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what a week uh i think was exactly 14 months ago we met a few days after the attempted

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assassination of donald trump in butler pennsylvania and unfortunately we're meeting

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today in the aftermath of uh charlie kirk being assassinated and uh it seems like i mean we

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talked about it in the context of trump and butler and it seemed like there was a big change there

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this seems orders of magnitude bigger in terms of vibe shift.

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Yeah, I think so.

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Because, you know, the guy missed originally, you know,

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had Trump been killed, it would have been a completely different story.

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But what's going on with Charlie Kirk in the aftermath of it,

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and I'll cop to this, I didn't really, I mean, I didn't interact

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I didn't interact with Charlie Kirk in that segment of, you know, American politics for a long, long time.

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I really didn't.

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I just kind of like I always looked at Kirk as kind of like, oh, you know, he's kind of baseline.

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And because we're so out, me and the people that I circulate in, that part of the world that I circulate in is so far out, you know, on the tip of the spear trying to figure out where we are.

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And I always looked at Kirk as kind of, you know, kind of baseline that I just didn't pay him very much attention.

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And now, so I've been flabbergasted by the response here about, and I really, you know, I seriously, like I, I underestimated his reach, his, the, the, the impact that he's had.

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And I've had to do some, some recalculation as to where we are in a good way.

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Like, and, you know, I'll cop to that.

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Like, I, I missed this, you know, completely.

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And watching this occur has been edifying, honestly, watching people finally say enough is enough.

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And this is uncool.

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And this is beyond uncool.

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This is unacceptable.

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And especially in light of the timing of it, it's like the Charlotte government clearly tried to suppress the video of Irina Peruzka getting stabbed to death on the subway.

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on public transit.

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And to have that come out, and then the next day have Charlie Kirk get shot,

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and they finally get their blood sport on national TV,

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in fact, for all intents and purposes, like they tried so desperately to get with Trump,

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they've gotten the wrong – they did not get the response that they were hoping for, Marty.

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I don't know, but I think they were hoping for people to be angry

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and start burning down cities and, you know, start, you know,

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you know, blopping purple hairs in the head, in the middle of the street,

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and all that.

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It's not happening.

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You know, what's happening is that civilization is saying,

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okay, that's enough, you fucking people.

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That's enough.

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So.

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No, I'm really happy you framed it that way,

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because I think deservedly so, a lot of the focus has been on the radical

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left-wing reaction and the reveling in the assassination of Charlie Kirk.

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But I haven't heard enough people highlight what you just did, is that I think the silver lining positive reaction of people throwing their hands up, saying enough is enough.

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People who aren't on social media, who don't follow politics, basically waking up and saying, no, this is not acceptable.

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I think that's unfortunately the fact that I had to get here is incredibly sad.

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It is.

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and disheartening but i i have been um positively surprised about that part of the reaction the

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positive reaction to um this event yeah i mean it's really it's been almost surreal right because

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we were you know i've been saying for a long time i'm like you know every time i have i've said this

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i think i might have even said it to you last i can't remember you know talking so many different

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places. But, you know, every time I have somebody come out here to do some work on my place or,

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you know, you know, I hire a guy or I talk to a neighbor or talk to, you know,

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and they'll just kind of look at me after a while, especially once they find out what I do

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and what I know. And they just go, okay, so I shut you shut up now. Just tell me when I get

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to start shooting them. Right. And that's been the attitude down here in my area of the world

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for a couple of years now. And I've always said, you know, not yet.

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That's not, we don't need to go there yet.

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You know, and then we get to the point where they start shooting, quote unquote, us.

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And I don't want to put it in, you know, the danger now is to like start bifurcating into us versus them.

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Right. We don't, we, we both want to be in, you know, we, we, we don't, we want to separate, but not objectify.

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right we want to we want to define ourselves by both what we are and what we are not because they

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only define themselves as what they are not they're anti-fascist they're anti the no kings

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blah blah you have to redefine yourself as and always in a positive manner it can you can never

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just be against something else when you are against xx you that does not mean you are then

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by definition not x it just means that you're against x you don't have an ethos you have an

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antithesis, right? And so what I'm watching a lot of people do now is define their ethos.

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And that was not the plan. That was not the intended effect here, right? The intended effect

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was to get people into an anti-state and say, well, we're not these dirty leftists. No, we're

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saying, we're not going to live like this. You know, I think Kirk at some point in recent past

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said, we don't have to live like this. I think in response, I think he tweeted out, you know,

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in response to Irina being stabbed, and he said, we don't have to live like this. I said,

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no, that's true. But it's more importantly, it's like, we will not live like this.

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okay that's not going to happen but but but no there's no buts here if you are if you're if you

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stay if you make that statement without equivocation with the right punctuation a period

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paragraph end of story and not commas or ellipsis or anything else when you state it that way that

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means that you're now going to look at this and say how are we going to fix this how are we going

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to change this. This is not going to happen. No matter what you do, you cannot take this away

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from us. It's like that, you know, for a long time, I think people took the wrong message away

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from the scene in V for Vendetta, where she's recounting the tale of the gay woman, right?

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She's in jail and she's reading Valerie's journal on, oh God, I'm reading it on toilet paper,

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and I'm writing it down on toilet paper.

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And it's like, it's that last inch, that very last inch of us.

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They can't take that from us.

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They can't take that inch.

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They don't have us.

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Yes, that does not mean you then become angry and violent and become not them.

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You become something greater than that.

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And that's what I've been arguing for a long time when I kept saying,

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we can't become the Fremen.

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We can't go that route.

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Because if we do, we're going to become these demonically possessed, pathetic people, right, that would think that it's acceptable to shoot a guy who just wanted to debate, you know, political reality.

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And, you know, whether he did so at times disingenuously or not, or whether he was, you know, don't get into details about it.

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Charlie Kirk's idea, you know, method and his ethos was, look, let's have a conversation.

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Right. Let's let's let's work these ideas out.

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And was he better at it than the people that he was, you know, that he was interacting with on a regular basis?

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Yes. Was at times was it easy?

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You know, was he on easy mode?

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Sure. But that's OK.

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The point was not to, like Ben Shapiro, belittle these people that he was arguing, but to say, no, your arguments aren't any good.

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Make better arguments.

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Right.

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And this is a conversation that Dexter White and I have all the time because that's his headspace.

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And he's actually the one that has to reel me in every once in a while because I get lost in my endocrine system because I'm freaking Italian.

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Right.

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And so we have this war going back and forth between us on a regular basis, internally, behind the scenes within what we do.

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And that conversation that he and I have been having for 40 years, practically, is what has shaped the way we look at and can, you know, I wouldn't say predict, but, you know, project what's going to happen in the political zeitgeist and what needs to happen next and why we can then.

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And that's why we set, you know, we strategize the messaging.

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You know, we do this.

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We say, we sit back and go, where are we?

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Where do we, what do we need to communicate to the world over the next three to six months?

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Right?

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What's important now?

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And so right now it's, that's enough.

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It's, you know, paint murals of Irina and Charlie Kirk and JFK on buildings all over America.

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Walk by on your way to work, pat them gently and say, yeah, we hear you.

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That's it. No more. Yeah.

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Optimistic that this is the overwhelming,

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like it seems clear to me that this is the overwhelming reaction is we will not

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live like this anymore. And I mean,

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to your point about the political zeitgeist and what happens in the next three to

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six months and how we ensure that we will not live like this.

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It seems like there, I mean,

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I had a phone call with somebody yesterday who was headed to the private vigil for Charlie.

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Apparently there was a phone call the night before,

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and people are getting dead serious about RICO cases against people funding these radical groups,

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which I think to me, I know Scott Adams talked about it,

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Cernovich has been talking about a bunch of others,

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but it seems like you have to go strike it at the root.

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Yeah.

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Yeah, no, I mean, I and Trump coming out yesterday when he was on Boxing Friends to say, look, I'm I'm opening up Rico Rico investigation or we're going to open up a Rico.

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This is the second time he said it. So it's clearly happening behind the scenes because he wouldn't say it in public if he wasn't doing something behind the scenes. Right.

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And is it sad that it had to take, you know, a guy like Charlie Kirk getting shot in the neck?

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to get us to this point?

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I don't think so.

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I think we were going to wind up there anyway

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because it was a matter of,

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this is something I was arguing last night

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with Lieutenant Colonel Steve Murray

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on Mike Ferris' show.

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We were both in high dungeon

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screaming into the frigging microphone

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about a whole lot of things,

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but not nearly as rational as this one.

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This is part of the reason

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why I want to do this early in the morning

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or at least in mid-morning

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because I get into the late afternoon

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and I become, you know, four hours of screaming into the mic.

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I'm like, there's no filter left.

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I've got, I'm raw, right?

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But one of the things we said during all of this was that,

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I kept impressing about Steve, and we eventually agreed with it,

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which is that, you know, political time works faster than legal time.

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And there's a lot of little order of operations things

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that the Trump administration had to go through

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in order to set the table to counter the programming.

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Because the programming is deep.

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Trump is Hitler.

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Like, if we didn't think that the programming was deep,

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Charlie Kirk would still be alive, right?

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So the programming is deep.

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The powder keg was already, you know,

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the fuse was already there and the match was coming down

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so that if Trump moved in a particular way,

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immigration, whatever, right?

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Too quick, too far, too fast, they could set it off, right?

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So in some ways, you kind of had to go through the motions, even though they were motions, even though everybody knew at the end of the day that Trump was going to say, I can deport all these illegals.

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And then some judge comes in and says, no, you can't.

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I'm like, well, yeah, I can.

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But you just think that because the executive hasn't enforced or put forth his Article II powers that he doesn't have them anymore.

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Well, here, sorry, here to inform you, that's not the case.

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And we're not going to redefine.

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We're just going to reiterate, have the Supreme Court do this, reiterate all of its Article

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II powers.

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In the process, the Supreme Court is also getting to reiterate its Article III powers

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over the lower courts, because the lower courts are acts of Congress.

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And when you put the whole act of Congress, created the courts, the Congress legislates,

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the executive delegates and manages, and the courts rule on the constitutionality of all of it.

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Well, I got news for you. That's the separation of powers. So there is no legal justification for

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a circuit court judge, a traffic court judge to tell Donald Trump how to prosecute foreign policy.

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Sorry, it doesn't work that way. And your job can be wiped out with the stroke of a pen.

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and now 51 votes in the Senate and 218 votes in the House because they rescinded the 60% rule

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yesterday on a lot of this stuff. I would imagine that that fell under the 60% rule.

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But I may be wrong about that. I'm a legal scholar. The point being is that I understand

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the separation of powers just well enough to know that this is part of what had to happen

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in order for Trump, for them to say that for the cries of Trump's a dictator,

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the Trump's a king, the Trump's a this, falls on deaf ears.

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Right?

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So that when he decided, okay, I've got all the evidence now on how to get rid of Brennan,

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because the ultimate goal is clearly Obama, right?

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They're getting ready to roll Obama because Obama's guilty of treason,

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as is all of the people that he conspired with to commit treason.

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And all of those people are either going to turn on Obama or go down with the ship

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or try and fall on their sword but it doesn matter In the court of public opinion is really what matters here because that the thing that has to be managed That why he moving at the speed that he is And that why everybody who out there every griper motherfucker out there screaming

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that he's not going fast enough or every stupid fucking libertarian out there goes saying he's

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not going fast enough. You're missing the freaking point. You're literally playing into the hands of

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the guys who are extending and pretending in order to try and make Donald Trump look complicit and

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and just nothing's ever going to change.

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You have to at some point have a little bit of a goddamn faith

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and say I still have enough agency in the political process to say I want this,

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but I understand that it's not happening at the speed that I want, but I want it.

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You have my support.

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Go and do what needs to be done.

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Shift those poll numbers.

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Shift those potential betrayal votes in Congress because, look,

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you've got a Congress in there that would impeach him tomorrow.

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over whatever he said yesterday on Fox and Friends,

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or for being Donald Trump, and get rid of him tomorrow,

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because there's so much that they're trying to protect of their own corruption,

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that you have to set the political table in such a way that he's impeachment-proof,

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and you have to teach the normies that he doesn't have a real majority in the House and Senate.

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Because most people don't understand this, Marty.

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And this is just reality.

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And they shouldn't.

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Right? I mean, and none of us should have ever thought,

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no average person should have ever thought in a million years

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that we would have targeted political assassinations

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of low-level political operatives like Charlie Kirk.

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Like, really? That's the world you think we should live in?

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And those people are all waking up this morning and going, that's enough.

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No. And what this has done, as you pointed out, and sadly,

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is that them assassinating Charlie Kirk like this

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has now accelerated the process of everybody realizing the actual landscape that we're

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operating here, what the state of the game really is, as opposed to what they thought it was.

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And that should work to Trump's advantage to accelerate everything and not get the political

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blowback. Because at this point, after Irina and Charlie Kirk, if he wants to start rolling up all

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of Obama's cabinet over, you know, Russiagate, 2020 election, hell, even the 2022 midterms. I

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know there's, in the 2024 election, I know there's a ton of perfidy going on there, right? Because

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the numbers don't make any sense. The statistics don't make any sense. So all of that is

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investigatable and all was probably done using this exact same methods as previous times,

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because when shit works, they keep doing the same thing over and over again until they get caught.

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So, you know, when I think through all of that, he's got a clear path now.

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And the Supreme Court in, you know, in the recent weeks has given him all of the predictable but necessary wins

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to reiterate what he's allowed and what he's not allowed to do.

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And the Democrats and the Sorosites or whatever you want to call these people, Davos,

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are continuing to operate their Gantt chart and say, well, no, we've got to start a race riot

236
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in Chicago. We've got to do this. We have to shoot an ICE officer. Are you going to shoot

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an ICE officer in Chicago? You're just handing Donald Trump the keys to the candy store to come

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in and declare martial law over Chicago and clean the place up. He has that right under Article 2,

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and there ain't no way that this current zeitgeist in America, after what just happened,

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is going to sit there and turn around and go, he's a tyrant. He's a tyrant. I've been saying

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for months that they're running the Lincoln script on him, right? In order to radicalize

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the bi-coastal lefties to try and justify a secession movement. No different than what they

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did with the South in the 1850s and then culminating in 1860. That was the strategy.

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The British pulled this off, and Lincoln won the war when he shouldn't have, thanks to the Russians, and among other things, right?

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And so that's the history, but you can see the replay.

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This is how this is always replaying itself, and we're now in the third attempt to destroy the American Constitution, and Donald Trump is right in the middle of it.

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And he's got people around him who clearly understand how to counter this.

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And I'm sure that he's getting like, I'm sure he's getting some help on the down low from the Russians because the Russians have, or I guess Putin has had to deal with the same damn thing, getting control of Russia over the last 25 years.

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And so I watch Trump and how he operates here in the United States.

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It's got an American flair to it because it's a different legal system than they have in Russia and different political reality than they have in Russia.

251
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But the two men's actions rhyme a lot how they're dealing with their opposition.

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So I don't know.

253
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It's a long-winded rant.

254
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But I think it's a really important nugget of why this is taken to this point.

255
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And now if we're going to pay forward all the work that Charlie Kirk did while he was alive,

256
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you know there you go as the brits would say bob's your uncle let's do the thing

257
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yeah it certainly feels accelerated like one other detail of the order of operations getting

258
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this stuff in order it seems like individual states have been doing a lot of redistricting

259
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in recent months preparing for midterms and that was shocking who knows if this

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like if this was just a lone wolf discord group that did this or there was some

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sort of command from up top somewhere in the radical left hierarchy,

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but critical misstep because I think heading into midterms,

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everybody's focused on the economy solely in terms of that being the,

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the final determination of whether he would get a full majority in the house

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and the Senate.

