1 00:00:38,320 --> 00:00:40,399 Speaker 1: If you want to support the show and get the 2 00:00:40,479 --> 00:00:44,920 episodes early and ad free, head on over to Freemanbeyond 3 00:00:44,920 --> 00:00:48,640 the Wall dot com forward slash Support. I want to 4 00:00:48,679 --> 00:00:53,320 explain something right now. If you support me through substack 5 00:00:53,960 --> 00:00:58,000 or Patreon, you have access to an RSS feed that 6 00:00:58,079 --> 00:01:02,560 you can plug into any catcher, including Apple, and you'll 7 00:01:02,560 --> 00:01:05,560 be able to listen to the episodes through there. If 8 00:01:05,560 --> 00:01:09,159 you support me through a subscribe, Star, gum Road or 9 00:01:09,200 --> 00:01:12,719 on my website directly, I will send you a link 10 00:01:12,799 --> 00:01:15,239 where you can download the file and you can listen 11 00:01:15,280 --> 00:01:19,359 to it any way you wish. I really appreciate the 12 00:01:19,359 --> 00:01:22,640 support everyone gives me. It keeps a show going. It 13 00:01:22,680 --> 00:01:26,280 allows me to basically put out an episode every day now, 14 00:01:26,760 --> 00:01:29,400 and I'm not going to stop. I'm just going to accelerate. 15 00:01:29,920 --> 00:01:32,120 I think sometimes you see that I'm putting out two 16 00:01:32,920 --> 00:01:38,400 even three a day, and yeah, can't do it without you, 17 00:01:39,040 --> 00:01:41,200 So thank you for the support. Head on over to 18 00:01:41,200 --> 00:01:45,480 Freeman Beyond the Wall dot com, forward slash support and 19 00:01:45,560 --> 00:01:46,120 do it there. 20 00:01:47,239 --> 00:01:47,599 Speaker 2: Thank you. 21 00:01:49,239 --> 00:01:51,680 Speaker 1: I want to welcome everyone back to the Pekingana Show. 22 00:01:51,920 --> 00:01:53,719 Along goes back. What's happen time? 23 00:01:55,040 --> 00:01:58,120 Speaker 3: Not much Pete like just finally like got caught up 24 00:01:58,120 --> 00:02:02,200 from my trip up the Calgary and yeah, so happy 25 00:02:02,200 --> 00:02:04,359 to I would have done this earlier in the week, 26 00:02:04,400 --> 00:02:06,920 but there was I don't think I had like five 27 00:02:06,920 --> 00:02:09,800 brain cells to rub together and make a spark until 28 00:02:09,840 --> 00:02:12,280 about four o'clock yesterday afternoon. 29 00:02:12,360 --> 00:02:15,240 Speaker 1: So yeah, a lot's happened this week, and we can 30 00:02:15,280 --> 00:02:18,000 probably touch on a couple of those things. But I mean, 31 00:02:18,919 --> 00:02:24,280 are the Panthers going for dynasty? I mean, I certainly. 32 00:02:23,960 --> 00:02:25,879 Speaker 3: Hope not since I live in Florida, but I but 33 00:02:26,000 --> 00:02:29,439 my heart's in Edmonton, you know. I think it's I 34 00:02:29,639 --> 00:02:31,520 think Connor McDavid's at that point where he has to 35 00:02:31,639 --> 00:02:32,919 have to learn how to lose in order to learn 36 00:02:32,919 --> 00:02:35,080 how to win. I'm hoping that that's what happens here. 37 00:02:35,080 --> 00:02:37,199 I think I think it would be good for the sport. 38 00:02:37,319 --> 00:02:38,800 I'll be honest with you. I think it would be 39 00:02:38,800 --> 00:02:42,960 good for albert at this particular moment in time. I 40 00:02:42,960 --> 00:02:45,360 think it would be great for Edmonton to win another Cup. 41 00:02:45,560 --> 00:02:48,000 I know the Calgarians will be like a little pissed off, 42 00:02:48,000 --> 00:02:50,199 but they'll secretly be really happy that. 43 00:02:50,319 --> 00:02:53,039 Speaker 2: You know. Yeah, the the Western Canadian boys did good. 44 00:02:53,240 --> 00:02:55,199 Speaker 1: So as always. 45 00:02:55,000 --> 00:02:56,560 Speaker 2: A leafs are never there that's all I really give 46 00:02:56,560 --> 00:02:57,039 a fuck about. 47 00:02:57,080 --> 00:02:59,719 Speaker 1: Oh yeah, yeah them. But I still do want to 48 00:02:59,719 --> 00:03:03,159 see a game at the garden before I die at 49 00:03:03,159 --> 00:03:08,240 Mapleland Garden. But yeah, I just as someone who used 50 00:03:08,280 --> 00:03:10,479 to have Panther season tickets, I would like to see 51 00:03:11,639 --> 00:03:13,759 you know, two in a row would be something else. 52 00:03:13,759 --> 00:03:15,639 All Right, We're not going to do this. We did 53 00:03:15,639 --> 00:03:16,479 this the last time. 54 00:03:17,599 --> 00:03:20,159 Speaker 3: You're this year to pissed everybody off just a little bit, like, hey, 55 00:03:20,199 --> 00:03:23,840 let's talk about hockey all night, all right? 56 00:03:24,919 --> 00:03:27,159 Speaker 1: So yeah, what were you trying to do to piss 57 00:03:27,159 --> 00:03:29,800 libertarians off? And I'll tell you about mine today, that'll 58 00:03:29,879 --> 00:03:31,960 be great. What are you doing this week? 59 00:03:32,680 --> 00:03:34,680 Speaker 3: I'm well, I did this is two hours with Dave 60 00:03:34,759 --> 00:03:37,439 Ronowsky this morning. I'm trying to explain to him that, 61 00:03:37,840 --> 00:03:41,919 like I am, I'm over and done with, you know, 62 00:03:42,199 --> 00:03:46,400 our supposed libertarian brethren grand standing. I'm with I'm a 63 00:03:46,439 --> 00:03:48,319 Trump on this is the grand standing in the in 64 00:03:48,319 --> 00:03:50,479 the Senate, in the House over this freaking budget or 65 00:03:50,479 --> 00:03:55,360 conciliation bill. And I've explained it on Twitter, I've explained 66 00:03:55,400 --> 00:03:57,680 it to my people, and I've explained it, and they 67 00:03:57,800 --> 00:03:59,560 explained it this morning in a different show and I'll 68 00:03:59,560 --> 00:04:02,479 explain it or now Steven Miller's correct, and that the 69 00:04:02,479 --> 00:04:06,319 budget Senate, the Senate budget rules under reconciliation do not 70 00:04:06,400 --> 00:04:11,919 allow for discretionary spending cuts, only mandatory spending cuts. They 71 00:04:11,919 --> 00:04:13,599 got one hundred and sixty five or one hundred and 72 00:04:13,599 --> 00:04:16,680 sixty eight billion dollars with the mandatory spending cuts at 73 00:04:16,759 --> 00:04:21,160 first pass through a Congress that was dead set against 74 00:04:21,160 --> 00:04:24,120 giving them a dollar and then between that and the 75 00:04:24,160 --> 00:04:30,319 CBO budget projection which used their baseline as oh, well, 76 00:04:30,360 --> 00:04:35,439 we were going back to these high pre Trump tax levels, 77 00:04:35,639 --> 00:04:42,040 and so all of the projections of the the tax 78 00:04:42,120 --> 00:04:45,680 collections that adds to the deficits horseshit. 79 00:04:46,319 --> 00:04:47,199 Speaker 2: It's all bullshit. 80 00:04:47,519 --> 00:04:52,360 Speaker 3: And it bothered me to no end to watch good 81 00:04:52,399 --> 00:04:56,040 people who have lived by the precepts two precepts over 82 00:04:56,199 --> 00:04:59,600 the last thirty years of one when of politicians lips 83 00:04:59,600 --> 00:05:03,439 are moving, are lying and to all government statistics aren't 84 00:05:03,480 --> 00:05:05,639 aren't to be taken at face value. Well, we have 85 00:05:05,759 --> 00:05:07,560 both of these things happening at the same time, and 86 00:05:07,600 --> 00:05:10,040 as our libertarian brethren who are lying through the freaking teeth, 87 00:05:10,040 --> 00:05:13,399 politicians are lying through their teeth about this, And why 88 00:05:13,439 --> 00:05:16,920 would a we quote unquote libertarians out in the world 89 00:05:17,240 --> 00:05:19,879 believe anything that the CBO has to say, knowing full 90 00:05:19,920 --> 00:05:22,199 well that the CBO is staffed by people who don't, 91 00:05:22,399 --> 00:05:24,879 who are part of the managerial state, that are that 92 00:05:25,120 --> 00:05:29,279 is root and branch trying to stop what's happening in 93 00:05:29,319 --> 00:05:30,240 the executive branch. 94 00:05:30,480 --> 00:05:32,399 Speaker 2: It makes no sense to me whatsoever. I asked this. 95 00:05:32,720 --> 00:05:34,519 I asked this basic question without. 96 00:05:34,240 --> 00:05:37,560 Speaker 3: Being a douchebag for once to Clint Russell on Twitter 97 00:05:37,600 --> 00:05:39,759 the other day and I said, Clint, I mean, come on, man, 98 00:05:40,079 --> 00:05:42,720 can I ask the simple question like why? And he 99 00:05:42,800 --> 00:05:45,240 came back with, well, this is their best case scenario, 100 00:05:45,279 --> 00:05:47,040 so it's actually the reality is evenmore is I'm like 101 00:05:47,199 --> 00:05:51,199 bullshit like and then I posted up the Miller, you know, 102 00:05:51,800 --> 00:05:56,000 multiple three or four tweets from Miller now explaining the process. 103 00:05:56,800 --> 00:06:02,000 That's what's going on, that's what they've done. And the 104 00:06:02,079 --> 00:06:07,240 more important thing is that Trump doesn't need Congress after 105 00:06:07,279 --> 00:06:09,199 this budget reconciliation bill passes. 106 00:06:10,560 --> 00:06:12,360 Speaker 2: He won't need them until the midterms. 107 00:06:13,399 --> 00:06:17,199 Speaker 3: And that scares Davos to fucking death because all of 108 00:06:17,240 --> 00:06:21,439 their power that's left in the administration really is in 109 00:06:21,600 --> 00:06:25,040 holding up this bill to blackmail Trump, to give in 110 00:06:25,079 --> 00:06:28,600 on other aspects of his program, funding the war in Ukraine, 111 00:06:29,600 --> 00:06:33,839 allowing you know, Yahoo to go fucking crazy and against Iran, 112 00:06:33,879 --> 00:06:36,439 all that other stuff. They're holding this bill hostage and 113 00:06:36,480 --> 00:06:39,560 for guys like supposed like good libertarians like Massi and 114 00:06:39,680 --> 00:06:43,600 Rand Paul and others to be holding this up over 115 00:06:43,800 --> 00:06:48,680 quote unquote fiscal discipline is complete worship. And I'm sorry, 116 00:06:48,720 --> 00:06:52,360 but it's time for everybody to grow up. And I'm 117 00:06:52,680 --> 00:06:55,360 you know, what I said to Dave Gronowski this morning 118 00:06:55,399 --> 00:06:56,759 is that the problem is that we have too many 119 00:06:56,800 --> 00:07:00,720 critics and not enough builders. I mean, this is the 120 00:07:00,759 --> 00:07:03,519 classic problem, like if you guys are so smart and 121 00:07:03,519 --> 00:07:06,160 so why is an assucient? Why can you not win 122 00:07:06,399 --> 00:07:10,000 a fucking election that matters? And why can you not 123 00:07:10,040 --> 00:07:12,839 build anything? This is getting back to the same common 124 00:07:12,920 --> 00:07:14,800 you know, the same conversation you and I've had before 125 00:07:14,920 --> 00:07:17,360 that libertarianism is in a political movement, it's a hobby. 126 00:07:18,439 --> 00:07:20,920 And I think your I think your are your Your 127 00:07:20,920 --> 00:07:23,920 description of it that way is really the most you know, basic, 128 00:07:23,959 --> 00:07:25,759 And you know, I've had many a conversation with Dexter 129 00:07:25,800 --> 00:07:27,639 White about this. He's like, look, show me what you 130 00:07:27,639 --> 00:07:30,920 guys have built for sixty years worth of of of 131 00:07:31,040 --> 00:07:33,959 criticism and everything else. Not to say your criticisms aren't correct, 132 00:07:34,079 --> 00:07:38,160 or are trenching or worth discussing, or anything along those lines. 133 00:07:38,240 --> 00:07:41,199 But then where does that lead to? What are we 134 00:07:41,199 --> 00:07:43,720 supposed to do with that in order to figure out 135 00:07:43,759 --> 00:07:45,920 our current mess and improve. 