America First - Nicholas J. Fuentes - FINANCIAL MELTDOWN?? SVB BANK RUN CONTINUES, DOMINOS FALLING, STORM IS HERE | America First Ep. 1130

00:00:01.000 Good evening everybody.

00:00:03.000 You're watching America First.

00:00:04.000 My name is Nicholas J. Fuentes.

00:00:06.000 We have a great show for you tonight.

00:00:08.000 Very excited to be back with you here tonight on Tuesday.

00:00:12.000 We have a lot to talk about.

00:00:14.000 Lots to get into.

00:00:15.000 Big show.

00:00:17.000 We're covering tonight the same story we were so close to covering it last night and then we had a big

00:00:25.000 Issue I was in the middle of a show last night and we had a major internet outage in my area, of course Right when I'm in the middle of the show internet goes out doesn't come back for an hour So we're basically just gonna pick up where we left off last night which is talking about the Silicon Valley Bank

00:00:49.000 Collapse and the ensuing problems in other banks and in the stock market.

00:00:56.000 And so I'm sure you've seen all about it.

00:00:58.000 It seems like the disaster has been basically been averted for now.

00:01:04.000 Some have said there may be aftershocks and I was actually getting at something last night when I opened the show and I introduced the topic which is that this itself is not maybe going to be the meltdown but it does indicate that there are bigger problems going on and that has to do with what the Federal Reserve is doing with the interest rates and this legacy of 20 years of free money

00:01:32.000 He had near zero interest rates basically since the housing bust in 2006.

00:01:38.000 And I think I talked a little bit about this when I introduced the topic as well.

00:01:43.000 We were due for an economic meltdown in 2020.

00:01:48.000 And 2020 was a result of the same factors that are causing a meltdown currently and which will cause a problem this year.

00:01:57.000 But then the financial pain was deferred

00:02:01.000 Because of the same kinds of policies the last 20 years, they just accelerated, which is the monetary and fiscal stimulus that came with the COVID relief packages.

00:02:11.000 So we'll be talking about all that tonight.

00:02:13.000 Big show.

00:02:14.000 Kind of like a big boring show because it's all about the economy and finance and all that.

00:02:20.000 So it's not really like a big angle there.

00:02:22.000 I was talking about this last night.

00:02:24.000 Not really a big angle for me to throw in a joke or anything because it's pretty dry stuff.

00:02:32.000 But, important.

00:02:34.000 And everybody needs to know what's going on.

00:02:36.000 Very important for you.

00:02:37.000 Very important for the economy.

00:02:39.000 And as I said last night, just because we don't cover economics on this show very much, doesn't mean it's not important.

00:02:46.000 A lot of people talk about the economy.

00:02:49.000 Not a lot of people talk about the things we talk about.

00:02:53.000 Doesn't make it any less important.

00:02:54.000 It's still a very big deal.

00:02:55.000 It's a very big problem.

00:02:57.000 And the problem is this liquidity crunch which is happening.

00:03:01.000 So we'll get into all that.

00:03:02.000 We'll also be talking tonight, if we have time, about this willow drilling project where the Biden administration is opening up more oil drilling in Alaska.

00:03:15.000 And it's kind of amazing.

00:03:17.000 I never saw this for like 15 years, but this is all over social media.

00:03:23.000 They're protesting the drilling because of like the polar bears.

00:03:28.000 Have you seen any of this?

00:03:30.000 And they're posting these graphics and signs where there's a picture of like a dead polar bear.

00:03:36.000 And I don't know about you, but I haven't seen any of that since the early 2000s.

00:03:40.000 That stuff was going on like when I first became alive, like when I was born, and a little bit after that.

00:03:48.000 But I haven't seen this polar bear thing since... That was like the first wave, first or second wave of the climate stuff.

00:03:56.000 Now it's all about sustainability and they don't even call it global warming.

00:04:01.000 Now it's climate change.

00:04:02.000 So I haven't seen the polar bear thing in a minute but like I said the Biden administration they're opening up big drilling in Alaska and this is supposed to reduce our reliance on foreign oil.

00:04:16.000 This is supposed to increase production and this is obviously a response to Russia 0.94

00:04:22.000 We're good to go.

00:04:40.000 To increase production to offset the rise in cost of energy because of the war and then there was another big development this weekend where China brokered a deal between Saudi Arabia and Iran another huge middle finger at the Biden administration in America from

00:04:58.000 Saudi Arabia, so we'll probably cover that this week, but that's what this is about That's what the drilling is about and it's pretty amazing cuz all these Democrats are like hey, what's the deal?

00:05:09.000 I thought we were like the party of climate change and Biden's going ahead.

00:05:13.000 I I mean honestly Biden's right.

00:05:19.000 I hate to say it, but Biden is another based Biden

00:05:23.000 Moment.

00:05:24.000 You know me, I'm not like actually a Biden supporter, but sometimes I do.

00:05:30.000 There's a joke there, and it's funny because there's some truth there, which is that the Biden administration isn't all that bad.

00:05:38.000 I hate to be that guy.

00:05:41.000 Listen, I don't support the Ukraine thing, I don't support the Capitol investigation, but he pulled us out of Afghanistan, there's more drilling in Alaska, like...

00:05:53.000 Hard to be mad.

00:05:55.000 Anyway, so we'll get into that too.

00:05:56.000 Should be a pretty good show.

00:05:58.000 Before we get into all that, I want to remind you to smash the follow button here.

00:06:03.000 Follow me on Cozy to get a push notification whenever I go live.

00:06:07.000 Follow me on Gab, Telegram, True Social.

00:06:10.000 Links are down below.

00:06:12.000 Like I told you this week, we're also streaming on Rumble every night.

00:06:16.000 Or we should be.

00:06:17.000 Let me check.

00:06:18.000 Let me just check and make sure.

00:06:19.000 Are we on Rumble?

00:06:23.000 Are we not on Rumble?

00:06:24.000 You gotta be kidding me.

00:06:26.000 No freaking way.

00:06:29.000 Okay, so you know we're live on Rumble sometimes.

00:06:32.000 That's partially my fault because I start the show three hours late, but I gotta do it then.

00:06:39.000 I gotta figure it out.

00:06:41.000 Anyway, well we're live on Rumble occasionally.

00:06:45.000 I'll be doing a Rumble exclusive this week at some point.

00:06:52.000 Not sure when.

00:06:53.000 I'll be doing it at some point.

00:06:55.000 What I'd like to start to do, and I don't know how this is going to work, but I watch these guys like Destiny or others and they really just stream all day.

00:07:06.000 They start at like noon.

00:07:07.000 They start at like 11 or noon and then they just stream for like, I mean they stream all day.

00:07:13.000 I have a show at night.

00:07:15.000 But I'm thinking I'd like to kind of get into a regular schedule.

00:07:18.000 I don't know if I can do every day, but I was thinking it may be good for the show if I were live on Rumble and cozy doing like a daily stream.

00:07:30.000 I'm doing it for like, I don't know, four hours, three hours, a few days a week.

00:07:36.000 So I'm gonna try and get in the habit of that and just see how it goes.

00:07:40.000 Because the Rumble thing is very promising only because, and I think their numbers are cooked a little bit, I'm not gonna lie to you, and I don't say that with any proof, it's not definitive, but I look at some of their numbers and it just doesn't seem right.

00:07:53.000 It just seems like they're getting way more viewership than makes sense.

00:08:00.000 Maybe it's real but I'm not the first person to say this.

00:08:03.000 It doesn't look totally legit.

00:08:05.000 In any case though they do have a huge user base.

00:08:08.000 I guess they have 150 million monthly active users and so I'd be foolish not to take advantage of that and try to drive some of that traffic over here and just to take advantage of it over there.

00:08:22.000 So I think I'd like to roll out some more content but like I said I'd like to do something in the afternoon first

00:08:30.000 And then I can get back in my regular routine of going live at 1 a.m.

00:08:33.000 or whatever, as I like to do the late-night stuff also.

00:08:38.000 Stay tuned for that.

00:08:38.000 So we'll see.

00:08:39.000 I'll be updating you on Telegram.

00:08:42.000 What else?

00:08:43.000 I think that's about it.

00:08:44.000 Yeah, I really apologized about last night.

00:08:46.000 It's a shame.

00:08:47.000 I started the show.

00:08:48.000 I got into it.

00:08:50.000 And it was gonna be a good show, because there's... I think it's a really interesting topic.

00:08:56.000 And then, you know, then the internet just cuts out.

00:08:59.000 I'm like, really?

00:09:02.000 And I looked it up and it was like every provider is like my whole area, so...

00:09:06.000 But what can you do?

00:09:07.000 Sometimes it happens, so... I apologize I didn't finish the show yesterday, but... I'm back here tonight.

00:09:13.000 We'll finish it tonight.

00:09:15.000 And I guess we'll just dive right in.

00:09:17.000 And we'll get into the Silicon Valley bank story.

00:09:22.000 Yesterday I was going over a thread which was published in Revolver, which I thought was a pretty good explainer of the situation.

00:09:28.000 The thing is, it's very complex.

00:09:32.000 And I have a pretty perfunctory knowledge of how this stuff works.

00:09:40.000 I'm by no means an expert when it comes to the very technical financial stuff.

00:09:46.000 But it's a very complex topic.

00:09:48.000 And so a lot of this is just going to be explaining the vocabulary here and what's going on.

00:09:55.000 Silicon Valley Bank is a mid-sized bank and they've been around since I think 1982.

00:10:15.000 And this is a bank which caters to tech companies and specifically tech startups.

00:10:20.000 And they're responsible for a very large percentage of the tech startups in America bank with this bank, Silicon Valley Bank.

00:10:29.000 It's important to understand this because a lot of people are drawing comparisons between Silicon Valley Bank and some of the things that happened in 2008.

00:10:39.000 And they're comparing it to like Bear Stearns and Lehman Brothers.

00:10:43.000 And what's important to keep in mind is that Silicon Valley Bank is not a major financial institution like those.

00:10:53.000 Like the financial system does not rest on Silicon Valley Bank in the same way it did on the institutions that failed in 2008.

00:11:01.000 So there's a much lower risk of this bank failure affecting the economy at large.

00:11:08.000 But that being said, and the reason for that is because Silicon Valley Bank has so much exposure to just one industry, just the tech industry, and it's also a smaller institution.

00:11:22.000 That being said though, because it has so much exposure to the tech industry, it tells us something about the tech industry.

00:11:30.000 If Silicon Valley Bank is having trouble, this is owing to management decisions made at Silicon Valley Bank which are very specific and which a lot of other financial institutions don't have this in common.

00:11:43.000 So there are a lot of unique decisions that were made, you could say mistakes, and also the tech industry is telling us something about the rest of the economy.

00:11:57.000 Silicon Valley Bank

00:11:59.000 Failing is not going to bring down the whole economy because it's not that big.

00:12:03.000 It's not that important It's very unique in terms of its balance sheet, and we're going to get into what that means They have a lot more problems for example than say JP Morgan or Citibank or some or Bank of America, you know one of the big four

00:12:20.000 But, that being said, because their clientele is tech, and because they failed, partially because of their own decisions, partially because of the tech industry, it tells us something about tech, and tech tells us something about the economy.

00:12:36.000 That's really the significance here.

00:12:37.000 So, we'll get into it here.

00:12:39.000 Like I said, Silicon Valley Bank failed last week in about 72 hours.

00:12:45.000 And this all started last Wednesday when they tried to raise 2 billion dollars to cover a shortfall.

00:12:53.000 They sold all these assets that they had been holding at a loss and then they tried to raise capital to make up for the shortfall.

00:13:00.000 They were trying to raise 1.8 billion dollars.

00:13:03.000 On the news that they needed to raise this money to make up the shortfall, Teal Capital panicked and some other major depositors panicked and they started pulling their money out.

00:13:14.000 We're good to go.

00:13:25.000 We're good to go.

00:13:46.000 By Friday they were not able to pay out all of the depositors that were pulling their money out of the bank.

00:13:52.000 And so the FDIC came in, they shut down the bank, they've taken it over, and now they're going to be firing the management, they're going to restructure the leadership, and then they're probably going to sell the bank to another firm like maybe JP Morgan.

00:14:07.000 I think Elon Musk expressed interest in buying the bank.

00:14:11.000 And so that's what happened last week.

00:14:12.000 That's what triggered everything.

00:14:14.000 Because of the failure of this bank, other smaller banks like Signature and First Republic began to experience the same problem.

00:14:23.000 Where depositors at those banks, which are also located, I believe, in California, and also have more exposure to the tech side, and crypto in particular, depositors at those banks began to line up around the block and try to pull their money out.

00:14:38.000 And that created liquidity problems at those banks and that caused those banks to drop in the stock market and then based on fear about those banks, other banks started to have the same problem.

00:14:49.000 And so that's in very, that's in very simple terms what has gone on in the past week, what's been going on since last Wednesday.

00:14:58.000 And the word for this is it's a bank run and if you've never heard of that or you have heard that a bank run is when people think that well they lose confidence in the bank's ability to pay them their money people deposit their money in the bank

00:15:14.000 And when you see a bank like this fail, which is a larger bank, and it's an important firm, it's not, like I said, it's not a major intermediary for the financial sector, but it is an important bank.