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And now you have this event where the economy is second fiddle now.

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No,

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I agree with you just to,

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just to put a fine point on what you just said about, you know, about the shooter himself.

270
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It doesn't actually matter whether he was a lone wolf or he was being groomed in these discord

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chats. Okay. Doesn't really matter at the end of the day. Um, because we don't have to have a

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overall plan of, Hey, we're going to kill Charlie Kirk on this date here and plan it out like this.

273
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That works out really well because we all have a movie script mentality, but I, I get,

274
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I have to be reminded of this by Dexter White all the time because I like to do that.

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And he's like, no, sometimes you just set the game board up.

276
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You just set the zeitgeist and then allow the thing to percolate to the surface,

277
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let the event happen, and then capitalize ex post facto.

278
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But you're ready to go with the pre-prepared narrative, right?

279
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Like, so I can, you know, I'm not saying that's operative here.

280
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What I'm saying is keep both of those, you know, mechanisms in your head

281
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because sometimes it's going to turn out that they had a plan,

282
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they did the thing, yada, yada, yada.

283
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And other times it's going to look like that, but it actually wasn't.

284
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Right?

285
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You know, so, and because if you keep those two frameworks in your head,

286
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it'll keep you from, like, becoming radicalized in how you react to new stimulus

287
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because then you become predictable and they can predict how you're going to react

288
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and then set the next set of events in motion to lead you to their desired conclusion.

289
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And the they in this scenario is the British.

290
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Okay?

291
00:23:13,017 --> 00:23:18,257
And that's why I get angry about, because clearly what they were doing for the first 48 hours

292
00:23:18,257 --> 00:23:21,017
until this kid was caught was to try and blame this on Israel.

293
00:23:21,078 --> 00:23:22,537
And they're still trying to blame it on Israel.

294
00:23:22,658 --> 00:23:25,277
And I'm like, Israel is not a part of this.

295
00:23:25,277 --> 00:23:33,197
Like they're manufacturing slop on 4chan and Twitter and everywhere to try and push this into a particular direction.

296
00:23:33,197 --> 00:23:37,017
Why? Because the goal here is to break Donald Trump from his base.

297
00:23:38,318 --> 00:23:41,877
OK, that's part of that. That's what this operation is about.

298
00:23:42,377 --> 00:23:50,457
OK, and we have to remind ourselves that sometimes shit just happens and then they capitalize on it afterwards.

299
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And sometimes they plan stuff stuff out.

300
00:23:54,717 --> 00:24:02,898
But they always have a plan on how they're going to capitalize on the event itself to push things in their particular direction.

301
00:24:03,918 --> 00:24:07,258
I keep reminding everybody of this.

302
00:24:07,357 --> 00:24:12,737
The greatest trick the devil ever pulled was convincing everybody he didn't exist.

303
00:24:13,237 --> 00:24:16,777
And at this moment in time, that is the remnant of the British Empire.

304
00:24:16,777 --> 00:24:20,477
Nobody wants to believe that all roads still lead to London.

305
00:24:20,597 --> 00:24:24,557
But Trump is leaving you every freaking clue imaginable that it is.

306
00:24:24,717 --> 00:24:28,217
and that it does. And it's not going through Israel that's the problem.

307
00:24:28,957 --> 00:24:32,037
Again, I'm not trying to deflect anything that Israel's doing in Gaza, which is

308
00:24:32,037 --> 00:24:36,138
inhuman, right? Their response in Gaza is unacceptable.

309
00:24:37,398 --> 00:24:40,797
Okay? Period. I don't know how else to put this.

310
00:24:41,178 --> 00:24:43,457
I'm not absolving Israel. What I'm saying is

311
00:24:43,457 --> 00:24:48,678
they can easily be a scapegoat to misdirect

312
00:24:48,678 --> 00:24:52,797
you away from who the real actors are.

313
00:24:52,797 --> 00:25:04,697
Because those guys don't have the same reach and power that go back 500 freaking years that the British, the Dutch, the Venetians and all that all that Davosian concept.

314
00:25:04,697 --> 00:25:29,297
Except, you know, I'm sorry, I don't see it's the Jews, for example, running around trying to elevate Indians into positions of power around the world and then flood all of our corporate offices and our corporate boards and our local governments with their people through H-1B visas and everything else.

315
00:25:29,297 --> 00:25:34,457
Like, this is a story that was suppressed forever and a day, and it's now all over us, right?

316
00:25:34,697 --> 00:25:35,837
I don't see that.

317
00:25:36,017 --> 00:25:39,017
I mean, if it was true, I would believe it, but I don't believe it.

318
00:25:39,078 --> 00:25:42,777
I think it's easy to get caught in the pre here.

319
00:25:42,898 --> 00:25:45,057
Have this pre-pran narrative for you.

320
00:25:45,758 --> 00:25:47,938
Follow this Pied Piper, Nick Fuentes.

321
00:25:48,597 --> 00:25:52,357
Follow this, this, this, this, this bullshit artist, Ian Carroll.

322
00:25:52,678 --> 00:25:57,457
Follow this, follow this opportunity, opportunistic bitch, Candace Owens.

323
00:25:57,658 --> 00:26:00,318
Like, I, you know, I'm, this is where I am on this.

324
00:26:00,918 --> 00:26:04,578
And I, I'm, I'm sorry.

325
00:26:04,697 --> 00:26:05,638
That's what I think.

326
00:26:05,938 --> 00:26:08,578
And I'm watching it happen in real time.

327
00:26:08,797 --> 00:26:11,377
Every time something happens anymore, it's always this.

328
00:26:11,797 --> 00:26:21,717
And then I can always tell when I'm over the target because I get 50 freaking people coming out of the woodwork on Twitter telling me that, you know, I take checks for Israel.

329
00:26:21,717 --> 00:26:23,998
I'm like, dude, you seen the house I live in?

330
00:26:24,078 --> 00:26:26,277
Like the Israelis don't pay very freaking well.

331
00:26:26,438 --> 00:26:27,737
Like, OK, go off.

332
00:26:27,818 --> 00:26:29,537
But then again, I've always been a Russian asset.

333
00:26:29,658 --> 00:26:30,818
Then I was a Chinese asset.

334
00:26:31,138 --> 00:26:32,158
Now I'm an Israeli asset.

335
00:26:32,217 --> 00:26:33,097
Like, fuck off.

336
00:26:33,217 --> 00:26:34,357
Like, it's all bullshit.

337
00:26:34,357 --> 00:26:49,178
Like, these are all just intelligence operations because you refuse, when you refuse to stand by and be set up to give everybody the pat answer, you become everybody's asshole.

338
00:26:51,158 --> 00:26:51,998
I'm okay with that.

339
00:26:52,117 --> 00:26:53,517
That's like my brand, right?

340
00:26:53,998 --> 00:26:58,318
So, but you have to remember that that's where you're going to, that's where it's going to go.

341
00:26:58,597 --> 00:27:00,217
And that's the kind of the point here.

342
00:27:00,217 --> 00:27:21,377
So why this is important is because that's where they're trying to misdirect us and they're trying to misdirect our energy away from what needs to be done, which is what we started this podcast with, which is to say, we're not going to live like this.

343
00:27:21,377 --> 00:27:26,138
We're not going to allow you to gaslight us into a bad reaction.

344
00:27:26,277 --> 00:27:27,078
We're not going to do this.

345
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We're not going to do this.

346
00:27:27,938 --> 00:27:28,537
We're not going to do this.

347
00:27:28,557 --> 00:27:31,237
And we're not going to fall for false scapegoats.

348
00:27:31,537 --> 00:27:34,237
We're going to go after the king.

349
00:27:34,398 --> 00:27:39,418
And when I say the king, I mean the actual goddamn king of England.

350
00:27:39,957 --> 00:27:44,337
King Sausage Fingers himself is going to get read the riot act, I think, by Donald Trump next week.

351
00:27:44,998 --> 00:27:46,498
Someone asked me on Twitter yesterday.

352
00:27:46,737 --> 00:27:47,258
Next week?

353
00:27:47,837 --> 00:27:48,197
What's that?

354
00:27:48,537 --> 00:27:49,097
Next week?

355
00:27:49,097 --> 00:27:52,277
Yeah, he's going to England next week.

356
00:27:52,797 --> 00:27:52,898
Right?

357
00:27:53,258 --> 00:27:59,297
So that state visit that queer Stalin was like,

358
00:27:59,357 --> 00:28:01,717
oh, this is a very great opportunity,

359
00:28:01,957 --> 00:28:06,357
a great honor for a man to be given two state visits with the king.

360
00:28:06,438 --> 00:28:07,697
I'm like, shut the fuck up.

361
00:28:07,918 --> 00:28:08,658
He's the king of England.

362
00:28:09,217 --> 00:28:11,658
I'm supposed to believe he's not all that freaking important.

363
00:28:11,797 --> 00:28:13,498
Every day people tell me he's not very important,

364
00:28:13,597 --> 00:28:14,837
but then when it matters,

365
00:28:14,837 --> 00:28:17,078
all of a sudden he's the most important man in the fucking world?

366
00:28:17,438 --> 00:28:20,398
How about, why is Trump going to meet with the enemy?

367
00:28:20,477 --> 00:28:21,517
I was asked this the other day.

368
00:28:21,697 --> 00:28:24,097
Why would you go into the Lions' den?

369
00:28:24,097 --> 00:28:29,217
I'm like, to offer, to, sorry, to present their terms of surrender.

370
00:28:30,477 --> 00:28:38,617
The United States is done being the lesser colony that got away from the British Empire.

371
00:28:38,777 --> 00:28:42,658
But there's a lot of work that had to be done behind the scenes to get to this moment.

372
00:28:42,957 --> 00:28:45,178
And you and I have talked about this over the last four years.

373
00:28:45,178 --> 00:28:48,097
So for this, all of this stuff, the financial stuff.

374
00:28:48,158 --> 00:28:52,697
And you watch Besson, you watch Trump, the whole why Fannie and Freddie.

375
00:28:52,857 --> 00:29:00,197
It's all part of the tapestry of how do we recapitalize America

376
00:29:00,197 --> 00:29:03,697
and we recapitalize, most importantly, the lower middle classes of America.

377
00:29:05,178 --> 00:29:11,438
And that's the solve of all these differential equations of Bitcoin,

378
00:29:11,438 --> 00:29:21,617
the Treasuries, stablecoins, Fannie and Freddie, banking regulations, Fed reform, all of it,

379
00:29:22,377 --> 00:29:27,597
getting rid of the NGOs, changing the form, getting rid of the 2% inflation mandate by the Fed,

380
00:29:29,357 --> 00:29:35,158
renaming the Department of War so that they don't have to follow the 2018 NDAA anymore,

381
00:29:35,158 --> 00:29:40,138
which says the Department of Defense must prepare to fight a two-front war against China and Russia.

382
00:29:40,138 --> 00:29:45,498
No, we're we're turning around and we're saying, no, fortress, fortress, western, fortress, western hemisphere.

383
00:29:46,138 --> 00:29:49,658
Everybody get the fuck out. That was the biggest news.

384
00:29:49,837 --> 00:29:58,638
I mean, of last week. And I was at the Department of Department of War now coming out and saying, hey, we're sort of the Department of War.

385
00:29:58,717 --> 00:30:03,818
I mean, the renaming the Department of Defense, the Department of War, I think was a little bit of legalese.

386
00:30:03,818 --> 00:30:09,857
I haven't I've mentioned this and I'm hoping that somebody either pushes back on me about it and say, no, no, no.

387
00:30:10,138 --> 00:30:22,195
Or whatever But look we renamed the Gulf of America the Gulf of Mexico the Gulf of America for a reason It was to invalidate contracts and to invalidate treaties that mentioned the Gulf of Mexico by name

388
00:30:23,115 --> 00:30:31,395
So that then you have a few of then the government has the American government is a free hand to ignore those treaties signed in relation to the body of water.

389
00:30:31,395 --> 00:30:33,135
No, previously known as the Gulf of Mexico.

390
00:30:33,795 --> 00:30:41,595
It's not just a little bit of of, you know, it there's a you know, it may be facile and it may be childish.

391
00:30:41,595 --> 00:30:45,375
but it may be, it may have some truth to it.

392
00:30:45,455 --> 00:30:47,015
And the same thing with this, with,

393
00:30:47,075 --> 00:30:50,595
with them literally saying we're not going to follow the 2018 national

394
00:30:51,255 --> 00:30:53,775
defense authorization act, which was re-upped in 2022.

395
00:30:54,815 --> 00:30:56,235
Remember, and that,

396
00:30:56,315 --> 00:31:01,595
remember Tulsi Gabbard coming out against the, the entire, you know,

397
00:31:02,555 --> 00:31:05,395
re-upping of FISA 702 and all this other stuff,

398
00:31:05,435 --> 00:31:07,275
which was the main thing that she, you know,

399
00:31:07,275 --> 00:31:09,655
main thing that the Senate didn't

400
00:31:09,655 --> 00:31:11,375
believe her about and gave

401
00:31:11,375 --> 00:31:13,215
her the rash of shit over during her

402
00:31:13,215 --> 00:31:13,715
confirmation.

403
00:31:15,095 --> 00:31:17,175
But hey, I don't know.

404
00:31:19,035 --> 00:31:21,315
In writing, so what do we got? Politico.

405
00:31:21,555 --> 00:31:22,935
The Pentagon officials are proposing.

406
00:31:22,935 --> 00:31:25,295
I pulled this up to validate what you just said.

407
00:31:25,375 --> 00:31:27,175
It's like Western Hemisphere. We're going to focus

408
00:31:27,175 --> 00:31:28,195
on that. Yeah, yeah.

409
00:31:28,575 --> 00:31:31,275
But you might have had to change the Department

410
00:31:31,275 --> 00:31:33,235
of Defense to the Department of War in order

411
00:31:33,235 --> 00:31:35,155
to be able to have the legal

412
00:31:35,155 --> 00:31:40,095
maneuvering to say we don't have to follow the NDA anymore because it's law, right?

413
00:31:40,515 --> 00:31:43,375
But if you change the department's name, like, well, there isn't a Department of Defense

414
00:31:43,375 --> 00:31:43,655
anymore.

415
00:31:43,775 --> 00:31:47,835
The Department of Defense does not have to follow this law because it is no longer the

416
00:31:47,835 --> 00:31:48,515
Department of Defense.

417
00:31:48,615 --> 00:31:49,575
It is the Department of War.

418
00:31:50,315 --> 00:31:53,055
It's, like I said, it's a little childish.

419
00:31:53,295 --> 00:31:54,155
It's a little cheesy.

420
00:31:54,795 --> 00:32:00,035
But, you know, you're dealing with orcs at this point who play legal games.

421
00:32:00,135 --> 00:32:02,795
Well, if you're going to play legal games, we're going to play legal games.

422
00:32:03,115 --> 00:32:04,255
Oh, these are the rules now?

423
00:32:04,255 --> 00:32:06,095
We can shoot our political opponents.

424
00:32:06,315 --> 00:32:07,815
You don't want to open up that can of worms.

425
00:32:09,475 --> 00:32:09,875
Right?

426
00:32:10,055 --> 00:32:12,635
You want to play the legal game of, oh, this is in this.

427
00:32:12,775 --> 00:32:12,875
Fine.

428
00:32:13,115 --> 00:32:16,235
You want to play that, frankly, that Talmudic bullshit?

429
00:32:16,855 --> 00:32:17,175
Fine.

430
00:32:18,295 --> 00:32:20,475
We can play that game better than you want.

431
00:32:20,515 --> 00:32:21,175
You want to know why?

432
00:32:21,475 --> 00:32:22,695
Because we're smarter than you.