136 00:07:45,720 --> 00:07:49,800 Speaker 1: They'll immediately say, They'll immediately say Bitcoin, that's what they 137 00:07:49,839 --> 00:08:10,399 built for those of you. For those of you who 138 00:08:10,399 --> 00:08:13,439 are just listening, Tom is just completely face palmed right now, 139 00:08:13,480 --> 00:08:15,680 I think is I think his hand is ready to 140 00:08:15,680 --> 00:08:16,439 go through his head. 141 00:08:19,720 --> 00:08:22,639 Speaker 3: Yeah, you know, it takes a lot for me to 142 00:08:22,680 --> 00:08:24,759 take my drop my glasses on the table and like 143 00:08:26,000 --> 00:08:31,600 and shut the fuck up. No, it's not bitcoin. That 144 00:08:31,800 --> 00:08:33,919 not that I don't like bitcoin, not that I don't 145 00:08:33,960 --> 00:08:37,840 love it, but I have news for you folks. Bitcoin 146 00:08:38,000 --> 00:08:43,960 is going to save the dollar system first and then 147 00:08:43,960 --> 00:08:46,840 we'll see if it actually becomes its own system after that. 148 00:08:49,039 --> 00:08:50,279 Speaker 2: That's what's happening right now. 149 00:08:52,000 --> 00:08:57,000 Speaker 3: And even people like Cantlen long understand this, Like she's 150 00:08:57,080 --> 00:08:57,919 explaining it to me. 151 00:08:59,559 --> 00:09:02,879 Speaker 1: I got it act by a bunch of bitcoiners when 152 00:09:02,919 --> 00:09:05,840 I was on Marty Bench Show, and I told them, 153 00:09:05,879 --> 00:09:08,720 I said, you know, and this is something that was 154 00:09:09,279 --> 00:09:12,159 that I went back and forth with on Twitter with 155 00:09:12,240 --> 00:09:19,679 a libertarian luminary today is if your whole goal, and 156 00:09:19,720 --> 00:09:21,720 it looks like it's going to happen, there's going to 157 00:09:21,759 --> 00:09:25,240 be a reserve there. If your whole goal is for 158 00:09:25,279 --> 00:09:29,440 there to be a bitcoin reserve, and you know, I explained, 159 00:09:29,960 --> 00:09:33,639 I understand the technology. I know the bitcoin can't be fractionalized, 160 00:09:34,360 --> 00:09:40,679 But if they're using it as an m one and 161 00:09:40,720 --> 00:09:44,840 they're printing against it, unless there is a libertarian in 162 00:09:44,960 --> 00:09:51,840 power to prevent them from printing against it exponentially, what 163 00:09:52,159 --> 00:09:54,600 the only thing you're doing is getting rich, which I'm 164 00:09:54,639 --> 00:09:58,399 perfectly fine with. And congratulations, I'm happy for you. I'm 165 00:09:58,440 --> 00:10:03,120 not gonna no, and seriously, I'm not even being hyperbolic. 166 00:10:03,320 --> 00:10:06,159 I am happy for you. Wealth is very important. It 167 00:10:06,240 --> 00:10:08,360 keeps you, keeps you out of jail, It'll do a 168 00:10:08,440 --> 00:10:13,480 lot of things. But if you think that this having 169 00:10:13,519 --> 00:10:17,000 this bitcoin reserve, but you don't have people in power 170 00:10:17,559 --> 00:10:23,360 who don't want to understand fractional reserve banking and understand 171 00:10:23,360 --> 00:10:27,000 it's pitfalls and everything, then you're then it's nothing other 172 00:10:27,080 --> 00:10:29,039 than a way for you to get rich. When you 173 00:10:29,080 --> 00:10:32,360 convert it two dollars, because that's what you're going to 174 00:10:32,399 --> 00:10:38,399 be doing unless somebody gets power and holds them to 175 00:10:38,440 --> 00:10:41,080 it and holds it to and holds you know, dollar 176 00:10:41,159 --> 00:10:43,440 for a dollar or two dollars for a dollar, you 177 00:10:43,480 --> 00:10:46,240 know for or whatever however you want to split up 178 00:10:46,240 --> 00:10:48,759 the SATs and everything like that. But when you tell 179 00:10:48,799 --> 00:10:53,559 them that, it always comes back to, well, I mean 180 00:10:54,080 --> 00:10:58,480 power being immoral. We're not allowed to get power because 181 00:10:58,480 --> 00:11:01,720 we've been you know, because other people control it. Okay, 182 00:11:02,320 --> 00:11:04,519 then stop talking about bitcoin. 183 00:11:06,399 --> 00:11:08,840 Speaker 2: Yeah, no, I'm not not arguing with you. 184 00:11:10,320 --> 00:11:13,200 Speaker 3: I you know, I think I probably was one of 185 00:11:13,240 --> 00:11:17,240 the first people to say, what will bake everybody's noodles 186 00:11:17,240 --> 00:11:19,519 to day that the FED puts bitcoin on its balance sheet. 187 00:11:19,600 --> 00:11:21,159 Speaker 2: Well, that's not what's going to happen. 188 00:11:21,240 --> 00:11:23,840 Speaker 3: Obviously, We're now going to move into bitcoin the Sovereign 189 00:11:23,840 --> 00:11:26,440 Wealth Fund or some kind of strategic bitcoin reserve which 190 00:11:26,480 --> 00:11:31,919 will be used to extend the US treasury market into 191 00:11:31,960 --> 00:11:35,240 all the corners of the world. And I refer everybody 192 00:11:35,279 --> 00:11:37,919 to the podcast I did with Kaitlin Long, who knows 193 00:11:37,919 --> 00:11:41,679 stranger to bitcoin, no less a bitcoin advocate than Caitlin 194 00:11:41,720 --> 00:11:50,000 freaking Along. Understanding the power of having bitcoin be a 195 00:11:50,039 --> 00:11:54,559 part of the banking system to restrain leverage. But it's 196 00:11:54,600 --> 00:11:58,360 going to do so within the US treasury markets as 197 00:11:58,399 --> 00:12:01,120 the heat sink for the t bill market. And that's 198 00:12:01,159 --> 00:12:03,399 what it is now. So it's how is operating right now. 199 00:12:05,440 --> 00:12:07,840 Speaker 1: Explain Explain that because a lot of people aren't gonna 200 00:12:07,879 --> 00:12:08,399 understanding that. 201 00:12:08,559 --> 00:12:13,159 Speaker 3: Okay, let's just okay. So bitcoin trades against tether, mostly 202 00:12:13,240 --> 00:12:16,159 doesn't trade against dollars. The trades against tether what is 203 00:12:16,159 --> 00:12:20,519 tether back by tether's back mostly by t bills. So 204 00:12:22,120 --> 00:12:25,720 that means that as bitcoins price rises, if the volume 205 00:12:25,799 --> 00:12:27,559 of bitcoins that are traded on a day to day 206 00:12:27,559 --> 00:12:30,039 basis does not change as the price rises, that means 207 00:12:30,120 --> 00:12:32,279 that the number of tethers and number of dollars that 208 00:12:32,360 --> 00:12:35,000 is trading against synthetic dollars is trading against, has to 209 00:12:35,080 --> 00:12:38,159 rise comminately with the price. So you trade a thousand 210 00:12:38,159 --> 00:12:40,039 bitcoins a day at one hundred thousand dollars, that's what 211 00:12:40,159 --> 00:12:43,559 a billion dollar market or whatever it is. So big 212 00:12:43,720 --> 00:12:46,320 price goes to two hundred thousand dollars a point, Now 213 00:12:46,320 --> 00:12:47,960 you've got a two billion dollar a day market. Now 214 00:12:48,000 --> 00:12:50,960 you need more more tether in order to liquify those trades. 215 00:12:51,879 --> 00:12:54,480 Here's a lesson for all the libertarians who are so 216 00:12:55,080 --> 00:12:57,480 enamored of the supply side of the quantity theory of 217 00:12:57,480 --> 00:13:02,879 money and forgetting all about the demand side. The point 218 00:13:02,879 --> 00:13:04,840 that Martin Armstrong likes to make on a regular basis, 219 00:13:04,840 --> 00:13:09,759 and even the Lidwig Boissis himself makes made a century 220 00:13:09,799 --> 00:13:12,879 ago and is quoted in the Wikipedia page for the 221 00:13:12,960 --> 00:13:17,639 quantity theory of money. Which is the problem is you 222 00:13:17,919 --> 00:13:21,200 cannot just look at the supply side of the of 223 00:13:21,240 --> 00:13:21,759 the QTM. 224 00:13:21,799 --> 00:13:22,639 Speaker 2: You have to look at both sides. 225 00:13:22,679 --> 00:13:24,080 Speaker 3: You have to look at both the supply of money 226 00:13:24,159 --> 00:13:27,240 the amount of money that's in existence, which we libertarians 227 00:13:27,320 --> 00:13:29,360 like to argue about, or the libertarians like to argue 228 00:13:29,360 --> 00:13:32,159 about and forget about the demand side for money. Now, 229 00:13:32,320 --> 00:13:34,720 where does the demand side for money come from? Where 230 00:13:34,720 --> 00:13:37,000 does where does demand for money come from? What comes 231 00:13:37,080 --> 00:13:41,000 from the need to liquefy the comparisons between two objects 232 00:13:42,080 --> 00:13:44,320 we're trying to figure out the value of in the marketplace, 233 00:13:44,559 --> 00:13:48,200 and the money is the is the medium of exchange 234 00:13:48,360 --> 00:13:51,159 is the comparator? Well, what happens when we can't compare, 235 00:13:51,279 --> 00:13:53,600 when we don't have enough resolution for these two items 236 00:13:55,039 --> 00:13:57,919 what happens. What happens if the resolution between these two 237 00:13:57,960 --> 00:14:00,519 items is less than a penny, we have to options. 238 00:14:00,720 --> 00:14:03,200 You can either inflate the money supply in order to 239 00:14:03,240 --> 00:14:06,960 lower the value of a penny, or you can add digits. 240 00:14:09,279 --> 00:14:11,159 Speaker 2: That's it, that's all you got. You can. 241 00:14:11,440 --> 00:14:15,519 Speaker 3: And that's what we've done and what I've been And 242 00:14:15,559 --> 00:14:17,759 I had this insight, and and people would actually try 243 00:14:17,759 --> 00:14:19,879 to argue this shit with nan. I'm like, I'm sorry, 244 00:14:20,000 --> 00:14:24,840 but I understand math and I'm not stupid. Because credit 245 00:14:25,240 --> 00:14:29,960 comes into play because of a temporal need for money 246 00:14:29,960 --> 00:14:34,519 that isn't available, and eventually the credit gets instantiated and 247 00:14:34,559 --> 00:14:38,200 then becomes part of the base money supply. When technology, 248 00:14:38,240 --> 00:14:44,120 which is in self deflationary right from a price perspective, 249 00:14:44,799 --> 00:14:47,399 if everybody's got their incentives aligned, then the free market 250 00:14:47,440 --> 00:14:49,960 is running and people are innovating at a profit, and 251 00:14:50,080 --> 00:14:51,480 we're driving. 252 00:14:51,279 --> 00:14:53,200 Speaker 2: The cost of production of all of. 253 00:14:53,159 --> 00:14:57,120 Speaker 3: All old technology back down to a cost plus business model. 254 00:14:58,440 --> 00:14:59,480 Speaker 2: Well again this for you. 255 00:14:59,480 --> 00:15:03,519 Speaker 3: You're gonna have have to raise the general supply of money. 256 00:15:03,679 --> 00:15:05,720 Everybody who's screaming that the dollar is going to die 257 00:15:05,759 --> 00:15:07,840 one day, well they're gonna it's going to die to 258 00:15:07,879 --> 00:15:10,039 the Chinese yuan, for example, like, well, I get this 259 00:15:10,120 --> 00:15:12,639 for you. Have you thought about how much the Chinese 260 00:15:12,679 --> 00:15:16,519 will have to inflate the you want supply to fill 261 00:15:16,559 --> 00:15:21,000 the vacuum left by the dollar retreating and retrenching. Have 262 00:15:21,080 --> 00:15:24,320 you thought about that? I don't know if you have, 263 00:15:25,000 --> 00:15:27,919 because I have. Hell, I had that conversation with a 264 00:15:27,960 --> 00:15:29,519 guy fifteen years ago. 265 00:15:30,879 --> 00:15:32,960 Speaker 1: That must seems like mutually assured destruction. 266 00:15:33,879 --> 00:15:35,039 Speaker 2: Well it's not even it's not. 267 00:15:35,320 --> 00:15:39,159 Speaker 3: What it is is is it's an understanding that demand 268 00:15:39,279 --> 00:15:42,240 for money is important. It's what drives the growth of 269 00:15:42,240 --> 00:15:51,000 the money supply. Now, Bitcoin is inherently deflationary unless until 270 00:15:51,559 --> 00:15:54,919 bitcoiners decide that the sat is the new bitcoin and 271 00:15:54,960 --> 00:15:57,600 we add eight more zeros to it in terms of resolution, 272 00:15:57,840 --> 00:15:59,840 which we can do because it's digital and it's just 273 00:16:01,519 --> 00:16:06,600 and I'm adding more bitcoins, you're adding more resolution, which 274 00:16:06,639 --> 00:16:10,519 is fine. There's nothing wrong with that. I that's this 275 00:16:10,720 --> 00:16:14,000 part of the reason why I looked at bitcoin originally 276 00:16:14,360 --> 00:16:17,159 fifteen years ago and went ooh, this is cool. We 277 00:16:17,200 --> 00:16:22,799 can get monetary resolution without having to inflate the money supply, 278 00:16:24,679 --> 00:16:28,639 thereby not violating the property rights of current bitcoin holders, 279 00:16:29,279 --> 00:16:35,440 current money holders and we can have innovation, and we 280 00:16:35,480 --> 00:16:40,120 can have the consumer remain sovereign, and we can have 281 00:16:40,159 --> 00:16:41,200 savers remain whole. 282 00:16:42,799 --> 00:16:46,799 Speaker 2: That's bitcoins moment. 