00:15:26.000 When people see a bank like that fail, they lose confidence in the banking system, they pull their money out, and banks don't have enough money to pay all of their depositors.

00:15:37.000 They only have to keep a certain percentage of the money that is deposited in the bank in cash on hand available to pay out.

00:15:46.000 They use a lot of the money that they have that's deposited there to invest.

00:15:50.000 And we got into that a little bit last night.

00:15:52.000 So a bank run just means people lose confidence in the bank.

00:15:56.000 They pull their money out.

00:15:58.000 We're good to go.

00:16:13.000 Are pulling their money, they're just not going to have enough.

00:16:16.000 And I'll explain how that's possible.

00:16:18.000 We'll go through the specifics of what happened at Silicon Valley.

00:16:22.000 And so this is really a game of confidence.

00:16:25.000 The Silicon Valley bank episode snowballed into a broader crisis of confidence in the banking sector where people were thinking that the banks were going to fail.

00:16:35.000 They would not be able to get their money.

00:16:37.000 So they panic and they pull out their money and it creates a self-fulfilling prophecy.

00:16:43.000 So the Biden administration comes in and they did a good job yesterday and they reassured everybody by saying that they would make everybody at Silicon Valley Bank whole.

00:16:55.000 All the depositors would be able to have access to all their cash.

00:17:00.000 Now other kinds of people that have money in the bank would not be paid back.

00:17:04.000 So shareholders are going to lose money, bondholders are going to lose money, but depositors are going to be made whole.

00:17:11.000 The Biden administration came in with the FDIC and said that they would insure up to the $250,000 FDIC insurance for deposits and they would even go beyond that.

00:17:24.000 And even if depositors had more than the ordinary limit is $250,000, but the FDIC came in amid this crisis of confidence on Friday and said, we'll make everybody whole.

00:17:35.000 Even if you had more than $250,000 in the bank, we will pay you everything that is owed, even if Silicon Valley Bank does not have the money to do so.

00:17:46.000 And that comes out of a separate fund.

00:17:48.000 That doesn't come from the taxpayer.

00:17:51.000 And then they came in on Monday and they said the same thing about First Republic and about Signature Bank and that seemed to ease everybody, that seems to make everybody relax and there wasn't a problem today.

00:18:04.000 But I want to get into what happened at Silicon Valley Bank in particular.

00:18:08.000 So there's sort of like two things going on here and the first thing is the Silicon Valley Bank failure which raises a lot of questions like how did that bank fail?

00:18:18.000 And there's a lot of reasons for that, and there's a few angles there.

00:18:23.000 And then there's the ensuing panic that followed, which happened then at these other mid-sized banks.

00:18:29.000 And that's much more simple.

00:18:31.000 Silicon Valley Bank goes down, it's the first domino, and then other banks go down.

00:18:36.000 And so the precipitating cause, for example, of First Republic Bank failing, is that Silicon Valley Bank failed.

00:18:44.000 So why did First Republic Bank have a bank run?

00:18:46.000 Well because depositors lost confidence in banking because of what happened at Silicon Valley.

00:18:53.000 So then Biden admin comes in, restores confidence, everything's okay.

00:18:57.000 But the outstanding question is what happened at Silicon Valley Bank?

00:19:01.000 What was the precipitating cause?

00:19:02.000 Why did that fail?

00:19:04.000 And so this is a quick thread.

00:19:05.000 This is from Revolver.

00:19:08.000 And it explains this is the most popular theory of what happened there and we'll go through it and explain it.

00:19:15.000 And so it says quote in 2021 Silicon Valley Bank saw a massive influx in deposits which jumped from 61 billion dollars at the end of 2019 to 190 billion dollars at the end of 2021.

00:19:25.000 And so I got this far yesterday in explaining this.

00:19:34.000 And so, to understand what's going on here, you have to understand how a bank works and how a bank makes money.

00:19:42.000 So, this sounds like a good thing.

00:19:46.000 That the deposits at Silicon Valley went up from $60 billion to $190 billion in two years.

00:19:52.000 And it is.

00:19:53.000 That means the bank's getting a lot of cash.

00:19:56.000 But, the way that a bank looks at it is that a deposit is actually a liability.

00:20:01.000 When deposits go up at a bank, it actually means their liabilities are going up.

00:20:06.000 And that's counterintuitive because you would say that people are putting money into the bank.

00:20:12.000 So how is receiving money, how is a tech startup putting cash into a bank, how is receiving cash a liability?

00:20:23.000 But banks are of course obligated to pay interest on the deposits.

00:20:28.000 So every deposit that comes in, the bank owes interest on the money.

00:20:33.000 And so what a bank will do is they have their deposits on the liability side.

00:20:38.000 They receive the cash and they owe interest.

00:20:41.000 It's a liability.

00:20:42.000 And on the other side of their business, they take the cash, a fraction of it, and they're able to invest that in other things.

00:20:51.000 And if the bank can go out and earn a higher rate of return on its investments in things like bonds or stocks or other things,

00:21:00.000 They can make a higher interest than what they owe to the depositor.

00:21:04.000 That's how they make money. 0.52

00:21:06.000 And so that's a very basic explanation of a bank's balance sheet.

00:21:10.000 Is a bank, like Silicon Valley or any other, they receive cash, they owe interest on that cash, but they can take the cash and invest it in other things like stocks, bonds, other asset classes.

00:21:27.000 And their job is to go out and make a higher rate of return and then they can pay that to the depositor.

00:21:31.000 So, what happens here is that in two years Silicon Valley deposits go up from $60 billion to $190 billion.

00:21:40.000 It triples in two years.

00:21:42.000 And we talked about why that was yesterday.

00:21:44.000 That happened because of the massive stimulus that happened during the COVID pandemic.

00:21:51.000 The Federal Reserve and the Federal Government injected $6 or $8 trillion in liquidity into the economy after they shut down the entire country.

00:22:02.000 They shut down the country in March, the stock market collapsed, and then in order to keep the economy afloat they injected $2 trillion in government spending and $6 trillion in quantitative easing, meaning they printed money.

00:22:18.000 And so they poured basically free money into the economy to keep everything afloat.

00:22:25.000 And that's what drove this big boom in the tech industry.

00:22:28.000 If you look at the stock market during the pandemic, it was tech companies that were the big winners, particularly the big five.

00:22:37.000 The big five are Microsoft, Amazon, Apple, Facebook, Google, and other tech companies as well.

00:22:46.000 So Silicon Valley Bank is a tech startup bank.

00:22:50.000 Federal Reserve injects six trillion dollars in quantitative easing and printed money into the economy.

00:22:57.000 That money pours into tech startups.

00:23:00.000 Tech startups pour their deposits into the bank and that's how the deposits explode in two years.

00:23:06.000 So this is the second part.

00:23:08.000 It says, quote, as deposits grew, Silicon Valley Bank could not grow their loan book fast enough to generate the yield they wanted to see on their capital.

00:23:17.000 As a result, they purchased a large amount, over $80 billion, in mortgage-backed securities with the deposits for their hold-to-maturity portfolio.

00:23:27.000 So the deposits are growing.

00:23:31.000 And the job of Silicon Valley Bank is to earn a percentage on this so that they can pay interest.

00:23:37.000 Their deposits are growing faster.

00:23:39.000 They're making more money than they know what to do with.

00:23:42.000 And so they need to generate a percentage that they can then be able to make a profit so they can pay back the depositors.

00:23:49.000 So it says they purchased a large amount in mortgage-backed securities with their deposits for their hold to maturity portfolio.

00:23:58.000 A mortgage-backed security

00:24:01.000 If you've looked in anything about 2008 you've heard about this.

00:24:05.000 A mortgage-backed security is what happens when a bank takes a lot of mortgages and packages them together and then sells it as a stock to an investor.

00:24:16.000 And so it's essentially like the bank is an intermediary between the homebuyer and the investor.

00:24:24.000 And so it's like the investor is loaning the homebuyer the money.

00:24:27.000 If the bank goes in and they loan a couple hundred thousand dollars to a homebuyer and the homebuyer's got to pay back the bank however much money

00:24:44.000 The bank will take all these mortgages and sell these obligations to an investor and then essentially instead of the homebuyer paying the bank back, they're paying the investor.

00:24:56.000 And the investor buying the mortgage-backed security, it's like they're giving the homebuyer the money for the house.

00:25:04.000 And so the bank then just becomes a middleman between a group of homebuyers, a group of people that have a mortgage, and an investor.

00:25:11.000 That's a mortgage-backed security.

00:25:14.000 And that's a little complicated but the point is that it's a very safe investment.

00:25:17.000 Housing is a safe investment if the banks are doing their job right and they're giving mortgages to people that are going to be able to pay them and if the credit rating agencies are doing their job and they're rating the risk appropriately.

00:25:31.000 And so this is a very safe investment that is going to pay dividends to an investor.

00:25:37.000 And so this is what happens is

00:25:39.000 Silicon Valley Bank they get all these deposits they don't know where to put them so they go out and they spend over 80 billion dollars on these mortgage-backed securities a very safe investment but one that pays a low yield I think it pays 1.75% over 10 years.

00:25:56.000 So they buy these mortgage-backed securities and the maturity is 10 years meaning that in 10 years they're gonna get all their money back plus 1.75%

00:26:07.000 And they put this in their hold to maturity portfolio, meaning that they don't intend to trade these things.

00:26:13.000 They're not trying to, they're not buying these securities so that they could sell them and make a quick buck.

00:26:19.000 They're buying these mortgage-backed securities to hold to maturity, meaning hold them for the entire 10 years, hold them where they're going to turn a profit.

00:26:29.000 That's an important point.

00:26:32.000 So it goes on it says 97% of these mortgage-backed securities were a 10 plus year duration with a weighted average yield of 1.56%.

00:26:41.000 So this 80 billion dollars and this again they're awash with cash they've got to invest this stuff so they can make money they pour it into mortgage-backed securities

00:26:54.000 But they've got to hold them for 10 years.

00:26:57.000 They're tying up over $80 billion in this investment, which they need to hold for 10 years to make any money on them.

00:27:06.000 So everything they're buying, 97% of what they're buying, they cannot sell for 10 years.

00:27:13.000 And they're only going to make 1.56% on average.

00:27:17.000 It says the issue is that as the Fed raised interest rates to 2022 and continued to do so through 2023, the market value of these securities plummeted.

00:27:29.000 This is because investors can now purchase long-duration risk-free bonds from the Fed at a 2.5 times higher yield.

00:27:38.000 So, again, these securities, you're supposed to hold them for 10 years to make money, but the market value of them fluctuates.

00:27:46.000 The market value may go up or down.

00:27:48.000 If they hold them for 10 years, they make money regardless.

00:27:52.000 But if you sell them on the market today, and the duration is 10 years, it may be more or less.

00:28:00.000 When the Federal Reserve raises interest rates, they're essentially offering a ton of money for bonds.

00:28:05.000 People could make at one point in October 2022, you could buy a bond and make 10% interest.

00:28:13.000 And U.S.

00:28:13.000 government bonds are the safest investment.

00:28:15.000 So why would people buy?

00:28:17.000 Why would people buy a mortgage-backed security paying 1.5% when they could buy a bond and they can make 10% or 6% or whatever?

00:28:26.000 When they raise the interest rate, you're able to make more.

00:28:29.000 And so, because of this, because of the comparative advantage, the market value of the mortgage-backed security goes down.

00:28:37.000 And so, if they were to take these securities and sell them on the market, they'd only make 85% of what they initially paid for it.

00:28:44.000 They would lose money on it.

00:28:47.000 So, it goes on, it says, this is not a solvency problem as long as Silicon Valley Bank maintains their deposits, since these securities will pay out more than they cost eventually.

00:29:00.000 In other words, as long as Silicon Valley Bank can hold these mortgage-backed securities for 10 years, then there's no problem with solvency.

00:29:11.000 The mortgage-backed securities are worth more than what they paid for them, if they're held to maturity.

00:29:18.000 And so, if they keep these for 10 years, then they're worth more than what they bought them for, and that means that they're not insolvent.

00:29:26.000 That means that they don't have more liabilities than they have assets.

00:29:30.000 If, on the other hand, their liabilities grow because depositors are pulling their money out and they're forced to sell these mortgage-backed securities on the market today, well, they'll lose money on them.

00:29:42.000 And if they lose money on them, then they're not going to be able to pay back their depositors and their assets will be less than their liabilities.

00:29:49.000 Then the bank would be insolvent, which is exactly what happened.

00:29:54.000 And so this is the last part.

00:29:55.000 It says, however, yesterday afternoon, Silicon Valley Bank announced that they had sold $21 billion of their securities at a $1.8 billion loss and were raising another $2.25 billion in equity and debt.

00:30:10.000 This came as a surprise to investors who were under the impression that Silicon Valley Bank had enough liquidity to avoid selling their portfolio.

00:30:20.000 So, deposits began to go down.

00:30:23.000 A lot of tech companies were pulling their money out of Silicon Valley Bank.

00:30:27.000 That forced Silicon Valley Bank to sell these mortgage-backed securities for a huge loss.

00:30:33.000 Not a huge loss, nothing detrimental, but they lost money on the deal.

00:30:38.000 So then they go to, they go to people and they say, well we need to raise two billion dollars to make up the shortfall.