433
00:32:23,095 --> 00:32:23,675
That's why.

434
00:32:23,995 --> 00:32:24,795
We have Stephen Miller.

435
00:32:25,235 --> 00:32:25,415
Yeah.

436
00:32:25,515 --> 00:32:26,955
I mean, yes, meaning Stephen Miller.

437
00:32:29,635 --> 00:32:30,355
Thank you, Marty.

438
00:32:31,475 --> 00:32:32,875
He's incredibly impressive.

439
00:32:32,875 --> 00:32:38,755
And he seems very, he seems very, very motivated right now.

440
00:32:38,755 --> 00:32:40,235
But let's lean in.

441
00:32:40,315 --> 00:32:42,895
So like order of operations from here, we're at a point of acceleration,

442
00:32:43,235 --> 00:32:48,355
RICO, Obama, Russiagate, Treason, Zoras.

443
00:32:48,675 --> 00:32:54,175
Like for those who are unfamiliar with how the RICO process goes,

444
00:32:54,275 --> 00:32:57,875
what do you think or how do you think this could play out as it pertains to

445
00:32:57,875 --> 00:32:59,375
RICOing these people?

446
00:32:59,375 --> 00:33:05,315
And this is where I'll cop to not having a tremendous understanding of this stuff.

447
00:33:05,455 --> 00:33:07,955
And this is something I probably should have a better understanding of.

448
00:33:08,375 --> 00:33:18,975
But once you can prove any kind of conspiracy, I said to X, Y, and Z, I'm a huge critic of the whole Rico statue.

449
00:33:19,075 --> 00:33:20,395
I think it's a terrible statue.

450
00:33:20,515 --> 00:33:21,235
I really, really do.

451
00:33:22,095 --> 00:33:25,475
I mean, in that respect, as a civil libertarian, Rico is awful.

452
00:33:25,475 --> 00:33:38,475
And I find it really funny that just as an aside, that they tried to kill Rudy Giuliani, Mr. Rico himself, which is how he cleaned up the mobs in New York and how he cleaned up the streets in New York and he used Rico for it.

453
00:33:39,335 --> 00:33:40,395
That's Rudy's thing.

454
00:33:40,395 --> 00:33:52,695
So if anything, the Trump administration has been briefed on how to use this to its maximal advantage for years because Rudy is clearly a Trump in Trump's camp.

455
00:33:52,875 --> 00:34:00,415
And I'm sure that they knew each other for years when Rudy was mayor and Trump was actually just a quote unquote shitbag property developer in Queens.

456
00:34:00,415 --> 00:34:06,315
Right. So. But, you know, Rico is really it's actually really quite simple.

457
00:34:06,315 --> 00:34:15,035
As long as we can prove that, you know, you did this in relation to that, then we can create a conspiracy and we can, you know, can intend to create a conspiracy.

458
00:34:15,035 --> 00:34:19,095
And therefore we can we can just keep rolling people up that way.

459
00:34:19,095 --> 00:34:22,955
And it's like it's it. And that's why it's that's why I'm not a fan of it.

460
00:34:22,955 --> 00:34:34,295
But under this scenario, again, sometimes you have to realize that you're going to get people, like they put Al Capone in prison.

461
00:34:35,135 --> 00:34:36,955
They finally got Al Capone on tax evasion.

462
00:34:37,315 --> 00:34:38,355
They didn't get him for the murders.

463
00:34:38,455 --> 00:34:41,695
They didn't get him for the alcohol and the drugs and all that.

464
00:34:41,855 --> 00:34:43,135
They got him for tax evasion.

465
00:34:43,355 --> 00:34:47,295
They're going to get John Bolton for some other damn thing, right?

466
00:34:47,635 --> 00:34:48,875
They're going to get Barack Obama.

467
00:34:49,535 --> 00:34:50,895
They're going to get John Brennan on.

468
00:34:50,895 --> 00:34:56,535
And, you know, you know, they're not going to get them on the crimes, generally speaking, that they're actually guilty of.

469
00:34:56,535 --> 00:35:01,135
But they're going to get them on something and they're going to get rid of them and they're going to make an example of them.

470
00:35:01,555 --> 00:35:10,135
And it's also but unfortunately, while you do that, it's going to leave the people who were co-conspirators and out.

471
00:35:10,135 --> 00:35:18,135
Because if you can only go, you know, when you're investigating Capone for tax evasion, it doesn't mean it means that you can't get them on anything else.

472
00:35:18,135 --> 00:35:23,555
right? Because everybody else is holding their water and you don't have enough. So this is the

473
00:35:23,555 --> 00:35:30,795
game that's being played right now. But once this process starts and once they start using RICO

474
00:35:30,795 --> 00:35:41,415
in that way, they're going to use it tyrannically by any measure of authoritarian power. The question

475
00:35:41,415 --> 00:35:47,275
is, to what end? And this is where a lot of people will be very uncomfortable with

476
00:35:47,275 --> 00:35:51,635
the analysis, including myself, which is

477
00:35:51,635 --> 00:35:57,795
we are in a war, and during a war, like this is Steve Murray

478
00:35:57,795 --> 00:36:01,835
yesterday was like, dude, just forget it. It's all treason. Just try them

479
00:36:01,835 --> 00:36:05,895
under military court, military, uniform military

480
00:36:05,895 --> 00:36:09,835
code. Done. Try them under uniform code of military

481
00:36:09,835 --> 00:36:13,575
justice. Done. Don't get out of the civilian courts. Just go that route. I'm like,

482
00:36:13,575 --> 00:36:19,535
okay, now we're opening up another layer of can of worms here. But

483
00:36:19,535 --> 00:36:27,855
this has to be the people, ultimately, at the end of the day, the people have to want this.

484
00:36:28,455 --> 00:36:33,835
And Obama is still loved by too many people to go after him yet. So start rolling up all the

485
00:36:33,835 --> 00:36:39,415
lieutenants, start taking out their jobs, start trying to turn them into witnesses,

486
00:36:39,415 --> 00:36:44,355
and start building the case so that when the day comes, you can go, look, this is it. This is,

487
00:36:44,355 --> 00:36:48,955
this is what we've done. This is who we can get on what we can get them for. And you're going to

488
00:36:48,955 --> 00:36:54,015
have to accept that that's as much as we can get. Now, people like the Clintons, I don't care about,

489
00:36:54,535 --> 00:36:58,615
right? I mean, while I'd like to see Hillary Clinton perp walked because it would just,

490
00:36:58,675 --> 00:37:01,815
you know, warm the cockles of my cold, dead heart.

491
00:37:01,815 --> 00:37:11,615
who cares, right? At the end of the day, there's justice and then there's

492
00:37:11,615 --> 00:37:19,495
moving forward, right? And I'm not saying we don't move, we don't have any justice before we move

493
00:37:19,495 --> 00:37:25,015
forward, but we're going to have to balance those two things. There's going to be some justice served

494
00:37:25,015 --> 00:37:28,475
and then there's going to be some moving forward.

495
00:37:30,735 --> 00:37:35,495
And anybody arguing for one extreme or the other,

496
00:37:36,535 --> 00:37:37,595
you know who they work for.

497
00:37:39,015 --> 00:37:40,855
Because they're not being realistic.

498
00:37:41,715 --> 00:37:44,455
Or they're not worth listening to.

499
00:37:45,135 --> 00:37:45,935
Take your pick.

500
00:37:46,035 --> 00:37:46,815
I don't care if you want.

501
00:37:46,975 --> 00:37:49,335
I will default to, at this point in time,

502
00:37:49,435 --> 00:37:50,815
everybody's an enemy combatant.

503
00:37:51,615 --> 00:37:52,055
Right?

504
00:37:52,135 --> 00:37:52,575
We're in war.

505
00:37:52,695 --> 00:37:54,155
So I have to treat everybody that way.

506
00:37:54,155 --> 00:38:02,775
that's not fair. I'm not, I, I'm, I know what that sounds like when I say that, but my role in this

507
00:38:02,775 --> 00:38:08,895
space as a commentator is to be that guy. You can choose to disagree with me on that and you

508
00:38:08,895 --> 00:38:14,135
probably should, right? Cause on, cause on any given Thursday, I'm going to disagree with myself,

509
00:38:14,135 --> 00:38:23,935
but that framework has to be at least explored and understood so that you can figure out where

510
00:38:23,935 --> 00:38:27,695
we're going to wind up because you asked order of operations, where do we go from here? There's

511
00:38:27,695 --> 00:38:32,535
going to be some, so we're going to get some scalps and we're going to let others walk. And

512
00:38:32,535 --> 00:38:36,495
everybody's going to have to be comfortable with that. As long as what Trump is saying is like,

513
00:38:36,495 --> 00:38:43,295
we're going to succeed our way out of this crisis period. And then the way you win and the way you

514
00:38:43,295 --> 00:38:47,775
beat the Soros is in the way you beat the crown and the way you beat Davos and the way you beat

515
00:38:47,775 --> 00:38:56,535
all these chaos, you know, these people who think they can win the day in crisis is to make people

516
00:38:56,535 --> 00:39:03,055
successful, is to give them the opportunity to succeed, build wealth, build a life, have a

517
00:39:03,055 --> 00:39:07,995
positive experience because people who are positive, who are in a good place, don't revolt.

518
00:39:08,555 --> 00:39:15,215
And they want us to revolt. They want us, you know, they want to, they want to see a million

519
00:39:15,215 --> 00:39:24,215
people marching on London. They want to see the French firebombing courts and roadways and

520
00:39:24,215 --> 00:39:28,095
everything else. That's what they want, because they think that that's going to alter, because

521
00:39:28,095 --> 00:39:31,935
that righteous anger will burn itself out, and then they'll come in with the gendarme and

522
00:39:31,935 --> 00:39:37,515
assholes and elbows and lock the place down, because the normal people will be like, look,

523
00:39:37,515 --> 00:39:44,755
just restore order. We're already at that point. The response to Charlie Kirk

524
00:39:44,755 --> 00:39:46,515
proves that we're at that point.

525
00:39:48,415 --> 00:39:55,455
And that tells me that my, that when I was, just one last thing, because I was, this literally

526
00:39:55,455 --> 00:39:59,415
just popped into my head, which is that for a long time now, I've been positing whether

527
00:39:59,415 --> 00:40:00,835
or not we've already hit rock bottom.

528
00:40:01,395 --> 00:40:08,075
I don't know if you and I haven't had this conversation yet, but about a year ago, when

529
00:40:08,075 --> 00:40:13,515
I was working on, you know, one of my two newsletters, I sat down, I was going through

530
00:40:13,515 --> 00:40:19,295
the narrative, I'm like, you know, we all sit here and keep wondering when the thing that the

531
00:40:19,295 --> 00:40:23,195
crisis that's over the horizon is going to happen. And when we hit rock bottom, what is it going to

532
00:40:23,195 --> 00:40:27,915
look like? And how do we prepare for that? And blah, blah, blah, blah. And I step back and said,

533
00:40:28,415 --> 00:40:33,935
you know, but we actually may have already hit rock bottom. And that is listed off all the things

534
00:40:33,935 --> 00:40:40,675
that we're dealing with. You know, an invasion, you know, gender fluidity, this, that, blah, blah,

535
00:40:40,675 --> 00:40:42,315
I listed off like 12 things.

536
00:40:43,135 --> 00:40:45,535
And I'm like, that's not the definition of rock bottom.

537
00:40:48,235 --> 00:40:51,095
Everybody wants like the, you know, the running around in the streets.

538
00:40:51,195 --> 00:40:53,915
And so if that's the case, so that was what I said.

539
00:40:53,955 --> 00:40:56,155
I said, I don't know if we have, but how about this?

540
00:40:57,215 --> 00:40:58,275
Those are your conditions.

541
00:40:59,235 --> 00:41:01,315
Now, when we get to the next crisis, how do we react?

542
00:41:01,355 --> 00:41:02,275
And how are we reacting?

543
00:41:03,395 --> 00:41:05,635
Exactly the way we talked about at the beginning of this podcast.

544
00:41:05,895 --> 00:41:07,615
People are going, that's enough.

545
00:41:08,255 --> 00:41:09,335
The corner's been turned.

546
00:41:09,335 --> 00:41:12,175
That was America's rock bottom, the Biden hunter.

547
00:41:13,675 --> 00:41:15,395
It's not over the horizon, folks.

548
00:41:15,615 --> 00:41:16,975
They keep telling you it's over the horizon.

549
00:41:17,335 --> 00:41:19,275
Why is it why they keep telling you it's over the horizon?

550
00:41:19,415 --> 00:41:23,435
Because they're trying to get you to look over there and not look at the collapse that's happening over here.

551
00:41:26,475 --> 00:41:26,915
Yeah.

552
00:41:27,275 --> 00:41:30,015
And like I actually had a similar thought.

553
00:41:31,075 --> 00:41:38,535
Earlier this week or last week with the jobs revision, like a nine hundred eleven thousand jobs just were completely fake.

554
00:41:38,535 --> 00:41:41,975
and you're able to look back and think retrospectively

555
00:41:41,975 --> 00:41:44,995
and know that the anecdotal data was screaming

556
00:41:44,995 --> 00:41:46,415
like we're in a silent depression.

557
00:41:46,855 --> 00:41:51,095
There is no way the economy is as good as being marketed

558
00:41:51,095 --> 00:41:52,335
by the Biden administration.

559
00:41:54,175 --> 00:41:56,155
I had that thought earlier this week.

560
00:41:56,255 --> 00:41:58,535
It seems like it is behind us, this revision.

561
00:42:00,095 --> 00:42:03,815
And that's a great point about this part of the cycle.

562
00:42:03,815 --> 00:42:16,175
Right. And, you know, I know you and I talked about how the how the the employment data and the inflation data were being used, you know, to try and push Powell in one direction or the other.

563
00:42:16,475 --> 00:42:19,935
And we talked about this last year. I know we talked about it earlier in the year, the last time I was on.

564
00:42:19,995 --> 00:42:25,335
I'm sure we talked about this three or four times. And note how it always worked out exactly what I was saying.

565
00:42:25,335 --> 00:42:34,555
They were overselling the jobs recovery in the run-up to the election in order to try and keep Biden in office or to pump up Harris.

566
00:42:35,515 --> 00:42:39,975
And all that did was kept – well, then Powell kept saying, well, I don't have to cut interest rates.

567
00:42:41,095 --> 00:42:47,155
And then he doesn't cut interest rates until the credit markets start to hit crisis mode just before the election.

568
00:42:47,155 --> 00:42:52,575
And so he relieves – he opens the pressure release valve by 50 basis points.

569
00:42:52,575 --> 00:42:55,915
and then the next meeting is right before the election.

570
00:42:56,075 --> 00:42:56,775
That doesn't matter.

571
00:42:57,315 --> 00:42:59,715
And then the December meeting happens.

572
00:43:00,295 --> 00:43:02,335
We get the new government comes in.

573
00:43:02,435 --> 00:43:03,895
We don't know what Trump is going to do

574
00:43:03,895 --> 00:43:07,075
or we don't know what Trump's going to be able to get done.

575
00:43:08,035 --> 00:43:10,935
And it made sense.

576
00:43:11,075 --> 00:43:16,735
And then they started muttsing with the employment data

577
00:43:16,735 --> 00:43:20,635
and the inflation data in order to try and make Trump look bad,

578
00:43:20,635 --> 00:43:24,795
which is also playing into Powell not cutting interest rates.

579
00:43:25,315 --> 00:43:28,215
Oh, inflation is too high, and see, he hasn't fixed anything,

580
00:43:28,315 --> 00:43:31,935
and the jobs are falling off a cliff, and blah, blah, blah, blah.

