AI is Getting Unhinged, Newsom Threatens 100% Tax, Mamdani Goes Full Elon

Heat up here. Heat. Heat. Heat. Heat. Heat. Heat. Heat. Heat. Heat. Heat. Heat. Heat. Heat. HEAT. HEAT.

Good morning everybody. Welcome to the Tom Billu Show live. It's Friday and we have Elizabeth Billu joining us once again today.

Uh po pour went out for Drew. He's uh still on vacation. So I am very excited to be rocking with you. It's a wild day if you've been paying attention to the economy. AI valuations are getting completely out of hand compared to the much higher revenue but nonAI stocks. We're going to be talking about that. Oo, prep your portfolio accordingly, boys and girls. We've got some stuff to discuss there. Newsome is threatening a 100% tax on Trump's anti-weaponization fund. It's unconstitutional. That's going to be a good time. Bernie Sanders wants you to know the government owns everything and you own nothing. Who would have thought that the globalist elites that were telling us that we were going to own nothing and be happy, they were actually lurking in what, Connecticut the whole time? Mom Donnie has gone full Elon and I actually love it. This one is going to be interesting to cover. We'll see. New details have emerged on the potential ceasefire extension in Iran. Peter Teal has reportedly moved to Argentina because he is worried about the US. And given that it's Friday, this one is going to be fun. Caleb Hammer reveals that transgender women are getting breast implants on taxpayer dollars. It's wild. It's wild. Welcome to the Wild, Wild West.

By the way, >> we have a sponsor today, everybody. >> It's a company called Ploud. It's an AI solution. They are dope, by the way. So, this is just the way that it attaches to your phone uh or the phone case, but it will record everything that you're doing and then allow you to play back, make sure that you're not missing things that you said you were going to do or something cool somebody said. This is really cool technology. So, I'm super excited that these guys are on board. So, shout out to Ploud. >> All right. >> Where are people going to find them? >> Um there should be a link right inside of the Look at that. Eric's pointing to it. You got that link in the description. So, make sure you check it out. We can talk more about them later, but the AI valuations are really really getting crazy and this is the part of our life that my wife doesn't even have to think about uh because >> thankfully and choose not to. >> Yeah. But it really truly AI valuations have become just completely unhinged. So there's like a weird thing happening in the um call it normie community of people looking at what's going on in the economy. They hear people like me screaming you've got to own assets. They look at the narratives out in the world. AI is the hottest thing in the universe. And so they're just funneling into that. So one, I will just remind everybody the real money is always made in the preIPO, not in the IPO itself. So everybody be very careful out there. Uh what I'm going to go through does not mean that AI is not an incredible technology. I think that it is. I think it is going to be wildly transformational. I think it'll be the single most transformational and important technology ever. Not just of our lifetimes, but quite literally ever. And by the way, every time I say that, I'm thinking of as compared to fire. So, this really is going to be something that will change the world in ways that we cannot possibly imagine right now. But that doesn't mean that there isn't a timing issue in the markets. So, what we're seeing right now is that we're basically going to be riding the dot roller coaster once again. I think we can all agree that the internet actually changed the world. Completely revolutionized it. Despite that, it put a whole bunch of people out of business. It bankrupted a ton of investors because you have a timing problem between what's known as capex. So, you've got to spend all this money building out infrastructure. And this is really where you get this mismatch. It becomes an infrastructure. So, you got to put out all this capital in the beginning. versus the timing of when the revenue actually starts pouring in. So, let's just look at a couple of figures. Open AAI, an incredible company doing incredible things, is worth an eyewatering $852 billion, but it only earns 25 billion a year in revenue. Now, look, 25 billion is a lot of money. I get it. But Walmart is worth roughly the same in terms of when you look at their uh total cap, it's roughly equivalent to OpenAI. But to get to its valuation, it has had to ring up a staggering $713 billion in annual sales. So you've got one guy that's able to do it on 25 billion and another company that had to do it with 713 billion. So immediately you know okay this is narrative investing this is not fundamental investing. So already your alarm bell should be going off not that you want to run and hide in the hills but that your alarm bell should be going off. So you start paying attention start asking yourself okay is the narrative actually on track. So if Walmart has 28 times the revenue but is valued at almost exactly the same number what does that mean? investors are paying basically for a forecast. So, they've got demand that only materializes after hundreds of billions of dollars in data center chips and everything uh get built out. That's that infrastructure um change. So, you've got Open AI valued at about 34 times its revenue, which is historically insane by uh normal standards. But XAI is where this just gets to a whole another whole another level of insanity. They raised money at a $230 billion valuation but on only $500 million in sales. That is a $460X their revenue. That is madness. Now the reason that all of this matters because again like I get it. these this technology is going to be revolutionary. Ultimately we will make good on these promises. I don't have any doubt about that that ultimately AI is going to get us there. The only question is will it be these companies and will it be fast enough that a whole bunch of people don't get bankrupt in the interim and history tells us that hey by the way every time that a technology has this kind of capex requirement on infrastructure the timing is the thing that just absolutely destroys people. So Britain's railway mania in the 1840s shares fell by about 85%. Bankruptcies hit like all-time records. middle-class families who had gotten in on that narrative. They were super excited. They ended up getting wiped out, as did institutional investors. A third of the approved railway lines never ended up getting built. America, despite knowing all of that, repeated the same thing and the panic of 1893, which was roughly a quarter of all US railroads just going bankrupt. So, same idea. You're putting all this money into what feels like a gold rush. you have to build out the infrastructure that that is the capex stands for capital expenditure people that haven't heard that term before and so you're just pouring all this money all this money all this money and eventually the returns come I mean the railroads also transformed America but it wasn't the initial investors that ended up winning it's often that second generation of people that come in after everything breaks apart and I guarantee that as we go through this wild roller coaster and AI ends up almost certainly there are no guarantees I cannot see the future but almost certainly will run a playbook similar to the railroads similar to the internet what you're going to see are people that come and say I tried to warn you guys so the Michael Burries of the world who have been liquidating their funds getting out of the stock market saying things like I don't even understand the market I don't know what it's doing same thing with Warren Buffett who's like sitting on stock piles of cash returns now look absolutely terrible compared to the S&P 500 but But if you overlay it with his returns uh back in 200 what seven or eight as the financial crisis was uh about to just absolutely batter everybody was the same thing. He looked stupid until he looked like a genius. And so the odds that we run through something like this are real enough everybody should be paying attention. So if you want to speedrun the internet, so from 2000 to 2002, the telecom firms erased around two trillion dollars in market value. 23 went bankrupt. Worldcom was the largest US bankruptcy in history at the time. Companies were laying like an insane amount of fiber. They laid enough to circle the earth thousands of times. And at the bottom of all of that, almost none of it was being switched on. Now, obviously, over time, you start using more and more of that as more and more people come online. But it's that gap that ends up being the killer. So, the railroads end up getting built. AI is going to end up getting all of its infrastructure. Uh, the fiber got laid for the internet, all of that. And ultimately, the these things end up delivering on the hype. like the internet. It was basically 20 years later that finally some of the companies that did survive, but it took them that long to get back to their um like hype level valuations. So, I'm not saying you won't make your money in AI. You very may. Uh, I'm not saying that it won't be these companies. Maybe it will. But I am saying that when you start getting valuations that are detached like that, you better be a big believer, who is not trading on leverage, who can stay inside of that bubble for a very long time. These patterns repeat in history. These patterns repeat. And when people act like these patterns are super novel and they've never seen them before, this is where you get caught off guard.

Now, every time I bring something up like this, people bang the drum. Okay, Tom, fine. Yeah, you're trying to scare us once again, but what are we supposed to do? The answer is always the same. We went through this on Wednesday. You cannot see the future. Nobody knows what is going to come. So, the only thing that you can do is go, I hear alarm bells going off. This makes me a little bit nervous. So, how do I make sure that I am broadly spread across? Because I have to be in assets. Have to be. You have to be in assets. Okay. I guarantee the government will steal from you if you're not in assets. the government will steal from you. It is the only way to guarantee that you lose is to not be in assets because they will steal from you and they will funnel it back into asset holders. This is how the game is rigged against you. It's a very knowable pattern. So, you have to be in assets, but at the same time, there's all this mania and stuff that goes on in the assets that you have to protect yourself to protect yourself against. So, what ends up happening is people understand they have to hide from the government. So, you've got to put your money somewhere. So, you're going to put it into assets. You're technically hiding from inflation. So, you put your money into assets. You're sort of holding your nose knowing you have to do it, but you can see the insanity that's building in terms of it being a bubble and all of that. Ah, what do you do? This is where I spend all of my time and the thing I normally keep my poor longsuffering wife out of, uh, but I've drugg her into this live. And so, when you are looking at that, you're you're saying, "Okay, there are economic forces. One economic force is you've got all this hype pouring into technology. The technology sector is being pumped by AI. Investors as a as a psychological profile are always looking for where they're going to get the best return. If you have not yet mapped the psychology of like a diehard investor, it will be maybe distressing, certainly enlightening, but you will understand that to map an investor, there are types to be sure. But if you map an investor as a poker player, you're going to get very, very close. They think they're smarter than the next person. They think they can outplay them, and they are actively trying to take your money. Okay, that that is the rough swag of an investor. They want that big win. They want to bully somebody. They want to get like the huge returns. They want to be the person that had the balls to stand there on the edge with a what what's the terrible 27 or whatever waiting for the flop to see if they can make it all pay off like it or the river. It It's all madness. It is all madness when I watch how they behave. Like it is startling to me cuz I do not have that personality at all. So, that is one of those economic forces. You've got all these people who understand the markets. They understand the narrative. They know how to trade on the news. All of that flooding into AI, thinking that they're smarter than the next person, that they're going to be able to get out at just the right time. They might even be trading on leverage, which is terrible. And all of that can go away in an instant because it's a narrative trade, not a fundamentals trade. And if that blows up and you just put everything into that one area, boom, you're toast. your money is going to be stuck because if you sell then you lock in the losses. So now you're going to try to ride it out. First of all, if you're on leverage, it's just all gone. You'll get liquidated instantly. If you didn't trade on leverage, but now your money's locked up for 20 years, how are you going to be able to handle that? So when you think about spreading yourself across economic forces, that's one of the ways. So if that were to happen and the economy tanks there, where do you think that that money might go? Is it going to go back into value stocks? Is it going to go into commodities like gold or Bitcoin? Like you start looking at that stuff and saying, "Okay, cool. I'm going to spread myself out across these economic forces." Meaning, if this one goes down, this one is likely to go up. If this one goes down, this one is likely to go up. And so, you want to have some exposure to all of it. Okay? I'll keep repeating it until the end of time, but that is like the basic swag. And then just again, don't be on leverage. Don't be on leverage.

>> Wow. That was very impressive. Um, a lot of information there. There was a lot of comments. One of them actually I pulled though because I thought it could be very interesting. And this isn't my world, so you tell me it's a silly question or if we've just done spoken about this too many times. Um, Yellow Knight said, "Ask for the salary in DDR5 and silver."