00:30:46.000 We had to sell all these securities for cash so we could pay out our depositors who are leaving and now we need to raise money to make up the difference of what we lost so that we could stay solvent.

00:30:58.000 And once people saw the news that that was happening then they started to pull their money out because they said that Silicon Valley Bank is unable to pay their depositors, it's a failing bank, stock price collapsed, and it became this death spiral.

00:31:11.000 And in 72 hours they were not able to pay back their depositors.

00:31:17.000 So, the key takeaway though is this.

00:31:20.000 The question remains, what forced Silicon Valley Bank to sell these mortgage-backed securities?

00:31:27.000 There's a lot of, I think, investigation that's required into why they decided to buy those, why they put all the money in there.

00:31:35.000 It's a very abnormal mix.

00:31:38.000 And there were some people on Twitter that were saying that

00:31:41.000 This is actually not... a lot of other financial institutions don't have a balance sheet that looks like this.

00:31:48.000 They don't have all their money tied up and they don't have over 80 billion dollars in mortgage-backed securities.

00:31:53.000 They have to hold the maturity.

00:31:55.000 Other banks do not have that kind of exposure like that.

00:31:59.000 So there are questions about how this bank is being managed and I know some people have pointed out that it was being managed by women.

00:32:07.000 That if you look at who was making these kinds of decisions, it was all women. 1.00

00:32:11.000 It was all women that were selected for diversity. 0.98

00:32:13.000 And there was one profile of a woman who was in a high up position and she's got in her bio that she's like an LGBTQ, queer, whatever, lesbian.

00:32:23.000 And so there's questions about that.

00:32:26.000 But as I said at the top of the show, the big question and the significance of the story is about what's happening with these depositors.

00:32:35.000 The reason why Silicon Valley Bank was forced into this situation is because they did not maintain their depositors.

00:32:44.000 They received all this money in deposits, they invest the money, and if they maintained their level of deposits, they'd be fine.

00:32:51.000 They could hold these mortgage securities for 10 years, they would remain solvent, they would not have a liquidity problem.

00:33:00.000 But the problem is that the depositors start to pull their money out.

00:33:04.000 We're good to go.

00:33:22.000 Then theoretically the bank should have $10,000 in cash to pay to everybody.

00:33:27.000 But that's not how the system works.

00:33:29.000 The bank keeps a fraction of that money in reserves, and then most of the money they go out and invest.

00:33:37.000 And the purpose of that, of course, is so that they can pay interest, and that's to grow the economy, and that's to encourage investment, and so on.

00:33:45.000 So what happens when everybody starts to pull their money out is Silicon Valley Bank has to sell so they can come up with the cash.

00:33:52.000 That's what caused the problem.

00:33:54.000 So the question then is, well why did everybody pull their money out?

00:33:56.000 Why did all the depositors pull their money out of the bank?

00:34:00.000 If the deposits tripled from 2019 to 2022 and then they took all this money and they invested it, why then would suddenly their fortunes reverse and they'd have to pay out all these depositors and be forced to sell at a loss and then raise more money?

00:34:15.000 And that has a lot to do with what's happening with the interest rate.

00:34:20.000 The initial reason for all the deposits coming in from 2019 to 2021 was because of near zero interest rates.

00:34:29.000 And when the interest rate is low, that means that you can borrow money for free.

00:34:34.000 And when you can borrow money for free, everybody borrows money.

00:34:38.000 Interest rates have been nearly zero since 2006.

00:34:43.000 Which means that you can borrow money and you know if you had a mortgage before 2022 or 2021, rates were very low.

00:34:50.000 Meaning that you could borrow tons of money and it's very cheap to borrow money.

00:34:56.000 And that means that if you borrow a lot of money and then you invest it and you make a fortune, that means it's very low risk to borrow money.

00:35:04.000 So a lot of people are borrowing money and they're investing it very frivolously.

00:35:10.000 If it's cheap to borrow money, then you'll be more risky with your investments.

00:35:15.000 If it's expensive to borrow money, you'll be more conservative with your investments.

00:35:19.000 So why did Silicon Valley Bank's deposits triple from 2019 to 2022?

00:35:25.000 Silicon Valley Bank is in the startup business.

00:35:29.000 All their clients, for the most part, are tech startups and tech companies.

00:35:34.000 So clearly, all these tech companies, and this is just true broadly, the tech companies are booming and exploding during this period.

00:35:42.000 That's why they're putting all this money in the bank, because it's cheap to borrow money.

00:35:47.000 People are borrowing money and they're pouring it into tech companies, which are notoriously very risky investments.

00:35:53.000 Tech companies are not profitable.

00:35:55.000 A lot of them don't succeed.

00:35:58.000 And a lot of them are just vaporware.

00:35:59.000 A lot of them never even make anything.

00:36:02.000 A lot of them are like fake businesses.

00:36:04.000 You look at DoorDash, you look at Uber Eats, these are businesses which may never be profitable.

00:36:09.000 They may never actually make money.

00:36:12.000 So, a lot of these tech companies, they're not actually great investments.

00:36:16.000 They're very risky investments.

00:36:18.000 But they're exploding because it's free money.

00:36:21.000 Because it's a low interest rate, and because the Federal Reserve is printing money, and the Federal Government is pouring money,

00:36:28.000 We're good to go.

00:36:52.000 It's like the free-for-all is over.

00:36:54.000 And all this money that was pouring into tech companies, in other words, all the waste, all the inefficiency, all these risky investments, is no longer possible.

00:37:05.000 Now that it is somewhat expensive to borrow money, now people are not just throwing it around at businesses like the next food delivery app, they're not throwing it at the next dating app, or the next whatever.

00:37:18.000 They're playing much more conservatively and putting it into profitable businesses that actually have a chance of succeeding and so on.

00:37:26.000 And so that's really the real story here.

00:37:29.000 That's the real significance of what happened at Silicon Valley Bank.

00:37:34.000 It is a bank run and it caused these problems that these other mid-sized banks

00:37:41.000 It's not going to cause a major financial meltdown, but it raises questions about what's happening in the tech industry, and the tech industry raises questions about what's happening in the economy.

00:37:51.000 And what's happening is this...

00:37:54.000 We have been binging on free money for like 20 years.

00:37:58.000 The entire economy, the banks, the hedge funds, the retirement funds, everything.

00:38:06.000 It's all built on debt.

00:38:08.000 It's all built on cheap credit.

00:38:10.000 It's all built on the federal government printing money, giving it away for free,

00:38:16.000 And what that creates is just a lot of waste and inefficiency.

00:38:20.000 And now we're having this problem where we're really between a rock and a hard place.

00:38:24.000 We saw the consequences of that policy in the last year.

00:38:27.000 What happened after 15 years of printing money?

00:38:32.000 What happened after we doubled the money supply in 2020 through the COVID relief packages and the quantitative easing from the Federal Reserve?

00:38:42.000 We saw massive inflation last year.

00:38:46.000 We saw actually the prospect of persistent high inflation for the next 10 years.

00:38:52.000 We've been used to inflation being negligible, like it's not even a factor, like it's always below 3 or 2 percent.

00:38:58.000 And we've never had high inflation like most people watching this show in your lifetime.

00:39:04.000 The last time we had out of control of inflation was in the 80s.

00:39:09.000 And so, for the first time in 30, 40 years,

00:39:14.000 It was irrepressible the effect that the money printing was having on prices.

00:39:20.000 Usually they find ways to manipulate it. 0.75

00:39:22.000 They find ways to hide inflation.

00:39:24.000 They manipulate how they calculate the consumer price index.

00:39:27.000 They take money or they take items out of the basket of goods.

00:39:31.000 They simply change how they calculate the supply of money.

00:39:34.000 There's all kinds of ways that they can hide it.

00:39:37.000 But it got to a point where it was essentially irrepressible in the last year and a half that the money supply had grown too much and as a consequence prices would rise.

00:39:47.000 There's too much money in the system.

00:39:50.000 And so we were faced with this persistent high inflation that we just could not get under control.

00:39:55.000 So the Federal Reserve began to raise interest rates.

00:39:58.000 Raising interest rates reels in the credit, reels in the debt,

00:40:03.000 But then you get problems like this.

00:40:05.000 What happens when the Federal Reserve raises interest rates?

00:40:08.000 Liquidity crunch.

00:40:10.000 When the Federal Reserve raises interest rates, then when there's not as much money flowing around, what happens when depositors pull their money out of Silicon Valley Bank?

00:40:20.000 Silicon Valley Bank doesn't have the money to pay all of them.

00:40:23.000 And then the bank suffers a bank run, and then the FDIC gets involved, and then it spreads to other banks.

00:40:29.000 And so this is something that we're going to see more of in the future.

00:40:33.000 And we really are faced with these two options where either the Federal Reserve will maintain high interest rates, in which case people are going to get crunched like this.

00:40:42.000 People are going to lose money.

00:40:44.000 Like, this just has to happen.

00:40:45.000 That's what an economic contraction, that's what an economic correction is.

00:40:50.000 Is when people lose money.

00:40:53.000 People lose value in real terms.

00:40:57.000 So either you raise interest rates and there's a liquidity crunch and this money just disappears.

00:41:01.000 It just goes away.

00:41:02.000 That's called deflation.

00:41:04.000 What would happen if Silicon Valley Bank went totally bankrupt?

00:41:08.000 What would happen?

00:41:09.000 Their depositors would just be out of money.

00:41:12.000 Because of course, a bank creates money.

00:41:15.000 Through fractional reserve lending, if a bank receives so much money in cash,

00:41:22.000 And they loan out, they loan all this money out, they're creating money.

00:41:28.000 They're creating money out of thin air.

00:41:30.000 Because of course the money is theoretically at once in the bank account, it is also invested somewhere.

00:41:37.000 So what happens when Silicon Valley Bank fails?

00:41:41.000 All that money just disappears.

00:41:43.000 All these people that deposited their money, it's gone.

00:41:46.000 And what happens when a major tech startup which employs people and has a facility and has capital, what happens when its cash, its deposits, disappear overnight?

00:42:00.000 People get laid off.

00:42:01.000 They gotta sell the factory. 0.78

00:42:03.000 They gotta sell the capital.

00:42:06.000 What happens when people get laid off?

00:42:08.000 They gotta go find other jobs.

00:42:09.000 Unemployment rises.

00:42:12.000 Now there's more labor than there are jobs. 0.99

00:42:17.000 That's an economic contraction.

00:42:18.000 That's deflation.

00:42:20.000 The alternative, and that could get really ugly, that is what happened during the Great Depression was essentially was deflation.

00:42:27.000 The alternative is that you cut interest rates and you keep inflation going.

00:42:32.000 And you don't have liquidity crunch.

00:42:35.000 And the money stays free and the money's flowing.

00:42:38.000 But inflation is high for the foreseeable future.

00:42:42.000 And when inflation is high for the foreseeable future, what happens is that effectively people are forced into austerity.

00:42:49.000 Austerity means you have to stop buying stuff.

00:42:52.000 It means like financial discipline, economic discipline.

00:42:56.000 What happens when inflation goes up 10% year over year?

00:43:01.000 It means that the purchasing power of a consumer's dollar goes down in real terms.

00:43:07.000 You make the same amount of money but you can afford less with it.

00:43:10.000 It's very real.

00:43:11.000 The less money you make, the more real it is, the more apparent it is.

00:43:19.000 You will have to choose if you're living paycheck to paycheck making a low income you'll have to choose between whether you're going to pay for your entertainment or you're going to pay for clothes you're going to pay your mortgage bill or your electricity bill or you'll have to make choices you'll have to

00:43:36.000 You have to make an economic decision based on the fact that you don't have as much money or purchasing power as you used to.

00:43:42.000 People be consuming less.

00:43:44.000 And so that's an economic contraction in another way.

00:43:48.000 It's the same thing, but it's just happening in a different way.

00:43:52.000 In a liquidity crunch, it's going to be very acute.

00:43:58.000 Meaning that the people that are going to lose, the people that are going to not be able to buy stuff are the people that have their money in Silicon Valley Bank.

00:44:05.000 And the people employed by the people that have their money in Silicon Valley Bank.

00:44:09.000 They can't buy stuff.

00:44:11.000 That money's gone.

00:44:13.000 That's their austerity.

00:44:14.000 It's a very acute and severe austerity.

00:44:18.000 If inflation goes up by 10%, there is a much more dull austerity that happens across the board, where people are going to have to cut back on their consumption.

00:44:28.000 They'll be forced to.

00:44:29.000 Because they can't borrow any more money, and they're making the same amount of money, but they're going to have to economize on the consumption.

00:44:38.000 They're going to have to economize on their buying decisions.

00:44:41.000 They can't buy everything that they want anymore.

00:44:45.000 And so those are the two paths that we have and either of them are good.

00:44:48.000 Either you're going to have high inflation or you're going to have these kinds of hiccups which could spiral out of control.

00:44:57.000 This one didn't but it can in the future without intervention from the government like what you saw this past week where the government moved in and effectively nationalized the banking industry

00:45:11.000 By taking over Silicon Valley and insuring all the deposits and then moving in on these other banks that looked like they were going to fail.

00:45:19.000 So it's two very bad options and ultimately we have just got to rebuild our wealth as a country.