581
00:43:31,935 --> 00:43:38,115
And Powell's like, sorry, can't cut interest rates yet,

582
00:43:38,555 --> 00:43:42,195
because they were messing with that data while they were screaming

583
00:43:42,195 --> 00:43:44,435
the tariffs were going to create hyperinflation.

584
00:43:44,575 --> 00:43:47,215
Well, you're just going to scream hyperinflation over the tariffs?

585
00:43:47,795 --> 00:43:50,375
Powell's not going to cut interest rates into that situation.

586
00:43:50,375 --> 00:43:57,275
I wouldn't. And even though I knew that it wasn't going to be inflationary, at least in first blush.

587
00:43:58,275 --> 00:44:05,495
I knew it. The whole argument about tariffs from a hardcore free market perspective,

588
00:44:05,595 --> 00:44:09,975
say from a Thomas Sowell perspective, is that, look, at least for a year, 18 months,

589
00:44:10,055 --> 00:44:13,575
tariffs are going to work like a champ. The proof in the pudding is going to be whether

590
00:44:13,575 --> 00:44:18,895
they continue to work after that. That's going to be the interesting part.

591
00:44:19,775 --> 00:44:21,855
So it was always a dumb argument.

592
00:44:22,295 --> 00:44:25,175
And I'm like, yeah, if I was Powell, I'd be like, I ain't cutting interest rates either.

593
00:44:25,295 --> 00:44:26,855
Sorry, Trump, I'm not doing it.

594
00:44:26,855 --> 00:44:34,195
You can lambaste me for strategic purposes publicly all you want, but this is the right course of action because what is this doing?

595
00:44:34,315 --> 00:44:39,655
It's forcing everybody else to cut interest rates because we're draining their – we're draining the vitality from their capital markets.

596
00:44:39,875 --> 00:44:44,755
We're raising – we're keeping the cost of dollars, which they desperately fucking need, as high as possible.

597
00:44:44,755 --> 00:44:46,635
and so that's

598
00:44:46,635 --> 00:44:49,055
working to your advantage and giving

599
00:44:49,055 --> 00:44:51,075
you all the leverage you need to cut

600
00:44:51,075 --> 00:44:53,175
the trade deals that you want and that's exactly

601
00:44:53,175 --> 00:44:53,735
what happened

602
00:44:53,735 --> 00:44:56,315
now

603
00:44:56,315 --> 00:44:58,855
we're days away from the next FOMC meeting

604
00:44:58,855 --> 00:45:00,975
so and I think everybody

605
00:45:00,975 --> 00:45:02,915
is all but certain that there will

606
00:45:02,915 --> 00:45:04,735
be at least a 25 BIP cut

607
00:45:04,735 --> 00:45:06,815
potentially a 50 it's being

608
00:45:06,815 --> 00:45:08,935
priced in to a certain

609
00:45:08,935 --> 00:45:10,995
extent I believe 20% odds

610
00:45:10,995 --> 00:45:11,895
right now or probability

611
00:45:11,895 --> 00:45:34,433
Did we close at 20 on the Fed Funds futures on Friday Because the last I looked I was very busy yesterday so I missed the close on that I didn look at it The last I saw it it was only like 6 but that was Thursday So I literally didn It at 7 on Polymarket now which we using Yeah and the Fed rate monitoring tool says 3

612
00:45:34,433 --> 00:45:36,013
This is what I think is going to happen.

613
00:45:36,093 --> 00:45:37,073
I think it's going to be 25.

614
00:45:37,773 --> 00:45:40,253
And it's because of the inflation data.

615
00:45:40,653 --> 00:45:41,552
It's because of the CPI.

616
00:45:42,113 --> 00:45:46,193
If the CPI had come in like the PPI at low,

617
00:45:46,733 --> 00:45:48,873
then I think we'd be looking at 50.

618
00:45:48,873 --> 00:45:54,733
So, you know, last week I was saying my base case is 50.

619
00:45:55,733 --> 00:45:56,873
Now I have new data.

620
00:45:57,653 --> 00:46:03,273
It was the PPI on Wednesday and the CPI on Thursday.

621
00:46:04,153 --> 00:46:11,153
And I, you know, for the patrons on the market report on Wednesday, because I always do them on Wednesdays and Sundays.

622
00:46:11,153 --> 00:46:32,793
What I said was when I put it up, I said, I've been saying for three years now that we're in a commodity cost push inflation environment because the directional change in the four month rolling average of the CPI is tied, ties over, lays over nicely with the monthly closing price of gasoline futures.

623
00:46:32,793 --> 00:46:43,193
So you just take gasoline futures, monthly close, and sum up the last four months of inflation data, chart those two things together over time.

624
00:46:43,613 --> 00:46:49,032
And for the last four years, certainly since Powell started raising rates, they're directionally in lockstep.

625
00:46:49,552 --> 00:46:54,993
Every once in a while, there's a month where the CPI goes up and the gasoline goes down.

626
00:46:55,113 --> 00:46:57,653
But for the most part, it's like a 95% correlation.

627
00:46:57,653 --> 00:47:04,933
It's actually quite an impressive bit of forensic work on my part.

628
00:47:05,133 --> 00:47:07,913
I originally started with like the one year, then I went to the six month.

629
00:47:07,973 --> 00:47:09,253
I'm like, oh, that's four months.

630
00:47:09,453 --> 00:47:18,793
And that has to do with clearly the gasoline supply chain and how far out people are hedged in the gasoline market.

631
00:47:18,793 --> 00:47:19,733
And then it starts to show up.

632
00:47:19,793 --> 00:47:31,973
And that's why it starts to show up with a four-month lag in the CPI because of, you know, when it shows up at the pump, right?

633
00:47:32,233 --> 00:47:33,433
They're buying it wholesale.

634
00:47:33,993 --> 00:47:34,573
They're selling.

635
00:47:34,713 --> 00:47:35,913
And then eventually they sell it at retail.

636
00:47:35,993 --> 00:47:36,933
And there's a four-month lag.

637
00:47:37,233 --> 00:47:39,253
Clearly, people hedge four months out into the future.

638
00:47:40,352 --> 00:47:48,773
What happened on Thursday with the CPI, so what I said was like saying, well, given that the August closed and gasoline was down like 13 or 14%.

639
00:47:48,793 --> 00:47:54,633
14 cents over July, I'm expecting the number to come in around for the month over month change

640
00:47:54,633 --> 00:48:02,773
in the CPI around 0.1, maybe zero. But 0.1 would be like the perfect predictor of if this model

641
00:48:02,773 --> 00:48:07,393
was still holding. And I said, if this model is still holding, and I'm not sure about that,

642
00:48:07,393 --> 00:48:12,113
but if this model is still holding, then that's what we would see. And then the CPI comes in at

643
00:48:12,113 --> 00:48:18,733
0.4%. And the one thing I did say, I said, you know, we're getting all this discussion,

644
00:48:18,793 --> 00:48:23,953
now about electricity prices spiking because of data center needs and everything else.

645
00:48:24,532 --> 00:48:26,993
Supply chains and electricity are becoming acute.

646
00:48:27,713 --> 00:48:33,052
Well, if you look internally on the CPI, and this is where Zero Hedge is always, this is

647
00:48:33,052 --> 00:48:34,473
where Zero Hedge is really at its best.

648
00:48:34,532 --> 00:48:40,293
It's when it's producing data like this, not some of the slop commentary that's out there,

649
00:48:40,332 --> 00:48:44,493
including my old, when I used to write articles that were on Zero Hedge, I'm including some

650
00:48:44,493 --> 00:48:44,973
of those things.

651
00:48:45,653 --> 00:48:47,873
This is where Zero Hedge was the breakdown of the CPI.

652
00:48:47,873 --> 00:48:51,173
You saw that year over year, electricity prices were up nearly 14%.

653
00:48:51,953 --> 00:48:55,573
Pipe natural gas for energy purposes up almost 9%.

654
00:48:55,573 --> 00:48:57,973
Gasoline prices were down 6.6%.

655
00:48:57,973 --> 00:49:04,493
So we got a big rise in the CPI, even though gasoline prices fell.

656
00:49:06,873 --> 00:49:16,273
Means that another factor is beginning to exert itself over the inflation as calculated by the CPI.

657
00:49:16,273 --> 00:49:19,813
So my old model may no longer be working.

658
00:49:20,552 --> 00:49:24,713
I may, and I've been saying this model is going to work until a state change occurs.

659
00:49:26,213 --> 00:49:29,173
And a state change is occurring.

660
00:49:29,753 --> 00:49:36,213
So let's see if this is a one-off or, you know, we start to see a new trend,

661
00:49:36,413 --> 00:49:39,773
meaning we see a decoupling of the price of the monthly closing price of gasoline

662
00:49:39,773 --> 00:49:41,733
with the four-month rolling average on the CPI.

663
00:49:41,873 --> 00:49:44,013
If we, you know, get two or three months of that,

664
00:49:44,433 --> 00:49:45,493
where they're out of phase with one another,

665
00:49:45,493 --> 00:49:50,293
we're in a different environment. And now we have to come up with a new rationale as to why those

666
00:49:50,293 --> 00:49:57,693
two things are out of lockstep with one another, right? Which is perfectly reasonable. It's never

667
00:49:57,693 --> 00:50:04,633
always that way pre-COVID or pre, not pre-COVID, but pre-COVID. No, there was no correlation between

668
00:50:04,633 --> 00:50:08,813
these two things because in a demand pull environment, there shouldn't be. The demand

669
00:50:08,813 --> 00:50:13,073
for credit is independent of the price of the change in the price of gasoline. A demand pull

670
00:50:13,073 --> 00:50:19,173
environment should be that way. In a cost-push environment, it will be. So that's the way I look

671
00:50:19,173 --> 00:50:24,252
at it that way. That's why I think we're only going 25 with the Fed on Wednesday, because

672
00:50:24,252 --> 00:50:30,533
while Powell was saying, like, I'm scrapping the 2% inflation target, yeah, I don't think I'm going,

673
00:50:30,533 --> 00:50:38,552
I don't think I can do that with, you know, with the level of inflation. Now, that being said,

674
00:50:38,552 --> 00:50:48,193
The PCE deflator hasn't come out yet, which is one of the Fed's favorite indexes or indices.

675
00:50:50,213 --> 00:50:51,193
Indicators, sorry.

676
00:50:51,533 --> 00:50:53,133
Both of the words were wrong.

677
00:50:54,433 --> 00:50:55,113
So I don't know.

678
00:50:55,473 --> 00:51:00,533
I mean, I'm okay with 50, honestly, in this environment.

679
00:51:00,633 --> 00:51:02,052
I'm okay with 50, personally.

680
00:51:02,052 --> 00:51:11,933
I think Powell should do exactly what he did last year, 50, 25, 25, and then sit out January and at his last meeting, sit down and go to Trump.

681
00:51:11,993 --> 00:51:12,613
Okay, what do you want?

682
00:51:12,993 --> 00:51:15,193
Or what's your incoming chair going to do anyway?

683
00:51:15,953 --> 00:51:17,513
And then do whatever they're going to do.

684
00:51:17,573 --> 00:51:26,752
And if it's Judy Sheldon or whoever it is, Scott Besson taking selfies with Judy Sheldon the other day, kind of hard to miss that.

685
00:51:29,552 --> 00:51:30,352
So I don't know.

686
00:51:30,352 --> 00:51:33,873
Like that's, that's where I think, I think we are, but I, you know, you know, predicting

687
00:51:33,873 --> 00:51:35,693
this stuff at this point, isn't really that important.

688
00:51:35,752 --> 00:51:38,953
What's important is I think we were, we're definitely into the next rate cutting cycles

689
00:51:38,953 --> 00:51:39,453
right here.

690
00:51:39,593 --> 00:51:41,413
The labor market is clearly not great.

691
00:51:41,593 --> 00:51:43,133
The credit markets are too tight.

692
00:51:43,653 --> 00:51:49,093
My own personal experience in trying to, you know, get some, you know, some mortgage credit

693
00:51:49,093 --> 00:51:53,993
like against my existing house and, and, and then, you know, roll out my capital.

694
00:51:54,093 --> 00:51:55,013
No dudes.

695
00:51:55,133 --> 00:51:55,873
Like it's insane.

696
00:51:56,113 --> 00:52:00,213
Like the underwriters are working overtime every fricking day to deny people loans.

697
00:52:00,213 --> 00:52:03,653
I was talking to a friend of mine that I play World of Warcraft with.

698
00:52:03,713 --> 00:52:04,352
He's in the industry.

699
00:52:04,493 --> 00:52:07,493
He's like, this is the worst freaking week of my life.

700
00:52:08,093 --> 00:52:09,373
And it's been just terrible.

701
00:52:09,552 --> 00:52:12,793
And he's like, he's listening to me complain about what I'm going through with the bank

702
00:52:12,793 --> 00:52:17,633
that I was trying to get a cash out remortgage on my house here in Florida.

703
00:52:18,313 --> 00:52:20,933
And he was like, dude, I hear that story 10 times a day.

704
00:52:21,613 --> 00:52:24,613
And small business owners are just, they're not able to get the freaking,

705
00:52:25,153 --> 00:52:26,993
they're not able to get mortgages anymore.

706
00:52:27,173 --> 00:52:28,073
It's like, it's terrible.

707
00:52:28,073 --> 00:52:34,173
There's so much regulatory crap in the system that it's insane.

708
00:52:34,413 --> 00:52:40,832
So if you want a little nugget of where I think one of the things we should be looking for,

709
00:52:41,873 --> 00:52:47,293
note that Scott Besson a couple of weeks ago said that we need to declare an emergency in housing in the United States.

710
00:52:47,852 --> 00:52:55,073
And I think it's over the regulatory scheme of how do we get small business owners access to consumer credit because it's bad.

711
00:52:55,993 --> 00:52:56,832
It's terrible.

712
00:52:56,832 --> 00:52:59,793
And the minute I started talking about it, I'm having people say, oh, yeah, dude.

713
00:53:00,133 --> 00:53:03,653
Like I fought with the mortgage company for three years in order to try to do this guy.

714
00:53:03,773 --> 00:53:04,852
And they come out of the woodwork.

715
00:53:04,933 --> 00:53:10,573
And they're like, I make more money than – you know, I make far more money than I'm trying to – you know, this is them.

716
00:53:10,893 --> 00:53:12,052
Like I'm looking at it.

717
00:53:12,213 --> 00:53:14,793
Like I wasn't even asking for a lot of money.

718
00:53:14,913 --> 00:53:18,752
Just a little bit of extra money to develop my property up in Tennessee is really what it came down to.

719
00:53:19,653 --> 00:53:22,633
And no.

720
00:53:22,633 --> 00:53:23,133
No.

721
00:53:23,733 --> 00:53:26,473
It was – it's – and it's –

722
00:53:26,473 --> 00:53:28,713
And it feels vindictive, right?

723
00:53:28,752 --> 00:53:29,733
But I don't think it is.

724
00:53:29,773 --> 00:53:35,653
I think it's literally just Dodd-Frank, Sarbox, this, that, everything, all these banking

725
00:53:35,653 --> 00:53:38,713
regulations that were put in place both by the Federal Reserve and by Elizabeth Warren

726
00:53:38,713 --> 00:53:45,752
when she was running the CFPB were designed to make sure that the middle class didn't

727
00:53:45,752 --> 00:53:53,093
get access to easy access to the kind of consumer credit necessary in order to free up their

728
00:53:53,093 --> 00:53:55,113
cash flow in order to start rebuilding the country.

729
00:53:55,113 --> 00:53:58,332
because that's what the 30-year fixed rate mortgage does, right?

