Transcript
Speaker: Hey everybody, welcome to the Exit Podcast.
Speaker: This is Dr. Bennett, joined here by Stormy, who some of you may know from Twitter, and who is involved in the venture capital space.
Speaker: We had him come to the Exit Weekly Group Call and picked his brain about what VCs look for in founders, what they look for in the types of projects they invest in, how to approach, and how to make your pitch.
Speaker: And the guys were really into it, and I wanted to kind of
Speaker: uh, publicize some of the stuff that we, that we heard in that conversation and also, uh, dig a little bit deeper.
Speaker: So welcome to the show, Stormy.
Speaker: Hey, pleasure to be here, Ben.
Speaker: Pleasure to be here.
Speaker: We want to talk about, I want to start it off with Jamie Dimon.
Speaker: This, uh, this, uh, is he CEO of JP Morgan?
Speaker: CEO and chairman.
Speaker: which is what really matters.
Speaker: Who basically said some things that would have been like way, way, way out on a limb like 10 minutes ago, practically.
Speaker: And yesterday too.
Speaker: Of his social class.
Speaker: And basically saying like, hey, you know, maybe these people don't like Trump because they like his mean tweets.
Speaker: Maybe they like him because he was right about immigration and the economy was doing better and he was right about NATO.
Speaker: And like he just sort of listed all these litany of things that are being screwed up by the occupational class.
Speaker: It's not just what he said, man.
Speaker: It's where he said it.
Speaker: At Davos.
Speaker: Right.
Speaker: Well, so yesterday, they were dumb enough to put them in front of a camera twice.
Speaker: So what really, you can't really have a world economic forum without having the CEO and chairman of the world's largest bank and most powerful bank.
Speaker: Right.
Speaker: So I don't think a lot of people understand what J.P.
Speaker: Morgan is, but I'll get into that in a second.
Speaker: What he said yesterday was on, yeah, this was on CNBC.
Speaker: I don't like how Trump said things, but he wasn't wrong about these critical issues.
Speaker: And that is why they are voting for him.
Speaker: People should be more respectful of their fellow citizens.
Speaker: I think it's negative that, I'm sorry, I think it's, I think this negative talk about MAGA will hurt the Biden campaign, which sounds kind of crazy unless you know where the money's going.
Speaker: So open secrets is really useful.
Speaker: It tells you, basically tracks political contributions, whatever.
Speaker: And if I go and search by industry, and this has been going on for a while, about two years,
Speaker: I know longer than two years, but I've only been tracking the political donations for the last two years just because it's interesting.
Speaker: Anybody that tries to tell you like the elites are a monolith or this and this and this people like control the world is because they just don't know how power dynamics works and or really how cartels work.
Speaker: All cartels are meta stable.
Speaker: All of them.
Speaker: So they're basically stable until they're not stable.
Speaker: Until one of the cartel members realizes that he can go a lot further by throwing all the other members under the bus.
Speaker: Sure.
Speaker: Which is what's happening.
Speaker: So JP Morgan is jumping out on a limb and cracking an ideological cartel is what you're saying?
Speaker: Oh, no, this is not an actual financial cartel.
Speaker: This is like an actual cartel.
Speaker: I'd have to get into LIBOR and SOFR to go into that, which is extremely interesting.
Speaker: So Jamie is the president and CEO, chairman and CEO.
Speaker: And what that means is that, well, Jamie has spent every single dollar he has ever made working on Wall Street, buying JP Morgan stock.
Speaker: So when you see a lot of these people on corporate boards, they're usually appointees.
Speaker: like whatever, like family office or large institution or whatever owns all of the shares of stock.
Speaker: And this person is, you know, they're representative, right?
Speaker: They're not actually calling the shots.
Speaker: Like they're just there.
Speaker: This is why you see so many new faces on boards, right?
Speaker: That's because they're a representative sent there on behalf of the people that actually own the shares.
Speaker: Right.
Speaker: Jamie Dimon is the chairman.
Speaker: Because he owns the shares.
Speaker: He owns more than anybody else in the world.
Speaker: So Jamie Dimon is a lot like Elon Musk.
Speaker: Okay.
Speaker: Right.
Speaker: An actual like tycoon out of Carnegie ever.
Speaker: Like, yes, it's not his company, but you can't build a company like JP Morgan right now.
Speaker: You couldn't.
Speaker: Right.
Speaker: Right.
Speaker: Like, this is an American institution.
Speaker: And so he faces radically different incentives than, you know, all of these figurehead CEOs who were telling the line, right?
Speaker: is not the fucking boss.
Speaker: The CEO is an employee.
Speaker: Losing employee of the Lord.
Speaker: He can be fired at any moment in time and replaced.
Speaker: The CEO is just the chief employee on the employee totem pole.
Speaker: He doesn't own the company.
Speaker: In fact, this is the problem with capitalism or financialized capitalism.
Speaker: Financialized capitalism, the problem is
Speaker: Is that the shareholders are not attached whatsoever to the company itself.
Speaker: Right.
Speaker: If I can buy and sell a stock in half a second or like with high frequency trading, I can sell, you know, thousands of stocks a second, a million of stock a second.
Speaker: They have no relationship or attachment to the company whatsoever.
Speaker: Right.
Speaker: It's just a placeholder for money at that point.
Speaker: Sure.
Speaker: Right.
Speaker: So the days of men building businesses and those businesses being public businesses are over.
Speaker: Well, I think they're coming back obviously, but for a very long time, the people that run the companies are not the people whose skin is in the game in these companies.
Speaker: Right.
Speaker: So like Henry Ford, he made him, he made Ford Motor Company what it was.
Speaker: and capital were tied into it.
Speaker: So his success personally was tied up, you know, with the company's success.
Speaker: They were one in the same thing.
Speaker: And it's that skin in the game that makes companies do things that companies should do.
Speaker: When we look out across, you know, the marketplace, we see a lot of companies doing shit that companies really shouldn't be doing, you know, things that may be deleterious to their ability
Speaker: to continue earning revenue.
Speaker: Well, it's just a massive, massive principal agent problem where you've got a human agent who is pursuing incentives that are not aligned to the principal.
Speaker: And the principal, frankly, is like not even a person.
Speaker: The principal is like this massive...
Speaker: incentive gradient that's so much larger than any one human.
Speaker: It has kind of like this, uh, what's what's what some people in our sphere call an egregore.
Speaker: It's, it's this, uh, this faceless agglomeration of incentives that kind of takes on a life of its own.
Speaker: They have names.
Speaker: Larry Fink.
Speaker: Well, right.
Speaker: But I'm saying like a big company owned by like billions of shareholders.
Speaker: Well, no.
Speaker: So for anybody that's listening, it'll take you a little bit, but I promise you'll be well worth the effort.
Speaker: Vanguard is orders of magnitude larger than BlackRock.
Speaker: Larry Fink's a nothing burger in comparison.
Speaker: He's a bullet sponge.
Speaker: Just like Cloud Schwab is a fucking bullet sponge.
Speaker: A chew toy for the playoffs.
Speaker: Okay.
Speaker: Look at... It'll take you a while.
Speaker: Because damn if they don't make it difficult.
Speaker: But if you go through the various layers of...
Speaker: organizations and shell companies to get all the way to the bottom of who owns Vanguard.
Speaker: We'll probably have like one of those, you know, uh, one of those moments with the strings on the walls and the newspapers, you know, but I promise you it'll, it'll be your, your, the map that you use to view the world will make a lot more sense.
Speaker: So what Vanguard is, is a management company, right?
Speaker: So basically what they've done with kind of this agenda that has been thrust down Americans throats over the last decade, they used our own retirements against us, right?
Speaker: Our own retirement savings.
Speaker: They used our shares against us, right?
Speaker: The plan, the hell that most people have been living through, a large portion of it
Speaker: was caused by private industry and not just by the government.
Speaker: The government played a hand, but a majority of, you know, people's data, a frustration and problems, whether it be the deterioration of housing conditions, social conditions through, you know, contents.
Speaker: A lot of the, a lot of the programs rolled out in schools are,
Speaker: created by companies that then sell them to the department of education and then pulled out all the way down the line.
Speaker: But again, these are private companies that are doing this.
Speaker: So who owns these companies?
Speaker: Well, you do, right?
Speaker: You're an IRA.
Speaker: So what they do is they manage your retirement fund and in these money market funds and mutual funds, they basically buy a whole bunch of shares and all the, I mean, it doesn't matter what public trading company you pick.
Speaker: And you'll find like the three largest shareholders are probably like BlackRock, Vanguard, State Street.
Speaker: Not necessarily in that order, depending, but I guarantee you they'll be there.
Speaker: And those basically are the managers.
Speaker: And by managers, because, you know, boomers, they don't really care.
Speaker: Well, most of them don't really care, you know, what their money is doing as long as their retirement is there when they need it, right?
Speaker: Sure.
Speaker: So they're not tracking what these companies are doing and they...
Speaker: are not voting their share.
Speaker: Like, I am- It's just the same as like in Guatemala, people, you know, selling their vote for tamales.
Speaker: It's like they don't- That's exactly what it is.
Speaker: Well, except for these people don't even know that they have a vote.
Speaker: Right, right, right.
Speaker: What I suggest everyone do that's listening is to go to whatever, you know, portfolio,
Speaker: you know, manager tool that you use.
Speaker: I didn't realize how much of a say that I had.
Speaker: For some reason, when I set this up, I selected like paper transmission or whatever.
Speaker: It's basically paper communication.
Speaker: Like you send me physical mail, right?
Speaker: And then I was amazed.
Speaker: I mean, every single, like my mailman probably hates my guts because every single day,
Speaker: I probably have three or four different shareholder votes, little ones, proxy votes, all types of stuff, right?
Speaker: The amount of say that you have in these companies as a shareholders quite substantial, right?
Speaker: Except for you're never told about it.
Speaker: And that's the point.
Speaker: Is that true though?
Speaker: I mean, but don't you need, I mean, like, aren't you, aren't you like one of, you know, a hundred million?
Speaker: Isn't it, isn't it the same as trying to vote in a standard election?
Speaker: Yes.
Speaker: Think of every, that's the same as every boycott.
Speaker: This is the thing.
Speaker: They're not, the BlackRock guys, they don't own any fucking chairs.
Speaker: You do.
Speaker: They're just driving the bus.
Speaker: Sure.
Speaker: So you would need some kind of activism, awareness raising.
Speaker: to like let people know and coordinate.
Speaker: Yeah, so it's much easier to just send mail to all the shareholders.
Speaker: Right.
Speaker: Yeah, you can be a lot more targeted.
Speaker: All right, so yeah, so he is one of the parties that, so everybody that's been watching politics or really anything, because I mean, it's becoming manifest everywhere, right?
Speaker: It seems like two factions are fighting, right?
Speaker: And we're kind of like stuck in the middle, right?
Speaker: And Jamie represents one of those factions, right?
Speaker: So Jamie Dimon is the head of the world's largest bank and the Klaus house in Davos represents the European banking system.
Speaker: So what Jamie Dimon has at stake is, I'm sure every one of your listeners has heard of central bank digital currencies.
Speaker: Yeah, yeah.
Speaker: Yeah.
Speaker: You know who doesn't like central bank digital currencies?
Speaker: Banks.
Speaker: Okay.
Speaker: Why is that?
Speaker: Because if the government controls capital formation and you're a bank, you're put out of business.
Speaker: Basically, the CBDC purports to do a lot of the same things that banks do and therefore- Does all of it.
Speaker: Does all of it.
Speaker: Any commercial merchant banking, basically, I mean, even international banking because it's just going to be rolled up into the IMF.
Speaker: That's the plan.
Speaker: Anybody thinks I'm exaggerating can go to their search browser and never get it.
Speaker: I don't know what browser does that search function on and type in black rock going direct reset plan.
Speaker: Right.
Speaker: And black rock is dumb enough to have that shit still on their website because they're stupid.
Speaker: Right.
Speaker: This is what was pitched at Jackson Hole in August.
Speaker: To understand why these factions are fighting, you have to know what they're fighting about.
Speaker: And the easy way to explain that is a rhetorical question.
Speaker: Majority, actually, I guarantee all of your listeners, if I were to say, who controls the U.S. monetary system?
Speaker: They'll probably tell me the Federal Reserve.
Speaker: That's right.
Speaker: Most everybody.
Speaker: Right.
Speaker: But that's not really true, is it?
Speaker: So there's this, you know, when they say like, oh, there's this, you know, $40 trillion out there in the world.
Speaker: That's how much, what's, I'm sorry, $400 trillion out there in the world, right?
