Speaker 1: So our friend Zach Abraham, Chief Investments are Borck Capital Management,
my friend and brother. He joined us. Every week he's
gotten to meet and talk with a key Trump nominee,
Stephen Moran. We're gonna get his tests and what he
thinks about this guy plus Trump and Putin meeting in Russia.
Zach does deals for a living, and I'd love to
talk about that. There's much you get to including inflation
and AI, plus a happening anti populace happening in France.
We'll talk about this all was Zach Abraham. Chief Investments
are Borock Capital Management. Thank you to God Almighty.
Speaker 2: The Todd Herman Show is one disapproved by big pharma
technocorrats in tyrone s everywhere from the high mountains of
Free America. Here's the Emerald City exile Todd Herman.
Speaker 1: Today is the day the Lord has made, and these
are the times to which God has decided we shall live.
Joining me, my friend and brother, Zach Abraham, Chief investment
Officer Bower Capital Management and football coach of the youth Man.
Welcome back.
Speaker 3: Thank you me. We've been grinding, grinding on that. It's
funny you brought up the football we've been we've been
putting in work.
Speaker 2: Man.
Speaker 3: We're we're installing a new offense this year. And installing
a new offense with a group of fifth graders is
a uh, it's it's a it's it's a bortage.
Speaker 1: It's interesting. How are you dealing with the endorsement money
with those kids? Is that changed who they are?
Speaker 2: Right?
Speaker 1: Because I saw that kid riding up to your practice
in that new uh, that new electric bicycle with his
name on it.
Speaker 4: And yeah, yeah, Now, I mean for you, for the
mid tier kids, you'd count on maybe like a happy
or Ashwin.
Speaker 3: But if you're a blue chipper, we might get you
an electric razor or an electric bike. Everybody, you know,
it's I mean, everybody's getting cheeseburgers, right, cheeseburger in Sundays.
That's just that's what you got to pay to play.
But yeah, there, it's getting spendy, getting spendy.
Speaker 1: The world's changing so so much.
Speaker 3: Oh my gosh, man, So Trump.
Speaker 1: President Trump flew a bunch of his senior people up
to Alaska to go to a military base, all of them,
you know, to be in this meeting with Putin. And
I'm just I'm trying to remember back to a time
where figurehead Biden tried that. I don't recall that ever happening,
and when it did, it was press press or Biden
being distracted by a scroll during a photo session. You,
I mean, I don't know that you walk around making deals,
but you do investments, you sit on boards, you certainly
advise on deals. What do you do in a big,
super high stakes meeting like this, How do you personally
prepare for something like that?
Speaker 4: Well, I you know, I don't think it's all that
I don't think it's all that different, honestly in how
you going back to I don't think it's honestly that different.
How you prepare for a football game, any football season,
meaning that.
Speaker 3: Like a big part of it is assessing who your
counterparty is.
Speaker 4: Right, So, like you're looking at a guy like Putin,
say whatever you want, he's not there because he's done
right right, the guy's been able to hold I mean,
think about what he's been able to do, consolidate power
in an absolute mess, chaotic countries going here there, All
that dude's able to consolidate power, get the country back
on its feet, and.
Speaker 3: Hold that power for the better part of twenty seven years.
Speaker 2: Yep.
Speaker 3: So like be they you can be critical, but you
better be realistic and you better have an honest assessment.
And then I think it's about going in and I.
Speaker 4: Honestly believe that the smaller list of objectives and accomplishments
you're trying to get to the better. Right, you want
to come in with preconceived things that you are prepared
to offer up.
Speaker 3: That they might think that you're not willing to. Yeah,
I just it's you. You You just had You have
to have it mapped out, and you have to have
a battle plan because if you don't, you will get right,
You'll get you'll get swung around.
Speaker 4: Now, I don't think Trump approaches it that way because
I don't think he knows how to do it any
other way, Like meaning, I think he approaches it that way.
Speaker 3: But I don't think he's thinking about it.
Speaker 1: Yeah you know what I mean? Well, look, when you've
been doing deals like he has, it's it's almost like, hey,
what do you do to prepare to get out of bed?
Speaker 2: Right?
Speaker 3: Right?
Speaker 1: You kind of have these instinctual things we used to
go in and have, you know, our set of things
we're going to present and these are the things we want.
And if we knew someone was someone who needed to
grind you down, because they're those personalities, they need to
grind you down and they need to feel like they
have sweated you, we would put in a couple of
items there. And our agreement as a team was, we
know he's gonna want to grind on these, let him
grind and let's even have like good cop bad cop
among us. You know, look, Todd, I mean, I don't
think the lad's being wait wait no, we're not going
to negotiate him wrong ourselves. Give us a break and
we go out to side and you know, and talking.
Part of this is Mack show. It's drama. And then
if you have people who want to be the peacekeepers,
you know, and you'll have those you negotiate with people
that they want to be those peacekeepers. You try to
create possibilities for that. I can't put a bead on putin.
I know he's a meg Oh I don't know, but
I think he's a meg lamaniac. He's become a multi
billionaire in public service, et cetera. So in some ways
I guess he and Trump are very similar, except for
this that Vlad has killed people like full on right, KGB,
dude has actually choked the life out of people.
Speaker 3: Being pretty hard to think of a scenary in which
that isn't the case.
Speaker 1: Yes, right, right, right?
Speaker 3: Uh he was, he was, he was playing in some dark,
dirty alleys. Uh.
Speaker 4: You know, I I think I'll be honest with you,
I'm not entirely sure what Trump seeks to get accomplished here.
I don't There really isn't any kind of deal that
we can cut with Russia that I think is extraordinarily
beneficial to us. I mean, they do possess the same
type of crude we need, but we get that from Canada.
