E144: Biden targets Elon, BRICS challenges the West, Tiger hit piece & more

26:51Now what's happened in the last week is that Tiger has issued a statement about it and that statement was covered by the press. So I guess we can talk about the fact that they've had to respond to this. I've still not comfortable talking about any of the contents of it because again Nobody's put their name by it. So why even put them in the position of needing to respond to it? Yeah, until somebody is willing to basically raise their hands say, this is what I think the piece that was circulated was a mix of both business Criticism or business issues and slander personal slander. Yeah, so I mean are there business issues in there that we could discuss?

27:25Yeah, I mean then they would be interesting, but until we know that there's some authenticity to it Giving any attention whatsoever to this thing person I think you've been talking about it now Still kind of a waste of time. I freeberg any thoughts on it just as we wrap here No, it's clearly a disgruntled person trying to Cast a negative light on the job bro. All right D dollarization corner bricks added six new members climbing to 11 total and bricks of course everybody knows Brazil, Russia, India, China, and South Africa. These four countries make up 40 % of the world's population 25 % of global GDP.

28:07Joining the bricks block are Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the UAE, new bricks. And this is kind of being set up as like an alternative to G7G8, I guess. This new bricks makes up almost 50 % of the global population with the third of GDP. This is the first expansion in 13 years in South Africa joined SACs. You've got some thoughts on the bricks and a little presentation here. Inform the audience. All right. So, Jake, like you said, they added six new members, Argentine, Egypt, Ethiopia, Iran, Saudi Arabian, UAE, the sun top of the original five members. Now, you've described this group of countries as mid.

28:49I don't know what metric you're using to make that determination. If you look at share of global GDP in purchasing power parity terms, and we can debate whether that's the right method or not, but a lot of economists believe that PPP is the right way to look at it. The original bricks were 32 % of global GDP. The new bricks bring it to 37%. And there's a couple dozen more countries that have expressed an interest in joining bricks, which would bring it to 45. The G7 is only 30 percent and that number has been declining over time. Back in 1995, it was all the way at 45 percent whereas the bricks were only about 17 percent.

29:30You can see that decline or shift here in this chart going all the way back to the 1980s. This is why I think a lot of Americans have this casually dismissive attitude towards the bricks. is they're thinking that these countries are still living in the era of the 1990s of unipolarity when the G7 was, you know, more than half of global GDP. But now the bricks are bigger than the G7, again, in terms of PPP. The rest have risen and has become a very substantial part of the world economy. If you look at global oil production, the new Brex now have 54 % of global oil production. It's almost double with the G7 produces despite the US still being the number one producer of oil.

30:14We're not the biggest exporter because we use it all. Just to add to that point, oil is of course a declining commodity with renewables and nuclear and people are going to rely on it less. So sure, I don't think renewables are anywhere close to be able to replace fossil fuels. If it breaks, it breaks, it breaks. If it breaks, it breaks. Hold on, just hold on, let me just, to answer to that, it's cheaper now and Jamaf can speak to this to install solar wind than it is to do a lot of the carbon based fuels. So it actually has tipped economically where it's, I think, cheaper and 80 % of cases, 85 % of cases to install renewables.

30:53Is that correct, Jamaf? We're all just speaking. The cost of solar is effectively now the cheapest form of energy. Yeah, I'm gonna kill a lot of power bases. Great. Okay, continue, sir. Well, this isn't preventing Jury from sliding into a massive recession because they're not able to get cheap energy anymore. Yeah, they turned off their nuclear. That also supposes that you have the actual supply and to David's point why Germany has such a difficult issues because they turned off Nat gas, they turned off the reactor. And there's just not enough solar installed right now. So you also have the party country.

31:25What I just meant was more the levelized cost of energy, which is if you had an installation here and an installation there of two different modes of energy generation. Solar is cheaper, but David is right. Like, you know, it's still going to take some time for the proliferation of solar so that we all agree. The US is already roughly energy independent. We produce about 20 million barrels of oil a day and we consume about 20 million. So we are roughly neutral with respect to the world. We're neither net importer or net exporter as of now. So oil is still going to be a huge. It's the number one global commodity.

