Dave Collum: Financial Crisis, Diddy, Energy Weapons, QAnon, and the Deep State’s Digital Evolution

Very. few... college professors. do what college professors are supposed to do, which is kind of breakthrough, outside campus into the conversation among smart people about what the world. is about. And... in other words, they don't kind of influence the broader culture directly. And you do, and you're an organic. chemistry... professor. Are you allowed to do this at Cornell? Are you allowed to kind of.

opine. on... economic, social policy, foreign policy?.. Like, what if. What are. your administrators. saying when you do this? I don't know if it's generally true, but. Cornell's not giving me any guff. The, the only problem I had with Cornell, and we talked, you know, we had breakfast and we talked a little bit about. I think my colleagues wish I would shut up, but. But they don't take. Tell me to shut up. Although, you know, they've told me to stay on. I have kind of an intellectual Tourette syndrome.

Stay in your lane. Well, I'll be in the middle of class, like in March of. of 07, in the middle of class. No warning. I blurred out the banking system's about to collapse. I'd written about it in 02, but I turned, I said, I think it's about to collapse. This is an organic chemistry class. An organic chemistry class. And they looked at me and I just said, look, I think the entire banking system's going down the tubes now. And it took another year, year and A half to. did they say that's not a related discipline. What are you talking. No, no, no one gave me guff for that.

What was entertaining about that particular. Tourette's like outburst is that I had the same kids. in an honors thesis course two years later in the first. lecture, one lecture a week, the first lecture, I said, didn't I warn you this is February of 09... So didn't I warn you that. That the banking system was going to collapse? I said, they said, yeah, you did. And I said, did your econ professors tell you that? They said, no. And I said, what are those assholes paid for.

in this thesis course? I used a lot of guest lectures. So my first guest lecturer was the CEO of Morgan Stanley bank. and he had cut his teeth on mortgage backed securities and he spent two hours.

talking about... the catastrophe that we were in the middle of in February of 09. And. And so. So. yeah, I do occasionally go off the rails, but. But no, no one gives me grief. I got canceled in 2020. The closest you and I. I've been following you for years, but the closest you and I came to actually meeting. but we didn't. was in 2020. I got canceled during the height of cancel season. Right. Remember how it's happening all the time?

And. the probability of me ending up being interviewed by you was. pretty high because it was being. I got canceled. yes. I was written up in the federal or someplace like that. And so. what did you get canceled for? Oh, it was a real crime against humanity. I supported the police. Oh, okay. It was one of those. Remember the guy got knocked over in Buffalo? yes. A friend of mine I was doing a podcast with that Saturday. posted that late one night and said. said, I think this is just appalling. When the old guy got knocked out by the riot police...

and I watched the video a couple times. I said, well, Chris, his name is Chris Irons. I said. we can talk about it on Saturday. But, but, but. I have no idea what he was doing there. So this is in a tweet. And I said. I said he was poking riot police... with something that looked kind of like a taser or something. Turns out in retrospect, it was a skimmer. And, and, and so I said, it looks. like kind of a self inflicted problem to me. Right.

I didn't say he deserved it or anything like that. But it is self inflicted if you poke a riot policeman and he knocks you over. Right. That, that, that's pretty much, you know, it's a Darwin award. yeah Bears and riot. Riot policemen shouldn't be poked. Turns out. what I learned that night was the cancel culture is not organic... It was, it was incredibly astroturfed. The speed with which it happened was staggering. It was Automated. within... Within... 20 or 30 minutes.

Email boxes all across the administration were filling with complaints. It went everywhere. I had to lock down my Twitter feed fast and. things like that. And, and then Cornell was on sort of a war footing, trying to figure out what to do. Now. they're trying to figure out what to do. just because they wanted the fire to be put out. Right. So they weren't against me. in that sense. It was during the lockdown, so... I didn't, I didn't actually.

There was the advantage of everyone was locked down, but I wasn't sure Antifa wouldn't show up... And we know that's not organic either. Right. And so. And so, and so I slept with some loaded guns and I was emotionally ready. to blow someone's brains out. good. How many tenure professors in Ivy League schools have guns at home? I don't know. I would not. Well, there's probably more. Just you. We have Natural Resources Department and stuff like that, and those guys probably use the resources available.

But the, the one mistake Cornell made, they made Two mistakes. First of all. it turns out the guy was a grifter. The whole thing was faked. And there's. There's video footage of him telling people he's going to go get knocked down. and people yelling at him for doing that. It turns out the blood that came out of his ear, I've talked to physicians. They said it would never come out like that. There's pictures of him on the gurney, talking on his cell phone behind the ambulance... The press couldn't find him in any of the hospitals.

He made a lot of money on GoFundMe. So he grifted his... While he was supposedly in a coma. His Twitter feed, which had all sorts, just fuck the police kind of comments. was being scrubbed very quickly. And. so the turn of the whole thing, in retrospect, was a grift. So I was dead. Right. Cornell was on a warpony. Trying to figure out how to just stop this. There's graffiti all over the campus and stuff. And so they made two mistakes. One is... at no point did someone from Cornell reach out and say, how are you doing? Right.

Because a guy in North Carolina got canceled and he killed himself. Right. I wasn't going to kill myself. It was unpleasant, I would admit that. How long had you been at Cornell at that Point? Oh, that would have been 40 years... 40 years. right, plus 4 years as an undergrad. So, you know. So you'd spent 44 years at Cornell at that point. So not a newcomer. No. And. And by the way, the guy who was the provost at the time... was a friend of mine. He. He was. He. I knew him from the day he got to Cornell. He's now the president.

and it's useful. So when I. When I. When I told, I, I. I knew I was coming here. And I asked... a trustee. I'm gonna be talking to Tucker. Is there anything, any you'd like me to somehow get out there? Not that I'm gonna be their talking man, but. it would be stupid to miss it. And I sent a quick email to the president, said, is there anything? And he gave me a couple bullets. But they were obvious. They were the obvious things. And. the second mistake they made is eventually they put together some. And.

And the Daily sun was doing what I called the Daily Column. where. Where they'd publish an article about what an asshole I was. Right. And they'd write an article about the football team and get the nsa, by the way, did we mention columns an asshole. Right. That sort of thing. So. they. They finally wrote a letter denouncing me. and it was signed, interestingly, by the president, who I didn't really like that much. That president, the provost, who's a friend of mine, which was ironic. The chief of police, which was super ironic.

and a couple other administrators who was missing was one of our deans, the Dean of Arts and Sciences, who didn't sign it. He would have been an obvious signer... And he once said to me, what good is tenure if you don't have free speech? Now, they weren't trying to hurt me. They were just trying to put out a fire and it put it out... So to, in that sense, they did the right thing. Did they call and tell you they were going to denounce you before they... No. And, and by the way, I know a number of trustees at this point, and, and they all said they should have just shut up.

So that was a mistake. More recently, a guy named Rickman, I think it was, you know, made that statement about it being exhilarated that Israel got attacked. Right. And he shouldn't have said that. Right. That was stupid. But, but... what people don't understand is that universities are. this funny combination of free speech and academic freedom. We're supposed to foster speech. And that means dumb speech. That means sometimes hostile speech. Right. And you know that drill. And, and then the president denounced him. Same president,

the one I didn't really like, the one who denounced me. And she said, this is only the second time I've denounced something a faculty member said. And I go, yeah, I was the first. Hate to brag, but we're pretty confident this show is the most vehemently. pro dog. podcast you're ever going to see. We can take or leave some people, but dogs are non negotiable. They are the best. They really are our best friends. And so for that reason, we're thrilled to have a new partner. called Dutch Pet... It's the fastest growing pet telehealth service. Dutch.com is on a mission to create what you need,

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your veterinary care per year, your dogs, your cats. and your wallet will thank you. What about... the then provost, now the president, who was your friend who denounced you? Did that affect your friendship? No, not a bit. They were just trying to put out a fire. And I was ready for the fire to be put out. What helped is several trustees. wandered in the president's office and said, don't even think about doing something stupid here. So I, I had. one day. I put out a tweet talking about how lovely Cornell is.

Cornell is a phenomenal institution. So. So my loyalty to Cornell is tainting my vision. But Cornell is not like the other Ivy's. It's not Harvard, it's not Princeton. It is. It's in the middle of this idyllic. setting with... We have 200 gorges. The people at Cornell are self selected. They're the ones who want to live here. Right. If there's a collage. in your neighborhood, it would be filled with people who love... the outdoors. It would be filled with people who like this way of life... Cornell has that. And so,

and by the way, it's ranked number one in a critical category... It has more top 10 ranked departments than any school in the country. And, and, and that's because we have so many different things going on here. So it's, it's a very special place. So the, the letter denouncing you was really just Kabuki. I mean it was, it was Kabuki. Yeah. It was trying to just put out the fire. And it did. And, and it. I, I paid a price. I lost a consulting gig at Pfizer because of it.

Because I was now a Nazi, you know. And, and. wait, Pfizer didn't stand by you? I had consult. I had consult there for 20 years. And they were going to Zoom consulting. And Pfizer doesn't need a controversial consultant either. So they, they just. cleared the deck as well. So I don't hold it again. I hold again. What I hold against Pfizer is the vaccine. I don't hold. The guys I consult with at Pfizer were great guys, and. pfizer they were trying to get their job done right and stuff like that. Why do you? as an organic chemist.

Why do you hold the vaccine against them? Because I think it killed a lot of people. and they knew it. I read the I, I, so I started writing about COVID right away. You can imagine, right? As scientists I started networking, I started trying to figure it out. I'm in a group called Doctors for Covid Ethics. for four years where we had every major anti vaxer on the planet go through this. Wait, so you're a consultant to Pfizer? You're a... pretty famous, one of the most famous organic chemists in the country. So if you say... the.

Pfizer COVID vaccine killed a lot of people, it can't be dismissed as crank talk. Well, it could be because. I'm not a vaccine expert. I'm an organic chemist, so... I have certain technical skills that probably help me burrow. And it's the genetics major as an undergrad that helps me. I don't use the biochem or the genetics, but it allows me to sort of. read stuff. and. But you think it killed a lot of people? Well, the Pfizer papers, which is which, which. are papers written about the clinical trials and the VAERS database.

show... huge number of, of problems. Right. And, and so our... the doctor for Covid Ethics, we had every famous anti vax. One of the first ones I went to, it was Bobby Kennedy and we had. you, you name it, you name an anti vaxxer, you name the Malone's, the Ryan Coles, the. Brian artists. yeah. you can go on and on and on. They all went through this, this group... and... we talked about things. three or four years became the...

Is anyone keeping track of how many Americans were killed by it? Well, it's very hard because. first of all every fluke death. got absorbed into the COVID... stats. So flu disappeared, which can't be true... And if it did, because we were locked down, then how'd we all get Covid? Right? So there's now studies coming out. from other countries because. we have too many, too many people who, who will look very bad when this data comes out. But the Japanese for example, have come out and said...

some very strong things about what didn't happen. The head of the Japanese medical system I think came out and. said that you could correlate. the number of deaths with the number of shots. Right. And, and so... it's now that the gag order has been released, scientific studies are making it into the Literature. and there's already... thousands. Got to be one of the great man made disasters of our lifetimes. The lockdown too. I think... you mentioned, or someone did in one of your podcasts.

about the travesty. Maybe it was Walter, about the travesty of locking down. You show me, you. You tell me. how old a kid is, and I can tell you what subjects he does not or she does not know. So if you were studying trigonometry. the year that everything was locked down, you don't know trigonometry at all. We pretended to teach them. They pretended to learn. Nothing happened. And do you see that. now? Well, you could see it going through the system.

So, for example, our first year grads who were taking organic chemistry when, during lockdown, when they showed up, they were very weak in organic chemistry. Yeah, you can see it. So think of the poor kid who's. five years old trying to learn how to. read and write and everything through a mask. right? That, that, that, And. And there's imprinting periods, right? There's periods where you learn to read and write or. Or you're kind of in trouble. And so we, We. It was disastrous. It was absurd. And the whole thing was done by Fauci... But how could.

And our Zoom group, by the way, had had Scott Atlas. And so I asked Scott, I said, scott. was it malicious? Fauci and Burke's did what they do is malicious. And. I think it was. I mean, I think there's evil forces behind those two. But he took a different tact. He said, you cannot fathom. how stupid those two are. That was his answer. He said, fauci never gave a scientific argument. Never. And he said, one day. This is astonishing. He said, one day, this is all recorded.

So I'm not, you know, talking behind his back. This is. There is a recording on the Internet with us. He says one day he walks in with a scientific paper that Atlas had read. And so he's thinking, whoa, Fauci is actually going to say something scientific. Fauci went to say, encephalomyelitis. Now, if you work at the seven eleven, you might stumble on that one. but if you're head of the entire health organization, you shouldn't. And he said he botched it so bad it was unintelligible.