283 00:16:47,240 --> 00:16:50,399 Speaker 3: But the truth of the matter is is that And 284 00:16:50,480 --> 00:16:52,480 this is an extension of the conversation I had with 285 00:16:52,759 --> 00:16:55,440 Caitlin long when she was discussing the whole concept of 286 00:16:55,480 --> 00:16:59,559 defending par the par value of the dollar, and I'm like, 287 00:17:00,720 --> 00:17:02,759 and these are all ideas that have been like rattling 288 00:17:02,759 --> 00:17:04,640 around in my head for years and years and years, 289 00:17:04,680 --> 00:17:07,680 and I have not been had a really good framework with 290 00:17:07,720 --> 00:17:12,200 which to present it to the world. I've done, I've 291 00:17:12,200 --> 00:17:15,279 done better and worse versions of this conversation over time. 292 00:17:15,279 --> 00:17:17,559 But as you get older and with the reputation, eventually 293 00:17:17,640 --> 00:17:20,839 you get better explaining things that someone puts an idea 294 00:17:20,920 --> 00:17:23,720 into your head that you can work with and may 295 00:17:23,759 --> 00:17:26,519 seem facile, and it may seem obvious now, but let's 296 00:17:26,559 --> 00:17:29,640 talk about it. Do we get dollars at par? 297 00:17:31,559 --> 00:17:31,640 Speaker 2: No? 298 00:17:32,799 --> 00:17:40,519 Speaker 3: Has anybody ever gotten money at par ever in history? No, 299 00:17:40,519 --> 00:17:43,160 no matter what the money is, unless it's cawery shells 300 00:17:43,160 --> 00:17:46,759 off the beach. But even then someone had to walk 301 00:17:46,799 --> 00:17:49,599 outside go get those cawery shells and then spend them 302 00:17:49,599 --> 00:17:52,680 into the economy and they and guess what. The more 303 00:17:52,720 --> 00:17:55,720 they found, the more there was a supply of money, 304 00:17:55,720 --> 00:17:58,319 which then changed the demand curve for the money and 305 00:17:58,359 --> 00:18:00,440 the value of the exchange rate of the money relative 306 00:18:00,440 --> 00:18:02,799 to goods and services and everything else in place occurred. 307 00:18:04,440 --> 00:18:06,640 We never get the money at par you know why 308 00:18:06,680 --> 00:18:08,799 it's called senior age. The guy who creates the money 309 00:18:08,839 --> 00:18:12,359 needs to get paid. Doesn't matter if it's the government, 310 00:18:12,759 --> 00:18:14,559 doesn't matter, if it's the money lender, does't matter if 311 00:18:14,599 --> 00:18:18,400 it's the gold the gold depositories. Does it matter that 312 00:18:18,480 --> 00:18:21,720 it's the gold miners or the goldsmith's or whoever it is. 313 00:18:21,920 --> 00:18:25,400 They have to get paid because as good free marketeers, 314 00:18:25,440 --> 00:18:27,440 we understand that nobody does anything unless they have the 315 00:18:27,440 --> 00:18:32,759 potential for a profit. No system is sustainable otherwise unless 316 00:18:32,759 --> 00:18:36,440 you want to malinvested. You know, economy based on the 317 00:18:36,440 --> 00:18:39,240 production of money. Remember, I just look at money dislike 318 00:18:39,319 --> 00:18:44,359 nisists as another commodity in the world and so and 319 00:18:44,400 --> 00:18:46,799 as a matter of fact, it's a commodity that has 320 00:18:46,839 --> 00:18:49,960 no other good competing use case than to be used 321 00:18:49,960 --> 00:18:52,920 as a medium exchange and or store value and or 322 00:18:53,039 --> 00:18:57,799 unit of account, all of which are aspects of a 323 00:18:58,119 --> 00:19:02,799 commodity that are acquired in terms of monetary character over time. 324 00:19:03,039 --> 00:19:06,000 And those things don't happen contemporaneously. They don't just happen 325 00:19:06,039 --> 00:19:08,559 all spring out of like you know, like dwarves, they 326 00:19:08,599 --> 00:19:09,200 spring out. 327 00:19:09,039 --> 00:19:11,119 Speaker 2: Of holes in the ground with the quote Kimling. 328 00:19:11,440 --> 00:19:15,039 Speaker 3: No, it happens as a process as we winno out, 329 00:19:15,440 --> 00:19:18,200 you know, competing factors for that particular commodity to become 330 00:19:18,200 --> 00:19:21,000 a money may start as a medium of exchange, and 331 00:19:21,039 --> 00:19:23,720 then eventually, because it's so successful, it then becomes a 332 00:19:23,799 --> 00:19:26,079 unit of account and eventually people store their value their 333 00:19:26,119 --> 00:19:27,680 wealth in it, and blah blah blah blah. You can 334 00:19:27,759 --> 00:19:30,720 have competing quote unquote moneies at any moment in time. 335 00:19:31,640 --> 00:19:36,200 So my point about all this is that at the 336 00:19:36,279 --> 00:19:38,079 end of the day, we never get money at par 337 00:19:39,200 --> 00:19:42,039 what's the par value of a dollar today? The Fed 338 00:19:42,079 --> 00:19:45,279 Fund's rate is that I'm happy to have the conversation 339 00:19:45,319 --> 00:19:46,200 as to whether or not. 340 00:19:47,680 --> 00:19:49,400 Speaker 2: Those people should. 341 00:19:49,119 --> 00:19:54,359 Speaker 3: Get that amount of profit to run our monetary system. 342 00:19:55,079 --> 00:19:57,319 I have no problem having that conversation whether or not 343 00:19:57,359 --> 00:20:00,079 that's a moral illegal, you know, good, bad, or and 344 00:20:00,119 --> 00:20:01,039 different for society. 345 00:20:01,119 --> 00:20:01,599 Speaker 2: No problem. 346 00:20:01,680 --> 00:20:03,160 Speaker 3: Do I think that should be a market process, of 347 00:20:03,200 --> 00:20:08,680 course I do. But make no mistake, folks, you don't 348 00:20:08,680 --> 00:20:11,039 get dollars at par The banks get them at four 349 00:20:11,039 --> 00:20:12,759 and a half percent of four point three three percent, 350 00:20:12,759 --> 00:20:15,559 which is the current sofa rate thirty day sover rate. 351 00:20:17,319 --> 00:20:19,960 What are you buying your car loan at? What are 352 00:20:19,960 --> 00:20:24,079 you buying your credit card at? That's how you buy dollars. 353 00:20:24,880 --> 00:20:29,759 You buy dollars that way. Your your employer who pays 354 00:20:29,799 --> 00:20:32,799 you a dollar or fifteen dollars to thirty dollars or 355 00:20:32,799 --> 00:20:35,920 fifty dollars for your time, got news for you. He 356 00:20:36,000 --> 00:20:38,799 bought it from somebody else at less than par. 357 00:20:39,559 --> 00:20:39,920 Speaker 2: Okay. 358 00:20:40,480 --> 00:20:43,920 Speaker 3: Now, I still believe in the basic idea that the 359 00:20:43,960 --> 00:20:47,359 problem with you know, are the monetary system is that 360 00:20:47,680 --> 00:20:52,920 we print you know, having no opportunity cost. Really the 361 00:20:53,559 --> 00:20:56,039 issue is, of course, that we should have new monetary 362 00:20:56,079 --> 00:21:00,640 units to come into existence without it with opportunity cost, 363 00:21:01,000 --> 00:21:03,839 meaning the person who creates the money should have to 364 00:21:03,920 --> 00:21:08,400 make a rational choice between this activity and that activity, 365 00:21:08,440 --> 00:21:12,519 printing money or doing any other goddamn thing in the world. Right, 366 00:21:13,319 --> 00:21:16,279 as long as there's an opportunity cost that's measurable and 367 00:21:16,359 --> 00:21:21,279 accountable and controllable by market forces, you're never paying the 368 00:21:21,279 --> 00:21:23,839 power value of a dollar. Ever, you're not paying a 369 00:21:23,839 --> 00:21:26,039 power value for bitcoins either. By the way, folks, the 370 00:21:26,039 --> 00:21:29,559 miners get them bursed, and so the miners are paying. 371 00:21:29,559 --> 00:21:32,400 Are they spring into existence because the miners did work, 372 00:21:32,880 --> 00:21:35,880 they get paid, They come into existence, they do their thing, 373 00:21:36,279 --> 00:21:40,440 and they get to buy to yesterday's goods or tomorrow's 374 00:21:40,440 --> 00:21:46,359 goods at today's prices using yesterday's money. Okay, that's the 375 00:21:46,359 --> 00:21:49,200 way it works. That's the way it is always going 376 00:21:49,240 --> 00:21:51,920 to work. The question is can we shorten the time 377 00:21:52,400 --> 00:21:56,119 horizon between those those those three states of being? Maybe, 378 00:21:56,680 --> 00:22:00,000 but whatever that cost is, that cost is, and you 379 00:22:00,119 --> 00:22:03,200 have to make your peace with that, or you're you know, 380 00:22:03,440 --> 00:22:05,799 you're arguing about how many groth parts can dance on 381 00:22:05,799 --> 00:22:07,799 the head of the pen. And I'm just not having 382 00:22:07,799 --> 00:22:11,960 that conversation anymore. And everything. This is a methodological error 383 00:22:13,440 --> 00:22:16,480 that too many Austrians make, that too many libertarians make, 384 00:22:16,519 --> 00:22:20,240 and too many bitcoiners make. I've had this conversation with 385 00:22:20,240 --> 00:22:23,880 many a bitcoiner, good bitcoiner, bitcoin Maxi's who I can 386 00:22:24,200 --> 00:22:26,880 argue that I've argued this points with these points with them. 387 00:22:26,920 --> 00:22:29,279 I don't care if we're talking all of them. And 388 00:22:29,359 --> 00:22:36,880 here's the thing. Bitcoin is superior because it can add resolution. 389 00:22:37,160 --> 00:22:39,000 We could add resolution to the dollar if we made 390 00:22:39,000 --> 00:22:42,400 it fully digital and we were willing to accept tensive 391 00:22:42,400 --> 00:22:48,200 ascent or half a cent or whatever, and that had meaning. 392 00:22:48,720 --> 00:22:53,599 We choose always to inflate as opposed to add resolution. 393 00:22:54,599 --> 00:22:57,960 We do, and you can argue why we do that. 394 00:22:58,599 --> 00:23:01,640 You can argue that the government is corrupt and that's 395 00:23:01,680 --> 00:23:03,359 what they want to do. That the people who are 396 00:23:03,359 --> 00:23:06,640 getting the senior dge, that's how they make their case. 397 00:23:06,960 --> 00:23:07,279 Speaker 2: Great. 398 00:23:07,440 --> 00:23:12,079 Speaker 3: Fine, I'm happy to have the conversation about how that occurs. 399 00:23:12,519 --> 00:23:15,240 But make no mistake, you don't get dollars at par. 400 00:23:15,839 --> 00:23:19,759 You never have and you never will. Make your peace 401 00:23:19,799 --> 00:23:24,799 with it and then figure out what system you actually want. Okay, 402 00:23:25,640 --> 00:23:29,960 that's it, and everything else is bullshit. I apparently Savadina 403 00:23:30,000 --> 00:23:34,400 Mouse at Bitcoin like Blue Open the had a speech 404 00:23:34,440 --> 00:23:37,519 that blew up in the idea that that tether could 405 00:23:37,559 --> 00:23:38,559 help liquefy the. 406 00:23:40,240 --> 00:23:40,960 Speaker 2: Treasury market. 407 00:23:40,960 --> 00:23:43,480 Speaker 3: I'm like, if he used I didn't watch the speech, 408 00:23:43,519 --> 00:23:46,039 but if he used the straw man that tether could 409 00:23:46,039 --> 00:23:51,519 replace the treasury issuance market, then he's full of shit too, 410 00:23:51,720 --> 00:23:55,279 because no one ever ever in a million years argued 411 00:23:55,400 --> 00:24:00,880 that tether could perform that role. Tether can act as 412 00:24:00,920 --> 00:24:03,839 a hot sink for marginal demand in the t bill 413 00:24:03,920 --> 00:24:08,759 market and therefore, and by extension, the money market and 414 00:24:08,839 --> 00:24:13,480 repo markets, to keep the dollar markets liquefied during time 415 00:24:13,720 --> 00:24:20,559 during short term time duration mismatches, and keep SOFUR within 416 00:24:20,720 --> 00:24:26,119 a relatively tight range, so our banking system can operate. 417 00:24:27,279 --> 00:24:28,839 Speaker 2: With some amount of predictability. 418 00:24:29,400 --> 00:24:31,799 Speaker 3: And as far as I'm concerned, after what I witnessed 419 00:24:31,799 --> 00:24:34,880 at the beginning of April in the tariff tantrum, that 420 00:24:35,640 --> 00:24:39,480 Davos drew when they attempted to attack and destroy SOFUR 421 00:24:39,759 --> 00:24:44,400 and failed, because that's what happened. And if you don't 422 00:24:44,599 --> 00:24:47,599 believe me, if you think I'm fucking making shit up, 423 00:24:47,640 --> 00:24:52,680 you go look at the SOFA data in the SOFA 424 00:24:52,759 --> 00:24:55,599 futures market and you tell me what that looked like 425 00:24:55,680 --> 00:24:58,279 on April seventh, eighth, ninth, and tenth. 426 00:24:58,440 --> 00:24:59,599 Speaker 2: You go look at those days. 427 00:25:00,119 --> 00:25:03,680 Speaker 3: You go look at the inter day market movements and 428 00:25:03,720 --> 00:25:08,279 the volume and the volatility at specific moments of the day, 429 00:25:08,519 --> 00:25:11,799 the London open, the New York closed, the Tokyo open, 430 00:25:12,000 --> 00:25:18,559 this open that like any any market operator, veteran who 431 00:25:18,839 --> 00:25:22,759 looks at markets on a twenty four hour basis, knows 432 00:25:22,799 --> 00:25:26,359 when certain markets open, knows when they close, and knows 433 00:25:26,480 --> 00:25:28,839 how they can be how those opens and those closes 434 00:25:28,880 --> 00:25:32,400 are manipulated. Those market open and closes are manipulated. And 435 00:25:32,480 --> 00:25:36,319 if I'm attacking that market, I'm attacking at different times. 