Kind: captions
Language: en
Religious and ethnic clashes in Spain
turn bloody. Galain Maxwell wants to
testify before Congress about the
Epstein list. Three minutes of footage
were edited out of the Epstein video.
Katherine Bole calls out Apple and
American VCs for teaching the CCP
America secrets. And Grock's wife is
flirting with Super Grock users. Drew,
let's start at the top. Spain is going
crazy. I can't even describe what's
happening right now. There was a migrant
attack on an old man that triggered a
riot that triggered a protest that now
just triggered it's almost like a gang
war where anti-immigrant riots are now
attacking migrant gangs. Um it's quickly
like unwinding.
>> You were going to see this all over
Europe. Th this is a problem. For better
or worse, cultures are distinct. They
have a flavor. And when you bring people
into your country that do not share your
values, you are going to have
collisions. And this has been so weird
to watch this unfold as if people have
no sense of what the human mind is like
that we are like schools of fish. We
look for people who think like us, who
act like us, who look like us.
>> And if you don't do any of those things,
like there's going to be a clash. We
have an algorithm running in our brain
for in-group outgroup. And when you let
people flood in that have different
values, that's the one that I think is
always going to be the most problematic
far more than looks different. when you
let people flood in that have different
values, you are going to have a
collision.
>> Is this something though that maybe
there are some bad apples that are
ruining the whole bunch? Because I'm not
I'm sure the 100,000 people that flocked
into Spain didn't all attack this old
man, but it was a couple of young,
stupid, unemployed bums that attacked
this and then now
>> other people are catching it. Or is it
>> Yes, it's always going to be a small
number of people, but the real thing to
focus on is when you have a difference
of values, nothing else matters. So it
just becomes a question of on what
timeline and at what mass of people does
this become an issue. You will get
difference in values between men and
women. And so you get friction in the
workplace because men think and act one
way, women think and act in another.
There's tons of overlap but you get
these divergence. We went through all of
that with the me too movement where it
was just like this wild like all of a
sudden you realize that people are
living life through a totally different
frame of reference than you even though
you grew up the same and all of that. So
that alone can create this sense of like
oh wow like we're looking at things view
a skew from each other and it's not
quite lining up. And so when you get
that playing out on like religious
levels because religion really is the
grand organizing principle. It is a
thing where I don't need to know who you
are. Oh we celebrate the same religion.
We believe in the same God. We could
have met grown up thousands of miles
apart. 5,000 years ago. And we meet and
we share a religion. And now we connect.
And it allows groups to come together
flexibly in gigantic numbers in a way
that even nation states don't get to the
superordinate level that religion gets
to. And so when you throw people
together that clash over religious
values, you are going to have a problem.
You don't even have to look farther than
the US. watching the Mormons rise in the
US and the way that they kept moving,
moving, moving because they were being
relentlessly persecuted everywhere that
they would try to put up roots, they
would come under attack. And so finally,
Joseph Smith ends up getting lynched in
jail. It's a crazy story. Bringham Young
then takes over and Brigham Young
becomes the like violent guy that you
need that every religion ultimately
needs that just finally one day lays
down the law and says, "No, no, no. we
don't run anymore. Like we're we are
setting up the American Zion right here
and good luck if you're going to try to
come [ __ ] with us. And that's religion.
People will fight for it. They will die
for it. They will kill for it. And so
when you put people in close quarters in
an economically strained situation,
which all of Europe is going to be,
because when you have socialist
democratic principles and you allow god
knows how many millions of immigrants
come into your country, that's going to
strain your economic setup. And so now
you've got the tinder box where people
don't look at their future and think,
"Oh, this is going to be better for my
kids than it is for me. It's going to be
better for me tomorrow than it is
today." And without that and then you
have these tensions, you're going to see
this fight. You're going to see it in
the UK. You're I think you're already
seeing it in Italy. Uh I think when you
look at the stats in um Belgium, I'll be
very curious to see what happens there
because they've become so dwarfed in
their own country, they're now the
minority. So
>> yeah, let's clip about the Belgium's
population after immigration
>> where this speech is. Where would you
guess?
And this isn't the shocking part of this
video. This is Belgium.
So, how many of you would have guessed
Belgium?
The shocking part of this video is I
seen a statistic today. I thought it
couldn't be real. Turns out it is real.
83.9%
of people under 18 in Brussels, Belgium,
are not are non Belgium. They're not
from Belgium, either being born abroad
or having no Belgium ancestry. 83
84%.