And Atlas said, come again? What'd you just say? And Fauci wouldn't repeat it. He said Burks was yanking shit off the Internet, making pie charts, having. not a clue... what it meant. Not a clue. That's terrifying. but, but hold on. he didn't speak up. I don't think. Fauci? Atlas, I think he sat there. Can I ask you to Back up just a moment though. So you're describing now incompetence, but you alluded earlier to malice. What do you think the dark forces behind Burks and Fauci were?

Well, I think they. first of all, they love the fact we're talking about whether it Came out of a lab in Wuhan. because that way we're debating whether to blame the Chinese or not. Right. When in fact, I think it came out of a lab probably in North Carolina. A number of guys have tracked both. the, the, the, the disease and, and... the vaccine back years before it showed up on our dinner plate.

I, I think low level of malice would be. Wait, you think it came out of a lab in North Carolina? Yeah. Ralph Barrack. Yeah, he. The. You can follow a guy named David Martin has followed... the patent trail. And, and an artificial organism can be patented. Not a natural one. And this. yes. You can follow the patent trail on Covid and. you can follow vaccine patent trail and. watch it get moved around,

move from point A to point B. If it was created in North Carolina, how did it get to Wuhan and... what was that? because we were funding, We were funding research in Wuhan because we were not allowed to do. gain of. Sorry. I keep tapping the table. right Oh, it's all right. This is a topic that deserves some table tapping. I've done podcasts where I have headphones. and I have four, three Boston terriers, soon four. And they snore. I can't hear them because my headphones are noise dampening. And then I listen to the podcast,

and hear this humongous amount of snoring behind me. So I, I'm aware of background. You didn't bring the terriers this morning? I didn't bring the terriers, no. So, but you. I just want to... flesh this out a bit... You think it was created or begun... in North Carolina, then brought to Wuhan. for. To be elaborated, to be studied, to be. So I think we took everything offshore. because it got. gain of function, got banned in the U.S. But I don't think we banned it. There were something like 36 bio.

Bioweapons labs in Ukraine. yeah I know. Of U.S. Origin. Yes. So why is Ukraine perfect? Ukraine's perfect. To run a bioweapons lab, you need. first world infrastructure. And third world people to test shit on. yup. Ukraine's pretty much got that... right... Because Fauci, for example, in the United States, when he had to do clinical trials, when one of his. lower rank, they'd go to, they'd go to.

foster care. they would do clinical trials on foster children. Yeah, you got to read Kennedy's book. Yeah. what? he did. He did an estimate. He. They use an estimate 13, 14,000... foster kids to do clinical trials. They said the kids would figure out they're getting sick and they. wouldn't want to take the meds. That's so. That's like nuts. So I think 5G's been been doing damage to people and killing people for many, many years. Yeah. So we made a pledge only to advertise products that we would use or do use.

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consent or on the weakest among us. or you know, euthanizing mental patients or whatever, all that was bad, I thought that was one of the big lessons of the second World War. Well, as we both know. that there are no rules. Well, that's boy is that the truth. There are no rules, right? There are none. There are rules for us, you and me, but there are subjects for which... people could be thrown in prison.

You know, a great example would be... Diddy. So what happened with Diddy?.. I think what happened with Diddy is Diddy had a Bunch of very incriminating tapes. I think, you know, Epstein like and. And... I think they arrested him to round it all up. All the data. I think they did it to get all the data away from Diddy because he. was being sued in civil court. and the guilty party said, we got to get it out of there before the civil court gets it.

And so they arrested he. What, they just convict him of? nothing. They could have put him away for 20 years based on what he did to Justin Bieber. Right. They didn't even get him on any of that. So it's a classic. It's a classic case. I know I sound like a nut case, but you've had a lot of nut cases on your show. I had a.. my brother is trying to dial me back..... They're going to think you're a nutcase if you talk about all. the things you think about. And I go, well, I think that ship has sailed. You know, as I said to.

Well, I thought that was the whole point of academic research, was the, you know, the predicate for it. The basis of it is free thinking. Well, but according to Douglas Murray, I'm not supposed to talk about it unless I'm an expert. Well, you are a demonstrable expert... in your area, I mean, which is not... Diddy. It's not Diddy. You're not. a tenured professor of diddy studies at Cornell. We could have it. You know, we have subjects... And. so you think the point of arresting Diddy was to shut down.

inquiry into what Diddy was doing. to get the data right. Well, that's clearly the point of. the first Jeffrey Epstein arrest. Hunter Biden's laptop. Tell me your view of Hunter Biden's laptop. Well, Sidney. what's her name? Lawyer. Come on. Sidney Powell. yup. Elite lawyer. Now down a few notches cause she works for Trump and that. always gets you in trouble. Said that if. yup. If.

If Hunter Biden's laptop were ever released. No, if... Anthony Weiner's laptop were ever released, the government would fall. Wiener's laptop had. kill switches in it... I mean, it was filled with crap that wasn't supposed to be there. We never get to see it. Supposedly nine cops. watch the videos on, On, On. On Wiener's laptop. They had to keep leaving the room because they couldn't stand what they were seeing. And... all nine are now dead.

And there's names and faces and deadness. Right. They're. They're real people. Now you can say, well, maybe they died for other reasons. I go, but it's still... nine cops. And... you know, it's like the five cops who died after January. 6th, right. Four of them were suicides. Out of. According. to AI, there were about 80 cops. Really in the thick of things. Four of them died from suicide. I don't need any more information. to wonder what the hell is going on there.

That's one of those standalone observations where I go, that's not right. The math of that doesn't work for me. I've got pictures of Ukrainian. See, I'm going off topic. I've got pictures of you... known Ukrainian operatives with, with. You're not gonna believe this. With the Qanon shaman guy. the guy with the horns. In January 6th at January 6th... What is that all about? yeah. I've got videos. that seems totally normal. Yeah, yeah, totally. I've got videos. with the National Guard 100 yards away, not doing anything.

I've got... videos of John. Sullivan, right? The guy who was supposedly antifa, but antifa said, no, he's a fed. Don't talk to him. totally normal. Who then filmed Ashley Babbitt getting shot. This guy's getting around. What's your image of an antifa person?.. Lost soul, tattoos everywhere... Right. No meaning in life, right? Yeah. And no path forward, really. I mean these are annihilists. These are societies. If they're real, that is, if they're. If they're real.

But I mean, if you look at the mug shots of Antifa. arrest or the people who came to my house, antifa there, I mean, these are. you know, obviously I disagree. They threaten my family. I don't like them and all that. But you also feel like these are like one step above homeless. Like these are. right. Losers. Yeah, Right. And. so if he's antifa, it's really odd that he was. a nationally ranked cyclist. are you serious? What I know about nationally ranked anythings is their lives have purpose.

Now there's a mug shot. Did you follow this patriot front story? I'm really. This, this is. Now the helmet's on the leash to the jungle gym is on the patriot front guys, Those guys who'd stop around looking like neo Nazis, who also were buff and had no pot bellies and covered their faces and get arrested. and they're handcuffed with their backpacks still on and their, their, their megaphone still over their shoulders. And, and, and, and then I saw mug shots of them. Not a single tattoo.

no tattoos. These are neo Nazis. yeah. Not a single tattoo. They didn't have like Waffen SS lightning bolts on their cheeks. no swastika you know. Right. So, so, so we are in this Big. Walter Kernish. We're in this Made for the Internet plot. Walter is great. in his description of the. I've been tracking the mangione story. It's not the right story.

There's something wrong. And I. Walter laid it out. Now what Walter didn't say is who's behind him. That's obviously the question. I mean you can look at all of these different stories, particularly the acts of violence, which are, because they are acts of violence, are, you know, examined much more closely. than any other kind of act. And it like doesn't, it doesn't make any sense. I mean the, the shooting of Trump a year ago in Butler, Pennsylvania does not make sense. Oh, I wrote about that, everything. Do you know what I just read the other day?

The guy who shot Thomas Crooks, right? There were bullets flying all over that place. But it was a catastrophically poorly set up defense of Trump. But the guy who shot. Thomas Crooks was the same guy. who organized... the protection of Trump. And they said, oh, you know, he didn't get convicted of anything and other guy didn't. I go, well, so the guy who was in charge of making sure that after. the assassination was done,

he popped the assassin. is somehow not getting prosecuted. Why am I not shocked? So you're saying he was the Jack Ruby figure here? He was the Jack Ruby figure, yes... So, so. what was odd about that story? Well, first of all, all the news agencies were there. This was a totally irrelevant... rally in the, in a relevant place, Butler, Pennsylvania. And there's a stranger story there... And again I. just pick up these shards and sometimes they fit together into.

a story and sometimes it's just. put it in your head, keep it there until you get more detail. There's a guy sitting behind Trump named. Joseph Fuska. Fusca is his last name. I'd seen him before many times. He was by the QANON guys, which are a bunch of whack jobs. said to be, you're not gunna believe this. Said to be.

John F. Kennedy Jr. Waiting to come back and save the world... And I'm going, oh, you guys have lost your minds. Finally you've really gone. It doesn't matter that that's a total croc. Fusca is this guy. And they said now his name is Fuska and whatever, you know, blah, blah, blah, blah, blah. But, but he's one who. Suppose he's JFK Jr. In disguise. Fuska. was there sitting right behind Trump. I go out of all the rallies, there he is. I don't know. And what's really interesting Trump gets shot everyone's reacting and Fuska's not.

Who is he? And then there's two pieces of footage. Now... when you say you've seen him before, you've seen him in photographs before. Oh, he had been talked about. I, I've dug down some deep rabbit holes and find this guy. So one of the things you discover, you know this as well as anyone. You, you think you're going down a rabbit hole and you discover gobeklitepe. You get down the rabbit hole and you go, this thing that, this, there's a, there's an entire ecosystem down here.

that people don't know exists. Once, once you, it's like, it's like once you, you... ask, how did Kennedy get killed? And you go, oh, boy. You know that that's troubling, right? And then Building 7, which you talked with Ron Johnson, who by the way, was in our Doc Zoom group, right when I'm talking, we had everyone. We had everyone. Once you get on one or two of these and you go, I, I, I can't trust anything. And I'm, I work in a field where you're supposed to be able to get the facts and say, now here's an odd story.

A friend of mine's binding all my annual reviews that I write. I write one blog a year. I've been thinking about why and, and. can, can you just pause and describe. what that is? That, that's really the reason I wanted to talk to you was because. your. interview is. well known among people who are paying attention. What is it and why do you do it? So the people trying to wreck our civilization. want you to be. passive. They want you weak. so they can control... you. Weakness... is their goal.

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That's shopbeambeam.com. Tucker use the code Tucker for up to 30% off. It's built on core values, integrity, results, no BS... beam... We strongly recommend it. so I stopped... paying 100% attention to chemistry and started on the side looking at. markets. When I became a boomer with some wealth and I started paying and I became. I was a tech bull. And then. by... 98, I realized the markets were in trouble. I'd read enough books, read enough blogs, read enough articles.

and, and so, and then that naturally led me to. politics. because if you don't understand politics, you don't understand economics. And. in around. 07, I wrote a. I used to. On this chat board I was at, I'd write a... summary at the end of the year. And part of it was to, to, to make sure that my fairly extreme views weren't costing. me serious pain and suffering. And,

and, and Instead of getting 200 clicks... because this group is about 200 of us talking. it went to like 4,000. I go, what happened? I said, oh, I put it on my blog. Someone told me that. So, so in 09, I, I decided to do it. Seriously. 30 years of investing. So I wrote a. This, this thing. I said... 30 years of investing from, from. the Cheap Seats was the title. And it went wild, actually.

And part of it was because. because. I'd been... highly successful as a rank amateur. through the 90s, as a tech bull. I made. 700% on WorldCom and then got out. Right. I made 700% on Dell, Warner Lambert. I, I thought I was a genius. And, and so I had years where I made over a hundred percent... without leverage... And, and. and, and then I got out.

And I got out due to Y2K, which turns out to be a grift. Yeah, it took me. decades to figure that out. I thought I just blew it. But no Silicon Valley selling software and hardware. And I can make , but it's not worth it. And then, and then, so, so I start paying attention to politics. And then I just. went deeper and deeper down rabbit holes. Next thing I know, I'm reading about Putin into 2012, trying to understand what's going on there and stuff like that. So.

so I just kind of naturally go down rabbit holes now. What? You can't market a blog worse than writing one a year. Right? That's about as bad as you get. And I don't charge for it. So there's that And. And. And then I realized, though, the reason it works. for me. is if I wrote a blog once a week. most of them would be garbage, because imagine how many blogs I would have written about how. Trump and Elon are best friends. right? And now it seems irrelevant.