436 00:25:36,359 --> 00:25:38,400 I'm not always attacking on the London open, so that 437 00:25:38,480 --> 00:25:40,759 I can have five days worth of data to say, 438 00:25:40,920 --> 00:25:42,880 to prove to the Spurgs in the audience, Oh yes, 439 00:25:42,960 --> 00:25:45,960 it's it's definitely City of London. Like City of London 440 00:25:46,000 --> 00:25:52,799 doesn't operate metaphorically out of Singapore or Tokyo or Brussels 441 00:25:53,079 --> 00:25:55,880 or New York, of course they do. You have to 442 00:25:56,000 --> 00:25:59,559 understand who's who would be incentivized to attack the sofa 443 00:25:59,640 --> 00:26:02,839 what they call the sofa strip from six months out 444 00:26:02,880 --> 00:26:04,680 to three the futures market from six months out to 445 00:26:04,720 --> 00:26:07,079 three years, which is where that basis trade was running. 446 00:26:07,480 --> 00:26:12,240 To understand what it is that was actually happening and 447 00:26:12,920 --> 00:26:14,920 the during that time if you go back to it, 448 00:26:14,960 --> 00:26:17,640 and I even I fell for this because I didn't 449 00:26:17,680 --> 00:26:21,200 know and it was that, you know, Zero Hedge was 450 00:26:21,240 --> 00:26:23,720 running their arguments that it was the classic basis trade. 451 00:26:23,720 --> 00:26:26,519 That people were that there's a basis trade out there 452 00:26:26,519 --> 00:26:29,599 where people are playing the spread between the futures price 453 00:26:29,640 --> 00:26:32,000 and the spot price for US treasuries and then pocketing 454 00:26:32,039 --> 00:26:34,519 the three or four basis point spread, and that's how 455 00:26:34,519 --> 00:26:35,920 they make their money. And a lot of hedge funds 456 00:26:35,920 --> 00:26:38,720 do this because they know that or they they do 457 00:26:38,759 --> 00:26:42,480 this because they know that there's a that there's supposedly 458 00:26:42,519 --> 00:26:45,559 a fed put under this under that market. But that 459 00:26:45,559 --> 00:26:49,079 fed put isn't there. Then what and what they were 460 00:26:49,079 --> 00:26:52,039 finding out, of course, is that it wasn't really that play. 461 00:26:52,279 --> 00:26:52,960 Speaker 2: So what you. 462 00:26:53,039 --> 00:26:57,640 Speaker 3: Heard that week, I heard first it was the basis 463 00:26:57,680 --> 00:27:00,839 trade was blowing up, which was wrong. Then I heard 464 00:27:00,960 --> 00:27:04,599 Japan was blowing up, which was also wrong. What was 465 00:27:04,640 --> 00:27:07,799 happening was the city of London and Amsterdam we're blowing 466 00:27:08,000 --> 00:27:11,480 We're attacking the Sofa strip, probably through the Bank of Canada, 467 00:27:11,519 --> 00:27:13,960 because Mark Carney all but took credit for doing this 468 00:27:14,799 --> 00:27:19,759 in multiple interviews when asked about it by sycophant Canadian media, 469 00:27:25,160 --> 00:27:28,759 and they failed. They tried to attack Sofa and destroy 470 00:27:28,839 --> 00:27:32,400 it because Sofa is their Achilles heel. It is our 471 00:27:32,480 --> 00:27:39,079 kryptonite to their markets. It's our it's our bulwark. Live 472 00:27:39,119 --> 00:27:46,680 war is over, sofa rules, live war suses. That's it, 473 00:27:46,799 --> 00:27:49,839 I mean, and we're here, we're and now every day 474 00:27:49,839 --> 00:27:52,440 they keep it, trying to attack the treasury market from 475 00:27:52,480 --> 00:27:56,680 a different perspective. Write a headline, move a market, write 476 00:27:56,680 --> 00:28:01,359 some headlines, get Bloomberg involved, have moved these downgrade our debt, 477 00:28:01,720 --> 00:28:04,119 all the all the usual Shenanigan bullshit that they pull, 478 00:28:05,400 --> 00:28:09,920 and then every day, because we're good gas lit monkeys 479 00:28:10,359 --> 00:28:13,799 who want to believe that, I'm now speaking as a libertarian, 480 00:28:13,799 --> 00:28:16,720 we're good gas lit monkeys, and we're predictable as today 481 00:28:16,799 --> 00:28:22,400 is long. We're also easily manipulated into ab reacting when. 482 00:28:22,240 --> 00:28:22,960 Speaker 2: These things happen. 483 00:28:23,400 --> 00:28:26,119 Speaker 3: Oh my god, the US tenure US thirty years straight 484 00:28:26,240 --> 00:28:26,839 at five percent. 485 00:28:26,880 --> 00:28:27,839 Speaker 2: That must mean something. 486 00:28:29,160 --> 00:28:32,799 Speaker 3: Yeah, doesn't mean what you think it means, because you're 487 00:28:32,839 --> 00:28:40,839 not thinking like a general in a war attacking someone's 488 00:28:40,839 --> 00:28:50,480 front lines. You're thinking like a libertarian. And that will 489 00:28:50,480 --> 00:28:52,480 not get you anywhere in a fucking war. 490 00:28:52,839 --> 00:28:54,960 Speaker 2: I'm sorry. That's that's the hard truth. 491 00:28:55,599 --> 00:28:57,920 Speaker 3: And I've watched it play out now enough times to 492 00:28:58,000 --> 00:29:00,240 know they just don't know what there's just so what 493 00:29:00,240 --> 00:29:04,799 they're talking about. And I have friends in the industry 494 00:29:05,240 --> 00:29:07,200 that I've made over the years in the banking industry 495 00:29:07,279 --> 00:29:10,160 and then finance and run heads funds and everything else. 496 00:29:10,160 --> 00:29:12,759 And I can tell you they're all Libertarians at heart, 497 00:29:13,680 --> 00:29:15,680 and they're all telling me the same thing. Oh yeah, 498 00:29:15,680 --> 00:29:17,200 that was absolutely a freaking city. 499 00:29:17,200 --> 00:29:17,759 Speaker 2: I'll end the boy. 500 00:29:19,599 --> 00:29:21,519 Speaker 3: And most people just don't get it because you don't 501 00:29:21,559 --> 00:29:24,240 understand the plumbing, and I blame. This is where I 502 00:29:24,279 --> 00:29:27,599 get angry. This is why I'm so angry with what 503 00:29:27,839 --> 00:29:30,960 my experience with the Mesas Institute, because I urged them 504 00:29:31,039 --> 00:29:34,960 to come out of their fucking shell and up their 505 00:29:35,000 --> 00:29:38,799 game and help the world understand it's the world is 506 00:29:38,839 --> 00:29:43,799 more complicated than just and the FED. If it's on 507 00:29:43,880 --> 00:29:46,160 a bumper sticker, it's not good policy. 508 00:29:47,119 --> 00:29:51,440 Speaker 2: Sorry, just is. You know. I wanted them to leave. 509 00:29:52,599 --> 00:29:55,960 Speaker 1: I had someone tell me that your speech was incoherent, 510 00:29:56,119 --> 00:29:59,799 which tells me that they just didn't understand what you 511 00:29:59,799 --> 00:30:02,359 were saying, or they didn't want to understand what you 512 00:30:02,400 --> 00:30:06,440 were saying. So but here, let me let's let's move 513 00:30:06,480 --> 00:30:10,519 on from that. M Trump and Powell. What's the dynamic 514 00:30:10,599 --> 00:30:15,640 right now? There is no dynamic. Powell's going to do 515 00:30:15,640 --> 00:30:17,799 what he needs to do. Trump is going to k 516 00:30:17,920 --> 00:30:19,960 fabe his way through everything like he always does. 517 00:30:20,599 --> 00:30:26,519 Speaker 3: And the PCEE data that came out today is given 518 00:30:26,559 --> 00:30:29,799 Powell the reason, uh possible reason to cut rates in June. 519 00:30:30,279 --> 00:30:30,960 Speaker 2: But here's the thing. 520 00:30:32,079 --> 00:30:37,160 Speaker 3: If I'm right, which I've been about all of this 521 00:30:37,200 --> 00:30:40,279 for about four years now, and yeah, if I was wrong, 522 00:30:40,319 --> 00:30:41,640 I would just cop to it. 523 00:30:42,119 --> 00:30:43,039 Speaker 2: Sorry, but I've been right. 524 00:30:45,160 --> 00:30:47,079 Speaker 3: Powell needs to hold interest rates as high as possible 525 00:30:47,119 --> 00:30:51,119 for as long as possible, and until this budget Reconciliation 526 00:30:51,200 --> 00:30:54,680 bill passes and we no longer need Congress. No, we 527 00:30:54,759 --> 00:30:57,160 need to keep all the pressure imaginable on City of London. 528 00:30:57,680 --> 00:31:03,119 Look at what's happened. If you think that that Trump 529 00:31:03,119 --> 00:31:04,880 doesn't know what he's doing, the Vestent doesn't know what 530 00:31:04,960 --> 00:31:06,960 he's doing, that Powell doesn't know what he's doing. 531 00:31:07,240 --> 00:31:10,440 Speaker 2: What have we done here? We are. 532 00:31:11,839 --> 00:31:14,839 Speaker 3: Almost two months since the tariff announcement. The euro is 533 00:31:14,920 --> 00:31:19,519 up eight percent. The European Union is staring at a 534 00:31:19,559 --> 00:31:24,720 twenty percent based tariff, not fifty because Trump put it 535 00:31:24,759 --> 00:31:29,640 on hold for thirty days, but twenty. So the Europeans 536 00:31:29,680 --> 00:31:36,880 are now already trading at thirty percent loss relative to 537 00:31:36,880 --> 00:31:43,240 way they were to export into the US market. They 538 00:31:43,279 --> 00:31:49,079 got the double whammy of the tariff plus the rising euro, 539 00:31:49,759 --> 00:31:51,480 and everybody's out there screaming. 540 00:31:51,119 --> 00:31:52,240 Speaker 2: Oh the dollar's failing. 541 00:31:52,240 --> 00:31:52,720 Speaker 1: Oh my god. 542 00:31:52,799 --> 00:31:54,640 Speaker 3: I look like fucking Peter Ship shut the fuck up, 543 00:31:55,240 --> 00:31:58,720 like dude, seriously, Like that's the worst case scenario for. 544 00:32:00,200 --> 00:32:02,240 Speaker 2: The Europeans. It's supposed to be. 545 00:32:02,440 --> 00:32:04,599 Speaker 3: I thought the theory was last I checked from all 546 00:32:04,640 --> 00:32:06,519 these people who told me that tariffs are bad, which 547 00:32:06,559 --> 00:32:09,920 they got, of course from British economics theory. 548 00:32:12,079 --> 00:32:16,319 Speaker 2: Assholes. Oh, by the way, I. 549 00:32:16,240 --> 00:32:17,920 Speaker 3: Thought the theory was that when we put a tariff 550 00:32:17,920 --> 00:32:20,240 on they were going to then weaken their currency in 551 00:32:20,319 --> 00:32:21,440 order to offset the tariff. 552 00:32:21,880 --> 00:32:22,759 Speaker 1: That's not what happened. 553 00:32:25,279 --> 00:32:28,160 Speaker 3: They were so goddamn worried about the tariff they dumped 554 00:32:28,160 --> 00:32:32,640 our treasuries on the market to manipulate our yield curve 555 00:32:33,799 --> 00:32:38,839 and watch their currency rise, and took a big hit 556 00:32:38,960 --> 00:32:42,400 and had their currency rise. They're in a twice as 557 00:32:42,400 --> 00:32:45,480 bad position that they are now than they were then. 558 00:32:45,920 --> 00:32:49,640 And I had a friend of mine send me from 559 00:32:49,680 --> 00:32:52,960 his Bloomberg terminal all of the for the last year, 560 00:32:53,160 --> 00:32:56,000 all of the weeks in which the Bank of England 561 00:32:56,039 --> 00:33:03,519 had to issue repos Bank repos swamps to to keep 562 00:33:03,559 --> 00:33:10,440 the English banking system liquefied. They've been repoeing because they're 563 00:33:10,640 --> 00:33:14,559 fucked since their Ukrainian debt has all blown up in 564 00:33:14,599 --> 00:33:17,880 their face and that they guaranteed, and they having to 565 00:33:17,920 --> 00:33:19,400 go to the bank, do the walk of shame to 566 00:33:19,440 --> 00:33:22,559 the Bank of England to go get pounds. They're in trouble. 567 00:33:23,160 --> 00:33:25,119 This keeps happening over and over and over again. And 568 00:33:25,160 --> 00:33:28,160 the pound is higher, it's a dollar thirty five. In 569 00:33:28,359 --> 00:33:32,079 what universe should the pound be trading at a dollar 570 00:33:32,119 --> 00:33:41,839 thirty five given their situation, I mean, with the Euro 571 00:33:41,880 --> 00:33:45,960 at a dollar thirteen, like they're losing this war. And 572 00:33:46,119 --> 00:33:51,920 Powell cutting rates is helping them because when they need 573 00:33:51,960 --> 00:33:54,240 to get dollars they get to pay twenty five bases 574 00:33:54,279 --> 00:33:58,839 points less. How about we keep it there and every 575 00:33:58,880 --> 00:34:02,400 week you see the and so what's happened up until 576 00:34:02,720 --> 00:34:05,960 the tariffs pulled in the you know, rolled into town. 577 00:34:06,240 --> 00:34:09,559 The ACB was tapping the FED swap lines for hundreds 578 00:34:09,599 --> 00:34:10,840 of millions of dollars every week. 579 00:34:12,280 --> 00:34:15,119 Speaker 2: Now they're down to tens and. 580 00:34:15,119 --> 00:34:17,320 Speaker 3: They're put there because they can't afford to pay four 581 00:34:17,360 --> 00:34:19,639 point five to eight percent, which is what they were 582 00:34:19,679 --> 00:34:22,760 paying twenty six to thirty basis points over so far, 583 00:34:24,679 --> 00:34:29,480 that's defending par The offshore dollar par is twenty five 584 00:34:29,519 --> 00:34:33,679 basis points higher than the onshore dollar par Trump is winning. 