>> I don't know what DDR5 is. So, >> it's so funny. Your and my worlds in terms of our intellectual lives are really diverging because that comment is hilarious. Oh, is it >> all potentially all too accurate? >> Oh, well, part of me was like, well, actually, if the world is changing, is cash in hand the right way to go? Should you be having so silver and gold? >> In this moment, cash is trash because you are getting you're literally getting pillaged. I can't make even my own audience mad enough about what the government is doing to their money. >> That really makes me sad. I really want people to be angry about how inflation works, why it's happening, >> right? So would spend more time later companies started to pay their employees in different ways. >> No Jesus. >> Oh, >> you you need to give people maximum flexibility. So >> So they should convert their cash into silver. I don't know what DDR5 >> So DDR5 is memory. So, right now, memory is skyrocketing, but I have a feeling that it's going to end up being the next AI thing where everybody the gambler types are all chasing that big win and they're all moving in so fast and so hard that by the time that it makes the news, the win is already lost. Like, you've got to be the person that sees it before anybody else and you make that early move. If you look at the candles on memory, it it is literally just a vertical green line. It's wild. So, uh, yes, there is certainly something there. People are expecting memory to be the next bottleneck in the technology stack and so people know that there's going to be companies that will be the big winners. It's just when you bet on a single stock, uh, it makes me very nervous. Anyway, it's a funny comment. Uh, I love that you pulled it. That's very interesting. Um, so I do not advise it. So, even though cash is trash, uh I think it is far better that people be in a position where they get the cash, which is the most universal, and then they can buy whatever they think is right, um versus holding something that's already like you're now saying, I want 100% of my payment to be an an asset that I hate. >> So, yeah. And look, that's me being paranoid. That's me not trusting my ability to read the future. Um, and I think some people don't like that. They want to be told what stock to buy. Like I'll look at how some of my videos perform and then I'll compare it to somebody who's like, "Go buy this ETF." >> And I just think a how the [ __ ] is that person getting away with giving people like literal financial advice, but nonetheless they do, which they're not supposed to, but hey. >> Uh, and then also, do they track that person's like actual scorecard? So, there are some people out there that will literally say, "This is my full portfolio." And then at least you can watch whether they're up or down. >> Are there a couple of people that you would listen to though? Like if Ray Dallio or um Warren Buffett were like, >> "Hey, Tom, go and get this." >> Yes. But it would if they told me to go after one thing, I'd be like, "Who the [ __ ] body snatched you?" >> Because that isn't how they operate the whole thing. So those the people that I listen to are macro people who say, "Look, there are repetitions in history. They look like this. The moment that you're in is this. These are the things that are most likely to happen. You'll never get the timing right. So position yourself like this." And that sort of what Ray Dallio calls the all-w weather fund. >> Um is what I try to do. So I know in any one moment I'm never going to have like these insane returns. Now, I'm in a very fortunate position where I don't need to put us in that position where we need insane returns to do well. Um, but I understand that unless I were in my 20s and was just like, I'm going to just bet it all, like a David Kim strategy, if you will. Longtime listeners will have heard that name before. And he just was like, [ __ ] it. I'm going to pay really close attention to shitcoins for like three years and I'm going to up and down like microtransaction these things. uh he did very well but that is and and I don't know in the final analysis if he's still doing well but >> so let's say people wanted to do the work and they're like all right Tom we understand you can't just listen to someone blindly because that could be dangerous you want to put your own thoughts and ideas into your decision-m what are let's say three things that someone can go and do to train and learn how to navigate the market because when I met you >> you were a writer a poet and you had no idea about the economy or money and now seeing you sit here and be able to speak for 20 minutes so succinctly on this is how the world works and this is how you see it was fascinating. You've learned so much >> but to your point a lot of people maybe are starting where you were. What are some things they can go and do right now to learn to get to the point that you are >> it the only thing they don't even need to do three they need to do one thing and that's to understand that the economy operates on physics and they need to physics is just cause and effect. So uh if I'm right that we live in a simulation that this is a stoast stochastically deterministic universe. All you're trying to figure out is okay this input leads to this output. Now these are very complex systems and that becomes the problem. So it's very hard to know exactly I put this thing in here and I'm going to get this out here. But you can understand the the general sense of cause and effect. So that's what I was trying to do. So the thing that I hold myself accountable to is can I actually explain this thing um it started for me at Quest where I was trying to understand the biology. So why when I eat this thing is it good or bad not it is good or bad because then I can be bamboozled but if I can understand >> that what I'm trying to do is learn more and more about the physics of the body. Now, if somebody tells me something, I can go, "Hold on a second. The statement you just made makes a prediction. And if that violates something that I know about the body, I either need to update my model of the entire how biology works, or I'm just going to throw it back at you and say that violates this principle about what I know to be true. Now, talk about that principle." And if that person is blind to that principle, I'm like, "Yep, I can't even listen to you." But if that person's like, "Yes, here's the thing you don't understand about that." Then it it gets very interesting. So Dom Dagustinino taught me about fat and was like, "Uh, you can't eat the way you're eating, Tom." And I was like, "Why not?" And he was like, "All that inflammation that you have, as you remember, I used to have to ice my wrist every night. And I haven't iced my wrist in years now." Um, he was like, "It the problem is so much of your body is made up of fat." And so if you're not eating fat, you're basically doing rabbit starvation. And so yes, you also need protein, but you can't live on only protein. And so it was like, "Oh, my cell membranes are made of fat." And so that could be a big part of why I'm having this problem. And so you run the experiment, you see that it works, and it's like, "Okay, cool." You update your mental model of why fat is useful, that there's a healthy fat. Anyway, so the economy works the same way. You're trying to figure out like what are the economic principles. Once you have the sequence of cause and effect, at a minimum, you can figure out where either you don't understand a gap and then you can go research that. And so now you have a better understanding of oh I get like for instance one that I had to research I didn't even know existed uh something called the Euro dollar market. And so that was utterly fascinating about how what they call paper moves like the entire global economy and how basically insane amounts of debt are being created every night and then wiped out every morning. It's this really weird like almost like a respiratory system for the entire economy where it goes up and down in terms of debt up and down literally every night >> and but at any time somebody can say yeah I'm not lending anymore because I'm scared about something happening in the economy and so all of a sudden you have like global economic shortness of breath >> and I didn't even know that was happening. So, it's like stuff like that. You detect I don't understand how this thing works, but because I'm simply trying to map cause and effect, I know what questions to ask because I need to be able to explain the cause and effect of how a dollar is created, how it moves, how it's destroyed, who has the power to do that, why do some people have the what the [ __ ] are we doing? Like, so anyway, >> so let's say people do that, understand it, do the work. One person put a comment which I think is very on point. They put, I'm completely lost for words. I made I make 95k a year and I barely have enough money to support my family's life and and I'm in 15k debt. I guess my budget is way out of [ __ ] freaking whack. He didn't say that. Um so really actually the question for me is if someone is in debt, if they're just barely trying to scrape by. You got kids, you're trying to pay for food, you know, like literally that hard, >> how do you invest >> if you don't have money to invest because you're so worried about feeding your kids?

>> Yeah. Um the really bad news is it's so interesting how some of this stuff intersects with mindset. Okay. So uh the biggest transformational point in my life was once I realized that the world worked in a certain way. I worked in a certain way and once I understood that then it was like oh this is going to play out whether I want to acknowledge it or not. And so now I need to acknowledge that thing and act in accordance with the way the world is not the way that I wish the world were. So, if I'm a person barely able to make ends meet and I'm saying, "Yeah, I don't even want to think about this stuff. Uh, I don't have the money to invest and so I just have to like keep going." And then I say, "Hold on." Like, you you literally can't do that because your money is evaporating. Like, it's actually evaporating. You can use that word. And while it's not the literal phenomenon of molecules like rubbing off of your dollar and going into the air and returning as rain, it's the same effect, it is literally like from an analogy perspective, it's fantastic. Money is it's purchasing power, but I'm just going to refer to it as money to keep it very simple. Money is leaving your bank account to the tune of somewhere between two and right now, depending on how you clock it, four to 6% out of your account without your permission. And then it really does rain back down, but it only rains back down on people that own assets. >> So your money is being transferred away from you. It is being transferred away from you. So it's not um Tom's not making that up. Tom's not trying to scaremonger. Tom is simply acknowledging that we live in a very um economically stressful moment where inflation is being used to allow the governments to run deficits so that politicians may promise things for free. >> But the mechan so that they can get elected. But the mechanism that they use to do that is to evaporate your money out of your bank account, out of your paycheck into the clouds and then it will only rain on the people that own assets. And so the short version of that we say is the rich get richer and the poor get poorer. But but it is mechanistic and that's the part that just if people cannot come to understand this is a mechanism. So to that person I say that mechanism is at play. Unfortunately as a parent you do not have the um the ability to sit back and go I I don't have enough money to put into that. You've got to find the thing that you're going to cut to put money in it because every dollar that you put into a wise uh highly diversified portfolio is now protected from inflation. And if you can beat inflation, you're actually getting richer. >> And so, step one, have you claimed your Trump account for your kids? Like, every kid born after a certain day gets $1,000. [ __ ] incredible. And I hate >> It's actually activated. >> It's actually activated. The The bad news is if you hate Trump, you're just going to assume it's terrible. >> Oh, also, >> but the reality is it's actually awesome. >> Is there ways for people to scam it? So, they say like, "I'm going to give it to my kid." And this >> My default assumption is everything can be scammed. >> So, but for right now, just it the system is what the system is. If you don't get yourself and your kids into assets, you're going to get pillaged. >> So, that would be number one. Number two is 95K is like real money. So now if they live in New York City, it's an atrocity, but what can is there any geographical arbitrage that we can run? Can you work remotely? yada yada. So I'd be looking at that very seriously. I'd be looking at what I can do to lower my expenses because it doesn't matter if you make $95,000. If you live like you're making $250,000, it's never going to be enough. But if you make 95 and you live like you're making 70, now all of a sudden it is enough. Mh. >> And so, um, there's the famous story of the janitor. I'm sure people have heard this. It's a real story. I forget the guy's name. >> No, no, that's another janitor who went on to do extraordinary things, but this was, um, a janitor who just socked away. It was like $10 or something out of every paycheck. So, every two weeks, he's just putting $10 into whatever the S&P 500, but he doesn't touch it for 40 years. >> And so, when he retires, he's a multi-millionaire. So I get it may not come as fast as you want and I really do. So it if you think that I have been wealthy my whole life, you will not understand u my actual life. So I grew up lower middle class. I used to think I grew up poor. I did not. But I grew up lower middle class. And then as I got out of college though, I was properly broke. Like um not able to pay my bills all the time. Constantly juggling like okay, I've got they're going to they're about to turn off my electricity. Uh, so I'm gonna have to pay that next month, but like that kind of broke. Uh, so I understand the stress of being in that position for sure. But again, you're in a mechanistic system and so you've got to find a way out. >> Yeah. I remember I used to my whole thing was saving. That was what my dad taught me. And so I remember you at one point I was like, we have to save. So I had a little, you know, one of those jars that you can't take the money out until you break it. And I used to put money in it. You remember? and you at one point were like, "Baby, you can't save your wealth yourself to wealth." And I was like, "What do you mean?" And you're like, "It just won't work." Like having cash just sitting there won't actually help you get wealthy. >> Yeah. A true statement all for the wrong reasons at the time. >> Interesting. >> That that was really me understanding you don't save your way to wealth. You can certainly invest your way to wealth. Um that statement comes from people who don't understand the economy. I was one of them. And so it was a very easy statement for me to repeat. You don't save cash, that's for sure. Uh, and then also the kind of wealth that I had in my mind, you're never going to be able to save your way to. Uh, if you're a psychotically shrewd investor, maybe over 20 or 30 years, you could get there, but you'd really have to be generational because we had so little money. Um, but compounding is compounding. So, you could certainly do something extraordinary. But what I was trying to get to was, listen, I've got an allin strategy. And that is I'm not going to save for retirement. I'm either going to make us wealthy through entrepreneurship or not. Uh and I was so delusional that I didn't even think I was going to fail. Like that didn't seem like a realistic option. It really felt like I can just keep trying and keep trying and keep trying. >> What is it? The naivity of the young. >> Yeah. Yeah. I mean some of it doesn't always have to be young though it usually is because you build so much scar tissue as you age. But um I really that delusion which parents are giving to their kids less and less that delusion was really helpful when I said to my mom that I was going to be rich. She never told me she didn't believe it. She didn't but she never told me that. And so that was really helpful. Um that it was just like oh yeah you don't this is part of why growing up in the 80s was so rad. It was just like if you wanted to get rich you could. There was just that belief. And so, >> oh yes, >> there weren't people telling me like, "Oh, you're going to be a failure." Everybody quietly thought it. Your dad was the first person to tell me to my face, you're not going to make it. >> Well, only because he was like, "What's your how how are you going to get there?" And you know, you know, my feelings work hard. >> That's incredible. He was always very kind to me. But that that was the the first time that I heard somebody go, "It doesn't work like that." >> Yeah.

