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Lemonade Stand Podcast Episode Notes: "Trump is Playing Risk"
Podcast Overview Title: Lemonade Stand Hosts: Aiden, Atrioc, DougDoug Episode Title: Trump is Playing Risk Episode Number: 045 Date Recorded: January 13, 2025 Description: In this episode, the hosts discuss various geopolitical topics including U.S. involvement in Venezuela, updates on Jerome Powell, and the dynamics between Russia and China.
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Episode Segments
0:00 - Intro
- Brief introduction to the episode and hosts.
3:03 - Venezuela
- Aiden discusses the current control of Venezuela by the government, asserting there is no external influence in governance.
- Discussion on U.S. military's intention to control oil exports from Venezuela, emphasizing the ongoing geopolitical struggle over oil.
24:46 - Oil Companies
- Examination of Trump's recent meeting with oil executives to discuss investments in Venezuela's oil sector.
- Exxon's CEO expresses skepticism about investing due to risks involved, referencing past nationalizations.
30:45 - Advertisements
- Rocket Money: Personal finance tool discussed.
- Quo: Communication tool for managing work messages.
33:01 - Three Super Powers
- Discusses the geopolitical landscape with a focus on Russia and China as competing powers in global oil markets.
- Analysis of Trumpβs strategy in relation to military, economic, and political interests.
38:15 - Greenland
- Debate over Trump's interest in acquiring Greenland and its geopolitical implications.
- Discussion on Denmarkβs position and the historical context of Greenland's status.
51:59 - Trump
- Analysis of Trumpβs assertive geopolitical strategies, viewing world leaders as players in a game of Risk.
- Commentary on Trump's personality and decision-making style.
52:46 - Advertisements
- Vanta: Discussed as a service for companies needing compliance support.
- AG1: Nutritional supplement ad.
55:15 - Iran
- Overview of recent protests in Iran stemming from economic distress and government repression.
- The potential for U.S. intervention and its complex historical implications.
1:02:07 - America in the Past
- Reflection on past U.S. interventions and military actions, and the skepticism surrounding current strategies.
1:14:25 - China
- Discussion on Chinaβs response to U.S. actions in Venezuela and Iran.
- Insights into China's long-term strategy in global politics.
1:20:25 - Military Spending and Tariffs
- Trump proposes a substantial increase in military spending, linking it to tariffs and economic strategy.
1:24:25 - Jerome Powell
- Update on Jerome Powell amidst political pressures from the Trump administration.
- Discussion on the implications for the Federal Reserve and U.S. economic stability.
1:33:30 - Outro / Explanation
- Wrap-up of discussions with a focus on the ongoing complexities of international relations and domestic policies.
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Key Concepts and Discussions
- Geopolitical Chess: The analogy of world leaders as players in a game of Risk highlights the strategic maneuvers in international relations, particularly regarding oil.
- Venezuelan Oil Crisis: The U.S. military's involvement in controlling Venezuelan oil exports illustrates the intersection of military power and economic interests.
- China and Russia: Analyzing their responses to U.S. actions and the shifting balance of power in global politics.
- Trump's Strategy: Trump's unorthodox approach to foreign policy, characterized by an aggressive stance and personal branding.
- Federal Reserve's Independence: The implications of political interference in the Federal Reserve, especially under Trumpβs administration, poses risks to economic stability.
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Conclusion This episode of Lemonade Stand provides a deep dive into the intricate web of global politics, oil economics, and the implications of leadership styles on international relations. The hosts address both historical contexts and current events, drawing connections that reveal the underlying tensions in world affairs.
Written by AI. May contain mistakes. Listen to the episode to check what was said.
Chapters
Tap a time to open that second in VOThe Game of Psycho Risk
1:24 to 2:20
Discussion on world leaders as players in a game of Risk, with humor and insights.
βEvery world leader is actually a psycho who's playing a big game of risk.β
UFC as a Solution to World Problems
2:21 to 4:08
Exploring the idea of using UFC champions to resolve global conflicts humorously.
βSo in theory, every country sends a champion.β
Venezuela's Oil Politics
4:09 to 9:14
In-depth analysis of Venezuela's oil industry and the implications of U.S. military involvement.
βvenezuela i have a theory one week and i don't think anybody else has said it correct me if i wrong because you're covering it more.β
History of Oil Nationalization in Venezuela
9:15 to 14:00
A historical overview of the nationalization of oil in Venezuela and its effects.
βthe changes that would get us to invest there.β
Venezuelan Oil Industry Challenges
14:00 to 16:10
Learn about the historical challenges faced by the Venezuelan oil industry and the impact of political decisions.
βwe have and accommodate you guys in whatever way we can, because eventually we see there will be opportunity in the future.β
Trump's Approach to Venezuelan Oil
16:10 to 18:50
Explore Trump's strategies regarding Venezuelan oil and the complexities involved with American companies.
βHe's like, no, oil happened to be there.β
US Military Influence in Venezuela
18:50 to 22:30
Understand the role of the US military and its influence over Venezuelan oil and political stability.
βAnd this is why this is why this Venezuela thing, regardless of how you feel about Maduro, I'm negative on is because those guarantees require like more from the US, like boots on their ground or like, okay, okay.β
Internal Chaos and Political Pressure
22:30 to 26:10
Discuss the internal chaos in Venezuela and how it affects potential US interventions and investments.
βthe US military is doing right now is saying, you guys can't do that.β
Shifting Political Landscape in Latin America
26:10 to 28:00
Examine the recent political shifts in Latin America and the impact of the drug trade on governance.
βSo after this meeting on Friday, where Trump meets all the oil executives and his goal is to get them to firmly commit to$100 billion collectively of investment to get this thing going, right?β
Cocaine Trade and Authoritarian Responses
28:00 to 29:40
Explore the impact of the cocaine trade on violence and governance in Latin America.
βThey're searching over the, they're coming from the asylums.β
Show all 31 chapters
Political Influence and Oil Control
29:40 to 31:08
Understand the geopolitical significance of controlling oil and political influence in the Americas.
βHe said El Salvador is the new, like Bukele of El Salvador and maybe Malay of Argentina are like the new celebrity leaders of South America in a way that Castro and Chavez might've been in the past.β
The Impact of U.S. Sanctions on Venezuela
34:18 to 35:54
Examine how U.S. sanctions affect Venezuela's oil market and global power dynamics.
βNot every ad reached me about how I'm fat.β
Russia's Strategic Challenges
35:54 to 38:46
Discuss Russia's military strategies and challenges related to their focus on Ukraine.
βwhich is over the past tennis years, as American companies have stopped buying the oil and it has stopped flowing to America and these sanctions have done damage.β
Greenland and U.S. Geopolitical Strategies
38:46 to 42:00
Analyze the implications of Trump's interest in Greenland for U.S. foreign policy.
βA lot of the refineries in the U S are built to refine that type of heavy crude oil.β
Trump's Interest in Greenland Explained
42:00 to 44:24
Explore Trump's motivations for wanting to acquire Greenland and the implications of ownership.
βNumber two is it has this incredible network of allies and systems that it set up after World War II that just puts it on top of like most things.β
The Danish Perspective on Greenland
44:24 to 47:48
Understand the shifting attitudes of Danes towards America and their historical ties with Greenland.
βI think that's the big question is this is all packed in at the top of the world.β
Greenland's Quest for Independence
47:48 to 49:52
Examine the complexities of Greenlandic independence and the challenges faced by its people.
βBut he even learned about things in the US, like the ramifications of Jim Crow laws.β
The Importance of the Arctic Routes
49:52 to 50:56
Learn about the strategic significance of Arctic trade routes and resources due to climate change.
βLike we, you know, if you think about it from the American or Canadian perspective, you can sail from the east coast of America to Europe.β
Global Reactions to American Politics
50:56 to 55:31
Discuss how global perceptions of the U.S. are influenced by recent political actions and leaders.
Seeking Accountability
56:00 to 56:18
The discussion begins with a desire for accountability from certain individuals.
βSo if they had one place to check, maybe they would respond to me.β
Transition to Iran
56:32 to 57:45
The hosts transition into discussing recent events in Iran and their implications.
βLudwig's not going to call you whether or not he uses Quo.β
The State of Iran's Protests
57:45 to 1:04:34
A deep dive into the causes, current state, and consequences of protests in Iran.
βAnd I'll just give the broad overview here, which is that, you know, we talked about the whole history of Iran on this podcast before and how we, you know, with the U.S.β
Western Intervention Debate
1:04:34 to 1:10:08
The hosts debate the implications and ethics of potential Western intervention in Iran.
βAnd it's where China gets all of its oil from, that through that straight.β
Morality and Military Intervention
1:10:08 to 1:16:35
The discussion revolves around the complexities of U.S. military interventions and the moral dilemmas they present.
βSo I'm scared to be supportive of it being offered.β
China's Global Strategy
1:16:35 to 1:20:46
Analyzing China's approach to global conflicts and its implications for U.S. foreign policy.
βthere's all of this baggage with it just from like a country perspective, right?β
Military Spending and Economic Impact
1:20:46 to 1:24:01
A critique of the U.S. military budget increases under Trump and the economic rationale behind it.
βlike that Venezuela is gonna end up being not a good thing.β
Analyzing Trump's Economic Proposals
1:24:01 to 1:26:39
Discussion on the financial implications of Trump's proposals, including tariffs and checks to Americans.
βBecause like you said, I mean, this is part of the New York Times interview too.β
Concerns Over Federal Reserve Independence
1:26:40 to 1:28:30
Investigation into Trump's potential influence over the Federal Reserve and its implications for the economy.
βbillion oh my god yeah you were most of it this year it was a big it's crazy if trump saw that He was like, let's increase the military.β
The Risks of Central Bank Manipulation
1:28:31 to 1:31:21
Exploration of the dangers associated with undermining the Federal Reserve's autonomy and historical precedents.
βtoady that'll do whatever he says, it's going to have serious consequences.β
Public Reactions to Trump's Fed Chair Controversy
1:31:22 to 1:35:04
Reactions from central bankers and politicians regarding Trump's actions towards Jerome Powell.
Final Thoughts on Shrimp from Germany
1:38:12 to 1:38:41
Discussion on shrimp sourcing and its implications for diners.
Transcript
Automatic transcript. May contain errors.0:00Okay. All right. all right all right you hit it yeah hit it shut up in support for this show comes from rocket money you know what i was using rocket money last week and i found a whole bunch of subscriptions that i am paying for that i had forgotten about not only were there like five that i was right there were some new ones i wasn't even aware of it turns out i've been funding the production software for this show on my credit card and i didn't realize that so now aiden is finally going to get a crump company credit card so i'm not paying for this i literally did not realize this was going on until Rocket Money showed me my subscriptions.