>> That is wild. And so, look, this has all
been caught up in the race debate. And
so people are um people did not realize
that you have to draw borders around
your country
>> in large part not just to protect the
economics. So that is huge. But to
protect the value system that otherwise
you are going to get this weird um
collision. Now America has been dealing
with it for hundreds of years. So we
maybe have a little more resilience to
it uh to us. But we are still going to
run into this problem. And the next 10
years are going to be a question to
Americans. What do you stand for? What
are you going to fight for? What are you
going to allow? What are you not going
to allow? And the Patrick Bet David,
have you seen the episode that we just
did? I don't know if you were in the
other room listening, but uh so Drew and
I just went to Florida, filmed with
Patrick BD David. Thank you PBD. It was
wonderful. What a gracious host. Lovely,
lovely. But he said something in the
interview that I was like, whoa. And he
said, "We are going to have to in
America make it illegal for somebody not
of certain religions to run for office."
>> One of the laws that I believe we need
to create is in America, if you want to
become a senator, a congressman, a
mayor, you have to be a Catholic
Christian. Really? You want to mandate
that?
>> Oh my god. If you want to bring your way
of thinking from your country and Sharia
law here, we can't do that.
>> I'll be very interested to see people's
reaction to that episode because I do
think this issue is so important. But
even I like was clutching my pearls when
he said that. I was like, "Oh, snap." Uh
I I take it a little differently because
I I compare it the same thing with like
the socialist policies. Everybody likes
to point to Norway and Denmark and say,
"Look, they could do these things over
there. It works. We should do this in
America." Their population is 8 million,
7 million. It dwarfs what our united
collective like states are. So I am less
bullish on
the immigrants are coming in and they're
going to take over our country. Yes,
there are certain pockets of places
where there was three farms and a farmer
and now there's, you know, 10,000
migrants there. I understand that that
country and that specific county
demographic might shift, but I don't
think on the grand scheme of America
because we are this melting pot because
there's so much mobility of
international students and things like
that. Do you really think that America
is going to have that much of a seismic
shift since it's kind of part of our
cultural identity?
>> Demographics are destiny and right now
the birth rate of people that are native
born Americans are absolutely
plummeting. And um I don't know what the
stats are on Hispanics, but I have to
imagine they're really high. So they'll
speak for the Catholic contingency. So
they'll, you know, give us a a boost
there from uh a Judeo-Christian ethnic
perspective. But in terms of um whether
we'll be outbred by another minority
population, whether that's Muslims or
anything else, that I don't know. We'll
have to look at the stats. But the
reality is if our birth rates are
declining and another group's birth
rates are on the ascendancy, they will
just simply take over from a pure
population standpoint. So the question
becomes, did they come here because they
want to assimilate to American values or
do they come here and they want to
institute
um their own values that are anathema to
currently how we think of America. So
that that's going to have to play out.
That is what we're going to have to look
at. But I think people, this is going to
be one of those things where people are
just afraid to have an open conversation
about is it okay to have our own values
to say this is how we think the world
ought to be statement of morality. This
is how we believe the world ought to be
and we're willing to fight for it or
not. And when you look at um what's
going on in Spain, when you look at
what's going on in Italy, when you look
at what's going on in the UK, you're
starting to see more and more uh
protests. The question becomes, do those
protests turn into riots? We'll see. I I
don't know how this is going to play
out, but I do know that the traditional
um sense of identity that a lot of these
countries had have already been wildly
diminished
>> and will continue to be diminished and
we just have to decide. Are we just
like, "Yeah, it is what it is."
>> And I'm I'm confused cuz when you say
diminish, I I can't really quantify that
cuz I'm thinking this is a populist
moment and people are popularizing like
this is what they're doing when they're
in that moment. So, just like we're
rallying about uh housing is too
expensive, rent is too high, I'm mad, my
job isn't paying me enough, I have all
these other grievances, immigration is
just the next grievance on that list.
>> Y
>> uh so if if this is just a factor of the
moment, is it as simple as okay, if you
as long as you're not Muslim, you can
come to the country now, we're fine.
Like is this are are we really trying to
say that like what is the big fear that
we have that is actually going to
happen?
Uh, from a big fear perspective, I think
that that's probably a couple steps down
the road already. What I'm saying is the
conversation that needs to be had right
now is what are the values that we
believe America stands for?
>> Okay,
>> are we going to fight for those values?
So, for instance, you can't run for
president
>> if you're not born in America.
>> Okay, do we care about that? Do we want
to change that or do we want to go more
down PBD's lane of like, no, no, no, we
want to make that even stricter.
>> He seems to be going more towards the
lens of religion is what matters. I'll
take religion as a standin for values.
>> So, obviously him being born in Iran,
he's probably not in a super big twist
about whether somebody was born in the
country or not, but I bet he cares a lot
about what their values are. That's
going to be the debate. What are the
values? What are we going to stand for?
Because ultimately if we continue with
open door policies, which obviously
won't happen during a Trump
administration, but when people go to
consider their next vote, if this really
gets on the table, and this is a really
open conversation, and we say, "Okay, do
we care about uh we want to recruit from
a talent pool and what we care about are
people that can contribute to the
workforce?" That's my stance. I want
what I call foreignb born Americans. I
don't care what your religion is. I
don't care what country you come from. I
want to know that you believe in
freedom, uh, freedom of expression,
private property, that the things that
made America great are what you want.