Speaker: The Federal Reserve prints, and by prints, I mean, purchases treasuries from, so basically a government, just like a content business, needs a distribution layer.
Speaker: You could own all the movies in the world, and without movie theaters and streaming services, all those movies are worth zero dollars.
Speaker: The banks are how the money gets out.
Speaker: Exactly.
Speaker: Well, yeah.
Speaker: The government needs to sell its IOUs to somebody, and the government is extremely inefficient at selling its own IOUs and generally gets the shaft every time by itself.
Speaker: It generally shafts itself every time it tries to do
Speaker: sell some government IOUs because they're in the business IOUs.
Speaker: But instead, instead with a CBDC, we could just put like your social security number would be attached to some bank account where the U.S. government could just directly add zeros.
Speaker: Yes.
Speaker: But to describe what they're fighting about, because this is literally like they're fighting for literally all the models right now.
Speaker: So the Federal Reserve is the way that you keep all of those banks on the same team.
Speaker: Everyone that probably has heard some crazy conspiracy theory about you going to send the Federal Reserve, I'll fucking tell you, it's really easy.
Speaker: JPMorgan Chase, Goldman Sachs, Wells Fargo, Bank of America, and BNY.
Speaker: The Federal Reserve is owned entirely by its shareholders.
Speaker: they're all playing on the same team.
Speaker: Right.
Speaker: Right.
Speaker: And tying them all together into a joint venture is the way you get them all to play on the same team.
Speaker: All right.
Speaker: Nobody fucks anybody else because you're just really fucking yourself because all your money is in this giant pot together.
Speaker: Right.
Speaker: So that's how you get everybody from, you know, doing bad stuff.
Speaker: But nine tenths out of every dollar in the world were not created by the Federal Reserve.
Speaker: Right.
Speaker: They're not created by U.S. banks at all.
Speaker: They're called offshore dollars or Euro dollars.
Speaker: These are dollars.
Speaker: So when people say the word petrodollar, right?
Speaker: Or, you know, world reserve currency, that's what they're actually talking about.
Speaker: They just don't know any better, right?
Speaker: The fact that the Euro dollar or, you know, the petrodollar is even called the dollars an incredible obfuscation and misnomer, right?
Speaker: Because in order to get a dollar, you need to buy some treasuries
Speaker: put those treasuries in your vaults as reserves and create loans against those.
Speaker: And those loans that you created, if I have a dollar in reserve, I'm going to lend, I'm going to create loans for $9, right?
Speaker: So those other $9 I just loaned out to people, I printed because I don't have $9 in my vault.
Speaker: I have one dollar.
Speaker: So those new $9 are effectively printed dollars.
Speaker: But when the bank, when HSBC spins up a $100 million line of credit for Indonesian rice wholesaler to go buy $100 million worth of rice from a grower in India, they use dollars.
Speaker: He paid that Indian in dollars.
Speaker: But HSBC, Hong Kong, didn't have no dollars.
Speaker: They're not real dollars because they're not backed by treasuries.
Speaker: And what are these dollars indexed to?
Speaker: Because they're loans, remember?
Speaker: The same thing with your credit card, same thing with your mortgage.
Speaker: They're indexed to LIBOR.
Speaker: Who says LIBOR?
Speaker: It's the London Interbank Overnight Exchange Rate.
Speaker: 20 banks in London set LIBOR, and there's no US banks on the LIBOR.
Speaker: Okay, so to pan back for a second.
Speaker: Nine tenths out of every dollar in existence are indexed to something called LIBOR.
Speaker: Right, so we're saying it's a war between Federal Reserve and LIBOR?
Speaker: Are those certain factions?
Speaker: Kind of, yeah.
Speaker: So the Federal Reserve under Trump rolled out something called SOFR, S-O-F-R, a little bit.
Speaker: to affect January 2020, which is why you notice that the crazy got cranked up to 11 beginning last year.
Speaker: Yeah, the SOFR LIBOR split.
Speaker: So basically if nine tenths of out of all the dollars in the world are indexed to LIBOR, interest rate that I control, right?
Speaker: And not the Fed rate.
Speaker: That's like me saying I own 90% of your company.
Speaker: Well, shit, it's not really your company now, is it?
Speaker: Right.
Speaker: But all those offshore dollars, they're not real dollars, right?
Speaker: They're indexed to a foreign rate and they're hypothecated.
Speaker: So this is where the derivatives come from.
Speaker: Like notice how I said, oh, I spun up a hundred million dollar credit line, right?
Speaker: This is where the margins come from for like derivative trading.
Speaker: This is where derivatives come from.
Speaker: Right.
Speaker: So you're basically the offshore dollar market is a, is a giant margin loan, right?
Speaker: Money that doesn't really exist.
Speaker: Right.
Speaker: So what leverage give us on the way up, it takes twice on the way down.
Speaker: Sure.
Speaker: So, so for, and my board is effectively splitting the, I'm doing a terrible job explaining it, but it is effectively, um, quarantining or severing
Speaker: the European and American economy.
Speaker: And you were mentioning in another place that essentially because those were leveraged, hypothecated, non-backed dollars, that the sort of collapse of the system is drawing capital back into the U.S. because of all these foreign... These people who hold these LIBOR dollars are trying to get out of that system.
Speaker: Is that right?
Speaker: Well, yeah, they're not going to come in in LIBOR dollars.
Speaker: They're going to come in in other types of securities.
Speaker: Yes.
Speaker: So I got a very interesting notification.
Speaker: I got a letter from in November or December of 2022 from JPMorgan Chase.
Speaker: It said, we will no longer be guaranteeing liquidity for any LIBOR denominated instrument.
Speaker: So if you have any
Speaker: LIBOR-denominated interest instrument, you need to sell it by January 1 of 2023 because we won't service it.
Speaker: So that's telling you the U.S. banks are not allowing any LIBOR-denominated instruments into their banks as deposits.
Speaker: And this actually all started in August of 2019 when Jamie got, like, this is why you got COVID, because COVID basically
Speaker: So in August of 2019, Jamie Dimon came out and said, we will no longer be accepting European corporate debt as collateral for loans.
Speaker: And by the end of the trading day, everybody else on Wall Street did the exact same thing.
Speaker: It was, you know, like with Peter Thiel in venture capital, when Jamie Dimon says something on Wall Street, you can't really afford to bet he's wrong.
Speaker: So you just do it.
Speaker: The next day, he came out and said,
Speaker: We will no longer be accepting European sovereign debt as collateral.
Speaker: By the end of the trading day, you couldn't get a loan on all the European sovereign debt in the world.
Speaker: They're basically acknowledging that the European governments are such a large credit risk that they're not even going to give you a high interest rate margin loan on it.
Speaker: That bad.
Speaker: Wow.
Speaker: And they've been at war ever since.
Speaker: So what Jamie Dimon is saying, I mean...
Speaker: What Jamie Dimon is saying here is, well, first off, Jamie Dimon was uninvited from Davos, which is kind of funny.
Speaker: Like your World Economic Forum doesn't invite the head or uninvites the head of the most powerful central bank in the world.
Speaker: Or sorry, the most powerful bank in the world.
Speaker: When did that happen?
Speaker: Last year was his first year back.
Speaker: Last year, he said interest rates are going to be higher for longer and you're going to have to deal with that.
Speaker: And oil has been around.
Speaker: for 100 years and is going to be around for another 100 years more.
Speaker: So you're going to have to get used to that too.
Speaker: And then he left.
Speaker: And he was in Dallas for like an afternoon.
Speaker: Apparently they've kept him around for a couple of days, which I bet they wish that they didn't.
Speaker: reporters gasp live on air as America's most powerful banker, praises Donald Trump's policies, defends the MAGA movement and blasts the Biden administration.
Speaker: Trump was right about getting out of NATO.
Speaker: He was right about stopping immigration.
Speaker: He was right about the economy and Democrats just need to grow up.
Speaker: If you look at JP Morgan's campaign donations, they are the only, not JP Morgan, we'll call it the commercial banking industry.
Speaker: Commercial banking industry
Speaker: industry and the whole financial sector that is donating to right-wingers.
Speaker: I mean, if I were to tell you that Goldman Sachs has been stroking larger campaign checks to Marjorie Taylor Greene's and Matt Gaetz's than Democrats, you'd probably be surprised.
Speaker: That is surprising.
Speaker: All the pension funds, all the venture funds, all of the others, the insurance companies, the IRAs, I'm sorry, the money market funds and mutual funds, they're all donating on the D side of the column.
Speaker: But a couple of years ago, and they're not just like donating to right, we're just like Republicans.
Speaker: They're donating to right-wingers.
Speaker: Yeah, and so like, I'm interested in...
Speaker: I'm interested in how you would contextualize this SOFR-LIBOR, this US-Europe dichotomy.
Speaker: I'm kind of debating on how far do I go into it because on this podcast, it took me three hours for me to break it all down because it's one of the most complex stories in the world, which is why nobody says it.
Speaker: Well, specifically in terms of like why these, this particular faction would support the right and support Trump.
Speaker: Is it just because, you know, it's American policies, man, right?
Speaker: Like everything that every policy that, you know, the commercial banks proposed, right?
Speaker: Basically everything that the commercial banks, the primes like Goldman Sachs and JP Morgan Chase,
Speaker: whatever they were saying that we should be doing just miraculously turned into Trump economic and financial policy six months later.
Speaker: Right.
Speaker: Right.
Speaker: Yeah.
Speaker: Cause I mean, he's a, he's not a world.
Speaker: Same thing with defense policy, the exact same thing.
Speaker: Right.
Speaker: So think about what we're, what we're talking about as far as the publicly traded companies versus private companies, right?
Speaker: Publicly traded companies and their CEO managers that are put in place by people with agendas like Larry Fink and Vanguard.
Speaker: All the owners of Vanguard are European by the way.
Speaker: Very old ones.
Speaker: So like the Raytheons, the Lockheeds, right?
Speaker: They're not on your team or they're not on the Pentagon's team.
Speaker: you know, lobbying for the exact opposite of what the Pentagon wants to do.
Speaker: Like all throughout, all throughout Ukraine, like never in my life have I ever thought I would see a president of the United States come out and say some military shit.
Speaker: Like when Biden was in Poland, like we're going to, we're going to be in Ukraine soon.
Speaker: Right.
Speaker: And joint chiefs of staff who never get on camera ever.
Speaker: So when the chiefs of staff come out and say, uh,
Speaker: Everything that the president said yesterday was bullshit.
Speaker: And then you see the press secretary come out the day after that and go, yeah, everything the president said was bullshit.
Speaker: Sorry.
Speaker: And this happened like three or four times throughout Ukraine.
Speaker: Like the Pentagon was counter signaling the Biden administration, the state department again and again and again.
Speaker: It was the Pentagon that counter signaled the Obama administration in Syria.
Speaker: And so what do you think that they're like?
Speaker: Okay.
Speaker: So, so connect the dots for me between the Pentagon and JP Morgan.
Speaker: Well, the Pentagon is really simple, man.
Speaker: Pentagon really only cares about one thing.
Speaker: None of these people are on the same team.
Speaker: Everybody's just on their own team.
Speaker: It's just that certain people's interests for the time being on certain issues are aligning.
Speaker: Okay.
Speaker: So yeah, connect that for me.
Speaker: Okay.
Speaker: So with the Pentagon, the Pentagon...
Speaker: I mean, if you look at some, not the stuff that comes out of what's that stupid think tank.
Speaker: Like if you look at stuff like the DIA puts out a defense intelligence agency, and then what comes out of the State Department and the civilian intelligence agency, it's the opposite, right?
Speaker: The Pentagon knows is, the Pentagon doesn't want to fight a war against Russia.
Speaker: It doesn't, right?
Speaker: Because the Pentagon knows
Speaker: of things right like um the pentagon's lift the the u.s military's lift capabilities are like nothing that any military ever in the history of the world has been able to do we can go fight anywhere anytime we have the ability to move more man and material around the planet than anyone has ever been able to do that in the history of the end
Speaker: Sure.
Speaker: We can put 10,000 people anywhere in 36 hours, but that doesn't mean fuck all in Russia, right?
Speaker: Because it doesn't matter how much men material you can move.
Speaker: If you're fighting, what Russia is really, really, really good at is defense, right?
Speaker: Everybody thing, everybody hears all the bullshit about Putin trying to invade everyone.
Speaker: But the reason that his progress has been so slow in Ukraine,
Speaker: but also so effective in Ukraine, right?
Speaker: The ratio is what now went from 10 to one to 14 to one, right?
