Dave Collum: Financial Crisis, Diddy, Energy Weapons, QAnon, and the Deep State’s Digital Evolution

Very few college professors do what college professors are supposed to do, which is kind of break through outside campus into the the conversation among smart people about what the world

is about. And uh in other words, they

is about. And uh in other words, they don't they don't kind of influence the broader culture directly. Um and you do and you're an organic chemistry

professor.

I how are you allowed to do this at Cornell? Are you allowed to kind of

Cornell? Are you allowed to kind of opine on economics, social policy foreign policy? Like what do

foreign policy? Like what do what are your administrators saying when you do this? Um I don't know if it's generally true, but um Cornell's

not giving me any gooff. The the only problem I had with Cornell and we talked, you know, we had breakfast and we talked a little bit about I think my colleagues wish I would shut up, but but

they don't tell me to shut up. Although

you know, they've told me to stay on I have kind of an intellectual Tourett syndrome where stay in your lane.

Well, I'll be in the middle of class like in March of Ou uh of '07 in the middle of class. No warning. I blurred

out the banking systems about to collapse.

I, had, written, about, it, in, ' 02, but I turned I said, "I think it's about to collapse."

to collapse." This is an organic chemistry class.

An organic chemistry class. I And they looked at me and I just said, "Look, I think the entire banking system's going down the tubes now." And it took another year, year and a half to go.

Did they say that's not a related discipline? What are you talking about?

discipline? What are you talking about?

No, no, no. No one gave me gut for that.

What was entertaining about that particular Tourette's like outburst is that I had the same kids in an honors thesis course two years later in the

first lecture, one lecture a week, the first lecture, I said, "Didn't I warn you?" This is February of09 said

you?" This is February of09 said "Didn't I warn you that that the banking system was going to collapse?" I said they said, "Yeah, you did." And I said "Did your ecom professors tell you that?" They said, "No." And I said

that?" They said, "No." And I said "What are those [ __ ] paid for?

[Applause] [Music] [Applause] [Music]

In this thesis course, um, I used a lot of guest lectures. So my first guest lecture was the CEO of Morgan Stanley Bank and he had cut his teeth on mortgage

back securities and he spent two hours talking about the catastrophe that we were in the middle of in February of09 and uh and so so yeah I do occasionally

go off the rails but but no one gives me grief. I got cancelled in 2020. the

grief. I got cancelled in 2020. the

closest you and I I've been following you for years, but the closest you and I actually came to actually meeting, but we didn't um was in 2020. I got

cancelled during the height of cancel season, right? Remember how it was

season, right? Remember how it was happening all the time and and the probability of me ending up being interviewed by you was pretty high because it was being ri I got cancelled.

I was written up in the federalist and places like that. And so

what were you canceled for?

Oh, it was a real crime against humanity. I supported the police. Oh

humanity. I supported the police. Oh

okay. It

was one of those. Remember the guy got knocked over in Buffalo?

Yes.

Um, a friend of mine who I was doing a podcast with that Saturday posted that late one night and said uh said, "I think this is just appalling when the old guy got knocked over by the riot

police." And I watched the video a

police." And I watched the video a couple times. I said, "Well, Chris," his

couple times. I said, "Well, Chris," his name was Chris Irons. I said, "Um we can talk about it on Saturday, but but but I have no idea what he was doing

there." So, this is in a tweet and I

there." So, this is in a tweet and I said um I said he was poking riot police with something that looked kind of like a taser or something. Turns out in

retrospect it was a skimmer.

And uh and and so I said it looks like kind of a self-inflicted problem to me right? I didn't say he deserved it or

right? I didn't say he deserved it or anything like that, but it it is self-inflicted. If you poke a riot

self-inflicted. If you poke a riot policeman and he knocks you over, right?

That that that's pretty much, you know it's a Darwin award.

Bears and riot riot policemen shouldn't be poked. Turns out um what I learned

be poked. Turns out um what I learned that night was that cancel culture is not organic. It was it was incredibly

not organic. It was it was incredibly astroturfed. The speed with which it

astroturfed. The speed with which it happened was staggering. Um it was automated. Within within 20 or 30

automated. Within within 20 or 30 minutes, um email boxes all across the administration were filling with complaints. Um it it went everywhere. I

complaints. Um it it went everywhere. I

had to lock down my Twitter feed fast and and things like that. Um and and then Cornell was on sort of a war footing trying to figure out what to do.

Now they're trying to figure out what to do just because they wanted the fire to be put out, right? So they weren't against me in that sense. Um it was

during the lockdown. So um I didn't I didn't actually uh I there was the advantage of everyone was locked down but I wasn't sure Antifa wouldn't show

up. And we know that's not organic

up. And we know that's not organic either, right? And so, uh, and so, uh

either, right? And so, uh, and so, uh and so I slept with some loaded guns and I was emotionally ready to blow someone's brains out.

How many tenure professors in Ivy League schools have guns at home?

I don't know. I would No. Well, there's

probably more. We have natural resources department, stuff like that, and those guys probably use the resources available. Um, but the the one mistake

available. Um, but the the one mistake Cornell made, they made two mistakes.

First of all, um, it turns out the guy was a grifter. the whole thing was faked. And there's there's video footage

faked. And there's there's video footage of him telling people he's going to go get knocked down and people yelling at him for doing that. Um it turns out the blood that came out of his ear. I've

talked to physicians. They said it would never come out like that. Um there's

pictures of him on the gurnie talking on his cell phone behind the ambulance. The

the press couldn't find him in any of the hospitals. He made a lot of money on

the hospitals. He made a lot of money on GoFundMe. So he he grifted his while he

GoFundMe. So he he grifted his while he was supposedly in a coma. his Twitter

feed which had all sorts of [ __ ] the police kind of comments um was being scrubbed very quickly and, and, so, uh, so, the, turn, of the, whole thing in retrospect was a grift and so I

was dead right um Cornell was on a war footing trying to figure out how to just stop this there's graffiti all over the campus and stuff and so they made two mistakes one is um at no point did someone from Cornell reach out and say

how are you doing right because a guy in North Carolina got cancelceled and he killed himself right I wasn't going to kill myself. It

was unpleasant. I I would admit that.

How long had you been at Cornell at that point?

Oh, that would have been 40 years.

40 years. So

plus four years as undergrad, so you know. So

know. So you spent 44 years at Cornell at that point. So, not a newcomer.

point. So, not a newcomer.

No. And and by the way, the guy who was the provost at the time was a friend of mine. He he was um he I knew him from

mine. He he was um he I knew him from the day he got to Cornell. He's now the president and it's useful. So, when I when I when I told I I I knew I was

coming here and I asked a trustee, um I'm I'm going to be talking to Tucker.

Is there anything any you'd like me to somehow get out there? Not that I'm going to be there talking, man. U, but I would be stupid to to miss it. And I

sent a quick email to the president and said, "Is there anything?" And he gave me a couple bullets, but they were obvious. They were the obvious things.

obvious. They were the obvious things.

And um the second mistake they made is eventually they put together some and and the Daily Sun was doing what I called the Daily Column where where they'd publish an article

about what an [ __ ] I was, right? And

they'd write an article about the football team and get the NSA. By the

way, did we mention Colum's an [ __ ] right? That sort of thing. So, um, so

right? That sort of thing. So, um, so they they finally wrote a letter denouncing me and it was signed interestingly, by the president, who I

didn't really like that much, that president, uh, the provos, who's a friend of mine, which was ironic, the chief of police, which was super ironic and a couple other administrators. Who

was missing was one of our deans, the dean of arts and sciences, who didn't sign it. He would have been an obvious

sign it. He would have been an obvious signer. and he once said to me, "What

signer. and he once said to me, "What good is tenure if you don't have free speech?" Now, they weren't trying to

speech?" Now, they weren't trying to hurt me. They were just trying to put

hurt me. They were just trying to put out a fire and it put it out. So, to in that sense, they did the right thing.

Did they call and tell you they were going to denounce you before they No. And and by the way, I know a number

No. And and by the way, I know a number of trustees at this point and and they all said they should have just shut up.

So, that was a mistake. Um, more

recently, a guy named Rickman, I think it was, you know, made that statement about it being exhilarated that Israel got attacked, right? And he shouldn't have said that, right? That was stupid.

But, um, but what people don't understand is that universities are this funny combination of free speech and academic freedom. We're supposed to

academic freedom. We're supposed to foster speech, and that means dumb speech. That means sometimes hostile

speech. That means sometimes hostile speech, right? You know that drill.

speech, right? You know that drill.

And and then the president denounced him. the same president, the one I

him. the same president, the one I didn't really like, the one who denounced me, and she said, "This is only the second time I've denounced something a faculty member said." And I go, "Yeah, I was the first." Hate to brag, but we're pretty confident this

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year. Your dogs, your cats, and your wallet will thank you. What about the pro the then provos, now the president who was your friend who denounced you?

Did that affect your friendship?

No, not a bit. They were just trying to put out a fire, and I was ready for the fire to be put out. What helped is several trustees wandered in the president's office and said, "Don't even think about doing something stupid

here." So I I had one day I put out a

here." So I I had one day I put out a tweet talk about how lovely Cornell is.

I Cornell is a phenomenal institution.

So So my loyalty to Cornell is painting my vision, but Cornell is not like the other Ivy's. It's not Harvard. It's not

other Ivy's. It's not Harvard. It's not

Princeton. It is It's in the middle of this idyllic setting with we have 200 gorges. The people at Cornell are self-

gorges. The people at Cornell are self- selected. They're the ones who want to

selected. They're the ones who want to live here, right? If there was a college in in in your neighborhood, it would be filled with people who love the outdoors. It would be filled with people

outdoors. It would be filled with people who like this way of life, right?

Cornell has that.

And so, um, and and by the way, it's ranked number one in a critical category. Um, it has more top 10 ranked

category. Um, it has more top 10 ranked departments than any school in the country.

And and and that's because we have so many different things going on here. So

it's it's a very special place.

So the the letter denouncing you was really just kabuki. I mean it was it was kabuki. Yeah. It was it was tried to just put out the fire and it did and

and it I I paid a price. Um I lost a consulting gig at Fizer because of it because I was now a Nazi you know and and wait Fiser didn't stand by you.

I had consult I had consult there for 20 years and they were going to zoom consulting and now Fiser doesn't need a controversial consultant either. So they

they just cleared the deck as well. So I

don't hold it against I hold again what I hold against Fiser is the vaccine. I

don't hold the guys I consult with at Fiser were great guys and Fizer they were trying to get their job done right and stuff like that. So

why why, do, you, as, an, organic, chemist, why do you hold the vaccine against them?

Uh because I think it killed a lot of people and they knew it. I read the f I I so I started writing about COVID right away if you can imagine right a scientist. I started networking. I

scientist. I started networking. I

started trying to figure it out. I'm in

a group called Doctors for Co Ethics for four years where we had every major antivaxer on the planet go through this.

Wait, so you're a consultant to Fizer?

You're a pretty famous one of the most famous organic chemists in the country.

So if you say the Fiser COVID vacc, it can't be dismissed as crank talk.

Well, it could be because I'm not a I'm not a vaccine expert. I'm an organic chemist. So I I have certain technical

chemist. So I I have certain technical skills that probably help me burrow and it's the genetics major as an undergrad that helps me. I don't use the bioam or

the genetics but it allows me to sort of read stuff and uh but you think it killed a lot of people well the fizer papers which is which which which are papers written about the

clinical trials and the ve's database show huge number of of problems right and and so our our the doctor for co ethics we had every famous antivaxer one

of the first ones I I went to it was Bobby Kennedy and we had you you name it you name an antivaxer you name the Malones, the Ryan Kohl's, the Brian Artistes, the the you you can go on and

on and on. They all went through this this group and and we talked about things three or four years became the Is anyone keeping track of how many Americans were killed by it?

Well, it's very hard because first of all, every flu death got absorbed into the CO stats. So flu disappeared, which can't be true. And if it did because

we're locked down, then how' we all get CO, right? So um there's now studies

CO, right? So um there's now studies coming out from other countries because we have too many too many people who who will look very bad when this data comes

out. But the Japanese, for example, come

out. But the Japanese, for example, come out and said some very strong things about what didn't happen. The head of the Japanese medical system, I think came out and said that you could

correlate the the number of deaths with the number of shots, right? and and so there it's now that the gag order has been released um scientific studies are making it into the literature and

there's already thousands got to be one of the great man-made disasters of our lifetimes the lockdown too I think you mentioned or someone did in one of your podcasts

um about the travesty maybe it was Walter about the travesty of locking down you show me you you tell me how old a

kid is and I and tell you what subjects he does not or she does not know. So if

you were studying trigonometry the year that everything was locked down, you don't know trigonometry at all. We pretended to teach them, they

all. We pretended to teach them, they pretended to learn, nothing happened.

And do you see that now?

Well, you could see it going through the system. So for example, our first year

system. So for example, our first year grads who were taking organic chemistry when during lockdown when they showed up, they were very weak in organic chemistry. Yeah, you could see it. So

chemistry. Yeah, you could see it. So

think of the poor kid who's five years old trying to learn how to read and write and everything's through a mask right? That that that and and there's

right? That that that and and there's imprinting periods, right? There's

periods where you learn to read and write or or you're kind of in trouble.

And so, we we it was disastrous. It was

absurd. And the whole thing was done by Fouchy.

But how could and our Zoom group, by the way, had had Scott Atlas. And so I asked Scott, I

Scott Atlas. And so I asked Scott, I said "Scott was it malicious? Fouchy and Burks did what they do was malicious." And I think it was. I mean, I think there's evil

it was. I mean, I think there's evil forces behind those two. But he took a different tact. He said, "You cannot

different tact. He said, "You cannot fathom how stupid those two are." That

was his answer. He said Fouchi never gave a scientific argument. Never. And

he said "One day, this is a st." He

said "One day." This is all recorded.

So I'm not, you know, talking behind his back. This is there is a recording on

back. This is there is a recording on the internet with this. Um

he says one day walks in with a scientific paper that Atlas had read.

And so thinking whoa Fouch is actually going to say something scientific.

Fouchi went to say and seephilom myitis.