I'd be writing about how Trump and Elon are enemies. And then a month from now, it'll be irrelevant because they'll be best friends again, right? And so you could... I could not write a weekly block. And so what I do is I... By writing once a year, gives me. a long time to think about. So I get the idea. And then I sort of watch. I go, oh, look at that. That's a puzzle piece right there. So it essentially is book length. 250, 300 pages every fall.

And you don't charge for it, and I don't. And I. You also can't write it in March. That's not a year in review. So I usually end up with about 700 pages of links and notes. And if. If I see something we talked before about, about using tripe metaphors, you know, how we both hate it. And. yes. But once in a while, I'll see a way to insult a person. I'll go, oh, I'm saving that. right now The other reason, it's really great. Where do people find it? It's published at Peak Prosperity. And.

And it's my link. It's my pin tweet. So it stays up there all year and then until I publish the next one. And it gives me the chance to collect the information, to ponder what's going on that year. And then. And some things become irrelevant, so I don't write about them. Some things are not. Some things become trite. Right? But I think my analysis of the. 2016 election, for example, is really good. The prophetic line. I was watching.

BET. Please don't get me to explain why I'm watching BET... and Black Entertainment Today or something, whatever. television. Some burly. black guy's talking about Trump and he says, forget the messenger. Listen to the message. Listen. I'm going, holy moly, right? Turns out he was the head of the end of... the. New... Black Panther Party. I go, trump just got endorsed by the Black... Panthers. So I. And then I saw Jimmy Brown, the running back, say,

he will be a president of the people. And. And all of a sudden. And so I wrote, it might just be a flicker. but I think the black community's moving to the right. And, boy, was that ahead of its time. And so... what I won't do is write about something that everyone's writing about... Why? The other problem I face yeah. is that I don't write about stuff I'm an expert. I write about stuff that I know nothing.

And so when I wrote about, I've been following Putin. But when the Ukraine war came, first thing I noticed. I bet you noticed it, too. It wasn't a war. It was a police action. And they weren't killing people. They were moving troops across the border... They were talking to Ukrainians. They were. And I kept saying to my wife, there's not a war. And you see some grandmother going, ah, this is just really terrible, you know, and I'm going, that's not a war. You want to see a war? Look at Baghdad, day one,

right. That's a war. That's what a war looks like, right? You'd see an explosion from 20 miles away, you wouldn't know what blew up. Right? Like, my wife thought I was nuts. I go, it's not a war. It's not a war. Well, it became a war because, as you and I both know, NATO wanted a war. And so it morphed from being a police action, which I think Putin was trying to throw a fastball past NATO's chin and saying, back off on this whole NATO thing. thats correct yes. And... And. so when I wrote about that, I found about. 20 to 40 guys who are trying to get it right,

which includes you. and includes guys like Max Abramson. Do I know that? Do I have that right? Glenn Greenwald. the guy who died. What's his name? The guy who got killed by the Ukrainians. Gonzalo Lira. Gonzalo Lira, American, who was murdered by the Ukrainian government. We could have gotten him out with a phone call, and we chose not to. Because the narrative was Putin's bad. Ukraine's a bunch of really nice guys. 100%. These super nice guys. It's a democracy. What a crock of shit.

That was a lie from head to toe. We wanted a war. We still want war. I have. I have intelligence friends, too. Not like you, but I have them. And. And I was talking to one the other day. I think he likes to talk to me because he can talk to me about these subjects. and. in his universe, I'm the only guy he can talk to for which. he's. He does have to worry. because everyone else in his world is connected to everyone else in his world. So I think he likes to have real, honest conversations. One day we're on the phone, he says, do you do signal?

I go, yeah. So we went to signal. He Said someone was listening to us. there's a lot of that. There's a lot of that. So there's always a narrative. There's always one narrative. Yeah, I know. And we're now in an era where you only get to talk about that narrative. You know that I know that you and I were just mutually. Yeah, and. And the. The penalties for straying from the story. You get fired. are real. Yeah, totally. I mean, whatever. I. There's been no age in human history where telling the truth,

the real truth, is rewarded... So. so I don't think. So where you first really won me over. So. you and I agree that when you were young, you were a punk. yeah. The fact that you're so proud of. the metamorphosis is great. It may have come before this, but where. I notice it was the Las Vegas shootings. Where is. We kind of talked a little bit at breakfast. Here's the funny story...

They interviewed that night. A guy named Mike Cronk. And Mike Cronk. The night of the shooting. That was 2017, maybe. I can't remember. The night of the shooting. Yeah. And Mike Cronk told this story. He didn't look very emotional, which I found a little odd. I, by the way, think all the shootings. within an air bar are not what they appear to be. I'll take it all the way back to Columbine if you want. but Mike Cronk talks about his friend getting shot three times in the chest. from... hundreds of yards away.

And. And later. a marksman said, not possible. Too much spray. A sniper would be required to hit a guy three times. And. And. And the guy was just doing this. Right? And Mike says his friend stuck his fingers in the bullet. His own bullet holes. to stop the bleeding. I'm going, now you're lying. Why is Mike lying right away? Red flag. Why is Mike lying?

And who is he, by the way? Well, that's a great question. So Mike. then finishes how they put him on a cart and wheeled them out. May I just ask why? I'll tell you. why Did you know he was lying when he said his friend put his own fingers? Because you don't. You don't get shot three times in the chest and provide your own health care. Fair. Fair. Right. We thought this through when we started this podcast a year ago, and we decided we're never advertising anything that we or. people on our staff don't use, period. We're only.

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It was, it was really... 500 people. It, it is the biggest shooting since probably Gettysburg. Yes, right. When was the last time you heard a... gun. antagonist say, remember Vegas, we got to get rid of guns? Never. Right? never. And you know why? So... it rolls to the next interview and it's Mike Kroc, new network, same guy, he tells the same story. Now he's looking a little more emotional and... his story changes just a little, Just a little around the edges.

And then it rolls the next interview and there's Mike Cronk again. And I go, why you got 22,000... people and why are you interviewing Mike Cronk? And then there were oddities that, wow. Showing up like some lady walking through the crowd saying. you're all gonna die tonight. And they wheel, they carted her away and things like that. Yeah, yeah. Weird stuff. And so I tried to figure out who Mike Cronk was. He's just some hick from Alaska, right? He's just some hick from Alaska. After the fact, I looked and just picture him...

holding an elk... by the horns, you know, that he shot. The next day the, the head of the police. said, there's no way one guy did it. The following day said one guy did it. Takes a long time to show one guy did it. Right? That's, that's something you don't know... There's a lot of debris before you figure that out. There's now a documentary called Route 41. So I dug into this. You, what I noticed is you stayed with this story for about two weeks. maybe and you were bringing up and Coulter jumped in.

You know, Paddock was making money how Playing video. poker. That's his. That's the way he was making a living. That's like saying I'm a professional crackhead. And. And then what happens is there was shooting all over the place. There was shooting everywhere. in the city That day, in the city that night. And so now there's. If you don't believe me, there's this documentary called Route 41. And they got stuff I didn't know about, but they also got stuff that. That I...

So it's kind of an answer key for me to use academic terms. And if you watch Route 41, you will see there were shooters everywhere. There are cop cameras showing shooters. And then, remember, the guy got shot in the leg up on the floor where panic was. yes the hotel employee. Some guy named Jesus or something. Some illegal with two Social Security numbers. Hello. exactly. And then. afterwards, reporters tried to get to his house. His house was being protected by cars. They had no license plates.

And then all of a sudden, he goes to Mexico. And when asked, well, where'd he go? They said, well, he was planning a trip to Mexico. So when I wrote it, I said, oh, by the way, Jesus, when you get back, could you stop in? We've got some questions for you... Right. And then he comes back and he does. one interview on Ellen DeGeneres. And Ellen introduces him, saying. And he's there with a handler I had already seen. I'm going, wait a minute. That guy. I've been seeing that guy a lot, that other guy. So Jesus is looking at his feet.

His name isn't Jesus, but it's something like that. Ellen. Interesting. This is the only interview you're going to do, and you got to get it off your chest. I'm going, oh shit here we go. And then. And then. And then the handler's doing all. the talk, and Jesus is looking at his feet. And then we never hear about Jesus again. Probably he's in some shallow grave somewhere because he's too inconvenient. But. I tried to interview him at the time. Really? Couldn't get to him. yes He drove to Mexico from Vegas. right. Two of them did. Yeah. Probably.

an escort. Yeah. Then he came back and. Yeah, I. I tried my hardest. Now, Ellen. works for man, the company that owns Mandalay. His handler. Yeah. No, no. Ellen DeGeneres. Ellen, I'm so sorry. Yeah. And so. So. So they're buttoning it down now. What you see from Route 41 videos, is there just an enormous amount of chaos? There's enormous... number. Numbers of shooters... Even that night, you were seeing... videos from cab drivers saying, they're shooting over here,

they're shooting over There was. And. And... And there would be some chaos. But there's way too much. There's guys who took. audios and said, here's here. Bam, bam, bam, bam, bam. Here, tha, tha. So you could hear multiple guns, the whole thing. So then what happened? Mike Cronk. I start reading trauma surgeons saying there's something wrong with the story. You know, if you get hit with, you know, what was AR15 or something. yeah and A308. you're gonna, you're gonna die out there. You're gonna bleed out right there. Even if it doesn't hit a major artery, it's going to turn your leg to jello.

Three chest wounds from a rifle. Yeah. Yeah Okay. So, so what would he look like? And so then I saw an interview of a, of a young woman. and she's sitting there in a chair in the hospital and they're interviewing her. I'm going, you look pretty perky. And, and, and then. Mike Cronk with the news crew goes in and interviews his friend... Now, first and foremost, we know Hippa says you ain't bringing a news crew into a hospital room. Second, we know three shots of the chest. He'd be in the icu.

The only way you'd know he's alive... is that there'd be a beeping on the screen and he'd have. hoses coming out of every orifice and he would look dead. exactly. And so they take the news crew and they interview his friend. He's got a nasal cannula. A nasal cannula. So I'm sitting there thinking, oh, so you're. You're talking with three holes in your chest. What are you sticking. your fingers so the air doesn't come flying out of your chest holes? Right, right. And then I notice. the screen's not even plugged in.

Now, what is Mike Cronk now? He's a state senator from Alaska. In Alaska, I think he's a state level state senator. what? Yeah. Who's the chief of police. He became governor of Nevada or something. right So, so again, so there's a guy named... John Cullen. who did an analysis of the. shooting and his conclusion, a relative. A relative? No, no, no, no, no.

yeah. This all different. John worked for Oracle. He's some on the spectrum code head. He also analyzed the butler shooting, the audios of the butler shooting. He's an on the spectrum codehead. He's on the spectrum codehead. He, he. sort of bears down and grabs on something a little too firmly, I think. But, but, but he brings. as on The spectrum cone heads to. Yeah, I know. And He. There was pretty good evidence that a lot of the shooting was coming from. helicopters behind the Mandalay. And he tracked the transponders. turning on and off behind the Mandalay.

The story was that Muhammad bin Salman. was on the top floor. The crown. Crown prince of ruler of Saudi Arabia. Yes, yes. A guy who lots of people would like to kill. And his theory is that the Saudis tried to flush him out of there, and on the way out, they would cap him. Now, they blew it. If that's the story, they blew it. I think the helicopter idea is not bad. But I. I did a couple podcasts with John and I said, john, but what about all the shooting on the ground? And John was kind of dismissive.

I go, you can't dismiss it... You can't let that stuff go. Your models got to include that. it occurred. a year later. Muhammad, remember when khashoggi got killed. What was his name? Jamal Khashoggi... Now a non Khashoggi is one of the most famous CIA guys on the planet. Jamal Kishoggy is one who got diced up and fed to the camels... Now he's a New York Times reporter. I think he was also CIA. yup.

Washington Post... columnist. Yeah. And he was killed in. In the embassy... in Istanbul, I believe. Supposedly, on the anniversary. of the Vegas shootings, supposedly Muhammad bin Salman had a party, locked the doors, and showed a video. of him getting sliced up. and said to the royal sitting in the room, don't even think about it. Now, when I wrote about Khashoggi, Every one was having a.....Khashoggi.

right. When he got killed... I'm going, we're killing tens of thousands of yemenis. We killed. 5 million people in the Middle east... directly and indirectly due to our post. 9/11 responses. Yes. Right. And I called him ODK. One dead Khashoggi. I said, it is insane to worry about one dead guy in a region of the world. where people die for no reason... all the time. Who was at war with this? His own government, the Saudi government. I mean, I'm, you know, I'm obviously not for.

vivisecting people, but I also think, like, they're like, yeah, they're. There's a scale of. Of evil. And. starving kids is worse than... what happened in Khashoggi. I agree with you. Right. So. So you were the only mainstream guy who I watched steadily. on the story, staying with the Vegas shootings, noting that there's something wrong. We got. very hassled by law enforcement. I'm sure you did. Which Was, you know, I worked at Fox News, obviously at the time, and.

big supporters of law enforcement. I've always been a big support of law enforcement. Never gotten hassled anywhere. Just the opposite. Oh, you work for Fox News? Oh, my gosh, of course. Slow down. Official law enforcement. is what got me, man. I mean, they blocked our camera position... Oh, yeah. They were... totally opposed to us doing that. I've never had that experience. So. So let's stand the shootings just briefly. Uvalde. There's problems all over that shooting. Remember that shooting in Texas where the. Guy got into school. I knew the mayor? Yes. There's problems all over the place because first of all,

there's something like 800 law enforcement guys within. reach of the damn thing. And... there's a ton. of like 5,000 people. And, and then they didn't go in. for 78 minutes or something. I go, excuse me. You show me 10 cops. I remember. Eight of them have kids. buy a lot. I'm. Right now I'm reading a book called the Moral Animal. It's about human behavior. And, and... out of those eight, eight would have gone into. I don't care what you say, I'm going in. yup, yup.