Speaker: If every one Russian dies, 14 Ukrainians die.
Speaker: The reason for that is you're basically watching a defensive army, an army that is built entirely for defense, just slowly moving up its line of defense, right?
Speaker: It's not advancing.
Speaker: So the U.S. does not have the ability, nor does any other
Speaker: this fucking planet have the ability to beat Russia on its own border.
Speaker: It's the border.
Speaker: It's just a question of realism about capabilities.
Speaker: Is that what you're saying?
Speaker: Yes.
Speaker: The Pentagon knows it can't win shit right now.
Speaker: And also what the Biden administration did in September, the amount of resentment that
Speaker: is all throughout the Pentagon for what the Biden administration did withdrawing from Afghanistan is, I mean, get any veteran, ask anybody, anyone who's listening, ask.
Speaker: Oh yeah.
Speaker: The level of vitriol you will hear is insane.
Speaker: And that's when people that are retired and out of the military, people still in there lose their fucking minds, right?
Speaker: So I guess basically you would say that they share a common enemy and therefore, and basically, so it's just sort of those people.
Speaker: Well, because it's really, why does this opposing faction want to drag us into World War III?
Speaker: That's really the only reason why they're a lot.
Speaker: The only reason Jamie Dimon and the Pentagon are on the same team is because the people that Jamie Dimon are angry at are the same people that are trying to drag the U.S. into World War III.
Speaker: And so Trump is sort of representative of like, hey, what if we tried being sane again?
Speaker: Yeah, because you really, our position is a lot like Russia.
Speaker: We don't need to win.
Speaker: We can just stay as we are and you lose.
Speaker: Yeah.
Speaker: Right.
Speaker: So I guess it's really hard to kind of paint this picture together in a short and concise fashion.
Speaker: Well, no, let's just paint Europe.
Speaker: It's much easier to paint their picture and understand all of this a lot better.
Speaker: So the head of NATO, the very first head of NATO, British guy, Lord something or other, you can look up this quote.
Speaker: He was asked by the telegraph, he was in the late 50s, early 60s, what the purpose of NATO was.
Speaker: This was when NATO was brand new.
Speaker: And he said it was simple.
Speaker: It's to keep the Russians out, the Germans down, and the Americans into the tab.
Speaker: And it doesn't seem like that's changed much.
Speaker: So the real problem with Europe is Europe's had a money printer in its basement for a really long time, right?
Speaker: Basically during the Marshall Plan, I don't want to go into it too much, but generally after a war, you get a metric fuck ton of inflation, right?
Speaker: The winner gets the inflation.
Speaker: So the way that we solve the inflation problem
Speaker: was fucking brilliant.
Speaker: Because not only did we not get inflation, we got the 50s, which was amazing.
Speaker: The amount of quality of life increases from the 40s to the 50s was mind-boggling, even at the time.
Speaker: It's mind-boggling now, because we live in a fucking dystopia.
Speaker: But at the time, it was amazing.
Speaker: It was a staggering net.
Speaker: And we did that all at the same time as we stopped communism from tearing into the rest of Europe.
Speaker: Right.
Speaker: So you know what really, really, really likes communism?
Speaker: Bombed out, destroyed countries with no infrastructure and or jobs and or prospects of any kind.
Speaker: Sure.
Speaker: Those countries like communism.
Speaker: And that was Europe.
Speaker: Right.
Speaker: So we were basically, unless we fixed Europe, we were just going to get fucking more communism.
Speaker: We'd be back there doing the same exact shit.
Speaker: So the way we couldn't just go print a bunch of money at home and then send it over there because we would just get more inflation because we'd just come back here.
Speaker: And we're not going to give them a bunch of gold either.
Speaker: So what we did is we gave them the ability to lend in dollars, right?
Speaker: They couldn't, we wouldn't print money and give it to them.
Speaker: We just gave them the ability to borrow, right?
Speaker: We took print money basically.
Speaker: We gave them their own separate money printer.
Speaker: And the only copy out of that deal
Speaker: was that that money is for use offshore.
Speaker: It's where the offshore dollar markets come from.
Speaker: A bunch of corrupt banks, particularly private banks in Europe, particularly the UK, I don't know whether they did some Epstein stuff or whatever, but they managed to get what was supposed to be spread to the nations themselves, to the central banks of France and England.
Speaker: Somehow, and this is perfectly that happened on the English side, somehow ended up in the hands of Midlands Trust Bank, right?
Speaker: Somehow Midlands Trust Bank was able to get a hold of the ability to lend in dollars and no other bank was able to do it.
Speaker: This was, again, this was supposed to go to the Bank of England, but it didn't.
Speaker: So if you have the ability to borrow money, borrow dollars at a time where, A,
Speaker: No one in Europe has got that, just the dollars.
Speaker: But also the cost of capital is 11%, 12%, 13%.
Speaker: But the cost of capital in the States is like 4% or 5%.
Speaker: It's just arbitrage, just free money.
Speaker: It's basically, yes, exactly.
Speaker: So by the end of the 50s, into the 60s, they had stitched up every single bank on the item, right?
Speaker: Through various holding companies and shell companies, they pretty much...
Speaker: kind of ran all of the private banks in the UK.
Speaker: By the end of the 60s, this little magic money printer got most of the banks in the continent as well.
Speaker: So you got most of the, so the majority states in a lot of these banks were held by the same groups of people.
Speaker: So by the end of Europe, by the end of the 60s, by the end of the 70s, the European banking system is kind of all stitched up.
Speaker: So what they did with that money printer next is really, really pisses me off to a tremendous amount.
Speaker: Everyone blames Nixon for getting off the gold standard, but that's a really lame duck explanation of what happened.
Speaker: Because what actually happened was, unless you factor in the lost money printer, it just looks like Nixon's just a big mean man that just hated gold for some reason.
Speaker: Not the case at all.
Speaker: So they use this money printer because remember dollars were redeemable in gold at the time.
Speaker: They are no longer.
Speaker: So what, after they rebuilt themselves by the seventies, Europe was back in the swing of it.
Speaker: So they got the bright idea to start printing more dollars and then trying to redeem them for gold in the U S they were using our money printer to drain the U S's gold reserves and forced Nixon to close the gold window.
Speaker: They never, they never tell that part of this one.
Speaker: Right.
Speaker: There was like, oh yeah, there was a huge draw on the gold window and we didn't have all the gold.
Speaker: So we had to close the gold window.
Speaker: Really?
Speaker: We have more gold than anybody.
Speaker: So who had more gold than us?
Speaker: Nobody.
Speaker: All right.
Speaker: So how did they get that much capital to drain our gold reserves?
Speaker: How'd that happen?
Speaker: Because we gave them the money printer.
Speaker: Right.
Speaker: Bingo.
Speaker: So if you've got a money printer in your basement the entire time, you really have zero incentive to ever get your shit together.
Speaker: Do you see any linkage between his remarks and Javier Millet's remarks, Jamie Dimon's?
Speaker: I do not speak on Javier Millet because the jury is still out.
Speaker: I trust no politician because they have no stake in the game.
Speaker: There really is representatives of other interests.
Speaker: And I don't like the interests behind Javier Millet.
Speaker: So I'll see what he does.
Speaker: Okay.
Speaker: Okay.
Speaker: Interesting.
Speaker: Uh, when you, when you say the interest behind him, who are you talking about?
Speaker: Uh, he's a very wealthy industrialist in Argentina, I believe owns, uh, one of the major news stations there or one of the major television stations there.
Speaker: Sorry.
Speaker: He was the guy, this isn't the hobby or really his first trip to the left.
Speaker: Yeah.
Speaker: Right.
Speaker: You look at his other ones, his other speeches at the left.
Speaker: uh, for his career in politics, uh, are much different.
Speaker: So I'll be able to lay as the mouthpiece for the person that funded his entire campaign and really was his only employer since his early twenties.
Speaker: So it looks an awful lot like Zelensky put that way.
Speaker: Oh, interesting.
Speaker: Okay.
Speaker: He was a creation of Igor Kolonoisky.
Speaker: He owned all the TV stations.
Speaker: in Ukraine.
Speaker: He also owned Prebot Bank, the largest bank in Ukraine that went tits up.
Speaker: And when Zelensky, one of Zelensky's first acts as president was rolling the failing Prebot Bank into the Ukrainian central bank.
Speaker: Ivo Kolomoisky is the guy, which is really funny for a Jewish guy to be the guy behind the Azov battalion.
Speaker: But the Azov battalion, the things in Ukraine
Speaker: Ukraine's one of the most corrupt countries in the world.
Speaker: So you need guns to get things done.
Speaker: So if you're a billionaire, you're not going to stay a billionaire unless you have your own private army.
Speaker: That private army is called the Azoth Battalion.
Speaker: I know a lot of what he said may sound controversial, but it's only a couple searches away.
Speaker: So yeah, in your cool noise, you also come to charisma.
Speaker: Just an interesting factoid for anybody that's interested.
Speaker: Yeah, that normally, so Zelensky normally gets characterized as like essentially just a sort of DNC puppet or connected to whatever their thing is.
Speaker: And it sounds like you're arguing that there's... I'm not saying that.
Speaker: I'm saying as a fact.
Speaker: You know what else Igor Kolomoisky owned?
Speaker: Igor Kolomoisky owned 50% of MC squared modeling.
Speaker: Do you know who the other owners, the 225% owners in MC squared modeling are?
Speaker: One, John Luke Brunel.
Speaker: And two, one, Jeffrey Epstein.
Speaker: Oh, interesting.
Speaker: Yeah.
Speaker: In fact, MC Squared Modeling is their offices were in the same offices as Burisma in Kiev and Tel Aviv.
Speaker: So Jeffrey Epstein's files are actually Iberko Moises files.
Speaker: Fascinating.
Speaker: If you have a very expensive 12-year-old habit,
Speaker: you know, whoever controls the flow of the 12 year olds.
Speaker: Yeah.
Speaker: There's an immense amount of power in that.
Speaker: Yeah.
Speaker: I mean, I may be really crappy at getting this map out all in one shot because it is a complex thing, but,
Speaker: map makes things make a lot more sense.
Speaker: So Yavier Malay is giving me Zelensky vibes.
Speaker: Like Zelensky literally played his last acting job was in a TV show entirely funded by Igor Kolomoisky that only put on Igor Kolomoisky's channel called Savior of the Nation, where this teacher somehow manages to become president and throw out all the corrupt people and save Ukraine.
Speaker: Right.
Speaker: And in the TV show, he has this made up political party called the Svoboda party.
Speaker: You know what party is in power in Ukraine right now?
Speaker: Zelensky's party?
Speaker: The Svoboda party.
Speaker: A fucking made up party that was made up for a fucking TV show.
Speaker: Like he is still acting.
Speaker: So yeah, like this guy, he's a creation of this person and everything around him, the whole PR construct that got this guy, global celebrity and rolled him into
Speaker: When I see a politician that's got a whole bunch of hands up his ass, I'm not as worried as when I see somebody become the president with only one dude's hand up his ass.
Speaker: That worries me more.
Speaker: So I'm a reserve judgment on Tavi O'Malley.
Speaker: Okay, but Diamond's your guy.
Speaker: I am a lot of people's guys, me included.
Speaker: Probably your guy too.
Speaker: Let me pull it to these- Europe, why they're in trouble.
Speaker: Yeah, you've got Europe, you've got US.
Speaker: Why Europe is in trouble is what matters.
Speaker: They've got the secret money printer in their basement.
Speaker: They've been bailing themselves out with it all the time.
Speaker: This is the only reason that the giant socialist states of Europe exist.
Speaker: is because this money printer that we left them allows them to exist.
Speaker: Right.
Speaker: So none of the banks have gotten their fucking houses in order.
Speaker: Why would you?
Speaker: Where after 2008, the U.S. banks had to get their house in order like hardcore.
Speaker: A tremendous amount of regulatory burden came down in the U.S. banks after 2008.
Speaker: I know a lot of people will sneer at that, but really reserve amounts more than double.
Speaker: Europeans, not so much.
Speaker: Every European bank right now is fucking insolvent.
Speaker: And it's not just me saying this.
Speaker: It's KPMG saying this.
Speaker: It's Deloitte saying this.
Speaker: It's EY.
Speaker: Even European PNC is saying this.
Speaker: Or sorry, PWC.
Speaker: They're insolvent.
Speaker: So if I'm insolvent, what the fuck do I care if you're going to roll out a central bank digital currency?
Speaker: Right?
Speaker: I don't care.
Speaker: You're going to give me a five-year heads up so I can move all my money.