You don't want socialist policies. You
really want to see a separation of
church and state. Like, there's a set of
very definable characteristics. And I
want to see us recruit the world's
greatest talent. I will happily recruit
Muslims. I will happily recruit people
from Europe, from Asia. Literally, I
don't care. But I do care about those
values of freedom. So my markers aren't
on a religious basis for what I hope are
obvious reasons. I'm not religious, but
I at the same time believe that part of
the reason that America developed the
theories of liberty that it developed
are based on Christ. They're based on
this idea that every individual human
was made in the image of God. Even
though I don't believe that's literal, I
believe that it gave rise to a
philosophy that has pulled more humans
out of poverty than any other system
ever in humankind. It gave birth to the
scientific method because people were
allowed to speak their minds and figure
out what they really thought was true.
So there's like all these knock-on
effects that come from Christianity.
>> I care a lot about some of those
knock-on effects. So my sort of initial
layer of analysis is are you a foreignb
born American? So, do you believe in
liberty, individual property, blah blah,
all the things I just talked about?
>> Um, are you some of the best and the
brightest? Are you coming because you
want a shot? You want to contribute? Not
looking for handouts. Like, you really
want to do something. You want to build
something. You want to create. You want
to work hard. Like, you've got that
Puritan work ethic, which I'm here for.
>> Uh, so that's going to matter to me.
Other people, it's going to be, no, no,
no. I care about race, right? Nick
Fuentes seems to really care about race.
weird to me, but really seems to be a
thing that matters to him.
>> Uh, other people care about religion a
lot. Uh, and so that's what I'm saying
is that debate needs to be had, needs to
be had out in the open. People need to
not be shouted down as bigots because as
you import people into your country on
mass, it will change the dynamic of your
country. Now, we did that with uh
Italian immigrants. Maybe it made the
place better. We did that with Irish
immigrants. Maybe it made it better. We
are largely
>> What do you mean we did that with
Italian immigration?
>> Back in the day, like during the uh post
potato famine, Irish people flooded into
America.
>> Got you.
>> Uh we had people flood into America from
Italy. So there have been different
times where we've brought Germans. Hey,
Lord knows that I benefited from German
and Dutch immigration.
>> So it's like there have been different
times where we have brought people that
weren't of they weren't American, they
weren't British. like British was the
for obvious reasons the group where it
felt like a one for one exchange
>> but we brought people from all over the
place
>> but what I'm saying is you
need to identify what are the things we
stand for and we went through this in
1776 where we had to write on a piece of
paper this is what we believe this is
how we want the country to be run and if
for no other reason than what is our
immigration policy going to be as
Americans we have to have that debate we
have to have that debate out in the
open. We have to say what we care about.
Uh I've already said here what I care
about. You can push me harder if you
think I'm being vague, but
>> I I get what you care about. I get the
flag there's stamping. But even in those
two examples that you put, when Irish
came in and Italian came in,
>> there were Irish mobs. There were
Italian mobs. There was Italian
criminals that came in. There were Irish
criminals that came in. And that didn't
lead us to say we don't need no more
Irish people anymore.
>> Yes, it did. Quite literally. and we put
up all kinds of prejudices, barriers,
limitations, and said we no longer take
people from this country, that country,
whatever. Uh, at one point, I'm pretty
sure it was China. We just had a hard
pass. Nope, no more. So, there have been
many times where we have said that's it.
We don't take any more people from that
country. And we do I think even now have
like in the lottery someone needs to
fact check me on this but it's like in
the lottery system like certain
countries we'll take certain number of
people from and we won't take people
from other countries like this is a real
thing and people need to come to grips
with it. Uh and so yeah the the big
question is going to be uh is it true
that Muslims are running a quite
brilliant strategy? I don't know if it's
true, but if it is true, this would be
very brilliant where it's like uh we
have really high family values. We
procreate um at high numbers and so
we're going to spread out and we're
going to go and populate and raise our
kids and be a very strong force in the
community and we're just going to um
bring our and I'll put a positive spin
on it. We're going to bring the love of
our God and our family and our religion
to all these different areas and they
see it as spreading the light of God and
all of that. I don't need people to
believe in it. I just want people to
look at it from their perspective. And
so if they're really doing that, which
by the way is exactly how the Jews took
over Palestine. Uh do we want them to do
it? So I'm just saying um I love
Americans, but Americans killed all the
Native Americans. And so if I were
Native American, I'd be like, "Bro, no.
Hard pass."