Now if you work at the 7-Eleven, you might stumble on that one, but if you're head of the entire health organization you shouldn't. And he said he botched it

you shouldn't. And he said he botched it so bad it was unintelligible. And Atlas

said, "Come again? What did you just say?" And Fouchi wouldn't repeat it. He

say?" And Fouchi wouldn't repeat it. He

said Burks was yanking [ __ ] off the internet, making pie charts having not a clue what it meant. Not a clue.

That's terrifying.

Chris though, he didn't speak up. I

don't think Fouchy Atlas I think he sat there.

Can I ask you to back up just a moment though? So you're describing now

though? So you're describing now incompetence, but you alluded earlier to malice. What do you think the dark

malice. What do you think the dark forces behind Burks and Fouchi were?

Well, I think they first of all, they love the fact we're talking about whether it came out of a lab in Wuhan because that way we're debating whether to blame the Chinese or not, right? When

in fact, I think it came out of a lab probably in North Carolina. um uh a number of guys have tracked both the the this the the disease and and the vaccine

back years before it showed up on our dinner plate. Um I I think

dinner plate. Um I I think lowle malice would be wait you think it came out of a lab in North Carolina.

Yeah. Ralph Bareric.

Yeah. He the you can follow guy name David Martin has followed um the patent trail and and an artificial organism can be patented not a natural one.

Yes.

And this you can follow the patent trail on, co, and, and and, you, can, follow, vaccine patent trail and get watch it get moved around move from point A to point B.

If it was created in North Carolina how did it get to Wuhan and what was that?

We were funding we were funding research in Wuhan because we were not allowed to do game of gain of sorry I keep capping the table.

Oh,, it's, all, right., This, is a, topic, that deserves some table.

I I I've done podcasts where I have headphones and I have four B three Boston terriers soon four. Um and they snore. I can't hear them because my

snore. I can't hear them because my headphones are noise dampening. And then

I listen to the podcast. I hear this humongous amount of snoring behind me.

So I I'm aware of background noise.

You didn't bring the terriers this morning. I didn't bring the terriers.

morning. I didn't bring the terriers.

No.

So, but you I just want to flesh this out a bit. You think it was created or begun in North Carolina then brought to Wuhan for

to be elaborated to be studied to be so I think we took everything offshore because it got uh gain of function got banned in the US I but I don't think we

banned it. There were something like 36

banned it. There were something like 36 bio bioweapons labs in Ukraine.

Yeah.

Of US origin. Yes.

So, why is Ukraine perfect? Ukraine's

perfect. To run a bioweapons lab, you need first world um infrastructure.

Yeah.

And third world people to test [ __ ] on.

Ukraine's pretty much got that right.

Cuz Fouchy, for example, in the United States when he had to do clinical trials when one of his lower rank, they'd go to they'd go to foster care.

They would do clinical trials on foster children. What? Yeah. You got to read

children. What? Yeah. You got to read Kennedy's book. Yeah. He did. He did an

Kennedy's book. Yeah. He did. He did an estimated he they use an estimated 13 14,000 foster kids to do clinical trials. They said the kids would figure

trials. They said the kids would figure out they're getting sick and they wouldn't want to take the meds.

That's so that's like nuts.

So I think 5G's been doing damage to people and killing people for many many years. Yeah. So, we made a pledge only

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Safe. to do clinical trials on foster kids. I thought after the second world

kids. I thought after the second world war when both the Japanese and the Germans were doing things like that Nuremberg code well exactly it was codified there but

in for scientists but for the rest of the world and certainly American culture we were taught that testing potentially dangerous drugs on people without their full consent or on

the weakest among us or you know euthanizing mental patients whatever all that was bad right I, thought, that, was, one, of the, big lessons of the second world war well as we both know that there are no

rules.

Well, that's Boy, is that the truth?

There are no rules, right? There are

none. There are rules for us, you and me, but um there are subjects for which people could be thrown in prison. Um you

know, great example would be uh Diddy.

So, what happened with Diddy? I think

what happened with Diddy is Diddy had a bunch of very incriminating tapes. I

think you know Epstein light and and I think they arrested him to round it all up all the data. I think

they did it to get all the data away from Diddy because he was being sued in civil court and the guilty party said we got to get it out of there before the civil court

gets it. And so they arrest Diddy. What

gets it. And so they arrest Diddy. What

did they just convict him of? Nothing.

They could have put him away for 20 years based on what he did to Justin Bieber.

Right. They didn't even get him on any of that. So, it's a classic. It's a

of that. So, it's a classic. It's a

classic case. I know I sound like a nutcase, but you've had a lot of nutcases on your shows.

I had my brother who's trying to dial me back his day. They're going to think you're a

his day. They're going to think you're a nutcase if you talk about all the things you think about. And I go, "Well, I think that ship has sailed." You know as I said to uh when Well, I thought that was the whole point of academic research was that, you know

the predicate for it, the basis of it is free thinking. Well, but according to Douglas Murray, I'm not supposed to talk about it unless I'm an expert.

Well, you are a demonstrable expert uh in your area. I mean

which is not diddy.

It's not diddy. You're not a tenure professor of diddy studies at Cornell.

Uh we could have it. You know, we have subjects and and so you think the point of arresting Diddy was to shut down inquiry into what Diddy was doing?

Get the data, right? Well, that's

clearly the point of the first Jeffrey Epstein arrest.

Hunter Biden's laptop.

Tell me your view of Hunter Biden's laptop.

Well Sydney what's her name? Lawyer. Come on. Sydney

Powell.

Yep.

Elite lawyer, now down a few notches cuz you worked for Trump and that always gets you in trouble. Yes.

said that if if uh if Hunter Biden's laptop were ever released. No, if

Anthony Weiner's laptop were ever released, the government would fall.

Weer's laptop had kill switches in it. I

mean, it it was filled with crap that wasn't supposed to be there. We never

get to see it. Supposedly, nine cops watched the videos on on on on Weiner's laptop.

They had to keep leaving the room because they couldn't stand what they were seeing. And all nine are now dead.

were seeing. And all nine are now dead.

And there's names and faces and deadness, right? They're they're real

deadness, right? They're they're real people. Now, you can say, "Well, maybe

people. Now, you can say, "Well, maybe they died for other reasons." I go, "But it's still nine cops."

And, you know, it's like the five cops who died after January 6, right? Four of

them were suicides.

Out of, according to AI, there were about 80 cops really in the thick of things.

Four of them died from suicide.

I don't need any more information to wonder what the hell is going on there.

That's one of those standalone observations where I go, "That's not right. The math of that doesn't work for

right. The math of that doesn't work for me."

me." I've got pictures of Ukrainian See, I'm going off topic. I've got pictures of you known Ukrainian operatives with with You're not going to believe

this. With the QAnon Shaman guy, the guy

this. With the QAnon Shaman guy, the guy with the horns in January 6 at January 6. What is that all about? I've got

6. What is that all about? I've got

videos of It seems totally normal.

Yeah. Yeah. Totally. I've got videos with the National Guard 100 yards away not doing anything. I've gotten videos of

doing anything. I've gotten videos of John Sullivan, right? The guy who was supposedly Antifa, but Antifa said, "No he's a fed. Don't talk to him." Who then

filmed Ashley Babbot getting shot. This

guy's getting around. What What's your image of an Antifa person? Lost soul

tattoos everywhere, right?

No meaning in life, right?

Yeah. And no no path forward really. I

mean these are these are societies if if they're real. That is if they're if they're real. But I mean if you look at the mug shots of Antifa arrest or the people who came to my house Antifa there I mean these are you know obviously I

disagree. They threaten my family. I

disagree. They threaten my family. I

don't like them and all that. But you

also feel like these are like one step above homeless. Like these are

above homeless. Like these are right losers. Yeah.

losers. Yeah.

Right. And uh and um so if he's Antifa, it's really odd that he was a nationally ranked cyclist.

What I know about nationally ranked anything is their lives have purpose.

Now there's a mug shot. Did you follow this Patriot Front story? I'm really

This This is now the helmet's on, the leash to the jungle gym is on. on the

patriot front guys, those guys who'd stomp around looking like neo-Nazis who also were buff and had no pot bellies and covered their faces and get arrested and their handcuffed with their

backpacks still on and their their their megaphone still over their shoulders and and and then I saw mug shots of them.

Not a single tattoo.

Yeah.

No tattoos. These are neo-Nazis. Not a

single tattoo.

They didn't have like waffs lightning bolts on their cheeks you know?

Right. So, so, so we are in this big Walter Kernish.

We're in this made for the internet plot. Walter is great in his description

plot. Walter is great in his description of the I've been tracking the man story.

It's not the right story. There's

something wrong. And I

Walter laid it out. Now, what Walter didn't say is who's behind him?

That's obviously the question. I mean

you can look at all of these different stories, particularly the acts of violence, which are because they are acts of violence are, you know, examined much more closely than any other kind of

act. Um, and it like doesn't it doesn't

act. Um, and it like doesn't it doesn't make any sense. I mean, the the shooting of Trump a year ago in Butler Pennsylvania is just Oh, I wrote about that everything. Do

you know what I just read the other day?

the guy who shot Thomas Krooks, right?

There were bullets flying all over that place, but it was a catastrophically poorly set up defense of Trump. But the

guy who shot Thomas Krooks was the same guy who organized the protection of Trump.

And they say, "Oh, you know, he didn't get convicted of anything and other guys, didn't I?" go. Well, so the guy who was in charge of making sure that after the assassination was done, he popped the assassin

is somehow not getting prosecuted. Why

am I not shocked?

So, you're saying he was the Jack Ruby figure here?

He was the Jack Ruby figure. Yes. So, so

what was odd about that story? Well

first of all, all the news agencies were there. This was a totally irrelevant

there. This was a totally irrelevant rally in the an irrelevant place.

Butler Pennsylvania.

And there's a stranger story there. And

again, I I I just pick up these shards and sometimes they fit together into a story and sometimes it's just put it in your head, keep it there until you get more detail. Um, there's a guy sitting

more detail. Um, there's a guy sitting behind Trump named Joseph Fusa. Fusa is his last name.

I had seen him before many times.

He was by the QAnon guys, which are a bunch of whack jobs um, said to be, you're not going to believe this, said to be John F. Kennedy

Jr. waiting to come back and save the world. And I'm going, "Oh, you guys have

world. And I'm going, "Oh, you guys have lost your minds finally. You've really

gone." It doesn't matter that that's a total croc.

Fusa is this guy and they say, "No, his name is Fusa and whatever, you know blah blah blah blah blah." But but he's one who supposedly JFK Jr. in disguise.

Fusa was there sitting right behind Trump. I go, of all the rallies, there

Trump. I go, of all the rallies, there he is.

Who is he?

I don't know. And what's really Trump gets shot, everyone's reacting, and Fusa's not.

And then there's two pieces of footage.

Now, when you say you've seen him before you've seen him in photographs before.

Oh, he had been talked about. I I've dug down some deep rabbit holes and find this guy. So, one of the things you

this guy. So, one of the things you discover, you know this as well as anyone. You you think you're going down

anyone. You you think you're going down a rabbit hole and you discover go back like tappy.

You get down the rabbit hole and you go this thing that this there's a there's an entire ecosystem down here that people don't know exists. Once once you

it's like it's like once you you you ask how did Kennedy get killed and you go oh boy you know that that's troubling right and then building seven which you talked with Ron Johnson who by the way was in our doc zoom group. Right. When I'm

talking, we had everyone. We had

everyone. Um

once you get on one or two of these then you go, I I I can't trust anything.

And I'm I work in a field where you're supposed to be able to get the facts and say, now here's an odd story.

A friend of mine's binding all my annual reviews that I write. I write one blog a year. I've been thinking about why

year. I've been thinking about why and and I can Can you just pause and describe what that is? that that's really the reason I

that is? that that's really the reason I wanted to talk to you was because your your interview is, you know, well known among people who are paying attention.

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I stopped paying 100% attention to chemistry and started on the side looking at markets when I became a boomer with some wealth and I started pay and I became I was a tech bull.

And then by 98 I realized the markets were in trouble. I'd read enough books read enough blogs, read enough articles.

Um, and and so and then that naturally led me to politics because if you don't understand politics, you don't understand economics.

And uh and around 07, I wrote a I used to on this chatboard I was at, I'd write a a summary at the end of the year. And

part of it was to to to make sure that my fairly extreme views weren't costing me serious pain and suffering and and and instead of getting 200

clicks because this group is about 200 of us talking, um it went to like 4,000.

I go, "What happened?" And I said, "Oh I put it on my blog." Someone told me that. So, so in '09, I I decided to do

that. So, so in '09, I I decided to do it seriously. I 30 years of investing.

it seriously. I 30 years of investing.

So, I wrote a this this thing. I said

"30 years of investing from from the cheap seats was the title." And it went wild actually. And part of it was

wild actually. And part of it was because um because I'd been highly successful as a rank

amateur through the 90s as a tech bull.

I made 700% on WorldCom and then got out, right? I made 700% on Dell, Warner

right? I made 700% on Dell, Warner Lambert. I I thought I was a genius.

Lambert. I I thought I was a genius.

And and so I had years where I made over 100% without leverage. And and uh and and then I got out and I got out due to Y2K, which turns out to be a grift.

Yeah.

It took me decades to figure that out. I

thought I just blew it, but no, it was Silicon Valley selling software and hardware and I can make that whatever you want, but it's not worth it. Um

and then and then so so I started paying attention to politics and then I just went deeper and deeper down rabbit holes. I know I'm reading about Putin

holes. I know I'm reading about Putin into 2012 trying to understand what's going on there and stuff like that. So

um, so I I just kind of naturally go down rabbit holes. Now, what you can't market a blog worse than writing one a year, right? That's about as bad as you

year, right? That's about as bad as you get and I don't charge for it. So

there's that. And and and then I realized though, um the reason it works for me is if I wrote a blog once a week

most of them would be garbage because imagine how many blogs I would have written about how Trump and Elon are best friends.

Right.

Right.