0:33Classic Aiden. Classic Aiden. I liked things better before Rocket Money when Doug paid for everything and I didn't have to. I literally... Try Rocket Money for free at rocketmoney.com slash lemonade. Figure out all those subscriptions. Save some money. It's great. Support for this show comes from Vanta. Vanta uses AI and automation to get you compliant fast. Simplify your audit process and unblock deals so you can prove to customers that you take security seriously. You can think of Vanta as your always-on AI-powered security expert who scales with you. That's why top startups like Cursor, Linear, and Replit use Vanta to get and stay secure.
1:12Get started at vanta.com slash vox. That's V-A-N-T-A dot com slash vox. Vanta dot com slash vox. We've got a theory. Every world leader is actually a psycho who's playing a big game of risk. Psycho risk. Psycho risk has started. It's the game of psycho risk. Last year was just a little slow. So like this year, 2026, let's all start a new game on this board. Starting with Trump and his favorite territory, Venezuela, apparently. Lemonade stands goal for 2026. Capture all the world leaders, kidnap them, and then put them in a room with this game. And then we'll turn everything around. And then we get all the cards and we can get a unit bonus.
1:55Why don't we, why doesn't the world solve things with a champion? You elect a champion, like the movie Troy. Whatever happened to champions? I do think that would solve a lot of things. I'm like, everybody just had one champion. There's more serious things to talk about, but France quietly moved the G summit date to not conflict with the UFC event happening at the white house. Unironically, they're like, fuck, we got to move this. Like UFC events in the white house are taking precedent over major world. So in theory, every country sends a champion. Oh, to the UFC. To the UFC event. And that's how we solve the problems.
2:29I just think that would reshuffle the world in a way we don't necessarily want. The world's best UFC fighters and the governments that I want to own the most land. Wait, Russia. Russia's on top. The hierarchy of the world is like Russia, but actually like Dagestan. Wait, is Russia on top of UFC? And then I know Iceland comes out because they have the huge guy, right? Yeah. From Game of Thrones. Iceland is punching way above its weight. And then it's and then Brazil's in there. It's it would be a sick shuffling of the world. It's a way different world. It would be it would be a shuffling. I don't know how good it would be.
3:03Yes. Sick in the more literal sense, by the way, it would be sick. It's kind of psycho. But yeah, I mean, I do think, OK, even we're going to talk about the geopolitics stuff, I think, first is like it's kind of the big issue. But you're talking about this UFC thing there. I just as you guys fully understand, this is probably one of the most insane two week periods of the year of you don't need it that I feel like we've been through it a long time like last January was insane but it was mostly the LA fires and I don't remember like this many things every single day being a major major event especially worldwide so we're talking about that but there's like there's a lot of domestic stuff we can discuss and there's the UFC event we're gonna spend 40 minutes on talking about who's gonna win Jerome Powell versus Trump at the White House honestly the best champion honestly put the card up it was on x jerome powell height how is i think jerome powell's fiercer okay he doesn't have to wait the benefit to jerome powell he's a lot younger than trump he's only 72 he's a sore fox he'll get him with his speed all right let's follow up with venezuela i have a theory one week and i don't think anybody else has said it correct me if i wrong because you're covering it more.
4:19Okay. I think this is actually about oil. And so here's a couple of dozen articles that reinforce that idea. Okay. So, so this is a particular angle with the Venezuela thing I wanted to look into that I think is interesting. Obviously huge development right now, according to the Venezuelan government, as of the past few days, they're in control. There is no external party that is in control of Venezuela. At the same time, Trump and the United States military, right hand woman of Maduro, right? The vice president who replaced everything is the same except that she came in as vice president and now she is in control she is in control same party's in control saying and but in quote we are here governing alongside the people and no one else there is no external agent governing venezuela that is from the now president rodriguez of venezuela uh at the same time trump and our military is stating we are going to control all exports out of the country and so particularly with oil and that seems to be the big play that is happening right now where you might have heard that we've seized oil tankers the whole thing is any oil tankers that try to get to venezuela to deliver oil to anywhere else regardless of country basically we are literally seizing there was this like crazy there is a website called track like tanker traffic that tracks or tanker tracker that tracks this and you can watch these like live drama chases around the atlantic ocean just one of them yeah that the russian one yeah yeah they chased it around it was like looping and looping for days and then it changed its flag to be like no we're russian now that's cool and turns out that doesn't help yeah actually we don't like that yeah they were venezuelan flagged and they changed to russia halfway through the voyage to be like you're not gonna get just cycling flags on the back to see what gets them to stop apparently they painted the side of the tanker as russia that's like from the movie like lord of war like they do that in a movie where they like change it.
6:09The flags mid. Yeah. So the justification for this is the U S is saying Venezuela is sanctioned. You can't come in. Uh, if you are Russia or China or Iran or whatever, you cannot come in and transport oil. So the big, you know, player here, the, the big key chip that is being played is the oil side. So what has actually happened with oil? Like we all, it's pretty obvious oil is a big part of it. So on Friday, Trump had a meeting with 20 oil executives at the White House this past Friday. And the whole thing was, he's going to try to convince them to invest in Venezuela. And it pretty much went exactly the way you would think with Trump, where he makes a lot of promises that are vague.
6:48Everybody in the meeting makes a lot of promises that are vague. He comes out of the meeting and says, everybody's down, we've got this locked in, and nothing has actually happened, or there's no clarity after this. Dude, the best part of that meeting was when Rubio hands him a little note. Did you see that? No. Rubio hands him a little note that says, like go back to chevron and like ask this thing and then trump looked it's supposed to be a secret he looks at it and reads it out loud it was fire it was gas dude so he trump's doing all sorts of trumpy things there's a couple funny notes from it that i think so he tells the executives when he gets them all in a room if you don't want to go in to venezuela just let me know because i've got 25 people that aren't here today that are willing to take your place so they start talking and he says we need 100 billion dollars of investment in Venezuela.
7:36Again, the Venezuela oil infrastructure is in shambles, right? It hasn't been well-maintained. So the idea is not we go in and like take the oil. It's we go in with American companies and invest a giant amount of money to rebuild it, right? Exxon chief executive officer, Darren Woods expresses strongest reservations. He says, if you look at the legal and commercial constructs and frameworks in place in Venezuela today, in Venezuela today, it's uninvestable. He brings up the fact that Exxon's stuff was just taken by the government twice before. Like Exxon has tried to operate in Venezuela and in the early 2010 or 22 ,000s when Hugo Chavez was still in charge, he just took all their stuff.
8:16So he said, how durable are the protections from a financial standpoint? What will the returns look like? What are the commercial arrangements, the legal frameworks? All of those things have to be put in place in order to make a decision to understand what your return would be over the next several decades. It's interesting. I wanted to jump on that point because I saw there's two reasons here because I saw that quote and then I also saw a reaction on Twitter that was pretty popular, which is they took part of this quote and was like, see, they don't even the oil companies don't even want to go.
8:47So this doesn't it did. That's another reason like none of this even made any sense, which I can understand the sense of frustration, especially if you're frustrated by the broader issue of us taking this action to begin with, right? And there was a follow-up to though where Darren Woods said, he did say today it's uninvestable, but he said after he said, we're confident that this administration and President Trump working hand in hand with the Venezuelan government, that those changes can be put in place, the changes that would get us to invest there. It's funny also though. So it's like there's this expression from him that the quote isn't simply like, oh, we're not going because you didn't open the door for us.
9:27It's like, provided the right steps are taken, we will invest money in Venezuela or we will set up some sort of operation there. But Trump still didn't like that response. And the next day, like even that like slight nod in the direction of like, it's not investable right now. Trump was like, didn't like what the Exxon guy had to say. even though he totally acknowledged that they would take that step forward in the future. I didn't like their response. They're playing too cute. It's just a fucking wild thing to say. And okay, so there was a bit of the history around the nationalization of oil that I wanted to touch on here because there's a bunch of steps here in history.
10:08Forgive me, I can't say it in the way that they call it locally, but uh i pd the pd vsa is like the national oil company in venezuela right okay and this was in uh came to be i think in the like mid 70s after give it a shot there it is they they no i wasn't thinking of this they haven't i think it's pd avessa uh pd avessa or something all right and leave a comment on how good his pronunciation was um but this is like the national oil company in Venezuela that was created in, I believe, the 70s to overtake the ownership or operations from the American companies that had originally been there to build up the oil industry starting back in the 20s in Venezuela.
10:59But when they nationalized initially, they still kept all of the American companies involved in pretty significant capacities. It ebbed and flowed over time. And, and, uh, as we got further into the 20th century, they increased the American company's involvement. And also as a result over that time period, output in Venezuela increased, uh, greatly through that time period as well. If you look like pushing, pushing to 2000, that is when like oil production is the highest. But I think what happened over the course of like graph up. It's exactly that. So this is a graph of the amount of imports of Venezuela oil to the US.
11:44And you can see in like 70s and 80s, it's getting there. And then from 90 to like 97, it just skyrockets. And we are just getting a ton of oil from Venezuela. It starts plummeting in 2005 when the nationalization starts and then, you know, becomes zero. Yeah, this is the US imports. Right. And total production in Venezuela is skyrocketing towards the 20th century. But that isn't the only marker for success, right? The original intentions of nationalization is to take more firm control of your resource and have those benefits passed down more concretely to the country. But as the American company involvement in the national oil production became more significant, less and less of the benefit from the average person was being seen from that oil.
12:35That's the argument at the time. And why Chavez was able to step up and make this argument for full nationalization again, where he, unless you meet these like really strict terms, we're kicking you guys out and we're not like buying out your equipment. We're not buying out the resources that you hadn't invested here. and one thing i didn't know is that exxon mobile uh one of the other companies uh all of these companies leave because they don't want to take like chavez's version of the deal except chevron chevron still chevron still operates in venezuela now which i did not know they're like until like a few days they're like goldfinger like they somehow survived through each change in venezuela like apparently they're just like really politically adept in venezuela yeah only American company that got to stay.
13:22So they were willing to take this deal where they don't have any direct ownership over the oil fields. They don't have any direct ownership over the oil. They don't even necessarily get paid in cash. Little finger. Sorry. They get paid. They gold finger. I was like, I was trying to they don't even get paid in cash necessarily. A lot of the time they just get comped in product of crude oil after like taxes and crude oil are accounted for and all these things. Chevron basically saw it as like we'll meet all these terms for like a long-term holdout of eventually more normal operations will return to Venezuela at some point.
14:00So we're willing to maintain this like little foot in the door that we have and accommodate you guys in whatever way we can, because eventually we see there will be opportunity in the future. And I under this pretty much this whole time thought all of the oil companies had been like kicked out, but they had agreed to this like really stringent version of the deal. And so what ends up happening, right, is all of these American companies and their infrastructure basically get kicked out or don't accept that deal at the time. The oil revenue that's coming in, there's this surge in oil spending under Chavez towards things like social programs and things that benefit the average person, right?