>> It's a bit ironic because I feel like
this is the tale of the colonizer being
afraid of colonized, obviously. And it's
like so cuz I'm looking at it like we've
had all different types of nationalities
all came in and we've had prejudices
from different people as well and a
quick Gemini search said that there was
never a formal Irish migration ban. So
even when we did have those bad apples
in these different groups we didn't
paint them with a broad bush or kind of
restrict it. I think there are certain
levels of discrimination that has
happened like that's where Chinatowns
were established and we can kind of go
out that context
>> because this is one of those things
where um people will criticize something
I say only when I'm reading the thing
it's like yes this is true. So it says
however Irish immigrants particularly
during the potato famine in the mid-
19th century faced significant
discrimination and restrictive policies
at the state level with some states
attempting to exclude and deport
impoverished Irish immigrants. So to say
that we were never like trying to stop
them feels uh ahistoric. So we were
putting up a lot of roadblocks to limit
them. Do a search. Did we ever
officially limit Chinese immigrants?
Yes. So we limited Chinese immigrants.
And I have a feeling that if you go
through, you're going to find that we
did this for different people across
different periods of time. This is just
this is a thing. So even if it was
limited with Irish, we've done it
before. And
>> I will be surprised if we don't do it
again. So uh
>> so in Trump's first term he had like the
infamous Muslim thing where certain
countries they weren't allowed to get
immigrants. You would be in favor for
something like that depending on what
countries are on that list.
>> I am not there. Where I am is we need to
decide what is our policy.
>> I feel like you decide you have your
list and you have the things that you
want the country to be.
>> Yeah. But why do you think that that you
can't get that from Muslim countries? So
>> I didn't say that. I'm just ask you're
saying we need to stop certain people
from coming in. So, I'm trying to figure
out how are we going to have that filter
mechanism. So, Trump tried it with a
country ban. Pat David is trying it with
a religious ban. How
>> are you asking me how I would vote if
this came to a vote or what I'm trying
to propose right now?
>> If this came to a vote of how do we
filter people who want to come into
America? How do we filter it?
>> American values of freedom, free
markets, personal.
>> How do we quantify that though? That is
that application that we just give
everybody? You you literally have to
think of yourself as a recruitment
engine. And if we want to do this at the
level of um the this is going to bother
people a lot, but it's true. If we want
to do this at the level of companies or
like recruiting talent, great. H1B or
otherwise. So you can only come in if
you have like a job placement or
something like that
>> that somebody's like I need this person
to fill this role and I'm we can put
limitations on it where they have to pay
the same competitive wage bracket that
they would pay to somebody that's
already here so that you're not doing it
to lower wages. You're doing it because
you were trying to find the best and the
brightest the world over. That to me is
part of the American identity. Um, so I
think you can find them in any corner of
the world, in any religion. Like there
are going to be extremely intelligent
people. Uh, they're going to be
extremely driven, extremely ambitious. I
mean, look, it gets hard to like really
find out if they believe the same things
you believe. But if they're taking a job
in a capitalist country, they aren't
posting Death to America, like there are
surface level things certainly that you
can do to up your odds. Um, blanket bans
on countries strikes me as a bad idea.
Blanket bans on religions strikes me as
a bad idea. But pretending that we don't
have a value system that we want to
protect is idiotic. And that's people
just afraid of being called racist.
We'll get back to the show in a moment,
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You can thank me later. Now, let's get
back to the show. Um, Galain Maxwell,
now 63, um, is open to talking to
Congress. Um, a source to Unusual Wales
through the Daily Mail said despite all
the speculation, Galain was never
offered any sort of plea plea agreement,
she'll be more than willing to testify
before Congress and share her side of
the story.
>> Bro, that's already crazy. So, what I'm
reading that to mean is that they did
not give her a chance to cough up names.
They're like, "You're going to prison.
That's that. Sorry." And now she's
saying, "No, I'll happily give people
names." Uh, I don't know if she's doing
it to try to get immunity.
>> Yes,
>> that would certainly make sense, but if
they didn't even offer that, that is
another thing where people just do not
want these names to come out. And I saw
a post from somebody and so I cannot
verify this at all. It might have even
been from Alan Dersowitz. Um, but the
claim was made that it's judges that are
stopping this information from getting
out. Alan Dersich, I think, was accused
of being on the Epstein list and so he
had to fight to clear his own name. Uh,
and he's saying, "Listen, I want this to
come out because I know whose names are
on it. It will be exculpatory for me."
>> Uh, and he was like, "I've got to
imagine there's a lot of people whose
names are getting thrown around that
they want this to come out because it
will be exculpatory for them." Uh, so
this is one of those things, man. Look,
I fear that you're right. I worry that
Galain Maxwell is going to suddenly
start feeling suicidal. Uh it it is
wild. I can't believe that Trump is
quintupling down on I can't believe
people are still asking about this. Bro,
that guy is way good at reading the
room. So there's no way he's blind to
how outraged his own base is by this and
that he's still pushing is it's stupid.
So I mean maybe it's not stupid. Maybe
what's on that is so I'll be generous
inconvenient for him uh that he just for
that reason he just can't he just can't
tell.