And now it seems irrelevant. I'd be

writing about how Trump and Elon are enemies and then a month from now it'll be irrelevant because they'll be best friends again, right? And so you could I could not write a weekly blog. And so

what I do is is I by writing once a year gives me a long time to think about. So

I get the idea and then I sort of watch go oh look at that. That's a puzzle piece right there. So it essentially is book length

250 300 pages every fall and and you can't and you don't charge for it and I don't and I you also can't write

it in March that's not a year in review so I usually end up with about 700 pages of links and notes and if if I see something we talked before about about using tripe metaphors you know and how

we both hate it and but once in a while I'll see a way to insult the person I'll go, "Oh, I'm saving that." Right

now, the other reason it's really great I think where do people find it?

Uh, it's published at Peak Prosperity and and it's my link, it's my pin tweet so it stays up there all year and then until I publish the next one. Um, and

and it gives me the chance to collect the information to ponder what's going on that year and then and some things become irrelevant, so I don't write about them. Some things are not some

about them. Some things are not some things become trit, right? But I think my analysis of the um 2016 election, for example, was really good. The prophetic

line, I was watching BET.

Please don't get me to explain why I'm watching BET and Black Entertainment Today or something, whatever.

And some burly black guy's talking about Trump and he says, "Forget the messenger. Listen to the message. Listen

messenger. Listen to the message. Listen

to the, message.", I'm, going,, "Holy, moly."

Right? Turns out he was the head of the end of the uh uh uh new Black Panther Party. I go, Trump just got endorsed by

Party. I go, Trump just got endorsed by the Black Panthers.

So I And then I saw Jimmy Brown, the running back, say he will be a president of the people and, and, all, of a, sudden, and, so, I, wrote, "It might just be a flicker

but I think the black community is moving to the right."

And boy was that ahead of its time.

And so uh what I won't do is write about something that everyone's writing about.

Why?

Yeah.

The other problem I face is that I don't write about stuff I'm an expert. I write

about stuff I know nothing.

So when I wrote about I've been following Putin, but when the Ukraine war came, first thing I noticed, I bet you noticed it too. It wasn't a war.

It was a police action.

And they weren't killing people. They

were moving troops across the border.

They were talking to Ukrainians. They

were And I kept saying to my wife, "This is not a war." And you'd see some grandmother going, "Ah, this is just really terrible." You know, and I'm

really terrible." You know, and I'm going, "That's not a war. You want to see a war? Look at Baghdad day one right?

That's a war. That's what a war looks like." Right? You'd see an explosion

like." Right? You'd see an explosion from 20 miles away. You wouldn't know what blew up, right? Like my wife thought I was nuts. I go, "It's not a war. It's not a war." Well, it became a

war. It's not a war." Well, it became a war because, as you and I both know NATO wanted a war.

And so, it morphed from being a police action, which I think Putin was trying to throw a fast ball past NATO's chin and saying, "Back off on this whole NATO thing."

thing." That's correct.

And and so when I wrote about that, I found about 20 to 40 guys who are trying to get it right, which includes you and includes guys like Max Abramson. Do I

know that? Do I have that right? Glenn

Greenwald. Um, uh, uh, the guy who died what's his name? The guy who got killed by the Ukrainian Gonzalo.

Gonzalo Lero American who was murdered by the Ukrainian government.

And we could have gotten him out with a phone call and we chose not to because the narrative was Putin's bad. Ukraine's

a bunch of really nice guys. Super nice

guys. It's a democracy. I What a croc of [ __ ] That was a lie from head to toe.

We wanted a war. We still want war. I

have I have intelligence friends, too.

Not like you, but I have them. And and I was talking to one the other day. I

think he likes to talk to me because he can talk to me about these subjects. And

in his universe, I'm the only guy he can talk to for which um he's he doesn't have to worry because everyone else in his world is connected to everyone else in his world. So I think he likes to

have real honest conversations. One day

we're on the phone. He says, "Do you do Signal?" I go, "Yeah." So we went to

Signal?" I go, "Yeah." So we went to Signal. He said, "Someone was listening

Signal. He said, "Someone was listening to us.

Boy, there's a lot of that.

There's a lot of that.

Yeah, I know.

So, there's always a narrative. There's

always one narrative and we're now in an era where you only get to talk about that narrative. You know that. I know

that narrative. You know that. I know

that. You and I were just mutually Yeah. And and the the penalties for

Yeah. And and the the penalties for straying from the story, you get fired are real. Yeah. Totally. I mean

are real. Yeah. Totally. I mean

whatever. I There's been no age in human history where telling the truth, the real truth is rewarded. So

so, so, so where you first really won me over.

So, you and I agree that when you were young, you were a punk.

Yeah.

The fact that you're so proud of the metamorphosis is great. Um, it may have come before this, but where I noticed it was the Las Vegas shootings where is we

kind of talked a little bit at breakfast. Um

breakfast. Um here's the funny story. They interviewed

that night a guy named Mike Krock and Mike Croc tells the night of the shooting.

The night of the shooting that was 2017 maybe.

I can't remember yet. Yeah.

And Mike Cron told this story. He didn't

look very emotional, which I found a little odd. I, by the way, think all the

little odd. I, by the way, think all the shootings within an Arab bar are not what they appear to be. I'll take it all the way back to Coline if you want. Um

but Mike Cron talks about his friend getting shot three times in the chest from hundreds of yards away.

And and later a marksman said, "Not possible. Too much spray. A sniper would

possible. Too much spray. A sniper would be required to hit a guy three times."

And uh and uh and the guy was just doing this, right? And Mike says his friend

this, right? And Mike says his friend stuck his fingers in the bullet his own bullet holes to stop the bleeding. I'm

going, "Now you're lying."

Why is Mike lying? Right away, red flag.

Why is Mike lying?

And who is he, by the way?

Well, that's a great question. So, Mike

um then finishes how they put him on a cart and wheeled him out.

May I just ask why? I'll tell you in a minute. Why did you know he was lying

minute. Why did you know he was lying when he said his friend put his own fingers?

Because you don't you don't get shot three times in the chest and provide your own healthcare.

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So then like YouTube, you see it rolls over 15 seconds and then it goes to the next YouTube and we're we're watching Vegas like you watch 9/11, right? It was

it was really 500 people. It it is the biggest shooting is probably Gettysburg.

Yes.

Right. When was the last time you heard a gun antagonist say, "Remember Vegas?

We got to get rid of guns.

Never.

Never. Right. And you know why? So it

rolls to the next interview and it's Mike Croc, new network, same guy. He

tells the same story. Now he's looking a little more emotional and his story changes just a little, just a little around the edges.

And then it rolls the next interview and there's Mike Kron again.

And I go, why? You got 22,000 people and why are you interviewing Mike Kron? And

then there were oddities that were always showing up like some lady walking through the crowd saying, "You're all going to die tonight." And they we carted her away and things like that.

Yeah. Yeah. Weird stuff. And so, um, I tried to figure out who Mike was. He's

just some hick from Alaska, right? He's

just some hick from Alaska. After the

fact, I looked and just picture him holding an elk by the horns, you know that he shot.

The next day the the head of the police said there's no way one guy did it. The

following day he said one guy did it.

Takes a long time to show one guy did it. Right. That's that's something you

it. Right. That's that's something you don't know. There's a lot of debris

don't know. There's a lot of debris before you figure that out. Um

there's now a documentary called Route 41. So I dug into this. You what I

41. So I dug into this. You what I noticed is you stayed with the story for about two weeks maybe and you were bringing up you and Coulter jumped in.

You know, Paddock was making money. How?

Playing video poker. That's his That's the way he was making a living. That's

like saying I'm a professional crackhead. And uh and then what happens

crackhead. And uh and then what happens is there was shooting all over the place. There was shooting everywhere

place. There was shooting everywhere in the city that day.

In the city that night. And so now there's, if you don't believe me there's this documentary called Route 41. and they got stuff I didn't know

41. and they got stuff I didn't know about, but they also got stuff that um that I So, it's kind of an answer key for me to use academic terms. And if you watch Route 41, you will see there were

shooters everywhere. There are cop

shooters everywhere. There are cop cameras showing shooters. And then

remember the guy got shot in the leg up on the floor where Paddock was.

Yes. The the

some guy named Jesus or something right? Some some illegal with two social

right? Some some illegal with two social security numbers. Hello. Um and and and

security numbers. Hello. Um and and and and then afterwards reporters try to get to his house. His house is being protected

by by cars. They had no license plates.

And, and, then, all, of a, sudden, he, goes, to Mexico. And when asked, "Well, where'd

Mexico. And when asked, "Well, where'd he go?" They said, "Well, he was

he go?" They said, "Well, he was planning a trip to Mexico." So when I wrote it, I said, "Oh, by the way Jesus, when you get back, could you stop in? We've got some questions for you."

in? We've got some questions for you."

Right? And then he comes back and he does one interview on Ellen Degenerous.

and Allan introduced him saying and he's there with a handler I had already seen.

I'm going wait a minute that guy I've been seeing that guy a lot that other guy. So Jesus is looking at his feet.

guy. So Jesus is looking at his feet.

His name isn't Jesus but it's something like that. Allan introduced saying this

like that. Allan introduced saying this is the only interview you're going to do and you got to get it off your chest.

I'm going oh [ __ ] Here we go. And then

and then and then the handler is doing all the talking. Jesus is looking at his feet and then we never hear about Jesus again. probably he's in some shallow

again. probably he's in some shallow grave somewhere cuz he's too inconvenient. But um

inconvenient. But um I tried to interview him at the time.

Really?

Yes.

Couldn't get to him.

He drove to Mexico from Vegas right?

Two of them did. An escort.

Yeah. Then he came back and uh Yeah. I I

tried my hardest.

Allan works for Mand the company that owns Mandandalay.

His handler.

Yeah. No, no. Um um Ellen Degenerous.

Oh, Ellen. I'm so sorry.

Yeah. And so so so they're buttoning it down. Now what you see from Route 41

down. Now what you see from Route 41 video is there just an enormous amount of chaos. There's enormous number

of chaos. There's enormous number numbers of shooters. Even that night you were seeing u videos from cab drivers saying they're shooting over here they're shooting over there. Was and and

and there would be some chaos, but there was way too much. There's guys who took audios and said here's here bam bam bam bam bam. They hear da da da da da da. So

bam bam. They hear da da da da da da. So

you could hear multiple guns, the whole thing. So then what happened? Mike Croc

thing. So then what happened? Mike Croc

I start reading trauma surgeons saying there's something wrong with the story.

You know, if you get hit with, you know what was AR-15 or something?

You're going to figure you're going to die out there. You're going to bleed out right there. Even if it doesn't hit a

right there. Even if it doesn't hit a major artery, it's going to turn your leg to jello.

Chest wounds from a rifle.

Yeah., Yeah., Okay., So So, what, would, he look like? And so then I saw an

look like? And so then I saw an interview of a of a young woman and she's sitting there in a chair in the hospital and they're interviewing her.

I'm going, you look pretty perky. And um

and and then Mike Cron with a news crew goes in and interviews his friend. Now

first and foremost, we know HIPPA says "You ain't bringing a news crew into a hospital room." Second, we know three

hospital room." Second, we know three shots to the chest, he'd be in the ICU.

The only way you'd know he's alive is that there'd be a beeping on the screen and he'd have hoses coming out of every orifice and he would look dead.

And so they take the news crew and they interview his friend. He's got a nasal canula.

A nasal canula. So I'm sitting there thinking, "Oh, so you're you're talking with three holes in your chest. What are

you sticking your fingers so the air doesn't come flying out of your chest holes?" Right. And then I notice

holes?" Right. And then I notice the screen's not even plugged in. Now

what is Mike Kronck now? He's a state senator from Alaska. In Alaska. I think

he's a state level state senator.

What?

Yeah.

Who's the chief of police? He became

governor of Nevada or something right?

So, so again, so there's a guy named John Cullen who did an analysis of the shooting and his conclusion a relative.

A relative.

Yeah.

No, no, no, no, no, it's felt different.

John worked for Oracle. He's some on the spectrum code head. He also analyzed the Butler shooting. Um the audios of the

Butler shooting. Um the audios of the Butler shooting. He's an on the spectrum

Butler shooting. He's an on the spectrum code head.

He's on the spectrum code head. He he he sort of bears down and grabs on something a little too firmly I think.

But but but he brings on the spectrum conads.

Yeah. I know.

And he there was pretty good evidence that a lot of the shooting was coming from helicopters behind the Mandandalay.

And he tracked the transponders turning on and off behind the Mandandalay. The

story was that Muhammad bin Salman was on the top floor the crown crown prince of ruler of Saudi Arabia.

Yes. Yes. a guy who lots of people would like to kill. And his theory is is that the Saudis tried to flush him out of there and on the way out they would cap him.

Now they blew it. If that's the story they blew it. I think the helicopter idea is not bad. But I I did a couple podcasts with John and I said, "John but what about all the shooting on the ground?" And John was kind of

ground?" And John was kind of dismissive. I go, "You can't dismiss it.

dismissive. I go, "You can't dismiss it.

You can't let that stuff go. Your

model's got to include that." But um it occurred um a year later Muhammad remember when

uh Kosogi got killed.

What was his name? Jamal Kosigible. Now

a, non-, Kosigible, is, one, of the, most famous CIA guys on the planet. Jamal

Kosogi is one who got diced up and fed to the camels. Yeah.

Now he's a New York Times reporter. I

think he was also CIA Washington Post columnist. Yeah. and he

was killed in in the embassy in uh Istanbul I believe.

Okay.

Supposedly on the anniversary of the Vegas shootings, supposedly Muhammad bin Salman had a party, locked the doors and showed a video of him

getting sliced up and said to the royal sitting in the room, "Don't even think about it."

about it." Now when I wrote about Kosigible, Evan was having a cow over Kosigible right when he got killed. I'm going, we're killing tens of thousands of Yemenes. We

killed 5 million people in the Middle East directly and indirectly due to our post 911 responses, right?

And I called him ODK, one dead Kosogible. I said, "It is insane to

Kosogible. I said, "It is insane to worry about one dead guy in a region of the world where people die for no reason all the time." who was at war with this his own government, the Saudi

government. I mean, I'm, you know, I'm

government. I mean, I'm, you know, I'm obviously not for vivisecting people but I also think like there Yeah, there there's a scale of of evil and starving

kids is worse than what happened in Kosogi. I agree with you.

Kosogi. I agree with you.