Speaker 3: Rare work metals. I mean they got tons of they
got tons of I mean.
Speaker 4: Look, it's better for us to have a to have
a complimentary and a friendly relationship with Russia. I'm just
not exactly sure what it is that he's trying to accomplish.
Speaker 3: Yeah, And and by saying that, I'm not saying I
disagree with it.
Speaker 4: I'm saying, genuinely, I wish that I knew what it
was that they wanted out of this, because I from
the outside looking in, what it looks to me is
that internally, I think that their goal is to get
the dollar down further, to keep a cap on energy
prices at the same time, and I think that it's
so cap on oil or excuse me, cap keep the
dollar down, keep a cap on oil.
Speaker 3: At the same time, I.
Speaker 4: Think they want to see the I think they want
to continue to see the dollar get lower and try
to hold some type of control level on.
Speaker 3: CPI right, because that's I guarantee.
Speaker 4: You they're prepared to tolerate a slightly higher level of
inflation than they're saying that they are right, they got
to play the anti inflation game. But but when you
look at the things that they're trying to do, it's tough.
Speaker 3: Man.
Speaker 4: They're trying to thread a needle and I and I
and I tip my cap that they're giving it a go.
But I just don't know what And I'm sure they've
got I'm sure they've got bullet points.
Speaker 3: I'm just it's a little bit of a head scratcher
for me. What he can get from putin that will
enable that will help him in those in those aims well.
Speaker 1: Those ames same. I think I'm guessing his aim is
to get to a point where he can put Putin
and Zelenski in a room together so that that he
can say that and then they can blow the deal up,
so that it's not Trump that he sets them down.
Look what I got them. I got them to come
to the table. I got them discussion. But that's it,
and that's a huge pr win. But I also generally
think he wants peace. I actually think that Trump hates war.
Speaker 4: Oh yeah, I mean I I look, if you if
you want to go back through history before Trump was
even involved in politics, I mean, I think anti war
is the most consistent part of everything he ever said.
Yeah right, I mean you know that and some of
his points about you know, free trade and NAFTA, but
I mean those are the things he's been the most
consistent on. So I absolutely all take him at face value.
But but you know it, like so many other things
today in our culture. I was trying to explain this
to my kids the other night because they were asking
me questions about Russia and Ukraine.
Speaker 3: And when you really sit down and assess it with
clear eyes, the problem you have is that neither side
has an incentive to stop. Like that's the issue, right,
Like nobody has Like everybody's like Russia needs to pull out.
That's not gonna happen.
Speaker 2: Yep.
Speaker 4: Right, there's no way they're given that back, not after
like the very thing that you're saying that we've lost
too many people. Yeah, exactly why they're not going to leave, right,
there's no way they've paid that price, they're going to
give that back. Yeah, Ukraine's got no incentive to fold. Like,
that's the problem with this whole thing. It's a horrible situation.
Speaker 1: And I don't and we went pot committed and Zelensky's
popupin and now you have europe saying and a European
boss lady just said this, if we can't defeat Russia,
then how do we defeat China? Yeah, you know what,
You've answered your own question, because you can't defeat Russia
by buying gas from the natural gas which Trump had said.
Now that sort of ended, and we've got the deal
now where they're going to buy energy from us. But
are you just awakening to this fact lady?
Speaker 3: Yeah. The other thing is I just don't look. I
could be wrong.
Speaker 4: I am not a geopolitical expert and certainly not a
Russian expert, but I do not at all agree with
or understand.
Speaker 3: And the narrative that suggests that Putin wants to take
over Europe. The guy has got an imploding population on
his hands, he's having a tough time keeping control of Europe.
And then he got bogged down in Ukraine for three years, right, Like,
what how does that signal he's about ready to take
over Europe? That's the part to me that those are
the kinds of I could be wrong. I could be wrong.
I'm not omniscient. That's the kind of stuff that scares
me though, because you everybody just accepts that what are
we doing? We're making sure he doesn't invade Europe and
you're looking around going how would that work? What are
we what are we talking about? Yeah, and and and
and and.
Speaker 4: I know, like you, Todd. The thing that scares me
about that is, Okay, here's this great narrative out here.
Who's pushing this?
Speaker 3: And why?
Speaker 1: Oh, it's it's the defense industry, the other ones and
pushing this. It's the former intelligence officials who are now
on boards for defense industry companies. And you know, look,
I've been in this business for forty five years. Putin's
position well, and you know he's good. And that's that's
the thing they're pitching you. You talk to someone speaking
of Trump, He's nominated to be on the Federal Reserve,
and so it's just he's the power replacement Steve Moran
that he wants. I want to talk to you about
him because this could this, this is something that could
affect us deeply. So we'll talk with Zach about this
in just a second. You know, we're talking about Putin
and his sort of country and our sort of country.
One of the things that we bear in common is
we're surveillance states. So is Europe. We're censorship states. Sorry,
it's not as bad here, and President Trump is far
from as bad as figure at Biden, but that stands.
That's the case. There are people in both countries who
hate truth. Now, I have friends at Angel Studio have
taken a program and they've created something called Testament. And
here's what it is. It's the Book of Acts transposed
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It's Angel dot Com slash Todd. So Stephn Moran, You've
talked to this guy a couple of times, Zach, and
he's been nominated for the Federal Reserve. So I'm reading
and I went through a look at the Mockingbird media.
Trump's Federal Reserve nominee may receive a cold shoulder. Why
Trump's nominee is posing as an outsider. Trump's nominee a
continuation of Mega anti expert stance. Those are some of
the headlines Mega's anti expert stance. That's some of the happening.