Speaker: Oh, actually, I probably came up with a plan.
Speaker: But that gives me enough time to move all my money into all this green shit that we're going to push out.
Speaker: I get to be in the ground floor of all the green shit, and then the government is going to come in and subsidize a tremendous amount of it, making me multiples on my investment before the investment even gets started.
Speaker: Because if Europe goes on this system and nobody else goes on this system, not another dollar will flow into Europe, will be poverty stricken at the ass end of the world forever.
Speaker: And we'll just continue to trade with Asia.
Speaker: The Europe, none of this works unless the U.S.
Speaker: that we participate in the suicide pact.
Speaker: So the thesis would be that they are, that the sort of the American politicians who are trying to be on board with this or the people who are sort of counter signaling where like the diamonds and the pentagons of the world are.
Speaker: The reason they're doing that is essentially just because they are sort of either financially or like criminally compromised by these people.
Speaker: Yeah, you have $400 trillion, man.
Speaker: You can grab a lot of people.
Speaker: I mean, we saw dozens of congressmen and dozens of senators out in what it wasn't the Panama Papers.
Speaker: It was the Paradise Papers, whatever it is.
Speaker: You're not going to find any of the shit on shore.
Speaker: You're going to find it in little British tax haven islands under their kids' names.
Speaker: Nobody just...
Speaker: The whole thing about that guy that got caught with like gold bars and like checks who was named like lobbying secretly for Egypt, come the fuck on.
Speaker: I probably, I know how that shit works and I call it bullshit.
Speaker: Like that's not how that shit works.
Speaker: Right?
Speaker: Unless it's like some Cayman or Cyprian, you know, holding company, right?
Speaker: That owns shit, that owns a hundred percent of the shares to look at Cayman Island trust, then maybe I will believe it, but that's not what I'm seeing.
Speaker: But what I'm seeing is not how people want their money.
Speaker: Yeah, it's how you would tell the story if you wanted to tell the story for a moron.
Speaker: Bingo.
Speaker: I like your explanation better.
Speaker: So if all of your banks are... The European market has been doing negative interest rate government bonds for 11 years.
Speaker: You know what negative interest rate bonds are?
Speaker: Imagine if the interest rate on treasuries was negative 3%.
Speaker: Would you ever buy a treasury?
Speaker: Like, wait, you're not going to give me 3%.
Speaker: You're just going to like, you want me to buy this thing that just takes money for me?
Speaker: The rest of the such every other thing you could put money in would have to be so dismal and so volatile.
Speaker: So of course nobody did it.
Speaker: Well, what it was the European answer.
Speaker: We're going to mandate that people do it.
Speaker: And, uh, what was it?
Speaker: Eight years ago, nine years ago, because no one would buy their suicide bonds.
Speaker: They mandated that all pensions, right?
Speaker: All state pensions, all national pensions and all pensions that are inside the EU, including the private ones, have to have, depending on the country, in some countries cases, up to 70% of their portfolio in government bonds.
Speaker: Well, what does eight years of negative interest rate suicide bonds look like for your pension fund?
Speaker: A pension fund needs that of 8% or higher returns just to break even, just for the amount
Speaker: of money going out the door to magically the amount of money going in, they don't have 8% positive.
Speaker: They probably got 8% or larger negative because interest rates compound in both directions.
Speaker: So if you're Europe, how do you tell them, your citizenry, that not only is their currency, like their paychecks, because I mean, what, the German central bank, the German Bundesbank,
Speaker: recently, I mean, the Germans tried to use their secrecy laws against it, but KPMG knew that if it didn't publish it, nobody would take them seriously on a global stage ever again.
Speaker: So they published it anyways and broke a bunch of European security laws, right?
Speaker: The Bundesbank, the German central bank right now is underwater, $90 billion, and has, per the report, no way of recapitalizing itself.
Speaker: Germany's
Speaker: So all those police that are cracking rioters' faces, right?
Speaker: They're doing that for, I mean, the French police are famous for this shit.
Speaker: They're doing that for two reasons, a paycheck and their pension.
Speaker: Whose faces are they going to crack when you tell them not only do they have a paycheck, but their pension, their life savings is gone.
Speaker: You're gonna end up on a fucking spike, right?
Speaker: You're gonna need a miracle to cover this up.
Speaker: And the only other way that they've done it before, right,
Speaker: If you look into the origins of how World War I got started, you will see a great financial crisis.
Speaker: The British government went bankrupt.
Speaker: The French government went bankrupt.
Speaker: All that hyperinflation that everyone jokes about Weimar Germany for, that was France and England.
Speaker: The tucking English deliberately started a war that they know they couldn't win with the full intention of tricking America in.
Speaker: They did it again in World War II.
Speaker: This is kind of a theme.
Speaker: What they need is collateral, right?
Speaker: You need something to collateralize your currency with.
Speaker: And how a lot of countries are doing it now is resources, right?
Speaker: That's what Russia's doing.
Speaker: That's why China's buying so much gold, right?
Speaker: We're entering a world of hard money.
Speaker: They tried to recapitalize, or sorry, recollateralize themselves.
Speaker: It's called the rape of Russia.
Speaker: They're buying natural resources for pens on the dollar.
Speaker: They had it all stitched up.
Speaker: They fixed their hole in their balance sheet until one Vladimir Putin came around and threw out all the oligarchs.
Speaker: I'm not going to say where all those oligarchs went, but you can look.
Speaker: That's why they hate Vladimir Putin so much.
Speaker: They had their lifeboat and it got snatched right at the very last minute.
Speaker: They had
Speaker: the resources to collateralize the currency.
Speaker: This is the same reason why Europe is literally all of our EPA legislation, all of our EPA regulation is a carbon copy of Europe's.
Speaker: All of our privacy legislation is a, like literally they pass the dictates down and the politicians here implement them.
Speaker: Our regulatory regime of all kinds is a carbon copy of what got rolled up in Europe first.
Speaker: And the greatest thing that the Europeans have been able to do is to convince everyone that it is them that is just, you know, at the whims of the United States.
Speaker: And it's the United States doing this and it drives me fucking nuts.
Speaker: One of the fascinating things, you know, I really love Martyrmaid.
Speaker: He blocked me over a saucy response when I did to one of his tweets.
Speaker: I actually like Martyrmaid, and he did this Epstein three-parter that was just incredible.
Speaker: I love it.
Speaker: The picture that I came away from with that story was,
Speaker: was essentially, it's exactly what you would expect in our current technological environment.
Speaker: It's sort of hidden in plain sight.
Speaker: Like if, you know, England ruled the waves, right?
Speaker: And America, you know, had this power, this air power, the sort of next frontier of control is information.
Speaker: And essentially, when you look at like UK and Israeli intelligence and the influence they're able to exert.
Speaker: They're better at the spy ship than we are.
Speaker: They've been at it for a lot longer.
Speaker: Think about the European continent's politics all throughout the last 800 years.
Speaker: They are way better.
Speaker: We're kind of dupes when it comes to the spy ship.
Speaker: Yeah, and it's like for them, it is...
Speaker: obviously unambiguously preferable to maintain this orientation of like, Oh, you know, we're, we're so small.
Speaker: We're so weak.
Speaker: America's so big and bad and mean while, while absolutely just controlling so many, I mean, it's like every famous person you ever heard of any, like in every position of power, like it was crazy how many people were on that list.
Speaker: And, uh, Robert Maxwell's daughter, huh?
Speaker: And it's not even that it's in, in it like, when you think about what it took to do that, it's like, yes, expensive, yes, involved, but like not as expensive as 11 carrier strike groups, not as expensive.
Speaker: You know what I mean?
Speaker: Like it, it, it,
Speaker: That amount of power and leverage, I mean, it's just like what Soros did with the DAs.
Speaker: It's like he bought this power so cheap.
Speaker: It's unreal.
Speaker: Unreal how cheap it was.
Speaker: And he is, not Soros, but Epstein is a great threat to pull because you get the UK and you get Israel.
Speaker: Israel really popped up right after the US said, no, you don't get to go invade.
Speaker: Egypt, remember immediately after World War II, Eisenhower, right?
Speaker: Israel was like a fucking backwater, right?
Speaker: They had the ability to go to Palestine all they fucking wanted to before World War II, right?
Speaker: Why did it become such a prerogative, right, to where, like, I mean, this became, like, the thing, the narrative?
Speaker: Right after World War II, the Egyptians took the Suez Canal back.
Speaker: And Britain took what naval power it had and worked it there.
Speaker: It was about to stop, start bombarding, and eventually go to war with Egypt.
Speaker: Because if you're going to control global trade, you need to control the Suez Canal.
Speaker: Like all the oil tankers are finding out right now that shit's important.
Speaker: And Eisenhower took some of our naval assets, brought to the same place and said, if you do this, we're going to file on you instead.
Speaker: And Britain got bitched up on the world stage.
Speaker: And then the government of Britain started subsidizing heavily, the Israeli project.
Speaker: Even though, yes, some British troops got blown off by some Israeli terrorists,
Speaker: canal.
Speaker: You can see the results of it being busy with Palestine and not able to do its job in the canal in the last three weeks.
Speaker: With the Houthis.
Speaker: Yes.
Speaker: So yeah, now Matt, how is Europe, if it's bankrupt, going to go start a war?
Speaker: It can't even pay for itself to exist.
Speaker: It needs America now more than ever.
Speaker: If the U.S. pulls out of NATO, how is Europe, because you
Speaker: had to pay for its own defense.
Speaker: It's got to take the money that we poured into defense and they've got to pour it.
Speaker: They got to pour it into social programs and fucking side ops for Americans and all bunch of dumb shit.
Speaker: How are they going to rearm themselves if they are in charge of their own defense?
Speaker: Now, what happens if they pull out of NATO or we love NATO?
Speaker: How are they going to do this?
Speaker: If they're bankrupt, they can't.
Speaker: So they started a fight with Russia.
Speaker: hoping that the U.S. would go finish it like all the other times.
Speaker: And you can see how crazy the rhetoric is.
Speaker: Joe Biden has to clamp down on all the fucking Ukraine shit because of how unpopular it is.
Speaker: But you have watched the Europeans go fucking nuts.
Speaker: Like actually start showing their true colors and how much they actually want this war.
Speaker: But the U.K.
Speaker: just put out that it's going to start drafting women.
Speaker: Well, what do you think that we, you know, as individuals here, like what... They can't allow Donald Trump.
Speaker: into office and Jamie Dimon saying that, you know, the U.S. should pull out of NATO.
Speaker: One of the world's most powerful bankers that the U.S. should pull out of NATO.
Speaker: freaking out, the veterans out of things.
Speaker: Well, what's fascinating about that is this CNBC article that I'm seeing, not just his statement, but this headline, U.S. executives in Davos see a Trump victory in 2024 and no cause for concern.
Speaker: Both publicly and privately, U.S. executives said at Davos they weren't concerned if Donald Trump wins the 2024 presidential election.
Speaker: Banking leaders in particular expressed confidence that America will be okay if Trump returns to the White House.
Speaker: Several World Economic Forum attendees said non-American executives have privately expressed far more trepidation for victory than American leaders.
Speaker: So that makes a lot of sense.
Speaker: So you have the head of like what the head of MI6 said that the election of Donald Trump is the greatest threat to Europe.
Speaker: That's a funny fucking thing to say, isn't it?
Speaker: Yeah.
Speaker: Yeah.
Speaker: I tweeted yesterday that I think Europe should hate and fear the American president.
Speaker: I believe they should.
Speaker: You know, Benjamin Franklin used to tell a joke about, because he was like our diplomat for a while.
Speaker: I don't even gave everybody an American history lesson.
Speaker: But they used to say, he said when he went over to England and he would go to the loo,
Speaker: all of the English nobility had pictures of George Washington above their toilets.
Speaker: And he would be asked, why?
Speaker: And he goes, because nothing would make an Englishman shit faster than seeing George Washington.
Speaker: Those were the days, man.
Speaker: Well, so, I mean, we're unwinding $400 trillion with the derivatives, man.
Speaker: Like, the amount of economic turmoil that's going to happen
Speaker: is going to be insane.
Speaker: And you're not going to miss it.
Speaker: All right, cool, perfect.
Speaker: I wanted to get into what can we practically do with this information?
Speaker: How can we pivot our planning?
Speaker: And this goes to, because when we had you come and talk to the guys, we had like the first hour was sort of dedicated to
Speaker: you know, this very nitty gritty, like, how do I get an investor?
Speaker: How do I like, what kind of ideas should I be developing?
Speaker: And then the second hour was like, by the way, that whole world is about to burn down.