>> So, all right. Um, lest there are any questions on that. Uh, >> not really. A lot of people have a lot of thoughts. Um, but yeah, I think it's time to move on. >> I want to talk about Bernie Sanders. So, you guys, I don't think I'll have any hard time guessing how I feel about a recent tweet from Bernie Sanders. He continues to be a kleptocratic communist. He He is of the ilk of people that say nice things. They make it sound like they are fighting for you. They are the inflationary force. They really are running an algorithm in their minds that says the government owns everything and we decide to let you keep some things. Now, if you look at what he's talking about on X, they they really are trying to steal more money from people in the name of fairness. Uh and um Eric, if you can pull up the tweet just so that we have it. >> This is ah look at that. Okay. So, his exact tweet goes like this. The oligarchs in California are spending huge amounts to defeat a unionbacked billionaire wealth tax, which by the way, I I um really want to argue with anybody in the chat that has like a really strong pro-UN um position. My union stance right now is purely intuitive, so I'm not going to have strong arguments, but I need to start battling this out. But I have a very strong intuition that unions are best thought of as um micro governments and they have the same tendencies to want to make the union itself grow. Um and they will say that they're fighting for the people, but in reality they're fighting for the survival of the union. Again, these are early days, so please give me a push back. Help me sharpen my thinking. Um but that is where I'm at with that. So when I hear union backed, I immediately am like, uh oh, this is somebody who wants government on government on government. All right. Anyway, back to the actual tweet. The oligarchs in California are spending huge amounts to defeat a union-backed billionaire wealth tax. The Republican establishment is in a frenzy and few Democrat leaders support it. Yet, a new poll has it winning 54 to 45. The people want the rich to start paying their fair share. Okay. The absurdity of saying that the wealthy aren't paying their fair share is so diabolical. I I don't even know where to begin with that. Um, I've talked about this many times before, so I'll speedrun it. Um, the top 50% of Americans pay 97% of the tax. So, the bottom 50% collectively only pay 3%. Like already just like stop and sit with that for a second. That's absolutely wild. Then as you go up it, the number gets crazy. I forget what the exact total is for the billionaire class. Um, but it's a lot. When you start getting into the top 10%, you're already accounting for something like 84% of all tax being paid is paid by the top 10% of people. So, it's like, at what point do we consider it fair? It It's just an absurd amount of money. What I think they really mean is there are still budget deficits. There are still things that I want to give away for free and you still have a lot of money. So, I want to keep taking it and taking it, taking it until I can have the most inefficient system in the universe and not have to make any like concessions whatsoever. I just want to keep taking your money to fund everything that we want to do for free. it. That is somebody who has shows no interest whatsoever in how wealth is created. They look around the world and they go, "Wow, so weird that some countries are just absolutely in the desperate clutches of poverty." Including, by the way, China in recent memory being in the absolute death clutches of poverty. So, it's clearly not that they didn't have smart people. It's clearly not that they have some dumb culture. What they had was a dumb political system. They broke the economy. And as soon as they stopped breaking the economy, they whoop they rocketed out of poverty at a rate that is unprecedented quite literally in human history. So how did they do it? By mastering the actual physics of the economy. So when you get somebody like a Bernie Sanders or an AOC or a mom Donnie and they look around the world and they see desperate poverty, they don't go what's broken in the economic system. They default to this absolute brain rot theory that the wealthy just aren't paying their fair share. That is not how the economy works. If you don't have small efficient government that allows for wealth creation through the private markets, you will never get there. That just it violates the physics of the economy. I'm certainly happy to debate that. or if anybody just has a question about what I mean by that, if there's something that I always gloss over on this that I'm now unintentionally taking for granted, please let me know. Okay. As a country, we really do have to decide what we are ultimately about. So, when a person owns something as a country, do we believe that that's theirs or that that's the government's and they're letting us have it? And that's one of those as a default. As a default, what do you believe? Now, I'm not asking about whether people should pay taxes. My stance is that we should pay taxes, but the government should be as small as humanly possible. So, think of the government as like um using physical force against your child. You should. If your kid is going completely unhinged in a store and throwing things around, you're going to have to restrain them. You cannot just be like, "Sweetie, you need to calm down." [ __ ] all that. you're going to go restrain them, but you shouldn't punch them and knock them out. That would be wild. You want to use the least amount of force possible. And that's the same way that the government should approach its services. They should do the fewest number of things humanly possible. They should have absolutely no impulse to grow. They should be trying to leave the money in the hands of the people and create a fair and safe playing field. That is for my money. That is how the government should operate. Now, when you legally buy something, we have to decide as a collective whether that's ours or the government's. And as like a spoiler alert, if we say it's the government's property and individuals get to own nothing, I I'll just ask you to find one example I in all of human history when that didn't lead to crushing poverty and tyranny. Now, I already know you're not going to be able to do it because that is exactly where that leads to. When the government believes that it owns everything, it is letting you live by um its will. It is letting you have things because it decides to be kind. When we let a government get away with that and we forget the government is there to serve the people and not the other way around, you end up breaking the economy because the government will do the things that it needs to do to grow the government and the government will just get bigger and bigger and bigger and bigger and you'll be running these deficits. Then to run the deficits, we go back to they have to steal your money through inflation. That that loop is just so well known, so well tread, so well repeated through history, there's just no escape. That's how it works. So now despite all of that, there is like a background shift in the base assumptions of everyday people. Namely, that everything really is a government's property and that we only get to keep what they allow us to. I, for one, I do not agree with that. I don't stand for that. And if that kind of civilizationally suicidal belief ends up taking hold, that for me is a reminder of why we have the Second Amendment. And yes, I mean that exactly as it sounds. But going back to Bernie, he's saying something that affects basically so California has about 200 billionaires and a measure on the November ballot here wants to take 5% of everything they own in a single year. By the way, uh Bernie's cheering it on. He calls it again them paying their fair share. But this really is theft. I will happily run through again why this knowingly and structurally will break the um they it'll break the economy. If you do it once, you'll just cause like a massive dip. That doesn't break the economy. The problem is it will go on and on and it will spread broader and broader because if you look for every dollar since I think 2019 for every dollar since 2019 the government has raised they've end up spending $1.58 how are you ever going to balance the budget you're not this is not a revenue problem this is a spending problem just very simply if every increased dollar in taxes you bring in you end up spending an increase of $1.58 you have an ideological problem. This you'll never be able to balance the budget. You're always spending more than you bring in. So there'll never be an end to this. So what will end up happening, what already is happening, by the way, is the billionaires are going to leave. So then they'll have to broaden the tax base because it will get worse. By the way, this tax will end up meaning that they make less money. So part of the question becomes, are they doing this to get the wealthy to leave so that there are no more people in opposition to their policies? That's something that's been knowingly run before. So are they trying to do that? Are they trying to further entrench California as a blue state? Um or are they just that economically illiterate? It's probably both. There are probably some people that know precisely what they're doing and some people that are just that economically illiterate. But nonetheless, the billionaires will leave. That will damage their tax base because remember, despite the never-ending rhetoric about the wealthy are not paying their fair share, the wealthy carry the entire tax base. So now it's like your tax base is going to dwindle. We saw that happen in New York, right? Remember Kathy Hokll telling the billionaire or the I forget if she said millionaires or billionaires, but the wealthy basically can leave. You guys don't share a New Yorker's values, so get out. Literally get out. Uh then what? two years later is saying our tax base has been eroded. We need to go to Florida and convince some of those guys to move back. It cause and effect. So that will happen in California. It will make things worse. They will have to take the tax to broader people and go lower with it because for every dollar that they raise, they will spend $1.58 and they're making their tax base worse. Th this is just an absolute catastrophe. And uh also unrealized gains isn't real money. so that you're taxing people on things that they don't actually even have, which is so wild. Uh I'm not going to spend more time on that. I've talked about that so many times and I really feel like uh people either already understand it and I don't need to explain it or no matter how many times I say it, I just cannot get people to understand what's actually happening. Um so right now the thing I think we all need to

Focus on is the government has leeches on it. The government has an insane amount of leeches, most of whom are politicians, by the way. And remember, both sides, both sides run an unbalanced budget. So there's, there are no champions for small budget anymore except for the guy that we just booted out of, uh, Congress, Thomas Massie. So nobody is banging pots and pans for spending less, balancing the budget.

Um, so yeah, we're, we're in that moment. But if we don't recognize how much fraud there is in the system, if we do not recognize the impulse for government to get bigger, to spend more, no matter how much they bring in, then we will just keep deranging as a culture. Okay, that, I, I am making an appeal to you from a cultural standpoint. We all have to say when a person works and earns money, that's their money. When they buy something, that's their thing. You don't get to tax already taxed dollars. And that we should be holding people accountable for not spending more than they tax. It's just too wild. So, we are spending more and getting less. And the reason largely is because of the fraud. It is wild. It's going to be measured in hundreds of billions of dollars yearly. And we have to break away from that. If we don't, we are literally cooked.

>> All right, a lot of questions in the chat. So, let's go. And guys, before I ask the question, if you haven't thumbsed up this video, go right now. We're going to pause for two seconds just to give you the time to go and thumbs up. That really does make such a difference to, um, the results of this video and YouTube pushing it out. And so, if you value this video and this episode, please, please do thumbs this up.

>> Thank you so much for that. Really fast. Moon, uh, please explain why. So, Moonape is making the claim that billionaires are the problem. If you can explain the mechanism, I'm happy to talk about it. Uh, but when I see statements like that, that's just an emotional appeal. So, you may have a very compelling argument. Just drop it in the chat, please.

>> Cool. Um, all right. So, I've got a few questions. We'll try and get through them. Why are you so obsessed with wealth taxes like they will never happen?

>> So, they, their belief is that America could never >> That's what they said. Why are you so obsessed? It will never happen. And then why should also your average person care? All right, I'm gonna, I'm gonna speedrun the real answer and I may learn that I should never tell people the actual truth. Um, the real answer is that I'm an automata and I cannot stop myself from saying this because I have, um, a reaction to alarm bells. So, I get a really strong emotion that average people are going to get hit by this. Um, I have a strong algorithm in my brain that says there but for the grace of God go I. Um, I think it's way too easy that my life could have ended up with me in a position where I don't understand the economy. I'm not wealthy and this is all happening to me. Um, seeing the mechanistic forces at play, having read about history, understanding how bad this can and has gone so many times, um, that I know that the loop of history is countries rise and then fall and that unfortunately, um, you don't just like go, oh, we're one of the good ones and then you stay up forever. It doesn't work like that. So, um, that's why I keep banging on because of all the algorithms running in my brain. That's the real answer. So, um, I believe by putting out good ideas, you can actually sway people even though we are automat. So I can't stop myself from putting out these ideas because I believe them to be good and right, uh, and preserving of human dignity and we're all impacted by ideas. So I hope I sway people. That's >> all right.

Next question is from the freaking beast. Don't you, Tom, don't you think private markets don't work that well if it's the large, the largest companies can drive smaller upstarts bankrupt?

>> Say that one more time.

>> Don't you think private markets don't work that well if it's the largest companies if the largest companies can drive smaller upstarts bankrupt?

>> Yeah. So, you're pointing out the thing that has to be protected against in the, um, free market, which is you want to stop monopolies from happening. Monopolies are terrible. They make it worse for everybody. Yep. Government should be there. Remember, I'm not a libertarian. I'm not a nogo government guy. Um, I want the government to be there because humans tend towards tyranny. Whether they're in a corporation or whether they're in the government, humans will break bad. Being a CEO does not make you a moral person. I want to be very clear about that. Just because you're good at building companies does not mean that you're a good person. Um, so I want a government that keeps checks and balances. But when that government has the impulse to get bigger, which I'm going to call latestage governance, which is where we're at now, um, its impulse is just to grow and grow and grow, and it will become more and more authoritarian. It will become less and less efficient. It will become a bigger and bigger parasite on the back of its people. Uh, and so that's where we're at. So, I'm trying to swing the pendulum the other way, but I'm not blind to the fact that we have to protect ourselves against the evils of people that will, um, make a monolithic company that controls everything. They will certainly try to do that.

>> All right. So, what about someone's actually asked about wealthy people moving into an area and really inflating that asset? Um, this happened in Cypress. So, my family's from Cypress. um, my, uh, my cousins could do their nine-to-five jobs, manual labor, pay for a house, great. And then Cyprus decided to sell, but obviously they couldn't call it sell, um, visas to people that would come in and spend over a million dollars. And so what ended up happening was a lot of Russians and Chinese came in. They bought up all the freaking property. And now my cousin literally can't afford to buy a house.

>> Yeah. Yeah. So, um, Cypress is a backwater and they have mismanaged their country for so many years that it's a travesty. And the question that you have to ask is, do I want wealthy people in my country? And the answer for me is yes, but with caveats. So I want to find people that generated their wealth. Some people will say it doesn't matter because the wealthy people are likely to pump money into the economy. But I'll draw a distinction between somebody who can create value out of thin air, which is an entrepreneur, uh, and somebody who is merely consumptiondriven, which would be somebody who inherits their money.