00:45:28.000 The underlying problem here is that as a country we're just insolvent between what we have promised to the elderly, the debt that we already have on the books,

00:45:41.000 The fact that we're not making anything in this country anymore and that has a lot to do with our trade policies and immigration policies also.

00:45:49.000 We are bankrupt as a country.

00:45:53.000 Look at where we're at.

00:45:55.000 It's just not even in the cards that we're going to balance our budget, meaning that the government isn't making enough money to pay for what it has, and it will never be able to in the foreseeable future.

00:46:04.000 Forget about making enough money to pay for what it needs, and then paying down the debt.

00:46:11.000 There's a $30 trillion debt, and we can't even stop digging the hole, let alone begin to start filling it in.

00:46:21.000 It's not even in the cards that we're going to get the deficit under control at any point in like 50 years.

00:46:29.000 And the deficit is adding to the debt, for people that don't know, let alone before we begin paying down the debt, subtracting from the debt.

00:46:38.000 And then you got the problem with the currency.

00:46:41.000 The dollar is just out of control.

00:46:43.000 There's just too much money in the system right now.

00:46:46.000 Money is supposed to be a reflection of the value in the system.

00:46:49.000 Money is not value.

00:46:51.000 The value in the economy comes from the goods and services that are produced.

00:46:56.000 It comes from the productivity of the economy.

00:46:59.000 So, when people think about the economy, they think in terms of dollars, it should really be thought of in terms of what the country actually produces and the value of what it produces.

00:47:10.000 And so a lot of people, like poor people, think about money in terms of, man if I could just get money to like be an influencer, or if I could just get money to do something, it's like, that's not, that's actually not creating value.

00:47:25.000 Like, you will have buying power, you'll be able to consume a lot, but consume a lot of what?

00:47:31.000 Somebody has to make that stuff.

00:47:33.000 So a really wealthy country, a really wealthy person,

00:47:38.000 Is somebody that is making valuable things.

00:47:42.000 And what are the most valuable things?

00:47:45.000 The most valuable things are food, energy, building materials, water, things like that.

00:47:55.000 We're not making a lot of that stuff anymore.

00:47:58.000 Our country doesn't, is not really a rich nation.

00:48:01.000 We think we're a rich nation because we have a lot of purchasing power, because we have a lot of dollars.

00:48:07.000 But how long is that really going to last?

00:48:10.000 There was a really interesting that happened last year, interesting phenomenon, when we put all these sanctions on Russia and everybody said that the Russian economy was going to collapse.

00:48:22.000 We cut them off from international trade and the Russian economy is going to go belly up from this.

00:48:28.000 And here we are over a year later and Russia's doing fine and we're the ones having the problem.

00:48:33.000 Why is that?

00:48:35.000 Russia is completely cut off from trade from the richest countries in the world and the countries closest to it.

00:48:42.000 And they don't have a market to sell their raw materials anymore and they can't buy a lot of products from countries anymore.

00:48:50.000 There's a lot of finished products that they can't buy that are only made in Western Europe or the United States.

00:48:57.000 So why were they able to survive?

00:48:59.000 Because Russia has real wealth in coal, oil, natural gas.

00:49:04.000 They have real wealth in fertilizer, fertile land, food.

00:49:08.000 They make the things that they need.

00:49:11.000 They're able to make the things that they need.

00:49:13.000 And the things that they can't make, they can buy from other countries by selling the things that every other country needs, which are the things they happen to make.

00:49:23.000 What does America make? 0.55

00:49:24.000 What is our export?

00:49:26.000 Software?

00:49:28.000 Phones?

00:49:30.000 Things like that?

00:49:30.000 Technology?

00:49:32.000 Technology's valuable.

00:49:33.000 It's a valuable resource.

00:49:37.000 But the question is, how robust is our economy going to be if it only traffics, if it only makes those types of things and does services?

00:49:46.000 It's a country that's basically a big tourist hub where countries like China and India and Indonesia and Vietnam and others, they make stuff

00:49:57.000 And that's where the value in the world comes from, and then they come here as tourists and they spend their money.

00:50:04.000 And so, all the value in America then, when you think about it that way, when you look at other, when you look at particularly the interior of the country, what industries do they have in the interior anymore?

00:50:16.000 Hospitals?

00:50:17.000 Schools?

00:50:18.000 That's not, that's not an economy.

00:50:21.000 That's not making anything.

00:50:22.000 That's not a business.

00:50:25.000 Who and where are we making things in this country anymore?

00:50:28.000 What are we making?

00:50:30.000 And what is the value that we're producing in the world?

00:50:33.000 How do we buy things?

00:50:34.000 Where do they come from?

00:50:36.000 Everything that we have seems to come from somewhere else.

00:50:39.000 And the only reason we have money is because the people that are out there making things trade the value of their labor over here for services, for experiences, for tourism.

00:50:52.000 They move over here and it's education and it's software and it's things like that.

00:50:57.000 So, this liquidity crunch is exposing the fundamental weakness of our economy, which is that we don't have an economy.

00:51:05.000 We have a financial system.

00:51:07.000 We have a financial system where a lot of money is earned and spent and traded and passed around and packaged up into different financial instruments, but

00:51:19.000 America is no longer a productive country anymore.

00:51:23.000 And when the country is not making value anymore, that's when you start to get austerity in the form of either inflation or these kinds of crises, crisis to crisis, like with Silicon Valley Bank.

00:51:37.000 So, that's the real significance here.

00:51:40.000 And the simple fact is, this is a problem of corruption.

00:51:46.000 It's just that simple.

00:51:47.000 I hate to be that guy, but it is just straight up corruption and greed.

00:51:52.000 That's it.

00:51:55.000 America has not made sound decisions to make our country solvent and a creditor.

00:52:01.000 Instead, everybody is just trying to make as much money as they can.

00:52:06.000 Cheap money, low interest rates, quantitative easing.

00:52:10.000 Just borrow money, ship the factories overseas, take advantage of the arbitrage, take advantage of the exchange rate.

00:52:20.000 And where's the idea of building real things in America, making real jobs, making real things, making real value, making our country actually wealthy?

00:52:33.000 Is the next generation going to be wealthy?

00:52:36.000 Even if they have jobs, even if they have an income, are they going to be wealthy?

00:52:40.000 Are people in Los Angeles wealthy?

00:52:43.000 How are they wealthy?

00:52:45.000 You could say somebody has like, you know, a million dollars or something and look at the kind of house you can afford in Los Angeles.

00:52:52.000 Are you wealthy?

00:52:55.000 I don't think that people are really... What is the true value of the things that people have?

00:53:02.000 The quality of everything's going down.

00:53:05.000 The real wealth of the country is going down.

00:53:08.000 We don't see it that way because the numbers keep going up.

00:53:11.000 We keep drawing a linear line.

00:53:14.000 But it seems like the wealth, the population is growing, so the economy grows.

00:53:19.000 So the dollar amount grows.

00:53:21.000 But in terms of wealth, do we feel like we're accumulating things?

00:53:24.000 Do we feel like we have money to buy things?

00:53:28.000 Like for example, look at the city of Chicago.

00:53:33.000 The city's totally bankrupt.

00:53:35.000 It's totally insolvent.

00:53:37.000 It is 100% insolvent.

00:53:41.000 And I don't know how that's ever going to change.

00:53:44.000 And so as a consequence, can we build great things in Chicago?

00:53:48.000 Can we go and build a massive infrastructure project?

00:53:52.000 We don't have the money for it.

00:53:53.000 Look at the federal government.

00:53:55.000 If you even wanted an infrastructure bill to revitalize the country and transform everything, could you even do it?

00:54:04.000 You'd have to borrow money to do it.

00:54:07.000 We don't have a cent anymore.

00:54:09.000 It's a six trillion dollar deficit.

00:54:12.000 How much is the budget even?

00:54:14.000 I mean we're going to get to the point where we're borrowing more money than we're spending from what we make in revenue.

00:54:22.000 And you compare that to other countries that are building things like the Line in Saudi Arabia, and they're building the Burj Khalifa, and they're building entire cities, and they're catering to the rich, and it's luxury, and

00:54:37.000 They're building airports and, like, actually futuristic new things and real infrastructure.

00:54:45.000 And over here, we're broke.

00:54:48.000 We're broke.

00:54:49.000 We have nothing.

00:54:50.000 We're bankrupt.

00:54:51.000 We have no ideas. 1.00

00:54:53.000 People are dumb. 1.00

00:54:54.000 The education system's broken. 1.00

00:54:58.000 It's just an entire thing waiting to collapse.

00:55:00.000 The only way to turn it around is to basically at some point there's got to be a hard stop, there's got to be real financial pain, and then we have to build real things.

00:55:10.000 It really does come down to like personal sacrifices.

00:55:14.000 It comes down to people have got to take a loss for the sake of the long term, for the sake of the wealth of the country.

00:55:23.000 That's what has to happen.

00:55:26.000 But everybody wants to get paid.

00:55:30.000 So, we'll see.

00:55:31.000 But that's what's going on with Silicon Valley Bank.

00:55:34.000 It's probably not going to melt down the whole economy, but it is just, this is a little story.

00:55:41.000 This is just another Bronx tale from America when 20 years of easy money has come to an end and they now have to raise interest rates.

00:55:50.000 And this is the storm we're going to have to weather for some time.

00:55:54.000 Otherwise, if the Fed capitulates, it'll just be inflation for the next 10 years.

00:55:58.000 But everybody's going to take a hit.

00:56:00.000 Everybody's going to become more poor from this.

00:56:05.000 Because we had it too good for too long.

00:56:07.000 People didn't save their money.

00:56:08.000 People didn't invest it wisely.

00:56:10.000 It was just a lot of waste and inefficiency.

00:56:13.000 Now, there has to be a forced austerity.

00:56:17.000 It's as simple as that.

00:56:19.000 So, anyway, that's that.

00:56:22.000 But, I want to move on.

00:56:24.000 I want to get into, if we have time, we'll get into this oil

00:56:30.000 Yeah, you know what?

00:56:41.000 I've been gone for an hour.

00:56:42.000 I'm gonna save this for tomorrow.

00:56:45.000 I said I would probably run out of time anyway, because the Silicon Valley Bank is a big thing.

00:56:50.000 And I hope I don't know I mean maybe there's gonna be some economics people that are gonna come in and say actually that's not technically right or no you don't understand listen I'm not an economics major I'm not I'm not like a finance expert but but that's the gist of what's going on here to the best of my ability so you know if it was it was technically not perfect let me know if there's any economics people weigh in let me know if I did a good job I want to hear in the super chats

00:57:18.000 If I did a good job or not here, but that's my understanding of it.

00:57:24.000 I haven't been into economics in a long time.

00:57:26.000 I was in high school.

00:57:28.000 I was really into all that.

00:57:31.000 When I was libertarian, I was really into the Austrian school of economics and the Chicago school and that kind of thing.

00:57:41.000 But I haven't revisited it in a long, long time.

00:57:44.000 But here's the fundamental thing, which I think anyone would agree on, is that when people think about money, they have the totally wrong concept.

00:57:56.000 It's not about money.

00:57:58.000 It's not about cash.

00:58:01.000 It's not about the dollar amount.

00:58:03.000 The definition of economy, what economy means, what it means to have an economy, and what economics is all about.

00:58:11.000 When you say economize, what does that mean?

00:58:15.000 It means it's how you allocate scarce resources with alternative uses.

00:58:23.000 Meaning, you only have so much labor.

00:58:26.000 You only have so much lumber.

00:58:28.000 You only have so much copper.

00:58:30.000 Labor can be used for a variety of things. 0.53

00:58:33.000 Lumber can be used for a variety of things.

00:58:35.000 Copper can be used.

00:58:36.000 How do you allocate all those things?

00:58:38.000 How do you allocate the labor?

00:58:39.000 How do you allocate the lumber?

00:58:41.000 Who gets how much for what purpose?

00:58:45.000 That's what the economy is all about.

00:58:47.000 And once you understand that, you realize that to have a healthy economy, it's not about people getting paid money.

00:58:55.000 And people like, I have a lot of money to spend.

00:58:58.000 It's about productivity.

00:59:00.000 It's about value.

00:59:02.000 And it's about what people value.

00:59:06.000 And what people value, I mean, we could get into, we're in a very complex economy.

00:59:11.000 It's the age of complexity.

00:59:14.000 And so there are a lot of products like, for example, an iPhone where, you know, an iPhone does a million different things and it's a very technical and complicated process and so on.

00:59:27.000 But there's fundamental things that everybody needs like energy, food, water, materials to build homes, materials to build buildings, transportation, infrastructure, that sort of thing.

00:59:40.000 And so a country that's rich is a country that's building things.

00:59:45.000 It's a country that has the materials it needs to build the things that it needs.

00:59:52.000 That's a rich country.

00:59:53.000 A rich country can make the things that it wants and needs.

00:59:58.000 And a rich country will have an abundance so it can export things to other countries.

01:00:04.000 That's what it means to be a wealthy country.

01:00:07.000 And when you look at America today, it's hard to see where the value is.

01:00:13.000 And it's particularly concerning when we look at

01:00:16.000 Education, when we look at healthcare, the things that America exports to the world, we no longer export, for example, cars.

01:00:26.000 We don't export steel.