>> We've never seen the list. It's never
happening. When Kevin Spacy is tweeting
release the Epstein files that's let you
know you're on the wrong side of
history, bro. Like it's it's a wrap.
Pack it up. Mag
>> have it on good faith. This is never
coming out. So I'm going to bang the
drum. Let it out.
>> You've been lied to. You've been played.
It's not happening. Wrap it up. Remember
this when it's time for midterms.
>> Okay. Give me your best take. What's
really happening?
>> They're on the list.
>> Who's there?
>> Plural Democrats, plural Republicans,
plural investors. Uh half the people in
the super PAC, half the people on our TV
that we watched. Uh somebody in the
movie that I watched this weekend is
probably on it. It's it's it's so big.
It's so massive.
>> Too big to reveal.
>> Yeah. Just like there's too big to fail
is it's too big to reveal cuz it's just
>> mechanistically. How do you keep it on
lock? I like the way you sprinkle
allegedly.
>> Allegedly just let it let it run. Um,
how do you keep it unlocked? Uh, the
same way that the CIA keeps all of our
government interventions unlocked.
>> You just eventually are like, "Nope."
>> And then people, they get mad, they bang
the table, but it's still not coming
out.
>> There's there's so many things in
America that we never will find out that
are conspiracy theories today with one
crazy guy who just happens to swallow
guns, bullets by himself in an
apartment, and then 20 years from now,
we realize, "Oh, yeah, that did happen.
CIA funded uh all of the cocaine uh
deals in LA all the way down to South
America." Oh yeah, they did flood a
whole bunch of inner city skills with a
bunch of guns. Oh, but yeah, it's cool.
It's 40 years later now. Nobody cares.
And we just shrug our shoulders and we
move on just like we're going to do now.
There was We announced aliens over the
pandemic. Nobody cared. Nobody cared.
They're like, "Yeah, aliens came a
couple years ago. We was mad about a
vaccine." That was that was safe. And
then now we found out the vaccine isn't
really safe. And then the the labs leak
is was a conspiracy theory and now that
ended up being true. And it's just this
kind of revolving door of like this is
the this is the motive and this is the
story today. That doesn't mean that's
going to be the motive or the story next
week.
>> Do you think it cost Trump the midterms?
>> No, cuz people don't vote for uh
senators in house. We only come out for
presidential. I think it cost him an
election next year.
>> Interesting. I think right now if if the
vote were taken right now, I think he'd
really be in trouble.
>> Yeah. But like people aren't going in
for Thomas Massie. It's people who are
us who are in the news every day. But
40% of Americans didn't even vote for
the presidential election. I see that
number going to 60 when it comes to the
actual House representative Senate.
Like,
>> you know what's interesting? So watching
this unfold, watch Mega in real time,
they're finding excuses why this isn't a
big deal because they're they're
sketching out between release it,
release it right now and uh release it,
release it right now, even if it was
doctorred by the Democrats will become
release it, release it right now. Well,
maybe not right now because it was
doctorred by the Democrats. And then
it'll be, well, it was doctorred by the
Democrats. Why do we care anyway? And
then it'll be 40 chess. Trump saved us
all. This was just another thing that
the Democrats did. It'll be wild. Like
they're going to find a way.
>> What's that percentage of the split
though? Cuz I I don't think it's 50/50.
They hate them, they love them. I have a
feeling it's like 9010 or like the 10%
is really pissed off about it and then
the 90 are just like, oh well. Like,
>> yeah, I think people will move on
because they're on a team. And so if the
team lead says long enough, this is what
we're doing.
>> Uh then people are going to roll with
it. he will lose some. What percentage?
I don't know. I've been paying attention
to politics long enough to see how
something how big something like this
becomes. Uh but yeah, this is um it's
things like this that trip away at
somebody's credibility.
>> Yeah. Um shout out to Dave Smith. Andrew
Schultz says a lot of people are
actually trying to hold his feet to the
fire that says, "Hey, you promised us
this and you have that." So, I'm just
glad that a lot of people who were
championing Trump in November are now
trying to hold him accountable in July.
Um, let's keep that accountability with
all our politicians because that
hopefully MAGA realizes nobody's coming
to save you.
>> So,
>> yeah.
>> All right, let's talk about rent
control. Um, there is a new Minnesota
mayor Minneapolis mayor candidate who's
pretty much stealing the exact playbook
from Mandani.
>> Yep.
>> I've also been fighting for you passing
things like tuition free college for
working class families.
So, this yet again, uh, people believing
that you really can get something for
free. I would just like to remind
everybody that we deficit spend like
crazy. Now, I don't know if they're
deficit spending at the state level,
though, I'm going to guess that they
probably are, uh, or that they're at
least drawing federal funds and the
federal funds are coming from us
spending at deficit levels. And you
never get anything for free. Milton
Freeman has a great quote, which is, the
tax base is exactly what the government
spends. So there is no deficit spending.