Right. So, so you were the only mainstream guy who I watched steadily on the story, staying with the Vegas shootings, noting that there's something

wrong. We got very hassled by law

wrong. We got very hassled by law enforcement in Las Vegas, which was you know, I worked at Fox News obviously at the time and big supporters of law enforcement. I've always been a big

enforcement. I've always been a big supporter of law enforcement. We've

never gotten hassled anywhere. Just the

opposite. Oh, you work for Fox News? Oh

my gosh. Of course. Slow down.

Official law enforcement is what got me man. I mean, they blocked our camera

man. I mean, they blocked our camera position. Oh, yeah. They were totally

position. Oh, yeah. They were totally opposed to us doing that. I've never had that experience.

So, so let's stay on the shootings just briefly. Yuvaldi. There's problems all

briefly. Yuvaldi. There's problems all over that shooting. Remember that

shooting in Texas where the guy got into school knew knew the mayor? Yes.

There's problems all over the place because first of all, there's something like 800 law enforcement guys within reach of the damn thing and the there's a town of like 5,000 people

and and then they didn't go in for 78 minutes or something. I go, "Excuse me you show me 10 cops.

probably eight of them have kids by a lot I'm right now I'm reading a book called the moral animal it's about human behavior and and out of those eight eight would have gone in said I

don't care what you say I'm going in you give me a soccer mom she's going in right and then there was the mom who did go in and her story was incoherent

her story she came out and she said this and then she said this and it was not consistent And I'm going that's just a narrative thrown on top of it.

So what are we looking at here? So

kayfabe.

What does that mean?

Kay Fabe is something Eric Weinstein wrote about. He was asked to write an

wrote about. He was asked to write an essay with a bunch of other scholarly types. And he said that politics was

types. And he said that politics was kayfabe. It was professional wrestling.

kayfabe. It was professional wrestling.

And there's all these layers. There's

all these tricks. It's way more sophisticated than people think. the way

you get the way you engage the audience and you have some reality and some non-reality and things change and he he talked about politics being kayfabe I I

don't think anything you see can be interpreted it uh literally and at face value now what would be the purpose however

well um as I was telling you a friend's binding all my annual reviews and I will probably make $1,000 off

this. I mean, it's it's not getting

this. I mean, it's it's not getting rich. Um, I'm paid probably 0.001 cent

rich. Um, I'm paid probably 0.001 cent per hour pay for this task. I had to go back. I I've been proofing the drafts

back. I I've been proofing the drafts from previous years. And what I noticed about 2013, 14, 15 is something's changed.

And what's changed is a you could get facts and and you felt like you were getting and the stories would break and they would stay that way and and they wouldn't be shifting around and you could say, "Okay, here's what

happened and here here and this piece fits in here and and and now you can't.

Now it's like and we talked about using tripe metaphors. Uh here's one, but I

tripe metaphors. Uh here's one, but I really like it. It's like when your GPS starts randomly rrooting you and our GPS just keeps randoming

rrooting ruting. I go I I'm not taking

rrooting ruting. I go I I'm not taking that right turn now, you know. So you

just boot the GPS, you break out your gaziteer and you figure out where you're going, right? And so, um, we our GPS is

going, right? And so, um, we our GPS is rerouting us constantly and and one of your guests, Mike Benz, who I

occasionally chat with briefly, who's very impressive, and as as I've said, I don't know everything about him, and I

don't mean just in a casual way. I think

he's I think there's a complex story there, but right now, he's saying the right stuff. He ma he gave a talk one

right stuff. He ma he gave a talk one day where he talked about how around 2013 the so-called deep state which is a term I've tried to figure out where it came

from and the I think the guy who gets the most credit is kind of Peter Dale Scott who wrote about drug trafficking Berkeley professor and he called it deep politics but I think it predates that

but that's where I get it from um he said the deep state um realized they were losing control of the narrative they had underestimated ated the internet and social media.

Exactly.

And as a consequence, they had to get a hold of it completely. And so then this is where we're at now. We thought Trump was going to save us. We thought Elon was going to save us. Um my Twitter feed

is a dumpster fire. So instead of taking away data, they provide excess noise. So

now, so now instead of trying to suppress the signal, you just increase the noise.

I think that's uh very deep and I think it points to the what's h what's happening. I think that's clearly true.

happening. I think that's clearly true.

So what is the fact? That was the title last year's write up. What is the fact?

Yeah. It's it's impossible. You can't

actually control the you can't restrict the flow of information across the internet.

You throw debris out there.

Yeah.

Right. It's like just it's a like the the the pilots who who throw the debris out the back of the plane so that the guided missiles don't know what to hit.

Of course. Exactly. Right.

Right. And and they also throw out debris so that so that then they can prove that it's not true. So you feel like an idiot.

Qanon was clearly that Qanon. Yeah. Qanon.

Qanon. Yeah. Qanon.

What was Qanon?

I don't know.

I don't either. I I avoid, you know, I'd be listening to something and it would have useful information and all of a sudden then it would show the hole and here's Trump and his generals are going to save the world.

I agree. But the interesting I never knew anything about Qanon. I never paid any attention at all. I have a good friend who I really admire who's much smarter than I am who because he is smarter than I am took like a year to

look into QAnon. And

what did he get?

I don't fully understand it, but here's what I understand is that um you know some of the predictions in Qanon came true. I mean it it's a sophisticated

true. I mean it it's a sophisticated thing. It's not just

thing. It's not just oh I think it's a bunch of ex spooks for sure. It's not a you know bunch of

for sure. It's not a you know bunch of college kids on no 4chan or whatever they claim it was.

These are guys who are probably pissed that the system went bad.

It was the point of it and it's unclear you know who was behind it. I have some theories, but um people I know actually but, uh, but, I, don't, know if, they're, true.

But what I what is obvious to me is that it was it's a control mechanism trying to siphon off some of that energy and move it in a siphoning off the energy. That's

less less dangerous direction right? Focus on Wuhan

right? Focus on Wuhan right? Focus on the lab in Wuhan. That's

right? Focus on the lab in Wuhan. That's

siphoning.

That's all American politics. Like h

have a race war. Leave us alone as we loot your country.

That's right. That's right. It it

there's a meme out there. There's a joke where the king and his his right-hand man, his chief of staff are looking at the angry towns people and some have pitchforks and some have torches and the

king says, "Don't you have to worry. You

just convince the guys with the pitchforks are the enemies of the guys with the torches."

Well, um, so you said that a couple times.

Focus on Wuhan.

I've I've fallen for that for that squirrel squirrel uh Wuhan thing. Um

squirrel.

Why a blind nut finds a squirrel.

That's funny. Um, that's really I'm stealing that. I'm just making making a

stealing that. I'm just making making a note.

That's an original. I never know if I heard it and forgot where I got it. But

that original the squirrel. Uh

what is that distracting?

I think it is great. You put me in an asylum overnight.

In an asylum overnight?

Yeah. Yeah. My my my hotel is a former asylum. I

asylum. I really Yeah. You didn't ask?

Yeah. You didn't ask?

No. Oh yeah, it's a former asylum. And I

said, you finally got it right.

Well, I think there's there's wisdom here. Um

here. Um there is wisdom here.

What are they distracting us from by having us focus on Wuhan?

Well, huge amounts of grift. You had you interviewed um Katherine Austin Fitz.

Yes.

I've been blessed.

This smart woman.

So, I come out of nowhere. I have no credentials beyond those that I can create., Right., And, I, think, one, of the

create., Right., And, I, think, one, of the ways you create it is by being truthful.

Yes.

And I know truth is everything to you.

I, I I, try, to, make, it, that, way.

And and uh and and actually in this book, The Moral Animal, they say the reason we self-delude is so that you can be truthful and deceive your opponent.

That's what self-d delusion is.

Yes.

Um and and I practiced a lot of that.

I've been adopted by some people who didn't have to adopt me. And so, for example, I'm tight with Steve Hanky who's a famous economist, and and

Katherine has been very supportive and and and there's several dozen who who somehow have decided that that I'm worth their

time and and uh and help me and and so they're they're useful to chat with they're useful to But Katherine's story and a lot of people think Katherine's

nuts, right? Um but but she talks about

nuts, right? Um but but she talks about the huge amount of resources that have been siphoned off and the tens of trillions of dollars of resources that have been

I know Kath Fitz, you can disagree with her. She's not nuts. That's not true.

her. She's not nuts. That's not true.

She's not what?

Nuts.

Oh, no. I don't think she is nuts.

Right. She's a grounded person.

She could have things wrong, but that's totally different. Um, and I had a

totally different. Um, and I had a friend, another friend who I think is phenomenal tell me that she's nuts and don't don't don't get near her. And I

said, "No, I don't think so." Um, and and but we all can get sucked down into the rabbit holes to the point you can get out, too. There are days where I wish

out, too. There are days where I wish Why don't you just go play golf?

Yeah.

Or you Right now, I'm on a my house is hanging off a 100 foot cliff looking west over Cuga Lake. I can literally throw rotten fruit off my deck and drop it down into the drink from I can I'll

show afterwards I'll show you photos.

It's the view is such that if there are places in the country where the view would cost $20 million not in Ithaca of course. Um and uh and uh and if people

course. Um and uh and uh and if people come and visit they should. It's beautiful. I can't

they should. It's beautiful. I can't

remember why I said that. That's

probably you're saying that people dismiss um you know the the the few who are just committed, to, pursuing, truth, no matter what as crazy and you gave Katherine

Austin Fitz as an example and but you said you can actually go crazy.

Oh yeah.

By looking too carefully into So the turns out broke the small New York State smallmouth bass record about three years ago. Broke the New York State largemouth bass record last year.

And I used to fish all the time when I was a kid and I haven't fished it.

What's wrong with this picture?

Well, if you got smallmouth bass there I think you need to fish it on a fly rod. It'll totally change your life.

rod. It'll totally change your life.

It's not a fly rod. It's a deep lake.

It's a um But you can catch them on the surface with a popper. And if you do, if you catch a sizable smallmouth on a popper on a fly rod, you I'm a 18 foot deep schol. um sinking

line.

But but so you know, my wife thought that I had fish removed from my thumbs cuz she never saw a picture of me that didn't have a fish hanging off my my hand. Um but I haven't fished it

hand. Um but I haven't fished it because you're absorbed in trying to figure out absorbed in raising kids. I'm absorbed

in other things. My wife has issues I got to help her with. Um and and and I I have this fear of buying a boat.

But you as someone who has taken, you know, ample intellectual energy and intelligence and focused it on trying to figure out what are we watching, which I think is like a fair way to describe what you're

doing, like what is this? What's the

truth of it? Has that been worth doing?

That's the question.

That is the question. and and there was a time where I thought if I could get to the truth then then that would help in some way but now it's not as clear.

Tell me what well you know now first of all what is the truth right the truth is now becoming very ambiguous. Um last year I wrote about the history of World War II.

I did a mini Daryl Cooper.

Yes.

And it started when I read a book by Diana West who would be good if you interviewed her. Um, and it was it's

interviewed her. Um, and it was it's this all revisionist history of World War II. And you go, "Well, why would you

War II. And you go, "Well, why would you want to read that?" Well, it turns out I think the story we got about World War II is all wrong. Actually

I think that's right.

And and then I read about FDR and FDR's right-hand man was a Soviet spy.

Certainly was right. And and therefore, confirmed.

right. And and therefore, confirmed.

We should have been One can make the argument we should have sided with Hitler and fought Stalin.

Patton said that. So, and and maybe there wouldn't have been a Holocaust right? you know, there's but but the the

right? you know, there's but but the the but Stalin was awful by any metric and we we we weren't his ally. Um the story is that there were a few missing

American soldiers at the end of World War II in Russian territory. 15 to

20,000 were missing and we left them there.

And then you read about Pearl Harbor. We

all sort of know the Pearl Harbor stories now what we're told. But I I dug into that and you find out the Pearl Harbor we knew to the morning that Pearl Harbor was going to get attacked. Stalin

who was going to be attacked. He wanted

us to take the Japanese off his flank and and FDR's right-hand man was okay with that because he was a Soviet spy.

Right. Then I read about FDR in the Great Depression. You find out that

Great Depression. You find out that every single penny he spent trying to help the the forgot AMD Schllays the forgotten man was spent to buy votes.

Every last penny. He was a sociopath and every the only thing he could do was lie. He was a compulsive liar. his his

lie. He was a compulsive liar. his his

inner circle had to constantly cover for his, lying, and, and, and, and and, the, only thing he's used for now is every time you want to grow government, you cite FDR

and and so so I I read a half a dozen books that sort of went at these different angles and wrote about it. So

I start out knowing nothing and then I write about it and I try to write to learn which is the most terrifying part of AI by the way. If you take out the writing, you take out you take out the thought.

Completely agree.

The other thing that scares me about it boy, squirrel. Um

squirrel. Um AI is going to make the system very unforgivingly brittle. I'm I'm not

unforgivingly brittle. I'm I'm not worried as much about the authoritarian slant that Elon occasionally talks about, which might be just to fake us out. Who knows? Um, I am worried that

out. Who knows? Um, I am worried that we're going to reach a point where, you know, when everything everything computer does is binary. So, you go to the grocery store, you slip your credit card in, it says you're good to go or

didn't work. Swipe it again. Didn't

didn't work. Swipe it again. Didn't

work. Sorry. You're out of here. Right.

They debank people. This is a big problem. What happens when everything is

problem. What happens when everything is so AIed up that that that there's no person anywhere with an earshot who can help you at all. No one who can say "Okay, let me let me get this for you."

Right.

Right. there's been a misunderstanding or there's yeah some sort of human nuance required happened on the other day on a credit card where I was talking to a lady and it kept sending me in these loops and she finally straight out but what happens when the code is being

written by computer so there's no human who understands the code so the system will be very brittle be very unforgiving forget about whether it's used nefariously forget about

whether someone uses as an authoritarian tool which is very real possibility and I worry about that a lot um just the fact that no one will know who's driving

the cab ever on anything.

And and also now you're taking out the intellectual part. So when I write when

intellectual part. So when I write when you write when I write a scientific paper, the project's not done until I've written it because that's where you you you lay it out. And if you can't put it

on paper coherently with no internal contradictions, you're not done.

You're not done understanding it.