585 00:34:33,960 --> 00:34:38,400 He's enforcing a cheaper dollar at home than it is overseas. 586 00:34:38,840 --> 00:34:41,320 Speaker 1: Well, that's what China has been doing, right, isn't that 587 00:34:41,360 --> 00:34:45,960 what China has been doing for for a while now? Yeah, yeah, 588 00:34:45,960 --> 00:34:47,360 they basically have. 589 00:34:48,840 --> 00:34:51,400 Speaker 3: Yeah, well that's what they should do. But generally speaking, 590 00:34:51,480 --> 00:34:55,400 the onshore and off your shorey Wan trade, they trade 591 00:34:55,400 --> 00:34:58,079 in a very tight band with one another, right and 592 00:34:58,280 --> 00:35:01,039 only when they get out when the when the two 593 00:35:01,280 --> 00:35:03,639 you know, get significantly out of whack from each other, 594 00:35:03,800 --> 00:35:06,079 that we're like, ohways, they're stressing the Chinese banking system, 595 00:35:06,159 --> 00:35:08,960 the Chinese and fair fair cop, that's what you should 596 00:35:09,000 --> 00:35:12,159 be looking for. When on shore and offshore deviate from 597 00:35:12,199 --> 00:35:12,639 each other. 598 00:35:12,960 --> 00:35:13,559 Speaker 2: That's an issue. 599 00:35:13,639 --> 00:35:16,039 Speaker 3: It usually closes within a couple of days because it's 600 00:35:16,079 --> 00:35:18,400 not being enforced. 601 00:35:18,840 --> 00:35:20,679 Speaker 2: This is like an enforcement thing. 602 00:35:20,880 --> 00:35:24,880 Speaker 3: The FED is literally charging and able to charge the 603 00:35:24,960 --> 00:35:29,760 European Central Bank a premium. If they were bailing out 604 00:35:29,760 --> 00:35:32,280 the European Central Bank, they'd be selling them money at 605 00:35:32,320 --> 00:35:32,920 a discount. 606 00:35:33,280 --> 00:35:37,039 Speaker 2: They're not. They're they're making them pay through the nose 607 00:35:37,079 --> 00:35:40,199 for it. And that's what you want to. 608 00:35:40,199 --> 00:35:43,880 Speaker 3: Say, that's when you know that, that's that's who the 609 00:35:43,880 --> 00:35:44,599 real target is. 610 00:35:45,960 --> 00:35:51,719 Speaker 1: So it's obvious that Europe, City of London, Europe itself 611 00:35:52,880 --> 00:35:56,159 has lost their minds. They're in they're in a panic. 612 00:35:57,559 --> 00:36:02,880 The whole Ukraine thing, completely backing Ukraine. I consider them 613 00:36:02,880 --> 00:36:07,079 to be our biggest enemy right now. M with that 614 00:36:07,239 --> 00:36:11,239 noubt if if we're at war and we have been 615 00:36:11,280 --> 00:36:14,239 at war financially with them, and I know that there's 616 00:36:14,360 --> 00:36:16,599 I mean, if you're a sperg who doesn't believe this, 617 00:36:16,800 --> 00:36:19,159 you can just tune out right now. It doesn't you're 618 00:36:19,199 --> 00:36:21,519 not going to believe anything. So you know, I mean, 619 00:36:22,320 --> 00:36:24,519 I can't help you. I'm sorry, this isn't going to 620 00:36:24,559 --> 00:36:28,079 mean anything to you. You're just gonna you're gonna scream, scream, 621 00:36:28,079 --> 00:36:34,280 bloody murder. But if we're actually at war, if we lose, 622 00:36:35,679 --> 00:36:39,719 we're winning this. What would cause us to lose it. 623 00:36:43,400 --> 00:36:46,599 Speaker 3: Getting involved directly, and I mean really getting involved directly 624 00:36:46,639 --> 00:36:49,079 and having being forced to follow NATO into a war 625 00:36:49,119 --> 00:36:56,199 against Russia. That's why they're trying to force us into 626 00:36:56,840 --> 00:37:03,360 doing so. I've been screaming this for four years, five years. 627 00:37:03,599 --> 00:37:05,800 I've probably been screaming since twenty nineteen to be honest 628 00:37:05,840 --> 00:37:08,920 with you, that what Europe has been wanting us to 629 00:37:08,960 --> 00:37:12,199 do is to fight their war for them and get 630 00:37:12,280 --> 00:37:15,000 us involved in a war with Russia where they don't 631 00:37:15,039 --> 00:37:15,840 have to pay for it. 632 00:37:16,199 --> 00:37:17,000 Speaker 2: We pay for it. 633 00:37:17,639 --> 00:37:21,320 Speaker 3: They want Russia and the United States brought low through 634 00:37:22,000 --> 00:37:29,679 through adversarial conflict that destroys both of our economies, populations, reputations, 635 00:37:29,760 --> 00:37:32,320 and everything else. They're desperate to try and keep the 636 00:37:32,320 --> 00:37:37,039 capital from fleeing Europe in this scenario, Why did the 637 00:37:37,119 --> 00:37:43,920 United States become the repository of the world's wealth during 638 00:37:43,920 --> 00:37:45,800 World War Two and the lead up to and. 639 00:37:47,599 --> 00:37:49,280 Speaker 2: During World War two? Because we were the only place 640 00:37:49,320 --> 00:37:51,239 why not being bombed? 641 00:37:51,440 --> 00:37:54,840 Speaker 1: Yeah, because we didn't. There was no war on the homeland. 642 00:37:56,320 --> 00:37:58,159 Speaker 3: So what are they trying to do now? They brought 643 00:37:58,159 --> 00:38:01,519 the war to our doorstep. That's what the fentanyl war is. 644 00:38:01,599 --> 00:38:05,360 That's what putting Mark Karney in charge of Canada's about, 645 00:38:06,039 --> 00:38:09,920 having him sign on to the rearm europrop program and 646 00:38:09,920 --> 00:38:13,320 then and then have the nerve to say that we 647 00:38:13,880 --> 00:38:16,880 that Canada has paid the United States and blood for 648 00:38:17,000 --> 00:38:21,719 our for their defense. He actually said that it's cost 649 00:38:21,920 --> 00:38:25,320 Canada like one point two trillion dollars to you know, 650 00:38:26,000 --> 00:38:27,920 buy defense from the United States. 651 00:38:28,719 --> 00:38:29,679 Speaker 2: Like that's nice. 652 00:38:29,960 --> 00:38:31,920 Speaker 3: We're still gonna park four tanks on the Trans Canada 653 00:38:32,000 --> 00:38:33,760 Highway and take your country over. 654 00:38:35,719 --> 00:38:36,880 Speaker 2: If you're going to like act like. 655 00:38:36,840 --> 00:38:39,559 Speaker 3: That, the Canadians would well, and the Western Canadians would 656 00:38:39,559 --> 00:38:41,840 welcome it at this point, like if he wants to 657 00:38:41,840 --> 00:38:44,920 play that game. But he's too dumb for his own good. 658 00:38:44,960 --> 00:38:48,000 This guy, he's devious and he's evil and he's vile. 659 00:38:48,239 --> 00:38:50,000 Speaker 2: But he's pretty freaking stupid. 660 00:38:50,960 --> 00:38:54,360 Speaker 1: Well, it's also the mass immigration, it's also the blriots. 661 00:38:54,440 --> 00:38:57,199 All of that is, all of that is to basically 662 00:38:57,320 --> 00:39:01,599 to destroy us, destroy us from within, des rives from 663 00:39:01,599 --> 00:39:05,320 without and from within. Of course, Yeah, yeah, I would 664 00:39:05,360 --> 00:39:07,679 say I was. I did a show this afternoon where 665 00:39:07,679 --> 00:39:10,199 I went about two hours and I said, really, we 666 00:39:10,239 --> 00:39:13,079 should be building a for everybody's worried about the border, 667 00:39:13,079 --> 00:39:15,079 the southern border. We should be building a wall on 668 00:39:15,119 --> 00:39:15,920 the north border. 669 00:39:16,440 --> 00:39:19,960 Speaker 2: I mean no, I mean I I yeah, I agree 670 00:39:20,000 --> 00:39:20,159 with you. 671 00:39:20,280 --> 00:39:22,639 Speaker 3: Like I half facetiously said the other day, we should 672 00:39:22,639 --> 00:39:26,119 just invade Canada. We should just invade Ottawa and take 673 00:39:26,159 --> 00:39:29,760 it over, Like it's not like King Charles came in 674 00:39:29,760 --> 00:39:31,719 there the other day and said, there, it's they're all 675 00:39:31,760 --> 00:39:34,760 on unsettled they're living on unsettled land that they stole 676 00:39:34,800 --> 00:39:37,360 from the native native tribes. So like, okay, well if 677 00:39:37,360 --> 00:39:39,920 you if you guys aren't, what do he was of course, 678 00:39:40,480 --> 00:39:42,360 what he was saying is that that means that you 679 00:39:42,360 --> 00:39:46,480 guys can be colonized by the EU. Like excuse me, 680 00:39:46,519 --> 00:39:49,079 we can walk in, we can. It's now Lake Buffalo 681 00:39:49,840 --> 00:39:52,239 because why does why should Ontario havevn't have a lake? 682 00:39:52,280 --> 00:39:54,719 By the way, I want I want people to understand, well, 683 00:39:54,719 --> 00:39:57,400 why why should that be? Why should Ontario have a lake? 684 00:39:57,400 --> 00:40:01,199 Why can't that be Lake Rochester. Well, I mean Buffalo 685 00:40:01,199 --> 00:40:02,679 can't win a Stanley Cups. And when we give them, 686 00:40:02,679 --> 00:40:04,159 when we give them a lake, I know they're not 687 00:40:04,360 --> 00:40:05,119 I know they're on Lake. 688 00:40:05,039 --> 00:40:06,800 Speaker 2: Erie, but who cares? You know what I mean? 689 00:40:06,880 --> 00:40:10,000 Speaker 3: Like at some point like like why should we go 690 00:40:10,039 --> 00:40:13,360 through this and the and the quebec Hers right after 691 00:40:13,400 --> 00:40:16,960 the King's speech, like we're like oh yeah, okay, well 692 00:40:17,000 --> 00:40:20,400 then we're then we we're voting unanimously to like. 693 00:40:20,360 --> 00:40:22,679 Speaker 2: Not be ruled by the king anymore. Like I saw that. 694 00:40:22,840 --> 00:40:26,599 Speaker 3: Like I don't know what's going on up north in 695 00:40:26,880 --> 00:40:28,960 Ottawa right now, but it's really weird. 696 00:40:29,960 --> 00:40:32,559 Speaker 1: And they know the country's lost. They know the country 697 00:40:32,599 --> 00:40:37,760 has been lost to immigration from the Indian subcontinent, from China. 698 00:40:38,280 --> 00:40:41,719 I mean Ontario. I talk to people in Ontario. It's 699 00:40:41,719 --> 00:40:43,760 an Indian it's an Indian province. 700 00:40:44,280 --> 00:40:44,599 Speaker 2: M hm. 701 00:40:45,280 --> 00:40:46,599 Speaker 1: And I mean, like the. 702 00:40:46,599 --> 00:40:52,400 Speaker 3: Truck Canadians are now non native born, yeah, forty and 703 00:40:52,440 --> 00:40:54,239 they want to double the and they want to double 704 00:40:55,000 --> 00:40:57,559 the population of Canada by twenty thirty. 705 00:40:58,039 --> 00:40:59,719 Speaker 1: Yeah, So if we're going to take Canada, we have 706 00:40:59,800 --> 00:41:01,920 to I mean, we'll have to deport half the country, 707 00:41:02,079 --> 00:41:05,800 half the country. I mean it's you can't let them 708 00:41:06,280 --> 00:41:08,159 or they'd have to be a commonwealth. They wouldn't get 709 00:41:08,159 --> 00:41:10,239 a vote, they wouldn't get a say, and they wouldn't 710 00:41:10,400 --> 00:41:12,960 but they wouldn't be allowed to come here. I mean, 711 00:41:13,119 --> 00:41:19,199 it's this is this is war from all sides. And 712 00:41:19,280 --> 00:41:22,039 you know what's funny is people see people see one 713 00:41:22,039 --> 00:41:25,159 thing that like they see the immigration as the huge issue, 714 00:41:25,239 --> 00:41:27,960 and it is they see the money supply is a 715 00:41:28,039 --> 00:41:30,119 huge issue, and it is they see the dead as 716 00:41:30,159 --> 00:41:34,079 a huge issue, and it is they see wars in 717 00:41:34,559 --> 00:41:38,079 you know, Israel trying to get us in war with Iran, right, 718 00:41:38,280 --> 00:41:40,320 trying to get pull us into war with Ukraine, and 719 00:41:40,360 --> 00:41:45,239 those are those are big, those are gigantic issues. Really 720 00:41:45,280 --> 00:41:48,239 the only way And what's funny is is this is 721 00:41:48,280 --> 00:41:52,480 going to sound libertarian, and it's not something that I 722 00:41:53,360 --> 00:41:57,119 don't talk about libertarian answers anymore because they're pie in 723 00:41:57,159 --> 00:42:00,880 the sky. But there's actually somebody right now trying to 724 00:42:00,960 --> 00:42:03,440 fix the money supply. And if he can fix the 725 00:42:03,519 --> 00:42:06,239 money supply, and we can win this war of money, 726 00:42:07,039 --> 00:42:08,840 we can take care a lot of a lot of 727 00:42:08,840 --> 00:42:09,480 this ship. 728 00:42:10,079 --> 00:42:12,639 Speaker 2: We can win the world. Okay. So one of the 729 00:42:12,639 --> 00:42:13,239 things I was I was. 730 00:42:13,280 --> 00:42:15,960 Speaker 3: I was on with Alex Kraner this afternoon on Crypto Richester. 