32:02If Bricks adds Venezuela, Algeria, and Kazakhstan, as they may do as soon as next year, they'll control 90 % of all oil and gas traded globally. You're gonna have an OPEC plus Bricks sort of symbiosis because Russia and Saudi Arabia basically run OPEC plus. New Bricks is also really strong in food production. Five of the world's six biggest food producers are now part of Bricks trying to Brazil in the Argentina, Russia. The only other one is the US. They have 46 % of global population, 36 % of global land mass. So my point is, bricks isn't just strong in global GDP. They're strong in the production of what are currently the two most important commodities in the world, which is oil and food.

32:46They also have influence over strategic trade routes. So if you look at where these countries are located, and I'm sure this went into the thinking of who they just admitted to bricks because they had a lot of choices. That's something like 26 countries applied and these are the first six they've added. So they now control the Arctic sea route, which is basically as the polar ice cap starts to melt in the Arctic, you're seeing a new ability to create maritime routes. North of Russia basically, from Europe to Asia, it's a much faster route than going around the Horn of Africa or through the Suezk now.

33:20Now, you have this international North South Transportation Corridor, which is basically a combination of overland routes and some maritime that connect Russia or Iran and India. You've got built and rode these East West corridors. You've got the Persian Gulf, the Red Sea and the Suez Canal. They're all now part of BRICs. And the point of that, I think, strategically is to bypass choke points like the St. a Singapore, the Strait of Malaka, the Bosphorus, and the Strait of Hormuz. So the point here is that the US Navy has very strategically over decades been encircling China with military bases on island chains around China.

34:01This is going to basically neutralize that whole strategy because China will have ways of securing its trade routes over land or, again, over sea going through the Arctic. So this has huge geo strategic implications. The other big thing that I think Bricks is doing is they have this five to ten year goal of allowing Bricks and Overs to settle trades in local currencies. I think that you guys may be seeing it the wrong way. The goal here is not to create a new reserve currency. It's simply to create a way to bypass the dollar complex. They're trying to break the petrature dollar monopoly. This is not an offensive organization and they're not necessarily trying to create a single alternative to the US dollar, they are trying to create a way to not have to go through the dollar complex in order to do their trade when they're trading with each other.

34:52And I would like to say that you and Brazil are doing is a test case for this where they are setting up a yuan clearing arrangement with Brazil. And the goal to be clear, SAC series, to have a voice versus the G7, which they feel a lot of these countries feel they've been left out of and to maybe not have as much dependency on the West and form this block that has a bigger voice in the world. I would go a little further and say this isn't just about them having a voice. It's about them having economic sovereignty. They do not want to be completely dependent on the United States to secure their economies.

35:32and the big driver of this has been the weaponization of the US dollar. And swept. Yeah. And swept. So in conjunction with the Ukraine War, the US sees Russia's foreign reserves, which were in dollars, they've widely imposed sanctions. We're now sanctioning dozens and dozens of countries, and we are technically limiting who can use Swift as part of this. So if you are any of the BRICS countries, you're asking yourself, wait a second, when I am doing business with another member of Frick's, why should the US be any part of that transaction? They do not want that transaction to be mediated by the US at all.

36:12In a way, it's like people buying crypto so that they don't have to deal with the US government. They have Bitcoin over here and they're not subject to the rules of the US dollar, right? It's like a way of dealing with it. And having some independence, yeah, we totally got it. They're willing to play by the US's rules when they're trading with the US, but they do not want to play by the US's rules when they're not trading with the US or the G7. And this is about creating that independence. I think it's great that they have, Jimoff, that there is a competitor to the US dollar because it makes us be more thoughtful about our spending ultimately and our balance sheet.