14:38But this leaves behind, they don't reinvest back into PDVSA anymore. They're not investing in that infrastructure. They're like losing like production knowledge. And there's also this huge internal worker strike in 2002 or 2003, where like 18 ,000 national oil company workers in Venezuela go on strike and reduce production in the country to basically nothing at the time. And then they all get fired and replaced by people more sympathetic to the Chavez government that's in charge at the time. So what remaining expertise that they have from their own Venezuelan citizens at the time gets pushed out through the firing of all of these striking employees.
15:28And so they're left with very little knowledge and investment to maintain what remains of the oil industry after that. And their oil production within the country just slumps. Like it's gone down very consistently since that sort of 2002, 2003 period. And I, you know, I vaguely understood these things like going into us like making these decisions. But little niche things like, oh, well, Chevron managed to hang on and like found its way in still somehow. now uh hoping basically for a moment like this where they get to be in the room with trump and like the the doors to investment are back open uh i i didn't know things like that yeah i mean doug are you seeing like my takeaway was trump it's funny because you know we all watched the press conference after maduro and he said oil a million times and he said it's about oil he just did this long 20 000 word interview with the new york times and they asked him directly was it the oil that made a big difference to you?
16:32He's like, no, oil happened to be there. Yeah. He said, uh, that's a nice and that's fine. He said, we didn't even know about all the oil that was just like, I guess based on who he's talking to me, changes his mind. But my takeaway is like, okay, he would like to have a bunch of American companies. He just did this. Can you patrol my screen? He just had a executive order blocking courts from seizing is again. That's the wrong one again. Damn. uh anyway trump added executive order that blocked courts from seizing venezuelan oil revenue that is now in u.s accounts so all the oil that currently exists that we're getting on tankers we are seizing it and we are selling it and the money's going to american accounts to to be used either in whatever their plans are for venezuela or for reimbursing or whatever ufc fight maybe ufc fight and uh venezuelan courts can't seize it american courts can't see it no one can use it for anything that is owed he gets to have it for his whatever slush one so my understanding is he would like them to come in and start pumping oil but all the oil companies except for maybe chevron are saying this is too risky yes like because number one the government hasn't changed they could seize it again number two the political situation on the ground is like more there's more crackdowns this week than there was the week before um maduro was gone like they're to keep order like they're doing more crackdowns yeah and there's a chance that like if we try to build there there could be I mean there's like these roving gangs of colectivos that are like a there's like a my understanding is there's a game of thrones power struggle going on in Venezuela right now between Delcy Rodriguez and the guy that's backed by Alex Saab that has like these colectivos and like he's kind of angling for more power and that guy could make your life hell if you're trying to build there like all this stuff is still happening and you're like Trump trying to wave this off to the concerns right he said that they'll all have quote total safety and that these are some people that drill oil in some pretty rough places.
18:25I could say a couple of those places make Venezuela look like a picnic. Yeah, but my understanding is like ExxonMobil's POV is like, we're actually drilling where there's a picnic. Like they're drilling in the Permian Basin right now to do shale and it's easy as hell and the oil is already like doesn't need to be refined and it's great and they're loving it. And that's where they're at big expansion plans. So if they're going to spend a hundred billion to build in Venezuela, they need to have more guarantees that might require. And this is why this is why this Venezuela thing, regardless of how you feel about Maduro, I'm negative on is because those guarantees require like more from the US, like boots on their ground or like, okay, okay.
19:05I want to hear. So this is, this is the, so first off, there's a funny thing. Again, all the oil companies, the big ones were in Venezuela and they had all their shit just taken, just straight up taken. And they're in Exxon's case twice. They like went in again. They're like, ah, we trust you this time. Yeah. Yeah. it was that first nationalization in like the seventies where they, they did it. And then they, and then they took it again. And like in, in 19, China, by the way, the smart, I mean, listen, if you're going to nationalize the way China does it is the smartest one. Cause they do like these, they do these, uh, I don't know what they're called.
19:36It's a loan for oil. You mean, no, it's like they force you into a joint, uh, subsidiary company thing. Like, like when Disney built Disney in Shanghai, they own 49 % of it. Chinese local companies, company gets 51%. They learn the expertise. You know, that, that is how they did it. They made it so that the outside company can come in and make money, but the ownership is always 51%, the local Chinese company. And they, it's part of the rules. They have to like share the expertise. Okay. Two counterpoints to the hesitation from oil companies. So the first off, there's a quote here from Bloomberg.
20:08At one point, Trump asked Ryan Lance, one of the oil CEOs, how much the company had lost in Venezuela, prompting the uh, Conoco Phillips CEO to say it had taken a$12 billion loss. Trump says it's a good write-off. It's a tax write-off. Yeah. He's going to, he's going to change the tax code. No, just look at your company. Look, so it's, it's quite obvious if I make whatever$500 ,000 this year on YouTube. Yeah. But, uh, somebody comes in, robs$500 ,000. I don't have to pay taxes now. It's great. Right. So first off, obviously wonderful strategy, but that was clearly a joke. And then when Venezuela nationalizes Doug's YouTube channel, and it does beg the question if Doug's YouTube channel is under the ground in Venezuela who who is the rights to said I can't wait to see Delsey Rodrigo guys playing Skyrim I don't know if you guys know this like the first couple of videos I did on my channel um were pre-edited and I found them in a mine in Latin America oh yeah I remember but I got there first I deserve it I deserve it yeah no that makes sense and you gave a bunch of people smallpox along the way which i thought was fucked up but yeah so here here's the here's the counter argument on the one side you're like look the oil companies don't want to go in the existing government hasn't changed very much so what is the u.s doing to exert control and to potentially convince the oil companies to invest the big thing is this blockade they are saying i mean we are explicitly the military said like you cannot get tankers in and out of venezuela the U.S.
21:38is going to be the only one that determines where the oil goes. So even though the U.S. has no longer had oil presence in Venezuela over the last decade or two, right? Russia and China have, right? Venezuela has still been selling oil. That is still their national lifeline. That's where they make most of the money to even function at a baseline as a government, right? Like that's still critical to their country. And up until now, past couple of years in particular, Russia and China have been partnering with them for oil. There's a crazy stat I didn't realize. Between 2000 and 2023, so like for 23 years, Venezuela was the fourth largest recipient of China's official credit, receiving$106 billion worth of loans from Chinese official sector creditors.
22:20That's crazy. So you have two of these countries that in the wake of America pulling out and doing these sanctions with Venezuela have been going in and filling that gap, right? And what the military, the US military is doing right now is saying, you guys can't do that. So not only is it, you know, fuck you to China and Russia who want oil and there's various cascading effects. In fact, let me move the cannon and the horse into the middle of the Atlantic Ocean. If the US says you cannot get oil tankers here, we're the only ones that are going to allow oil in and out. Even if American troops aren't in Venezuela on the ground, Venezuela as a country cannot fund almost anything unless they agree to go through what the US government wants.
22:59And if Trump goes to them and says we will only allow oil to be sold out of your country if you make sure that Exxon and Chevron and X and Y and Z get to operate there. That is a type of pressure that isn't military, but the government there is like, we cannot do anything. If we put ships fucking outside the Atlantic and stop anyone else from taking oil, Venezuela can't really do anything. That would be the argument. And that's explicitly what the US military and Trump have been saying. Right. But the argument there is that the escalating internal chaos within Venezuela is then they can just figure it out, resolve it and do what he's asking.
23:39But really, if they're cut off from resources and all of the little oil that currently exists has been seized and put in the US account, like it's just the expectations that things just get worse there. Like it just gets worse it gets more chaotic then nothing gets done like it gets more fractured that delci rodriguez's tenuous grip on power falls apart which by the way name from a moral pov the only way this is even remotely acceptable is when you were saying that maduro stole an election we're going to get rid of him and change things so they could have elections in democratic place in venezuela if you're doing it from a pure like we are stealing the oil and we're going to blockade this country until you do exactly what we say not only is there not a single out of morality there but i don't think it's going to work like i yes deltie rodriguez is probably going to try and do what trump says but what is her capability well how is she going to get this over the line oh you don't think a strong powerful woman can make change i just i think i think the situation in venezuela is really bad like it's they're my understanding is that even in this past week they've had to ramp up the amount of crackdowns uh not only on journalists but on like in the city streets of Caracas because people are, they're still poor.
24:55They're still strong. Like nothing has gotten better in Venezuela. It was only held together by the strong man Maduro. And, uh, you know, like, I guess, I, I guess I just don't see it like just turning out magically well, but, but maybe, maybe, um, well, part of it depends on how the oil revenue is shared back with Venezuela. And part of it is, you know, I'll, I'll still met it. I'll do my best to you, man, which is like Margot Rubio, who I think is much smarter than Trump, has a plan here. It's like, okay, we can't give it to Machado yet because she doesn't have the support of the military. It meaning the country?
25:31The country. Okay. Like she won the election. We cannot give her the power because β Again, her party won the election. Her party won the election and she does not have the support of the military, which is what we need to make sure this doesn't become another Iraq. So we're going to seize the oil. we're going to put the pressure on and we're going to use this money essentially as almost like bribes to slowly but surely change the behavior of those in power in Venezuela to be amenable to elections. Yes, that is their goal. Right. And so that is a, you know, there's like 10 question marks from here to there that we have now inherited as a country because of this gamble.
26:06But yes, theoretically, I see that plan. Another counterpoint. So after this meeting on Friday, where Trump meets all the oil executives and his goal is to get them to firmly commit to$100 billion collectively of investment to get this thing going, right? They come out of the deal. Only Chevron has a specific pledge to do anything. None of the other ones do. None of the other 19 who are there. But Trump says, in quote, we sort of formed a deal. So think about it. They're oil companies, right? If Chevron gets in there and it starts working, then everyone will fucking jump on board. But it also makes sense that Chevron was the only one that said yes.
26:43That's their gamble. They were hoping they were waiting. Well, it's not. They were hoping they're the only ones who, yeah, they've been doing it. They're there built up, ready to go, and they can expand. And that's very different than Exxon, who's been broken up with twice by Venezuela, going in for a third round at the relationship. I mean, for, you know, for, for what it's worth, I agree with everything Trump does. And I think this is going to work. Right. Can I do a broader, I heard, I heard this guy, Brian Winter. He's a, he's a American journalist who did two or three decades in Latin America.