731 00:42:16,119 --> 00:42:18,559 We were we did two hours this afternoon. So this 732 00:42:18,679 --> 00:42:19,519 is the third show. 733 00:42:19,400 --> 00:42:24,840 Speaker 2: I've done today. And Alex brought up, you know. 734 00:42:25,199 --> 00:42:31,159 Speaker 3: The the fact that apparently that that Vladimir Putin was 735 00:42:31,199 --> 00:42:35,920 actually brought into power by am I sex right, and 736 00:42:36,039 --> 00:42:38,599 that they we thought, we really did think that, at 737 00:42:38,719 --> 00:42:40,599 least they thought at the time that they had their 738 00:42:40,599 --> 00:42:46,360 boy right and and then Putin slowly turned the tables 739 00:42:46,400 --> 00:42:49,119 on them, and you know, found out that by accident 740 00:42:49,199 --> 00:42:53,400 that oh shit, he's actually a Russian patriot. And then 741 00:42:53,639 --> 00:42:56,239 I brought up Mike, I said, and then and Al 742 00:42:56,400 --> 00:42:58,480 was just talking about that and how he's created a 743 00:42:58,960 --> 00:43:01,519 Russia that is, for the most part somewhat of a 744 00:43:01,559 --> 00:43:05,960 bulwark on its own. You have Xijiping in China, for 745 00:43:06,000 --> 00:43:07,519 better or for worse, was brought to power by the 746 00:43:07,599 --> 00:43:15,360 Chinese oligarchs in order to stop the Thebogian takeover of 747 00:43:15,719 --> 00:43:19,320 China through the oligar class there in the banking system. 748 00:43:19,440 --> 00:43:24,079 And he did the same thing, and they both won 749 00:43:24,159 --> 00:43:28,480 and they both survived. Now now we have Trump, and 750 00:43:28,519 --> 00:43:32,039 we're all fixated on Trump in the United States, and 751 00:43:32,360 --> 00:43:35,119 what Trump is attempting to do is to finally break 752 00:43:35,159 --> 00:43:37,760 the five hundred year rule of these fucking people going 753 00:43:37,800 --> 00:43:40,039 back to the Venetian banks and all the rest of it. 754 00:43:40,079 --> 00:43:46,039 Alex brought up a really interesting description of the Catholic 755 00:43:46,119 --> 00:43:48,239 Church and the Vatican as the ghost of the old 756 00:43:48,320 --> 00:43:50,920 Roman Empire. And somebody he was quoting a book that 757 00:43:50,920 --> 00:43:52,800 I had never heard of, and somebody I hadn't heard 758 00:43:52,840 --> 00:43:53,880 of it before, but I thought it was a really 759 00:43:53,960 --> 00:43:59,599 interesting concept. Again, these are like fresh nascent ideas in 760 00:43:59,639 --> 00:44:02,400 my head. I'm not like saying I buy all this, 761 00:44:02,519 --> 00:44:07,119 but it's just one version of history, right. But I 762 00:44:07,320 --> 00:44:08,639 when I got done, when he got done with all 763 00:44:08,679 --> 00:44:10,119 of that, I said, well, Alex, you know, it's really 764 00:44:10,119 --> 00:44:13,719 interesting Trump is attempting to take all of this on. 765 00:44:15,559 --> 00:44:17,599 He wouldn't be able to do so if Putin wasn't 766 00:44:17,599 --> 00:44:20,960 in Russia and Jesi Ping wasn't in China. It's not 767 00:44:21,119 --> 00:44:22,880 that where the three of them are allies. 768 00:44:23,440 --> 00:44:23,760 Speaker 2: They're not. 769 00:44:24,400 --> 00:44:28,559 Speaker 3: Theopolitics they have overlap and they've been diagram of interests 770 00:44:30,119 --> 00:44:35,719 and their enemy is the age old colonialists of Europe. 771 00:44:35,760 --> 00:44:38,119 As I've been saying for five years, and I said, 772 00:44:38,320 --> 00:44:41,400 was I intuited my way through a lot of this 773 00:44:42,199 --> 00:44:44,719 just by looking at the game board and like laying 774 00:44:44,719 --> 00:44:47,239 it out and going okay, okay, these things make sense. 775 00:44:48,679 --> 00:44:51,159 I didn't really have good historical context. In the last 776 00:44:51,159 --> 00:44:53,000 few weeks, I've been able to talk to different people, 777 00:44:53,639 --> 00:44:57,519 primarily in Berlin game and I've had many a discussion 778 00:44:57,519 --> 00:45:00,679 now with Dexter White on these subjects, and we've filled 779 00:45:00,679 --> 00:45:03,719 in some of the other history and he and I 780 00:45:03,880 --> 00:45:08,360 discussed this stuff and it's become really obvious that that is. 781 00:45:08,320 --> 00:45:10,920 Speaker 2: The scenario, that is the issue. 782 00:45:12,800 --> 00:45:17,480 Speaker 3: But Trump is only able to take on this what 783 00:45:17,639 --> 00:45:22,760 is not only an nowladacious but ambitious plan strategy, multi 784 00:45:22,800 --> 00:45:25,920 pronk strategy to attack these people on every front and 785 00:45:26,000 --> 00:45:26,360 to win. 786 00:45:28,760 --> 00:45:30,960 Speaker 2: And he's not the only one doing it. He's just 787 00:45:31,000 --> 00:45:31,840 a figurehead. 788 00:45:32,199 --> 00:45:37,599 Speaker 3: The American banks are behind him, the American military military 789 00:45:37,639 --> 00:45:43,719 not military industrial complex, the American military patriots are some 790 00:45:43,960 --> 00:45:47,239 American industrialist ones that are left. And then of course 791 00:45:47,360 --> 00:45:50,840 the Russians, the Chinese, the Japanese to a lesser extent, 792 00:45:51,360 --> 00:45:54,400 to some extent, and they all get it, and they're 793 00:45:54,400 --> 00:45:57,239 like in order for us. And now he's got the 794 00:45:57,280 --> 00:46:00,719 Arab Gulf States to sign on his trip to the air, 795 00:46:00,920 --> 00:46:03,199 to Saudi Arabia, in to the in to the Middle East, 796 00:46:03,480 --> 00:46:10,960 where he noticed he didn't stop in Israel. Notice notice 797 00:46:11,000 --> 00:46:13,119 that he went to Saudi Arabia, was treated like a king, 798 00:46:13,159 --> 00:46:14,920 went to the UAE, went to this place, went to 799 00:46:14,960 --> 00:46:16,920 the Katar and all these places, and got them all 800 00:46:16,920 --> 00:46:19,719 the sign on to becoming partners with the United States 801 00:46:19,960 --> 00:46:23,000 to come up with a plan to figure out how 802 00:46:23,039 --> 00:46:25,119 to untie the Guardian Knot of the Middle East. 803 00:46:25,760 --> 00:46:27,480 Speaker 2: How do you untie the Guardian out of the Middle East? 804 00:46:27,519 --> 00:46:29,159 How do you cleave it? You get rid of here, 805 00:46:30,199 --> 00:46:30,760 you get rid of the. 806 00:46:30,760 --> 00:46:33,000 Speaker 3: Old French influence, you get rid of the old British influence, 807 00:46:33,840 --> 00:46:38,320 and you leave the place. And you leave everybody there 808 00:46:38,360 --> 00:46:41,079 who's got the skin in the game for that reason, 809 00:46:42,159 --> 00:46:43,719 to come up with. 810 00:46:43,679 --> 00:46:47,840 Speaker 2: A plan that they can all live with. Figure it out, 811 00:46:47,840 --> 00:46:49,280 been barred from doing for years. 812 00:46:50,159 --> 00:46:54,280 Speaker 1: Figure it out, get all this, all this outside influence, 813 00:46:54,320 --> 00:46:55,480 and now you've got to figure it. 814 00:46:55,440 --> 00:46:56,719 Speaker 2: Out, right. 815 00:46:56,960 --> 00:46:59,239 Speaker 3: But Trump wouldn't be able to do any of that 816 00:46:59,320 --> 00:47:02,480 if he didn't have if we weren't at that moment 817 00:47:02,639 --> 00:47:06,079 where everybody felt they were strong enough to do so. 818 00:47:07,840 --> 00:47:09,599 Is Russia strong enough on its own? 819 00:47:09,719 --> 00:47:09,840 Speaker 2: No? 820 00:47:10,159 --> 00:47:12,159 Speaker 3: Is China strong enough on its own? No, it's the 821 00:47:12,239 --> 00:47:13,440 United States strong enough. 822 00:47:13,239 --> 00:47:13,960 Speaker 2: On its own. No. 823 00:47:14,199 --> 00:47:16,480 Speaker 3: Saudi Arabia or the Gulf States strong enough on their own. 824 00:47:16,599 --> 00:47:21,000 Hell no, put them all together. It's a different world. 825 00:47:21,599 --> 00:47:26,679 So it's like we've called in Nexus and four of 826 00:47:26,679 --> 00:47:28,840 the five players in the game have all gotten together 827 00:47:28,840 --> 00:47:35,000 and make an alliance against the fifth guy. Yep, we 828 00:47:35,039 --> 00:47:36,960 want to win and well and by the way, we'll 829 00:47:36,960 --> 00:47:39,800 take the shared four player victory. Yeah, it's Oh, that's 830 00:47:39,840 --> 00:47:40,679 a shitty way to win. 831 00:47:41,320 --> 00:47:43,840 Speaker 2: So what we're winning and we're moving on. 832 00:47:45,519 --> 00:47:48,519 Speaker 1: Yeah, the people who concentrate a lot on Israel, and 833 00:47:48,559 --> 00:47:51,760 I concentrate a lot on Israel too, really don't realize 834 00:47:51,760 --> 00:47:54,920 that if you break the power, especially the financial power 835 00:47:54,960 --> 00:48:00,159 of Europe, Israel is in real trouble. And I do 836 00:48:00,199 --> 00:48:00,719 they survive? 837 00:48:01,320 --> 00:48:04,280 Speaker 3: Yeah, Well, here's the here's the fun. Here's the thing 838 00:48:04,440 --> 00:48:06,960 I've come to the conclusion of in the last I 839 00:48:07,000 --> 00:48:10,280 don't know. I came to this conclusion a few months ago, honestly, 840 00:48:10,880 --> 00:48:13,559 But which is that. I think Trump wants to save Israel, 841 00:48:15,119 --> 00:48:17,840 but I don't think he has any desire to save 842 00:48:17,840 --> 00:48:18,519 the Zionists. 843 00:48:20,199 --> 00:48:22,599 Speaker 1: Yeah, well it definitely not look cude. 844 00:48:22,760 --> 00:48:26,639 Speaker 3: Yeah, definitely not Yahoo and the and the exactly. And 845 00:48:26,679 --> 00:48:29,719 I think that's the careful game he's playing right now. 846 00:48:30,280 --> 00:48:32,280 And in order for him to do. 847 00:48:32,199 --> 00:48:34,719 Speaker 2: That, what is he doing. 848 00:48:35,360 --> 00:48:37,320 Speaker 3: He's doing that at the same time that he's trying 849 00:48:37,360 --> 00:48:40,239 to remake the way we do our finances, the way 850 00:48:40,280 --> 00:48:43,320 we tax our people, the way we right way we 851 00:48:43,400 --> 00:48:44,360 generate revenue, the. 852 00:48:44,360 --> 00:48:45,599 Speaker 2: Way we do all of these things. 853 00:48:47,559 --> 00:48:50,400 Speaker 3: So, of course, and then you and then you have 854 00:48:50,599 --> 00:48:54,119 the old dead enders the old silent Irrigen dead enders 855 00:48:54,119 --> 00:48:57,480 and the old boomer cons right, who are fighting him 856 00:48:57,519 --> 00:49:00,480 on this because they're all either in the town for 857 00:49:01,079 --> 00:49:05,199 that version of the world, right, the Lindsay Grahams. I 858 00:49:05,199 --> 00:49:07,119 don't even think Lindsay Graham is actually in the thank 859 00:49:07,159 --> 00:49:09,360 for anything other than please don't out the fact that 860 00:49:09,400 --> 00:49:13,000 I fuck little boys, right. I think that's a whole 861 00:49:13,039 --> 00:49:15,599 I think that's Lindsay Graham in a nutshell. But there 862 00:49:15,599 --> 00:49:21,440 are others who are more ideologically in you know, you know, 863 00:49:21,440 --> 00:49:24,079 the Mike Pompeo's and the Mike pencils, and that whole 864 00:49:24,079 --> 00:49:25,039 dispensation was credit. 865 00:49:25,039 --> 00:49:26,000 Speaker 2: I think those were there. 