Speaker 3: Okay, so here's where I love this.
Speaker 4: First of all, I'm going to say several things that
sound self ingratiating, and arrogant.
Speaker 3: I can promise you I don't. I don't mean it
that way. What I mean is that.
Speaker 4: So the point that I'll be trying to make when
I say that is this is one of the things
I love about Trump, and not because he agrees with
me and I am brilliant and never wrong, but because
he's looking for the same things and I think that
they really matter. Meaning the reason I had Steve Miran
on the show twice, and he's a great guy by
the way, and very very smart, is because he is
precisely the kind of person that we need in in
my opinion, on the Federal Reserve Board and on the FOMC.
And the reason I say that is, okay, lack of
an expert. This guy is a PhD in economics from Harvard. Okay,
I thought that's the I thought, that's the white I
reached power of expert for.
Speaker 3: These people, right, Okay. On top of that, the guy
has ran a portfolio, run a hedge fund, and been
a practitioner that has actually operated in markets. That makes
him a white seg right, like those guys don't exist.
Speaker 4: So and what it does is it gives him exactly Look,
I don't I'm not anti economics, but without real life
experience and knowledge of how markets work, and how things
actually right. There's economics is all based on the idea
that capital is going exactly where it should all the time.
Speaker 3: Capital ends up where it should eventually, but it can
take some really big detours and economists don't have any
answers for that. Guys like Miran understand that. And so
this is one of like this should give everybody heart
because all of those all of those articles have something
in common. I can guarantee you.
Speaker 4: That whoever wrote those articles hasn't spoken into that guy
for one tenth as long as I have. And yet
here they are slamming this guy. Look at lack of
an expert. What are you if a guy that has
a PhD in economics from Harvard isn't qualified to be
on the f who is right?
Speaker 3: Like like, why are you gotta be kidding me?
Speaker 4: And so I A, I love this about Trump because
he's not looking to just the expert elite status, which
funny enough, are you there? That group of people is
never the most competent, they're never the most knowledgeable.
Speaker 3: It's a country club, right, like that, It's a social
It's a social group. That's what it is.
Speaker 2: Right.
Speaker 4: You take a guy like Steve there's a reason Steve
didn't come right out of the out of Harvard and
just jump into those kinds of jobs.
Speaker 2: Right.
Speaker 4: He did some work for the government, but then he
went to private route, went out on his own, started
a hedge fund, did stuff like that.
Speaker 3: He's an outsider. He looks at things differently.
Speaker 1: Here's CNN in me world. That's said, okay, in megaworld.
Stephen Moran, the White House economists President Trump nominated last
week to the Federal Reserve's top ranks, is a force
to be reckoned with. Moran has been a key voice
in support of Trump's sweeping economic agenda, with the President
praising him as distinguished and unmatched. But what it takes
get nominated to the FED is different what it takes
to succeed at the Central Bank. Moran was nominated in
place of Adrian Coogler, who resigned from the FED with
six months left in her term. That means Marann would
serve on the Fed's Board of Governors until January thirty one.
Should he be confirmed by the Senate, his unconventional views
on the economy will be unfold display during his confirmation
hearing before the Senate Banking Committee. The same views that
put him out of step with the rest of the board.
Unlike most mainstream economists, including those at the FED, Moran
believes that Trump's widespread traffs and US trading partners won't
stoke conflation, the view that suggests the FED should have
already cut interest rates this year, as Trump was loudly
demanded for months. He's doubled down on the position recently.
Moran also co out of the little paper last year
that argued that the Fed's independence, so he's struck a
different tone in recent years argued against the Fed's independence,
though he struck a different tone in recent years, it's
unclear if he'll be unequivocal about honoring the Fed's independence
as chaired Jerome Powell and other FED members typically are.
This is CNN raising alarm bells that this guy might
think that maybe the Federal Reserve should, oh, I don't know,
be audited or be responsible to someone of themselves. That's insane.
That's crazy talk megal world baby.
Speaker 3: Yeah, pure insanity. And also you sit there and go, hey,
cool job writing a story about somebody where you draw
all these conclusions that you've never even spoken to him. Yeah,
he wait, here's the other thing to drive me nuts.
Speaker 4: And I don't want to sound too elitist or anything
when I say this, but it gets so exhausting listening
to people try to sound smart and try to sound
like they understand what they're talking about when it's so
clear that they've got no idea.
Speaker 3: One of the biggest issues you've got in this economic
talk is these are pardoning Turner. But these idiots out
there GDP up good, GDP down bad. Now, they'll sit
there and talk at their cocktail circuits about the plight
of the middle class and the financialization of the economy.
And but anything you do that makes GDP go down
for so much as a quarter is a disaster.
Speaker 2: Right.
Speaker 3: Well, in real life, we understand sometimes we've got to
take a step back to take three steps forward.
Speaker 1: Yep.
Speaker 3: Right.
Speaker 4: And Trump isn't even doing what they're talking about. Trump
is even said this might be uncomfortable, this might be
you know, not ideal. There's going to be some pain, right,
But we're talking about two different things. Nobody ever said
that this might cause a short term recession, which when
you've got record household debt or record household wealth, record
household equity, at homes and four point two percent unemployment.
Speaker 3: Hey, every lost job is a bad thing.
Speaker 4: But if that's what it takes to get you know,
you know what manufacturing back in America and livable wages
and all that.
Speaker 3: Right, if that's what it takes, then then okay, sounds.
Speaker 4: Like a great idea, right, But it's you're gonna sit
here and tell me all the horrible plights of capitalism
and how it screwed everybody. And yet when we go
back to policy, it's, well, you can't do anything that
is GDP.