Speaker: And so like, so I wanted to see if you had a way to integrate those two perspectives and talk through like, well,
Speaker: what someone who's trying to build something right now.
Speaker: I really, I'm hoping that it's not just like, well, you know, everything's going to hell, nothing can be done about it.
Speaker: Like what can we actually do right now?
Speaker: No, the exact opposite.
Speaker: And all right, so I've been breaking down my advice when I'm asked this, I'm asked this quite a bit.
Speaker: It's two ways.
Speaker: There's some guys that are probably listening that have been stacking some capital to start their own thing.
Speaker: There's some other guys that are listening.
Speaker: that don't have any capital to stack.
Speaker: And I would, especially like with the amount of young guys in our thing, I've sat and I've thought about it a lot.
Speaker: Like, what do I tell those guys to do?
Speaker: Because I mean, you're in the same group chats I am in, right?
Speaker: Like, you know, you give out some investment advice or some financial advice or whatever.
Speaker: And some guy goes, well, yeah, I've got like $10,000 to my name and I can't even afford
Speaker: Like a place to live barely.
Speaker: Like, what am I supposed to do?
Speaker: Like, that's great.
Speaker: I should go invest in uranium, which you fucking should, by the way, if you're listening.
Speaker: I think I've been screaming about this since, what, I don't know, April.
Speaker: And, you know, since August, it's up 3x.
Speaker: It'll be up...
Speaker: It'll do 3x three more times by the time it's done next year.
Speaker: So do that if you can, if you're listening.
Speaker: I would say any of them should be fine.
Speaker: There's like three or four uranium energy companies.
Speaker: But particularly, depending on your jurisdiction, Sprott, Uranium Trust is what I'm doing.
Speaker: But yeah, outside of putting in energy companies or whatever, what am I supposed to do?
Speaker: This is not investment advice.
Speaker: You're not your friend.
Speaker: I'm not even your friend.
Speaker: Entertainment purposes only.
Speaker: Yeah.
Speaker: Entertainment purposes only.
Speaker: Yeah, I'm not even your friend.
Speaker: Turn this off.
Speaker: Go outside.
Speaker: So it's been something I've been thinking about a lot.
Speaker: Yeah.
Speaker: So if we're not doing that, what are we doing?
Speaker: So if you don't have the liquidity to make a big play on whatever commodities we think you're going to... Yeah, whether commodities, whether you're going to start a business or whatever.
Speaker: If you've got no money, you need to be apprenticing, right?
Speaker: Contrary to popular opinion, I think boomers are great.
Speaker: I do.
Speaker: I've gotten everywhere that I am because of them.
Speaker: In particular, boomers that have been, yes, they lived in better economic times and times that they ruined largely.
Speaker: I mean, actually, technically, the decks were stacked long before they even knew what's up and really the most propagandized generation in history.
Speaker: The other thing about that is like if you believe and they they had, I think, OK reason to believe that like their kids were definitely going to do better than them.
Speaker: Then I think that there is a point at which like they clearly believed that giving their kids the handouts was actually like spiritually corrosive.
Speaker: And so the idea of building generational wealth was like totally counterproductive in their minds.
Speaker: Like, why would I do that?
Speaker: Why would I hurt my kid in that way, in a way that also means I can't enjoy my wealth?
Speaker: And like, you know, you can argue that maybe that's like a really convenient thing to believe.
Speaker: But at the same time, like if I'm in that seat, I get where they're coming from.
Speaker: I can see empirically how the choices that they made and the directions they went in were harmful to
Speaker: But that's very different from me saying like, oh, this was a uniquely sinister or selfish or stupid group of people.
Speaker: I think they just, they faced some different incentives than we face.
Speaker: And I think it is impossible to overstate the extent to which they were not prepared for the propaganda machine.
Speaker: And even like people blame- They had no idea.
Speaker: people blame Trump for a lot of his like first term decisions.
Speaker: And this is maybe not, you know, I'm not exactly saying the same thing, but it kind of rhymes.
Speaker: Like I think about how much my political opinions have changed since 2016.
Speaker: And it's like, I'm not 75 years old.
Speaker: The idea that I would, you know, if I'm, if I'm him and I'm a, I'm a 75 year old guy, uh, and, and I'm having my sort of, uh,
Speaker: first contact with some of this stuff.
Speaker: I mean, I know he was, he was savvy in his business world before he knew some things, but like, um, every one of us has had to pivot so hard in the last, in the last years.
Speaker: And to say that Trump couldn't have like had his eyes opened and, and learn some things and, and, and do some things differently this round.
Speaker: I think is, it certainly would be unfair of me because here's my sad confession.
Speaker: I voted for McMullen in 2016.
Speaker: I don't even know who that was.
Speaker: He was the CIA Mormon guy.
Speaker: You know, so you can connect the dots as to why that happened, but it was unbelievably shameful.
Speaker: Now the CIA loves the Mormons, by the way.
Speaker: Well, I think they... They're reliable.
Speaker: They're not... So after the Jeffrey Epstein's of the fucking world and all the fucking crazy compliment operations that are being run all the time by the UK and the Chinese, or sorry, like the Europeans and the Chinese, a guy that doesn't even drink coffee, that's your fucking guy.
Speaker: Yeah, I think we're useful to them.
Speaker: I think it's... I think you're a woman.
Speaker: Yeah, yeah.
Speaker: Yeah, I am.
Speaker: That explains a lot.
Speaker: Yeah.
Speaker: No, no, no.
Speaker: So let's put it this way.
Speaker: I tell people that I'll probably move to Utah soon.
Speaker: And I always get, it's a solar cycle thing.
Speaker: It's not for any, you know, like real estate perspective purposes.
Speaker: And the answer I always hear is, oh, well, you want your kids, you know, your kids are going to be Mormon.
Speaker: And I say to them every time, like, okay, so what does that look like?
Speaker: Anybody will have a tight knit community.
Speaker: They'll have a place in society.
Speaker: They will have friends that are not drowning in degeneracies or substance abuse.
Speaker: If you're telling me that's the worst thing that could happen to them, I'll take it.
Speaker: I'm an investor.
Speaker: I like managing my risk.
Speaker: It's the same thing as homeschool, right?
Speaker: It's like when being normal was an okay thing to be, then you could be like, oh, you're going to be weird.
Speaker: Why would you want to be weird?
Speaker: And it's like, I need my kids to be weird.
Speaker: I need my kids to be abnormal because normal is suicide at this point.
Speaker: Well, this is another thing.
Speaker: There's people that give the boom.
Speaker: most propagandized, right, in the whole wide world.
Speaker: Yeah.
Speaker: And then people will say, oh, well, they should have known.
Speaker: Like, motherfucker, if I go through your Facebook feed or your Instagram feed or your whatever feed, I would probably see a picture of you with a fucking mask on or a picture of you with that one on with tons of people surrounding you with masks on.
Speaker: So don't fucking tell me that a whole generation of people can't be propagandized.
Speaker: And not in a period of like a month, like it took people to get snagged with COVID.
Speaker: These people only had one media outlet, the television, and nothing to tell them that it was a lie.
Speaker: Right?
Speaker: It was only after they started getting sloppy.
Speaker: Like, let's be realistic.
Speaker: Like when you make a VCR copy as a kid, nobody's going to get that fucking reference.
Speaker: Um,
Speaker: When you make a copy of a copy, it deteriorates in quality.
Speaker: And if you make a copy of that copy, exponentially deteriorates further.
Speaker: They used to be much better at this shit.
Speaker: It's only for that reason that we know that this existed.
Speaker: Because if they were as good at their job as they thought that they were, we wouldn't know any of this existed.
Speaker: So you can't blame the fucking boomers because they got propagandized.
Speaker: They thought their institutions had their best interests at heart.
Speaker: because they didn't have any reason like we do to believe otherwise.
Speaker: We got the reasons to believe otherwise, they didn't.
Speaker: And all of these institutions, even if they were self-involved, even if they were corrupt, they were playing with bumpers on.
Speaker: Like it was just, it was so, everything was so abundant.
Speaker: that like you could you could kind of pay out both sides of every argument and you like you could you could constantly compromise like there was nothing there were no constraints on the system and so like even if the institutions didn't have your best interests at heart the fact that everything was just kind of going okay it was so far right the empire only had to worry about its own citizenry and then globalization now the empire has to worry about the
Speaker: Before, all they had to do was just manage the expectations of the plebs, and that was easy to do.
Speaker: Right.
Speaker: And, you know, people have different thoughts about the Weinstein brothers, but Eric Weinstein had this really interesting point about- Just because somebody's an intelligence agent doesn't mean they can't say smart shit.
Speaker: God, that's the dumbest thing that I hate about her.
Speaker: Oh, this person is connected with this person.
Speaker: Yes.
Speaker: Does that make them a fucking moron?
Speaker: No?
Speaker: Okay, then occasionally they can say smart guy stuff.
Speaker: Yeah, so he said, the impression that I get from the Epstein story is that it was a pre-internet op that couldn't survive the internet.
Speaker: That basically, the stuff happened under circumstances where they expected nothing, they expected to be able to control the flows of information.
Speaker: They couldn't stuff child porn on your heart drive.
Speaker: And the rest and the, right.
Speaker: And the technology just got way ahead of them so quickly.
Speaker: And, and like, you know, people have talked about it occasionally, like, you know, if, if this conspiracy were so airtight and so big and so powerful, how did it ever get out?
Speaker: And it's like, I think it was just the tech.
Speaker: I think the tech got away from them.
Speaker: And, um,
Speaker: And yeah, so I mean, everybody should check out the work of Ryan Dawson.
Speaker: Anybody that tells you to check out the work of Whitney Webb, tell them that they're stupid and they should check out Ryan Dawson because that girl has stolen literally everything she has, including her nice lucrative book deal from Ryan Dawson, who up until six or seven months ago has been the most censored person on the really most censored person on the internet, not like what Nick Fuentes pretends to be.
Speaker: And he's talking about Epstein or what's he talking about?
Speaker: He was the guy that, he broke Epstein in 2006.
Speaker: Okay.
Speaker: Okay.
Speaker: Whitney stole all of his work.
Speaker: And what did Ryan get?
Speaker: Ryan got kicked off of all social media platforms and debanked entirely in the 2010s.
Speaker: Like all the stuff that we're dealing with happened to him first.
Speaker: Even in Japan, he can't even get a crypto account.
Speaker: His wife can't even get a Coinbase account.
Speaker: In Japan, none of the Japanese crypto exchanges will work for him either.
Speaker: None of the Japanese banks will work with him either.
Speaker: His kids are Japanese citizens.
Speaker: His wife's a Japanese citizen.
Speaker: He can get a Japanese bank.
Speaker: If Ryan Dawson wasn't 75% Native American and able to get
Speaker: a bank account on an Indian reservation, you'd never hear of him because he'd be fucking homeless on the street because he exposed Epstein when it was really not cool to, when he was still out and free doing shit.
Speaker: The guys who got canceled in that time period, you know, I mean, I got...
Speaker: I got doxxed.
Speaker: I got fired.
Speaker: Boo-hoo, right?
Speaker: But these guys... I had lots and lots of people who understood that the news was bullshit, and just because somebody says mean things about you on a website doesn't mean it's true.
Speaker: But a lot of these guys who got in the aughts and the teens...
Speaker: It was a really deep, uh, because their whole social world collapsed around them.
Speaker: Uh, because that, that, that propaganda apparatus had not degraded to the point that it has now.
Speaker: And, uh, yeah, really, really, really tough time.
Speaker: Okay.
Speaker: But we did, we were trying to go to, um, really bad at this, by the way.
Speaker: It's all good.
Speaker: We were trying to go to, what do we build?
Speaker: Uh, no, so the boomers, right?
Speaker: Yeah.
Speaker: I got to where I was because a whole bunch of kids that have very successful fathers don't give a shit about what their dad does.
Speaker: And I did give a shit.
Speaker: I wanted to hear those stories.
Speaker: I wanted to hear about the meetings.
Speaker: I wanted to hear about how the deals closed.
Speaker: And so very powerful guys who at home can't even get their kids to pay attention to them.
Speaker: Finally had someone to pass down these stories to, these relationships to, their network to, their Rolodex, their clients, right?
Speaker: A tremendous amount of non-material wealth is going to die with the boomers.
Speaker: And unfortunately, there is five times as many of them as there are of us.
Speaker: So we cannot hope to capture all of what's going to be lost.
Speaker: And the boomer hating is really dumb, at least unless you want to stay poor.
Speaker: It's really something that should be in the top of everybody's mind.