They're going to print money if they
have to. They're going to sell debt for
sure.
>> Uh so if you are spending $6 trillion a
year, people are being taxed. $6
trillion a year. Just that's what it is.
Crazy. He keeps going.
>> Lift drivers and the legalization of
fentinal testing strips. But this
summer, you're going to be seeing a lot
more of them because we deserve nice
things in Minneapolis, too. To make an
affordable Minneapolis for everyone. We
deserve nice things in Minneapolis. Yes.
Uh well, deserve. No. Nobody deserves
anything. But you should have the right
to work to build amazing things in
Minneapolis. But this is what I'm
talking about. In populist moments, they
come after the economyy's been doing
well for so long. Then the economy
starts doing poorly. But by then, people
believe that the world just is amazing
as like a law of nature. It's always
like this. It should always be like
this. Nobody's working for this. There
aren't people who work an obscene amount
of hours. There aren't people who are
sitting there in the shower staring off
into space thinking about how you can
make road slightly more efficient like
they're not thinking that oh these are
people that are just working their ass
off and we incentivize them by allowing
them to capture the upside of their
brilliant ideas. And so when we get into
a populist moment the economy starts
failing everybody. Everybody wants
something more for free and we should be
able to have nice things here as well.
But the problem is who's making those
nice things? People really do lose sight
of the one simple truth. You cannot have
free things because you yourself
personally aren't willing to work for
free. If you can get everyone to work
for free, you can have anything you want
for free. But the reality is you won't
be able to get people to work for free.
And once I realized, wait, we are all
the problem. We're all the problem. We
want to get paid. If none of us wanted
to get paid, then we could have the
communist utopia. But the reality is
people want to get paid. Therefore, you
have to force them to work for free. And
once you have to force them to work for
free, all of that brilliance of
innovation, it just goes away.
>> Uh people seem totally blind to that.
>> And he just covered how making
Minneapolis more affordable. It seems
like it's implementing rent control. Um
>> oh, he says rent control outright
>> by increasing the minimum wage to $20 by
2028 and passing rent stabilization.
>> There it is, boys and girls.
>> There it is. Rent stabilization. and cue
the tape on what happened to the Bronx
and Harlem in the 70s and 80s in New
York. Did you ever see the movie Escape
from New York with Kurt Russell?
>> Oh my god, it's absolutely brilliant.
And it was made specifically as a
reaction to that time where 300,000
people fled out of the Bronx.
>> Think think about how many people that
is.
>> Crazy.
uh 40% of all fires in the Bronx were
attributed to arson because people were
burning down their own buildings because
it was more uh financially efficient to
burn the building than to try to upkeep
it because of all the rent controls. The
great irony of rent controls is and it
always sounds good and people are always
so ignorant to history. This loop just
goes around and around and around
because when you're mad and the economy
is struggling, you're like, "Hey, these
[ __ ] are getting more than me. I
want that. I want a politician. I
understand politicians. I want a
politician to get me some for me. Get me
some for my community. I want some free
stuff." and not realizing that when you
try to do rent stabilization, when you
try to put rent controls to quote
unquote stop price gouging,
uh you end up contracting the supply of
housing, making the quality of the
housing that's there worse because the
landlords can't make any money. Uh so
they stop maintaining the buildings.
Investors realize, well, I can't make
any money by developing in that
neighborhood because they're going to
clamp down in the amount of rent that I
can charge. And so I could find myself
in a position where I'm forced to
continue like imagine if you had to keep
running a restaurant and as the price of
fish is going up which is totally out of
your control you're forced to keep the
prices at the same level and you have to
keep the restaurant open. You go out of
business you're literally just funding
it which is what people are asking
landlords to do. It is absolutely
freakish how ignorant people are to how
the economy works. And so while I
understand the impulse to oh man I want
rents to go down. The great irony is to
get the rents to go down, you have to
relax regulations, to allow people to
build more housing so that the there
will be more supply to meet the demand
and the cost will go down. And you can
look at people think I'm crazy. You can
look at what happened in Houston and you
can look at what happened in Austin. So,
Houston from uh the US perspective has
just wildly laxed building laws and so
people are always building stuff. And
so, buying a house in Houston, not a
great long-term investment. It doesn't
skyrocket the way that like something in
Austin did during the 2020 uh COVID
migration where so many people left
California and went to Austin,
>> but it's kept housing prices like really
low. the average or the median home
price like 270K. In LA it's 950K. In the
Bay Area it's 1.3 million. Wow.
>> So they've done just by letting builders
build, letting the free market do what
the free market does, uh they've been
able to keep the housing prices down.