Speaker 3: Go now you're going Wait a second, I thought this
was all about how evil capitalists only care about number
go up. And yet any time I suggest to Paul,
like I said, I have to remind myself all day
that I'm not living in a black mirror episode because
I'm sitting there going you, now, you are vehemently fighting
somebody that wants to institute quote unquote protectionist measures that
would be beneficial to wages for the middle class. Like
if you hang out long enough, you'll see everything, right,
I mean, that's like a and I've said this a
million times before, but there's certain parts of what Trump
is saying that are just pages right out of Noam Chomsky.
I mean, and by me saying that, I'm not saying
it's bad.
Speaker 4: Just because I don't agree with Noam Chompsky on most
things doesn't mean that he didn't have some good points.
Speaker 1: Noam Chomsky was right on COVID, He's right about pharma.
Noam Shansky is right about some things. And the broken
clock theory applies to this. So this is going to
continue the votes. You know, if he gets his temporary placement,
then then it's going to be really really interesting to
see what he does on the inside, because I'd love
to see him challenge Powell, you know, not for the
leadership perhaps, I mean, I love that, but I'd love
to see because I think the era of Jerry Powell's
God had just come to an end. He is just
a complete repeat of what we've seen before that there's
nothing that can change, nothing can be challenging. And here's
my test for the SAC if no one, if they
don't want to be audited, This would be my litmus
test for anybody in the FED. Will you be audited?
We supported an dependent out of the FED. And if
the answer is no, then you're the same same type
as this as Miranda. He say he'd supported an audit.
Did you ask him?
Speaker 3: I don't know.
Speaker 4: If we can, I'd have to go back through the
interviews and look at it again. It's it's something we've
probably talked about.
Speaker 3: Here's the thing. What he's again. I've spent two and
a half hours talking to the guy one on one,
so you know, I would be shocked if he did
not support an auditing of event. I'd be absolutely shocked.
Speaker 1: Okay, well, there's a night, there's a leit he does.
There's links to Zach's interviews with Steve Moran in our podcast.
So in the in the show notes, we have links
up to the interviews Zach's done. You can also go
to Know Your Risk podcast dot com. That's where Zach does.
This podcast is Know Your Risk Podcast dot com. I
want to give you something that's going on in France
in a second, because we're talking about a bit of populace,
but we know in megaland and there's been happening in
French politics. I'll bring you up to date you here
in a second, just like Zach and are doing now
talking on video, we're gonna do something live and we're
gonna invite you. This is with renew We've played around
with this and now we've gotten serious in terms of
a a webinar to talk about stem cells and how
they affect you. This is going to be Thursday, September eleventh,
eleven pm Pacific, our am Pacific, eleven am Pacific. I'll
be there doctor Navarro. Remember doctor Navarro from Mexico, Doctor Varra.
Did you get to meet him, Zach when you're in Mexico,
Doctor Navarro. So he's a spinal specialist. He's going to
be there on regenitive therapy. You can submit questions in advance.
You go to join stem cell talks dot com. Talk
about your medical condition, talk about your parents, or your
wife or husband's medical condition. Go register there. You could
also call six oh two four two eight four thousand.
We're going to talk about how the stem cells are derived,
the efficacy of this versus surgery.
Speaker 3: Plus.
Speaker 1: Everybody who attends and stays in the webinar, you will
be entered to win a stay at the Nuava Verota
Meo Hotel. Zach stayed there. I've stayed there. I've been
there three times. It's a beautiful hotel, great meals, great service,
rooftop deck extraordinaire. So go to join stem cell talks
dot com and end up with people like this or
statements like this is from Lee. Lee wrote before discovering
renew Healthcare, I was living with daily pain on my
right shoulder due to partial rotator cuff tare simple activities
like lifting groceries, reaching overhead, or swinging a golf club
became difficult and frustrating. My orthopedic surgeon recommended surgery, but
I wanted to explore a less invasive option with a
shorter recovery time. After receiving the stem cell treatments, I
noticed significant improvement within just a few weeks. The inflamation reduced,
my range of motion improved, and most importantly, the pain
subsided dramatically. Now, three months post treatment, I'm back to
doing the things I love pain free without surgery. Choosing
regenitive therapy was one of the best healthcare decisions I've
ever made. I'm incredibly grateful for the care team who
had guided me through the process and gave me back
my quality of life. Hit us up at joined stem
cell talks dot com and I will see you there
and you can enter a win that week in the
hotel so Zach and yeah.
Speaker 4: Hey, so little plug and I promise, man, I had
to pay. I mean I didn't get sponsored by these guys.
Speaker 3: Yep, so went out two days ago. You and I
were down there three months ago. Yeah, that weird. Where
was it three months ago?
Speaker 2: Yep?
Speaker 3: Okay, And I'm a seven handicap golf.
Speaker 4: I went out yesterday and probably only my second round.
A couple of anyway, haven't been playing as much golf
because you've got to take time off after we did that.
Speaker 3: Yeah, I had the best ball striking round of my
entire life.
Speaker 1: Awesome.
Speaker 4: I am hitting it further at forty three than I
was at thirty five, and it has transformed. I am
swinging it better than I've ever swung it in my life.
And the only thing that has changed has been that.
And my back feels better and better by the day.
Speaker 3: I could. Yeah, I even blew myself. Well.
Speaker 4: I was sitting there going I didn't think I could
hit it there. I mean, it's been, it's been.
Speaker 1: It's been awesome though, now praise God. And that's that's
why so many pro golfers are there. The guy who won, Oh,
I can't remember the name of the tour, but it's
what are the master's tours on some islands, are you? Well? No,
folk's been down there. I've met Fred, He's really really cool. No,
this is another golfer. And Steve Anderson, who runs renew
He was down on this island and it was this
big tournament and anyway he won. He's a renewed golfer.