>> Uh, now they may be investing wisely and all of that. So, there, I'm not blind to all that, but Drew and I got into a big argument about this at one point, and it was over New York, and it was the idea that, um, my, my final rebuttal to him was, "Are you saying that no area can ever be too expensive for somebody like the reality is areas are going to get popular and the people with more money are going to move into that area?" And this is where, and I'm not going to go down this rabbit hole right now, but, um, money is how much value you can turn your time into. The world said, you've done something very valuable with your time. Here's my money. And so that person is able to aggregate money. With that, we then say, hey, homeowner, hey home builder, whatever. You built this thing. What's going to be the metric by which you decide who gets to own it? And you go, it's mostly money. It's not always entirely money, but it's going to be mostly money because money is has the broadest appeal. You can spend it far better than you can spend love. You can spend it far better than you can spend respect. Like, there's not like a respect ledger somewhere that we all go, "Oo, yeah, that person's so dope." Respect has its place. There's no doubt. But the reality is money is just the most universal. So, we go, "Cool, do that." And the way that we determine something's value is by how much money uncoerced people are willing to spend on that thing. This is where like there's just an algorithm running in people's brain that says money is evil. And because they have that algorithm, they don't realize money is the thing you get with your time. You're the one that generates that money. You did a thing. Did you do an evil thing? It's just money is diverse utility. That's it. So, it's not good or bad. It can be deployed in good ways, evil ways. So, back to Cyprus. Um, yes, inviting wealthy, hopefully wealthy job creators into your country means that they're going to be people bidding for the same thing. If you don't create more houses, the price of those houses will go up. So, the real simple answer is make more [ __ ] houses. Now, I don't know what Cypress is doing in terms of their regulatory burden on making building houses hard, but in the US, we in most areas, not all, in most areas, we make it so hard it's full-blown [ __ ].

>> And nobody is up in arms about that. Like, if you want to be mad, be mad about not in my backyard. So, it's known as nimiism. And that's people going, "Yeah, I don't care that houses are too expensive. I own a house. I want my property value to go up. [ __ ] you." Oh, >> and so you're not going to build more houses around here, >> right? >> And that's that is the mechanism of how that game breaks.

>> But if instead you went, "Yeah, entrepreneurs, build as many houses as you want. >> Go for it." And if you go broke, you go broke. That's on you. >> And then the system will balance out. They'll overproduce at one point. It'll crash down. And then the something will happen like with Austin becoming insanely popular during COVID and prices are going to skyrocket. And then entrepreneurs flood in because they see the opportunity to build more houses and the property values come crashing back down.

>> That's how it's meant to work.

>> Word. All right. Do you want to stay on this topic or do you want to move on?

>> Um, well, I'd love to know if the if uh Moonpape, was it Moonape? I think it was Moonape said billionaires are the problem. If he has an argument, I don't know if you saw it go by. Um, I did not certainly address.

>> Tag me if you do. We do have some super chats though.

>> Oh, let's go.

>> All right, Eric, you want to bring up some super chats? All right, let's go to the first one. Uh, get a recommendation. Theo Brown from T3. He's such a tech founder who's built his own AI tools. Sorry. Uh, he does tons of comparative analysis of different AI models, companies, and tech news.

>> Cool.

>> Don't know anything about him, but I saw somebody earlier in chat say, "Can we talk about the Simon Dixon episode?" Which we most certainly can.

>> Yeah, I've got that as a note. I didn't want to do it yet.

>> Yeah. Yeah. No, we're not going to adise we would talk about Simon Dixon. Uh, I say that because I've never heard of Theo Brown, but >> people were banging the drum for ages about Simon getting on the show and they ended up being very right about that. So, uh, perfectly happy, especially if his name keeps coming up. It's rare that I'm going to go after somebody I've only heard of once. Uh, but if the name starts coming from multiple people, then it starts, although it's coming from Marushia Dark.

>> So, we'll note that down and OG's you guys can look into him and see if he's right for the show. Right, next super chat. I don't actually know what that is. They've just tagged someone.

>> Johnny, good night.

>> He just tagged himself.

>> Letting him know. What else?

>> What's up, Johnny? Good night.

>> Thank you for the super chat.

>> All right, next one. Uh, white >> dark.

>> White pills. What's white?

>> Oh, sure. Yep. I know what it means.

>> White pills. Gas prices coming down in New Jersey of all places. ICE and DHS finally cracking down on illegals here. Needs more coverage. Also, the fraud task force is shaping up to be Trump's most consequential domestic achievement.

>> Yeah, the the fraud, if they really like start curbing that, that would be utterly transformational. So, what he means by white pills is like optimism. So, you've got white pills, black pills, red pills.

>> Oh.

>> Uh, I like the white pill. All right.

>> Yeah. So, shout out. Those are good. Uh, the black pill is basically every time I open my mouth about the economy. I am trying to cram an entire bottle full of black pills down people's throats.

>> And I definitely don't need an explanation of what the red pill is. All right, so moving on to the next one. What's up? Shout out to Justin R6C5W. What?

>> Never read the numbers. Justin, what's up, Justin?

>> Justin. All right, there might be more Justin's in the chat. Okay, next one is blessings to Lisa and Tom, F member. more on the oh then found do you understand that what that means baby >> no >> and found a side on live yesterday instead of feeling low morale today I had first convo with chat GPT more have a blessings day

>> I love that. All right.

>> Cool. Um, my eyes, babe, I need your glasses. I can barely see.

>> Yeah, unfortunately, those are for >> near. So I can read it out. So we got chaos ballads, uh, says I King Tom would appreciate if everyone here who reads fantasy check out Faith of the Fallen for Dahara for Lord Raw. I know nothing about that. Um, but full respect. I am so desperate to have a contingent of this community that is super into gaming and, uh, science fiction. More for me. I'm not a big fantasy guy, but, um, yes. So, thank you Chaos Ballads. Much appreciated. All right, we got another Marushia Dark in the house. Let's go. All right, for Lisa, >> would it make you feel better or worse knowing Trump's grab them, uh, comment was about gold diggers, not sexual abuse. Also, is it selfish if a wife wants her husband to move to a place with warm weather versus one with more liberty?

>> All right, Bill, you >> selfish. All right, so grab him. I mean, look, anytime that you're going to, you think you have a right to grab a woman's body without her permission, non-negotiable. That's not acceptable. So, if he was talking about something else, sure. But the second you're talking about, um, sexual assault, just that's just a freaking nogo for me. Um, and then the last part, where did it go? Where did it go? Um, also, is it selfish if a wife wants her husband to move to a place with warm weather versus one with more liberty?

>> Um >> choosing warmth over freedom.

>> Yeah. I mean, is it selfish? I think everyone should absolutely, especially in a marriage, say exactly what they want and the partner should do the same. And then you figure out what your negotiables are and what your non-negotiables are. So to me, if you were like, "Babe, I want to move to a really lovely much better weather. Imagine it rained here all the time." And you're like, "But you have to wear a burka. You can never speak if unless you're spoken to." Hells no, like I'm not moving to that place for you to take my liberty away.

>> Um, so I think you'd need to say what you really want, why you want it, and then me and you as always, we just say, "Okay, well, what's our highest value and what's second?" Um, but I never >> Do you feel any differently if I say that the burka is also known as the freedom veil?

>> I mean, I just wouldn't buy it because that's obviously sadly >> some people really do say that. It's wild.

>> Um, I'm going to ask, is that women or men?

>> You'll get both. It's, it is a very strong cultural thing >> that they'll call a freedom veil.

>> They won't say freedom, but they'll say like with the hijab, it's my choice. I want to wear it.

>> And I have zero problem with someone's choice. If you actually choose it and you actually want that, amazing. I personally wouldn't go to a place that, um, restricts women. So,

>> but that's not his question. His question is, is it selfish for a woman to say, "I want somewhere warm where no mosquitoes at instead of Liberty."

>> No. If that's what they want, do >> so. Not selfish.

>> No.

>> Cool. So, yeah. I would say, not that you asked, but I would say that ultimately if you can't convince your partner, that's bad on you. Your partner can want whatever they want, but if you can't make the case for liberty over, like, a tropical location, we've got a problem.

>> Yeah.

>> All right. Sequoia Hall coming in. Let's go. Super.

>> A a family favorite here.

>> Topic for Tom on overreach. Initiative 28 in Oregon would outlaw all hunting and fishing. Everyone should be outraged. Still qualifying. Hope it doesn't qualify. Uh, good to see you two working together. It is fun, Sequoia. Thank you. Um, yeah, so we are living in a moment where America is losing its belief in the very thing that gave us a cultural identity in the first place, which is freedom. So, yeah, that's pretty wild to me, man. Especially given Oregon's, uh, history as like such a big part of, um, trapping and all of that stuff, which I don't expect that to warm anybody's heart, but nonetheless was a big part of how Oregon came to exist in the first place at all. Um, so, yeah, I'm not a hunting fan at all personally. Um, but the fact that I understand that that is a very like intense way to connect with what it really means to be a human, like how we actually got here, we got here by being very good at killing other things and eating them. Uh, and so, yeah, I certainly don't think that that is something that should be taken away from people. Um, light touch regulation to make sure people aren't just wandering around shooting, uh, you know, wildlife. Uh, yes, but, yeah, I, I haven't heard about that, um, in Oregon, but that is pretty crazy, but it certainly is an indication of where things are headed.

>> All right, is that all the super chats for now?

>> I think that, um, so a couple of things, um, and I don't know when, if, or if you want to talk about them. A couple of people have asked, um, Simon about Simon Dixon and your thoughts and stuff like that. And then a few people have mentioned, uh, my exing or at least speaking up about not wanting you to interview Andrew Tate. So, I don't know if you want to talk about those.

>> Well, so the Simon Dixon thing is very interesting. Um, I had not heard of Simon Dixon and, um, I didn't even know that people were really banging the drum for him. It, it may have like been asked, but whatever. His, um, name did not stick in my head. And then Daniel Priestley reached out to me. If you guys know Daniel, who I absolutely adore, that guy is so [ __ ] smart. Holy Jesus.

>> Uh, he's one of those guys like he just needs, he's big, don't get me wrong. He needs to be 10 times bigger than he is. Like he's really, really sharp.

>> So super interested in him. Uh, Daniel, as I said to your face, should you watch this? I really hope you stop doing business content and start doing just like cultural how people should think through the hardest problems in the world content. I'm sure there's a lot more money in the business content. I get it. Uh, but man, would I love to see him, um, really weigh into it because he is just super, super thoughtful on economics, on the way the world works. Anyway, very, very shrewd guy. Uh, so he introduces me to Simon and says, um, hey, you got to meet this guy. He knows who Satoshi Nakamoto is. And I was like, oh snap, let's go. Like I would love to, um, meet with him. And so that's all that's like in my head. And he was like, let's go out to dinner when we're in the UK. So, we go out to dinner and I'm sitting there with Simon and Simon just starts talking about the most outlandish [ __ ] and I'm like, I don't even know where what like I don't know how to like even begin to map the [ __ ] you're saying. He's talking about the fick, uh, the Mick, and I'm just like, what, what? And when he first starts laying it out, it is so random and so all over the place. I'm like, I actually don't know what thread to start pulling, but everything he's saying is like, this is interesting, like very interesting. And so, uh, Daniel starts laughing and he's like, Tom is not even going to know where to start with you, Simon. And I'm like, that's literally true. I don't know where to start. So, anyway, I go away that night and, um, I start like watching some of his videos and I found his loop. And when you find somebody's loop, you understand like what their core approach is. And his core approach is that the world really is run by a, um, bunch of separate and competing factions of elites that are pilfering, uh, from every empire. So whether it's England, whether it's America, doesn't matter. Like they're going to go in and for 100, 20 years, they're going to like sit above everything and like take their piece through inflation, basically. Uh, and so the fick, the financial industrial complex, use the central banking to do the thing I was talking about before where they use inflation to hoover up the money. Uh, and then he said, you get to a point where they've done as much as they can to that place. They've overburdened it with debt and now basically you've got this completely dysfunctional country and so you begin stripmining it and that's when you get into like the kleptocratic part of the, what I'm calling latestage governance. And so it, it's this, the blackest of black pills because when you put that like, um, lens on, all of a sudden things that were harder to explain before are like, oh [ __ ], that just makes sense now. And so that was really informative and extraordinarily depressing because it acknowledges the iron law of oligarchy, which is that a small number of people are always going to run a group. And so if you think about like, there's an oligarchy that's running the US, but there's also an oligarchy that runs the world. Now, they're competing factions, and that was one thing that I pressed him on because I'd never heard him acknowledge that they're not working in coordination. They're fighting with each other, but they all agree on the mechanisms without saying like arms around each other. We all agree on the mechanisms. They just all know, yes, I need those mechanisms to be in place for this to work. Um, and so politics becomes a puppet show. Um, they're elected because they're the ones that will facilitate the agenda. Uh, politicians don't understand things like the economy, which I guarantee you is absolutely accurate. You, you won't get to those levels if you understand the economy well enough to be like, "Wait a second, I understand what's going on." And so they promote like the useful idiots and the people that believe in their same agenda. And so those people all rise to politics. They control media so that they can manipulate and control what people think. So he doesn't name the censorship industrial complex. But if you merge him with this guy named Mike Benz, you start to see there's probably more than Simon has that really make up the firmament of all of these groups that, um, hover above us like stars of death. And it, it has way too much predictive validity. And so that one was illuminating and entirely brutal. And Simon is one of those people that I consider rare because they actually adjust my entire worldview.