36:44What are your thoughts on all this, Jimoff? I have a couple. So if you go back to when the BRICS was created, this is like 20 plus years ago, it was first just BRICS. And with the small... That was 2001. And then it became bricks with the big S when they admitted South Africa. I think the the fact pattern in that organization is pretty poor. You know, when they first got organized, they tried to create a competitor to the IMF. I think it's called the IDB, the International Development Bank. That bank is not dispersed to single dollar. In 23 years, they tried to create a joint program to lay undersea fiber or amongst these countries hasn't even started.

37:26So I think it's good that this organization is growing. I think the problem is that the actual amount of legislative coordination that these countries has been able to exhibit has been literally zero. And the problem now is that their regional rivalries are only growing. So China and India, which are the two anchor partners of BRICS are literally in a land war. There is a border that they fight over with guns. You have a growing anti -Chinese resentment inside of both India and Brazil. Nick, you can just throw up this little chart. In India, they've blocked a lot of apps. They're about to block a bunch of imports, but India sees China as an existential threat.

38:12The Brazilian population, this is just a poll that the economist put in. There's just a lot of anti -Chinese sentiment. So it's very hard to see folks that are such polar enemies actually working together, even if they're part of an organization. So I think that the odds of legislative coordination in the future are probably less than what they were even 10 years ago. So I expect even less, and it's hard to expect even less when nothing has been done. And then the second is I just look at the data, and if you look at Swift in July, you know, the swift volumes on US dollars was the largest ever.

38:50And so it's kind of one of these weird things where I think that it's good that that organization exists. Don't get me wrong because I do think that if they could, oh, the other thing that I'll say about the bricks, which is kind of odd is that unlike the G seven and unlike NATO, where you have democratic ideals that underpin the organizational framework, here it doesn't because you have China, Russia, Iran, which are total polar opposites to Brazil and India in terms of democratic governance. And I don't know enough about Ethiopia or Egypt to say anything. So if they can challenge states at a minimum, more than just saying they're not democratic.

39:31The way like NATO and the G7 are all democratically elected countries. It's a very good point. They don't share the same operating system. The authoritarian and democratic nations put together. So then the last thing is could you see a currency framework to compete against the US dollar? And I think the practical complexity is if you take all of these other issues, land wars and import controls and growing Chinese resentment and now try to boil that into an exchange rate mechanism where the Renminbi and the Rupi and the Rayi can be interchangeable. Well, I think it's very difficult to see because if you look at the last time that that happened, the Frank, the Lira, the pound sterling, the Deutschmark, that was possible because all of those other factors were not on the table.

40:19They were not fighting with each other. There wasn't this anti -recentment in one country to another country. They roughly held the same democratic ideals. So I think my comment is, I think it's good that Bricks is growing. I think that if they can get some legislative or policy coordination wins, it'll be great. the track record is literally zero and the setup doesn't, to me, mean much yet, but hopefully that something happens. Who knows? Friedberg, you're thus? I think the arguments about the pragmatism of non -dollar denominated trade and the progress that's been realized or can be projected to be realized from current policy can be debated.

41:02What I think is most important is the signal that's being given, which is that there is a desire by a larger percentage of global GDP than is represented by the G7 to de -dollar us. And so while these intentions may be difficult to translate into policy in the the influence and perhaps the policy of the US in addressing and dealing with a lot of these countries and global economic actors. But I don't think they want to de -dollarize. That's not part of their... They want to increase trade. They want to increase trade. They want to collaborate on trade. That is the stated mission. Do you think the stated mission is de -dollarization or do you think the implicit outcome is de -dollarization?

41:55No, the local currency support initiatives are implicit de -dollarization. I don't hear anyone saying we got to destroy the dollar because they're all very important trade partners. Most of those countries are very important trade partners with the US and very dependent on trade with the US. It seems less that it's about, hey, we've got to hurt the US and it's more about we have to be independent from the US. We have to be independent. Implicit in that is independent from the US. So, and I think that that hone that signal says a lot about US economic policy and US foreign policy that there's something off with The unipolarities as sacks has pointed out that it's not de facto anymore that there is intention here For there to be something different.