You, you give me a soccer mom, she's going in. In, right?.. And then there was the mom. who did go in and her story was incoherent. Her story. She came out and she said this, and then she said this, and it was not consistent. And I'm going, that's just a narrative thrown on top of it. So what are we looking at here? So. kayfabe, what does that mean? Kayfabe is something Eric Weinstein wrote about. He's asked, right, an essay with a bunch of other scholarly types.

And he said that politics was kayfabe. It was professional wrestling. And. there's all these layers, there's all these tricks. It's way more sophisticated than people think... The way you get, the way you engage the audience and you have some reality and some. non reality and things change. And he, he talked about politics being kayfabe. I, I don't think anything you see. can be interpreted. literally and at face value. Now, what would be the purpose,

however? well. as I was telling you, a friend's binding all my annual reviews. and I will probably make a thousand dollars off this. I mean, this is not getting rich. I'm paid probably. 0.001 cent per hour... pay for this... task... I had to go back. I've been proofing. the drafts from previous years, and what I noticed about 2013, 14, 15, is something's changed.

And what's changed is. you could get facts. and, and you felt like you were getting, and the stories would break and they would stay. that way and, and they wouldn't be shifting around. And you could say, okay, here's what happened. And here, here, and this piece fits in here. And, and, and now you can't. Now it's like we talked about using trite metaphors. Here's one. But I really like it. It's like when your GPS.

starts randomly rerouting you and our GPS. just keeps randing, rerouting, reuting. I'm not taking that right turn now. You know, so you just boot the GPS and you break out your gazetteer and you. figure out where you're going. exactly. Right. And so. we, our GPS is rerouting us constantly. And. one of your guests, Mike Benz, who I occasionally chat with briefly, who's very impressive. and as, as I've said, I don't know everything about him and I don't mean just...

in a casual way. I think he's, I think there's a complex story there. But right now he's saying the right stuff. He, he gave a. talk one day where he talked about how around 2013. the. so called deep state, which is a term, I've tried to figure out where it came from. And the, I think the guy gets the most credit is. kind of Peter Dale Scott, who wrote about drug trafficking, Berkeley professor, and he called it deep politics...

But I think it predates that. But that's where I get it from. He said the deep state. realized they were losing control of the narrative. They had underestimated the Internet and social media. exactly. And as a consequence, they had to get a hold of it completely. And so now this is where we're at now. We thought Trump was going to save us. We thought Elon was going to save us. My Twitter feed. is a dumpster fire. So instead of taking away data, they provide.

excess noise. So now, so now instead of. trying to suppress the signal, you just increase the noise. I think that's. very deep and I think it points to the. What's happening? What's happening. I think it's clearly true. So what is the fact? That was the title of last year's write up. What is the fact? Yeah, it's, it's impossible. You can't actually. control the, you can't restrict... the flow of information across the Internet. They throw debris out there.

Yeah, right. It's like, it's just, it's a, like the, the pilots who, who throw the Debris out the back of the plane. so that the guided missiles don't know what to hit. Of course. Exactly. Right, And, and they also throw out debris so that, so that then they can prove that it's not true. So you feel like an idiot. QAnon was clearly that. QAnon? Yeah. QAnon. What was QAnon? I don't either. I don't know. I, I avoid, you know, I'd be listening to something and it would have useful information and all of. a sudden then it would show the whole and here's Trump and his generals.

are going to save the world. No, I agree. But the interesting. I never knew anything about QAnon. I never paid any attention at all. I have a. good friend who I. really admire as much, smarter than I am, who, because he is smarter than I am, took like a year to look into QAnon. What do you got? I don't fully understand it, but here's what I understand... is that. you know, some of the predictions in QAnon came true. I mean it, it's a sophisticated thing. It's not just, oh, I think it's A bunch of X spooks.

for sure. It's not a, you know, a bunch of college kids. no. 4chan or whatever they claim it was. These are guys who are probably pissed that the system went bad. it with. The point of it and it's unclear, you know, who's behind it. I have some theories, but. people I know actually, but, but I don't know if they're true... But what I, what is obvious to me is that it was, it's a control mechanism. trying to siphon off some of that energy and move it in a. siphoning off the energy that's exactly.

less dangerous direction. Right. Focus on Wuhan. Right. Focus on the lab and Wuhan. That's siphoning. It's all American politics. Like... have a race war. Leave us alone as we loot your country. That's right... It's it. There's a meme out there, there's a joke where the king and his, his right hand man, his chief of staff. are looking at the angry townspeople. Some have pitchforks and some have torches. And the king says, don't you have to worry... You just convince the guys with the pitchforks are the enemies. of the guys with the torches.

So you said that a couple times. Focus on Wuhan. I've, I've fallen for that, for that squirrel. Squirrel. Wuhan... thing. Why? a blind nut finds the squirrel. That's funny. That's a real. I'm stealing that. Making, making a note. That's an original... I never know if I heard it and forgot where I got it. But that, that's an original. It's the squirrel. What is that?

Distraction. I think it is great. You put me in an asylum. overnight. In an asylum overnight. Yeah, yeah. My, my, my hotel's a former asylum. Is it really? Yeah. You didn't ask. Oh yeah. no. It's a former asylum. I said. You finally got it right. Well, I think there's, there's wisdom here. There is wisdom here. What are they distracting us from by having us focus on Wuhan? Well, huge amounts of grift. You had. You interviewed. Katherine Austin Fitz. yes. I've been blessed.

A smart woman. So I come out of nowhere. I have no credentials. beyond those that. I can create. Right. And I think one of the ways you created is by... being truthful. Yes. And I know truth is everything to you. I, I, I try to make it that. And, and. and, and actually in this book, the Moral Animal, they say the reason we self dilute is so that you can, can be truthful and deceive your opponent. That's what self delusion is.

And, and. I practiced a lot of that. I've been adopted by some people who didn't have to adopt me... And so for example, I'm. tight with Steve Hanke, who's a famous economist. And, and Catherine... has been very supportive. And, and, and. there's several, dozens. who, who somehow have decided. that, that I'm worth their time. and, and, and help me... And, and so they're, they're useful to chat with.

They're useful to. But, but Catherine's story. And a lot of people think Catherine's nuts. But, but she talks about the huge amount of. resources that have been siphoned off in the tens of trillions. of dollars of resources that have been. I know Catherine Austin Fitz... You can disagree with her. She's not nuts. That's not true. She's not what? Oh, no, I don't think she is nuts. That's right. No, no. nuts She's a grounded person. She could have things wrong. but thats Totally different. 100%.

And I had a friend, another friend who I think is phenomenal. Tell me that she's nuts and... don't, don't, don't get nearer. And I said no, I don't think so. And, and. but we all can get sucked down into the rabbit hole to the. point you can get out too. There are days where I wish. Why don't you just go play golf? yeah. Or. Yeah. Right now I'm on a. My house is hanging off 100 foot cliff looking west over Keuka Lake... I can literally throw rotten fruit off my deck and drop it down into the drink from.

I'll show afterwards. I'll show you photos. It's. The view is such, that if there are places in the country where the view would cost $20 million. Not Ithaca, of course. and... if people come and visit. they should. It's beautiful. I can't remember why I said that. That's probably. You're saying that. people. dismiss. you know, the, the, the few who are just committed to pursuing truth,

no matter what, as crazy. And you gave Katherine Austin Fitz as an example. And. But you said. you can actually go crazy. Oh, yeah. By looking too carefully into what actually happens. So the lake I'm on, turns out. broke the small New York State smallmouth bass record about three years ago. Broke the New York State largemouth bass record last year. And I used to fish all the time when I was a kid and I haven't fished it. What's wrong with this picture? Well, if you got smallmouth bass there, I think you need to fish it. On a fly rod. It'll totally change your life.

It's not a fly rod. It's a deep lake. It's a. But you can catch them on the surface with a popper. And if you do, if you catch a sizable smallmouth on a popper and a fly rod. I'm a 18 foot deep shoal guy. Sinking line. But. But. So, you know, my wife thought that I had fish removed from my thumbs because she never. saw a picture of me that didn't have a fish hanging off my, my hand. But I haven't fished it. Because. you're absorbed in trying to figure whats happening. I'm absorbed in raising kids. I'm absorbed in other things. My wife has issues I got to help her with. And, and,

and. I, I have this fear of buying a boat. But you. as someone who has taken, you know, ample intellectual energy and. intelligence and focused it on trying to figure out what are we watching? Which I think is like. a fair way to describe what you're doing. Like, what is this? What's the truth of it? Has that been worth doing? That's the question. That is the question. And, and.

there was a time where I thought if I could get to the truth, then. then that would help in some way, but now it's not as clear. Tell me what. Well, you Know now. first of all what is the truth? Right. The truth is now becoming very ambiguous. Last year I wrote about the history of World War II. I did a mini Daryl Cooper. yes. And it started when I read a book by Diana west who would. be good if you interviewed her. and it was, it's this all.

revisionist history of World War II. And you go well... why would you want to read that? Well it turns out I think the story we got about World War II is all wrong. I think that's right. And, and then I read about FDR and FDR's right hand man was a Soviet spy. Right. And, and they're.. Certainly was. confirmed, confirmed. We should have been... one can make the argument we should have sided with Hitler and fought Stalin. Patton said that so, and, and maybe there wouldn't have been a Holocaust. Right. You know there's a, the but, but the, the but Stalin was awful by any metric and we,

we, we weren't his ally. The story is that there were a few missing. American soldiers at the end of World War II in Russian territory. 15 to 20,000... were missing and we left them there. And then you read about Pearl Harbor. We all sort of know the Pearl harbor stories now what we're told. But I dug into that and you find out the. we knew to the morning that Pearl harbor was going to get attacked. Stalin. of course. It was going to be attacked. He wanted us to take the Japanese off his flank. And,

and FDR's right hand man was okay with that because he was a Soviet spy. Right. Then I read about FDR and the Great Depression. Find out that every single penny he spent trying to help the, the forgot Amity shlays the forgotten man was spent to buy votes. Every last penny. He was a sociopath. and every, the only thing he could do was lie. He was a compulsive liar. His, his inner circle had to constantly cover for his lying. and, and, and, and, and the only thing he's used for now is every time you want to. grow government you cite FDR and, and...

so, so I, I read a half a dozen books that sort of went at these different. angles and wrote about it. So I start out knowing nothing and then I write about it. and I try to write to learn. Which is the most terrifying part of AI by the way. If you take out the writing you take out, you take out the thought. completely agree. The other thing that scares me about it, AI is going to make the system very unforgivingly brittle.

I'm not worried as much about the authoritarian. slant that Elon occasionally talks about, which might be just to fake us out. Who knows? I am worried that we're going to reach a point where, you know, when everything, Everything computer does is binary. So you go to the grocery store, you slip your credit card in, it says. you're good to go, or didn't work. Swipe it again, didn't work. Sorry, you're out of here. Right. They debank people. This is a big problem. What happens when everything is so AI that, that, that there's no person anywhere within earshot who can help you.

at all?.. No one who can say, okay, let me, Let me get this for you. There's been a misunderstanding or there's. Some sort of human nuance required. it Happened on the other day on a credit card where I was talking to lady and. it kept sending me in these loops and she finally straightened out. But what happens when the code is being written by computers?.. So there's no human who understands the code. So the system will be very brittle, be very unforgiving. Forget about whether it's used nefariously, Forget about whether someone uses it as an authoritarian tool,

which is very real possibility. And I worry about that a lot. Just the fact that no one will know who's driving the cab, ever, on anything. And. also now you're taking out the intellectual part. So when I write. When you write, when I write a scientific paper, the project's not done until I've written it, because that's where you, you, you lay it out. And if you can't put it on paper. coherently with no. internal contradictions, you're not done. You're not done understanding it.