27:14And he wrote, he ghost wrote the biographies of two Latin American presidents and Pele, the greatest soccer player. So he's, he's like deep involved. And he was right. He wrote this long piece about what's going on in Latin America. And a couple of things were eyeopening for me. And I want to kind of share them. Yeah. Which is one is that Latin America for the seventies till now, massive wave of like mostly left leaning politics, right? that's like that that's the key celebrity figure would be like castro and a lot of things were similar to that and i feel like chavez is up there chavez right but he's saying he's just noticing the trend there has been a big rightward surge in latin america in recent years and he pointed to one specific thing which is causing a lot of change illegal american migrants that's the one They're searching over the, they're coming from the asylums.
28:04They're, uh, no, he said, and this tracks with other things I've seen from different, like putting web of stories together. The cocaine trade in the past 10 years has become gargantuan. Like Europe, Brazil, and America are all consuming like, like five, six, seven X amount of cocaine. They used to like the cocaine train has gotten absurd. It's so profitable and it has become such a blight on Latin America that's caused so much crime that people are like at their wits end and trying to go for like more strong man authority, whatever, whatever to crack that like it. That is his big takeaway. That's like one of the big things.
28:42I mean, I could see that. Isn't that that's kind of the rationalization from like people who are local in El Salvador. Right. Because I think we look at the prison system there that was put into place, and it's incredibly harsh. Tons of human rights groups have come to basically criticize and complain about it. That insane 60 Minutes piece that came out recently, the one that was not broadcast in the U.S., showing the conditions that people are put into there. It's absolutely absurd, right? But the argument when you listen to people who have lived in El Salvador or fled El Salvador from their perspective is that now it's safe.
29:23Like I don't, I was willing to tolerate this crackdown because the amount of violence was so bad that they don't, like these people who were killing people, like these murderers in the streets, like need to be put away at whatever cost necessary because like life was untenable before. So that is the exact argument he made. He said El Salvador is the new, like Bukele of El Salvador and maybe Malay of Argentina are like the new celebrity leaders of South America in a way that Castro and Chavez might've been in the past. And people are saying, I don't like the violations in El Salvador, but he's getting results.
30:02Like that, he's just, this is just a mental report. He's like, this is the boots on the ground reality is what this trend is going. And so you can see a world where more, not Brazil, Brazil is still Lula, but you can see a world where a lot of these economies are flipping to more Trump-friendly regimes. And it's fitting into his larger Don Roe doctrine, North and South America thing. Like I can see some of that. And I, yeah. Yeah, sorry, continue. Well, I was gonna say, you know, we could use this as a transition to other parts of the world, because I do think. So my last note I want to put on this is the thing that I think really ties into maybe some of the other parts we will talk about, which is it's not just about oil in the sense that we need more of this resource that goes into cars and plastics.
30:52It's not just about that. It's the idea of controlling your political sphere of influence and constraining the influence of Russia and China and putting pressure on them. It's not just about having the oil, more oil so we can make the companies happy and do more with it because there's you know there's a bunch of places in the world that have oil so why is it why is it venezuela specifically that these actions are getting taken against right one thing about that yeah we've all heard the stat that venezuela has the largest proven oil reserve in the world you've seen the chart where it's like well it's it's being called into question in this week after the the maduro's capture where people looked into the stat or where it came from.
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31:37And it's like, that stat did not exist until Chavez. And it's only reported self-reported by PDVSA. So like, like, uh, people got the stat from OPEC and they asked OPEC, where'd you get it from? Like, we just asked PDVSA and they asked them, they're like, we just sort of had a mandate to say that during, like, they have a lot of oil to get me wrong. But the idea that Venezuela has more than Saudi Arabia is now, it's like, it's probably not brought into question or something. It's brought into question. Like it might have been a bit of an exaggeration for political purposes like that is just stuck around you guys always say i'm the chaotic one i'm riding motorbikes around i'm tossing lemons okay i get a little out of pocket sometimes think about what brandon does he walks in here with his hulking body surely we're breaking some sort of code we're breaking some sort of code in this building this whole place is out of whack and we need something to keep it in order ai powered security expert that scales with you is that about how my large body is where vanta comes in and it couldn't scale with you brandon whether you're a fast-growing startup like cursor or an enterprise like snowflake vanta fits easily into your existing workflows no matter whether you're a huge don't call me a snowflake huge company like hrock you can keep growing a company your customers trust.
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34:17I've heard it's the year of health for you, Mr. Brandon. Not every ad reached me about how I'm fat. I didn't say that. But you implied it. I did not say that. You implied it. Lots of people are trying to be healthy with 75. Do you think if they run out of the duffel bags, but you have a lot of conviction, you could still get one?
34:38Rapid fire question. What is the most embarrassing subscription you accidentally paid for that you didn't realize? The embarrassing thing is the amount. I have six, this is not a joke. I have like$600 a month in new subscriptions. Dude, what is wrong with that? It is absurd. And like some of them are like Nikkei Asia that I have not read an article from in two years. So Rocket Money is the only thing that helps me out in these situations. I can't track them down. I don't think you're using it. $600? The truth is - I use it. Every time I use it, I end up adding three more. What are you doing? I was using YouTube TV for a long time, which is a pretty expensive subscription.
35:17Finally got rid of it because of Rocket Money. I was like, oh, I'm just pitching$90 away for a service I don't use. Huge savings. Or you could be like Atriac. You could get Rocket Money, have everything hungry in one place. I feel like I have more money to spend on news than subscribe to 10 more things. Then cancel them. If you want to use Rocket Money, you can try rocket money for free at rocket money.com slash lemonade. So, I mean, let's transition this. We're talking about psycho risk. This is Trump strat, right? So not only does he get oil from Venezuela, what are you specifically doing to harm Russia and China?
35:51Like, why does this matter? Right. Which is what we're getting at, which is over the past tennis years, as American companies have stopped buying the oil and it has stopped flowing to America and these sanctions have done damage. Russia and China can then go to Venezuela and buy oil for cheaper, right? Because by definition, in Venezuela is less people to sell to. So it's been great for them. And they've invested a ton. They don't, I looked into this, neither China nor Russia have actual like fully owned companies in Venezuela, but it's part ownership. Like you said, they go in and they do joint ventures and they put a bunch of - Joint ventures, that's the word I was looking at.
36:23Yeah, joint ventures. And now they just can't, like those joint ventures can't send oil out anymore. And so this is a big hit. So if you're - Well, okay. If you're Russia, what are you doing in this game of psycho risk? How do you respond? Okay, I think it's a good question. Let's talk about Russia. so yeah again i'm i'm i think it's a good exercise here if you're listening to try and think about this from the different players on the boards thing without having to be like taking a side yeah i don't i'm not pro-putin and i'm not really pro-trump here i'm not no no i just i want to so here's the thing it is worth saying that all we're going to talk about iran in a second we're talking about greenland and a couple other things it is worth saying that what has been happening in the past, I don't know, few months, maybe a year has been provably bad from the Russia POV.
37:11Russia and their focus on Ukraine, which by the way, as of today is now longer than the Eastern front of World War II. Russia has been spending more time fighting in Ukraine than they did fighting the Nazis in World War II. It's fucking crazy how long this special military operation has lasted, how many people they've lost, how much damage is done to their economy. However, it breaks down. It's been pretty disastrous. doesn't russia say like they have to go and eradicate nazism from ukraine that was it's crazy that there's apparently more nazis apparently they could beat the german nazis more than they could beat the fictional nazis they created in ukraine but uh but russia has had like if you put blue pieces or whatever for for russian pieces we got black ones here yeah um and you spread them out over like syria and all of the in venezuela and uh these these bases that they've had these iran these are all places where russia has invested money weapons investment uh training and every one of them like dominoes has been like weakening or falling as they've focused all of their energy on ukraine they have not been able to supply the support that they used to provide yeah their venezuela piece has been booted out by the u.s that's again same time that's like a big that's the oil tankers we're taking their oil by their tankers by force they can't even get to Venezuela now.
38:30Right. Yeah. I mean, at the end of the day, like what actually hurts Russia is if the Venezuela oil is pumped and sold to anybody, it doesn't matter. It's like the whole point is like if the oil price is low, countries like Russia are screwed because they make all their money on a high oil price. So, um, yeah, you don't want the U S to have that point of, of leverage. Right. Yeah. The ability to just flood the market with oil, which again, this is like, this is a unique thing in history because until the shale boom and possibly this venezuela thing america was always a massive net importer they were always like at the mercy of essentially opec and so only in recent years has it been like they can kind of stand on their own wasn't that from an american pov there was another that was another part to the oil too right it's a that so venezuela has all of this heavy crude oil that we happen to have the facilities in the u.s to refine.
39:22A lot of the refineries in the U S are built to refine that type of heavy crude oil. The shale oil that we produce kind of in recent history is like a lighter, like a lighter crude oil that gets refined elsewhere in the world. There's different supply chain to refine that type of stuff is in other countries, notably in China, in Japan, in other parts of Asia. So like you, you don't have full control over the supply chain of like how the oil is refined and created. And it's also to a degree, some of the places that refine it are within other spheres of influence, right? So either within China's like sphere of influence or directly in China, physically closer to it, I mean, or literally closer to Russia in places like Estonia, for example uh so the u.s gets control of it's it's not just like access to the oil itself but it's like you're removing the pieces of leverage that the other players have on the table to influence you 100 so you can see again i think the big picture i can see the argument and that's why this is made i always have a problem with the chaos and the details and the uh where it breaks You know, you're getting weird because it's never backfired.
40:37I don't understand. He keeps bringing that up. And it's like, I can't think of one time that we intervened. I did get it. It didn't work. I got a huge head injury last year. I don't remember a thing past, I don't know, January of 2024. I can't think of a single time this has backfired. Let's go to where it almost certainly will backfire. And that's Greenland. Because, again, like every day, he's saying more and more concretely we will take greenland no matter what whether it's paying them which i think is what they're hoping to do which is do a big uh ten hundred thousand per person get the greenlanders to vote on it patriot dividend patriot dividend and then they all just go into america but whether he's like really concrete about it and europe is more and more getting forceful about what the fuck are you saying like france came out and said something germany said something the uk said something and the uk keir starmer of the uk has bent over backwards for trump on almost everything like he has done his best to keep this uk us special relationship alive and even he was like that's a line like the greenland thing's a line because it's it's european territory it's part of the use part of nato so here's i'll say it's like if you think about america in this great game of the risk of the world of the risk there's three superpowers it has, right?
41:54Number one, it's got like the best geography, probably in the world. Like it has incredible natural oceans, tons of resources, yada, yada. Number two is it has this incredible network of allies and systems that it set up after World War II that just puts it on top of like most things. Trump just left 80 different organizations in the past six days that were all like international organizations. And if we break NATO, like this entire sphere of connection, I think that whole superpower is gone. And then the third one is just the economy and the military, which is like still intact. So I guess what I'm saying is like, I would like to hear a steel man on why Greenland, especially because if you look into it more, there's already US military bases there.