42:40Yeah, that's very healthy That's very very healthy and I think that that opens up avenues and paths that we're not thinking about today I got all of a sudden we'll wake up and we'll be like whoops and we need to be thoughtful about that I think that's the most powerful part of Sachs' commentary is that it's a very firm establishment, even of the non -unipolarity of the world. But the thing that the bricks have to do is I would just encourage them book a quick win. There has to be some policy coordination that they could do to prove that there's something there that's more than just a get together once a year.

43:18And that's been missing for 22 years so far. And that would have a really important, I think a fact, yeah, I agree with you, David. I think that's the litmus test. That hasn't happened yet. Let me partially agree with that and then partially respond to what you're saying before Chimath. So it's true that bricks does not have an impressive record of accomplishment to date. That's simply true. However, recent events I think have provided the motivation for this group of countries to now try and get something done. In the past, it was just so phenomenally convenient to be based on the US dollar complex because everything is price and dollars, easy to transact and dollars.

43:59When you run a trade surplus, the US has an open capital account and you can just park them on the US treasuries. There was never a reason for any of these countries to want to leave the US dollar complex until more recently, when again, US foreign policy has militarized and weaponized the dollar and to try and make it a coercive instrument to get these countries to do what the US wants. And all those countries now are bristling at that and they want to maintain their sovereignty. And so now they have tremendous motivation to get this done. Now the thing they've already agreed to and done as part of BRICS is that when you join BRICS, you agree not to sanction any other member of BRICS.

44:40That is a meaningful commitment. And obviously it has a lot to do with this Ukraine war. And the fact the US has been demanding it's the whole world sanctioned Russia. And most of the world has not been sanctioning Russia. And that's why the sanctions have not been effective is the US has not been able to get that done. The US will not be able to get it done in the future with respect to at least the countries who are members of BRICS with regard to their trade with each other. And as we saw in the percentage of world GDP, bricks very rapidly, once they add a few more members, they're going to be at about 50 percent, or world GDP.

45:14So the US is only going to be able to influence, call it roughly that half, a global GDP, where the US or the G7 is a major trading partner. Now, what bricks will be lacking is the way on a technical level to bring about the sovereignty they want. So they need to have a way to settle on clear transactions, and they need to have a place to park the surplus that's created for net exporters. And they haven't quite figured that out yet. So for example, there's a recent news item where Russia, which is selling a huge amount of oil to India right now, it was saying that they don't want to accumulate more rupees.

45:51So they've got to figure out what do we do with all these extra rupees. So there's a lot of pieces to figure out here. And that is why they're saying this is a goal they have over the next five to ten years. It's not one to two -year time frame. It's five to ten years. But they should make they should make their own euro if they feel so strongly that they're a great floating block maker euro And then they could all put into it and you can see what happens when a bunch of dictators and a long tail of failed states Now share a common currency. It's not gonna work these countries. They all say all the Yeah, failed states who share GTPs Those make like a lot of very troubled states by the way.

46:26Yeah, I'm sure GTP has been going up like a rocket jcal That's what a point in flation. Now for the more they're called we have to democracy human rights. Yeah, their goal is not to create a common currency like the euro. And I'm saying and and and and and using as a corner place you on and rupees with some sort of new euro like currency more over. They're not trying to create a reserve currency that's going to be a currency for the man on the street. This is about settlement of global trade flows and getting out from under the U .S. dollar complex. My point, just to be clear, Freeberg is if you were to think of it as a thought experiment, these to Chimaltz point, these are culturally and strategically very different countries.

47:07And I think what they have in common is that they haven't been included in the G7. And really America's reaction to this should be to get India out of this and get them into the G7 and make that strategic decision that India is the most important country for us to have strong relationships with. It's kind of hard to put Saudi Arabia and to put UAE in this because they don't share the democratic principles of the rest of the G7, but we should be trying to any democracy that's in the bricks. We should be trying to include in the G7. That's the strategic chess board that would make the most sense.

