No Mercy / No Malice: Resistance Infrastructure

0:01Scott Galloway:Oh, hey. Sorry, love to chat, but I'm busy shopping all the rollbacks and more at Walmart. Grab a what? Cancel that. I gotta grab these big savings on the Walmart app online and in-store like right now. See who? Nope, unavail. The only thing I want to see are the prices just lowered on Tech Home and all my must-haves. Wait, you want to shop Walmart with me? Alrighty, I think I can fit you in. Adobe Acrobat Studio, your team's home base. Collaborate within a shared PDF space. You've got your docs, your plans, your specs.

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1:32Scott Galloway:MIDI clinicians are menopause experts. They're dedicated to providing safe, effective, FDA-approved solutions for dozens of hormonal symptoms, not just hot flashes. Most importantly, they're covered by insurance. 91 % of MIDI patients get relief from symptoms within just two months. You deserve to feel great. Book your virtual visit today at joinmidi.com. That's joinmidi.com. I'm Scott Galloway, and this is No Mercy, No Malice. Political parties don't build movements, people do. We build Resist and Unsubscribe to serve as infrastructure for America's pro-democracy movement. Resistance infrastructure, as read by George Hahn.

2:27George Hahn:I've struggled my whole life to discern the difference between being right versus effective. Over the past decade, the U.S. has been on a slow burn to fascism. The best description I've seen of America's current political landscape came from David Frum. If progressives won't enforce the border, fascists will. We are squarely in the fascist part of the program. Now that it's happened, to borrow from Sinclair Lewis, being right isn't enough. We need to be effective. The question isn't what to say or who to vote for, but what to build. A. Resistance Infrastructure Congress has the power to rein in ICE, restore the rule of law, and unwind authoritarianism in America.

3:25George Hahn:But to paraphrase a quote popular with self-help gurus and motivational speakers, Congress isn't coming to save you. Last year's government shutdown over health care didn't result in a solution, but the assignment of blame. Democrats leveraged the recent partial government shutdown to negotiate for guardrails on America's Gestapo. Good. But banning federal agents from wearing masks and ordering independent investigations into the murders of American citizens are empty wins if the Trump administration is responsible for enforcing those policies. In addition, without true structural change, de-gerrymandering, reversing Citizens United, installing term limits, we'll continue to endure a bipolar America.

4:16George Hahn:Democrats, playing by a rulebook that's been incinerated, come across as neutered and voiceless. Meanwhile, Republicans are Jekyll and Hyde. In private, they say Trump is a threat to American democracy. In public, they're sycophants, praising the president no matter what he says or does. The result? Congress is America's answer to the Russian Duma, i.e. nominally important but functionally irrelevant. When I interviewed historian Timothy Snyder, author of On Tyranny, on my podcast at the end of January, he said the current state of American politics is best understood as a system of competitive authoritarianism.

5:02George Hahn:A democratically elected leader erodes checks and balances, attacks institutions, and weaponizes the justice system against his opponents. There will still be elections, but you don't wait for the opposition party, Snyder said. Instead, the people have to push out ahead of the opposition party. You have to set the moral terms, take risks, and build a coalition of which the opposition party is a part but isn't necessarily leading. Pro-democracy movements aren't created by political parties. They're created by people. Political parties are elected and returned to office for promising and then delivering tangible results to their constituents.

5:51George Hahn:Good jobs, better schools, clean drinking water, etc. Political movements are graded on a similar curve, but the connection between action and outcome is rarely a straight line. The 1955 Montgomery bus boycott began as a one-day protest. Despite a 90 % participation rate, the single-day action achieved no tangible results. But after 13 months and a favorable Supreme Court ruling, the boycott successfully forced the integration of Montgomery's bus system. During that long campaign, however, it would have been easy for onlookers to be cynical. Over the past decade, I've been a protest cynic, believing most actions viewed through the narrow lens of the moment are performative measures that generate selfies and make participants feel good about being right without having any actual impact.

6:52George Hahn:But Timothy Snyder says my thesis is incorrect. The main reason you protest is to tell the rest of the people who are watching you that what's going on isn't normal, Snyder told me. The second reason you protest is that it's the gateway to doing other things. In other words, what looks like sound and fury signifying nothing is, in fact, an incubator for building infrastructure and organizing further actions. Case in point. After the first day of the Montgomery bus boycott, activists, led by a young preacher named Martin Luther King Jr., organized a carpooling network with more than 200 cars and 100 pickup locations.

7:42George Hahn:That infrastructure sustained their movement, allowing them to register an estimated$3 ,000 hit per day to the city's bus service until their demands were met. That's$35 ,000 per day adjusted for inflation. When we launched Resist and Unsubscribe last week, we contributed some infrastructure to a political movement. Our goal is to demonstrate to consumers that they wield enormous power, as their spending accounts for more than two-thirds of the U.S. economy. Your wallet is a weapon, and in a capitalist society, the most radical act is withholding your money. Deployed broadly across the economy, however, a consumer boycott is a blunt instrument that maximizes damage while diluting influence.