01:00:28.000 We don't export those kinds of things anymore.

01:00:31.000 Now we export education, healthcare.

01:00:34.000 People come here for the best healthcare in the world.

01:00:36.000 People come here for the best education in the world.

01:00:40.000 People do come here for things like airplanes and weapons, strategic things like that.

01:00:47.000 And products like an airplane which require very specialized manufacturing that probably can't be made anywhere else.

01:00:55.000 But what happens when the human capital is degraded?

01:01:00.000 What happens when, because of the institutional rot, we don't make the best doctors, lawyers, engineers anymore?

01:01:09.000 What happens if we don't have the best schools anymore?

01:01:11.000 What happens if we don't have the best hospitals anymore?

01:01:14.000 What will we even have here?

01:01:18.000 What will we even make?

01:01:21.000 That's the scary thing.

01:01:24.000 So, a real nationalist vision for the economy is that we need to harvest the raw materials that we have in America.

01:01:34.000 We need to control the countries that have the raw materials that we need, but don't have.

01:01:42.000 And we need all of these strategically

01:01:46.000 Important products to be made here from beginning to end.

01:01:50.000 Or if there are intermediary steps that cannot be performed here, they should be performed in countries that are allied and where it's not detrimental.

01:02:00.000 Because right now, what would happen if China took over Taiwan?

01:02:06.000 Where would we get the semiconductors?

01:02:07.000 Where would we get the chips?

01:02:11.000 If we were in a trade war with China, where would we get so many of the critical minerals and other strategic resources that are found the majority on planet Earth inside of China?

01:02:24.000 Or in African countries that China has bribed and paid off by buying them new government buildings and paying for all kinds of bells and whistles for their country?

01:02:37.000 We're in big trouble.

01:02:39.000 And that's exactly what's happening with Europe and Russia. 0.77

01:02:42.000 It's the same story.

01:02:44.000 Europe sanctions Russia and guess what?

01:02:46.000 It turns out that Europe needed Russia a lot more than Russia needed Europe. 0.58

01:02:51.000 Because all Germany has is cash.

01:02:54.000 But Russia has the gas.

01:02:56.000 And it turns out that you can't burn cash for heat in the winter.

01:03:01.000 You need gas.

01:03:02.000 And they say, well we're gonna build windmills and we're gonna build... Oh yeah, well good luck with that.

01:03:07.000 Lots of luck with the windmills.

01:03:12.000 So, it's a scary prospect that Russia, China, Iran, Central Asia are all coming together because that's where they make things, that's where the raw materials are from.

01:03:27.000 China is bringing Africa together under their suzerainty. 0.99

01:03:34.000 And what are we going to be left with?

01:03:35.000 We're going to be left with a whole lot of nothing.

01:03:37.000 We're going to be left with a lot of influencers, and OnlyFans stars, and DoorDash drivers, and Uber drivers.

01:03:46.000 Not going to have a lot of cars though.

01:03:47.000 Not going to have a lot of food or furniture.

01:03:50.000 Not going to have a lot of anything anymore.

01:03:54.000 If we don't make it.

01:03:56.000 So, it's a big problem.

01:03:58.000 But that, to me, that's the fundamental.

01:04:00.000 That's the fundamental of what I see here.

01:04:03.000 We just print money and print cash and cash does not create value.

01:04:10.000 You can print money and yeah, if the Federal Reserve creates money out of thin air and then it goes into the economy and it is spent and invested, yeah, the GDP has to go up.

01:04:24.000 The GDP per capita has to go up.

01:04:27.000 Do you understand that?

01:04:29.000 If the Federal Reserve creates $8 trillion in one year and they eject that into the economy and then that money is spent and invested and is used to purchase imports, the GDP necessarily has to go up in a numerical amount.

01:04:52.000 But that doesn't mean that we got richer.

01:04:54.000 It doesn't mean we got more productive.

01:04:56.000 It doesn't mean the economy grew.

01:04:57.000 The only thing that's even...there is no economic growth.

01:05:01.000 The only thing that's driving growth...

01:05:05.000 Is the fact that the population is growing.

01:05:08.000 So of course it's going to grow.

01:05:09.000 It has to.

01:05:11.000 People are being born, people are being educated, then they're going out and getting a job.

01:05:15.000 And they have to earn and spend.

01:05:18.000 But there is no real economic growth.

01:05:21.000 Have you felt economic growth?

01:05:22.000 Do you feel very upwardly mobile?

01:05:25.000 Have people been upwardly mobile?

01:05:26.000 They haven't.

01:05:29.000 What we understand about the economy is expressed in numbers.

01:05:33.000 Numbers that represent money.

01:05:35.000 Money which represents nothing.

01:05:37.000 Do you understand that?

01:05:40.000 We understand our economy.

01:05:42.000 When we say economy, it is expressed in numbers that represent money that represents nothing.

01:05:49.000 The money represents nothing.

01:05:52.000 Do you know how much $6 trillion is?

01:05:53.000 Do you know how much money that is?

01:05:56.000 And the Federal Reserve just created it.

01:05:58.000 They just printed it.

01:06:00.000 They just created it out of thin air.

01:06:05.000 Take the wealth of Elon Musk and Jeff Bezos

01:06:10.000 And multiply that by... what are they at?

01:06:14.000 600 billion dollars together?

01:06:16.000 Maybe shy of that?

01:06:18.000 Multiply that by 10, and then put it in the economy in one year, all at once.

01:06:24.000 And it was just made up.

01:06:28.000 And that's all numbers, and then that's our understanding.

01:06:31.000 We say, oh, the economy just went way better.

01:06:35.000 The economy's doing great.

01:06:40.000 We have to understand the economy in a way that is expressed in real terms.

01:06:46.000 And what I see as real terms is purchasing power.

01:06:50.000 What can we buy?

01:06:51.000 What have we bought?

01:06:53.000 What's the quality of it?

01:06:54.000 How much of it?

01:06:56.000 How much could we really buy?

01:06:57.000 How much could we really afford?

01:06:59.000 And when you look at our country, you look at the state, city, federal governments, you look at people, we're broke.

01:07:06.000 People don't have savings, all the big cities are bankrupt, all the big states are bankrupt, and the country's bankrupt.

01:07:14.000 So tell me how the country's rich.

01:07:16.000 If we're just getting further and further and further in debt, how is the country rich?

01:07:22.000 It's not rich, and we're not doing well.

01:07:25.000 And whether the contraction comes in the form of inflation, or deflation, whether it's liquidity crunch, or we lose the purchasing power of the dollar,

01:07:37.000 The reality is going to become very apparent soon.

01:07:41.000 So... And over there in China, you know what they have?

01:07:45.000 They have a billion and a half people.

01:07:48.000 And they have a billion and a half people that are getting educated in serious educational institutions.

01:07:55.000 They have a billion and a half people that are learning manufacturing.

01:08:00.000 Our American companies are going over there and teaching them.

01:08:05.000 Because a lot of these factories, you can't just set it up and throw people in there.

01:08:08.000 They have to learn techniques.

01:08:10.000 They have to learn how to set it up.

01:08:13.000 It's very specialized technical knowledge.

01:08:14.000 It takes years.

01:08:16.000 They're all learning how to do that.

01:08:18.000 And what are we doing over here?

01:08:21.000 The human capital is being degraded.

01:08:24.000 The existing capital and infrastructure is being degraded.

01:08:29.000 This is a big problem in the long term. 0.88

01:08:31.000 And yeah, the Chinese are slobs, okay? 1.00

01:08:34.000 They spit indoors, and they chew with their mouths open, but they do have a serious educational infrastructure over there. 0.96

01:08:44.000 And whether you want to call it tyrannical, or communist, or fascist, or whatever, Xi Jinping has lifted 800 million people out of poverty.

01:08:55.000 800 million people, and a lot of them into the middle class.

01:09:02.000 And things are getting materially better for the people there.

01:09:07.000 They went from farmers, now they have jobs.

01:09:09.000 Now they have real jobs in the cities.

01:09:11.000 And we're going backwards.

01:09:14.000 So it's going to be a pretty bleak, bleak economic picture.

01:09:19.000 Especially when this population, you know, that's why they're so dependent on immigration.

01:09:25.000 Because that's the real, that's probably the real reason.

01:09:28.000 I'm a believer in this.

01:09:29.000 It has a lot less to do with 0.89

01:09:32.000 Killing white people deliberately? 0.99

01:09:35.000 Although I'm sure they like that. 1.00

01:09:37.000 They like that that's going on.

01:09:39.000 That's a happy byproduct.

01:09:40.000 And I'm sure they're relishing that.

01:09:44.000 But I think the big picture is they just absolutely need the immigration.

01:09:49.000 Because if they don't, the whole economy is going to collapse.

01:09:54.000 It's as simple as that.

01:09:55.000 Because that's the only thing that's driving growth anymore.

01:09:59.000 But...

01:10:01.000 That's that.

01:10:01.000 But I want to move on.

01:10:02.000 I want to get into the Super Chats.

01:10:07.000 And we'll see what you guys have to say.

01:10:09.000 Like I said, if we have any economics nerds, let me know.

01:10:14.000 Let me know if I did a good job.

01:10:15.000 Tell me what your thoughts are.

01:10:24.000 My mouth is super dry too.

01:10:28.000 all right let me see let me just get this up and we'll take a look okay let's and i'm gonna read uh any super chats we got last night i'll i'll take those as well okay

01:10:50.000 Britney sent $400 for Mio and Britney.

01:10:53.000 Wow!

01:10:54.000 Whoa! 0.71

01:10:55.000 Wow!

01:10:56.000 Thank you so much!

01:10:57.000 Can we get some 07s for Mio and Britney?

01:11:00.000 Thanks so much, guys.

01:11:01.000 My favorite show on Cozy.

01:11:03.000 How have you guys been?

01:11:05.000 Britney and Mio, the dynamic duo.

01:11:09.000 My two favorites in the whole world.

01:11:16.000 Best show ever. 0.99

01:11:20.000 What a kiss ass. 1.00

01:11:21.000 Yeah, it's so funny cuz so many of the streamers hate them. 0.99

01:11:25.000 I don't know why But there's a few streamers on here that just hate politically provoked and I am just so transparently paid off Everybody's like politically provoked isn't even content and everyone watches it.

01:11:39.000 You let an eager on the platform and she's Jewish And I'm like what?

01:11:46.000 odd

01:11:47.000 I didn't hear anything.

01:11:49.000 This is my favorite show ever.

01:11:53.000 I'm just transparently, yeah.

01:11:55.000 Anyway, best show on Cozy.

01:11:57.000 Greatest content ever.

01:11:59.000 No, I haven't watched it in like three weeks, but Britney and Mio, they're amazing.

01:12:03.000 She's beautiful.

01:12:04.000 Mio's the coolest man on the planet, man of the year, time man of the year.

01:12:09.000 I love them.

01:12:10.000 I love their show.

01:12:11.000 Politically Provoked, I love Politically Provoked.

01:12:14.000 That's my favorite show ever.

01:12:16.000 So hey, thanks a lot for the superchats.

01:12:18.000 I appreciate it.

01:12:20.000 Corruption.

01:12:20.000 Hey listen, China's not gonna buy me off.

01:12:24.000 China's not gonna pay me.

01:12:26.000 Iran's not gonna. 0.87

01:12:27.000 I wish they would.

01:12:29.000 Iran won't pay me.

01:12:30.000 Russia won't pay me.

01:12:34.000 The Jews won't pay me. 1.00

01:12:36.000 Everybody's always like, Nick is paid by the Jews. 1.00

01:12:38.000 I wish.

01:12:40.000 The Jews make a lot of money. 0.97

01:12:42.000 Now, I would never take money from the Jews, as you know. 1.00

01:12:45.000 But I would take money from Russia.

01:12:48.000 If you're out there, and you are a Russian oligarch, hey, listen, I'd do it for free. 0.91

01:12:57.000 I'd do it for free already.

01:12:58.000 Could you imagine if I was paid off what the show would look like?

01:13:03.000 Any Russian oligarchs, Chinese oligarchs?

01:13:05.000 I know the Chinese is a big class of billionaires there.

01:13:09.000 Help a brother out over here, okay?

01:13:12.000 I'd do it for free anyway.

01:13:14.000 Nah, but thanks a lot.

01:13:15.000 That's the right kind of corruption.

01:13:17.000 That's the right kind of corruption.

01:13:19.000 That's good corruption.

01:13:20.000 We call that good trouble.

01:13:24.000 So hey, thanks a lot.

01:13:26.000 I don't take Jewish money though. 0.94

01:13:27.000 Jewish money isn't good here. 0.56

01:13:29.000 Except for Britney's. 0.86

01:13:30.000 Except for Britney's.

01:13:32.000 Her money's great.

01:13:34.000 No, but thanks a lot.

01:13:35.000 Britney and Mio.

01:13:36.000 07s.

01:13:37.000 Round of applause.

01:13:38.000 WonderPetsPatriot sent $3.

01:13:40.000 Nick Fuentes is cancelled from every bank in America.

01:13:44.000 And then the banks collapse.

01:13:45.000 The Groyper curse doesn't stop. 1.00

01:13:47.000 It's true.

01:13:48.000 I keep getting banned from banks.