47:37And then you would just leave bricks as all authoritarian dictators and they do not work well together. They always wind up. You're playing them in the office. Still nominally a democracy. No, that's what I'm saying. Like getting Brazil, I just said, getting anybody who's a democracy and moving them towards democracy and getting them into the G7 should be our state of goal. That's what the West should do. Lula, who's Brazil's president, is one of the most ardent advocates for de -dollarization. Here's his quote, every night I ask myself why all countries have to base their trade on the dollar.

48:10Yeah, they don't. They can. So maybe an regime change him. Jake Halmina. Yeah, I will get rid of them. That's stupid. That's a stupid statement. Nobody's saying that. I just said the exact opposite. There are people saying that. But. Oh, not me. Just to be clear, you put my mouth out of the exact opposite of what I just said. I said, including my point is, my point is this is not a simplistic dichotomy between dictators and democracies. Another way to think about it is, by the way, South Africa is a democracy as well. It's a majority, just on a population basis. If you took India out and you got them into the G7, it would be majority, over one majority percentage of citizens in the bricks living under authoritarian rule.

48:48But India, I mean, let me respond to that and then also to Martha. And India is the largest country in the world now. I mean, that's the strategic important piece here in my mind. I think India and the US will pull tighter together in terms of security because of a mutual desire to balance the power of China. So I think Jamoth is right about that. However, India also has a very strong anti -colonial impetus to their politics and especially their foreign policy. They do not like being told what to do by the West and the United States. And in particular, they do not believe in many of their politicians said this, we don't see why we should have to sacrifice for you.

49:28We're going to do what's in the best interest of our own people. And that is why India has rejected enormous pressure from the U .S. not to trade with Russia. India and Russia, as bad as the relationship is between India and China, is the relationship between India and Russia is very strong. It historically always has been and Russia right now is supplying half of India's oil and India has adamantly refused to Play along with the US's sanctions and rightfully so and rightfully so right they should make their own best decisions Yeah, right so I think a lot of people are Thinking that India's not here to be a boot liquor to the United States.

50:05Fuck that exactly exactly So look I think India will pursue its interests I think when it comes to security, they will align with the US to balance the power of China. But I think when it comes to economic policy, India will pursue its own interests, which I think has to do with maintaining their economic sovereignty. 100 % cheap oil. They need cheap oil. They're developing country, right? They need oil. And that's the lowest price oil. Another way to think about the framing is that the priorities for many of these countries for the last two decades have shifted going from a state of economic insecurity, civil insecurity, government insecurity, and as you obviously establish systems and certainty in certain elements, the dollar complex of SACS frames it was very useful in helping them with that transition.

50:59But as they start to move from emerging market to developing market to develop market, the priorities start to shift. And then the priorities become much more about sovereignty, independence, institutional destiny, et cetera, that kind of start to make this more realistic, but maybe they don't have their ducks in a row at this point, but there's certainly a conversation or set of conversations that emerges when you're not worried about civil war or you're not worried about economic strife. And you can now start to think on a global stage. And that's evidenced by the PPP data that Betzak shared where you've seen them become a much larger percentage of global GDP share over the past 10 or 20 years.

51:39That's a good metric for that general opportunity to say, hey, I'm going to shift my priorities now. And that's why maybe now is the time to start to pay attention to what's happening. And think about US policy to participate in some reconstruction that's necessary here. I tell you what the most important thing here is, all these conversations seem to come back to energy, Chimoff, cheap oil, Russian oil, Saudis, UAE, all participating in bricks. And then if you look at nuclear, we just had a bunch of, I think it was senators signing a bill. I think you might have tweeted it, Chimoff of support of nuclear.

52:1321 nuclear power plants are being trucked at this moment in China, eight in India. United States only has one, which is kind of an extension. And good job, actually. And good job, then. You're just, India just turned on its first home built one. So just literally today. So big, big news in India. If we really want to have a great relationship with India, an incredible path, and with some of these other countries, would be for us to really invest in these. Well, when I don't understand. Well, when I don't understand. And help people build them and help them get energy independence from Russia's oil.