I'll give you one. I did a rowing and deadlife
workout with my beloved wife the other day, and yeah,
and I kept going up and wait, going up and wait,
going up and wait, and I kept waiting for it
to hurt. And I was doing doubles and triples at
weight that used to make my back crack, and I
feel like it was shifting, like my sijot was shifting
and my hips were shifting back and forth. I kept
waiting for that to happen. And I got up to
a weight that I haven't repped at in a long time.
I haven't repped three point fifteen in a very very
long time. And so I did a triple at that.
I'm like, what's this start to hurt? And it never
did so and I'm I'm I am six months out.
I'm at the tissue rebuilding stage and when I got
my stuff because I went down before you. So this
is from France. You know what they did to Marie
le Penn in France. So Marie la Penn and France
got banned for being in office. So there's this crazy
thing that they're doing in Europe. And thank god this
hasn't come here where they use law fair against politicians,
you know, and they take him to courts and we'll
never see that here. It's just not done. Her party
is now an all time polling record this month. They
now lead Emmanuel Marcron's party by eighteen percent. This is
after they banned the woman who runs the party from
winning elections, and all the predictions are they're just going
to ban this political party. And I'm asking you from
a perspective of someone who runs funds and as a
dad and a Christian man, et cetera. I wanted to
start at the finance level. Has there ever been a
populous revolution that aided the finance of a country. I mean, immediately,
ours was a populace uprising and it created the most
vibrant and free economic system in the world. But I've
seen a lot of populous uprisings that sort of destroy economies.
Speaker 4: Oh yeah, I mean it's one of the it's one
of the you know, it's one of the reasons we
called the American Experiment. One of the reasons was because
usually revolutions like that and in total disaster, right the
French Revolution, and they typically culminate in a strong man
taking over power.
Speaker 3: And again, it was in my opinion.
Speaker 1: Pause, I'm sorry, post production. Can you take the part
out about man?
Speaker 3: Oh yes, strong person, thank you.
Speaker 1: Let's try that again.
Speaker 3: So three two one, Yeah, Usually that's how a strong
person comes to power.
Speaker 4: And then and then when you and when you look
at the unique aspect of America's revolution was that again?
And I and I attributed to the divine hand of God,
but we literally had that.
Speaker 3: We had the opposite of that.
Speaker 4: We had a man that didn't want to be king,
and it pushed it back, you know, and you can
just see God's fingerprints all over it.
Speaker 3: Do you know?
Speaker 1: The number one criticism of George Washington's not gilla dress
was first, not good dress.
Speaker 3: He didn't use the right pronouns.
Speaker 1: I don't know, Well, there was that, yeah, because he
was a Yeah, but they couldn't hear them. Oh he
spoke so quietly. So yeah, so he stood and I've
been in the room where he gave the speech, and
it's a it's a pretty small room, and he was
at the lectern. And one of the big complaints was
he came out with the statements. It was like one page,
one page, you're the president of a new nation, like
you defeated the world's biggest military, the most powerful military,
and this godly man gets up and reads one basically
one page, so quietly that the people in back couldn't
hear it, even though this is a place designed for sound.
Speaker 2: Yeah.
Speaker 1: Right, I totally agree with you. That was the province
of God that we got that, and then we got populism,
but in constraints. That's why I call myself a constitutional populace,
a Christian constitutional populace, because the Constitution is a restraint.
But France and Europe, those people are so pent up.
Like we were just talking Alex and I about Europe,
about the UK. Did you see this thing where they
sent undercover cops kind of I guess good looking Ish
women to go jog are. No, I'm not saying I'm
trying to be accurate jogging around to get cat called
so they could arrest the people cat calling. This isn't
a country with a rape grooming scandal where they still
haven't arrested all the Muslim rape rape grimming gangs that
raped tens of thousands of girls. This is gonna there's
going to be a point where the Europeans rise up.
And I'm wondering if that form of populism has ever produced,
like anger driven populism. We're going to tear things down.
We're already spraying animal feces over the government buildings in Netherlands.
Has that ever resulted in hey, good economy? Or is
it always a teardown.
Speaker 4: Always a tear down, always a teardown. It's just never,
it never rolls that way. Like I said, it usually
leads to.
Speaker 3: Now. The one bit I will say to this.
Speaker 4: Is that usually in the past, social revolutions came from
really unfair practices, right, like effectively authoritarian practices, right you know,
you think about you know, think think about the surf
and kingdom set up and how badly they could abuse
those people. The interesting thing about this is the oppression
this time comes from.
Speaker 3: The kind of liberal elite of society right, and so
the pushback should actually be to the legitimately like less government,
you know, freedom side right, the thing that you've got
to watch out for historically, and again this is just
history telling us the story is it just usually goes
too far right.
Speaker 4: So it's like, Okay, you're pointed in the right direction,
you're mad at the right people, but now what the
way you've answered back right is just as bad, if
not worse, And now we're in an even uglier situation.
And the French Revolution would be like just the perfect
example of that, right.
Speaker 3: Where you're like, hey, you're right for all the right reasons, guys.
The response is just you're compounding the problem.
Speaker 1: Yeah, there's that whole thing. You become this monster, right
because you killed the monster, but she actually became the monster.
And what they've done, the elites have done is I
refer to it as building a monster they think they
can control. Now it's firmly out of control. You have
the presidents. And this is so fascinating to me, this dynamic.
There are people on the left going, this is an American.
He has federalized the DC police and he's arresting people.