Speaker: So what I tell everyone that tells me, well, I don't have any money to start a business or I don't have any money to invest or whatever.
Speaker: I say, then you need to apprentice, right?
Speaker: Man, I... Right.
Speaker: Yes, apprentice like with an investor, apprentice, just apprentice with some... Go find a boomer.
Speaker: Yes, exactly.
Speaker: Find your neighborhood boomer.
Speaker: I try and tell anybody that'll listen.
Speaker: A good friend of mine, one of the guys that mentored me a great deal, was largely responsible for the person I am outside of my dad.
Speaker: He's a very high up person at JPMorgan Chase.
Speaker: And this is not why I'm a JPMorgan Chase fanboy.
Speaker: JPMorgan Chase is the biggest fanboy.
Speaker: Solomon is also another person you need to watch.
Speaker: For as important Jamie Dimon is, his other half is David Solomon, the CEO and chairman of Goldman Sachs.
Speaker: He, like Jamie Dimon, took all of his money that he made on Wall Street and bought Goldman Sachs stock with it.
Speaker: So he is in a very similar boat.
Speaker: He is not a manager.
Speaker: He is an owner.
Speaker: He has a vested interest.
Speaker: But this person worked at both places.
Speaker: But this person was in, his mother passed away.
Speaker: And he was in New York, upstate New York, taking care of the estate.
Speaker: And the very fancy refrigerator broke.
Speaker: And do you know how long it took him to get a repair guy?
Speaker: Nine months.
Speaker: Geez.
Speaker: Yeah.
Speaker: He had to fly back.
Speaker: Because I guess it was like purchasing another refrigerator and sticking it in.
Speaker: I guess it was like a custom thing.
Speaker: It was like a certain size, whatever.
Speaker: But this repair guy was telling him,
Speaker: He's like, I am booked out for over a year.
Speaker: And he's like, why aren't you expanding?
Speaker: And he said, I can't.
Speaker: He's like, I've tried.
Speaker: I've tried to get people to come work for me and nobody wants to.
Speaker: They all want internet jobs or email jobs, what we call them.
Speaker: Do you know how much this refrigerator repairman costs?
Speaker: He's an appliance repair guy.
Speaker: And in the age of deglobalization, something as dumb as appliance repair guy is going to be insanely important when we can't have disposable LG appliances anymore.
Speaker: And we're going to have to fix them when they break.
Speaker: which is what is going to happen.
Speaker: Same thing with cars.
Speaker: This refrigerator repair guy does all the fancy refrigerators in the entire state of New York.
Speaker: And it's just him.
Speaker: And he's in his late 60s.
Speaker: And he can't find a single young guy to work for him.
Speaker: And apprentice.
Speaker: So in the highly online discourse about should we all become plumbers, you are pro-plumber, I take it.
Speaker: If you have no resources, it's a question of resources.
Speaker: We self-categorize.
Speaker: Oh, I am not a person with this resources, so I have to self-categorize myself over here with the Blackpoe guys to just talk about how the world sucks.
Speaker: Right.
Speaker: And so if you want to, but you could ostensibly execute the same heuristic with a finance guy or an investor.
Speaker: Just go find the boomer who does what you want to do and see if you can learn from him.
Speaker: Because their kids don't give a shit.
Speaker: I guarantee you.
Speaker: Right?
Speaker: So I'm not going to say who this person is, but I love them to death.
Speaker: And he said, all my friends are boomers.
Speaker: Like all my IRL friends, I've got like three or four IRL friends my age.
Speaker: And the rest of them are all boomers.
Speaker: They're really cool boomers.
Speaker: They're still boomers.
Speaker: But I, the most successful options trader in the history of options.
Speaker: But this guy's kids, one of them is a crazed SSRI late, you know, girl who's an
Speaker: study the remaining two years in college.
Speaker: She wants to spend them in Europe and she hates his guts, right?
Speaker: Wants to use the credit card unlimited, but hates him.
Speaker: Literally told him if he moved to Florida, what she wants to do, that she would never, both of his son and his daughter, both said they'll never come see him in Florida because we're on the same business as the governor and he hates trans people.
Speaker: His son is truing out right now as we speak.
Speaker: This guy has got more money than God.
Speaker: He shares our beliefs.
Speaker: He's hyper-religious.
Speaker: I mean, he's the most Catholic guy I've ever fucked him.
Speaker: And his kids not only are turning into what's soon to be our enemy in the real world, but they hate him.
Speaker: And he did everything.
Speaker: I mean, he was the guy at all the fucking PTA meetings, all the fucking basketball games.
Speaker: He was super dead at the same time as being a super business guy.
Speaker: And when this guy dies, probably the most powerful Rolodex I've ever come across is going to go with him.
Speaker: Because his kids don't give a shit.
Speaker: This applies no matter where you're at, whether you want to be in the trades or whether you're on Wall Street.
Speaker: I wonder if there's a, like, it would be really interesting to study this problem.
Speaker: Like for me as somebody who, like my job is to connect people.
Speaker: It would be really interesting to study, like if I just had a sort of a list of mentor boomers and I could just match make them with any of our guys who were interested, like what would be the criteria?
Speaker: That would be a fascinating thing to me.
Speaker: That's a very interesting thought.
Speaker: These guys just want somebody to give a shit.
Speaker: That's all they want.
Speaker: Yeah, and I would want to make sure that they were like high-quality guys so that these guys would show up and be interested.
Speaker: So bottom line, we got to have our glove up for this.
Speaker: Not necessarily just the money, but for the knowledge transfer.
Speaker: It really doesn't.
Speaker: The things that would make me the most money, right?
Speaker: have been introductions.
Speaker: Sure.
Speaker: Sure.
Speaker: I guarantee you I can get more money out of somebody's Rolodex than I could out of their checkbook.
Speaker: And for the trades, for the trades, think about their client list.
Speaker: This guy's got business, this refrigerator guy has got business booked out literally years in advance, right?
Speaker: He services every single client worth having in the entire state of New York, one of the wealthiest states in the country.
Speaker: He's going to retire in three years.
Speaker: In three years, that business that in the world of deglobalization, which is where we're heading, everybody thought it was a crazy person three or four years ago, but yet here we are.
Speaker: That business is going to be insanely valuable, right?
Speaker: You can't just snap your finger and have Best Buy deliver you a cheap fucking gun of breaking your refrigerator.
Speaker: The end of disposable shit.
Speaker: And this is the thing about the whole trades,
Speaker: or whatever.
Speaker: This is the problem with political guys, right?
Speaker: Or philosophical guys, right?
Speaker: They're all fucking retards about the global macro.
Speaker: That goes for you too, Mr. Bronze Age pervert, right?
Speaker: The priors that you're basing that decision on are not necessarily going to be the priors in the environment you're going into, right?
Speaker: So making any value prediction
Speaker: on what would be more valuable, A or B, politically even, against the current conditions, which are metastable at best, is silly.
Speaker: It's one thing to be in the trades, and it's another thing to be in the trades.
Speaker: One of the most powerful people I've ever met,
Speaker: was an iron worker in Brooklyn because this guy was also the head of the Iron Workers Union.
Speaker: Right.
Speaker: They built all the skyscrapers in Manhattan.
Speaker: He could shut down any project or any building he wanted to.
Speaker: There is a tremendous, all of the unions are political powerhouses and you're dumb to think otherwise, especially in the globalization world where in-country manufacturing becomes the most important thing in the world.
Speaker: Power comes from what is most important.
Speaker: In a credentialism world that we live, which is not long for this world, credentials are more important.
Speaker: I was just talking to one of my guys who essentially...
Speaker: was pursuing a career in the deep state, so to speak.
Speaker: And smart guy, clearly could have done that, clearly could have risen through the ranks there, who quit, essentially got into construction management and real estate investing.
Speaker: And now he is attending the state level functions in his state, meeting with governors, meeting with representatives and
Speaker: to determine policy because real estate developers, it turns out are a huge deal, uh, politically.
Speaker: So yeah, this guy, uh, has like, there's no version of the world where this guy becomes, you know, sort of infiltrates the institutions.
Speaker: No, if those institutions even exist, they require budgets that are non-sustainable.
Speaker: He doesn't know what institution is going to continue to exist or not.
Speaker: We're going to see institution Holocaust.
Speaker: It's going to be great.
Speaker: And I want to, I want to, uh,
Speaker: get a little personal here.
Speaker: Like I actually in, in, in the last couple of days, I had this moment of real dread about, you know, the world is changing so much and I want to be able to equip my kids for it.
Speaker: And I have no idea how to do it.
Speaker: My kids are still young.
Speaker: There's a lot of time, but I,
Speaker: it's a question of like having no concept of like, you know, are we going to live in a world where, you know, they got to know how to use computers or they got to like, or it's, it's got to be this very like close to the metal, like engineering type stuff.
Speaker: Like, are there, are there sort of big money opportunities that are just all froth and completely useless and, and bubble's going to pop.
Speaker: And it's this real, you know, these are, these are, these are kids, you know,
Speaker: with names and faces and then, and they're very important to me.
Speaker: And it was this intense emotional experience, actually.
Speaker: Having, having no idea what I should tell them to do.
Speaker: And the, the thing that I landed on, which I, the reason I bring it up is because it's, it's very much rhymes with what you're saying.
Speaker: This is true from an evolutionary biology perspective.
Speaker: Like the meta-adaptation, the hyper-adaptation is intelligence and socialization.
Speaker: Like the thing that makes the, you know, the panther adaptive in his environment is like his coloring and his musculature and his, like, he's got these specific things that do not translate to any other environment.
Speaker: But humans' ability to hunt in packs and lie to each other and unite each other and convince each other of things is
Speaker: that is a meta adaptation that is adaptive in every scenario.
Speaker: And so it got me thinking like what I want my kids to have is number one, access to all the intelligent people that I can possibly accumulate.
Speaker: And number two, having my kids be bright,
Speaker: and engaged and engaging and ready to click into those systems and take advantage of the goodwill that I've built and to build more of it and to expand that empire.
Speaker: And I think what is coming, I don't think it's a situation where we're headed for a big period of volatility and then the volatility goes away.
Speaker: I think that... I agree with you.
Speaker: I think that the volatility will continue and our need to be meta-adaptive will continue.
Speaker: And therefore, I think we are going to return to systems predicated upon those basic adaptive traits of human judgment and human connection.
Speaker: Like it's the fact that...
Speaker: you know, the world is now so full of like listicles and chat GPT spam and like, you know, guys from Bangalore giving you an unintelligible explanation of how to do this or that on YouTube.
Speaker: Like in order to like the information's out there, right?
Speaker: To do whatever you want to do, right?
Speaker: We're in an infinite information glut, but still what people want when they want to figure out how to do some particular thing is they want to,
Speaker: a smart, well-intentioned patient mentor to sit with them and help them.
Speaker: And, and I think that that human judgment, the ability to form partnerships and the ability to consult with a, a broad and deep and well-disposed to you network of mentors is,
Speaker: I really think that is the adaptation and I'm not, this is not just like an exit pitch, but like the reason I'm doing exit is because I really think that this is the smart move.
Speaker: I really think this is where like the alpha is.
Speaker: I agree.
Speaker: I think the age of hyper specialization is going away.
Speaker: I really do.
Speaker: Right.
Speaker: Like the age, the, the only reason,
Speaker: we are as hyper specific as a, I don't want to say a nation because it really is a broad thing, isn't it?
Speaker: It's a lot of these jobs and a lot of these industries are not going to be here in the way that they are, right?
Speaker: We're going to see a return of kind of the jack of all trades.
Speaker: AI, I think is a huge bubble, right?
Speaker: Everybody thinks we're heading to general,
Speaker: AI and we're actually heading the opposite direction.
Speaker: We're heading into hyper specific AI.
Speaker: So the AI is going to be doing a lot of what
Speaker: hyper specific, I guess what I'm trying to get at is you can see it a lot in the sciences, right?
Speaker: And you can see it in a lot of big corporate org charts, but the sciences or just the university system period is just a really good analogy for it, right?
Speaker: In order for a person to have any type of niche in any of the sciences,
Speaker: They basically have to go and become an expert in this obscure part of whatever the macro science is.
Speaker: Am I correct?
Speaker: Yeah.
Speaker: Yeah.
Speaker: You have to really drill down to get anywhere interesting.
Speaker: Exactly.
Speaker: Or the only way that they can actually define themselves.
Speaker: Like, oh, I am special because I am the guy that discovered this tiny, tiny, tiny thing that doesn't matter.