>> Wow.

>> And so that's when I was like, uhoh. Like it's how I feel when I think about the, um, the simulation theory. It's, it's going to prove to be an incomplete hypothesis. Which is why if you really start pushing him and saying, who are these people, he's not going to be able to tell you of his own admission. If you really push him, he's gonna say the thing I'm likely to be wrong about are the details. And so he gets like the overall, like, um, cause and effect. He doesn't quite know who the players are. I think he's probably missing some very key agencies, is not the right way to say it, but, um, factions, uh, that are fighting with each other. Um, but the general direction has way more predictive validity than somebody who just thinks like, oh, the president is really the president. He really runs the country and Kier Dharma really runs the UK. That's, you're going to be very confused all the time. So,

>> so, uh, someone actually said Jordan said, "You failed to make your argument to Simon. You don't acknowledge corporate socialism at all."

>> I failed to make my argument, Tim. Mhm.

>> I don't remember what I said specifically, uh, about there's there's no way I was arguing for corporate socialism.

>> You don't acknowledge corporate, corporate socialism at all.

>> Uh, okay. So what would corporate socialism look like? Uh, if you mean that we bail out corporations, that's very easy. We obviously do. So if that was what you needed from me, I'm very sorry if I didn't say that out loud. That's self-evident and a part of the sinister loop that exists. So, I don't know if that just got us there. I want to make sure that we're not, you're not asking me to defend a position I don't actually believe. So, I'd have to go back to see what he and I were actually talking about, what the context was there. Um, but I certainly believe that the second the, um, Treasury Department and the Fed are deciding who, what companies are going to live and die. Sure. If you want to call that corporate socialism, great. It's [ __ ] terrible. Never do it again. And the number of times that I've said, let companies fail. You have to let companies fail. [ __ ] them. If they don't work, let them fail. Whoever owns shares in that company, they're going to lose money. Yes, that's the way that works. And the people that are working there, they are going to lose their job. That's the way that it works. And the people that are relying on it for something, they're going to not be able to rely on it for that thing. That's how it's supposed to work. So, unfortunately, we have to let banks fail. Unfortunately, we have to let insurance companies fail. And it will be brutal. It will be brutal because we have such a, um, distorted system. So, if that's what, um, you were needing me to say, man, easy to say. So, if I should have said it and didn't, um, there it is. And if we were actually talking about something slightly different, I'd have to go back and watch the episode.

>> Word. All right. We still got a lot of topics that you teased at the beginning that we got to get through.

>> Indeed.

>> So, let's go to >> Let's talk about Newsome.

>> All right, let's talk about him.

>> So, Newsome wants to do something that is completely unconstitutional. He has an absolutely unhinged take on the anti-weaponization fund that Trump has put together. Okay, so Trump puts together an anti-weapon weaponization fund that is designed to protect anybody that feels that they've been wrongly prosecuted by the government. Keep in mind, I get it. We live in a hyperpartisan era where everybody thinks that that is a specific, uh, thing for the people that Trump is trying to protect. When I first heard about this, I said, the very thing we have to watch out for is if Trump is just trying to deploy this towards people that he thinks are going to like contribute to his campaign. Corruption, top to bottom, absolutely sinister, grotesque in ways that would be hard to quantify. If on the other hand, this is a fund that is going to be set up that will not simply be deployed during his tenure, that will be there for, you know, I mean, until it runs out or hopefully forever. My only beef with this is that we're already spending way more money than we make. But remember, my default assumption is the government is a corrupt and parasitic entity and it is draining the lifeblood right now out of the populace. That is both the both parties. So, with that as my default lens, I'm like, yes, of course, they have wrongly prosecuted people that they should not be going after. And unfortunately, for all of Trump's sins, they were also going after him in the run-up to the 2024 election, trying to put the man in jail on things that were unprecedented legally. So, it's like, if you don't have the goods, if you have him dead to rights on something, go for it. But if you're like the one where they went after him where they said, uh, he elevated the, uh, value of Mar-a-Lago and therefore this was a fraudulent loan and, um, the valuation that they were having a problem with was so ludicrously low, I don't even know what the [ __ ] they're thinking. And then on top of that, the bank that gave him the loan was like, we made money on this loan. What are you talking about? So, there were plenty of things they went after him for that were just patently absurd. Um, finding ways to, um, change either the way that the statute of limitations were read to be able to go after it's just [ __ ] stupid. Why do that? So that's where I'm like, yes, the government, including the Trump administration, weaponizes itself against people. So the fact that we now have a fund for people to be able to claim against to say that the government did evil [ __ ] [ __ ], yeah. Like, sign me up for it. I'm here for with the caveat that if this dumbass deploys it as a political tool for people to [ __ ] back channel donate to him, that's obviously corrupt and 10 pounds of ass. And so we'll get to when bad person does good thing, you've got to be able to call a spade a spade. We're going to talk about Mom Donnie. I will continue to be intellectually honest about he's doing a good thing. Now, if he [ __ ] it up in the execution, then we'll say you [ __ ] it up in the execution. But if at the headline level, it's actually good, we've got to be able to say it's actually good. So protecting the citizens from the government is actually good. And if we cannot get on board with that, no matter who puts that forward, it's crazy town. It's crazy town, guys. Come on. So, uh, we'll see how it plays out. Could end up just being he creates an avenue and then he exploits it and it's corruption as far as a day is long. But nonetheless, at the headline level, great.

>> Um, all right, a lot of comments. So Tom, really Trump did this because he knew the JAM6 criminals would be applying for it and he has no authority for such a fund unless he is the one funding it.

>> That's not how the government works. So, um, the president or legislators are going to say, "Hey, we think this thing needs to be done and so we're going to put it together." And then people are going to, we don't know who's going to make use of this. That's why I say you do everything at the level of policy. Now, if there's something in the policy that skews this towards people that he, um, likes, then to me that would be a problem. If there's no checks and balances, so anybody can grab it simply because they ask, that's going to be a problem. It's just another way for fraudsters to go in and defraud the government. But if there are appropriate checks and balances, great. Now, if your mental math is that everybody caught up in January 6 was a bad person, they needed to go to jail for that long. There was no political weaponization, then you and I don't see the world the same. I think that there were people that did things in January 6. They should have gone to prison for and stayed in prison for. Trump pardoning them was stupid and reckless with his reputation, but that played out the way that it played out. But that there were people that were caught up in that where the penalty did not match the crime. So, that's my read. So, you can understand why I would look at that and go, "Cool. If that's part of the pool of people that are able to apply to that, go through some sort of process to prove that this actually was, uh, weaponization, get their money, great. Um, but yes, I, my default assumption is that there will be people from January 6 that take that. If it's, if that just goes to J6ers, that would be ludicrous and you'll hear me bang the table and freak out about the blatant corruption. So, um, but I would say let this play out. What do you think will actually happen though?

>> I haven't looked close enough at what the actual method is where people can get their money. So, I don't know. You'd have to look at what, what is the process by which you go file a claim and get the money. If it's like in, uh, the, you know, DOJ's sole discretion, which right now is currently controlled by Trump, then I'm going to be like, this is going to be [ __ ]. But if it's like there's actually a bipartisan committee or there's something, uh, that, uh, Congress is going to pass, like, uh, rules and regulations or something like that, then I'd be like, "Okay, well, cool. If that, like, actually gives us the safeguards that we need, wonderful." Um, so, yeah, I mean, look, at this point, I trust Trump not, not even as far as I can throw him. So, I get why people are paranoid, but people jumping to the finish line, that's where I'm like, okay, when you have the mechanism, you can skip to the finish line because we've seen these things play out. If you don't have the mechanism, you can't. I'm not aware of the mechanism. If other people already know the mechanism by which this is going to, then yeah, cool. Like, they may already know, look, it's going to work like this and it'll be a joke. I'd feel Yeah. Got it.

>> Cool. All right. Want to meet them?

>> All right. Yeah. So, um, Nuome's tax, what he's trying to do is he's saying, "Okay, I so disagree what Trump is doing here that I'm going to, anybody in California, if they make a claim on that, I'm going to tax them 100%." And obviously, that is unconstitutional as the federal government supersedes all of the states. So, if the federal government does something, the states can't go in and take it away from you. They can give you more rights, they can't give you less. And so you would have, I think this would be challenged instantaneously on the grounds of, um, the constitution. But I also just really, really hate this idea of, um, a state legislator saying that they're going to get involved like sight unseen. He doesn't know if that person's going to be a Democrat. He doesn't know if that person's going to have a legitimate complaint. He's just saying, "Matt, Trump did it and so I'm going to go tax it 100%." That is the thing that I find infuriating about this. To do that, your operating assumption is either, "Oh, I do everything on a partisan basis. I don't care if I'm right or wrong." That's get the [ __ ] out of office if you think like that. Or you go, um, I don't care who, whether they're just or unjust. Uh, I, I'm taking their money because I'm a kleptocratic bureaucrat and I'm going to take it all. Or you go, "Oh, the government can do no wrong. Therefore, if the government came after you, that was just." All three of those operating assumptions make me a level of angry that is hard to convey because it is so destructive to the fabric of this country. My operating assumption is that bureaucrats serve the people and they should be looking for ways to make their, um, constituency have a, uh, better opportunities in life, more thriving middle class, like all of the things that we talk about endlessly. That should be the thing that is pushing all of this agenda forward. But it's not. It instead is, um, a politician going, "I [ __ ] hate that guy. I do everything on a partisan basis. I do not use logic or cause and effect. I don't care who this hurts. I have a blanket statement that I'm gonna make ahead of time. It's absolutely asinine and tells me everything that I need to know about Newsome. It's just wild. And what's wild is people get sucked into the partisan nature of this. Like there is something about us where I think we actively, there's not something people like to be in their feels. It is so much easier to be emotional than it is to be logical. And so people are just going to ride the waves of the, uh, populist, um, feelings and they're just going to go back and forth trying to piss on each other. It's ridiculous. And the number of people that are going to get caught in the crossfire is insane.

>> Because I know how much you hate it when I make decisions or thoughts based on my feelings. Um, and you're always thinking about first principles. I brought this comment up because I thought it may not trigger you, but an interesting, uh, rebuttal. You read it wrong, Tom. You were not there and you were not at the trial. Do you feel like some were wrongfully treated and you deny the system of justice and support Trump's message of do it again?

>> Um, I think that's getting close to being a fair criticism. I won't say it's all the way fair. Um, because I've, I have not done a deep dive on this. So, it is very possible that if I spent a lot of time with it, I'd walk away going, "Man, [ __ ] them all. They should all be in jail." That is possible. And I, uh, at all times hold myself accountable to information must be able to change your mind. So, given that I many times in my life as I go deeper into something I realize, oop, I had fundamental assumptions. So, I don't have any problem with that. It doesn't, um, ding my ego in the slightest. Uh, but I've seen enough of it to say that I would be surprised if I didn't come out the other side going, "Yeah, there were some people that did absolutely abhorrent things that should still be in prison." But there are some people, um, that were walking through it that were peacefully, um, moving through the space, did not do anything physical, didn't break anything, none of that. Um, so, yeah, anyway, that, that's my current read on it. So, very open to being surprised, but I would be surprised.