866 00:49:26,320 --> 00:49:28,280 Speaker 3: You've got all of these people that you have to 867 00:49:28,320 --> 00:49:33,039 try and schmooze over the line while keeping the American 868 00:49:33,079 --> 00:49:38,760 people on on Trump's side, keep them on side, to 869 00:49:38,840 --> 00:49:40,920 then put the pressure on them to say, no, you're 870 00:49:40,960 --> 00:49:43,159 just going to have to go along with this new plan. 871 00:49:43,840 --> 00:49:46,519 And oh, by the way, the primaries are looming, how 872 00:49:46,519 --> 00:49:47,320 are you going to get. 873 00:49:47,159 --> 00:49:47,480 Speaker 2: Out of this? 874 00:49:47,960 --> 00:49:51,519 Speaker 3: So Davas is trying to protect their quizzlings in the 875 00:49:51,599 --> 00:49:55,400 Congress by using this bill in order to try and 876 00:49:55,440 --> 00:49:58,679 stop and derail Trump. Do you see what I'm laying 877 00:49:58,719 --> 00:50:01,719 out here. Do you see how this is playing. You've 878 00:50:01,719 --> 00:50:05,679 got to stop Trump getting the win legislatively so that 879 00:50:05,719 --> 00:50:08,559 he no longer needs Congress or anything until the midterms, 880 00:50:09,000 --> 00:50:13,840 until really until July fourth next year, so that he 881 00:50:13,880 --> 00:50:17,599 can then run the agencies and have them go through 882 00:50:17,800 --> 00:50:21,400 line by line, cutting shit left and right. Under recision, 883 00:50:21,519 --> 00:50:25,199 We'll codify the DOGE, will codify DOGE and the cuts 884 00:50:25,199 --> 00:50:29,400 and everything else to discretionary spending and free up the 885 00:50:29,480 --> 00:50:34,039 resources to go after the trader's judiciary, which they've already 886 00:50:34,079 --> 00:50:37,599 started the process on. Pam Bondi is saying, we're no 887 00:50:37,679 --> 00:50:40,519 longer taking to a bar association which stands for the 888 00:50:40,519 --> 00:50:47,360 British Attorney Attorney Registration, it's the British Accreditation of Society, 889 00:50:47,360 --> 00:50:49,199 whatever the hell the bar stands for. But the b 890 00:50:49,360 --> 00:50:53,920 and bar is British. They control our fucking judges to 891 00:50:54,039 --> 00:51:00,960 these goddamn people, like they control everything about how we 892 00:51:01,079 --> 00:51:05,159 make laws and we rule ourselves through the long marks 893 00:51:05,199 --> 00:51:12,079 of the institutions and creating this mess that we're trying 894 00:51:12,119 --> 00:51:17,679 to domestically work through. So solely, but surely you'll note 895 00:51:17,800 --> 00:51:19,599 and even I almost fell for this stuff with the 896 00:51:19,599 --> 00:51:22,239 Supreme Court and the whole Amy Cony Barrett hates Trump 897 00:51:22,320 --> 00:51:25,760 and all this stuff. For the most part, the Supreme 898 00:51:25,760 --> 00:51:30,239 Court is giving Trump everything that he wants because there's 899 00:51:30,400 --> 00:51:33,159 no way for the Supreme Court to really stop him 900 00:51:33,440 --> 00:51:37,000 under Article two of the Constitution. We have members of 901 00:51:37,039 --> 00:51:42,360 the Supreme Court, so dom my R. Brown Jackson and others, 902 00:51:42,480 --> 00:51:45,239 who are all trying to turn the Supreme Court into 903 00:51:45,559 --> 00:51:49,400 the French administrative Court to run the United States. 904 00:51:49,960 --> 00:51:50,880 Speaker 2: It's what they're doing. 905 00:51:51,760 --> 00:51:56,079 Speaker 3: Like brown Jackson's statements the other day, which I've been 906 00:51:56,320 --> 00:51:58,840 banging my shoe on the table I kruse Chef about 907 00:51:59,559 --> 00:52:03,079 was really obvious. She said, wouldn't it be better like 908 00:52:03,199 --> 00:52:07,239 it's talking about you know this, uh, you know, the 909 00:52:07,239 --> 00:52:10,199 the the opposition to Trump trying to deport these people 910 00:52:10,239 --> 00:52:16,280 and define now define where the legislative executive power is. 911 00:52:16,360 --> 00:52:19,440 Wouldn't it be better if we have these things, these 912 00:52:19,480 --> 00:52:21,840 these challenges so that we can fast track them the 913 00:52:21,840 --> 00:52:23,920 Supreme Court, and the Supreme courtgan rule as to whether 914 00:52:24,000 --> 00:52:26,440 or not the president has those powers or not. I'm like, 915 00:52:26,639 --> 00:52:32,880 excuse me, you failed basic reading comprehension. You're the Article 916 00:52:32,920 --> 00:52:37,239 three judiciary, he's the Article two executive. He's exercising Article 917 00:52:37,280 --> 00:52:42,960 two powers that you have no jurisdiction over. It's a 918 00:52:43,000 --> 00:52:46,360 complete reversal of the separation of powers. That one statement alone. 919 00:52:46,519 --> 00:52:55,239 She should be impeached immediately, immediately, because she doesn't understand 920 00:52:55,239 --> 00:52:58,159 basic jurisprudence in the United States, and she's smart enough 921 00:52:58,280 --> 00:53:02,039 and clever enough to try and couch in very reasonable terms. 922 00:53:02,400 --> 00:53:06,480 She all but called for an insurrection, a lawyer's insurrection 923 00:53:06,559 --> 00:53:09,960 against the sitting president, to flood the courts with a 924 00:53:10,000 --> 00:53:12,039 bunch of bullshit where we have to go through every 925 00:53:12,119 --> 00:53:15,639 goddamn potential deportation and decide, well, this one's legal, but 926 00:53:15,679 --> 00:53:18,760 this one's not because of this, you know, this talmudic 927 00:53:19,239 --> 00:53:23,000 interpretation of this fucking arcane law. No, that's French administrative law. 928 00:53:23,039 --> 00:53:26,000 And the last I met last if realized we're not French. 929 00:53:27,000 --> 00:53:31,079 We were governed under English common law, not French administrative law. 930 00:53:31,159 --> 00:53:34,000 If you don't know the difference, you're a bad American. 931 00:53:35,239 --> 00:53:36,000 Speaker 2: Shut fuck up. 932 00:53:39,000 --> 00:53:42,199 Speaker 3: I don't live in Louisiana. I would never live in Louisiana. 933 00:53:42,239 --> 00:53:46,000 Why they're ruled by French administrative law plays the ship haul. 934 00:53:48,119 --> 00:53:50,320 Speaker 2: But they're free to live that way. 935 00:53:51,079 --> 00:53:53,199 Speaker 3: No offense to the people from Louisiana. You want to 936 00:53:53,239 --> 00:53:55,320 live like that, that's your problem. I'm never living there 937 00:53:57,719 --> 00:53:59,679 because I don't want to be ruled by the fucking French. 938 00:54:01,639 --> 00:54:05,000 We rejected that, and we rejected this concept root and branch. 939 00:54:05,119 --> 00:54:08,480 This is the in Berlin Games argument about English common law, 940 00:54:08,960 --> 00:54:13,920 England and the English tradition of fighting the hereditary rights 941 00:54:13,920 --> 00:54:16,360 of kings and all that shit. And we are the 942 00:54:16,360 --> 00:54:25,800 inheritors of England, not Britain, not the British England fundamentally different. 943 00:54:26,960 --> 00:54:29,960 When you look at the Constitution, it is it is 944 00:54:30,119 --> 00:54:38,280 an amalgam of basically the Magna Carta plus Iroquois algonquin 945 00:54:39,440 --> 00:54:44,599 individual individualism, literal of freaking like you're gonna talk about anarchy. 946 00:54:44,559 --> 00:54:46,599 Speaker 1: Right congressional structure and right. 947 00:54:46,559 --> 00:54:48,119 Speaker 2: Congressial structure and all that stuff. 948 00:54:48,559 --> 00:54:50,519 Speaker 3: They grafted the two of them together, and the alchemy 949 00:54:50,599 --> 00:54:53,679 of those two things gave us probably the best goddamn 950 00:54:53,880 --> 00:54:56,679 foundational document for country in the history of humanity. 951 00:54:57,719 --> 00:54:58,280 Speaker 2: As long as we. 952 00:54:58,280 --> 00:55:00,599 Speaker 3: Go back to the pre nineteen thirteen version where we 953 00:55:00,679 --> 00:55:10,639 have the states selecting the senators. This is a brilliant system, 954 00:55:12,360 --> 00:55:16,719 and we can go back to it, and we should 955 00:55:16,840 --> 00:55:20,199 honor it. Then we need to get the Federal Reserve, 956 00:55:21,280 --> 00:55:23,480 and we need to reign in the Federal Reserve, no argument. 957 00:55:25,400 --> 00:55:27,559 We need to repeal the Banking Act in nineteen thirty five, 958 00:55:29,400 --> 00:55:33,280 which created the modern FED. We need to repeal Dodd 959 00:55:33,320 --> 00:55:34,960 Frank and all this other bullshit. We need to put 960 00:55:35,079 --> 00:55:41,000 banking regulation back under the Treasury where it belongs. Fed's 961 00:55:41,039 --> 00:55:42,880 doing too many things. That's why it's not any good, 962 00:55:42,880 --> 00:55:48,599 any at anything, because we would be better served with 963 00:55:48,639 --> 00:55:53,800 a federal Reserve that defended part domestically or no that 964 00:55:54,239 --> 00:56:00,360 kept that kept the domestic economy liquefied and lender blast 965 00:56:00,360 --> 00:56:03,320 resort for the domestic economy and the defender of par 966 00:56:03,639 --> 00:56:10,320 to the international economy. Every other aspect of FED policy 967 00:56:10,440 --> 00:56:11,199 needs to go away. 968 00:56:12,880 --> 00:56:15,480 Speaker 1: So when we were talking last year before the election, 969 00:56:15,760 --> 00:56:21,239 we're talking about different like competing elite groups that were 970 00:56:21,280 --> 00:56:25,079 trying to get with Trump. I haven't talked about this publicly, 971 00:56:25,159 --> 00:56:28,880 but I've been thinking about that. Israel is undergoing the 972 00:56:28,920 --> 00:56:32,159 same thing. You have the La Kudniks and all the 973 00:56:32,719 --> 00:56:35,599 hard liners. I mean there's hardliners worse than the La 974 00:56:35,679 --> 00:56:37,360 Kutnicks in there. I mean there are people who want 975 00:56:37,400 --> 00:56:40,400 to think that Yahoo isn't doing enough. Then you have 976 00:56:40,639 --> 00:56:44,440 the basically there's a business class there that just is like, 977 00:56:44,639 --> 00:56:47,280 this isn't good for business. I mean, we can figure that, 978 00:56:47,639 --> 00:56:50,599 let's figure this out, let's become you know, let's let's 979 00:56:50,599 --> 00:56:53,719 commercialize more. And then you have it seems like you 980 00:56:53,760 --> 00:56:56,880 have this class of like real you know, like they 981 00:56:56,880 --> 00:56:59,159 call Tel Aviv the gayest city on the planet. You 982 00:56:59,199 --> 00:57:03,320 have another another group that's like we need to I 983 00:57:03,320 --> 00:57:11,119 think whit Coough is actually either by purposely or not, 984 00:57:11,519 --> 00:57:14,440 I think he's representing the business class and everything that 985 00:57:14,480 --> 00:57:17,880 I see him doing as far as like when he 986 00:57:18,239 --> 00:57:20,400 when he talks about Israel, when he goes to Israel, 987 00:57:20,719 --> 00:57:24,480 when he goes anywhere, it seems like he's definitely way 988 00:57:24,559 --> 00:57:28,480 more interested in the commercial than you know, the hardliners 989 00:57:28,599 --> 00:57:31,079 or the I mean, I think he knows that as 990 00:57:31,079 --> 00:57:35,559 soon as you let to generosy takeover, you're just gonna 991 00:57:36,000 --> 00:57:39,639 it's not good for business. So killing your neighbor is 992 00:57:39,719 --> 00:57:41,880 not good for killing your neighbor and their children is 993 00:57:41,880 --> 00:57:44,760 not good for business. And you know, letting letting the 994 00:57:44,800 --> 00:57:47,440 homos take over is isn't good for business. It almost 995 00:57:47,480 --> 00:57:52,280 seems like he's he's representing the commercial class. There. That's like, 996 00:57:52,440 --> 00:57:56,679 can we get back to you know, making disgusting pharmaceuticals 997 00:57:56,719 --> 00:58:01,000 and everything else that you know, we can send poison people, right? 998 00:58:01,039 --> 00:58:02,480 Speaker 2: What do you think now? 999 00:58:02,559 --> 00:58:04,639 Speaker 3: I think that's correct, and I think that you know, 1000 00:58:05,280 --> 00:58:07,400 I think that you know, a lot of I think 1001 00:58:07,440 --> 00:58:12,360 too many people spend too much time analyzing the moves 1002 00:58:12,360 --> 00:58:15,360 of people who are clearly being sent out by Trump 1003 00:58:15,480 --> 00:58:23,840 to be what's the word I'm looking for, distractions? Kellogg 1004 00:58:24,719 --> 00:58:25,559 comes to mind. 1005 00:58:26,039 --> 00:58:29,199 Speaker 1: Kellogg is a He's a complete He is sent out 1006 00:58:29,239 --> 00:58:32,360 there to be, I mean, to be a pawn to 1007 00:58:32,400 --> 00:58:35,639 be picked off. And I'm surprised. I'm surprised Russia hasn't. 1008 00:58:35,639 --> 00:58:37,199 I'm surprised he's made it out of Russia alive a 1009 00:58:37,239 --> 00:58:38,079 couple of times. 1010 00:58:38,480 --> 00:58:40,280 Speaker 2: Well, you know, I think that I think the Russians 1011 00:58:40,360 --> 00:58:43,199 understand that he's there for. He's there to do. 1012 00:58:43,800 --> 00:58:47,480 Speaker 3: He's there too, He's there to keep the neo cons 1013 00:58:47,480 --> 00:58:52,320 at home on side, hoping that's what he's there for. 1014 00:58:52,719 --> 00:58:54,679 He's there to keep the Israelian be on side. 1015 00:58:55,280 --> 00:58:57,039 Speaker 2: That's what he's death. He's what he's there for. 1016 00:58:57,679 --> 00:58:59,039 Speaker 3: But even he finally came out to that was just 1017 00:58:59,039 --> 00:59:00,840 looking at zero Hedgelwer but in an hour a go 1018 00:59:00,960 --> 00:59:03,440 there was a thing. Hold on, It's right, Kellogg calls 1019 00:59:03,519 --> 00:59:06,599 Russia's NATO concerns fair warns Ukraine a. 1020 00:59:06,559 --> 00:59:11,199 Speaker 2: Better show up in Istanbul. Finally the first thing, like 1021 00:59:11,360 --> 00:59:12,800 he's even throwing in the towel. 