Speaker: So we have an age of hyper-specificity, but that only works when all of the underlying structures are stable.
Speaker: We're not going to have those stable structures underneath.
Speaker: The only reason you get hyper-specificity is because the architecture of which that specificity exists on is already established.
Speaker: We're going to be restructuring that, and we're going to be doing it fast.
Speaker: So hyper-specificity isn't really valuable.
Speaker: going forward as much as general knowledge is.
Speaker: Like, if you look at like all of the great, basically look at all the people that made all the real discoveries, like the discoveries that really matter, right?
Speaker: Like from, and not just Newton, everybody points to Newton, right?
Speaker: But Einstein, you can go to Dirac, actually really anywhere that you point to in the sciences.
Speaker: before same in biology turing right one of the most successful things in biology as far as uh cell structure came from alan turing right saying i mean everyone is going to have to be benjamin franklin to succeed is what i'm failing to put in an eloquent fashion right is the more fields that you can be expert in or you don't have to be experts sorry the more fields that you have general knowledge in the more you actually get innovation
Speaker: Right.
Speaker: Like the real aha moments only happen when you're able to alter your paradigm around a specific thing.
Speaker: Right.
Speaker: And that can only happen when you're trying to give an example that it,
Speaker: can just explain it in one analogy.
Speaker: I hear what you're saying.
Speaker: You need serendipity.
Speaker: You need the spontaneous connections that occur between unlike things that you wouldn't expect to be, like you can't be aiming directly at the thing.
Speaker: This is why I'm a PhD and you do.
Speaker: That was very eloquently put, yes.
Speaker: That is why.
Speaker: Now imagine that in an entrepreneurial space or a business sense, who is the person that is most valuable going forward?
Speaker: The person that is hyper specific at this one type of knowledge or has a general understanding, a competency in many, many, many things, all of which matter a little bit.
Speaker: Well, and particularly if you have connectivity and access to compute and access to people, it's sort of like, you know, there's like a, oh, what's his name?
Speaker: The mythological guy hammering the steel rails and he's trying to beat the steel.
Speaker: John Henry, steel driver.
Speaker: I've never heard of this.
Speaker: Well, steel driver for the railroad and the railroad company brings in a steam drill.
Speaker: And famously, he said that I have heard this as a kid before that steam drill beat me down.
Speaker: I'll die with my hammer in my hand.
Speaker: And he was supposed to be really good at driving steel rails.
Speaker: And it's like you cannot compete with a robot.
Speaker: Like if you're competing with a robot, you're competing for slave wages.
Speaker: You're competing with a piece of property.
Speaker: And and and and something that doesn't sleep that that and I think what is happening is a lot of mechanistic cognitive tasks.
Speaker: So where being essentially a mechanistic component in a complex system that we didn't know how to actually mechanize, that there was value in that.
Speaker: And now it's becoming the case that creating those automations is
Speaker: even very, very sophisticated, like 110 IQ automations, is becoming, if not trivial, at least really accessible.
Speaker: And so, yeah, you can't be the person whose job it is to...
Speaker: know these narrow details about this specific discipline because that information is just too accessible.
Speaker: You have no moat anymore.
Speaker: And, uh, and so, yeah, it does become about this like creative basically just described why hyper specific AIs are going to be the future and not general ones.
Speaker: Right, because that's going to be their job.
Speaker: They're going to be the machine.
Speaker: Exactly.
Speaker: They are going to be like every other machine.
Speaker: First, we come up with a general technology, and then we refine it for specific instances.
Speaker: And then they become specific variations of the same technology, but different in and of themselves.
Speaker: We're going to get AI sport, um, material science for chemistry, for pharmacology.
Speaker: Right.
Speaker: Cause the more broad of a data set you train these things on, the more they hallucinate.
Speaker: Right.
Speaker: So think about it just like people.
Speaker: Now we, we value people that are highly specific in skillset doing mechanistic type cognitive work.
Speaker: Well, how are they going to be replaced by this big mega board brain AI or much smaller, much
Speaker: purpose, right?
Speaker: As above, so below, or as in the, as in the carbon, so in the silica.
Speaker: It's going to look a lot like it looks like now, but instead of people doing hyper-specific cognitive tasks, what is the, what is the lowest hanging fruit?
Speaker: to mechanize their cognitive tasks with hyper-specific silicon cognitive workers.
Speaker: We're going to get hyper-specific AI.
Speaker: What hyperspecific AI isn't going to be able to tell me to do, like think about how complex a supply chain is, right?
Speaker: A global supply chain, there are experts in each little part of the manufacturing process.
Speaker: I'm the guy that knows how to do this with, and I'm like, I'm trying to think of an example, like lithium, for instance.
Speaker: Right.
Speaker: Lithium refining takes what four or five different, I think it's four different continents and five different, let me pull it up.
Speaker: I forgot like the entire time I'm searching for stuff in my head and I'm literally sitting in front of my fucking computer like a retard.
Speaker: Here we go.
Speaker: Yeah, the lithium supply chain because it gets it's actually very interesting.
Speaker: And it's a really good analogy for all the other supply chains.
Speaker: And it's really, really useful because everything in our world is like this, right?
Speaker: Whether it's your computer, whether it's the stuff in your fridge,
Speaker: I go to the grocery store and I have apples from Argentina, oranges from Peru or Africa, and I have lemons and limes from Mexico.
Speaker: That doesn't make any sense.
Speaker: And that's going to go away.
Speaker: So having all the lime knowledge in Mexico and having all of the apple knowledge in Argentina and the orange knowledge in Africa, that doesn't help you when you don't have globalization, but have to fill up a grocery store's produce aisle.
Speaker: You need all of the fruits knowledge in one place.
Speaker: That's the thing that we're going to be facing.
Speaker: Right.
Speaker: So having a general knowledge across the entire processes of the supply chain, which in some cases like a computer or your cell phone is hundreds of.
Speaker: of steps long, hundreds of individual companies handling one component.
Speaker: Not a single person in that entire organization knows where all those different components are made, let alone how they are made.
Speaker: Right.
Speaker: So you need general knowledge is where the human cognitive.
Speaker: Yeah.
Speaker: So there's mining.
Speaker: for one lithium battery you need a cobalt mine and that has its own chemical refining supply chain right right a nickel mine a graphica mine and a lithium mine right the lithium goes to one country
Speaker: to one specific plant to be refined.
Speaker: The cobalt goes to another country and another completely different chemical refining facility because it has a completely different refining process.
Speaker: And same thing with the nickel, right?
Speaker: And then you get these refined nickel foams and refined cobalt soups and refined lithium.
Speaker: I can't remember what it looks like.
Speaker: I think it's also a foam, but it's a different foam, right?
Speaker: Then they have to go to the cathode and anode production facilities.
Speaker: They each go into separate places and they slowly get put into less and less and less components.
Speaker: Then from the cathode nano production facilities, then it goes to the lithium ion battery cell manufacturing place, which each time it is on container ships full of its own thing traveling across the world.
Speaker: right the chemical production i believe is in india the mining is in africa the cathode and anode is in china and the lithium ion finished battery cell is done by panasonic in japan and then it goes to either europe or the us that's just for a battery all those facilities need to be in the same place and that means all of the knowledge that is hived off in each one of those facilities needs to be in the same place
Speaker: general, you need novices and a novice in 100 things is going to be more valuable than an expert in one thing.
Speaker: A novice in 10 things.
Speaker: There's a tick on our side of the political spectrum that I think is just a hold.
Speaker: Well, it's just a holdover from conservatism, sort of the conservative temperament, which basically always assumes that technological advance will be dystopian and that it will lead us to greater atomization and greater dehumanization and
Speaker: I'm looking at I'm looking at the way I'm able to be closer to my my kids because I work out of my house.
Speaker: I'm looking at the fact that, you know, things things like exit are able to connect me with people on a much deeper level than I than I would be able to do otherwise.
Speaker: I'm looking at the fact that, like you're saying, the value of genuine human intelligence is not going to go down in the face of A.I.
Speaker: It's going to go up.
Speaker: Like there and, and, and crypto, the fact that crypto and, and 3d printing that these are empowering.
Speaker: I mean, I mean, uh, 3d printing has armed revolutionaries in Myanmar.
Speaker: Like there's, there's a, there's a real like on the ground shit going on with the 3d printing space very closely.
Speaker: I think it's a magical, magical place where real, just in firearms, you've seen more innovation come out of a whole bunch of kids spread across the country.
Speaker: in their pajamas with 3D printers than I've seen in the entire firearms industry in the last 20 years.
Speaker: Innovation happens with small manufacturers, my friend.
Speaker: We're going to see more innovation as this breaks down because, well, actually real quick, this is actually really important for the people that already own small businesses, right?
Speaker: Let's say you already got your thing set up.
Speaker: This is a good segue.
Speaker: So if you already have a business in the next three years, your job is not to expand.
Speaker: It's not to grow.
Speaker: It's to survive.
Speaker: Right.
Speaker: Yeah.
Speaker: One out of every 10 businesses, small businesses, right.
Speaker: One out of every 10 businesses that get started will die.
Speaker: Right.
Speaker: And.
Speaker: Well, that's in general.
Speaker: That's in general.
Speaker: I'm sure it's worse right now.
Speaker: Exactly.
Speaker: It's going to get much worse.
Speaker: Right.
Speaker: So all you need to do is survive a couple of years.
Speaker: And what, you know, what lives on the other side of that is going to be the greenest pastures you've ever, like you're not going to see the green in the rest of your lifetime and possibly your kid's lifetime.
Speaker: Right.
Speaker: Because you have two things happening at the same time.
Speaker: Right.
Speaker: A major economic restructuring and a major supply chain restructuring.
Speaker: We've never seen those two things happen at the same time before.
Speaker: We've seen them disrupted at the same time, but never put never reoriented at the exact same time before.
Speaker: So as all of these big businesses.
Speaker: Right.
Speaker: Like it's a lot easier for.
Speaker: a small business to change the way it produces and where it produces because it's small and it's nimble.
Speaker: Trying to get Apple to do that will take years, years and years.
Speaker: And some of them say decades, but that's not going to stop people from needing the thing, is it?
Speaker: They still need to go and buy the thing and use it.
Speaker: So where are they going to get it?
Speaker: You're going to see small manufacturers, mom and pop shops, small lumber mills, small, there's actually even small refining businesses.
Speaker: They're called teapots.
Speaker: small engineering and machining businesses, right?
Speaker: These are small pipe making businesses, cable and wire making businesses.
Speaker: There are a few of these left.
Speaker: And for all those entrepreneurial types, there is a lot of facilities that exist for this type of manufacturing that went defunct in the last five to 10 years.
Speaker: And I didn't know how long or what the process
Speaker: like say, like, not like restoring a house, but restoring a factory.
Speaker: Until that podcaster, Jocko Wilnick, whatever his name is, he gave me a perfect case study because he wanted to make his own, I can't remember what it was.
Speaker: I think it was like outdoorsy type clothing.
Speaker: And he wanted to have all the materials and the production done in the U.S. And everybody told him it was impossible.
Speaker: So for a very, very small amount of money, literally less than a million dollars, substantially less than a million dollars,
Speaker: He bought a textile mill in Pennsylvania and got it producing again for less than a million dollars.
Speaker: So he now owns his own textile plant just to make his own shit right now.
Speaker: When we don't have textile plants in Indonesia to spin up whenever we want and ship us hundreds of millions of t-shirts for other people to put logos and shit on, a textile plant becomes extremely valuable.
Speaker: These facilities exist and they're not that destroyed.
Speaker: The machines are so heavy, a majority of them are still there.
Speaker: So if you know that globalization is ending and we are onshore in manufacturing,
Speaker: you know, years before anybody else does and about five or six years before any of the major corporations can do anything about it.
Speaker: That's the thing.
Speaker: Another thing that's, I sort of discovered this as a consequence of the NATO conference and talking about demographic collapse and also some of my experience in defense talking about how or learning about how systems are incentivized to talk about catastrophe.
Speaker: Go into that.
Speaker: I have never heard this before.
Speaker: Well, okay, so when I was at a defense contractor, I was in strategy.
Speaker: And so we would talk about, like in real nitty gritty detail, about, we would talk about like the artificial airstrips and the, you know, how many birds can you get in the air before they get shot down?
Speaker: And, you know, flying low under the radar and like, what are the radars like?
Speaker: What are the missile batteries like?
Speaker: But nobody would ever talk about nuclear exchange.
Speaker: And that was baffling to me.
Speaker: And I was like, why the hell?
Speaker: Like, that is the only question, right?
Speaker: Like, none of this matters.