You're not done understanding... the writing is understanding. I... So I think people who don't write for a living or aren't forced to. write regularly don't understand. This concept is a hard one. But the. It's through writing, or I would also say speaking, you know, public speaking, that. putting... concepts into words. makes the concepts intelligible to the person who's articulating them. Like, you don't really understand something until you've been. forced to write about it. It's like a comedy shop.

You go, you know, the great comedians will go down to the cheapo comedy shops. to practice. to figure out what works, what doesn't work. Right. And then they go on Johnny Carson. exactly. And so. So. when there's no writing, there's no thinking, right? So I read about. Maui, the fires. I wrote about that. very clearly. A land grab. you may remember how many kids died. Do you remember the USA article said 750 kids are missing?

yup. Right. no. Okay... When a kid's missing after something like that, they're dead, but they're not missing, they're dead. Maybe a couple found their way, someone drove them out of town, but they're dead. Try to find anywhere statement about dead kids. Now you can't find it. You go to Wikipedia, you, you. search the word child, you search the word, you read it. There's no mention of dead children. There were 750 kids missing according to USA Today. Then all of a sudden the governor saying, well, you know,

we're worried about land speculators so we're going to buy the land up so. that the speculators can't get it. And I go, so you can sell it to your friends. Right... Is it possible maybe they mowed down... Lahaina because. they want to put up resorts... and things? Right. But what also. was out there was this idea of directed energy weapons starting the fires. Now... I think that was a dead end. I don't think directed energy weapons were used. Even though there's a, it's, they're called DWs.

Even though there's a DW facility on Maui, you don't need that. And there were videos. I go, I think those are fake... So I found nothing. But I used it as an excuse. to read up on DWS. And I was reading Rand reports from 40 years ago and, and. what is A directed energy weapon? It's basically Star Wars. And so it's Reagan Star Wars. And everyone said, oh, that's just science fiction. I go, well, Gorbachev seemed to want to get rid of them... every chance he got.

So Gorbachev took him very seriously... So it turns out what you do is you put something in space, then it shoots some sort of energy, guided energy down to the surface of the earth. And it could. The different frequencies have different. efficacies. And so some are really good at. hitting a target, some broaden out. Like microwaves are different than. some sort of ultraviolet... laser. I'm not very good at this stuff. And then I started reading about how what they do is they use a pulse of one. laser to punch a hole through the atmosphere and then the second.

pulse would go through that hole. I mean, it's really clever stuff. This is 40 year old rand reports. What do they have... behind the paywall. 40 years later? Now the best, I think evidence of a DEW being used... And I was reading about fires in different places where. trees were burning that shouldn't have burned and cars... that there were. There's. I wrote about it if someone wants to go read it. That was. a couple years ago.

The best evidence of a DEW. So if you've got these, you got to test them. Right. It's like... why you need. Need. Why you need, you know, bioweapons labs in Ukraine. You got to test them. You can't use lab rats. You look at the Quebec fires. Satellite imagery of the Quebec fires. Very mysterious. About 26ish fires started... simultaneously. How do you know some? Well, if a fire starts and then another one starts,

it'll be downwind, so you'll see. It'll look like the Hawaiian islands. right. Boom. All at once. 26 fires. in a crudely buckshot pattern. There was 350 miles in diameter. Boy, that's a determined arsonist. Or at least 26 of them. Yeah. With. In the middle of nowhere. Yeah. With helicopter.

I mean there are no roads, so. But, but no, a cell phone can't do it. You know, nothing. Right. They're in the middle of nowhere and all of a sudden. simultaneously. And I'm going, okay, that probably. was them testing out their weapons. And we have a lot of wars to test weapons, Right. So you, so your, your basic overarching theory is. around 2014, 15, it became clear. to the people running the world. that you can't keep information...

under wraps anymore because the Internet is impossible to control. And. so you had to flood. Flood people's brains with extraneous and misleading information... and shut down people. They booted the President of the United States off Twitter? yeah. How is that possible? Because he was a racist. Shut up Racist. That's what they told me. He was a racist. Right. You know,

so many, something like 70,000 got booted off Twitter. My sister in law who's. She had a Twitter feed, she can't get it back. You know that somehow I don't know. what was her crime? She must have said something favorable by Trump or something. I don't know. So, but the control of information. the shaping of people's understandings of the world around them, that's. That's the whole game right there. So I used to say the Internet was. democracy's greatest hope and worst enemy.

and that it was a battle. I don't think we're going to win it. And the reason I don't is because it's too powerful. And so whoever has control of it. will then have that power. So it's only a battle for who gets control of it. Control of information, control the digital world. So if you see voices out there dissenting from. I hear voices.

If you, if you see, if you see or hear. voices that are dissenting from the official storyline, they're going to have to be silenced or eliminated. I mean, well, look at what happened. Look at the ambushes that occurred when. Thomas Massie, who I think is great... Rand Paul, who I think has matured immensely, and... who was the third. Republican who... stepped away from the narrative... And all of a sudden the attacks were relentless.

Now that could just be Trump being Trump. It wasn't just Trump attacking them, though. I know. Marjorie. Marjorie Taylor Greene, who, by the way, is nowhere near as stupid. I mean, she's not even stupid. She ran a construction company. Oh, I know. Oh, I know. And her. She just doesn't have whatever that normal. The, the fear that controls people in D.C. we're like, I can't. But how do you turn on Thomas Massie? Marjorie Taylor Greene at least played a role in Kayfabe that. you can imagine drawing fire.

Massey's this guy, you know, who, who built his own house and fixes his own car. And... he's, he's an engineer. He's, he's, he's, he, he's the, he's an archetype of who we ought to be. as a country. As a country. I... so vehemently agree. And they turned on him. Yeah, well, I haven't. We know why they turned on him. Texted with him this morning. No, I, I mean, you know,

you could say I disagree with, with Thomas Massie, but if you think Thomas Massie is the problem, you are the problem. I couldn't agree more. I couldn't agree more. Just because, first of all, he's a decent man, which always... matters to me, and I think it should matter to all of us. I. You could, you know, give Thomas Massie a routing number, and he's not going to take a dollar. He's just not... He's not gonna. He's the only one without a handler. That's true. And, and I think we should admire that. Even if you think that all members of Congress should be. required to have handlers. It's okay to live in a world where one doesn't...

That's that what I find. whats not okay to live in a world where everyone else does. No, I agree with you, but I just find what's so interesting. And there's a religious quality to all of these conversations. that... I find so striking. It's like, it's okay if you have. you know, all this power, all this money, if you're running the U.S. Government or whoever you are, with a lot of power, you know, you can afford to have some percentage of the population not play along. You don't need... It doesn't need to be an Albanian election in 1982.

Like, you can have... some dissent. Unless you're an authoritarian state. I guess that's right. I mean, but even in an effective authoritarian state in Saudi Arabia, in the Emirates, these are, you know, basically theocracies. They don't. They don't agree with that, but they, you know, these are Islamic states. Under Sharia law, you can kind of dissent. It's okay. You just can't do anything really threatening. Of course. But more dissent is allowed... in Abu dhabi than in D.C. i just find that just absolutely incredible.

Like, what is this? Why. Why can't they allow Thomas Massie to just, like, have his own Massey views? He's a vote. He's a vote. Okay. You got hundreds of others. Like, I, I just think it's weird. There's this... desire to make sure that. nobody. sings off the song sheet. Like, and that person must be killed. And I. Wow. I just. I don't enforce that among my own children. So. Do you know what I'm talking about?

Yeah, no, I absolutely know. We used to allow opposing views. it's bizzaro. yeah I mean, look, if someone. is really a threat to the system, well, I think that should be allowed personally, because the people.. Depends on in what way. But. in what way. I have a very wide strike zone for that. But I get it. If the system is like, I'm sorry, you're an actual threat, we have to kill you. Okay. Systems exist to preserve themselves. I understand that. What I really can't even comprehend is. someone out there in a place I've never been and never will go among.

350 million people is making a noise that I disagree with. I must crush... him. What is that? That's just weird to me. Why are you going to the effort... to shut down... all dissent? I. I don't know. But. But it's. That's, That's. That's what's happening. Oh, I know. Not to swing the topic yet again. Let me. Let me get back to the universities. People don't understand... universities. There are people who do, obviously, but they're.

The average person doesn't. So. people are going to say, I'm talking about my book. Let me explain. Let me take this opportunity with your. gargantuan following to explain how universities work. so that. Well, let me just say before you begin that I'm amazed by the broadness of your thinking. Right or wrong, you're certainly. thinking. thoughts that most people don't allow themselves to think. And you are a tenured professor at an Ivy League college and. you still have your job, apparently.

So that does say something. It would be hard to fire me. apparently. I mean, part, part of the problem. One of the reasons I got cancelled is because I twice fought unionizations. yeah. And the first time was at the request of the dean of faculty. Second time was at the request of the provost of Late night phone call. You got to fight this. You got to put together a team. And that's the now president. And so if they fired me, that, that, that group was sort of behind my cancellation. So firing me would have been hard because, you know, you know, witness number one would be, did you ask column to,

to fight the unions and did that lead to, you know, them canceling him and stuff like that? I really think Cornell's great. I think most universities are fine. We needed a fastball past our chin. Great example. Claudine Gay shouldn't be president of Harvard, shouldn't be on the faculty, shouldn't have a PhD. In my opinion, that is the sign of the rot that has gotten into the universities, but that. it's still an exceptional rot. So I,

I don't see people at Cornell that look like Clauding Gay to me... And, and if you actually look in the, the whole DEI thing, you say, well, universities are super duper dei. And I go. you guys are forgetting that a year ago or two years ago, if you weren't dei, you got destroyed. The whole system was geared up to make sure you paid dearly if you weren't dei. So you had to have your deans of diversity and you, you, the, the, the world was demanding it. And don't forget this is a world where.

biological men were. competing in women's sports. They still kind of are, but at least it's now starting to dissipate. And that was considered totally normal and was considered rational. And if you fought it, you get fired and things like that... So the universities were. simply responding. Now... they'd gotten way left wing. My colleagues were all hired. all hired based on their skills. Guaranteed. I'd remember a case if it was a DEI hire. I remember a case...

I would have fought it. I would have screamed. I don't shut up on things like that... We try to find the best person in the world to hire and we. go for that person if we can. And we do pretty well. And so if you were on a campus, you wouldn't see. what we're hearing about. I don't think you'd walk around the campus. You go, everything just looks pretty normal. So you're... the hardest of the hard sciences, though. Do you think that. that's the problem? If I walked over the art squad, I'd see some Looney Tunes.

Right And we're, we're now to start. The cost of an education. is too high... to waste it. And so if you're going to spend $300,000, you can't, you can't. go into a career that you make 40,000. or that you make 25 because you're a barista. Yeah, right. It's just, just no longer even viable. So you have to... So colleges... If I were president of Cornell, I put together an elite committee of people I absolutely trusted and say.

you guys are, are in charge of trying to figure out where we should be in 20. years and how to get there. Because, because we can't be here in 20 years. It's not going to work. Arts and sciences and this whole idea of this broadly based education... was. formed prior to the cost and was formed. when, when wealthy people went to college. So you could be frivolous if you want, and, and, and, and getting a sheepskin. could get you onto Wall street and be the lead analyst for all the dot coms,

Henry Blodgett style. Right. of course. Those days are gone. And so colleges are going to have to tighten up. But, but my colleagues are, I would say on average... out of 20, out of 30 colleagues, I'll say maybe... I think 27 of them are left of center. and I can't explain why... now when I talk to them are totally rational people, totally reasonable people. The way it works as a chemist is you are an entrepreneur.

You get a job, they give you startup money to get started. You have to then go raise money. Funding rates are ballpark. Maybe 15%... of the people get funded. By the way, the ones who never get funded, they've dropped off. So that 15% is people still trying. And I'm going to brag I put 21 in a row successfully. do the math on that. That's, that's improbable. But my colleagues are constantly battling. They're putting together this program, they're running research groups of anywhere from 5 to 30.

No one pays for that, they raise the money from the federal system. You say, well, the Fed shouldn't pay the money. Well, years and years ago, we decided the way to run a research... program in the United States. was through universities and federal grants, was a Sputnik thing there's other ways to do it... But we set up that system. And if you look at all the startup companies around the country and. all the pharmaceutical agents, they all, you can trace their origins back to academic labs.

Pfizer discovers far fewer drugs. than they buy... from some small startup that came out of some biochemistry department or. some medical school or something. And so, so, so the academic research area is, is the foundation level starting point. I have a number of friends who are worth a fortune because they patented something. and that's actually good... because it would be neutered. and not even usable by the free market if it didn't have the patent coverage.

And so it made sense... So, so it puts an incentive system in there, right? Cornell gets some, the investigator gets some, the department gets some, and the world gets a new drug. It's not a crazy system. Now there's other ways to do it, but that's not how we do it. And we produce the best science... So it worked. Now, the problem. is. that Trump threw a fastball past our chin and we deserved it. We absolutely deserved it.