01:13:49.000 How about some banks get banned from... Solvency.

01:13:55.000 Eh.

01:13:55.000 He never brought that idea up with me.

01:13:56.000 And, um, here's the thing.

01:13:57.000 The banking industry is very tightly controlled, so people say buy a bank.

01:14:00.000 Honestly, I don't even think that would help.

01:14:25.000 McMahon sent $3.

01:14:27.000 We're gonna stop dissing the Trannies all the time. 1.00

01:14:29.000 Wow.

01:14:29.000 Okay, I don't wanna go that far.

01:14:32.000 Zoomer Will sent $3.

01:14:34.000 I reject Judeo-racism.

01:14:37.000 Congratulations.

01:14:39.000 Burgish sent $25.

01:14:41.000 Hey! 0.99

01:14:42.000 My mom wants to be sure you received the book she wrote.

01:14:44.000 She is so thankful for the commentary you wrote.

01:14:47.000 It covers the whole back of the book.

01:14:49.000 Hey, yes!

01:14:51.000 I did get the book.

01:14:52.000 Thank you very much.

01:14:53.000 It turned out very good.

01:14:55.000 You know, a lot of these Amazon books are super cheap and not so good, but this book is really good.

01:15:01.000 It came out very well.

01:15:02.000 It's thick, too.

01:15:03.000 It was a lot.

01:15:04.000 I was very impressed, because I'm thinking, what's this gonna... No offense, but I'm thinking, like, a lot of people, they say they're gonna write a book.

01:15:10.000 It's like a pamphlet.

01:15:12.000 I was actually very impressed.

01:15:14.000 Very thick.

01:15:15.000 Good length.

01:15:15.000 Book.

01:15:16.000 Nice cover.

01:15:18.000 So I thought she did a great job on it and I appreciate the advance copy.

01:15:22.000 Thanks a lot.

01:15:24.000 My intro on there.

01:15:25.000 My preface.

01:15:28.000 So yeah, I appreciate it.

01:15:31.000 John Ralph sent $3. 0.99

01:15:32.000 That golden ass moment when Walter White rigs a pipe bomb to blow up... Oh! 1.00

01:15:36.000 Oh! 1.00

01:15:36.000 Hey! 1.00

01:15:37.000 Alright!

01:15:38.000 Alright!

01:15:38.000 Stop!

01:15:39.000 Stop! 1.00

01:15:41.000 No spoilers!

01:15:44.000 Zeno sent $5.

01:15:44.000 I bought the Yeezy Gap hoodie.

01:15:47.000 Very comfortable.

01:15:48.000 It makes me feel confident when I shop at Target.

01:15:53.000 Stop! 1.00

01:15:54.000 Do not spoil that show for me, okay?

01:15:56.000 I didn't even hear that.

01:15:57.000 I turned my brain off.

01:15:58.000 I didn't even hear it. 1.00

01:16:01.000 I'm glad you like your fucking hoodie though. 1.00

01:16:03.000 Congrats. 0.99

01:16:04.000 Crab Goblin sent $3.

01:16:05.000 Joe the Boomer be like, Brant, do you know why I had to punish you?

01:16:10.000 Yeah, that's true.

01:16:12.000 Joe the Boomer.

01:16:14.000 Shouldn't have messed with him.

01:16:16.000 Listen, Brant did it to himself.

01:16:18.000 When people find the remains of Brant and they say, what happened?

01:16:26.000 What did he do to deserve this?

01:16:27.000 Why does God allow these things to happen on Earth?

01:16:32.000 Brant knows.

01:16:33.000 He did it to himself.

01:16:35.000 We all know.

01:16:37.000 Pretty underscore fly underscore white underscore guy sent $3.

01:16:42.000 156.

01:16:43.000 Thinking about that time when Hassan said racial differences in IQ literally justifies the ethnostators in your debate panel with him.

01:16:50.000 I don't remember that.

01:16:50.000 What did he say?

01:16:53.000 Ugh.

01:16:54.000 It's a long time ago.

01:16:55.000 It's three years ago.

01:16:56.000 If you're still interested in exercising more, I'd suggest rock climbing and hiking.

01:17:01.000 Way less boring than simple weight lifting, making it easier to stay consistent.

01:17:06.000 Yeah, look at me.

01:17:08.000 You think I'm gonna be rock climbing?

01:17:10.000 You think I'm gonna go rock climbing?

01:17:12.000 I'm gonna put on my little booty shorts and my helmet and my harness? 0.98

01:17:16.000 Do you know how gay you look when you're rock climbing? 1.00

01:17:22.000 You ever thought of that? 1.00

01:17:22.000 You know how stupid you look? 1.00

01:17:25.000 People go hiking, they get their backpack, they got all their gear. 1.00

01:17:30.000 I don't think so.

01:17:31.000 I'm not interested in exercise.

01:17:33.000 I was never interested in exercising.

01:17:35.000 I thought it might be a good idea to do a little calisthenics.

01:17:39.000 I don't think I ever said I was interested in exercising.

01:17:41.000 I'm gonna go rock climbing.

01:17:45.000 Get your goggles on!

01:17:47.000 Get your goggles on!

01:17:48.000 Get your helmet on!

01:17:52.000 Please.

01:17:53.000 All these activities that people are out there doing

01:17:58.000 Rock climbing and hiking and... My mom's telling me to do yoga.

01:18:06.000 I'm like, mom, you imagine me doing yoga?

01:18:10.000 My mom's like, you're so stressed out all the time.

01:18:12.000 You should do something like yoga.

01:18:15.000 I'd hate to see you so stressed out all the time.

01:18:17.000 You should do something like yoga.

01:18:18.000 Would you ever?

01:18:19.000 Yeah, I'm gonna do yoga. 0.97

01:18:22.000 I'm gonna get in the leotard on a mat with my fucking shoes off and do all this stretching. 0.95

01:18:30.000 I don't know what people... Do you know me? 0.99

01:18:32.000 It's like people don't even know me.

01:18:34.000 Yeah, I'm gonna go rock climbing.

01:18:35.000 One, I'm afraid of heights.

01:18:36.000 Two, I'm not gonna go rock climbing.

01:18:40.000 I'm gonna drive someplace, put all my belongings in a little locker, strap up, get all my... get all my gear on.

01:18:47.000 And then what?

01:18:47.000 Climb up some... No.

01:18:49.000 No.

01:18:50.000 No.

01:18:50.000 I don't... See, I'm so... Listen, I'm just against hobbies.

01:18:55.000 I am... I'm anti-hobbyist.

01:18:58.000 Stop with the hobbies!

01:18:59.000 Everybody wants all these hobbies where they're gonna get their hobby outfit, spend a lot of money on this, go to some place.

01:19:07.000 I'm very much like, if people didn't do it 300 years ago, I don't want to do it.

01:19:13.000 If people didn't do it 50 years ago, I don't want to do it.

01:19:16.000 I'm like old school.

01:19:18.000 You know the exercise I want to do?

01:19:19.000 I want to walk.

01:19:20.000 Keith Woods really got me into walking.

01:19:22.000 He tells me that he walks three hours every day.

01:19:25.000 He walks all day.

01:19:26.000 And he's skinny.

01:19:28.000 And he's old.

01:19:30.000 He's an old guy. 0.92

01:19:33.000 I'm a young guy.

01:19:34.000 He's very old.

01:19:35.000 And he's skinny.

01:19:38.000 And so I was asking him, I was like, you work out?

01:19:40.000 He's like, no.

01:19:42.000 And he says he walks.

01:19:43.000 He says he walks everywhere.

01:19:45.000 It's like the best exercise.

01:19:47.000 You can't get cancer.

01:19:48.000 You can't get a heart attack.

01:19:50.000 I'm like, where do you, what do you mean you walk?

01:19:51.000 Where do you walk?

01:19:52.000 He goes, I just walk everywhere.

01:19:53.000 I just walk all day.

01:19:55.000 I'm like, man.

01:19:57.000 This guy, Keith Woods, is like the model citizen.

01:20:01.000 He is the, well, except for that he's not Catholic.

01:20:04.000 He's a classical theist.

01:20:06.000 He is like the model citizen in my country, in my world.

01:20:11.000 Model citizen.

01:20:13.000 You wanna know why?

01:20:15.000 He doesn't have a job.

01:20:17.000 He doesn't have a job.

01:20:19.000 He travels.

01:20:20.000 He just walks everywhere.

01:20:22.000 He pontificates.

01:20:24.000 He reads.

01:20:25.000 This guy's great. 0.97

01:20:27.000 He's not in any of this bullshit like lifting or exercising or rock climbing or yoga or, you know, waging. 0.96

01:20:37.000 He's just a guy. 0.97

01:20:38.000 He's just like your classic European guy. 0.97

01:20:41.000 Classic European guy. 0.91

01:20:42.000 Just gonna eat what he wants, enjoy his life at his own pace, walks around leisurely.

01:20:49.000 This is how I am.

01:20:52.000 This is how I am.

01:20:55.000 Everybody wants to put themselves in a hamster wheel.

01:20:57.000 That's what I've found.

01:20:58.000 Everybody wants to put themselves in a box with a bunch of holes cut up and ride on a hamster wheel with a bunch of straw.

01:21:07.000 And they want a little water jug.

01:21:10.000 They want a little water jug with a straw.

01:21:12.000 And they want straw. 0.97

01:21:14.000 And they want a hamster wheel. 0.97

01:21:17.000 And they want like a little rope hanging.

01:21:19.000 I don't know what hamsters play with.

01:21:21.000 What do they do for fun?

01:21:23.000 But everybody wants to do that.

01:21:25.000 Everybody wants a boxed life.

01:21:29.000 Meal prep.

01:21:30.000 I gotta do my meal prep.

01:21:31.000 I gotta get a bunch of plastic Tupperware and get my chicken and put it here and that'll be my Monday meal.

01:21:37.000 I gotta go rock climbing.

01:21:39.000 I gotta get my harness.

01:21:40.000 I gotta get my gear.

01:21:41.000 I gotta do this and that.

01:21:42.000 And you know me, I'm like minimal.

01:21:45.000 I'm minimal.

01:21:46.000 I'm complicated enough.

01:21:48.000 The human mind, my human mind is complicated enough.

01:21:51.000 I don't need to fill it with all this, all these activities, all this stuff.

01:22:00.000 Walking, talking, eat dinner, dessert, coffee.

01:22:05.000 It's all I need in my life.

01:22:06.000 Watch a little TV, read a book.

01:22:09.000 What else do you need in your life?

01:22:10.000 I gotta go rock climbing! 1.00

01:22:13.000 Fuck you! 1.00

01:22:14.000 I gotta do yoga! 1.00

01:22:15.000 Hey, you know, there's some... I know there's a friend of mine who does yoga.

01:22:20.000 So I can't be too harsh. 0.98

01:22:23.000 I think it's really gay. 1.00

01:22:25.000 But, uh, you know, but I'm just...

01:22:29.000 What would you call that?

01:22:30.000 I don't know what you would call that, but I'm just against those things.

01:22:33.000 Closed-minded, you could say. 0.99

01:22:34.000 Ignorant. 1.00

01:22:35.000 Obtuse. 0.99

01:22:38.000 But I'm just against all of that.

01:22:44.000 I'm very anti-hobby.

01:22:45.000 I'm very pro, like... I'm very in favor of people that know about music and books and art.

01:22:57.000 I'm very into that.

01:22:58.000 I'm very against people that are really into like activities.

01:23:01.000 Do you know what I'm saying?

01:23:03.000 Like, like John Miller.

01:23:05.000 John Miller is another one.

01:23:07.000 He knows everything about music.

01:23:09.000 He knows about art.

01:23:10.000 He knows about history.

01:23:11.000 He reads books.

01:23:13.000 He knows about good food.

01:23:15.000 And he's just a leisurely man.

01:23:17.000 He does, he takes care of business.

01:23:19.000 He's awesome.

01:23:21.000 And that's kind of what I aspire to be.

01:23:24.000 Not some guy who's like bicycling around and on these contraptions and climbing things.

01:23:33.000 Climbing everything.

01:23:34.000 Oh look at him, he's climbing something else.

01:23:42.000 No.

01:23:42.000 No, I don't think so.

01:23:43.000 No rock climbing.

01:23:46.000 It's way less boring than weightlifting!

01:23:52.000 Oh, geez.

01:23:55.000 Get out of my face, man.

01:23:56.000 I don't know what you call that.

01:23:57.000 What do you call that?

01:23:58.000 But that's my, that is my mentality.

01:24:04.000 Someone says lift and know about music.

01:24:06.000 No, don't lift. 0.84

01:24:07.000 I'm, you know what?

01:24:09.000 I've had it.

01:24:10.000 I'm done with this lifting thing, okay?

01:24:16.000 You gotta lift, bro!

01:24:17.000 Why?

01:24:18.000 What do you see me doing?

01:24:19.000 You think I'm gonna go out and get in some big fight?

01:24:22.000 What do I look like?

01:24:24.000 I'm going out.

01:24:25.000 Who am I getting in fights?

01:24:27.000 With who?

01:24:28.000 Where?

01:24:29.000 I'm gonna go and get in fights?

01:24:31.000 Where?

01:24:32.000 This isn't the Wild West.

01:24:33.000 What do we live in?