You're not done understanding. So the

writing is understanding. I so I think people who don't write for a living or aren't forced to write regularly don't this concept is a hard one but the it's through writing or I would

also say speaking you know public speaking that putting concepts into words makes the concepts intelligible to the person who's articulating them like you don't

really understand something until you've been forced to write about it.

It's like a comedy shop. you go, you know, the the great comedians will go down to the cheapo comedy shops to practice to figure out what works, what

doesn't work, right? And then they go on Johnny Carson.

Exactly.

And so, um, so you So when there's no writing, there's no thinking, right? So I read about Maui, the fires.

right? So I read about Maui, the fires.

I wrote about that very clearly a land grab.

You may remember how many kids died.

No. Do you remember the USA article said 750 kids are missing?

Yep.

Right. When a kid's missing after something like that, they're dead. But

they're not missing. They're dead. Maybe

a couple found their way. Someone drove

them out of town, but they're dead. Try

to find anywhere a statement about dead kids now. You can't find it. You go to

kids now. You can't find it. You go to Wikipedia. You You search the word

Wikipedia. You You search the word child. You search the word. You read it.

child. You search the word. You read it.

There's no mention of dead children.

There were 750 kids missing according to USA Today.

Then, all, of a, sudden, the, governor saying, "Well, you know, we're worried about land speculators, so we're going to buy the land up so that the speculators can't get it." And I go, "So you can sell it to your friends

right? Is it possible maybe they mowed

right? Is it possible maybe they mowed down Lahina because they want to put up resorts and things, right? But what also was out there was this idea of directed

energy weapons starting the fires." Now

I think that was a dead end. I don't

think directed energy weapons were used.

Even though there's a it's they're called DEWs. Even though there's a DEW

called DEWs. Even though there's a DEW facility on Maui, you don't need that.

And there were videos. I go, I think those are fake. So, I found nothing. But

I used it as an excuse to read up on DEWs.

And I was reading Rand reports from 40 years ago. And And

years ago. And And what what, is, a, directed, energy, weapon?

It's basically Star Wars. And so it's Reagan Star Wars and everyone said, "Oh that's just science fiction." I go "Well, Gorbachov seemed to get want to get rid of him every chance he got." So

Gorbachov took him very seriously. So it

turns out what you do is you put something in space and it shoots some sort of energy, guided energy down to the surface of the earth and it can the different frequencies have different

efficacies and so some are really good at at at hitting a target. some broad

now like microwaves are different than than some sort of ultraviolet laser. I'm

I'm not very good at this stuff, but um and and then I started reading about how what they do is they use a pulse of one laser to punch a hole through the atmosphere and then the second pulse would go through that hole. I mean, it's

really clever stuff. This is 40-year-old Rand reports.

What do they have behind the payw wall 40 years later now? the best I think evidence of a DEW being used and I I was reading about fires in different places

where trees were burning that shouldn't have burned and cars that there were there's I wrote about it if someone wants to go read it that was a couple years ago um

the best evidence of a DEW so if you've got these you got to test them right it's like why you need why you need you know boweapons labs in Ukraine you got

to test them Um, you can't use lab rats.

Um, you look at the Quebec fires uh, satellite imagery of the Quebec fires. Very mysterious.

fires. Very mysterious.

About 26ish fires started simultaneously. How do you know some? Well, if a fire starts and

know some? Well, if a fire starts and then another one starts, it'll be downwind. So, you'll see it'll look like

downwind. So, you'll see it'll look like the Hawaiian Islands, right? Right.

Um, boom. All at once.

26 fires in a crudely buckshot pattern that was 350 miles in diameter.

Boy, that's a determined arsonist or, at least, 26, of, them.

Yeah. With

in the middle of nowhere.

Yeah. With helicop I mean there no roads. So

roads. So but but say no a cell phone can't do it.

You know nothing, right? They're in the middle, of, nowhere, and, all, of a, sudden they all start simultaneously and I'm going, "Okay, that probably was them testing out their weapons and we have a

lot of wars to test weapons, right?" So

you so your your basic overarching theory is around 20145 it became clear to the people running

the world that you can't keep information under wraps anymore because the internet is impossible to control.

Mhm.

And so you had to flood flood people's brains with extraneous and misleading information and shut down people. They they shut they booted the president of the United States off Twitter.

Yeah.

How is that possible?

Cuz he was a racist. That's what they racist. That's what they told me.

racist. That's what they told me.

Racist right?

He was a racist right? And you know, so many 70,000 got

right? And you know, so many 70,000 got booted off Twitter. my sister-in-law

who's she had a Twitter feed. She can't

get it back.

You, know,, there, somehow, I, don't know, how I saw what was her crime.

She must have said something favorable about Trump or something. I don't know.

Um so, but the control of information, the shaping of people's understandings of the world around them. That's that's the whole

around them. That's that's the whole game right there.

So, I used to say the internet was democracy's greatest hope and worst enemy. Hm.

enemy. Hm.

And that it was a battle. I don't think we're going to win it. And the reason I don't is because it's too powerful.

And so whoever has control of it will then have that power.

So it's only a battle for who gets control of it.

Control of information.

Control the the digital world. Yeah.

So if you see voices out there dissenting from I hear voices, D. If you if you see if you see or hear voices that are dissenting from the official story line

they're going to have to be silenced or eliminated. I mean

eliminated. I mean well, look at what happened. Look at the ambushes that occurred when Thomas Massie, who I think is great, Ran Paul

who I think has matured immensely, and uh who is the third Republican who who stepped away from the narrative and all of a sudden the attacks were relentless.

Now, that could just be Trump being Trump.

It wasn't just Trump attacking them though.

I know.

Marjorie Taylor Green.

Marjorie Taylor Green, who by the way is nowhere near as stupid. I mean, she's not even stupid.

She ran a construction company.

Oh, I know.

And her um she just doesn't have whatever that normal the fear that controls people in DC. We're like, I can't.

But how do you turn on Thomas Massie?

Marjorie Taylor Green at least played a role in Cave Fabe that you can imagine drawing fire.

Massiey's this guy, you know, who who built his own house and fixes his own car and he's he's an engineer. He's he's

he's he's he he's the he's an archetype of who we ought to be as a country.

as a country.

I so vehemently agree.

And they turned on him.

Yeah. Well, I haven't.

We know why they turned on texted with him this morning. Um, no, I I mean, you know, you could say I disagree with with Thomas Massie, but if you think Thomas Massie is the problem you are the problem.

I couldn't agree more. Um, I couldn't agree more just because first of all he's a decent man, which always matters to me, and I think it should matter to all of us. I You could, you know, give Thomas Massie a routing number and he's not going to take a dollar. He's just

not., He's, not, going to He's the only one without a handler.

That's true. And um and I think we should admire that even if you think that all members of Congress should be required to have handlers, it's okay to live in a world where one doesn't.

That's that what I find. So

right, it's not okay to live in a world where everyone else does.

No, I agree with you. But I just find what's so interesting and there's a religious quality to all of these conversations that I find so striking.

It's like it's okay if you have, you know, all this power, all this money. If

you're running the US government or whoever you are with a lot of power, you know, you can afford to have some percentage of the population not play along. You don't need doesn't need to be

along. You don't need doesn't need to be an Albanian election in 1982. Like, you

can have some disscent unless you're an authoritarian state.

I guess that's right. I mean but even in an effective authoritarian state in Saudi Arabia in the Emirates these are you know basically theocracies they don't they don't agree with that but

they you know these are Islamic states under Sharia law you can kind of disscent it's okay you just can't do anything really threatening of course right but more disscent is allowed in Abu

Dhabi than in DC I just find that just absolutely incredible like what is this why why can't they allow Thomas Massie to just like have his own Massie views here's a vote He's a vote, okay, but you got you got

hundreds of others. Like I I just think it's weird. There's this desire to make

it's weird. There's this desire to make sure that nobody sings off the song sheet. Like, and that person must be

sheet. Like, and that person must be killed. And I Wow. I just I don't

killed. And I Wow. I just I don't enforce that among my own children.

So, um, do you know what I'm talking about?

No, I absolutely know about We used to allow opposing views.

Yeah. I mean, look, if someone is really a threat to the system, well, I think that should be allowed personally cuz the people only depends on in what way, but yes in what way?

I I have a very wide strike zone for that. But I get it. If the system is

that. But I get it. If the system is like, I'm sorry, you're an actual threat. We have to kill you. Okay

threat. We have to kill you. Okay

systems exist to preserve themselves. I

understand that. What I really can't even comprehend is someone out there in a place I've never been and never will go among 350 million people is making a noise that I disagree with. I must crush

him. What is that? That's just weird to

him. What is that? That's just weird to me. Why Why are you going to the effort

me. Why Why are you going to the effort to shut down all descent?

I I don't know. But um but it's that's that's that's what's happening.

Oh, I know.

Not to swing the topic yet again let me let me get back to the universities.

Um people don't understand universities.

Uh there are people who do obviously but there the average person doesn't.

So so people are going to say I'm talking my book. Let me let me take this

book. Let me let me take this opportunity with your gargantuan following to explain how universities work. So that

work. So that Well, let me just say before you begin that I'm amazed by the broadness of your thinking, right or wrong. You're

certainly thinking um thoughts that most people don't allow themselves to think.

And you are a tenure professor at an Ivy League college and you still have your job apparently. So that does say

job apparently. So that does say something. It would be hard to fire me

something. It would be hard to fire me apparently.

I mean, part of part of the problem is one of the one of the reasons I got cancelled is because I twice fought unionizations.

Yeah.

And the first time was at the request of the dean of faculty. Second time was at the request of the provost of late night phone call. You got to fight this. You

phone call. You got to fight this. You

got to put together a team. And that's

the now president. And so if they fired me, that that group was sort of behind my cancellation. So firing me would have

my cancellation. So firing me would have been hard because you know you know witness number one would be did you ask column to to fight the unions and did

that lead to you know them cancelling him and stuff like that. Um

I really think Cornell is great. I think

most universities are fine. We needed a fast ball past our chin. Great example

Claudine Gay shouldn't be president of Harvard. Shouldn't be on the faculty.

Harvard. Shouldn't be on the faculty.

Shouldn't have a PhD in my opinion. that

is the sign of the rot that has gotten into the universities, but that it's still an exceptional rot. So I I I don't see people at Cornell that look like Claudian gay to me. And and if you

actually look in the the whole DEI thing, you say, well, universities are super duper DEI. And I go you guys are forgetting that a year ago or two years ago, if you weren't DEI

you got destroyed.

The whole system was geared up to make sure you paid dearly if you weren't DEI.

So, you had to have your deans of diversity and you you the the world was demanding it. It and that don't forget

demanding it. It and that don't forget this was a world where where where biological men were were competing in women's sports. They still kind of are

women's sports. They still kind of are but, at least, it's, now, starting, to dissipate. Um, and that was considered

dissipate. Um, and that was considered totally normal and was considered rational and if you fought it, you get fired and things like that. So, so the universities were were simply

responding. Now, they had gotten way

responding. Now, they had gotten way left-wing. My colleagues were all hired

left-wing. My colleagues were all hired all hired based on their skills guaranteed. I would have I'd remember a

guaranteed. I would have I'd remember a case if it was a DEI hire. I remember a case because I would have fought it. I

would have screamed. I don't shut up on things like that. We try to find the best person in the world to hire and we go for that person if we can and we do pretty well. Um

pretty well. Um and so if you were on a campus, you wouldn't see what we're hearing about. I don't think I you'd walk around the camp go everything just looks pretty normal as opposed to

the hardest of the hard sciences though.

Do you think that that's the problem? If I walked over the art squad I'd see some Looney Tunes right? Um and we're we're now destroy

right? Um and we're we're now destroy the cost of an education is too high to waste it.

And so if you're going to spend $300,000, you can't you can't go into a career that you make 40,000 or that you make 25 because you're a

barista. Yeah

barista. Yeah right. It's just no longer even viable.

right. It's just no longer even viable.

So, you have to So, colleges, if I were president of Cornell, I'd put together an elite committee of people I absolutely trusted and say, you guys are in charge of trying to figure out where we should be in 20 years and how to get

there because because we can't be here in 20 years. Um, it's not going to work. Arts

years. Um, it's not going to work. Arts

and sciences and this whole idea of this broadly based education was formed prior to the cost and was formed um when when

wealthy people went to college. So you

could be frivolous if you wanted and and and and, getting, a, sheepkin, could, get, you onto Wall Street and be the lead analyst for all the dots Henry Blahett style

right? Those days are gone and so

right? Those days are gone and so colleges are going to have to tighten up. Um but but my colleagues are I would

up. Um but but my colleagues are I would say on average out of 20 out of 30 colleagues I'll say maybe I think 27 of them are left of center

and I can't explain why. Now when I talk to them, totally rational people totally reasonable people. The way it works as a chemist is you are an entrepreneur. You get a job, they give

entrepreneur. You get a job, they give you startup money to get started. You

have to then go raise money. Funding

rates are ballpark maybe 15% of the people get funded. By the way, the ones who never get funded, they've dropped off. So that 15%age people still trying.

off. So that 15%age people still trying.

And I'm going to brag. I put 21 in a row successfully. Do the math on that.

successfully. Do the math on that.

That's that's improbable. Um, but my colleagues are constantly battling.

They're putting together this program.

They're running research groups of anywhere from five to 30.

No one pays for that. They raised the money from the federal system. You say

"Well, the feds shouldn't pay the money." Well, years and years ago, we

money." Well, years and years ago, we decided the way to run a research program in the United States was through universities and federal grants. Was a Sputnik thing. There's

grants. Was a Sputnik thing. There's

other ways to do it, but we set up that system.

And if you look at all the startup companies around the country and all the pharmaceutical agents, they all you can trace their origins back to academic

labs. Fizer discovers far fewer drugs

labs. Fizer discovers far fewer drugs than they buy from some small startup that came out of some biochemistry department or some medical school or

something. And so so so the academic

something. And so so so the academic research area is is the foundation level starting point. I have a number of

starting point. I have a number of friends who are worth a fortune because they patented something and that's actually good because it would be neutered and not even usable by

the free market if it didn't have the patent coverage. And so it made sense.

patent coverage. And so it made sense.

So so it puts an incentive system in there, right? Cornell gets some, the

there, right? Cornell gets some, the investigator gets some, the department gets some, and the world gets a new drug. It's not a crazy system. Now

drug. It's not a crazy system. Now

there's other ways to do it, but that's not how we do it. And we produce the best science, so it worked.