So he's saying, look, get rid of the, the guys in sports, which Penn did with Leah Thomas. You know, get rid of the dei, which a lot of schools are, are trying to, and at the same time ducking, you know, naming them by different things... But, but the fastball was needed. The problem is... he, he, as you said at breakfast. it was the social. stuff. that Trump was going after... But you don't go after the social stuff with social stuff. You go after it by going after the money,

right? So Harvard's locked down for $9 billion... of research funds. And my understanding is it's still locked down, down... Cornell's locked down for over a billion. Harvard was getting 9 billion from the feds for research. And it's on hold. And it's on hold... And the word cancel versus frozen, I, I, I was trying to figure it out. Colombia, I thought it was a cancel. Columbia got crushed. And then Columbia put out a memo that said cancelled. Now,

I don't know if that's because it's been canceled, but. my, my understanding is... the money's not flowing. Now, the problem is, as a trustee said to me, you know, if this goes into 2026, we're in a world of trouble. I said, if this goes into... August, we're in a world of trouble. I've got... colleagues with 15 person research groups that are all funded... by these federal grants. And they do good science. They do good science. There's probably some crap in the humanities, but they suck about $10,000 of.

grant money out of the system to do that stupid thing. I don't know, and I don't even know if it's stupid. And... there's no mech. So now if, if you're getting your PhD, there's no one who can give you a postdoc. That's the next step. That step's broken. So the system right now is online, it's flatlined. And, and... I, I... really wish they gotten rid of usaid. And you told me they did, they just moved it. Well, that's a problem. But, but I think, I think the academic research system was working.

I think part of the problem from a civilian perspective are the endowments. Now let me explain the endowments. So for, let me just. complete the thought by saying. it's the no tax part... that I think drives some of us. to want to sort of storm the campus with guns because that's, you know, everyone's getting, I mean, the private equity guys are taking all their income as interest, so they're paying half the rate. But for a normal person, you know, you're paying over half of everything you make to the government.

and it's being spent on nonsense. or, or given to Ukraine... And. then there are these giant hedge funds... called university endowments that aren't paying any taxes. And I think that can really drive people bonkers, including me. Well, I understand. there are some subtleties of endowments... Again, it's not to say that you're not 100% Correct. But, but I at least want to say to your listeners, so they understand... what they're complaining about. out. First and foremost.

there supposedly are rules where the universities are not supposed to be. competing with the private sector. So, and, and they, they. get around those... But if Cornell builds. housing, is making money off the housing in town, that kind of breaks the rule, right? But they build dorms. and you know, things like that. So you're right about that. The endowments are. a, are a funny game, first and foremost. I looked this up... last week.

Approximately 50% of all endowment spin off. So it spins off at revenue. And Harvard's has been collecting since 1656. 50% of the money spun off goes to financial. aid. which means making. college more affordable, admittedly. Not very affordable for a lot of people, but making it more affordable. So, so, so half of the money being spun off is going right back.

to education. of the students. Another. 20% qualities for academic programs, which means paying for things. that that would have have to be paid for or we'd have to do without... And I would argue we got bloated. So there's things we should have done without. If you looked at the dining program now compared to what we they have now, it's really unbelievable. I'm not against good food, against DEI administrators and administrators in general. A college should be focused on... professors. I agree with that. And that's where we should have gotten the fastball past.

So any of these schools have more. tenured professors than they do administrators? I don't think so. The administrative bloat... is a combination of all the problems that drive you nuts. and the fact that... the interactions between the university... and. the feds and the states. has gotten more complicated. Right. So, so for example. you need way more bean counters. and grant writers and. Well, no, grant writers are me. They're us. The, the grants are being written by the faculty.

Again, the DEI, Michigan's DEI payroll... is. Was 93 million last time I read about it. That's a lot of money. Right?.. But, but, but, but just when you get a federal grant, there's so many things you have to do. Used to they ran it out of a shoe box. Here's your check. You know, that's what. It's no longer like that. you now it reached the absurd point where you're supposed to make statements about. how you're going to save the whales and donate organs to Guatemalan.

orphans and things like that. And I think Trump's going to successfully get a lot of that crap out of there. He would save Cornell a fortune if he could get rid of all of. DEI Now. I do think the original idea of affirmative action makes sense. It basically said go find people who are being missed. Look into the dusty corners where you normally don't look. and see if you find talent. Right... There's a famous chemist named Henry Gilman. I thought the SAT was designed to do that.

No, the, it turns out the SAT. has problems now. And the reason it has problems is because. when Kaplan got a hold of it. the and they, they, they for profit. it coach kids on how to do well. And then. they made it such that the SAT could be taking three times and you get. to use only the one you like. All of a sudden the cost. of maximizing your score on the SAT. became prohibitive.

And so it's a legitimate argument that someone coming out of the hood. Cannot take the Kaplan course and take the SAT. right. But you shouldn't get rid of it. You should just be aware of what it's telling you. Would it be possible... to design. a corruption free. screen. for intelligence and... you know, initiative. Shut up, racist. No, but I mean, so the idea was that the SAT was supposed to.

democratize education... We're just going to locate it. and Discover kids who've got double eight hundreds who you wouldn't have spotted. Right. Exactly. And. actually. have a child who got an 800... couldn't get into college. So. So clearly it's like the system has gotten so corrupt. So, but, but the idea... in Kaplan, you said corrupted it as well. Well, it, it that it, it kind of corrupted the sat. So now the gre, which is the next level, is nowhere near as corrupted because by then the students don't give a damn. Right, that's what I'm saying.

I'll take the GRE and they, so it's, it's more legit. But is there, I mean, but the idea that of a colorblind. class, blind, pure, you know, meritocracy test, it's, I mean, why give up on that? Here's what I think we should do. I was graduate. I was a graduate director of graduate studies which, which involved... admission into our grad program. for seven years... Record. the only guy who held the four administrative positions in.

the chemistry department... So. that's pretty good for being the chemistry douchebag. And, and you learn about things. And I read undergraduate admissions on purpose for a number of years because, and, and you read region, so I might read Manhattan, for example... And you learn about who's applying and stuff like that. And what, what I think you want to look for is a system where you see. evidence that a kid overcame something. And it's not about color, although you could say non statistically it's about color.

Right. But a kid from the ozarks, you know, J.D. vance. who, I find his origin story a little suspicious, I must admit. But, but, but so we had a kid who... applied and everything was sunshines and skittles rainbows in his application. And one of his letter writers said his mother died here, his father died here, he was raised by his neighbors, you know, and I'm going, and he didn't mention it. I hope you let him in. Oh my God, yes.

You give me, in graduate admissions, I see some kid from Stanford with A. I see some kid from Stanford with 3.0. I didn't take them... because a 3.0. is a kid who accepted a 3.0. You show me. I'll take a 4.0. from St. Mary's College of the Divinity, because that kid said, here's the. They said, here's the highest you can get to. That kid got there, right? MIT kids with lousy GPAs or lousy grad students. even though they're smarter than hell, but they're cocky.

now. it turns out you show me a kid from Stanford with a 3.0 played football, I take the kid in a heartbeat. You show me a kid from Stanford who, Who, who, who is a 3.0 who was in, you know, who's, you know, brilliant... violinist. I'll take that kid. Here's my son. My son applies to Cornell for reasons, you know, he was going to get. in. but his resume. I. I had one son who was underachiever. as a kid,

who's now phenomenal, and the one who is a super achiever. was super achieving. And we didn't push him. because it was a pain in the ass. We were driving all the time. All. State orchestra, first violin. gold medalist and the eight state regional gymnastics champion. fifth in the nation. Equestrian. played lacrosse. Got a resume better than that.

So here's what happened... My. older son, who could care less about school. just nothing. His teacher, all like. sweet kid, no attention... At one point I said to a teacher, said, the only kids he's beaten are crack babies. And she kind of blew a snap bubble and then said, yeah. he's now phenomenally successful. He's a super dad. I'm so proud of the level of dadness that he is. He's the director of event management... at the Council on Foreign Relations.

After being the most underwhelming kid in high school, he grew up, he climbed Mount Stupid a little bit late. And fortunately, he was in a family that could help him get over it when the time came. The thing that, that we get credit for is not breaking him. Is not. Is not. forcing him into a mold that didn't fit. You know who he is. You know the book Ferdinand the Bull? Of course. Child story. Yeah. That book wasn't for kids. That was for the parents. That was telling the parents, your kid is Ferdinand maybe.

My other one was Mike Mulligan. Steam shovel. Yeah. right. Faster. the. The more people watch, the faster he went. it. Ironically, the overachiever got to Cornell and got lost. The. The underachiever got... Just grew nicely in college. And now the. The younger one is now a professional. after trying cubicle farming and all that crap that you get by being a business. major at Cornell hotel school.

He's a professional violinist in Boston. Better outcome. Better outcome. Bank of Dad is important because violinists in Boston don't. make a lot of money. well speaking off. but I'm happy to support it because. it's his soul. You know why he's a professor? You want neurobiology. My wife was flat on her back when she was pregnant. She put headphones against her stomach and played classical. music when he was in the womb. I know... prenatal development's important... By the time he's three years old, his friends are singing B I N G O and he's listening to orchestra pieces.

And he. He'd say, I like this part right here. And you'd hear the second violins come in there. And he'd go, go right there. I like that. And I'm going, holy... This kid's got an ear. He has an ear like you. He developed an ear. from the womb. So don't do that to your womb. You'll have a musician in your family if you do that. So I want to ask you. here, since you mentioned the struggle. you know, the triumph, but also the struggle to pay for it,

because the economy doesn't support. young people very well. since you did call the financial collapse. of 2008. It sounds like. in 2002. In 2002... So you couldn't short. You couldn't get rich shorting anything. I. I shorted twice. And it's shortings for fools and pros. And the Venn diagram of those two is... almost that. That's exactly right. They're both. I know both. Yeah. Where are we now? We're in a catastrophic situation.

Catastrophe seems strong. Yeah, Well, I think you can make arguments. The economy has a lot of problems. And... there's a paradoxical problem with the economy, and that is you can go up to any seven eleven, and they can't hire. There's help wanted ad. So it looks like an economy. burning hot. But if you look at the high end, there's layoffs going everywhere. So there's foreshadowing. of real trouble coming, So.

college graduates, even Ivy League graduates, humanities graduates, not engineers or chemists. But, you know, the mark, the business guy or whatever, they're having trouble getting jobs. The kind that they're trained for, certainly. Yeah, but they're just. I mean, I know a bunch of them and. But you see it in the numbers. Educated 22 year olds are having trouble getting jobs, but seven eleven can't hire. So what, what is that? right. Well, so this is a normal sort of, It's a distorted version of, of... I think a recession coming or in. Now where it gets complicated is if you don't believe the inflation numbers,

which I don't. And you've got chapwood index and shadow stats that give inflation. numbers that are probably on average. 6 or 7% higher than the official numbers. The official numbers are corrupted. and I don't want to go into it because it's technical. but the CPI is, the CPI is crap. Right, I agree with that. Now here's the problem. If the economy's been growing 2 and a half percent... and the inflation numbers are underestimated by 4. means we've been in a recession the whole way.

Yeah, Moving backwards. We're moving backward. And you say, well that can't happen. The recessions last, you know, two quarters or whatever. And I go, no, the British Empire was in a recession for a century. Right. They just shrunk and shrunk and shrunk. and so, so no, you can be in, you can, you can be in a slow decline. So, so, but that's not what we're, that's not The catastrophe. Recession means decline. Yeah, actually I, I think it's a stupid word because. it's like. You play golf. No. Well, if you play golf and you, you go down into the sand trap.

according to the definition of a recession, once you start climbing out, you're out. You ask a golfer if he's out of the sand trap because he's on. the upslope of the trap... He's not. no. So the fact that your economy is now growing again, if it's coming out of a hole, as far as I'm concerned, you're not out until you, you've gotten past that previous. period. So you're a par. Yeah. So you're at par right... now. That's not the catastrophe because they happen all the time. And we've been able to either cover them or fake them or.

prevent them through. very bad monetary, monetary policy. Right. And. what's bad. pumping the stock market is just stupid. But, but you know, private equity buys, private equity. buys. has bought up 80% of the hospitals, the health care. And what they do is they go in and they, they, they buy. some. organization. they. strip it of its assets, they load it with debt,

they pay themselves huge fees and bonuses. and then they sell the shell of a company which is now effectively worthless. into the marketplace. Like to pension funds. who are not smart enough to recognize that they just bought a piece of crap. And according to. gretchen morgenson 47%. bankruptcy rate now. post sale? post sale. Now as long as.

it's profitable. to buy up viable companies, destroy them, sell the shell and make money. monitor money's too loose. Precious capital. if capital is, is of real value... do. it's a moat. So good businessman can get capital, bad businessman can't. The fact that BlackRock could get. get... buy. single family dwellings, which is a terrible business.