This is an American and a dude on a surfboard
during COVID. Okay, we could go there. You arrested a
guy for surfing on his own in Los Angeles during COVIDS,
And that's not an American b What about cities that
have purposely, purposely lied about crime rates, purposely allowed cartels
to set up shop, have announced we're not going to
prosecute your soldiers if they're caught in a DUI. That's
not un American, that's not extreme. And and and look,
if I'm the guy that if I got stopped in
a federal ID check, you know, roadblock, I'm the guy
with my hands at ten and two saying being detained,
that's and and hey, if I'm being detained, just tell
me the probable causes. Okay, yeah, be glad to pull
my car over. Yes, officer, here you are. Here's my
licensan ritradition. But if I get the I'm not being detained,
I'm I'm gone. So I guess that's civil liberties. But
we're at a point where people have been pushed, Zach
into protesting to keep the crime going. That's that's how
people have been.
Speaker 3: Pushed, I know. And and to say we've lost the
narrative is like saying water's.
Speaker 1: Wet right right right.
Speaker 4: And and and that's then just yeah, it has such
it in discussions like in discussions like this, you really
want to keep it like fact based and feed on
the ground.
Speaker 3: But I just again, I think if you're not looking
at this situation through a spiritual lens, you're not seeing
it for what it is. Right, the confusion, the tickling
of the ears that you can do whatever you want,
it's still going to get right. It's you can do
whatever you want and it will not affect your outcome,
or it shouldn't affect your outcome. What a harrisstic message
and lie to tell people Your outcome should be a
composite of those choices and what you've done. That's the
way this works. You don't get to do what if
you want this outcome, there's most things you don't get
to do, right, Like, how do you become successful?
Speaker 4: Well, want me to say it really simple. You create
a long list of things that you're never gonna do.
Speaker 3: Yep, right, Like, that's a big part of it, right, And.
Speaker 4: That's what discipline is. I'm never going to sleep in
past five thirty. We think of the lie, think of
the disservice you're giving these people. Because here's the deal.
No matter how smart and powerful you are, you can't
flip the rules of physics on their ears. So what
you're telling them, despite your best efforts, you can't make
that a reality.
Speaker 3: So what are you doing. You're burying these people. You're
burying these kids. You're not giving them a choice. They
don't have a chance. They don't have a snowballs chance.
Speaker 4: And you know where right, it's it's just it is anethhma.
It is crazy to me what we're protest, you know,
go right back to defund the police in the most
crime written place.
Speaker 3: Are you kidding me? People? Yeah? Yeah, go ask them.
Speaker 2: You know.
Speaker 1: I wish God to put together like a list of
I don't know, like ten items, you know, maybe tonight.
Speaker 4: Like but yeah, like maybe like ten like good steadfast rules.
Speaker 3: If you suggest you hold, If you hold them, things
will go well with you.
Speaker 1: That kind of thing, right, right, you put suggestions or
I don't know.
Speaker 3: That's a novel concept. I've heard. I've heard that things
like that tend to work pretty good for people and
for cultures. The rumor.
Speaker 1: Yeah, but I've heard that, Well, let's let's stay science space.
And I want to talk to you about one of
your casts this week at No Your Risk podcast dot
com and this is inflation and AI and we'll talk
about this in a second with Zach Abraham, Chief and
best mouster Boat carpt Management. Subscribe to this podcast at
No Your Risk podcast dot com. There is tragedy and
I just really I realized why we were. I was
making coffee, grinding coffee last night and I was like,
broad boat fog, right out of the frog. My wife's like, no, no,
there's a bag left. I always ordered this the right way.
It's no, there's there's We're out.
Speaker 3: Of the frog.
Speaker 1: And you ever get that thing. You're righting around the
house like you're out of your cocaine. Okaye, where's my cocaine?
Speaker 2: Go?
Speaker 1: And I'm out of the frog? Honey, who moved by cocaine?
I think the kid's at it. And I come to
and I'm just and I was just thinking about this,
and I'm sitting here and here's the bag right and
I hit it against my broadcasters microphone, so you know
it's real. So this now, seeing I have to take
this home and I get I get to be the
coffee Hero Baby. This is the extortion blend from Bonefrog
Coffee dot Com. Go there and buy bag that says
on the back God Country Team. All the bags say
that know that the coffee was either mentored into existence
by the coffee legend who started seeuw's Best Coffee. That's
Dave Stewart or Dave actually make these roasts. Made the roast.
My friend Tim Kokshak runs the company. He is a
retired Navy Seal. Three Jared are three three deployments on
our behalf at the Navy Seal. That's why this is
on the side of the bag. Biggest loss of life
and special Forces history. This bag honors that team. Bonefrog
Coffee dot Com slash Todd use promo code Todd to
get tempers out of your first purchase fifteen percent of
subscription coffee. And then I get to take this home, Alex,
do not let me forget to take this home. I'll
be coming back this weekend. It gets us. In fact,
I'll be coming back tonight to get this. Put that
right there and put that on top of my computer.
Now I can't forget it. So you are at your podcast,
yours podcast, You're tied together accelerating inflation and AI. And
we've talked about AI driving up the need for electricity,
therefore more electricity facilities, more processes, et cetera. But how
is it related to inflation and accelerating inflation.
Speaker 4: Well, so we attacked it in a couple of different
angles in that conversation. But but what we were saying
was that when you have when you have a land grab, that.
Speaker 3: Is effectively what AI is right now, right, Yes, Katie
bar the door. Everybody's out there racing, You're gonna see.
Speaker 4: Obviously all these things have to be powered, and we
all know that they're incredible power sucks.