8:35George Hahn:We prefer surgical strikes to carpet bombing. America's economy has become one giant bet on AI, with seven tech companies representing more than a third of the S &P 500. The concentration of economic power in so few hands renders those businesses uniquely vulnerable to a boycott, as consumers can focus on a short target list. Big tech's vulnerability is further multiplied by the subscription model, as valuations for subscription companies are typically 8x to 20x revenue. One example. In 2022, Netflix reported losing just 200 ,000 subscribers in a single quarter, and that wiped out$50 billion in market cap overnight.

9:27George Hahn:Netflix attributed the churn to increased competition and the lifting of pandemic restrictions that had kept people in front of their TVs. Free gift with purchase? Consumers maximize political impact while minimizing household expenses. In America, four out of five adults spend nearly$200 per year on unused subscriptions. I had three HBO Max subscriptions. Somehow. Some of you have asked why we are targeting Amazon, my 2026 stock pick. Others want to know why we didn't target Disney. A. I'd rather be effective than right. The companies at ground zero of resist and unsubscribe have an outsized influence over the national economy and our president.

10:25George Hahn:The stocks in the blast zone belong to consumer-facing companies we've identified as active enablers of ICE. Collectively, ground zero and blast zone businesses don't represent the totality of complicity, but rather the jugular of American authoritarianism. For a recent example of what happens when consumers deploy their spending power against the juggler of authoritarianism, see Disney's suspension and reinstatement of Jimmy Kimmel. In the end, it took fewer than 1 % of the mouse's total streaming subscribers to accomplish what CEO Bob Iger couldn't, stand up to an authoritarian. Note, according to Erica Chenoweth, a political scientist and professor at Harvard who analyzed 323 nonviolent and violent mobilizations between 1900 and 2006, when at least 3.5 % of a country's population actively engages in a peaceful protest movement, it has always resulted in political change.

11:42George Hahn:My go-to framework for understanding the rise of fascism in America today is the rise of fascism in Europe in the 1930s. The most chilling parallel between then and now is the relationship between business elites and authoritarians. German industrialists weren't necessarily enthusiastic Nazis, Timothy Snyder told me, but they saw Hitler as a tool to crush unions and undermine democracy, the source of labor's power. The most powerful American business leaders are making a similar bet, trading their support for tariff carve-outs, a promise not to regulate AI, and hundreds of billions in shareholder value.

12:31George Hahn:I believe consumers can force a change in the incentive structure around American CEOs. The clearest possible proof point that the incentive structure is changing would be for resist and unsubscribe to show up in earnings calls. That would signal that business leaders feel emboldened to speak up and insist that democracy and the rule of law prevail. That said, earnings calls aren't the only relevant metric. According to Braden King, a professor at Northwestern University's Kellogg School of Management who studies social movements and corporate social responsibility, and Sarah A. Soule, Dean of the Stanford Business School, the typical boycott doesn't have much impact on a company's market cap.

13:20George Hahn:In their 2007 study of 342 boycotts against U.S. corporations between 1962 and 1990, they found that boycotts, on average, caused a 1 % decline in a company's stock price. King said in 2017 The number one predictor of what makes a boycott effective Is how much media attention it creates Not how many people sign on to a petition Or how many consumers it mobilizes The reason media attention matters so much Is that boycotts aren't a tool to permanently destroy shareholder value but rather a vehicle to pressure leaders to change their behavior. Some people mocked me for saying that last week I was keeping Instagram despite our boycott.

14:15George Hahn:Fair, but be practical. Infrastructure plus the distributional scale of Instagram's 3 billion monthly active users is the peanut butter and chocolate for a political movement. Sharing screenshots of your canceled subscriptions inspires others to resist and unsubscribe. Equally powerful, the community in the Scott Galloway subreddit is sharing tips for canceling, including how to get a refund on the unused portion of your annual Amazon Prime subscription. Infrastructure begets infrastructure. Finally, in a nod to the King's soul study, I have been a total media whore. Comes easy. The last couple of days hitting CNN, NPR, BBC, MS Now, etc.

15:14George Hahn:I recently wrote that we should be deeply concerned about a world where connections are forged without friction, as we're seeing resilience muscles atrophy, especially among young people. In my conversation with Timothy Snyder, he shared a related concern about the lack of friction in the way we conceptualize politics. He said,

15:51George Hahn:In reality, politics is a messy, unpredictable struggle that favors the most resilient. Deploying the language of video games Unlocks, cheat codes, speedrunning, etc. Lulls us into believing that political change Whether in the direction of dictatorship or democracy Is a frictionless experience Achievable by pressing the right combination of buttons This isn't a game Resist and Unsubscribe Is a one-month campaign to demonstrate political power both to consumers and those we seek to influence. Smashing the unsubscribe button won't defeat the final boss, but making that small sacrifice builds some resilience.

16:44George Hahn:It also lays down a marker for battles to come. As Timothy Snyder explained, we're making it clear that there will be severe consequences if the regime attempts to steal the midterms. Recognizing the friction in our politics Isn't an invitation to opt for the path of least resistance It teaches us that saving democracy Requires the same things that build lasting relationships Showing up, enduring discomfort And wielding the power we actually have Rather than waiting for someone else to fix our problem Finally Action absorbs anxiety It feels good to do something with others That whole community thing Or, put another way Stop doom-scrolling, hectoring, complaining And do something

17:47George Hahn:Life is so rich

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