42:40And Denmark has already agreed. If you want to add more, we're chill. Like what every the national security doesn't make sense. The if you want to mine it or put resources there, they're totally down for that, too. Like you can invest in Greenland. why does it have to be an American flag on it? Why does it have to be owned? And I think Trump answered this in this interview. This is the really long New York Times one, right? Yes. Yeah. Okay, so I want to show you this. This is from that New York Times interview. They asked him why he needs Greenland because I want to do it properly. Really, to me, it's ownership.
43:12Ownership is very important. They asked him the question that I just asked, which is like, why don't you just mine it and put military troops there for everything you need? And he's like, because that's what I feel is psychologically needed for success. I think that ownership gives you a thing you can't do, whether you're talking about a lease or a treaty. Ownership gives you things and elements you can't get from just signing a document that you can have a base. Psychologically important to you or to the United States. Psychologically important for me. So maybe another president would feel differently, but so far I've been right about everything.
43:40I think Greenland's fucking crazy, man. I don't get it. I don't get it. I love the follow-up. And would you use military force to get that? Trump, I didn't say that. you said that i'm asking you would you yeah i wouldn't comment on that i don't think it'll be necessary i don't know man it doesn't it doesn't seem necessary i would get it it would make a little more sense if greenland was alaska and you're like we want something that's right next to russia and alaska and russia are right we are right next to russia and like that i would kind of get of like wanting to make sure you have control of you know bases that are right next to Russia at the western side.
44:20But this is right next to Russia too, right? It's all at the top of the world. Yeah, I guess so. It literally is. I think that's the big question is this is all packed in at the top of the world. There are military reasons for doing this. There's reasons to control these shipping lanes in the Arctic that are going to open up as more and more of the ice melts. You know, shoutouts climate change. Shoutouts to opening the shipping lanes up there. You just look, there is a lot, lot more space between Greenland and Russia than Alaska and Russia. But it is all there's a really good, I've watched it twice actually.
45:00It's funny, I watched it last year and I watched it again recently, but there's a really good Wendover video about this, about like the basically the scale of like military capabilities in the area from Russia and what the US has available to them and like why the US wants to build military capabilities in Greenland. I think what you're saying is that a lot of the ways they would want to compete militarily or develop things militarily could just be done by saying, Hey, Denmark, can we build this out in Greenland? Which is what they did in like after or around World War II with like Denmark's already said they're open to it.
45:37We could go to them and say, Hey, we're allies. This thing with Russia and China, who are especially Russia, you don't like Russia, Denmark. We don't like Russia. Let's increase our capabilities in Greenland. We already have a military base there that's staffed with soldiers right now we could add another one or we could expand it Denmark will be down but there's like a need from this president to like put a flag on it and make it he wants the big I mean it keeps posting the image of the America that's like extra big and I think it's going I think this is doing this insane thing that you're talking about it's like you're slowly losing one of your superpowers which is these deep ties and alliances to like the rest of the world that you've developed over so long and now we're in a place where in In December, Denmark officially labeled the U.S.
46:21as like a potential security threat, like as a country. It's like you'd say, they're both in NATO. They're both in NATO. And I also just, so I really wanted to talk to people who live in Greenland before this episode. And unfortunately, the ways I was trying to contact people, I hadn't get ahold of anybody in time. I was able to contact a handful of Danish people that I'm friends with, and one of whom has like closer ties to green uh family in greenland but i haven't interviewed anybody who lives in greenland yet but it's interesting hearing like the danish perspective on this which is that there's this increasing like the there's always been like a haha funny like look what america is up to attitude especially from young people but from danes broadly there and i've experienced that firsthand just like visiting and talking it like people whether they be young or old or whatever, right?
47:14But it's turning into this like more this like, ha ha, but it's like maybe not that funny now between people when they talk about it. This uncomfortable feeling that something is coming to a head and also Danish people confronting a history with Greenland that they never really had to before. I think one thing interesting, one of my close friends mentioned was he felt like in school in Denmark, you never really learn much about Greenland. even though it's a part of the kingdom of Denmark. But he even learned about things in the US, like the ramifications of Jim Crow laws. But he barely learned about Greenland.
47:57And he was remarking on how insane that is, but how that's a very shared Danish experience of feeling like you don't actually know that much. And while Greenlanders are caught in the middle who generally have this feeling of, we don't want to be fucked with by the US, but they're also going through a time period where they kind of want independence from Denmark with some asterisk on it. People broadly want independence from Denmark. Like I think over 80 % do, but a huge chunk of that 80 % only want independence if it comes with like no large economic ramifications, which there are most certainly going to be because the amount of like funding and support that comes from Danish tax dollars.
48:43So there's a bit more of a controversy to it. And it also puts Greenlanders in a weird spot, right? Where this outside force is constantly threatening you and you have to play nice with the defense from Denmark that you're actually trying to space yourself away from and you probably want independence from in the long run and also economically supports you. You just want to live your own life, develop your own economy, have your own sense of like national identity, like you largely already do in so many respects and you're caught between, you know, the world's number one superpower probably and you're, you know, effectively colonizer in a historical context and you have to like pick a side because everybody's like fighting over you.
49:34It sounds, from the loose description of Greenlandic feelings that I got through these people, from the people that they know in Denmark, I understand that this is a chain of hearsay. It's that people feel very trapped and want everybody to fuck off, but there's no way of having that happen, and you're caught at the center point of this giant political battle. Real quick, do you guys know, so I hear about the importance of the Northwest Passage and the Arctic Circle, particularly in the context of global warming, causing more of it to be accessible, but why would that be such an important route anyway?
50:11Like we, you know, if you think about it from the American or Canadian perspective, you can sail from the east coast of America to Europe. You can sail from the west coast of America. My understanding is there's some pretty open or ones that melt a little more. There's some pretty insane faster trade routes, especially to rising places in Asia through the Arctic Circle. Secondly, the the lowering ice levels is revealing like massive amounts of rare earth minerals. so it's like just becoming like a the arctic is like a is this a race right now because it's an area nobody cared about and now it's like oh this is actually really valuable the routes are valuable the the minerals are valuable etc a bunch of stuff is like a bunch of the minerals or like resources available in greenland right now are financially difficult to access like you couldn't even necessarily profitably take a lot of the resources that are available in greenland but presumably at some point in the future you'll be able to yeah uh i uh i will say one thing that do you ever you talk to the friends that from around the world who like it kind of sucks for the last like 10 plus years i feel like they're always like what the fuck are you guys doing over there it's kind of a bad feeling to have everybody feel that way all the time it doesn't mean like they're always right you know but i i do get that sense of uh it's you know even having these conversations with danish friends they're like you guys are psychos right now like what is happening oh my my friend so the the contact that's trying to introduce me to somebody in greenland his like screening question was like what side is he on like is he like a normal guy because if he's you know if he's on the on the trump in the trump camp like he doesn't want to talk to me which i totally you took off your manga and i took off my manga i don't know how i took a selfie and i said kamala 2028 that's what i said uh but i and it is a frustrating feeling what if he's a trumper did you ask whether he's in support of this or not actually i picked it and i guessed wrong coincidentally you didn't get the interview he's a green liner who wants the u.s to come in i i get that and i do that's that's a i mean you have a lot of european friends that's a very european uh thing i will say like i feel like if you you know i'm reading a lot of european sources that are saying like some of this stuff is like a little time delayed like you know the afd is about to be the biggest party in germany the rn's about to be the biggest party in france maloney just wanted it like it's not like maybe they're not as crazy as maca but it's there's a trend that's happening in europe as well that i think is being uh i think they're like willfully ignoring it to just focus on america i think i get what you're saying it's not that they're maybe this isn't a great example but it's kind of like how like like boris johnson was leading the uk for a long time and he was seen as like the uk's trump or whatever yeah but boris johnson talked about how he didn't like Trump all the time.
53:15It's like, I think there's this collective idea that like, it's not just that we're doing right-wing or like left-wing politics. Everybody's like, you guys have a psycho. But Boris Johnson is like, he's not really a Trump, right? No, I don't think he is. I don't, I'm not saying that. I'm just saying that I think - Like a Nigel Farage, mate. Like there's like these parties that are coming up that are way more like, I don't know what the word is, but like they're MAGA. Like they're more like nationalistic. They're more, uh, and so I don't, I think Boris Johnson was more of like the center left, center, right back and forth.
53:49I, yeah. Tomala Mitt Romney. I mean, maybe they're on a trajectory too, but it's, it's like even talking to my, even talking to the one Venezuela friend last week, right. Who had very pro things to say about the U S and even Trump in the specific instance of his, like of progress as he's seen or the hope of progress for his country. that was off the back of him complaining about Trump in a bunch of different ways for the way that you know immigration is being managed and the consequences that Venezuelans and many other people across Latin America like face in the United States right and or even when I people the more limited number of friends in like Asia or like Australia like they're maybe you're right maybe we're just on a trajectory of them to like catching up with the chaos at some point It just, it feels like I've slogged through a decade of the world collectively pointing their finger at me.
54:46Yeah, he's uniquely chaos. I mean, the last two weeks are crazy. Like, he captured the president of a country we're not at war with, and now he's threatening. I mean, this is going way beyond what the normal. I feel like Trump chaos can large, in many ways, be defined as like a lot of crazy talk, and then not always backed up by action, probably more often than not. Now, this term has been way different. And then this term's been crazy. and then this year is is nuts like this is the two this in greenland and venezuela in the span of a week is fucking crazy and now that he's talking i mean we'll get to iran but he's talking about how the military will intervene if they keep cracking down on protesters like are we about to get into like three different conflicts anyway uh-oh look who's doubling up it's aiden doing two quo ad reads in a couple weeks and you know why it's because everybody that he works with in his life needs to use this software.
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57:45Let's go to Iran because it reminds me, what you just said about your friend in Venezuela reminds me, I've been talking to two people in Iran during what's going on right now and a couple people who live here who have family there. And I'll just give the broad overview here, which is that, you know, we talked about the whole history of Iran on this podcast before and how we, you know, with the U.S. doing almost Great Britain's bidding to cause the initial
58:13revolt that took out Mohammed Masadeh and led to the Ayatollahs taking over, okay? So the Ayatollahs have ruled Iran for a long time. And I'll just say, much like Venezuela, it's been horrible. It's been a very badly run country, right? Economically, it's done very poorly, very repressive. People aren't generally happy. The average person is not very happy. And they've had a lot of protests and riots and many revolutions escalating over the past few years. The most recent one in 2022 and 2023 was because a woman got executed in police custody for not wearing the face covering correctly. And there was a massive nationwide protest that got pretty big.