52:42We should be building 50 reactors in India. I don't know enough to know whether that's true or not. And part of it is that, whether we should be building those reactors in quotes, because I don't know what those means. Gen 2, Gen 3, Gen 4 reactors. Any small modular reactors. My big comment in my thread is just more that I think that the regulatory support in the United States for nuclear is so constipated that it's impossible to get it done. So you could have the greatest technology in the world. I just don't see how the laws change fast enough and the zoning changes fast enough and the nimbism goes away to make these things viable.

53:23And so that's actually the real question. I don't know, you know, free, free, free, free, free, free. What I'm advocating for here, SACs is, hey, what if the United States policy was we're going to help India and some other countries? They don't need our help. They don't need our help. They don't need our help. They just turned on their own homegrown nuclear reactor. We haven't done one in 20 years. But are new, yes, we call them Gen 2, freeberg. These new reactors would that not be a possible path if we're spit -bowling here to help them get more energy independence from Russia. We might be a great longplay.

53:56They don't need our help. I don't think you're understanding. Like it's like you're thinking like we're like Michael Jordan and we're about to teach them kid how to throw free throws. This is not what's happening. Any help would be helpful. I mean, if people are trying to build a large network, you don't need a numb nuts to come and help you build a product. Do you? You don't hire some too bit product manager to help you when something is scaling and working. India GDP is going to be 7 % a year. They're off to the races. They're on a rock ship. They're doing everything right. What can we do? We can help them rewrite their laws to make them Byzantine so nothing gets done.

54:27So they're zoning as well as possible. Okay. As a strategy, if we had the ability to build nuclear reactors in other parts of the world, which is exactly China's policy, that's the belt. I think you in a nutshell right now is summarizing why there's this dismissiveness which is like we can help them. But what makes you think you're better? China is taking the same approach. I'm saying copy China strategy, which has been to go to other countries. Listen, India might need less help. Other countries might need more, but we have this capacity. So what if we what capacity do we have? We don't have any demonstrated capacity nuclear.

55:01We have plenty of companies building these new nuclear reactors. Freeberg. None of them work. None of them work. What do you mean none of them work? None of them work. Okay. None of them work. when you talk to politicians in a lot of these countries, what you describe as Americans coming in and helping, they describe as exploitation. They go in. Exactly, China strategy. Or Neon imperialism. Yes, they call it Neon imperialism or Neon colonialism. I'm looking at it as collaborating on energy independence, broadly speaking. So you're being too dismissive of my concept. I'm checking you to think of what you want to do.

55:36Bob, do you want this in Bob, boy, and stuff, fly in and mutually collaborate with you to build something in America? Would you be open to that? It's set up trying to make jokes about me. I'm proposing a strategy here. I'm not making a joke. I'm just saying that. I'm making a true joke. I have a very viable strategy here is, which is to look at what China is doing. And what China is doing in the Belt and Road strategy, which we've talked about here on this program, is trying to help other countries get more energy. How could we do that? We do. I'll tell you. I'll tell you. Listen to what Larry Summers said.

56:00Remember, he said that when China goes abroad, they give money for infrastructure, bridges, and hospitals. Yes, when the US goes abroad we give a lecture which is exactly No, if you want to accomplish what you're talking about stop this explosion of sanctions We're now sanctioning dozens of countries stop weaponizing the dollar stop militarizing the dollar stop Seizing other countries Reserves without any do you process? We're talking about Russia right now They're in town to do process of law just like any other country the country that invade their neighbor So you get just get to steal their reserves I think it's a pretty good idea.

56:38I thought we're a rules -based order. Oh, I think you can't just think it's much better than, yeah, starting a war. Yeah, I think I can accentuate a great strategy. But we're talking about the seizing of another country's foreign reserves, which is what the US did. Yeah, I would say that's an extreme thing to do, except in the case where people are invading other free countries. Okay, so what you're doing right now. Yeah, this is the way that the administration to react to what you're doing right now is making up the rules. That's what the rules based order means to these countries. Is that Americans will make up the rules.