730
00:53:59,033 --> 00:54:00,953
The 30-year fixed rate mortgage says,

731
00:54:01,513 --> 00:54:04,713
here, as opposed to taking a 10-year mortgage out

732
00:54:04,713 --> 00:54:06,373
and tying up all your cash flow,

733
00:54:07,213 --> 00:54:08,873
amortize your house over 30 years,

734
00:54:09,213 --> 00:54:11,413
build your community, build a business in that community,

735
00:54:11,953 --> 00:54:13,552
and you're paying 5% on that loan.

736
00:54:13,653 --> 00:54:16,533
Well, build a business that's throwing off 7% a year

737
00:54:16,533 --> 00:54:19,173
and your business is paying for your home.

738
00:54:19,552 --> 00:54:20,832
And then you build a community.

739
00:54:20,832 --> 00:54:22,733
And that's the model.

740
00:54:23,573 --> 00:54:24,893
And who hates that model?

741
00:54:25,113 --> 00:54:27,993
Davos

742
00:54:27,993 --> 00:54:30,113
City London

743
00:54:30,113 --> 00:54:32,533
I mean explicitly

744
00:54:32,533 --> 00:54:34,153
they explicitly hate it

745
00:54:34,153 --> 00:54:35,352
you'll own nothing and be happy

746
00:54:35,352 --> 00:54:38,453
exactly so this is why the realist

747
00:54:38,453 --> 00:54:40,033
of Fannie and Freddie is so damned important

748
00:54:40,033 --> 00:54:41,352
this is why the housing

749
00:54:41,352 --> 00:54:44,593
situation is so damned important and this is why

750
00:54:44,593 --> 00:54:46,533
Trump was like

751
00:54:46,533 --> 00:54:48,613
look we're giving you every opportunity to act

752
00:54:48,613 --> 00:54:50,593
like grown ups this summer

753
00:54:50,593 --> 00:54:52,193
but nope sorry we're done

754
00:54:52,193 --> 00:54:54,493
and they just got rid of the 60% roll

755
00:54:54,493 --> 00:54:57,773
on a lot of these things and effectively ending the filibuster.

756
00:54:57,893 --> 00:54:59,793
And they can put the filibuster back in place before they leave power.

757
00:55:00,013 --> 00:55:00,693
That's what I would do.

758
00:55:01,173 --> 00:55:05,913
In order to really regain the trust of the American people,

759
00:55:06,033 --> 00:55:09,513
I would suspend the filibuster for the balance of this term.

760
00:55:09,513 --> 00:55:13,313
And then right before the last day of Congress,

761
00:55:13,413 --> 00:55:14,352
they reinstate the filibuster.

762
00:55:14,813 --> 00:55:18,332
And then 2028, and then they take fuck off.

763
00:55:18,533 --> 00:55:18,953
You know what I mean?

764
00:55:19,033 --> 00:55:19,773
That's what I would do.

765
00:55:19,993 --> 00:55:23,352
Just like, oh, by the way, we're done playing games with you.

766
00:55:23,352 --> 00:55:25,973
Or we are, you want to write the rules this way?

767
00:55:26,033 --> 00:55:27,193
This is the way we're going to write the rules.

768
00:55:27,953 --> 00:55:28,153
Yeah.

769
00:55:28,713 --> 00:55:29,013
You know?

770
00:55:29,493 --> 00:55:30,252
It's fascinating.

771
00:55:31,433 --> 00:55:32,533
So a few things.

772
00:55:32,893 --> 00:55:33,173
Sure.

773
00:55:35,273 --> 00:55:42,873
One, just a retrospective on the ongoing conversation we've been having two and a half years about this particular topic.

774
00:55:43,013 --> 00:55:44,552
Like, is the timing right in your mind?

775
00:55:44,552 --> 00:55:48,693
Like, did Powell, according to your thesis, do what needed to be done?

776
00:55:48,893 --> 00:55:51,193
And now we've gotten to the point where it's like, all right, that's done.

777
00:55:51,552 --> 00:55:52,513
Lowering rates is acceptable.

778
00:55:53,033 --> 00:55:53,113
Yeah.

779
00:55:53,352 --> 00:56:03,073
And then to your point about moving forward, like in rock bottom being behind us, potentially, I'm beginning to become convinced with that.

780
00:56:03,113 --> 00:56:05,193
I've been having a lot of conversations with Mel Madison.

781
00:56:05,193 --> 00:56:07,213
I'm not sure if he's on your radar, but he's been.

782
00:56:07,352 --> 00:56:10,593
He is. I haven't actually I haven't actually chatted with Mel, but I've heard of him.

783
00:56:10,733 --> 00:56:14,413
So, yeah, but he I mean, he started calling it in December of last year.

784
00:56:14,413 --> 00:56:21,633
He's like, I think we're going to have like a short little correction post election with tariffs.

785
00:56:21,633 --> 00:56:23,332
Well, people figure it out and then we're going to scream.

786
00:56:23,893 --> 00:56:26,052
The markets are, it's all systems go.

787
00:56:26,273 --> 00:56:28,832
And he's still, I had a conversation with him last week and he's like,

788
00:56:29,352 --> 00:56:31,752
I'm bullish bonds, gold, Bitcoin stocks.

789
00:56:32,113 --> 00:56:32,213
Yeah.

790
00:56:32,993 --> 00:56:34,552
Not, not globally.

791
00:56:34,752 --> 00:56:35,373
Mind you.

792
00:56:35,832 --> 00:56:37,273
The only United States.

793
00:56:37,613 --> 00:56:37,953
Yeah.

794
00:56:37,953 --> 00:56:38,133
Yeah.

795
00:56:38,173 --> 00:56:41,193
Because the capital out of Europe is, is, is going to be biblical.

796
00:56:41,713 --> 00:56:42,013
But yeah.

797
00:56:42,133 --> 00:56:42,453
Yeah.

798
00:56:42,653 --> 00:56:42,873
Yeah.

799
00:56:43,593 --> 00:56:43,832
No.

800
00:56:43,852 --> 00:56:46,852
And another thing he mentioned, he's like,

801
00:56:46,852 --> 00:56:49,633
I think we'll see a four handle on 30 year mortgages next year.

802
00:56:49,633 --> 00:56:54,813
and so what what is the plan with fannie mae freddie mac

803
00:56:54,813 --> 00:57:02,073
um pretty obviously they want to um trump's already talked about the the baseline um or the the

804
00:57:02,073 --> 00:57:06,593
framework of it and he's clearly in negotiations with the big banks who are the holders of the

805
00:57:06,593 --> 00:57:13,473
junior preferred shares which are the quote-unquote hold up but and that gets into a and and that and

806
00:57:13,473 --> 00:57:18,313
once i start going down that rabbit hole with the junior preferreds it'll make this like sound like

807
00:57:18,313 --> 00:57:21,073
an insanely complicated mess, but it really isn't.

808
00:57:21,393 --> 00:57:22,993
There are a bunch of junior preferred shares out there.

809
00:57:23,393 --> 00:57:25,233
Some of them are convertible to common.

810
00:57:25,393 --> 00:57:26,313
Some of them aren't.

811
00:57:26,393 --> 00:57:28,873
A lot of them are paying, you know, coupon, fixed coupons.

812
00:57:29,313 --> 00:57:33,173
And a lot of them, and they were in the wake of the 2008 financial crisis,

813
00:57:33,273 --> 00:57:37,133
a lot of the big banks, and I'm talking Goldman and Morgan and all the rest of them.

814
00:57:37,473 --> 00:57:39,332
And these junior preferreds were there originally,

815
00:57:39,332 --> 00:57:44,633
were handed to the small and regional banks as capital.

816
00:57:44,633 --> 00:57:49,832
when Fannie and Freddie were bailed out and they needed to be dealt with.

817
00:57:50,093 --> 00:57:55,033
And so these junior preferred shirts acted as the tier one capital that they needed to

818
00:57:55,832 --> 00:57:59,073
shore up their balance sheets. And then those got gutted.

819
00:58:00,313 --> 00:58:04,453
Right. And so they got loaded up all these junior prefers and then they got gutted and then they

820
00:58:04,453 --> 00:58:08,793
got bought. And now, you know, Wall Street's sitting on, you know, $30 billion of these

821
00:58:08,793 --> 00:58:13,413
things and they want or, you know, that they paid for, paid nothing for, literal pennies for.

822
00:58:13,413 --> 00:58:18,052
and they're arguing with Trump over how big the uplift is going to be when they get paid off.

823
00:58:18,113 --> 00:58:21,653
Is it going to be 15? Is it going to be three to one, four to one? Because look at the price

824
00:58:21,653 --> 00:58:26,713
of Fannie and Freddie today. They're trading around 12, $13, right? Or, you know, 12 and 13

825
00:58:26,713 --> 00:58:31,693
for Freddie and about $14 for Fannie Mae. They've been moving all, they moved hard this week and

826
00:58:31,693 --> 00:58:37,993
then they corrected into the weekly close. I think Fannie closed at like $14.65. They hit a high of

827
00:58:37,993 --> 00:58:43,693
like 50 and 50 or whatever. Trump wants to IPO them in November, and I mean November,

828
00:58:43,873 --> 00:58:52,133
six weeks from now or so, at $50 a share, effectively, $500 billion valuation. When you

829
00:58:52,133 --> 00:58:57,173
do the fully diluted conversion and everything else, it works out to about $50 a share,

830
00:58:57,552 --> 00:59:05,453
a $500 billion market cap. I ran the numbers at nine bucks. So I guess they're about 135.

831
00:59:05,453 --> 00:59:09,453
They're currently worth $135 billion market cap, fully diluted.

832
00:59:10,073 --> 00:59:15,713
So there's still another, you know, basically $50 IPO that tells you what their market cap is currently.

833
00:59:15,973 --> 00:59:19,393
Just divide where they are versus that and then do the math.

834
00:59:20,113 --> 00:59:29,953
Meaning, Fannie and Freddie are the, together, are the ninth most profitable company in the world.

835
00:59:31,633 --> 00:59:33,533
Okay, they would be on the S&P 50.

836
00:59:33,533 --> 00:59:39,393
It would be the great American mortgage company would immediately be moved into the Dow.

837
00:59:40,593 --> 00:59:40,893
Okay?

838
00:59:41,752 --> 00:59:52,173
This is what Obama is really guilty of, which is destroying the 30-year mortgage market in the United States.

839
00:59:53,273 --> 00:59:53,393
Okay?

840
00:59:54,793 --> 00:59:59,773
And, you know, Fannie and Freddie needed a bailout in 2008.

841
01:00:00,213 --> 01:00:02,893
It was whatever the bailout was, $120 billion, whatever it was.

842
01:00:02,893 --> 01:00:04,533
They paid that back almost twice over.

843
01:00:06,213 --> 01:00:08,313
Work for $180 billion, whatever it was.

844
01:00:08,393 --> 01:00:11,113
They paid back over $300 billion against whatever the debt was.

845
01:00:11,332 --> 01:00:15,252
Bill Ackman's got the actual numbers on this, and he put out a really great presentation

846
01:00:15,252 --> 01:00:20,893
back in January that I know I've linked to, and I know it's buried deep in my Twitter

847
01:00:20,893 --> 01:00:21,453
feed somewhere.

848
01:00:21,913 --> 01:00:26,813
But you can go look up the Ackman presentation from January 2025 and sit down and listen

849
01:00:26,813 --> 01:00:27,133
to it.

850
01:00:27,233 --> 01:00:28,693
It's about an hour and a half long.

851
01:00:28,693 --> 01:00:32,893
and he goes all over the history of the numbers and everything else.

852
01:00:32,993 --> 01:00:34,733
But the...

853
01:00:35,208 --> 01:00:44,548
Long story short is that bringing Fannie and Freddie out of conservatorship, which they're still in, but they shouldn't have been for years.

854
01:00:45,268 --> 01:00:53,748
Obama's stole hundreds of billions of dollars of Fannie and Freddie's profits and used it to fund Obamacare.

855
01:00:53,748 --> 01:01:05,348
And the one thing that Trump did back in 2017 when he first came in office was he ended the net full sweep of all of Fannie and Freddie's profits into the government budget.

856
01:01:06,288 --> 01:01:09,688
Now, that was that way from 2008 to 2017.

857
01:01:10,748 --> 01:01:16,488
Now, the justification for that originally was because of all the money that the government bailed out Fannie and Freddie with.

858
01:01:16,908 --> 01:01:21,008
But remember, the government also owns a 79.9% stake in Fannie and Freddie.

859
01:01:21,008 --> 01:01:29,828
So, you know, like how much does Obama want to get paid back for the $180 billion they put into Fannie and Freddie back in 2008?

860
01:01:30,248 --> 01:01:31,108
The good question.

861
01:01:31,888 --> 01:01:33,908
I think the number is all of it.

862
01:01:35,028 --> 01:01:35,228
Okay?

863
01:01:35,228 --> 01:01:55,008
Because the point is that under the current underwriting rules and everything else, it's become very, very difficult for the middle class to get access to a proper 30-year fixed-rate mortgage without some other layer of onerous capital requirement up front.

864
01:01:55,008 --> 01:01:58,068
The big one being a 20% down payment, okay?

865
01:01:58,208 --> 01:01:59,448
Or 20%, you know.

866
01:01:59,668 --> 01:02:05,488
So in effect, who has, if you're buying a $400,000 home, who has $180,000 laying around

867
01:02:05,488 --> 01:02:07,888
to put a down payment down on a starter home?

868
01:02:08,128 --> 01:02:08,408
Nobody.

869
01:02:09,148 --> 01:02:11,628
So then you have to go to Fannie and Freddie at three, you have to come up with three and

870
01:02:11,628 --> 01:02:12,028
a half percent.

871
01:02:12,108 --> 01:02:18,408
Even most Americans can't even afford that on a $400,000 home or $250,000 starter home

872
01:02:18,408 --> 01:02:18,828
in America.

873
01:02:18,948 --> 01:02:22,128
That's a lot of money for someone making 45 grand a year, right?

874
01:02:23,628 --> 01:02:24,448
50 grand a year.

875
01:02:24,448 --> 01:02:41,028
So it was designed from the ground up to inflate housing prices, keep the boomers invested in the old system and everything else because they were going to take their houses that they bought for a paperclip and some chewing gum wrappers back in the 1960s.

876
01:02:41,068 --> 01:02:51,088
And now they turn around, sell it for half a million dollars or a million dollars, move to Florida, buy a $300,000 condo, pocket the rest, and then sail around the world on Carnival Cruise Lines.

877
01:02:51,088 --> 01:02:51,988
That was the model.

878
01:02:52,448 --> 01:02:54,608
And fuck their kids because the boomers hate their children.

879
01:02:57,388 --> 01:02:58,748
And say, oh, you're lazy.

880
01:02:58,848 --> 01:02:59,908
Why don't you just go out and work for it?

881
01:02:59,908 --> 01:03:00,288
I did.

882
01:03:00,408 --> 01:03:01,188
Like, no, you didn't.

883
01:03:01,308 --> 01:03:02,848
You rode the inflation wave.

884
01:03:03,948 --> 01:03:08,608
Like, when my mom died, I remember saying to myself, I'm like, my dad didn't build any real wealth.

885
01:03:09,108 --> 01:03:10,548
My mom didn't build any real wealth.

886
01:03:10,668 --> 01:03:14,248
All their wealth was tied up in the appreciation of their housing.

887
01:03:14,248 --> 01:03:21,548
We rolled up generational wealth from her parents into my parents' estate on their balance sheet.

888
01:03:21,688 --> 01:03:34,008
And then from there, the increase in the price of their home is what, you know, was, I mean, I'm like, we're, my family is the direct beneficiary of Federal Reserve policy.