>> Cool word. All right. So, with that hovering in the air, you've also got Mom Donnie, um, doing something as a politician that is surprising to me. Um, so, he's putting forward something I believe he calls COE. Uh, if we can pull this up, this is, uh, five row five. So, yeah, it's called Cove. Um, it's actually a really interesting idea. So, he's basic, he's doing Doge for reasons that I think will be obvious to everybody. There's no way that Mom Donnie is going to be able to name it Doge. So, we had to give it a new name, which, hey, fine. So, I don't care if we have to call it COE to finally get people to go in and be efficient as a government. I am totally here for it. I will let go of all the pettiness. I don't care. But Mom Donnie actually saying, "Hey, we've got to go in and we've got to find a way for the government to be more efficient." And I [ __ ] celebrate that to high heaven. Mom Donnie, I stand by you on this one, bro. I love it. Thank you, man. This is absolutely fantastic. Now, am I hyper aware that of course, in the execution of this, this could be something that he weaponizes and does poorly, just like with the Trump, uh, slush fund? Of course. But I'm not going to jump to conclusions with that. I want to see how he does it because at the headline level, this really is the right thing. And if we can't make statements based on principles, if everything becomes, well, I don't like that guy, so everything he does has to be bad. Like, you're not able to think through the problem well. What is your goal? Get out of the fields. What's your goal? My goal, I want to see a thriving middle class in America. To get there, we legitimately have to diffuse the bomb. That is our current government. Our current government right now is a parasite that is quite literally best thought of as a whole host of leeches that is bleeding everyone of blood while screaming, we need more blood. And it's like, well, if the patient is losing blood, mightn't we ask why? And the answer is because we have all these leeches on us. We're spending $1.58 for every dollar that we raise in taxes. It's absurd. We can't do it. Now, look, I've talked endlessly about Mom Donnie being the king of spend more than you make. So it is entirely possible that he's unable to do this. It's also possible that he looks at things that I think are like, that's going to be where you take from and you're giving more to just give free [ __ ]. But that's not what he's talking about. He's putting something out into the world right now that I think is fantastic, which is the people ought to be able to count on their government to be frugal with the money that they take from them in taxes. Yes. Yes, that is absolutely correct. So anyway, I thought this was wonderful and I'm very eager to see how it plays out.

>> But you trust him?

>> I don't trust him at all. But the, the same way so when I say, hey, Trump is doing this good thing,

>> you could ask me the same question, but do you trust him? No. No, I do not trust him, but this is the right thing. And so if it's the right thing in name only and it is done poorly, then when I see that it's being done poorly, I will say, right thing in name, wrong thing in execution. If [ __ ] can't do that, like, you, you are just a ball of emotion running around the world making [ __ ] trouble. At some point, use your [ __ ] head. Think through a problem. Say, which part makes sense and which part doesn't make sense. If all you can do is get in your feels and start screaming like a banshee, you're not helping anybody. This is exactly how we end up spiraling into madness. Everybody's on a team. Everybody's yelling from a, I feel this, I feel that. They're not willing to go, oh yeah, maybe you're right. Maybe I am stuck in my feels right now. I'm going to go do the research. Yeah, cool. If anybody makes, I have said publicly, the thing that you, I am most cautious on in myself is Mom Donnie. He's the guy that like, honestly, I'm more likely to see something good in him because I so don't trust myself to read the situation logically that I'm always like, "Oh my god, he says something mildly good." Okay. Uh, what can I, how do I get out of my emotion and go, "Okay, cool. Yes, this could be a good thing."

>> So, ironically, when Mom Donnie says something I like, I actually feel something more positive than if Trump says something that I like.

>> Interesting. Because you so see him in a negative light.

>> Because Trump's form of evil is far less destructive than Mam Donny's form of evil. They're both forms of evil. And I went through this on Wednesday, so I'm not going to do the diatribe again, but it's like these two paths are not equal. They lead to very different levels of devastation. They are both horrible, and both should be stopped as fast as humanly possible, but in no uncertain terms, one is far worse than the other.

>> Which makes me trust him even less.

>> Yeah, I get it. But like what I'm saying is I worry about me and who am

I likely to be the most like aggressive towards the most irrational. I'm gonna be like that with mom Donnie. So anyway, I try to meter myself by saying, "Okay, let's look at this. How could this go well? Trust me, nobody has to remind me to run an algorithm in the back of my mind that mom Donnie might [ __ ] this up or that this could just be spin on something that is evil to the core. It's all possible. But if he's saying the right thing, I'm going to acknowledge that. And then I'm going to wait to see if he actually [ __ ] it up because he says enough of the wrong evil things that if I want to get my panties in a bunch over a thing that he said, "Oh, trust me, there are plenty of things to get my panties in a twist over." So when he's saying the right thing, I'm going to acknowledge it. And that way, my hope is that people understand, >> dude, I'm going to call balls and strikes as they come. I'm not gonna get ahead of myself. It's somewhat though looking at a devil with a halo. It's like the halo isn't really real. >> Yeah. I think this is your uh you have an operating assumption. >> I do. >> And your operating assumption is that if that person falls into bad camp, cool. I don't have to think about them anymore. They are categorized. My job is done. >> They're Yeah. They're evil all the way down. So now I've painted them with a brush that when they say something, it allows me to think through. Okay, that's BS. So don't pay attent not pay attention but don't believe it.

>> Okay. I'm going to try to speedrun the game that I'm playing. So um I am running a meta operation of I if I'm going to have influence over people, I have to earn credibility with them. The coolest thing about a live show is they get to see me over a very extended period of time. >> One of the comments on the Simon Dixon episode was somebody who uh they called themselves like a faithful troller. I think that was the exact phrase that they used. And so basically there's somebody there that's they come religiously to watch my content but only to point out the things that I'm getting wrong. >> Oh yes. >> And he said, "Uh, listen, I'm one of your faithful trollers. However, um or trolls, however, you do actually change your mind." And that's something that I wish you would say more often so people understood that about you. And I thought that's interesting. So that's a core part of my thesis. People are going to be able to watch in any one episode or certainly anyone clip. You may think I am an unhinched lunatic. However, if you watch me over time, you're going to realize I really am so suspicious of my own beliefs that they will not lead to where I'm trying to get to. That I am so focused on the outcome I'm trying to achieve and I am constantly like, is what I'm doing actually moving me towards that? Because that is what I want. Do I have an invisible goal? If it is, can I just make it my visible goal or is it actually icky and I need to [ __ ] get rid of this thing? And so I am constantly looking at the world that way. So I know I need to show people, even mom Donnie, who I think is evil. If he's doing a good thing, I'm going to be like, "Bro's evil, but this thing that he's doing actively is good. Maybe he's doing it on accident. Maybe he doesn't mean it to be a good thing, but it is a good thing." And so the second I become the guy that's like, "He's evil, therefore everything he does is evil." It makes you a [ __ ] [ __ ] This is why you can't get bipartisan agreement on anything because if Trump the the Trump uh kids account thing is an unmitigated good. You must do it. I don't care if Satan rolled up and was like, "Yo, we got to get kids uh into these assets." I would admittedly be like, "Why does he want to do that? Oh god, I've got to like keep Okay, I'm I'm going to put a whole team dedicated to watch for the loopholes of how this is going to be used in a bad way.

>> However, what I know about the world right now is that's a good thing. So, the who of it >> makes me go, I'm suspicious, >> but the reality of what the thing is, I trust myself enough to understand the cause and effect where I'm like, yeah, no, this one is good. Now, I'm going to guess like I'm going to project why would the devil want this? Okay, the devil wants this because oh, he's going to turn them into dumb money as they grow up. Got it. Fine. But like the to say that I'm at least going to give them a fighting chance because yeah, they're probably going to make a lot of really bad decisions. And for really good traders, that will have been the government funding these guys uh in a way that lets them siphon the money off of them just by beating them at the game of gambling. That is going to happen. So that will be these traders basically taking tax traders just to be very uh clear with my annunciation there. These traders being able to outtrade these you know kids that just got it because they're a US citizen. And so now these traders later in their life as it's compounding and actually becoming some real money, they're going to be able to outrade them and get their money. But this falls into the dumb voter problem where I'm not prepared to live in a nanny state. If people are dumb, that's going to be its own consequence. And so I am prepared to let people own their own [ __ ] life. And so if they vote for something that I hate, that is what it is. If they make a bad decision in the stock market, that is what it is. But stealing their money via inflation and not even giving them a shot to learn how to do it, [ __ ] you. Plus, you never know who the dumb ones actually are. So just like give it a chance so that those kids that end up being really [ __ ] shrewd, they have a leg up even though they may have grown up in a poor area. It's [ __ ] brilliant. But yes, the very gifted traders will take from the morons and that is what it is. So anyway, intellectual humility over time, a willingness to change my mind over time, a willingness to go, "A good idea from a bad person is still a good idea over time." They'll see me do it over and over and over and over. And so when I say something that's counterintuitive that other people are like, "This guy's a moron." They'll be like, "Maybe he's wrong, but I don't know that this guy's a moron." And he'll adjust his thinking. And if that ends up being the contribution, right, because I've got to imagine myself 80 years old. This is going to be a phase in my life. I promise you the odds of me doing YouTube forever are effectively zero. So this will be a phase in my life I will look back at this and go ah did I contribute something meaningful to the world. And if I can the thing that I think I'm like a goated [ __ ] superhero on is controlling my own mind. So on that I stay out of my emotions. I know where I'm trying to go. I actually act in accordance with that. I'm extraordinarily resilient. yada yada yada. So I I will be very proud of myself even if people hate me if I modeled that and people use it.

>> Fair. >> So anyway, that's the game. That's the game. >> All right, there's a couple more juicy topics we got to make sure that we get in today. Do not leave, guys, cuz these topics are hot and spicy. >> Man, we we got to like get you on play. You're so much better at like the connective tissue of a live than I am. It is amazing. I'm very interrupt you. But also guys, if you're watching, please thumbs up this video. You have no idea how much that makes a difference to growing this channel, growing this episode. So, please if ep if this episode or Tom Billy actually brings you value, smash the thumbs up. All right. >> Well, thank you. That is amazing. Okay. So, the next thing I want to talk about is Peter Teal. So, Peter Teal has reportedly moved to Argentina because he is worried about the US. We're going to see in the fullness of time how this ends up playing out. I will be shocked if he's overcommitting to Argentina because there are no guarantees that Malay stays in power. But what Malay has done in Argentina really is extraordinary. And I hate seeing people bill it as this is like a right-leaning thing or a left-leaning thing. This is really about common sense economics. And yes, you're going to need a big personality when you've had a country going in the wrong direction for over 100 years. It's going to take a very big personality to turn you back going the opposite direction. But what Malay has done is already extraordinary and he's only been in office for a couple of years. And so I'll be very interested to see what happens over time. Now, anybody paying attention would be smart if you've got Peter Teal's resources to build some kind of a relationship with that guy because what he's doing is good for the world. It isn't just good for Argentina, though it is great for Argentina. And as a reminder, all of us should be thinking about what country is good to its people, where they're good to each other, and what country is respectful of personal property and capital. Those are going to be the places where people thrive, where people have the most freedom, where people will rate their um like happiness index high. Like these are the places that all of us want to be. This is why for so long America was the place everyone wanted to go to. But you know what's crazy? Do you know where everybody wanted to go to before America in the 1920s? Any guesses? Argentina. When we were competing for immigrants, America used to lose and we were losing to Argentina because Argentina was absolutely killing it. They were an agricultural behemoth. The things they were doing were extraordinary. The um wealth was off the charts. I think they had like the fourth biggest economy in the world. It was massive. They were certainly in the top 10. I think in the top five, just absolutely massive. And everybody was going there. There was so much opportunity. And then just like now is happening in America. People get confused and they think that the prosperity is a law of nature that it will always happen. that the people that are winning are doing something evil and therefore we need to take the money from them and redistribute to the people that aren't doing so well and it actually broke the economy. It destroyed their country and it made them an economic backwater for like 120 years. So it is a [ __ ] disaster story and the more you research that one the more you're going to be mortified at how bad policy will absolutely crater an entire nation and it doesn't do it for a generation or two. It does it for more than a hundred years. And that happens a lot. China had its own 100 years of humiliation. Like this kind of thing happens all the time. The country loses faith in who it is, loses faith in itself. It doesn't protect itself. It doesn't build a strong military because I know people are going to come after me for why China had 100 years of humiliation. But nonetheless, you end up getting yourself into an economic position that is extraordinarily difficult to get out of. So now, is Peter Teal actually going to pick up his entire life, move to Argentina? Would Peter Teal say yes, I am actively doing this because I am worried about the US? I'm not sure that he would put that fine of a point on it, but he has been very clear that the US is moving in a very strange direction, that California has completely deranged, which I agree with aggressively. So, my understanding of the Peter Teal situation is that he's right now diversifying his ability to go to several different places. So, I believe he has somewhere in um what is that island off the coast of Australia? I can't believe I'm forgetting the name of it. Uh New Zealand. So, I believe he has a compound in New Zealand. He's now building one in Argentina. Obviously, I don't think he's without property in the US. So, I think he has property here as well. So, now you've got somebody that's set up in multiple different places so that he has optionality. Optionality is always the name of the game. You always want to be in a position where you can make different choices depending on what circumstances pop up. So this is somebody who from where I'm sitting is more likely diversifying than he is overindexing on Argentina itself. But I certainly understand why he's excited about Malay. I understand why he's excited about Argentina. I don't think Argentina's out of the woods yet, though. So it'll be um I would say be a little bit careful, dear boys and girls, of overindexing anywhere. Um, but I am sad to report that anybody that's paranoid about America, I get it. I understand why people are paranoid about America, for sure. I think we should all be paranoid. I think only the paranoid survive. I think we need a map of how we think we're going to get to the other side of this. Um, so yeah, let's see if we can actually pull it off. Fingers crossed.