Austin had to react. So when all of the
new people flooded in, they relaxed the
regulations, allowed builders to build,
builders did exactly that. They built
and the prices came back down. So when
you and there's example after example
after example AC all over the globe
people try to control rent it ends up
driving up costs down quality elongating
the time it takes people to get into a
property and then finally someone will
be like this is dumb history is proven
you have to ease up on your regulations
let people build and then all of a
sudden boom as soon as they do that
prices start coming back down people are
able to get into homes but no matter how
many times this repeats we find
ourselves in this situation where one we
just to flip the other side of the coin,
we let nimbeism and things sneak back in
where people go,
>> well, my house is my biggest investment.
I don't want anybody to be able to build
a house. And so people with houses begin
lobbying, oh, don't let anybody else
build a house because that way they have
to buy mine and now my house starts
going up in value or I don't want any
apartment buildings in my neighborhood
because that's going to lower the value.
And so now you've got everybody
lobbying. Even the government is like,
"Well, I'd rather have these high-end
units because then I'm getting a lot
more tax dollars per unit. I don't have
to deal with as many people, but I get
the money. So, they're not like using
the roads as much, the hospitals as
much. Like, this is perfect. Tons of tax
revenue in a rich neighborhood. Not a
lot of people. It's fantastic." So, now
homeowners want that. The government
wants that. And people like millennials
and Gen Z are looking around like, "Yo,
what the [ __ ] is going on? I cannot
afford a house. This is bananas. And so
we end up back in the loop where they're
like, "Hey,
>> give me run control. You got to do it."
Not realizing this is like being lost at
sea. You're dying of thirst. And you
look at that big glistening ocean full
of water. And you think, "Let me just
have a drink."
>> And the only thing that will make you
die faster than just sitting in the sun
with no water is to drink sea water. And
that's rent control.
>> It's I don't know. It seems like a
chicken or an egg thing because it's
like we need to loosen regulations,
increase supply, but we can't lower
regulations, increase supply because the
lobbyists are stopping us from doing
that because the government secretly
likes that. But we need to talk to the
government to get them to increase.
Correct.
>> You know what I mean? So, it's a seems
like
>> but it becomes a very easy loop to
destroy once people understand what's
actually happening. Once people are not
bamboozling themselves and they can just
walk in and show the stats and be like,
"This is how this plays out over and
over and over." Uh, in the deep dive
that's coming out on Monday, I must go
through seven or eight different
countries, um, 12 or so different cities
of like they got themselves in trouble
in the same exact way and they got
themselves out of trouble in the exact
same way. Like different times over the
last hundred years like it's just over
and over and over. The problem is
created in the same way and the solution
is the same every time. We'll be back in
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Right, let's get back to the show.
>> Okay, I'm going to push you this cuz on
the flip side, we got another video that
talks about the death of American dream
by lack of regulations in some other
areas.
>> Yeah, I know. I found this fascinating.
>> How did the American dream die? How did
the middle class die? I'm going to tell
you, it started in the 1980s with
trickle down economics. That did not
work. They decided to give tax cuts to
the rich and corporations saying that
money would trickle down. It didn't. It
just made the rich richer. Then we
greenlight stock buybacks. So instead of
when the productivity was going up,
instead of giving workers more money,
they just bought back their stock so the
shareholders could make profit and
executives could get bonus. Then we had
leverage bar.
>> That's a bar.
>> Okay. So buybacks are a bar.
>> So he already is unfortunately
incorrect. Uh this is not a trickle down
economics problem. Uh the way that
trickle down economics works is it does
reinvest in companies. So you're getting
innovation, you're getting your Amazon
of the world because the people that are
going to invest the money to build the
companies, they have the capital. So uh
whether they fund it directly because
they're an entrepreneur or they're a VC
and they're keeping more of their money,
they know they have to put it to work.
You're in a fiat money system. So you're
in a fiat money system. You cannot save
in cash. It will be eroded. So you're
going to put it back into the system. So
he's making it out like people are just
hoarding the money. They're not. They're
reinvesting into companies. This is what
makes America so dynamic.
>> But a stock buyback is not a
reinvestment.
>> We'll get to the stock buybacks in a
second. But so the first thing that he
said is the trickle down economics.
Okay. He's just wrong. He it didn't go
where he wanted it to go. And it may not
have even gone where they promised it
was going to go, but it goes back into
the economy. It is exactly why America
has the number of billion dollar
companies that we have. People act like
they couldn't invest in those companies.
They could. They're just not taught how
investing works. So rather than break
the goose that's literally like a
machine gun laying golden eggs. Instead
of being mad because billionaires are
getting all the golden eggs, just learn
about the system because you can get
into it with 10 bucks. So it is a system
that will work for anybody. It's just
that it does take a little bit of
understanding. Now, do I wish we would
get rid of the Fed and just allow people
to save money? Yes. It's the only moral
way forward. But the reality is we're
not going to do that. So now that we are
in the system,
>> understand how it works. Play the game.