Speaker 3: So that's kind of that's going to put a bit
under energy of all kinds.
Speaker 4: And I think there's kind of this thought, well, well yeah, it.
Speaker 3: Doesn't drive it up energy prices yet.
Speaker 4: Well, guys, the majority of the mavning being turned on yet, right,
I mean you look at the data centers and the
and these compute centers that are in process. Oh, I
mean you're just the tip of the spear, right, Okay.
Speaker 3: Yeah, yeah, yeah, You're just at the tip of the spear.
So so then you look at inflation, it's causing in
coding jobs.
Speaker 4: And now that's a little bit inflation is probably not
the right term, because there aren't enough coders. Is the
percentage of the population to really say that, because a
I will eat them?
Speaker 3: Yeah.
Speaker 4: So so yeah, we're doing a really I'm doing a
I'm doing a We just we're having tons of scheduling conflicts,
but we're trying to get it done next week.
Speaker 3: But an interview with a guy that is at the
head of one of the AI teams of the.
Speaker 4: Big meg seven companies awesome, and that happens to be
a friend of mine, and and the stuff he's telling
me what he he just said already, he goes, he goes,
a year ago when we were first starting to get
really good breakthroughs. We were really pumped when the AI
got as good as our junior level coders.
Speaker 3: He goes, Now there is not a better code in
our company. And we're talking about a multi trillion dollar company.
Speaker 4: And he goes, it's got to the point where our
base model seventy percent of the code has been written
by the LLM itself. So so it's it and and
and the expert.
Speaker 3: So remember More's law.
Speaker 1: With compute, I would double Yeah, the processing power process
doubles ever eighteen months.
Speaker 3: Yep, yeah, yep. So what they're seeing right now with
AI as it's every four.
Speaker 1: Of coding power.
Speaker 3: So when you think people.
Speaker 4: Are really bad at understanding exponential growth curves, but people
do not understand what that means.
Speaker 1: So every four months, the the ability of these things
to write code doubles.
Speaker 3: Yes, they go.
Speaker 4: They're effectively doubling their compute ability and processing ability every
four months.
Speaker 3: Wow. Yeah, I so, so what that means and what
I can tell you is that in three to four years,
if not sooner, you're going to see things enabled by
code that people didn't think was possible and that people
never imagined.
Speaker 4: Like exactly where that takes us, I don't know, right,
we haven't been there before. But it as incredible as
everybody knows this is, it's more incredible.
Speaker 1: I will tell you for a fact when place it's going.
Because I was just listening to Bill Gates talk about this.
AI is the most incredible system for creating medicines that's
have ever existed. Yes, and it's very true. Well, sure,
are you going to be jumping up and down to
take AI drugs?
Speaker 3: No?
Speaker 1: No, And this is I'm telling everybody this is to
me a fact, and I'm not responsible for this phrasing.
I wish I'd found this article and kept it and
printed it out and built a wall out of it.
Someone wrote about the the the the digital world going
to war with meat Land, that forever digital just affected digital.
There's the computer screens and it's all ethereal and it's
all things you look at or listen to, but it
doesn't touch you. Now when you have Bill Gates saying
we're going to create new drugs every hour and they're
going to be customed to you. Now, it's entering Meatland
and he is that, then all this stuff is code.
They are saying that you're going to go to the doctor, Zach.
You're going to present with these symptoms. Your doctor is
going to know your blood type and your and your DNA.
He's going to go back and enter that information. A
computer is going to write a drug for you, and
then a three D printer is going to create it,
and you're going to be given pills or an injection.
And here he goes, Zach, here's your injection. And do
you know how that? Do you know how they test that?
It can never be tested, It can never be tested
because it's made just for you.
Speaker 4: Yeah no, no, but but okay, agree with you. At
the same time, here's the bright side AI is looking
like right now, it is going to be far more
democratized than most people thought, meaning I actually think it
broadens things out. Okay, so we will also have AI
that's working on homeopathic remedies and human compounds and things
that are actually healthy.
Speaker 3: So if we want, we'll be able to we'll be
able to get that. I think it's honestly a part
of AI that those the powers that be I don't
think they've fully wrapped their fingers around it, which it's
to me, it's kind of like cryptocurrency in a way,
and it's kind of like social media. You're not going
to be able to contain it, right.
Speaker 4: Because if you think away, all tech has been such
a confined space for so long because you've got these
big behemoths that have all the dough and all the
power and all the control, and therefore they've got all
the best coders in the world, and therefore we all
have to go through them to get their stuff because
they got the best talent.
Speaker 3: Right, Yep, that's not the case anymore. That talent is ubiquitous.
So like, I actually think that AI is going to
make look and they're going to pervert it in you
for you know, ways to be authoritarian.
Speaker 4: But I but I also think that it provides a
big lever for us to push back with and to
kind of push against the authoritarian state and to.
Speaker 3: Do things. Again, I'm just watching the way this is
unfolding it.
Speaker 4: It's kind of catching me a little bit by surprise,
meaning this is going to be very very hard for
elites and the powers that be to contain.
Speaker 1: Then that could be good news. And I've been tempted
to take an AI course because I kept seeing these
Facebook ads master AI and these three days, and like,
there's things that I do task wise I don't want
to do. I like, when I do a show a
show sheet, I open a Google document. Here's the blank document.
I go to my template. This is the template. I copy,
I pasted, I put it in there. Now I could go,
I guess, hire an admin to do that, but I
prep my own shows that if I could eliminate that,
if I could eliminate things like that with AI, I
would love that. But then I start thinking about I
could just trap myself in a room for a week,
steady AI come out and all these insane ideas I've had,
Now this can be coded for me. Like I can't
tell you how many stupid ideas I had. This is
a true story. I was with the former CTO of
my internet radio company, and you know, we sold the company,
and he and I got together for lunch and we
were kind of thinking and reminiscing about how things went
and how we could have maybe sold for more money,
and we should have taken this offer at that offer.