>> Um, so out of curiosity, how come you've never mentioned to me Argentina? So every time that we're talking about if California fails and falls and you know we've spoken about many different places. We've spoken about Singapore, Austin, Texas, Miami, Florida, but you've never mentioned Argentina. >> I really don't want to leave America. I if you um cut me, I bleed red, white, and blue, as they say. >> Um America has given so much to me and I love America so much and I really do feel a sense of obligation to America. Um, so it would have to get dire for me to leave the country. Um, never say never. And there there are certain status it I'll tell you if at a nationwide level we um vote for a wealth tax, I'm the [ __ ] out. Like that's just so crazy. That's like uh America's lost at that point. It's pure failed state. Writing's on the wall. You're not going to be able to back out of that. Um I mean it'll take 50 to 100 years. So that that's like yeah I don't think that I'm good enough to overcome that. Uh so at that point you're just accepting your suffering. Um so I wouldn't do that. But >> I do feel a tremendous obligation. Now when I start thinking internationally it's because I haven't because I'm so committed to America. I haven't done any real research about where is the best place to go. And then I'm not as close to the problem as Teal is. So for me Argentina looks way more unstable um than maybe it really is. or maybe he's um feels with his level of resources and access that he doesn't have to worry in the same way that I would have to worry. Um so I don't right now for me Argentina is hope it's not reality >> and so I hope that they get on the other side of this but I'm always holding my breath. They needed the currency swap not too long ago to stabilize the peso. So it's like they're still in iffy territory. Uh even Margaret Thatcher didn't last forever. And so it's like I don't know how long he'll be in power and he's pretty radical and as things get better, Argentina has proven that they are likely to go see everything is fine. Why do we need this [ __ ] And they will completely lose sight of we're only doing fine because of this [ __ ] >> So that's where I'm like ah do I really trust that they're going to get their way out of this? Not really. He's too much of a strong man. He's too much of a populace. which means as he rises there's a counterveailing force that will be rising just as hard. That's why I say I I'm appealing to people at a cultural level. If we're not able to get to the point as Americans where we go, yeah, we are going to stand up for property rights. Yeah, we are going to stand up for liberty and freedom. Yeah, we are going to be willing to fight for the freedom of speech. If we don't do that now, it's like anybody who recognizes those things as the engine of prosperity, you're just left going it will break necessarily because the people don't believe in it.

>> What's the difference though between that and in America, right? Because Trump is in power and then you went from Biden to Trump and you're kind of flip-flopping. Isn't that somewhat the same? >> Yes. That's why I'm terrified. So you've got Argentina showing that when it goes wrong, like if America So I actually think the following playbook is being run by the Democrats, >> not trying to be controversial. You just look at what's happening again. Put that Simon Dixon style lens on and all of a sudden everything makes sense. If you take this lens off, you're going to like be completely unintelligible as you try to explain what you see. Uh wide open borders so that you can get immigrants here. um you're trying to bring in immigrants that recognize that you have a better social program than other places. And once you get them in, then they're going to vote for whoever says more free [ __ ] that they recognize. The Democrats are trying to be the party of socialism communism style free [ __ ] where it's like, "Don't worry. We're going to take from these evil rich bastards. We're going to give it all to you. Free, free, free. This is about dignity. How should be a human right. Uh if you want to do drugs on the street, you should be able to do that." like yada yada. And so people go, "Oh, cool. That's where I want to go." And so you now have a system where you're inviting people who are obviously going to vote for those kinds of policies because of the way our system is set up. Uh you actually get more congressional seats simply by having bodies. They don't have to be legal. They just have to be here. It's actually how our system is structured, which is crazy. And it ought not be that way, but it is that way. And so they'll import that. They'll get more power. They'll get more seats. Uh, and if they turn the country into a permanent blue state, now you're in the same territory as Argentina, the level of suffering that you will have to reach before people would then swing again to the right is uh really really deep suffering and that holds no interest to me. So, I'm super paranoid about that. As America vacasillates back and forth right now, um, it's like an earthquake. You can survive a couple swings, but if you swing for too long, it really does just break eventually.

>> All right. Um, we've got enough time to move on to the next topic that's a little spicy. Little spicy, which is actually Tom warned me about this one. The second he warned me about something, I was like, uh, oh, what are you about to say? So, >> yeah, Eric, we got to play this Caleb Hammer video. So, Caleb Hammer, who is the fourth biggest podcast globally, which is incredible because it's all about basically looking at the dumb [ __ ] that the government is funding, how horrifically people live their economic lives. He just goes through and he audits what people are spending their money on, what kind of money they're getting from the government. Um, this was one I was like, I can't believe this is real. It's got a time stamp, Eric. If it's like 258, if I remember correctly, uh, from the sheet If the sheet doesn't say somehow because I'm actually not. Oh, no. I put it low. Yeah, it's 258. So, this is 54, row 54, uh, YouTube video. Yep. All right, everybody. Um, so Caleb Hammer is doing an audit with a um, transgender woman. And for me, this has nothing to do with transgenderism. I literally, if people want to live their life in a transgender way, I do not care. This does not bother me at all. Like if you're looking for me to be a cultural warrior that like bangs the drum about um how evil this is, I'm just not going to be that guy. If you want me to be on board with no transgender uh surgery for minors, I can aggressively get on that bandwagon, but again has nothing to do with uh transgender, yes or no. Um so, but this one is about something very specific that has to do with tax that winds me the [ __ ] up. So, all right, let's let our man say his piece. I don't know. I just get tattoos when you live at home. >> How much does your transition [ __ ] cost? >> Um, hormones. >> Yes. How much does it cost? >> Uh, well, I just got back on medic. But no, no, you got tits as well. >> Those were your free guys. Why? >> Why? >> Cuz my body is priceless. >> No. How was it free? >> Makes sense. >> Oh. Uh, Colorado taxpayers. >> I've never seen this guy before. He's amazing. >> Not federal, right? Just Colorado. >> I don't I don't >> I hope not cuz I just wrote a $4 million check the other day to the IRS. If that's paying for literal titties, what are we doing? >> So, this is your >> I have nothing wrong with trans, but why am I paying for people's boobs? >> Don't get me wrong, I I don't think it should. >> That is a thousand%. I have no problem with trans, but why am I paying for And I'll say it broader. Why am I paying for elective surgeries? That is [ __ ] insane. So, people are going to say it's gender affirming and all that. That is the wildest [ __ ] There's no universe in which taxpayers, state or otherwise, should be paying for somebody's boob job. No way. I'm even talking you just had cancer. What a [ __ ] horrible tragedy. And still, we should not be paying for that. If we're you've got uh insurance and you're able to take care of your insurance for that elective surgery, I love the most. Keeping people alive, curing cancer, yes. Elective surgeries, no. That [ __ ] is so wild. That [ __ ] is wild.

>> Yeah. I mean, look, I growing up in England, we had the NHS. So, even though it was terrible, you have to wait hours and hours and the the hospitals are just a bit filthy. Like, it's not great. But when I came to America, babe, and you were telling me that, you know, you have to have insurance and things like that. I was like, well, what if you don't have insurance and you hurt yourself? Like, an old lady trips, breaks her hip, she doesn't have insurance. An ambulance won't come and pick her up or they'll pick her up and then they'll bill her $100,000. And now this poor old lady has zero money, dies in debt. That shocked me beyond belief. I was like, you got to take care of your people. I understand taxes suck and we pay crappy taxes in the UK, >> but it broke my heart that you just leave an old lady to die because they can't pay it. And then I see this this infuriates me again to the point of like love trans cool do what? Do you I don't care. But the idea that someone can't pay a pill, uh, sorry, can't go to the hospital or with something drastic and they're paying for cosmetic surgery probably because of the marketing, you know, the messaging. It's a little sad. >> Beyond sad. This is crazy. This is the kind of stuff that we should not be tolerating. This is why you spend $1.58 for every dollar in tax you raise. The things that we're paying for are so absurd and this is going to go to the moon. So listen, >> no shame on her if they're offering it for free. Take it for free. I get it. But it's like we shouldn't I think in fact play it cuz I think she even says like >> oh we shouldn't offer this but we do so I took it. >> Play it. >> But neither. But I did abuse the system >> cuz why would I pay for it? >> Not federal, right? Just Colorado. I don't I don't >> I hope not because I just wrote a $4 million check the other day to the IRS. If that's paying for literal titties, what are we doing? >> Go. This is your >> I have nothing wrong with trans, but why am I paying for people's boob? >> Don't get me wrong, I I don't think it should happen either, but I did abuse the system >> cuz why would I pay for it if I can get it for free? >> It's a taxpayers here. Here is something that um Canada is going to be learning the hard way. So there people I guess there's a phrase I hadn't heard this but like if England suffers from something it's going to be in Canada uh soon enough. Now Canada un you're saying like a good thing Canada now has rape gangs >> in the same way that they were happening in England which is wild unto itself. But they now have these gangs that are armed and I don't I don't know what Canada's gun laws are but I think they're pretty strict certainly compared to the US. And so these gangs are now running around like sending basically ransom notes saying if we don't get paid this like we're gonna cause havoc and it is if you don't understand whatever policies you put in place they are going to be abused. So if you have a policy that's like we love everybody everybody should have access to the Canadian system and we don't want to see people have suffered anywhere in the world so come to us. were, you know, I don't think they use the word sanctuary, but you'll get the idea. We're a sanctuary nation. Like, come. Sure, you're going to get maybe even the majority of people, they're good-hearted. They want to contribute. They're amazing. You save them. It's incredible. You will get parasites. They will 100% milk the system. They will abuse it uh in every way possible. And it she is just admitting, why would I pay for it if I can get it for free? And it's like, yeah, I'm not even putting her in that category. Like, she's just like, listen, like, you shouldn't do it, but you do offer it. And so, why am I gonna be the fool? It's like when people are like, um, land acknowledgements, like, oh, we're all in stolen land. None of these [ __ ] are going to give their house back to somebody, right? And honestly, fair enough, why would you be the one person that does it? It doesn't make sense. It's like asking people to pay additional taxes. Why are they going to be the one person that does it? They're not going to be. So, but nonetheless, when you create a system like this, you're going to have a flood of people that are taking advantage of the system that have no good intentions whatsoever. And when you have a left-leaning personality, which by the way, the group needs, these are amazing people. You want them. But when you have a left-leaning personality and you just come at everything from a compassion standpoint, you need a right-leaning personality that's like, "Hold on, we have to balance this against personal responsibility. You can't just you don't want to go all the way right, you don't want to go all the way left. And this is what it looks like when you can see that the balance is tipped way too far to the left. And that is the way the left is causing problems on tax. The way the right is doing it is the uh I think both sides do the corporate part of it, if we're going to call that corporate socialism, but the um the military [ __ ] is w wild. So that's where um you break on the left. This is just crazy. It's crazy.