1022 00:59:12,880 --> 00:59:17,039 Speaker 1: Now, yeah, so everybody, people are just they're all falling 1023 00:59:17,079 --> 00:59:17,639 in line. 1024 00:59:17,920 --> 00:59:19,760 Speaker 3: They have to fall in line eventually because they don't 1025 00:59:19,760 --> 00:59:22,920 have any leverage trum Trump has played his leverage very 1026 00:59:23,000 --> 00:59:24,280 very well because at the end of the day, in 1027 00:59:24,320 --> 00:59:26,679 the Terra War, he knows that the American consumer is 1028 00:59:26,719 --> 00:59:28,800 the one that everybody wants access to because like it 1029 00:59:28,920 --> 00:59:31,119 or not, folks, depending on no matter how much you 1030 00:59:31,159 --> 00:59:34,079 want to gaslight be gasolate into believing that America is 1031 00:59:34,079 --> 00:59:35,199 on the verge of collapse. 1032 00:59:36,039 --> 00:59:36,360 Speaker 1: It's not. 1033 00:59:38,280 --> 00:59:41,239 Speaker 2: Do we have problems, yeah, can we fix those problems? Yeah? 1034 00:59:41,320 --> 00:59:42,679 Do we have a lot of debt? Yeah? 1035 00:59:43,199 --> 00:59:46,719 Speaker 3: Same thing in Ukraine, same thing in Iran and everything else. 1036 00:59:47,159 --> 00:59:53,800 Trump doesn't want a war. Nothing's changed four months worth 1037 00:59:53,840 --> 00:59:55,880 the negotiations. The war still going on, but there's nothing 1038 00:59:55,920 --> 00:59:58,079 he can do about it. What he and Putin are 1039 00:59:58,079 --> 01:00:02,760 doing right now is giving each other the option of 1040 01:00:02,800 --> 01:00:06,239 walking away from a deal and then leaving the war 1041 01:00:06,559 --> 01:00:14,199 to the Europeans. Look, Putin escalates starts a summer military campaign, 1042 01:00:14,440 --> 01:00:18,119 which Trump can then publicly decry, knowing full well that 1043 01:00:18,159 --> 01:00:21,119 it's going to force the Europeans to respond. But at 1044 01:00:21,119 --> 01:00:25,840 the same time, Trump is telling Budin, oh God, damn it, 1045 01:00:25,920 --> 01:00:27,679 you can't do this, and this is wrong and this 1046 01:00:27,760 --> 01:00:29,719 war is not terrible and this is not our war, 1047 01:00:29,760 --> 01:00:33,639 and blah blah blah blah, and the Europeans fall into 1048 01:00:33,639 --> 01:00:36,280 the trap of going, yep, and we're gonna escalate and 1049 01:00:36,519 --> 01:00:39,639 NATO and you're gonna have to come in, and then 1050 01:00:39,679 --> 01:00:41,000 we're gonna go, Yeah, that's nice. 1051 01:00:41,039 --> 01:00:42,039 Speaker 2: It's not our wars war. 1052 01:00:43,159 --> 01:00:45,400 Speaker 3: They're running the exact same playbook they ran into World 1053 01:00:45,440 --> 01:00:46,719 War One world War two. 1054 01:00:47,119 --> 01:00:49,000 Speaker 2: It's no different than they've done before. 1055 01:00:48,760 --> 01:00:50,800 Speaker 3: And they'll continue to do it up until that moment 1056 01:00:50,840 --> 01:00:52,639 where Trump has a thought to make a decision. But 1057 01:00:52,719 --> 01:00:55,880 he can't make that decision until and I really do 1058 01:00:55,960 --> 01:00:58,800 believe that it's about the Budget reconciliation bill. You get 1059 01:00:58,800 --> 01:01:01,960 the Budget Reconciliation Bill passed, and then all of a sudden, 1060 01:01:02,000 --> 01:01:04,440 Trump's hands are freed to go, you know what, We're done. 1061 01:01:04,840 --> 01:01:07,679 It's it. He can make little moves at the at 1062 01:01:07,679 --> 01:01:10,320 the edges, pull some troops home from Syria, you know, 1063 01:01:10,360 --> 01:01:13,960 open reopen the embassy, and reopen the embassy there, you know, 1064 01:01:14,480 --> 01:01:17,239 negotiate with Iran. I think the Iran deal is mostly done. 1065 01:01:17,400 --> 01:01:21,480 I think the Russia, the deal with Russia over. 1066 01:01:21,320 --> 01:01:22,760 Speaker 2: This is done. I think it's all finished. 1067 01:01:23,480 --> 01:01:24,840 Speaker 3: I think it's just a matter of trying to get 1068 01:01:24,840 --> 01:01:28,320 it sold in such a way that we as the 1069 01:01:28,400 --> 01:01:31,960 American people, put the pressure on our representatives to say, 1070 01:01:32,079 --> 01:01:34,360 this is what we want. And we have told them repeatedly, 1071 01:01:34,400 --> 01:01:36,679 this is what we want, and they are refusing to 1072 01:01:36,719 --> 01:01:39,199 do what we want. Well, guess what happens now, what 1073 01:01:39,320 --> 01:01:43,320 happens next? We turn around and we say, oh, well 1074 01:01:43,320 --> 01:01:45,519 that's very nice. You're going to get primary, and you're 1075 01:01:45,519 --> 01:01:46,880 going to get a primary. And you're going to get 1076 01:01:46,880 --> 01:01:48,280 a primary, and you're going to get a primary. 1077 01:01:48,880 --> 01:01:49,079 Speaker 2: You know. 1078 01:01:51,119 --> 01:01:54,440 Speaker 3: So that's what That's how I see the game board, 1079 01:01:54,800 --> 01:01:58,800 and Trump is very smartly moving the ball forward incrementally 1080 01:01:58,880 --> 01:02:01,079 to get to bring the people across the finish line 1081 01:02:01,480 --> 01:02:05,079 that it's time for this for our involvement here to end, 1082 01:02:05,119 --> 01:02:06,920 because it doesn't make any sense to us to be 1083 01:02:06,960 --> 01:02:07,519 involved in it. 1084 01:02:07,519 --> 01:02:07,960 Speaker 2: Anymore. 1085 01:02:08,119 --> 01:02:10,360 Speaker 3: You still have too many people. I still believe you 1086 01:02:10,480 --> 01:02:12,639 probably have too many people still in the middle who 1087 01:02:12,719 --> 01:02:16,239 aren't sure what to do here because they've been told that, 1088 01:02:16,639 --> 01:02:19,239 you know, we have to, you know, support Ukraine, you know. 1089 01:02:19,280 --> 01:02:21,079 And there's a lot of a lot of dumb people, 1090 01:02:21,400 --> 01:02:23,360 I an say dumb, A lot of ignorant people out 1091 01:02:23,360 --> 01:02:26,559 there who don't understand what's happening, only you know, what 1092 01:02:26,599 --> 01:02:30,079 they can what they're allowed to be told, YadA, YadA, YadA, 1093 01:02:30,800 --> 01:02:33,800 and you know. But Trump's approval rating is still strong. 1094 01:02:34,920 --> 01:02:37,119 He's still about fifty percent for the first time is 1095 01:02:37,760 --> 01:02:41,960 presidency again to presidencies. He's doing fine. And if you 1096 01:02:41,960 --> 01:02:47,039 can get the budget Reconciliation bill passed and then we 1097 01:02:47,039 --> 01:02:51,440 can really start to to to untie you again. It's 1098 01:02:51,480 --> 01:02:54,079 about cleaving these guardian knots, which these guardian knots are 1099 01:02:54,119 --> 01:02:59,159 all manufactured. They're actually not very hard to fix, but 1100 01:02:59,199 --> 01:03:01,840 they can't be fixed with the right political support. And 1101 01:03:01,920 --> 01:03:04,320 so this is why I get really angry with the 1102 01:03:04,360 --> 01:03:09,519 oppositionally defiant libertarians who refuse to stop critiquing long enough 1103 01:03:09,719 --> 01:03:13,880 and stop having historianic ab reactions and realize this is 1104 01:03:13,920 --> 01:03:16,000 the way statecraft works. And if you don't have the 1105 01:03:16,039 --> 01:03:18,400 stomach for it, you shut the fuck up. And I 1106 01:03:18,400 --> 01:03:20,199 know you got free speech and this and everything else, 1107 01:03:20,239 --> 01:03:22,639 but hey, why don't you use that free speech to 1108 01:03:23,000 --> 01:03:26,679 actually engage your brain as to and have a little faith. 1109 01:03:28,079 --> 01:03:31,840 Speaker 2: But that's a that's that's a tall order. 1110 01:03:31,880 --> 01:03:34,159 Speaker 3: Given the people that were dealing we're dealing with and 1111 01:03:34,199 --> 01:03:39,639 they've been taught and given positive feedback that this is the. 1112 01:03:39,599 --> 01:03:42,800 Speaker 2: Right way of going about all that. Yeah, I'll fill 1113 01:03:43,199 --> 01:03:44,880 I'm sorry, Yeah, well we'll figure it out. 1114 01:03:45,079 --> 01:03:47,639 Speaker 3: So it's having technical problems, I'll you know, kind of 1115 01:03:47,719 --> 01:03:49,159 try and fill space as best like can. But this 1116 01:03:49,199 --> 01:03:51,360 is what I think is going on, and that ultimately 1117 01:03:51,920 --> 01:03:56,880 what what Trump is attempting, like, what he is attempting 1118 01:03:56,920 --> 01:03:59,519 here is very ambitious. And I really do think that 1119 01:03:59,599 --> 01:04:02,280 a certain point, you know, a little bit of faith 1120 01:04:02,320 --> 01:04:05,639 and a little bit of generosity goes a long way. 1121 01:04:05,679 --> 01:04:07,440 And I know this is very difficult for a lot 1122 01:04:07,519 --> 01:04:11,519 of people, given the level of anxiety, given how many 1123 01:04:11,519 --> 01:04:13,679 times we've been betrayed and how many false profits we've 1124 01:04:13,679 --> 01:04:14,440 had and everything else. 1125 01:04:14,800 --> 01:04:15,280 Speaker 2: I get it. 1126 01:04:15,719 --> 01:04:19,960 Speaker 3: I'm not I'm not unsympathetic to that point of view. Hell, 1127 01:04:20,159 --> 01:04:23,840 I had that point of view up until the election. 1128 01:04:24,239 --> 01:04:27,239 You know, I even say, you know, start through the 1129 01:04:27,559 --> 01:04:31,199 first part of the transition, but once he really started 1130 01:04:31,199 --> 01:04:37,840 making attacks on kir Starmer, City of London versus Evander 1131 01:04:37,880 --> 01:04:39,760 Satan and all the rest of them, it became very 1132 01:04:39,760 --> 01:04:44,760 obvious to me that he has much bigger plans than 1133 01:04:44,800 --> 01:04:48,960 what he was communicating early on. And that's where I think. 1134 01:04:48,800 --> 01:04:49,719 Speaker 2: We need to be. 1135 01:04:50,199 --> 01:04:52,679 Speaker 3: I think we need to give him all the political 1136 01:04:52,719 --> 01:04:56,760 support that we can with the best of our analysis. 1137 01:04:57,400 --> 01:05:00,360 And I think it's time for everybody to to, you know, 1138 01:05:00,440 --> 01:05:02,559 kind of up your game a little bit in terms 1139 01:05:02,599 --> 01:05:06,760 of your ability to fix uh, to read the game board, 1140 01:05:07,119 --> 01:05:09,119 because this is a very difficult game board to read, 1141 01:05:09,159 --> 01:05:11,840 and I get it, but it's still it's necessary, and 1142 01:05:11,840 --> 01:05:14,440 I'm seeing a lot of people fail. I'm seeing a 1143 01:05:14,480 --> 01:05:17,320 lot of people who I would never expect to have 1144 01:05:17,360 --> 01:05:21,079 failed failed to read this board. And that tells me 1145 01:05:21,119 --> 01:05:27,239 that one either the board is almost un unreadable, or 1146 01:05:28,559 --> 01:05:33,400 you know, it's gotten more complicated or more desperate, or 1147 01:05:33,960 --> 01:05:36,480 you know, the stakes are too high for even the 1148 01:05:36,480 --> 01:05:40,119 best and most trenching analysts too uh to keep their. 1149 01:05:39,960 --> 01:05:42,400 Speaker 2: Heads in it. That's that's my take at this point. 1150 01:05:43,559 --> 01:05:45,960 Speaker 3: All right, Well with that, with that said, since Pete 1151 01:05:45,960 --> 01:05:49,280 doesn't have any uh it doesn't doesn't seem to have 1152 01:05:49,360 --> 01:05:51,400 any audio, and I'm gonna have to like finish off. 1153 01:05:51,400 --> 01:05:52,760 So this has been the peak and on so and 1154 01:05:52,800 --> 01:05:55,559 I'm Tom Luongo and he's Pete, and Pete's awesome and 1155 01:05:55,960 --> 01:05:57,760 it kind of sucks that, you know, I've had to 1156 01:05:57,800 --> 01:05:59,360 like carry the last ten minutes of the show. 1157 01:05:59,400 --> 01:06:02,599 Speaker 2: But it is what it is, you know it. You know, the. 1158 01:06:02,519 --> 01:06:05,079 Speaker 3: Comedy is not good, folks, but it's free. So thanks 1159 01:06:05,079 --> 01:06:08,559 for tuning in. We'll catch all another time. Pete, have 1160 01:06:08,599 --> 01:06:10,079 a great night, have a great weekend.