58:56People thought it was going to be a thing. But this is, as my friend told me, every single time they try, the reality of the ground is that the Ayatollahs and the government has the weapons. They have the guns and they win. And they wait it out and they use the power they have and the protest ends. This time around, it is a little bit different, primarily because this one kicked off because the economy has gotten to a point of true disaster, which is recently, I guess in the past year, you could say the Iranian real has gone from like, I don't know, 50 ,000 to a dollar to like 1.5 million. Like the value of the currency has turned to ash.
59:38And so this kicked off, this protest around kicked off, not from any like massive political movement. It started because all of the people in the center of the city, like the markets just started shuttering their shops and getting angry because they could not profitably, they couldn't sell anything. The prices were changing minute to minute. Like they could not sell food, everything in Iran, especially most things that are due with food, like let's say milk, water, a lot of things are imported. And when your currency collapses, the importing cost goes to the moon. You can't get anything. And so, you know, there's like been political revolutions in a lot of countries and they go one way or another.
1:00:15But usually when you get to the point of financial collapse. Like that is the end times for a lot of regimes in history. So this has ended up being a massive, massive protest. You could call it a revolution. Like it's become huge. It's spread across to like dozens of cities all over Iran. When did this start? This has been going on for like a week, two weeks, three weeks? I feel like around two weeks maybe. I know it's like ramping up in intensity rapidly, but it feels like it was in the last week that people started to talk about this and be like, wait, these protests are big. This is a big, big thing going on.
1:00:51They've gotten very big. And it's interesting. So one of the people I talked to is the first guy to reach out to me. And I got their passports and everything to confirm. Why'd you move everything? We can't have the Chinese pieces be. Oh, I see. Oh, okay. All right. All right. All right, sure. We're going to change. Sure. I'm listening. Okay. So I talked to the guy in the country and he had a very similar thing to what you said on your guy. You know, Russia has a lot of Asian roots too. I think we got a small... I had to change it. I had to change it. Sorry, go ahead. Go ahead, Jock. We'll replace them with blue dice.
1:01:32Here we go. There we go. We're going to roll dice and see what happens because this is happening live. I just want to say, this is happening live. The currency went to shit. People are protesting. uh, at the same time, the Iranian government, uh, they were, they used to be doing like food subsidies. So like, if you were going to buy water or milk or food, they would give you the preferential exchange rate, which is like a fake number they made up to change your dollars to or change your dollars. But they stopped doing that because they couldn't afford to keep doing it because the currency gotten so bad.
1:02:05So they canceled it. Once they canceled it, the riots really kicked off. This has gone crazy. So my guy in the country, he said similar things to your people in Venezuela, which is like, they want Trump insofar as he is useful to them. You know what I'm saying? Like they don't, they don't, whatever they feel about America, they're like in the media term, my greatest enemy is the Ayatollah who is bankrupted my country. And so they would like, I mean, well, from his POV, he would like Trump to help in some way or someone to come in and help because this is where it gets a little more serious. And I don't want i don't have the footage i need to review it more but the general idea is that right now like in the past three days it has reached a point where they're now like open firing on protesters and i don't have a body count and no one has a verified one but it's like a lot of people dead like a lot like uh the latest was minimum hundreds yeah 500 and i've heard it could go into like he is claiming higher and so and some of the footage he sent me which again i have to spend more time I'm verifying is like horrifying.
1:03:07So there's, there's clearly like a brutal crackdown going on to shut down this protest, but they haven't done anything to make the economy better in any way. Like it, it is a, it is a, an untenable position. So what happens next? I don't know. Trump. And again, like I said with Venezuela, it's tough for me, even hearing all this to think it's a good idea for us to get involved in the Middle East again in a military way. It is just so often ended in disaster. So often we don't do it for good reasons. And like, you know what I'm saying? Like, but. This is at the point where Trump has said help is on its way.
1:03:48He said this an hour ago. Help is on its way. Keep protesting Iranian patriots. Take over your institutions. This is one hour ago. Oh my God. So we're like, this is a lot. Like tomorrow we could have a different story. But I will say that 24 hours ago, the guy I know that's in the country was telling me how, because he, I saw, I traced his excitement level. He was getting really excited. He was like, things might actually change. And then 24 hours ago, he was getting like immensely depressed. He was like, I think this is going to end the way the other ones did. brutal crackdown they're going to kill a bunch of people and nothing's going to change so he is like desperately asking so i don't know i don't have a i don't know where i stand on this other than that i massively against the ayatollah of iran like that's uh but that's where we're at that that is where we're at and and so if you did this if you didn't want to zoom out and not be on such a local level on a geopolitical level iran is the key to the massive strait of hormuz which just like where a ton of global trade goes through.
1:04:47They can mine it up. And it's where China gets all of its oil from, that through that straight. It is incredibly important in this like Putin, G, Trump game of risk. If Iran were to flip or to have a government that is more pro-West, it would be drastically different. So I assume, based on what happened in Venezuela, that any extra money in Russia or in China is like, they don't want anything to change. Yeah. This is what's so baffling to me about the Greenland thing. The Greenland thing is not time sensitive. It's pissing off all of our allies, but at least there's some logic in psycho risk of taking Venezuela and booting Russia and China out.
1:05:25There's logic in supporting Iran so that you can boot China and Russia out and have like this massive leverage you control on the oil supply globally. Right. That's that in theory, if everything goes perfect, it's a huge deal, but like why Greenland? But anyway, yeah, this is also just looking at the most recent numbers, human rights activists uh a human rights activist news agency is saying at least 2 000 people have died in the protests so far um and then another group is saying more than 6 000 but obviously you're not going to get completely accurate numbers i think i think this is something that could change very quickly after we record this like literally by tomorrow and the next day it could be dramatically different it could be i think military action maybe with to answer your question.
1:06:10This is a guess, right? Because these are difficult questions as we try to figure them out together and gain even a semblance of understanding of how this stuff all works. I feel like in Greenland's case, if you're at a time where this feels politically possible as Trump and you think this is beneficial, it could just be the psychological reason that he described right uh but if greenland is on this trajectory to kind of become its own independent place like free of denmark's oversight then you're losing your potential line to approval of all the actions that you want to take in greenland like you may no longer get that approval of military bases or the mining you want to do down the line uh that denmark might be willing to allow because that place is seeking independence.
1:07:10So you want to grab it for your own before that comes to fruition. That's just a guess. Yeah, maybe that's P.O.B. I think he legitimately wants the map to look. You know what I'm saying? He legitimately just wants the map. He probably looked at the wristboard and Greenland is part of America in the wristboard. It's a little closer. And to be fair, when I was a kid, when I was a kid and I looked at the map, I was like, Greenland looks like it's part of North America. Yeah. I did have that thought as a child. And Trump wrote that down and said, that is my future policy. He locked that in. No, it's crazy.
1:07:49I do think it is, of all three, the most... I'm kind of against all of them. Except for maybe... Listen, if I could trust that Trump was not a fucking psycho, I could say, like, if you were at close ties with, let's say, the UN, and Europe, and you had these institutions we built after World War II, you could have a coalition that's like, hey, I think we all agree what's going on in Iran is a problem and we're going to send some people in to help try and protect these protesters or whatever. There's something you could get where it feels like more of a global united front. But because of what he's done in Venezuela and possibly in Greenland, it feels way more self-serving, even though I do think what has happened to the people protesting, I mean I mean I have kind of a question in a more of a feeling about this because I feel like as in my position that's all I really can do right I can try to figure out and understand why these things are happening and then I I feel a way about it I do you guys think like when I look at Iran and I look at the way that people are going to suffer and die there in this potential transition of power.
1:09:05I think there is something about, oh, if you have the capacity to help those people, then you should. But my difficulty with this stuff is, it's very clear that we're not, the US doesn't intervene because of altruism. Right. There are reasons that we choose to take actions in specific places to benefit some sort of larger outcomes or gains or whatever, right? And because of that being the reason we choose to do things, I don't have faith in the execution of how that help is brought about. We seem to, in any time where that help is being offered, there seems to be a lot of externalities that often come at the expense of the people that we were supposedly helping in the first place.
1:09:59And I don't have faith in that action being taken in the best interests of those people. So I'm scared to be supportive of it being offered. even when something like this is happening. I feel like morally conflicted about that because I don't like, dude, like just because you woke up and you were born in Iran and you've lived your life there and you want more freedom around your life, like you, you know, the government gets to shoot you in a protest. That's fucked up. I don't want that to happen to anybody. Have you guys like weighed that at all? I don't. yes i'm wondering when i'm talking to this guy i'm weighing it because he is the guy i'm talking and i'm talking to two people and they have different opinions one of them is more measured but the guy that i'm talking to the most he's he's like explicitly like we just need the help like he is he is desperate for someone from the outside to come in because they have all the weapons and he is tired of living in uh deteriorating living standards every you know what i'm saying like and it's tough for me to weigh how i feel i don't know exactly how i feel on it because, um, because of actions in the past and I've seen how it goes, like I've seen how it goes.
1:11:13Yeah. That's the, that's the problem for me is the intention is almost is less relevant, right? Whether it's actually for oil or actually to help people or what the percentage is, it's just that in our lifetime, you know, all three of us, when we were kids, nine 11 happened and then we were just in Iraq and Afghanistan for 20 years, we blew trillions of dollars on it that we collectively are gonna have to pay in debt and nothing fucking good happened out of it i'm sure there is some good that happened but like man it just feels so unbelievably wasteful and destructive not just to america but obviously the people there got fucking bombed and died and had everything destroyed around them and our track record is just so bad that it's so hard to be like ah this will be the one yeah iran this will be the one it's not going to be like syria it's not going to be like Palestine.
1:12:00It's not going to be like Iraq. It's not going to be like Afghanistan. Don't worry. This one's going to be easy. It's like, dude, I don't know, man. And it's not to say that I'm sure it would, I think it would be naive of me to say that there's probably no learned lesson or shift in approach to like how things are approached back then versus now. Right. It's even shown in something like a mind like Venezuela. It wasn't, we didn't just go and invade it's like we it was captured the president and his wife 80 people died 80 people died yeah but and uh but you know compared to iraq very you know very different like start to it or whatever you want to say right or even compared to you know you know panama like decades before that was like i think hundreds or a thousand people died like when we when we did that operation in panada Panama, I can't remember.
1:12:56I'm not saying this and that magically makes it a giant ethical step up. I'm just saying I sit in this world of conflict. It's like it's like me passing by if I walk just at a very basic remove the Psycho game of risk from the table and I walk by somebody who's drowning and they can't swim and I can help them and I jump in I jump in with and you notice the oil in their pocket and then and then I find that they have oil in their pocket and I say oh wow, Chevron's still with you too. That's kind of wild. And then I didn't even know that. But it's the basic idea of like, you're over there like struggling or drowning or whatever.