Now, the problem is that Trump threw a fast ball past our chin and we deserved it. We absolutely deserved it. So he's

it. We absolutely deserved it. So he's

saying look get rid of the the the guys in sports which Penn did with Leah Thomas you know get rid of the DEI which a lot of schools are trying to and at

the same time ducking you know naming them by different things but but the fast ball was needed. The problem is he

he he, as, you, said, at, breakfast, it, was the social stuff that Trump was going after but you don't go after the social stuff with social stuff you go after by going after the money right

so Harvard's locked down for $9 billion of research funds and my understanding is it's still locked down Cornell's locked down for over a billion nine Harvard was getting nine billion from the feds for research of various

and it's on hold and it's on old and the word cancel versus frozen. I I I was trying to

versus frozen. I I I was trying to figure it out. Colombia I thought it was it, can cancel, or, Colombia, got, crushed.

Um and then Colombia put out a me a memo that said cancelled. Now I don't know if that's because it's been cancelled, but what my my understanding is the money's

not flowing.

Now the problem is is a trustee said to me, you know, if this goes into 2026 we're in a world of trouble. I said, "If this goes into August, we're in a world of trouble. I've got colleagues with 15

of trouble. I've got colleagues with 15 person research groups that are all funded by these federal grants." And

they do good science. They do good science. There's probably some crap in

science. There's probably some crap in the humanities, but they suck about $10,000 of of grant money out of the system to do that stupid thing. I don't

know. And I don't even know if it's stupid. Um

stupid. Um and there's no me. So now if if you're getting your PhD, there's no one who can give you a posttock.

That's the next step. That step's

broken. And so the system right now is on it's flatlined.

And and I I really wish they' gotten rid of USA ID. And you told me they did.

They just moved it. Well, that's a problem. But but I think I think the

problem. But but I think I think the academic research system was working.

I think part of the problem from a civilian perspective are the endowments.

Now, let me explain the endowments.

So for let me just complete the thought by saying it's the no tax part that I think drives some of us to want to sort of storm the campus with guns because

that's everyone's getting I mean the private equity guys are taking all their income as interest so they're paying half the rate but for a normal person you know you're paying over half of everything you make to the government

and it's being spent on nonsense or given to Ukraine and then there are these giant hedge funds called university endow endowments that aren't paying any taxes. And I think that can

really drive people bonkers, including me.

Well, I understand there are some subtleties of endowments.

Again, it's not to say that you're not 100%, correct,, but, but, I, at least, want, to say to your listeners so they understand what they're complaining about.

Um first and foremost um there supposedly are rules where the universities are not supposed to be competing with the private sector. So

and and they they get around those. But

if Cornell builds housing is making money off the housing in town that kind of breaks the rule, right? But they

build dorms and you know things like that. So you're right about that. Um the

that. So you're right about that. Um the

endowments are a are a funny game. First

and foremost um I looked this up last week. Um

approximately 50% of all endowment spin off. So it's it spins off at revenue and

off. So it's it spins off at revenue and Harvard's has been collecting since 1656.

Um 50% of the money spun off goes to financial aid which means making college more affordable. admittedly not very

affordable. admittedly not very affordable for a lot of people but making more affordable. So, so, so half of the money being spun off is going right back to education of the students.

Another 20% civilian is for academic programs which means paying for things that that would have to be paid for or we'd have to do without. And I would argue we got bloated. So, there's things

we should have done without. If you

looked at the dining program now compared to what we they have now, it's really unbelievable.

I'm not against good food. I'm against

DEI administrators and administrators in general. Like college should be focused

general. Like college should be focused on agree with that. I agree with that.

That and and that's where we should have gotten the fast ball past our should any of these schools have more uh tenure professors than they do administrators? I don't think so.

administrators? I don't think so.

The admin the administrative bloat is a combination of all the problems that that drive you nuts and the fact that the the interactions between the university and the the feds and the

states has gotten more complicated.

Right. So, so for example, uh you need way more bean counters and grant writers and well, no grant writers are me.

Okay, they're us. The the grants are being

they're us. The the grants are being written by the faculty. Um again, the DEI Michigan's DEI payroll is was 93 million last time I read about it.

That's a lot of money, right? But but

but um but just when you get a federal grant, there's so many things you have to do. It used to they ran it out of a

to do. It used to they ran it out of a shoe box. Here's your check. Spend it

shoe box. Here's your check. Spend it

wisely. You know, that's what it's no longer like that. You now it reached the absurd point where you're supposed to make statements about how you're going to save the whales and donate organs to Guatemalan orphans and things like that.

And I think Trump's going to successfully get a lot of that crap out of there. He would save Cornell a

of there. He would save Cornell a fortune if he could get rid of all of DI. Now, I do think the original idea of

DI. Now, I do think the original idea of affirmative action makes sense. It

basically said, "Go find people who are being missed.

Look into the dusty corners where you normally don't look and see if you find talent." Right? There's a famous chemist

talent." Right? There's a famous chemist named Henry Gilman.

I thought the SAT was designed to do that.

No, the it turns out the SAT has problems now. And the reason it has

problems now. And the reason it has problems is because um when Kaplan got a hold of it, it they

and they they they for profit coach kids on how to do well and then they made it such that the SAT could be taken three times and you get to use only the one

you like all of a sudden the cost of maximizing your score on the SAT became prohibitive. And so it's a legitimate

prohibitive. And so it's a legitimate argument that someone coming out of the hood, right, cannot take the Kaplan course and take the SAT3 test. So um so but you shouldn't get rid of it. You should just

be aware of what it's telling you.

Would it be possible to design a corruptionfree screen for intelligence and you know initiative?

Shut up racist. Um

no, but I mean like so, so the idea was that the SAT was supposed to democratize education. We're just going to locate

education. We're just going to locate and discover kids who've got double 800s who you wouldn't have spotted.

Exactly.

Right.

And actually have a child who got an 800 um couldn't get into college. So um so clearly it's like the system has gotten so corrupt. So um but but the idea and

so corrupt. So um but but the idea and Kaplan you said corrupted it as well.

Well, it it it that it it kind of corrupted the SAT, right? That's what

I'm saying. So now the GRE, which is the next level, is nowhere near as corrupted it because by then the students don't give a damn. They I'll take the Jerry and they So it's it's more legit.

But is there I mean, but the idea that of a colorblind, classblind, pure, you know meritocracy test is I mean, why give up on that?

Here's what I think we should do. I used

I I was graduate uh I I was a graduate director of graduate studies which which involved admission into our grad program for seven years. Record

the only guy who held the four administrative positions in the chemistry department itself. That's

pretty good for being the chemistry douchebag. Um and and you learn about

douchebag. Um and and you learn about things and I read undergraduate admissions on purpose for a number of years because and and you read regions.

So I might read Manhattan for example and you learn about who's applying and stuff like that. And what what I think you want to look for is a system where you see evidence that a kid overcame

something and it's not about color. Although you

could say non-statistically it's about color, right? But a kid from the Ozarks

color, right? But a kid from the Ozarks you know, JD Vance who I find his origin story a little suspicious, I must admit. Um but but but

so we had a kid who applied and everything was sunshines and Skittles rainbows in his application and one of his letter writers said his mother died here, his father died here, he was raised by his neighbors, you know, and

I'm going and he didn't mention it.

I hope you let him in.

Oh my god, yes.

I you give me in graduate admissions. I

see some kid from Stanford with a I see some kid from Stanford with 3.0. I

didn't take him because a 3.0 is a kid who accepted a 3.0. 0. You show me, I'll take a 4.0 from St. Mary's College of the Divinity because that kid said "Here's the They said, "Here's the

highest you can get to." That kid got there, right? MIT kids with lousy GPA or

there, right? MIT kids with lousy GPA or lousy grad students, even though they're smarter than hell, but they're cocky.

Now, um, it turns out, you show me a kid from Stanford with a 3.0 who played football, I take the kid in a heartbeat.

You show me a kid from Stanford who who who, who who, is, a, 3.0, who, is, in, you, know who is you know brilliant violinist.

I'll take that kid.

My here's my son. My son applies to Cornell for reasons you know he was going to get in.

But his resume I I had one son who was underachiever as a kid who's now phenomenal and the one who was a superachiever. What's superachieving?

superachiever. What's superachieving?

And we didn't push him because it was a pain in the ass. We're driving all the time.

All state orchestra, first violin gold medalist in the eight state regional gymnastics championship.

Fifth in the nation equestrian played lacrosse.

Got a resume better than that. So here's

what happened. my older son who could care less about school, just nothing.

His teacher also, sweet kid, no attention. At one point, I said to a

attention. At one point, I said to a teacher, said, "The only kids he's beaten are crackbies."

And she kind of blew a snap bubble and then said, "Yeah he's now phenomenally successful. He's a

super dad. I'm so proud of the level of dadness that he is. He's the director of event management at the Council on Foreign Relations."

Foreign Relations." After being the most underwhelming kid in high school, he grew up. He climbed

Mount Stupid a little bit late. And

fortunately, he was in a family that could help him get over it when the time came.

The thing that we get credit for is not breaking him. Is not

breaking him. Is not is not forcing him into a mold that didn't fit. You know who he is? You know

didn't fit. You know who he is? You know

the book for the Bull?

Of course.

Child Story.

Yeah. Yeah.

That book wasn't for kids. That was for the parents.

That was telling the parents, "Your kid is Ferdinand." Maybe

is Ferdinand." Maybe my other one was Mike Mulligan Steam Shovel.

Yeah.

Right. Faster the the more people watched, the faster he went. Ironically

the overachiever got to Cornell and got lost.

The the underachiever got just grew nicely in college. Now the the younger one is now a professional after trying cubicle farming and all that crap that you get by being a business major at

Cornell Hotel School. He's a

professional violinist in Boston.

Better outcome.

Better outcome. Bank of Dad's important because violinists in Boston don't make a lot of money.

But but I'm happy to support it because it's his soul. You know why he's a prof.

You want neurobiology?

My wife was flat on her back when she was pregnant. She put headphones against

was pregnant. She put headphones against her stomach and played classical music when he was in the womb. I know prenatal development is important. By the time he was three years old, his friends were

singing bingo and he's listening to orchestra pieces and he he'd say, "I like this part right here." And you'd hear the second violence coming there and he go right there. I like that. And

I'm going, "Holy [ __ ] this kid's got an ear. He has an ear." Like you he

ear. He has an ear." Like you he developed an ear womb. Mhm.

So don't do that to your womb. You'll

have a musician in your family if you do that.

So I want to ask you um here since you mentioned the struggle, you know, the the triumph, but also the struggle to pay for it because the economy doesn't

support young people very well. Since

you did call the financial collapse um of 2008, it sounds like in 2002.

In 2002. So you couldn't short you couldn't get rich shorting anything. Um

I I shorted twice and it's shorting's for fools and pros and the ven diagram of those two is almost that.

That's exactly right. They're both

I know both. Yeah. Uh where are we now?

We're in a catastrophic situation.

Catastrophe seems strong.

Yeah. Well, you I I think you can make arguments the economy has a lot of problems and and and there's there's a paradoxical problem with the economy and that is you can go up to any 7-Eleven

and they can't hire. They're there

there's help wanted ad. So, it looks like an economy burning burning hot but if you look at the high end there's layoffs going everywhere. So, there's

foreshadowing of of real trouble coming.

So, college graduates, even Ivy League graduates, humanities graduates, not engineers or chemists, but you know, the mark the business guy or whatever they're having trouble getting jobs the kind that they're trained for.

Certainly.

Yeah. But there's just I mean, I know a bunch of them and but you see it in the numbers., Educated, 22, year olds, are

numbers., Educated, 22, year olds, are having trouble getting jobs, but 7-Eleven can't hire right?

So, what what is that? Well, so this is a normal sort of it's a distorted version of of I think a recession coming or we're in. Now, where it gets

complicated is if you don't believe the inflation numbers, which I don't, and you've got Chapwood Index and Shadow Stats that give inflation numbers that

are probably on average six or 7% higher than the official numbers. The official

numbers are corrupted and I don't want to go into it because it's technical but but the CPI is the CPI is crap, right? I agree with that.

Now, here's the problem. If the economy has, been, growing, 2, and a, half%, and, the inflation numbers are underestimated by four, means we've been in a recession the whole way.

Yeah. Moving backwards.

We're moving backward. And you say "Well, that can't happen. The recessions

last, you know, two quarters or whatever." And I go, "No, the British

whatever." And I go, "No, the British Empire was in a recession for a century right? They just shrunk and shrunk and

right? They just shrunk and shrunk and shrunk." And so, so no, you can be in

shrunk." And so, so no, you can be in you can you can be in a slow decline.

Um, so so but that's not what we're that's not the catastion means decline.

Yeah, actually I I think it's a stupid word because it's like you play golf.

No.

Well, if you play golf and you you go down into the sand trap according to the definition of a recession, once you start climbing out, you're out. You ask

a golfer if he's out of the sand trap because he's on the ups slope of the trap. He's not.

trap. He's not.

No. So the fact that your economy is now growing again, if it's coming out of a hole, as far as I'm concerned, you're not out until you've gotten past that previous period.

So you're at par.

Yeah. So you're at par, right? No

that's not the catastrophe because they happen all the time. And we've been able to either cover them or fake them or prevent them through very bad monetary policy policies, right? And what's bad?

Um pumping the stock market is just stupid.

But but you know private equity buys private equity um buys uh has bought up 80% of the hospitals the healthcare

and what they do is they go in and they they they buy some organization they strip it of its assets. They load

it with debt. They pay themselves huge fees and bonuses and then they sell the shell of a company which is now effectively worthless into the marketplace like to pension

funds who are not smart enough to recognize that they just bought a piece of crap. And according to um Gretchie

of crap. And according to um Gretchie Morgansson, a 47% bankruptcy rate.

Now post sale.

Post sale. Now as long as it's profitable to buy viable companies destroy them, sell the shell, and make

money. Monetary money's too loose.

money. Monetary money's too loose.

Precious capital.

If capital is is of real value um it's a moat. So a good businessman can get capital, bad businessman can't.