>> All right, so updates and stay tuned on this subject. Um, okay. So, we've got some amazing super chats, but before we go, let's do one quick very quick shout out to your sponsor. >> Mhm. >> Throw up your >> These guys are called Ploud. So, it's uh it's an AI device. I love these guys the most. Uh, and by the way, there is a QR code on the screen or you can go to plow.aitom. And plowed is plaus. So cloud.ai/tom. It records everything you do and then will allow you to condense that information so you don't have to relisten to it. It's obviously hyperai enabled. It's really slick. I've been using this for a while now. Um, very cool device. I for anybody that's like, oh, I don't want to lose sight of that thing that we talked about in the middle of the meeting and I thought I'd remember, but I know that I don't. Uh, it is perfect for stuff like that. So check them out. This is one of the many, many, many ways that AI is going to be a huge boon in your life if you're not already using it. So, shout out to Cloud, man. In fact, I thinking I use these guys before we even had the partnership with them. I can't swear to that, but they were on my radar. So, very interesting company. >> Yeah. And you're all about as being as productive as possible. So, the fact that you use it and it helps like is a huge thing. So, >> especially with my memory. So, >> so thank you for being a partner in this show. All right. Um, let's get to the super chats. Super chat. All right, let me see if I can read them. If my eyes get tired, you can, babe. Um, this is from Justin Poland. First super chat. Genuinely love the show. Build skills down to basic life skills, then use them. I have started buying assets and doubled the value of that account in 15 months. Focusing on macro trends. Thank you. Like and sub. >> That's dope, man. You know, you made somebody I didn't make the money, but you know that the ideas have made the money when they ask uh people to like and sub. I love it. >> That's cool. >> Thank you for that. That's awesome, man. And I love it. Well done for uh investing so shrewdly. It's very impressive. >> All right, next one is uh from Marushia. All right. Most financial advice is aimed at 20 year olds to leverage compounding time in the market. Small comfort for those broke at 30, 40, 50, 60 who get a late start. how to tailor investing strategies for each of those levels. >> The the honest answer is while I get it, it's very frustrating that you didn't start earlier, there's nothing that changes the dynamic of the market. And if you're taking um if you just accept, man, you could live to let's say you're 60. Let's make it the worst case scenario that you mentioned. You could live for another 20, 30, 40 years, especially as technology comes on board. You also can take advantage of the compounding. So, you may want to put more of your paycheck in. you probably want to be a little more conservative than somebody in their 20s because they can survive a bust and start over and still be fine. Um, but yeah, the reality is most 20-year-olds are not going to do anything with that information anyway. So, this is basically most people wake up and somewhere in their mid30s, uh, early 40s. So, it just is what it is. So, do your thing, start investing money. Um, it is also don't forget that you can build your skill set and start making more money, which would be a if you're in the key working years of your life, that's where you want to focus on. But unfortunately, nothing can change the reality of the markets. They go up, they go down, and the only way that, and you can't even guarantee this, but the only way to have a very high likelihood of winning is have very long time horizons. So, I ran the math at one point. I don't think there's ever been a 20-year stretch where you would end up down. So, if you can leave your money in for 20 years, you're basically guaranteed to be up. Use take guaranteed with a grain of salt, but it that is as close to a guarantee as you're going to get in the economic world. >> Cool. >> And by the way, that includes like the Great Depression. So, even there on a 20-year time period, you're good. >> All right, next super chat. Oh, $50. This is from DM. I can't pronounce it. >> Don't rush past that. $50. God damn. All right, let's wait till hot. >> All right, I got you. >> Oh, okay. Go ahead. >> Thank you, Tom, Lisa, and team for your sacrifice. >> That's maybe overly generous, but that's very kind. >> It is a sacrifice sometimes and say stuff. >> Yeah. Yeah. I will I will grant Lisa has sacrifice for sure. Today is my girlfriend Taylor's birthday, and we can't think of a better way to kick it off. Keep up the fight. Happy birthday, Taylor. Taylor, >> happy birthday, Taylor. >> That's so cool. I love I think that's the first time somebody's used the super chat to wish somebody a happy birthday. But that's awesome. >> Sweet. And because my relationship is my highest value, how sweet is that? Like honestly that that they're watching it together that he's doing a shout out for his girl to show her like he loves her and he's there for her. That means so much. So what a great dude. >> And I hope that was a surprise for her. I don't know if she was sitting there watching him type it or like No, no, no. Say that. >> Either way, happy birthday, Taylor. >> No joke. Happy birthday, Taylor. All right, next chat. >> Um, okay. Yep. Go to that one. All right. Um, which one, Eric? That one. Okay. Elellanena Gomel. >> Sure. >> SFFF, writer, academic, prof of nar Oh god, this is like one of those. >> SFFF writer. So, science fiction fantasy writer, academic, professor of narratology, which I've never even heard of. From USSR Israel, now Bay Area. This is like designed to [ __ ] with your head. Substack. A guide to unreality aerodite SFFF literary cultural critique with politics. This is like the most sinister super chat ever. Uh with politics close to I believe that's Constantine Kissen uh is the best of amazing stories of 2025. Interesting. Okay. So >> you did that. >> Elena go. Yeah, of course. >> Impressive. >> Elena Gomel. If you would, Eric, grab that name for me. I want to look into them. If basically uh if KK has a a sci-fi writer that writes with his politics, he's a very interesting thinker. Uh then I'm very open. >> Cool. All right. We'll note that down. Thank you so much. All right, next one is from April. Uh >> now, April has history with me for sure. >> Good or bad history? >> Very good. >> She's incredible. Uh so she was in ITU in the BDCEO program. >> Phenomenal entrepreneur. Uh I haven't read the super chat. I don't know what she's about to say, but uh also she so I thought she was 38 just like you sort of have in the back of your head. You don't really think about it. Just 38. Now I'm talking sitting across from me. >> I've seen her in person. >> And she told me the other day she's 52 or 53. And I was like, "You need to stop immediately. Whatever you're doing, you need to bring it to my house right [ __ ] now." >> You have two customers, right? >> The wildest [ __ ] ever. So um Okay. Okay, so now let's actually read the super chat. First of all, it's a $50 super chat. Thank you, April. >> Oh, thank you, April. >> It's very kind. >> Gratitude for Tom's life and biz coaching that changed my life and to Lisa for being a badass female entrepreneur mentor. Allowed me to take control of my life. Biz just in time to deal with this crazy world. >> Thank you, April. That's very sweet. She just finished the program Wednesday, I think. Uh, so >> people don't know what program you're talking about. >> Uh, so Impact Theory University. So if you whether you've started a business or uh never started a business, we have one for you. So she's a very seasoned entrepreneur that was in our highest level program known as billion-dollar CEO. Uh but for anybody just starting out, we have zero to founder, which by the way, we do have another >> uh master class coming up. Do we have the date, Eric? >> To like sign up and all of that good stuff. >> Uh you would click the link in the description. That's the >> We throw the link in there while we're doing the super chats. >> Yes. >> In case people know because if you're mentioning the >> Yeah. Yeah. No. And I'll be doing another free master class very soon for people to check out. >> Absolutely. Yes, we do. >> All right. Next super chat. R.J. What up, RJ. >> Also from Impact Theory. >> I co-founded a tech company in late 1996. We sold it in late 99 to Ask Gez. Oh my god, that's amazing. For 288 million. A year later, our steves had gone from 188 when they bought us to one. Oh, >> ouch. >> Oh, all that energy and effort was wasted in the 2000 bust. >> Yeah, that's rough. That is rough. That's the problem with I don't know if your deal was stock or not, but that's the problem with stock deals is like you're it's such a gamble depending on what your lockup period is. Uh if your lockup period is a long period of time, then they can end up driving into the ground. Hopefully, R.J., you were able to get out before uh the downturn. If not, I feel your pain, man. I feel your pain. That's rough. >> All right, next. Super. And can I just read a comment because it just it's one of the things that's my pride. Truth Devon said, "Lisa is actually quite funny. I didn't know she was that funny." >> It's on my >> No, say it. Say it. >> It's on my ul You had eulogy. Thank you. So, I basically wrote my own eulogy cuz I didn't want to take things for like hope people say this about me. So, I literally wrote all the bullets of what I want to be said in my eulogy. And one of the top ones is I want someone to say, "Lisa was so truth." >> A, yes, my wife is very funny. And B, the funniest thing about my wife is when she says a joke that she does not think got an appropriate response. Like, she will repeat it. She'll get your attention. She'll be like, "Did you hear what I said?" I'm like, "Yes, I heard what you said. You can't. >> This wasn't quite that funny. It's not haha out loud funny, but she literally has some sort of running tally where she's like, "Hold on. That did not get the appropriate." Yeah. The response to how funny you are. >> Nobody finds you funnier than you do. I love that so much. You have no idea how much I love that about you. >> It's amazing. Okay. Sorry, sidetrack. Um, let's go to herro. Sorry, I'm sure I butchered that. Tom, at what point do you not see politics as a duty for our best in America? Without a nonpartisan politician revolt, we are doomed for certain. Run for some kind of office just to get the conversation going na nationally. >> I don't see it as a duty. Um, at what point would I see it as a duty? Wow, that's a really good question. I don't the >> kids would you? No, I would see it as what is the way in which I am most likely to be effective? And I think everybody should ask that question. What is the way that you with your individual passions and talents are most likely to be effective? Um, and I know about myself, I wouldn't be a good politician. So, if you guys don't know, um, I had a strategy coming into Hollywood because it's the only strategy that I could run. And it went like this. And I would tell everybody directly to their face. Um, my strategy in Hollywood is going to be that I will always tell people exactly what I think. There's going to be none of my people will call your people. Uh, if I like something, I'll say I like it. If I don't like it, I will say I don't like it. Um, and I really thought that I was going to earn a good reputation because everybody in Hollywood says like, "Oh my god, you never know where you actually stand. People lie all the time. They just tell you what you want to hear. It's [ __ ] miserable." And so I literally told everybody exactly what I thought. And it was the most hysterical experience professionally of my life because I had people literally um like leave a meeting and never they were actively my managers, okay? They they had signed me. I was repped by them and we finally had we had to have a come to Jesus meeting because they would keep saying [ __ ] and then not doing anything about it. And so finally one time I was just like stop. You've said that three times now. I've given you the same answer every time and we walk away and nothing happens. So just tell me what is actually true. Whatever it is is perfectly fine, but I want to know what's actually true. You say this, you go do this. I've given you this answer. Is that answer confusing? >> Now I didn't actually hold my hand in my [ __ ] ear, but it was like I was very blunt. >> You said those words. >> I said those words just minus the hand. >> I got very tense. I was saying the whole >> Everybody in the room was like what what is uh happening? But listen, in every aspect of my life, when you get to the point where it's like, listen, we've got to lay our cards on the table. We're just going to say what is true, I welcome you to say back to me, if I'm the problem, you can tell me directly into my face. I'm not going to be weird or whatever. But yes, there is a point at which I just become completely blunt. And I think everybody needs that gear. So anyway, I said the completely blunt thing to them. What did they say back in the room? Now, you could tell in their faces that they were mortified, but what they actually said was, "Oh my god, yes, this is great. What a breath of fresh air." I quite literally never heard from them again ever. So it ended the relationship and I was like that's [ __ ] hysterical if in the room they had been don't talk to me like that or whatever. I'd have been like cool at least we're now finally [ __ ] communicating. But they didn't and they told me oh my god this is amazing. There's nobody like you. Ah and then they [ __ ] up. That's what I would be like as a politician. I'd be like what the [ __ ] are you actually trying to say? What do you stand for? Stop moving on. Tell me what you stand for. Where are you trying to get to? What is the cause and effect? Like, >> but maybe that's what politics needs. >> No, it doesn't work. Politicians need good liars. Politicians need people that can smooth things over because the public would [ __ ] despise me. >> Yeah. I mean, to be honest, as your wife, I definitely don't want you to get into >> also >> really sadly. Sorry guys, maybe I'm against you here, but no way do I want my husband in politics. >> And look, >> but I want to be honest caveat. >> If you came to me and said, "Baby, it's important. I really want to do this because I feel like I can help people." I would support you. >> You would and you have earned that reputation. But I want you to I need people to understand what makes me a terrible politician. It might be the thing that makes them like me as somebody talking into a microphone, but it is the thing that would make me a bad politician. Cuz here's what would happen. Uh somebody would ask me to lie into [ __ ] and I'd be like, I'm not going to do that. And then they would ice me out or they would come after me for some trumped up charge, whatever. And I would go to the American people and be like, this this is all [ __ ] scam. This is all [ __ ] And then I'm just my career is dead because you have to build coalitions and to build coalitions you have to constantly compromise and I'm not that guy. I'm not good at that. I am selfisolating anyway. >> Is it Tucker Coulson that everyone wants to run? >> I'm sure there are a lot of people that want >> Yeah, there's like I think it's him but a lot of people are like we want him to run and there's rumors that he might run >> and there are rumors that not rumors it came out in the Dominion lawsuit that he says one thing on air but privately is saying something completely different. >> Yeah. I mean, look, to your point, politicians, that's what they do. >> Yes. And you need them to do that. That's the very bad news because you have to deal with people that are just emotion. They are pure emotion. They don't they're not going to be able to interface with the world in an intellectual fashion. And I don't respect people that deal with the world at an emotional level. So, I can't help you. So anyway, I the if anybody will give me any credit for being good at this part of life, uh trust me, whatever it is that makes me interesting here makes me the exact opposite as a politician. I would fail instantly. >> So yeah, it would be terrible. >> Is that all the super chats, guys? We got through them all. All right, we got through them all. Let's go. >> Boys and girls, I love you the bunch. Uh I love you bunches. We're way over today. Uh forgive us for that. And I hope you have a wonderful weekend. We will see you Monday. And by the way, don't forget to show love to today's sponsor, Ploud. It's cool technology. Be sure to check it out. plow.aitom. All right, everybody. Have a wonderful weekend. >> Thank you for having me, guys. >> Thanks for being here. It was actually a lot of fun. >> Hand it back to July.