Okay. On stock buybacks, just because a
company is making record profits does
not mean that company is going to pay
their workers more money. That's it's
nonsensical. So the only reason that
somebody's going to pay workers is
because if they don't, that worker who
is of high quality is going to go
somewhere else that is going to pay them
more money. So if workers want more
money, they need to up their skills, be
able to prove somebody that I can make
more money by leaving and going over to
that person. Here's the offer in my hand
and you either pay me this or I leave.
That that's the way to get more money.
Upregulate your skills in an area where
you are going to actually be able to
make that person money. If you can make
people money, you're going to be able to
get a piece of that. That's just like
this is me as an employer confessing
literally to you who will use that to
negotiate against me. But that actually
is the thing. You have to create a sense
in me that uh if I lose you, I'm going
to be worse off. That that's the only
way. Um if I weren't able to do stock
buybacks, okay, I can't please my
investors directly by buying their
stocks and getting them out. But what I
can do is invest and buy another company
or whatever, invest in a new division,
start something up. I mean, even just
run the Amazon playbook. And I'm going
to keep testing new things, new business
ventures, new departments, and I'm
always going to run my company at break
even because it's the most capital
efficient way to try the next thing to
always be disrupting myself and to not
have to pay that tax money to the
government. That's completely legal. You
want it to be legal. You do not want
companies to have to like pay the
government. The government is the least
efficient user of capital. So like I get
where he's coming from. He just again
people get close to understanding how
the economy works. They just miss and I
full disclosure because I don't want
these quotes to be used against me. Even
I know man I'm baby compared to like
Scott Besson or Ray Dallio like they
understand this way better than me. Um
but every time I put a brick of
understanding together I realize that
like okay I get the anger I get the
frustration but people just aren't quite
there in terms of like what's going to
make this work. So the real thing that I
think he needs to understand, anybody
that's angry about this that sees this
as a revisiting of the robber baron era,
they need to understand the reason that
the 1870 to 1890,
1900 period was so dire.
>> We completely strip the middle class.
Now, what do you hear me screaming about
today? We're stripping the middle class.
Uh what do you hear about back then? The
rich got richer and the poor got poor.
What do you hear now? the rich get rich
or the poor get poorer as soon as I dove
into it because I was like wait a second
my whole thesis is that this is about
money printing but they weren't printing
money back then that didn't happen till
1913 so what happened back then and I
realized that was for a totally
different reason so the reason that this
guy is saying so it's like same outcome
different cause
>> and the reason that he is beefing it
with regulation
is that he's thinking that we're
reliving the robber barren moment. Truly
in 1870, the reason that there was no
middle class was because there was no
regulation. There was uh just freakish
amounts of corruption, monopolies. You
had a very small number of people buy up
everything that was producing value. And
in that moment, now your middle class
goes away.
>> That moment sounds like this moment.
>> We'll get to that because they're very
different. And if you don't understand
how they're different, this is how
people end up death looping about the
solution.
>> So that moment is uh we bought up
everything of value. We have monopolies.
We can keep people out. There's no
competition. Bad for the consumer. Uh
work regulations, like literally
companies showing up with guns to force
people to not unionize, to work there 16
hours a day. That's real. Um, and so
that like wild time where the government
was not doing the kind of regulations
that it needs to do. So if this were
1870, I'd be like, "Yeah, word. He's
right. You got to regulate. This has
turned into madness. Now we live in an
era where money printing is your
problem. You have a debt and money
printing problem. Full stop. End of
story. Everything else is a distraction.
If anything else contributes, it's going
to be in like the single-digit
percentages. You have one big thing
staring you in the face, and that is
debt and money printing. I feel like
that's something that's off.
>> Yeah, that's like a solutionless problem
though cuz that's like
>> we're not going to abolish money.
>> That's not going to happen. The Fed's
not going anywhere.
>> The Fed has never been established. Just
like you can name seven other countries
and 12 other cities that actually went
to rent control and changed the the
scope. No other country in the world is
off of a is not on the Fed and has not
had an inflationless like year. So for
us to say that's the only solution is
pretty much saying sorry guys, we're
you're just going to have to like eat it
this generation.
>> Well, so here's what makes me really
sad. You produce the deep dives and I've
said like three times now I've walked
people through exactly what you have to
do.
>> You have to do austerity. We have to
increase taxes. We have to reduce our
spending. Two out of those three things.
>> There's four things. So you have to
redistribute wealth.
>> Okay. The thing that rich people are
supposed to scream about, but there's
going to have to be some of it. There's
going to have to be austerity. There's
going to have to be a change in the um
tax policy and to raise them. and we're
going to have to print money. But you
have to do it in a way where what you're
trying to get back to is phase one and
phase one of the sixphase debt cycle. In
phase one, the only debt that you take
on is to spur growth. And you have to
stop taking on debt when the growth rate
begins to accelerate uh your debt
accumulation. And um Warren Buffett has
already given you the thing that you
should put into the Constitution that
says no elected official should be uh up
for reel