You really can't make money unless you can. Unless there's a housing boom and you leverage up... to hell. the fact that they could get it for. at an interest rate of 0.15%. It's a highly flawed system... And that's where the inventory went after... 07 09. It got bought up by these guys who could lever up and then charge rents. to people. So they basically scoop scooped up the Housing market now. with free, with free money.

With free money. Kind of free money. Unlike you know, credit cards which are 25%. And that's just free. I mean if once you factor in Inflation. it's, it's a gift. Yeah, it's, it's, it's, it's, it's profitable money. Literally just taking the loan is profitable... You don't have to do anything with it. Right. yeah. So, so here, here's what happened. Somehow. the market has ceased to respond. And the reason the market's important. is because.

is because of the wealth effect. And that is that if you own equities, you own a house and they're soaring in price. your spending habits change. You, you, you. I'm having a great year, for example. So when the bank of dad. has to provide some liquidity to the children, I feel okay about it. The, the problem is, is that. it's a false wealth. It's not real wealth, it's a false wealth...

So what happened? I'm getting tired of seeing these. I see four year plots of the equity market and they make various comparisons. I go, don't go back four years, don't go back 40 years, go back 120 years. So I follow about. 25 metrics of valuation. Valuation... is inherently a price of the market relative to something it ought to track. whether it's the earnings, the revenues, the book value.

I think called Tobin's Q. the gdp, which is a fictional number as I've heard you recently. say. But I follow about 25 of them. So you can kind of track whether the markets have gotten expensive relative. to the thing it ought to track. now. Around 1981, the markets were at the cheapest valuation... arguably in history. Inflation was scaring everyone, which is why they were cheap.

It turns out that the boomers were just hitting. the workforce... So demographics was a huge tailwind starting around that. then. And... most economists agree demographics is huge. Now, I'm disingenuous in that I quote... economists selectively... in the next sentence, I'll probably say something... horrible about them. And so I'm obviously cherry picking my data. But economists like demographics. So the boomers hit the workplace. So it was almost guaranteed. I think Reagan was not important. I think.

I think he did some very important things. But I think whoever got to be president was going to be. at the beginning of a boom. It turns out that. China was coming out of the dark ages. They started. selling labor... at slave wages... They were so desperate for capital when they sent. their leader. Don't make me pronounce his name. To the United nations when he first started opening up. Is it Deng Xiaoping?

Yes. And. they had to scrounge to get the money to send them... I mean, they really didn't have any foreign capital. And so I remember when China. said, we're going to let our workers. keep some of their profits. And it's like, whoa. Russia had... Soviet Union hadn't collapsed, but they were in trouble. So they were obviously cranking a resource base as hard as they could. And we had our guys in there helping them and stuff like that. And interest rates were at all time highs.

And if you read a 1999 article by Buffett, who I think is. a hoser, I think he's much more of a stock jobber, much more of a conniver than he is. He loves to be the, the Mafia don walking around in a bathrobe saying, I'm harmless... He is not harmless. When, when, when, when we're in a bottom. He breaks all sorts of laws. They do all sorts of insider crap to bail the system out. But he pretends to, just like Dairy Queen and Coca Cola. Whatever,

He wrote an article in 99 that said you want to understand secular big long. bull versus bear markets. It's all interest rates. He said it's not GDP. Said from 67 to 81, everything sucked. It treaded water. not accounting for inflation. And the markets dropped 75% accounting for inflation. So it was a horrible period. He said the GDP grew faster. during that period than from 81 to 99. But interest rates from 67 to 81 went up. monotonically... From 81 to 99 they went down.

yeah a lot. So we started in 81 with interest rates in the high teens. and over the next 40 years they dropped to zero. That. is... absolutely the story. So when interest rates are dropping, risk assets go up. Because they're competing against and as they get cheaper, of course. so bottom line is. that. we just enjoyed 40 year recency bias. yup. Can you just explain that principle right there?

You said as interest rates drop, risk assets go up. Or are you going to buy shares of a stock that by the way has treated you like. crap over the previous 14 years?.. Or a bond that pays you 17%. Right. right. So the bonds become less, the fixed income become less and less attractive steadily for 40 years. Now. take the case Shiller PE. Which is, which is just one of the metrics, but I happen to like it. It's a kind of an averaged. earnings price earnings ratio... It also doesn't allow you to cheat because it doesn't use.

the immediate... and forward. PEs are stupid. But case your averages. So, so I like it. If you take the case Shiller from Nine from 1880 to 1990. it just channels, it just, it's a valuation metric and it just goes up and down and up and down. And that's what it should do. It, it responds to things, but it stays in a channel. It's flat... Valuation. metrics shouldn't trend. They should trend for a while, but then they should regress to the mean. Unless you can someone can give me an argument why they should trend.

And I don't think there is one. And I've tried to find one. And then in 1990. they just kind of started to take off. and the Case Shiller. So the case Shiller PE. The case Shiller PE averaged around. 12, 13%. for 110 years. Then around 1990, oddly, 1994 in every metric is when things left. I think it was because of a bond problem or something. I haven't been able to quite figure out why. But the valuations went up. Now here's the problem with valuations going up.

and now they're astronomical. So the casual PE will be averaged 13, which meant it was priced to return about. 8% a year. Right. If you think of it as a gas station. and you're paying, you know, 13 to 1 earnings, you're getting about 8%. And, and, and it keeps pumping gas. Every year you get about 13%. It is now 38. It's way above.

where it should be. It's a factor of 3, 200%. Now, if you assume it's never going to regress to the mean. Now you're accepting, crudely speaking, a 2.5% return, not an 8. Now, if you're okay with two and a half percent, that's fine. But by the way, most pensioners, most boomers are not planning on 2.5%. no They're not. right now, if it regresses to the mean, it's a 70% correction. Assuming. If it's fast,

assuming. nothing else changes, no damage to the economy. You know, all the bad things that happen when you lose 70% off the equity market. which is a questionable assumption. Another way to think about it, which I think is... much clearer. is if you say, look, we'll just grow our way. I think it go up or down or up and down. You don't worry about the path. You say, if we grow 2.5% a year, which I just questioned as being valid, but let's assume it's valid, solid.

If we grow two and a half percent a. year. to get back to historical average of 13, we'll take 45 years. Now, here's the thing. I made no assumptions about good news, bad news. I assumed it's coming like the 20th century. two and a half percent a year, it'll be... 45 years from now. I don't care what path you follow. If we are at the average case SHILLER PE. and the economy grew two and a half percent a year. the equity markets will have returned capital gains...

zero. And it doesn't matter if we crash and spike. It doesn't matter. You know, if we get the, you know, a Dow 40,000, 50,000, 60,000, 45 years from now, if we're at the mean, we will have earn nothing. Now you say, well, that would never happen. You go, well, if you own the 06. the. 1906 high. you. were even after something like 40 years.

I don't ask. from. you were Even after 40 years. If you buy, if you own the top. yup. People always say, well, how long did it take to get back to the top? That's a favorite question. You go, oh, you know, it took 22 years. Oh, it took 15 years. Oh, it took. I like to ask the question, no, no, no, not how long it took to get from the top. back to even. How long did it take to go from that top. to the last. time of that price.

was attained, adjusted for inflation. And those can go anywhere from 40 to 75 years. All you have to do is look at inflation adjusted S and P. and draw a line from a top... across. the S and P. S, P. And you will find that most of them break even in the mid-80s no. matter what year they started. So. you're just. answering the question, what the hell is going on with land prices and asset prices? everything everything's mispriced.

But is it mispriced? I mean, if I've got excess. money. you know, and I need to store it somewhere... and I'm listening to you, I'm like, oh, I think I'm going to buy something. a little less volatile. a little more real. Like real estate. exactly. okay. The first time home and I, I know this drives you bananas. The first time home buyers not too many decades ago... were on average about 30 years old.

Yep. I just read. What's the fact? I don't know, 56 now. first time home buyers. 56. That's been a massive consequences. You want to buy. you want to buy. that into that market. that somehow seems like it has to regress. because you can't have people going 56 years without owning a house. Right. You said. you. personally, I think it was in Turning Point usa you went. absolutely non stop.

about how. you can worry about Ukraine. But we've got guys, we've got. young adults who can't raise families in houses. yeah And, and it, it creates a very scary political environment where people. don't own anything and therefore have nothing to lose and no future. Right. Well, here's an interesting. ADHD moment. Monogamy versus polygamy. And this will sound random, but it'll get you to the same... No, it's a core, it's a core question, actually.

These are the building blocks of the west.. turns out polygamy. Monogamy is viewed as favoring women. that turns out to be. backwards. And it's a simple math. Imagine there's 100 people ranked one to 100, number one hundreds, Mr. Big Cheese. And on the women's side, hottest girl on the planet. Right? right. Monogamy says number one would marry number one, number two would marry number two in the perfect system. So think of it as just a very simple model.

and that. what you can't do is if you're at the bottom of the chain. marry up... Right. If you do, then someone else gets pushed down, of course. Right. So it would be of the interest of the girl... working seven eleven to be. Jeff Bezos's second wife. Yeah, I think that happened. And so, so, so in fact... you can upgrade Your game. And, and, and you know, Elon, right. I mean the guys of Reproduction Machine, right,

the women are signing off on it because. it's better to be with a guy worth that kind of money than... broke. Right. And, and so it turns out that. you say, well then why did cultural evolution lead to monogamy? And the answer is, is because... it minimizes. violence. right. It's for the men. of course, so they don't fight. Well, yeah, because in a polygamous system,

all the high status males scoop up all the women. Well now in a situation where men can't provide the home for their. families and stuff like that. And so we're gonna fight. I've noticed, I've noticed that too. And so now here's the deal... Let's say we're I'm right, we're the market tops. And. if, if I'm not, I think we're close... One of the things that my peers who were... paranoid as hell about this, some very smart guys. they tend not to put numbers on it. I'm one of the few who puts numbers on it.

There's, there's a couple others who do, but they just say, oh, the. valuations are ridiculous. But no one wants to be. on record. that we're going to be to say it's catastrophically overpriced. Whatever correction you get, you say see, I told you, I'm saying 200% overpriced. Now how do you get out of overvaluation? You can't inflate your way out... No, because... the numerator, the price... and the denominator the thing is supposed to track. both.

are influenced by inflation. So as your price goes up because of inflation, your revenues go up because of inflation, you're still 200% over historical average valuation. And so you can't inflate away an overvaluation. So what... I mean, is this just a gravity scenario or. Ultimately it has to revert to its actual value. Best model I have, and they never work because it's always one of these. Something will be creatively different. But the best model is the Nikkei.

Japan hit a high in 89. It briefly got back to that 35 years later. It's actually below that. I think if I remember correctly, inflation adjusts for that, guaranteed. Yes, that's right. I asked someone during a podcast if you can do this spreadsheet for me, I'd love to get it. Someone did it. I said, what if you started buying the Nikkei at the top, not own the Nikkei if you own the Nikkei at the top, you're dead meat. You died broke. But what if you, what if you started buying?

22 year old graduate of Tokyo University, you started putting yen into the Nikkei in 1989. How long if you averaged in, did it take you to break even? It's around two decades. starting with zero in the Nikkei. So I was on a podcast with George Noble, Twitter space actually he was Peter Lynch's right hand man. and he said, well you could. I said I think the markets will be uninvestable. He said, oh, you could do this and this. And I said the Nikkei? And he said, oh, you could short.

I said no, you couldn't... You can't short a market that takes 20 years to find a bottom. Right It's so long time. You can short a market like an 07 to 09. Right, right. A volatile market market. you can't... A market in inexorable decline can't be shorted. So if we're in a top, aren't top supposed to be euphoric? Remember the dot com? Oh yes. Very well. The world was changing. The nifty 50, you know. webvan and. e. toys, tets dot com... you know, sustainable prosperity...

We are supposed to be true believers that the world is wonderful. Do you sense. much of the population thinks the world's wonderful? I don't, I don't sense that... And all around us are signs of. What'S it going to look like when 70% gets clipped off this market? So I'm immediately going into prepper survival mode. What, where are the enduring safe stores of value? I, I don't. You can't answer that. I, I bought gold at around.

270 an ounce. 270? 270. Hope you bought a lot of it. I did. but it's worth a lot more now... You think? Yeah. What spot price today, do you know? Ballpark. 3300. I bought silver, I bought gold below 270. I'll tell you why, because. my first purchases were actually in a close end mutual fund that was trading. 27% below net asset valuation. Because no, people say, oh, it was easy to buy back then, it was cheap. I said it was cheap because five of us wanted it.

right Well, of course, right... And by the way, the top, some Tuesday afternoon at 2:03pm we will hit a top that will be. decades later to be returned to potentially. the top is the point of maximum optimism, which paradoxically is the moment in time where your justification. for optimism is... zero. The bottom is the same Thing... in reverse, of course. So, so we're not happy now.