1:13:36I'm going to go fucking help you. I'm going to go help you. I feel like I'm reading a book right now that's basically all about this. It's Humankind by Rutger Bregman. It's an amazing book. It's one of my favorite books I've read in the past 12 months. And most of us feel that way. It's a book about how most of us feel that way all the time in all of our interactions with other people. Like, that's the reality. But that's not how this works. It's like there's all these other reasons and means, and it's like we're actually leaving, we're willing to leave people behind if it accomplishes certain ends or like what somebody deems to be the greater good.
1:14:12And then I feel bad for being the person that's like, sorry, friend in Iran that's messaging Atriarch, I don't think we can help you. Figure it out. Like, I feel bad saying that. but I also don't want to be like it's also worth noting that none of us are making this choice like this is going to be I know the weight of the world is not on me but it's this it's this idea of like I'm American I'm a part of this country I in so many ways I'm still proud to be one you know I I acquired my citizenship I'm proud to be American a bunch of different ways this is hard to I feel almost obligated to have an opinion about it because it's my country choosing to do it.
1:14:57Even if I didn't vote for the guy, even if I don't want him to be in power, it's, I have all of these mixed emotions about it. Your tax dollars fund the military, which is able to make the decision, right? Like we are involved in this weird way. It's weird, man. It's sad. It's weird. Like, it's like, it's like having like, I'm standing next to, maybe I'm a child who can't swim and I'm holding hands with like my dad who definitely could jump in the save the guy. But my dad's kind of like let a bunch of people drown in the past. But I know he definitely could go fish him out. He pulls him out in the mumps, though.
1:15:33My dad has a terrible track record. It's awful. He's like one for 19 on saving lives. But the guy drowning right now is like, give me the chance, give me the chance. I'll take the odds. I'll take your fucking asshole dad, please. Please. I know he's going to rob me, but just come in and... Yeah. I mean, that's what I would say. I just like most things, I think the idea is so much less important than the execution. We just, we have a execution is everything like doing something right. Yeah. That, that I think is what I come back to is like for the many criticisms you have of Trump, he just does not execute things well.
1:16:10And the oil stuff that I, we started this off with, I think is a great example of that where there is no fucking plan. The oil, there's nothing, there's conflicting information all the time. It's not clear what's going on. He's saying there's deals. He's telling people to commit. and none of it's concrete. It's just this, it's just talk. And so it's just, it's really hard beyond all the normal, you know, Trumpisms. It's really hard when he right now is showing just an inability to make concrete things happen. Yeah, it is funny that like, there's all of this baggage with it just from like a country perspective, right?
1:16:40But then you have a president who I would say uniquely stands out of someone who gives like inconsistent answers to questions, deliver all the time with incredible inconsistency. None of the, like tariffs is like his big thing. has done so many awful things like uh okay i i want to bring this to one so the third player that we haven't talked about we did about china that much is madagascar so what are they going to do if i ran false yes yes well you told me you never played risk you don't know i don't know how this game australia and madagascar and oh the islands are the best because you just all your troops yeah i think we're not talking about australia and i think during all this chaos around the world.
1:17:19They've been biding their time. They've been building. Oh, you think Australia's good? I think Alba over in Australia is setting up for a little bit of a world domination that we're not leaving off the books. Alba and friendly Jordi. They've been eyeing Madagascar. So keep an eye on Madagascar and Perth Australia because we're sensing some stuff there. But Iran. So here's you know, if you're playing 3D chess as Trump and all this works out and as you mentioned if Iran regime is toppled it is more Western friendly. This part of the world which has been beneficial to and supported by russia particularly in china i'm actually not exactly sure china's involvement with iran but russia very much so and if that gets pulled off the board and russia now loses that piece and china loses that piece after losing venezuela that does feel like a big fucking deal what do you feel like china's view of what is happening in the world is right now there's i i tried to look into like if there's any real quotes The only one I could find, Ministry of Commerce from China said on Thursday that no nation has the right to interfere with economic and trade cooperation between China and Venezuela, which he said is between two sovereign states and protected by international and domestic laws.
1:18:27So he's stating like, look, things should be normal, right, Trump? And I don't think Trump's going to go for that personally. What do you all feel about China? Yeah, I mean, one thing Trump did say in his press conference is that he will not interrupt the flow of oil from Venezuela to China because that would have escalated this into a... Wait, I thought he is explicitly doing that. No. I thought that we're taking the tankers there. Is Russia, it's just Russia? So it's Russia, and I think maybe it's like the tankers in the short term are being, we're taking them, we're selling them, we're putting them in a bank account.
1:18:56But the general idea is that Venezuela will be a certain part of China's oil mix that is going to continue. He is not interrupting that. okay yeah that's a big difference then because just again as a reminder china has invested insane amounts of money in venezuela they're still owed a lot of money back and the way they get paid back is through oil that has been their their deal for two decades so yeah i think not doing that is a huge world war three-esque escalation that's what i thought it was good okay he was like that's good that it's at least for now i think rubio made sure he said the second I think it was a bit important.
1:19:31That's good because, yeah, that's full-on war starting stuff. And the same thing with Iran. I assume same kind of thing. Like, well, you know, the dream outcome is that, like, it's a regime change into a real election, into a country that is working with China and the β you know what I'm saying? It's just like a country that is working for its own interests and not β so we don't know. But I think from China's POV, and I was reading a lot about this, because they're very, they don't say anything. Like they, their actions have been zero on all of this stuff. They've been doing nothing other than, you know, put out a condemn, they put out like a, we condemn this message.
1:20:12They just talk. But I think they're just like, their strategy has always been like, do nothing, win, right? They would wait and see. I think China's waiting and see. And maybe this stuff goes badly. And it's, you know, like, I'll give you an example. is one of the things that took down the Soviet Union was Afghanistan. Soviet Union invaded Afghanistan and got stuck there for a decade, decade plus. They lost a ton of money and time, much like we did. And it bled them dry. And it's one of the big reasons that led to the collapse of the Soviet Union. And there's a real thought, I think, in some of these circles on China, like that Venezuela is gonna end up being not a good thing.
1:20:49Like it's gonna be a quagmire. We're gonna have to do a lot of, we're gonna throw money and time and effort and interest at it while they get to condense their, like, I think the idea of regional spheres, even though Trump is saying it in the stupid Donald Doctrine, is like agreed upon by Putin and Xi and him. They all see it the same way. China's way more concerned with like putting more pressure on Japan, getting more control over East Asia, like feeling like they're the regional hegemon. Putin is way more concerned with Ukraine and Europe. And it remains to be seen because it's kind of, I thought it seemed like Trump was retreating to this side of the board.
1:21:23But it kind of feels like he still wants everything. Like he still is like saying, you can't do shit about Taiwan. We're going to take, we're going to intervene in Iran. We're going to intervene in Greenland. It feels like he kind of still wants the whole board, but also is like definitely this. That's the vibe I'm getting. So I don't know. But I don't think that China is incredibly pressed. Yeah. I mean, they haven't said anything official that I could find. But if you ask the question of does all this involvement, these changes, does it affect whether China would want to go and take Taiwan? And I think most people would agree that China is probably more cautious about taking Taiwan because Trump has shown he is willing to do stuff.
1:22:04Like he's willing to do things. I mean, this Venezuela thing is crazy. Talking about taking Greenland by force from NATO is fucking crazy, right? And so in theory, I think there's a lot more danger to the Taiwan situation where it's never been clear if the US would actually put boots on the ground defend Taiwan, right? Or put more boots on the ground. Yeah, we still haven't said that either, right? We've never said that. Oh, man. It's all implied. It's all the doublespeak. Yeah, it's all doublespeak. I don't know. I guess I might say the opposite, which is like from China's POV, it feels like the U.S.
1:22:39might be overstretched. You know what I'm saying? And then without, especially if the Greenland thing happens or in any form of way, like without the European backing, I don't know. Is Trump really going to send U.S. troops to defend Taiwan if there was a... You know what? That leads to a great news story from this past week. Right now, we spend$900 billion on our military. This is up from$600 billion about a decade ago. We spend a lot of money on the military. We spend more than the next nine biggest countries combined. And so So Trump has requested that right now, up until this October in 2026, $900 billion is what's been allocated and approved by Congress.
1:23:20Trump is saying that for next year, starting in October,$1.5 trillion. Sheesh! So we just increase it by about 60%. Gold rim tanks. And this will allow us to build the, in quotes, dream military that we have long been entitled to. And more importantly, that will keep us safe and secure regardless of foe. Trump said that the, quote, tremendous income brought in by tariffs would allow for this spending while paying down the national debt and giving a substantial dividend to moderate income patriots. The tariffs, just as a side note, have brought in about$200 billion in revenue through 30th of September, according to the U.S.
1:23:59Treasury. I think he missed a zero. I think he missed a zero. Because there's no way. Might have been too cheap. Because like you said, I mean, this is part of the New York Times interview too. They asked him, like, all right, you said we're going to cut the national deficit. Right. So the deficit is about$2 trillion, although maybe it's only going to be$1.6 trillion. So, okay. And he said, you're going to give$2 ,000 checks to every American. How much is that? Quite a bit. $300 million times$2 ,000. I opened up ChatGPT to multiply. I'm so brain-wrotted. Jesus Christ. So that's quite a bit of a chunk of change right there.
1:24:36He said, there's actually blanking, but there's like five other things. Basically, the point of this interview was like, we're going to list all these things you said are paid for. Only 600 billion to give everybody a$2 ,000 check. It'll be lower than 300 million. 600 billion. We pay off that. So we're talking just with that and deficit. We're talking like 2.3 trillion. Okay. And then we're going to up our military budget by 600 billion. So we're looking at about$3 trillion. Yeah. Yeah. And remember that the idea of the tariffs when originally proposed is that they will cause manufacturing to move here.
1:25:10So eventually people shouldn't be paying them. It's like they shouldn't be. If they're getting paid, it's just a tax. Right. The idea is that it's supposed to encourage people to not pay them. So they go. So I just I'm getting the sense that this tariff cookie jar is not only long empty, but he keeps pretending to reach in there and every new policy idea. I mean, if this year we get 15 times the tariff revenue of last year, the math works. You're right. God willing. God willing. And I imported a lot of Doug Doug mug mugs. Yes. And I do remember that. I forgot about that. I'm doing my part. I think you bought one destroyer.