01:24:34.000 A cave?

01:24:37.000 It's like, all these people you gotta learn how to lift.

01:24:40.000 You live in Los Angeles.

01:24:42.000 Who are you gonna be fighting?

01:24:44.000 They have guns.

01:24:44.000 Criminals?

01:24:46.000 What, are you gonna fight? 1.00

01:24:48.000 You're not fighting fucking anybody. 0.99

01:24:50.000 You're not fighting anybody. 0.99

01:24:51.000 You're not lifting anything heavy. 1.00

01:24:53.000 Fuck you. 1.00

01:24:56.000 Who are you kidding? 1.00

01:24:57.000 Who are you kidding with this lifting stuff?

01:25:04.000 Lift this and lift that. 0.99

01:25:13.000 Lift this.

01:25:14.000 Climb that.

01:25:15.000 Get on this bicycle.

01:25:17.000 How about I'm doing none of it, all right?

01:25:19.000 I wake up.

01:25:23.000 I wake up.

01:25:24.000 I make my coffee.

01:25:25.000 I drink my latte.

01:25:26.000 I'm a latte drinking.

01:25:29.000 Yeah, okay.

01:25:31.000 Maybe that's a little cringe, but that's how I am.

01:25:34.000 That's my life.

01:25:38.000 Nick's laughing now, but when he's stuck at the bottom of a canyon and can't climb out, who's gonna be laughing?

01:25:43.000 Yeah.

01:25:44.000 Yeah, when I find my... Right.

01:25:47.000 When I find myself at the bottom of a canyon, which frequently happens, I can imagine all the scenarios when I'll need to rock climb my way out of a dilemma.

01:25:58.000 Rock climb or lift.

01:26:00.000 Physically lift my way out.

01:26:02.000 Oh man!

01:26:04.000 Here I am laying on the ground crushed under a heavy wooden crate.

01:26:11.000 If only I had lifted heavy things, then I wouldn't be trapped here.

01:26:17.000 Oh, man.

01:26:18.000 That's funny, man.

01:26:31.000 Genius, you're way out of that canyon.

01:26:33.000 Yeah, you're right.

01:26:39.000 So yeah, I'm very against all this activity.

01:26:43.000 Okay, I'm very against all these activities that people are doing.

01:26:47.000 All right.

01:26:51.000 I'll make some allowances.

01:26:52.000 You know what I think is cool?

01:26:54.000 Fishing.

01:26:55.000 I think fishing is... I don't fish.

01:26:58.000 It's too boring for me.

01:26:59.000 But I think fishing is a fine hobby.

01:27:02.000 Chess.

01:27:03.000 Great hobby.

01:27:06.000 Haunting.

01:27:07.000 I'm a little 50-50. 0.99

01:27:09.000 Haunting's a little gay. 0.99

01:27:10.000 Okay, it's a little gay. 0.98

01:27:13.000 But, okay. 0.98

01:27:15.000 Haunting.

01:27:18.000 I think learning a musical instrument.

01:27:19.000 I think that's great.

01:27:24.000 Anything more, like, even running.

01:27:26.000 Even these runners.

01:27:28.000 You know, if you're going on a run, just save it.

01:27:30.000 What are you running from?

01:27:33.000 Just walk.

01:27:34.000 Just walk someplace.

01:27:35.000 People... I don't like the running.

01:27:38.000 I don't like the bicycling.

01:27:40.000 I don't like the hiking, climbing, lifting.

01:27:47.000 You like to play sports?

01:27:49.000 Do a recreational sports thing.

01:27:49.000 Okay.

01:27:51.000 That's fine.

01:27:52.000 That's okay.

01:28:00.000 Anyway, it's all here's the thing.

01:28:02.000 It's all very just like artificial.

01:28:04.000 It just seems to me to be like a big artifice It's lifting and you know what happens when people don't lift for like a few months.

01:28:12.000 They just get fat Cuz they're not using it.

01:28:15.000 They're not really so it's like why are you lifting?

01:28:18.000 You know what I'm saying?

01:28:20.000 I think you're as strong as you should be.

01:28:23.000 I think I think everybody is what they need to be and

01:28:29.000 You know, I've never been in a situation where I thought, like, oh man, I wish I trained myself running more.

01:28:35.000 Why?

01:28:35.000 It's like, I don't need to run.

01:28:37.000 When am I going to be running?

01:28:39.000 This, like, training.

01:28:40.000 What are all these people training for?

01:28:42.000 Strength training, you know, cardio training.

01:28:46.000 Training for what?

01:28:48.000 What are you training for?

01:28:50.000 What's going on?

01:28:51.000 What, is there something that's going to happen that I'm not aware of?

01:28:53.000 What are you training for?

01:28:55.000 Training for what?

01:28:59.000 All these people are always training for something like like they're going to the Olympics or like And a lot of these guys it's like you're 5'10.

01:29:08.000 What are you training for?

01:29:10.000 I'm 5'9.

01:29:11.000 What are you training for? 0.99

01:29:12.000 Do you know that a guy who's like 30 pounds heavier than me or like 3 inches taller than me is just gonna beat the fucking shit out of me no matter what? 0.99

01:29:22.000 You know what I'm saying? 0.99

01:29:24.000 It's like so who are we really kidding?

01:29:27.000 I mean, within reason.

01:29:28.000 In some, some instances, maybe you get lucky or whatever, but you know what I'm saying?

01:29:34.000 All these people training, training, training.

01:29:36.000 You know, you don't walk down the wrong alley, somebody executes you, and you're done.

01:29:44.000 Training.

01:29:45.000 Okay.

01:29:47.000 So, I don't know.

01:29:51.000 That's how I feel about it.

01:29:57.000 That's why you learn Brazilian Jiu Jitsu and carry a gun.

01:30:00.000 Okay.

01:30:02.000 You're in denial!

01:30:03.000 You're in denial.

01:30:05.000 You're in denial.

01:30:06.000 God runs the world.

01:30:08.000 All this training isn't going to mean anything.

01:30:12.000 You have to surrender to the uncertainty and chaos of life.

01:30:18.000 Everybody's resisting the current.

01:30:27.000 And I'm resisting the current in a certain sense.

01:30:31.000 In a more meaningful one, I guess.

01:30:38.000 Nick has a hang-up about this?

01:30:39.000 It's not a hang-up.

01:30:41.000 I'm just thinking out loud, okay?

01:30:43.000 Let me free-think for a second.

01:30:44.000 Sheesh.

01:30:50.000 Training.

01:30:51.000 Training.

01:30:52.000 Always a training.

01:30:57.000 You know what I think about?

01:30:58.000 I think about, like, these immigrants.

01:31:00.000 I think about, like, a Chinese immigrant man who's, like, an old guy, and he's, like, short, and he's just, like, the world is his oyster, and he's not in the gym lifting, he's not running around or rock climbing, he's just, like, an old school guy. 1.00

01:31:14.000 I just want to be, like, an old school guy.

01:31:16.000 You know, I just, I strive to just be old school.

01:31:23.000 Anyway.

01:31:26.000 Alright.

01:31:28.000 Nick is on point, but the testosterone benefits are the ultimate reason to lift.

01:31:32.000 You don't have to train.

01:31:33.000 Yeah, I... Okay, I can see that.

01:31:35.000 That's fair.

01:31:36.000 Fair enough.

01:31:37.000 That's fair enough.

01:31:40.000 Keckdog sent $3.

01:31:42.000 Everywhere I see Brandt, I see that he's in Joe the Boomer's shadow.

01:31:46.000 Not that Brandt is following Joe, but that Joe's massive shadow looms over Brandt because Joe is following him.

01:31:51.000 What are his intentions?

01:31:52.000 Nobody knows.

01:31:55.000 Corelix sent $5.

01:31:57.000 Thoughts on buying silver?

01:31:59.000 Um, I don't know.

01:32:00.000 I'm not, I don't really give investment advice on the show.

01:32:05.000 I think it's a meme though.

01:32:07.000 Corlick sent $5.

01:32:09.000 Who will be the first company to pay for ad time on Cozy?

01:32:13.000 I don't know if we're ever gonna do ads.

01:32:16.000 Brandon sent $5.

01:32:17.000 Okay, gross.

01:32:20.000 Triz sent $10.

01:32:22.000 Hey Nick, aka the Growiper, love ya, and the Fed.

01:32:26.000 Hey, love you too, buddy.

01:32:29.000 Noah sent $10.

01:32:31.000 Yo, the Pearly videos were awesome.

01:32:33.000 I know you're a busy man, but I would love more collabs like that. 1.00

01:32:37.000 Not only does it spread awareness of the movement, but it's really entertaining as well.

01:32:41.000 Would be awesome to see you on a show like Fresh and Fit.

01:32:44.000 I would love more collabs.

01:32:46.000 Let me see if I could do... What do I look like?

01:32:47.000 A waiter?

01:32:48.000 I would love a refill on this Pepsi.

01:32:50.000 Oh, let me get right on that.

01:32:53.000 Let me take care of that for you.

01:32:54.000 I would... I know you're busy, but I'd love another collab.

01:32:57.000 Oh, okay.

01:32:57.000 Anything else?

01:32:59.000 I appreciate it.

01:33:00.000 I'm glad you liked it.

01:33:01.000 Yeah, I'll be doing Fresh and Fit I think at some point soon.

01:33:06.000 Ari sent $100.

01:33:08.000 Finish 5th place in a major poker tournament last weekend while wearing AF merch.

01:33:13.000 Doing my part to spread the message.

01:33:15.000 I saw that!

01:33:16.000 That was awesome!

01:33:17.000 Yeah, thanks for the big super chat, man.

01:33:19.000 Congrats on the 5th place finish.

01:33:22.000 I don't know how good that is, but hey, congratulations.

01:33:24.000 Very awesome.

01:33:27.000 I did see that.

01:33:28.000 Yeah, everybody was... I didn't even think it was real.

01:33:30.000 But that's very good.

01:33:31.000 Congratulations, man, and thanks a lot.

01:33:34.000 Well done!

01:33:35.000 I appreciate you putting the shirt on to support the show.

01:33:38.000 My man.

01:33:40.000 America First Rising.

01:33:43.000 Kemi sent $10.

01:33:45.000 Hey Nick, I'm trans and support you.

01:33:48.000 You'd probably like me dead but I'm Catholic and Italian too and frankly the demographic change will affect me more than white people.

01:33:54.000 Anyways I like that you're changing the Overton window of discussion.

01:33:58.000 Keep it up! 0.66

01:34:00.000 Well, hey, listen, all right?

01:34:00.000 Oh, brother.

01:34:03.000 First of all, I don't like this.

01:34:05.000 I know you probably want me dead, okay?

01:34:07.000 We don't want anybody dead, okay? 0.62

01:34:09.000 But you're not trans. 0.98

01:34:12.000 You are confused, okay?

01:34:14.000 I know you heard it all before.

01:34:15.000 I know all these trannies are like, oh yeah, I've heard it all before. 1.00

01:34:19.000 But look, you're not trans, all right? 1.00

01:34:21.000 If you're a guy that wants to be a girl or vice versa, you know, you're just a guy or you're just a girl. 0.77

01:34:28.000 So, just gonna have to deal with that.

01:34:31.000 Alright.

01:34:32.000 And I don't know, is that supposed to be some kind of, uh, is that a bait?

01:34:36.000 Is that supposed to be a joke?

01:34:37.000 I'm Catholic, Italian, and trans.

01:34:39.000 What is that, a joke?

01:34:41.000 But no, you're, uh, come on.

01:34:43.000 Make your people proud. 0.98

01:34:44.000 Don't be trans. 1.00

01:34:46.000 Be a normal guy, okay? 0.98

01:34:48.000 You're Italian.

01:34:49.000 You're Catholic.

01:34:50.000 Come on, brother.

01:34:51.000 Come on, Paisan. 1.00

01:34:52.000 Let's cut the shit. 1.00

01:34:53.000 Stop thinking you're not a girl. 1.00

01:34:55.000 You're a guy.

01:34:56.000 I assume.

01:34:57.000 I don't know.

01:34:59.000 But I assume.

01:35:00.000 Whatever you were born as is what you are.

01:35:04.000 We can't change who we are, what we are.

01:35:07.000 We are what we are.

01:35:09.000 So much of what goes on is that.

01:35:12.000 You know, so much of what has gone wrong is people are unwilling to accept their lot.

01:35:20.000 Accept!

01:35:21.000 Everybody says, you know, you gotta strive to do this and do that.

01:35:28.000 Stop! 1.00

01:35:29.000 Stop! 1.00

01:35:29.000 Stop it! 1.00

01:35:31.000 Accept who you are.

01:35:33.000 We had too much of these Disney movies that were like, you don't need to let anyone tell you what you're about.

01:35:38.000 You can be whatever you want.

01:35:40.000 It's like, no, you can't.

01:35:41.000 No, you can't. 1.00

01:35:44.000 Now, like a lot of these black people are just dumb. 1.00

01:35:48.000 I love them. 1.00

01:35:49.000 You know, there's a lot of smart black people.

01:35:52.000 Like Sneako, or Bryson, or Ye, or John Miller.

01:36:00.000 Okay? 0.98

01:36:01.000 But the reality with race and IQ is that there's a lot of black people with a below 85 IQ. 1.00

01:36:06.000 That's okay. 0.97

01:36:09.000 That's okay.