Speaker: None of this matters if the war takes eight hours and then it's over.
Speaker: Which inevitably it will because the threat escalation ladder moves that quickly.
Speaker: Yeah.
Speaker: And so, and so I was thinking about that.
Speaker: And then I encountered Malcolm and Simone Collins and they were talking about how they would go to Korea and they would ask the Koreans.
Speaker: And these are like investment banks.
Speaker: These are like people whose job it is to like keep their fingers on the pulse of what's going on.
Speaker: And they'd be like, well, why, you know, what's your plan to deal with demographic decline?
Speaker: Because the Korea, like Korea is going to like not exist in a hundred years.
Speaker: There won't be any Koreans.
Speaker: Yeah.
Speaker: And they would basically say like, oh, we just don't talk about that.
Speaker: And it's like, how do you not talk about that?
Speaker: And the principle that I realized that connects those situations is that if the institution that you are a part of, if the catastrophe is so deep that there's no story you can tell in which that institution still exists,
Speaker: on the other side of that catastrophe, then there is no way for internal constituencies within that institution to make bets.
Speaker: They can't make bets on nuclear war.
Speaker: They can't make bets on demographic collapse because the whole game will not exist if that happens.
Speaker: And so it's like there's a project, there's a product manager for the radars.
Speaker: There's a product manager for the satellites.
Speaker: There's a product manager for the jets and the ships and the rockets.
Speaker: There is no product manager for nuclear war because if there's nuclear war, all bets are off.
Speaker: Everything's tits up.
Speaker: And so and so essentially what what I see is the advantage.
Speaker: Well, OK, but think about this.
Speaker: But think about this.
Speaker: If you're trying to beat the market, like if you go to an economist, you shouldn't do that.
Speaker: But if you go to an economist and you say, I think I have a strategy to beat the market, what he's going to tell you is that these banks have supercomputers that are using AI to read the news and they're making like millions of transactions every hundredth of a second and there's no way that you're going to...
Speaker: analyze and parse and move faster than they can.
Speaker: But this is a unique situation where those institutions are not incentivized to price in what needs to happen, which means that you have, that's not a doomsday scenario, that's free money.
Speaker: And I think demographic decline is absolutely one of those things where there is money lying around because the institutions as they currently exist
Speaker: have no internal mechanism for people who are right about that to make money.
Speaker: That's a good point.
Speaker: That lets me know what our coronal mass ejection plan is, which is the sun having a hiccup.
Speaker: I know that the plan is zero.
Speaker: Right.
Speaker: There can't be a plan.
Speaker: Nobody can make the plan.
Speaker: Yeah.
Speaker: Let's shift into demographics because I think that's the next thing, the last thing.
Speaker: It's another white pill.
Speaker: Yeah.
Speaker: It's like a black pill, but it's not...
Speaker: No, not if you can figure it out.
Speaker: Like not if you and yours can figure it out, right?
Speaker: There's all kinds of possibility, all kinds of opportunity opening up.
Speaker: And what will be scarce is not capital.
Speaker: It's not...
Speaker: you know, physical resources of any kind.
Speaker: It's sort of.
Speaker: Yes, capital will be looking for places to go.
Speaker: Again, this is another thing.
Speaker: Exactly.
Speaker: Investors in a couple of years looks a hell of a lot brighter.
Speaker: Right.
Speaker: And what will be expensive and rare is high quality human intelligence and human network.
Speaker: Like, again, these institutions predicated on human... I mean, that's the bet that I'm making with everything I'm doing.
Speaker: It's like, it's not in... And I've got a friend of mine
Speaker: who essentially is like, and he's coming into some money and he's like, what am I going to, am I going to put it in?
Speaker: Am I going to put it in the stock market?
Speaker: Am I going to put it in a mattress under my bed?
Speaker: Am I going to put, you know, like what is the long-term bet that makes sense here?
Speaker: What asset is going to do well?
Speaker: And, and he, he basically, I know, I know you have a take on, on T-bills, but he's like, there's no, there's nothing I want to put my money in right now, except, um,
Speaker: people.
Speaker: He's like, I want, I want, and, and he's, he's actually sort of devised that what he wants to do is build a place for the smart people that he knows to have the creative ferment, both in like the, the sort of explicitly creative artistic domain, but also in the professional domain.
Speaker: And, and, you know, for our, for our, our wives to run into each other on the way to the grocery store and, and accomplish the,
Speaker: great things together because that's the way that he can think of to invest in human capital.
Speaker: It's not credentials.
Speaker: It's not, you know, like it's, it's creating opportunities for highly generally intelligent people to experience the kind of abstract serendipity, the, the, um,
Speaker: the explosion of genius, right?
Speaker: That's, that's where the alpha is.
Speaker: And they're like, that's a risky bet.
Speaker: But again, it's like compared to what?
Speaker: Like, it depends upon where and how he does it.
Speaker: If he's doing it in sciences and technical fields, a lot of, so I had a similar idea a while back, but it would take some startup capital, right?
Speaker: More than
Speaker: Probably more than I'm myself willing to put.
Speaker: So there is a tremendous amount of knowledge in our academic institutions that is terrified to present itself at all, or fear of getting squished.
Speaker: Because it's really like the tallest nail in all cases.
Speaker: So not just the people that say things like opinions like ours,
Speaker: But it's really kind of an overall war on excellence.
Speaker: So if I just gave people a safe place to do research and a paycheck that came with it, I could pretty much get most of the top talent at a lot of these universities because all these guys want to do is do research.
Speaker: and be left alone to do research and not have to worry about their tenure being stripped and their lives financially ruined.
Speaker: So it makes me think a lot of Bell Labs and Xerox Labs.
Speaker: I don't know if you're familiar.
Speaker: A little, but go ahead.
Speaker: Okay.
Speaker: Well, a lot of the technologies we know as the modern computer
Speaker: from graphics interfaces to mouses to really all of it.
Speaker: And basically the same type of all encompassing stack of technologies or intellectual properties came out of Bell Labs, but for everything, you know, radio and satellite.
Speaker: Like the reason that we have control over the electromagnetic spectrum is the ability that we can tell is from these guys.
Speaker: And all Bell Telephone did and all Xerox Lab did was built a little campus, right, a little community
Speaker: and filled it full of the smartest guys in their field and let them Xerox labs was in like the sixties and bell labs was in like the forties all the way on, I think till the seventies.
Speaker: But during the sixties, the spirit of like, let them have fun really kind of went further than in bell labs in fifties.
Speaker: So like the guys at Xerox labs literally played giant games, had big bouncy balls and like literally just a bunch of children all day.
Speaker: But out of that,
Speaker: And a bunch of whiteboards everywhere.
Speaker: Out of that came more intellectual property for the computer world than anywhere else before.
Speaker: This is why all the inventors, guys like Benjamin Franklin, guys like Isaac Newton, guys like Turing, guys like Copernicus,
Speaker: You go to the, all of the great inventors and discoverers of things that are still valid and that we use today all the time.
Speaker: Right.
Speaker: You will find that they were, their interests were not in just their, they were not knowledgeable on one specific thing.
Speaker: These were all multi multifaceted men, right?
Speaker: They all knew physics.
Speaker: They all knew bits of chemistry.
Speaker: They all knew bits of mathematics.
Speaker: They all knew a lot of them.
Speaker: very, very, very into music.
Speaker: Most of them compose their own music.
Speaker: There seems to be a huge overlap there.
Speaker: I don't know why.
Speaker: I don't make the rules.
Speaker: Well, I think there's a craving for a craving to create order and a craving to create harmony.
Speaker: I think that music definitely appeals to that kind of systematizing intelligence.
Speaker: I agree 100%.
Speaker: So when you're asked
Speaker: Like what we're doing in sciences, right?
Speaker: Hiving these people off into their own specific thing and forcing them to get hyper specific.
Speaker: That is mechanical thinking, right?
Speaker: That is mechanical.
Speaker: It is a mechanical way of doing biological cognitive computing, right?
Speaker: It, that doesn't hyper specificity.
Speaker: Doesn't our brains aren't wired to it, right?
Speaker: This is not where innovation comes from.
Speaker: It's not where inspiration comes from.
Speaker: In fact, I don't even believe inspiration comes from you.
Speaker: the person, like your physical body.
Speaker: In fact, a lot of the people that describe it, you can, I mean, you can read, if you read Einstein, this stuff doesn't translate into textbooks, but if you read Einstein in his own words, you read, what's his name?
Speaker: Feynman in his own words.
Speaker: You seriously go back to somebody who's made a huge breakthrough and either get ahold of their journals or get ahold of any of their interviews about
Speaker: Tesla the exact same way.
Speaker: They will all tell you, right, that they were either laying down or sleeping, right?
Speaker: So either basically in a resting state and it hit them like a bolt of lightning, a laser beam into the brain or an explosion.
Speaker: They all describe it as coming from elsewhere.
Speaker: say what that is, but I'm going to listen.
Speaker: If I, if I'm supposed to listen to everything else that Einstein wrote about physics, and I'm not supposed to listen to how the man is telling me he came about the inspiration or the innovation, I'm supposed to listen to everything Tesla told me about how
Speaker: He's able to manipulate the electromagnetic field, but I'm not supposed to listen to how he said this idea entered his head.
Speaker: So it's all factual.
Speaker: We're going to be taken 100% seriously, except for when they're describing how the innovation came to them.
Speaker: That's obviously just an allegory.
Speaker: Actually, Jordan Peterson talked about on a recent podcast, he was talking about...
Speaker: the force of inspiration and the connection between science and spirituality and that effectively by forcing yourself to only admit the set of facts that is tractable to materialist analysis,
Speaker: you have no method of orienting yourself with respect to the facts that you observe.
Speaker: So like basically, and this is like stuff that's not, this is not like religious stuff.
Speaker: This is like Foucault would say this essentially.
Speaker: When Foucault said there's nothing outside the text, what he was saying that was true is that like there's nothing inside the sort of set of facts that tells you how to interpret those facts, that tells you what they actually mean.
Speaker: And essentially what we've tried to do with empiricism and materialism, and I think it's essentially political.
Speaker: It's essentially just that materialism and empiricism provides a framework for a certain type of collaboration and cooperation that
Speaker: it's, it's sets broad terms for a particular type of debate.
Speaker: And so it's convenient, but it doesn't, but it doesn't provide, uh, ground truth and it doesn't provide a way to orient yourself with respect to the truth that you learn.
Speaker: And so therefore, uh,
Speaker: It is impossible to do science under those circumstances.
Speaker: It's possible to do certain types of research.
Speaker: It's possible to sort of go through the motions and paint by the new things.
Speaker: Why can't companies and countries innovate?
Speaker: Exactly.
Speaker: Exactly.
Speaker: It's because there is no consciousness of how to orient the facts.
Speaker: So here's something I tell a lot of people when they ask me about tech and I say like,
Speaker: anymore.
Speaker: Yeah.
Speaker: And ask why?
Speaker: Because software is a great business, right?
Speaker: I literally have to code one thing, something once.
Speaker: And then I get to sell that thing a trillion times without ever having to make another thing.
Speaker: Right?
Speaker: You make it once, sell it infinity times.
Speaker: It's a great business model.
Speaker: But I'm not interested in bits anymore.
Speaker: Because if I were to, and I tell this to, again, everybody that will listen, if I were to take away the screens in your life, right, your phone,
Speaker: your laptop, your monitor, all the screens.
Speaker: What around you in your immediate vicinity, your home or your office, whatever, what is there to convince you that you're not living in 1970?
Speaker: Just remove the screens.
Speaker: What do you see that can tell you that you're not in 1970?
Speaker: Nothing.
Speaker: And it's because outside of those screens, you are living in 1970.
Speaker: You just didn't know.
Speaker: The only progress has happened inside those screens.
Speaker: Well, you're going to say there's nothing inside the screen.
Speaker: It's just a screen.
Speaker: Exactly.
Speaker: I hope all of your podcasts go the exact opposite places you were expecting.
Speaker: Because that way I'll feel less guilty about going the exact opposite places we were supposed to go.
Speaker: No, I mean, I think it would have been duplicative to go the same exact places.
Speaker: This has been a great conversation.
Speaker: I really appreciate you coming on.
Speaker: And so are we connecting you to Norman Dodd New?
Speaker: Yeah, that's fine.
Speaker: Okay, so yeah, Norman.new on Twitter.
Speaker: Just type in Stormy Waters.
Speaker: I'm the only one that's verified.
Speaker: Got it, Stormy Waters on Twitter.
Speaker: Hey, thanks so much for being here, man.