1:25:50I got lucky. I dodged the 100 % tariff. For those who don't remember, I bought$100 ,000 of mugs to sell as merch. And then right afterwards, Trump announced a 100 % tariff from China. And I was like, oh shit, because they're made in China because it's the customized things in the specialized factory. And I thought I was going to. What happened? Well, so they remember. So they canceled it. They Xi and Trump met in, I believe, October 31st. My mugs were arriving. The mugs was top of the agenda. Yeah, mugs were arriving. This is in Seoul. This is during the APAC, I believe, summit. so and this this was one week before my mugs were coming into the country and if he didn't lower the tariffs i was fucked and they lowered as a 30 percent a big chunk of change yeah no i unironically i had to pay a bunch of money for for tariffs um i believe the amount i paid was something like 195 billion oh my god yeah you were most of it this year it was a big it's crazy if trump saw that He was like, let's increase the military.
1:26:55Let's give out checks. We just need a few more YouTubers to pay to buy. I think if Logan Paul finally put his money where his mouth is on those Maverick shirts. Has anybody checked on Logan Paul? And if he paid the tariff on the Maverick shirts last year, I think that's where we could find some revenue. That could be a lot. There was, I mean, well, you got anything. I got a question. Tell me. Maybe it's what you're going to. Yeah. I want you to tell us about JP. JP, from my understanding, JP did something monumental. He hit the timeline. He posted on X. He did hit the timeline. He's like, these are dire times.
1:27:34And I'm posting a Twitter video to explain to the broader public that I'm being politically attacked. I thought it was pretty fire, but also it is unprecedented. It's never happened. We've never had a sitting Fed chair make a message direct to the public saying the president is trying to indict me to get me to lower interest rates, which is crazy. Yeah, that is what's happening. I kind of did a big, I don't want to go too into it, but I'll just say the takeaway since even that clip I recorded is every central banker in the world basically has come out and signed a letter condemning this. I'm talking about everywhere, like all over.
1:28:13And the general sense is that if so much of the world economy is underpinned on trust in the U.S. dollar, and that is trust in the institution of the Federal Reserve. If it is felt that he has kicked out Jerome Powell and put in a toady that'll do whatever he says, it's going to have serious consequences. In fact, a lot of people were saying in the central Maine community that nobody should accept the nomination to replace him in May until this is dropped and figured out. Because anyone who takes the job now would tacitly be saying they are 100 % under his thumb on raising lower insurance. And again, you know, the examples of other countries have done this are like a who's who of destroyed currencies.
1:28:57It is Venezuela. It is Zimbabwe. It is Turkey. Oh, we're coming back to Madagascar. You're hitting the hall of fame. I was like, is he going to say Zimbabwe? These are the all time goats of currencies going to shit. And it is where they take over independent central bank and they make them do whatever they want. And so I don't know. I think it's, I think it's like a, a under discussed story because it's like finance or whatever, but I think it's, it's spooky, but there's some pushback I got on this clip, which is about like the federal reserve is a fucking institutional cabal of the banks and we should get rid of it.
1:29:30And it's like, that's, that's sort of like the Rand Paul, Ron Paul kind of angle. I just want to say, if that is your stance and you are intellectually honest and want to go with that, that's fine but what we're talking about trump is not saying i'm going to prosecute jerome powell to save you from the federal reserve he is saying i would like to get rid of jerome powell so i can keep the federal reserve exactly the same but i own it he is not you know i'm saying nobody it is so intellectually dishonest to be like wow a shrug you're supporting the everything the federal reserve's ever done it's like whatever you're saying is not what we're talking about we're talking about a person trying to put personal control which every time it's been done has ended in economic disaster.
1:30:10So I don't need to be like, you can make a great argument that maybe interest rates should free float based on market demand, and we don't need a federal reserve. You can make that argument, but that is not what Trump is doing. People like put words in his mouth to do whatever fucking idea they're talking about. It's like he's being so clear about what he wants to do, which is replace it with a different Kevin, Kevin Hassett or Kevin Warsh, who will do what he says and lower them. Kevin James is also on the show. Just a Kevin. is a so so wait was the mall movie the mall cop movie but set in the federal reserve would be actually and he's gonna segue around yeah defend the federal better than communist jerome powell dude like what was i had a comment calling jerome powell a communist he's like you support this communist jerome powell i'm like bro is he like the opposite yes he's my comment he spent his entire it doesn't make any sense even even even if you think even if you were like the type that says american democrats are communists yeah he's voted he's donated to republicans his entire life he's a lifelong republican yeah that's why okay the statement on the federal reserve from all of these previous fed governors and chairman like i gen is beautiful it's a wonderful thing every single one across across like completely bipartisan coming out saying this is a disaster so i i feel like there's real there's real pressure to to like yeah that's what i'll say even uh senate republicans grow a little bit of a spine on trump like tom tillis and uh murkowski from alaska they're all saying they will not vote to confirm any of trump's nominees until this is dropped like this because this is like it's so it's so obviously baseless and i kind of covered in the clip but the idea that like the cost overruns the treasury building is some big scheme by jerome powell to and like you're building a ballroom that is a massive cost overrun it's just it was always 400 million I've been saying he keeps bringing this up he said they keep changing the cost it was always 400 million I knew it was 400 million Doug knew it was 400 million I don't know I would let Jerome Powell spank me you've seen young Jerome Powell silver fox young Jerome Powell was a silver fox young as in like 20 years ago he's 50 but he's got fair enough let's pull it up this is such a throw by trump though this whole thing like he could have gotten away with putting in somebody who's basically going to follow his orders and now everybody's going to be massively critical of it it's a huge throw uh yeah i do think and by the way just to be clear you know we've talked about the whole uh are we really we're pulling okay are we oh i'm sorry audio listeners there's a lemonade man on screen i'm sorry but hot or not yeah he's pretty handsome okay the behind this is the not covering the behind the scenes of why this happened have you guys heard of bill pulte can i pull him up bill pulte is uh the guy he's got the most punchable faces bro bill pulte is the guy uh trump put in charge of housing and he has like this uh almost like a comic like a tom and jerry thing with scott bessett because scott bessett is kind of like the adult in the room for this stuff and bill pulte basically jumps the fence and sneaks into the White House whenever Scott Besson is not looking and brings posters.
1:33:35He's done this like four different times. He brings posters. He convinces Trump of something and it always goes wrong. And Scott Besson gets furious. I'm not kidding. The first example was like the 50-year mortgage where Bill Pulte comes in with a big thing that says 30-year mortgage, great president. 50-year mortgage, greater president or whatever. Like that's when he showed Trump and he got him to fucking do it. And Scott Besson was furious. This sounds like a Tom and Jerry cartoon. That's what I'm saying. So this time around, Bill Pulte somehow finds time with Trump outside of Scott Besson's schedule out of his eyes and convinces him, you need to attack Jerome Powell directly using the legal system.
1:34:07That is the understanding. And now my understanding is from internal leaks or whatever is that Scott Besson is fucking furious because this shakes what little credibility the Fed is going to have with their new appointees. Like, you know, and what I want to say is the markets did not collapse or anything, but in dollar terms, since this happened, this Jerome Powell thing, dollars down, gold is up. And every time something like this has happened, that's the same story. Dollar goes down, gold is up. And it's been a long-term trend, which is like people, whether or not fucking the market goes down or up, people are pulling out.
1:34:42They're finding a risk off from US assets. And we need them to buy US treasuries to keep our fucking debt going. So I will just say, I think this seems like a small event, but it's actually incredibly fucking stupid and I think has long-running effects. And they should drop it immediately. They should listen to every voice that's coming out against it from both sides of the aisle and let Jerome Powell finish out his term, which is ending in May. Yeah, that's what I think. All right. Do you feel like this might, before we wrap it out, might force Trump to re-nominate Jerome Powell? He's now potentially going to receive so much pushback if he does not leave this guy in charge.
1:35:18That would be insane. That would be an incredible outcome. I don't think he'll do it. I did hear a theory that Jerome Powell might not, he'll not be the head of the Federal Reserve, but he'll be one of the Fed governors that can vote or he can step down to that position and he will be what's called a shadow Fed chair where everyone else voting listens to him instead of the actual Fed chair and he can keep them from lowering interest rates. That is like a possibility outcome that could happen that hasn't really happened before. The shadow government. Like, what are we, we're getting to a fucking crazy world, bro.
1:35:49Nick Fuentes is gonna hear this. He's gonna go fucking crazy. Do not say this in front of Nick Ventes. Yeah, yeah. He might actually say something crazy. Yeah, I don't know. We didn't even get to get a lot to a lot of things that we didn't get to cover today, but we might cover them on our Patreon in our next episode. You could go to patreon.com slash lemonade stand where we do an extra hour of the show every week. And we also do a book club, special tier two things. But we did want to cap off this episode with something quick. Yeah. because guys, we got your feedback about the sponsor last week.
1:36:22Uh, in the short term, I want you to know that we dropped that sponsor. And in the longterm, we owe you a deeper explanation of our policies and what we're trying to like actually do with sponsors we're doing here. So we're working on a video that we're going to put up, I think, uh, publicly on Patreon where you can sort of see our full thought process, the rules and guidelines that we have and why we take or don't do certain sponsors. Yeah. Because we do have things. We have a bunch of categories that we said no to going into this. And I think people from last week have this idea that there are no rules or things that we look at when it comes to this.
1:36:53So we want to take the time to, to talk more about it and know that we keep your guys's, that your guys's feedback in mind. And we, we weighed it pretty heavily last week. So that'll be in the near future. But in the meantime, we really appreciate your guys's interest and support in the show. And we'll see you guys in next week's episode. Thanks everybody. Appreciate you. Support for this show comes from The Home Depot. This holiday season, take advantage of savings on the wide selection of top smart home security products at The Home Depot. The Home Depot has everything you need to make your home smarter with the latest technology and products that let you control and automate your home.
1:37:32And with brands you trust like Ring, Blink, Google and more, available in-store and online. Often available with same-day or next-day shipping. so you can protect your peace of mind, whether you're away or at home this season. The Home Depot. Smart Homes start here.
1:38:12We'll see you next time.
1:38:40with 00 % shrimp from Germany. So long enough to install diners. Down to our breakfast!
From the publisher
On this week's show... Aiden talks to the Danes, DougDoug checks in on Russia and China, and Atrioc gives us a Jerome Powell update.
We launched a Patreon! - https://www.patreon.com/lemonadestand for bonus episodes, discord access, a book club, and many more ways to interact with the show!
Episode: 045
Recorded on: January 13th, 2025
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The C-suite
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Edited by Aedish - https://x.com/aedishedits
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Segments
0:00 Intro
3:03 Venezuela
24:46 Oil Companies
30:45 Rocket Money Ad
31:49 Quo Ad
33:01 Three Super Powers
38:15 Greenland
51:59 Trump
52:46 Vanta Ad
53:49 AG1 Ad
55:15 Iran
1:02:07 America in the Past
1:14:25 China
1:20:25 Military Spending and Tariffs
1:24:25 Jerome Powell
1:33:30 Outro / Explanation
New takes on Business, Tech, and Politics. Squeezed fresh every Wednesday.
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