The fact that Black Rockck could get get buy single family dwellings, which is a terrible business you really can't make money unless you

can unless there's a housing boom and you leverage up to hell. The fact that they could get it for at an interest rate of 0.15%

is a highly flawed system. And that's

where the inventory went after 07 to09.

It got bought up by these guys who could lever up and then charge rents to people. So they basically scoop scooped

people. So they basically scoop scooped up the housing market with with free with free money with free money kind of free money unlike you know credit cards which are

25%. Right? And not just free. I mean

25%. Right? And not just free. I mean

if once you factor in inflation it's it's a gift. Yeah. It's it's it's it's it's profitable money.

Literally, just taking the loan is profitable. Yes. You don't have to do

profitable. Yes. You don't have to do anything with it. Yes.

Right. Yeah.

So, so here here's what happened.

Somehow um the market has ceased to respond. And the reason the market's

respond. And the reason the market's important is because um is because of the wealth effect. And that is that if you own

effect. And that is that if you own equities, you own a house and they're soaring in price, your spending habits change. You you you I'm having a great

change. You you you I'm having a great year,, for example., So, when, the, Bank, of Dad has to provide some liquidity to the children, I feel okay about it, right?

Um the the problem is is that um it it's a false wealth. It's not real wealth.

It's a false wealth. So what happened?

Well, I'm getting tired of seeing these. I see

four-year plots of the equity market and they make various comparisons. I go

don't go back four years. Don't go back 40 years. Go back 120 years. So, I

40 years. Go back 120 years. So, I

follow about 25 metrics of valuation.

Valuation is inherently a price of the market relative to something it ought to track.

whether it's the earnings, the revenues the book value, um I think called Tobin's Q, the GDP, which is a fictional number as I've heard you recently say

um but I found about 25 of them. So you

can kind of track whether markets have gotten expensive relative to the thing it ought to track. Now

um around 1981 the markets were at the cheapest valuation arguably in history. inflation

was scaring everyone, which is why they were cheap. Um

were cheap. Um it turns out that the boomers were just hitting the workforce, so demographics was a huge tailwind starting around

then. And most economists agree

then. And most economists agree demographics is huge. Now, I I'm disingenuous in that I quote economists selectively. In the next sentence, I'll

selectively. In the next sentence, I'll probably say something horrible about them, and so I'm obviously cherry-picking my data. But economists

like demographics.

Um, so the boomers hit the workplace. So

it was almost guaranteed. I think Reagan was not important. I think I I think he did some very important things, but I think whoever got to be president was going to be at the beginning of a boom.

Um, it turns out that um, China was coming out of the dark ages.

They started selling labor at slave wages. They were so desperate for

wages. They were so desperate for capital when they sent their leader.

don't make me pronounce his name to the United Nations when he first started opening up um was it Dja Ping?

Yes. And um they had to scrge to get the money to send them. I mean they really didn't have any foreign capital. And so

I remember when China said we're going to let our workers keep some of their profits and it's like whoa. Um Russia

was had Soviet Union hadn't collapsed but they were in trouble. So, they were obviously cranking a resource base as hard as they could and we had our guys in there helping them and stuff like

that. Um, and interest rates were at

that. Um, and interest rates were at all-time highs.

And if you read a 1999 article by Buffett, who I think is um a hoser, I think he's much more of a stock jobber much more of a conniver than he is. He

loves to be the the mafia walking around in a bathrobe saying I'm harmless. He is

not harmless when when when when we're in a bottom. He breaks all sorts of laws. They do all sorts of insider crap

laws. They do all sorts of insider crap to bail the system out. But he pretends to just like Dairy Queen and Coca-Cola whatever. He wrote an article in 99 that

whatever. He wrote an article in 99 that said, "You want to understand secular big long bull versus bare markets. It's

all interest rates." He said, "It's not GDP." Said from 67 to 81, everything

GDP." Said from 67 to 81, everything sucked. It treaded water uh not

sucked. It treaded water uh not accounting for inflation and the markets dropped 75% accounting for inflation.

So it was a horrible period. He said the GDP grew faster during that period than from 81 to 99.

But interest rates from 67 to 81 went up monotonically. From 81 to 99 they went

monotonically. From 81 to 99 they went down., So, we, started, in, ' 81, with

down., So, we, started, in, ' 81, with interest rates in the high teens and over the next 40 years they dropped to zero.

That is absolutely the story. So when

interest rates are dropping, risk assets go up.

Yep.

Because they're competing against and as they get cheaper. So bottom line is that um we just enjoyed 40-year recency bias.

C can you just explain that principle right there? You said as interest rates

right there? You said as interest rates drop, risk assets go up.

Or are you going to buy shares of a stock that by the way treated you like crap over the previous 14 years or a bond that pays you 17%.

Right.

Right. So the bonds become less the fixed income becomes less and less attractive steadily for 40 years. Now

take the case Schiller PE which is which is just one of the metrics but I happen to like it. It's a kind of an averaged earnings price earnings ratio. It also

doesn't allow you to cheat because it doesn't use the immediate and forward pees are stupid but K shiller averages so so I like it. If you take the K

Schiller from n from 1880 to 1990 it just channels it. It just it's it's a valuation metric and it just goes up and down and up and down and that's what it should do. It it responds to things, but

should do. It it responds to things, but it stays in a channel. It's flat.

Valuation metrics shouldn't trend.

They should trend for a while, but then they should regress to the mean. Unless

you can someone can give me an argument why they should trend, and I don't think there is one, and I've tried to find one. And then in 1990 they just kind of

one. And then in 1990 they just kind of started to take off and the K Schiller so the Khiller PE the K Schiller PE

averaged around 12 13% for 110 years and around 1990 oddly 1994 in every metric is when things left. I think it was because of a bond problem or

something. I haven't been able to quite

something. I haven't been able to quite figure out why but the valuations went up. Now, here's

the problem with valuations going up and and now they're astronomical. So, the

KLP averaged 13, which meant it was priced to return about 8% a year, right?

If you think of it as a gas station and you're paying, you know, 13 to1 earnings, you're getting about 8%. And

and and, it, keeps, pumping, gas, every, year, you get about 13%. Um

it is now 38.

It's way above where it should be. It's a factor of three 200%.

Now, if you assume it's never going to regress to the mean now you're accepting, crudely speaking a 2 and a half% return, not an eight.

Now,, if, you're, okay, with, 2, and, 1 half%, that's fine. But by the way, most

that's fine. But by the way, most pensioners, most boomers are not planning on 2 and a half%. They're not

right now. If it regresses to the mean it's a 70% correction. Assuming if it's fast assuming nothing else changes, no damage to the

economy, you know, all the bad things that happen when you lose 70% off the equity market, which is a questionable assumption.

Another way to think about it which I think is much clearer is if you say look we'll just grow our way. I think I go up or down or up and

way. I think I go up or down or up and down. You don't worry about the path.

down. You don't worry about the path.

You say if we grow 2 and a half% a year which I just questioned as being valid but let's assume it's valid. If we grow 2 and a half% a year to get back to

historical average of 13 will take 45 years.

Now here's the thing. I made no assumptions about good news bad news. I

assume it's going to be like the 20th century 2 and a half% a year. It'll be 45 years from now. I don't care what path you

from now. I don't care what path you follow. If we are at the average case

follow. If we are at the average case shield or PE and the economy grew 2 and a half% a year, the equity markets will have returned capital gains zero.

And it doesn't matter if we crash and spike. It doesn't matter, you know, if

spike. It doesn't matter, you know, if we get to, you know, a Dow 40,000 50,000 60,000 45 years from now, if we're at the mean

we will have earned nothing. Now, you

say, well, that would never happen. You

go, well, if you own the '06 the 1906 high you were even after something like 40 years.

I don't ask from if you were even after 40 years. If you buy if you own the top.

Yeah.

People always say, "Well, how long did it take to get back to the top?" That's

a favorite question. You go, "Oh, you know, it took 22 years. Oh, it took 15 years. Oh, it took I like to ask a

years. Oh, it took I like to ask a question." No, no, no. Not how long it

question." No, no, no. Not how long it took to get from the top back to even.

How long did it take to go from that top to the last time that that price was attained adjusted for inflation?

And those can go anywhere from 40 to 75 years. O All you have to do is look at

years. O All you have to do is look at inflationadjusted S&P and draw a line from a top across the S S&P and you will find that most of them break even in the mid 80s no matter what year they

started.

So you're just answering the question what the hell is going on with land prices and asset prices?

Oh everything's mispriced.

But is it mispriced? I mean, if I've got excess money you know, and I need to store it somewhere and I'm listening to you, I'm like, uh, I think I'm going to buy

something a little less volatile a little more real, like real estate.

Exactly.

Okay.

The first time home, and I I know this drives you bananas, the first time home buyers not too many decades ago were on average about 30 years old.

Yep.

I just read what's the fact I don't know. 56 now first-time home buyers 56.

know. 56 now first-time home buyers 56.

That's been a massive positive.

Do you want to buy Do you want to buy that into that market that somehow seems like it has to regress because you can't have people going 56

years without owning a house, right? You

said you personally, I think it was in Turning Point USA, you went absolutely non-stop about how you can worry about Ukraine but we've got guys, we've got young

adults who can't raise families and houses.

Yeah. And and it it creates a very scary political environment where people don't own anything and therefore have nothing to lose and no future.

Right. Well, here's an interesting ADHD moment.

um monogamy versus polygamy.

And this will sound random, but it'll get you to the same.

No, it's a core it's a core question actually. These are the building blocks

actually. These are the building blocks of the west. So

turns out polygamy, monogamy is viewed as favoring women.

Mhm.

That turns out to be backwards.

And it's a simple math. Imagine there's

a hundred people ranked one to 100.

Number 100's Mr. Big Cheese. And on the women's side, hottest chick on the planet. Right. Right? Monogamy says

planet. Right. Right? Monogamy says

number one would marry number one number two would marry number two in the perfect system. So think of it as just a

perfect system. So think of it as just a very simple model. And that what you can't do is if you're at the bottom of the chain marry up right?

If you do, then someone else gets pushed down.

Of course.

Right. So it would be of the interest of the girl working 7-Eleven to be Jeff Bezos's second wife. Yeah, I

think that happened. And

so, so, so in fact, you can upgrade your game and and you know, Elon, right? I

mean, the guy's a reproduction machine right? The women are signing off on it

right? The women are signing off on it because it's better to be with a guy worth that kind of money than broke right? And and so it turns out that you

right? And and so it turns out that you say, "Well, then why did cultural evolution lead to monogamy?"

And the answer is is because it minimizes violence, right?

It's for the men of course so they don't fight.

Well, yeah, because in employment system, all the the high status males scoop up all the women.

Well, now in a situation where men can't provide the home for their families and stuff like that, so we're going to fight.

I've noticed.

I've noticed that, too. And so, now here's the deal. Let's say we're I'm right. were to market top. And if if I'm

right. were to market top. And if if I'm not, I think we're close. One of the things that my peers who were paranoid as hell about this, some very smart guys, they tend not to put numbers on

it. I'm one of the few who puts numbers

it. I'm one of the few who puts numbers on it. There's there's a couple others

on it. There's there's a couple others who do, but they just say, "Oh, the valuations are ridiculous." But no one wants to be on record that we're going to say it's

catastrophically overpriced. Whatever

catastrophically overpriced. Whatever correction you get, you say, "See, I told you I'm saying 200% over price."

Now, how do you get out of overvaluation? You can't inflate your

overvaluation? You can't inflate your way out.

No, because the numerator, the price, and the denominator, the thing is supposed to track both are influenced by inflation.

So, as your price goes up because of inflation, your revenues go up because of inflation. You're still 200% over

of inflation. You're still 200% over historical average valuation.

And so you can't inflate away an overvaluation.

So what I mean is this just a gravity scenario where ultimately it has to revert to its actual value.

Best model I have and they never work because it's always one of these something will be creatively different.

But the best model is in Nikk Japan, hit, a, high, in, ' 89.

It briefly got back to that 35 years later. It's actually below that I think

later. It's actually below that I think if I remember correctly. inflation

adjusts for that guaranteed. It's below

it.

Yes, that's right.

I asked someone during a podcast, if you can do this spreadsheet for me, I'd love to get it. Someone did it. I said, "What if you started buying the Nikkay at the top?" Not own the knee. If you own the

top?" Not own the knee. If you own the Nikk at the top, you're dead meat. You

died broke.

But what if you what if you started buying 22-year-old graduate of Tokyo University, you started putting yen into the NK in 1989.

How long if you averaged in did it take you to break even? It's around two decades starting with zero in the NK. So I was

on a podcast with George Noah Twitter space actually. He was Peter Lynch's

space actually. He was Peter Lynch's right-hand man. And he said, "Well, you

right-hand man. And he said, "Well, you could." I said, "I think the markets

could." I said, "I think the markets will be uninvestable." He said "Oh, you could do this and this." I said "The NK." And he said, "Oh, you could short."

NK." And he said, "Oh, you could short."

I said "No, you couldn't. You can't

short a market that takes 20 years to find a buy.

You can short a market like an 07 to09.

Right. Right. A volatile market. You

can't a market in inexorable decline can't be short.

So if we're in a top, aren't tops supposed to be euphoric? Remember the

dot?

Oh yes.

The world was changing the nifty50, you know um web van and etos.com you know, sustainable prosperity. We are

supposed to be true believers that the world is wonderful. Do you sense much of the population thinks the world's wonderful?

I don't I don't sense that. And all

around us are signs of what's it going to look like when 70% gets clipped off this market?

So, I'm immediately going into prepper survival mode. Um, what where are the

survival mode. Um, what where are the enduring safe stores of value?

I I don't you can't answer that. I I

bought gold at around 270 an ounce.

270.

270. Hope you bought a lot of it.

I did.

But it's worth a lot more now.

Do you think?

Yeah. Um

what's spot price today, do you know?

Uh ballpark 3,300. Yeah.

I bought silver. I bought gold below 270., I'll, tell you, why., Because, my, first

270., I'll, tell you, why., Because, my, first purchases were actually in a closed mutual fund that was trading 27% below net asset valuation because no one People say, "Oh, it was easy to buy back then. It was cheap." I said "It was

then. It was cheap." I said "It was cheap because five of us wanted it."

Right. Well, of course.