And I said, you know what, Chris, I a stually.
Christopher se you know, Christopher, I should just do the
stupid ideas I have. I mean, I spent all this
time in this inner radied company we did, Okay, I said,
you know what I should create like a I'm just
sitting there thinking, I go a fart app. And Christopher says,
are you kidding? I go no, I'm in a just
like something stupid. The stupidest thing I could think of
as a fart app that your phone farts at you.
And he goes, Todd, hold on, and he pulled up
the app store and at that time it was like
the number three app and it was charging money. It's
like a three dollar download. I go, how much code
is involved this? He goes, I could create this in
fifteen minutes and they've made somewhere around six and a
half million bucks twenty one years ago, six and a
half billion dollars for a fart app. So you can
have these stupid ideas and then sit down and turn
into an AI and build me my fart app or
or you know, haul of back app.
Speaker 3: Yeah, well hey there's one. There's an angle that is
really it's kind of shocking me that no one's talking
about that. No one's pointing to, you know, ironically, who
I think.
Speaker 4: I think a lot of these companies are in really
big trouble all of a sudden, are all these SaaS companies,
these software is A companies?
Speaker 3: Yeah, look at look at look at look at Salesforce. Okay,
well I don't need them anymore, great point, have an LLLLM,
make my own CRM.
Speaker 4: I don't need a CRM to have centralized connection. I
just needed to manage my clients. I don't need to
be connected to Salesforce. I'm gonna have the CRM dial.
I'm gonna have the ll M make me my own
CRM between the hours I leave work at night and
show up the next morning, and I'll have my own
CRM and I don't have to pay a subscription feed
anybody for it.
Speaker 1: Okay, Well, then I'm being talked into maybe starting to
warm to AI. I just also know that the devil
is warm to AI.
Speaker 3: Oh.
Speaker 4: Look, there's no question it's gonna be a two sided
nice right, I mean two sides, like there's no.
Speaker 3: Question I and and.
Speaker 4: But what I'm saying is I'm a little bit more
encouraged or less dour because I'm seeing it also simultaneously
gonna it's going to put a lot more power back
in our hands than I had originally anticipated.
Speaker 3: They're just not every I mean, it's a land.
Speaker 4: There's there's going to be too many models, and we
know that they're going to develop models like they'll have
a truth social version of an ll M isn't code.
Isn't coded to say that, you know, Internet or Continental
soldiers were you know, Asian and black.
Speaker 3: You know what I'm saying, Like that's gonna happen.
Speaker 1: Sure, and let me just I'll provide you one counterpoint.
Do you remember the days of iceps when there were
all sorts of independent ice piece. Yeah, okay, do you
remember how that ultimately got changed because you had the
bigs going out and trying to buy all the indies.
But there were big indies, like there was an ic
P and Seattle called c net that was big and
and they had a lot of subscribers. They weren't going
to sell. They were going to be the regional They
saw it coming. We're going to be a we're going
to be a cable you know, television company. We're going
to be a voipe company. They saw it all coming.
Do you remember what they did to make sure there
were no indies?
Speaker 3: Well, it's shoot, I mean you just said complete consolidation.
Speaker 1: They went to Congress. Yeah, and they said this is phones,
this is basically phone lines. We need to be able
to consolidate this. And Congress got behind that. So then
it was, oh, well they're interrupting the cable business and
all this. I'm just gonna say, I bet you that
the bigs are going to take a run at this.
AI is so big and so powerful that we need
to make sure that we've got the trusted companies running it.
And it's really too powerful to put in the hands
of amateurs. I mean, we can't have amateurs out owning
powerful weapons, guns and such. So we need to make
sure that this is in the hands of trusted professionals.
After all, I mean, you can't go to a doctor
and say I've got bronchitis, give me penicillin. Your doctor
has to say, no, I need to test to you. Well,
now I get bronchitis every year, or this is clearly
a tooth infection. Yeah, I'm gonna need to take a biopsy,
et cetera. We can't do that. Then tell me that
this Big Seven are not going to go to DC
and say, look, we got to make sure that people
aren't coding their own stuff.
Speaker 3: Look like I said, I'm sure they're going to try that.
Speaker 4: They just don't have the levers of control with Ai
that they like his kids that get together and that
are really smart and start building off an existing model
that's open source on the internet, and they're doing it
in their mom's basement.
Speaker 3: Good luck trying to stop that. Okay, you know what
I mean. So I agree with you. They're gonna try.
There's no question they're gonna try. I just think it's
gonna be a lot, you know, like for instance. You know,
if you look at a phone company, look at how
many more moving parts and the infrastructure and the maintenance
and the employees. Right, there were real benefits to consolidation,
which is why they did it. You look at AI,
it's just completely Like I said, three kids can come
up with a better model built off an open source
base model on the internet in their mom's basement. I
just think it's gonna be. They're gonna try. I just
think that there's we have truly opened Pandora's box. I
don't think anybody's gonna be able.
Speaker 1: To look for it. Well, then I look forward to
watching it happen and having you taken care of my
money to make sure that they take advantage of having
Thank you, Zach, Zach Cabrahm, Chief Investments or Bot Capital Management,
Know Your Risk podcast dot com. This is the Todd
Herman Show. Please go, be well, strong, be kind, and
make a decision to not just concentrate on building up
treasures on earth where thieves and rus can get at them,
but treasures in heaven protected by your heavenly father.