57:13Two years ago foreign reserves were something that was not part of American foreign policy. They were at your reserves. Then this Ukraine war happened. Spices, ah, nah, you know, those are Elgatan Gaden, season. Those are the new rules. In other words, the rules based international order is whatever Americans say it is. And then you're right around saying - No, no, no, no. I think they're in the entire way. We'll get the entire on side. Made this decision together to sanction Russia. It wasn't just the US, it was mischaracterizing that. And you know what? If Hitler was invading other countries, or Putin or any dictator, I do think it's fair game to seize their resources.

57:47The rest of the world's not buying to this narrative. 70 % of the world does not buy into this narrative. They understand that the US already dictates our country. And those are majority dictator countries. 70 % of the world's population does not believe this narrative about the Ukraine war. the understand that the US is at least equally responsible for this war. Laughable to say the US is equally responsible. You don't believe that, but that's what the rest of all believes. That's what the rest of all believes. That is you are a spokesperson for Putin if you believe that. There is a polling show in this.

58:17Okay, you know what, you can quote any polling you want. The US is not 50. The press country believe this. The US is not 50 % responsible for Putin invading Ukraine. That is laughable and disgusting. Every country. every country that you actually believe the US is 50 % responsible for putting invading Ukraine. Unbelievable. It's not about what I believe. It's about what the world thinks. Why am I asking you what you believe? You said it. So do you believe 50 % where we're 50 % responsible for putting in Ukraine? That's insane. I don't know what percentages I would describe, but I believe this is worse.

58:47Pick a percentage. Can I finish my point? Go ahead. the way you're acting right now is exactly why all these countries want to create bricks. They don't want to be subjected to this virtue signaling foreign policy by the United States. We've discussed the ways many times the US could have avoided this war. It did it. Respectfully disagree. Putin's response before the war. This is why India does not want to be subject to the whims of people like you. You don't see people like me. I think the West made the decision that we needed to take action against the U .S. and the decision. And listen, the West is we don't get to make decisions for the UK and France and Germany.

59:32We don't get to make their decisions respectfully. They make their own decisions. That's not really true. Okay. The U .S. runs. I think they think their side is going to be the U .S. runs NATO because we pay for it. All these countries go along with the U .S. because they like the defense and security that we provide. The US calls the shot and within the US the Biden administration calls the shots. So basically a handful of people in the Biden administration, Biden, Newland, Blinken, Sullivan, that's who makes the policy. And the rest of the world does not want to be subject to their wins. I respectfully, I don't think Biden gets to choose which Germany and France and the UK do.

1:00:10Oh, I think a lot of shouts are eventually going to be voted out. I think they're going to be voted out because their people are waking up. But absolutely they are the lap dogs in the United States. We would like to go on to any of the topics. I want to talk about the summit next week. I'm really excited. We're coming in hot to the summit. Kicks off next Sunday. I'm really excited for everyone that's going to join us. Obviously, we'll be putting out videos of the content as quickly as we can. J .K .L. has, I don't know, Sachs and Chimath if you guys are aware, but he is in charge of the parties.

1:00:41And he has gone of a part. Well, well beyond budget on these parties. They're going to be outlandish. They're going to be out of control. Show the three posters. Let me show you the posters. The posters explain everything. Night one is our 007 party or Bestie Royale if you will and here is Bestie Royale presenting on Sunday night Bestie Royale. Where where your best Spy outfit you could be Austin Powers you could be Daniel Craig you could be Sean Connery you could be Charlie's Angels, any spot you can be and here's Bestie Royale. Come in at you on Sunday night, a little poker. Here is the closing night party we're going out of order.

1:01:19Bestie runner, Cyberpunk rave with the Bestie's announcing Grimes will be Dejing. So we'll have Grimes doing a set at the Bestie runner party. That's awesome. That's gonna be fun. And so where are your best cyberpunk? It could be fifth element. You could go with any side. Can we just say I give up right now because Claire is going to win. Of course. Yeah, she's okay. She's like, it's not even worth trying. Well, I'm just going to come and see you in a fucking t -shirt. Played run every day. But we'll have some neon stuff for you to put on. Is it going to be cold outside? No, this is inside and this is occurring at a film studio.