Right. And by the way, the top, some Tuesday afternoon at 2:03 p.m., we will hit a top that will be decades later to be returned to potentially. The top is

the point of maximum optimism, which paradoxically is the moment in time where your justification for optimism is zero.

The bottom is the same thing in reverse of course.

So, so we're not happy. Now

so you're saying the herd's not always right. Is that what you're saying? I'm

right. Is that what you're saying? I'm

told.

I'm told. So

wait. So, let's hold on. Let's just go back to gold for a second. So, you buy I bought gold net at around 210.

Come on.

Well, I bought it 28% below NAV when it was physical delivery.

No, that was not physical. But then I started buying. Here's what I did. I

started buying. Here's what I did. I

bought gold from the local coin dealer.

Yeah.

And I'd say, "When you get ounces, I'll pay cash." And he sold it to me at Spot.

pay cash." And he sold it to me at Spot.

and and he'd call and say, "I got three ounces in." I'd go to the bank. I'd get

ounces in." I'd go to the bank. I'd get

out $900, right? And I'd buy the gold from him cash. I'd buy silver from him cash. I could buy silver eagles at spot.

cash. I could buy silver eagles at spot.

You go on eBay, holy [ __ ] those things are like 10 bucks above spot. Um and and it was for for ballpark $4 an ounce.

And and then I remember it was at 457 and I was buying from him and he said "Don't you think there's a top?" He knew I was going to buy it. He said "Don't you think this is a top?"

$457 an ounce for gold.

There's like 03 or something. I don't

know. And and I said, "How many people are buying gold from you?" He said, "Oh about four." And I said, "And the other

about four." And I said, "And the other three are my friends, aren't they?" He

said, "Yeah." And I said, "Does that sound like a mania to you?" And uh and so um here's the thing. I've been on I I'm a

big fan of energy, but I think when the selling starts, everything sells.

You'll be selling your children, you'll be sell, right? Everything sells. So I

think the idea of trying to get into any risk assets so dangerous. I'll take 4% on a treasury, two-year Treasury.

Some people think, you know, I'll lock it up for two years. Oh, that'll save me. I won't dip by after 6 months. So

me. I won't dip by after 6 months. So

at what price would you buy gold again?

Well, I've got so much I don't need anymore. If I didn't own any, I'd buy it

anymore. If I didn't own any, I'd buy it now, but the Bitcoin guys would say "Buy Bitcoin at 117,000." I turned it down at 10. Um, I wish I'd bought it. I

would have sold it at 50 and spent the proceeds on therapy. Um

why on therapy?

Because I would have sold it at 50 right? Good point.

right? Good point.

Um, and I know I would have.

I know I would have.

You don't You don't believe in crypto?

Uh, I don't think so. I I the crypto committee I am their number one target.

They say you are a hodler and I I won't buy it. And the reason is because I believe that um several layers. One is that um I believe that

layers. One is that um I believe that the the authorities are not going to let crypto take over.

Of course not.

And and by the way, that means that they're going to lose total control over society. That's right. I don't think so.

society. That's right. I don't think so.

You think the Rockefellers and the Rothschilds are going to hand it over to Max Kaiser and Michael Sailor? I don't

think so.

You don't you don't think Here's what I think it actually is. You

know, the first paper on crypto was written by three NSA guys.

Yeah.

That means I think if I were smart and I were going to bring in central bank digital currency, which is an authoritarian nightmare

um, I would do it the way they did. I'd

release the crypto. I'd have guys pumping it. I'd have guys supporting it.

pumping it. I'd have guys supporting it.

I'd let them debug the networks and the kinks and the and acclimate people to it. And then I'd say, "Okay, it was fun.

it. And then I'd say, "Okay, it was fun.

We'll take it from here."

Uh, and in the process, of course, you acclimate people to this new digital world new kind of commerce. Yeah. Exactly.

No, that's And I get rid of the ATMs and I would make airport convenience stores credit card only, and I would do all that stuff to to change people's cash.

Cash is liberty of course. Oh, I couldn't agree more.

of course. Oh, I couldn't agree more.

So um you just have too much gold. You just

don't want any more gold. I I just No it's I I'm What about real estate right now?

Uh I'm long I own a nice house. I'm long

real estate by owning that house. I

wouldn't buy real estate as a speculation. If I if you put a gun to my

speculation. If I if you put a gun to my head, I'd say maybe farmland, but that's been getting scooped up. That's a pretty trit narrative now big time. Well, I

follow that because I'm interested and um I mean it's turning for just crazy numbers in Anchor and that Well, that's the problem.

That's what I'm saying. So

so here's what I got. Here's what I watched for years and then jumped in.

And it's a problem. The modern market. I

bought gold steadily from 99 through about 03. And then I bought some more

about 03. And then I bought some more when it was around 1,200 in the teens. I

said, "Okay, it's kind of flattened out.

I'm going to get some more." So, around bought it around $1,200 in maybe 2016 or something. And um

something. And um but the modern markets don't wait. If

you get a good idea in social media and stuff, it will close up that gap so fast you won't know it hit you. So, I'm

bullish on energy long-term energy equities and stuff, but I think they're going to sell before they become a good buy. And so, I just can't commit a lot

buy. And so, I just can't commit a lot of money to the energy, even though I think it I I have some mutual funds on uranium based investments, which I think we got to go to. And now it looks like

we are. I actually think AI is not

we are. I actually think AI is not demanding nuclear energy. I think AI is being used

nuclear energy. I think AI is being used as a Trojan horse to bring in nuclear energy, which I support.

I think they're using the buzz of AI to say, "No, let's get the nukes going."

People say, "Yeah, nukes. We need it for the AI." Um, we've needed nukes. It was

the AI." Um, we've needed nukes. It was

the obvious next thing to go to. Um

platinum for years. I watched platinum.

owned so little platinum that if it went to zero I wouldn't even notice. I mean, trivial trivial amount. And and I've been

trivial amount. And and I've been watching it's been flat. I mean, flat as in like a flatline, not moving away from $900 an ounce by a few dollars flat for

10 years after dropping.

And I go, what's the platinum story?

Well, the platinum story is um I don't trade. I don't trade at all. If I buy

trade. I don't trade at all. If I buy it, I'm I'm buying it saying, "Look, I'm hanging on to it. If it goes down, I'm I don't trade." The platinum story is I

don't trade." The platinum story is I don't believe in the EV. I don't think it's a good technology. I think it'll be here, but I don't think it's going to take over the world. I think the hybrids are going to take over the world.

Well, they make sense. They make

inherent sense.

Yeah. Yeah. Yeah. They're more

efficient. They use more platinum than EV than internal combustion engines.

Yeah. because because their catalytic converters burn colder, so they need more platinum.

Now, here's where it gets real interesting. The platinum miners are in

interesting. The platinum miners are in Russia and South Africa.

Russia will therefore have control. South

Africa could become a failed state so fast you don't know what it right. more

to the point. Um, and again trying to get real facts on this stuff, but but the above ground platinum supply, the available platinum supply is something like $3 billion

which is a something a medium-sized hedge fund could buy at current prices.

It's been in deficit production for at least four years.

What does deficit production mean?

Means that we're consuming more per year than the miners are producing.

Okay? based on the rate of deficit production that the above ground supply will be gone within about a year.

So there's no more platinum.

Arguably we could go to potentially platium but you know whatever. Platinum

has not gone through a meme phase. So my

a little bit of trader me says that meme phase could get spectacular. Platinum

could go to 20,000 because it has industrial uses right?

You know it seems kind of natural right?

So So I decided I was so I reached out to some technical analysts who draw the squiggles on the on the curves. And I

make I I'm sarcastically occasionally commenting about technical analysis, but I I can't do it or don't believe in or whatever. But I asked a few I said

whatever. But I asked a few I said "Look at this plot.

Where would you start getting excited?"

Because it's been flat for 10 years. I

don't need to put money in and have it sit there for 10 years more. And a few gave me opinions about what price. I

kind of formulated an opinion where I had to start and then hit it. Now

instead of buying it, you know, slowly I I said in the modern era, you got to move quick. So, I started hitting the

move quick. So, I started hitting the buy button and I'm still not I face a boomer dilemma. The boomer dilemma is the good

dilemma. The boomer dilemma is the good news is my net worth is good enough. If

I don't screw up, I'm fine. I mean, I could retire today, not earn another penny, fine. I want to leave money to my

penny, fine. I want to leave money to my kids. I will be able to.

kids. I will be able to.

The paradox is that to commit to an asset requires committing a percentage that's not stupid. If you commit 0.01% of your assets to it, it's not going to

make, a, difference, no matter, what happens. So if you say, well 5%.

happens. So if you say, well 5%.

When I look at the quantity of money I have to spend to commit 5%.

It seems huge but it's only 5%.

And so as a consequence, I go, "Look, if it went if it went to zero tomorrow, I'd have a bad day. I'd lose 5% of my assets,

but it would be too much money." So, so I'm fighting this bias about how many dollars it takes to get to a I get it.

So, let me ask you just a a wrap-up question, which is given your description of where we are, and you haven't even mentioned uh what could be a debt crisis when people stop buying

our debt or slow down, but there all kinds of things to worry about that are seem imminent. Um, how does the average

seem imminent. Um, how does the average person respond?

They don't have any money anyways.

Yeah fair.

I mean, the the average person has no money.

So, so how does the 5 percentile boomer respond?

Yeah.

Well, years ago I did an analysis on the 5 percentile boomer. This is how bad it is. This is years ago actually. And it

is. This is years ago actually. And it

it actually got vetted by Steven Roach who's executive director of of of Morgan Stanley. He looked at my numbers, said

Stanley. He looked at my numbers, said actually you've overestimated something.

You should be more conservative. The

five I invented 5 percentile guy at that time. He was worth $1.1 million.

time. He was worth $1.1 million.

He was earning $156,000 a year. You also

know he's not 22 years old. He's

probably a boomer because it takes a while to get to 5 percentile.

At a reasonable rate of withdrawal from a retirement account, Mr. 5 percentile guy who is has to be living the American dream

could take about $48,000 out annually. annually

annually. annually without risking going broke.

And you know what? They don't know how to live on 48,000.

No.

And they might have other assets. This

is a complicated analysis, but that's a scary number for a modern life. That's a

Yeah. Well, the but the other thing is if he knew how to live on 30 $48,000 he'd have more than 1.1 million.

Good point. And so, so we've got a whole generation that has got expectations that are just off thechart distorted.

And it's not because of a 5-year or 10 year recency bias. It's a 40-year recency bias. It's 1981. Let me finish

recency bias. It's 1981. Let me finish that story. From 1981, the valuation

that story. From 1981, the valuation which should not trend compounded annually 4% a year.

What happens over the next 40 years when it compounds negative 4% a year to get to cheap again?

Now you say, "Well, that'll never happen." I go, "Of course it'll happen.

happen." I go, "Of course it'll happen.

Show me an asset class that got overpriced. It didn't become cheap

overpriced. It didn't become cheap again."

again." Well, if you believe in markets, that's just by definition going to happen.

Right. And if there's a way to fake it so it doesn't happen, then it means you're just diluting as to what actually happened. You're not getting a reality.

happened. You're not getting a reality.

Right. Right. And so the bottom line is is that the boomer demographic almost by definition was going to generate a bubble, a big mother bubble because of the demographics. Now I was telling you

the demographics. Now I was telling you about how I was reading my old writeups from like 13 14 15.

I make a compelling case that that the markets were crazy. How do I do it? I

use numbers. I use stats and I use quotes from the most famous money guys in the world. you know, Paul Tudtor Jones, um, uh, Stan Ducken Miller, you name it. These are not lightweights

name it. These are not lightweights saying these markets are insanely overvalued in 2015. What has happened since then? Straight up.

since then? Straight up.

Oh, for sure.

Example, Apple t-fold gain a growth in revenues of 50%.

95 per 95% correction brings that back down.

Microsoft 150% gain in revenues. T-fold

gain doesn't make mathematical sense. Let's

go to Nvidia. There's the winner. $4

trillion of market cap being run by a guy who has a very sketchy past.

25fold gain in revenues. You go. Now

we're talking 250fold gain in market cap.

Yeah. So that's the problem right there.

90% correction takes you back to 2015.

Do you remember 2015 being depressed? I

don't.

Stan Miller didn't think so. Howard Marx

didn't think so. All these guys who are considered legends thought the markets were insanely overpriced in 15.

And it's been nothing but up.

And that will end. I don't know when.

And you think that all asset classes are tied to that?

I can't say all because that means 100%.

But I I if I found something that I thought was dirt cheap.

Um I'm glad I own the gold from as cheap as I did because because when it goes down I go I'm still up what 15fold or something

right? Um

right? Um so it makes it easier. um buying gold now from scratch would be harder. It

would be that you know the number of dollars to get the percent position that sort of thing. Um

I and I think the the debt problem is global. If you actually look at the

global. If you actually look at the metrics for the growth in the global debt relative to global GDP the entire world has become

priced much more than 10 years ago relative to what the world produces. So

what's a global debt crisis? That's the

question. You said, "Well, there's you got lenders and borrowers. It's a zero sum game." No, it's not.

sum game." No, it's not.

I know.

A global debt crisis is when the entire world thinks they're going to get [ __ ] that the world can't produce.

And the way you think of how to create one artificial Gadden experiment, let's say the leaders of the world got together and said, "Look, let's just solve this problem. Let's guarantee

healthcare to all our citizens. Let's

guarantee their pension. All our

citizens."

Problem solved. They go, "Well, but you didn't in any way, shape, or form increase the ability to produce wealth."

Right?

So, you now have obligations for which you haven't a clue.

How you going to pay for them? Who's

going to do it? We going to have the Chinese delivering Chinese food to our doors still? I don't think so. We're

doors still? I don't think so. We're

going to, be, delivering, food, to, the Chinese.

So, um, so everything will regress.

40-year recency bias says it won't. It

will.

On that dark note, um I'm just picturing myself showing up at a doorstep in Beijing with some Kungpow chicken hoping for a tip.

I can see you now. You you turn the the scanner around and shove the 25% tip in the guy's face.

Professor, thank you. I hope this doesn't get you fired and I hope you'll come back.

I Anytime you call, I'm in the car.

Thank you.

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