889
01:03:34,008 --> 01:03:41,848
I saw this back in 2003, okay, when my mom sold her freaking apartment down in Marco Island for

890
01:03:41,848 --> 01:03:48,148
a stupid amount of money in 2005, a stupid amount of money relative to what they paid for.

891
01:03:48,848 --> 01:03:54,368
And I'm like, take the freaking profit. You're literally top ticking the market,

892
01:03:54,828 --> 01:04:00,748
like, and you can't do better than this. So we played that game. So we played that game.

893
01:04:01,408 --> 01:04:03,348
But I understood it because I understood the market.

894
01:04:03,508 --> 01:04:07,168
Now, what's happening with Fannie and Freddie is that it needs to be brought out of conservatorship.

895
01:04:08,368 --> 01:04:12,508
It's been building capital since Trump ended the net full sweep.

896
01:04:12,608 --> 01:04:15,348
They've got some ridiculous amount of money on their balance.

897
01:04:15,428 --> 01:04:16,388
It's only $150 billion.

898
01:04:16,388 --> 01:04:25,628
But the way the conservator rules were written, the exit from conservatorship, they have to raise some retarded amount of capital that they'll never raise in another generation.

899
01:04:25,728 --> 01:04:29,788
It'll take another generation to raise $400 billion or whatever the freaking number is.

900
01:04:29,788 --> 01:04:46,648
The argument is everything that Fannie and Freddie paid over and above what they were bailed out for back in 2008, all that extra capital that Obama stole to pay for Obamacare should be credited against their capital requirement to bring them out of conservatorship.

901
01:04:46,888 --> 01:04:53,468
That number's already, they already well exceed that number because there's like 102 billion plus whatever, you know, whatever the number is.

902
01:04:53,548 --> 01:04:54,968
It's a crazy amount of money.

903
01:04:54,968 --> 01:04:59,628
there are people out there who are screaming that oh you're going to delude us and it's going to

904
01:04:59,628 --> 01:05:03,308
hurt us and we're going to take you to court yeah they're all fucking bullshit like this is not

905
01:05:03,308 --> 01:05:08,268
going to happen what's going to happen is he's going to merge the two companies into into one

906
01:05:08,268 --> 01:05:16,948
save an ass load of money on sgna costs right got all of it then eventually move it into probably

907
01:05:16,948 --> 01:05:21,268
move it into hud and just get rid of this and just get rid of all of it and we get rid of that

908
01:05:21,268 --> 01:05:26,368
Ginnie Mae, all of that stuff. It all can be just put into one organization,

909
01:05:27,388 --> 01:05:32,548
leave the government guarantee in place because the government's only going to sell a certain

910
01:05:32,548 --> 01:05:37,128
number of shares of the IPO. They're talking now only 3% to 6%. Originally, Trump was talking 5%

911
01:05:37,128 --> 01:05:41,548
to 15%. Now, Besson's talking only 3% to 6%, meaning that tells me that they're winning the

912
01:05:41,548 --> 01:05:46,288
negotiation with Wall Street over the Junior Prefers, oh, by the way. And then they're just

913
01:05:46,288 --> 01:05:51,408
like getting the sovereign wealth fund. And it's going to generate, you know, 70, they're going to

914
01:05:51,408 --> 01:05:55,908
sell on a 75% ownership in the damn companies. And it's going to be throwing off a ridiculous

915
01:05:55,908 --> 01:06:01,288
amount of profit that they're going to pay out a 5% dividend. And they can dole out shares to

916
01:06:01,288 --> 01:06:05,888
the general public or to insurance companies and pension funds and whatnot on an as needed basis

917
01:06:05,888 --> 01:06:09,548
as the mortgage market in the United States unfucks itself.

918
01:06:09,548 --> 01:06:16,468
and then they can and then the and the piece de resistance here is the long-term strategy

919
01:06:16,468 --> 01:06:22,268
would be to it's a private company now fuck you we're gonna go to albertans hey would you like a

920
01:06:22,268 --> 01:06:25,448
real mortgage would you like better mortgage terms than what you're getting from CIBC

921
01:06:25,448 --> 01:06:31,388
hey oh by the way you you farmers in the midlands who can't get consumer credit

922
01:06:31,388 --> 01:06:39,128
yeah hey how about you tell barclays to go fuck themselves and you go buy a loan from jp morgan

923
01:06:39,128 --> 01:06:45,068
Can you imagine the market cap on quote-unquote MAGA?

924
01:06:45,368 --> 01:06:48,088
Donald Trump wants the thicker symbol MAGA because he's Donald Trump.

925
01:06:48,428 --> 01:06:49,088
I'm like, no, come on.

926
01:06:49,188 --> 01:06:49,828
It's GMAC.

927
01:06:49,948 --> 01:06:51,028
It's a great American mortgage company.

928
01:06:51,308 --> 01:06:54,588
But you imagine the market cap on that company.

929
01:06:54,748 --> 01:07:02,908
I'm telling you right now, Fannie and Freddie may be the most asymmetric trade since Bitcoin at $20.

930
01:07:05,008 --> 01:07:05,948
So you're buying?

931
01:07:06,508 --> 01:07:07,268
Was it IPOs?

932
01:07:07,268 --> 01:07:11,888
I can't tell you what I do with my money

933
01:07:11,888 --> 01:07:14,568
I can only tell you what I see

934
01:07:14,568 --> 01:07:19,968
Okay, so, you know, I don't discuss portfolio stocks

935
01:07:19,968 --> 01:07:21,728
I don't like to discuss this stuff

936
01:07:21,728 --> 01:07:24,148
But this is too important a story

937
01:07:24,148 --> 01:07:28,008
This is one of the most potentially asymmetric trades we've ever seen

938
01:07:28,008 --> 01:07:31,568
This is like buying Apple at the iPhone

939
01:07:31,568 --> 01:07:35,768
Okay, that's what we're talking about

940
01:07:35,768 --> 01:07:37,708
This is a 30-bagger if possible.

941
01:07:37,948 --> 01:07:39,948
This is a $3.5 trillion company.

942
01:07:42,768 --> 01:07:44,888
And that's just like if you buy the stock.

943
01:07:45,008 --> 01:07:50,748
I think the positive externality is from the effect on the economy, people being able to.

944
01:07:51,088 --> 01:08:00,988
And the fact that people literally can pull – you can own some, and it's going to pull 5%, but it's going to go right – all those shares are going to go right into the pension funds, right into the insurance companies.

945
01:08:00,988 --> 01:08:04,668
They're going to write mortgage-backed securities that are guaranteed.

946
01:08:04,668 --> 01:08:23,783
And if you change the cash flow of the country you deregulate the country you encourage entrepreneurship and the middle class to start rebuilding wealth at the same time as you unfuck the economy from all this fucking insane environmental regulation which was all designed to make sure that we couldn do anything

947
01:08:24,323 --> 01:08:29,863
Like, I sit back and I listen to the people who tell me that America's doomed.

948
01:08:29,863 --> 01:08:39,283
And I'm like, well, yeah, they're doomed if you believe that the people who have been dooming us are going to stay in power for the rest of their lives.

949
01:08:39,283 --> 01:08:43,283
Why don't you actually engage with what is happening as opposed to being a

950
01:08:43,283 --> 01:08:45,123
shitbag critic sitting on the outside going,

951
01:08:45,403 --> 01:08:49,443
it's gotta be that way because I'm invested in the doom porn.

952
01:08:49,583 --> 01:08:49,743
I'm like,

953
01:08:50,003 --> 01:08:50,803
fuck off.

954
01:08:51,083 --> 01:08:51,723
Like I'm,

955
01:08:51,883 --> 01:08:52,103
this is,

956
01:08:52,203 --> 01:08:52,583
I'm done.

957
01:08:52,723 --> 01:08:54,803
Like I watched this shit happen and I'm like,

958
01:08:55,163 --> 01:08:58,243
they're doing it and you're wrong.

959
01:08:59,443 --> 01:09:01,283
And you call yourself an American patriot.

960
01:09:02,563 --> 01:09:04,663
I say you work for somebody else.

961
01:09:05,063 --> 01:09:06,263
They may just be clueless.

962
01:09:06,363 --> 01:09:07,203
I don't give a shit,

963
01:09:08,003 --> 01:09:09,183
but I'm an American.

964
01:09:09,283 --> 01:09:31,723
And I don't want to see us lose because I understand what this means in the context of human history, which is that if America survives this, if the American experiment and the Constitution built on we the people are sovereign over our government in a way that we haven't seen since before, as my friend Ian Burlingame puts it, since before William the Conqueror fucked England.

965
01:09:31,723 --> 01:09:36,163
then this has to occur

966
01:09:36,163 --> 01:09:37,963
and Fannie and Freddie's

967
01:09:37,963 --> 01:09:39,343
realistically are part of that

968
01:09:39,343 --> 01:09:40,783
yeah

969
01:09:40,783 --> 01:09:43,843
and that's like another anecdotal data point I've been

970
01:09:43,843 --> 01:09:45,823
observing is people are getting fed up with the doom

971
01:09:45,823 --> 01:09:46,823
doom porn

972
01:09:46,823 --> 01:09:48,223
as well

973
01:09:48,223 --> 01:09:51,963
I was actually on Michael Ferris's podcast earlier this week too

974
01:09:51,963 --> 01:09:52,443
and

975
01:09:52,443 --> 01:09:54,943
that was one of the questions he asked me

976
01:09:54,943 --> 01:09:56,723
would you ever leave the country

977
01:09:56,723 --> 01:09:57,363
I was like no

978
01:09:57,363 --> 01:10:00,523
this is my home

979
01:10:00,523 --> 01:10:03,743
I'm not leaving my home because it's

980
01:10:03,743 --> 01:10:04,203
hard

981
01:10:04,203 --> 01:10:06,523
go fuck yourself dude

982
01:10:06,523 --> 01:10:08,583
this is the place

983
01:10:08,583 --> 01:10:10,863
if we lead I've been saying it for three years Marty

984
01:10:10,863 --> 01:10:12,903
if we lead the world will

985
01:10:12,903 --> 01:10:13,843
follow us

986
01:10:13,843 --> 01:10:15,703
yeah

987
01:10:15,703 --> 01:10:18,743
I mean this brings up the question it seems like

988
01:10:18,743 --> 01:10:20,923
again all systems go

989
01:10:20,923 --> 01:10:22,963
tragic event this week

990
01:10:22,963 --> 01:10:24,363
but critical misstep

991
01:10:24,363 --> 01:10:26,663
that is leading to an acceleration

992
01:10:26,663 --> 01:10:28,183
what moves does

993
01:10:28,183 --> 01:10:31,263
the crown, the Davos class

994
01:10:31,263 --> 01:10:32,563
have to defend?

995
01:10:32,743 --> 01:10:34,343
I mean, what's funny is

996
01:10:34,343 --> 01:10:37,103
everybody's like, Donald Trump shouldn't go

997
01:10:37,103 --> 01:10:39,083
and meet with the king because, you know, you better bring your

998
01:10:39,083 --> 01:10:40,583
personal food tasters and this and that.

999
01:10:41,043 --> 01:10:42,263
Vance has already been like

1000
01:10:42,263 --> 01:10:45,303
Vance has already been groomed for the job.

1001
01:10:46,263 --> 01:10:46,963
I'm sorry.

1002
01:10:47,183 --> 01:10:48,923
I think that guy's more based than

1003
01:10:48,923 --> 01:10:50,243
friggin' Trump is at this point.

1004
01:10:51,423 --> 01:10:51,543
I

1005
01:10:51,543 --> 01:10:54,883
I know there's a lot of

1006
01:10:54,883 --> 01:10:57,083
question marks surrounding J.D. Vance at this point

1007
01:10:57,083 --> 01:11:02,723
I hear them and I'm like, I've heard the same shit about Donald Trump.

1008
01:11:03,643 --> 01:11:03,943
What do you mean?

1009
01:11:04,143 --> 01:11:04,423
What?

1010
01:11:04,543 --> 01:11:05,003
Question marks.

1011
01:11:05,083 --> 01:11:05,483
The Teal.

1012
01:11:05,943 --> 01:11:07,383
Yeah, the Peter Teal stuff.

1013
01:11:07,543 --> 01:11:09,503
The Indian wife, the this, the that.

1014
01:11:09,583 --> 01:11:10,263
Like all this stuff.

1015
01:11:10,403 --> 01:11:11,543
Like, you know, I've heard it all.

1016
01:11:12,003 --> 01:11:13,563
Like, I'm just, I'm so over it.

1017
01:11:13,643 --> 01:11:15,183
Like, that's just, that's, I'm sorry.

1018
01:11:15,243 --> 01:11:16,243
That's City of London slop.

1019
01:11:16,783 --> 01:11:17,683
Like, that's what it is.

1020
01:11:17,703 --> 01:11:18,603
That's 4chan slop.

1021
01:11:18,703 --> 01:11:20,083
And I'm done with it.

1022
01:11:20,123 --> 01:11:20,823
And I don't care.

1023
01:11:22,983 --> 01:11:24,183
What are they going to do next?

1024
01:11:24,183 --> 01:11:30,883
Obviously, they're trying to gin up a false flag in Europe in order to get a NATO Article 5 thing going.

1025
01:11:31,083 --> 01:11:31,523
They're trying.

1026
01:11:31,703 --> 01:11:31,843
Yeah.

1027
01:11:32,443 --> 01:11:33,543
Thank you for bringing that up.

1028
01:11:33,543 --> 01:11:36,363
They're desperately trying to get Israel and Turkey into a frigging hot war.

1029
01:11:37,463 --> 01:11:39,303
What happened with that in Poland?

1030
01:11:39,603 --> 01:11:40,623
That was very odd.

1031
01:11:41,423 --> 01:11:41,943
Yeah.

1032
01:11:42,183 --> 01:11:47,143
Like, I think it's a mixture of – I think it's two lies wrapped in a nugget of truth.

1033
01:11:47,143 --> 01:11:58,323
I think the Russians were sending some reconnaissance drones over Poland because, well, Poland is actually helping Ukraine fight Russia and do targeting of Russian land.

1034
01:11:58,423 --> 01:12:02,863
So they're absolutely justified in sending drones over Poland.

1035
01:12:03,283 --> 01:12:04,923
Oh, by the way, Donald Tusk.

1036
01:12:06,043 --> 01:12:09,463
And the Ukrainians were adding to the numbers.

1037
01:12:10,543 --> 01:12:11,143
And.

1038
01:12:12,363 --> 01:12:17,003
With the help of the British, because it look, the people are braying loud.

1039
01:12:17,003 --> 01:12:19,943
most loudly here are the usual suspects in Poland.

1040
01:12:20,303 --> 01:12:23,543
Rady Sikorsky, who's a friggin' MI6 and British asset.

1041
01:12:24,203 --> 01:12:26,623
Donald Tusk, who's a friggin' EU asset.

1042
01:12:26,803 --> 01:12:28,523
Like, these people are all the same ones.

1043
01:12:28,943 --> 01:12:32,223
It's, you know, note how the Polish president,

1044
01:12:32,803 --> 01:12:34,183
is it Norwalki?

1045
01:12:35,083 --> 01:12:35,723
Norwalki?

1046
01:12:36,683 --> 01:12:37,763
Isn't saying anything.

1047
01:12:38,743 --> 01:12:41,023
Notice how the former president, Andrzej Zduda,

1048
01:12:41,023 --> 01:12:41,863
came out and said, oh yeah,

1049
01:12:41,863 --> 01:12:44,943
like, Zelensky did everything he could

1050
01:12:44,943 --> 01:12:50,983
to try and create a false narrative to get us over Russia attacking Poland in order to get us

1051
01:12:50,983 --> 01:12:57,443
involved in the war there. I mean, they have worked and worked and worked and worked and

1052
01:12:57,443 --> 01:13:04,003
worked this angle. And the acceleration is actually working against them because they need time to

1053
01:13:04,003 --> 01:13:11,043
build out a new army in France and or Germany and or the UK or wherever. But they're going forward.