1:01:56So we have three warehouses at a film studio where we've created part of the set of Blade Runner. Some incredible Asian street food will be done. That's awesome. It's going to be great. And then Monday night is going to be absolutely blow the doors at it. Fast times at barby high. And here we are. Where are your best spikoli outfit, your best surfer outfit of any kind or sorry, will this be outside? This is going to be outside. We have a tent for the VIP parties. So we'll be coaxes. You should, you should, well, we'll see what the weather is. It's going to be warm. It's going to be warm. So you can wear your bathing suit if you want.

1:02:31just wear a trench coat over it. Tremoth, if you're gonna do a thirst trap, live an in person. And Mick will be DJing again, so the dance floor will be lit. Just because we went well over the budget, we brought in some sponsors to help us cover the costs. I wanna thank those sponsors, Iconections, which is actually running the app that we're using to coordinate the summit. Our law firm that does the legal work for us, Cooley, has agreed to sponsor. And there's a group of entrepreneurs from South Africa started a company called House of Macadamias. They make macadamia and that snacks. Delicious.

1:03:04They're sponsoring the, and you know why they reached out? Because Chimath and I eat salt and vinegar pistachio. So they made a salt and vinegar macadamia bag in our honor. I love it. Oh, right. This is vinegar like the supperson. And then we've got a group called Pavice, which makes mineral -based sunscreen. And obviously they heard us talking about sunscreen, so they reached out and broobert, which makes a coffee brewing device came in and wanted to be a sponsor. So a lot of the sponsors came to us having heard about us talking about something on the show and It was very helpful in helping us cover the cost of the event.

1:03:36So I want to say thank you to all of them. Thank you guys. Thank you. Thank you to all of your sponsors. Thank you so much for kind of them. Yeah, and then we're doing a high and low thing at Incredible food trucks where we've elevated the food to like a higher level and So we want to pair these food trucks with some nice wines And so they sent you a list of all the different foods and then a bow is doing the steak at the first night Roku sushi really great sushi place in LA is doing the sushi the first night so we got some really great vendors and all the Asian street food in the blade runner party It's gonna be great.

1:04:06So Asian the last night staking sushi the first night and then these elevated food trucks So what is my year to do this? Your 20 year for yeah, I'm 24 year 25 I'm just gonna tell you in advance that I'm taking full complete control. You all you will have to do is show up. I don't want any intervention. I don't need to be more pleased after the share unless you're I'd please leave me out of it. Great. I'm taking the sax approach. I'm showing up. Where are you gonna do it Jason? I have three ideas. Where's the biggest grift? Brooklyn? Exactly. Tokyo. Well, I'll take you through it. Brooklyn, my hometown is one.

1:04:46So that's in my mind. My favorite city is Tokyo. You know, I love going to Japan. So that's in my short list. And then on the GRIF side, UAE might be great to have some partners there. And so that could be amazing to do it in Dubai as a, you know, to buy would be nuts. Dubai would be kind of crazy. My friend Andrew Sassoon is in charge of opening, I think it's the winds because you know, they're always in charge of all the entertainment and light life. I would be incredible. Sassoon can light it up in Dubai. See, I also took Europe off the table because I had the sense that you're off my peg. No, I'm 50 or 50.

1:05:19I mean, I mean, no, no, no, I may go to Oman. I make, but I'm going to go to do a destination thing, which is going to be everybody will stay in the same place. It'll be a much smaller number of people and it'll be end to end curated and 750, 500 people. They'll be clothes. They'll be everything. Okay. Four. The Sultan of science with his sunglasses on. The dictator and the architect. We'll see you all next time and all in practice. Bye bye.

1:06:15I'm taking it away, she's driving away. Sit down. Sit down. Oh, man. My ham is the actual meat. We should all just get a room and just have one big hug. Or because they're all just like this sexual tension that we just need to release. What? You're the beef. What? You're the beer of beef. Beef of beef. We need to get mercy. I'm going all in.