: retire with ten million. Now, I'm sure, you know, very

1290
01:05:04,760 --> 01:05:07,800
Speaker 1: financially illiterate, wealthier households will take advantage of that. It

1291
01:05:07,880 --> 01:05:10,080
Speaker 1: sounds like a good loophole. Remember, though, you have to

1292
01:05:10,080 --> 01:05:12,320
Speaker 1: tell the eighteen year old and they have to agree

1293
01:05:12,760 --> 01:05:14,520
Speaker 1: to this, which you may or may not, you know,

1294
01:05:14,520 --> 01:05:17,160
Speaker 1: you know, I don't know that for sure. But in general,

1295
01:05:17,280 --> 01:05:19,480
Speaker 1: like this stuff is really only used by twenty something

1296
01:05:19,560 --> 01:05:22,360
Speaker 1: percent of households, and that is also kind of the

1297
01:05:22,360 --> 01:05:25,760
Speaker 1: bigger problem that surrounds this entire thing. So that's your

1298
01:05:25,800 --> 01:05:28,640
Speaker 1: you know, your diatribe here on the Trump account. I'm

1299
01:05:28,720 --> 01:05:31,160
Speaker 1: much more of a fan of five twenty nine, of

1300
01:05:31,280 --> 01:05:33,880
Speaker 1: funding five twenty nine, while by the way, simultaneously doing

1301
01:05:33,920 --> 01:05:37,320
Speaker 1: something about the overall costs, making sure that it's highly

1302
01:05:37,400 --> 01:05:41,560
Speaker 1: structurally incentivized towards down payments, towards things that are very

1303
01:05:42,080 --> 01:05:45,480
Speaker 1: childcare expenses, let's say, or let's say that you know,

1304
01:05:45,520 --> 01:05:48,840
Speaker 1: whenever you have a child, you can take money from

1305
01:05:48,880 --> 01:05:52,280
Speaker 1: that as replacement income if you or your wife want

1306
01:05:52,320 --> 01:05:54,600
Speaker 1: to stay home. Right, Like, these are the types of

1307
01:05:54,600 --> 01:05:57,040
Speaker 1: things that if you put and set it in these

1308
01:05:57,240 --> 01:06:00,640
Speaker 1: specific ways, then you can highly incentivize exactly the type

1309
01:06:00,680 --> 01:06:04,400
Speaker 1: of behavior which we think is important instead of you know,

1310
01:06:04,480 --> 01:06:07,040
Speaker 1: pumping money into whatever the S and P five hundred

1311
01:06:07,040 --> 01:06:09,080
Speaker 1: stock is and then giving it to an eighteen year

1312
01:06:09,080 --> 01:06:10,840
Speaker 1: old who's probably going to go blow it on something

1313
01:06:10,840 --> 01:06:11,720
Speaker 1: incredibly stupid.

1314
01:06:11,920 --> 01:06:14,959
Speaker 2: So well, all the other thing is it assumes line

1315
01:06:14,960 --> 01:06:16,919
Speaker 2: goes up forever, and maybe it does.

1316
01:06:17,280 --> 01:06:18,360
Speaker 5: We've kind of gotten used to that.

1317
01:06:18,840 --> 01:06:20,880
Speaker 2: But it means that you're, you know, you're putting your

1318
01:06:20,960 --> 01:06:22,920
Speaker 2: child's future in the hands of like the whims of

1319
01:06:22,960 --> 01:06:26,560
Speaker 2: the market and investing Americans even more in this you know, uh,

1320
01:06:26,960 --> 01:06:28,080
Speaker 2: rigged casino.

1321
01:06:27,840 --> 01:06:29,480
Speaker 5: That is the stock market.

1322
01:06:29,640 --> 01:06:32,720
Speaker 2: So that to your point about it being very ideological,

1323
01:06:33,040 --> 01:06:37,919
Speaker 2: very libertarian, that is the philosophy that undergirds this, and

1324
01:06:38,640 --> 01:06:40,640
Speaker 2: you know, we'll see, we'll see how that goes.

1325
01:06:40,880 --> 01:06:43,240
Speaker 1: Yeah, I mean, by the way, all that being said,

1326
01:06:43,360 --> 01:06:45,200
Speaker 1: if you had a kid this year like me, take

1327
01:06:45,240 --> 01:06:46,160
Speaker 1: the money, it's freemo.

1328
01:06:46,240 --> 01:06:47,040
Speaker 5: Oh yeah, of course.

1329
01:06:47,400 --> 01:06:50,400
Speaker 1: Yeah, take it car all right, open it and sentivize it.

1330
01:06:50,640 --> 01:06:52,600
Speaker 1: Take the dollars because we paid too much in fucking

1331
01:06:52,640 --> 01:06:55,200
Speaker 1: taxes to it. Not least, you know, get the crumbs

1332
01:06:55,680 --> 01:06:56,800
Speaker 1: whenever they do occasionally.

1333
01:06:57,000 --> 01:06:58,920
Speaker 5: Yeah, take that thousand dollars from Pallaineer.

1334
01:06:59,360 --> 01:07:01,880
Speaker 1: I'm going to take my thousand bucks and I'm gonna

1335
01:07:01,880 --> 01:07:03,800
Speaker 1: give it to her, and I'm gonna say, have some

1336
01:07:03,880 --> 01:07:05,680
Speaker 1: fun when you're okay,