1054
01:13:11,043 --> 01:13:16,823
Like the Europeans are going to put troops into Ukraine and the Russians are going to vaporize them.

1055
01:13:17,763 --> 01:13:24,563
And the United States is not going to give them the kind of support that they think they're going to get.

1056
01:13:24,703 --> 01:13:26,083
I'll be honest with you.

1057
01:13:26,203 --> 01:13:35,843
I would almost believe at this point that the U.S. gives them just enough support to ensure that they get wiped out.

1058
01:13:35,963 --> 01:13:39,423
But they do they do some face saving damage to the Russians in the process.

1059
01:13:39,423 --> 01:13:41,563
Meaning defensive support

1060
01:13:41,563 --> 01:13:42,783
Meaning, you know, air logistics

1061
01:13:42,783 --> 01:13:45,503
Radar and targeting and all that stuff

1062
01:13:45,503 --> 01:13:47,003
But hold back

1063
01:13:47,003 --> 01:13:48,963
Hold back completely

1064
01:13:48,963 --> 01:13:50,543
Like we did with Iran and Israel

1065
01:13:50,543 --> 01:13:53,183
Israel got their fucking head handed to them

1066
01:13:53,183 --> 01:13:54,503
By the Iranians

1067
01:13:54,503 --> 01:13:56,363
Right?

1068
01:13:56,843 --> 01:13:58,903
I have to wonder whether or not

1069
01:13:58,903 --> 01:14:01,643
You know, we defended them with our full

1070
01:14:01,643 --> 01:14:04,243
Power or not

1071
01:14:04,243 --> 01:14:05,863
You know?

1072
01:14:06,063 --> 01:14:07,743
Maybe we did

1073
01:14:07,743 --> 01:14:13,303
And that tells you that all of this air defense stuff on both sides is all bullshit, which is very possible.

1074
01:14:14,003 --> 01:14:18,003
And therefore, at the end of the day, they're all going to lob missiles at each other and beat the shit out of each other.

1075
01:14:18,323 --> 01:14:25,323
But when it's all done, the missiles will be spent, and they won't be able to reload anytime soon.

1076
01:14:27,063 --> 01:14:28,683
This is what happened with Israel and Iran.

1077
01:14:28,683 --> 01:14:38,003
And so that's a good thing because, you know, I've been taking the pressure release model for a lot of the stuff that in order to stop World War III from occurring.

1078
01:14:39,583 --> 01:14:45,283
You've got to bleed out all of the weapons and armies and everything else that were built to fight World War III.

1079
01:14:45,283 --> 01:14:55,503
You bleed them out in small conflicts, regionalized conflicts over a long period of time, and you would trade it all out.

1080
01:14:55,623 --> 01:15:05,463
So it's that when everybody does finally get their casus belli, they don't have the ammunition in the army to run the war.

1081
01:15:06,943 --> 01:15:07,103
Yeah.

1082
01:15:07,103 --> 01:15:09,383
And I think that that's the strategy.

1083
01:15:09,543 --> 01:15:14,663
I think that's what Putin and Trump are coordinating about in their response to all of this.

1084
01:15:15,283 --> 01:15:19,623
And I think Trump is very clear that he does not want the war to continue.

1085
01:15:20,103 --> 01:15:22,683
He will lambaste Putin publicly because he has to.

1086
01:15:23,503 --> 01:15:26,723
But he's not giving the Europeans their cookie.

1087
01:15:27,403 --> 01:15:31,283
And so they need to, they need the war to cover the default.

1088
01:15:32,463 --> 01:15:36,383
They don't have, they, Lagarde keeps talking about the digital euro next month.

1089
01:15:36,423 --> 01:15:37,243
It's not happening.

1090
01:15:38,043 --> 01:15:42,203
I have a very good authority and I'm close to getting any of the member agreements or

1091
01:15:42,203 --> 01:15:43,163
anything else in place.

1092
01:15:43,163 --> 01:15:56,558
I mean unless they going to go full fascist and just roll everybody up and you know and just you know roll tanks in the Budapest and make you know and arrest Victor Orban Wouldn that be bad optics

1093
01:15:59,258 --> 01:16:01,618
But, you know, it's not the USSR for nothing.

1094
01:16:02,258 --> 01:16:02,358
Yeah.

1095
01:16:03,558 --> 01:16:05,178
No, it was shocking earlier this week.

1096
01:16:05,558 --> 01:16:09,118
It seems like Europe is definitely going to try.

1097
01:16:09,238 --> 01:16:12,038
But Germany announced they need to double their army.

1098
01:16:12,458 --> 01:16:17,498
And I found out that the German army only has 62,000 enlisted members,

1099
01:16:17,498 --> 01:16:18,658
which is like, holy shit.

1100
01:16:18,658 --> 01:16:22,498
Okay, well, you're going to double that army to 138, 132,000,

1101
01:16:22,918 --> 01:16:24,478
124,000.

1102
01:16:24,598 --> 01:16:25,018
Well, that's nice.

1103
01:16:25,698 --> 01:16:27,298
They can get wiped out really quickly.

1104
01:16:27,958 --> 01:16:32,478
Remember, that means that they only have 20,000 fighting men.

1105
01:16:33,358 --> 01:16:36,998
And that was like, I mean, that's like a shocking sort of validation

1106
01:16:36,998 --> 01:16:37,858
of what Trump's been saying.

1107
01:16:37,998 --> 01:16:39,898
Like, you're not, NATO, you're not holding up your end of the bargain.

1108
01:16:40,118 --> 01:16:42,998
The fact that they only have 62,000 enlisted.

1109
01:16:43,498 --> 01:16:43,898
Right.

1110
01:16:43,898 --> 01:16:45,458
You have 62,000 people.

1111
01:16:45,458 --> 01:16:51,458
and only 20, you know, then only one third of that is our actual combat troops,

1112
01:16:51,538 --> 01:16:53,398
the rest of logistics and organization.

1113
01:16:54,198 --> 01:16:56,858
Because an army is not all, you know,

1114
01:16:57,138 --> 01:16:59,478
you're not going to just drop 62,000 guys in there.

1115
01:16:59,658 --> 01:17:01,878
Armies run on their stomachs and they run on reloading

1116
01:17:01,878 --> 01:17:05,198
and they run on this and they're in the rear of the gear and all that shit.

1117
01:17:05,318 --> 01:17:07,298
Like, dudes, it's 20,000.

1118
01:17:08,958 --> 01:17:10,738
So you're going to double that to 40,000.

1119
01:17:11,198 --> 01:17:15,018
The Russians are killing, you know, 2,000 Ukrainians a week.

1120
01:17:15,458 --> 01:17:17,158
Or 1,500 Ukrainians a week.

1121
01:17:17,898 --> 01:17:20,838
So how long is that going to, so how long is Germany going to last under that scenario?

1122
01:17:20,918 --> 01:17:22,038
Is he just going to keep throwing men in there?

1123
01:17:22,378 --> 01:17:24,178
Like, I know they have an immigration problem.

1124
01:17:24,258 --> 01:17:25,198
They just want to get rid of them all.

1125
01:17:25,558 --> 01:17:27,538
But, you know, and again, three hots and a cot.

1126
01:17:28,058 --> 01:17:34,378
You know, if you collapse the European experience, right, the civilization,

1127
01:17:35,238 --> 01:17:37,918
and people are now only focused on three hots and a cot,

1128
01:17:38,398 --> 01:17:42,538
and they can only get that from going to military service, that's their plan.

1129
01:17:42,538 --> 01:17:48,078
either through press ganging or through desperation.

1130
01:17:48,698 --> 01:17:49,958
That's what they did in Ukraine.

1131
01:17:50,438 --> 01:17:52,498
First, they destroyed the economy,

1132
01:17:52,898 --> 01:17:55,478
and then it was guys fighting in the Donbass

1133
01:17:55,478 --> 01:17:57,038
in order to send their paychecks back

1134
01:17:57,038 --> 01:17:58,778
so that their wives and their kids could eat.

1135
01:17:59,398 --> 01:18:01,838
That was the first Ukrainian army.

1136
01:18:02,038 --> 01:18:03,158
It was the second Ukrainian army.

1137
01:18:03,418 --> 01:18:04,738
Now we're on the sixth Ukrainian army.

1138
01:18:04,798 --> 01:18:05,818
Now they're just press ganging them

1139
01:18:05,818 --> 01:18:07,798
and sending them to the front.

1140
01:18:08,558 --> 01:18:11,338
Do you think the opposition parties in Europe

1141
01:18:11,338 --> 01:18:14,678
have any chance at taking over power?

1142
01:18:15,038 --> 01:18:17,498
Marine Le Pen, AFD.

1143
01:18:17,798 --> 01:18:18,258
Not yet.

1144
01:18:18,598 --> 01:18:21,678
Not until there's actual honest to God.

1145
01:18:21,678 --> 01:18:25,058
They have to storm the presidential palace,

1146
01:18:26,038 --> 01:18:27,498
pull Macron out, and chop his head off.

1147
01:18:28,898 --> 01:18:30,018
I'm that serious.

1148
01:18:31,458 --> 01:18:33,678
He's not going to leave power.

1149
01:18:34,118 --> 01:18:37,118
And in 2027, when his term is up,

1150
01:18:37,358 --> 01:18:40,758
they will manipulate the political situation again

1151
01:18:40,758 --> 01:18:46,598
to deny the people their agency. Every time they do this, they raise the probability of Macron

1152
01:18:46,598 --> 01:18:52,338
being severed from his spinal column being severed at the neck, goes up a few points.

1153
01:18:52,978 --> 01:19:00,178
And I don't say that lightly. I don't say that flippantly. Yes, I'm long guillotines,

1154
01:19:00,298 --> 01:19:05,678
rope makers, and lead futures, but it's a funny joke, but it's not a funny joke. It's absolutely

1155
01:19:05,678 --> 01:19:12,278
right. And the way I'm watching Macron operate now, the way I'm watching Keir Stalin operate in

1156
01:19:12,278 --> 01:19:18,158
England, the way I'm watching MERS in Germany, I'm like, I'm Texas Hedge those things now. I'm

1157
01:19:18,158 --> 01:19:24,798
double long. Fuck you people. You people are nuts, but they think they have a plan. And that plan is

1158
01:19:24,798 --> 01:19:33,178
chaos. And then out of chaos comes order. And I mean, if you're not sure what the ideology is,

1159
01:19:33,178 --> 01:19:37,638
have y'all watched Babylon 5? Do you remember what the Shadows told Sheridan at the end of

1160
01:19:37,638 --> 01:19:42,318
season three when he went to Zahad-Dum? That's the story. That's who we're fighting.

1161
01:19:43,598 --> 01:19:48,178
These people really do believe this. Now, the Shadows were ideologically possessed,

1162
01:19:48,918 --> 01:19:57,598
wanting to advance humanity and serve, quote unquote, evolution as the godless commies that

1163
01:19:57,598 --> 01:20:07,818
they really were. These people just want to stay in power. This isn't some cheap ideological fight

1164
01:20:07,818 --> 01:20:15,018
between two elder races who are just angry with each other to prove an intellectual argument,

1165
01:20:15,018 --> 01:20:19,898
which was the story in Babylon 5. This is fundamentally different. These are demons

1166
01:20:19,898 --> 01:20:24,158
who absolutely just want to stay in power because they see us as tax cattle.

1167
01:20:24,158 --> 01:20:32,278
So, again, go back to Fannie and Freddie. Now talk about Ron DeSantis down in Florida.

1168
01:20:33,218 --> 01:20:40,618
Openly stating flat out, this is unacceptable that people have to pay rent to the government

1169
01:20:40,618 --> 01:20:47,678
for their primary homes that they own. This is, again, go back to William the Conqueror,

1170
01:20:47,678 --> 01:20:52,618
Go back to the institution of property taxes.

1171
01:20:53,238 --> 01:20:55,138
Property taxes are the original sin of government.

1172
01:20:55,258 --> 01:20:56,738
You will never be free, folks.

1173
01:20:57,398 --> 01:21:01,518
This is why the Bitcoiners are so right about a low-deal title and all the stuff about Bitcoin,

1174
01:21:01,818 --> 01:21:08,538
not your keys, not your coins, all of that stuff, because it's the one area of our lives

1175
01:21:08,538 --> 01:21:12,138
where we can say, I have full sovereignty over this asset.

1176
01:21:12,818 --> 01:21:14,418
Gold operates very similarly.

1177
01:21:14,418 --> 01:21:18,458
well up to the point where somebody comes into your house and puts a gun to your head and said

1178
01:21:18,458 --> 01:21:23,818
you know 24 word key phrase please what 24 word key phrase you're going to die for this

1179
01:21:23,818 --> 01:21:28,838
of course not where's the gold i yeah it's in my toilet you know what i mean like at some point

1180
01:21:28,838 --> 01:21:33,758
your life is not worth these things but up until that moment but it's really hard to like you know

1181
01:21:33,758 --> 01:21:37,078
get all that money because you're going to go to everybody's house and do that and that and at some

1182
01:21:37,078 --> 01:21:40,278
point you do four or five of them eventually the sixth guy stands up and shoots somebody

1183
01:21:40,278 --> 01:21:44,078
and then the seventh guy shoots, you know, and then the shooting starts, right?

1184
01:21:44,078 --> 01:21:53,778
So the property tax thing is a very important part of this

1185
01:21:53,778 --> 01:21:57,558
because this is now, we are here to end feudalism.

1186
01:22:01,258 --> 01:22:08,038
We are here to end the, you only have the money that we lend into existence

1187
01:22:08,038 --> 01:22:10,058
and take a vig off of

1188
01:22:10,058 --> 01:22:14,398
so that you can pay taxes

1189
01:22:14,398 --> 01:22:16,078
and rent on your property

1190
01:22:16,078 --> 01:22:19,238
so that we can stay in power

1191
01:22:19,238 --> 01:22:20,598
in perpetuity

1192
01:22:20,598 --> 01:22:22,238
and rape your children

1193
01:22:22,238 --> 01:22:25,078
and shoot you up with drugs

1194
01:22:25,078 --> 01:22:27,778
and all the rest of it.

1195
01:22:28,878 --> 01:22:30,698
We will not live like this.

1196
01:22:32,598 --> 01:22:33,118
No.

1197
01:22:33,318 --> 01:22:33,478
We will not.

1198
01:22:33,938 --> 01:22:34,618
Florida, I mean,

1199
01:22:34,698 --> 01:22:36,198
not only the property tax,

1200
01:22:36,338 --> 01:22:37,898
but something,

1201
01:22:38,038 --> 01:22:42,418
And that is a high priority for me being a young father.

1202
01:22:42,758 --> 01:22:47,338
The ending of course of vaccine mandates is massive.

1203
01:22:47,658 --> 01:22:48,938
I hope that's a trend.

1204
01:22:49,038 --> 01:22:51,678
Both of these things are a trend that grow nationally.

1205
01:22:51,678 --> 01:22:58,898
And I just worry for the blue states, particularly if they just take the antithesis of that and try to dig their heels in.

1206
01:22:59,198 --> 01:22:59,338
Right.

1207
01:22:59,458 --> 01:23:01,918
I mean, who's it?

1208
01:23:01,978 --> 01:23:03,758
It was somebody pointed out.

1209
01:23:03,838 --> 01:23:06,618
I think it was I think it was the CFO of Florida.