So you're saying the herd's not always right? Is that what you're saying? I'm told. wait Hold on. Let's just go back to gold for a second. So you buy. I bought gold net at around 210. Come on. Well, I bought it. 28% below nav. physical delivery? No, that was not physical. But then I started buying physical Here's what I did. I bought gold from the local coin dealer. Yeah. And I'd say, when you get ounces, I'll pay cash. And he sold it to me at spot. And,

and he'd call and say, I got three ounces in. I'd go to the bank, I'd get out $900... Right. And I'd buy the gold from him. cash. I'd buy silver from him cash. I could buy silver eagles at spot. You go on ebay. Holy shit. Those things are like 10 bucks above spot. And it was for. ballpark, $4... an ounce. And then I remember it was at 457. And I was buying from him. and he said, don't you think there's a top?

He knew I was going to buy it. He said, don't you think there's a top? $457 an ounce for gold. This like 03 or something. I don't know... And, and I said, how many people are buying gold from you? He said, about four. And I said, and the other three are my friends, aren't they? He said, yeah. And I said, does that sound like a mania? and so here's the thing I've been on. I, I'm a big fan of energy, but I think when the selling starts,

everything sells... You'll be selling your children, you'll be selling. Right? Everything sells. So I think the idea of trying to get into any risk assets so dangerous. I'll take 4% on a treasury, two year treasury. Some people think, you know, I'll lock it up for two years. Oh, that'll save me. I won't dip buy after six months. So at what price would you buy gold again. in? Well, I've got so much I don't need anymore. If I didn't own any, I'd buy it now. But the bitcoin guys would say, buy Bitcoin at 117,000. I turned it down at 10.

I wish I'd bought it. I would have sold it at 50 and spent the proceeds on therapy. Why on therapy? Because I would have sold it at 50. Right, good point. And I know I would have. I know I would have. You don't, you don't believe in crypto? I don't think so. So I, the crypto community, I am their number one target. They say you are a Hodler. and I won't buy it. And the reason is because I believe that. several layers. One is that. I believe that the,

the authorities are not going to let crypto take over. Of course not. And, and by the way, that means. That they're going to lose total control over society. Yeah, I don't think so. You think the Rockefellers, the Rothschilds, are going to hand it over to Max Kaiser and Michael Sailor? I, I don't think so. You don't, you don't think that's what. I think it actually is? You know, the first paper on crypto was written by three NSA guys. yeah. That means, I think if I were smart... and I were. going to bring in central bank digital currency, which is an authoritarian nightmare.

I would do it the way they did. I'd release the crypto, I'd have guys pumping it, I'd have guys supporting it. I'd let them. debug the networks and the kinks and the, and acclimate people to it. And then I'd say, okay. it was fun. We'll take it from here. And in the process, of course, you acclimate people to this. new digital world. New kind of commerce. Yeah, exactly. No, that's. And I get rid of the ATMs, and I would make.

airport... convenience stores, credit card only. And I would do all that stuff. To, to change people's habits. cash is liberty. Oh, I couldn't agree more. So you just have too much gold. You just don't want any more gold. I, I just, no, no, that, it's, I, I, I'm. What about real estate right now? I'm long, I own a nice house. I'm long real estate. By owning that house. I wouldn't buy real estate as a speculation... If I, if you put a gun to my head, I'd say maybe farmland, but that's been getting scooped up.

That's a pretty trite narrative now, big time. Well, I follow that because I'm interested. and. I mean, it's turning for... just crazy numbers, an anchor and that, well, that's a problem. That's what I'm saying so. so here's what I got. Here's what I watched for years and then jumped in and it's a Problem... the modern market. I bought gold steadily from 99 through about 03 and then I bought some more. when it was around 1200 in the teens. I said okay, it's kind of flattened out, I'm going to get some more. So around.

bought it around twelve hundred dollars in maybe 2016 or something. and but the modern markets don't wait. If you get a good idea. and social media stuff, it will... close up that gap so fast you won't know what hit you. So I'm bullish on energy, long term energy equities and stuff. But I think they're going to sell before... they become a good buy. And so I just can't commit a lot of money to the energy even though I think it I, I have some mutual funds on... uranium based investments which I think we got to go to and.

now it looks like we are. I actually think AI is not demanding nuclear energy. I think AI is being used as a Trojan horse to bring in nuclear energy, which I support. I think they're using the buzz of AI to say now let's get the nukes going. People say yeah, nukes. We need it for the A.I. we've needed nukes. It was the obvious next thing to go to platinum. For years I watched platinum own so little platinum that if it went to 00.

I wouldn't even notice. I mean trivial, trivial amount. And, and I've been watching, it's been flat. I mean flat as in like a flat line not moving away from 900$. an ounce by a few dollars flat for 10 years after dropping. And I go, what's the platinum story? Well, the platinum story is I don't trade. I don't trade at all. If I buy it, I'm buying it saying look, I'm hanging on to it.

If it goes down. I don't trade. The platinum story is I don't believe in the ev... I don't think it's a good technology. I think it'll be here, but I don't think it's going to take over the world. I think the hybrids are going to take over the world. Well, they make sense. They make inherent sense. Yeah, yeah, yeah. They're more efficient. They use more platinum than ev, than... internal combustion engines. yeah. because their catalytic converters burn colder. So they need more platinum. Now. here's where it gets real interesting... The platinum miners are in Russia and South Africa.

russia will therefore have control. South Africa could become a failed state so fast you don't know what hit ya Right. More to the point and again... trying to get real facts on this stuff. But, but the above ground platinum supply. the available platinum supply is something like $3 billion, which is a, something a medium sized hedge fund could buy... at current prices.

It's been in deficit production for at least four years. What does deficit production mean? Means that we're consuming more per year than the miners. producing. Based on the rate of. deficit production, that the above ground supply will be gone within about a year. oh gosh, okay. So there's no more platinum. Arguably we could go to potentially palladium, but you know, whatever. Platinum has not gone through a meme phase. So my. A little bit of traitor in me says that meme phase could get spectacular.

Platinum could go to 20,000. because it has industrial uses. You know, it seems kind of natural. So, so I decided I was. So I reached out to some technical analysts who draw the squiggles on the, on the curves and I make. I, I'm sarcastically, occasionally commenting about technical analysis, but I, I can't do... or don't believe in or whatever. But I asked if you, I said, look at this plot. where would you start getting excited because it's been flat for 10 years. I don't need to put money in and have it sit there for 10 years...

more. And a few gave me opinions about what price. I kind of formulated an opinion where I had to start. and then hit it. now instead of buying it, you know, slowly. I, I said in the modern era, you got to move quick. So I started hitting the buy button. And I'm still not... I face a boomer dilemma. The boomer dilemma is. the good news is. my net worth is good enough. If I don't screw up, I'm fine. I mean, I could retire today, not earn another penny.

Fine. I want to leave money to my kids. I will be able to. The paradox is. that. to commit to an asset requires committing a percentage. That's not stupid. If you commit 0.1% of your assets to it, it's not going to make a difference no matter what happens. So if you say, well, 5%. when I look at the quantity of money I have to spend to commit 5%. it seems huge.

But it's only 5%. And so as a consequence... I go, look, if it went, if it went to zero tomorrow, I'd have a bad day. I'd lose 5% of my assets. But it would be too much money. So I'm fighting this bias about. how many dollars it takes to get to a. I get it. So let me ask you just a wrap up question. Which is given. your description of where we are and you haven't even mentioned.

what could be a debt crisis. When... people stop buying our debt... or slow down. But there are all kinds of things to worry about... that are seem imminent. How does the average person respond? They don't have any money anyways. Yeah, fair. I mean, the average person has no money. so. So how does the 5 percentile boomer respond?.. Yeah, well, years ago I did an analysis on the 5 percentile boomer.

This is how bad it is. This is years ago actually, actually... And it, it actually got vetted by Stephen Roach, who's executive director of, of, of Morgan Stanley. He looked at my numbers, said actually you've overestimated something. You should be more conservative. The 5, I invented 5 percentile guy, at that time he was worth $1.1. million. He was earning $156,000 a year. You also know he's not 22 years old. He's probably a boomer. because it takes a while to get to 5%.

at a reasonable rate of withdrawal from a retirement account. Mr. Five Percentile Guy, who is. has to be living the American dream. could take about $48,000 out. annually? Annually without risking going broke. And you know what? They don't know how to live on 48,000. And they might have other assets. This is a complicated analysis, but that's A scary number. number.

for a modern life. That's a. Yeah, well the But the other thing is if he knew how to live on 30, $48,000, he'd have more than 1.1 million. Good point. And so so. we've got a whole generation that has got. expectations that are just. off the chart, distorted. And it's not because of... a 5 year or 10 year recency bias. It's a 40 year recency bias. It's 1981. Let me finish that story. from 1981. The valuation... which should not trend.

compounded. annually, 4% a year. What happens over the next 40 years when it compounds. negative 4% a year. to get to cheap again? Now you say, well that'll never happen. I go, of course it'll happen... Show me an asset class that got overpriced. It didn't become cheap again. Again. Well, if you believe in markets, that's just by definition going to happen. Right. And if there's a way to fake it so it doesn't happen, then it means you're just diluting as to what actually happened.

You're not getting a reality. Right, Right. right, exactly. And so the bottom line is Is that the boomer demographic almost by definition. was going to generate a bubble, a big. mother bubble, because the demographics... Now. I was telling you about how. I was reading my old write ups from like 13, 14, 15. I make a compelling case. that, that the markets were crazy. How do I do it? I use numbers, I use stats and I use quotes from the most famous money guys in the world.

You know, Paul Tudor Jones, Stan Druckenmiller, you name it. These are not lightweights... Saying these markets are insanely overvalued in 2015. What has happened since then? Straight up? Oh. for sure... Example. Apple. tenfold gain. on a growth in revenues of. 50%. 95% correction brings that back down.

Microsoft 150% gain in revenues. tenfold Gain. doesn't make mathematical sense. Let's go to Nvidia. There's the winner. $4 trillion. of market cap being run by a guy who has a very sketchy past. 25 fold gain in revenues. You go now we're talking. 250 fold gain in market cap.

Yeah. So that's the problem right there. 90% correction takes you back to 2015. Do you remember 2015. being depressed? I don't. Stan Druckenmiller didn't think so... Howard Marks didn't think so. All these guys were considered legends. Thought the markets were insanely overpriced in 15. and it's been nothing but up. And that will end, I don't know when. And you think that. all asset classes are tied to that?

I can't say all because that means 100%. But I, I, I, if I found something that I thought was dirt cheap. I'm glad I own the gold from as cheap as I did. Because, because when it goes down I. I'm still up what, 15 fold or something. Right. So it makes it easier. Buying gold now from scratch would be harder. It would be that, you know, the number of dollars to get the percent position,

that sort of thing. And I think the debt problem is global. If you actually look at the metrics for the growth in the global. debt relative to global GDP. The entire world has become. priced much more than 10 years ago. relative to what the world produces... So what's a global debt crisis? That's the question you say. Well. you got lenders and borrowers. It's a zero sum game. No, it's not. I know. A global debt crisis is when the entire world thinks they're going to get shit.

that the world can't produce. And the way you think of how to create One. artificial Gan experiment. Let's say the leaders of the world got together and said, look, let's just solve this problem. Let's guarantee health care to all our citizens, let's guarantee their pension. All our citizens. problem solved. They go, well, but you didn't in any way, shape or form increase the ability to produce wealth. So you now have obligations for which you haven't a clue.

how you're going to pay for them. Who's going to do it? We going to have the Chinese delivering Chinese food to our door still? I don't think so. We're going to be delivering food to the Chinese. So. So everything will regress... 40 year recency bias says it won't. It will. On that dark note, I'm just picturing myself showing up at a doorstep in Beijing. with some kung pao chicken, hoping for a tip. hoping for a tip.

I can see you now. You, you turn the, the scan around and shove the 25% tip in the guy's face. Professor, thank you. I hope this doesn't get you fired. I hope you'll come back. I. Anytime you call, I'm in the car. Thank you. So it turns out that YouTube is suppressing this show. On one level, that's not surprising. That's what they do. But on another level, it's shocking. With everything that's going on in the world right now, all the change taking place in our economy.

and our politics, with the wars we're on the cusp of fighting right now, Google has decided you should have less information. rather than more... And that is totally wrong. It's immoral, What can you do about it?.. Well, we could whine about it. That's a waste of time. We're not in charge of Google. Or we could find a way around it. A way that you could actually get information that is true, not intentionally deceptive. The way to do that on YouTube, we think, is to subscribe to our channel. Subscribe. Hit the little bell icon to be notified when we upload and share this video...

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