1210
01:23:06,618 --> 01:23:08,878
He said it's an unrealized capital gains

1211
01:23:08,878 --> 01:23:09,898
Property tax

1212
01:23:09,898 --> 01:23:11,978
He called it unrealized capital gains

1213
01:23:11,978 --> 01:23:14,978
I was like thank god somebody finally gets it

1214
01:23:14,978 --> 01:23:17,118
Unrealized capital gains

1215
01:23:17,118 --> 01:23:19,078
It's feudalism

1216
01:23:19,078 --> 01:23:23,358
And you only have the appearance

1217
01:23:23,358 --> 01:23:25,818
You know the government's tyrannical

1218
01:23:25,818 --> 01:23:26,698
For a variety of reasons

1219
01:23:26,698 --> 01:23:44,413
But you don understand why it tyrannical It built from the ground up Of this fundamentally unfair system where grifters and terrible people get to live at your expense because you go to work every day to pay your fucking property taxes to keep them just low enough that you don complain about them

1220
01:23:44,853 --> 01:23:45,473
Fuck that.

1221
01:23:45,853 --> 01:23:46,733
No, I'm not.

1222
01:23:46,933 --> 01:23:48,053
And now they're out of control.

1223
01:23:48,053 --> 01:24:02,013
Now the step-up basis every time the thing is sold has put so much money into the coffers of these fucking school boards and these county commissions that are acting as nothing but super PACs for fucking Davos and for the fucking Democrats.

1224
01:24:03,213 --> 01:24:05,913
And the people who killed Charlie Kirk.

1225
01:24:07,173 --> 01:24:09,233
That's what you've got to get through your head.

1226
01:24:09,993 --> 01:24:11,633
And for George Soros and all the rest of it.

1227
01:24:11,733 --> 01:24:13,313
And they're laughing at us, folks.

1228
01:24:13,313 --> 01:24:18,393
they literally laugh at us

1229
01:24:18,393 --> 01:24:19,693
on a day to day basis

1230
01:24:19,693 --> 01:24:21,733
and you've got to

1231
01:24:21,733 --> 01:24:24,193
this is that moment where you're like

1232
01:24:24,193 --> 01:24:26,633
at the end of all Josie Wales

1233
01:24:26,633 --> 01:24:27,793
when they're in the house

1234
01:24:27,793 --> 01:24:29,773
and they're about to get attacked by

1235
01:24:29,773 --> 01:24:31,033
the red legs

1236
01:24:31,033 --> 01:24:34,273
finally the government's finally tracked Josie Wales down

1237
01:24:34,273 --> 01:24:35,293
and they're in the house

1238
01:24:35,293 --> 01:24:38,133
and when everything looks dark and when everything looks bad

1239
01:24:38,133 --> 01:24:39,393
that's when you've got to get mean

1240
01:24:39,393 --> 01:24:42,033
that's when you've got to get plum mad dog mean

1241
01:24:42,033 --> 01:24:45,433
and say, that's enough, no more.

1242
01:24:47,713 --> 01:24:51,193
And then when it's done, yes, the war is over.

1243
01:24:51,613 --> 01:24:52,133
Moving on.

1244
01:24:52,713 --> 01:24:55,813
Bury the bodies, get out the shovels, do the work.

1245
01:24:56,293 --> 01:24:57,053
Rebuild society.

1246
01:24:57,613 --> 01:24:58,513
That's where we are.

1247
01:24:59,833 --> 01:25:03,413
And non-hackers don't get to serve my beloved core.

1248
01:25:05,273 --> 01:25:06,153
I love it.

1249
01:25:06,573 --> 01:25:07,693
I think this is a good place to end.

1250
01:25:07,693 --> 01:25:17,513
like and i'm again uh this week was terrible yes but it seems like things are moving in the right

1251
01:25:17,513 --> 01:25:26,633
direction in terms of resetting i i agree and i you know i i've been you know i dude i i when i saw

1252
01:25:26,633 --> 01:25:33,633
the the twitter post of the guy who was putting out the he said i want to raise half a million

1253
01:25:33,633 --> 01:25:36,913
for art block grants to put murals of arena.

1254
01:25:37,013 --> 01:25:39,433
And I saw the AI picture that he put together

1255
01:25:39,433 --> 01:25:41,053
as a mock-up for this.

1256
01:25:41,273 --> 01:25:42,893
When I saw that, I started to cry.

1257
01:25:44,533 --> 01:25:45,273
And then I saw Elon.

1258
01:25:45,413 --> 01:25:46,633
And the only reason I saw it, of course,

1259
01:25:46,693 --> 01:25:48,133
is because then like 20 minutes later,

1260
01:25:48,173 --> 01:25:49,693
I finally saw the Elon Musk reach for me

1261
01:25:49,693 --> 01:25:51,653
and say, I will give a million dollars to this.

1262
01:25:53,173 --> 01:25:54,953
I'm like, that's what we have to do.

1263
01:25:55,513 --> 01:25:56,853
Two good immigrant founders there.

1264
01:25:57,393 --> 01:26:00,753
Owen McCabe, Irish immigrant running intercom.

1265
01:26:00,753 --> 01:26:01,373
mission

1266
01:26:01,373 --> 01:26:04,873
Elon South African and that's like

1267
01:26:04,873 --> 01:26:06,833
we don't have to get on like immigration but like

1268
01:26:06,833 --> 01:26:08,873
no it feels like the zeitgeist

1269
01:26:08,873 --> 01:26:10,873
and again just the videos

1270
01:26:10,873 --> 01:26:12,973
I've seen of people all

1271
01:26:12,973 --> 01:26:14,973
across the spectrum old young

1272
01:26:14,973 --> 01:26:16,853
black white particularly after

1273
01:26:16,853 --> 01:26:18,933
what happened on Wednesday

1274
01:26:18,933 --> 01:26:21,033
like getting online saying we will not live like

1275
01:26:21,033 --> 01:26:22,513
this and the amount of people saying

1276
01:26:22,513 --> 01:26:25,053
I voted Democrat my whole life I do not

1277
01:26:25,053 --> 01:26:27,073
want to be associated with these people I'm voting

1278
01:26:27,073 --> 01:26:28,673
red down the ballot next

1279
01:26:28,673 --> 01:26:29,973
next election

1280
01:26:29,973 --> 01:26:33,013
And damn the consequences.

1281
01:26:33,193 --> 01:26:35,773
And if we overcorrect a little bit, we'll fix it in post.

1282
01:26:36,213 --> 01:26:37,273
But we're going to overcorrect.

1283
01:26:37,693 --> 01:26:39,793
The question is, you know, how far?

1284
01:26:40,353 --> 01:26:42,273
And what we don't want to do is go full framing.

1285
01:26:42,633 --> 01:26:44,933
We want to retain our humanity during the process.

1286
01:26:45,073 --> 01:26:58,393
We want to put them down the way they need to be put down at the level of violence that they, at an individual level, they engage in.

1287
01:26:58,393 --> 01:27:08,153
So if y'all wanted to put us in camps over the COVID vaccine, you get to lose your job over cheering for Charlie Kirk being dead.

1288
01:27:08,553 --> 01:27:10,233
Sorry, that's the way it works.

1289
01:27:10,933 --> 01:27:11,933
Those are the rules.

1290
01:27:12,273 --> 01:27:13,853
That's the rules of the polite society.

1291
01:27:13,933 --> 01:27:14,993
Oh, you can't do that.

1292
01:27:15,053 --> 01:27:15,233
Freedom.

1293
01:27:15,333 --> 01:27:16,353
No, freedom of speech.

1294
01:27:16,733 --> 01:27:19,613
Freedom of speech means freedom, freedom of association.

1295
01:27:19,773 --> 01:27:21,373
Freedom of speech is freedom of association.

1296
01:27:22,153 --> 01:27:24,373
Freedom of speech is freedom of association.

1297
01:27:24,513 --> 01:27:27,393
Freedom of association also implies freedom from association.

1298
01:27:27,393 --> 01:27:33,253
association. And I choose not to associate with you. You chose, you didn't want to associate with

1299
01:27:33,253 --> 01:27:36,533
me. Well, got news for you. Don't want to associate with you. We're taking you out of

1300
01:27:36,533 --> 01:27:40,613
polite society. We're bankrupting you. We're going to make you work from the ground back up

1301
01:27:40,613 --> 01:27:48,533
in order to understand, in order to have that work pull you out of your possession

1302
01:27:48,533 --> 01:27:55,213
is the only way you're going to learn. Yep. No. And last thing, since you brought it up,

1303
01:27:55,213 --> 01:27:58,313
There's going to be another win shortly, it seems.

1304
01:27:58,913 --> 01:28:09,893
You mentioned COVID camps, but it seems pretty clear that they're going to announce that the COVID vaccines are not safe and effective and hold those pharmaceutical companies accountable.

1305
01:28:09,893 --> 01:28:11,833
And then Fauci goes to jail.

1306
01:28:12,073 --> 01:28:16,053
And again, some of them may never go to jail.

1307
01:28:16,153 --> 01:28:18,113
Anthony Fauci is 84 years old, 85 years old.

1308
01:28:18,193 --> 01:28:19,033
And you're like, what are you going to do?

1309
01:28:19,053 --> 01:28:19,553
You're going to put him in jail?

1310
01:28:19,673 --> 01:28:20,093
Okay, fine.

1311
01:28:20,413 --> 01:28:21,213
You could just shoot him.

1312
01:28:22,793 --> 01:28:23,953
I mean, that would be fine, too.

1313
01:28:25,213 --> 01:28:29,753
you know, for, you know, like a certain, certain point, you know,

1314
01:28:31,153 --> 01:28:34,153
you killed a lot of people and you did so willingly.

1315
01:28:35,253 --> 01:28:37,293
Like we don't have that.

1316
01:28:37,493 --> 01:28:39,893
The civilized thing is to put you down.

1317
01:28:42,613 --> 01:28:44,293
That's how monstrous your crime is.

1318
01:28:44,853 --> 01:28:47,173
Yeah. I mean, to a certain extent, you almost have to,

1319
01:28:47,173 --> 01:28:50,113
just to let people know there are consequences for this.

1320
01:28:50,473 --> 01:28:54,753
And to be clear, we're not saying Luigi type, but down it's,

1321
01:28:54,753 --> 01:28:56,253
let's bring the case,

1322
01:28:56,573 --> 01:28:56,993
bring the case,

1323
01:28:57,113 --> 01:28:58,313
put them up.

1324
01:28:58,453 --> 01:28:58,913
And then,

1325
01:28:58,913 --> 01:28:59,433
and then,

1326
01:28:59,553 --> 01:29:00,613
and then,

1327
01:29:00,673 --> 01:29:00,973
you know,

1328
01:29:01,113 --> 01:29:01,593
they were,

1329
01:29:01,953 --> 01:29:02,533
they were,

1330
01:29:02,713 --> 01:29:05,413
they were properly tried and they were properly shot.

1331
01:29:07,313 --> 01:29:07,713
Yep.

1332
01:29:10,073 --> 01:29:11,233
So it's all happening.

1333
01:29:11,313 --> 01:29:11,513
I mean,

1334
01:29:11,513 --> 01:29:13,973
we're getting win after win after win here.

1335
01:29:14,053 --> 01:29:15,013
So I think so.

1336
01:29:15,193 --> 01:29:15,573
All right.

1337
01:29:15,993 --> 01:29:16,713
Kudos to you,

1338
01:29:16,733 --> 01:29:16,833
sir.

1339
01:29:16,853 --> 01:29:17,333
You've been right.

1340
01:29:18,913 --> 01:29:19,153
Quite,

1341
01:29:19,153 --> 01:29:19,413
quite,

1342
01:29:19,413 --> 01:29:22,173
quite a bit over the last four years that we've been discussing this.

1343
01:29:22,393 --> 01:29:22,413
So,

1344
01:29:22,473 --> 01:29:23,393
you know,

1345
01:29:23,893 --> 01:29:24,633
we work really hard.

1346
01:29:24,633 --> 01:29:31,233
we, you know, Dexter and I work really hard, Marty. Yeah. And you know, you're, and, and I've

1347
01:29:31,233 --> 01:29:35,473
been course corrected a number of times and I've been wrong about things. And then, you know,

1348
01:29:36,473 --> 01:29:39,933
then you course correct and you go, Nope, that wasn't that it was this, you got to remain

1349
01:29:39,933 --> 01:29:45,413
flexible of mine that, and by remaining flexible of mine, you can, you can access your anger and

1350
01:29:45,413 --> 01:29:51,073
you can access your frustration for when it's necessary. And then you can pull it back and go,

1351
01:29:51,073 --> 01:29:55,333
now we're going to do this. And you know, it, that sounds schizophrenic,

1352
01:29:55,373 --> 01:29:56,893
but it's actually not. It's means that you're,

1353
01:29:57,073 --> 01:30:02,493
you're in control of your responses to stimuli and you know,

1354
01:30:02,493 --> 01:30:05,473
when to let it out and when not to let it out.

1355
01:30:07,153 --> 01:30:11,153
Just that you're logical thinking being with humility, which is important.

1356
01:30:11,433 --> 01:30:14,633
Well, you have to think both with your head and your heart, the people,

1357
01:30:14,733 --> 01:30:17,953
the people who are doing what they're doing now are thinking only with their

1358
01:30:17,953 --> 01:30:20,793
head. They're living, they're living in their heads. They're going,

1359
01:30:20,793 --> 01:30:23,233
they're going down the raw

1360
01:30:23,233 --> 01:30:24,673
logic, if this, then this.

1361
01:30:24,673 --> 01:30:26,573
If he's against abortion,

1362
01:30:26,673 --> 01:30:28,653
it means he's against this. If he's against abortion, he hates women.

1363
01:30:28,773 --> 01:30:29,913
If he hates women, he's a Nazi.

1364
01:30:30,453 --> 01:30:32,693
That's where they are. It's coldly logical.

1365
01:30:33,373 --> 01:30:34,513
And coldly logical is evil.

1366
01:30:36,373 --> 01:30:37,673
You have to be...

1367
01:30:37,673 --> 01:30:38,713
And then, once

1368
01:30:38,713 --> 01:30:39,993
they're coldly logical, then

1369
01:30:39,993 --> 01:30:42,213
it gets turned into

1370
01:30:42,213 --> 01:30:43,753
the most negative

1371
01:30:43,753 --> 01:30:44,713
of

1372
01:30:44,713 --> 01:30:48,693
biological response,

1373
01:30:48,973 --> 01:30:50,513
endocrine system, biological

1374
01:30:50,513 --> 01:30:52,773
response and then you get what you got on Wednesday.

1375
01:30:53,633 --> 01:30:53,793
Yeah.

1376
01:30:54,993 --> 01:30:56,273
We will not live like this.

1377
01:30:56,553 --> 01:30:58,553
We will not live like this.

1378
01:30:58,813 --> 01:31:00,733
Tom, let's catch up at the end of the year.

1379
01:31:01,253 --> 01:31:01,613
Absolutely.

1380
01:31:02,253 --> 01:31:02,973
Thank you for that.

1381
01:31:03,513 --> 01:31:04,753
Let's hope everything goes well.

1382
01:31:05,033 --> 01:31:06,553
Best to you and your family, as always.

1383
01:31:07,493 --> 01:31:08,113
You as well, sir.

1384
01:31:08,473 --> 01:31:09,613
We'll do well and we'll do it again.

1385
01:31:09,813 --> 01:31:10,213
Thanks, Barney.

1386
01:31:10,853 --> 01:31:11,073
Oh, yeah.

1387
01:31:11,193 --> 01:31:11,793
Peace and love, freaks.

1388
01:31:12,033 --> 01:31:12,213
Okay.