01:36:11.000 We're all people.

01:36:12.000 And there are white people with a below 85 IQ. 0.95

01:36:15.000 There's all kinds of people.

01:36:16.000 There's more black people with a below 85 IQ than there are white people with a below 85 IQ. 1.00

01:36:21.000 That's fine. 0.95

01:36:22.000 And you know what?

01:36:23.000 That's fine.

01:36:25.000 And that's okay.

01:36:26.000 We have to talk about it as a society. 0.99

01:36:29.000 And women are bad leaders. 1.00

01:36:32.000 Women are bad leaders and they're emotional and they shouldn't vote because they're easily influenced. 1.00

01:36:37.000 That's okay. 0.93

01:36:38.000 That's why God made men to make all the decisions. 0.98

01:36:42.000 It's okay.

01:36:43.000 And we love women. 0.99

01:36:44.000 And we love black people.

01:36:45.000 We love their...they're funny.

01:36:48.000 And when it comes to, you know, these trans people, okay.

01:36:53.000 You're a guy. 0.99

01:36:54.000 You're a little effeminate. 0.99

01:36:55.000 You're a little girly. 0.96

01:36:57.000 Well, just work on that, okay?

01:36:59.000 But you gotta accept.

01:37:01.000 It's about acceptance.

01:37:02.000 It's about acceptance.

01:37:04.000 And then everybody's gotta play by the rules.

01:37:07.000 We are what we are.

01:37:09.000 So... And that's one of these realities that people are not able to accept across the board.

01:37:19.000 Be who you are.

01:37:21.000 Be who you really are.

01:37:22.000 Don't be who you think you are, what you want to be, this like denialism.

01:37:28.000 We are who we are.

01:37:29.000 We are what we were born as. 1.00

01:37:33.000 Short, tall, handsome, ugly, smart, dumb, black, white. 1.00

01:37:40.000 We are what we are. 1.00

01:37:42.000 Okay?

01:37:44.000 I wish I was 6'3", but I'm not!

01:37:47.000 And I have to accept that.

01:37:48.000 I can't say, I have height dysmorphia, I'm gonna transition into being 6'3", I'm gonna get my legs broken and, like, extended.

01:38:02.000 So... So, no, we don't want you dead, but we just want you to be who you are, okay?

01:38:08.000 Be who you are.

01:38:10.000 You're not a girl. 1.00

01:38:12.000 Catholic Gooba sent $5. 0.97

01:38:14.000 Half-eyed kiff you'll agree with this, but I think it makes more sense to view trans as more of an addiction than a delusion, where the drug is having a female experience, likening it to porn addiction. 0.99

01:38:27.000 Catholic Gooba sent $10. 0.91

01:38:29.000 Two halves in the same way a porn addict knows he isn't having sex with the women on screen, a tranny knows he isn't and will never be a real woman, but loves the feeling of being perceived as or treated like a woman. 1.00

01:38:41.000 I don't think that's quite right. 0.83

01:38:45.000 There's something in there, yeah.

01:38:47.000 I don't know.

01:38:48.000 I haven't talked to enough trans people to really get it, but like with all these perversions, there is like a fundamental mismatch between the interior experience and the reality. 1.00

01:39:09.000 That seems to be the case.

01:39:11.000 And there also seems to be the case that what we call one thing is actually something else.

01:39:18.000 What we call a guy thinking they're a girl and undertaking these great pains to become like a girl, it's actually something else.

01:39:29.000 So that part of your premise, I think, is right.

01:39:34.000 Like, I don't think that these... Like, I was watching that

01:39:38.000 Dylan Mulvaney, did you see that freak show the other night?

01:39:42.000 And I look at that person, and it's clear, it's so clearly a guy.

01:39:47.000 Like, he can't think he looks like a girl.

01:39:49.000 Nobody thinks he looks like a girl.

01:39:51.000 He can't think he's even coming close.

01:39:52.000 He's not a girl. 1.00

01:39:53.000 He knows he's not a girl. 0.99

01:39:55.000 But, but there's gotta be, is it, is it some kind of sexual thing?

01:40:00.000 Is it like, they get off on that?

01:40:03.000 Or is that like, like you said, it's,

01:40:07.000 It's these kinds of isolated experiences.

01:40:09.000 I don't quite... I can't quite wrap my head around it, but you're right.

01:40:13.000 It's not... It is certainly something that... People aren't grasping the fullness of it.

01:40:28.000 So, I agree with the premise.

01:40:32.000 Richard Percival sent $10.

01:40:34.000 If Republicans get their war against the cartels in Mexico, won't that inadvertently cause millions of Mexicans to flee to America as legitimate refugees?

01:40:43.000 Yeah, probably.

01:40:45.000 Yeah, that's a good point, actually.

01:40:48.000 Eddie Van Graham sent $3.

01:40:50.000 Sending this before the show starts.

01:40:52.000 Did you hear that two of the largest banks in Israel were able to take $1 billion out of Silicon Valley Bank before the Feds seized it? 0.93

01:40:59.000 These niggas. 1.00

01:41:00.000 Yeah, so did Teal. 0.88

01:41:02.000 I wonder what Teal and Israel have in common.

01:41:04.000 I wonder if they're connected in some way.

01:41:08.000 Millennial underscore grow I percent ten dollars.

01:41:11.000 Can't tell if Tucker Carlson or Destiny.

01:41:13.000 If you close your eyes and listen to that clip, it's actually just Steven Bunnell.

01:41:13.000 Facts!

01:41:18.000 Yeah, this clip?

01:41:19.000 I like women, actually, because they're totally different. 1.00

01:41:22.000 I don't understand, like, 80% of what they say.

01:41:23.000 I don't need to.

01:41:24.000 I'm married to one for 32 years.

01:41:26.000 I have three daughters.

01:41:26.000 Hang on, wait, you don't understand 80% of what women say?

01:41:29.000 What, are you an idiot? 1.00

01:41:31.000 You don't understand? 1.00

01:41:32.000 What?

01:41:32.000 Honey, what are you saying to me?

01:41:38.000 Okay, let's resume.

01:41:40.000 People just say this stuff, like, uncritically.

01:41:44.000 Because they're totally different!

01:41:45.000 I don't understand, like, 80% of what they say.

01:41:47.000 I don't need to.

01:41:47.000 I'm married to one for 32 years.

01:41:49.000 I have three daughters.

01:41:50.000 I think they're, like, fascinating.

01:41:51.000 I listen super carefully to what they say.

01:41:53.000 What's the biggest thing you've learned in your marriage about women? 1.00

01:41:55.000 So your average young man looks at women for being... So you're just, like, full of shit. 1.00

01:42:00.000 When you say stuff like that... 1.00

01:42:02.000 Listen, I'm not trying to be mean here, but you're just full of shit. 1.00

01:42:06.000 When you say, I don't understand what women say, they're just fashionable. 1.00

01:42:09.000 It's like, that's cap!

01:42:12.000 That's cap!

01:42:13.000 That's a lie! 1.00

01:42:14.000 That's bullshit! 1.00

01:42:15.000 What do you mean you don't understand 80% of what they say? 1.00

01:42:18.000 It's pretty simple.

01:42:20.000 What are they talking to you about?

01:42:22.000 Chemistry?

01:42:24.000 Physics?

01:42:26.000 What do you mean you don't understand 80% of what your wife says?

01:42:31.000 When your wife says, Honey, I had a bad day at work.

01:42:34.000 What part about that is unclear?

01:42:38.000 Honey, so we have a birthday coming up and I'm gonna get the president... What part about that don't you understand?

01:42:46.000 I'm not married.

01:42:47.000 I don't have a wife.

01:42:49.000 But I have women in my family and I understand perfectly 99.9% of what they say. 1.00

01:42:54.000 Not 20%.

01:43:00.000 I listen very carefully to what they say.

01:43:03.000 Really?

01:43:04.000 Juvenile girls? 0.94

01:43:06.000 You listen very carefully to what juvenile girls say?

01:43:09.000 Why, in case you might miss something really insightful?

01:43:13.000 About what, like God and the universe?

01:43:16.000 Listen very carefully to what juvenile girls say, because there might be a nugget in there.

01:43:22.000 Eureka!

01:43:24.000 I just figured it out.

01:43:25.000 Seriously?

01:43:25.000 Now, I understand.

01:43:27.000 You love your family.

01:43:28.000 You're an attentive father.

01:43:30.000 You listen fairly.

01:43:31.000 Okay, that's one thing.

01:43:33.000 But this, like, Hawaiian women are a great mystery. 1.00

01:43:37.000 Don't think so. 1.00

01:43:40.000 That's just crap. 0.99

01:43:45.000 So, anyway. 1.00

01:43:47.000 A young man looks at women, if we're being totally honest, and is like, they're dumb. 1.00

01:43:51.000 They're easy to fool. 1.00

01:43:52.000 Like, I can talk him into sleeping with me. 0.85

01:43:55.000 And the reason they feel that way is because women have a completely different way of seeing the world. 1.00

01:43:59.000 Their brains are different, measurably.

01:44:01.000 What you learn when you get married and you, like, decide, like, no, I'm staying with you.

01:44:05.000 I'm helping you raise your children. 0.99

01:44:06.000 I'm going to die next to you. 0.92

01:44:08.000 Like, you really make the commitment and you learn.

01:44:10.000 They're amazing.

01:44:11.000 They force you to think about the world in a really different and really important way.

01:44:15.000 And it takes a long time to learn that.

01:44:20.000 Do they really?

01:44:25.000 Perhaps they do.

01:44:26.000 I don't know if that's a good thing.

01:44:29.000 I can't say that I ever got a ton of wisdom from a woman and it changed how I see the world. 1.00

01:44:36.000 If anything, with few exceptions, I hear things from women and it's bad advice. 1.00

01:44:42.000 It's like the wrong way to look at something.

01:44:44.000 It's like a very childlike, juvenile way of seeing the world.

01:44:52.000 And is this supposed to be like the antithesis of the Tate thing?

01:44:59.000 Pass.

01:44:59.000 That's just cold.

01:45:00.000 I'm sorry, that's just cold. 1.00

01:45:01.000 That's just, that's just a load of shit. 0.99

01:45:04.000 And it's just bad content. 1.00

01:45:06.000 Women are amazing! 1.00

01:45:07.000 They're fascinating!

01:45:08.000 They're so different than... It's like seriously, are we not so far past that?

01:45:12.000 Are we so... Are we not so far past that kind of thing?

01:45:19.000 Grow up.

01:45:21.000 Yeah, I agree.

01:45:41.000 Line Rider sent $3.

01:45:43.000 It was the Christians who believed in a rational creator slash lawgiver that discovered the laws of physics and it was the Catholics that created the first universities. 0.96

01:45:51.000 Atheists just hijacked our society. 1.00

01:45:53.000 True.

01:45:54.000 Very true.

01:45:55.000 Josh the Remover sent $3.

01:45:58.000 Thank you for sharing my tweet on Telegram.

01:46:00.000 Of course.

01:46:00.000 That made my day.

01:46:01.000 Yeah, great clip.

01:46:04.000 Okay.

01:46:18.000 I don't know what that means.

01:46:20.000 Okay.

01:46:39.000 Spence sent $3.

01:46:41.000 I remember the polar bear psyop from kindergarten.

01:46:44.000 I started doing my homework in the dark in my bedroom.

01:46:47.000 Keeping the light off all the time to save polar bears.

01:46:52.000 Poopa sent $5.

01:46:54.000 Nick is Harry and Sneeko is Ron and Brit is Harmony and Yee is Dumbledore and Charlie Kirk is Draco and Lauren Southern is Ginny and Netanyahu is Voldemort and reply to this post or your mother will D.

01:47:07.000 That's funny at the end.

01:47:08.000 Okay.

01:47:26.000 Pretty Underscore Fly Underscore White Underscore Guy sent $3.

01:47:31.000 157.

01:47:31.000 It's interesting how both Spencer and Destiny seem to recognize that religion is necessary, but they only look at it from a utilitarian perspective.

01:47:41.000 Spence sent $3.

01:47:43.000 Would you consider streaming on Kik, eh Dean Ross?

01:47:46.000 Not sure if you'd be allowed but you would easily be the number 2 streamer on there.

01:47:52.000 Yeah, maybe.

01:47:53.000 I'll try.

01:47:53.000 I'll start an account.

01:47:54.000 I'm not going to stream the show, but I'll stream something more tame.

01:47:57.000 I don't know.

01:47:59.000 Maybe.

01:48:22.000 I don't think it was shut down.

01:48:24.000 I think it was shut down because of exposure to what was happening with Silicon Valley Bank.

01:48:33.000 Browell Yo Gutierrez sent $50.

01:48:35.000 Just rewatch the Ye and Alex Jones interview and still find what Ye said and did, too funny.

01:48:41.000 Glad he never took off his mask.

01:48:43.000 Alex keeps saying he's going to let Ye speak but every time Ye was cooking he would interrupt him.

01:48:48.000 Must be cool to know Ye has your back to finish your points.

01:48:51.000 God bless you and Ye.

01:48:52.000 Christ is King.

01:48:53.000 Hey, thanks a lot, man.

01:48:55.000 I appreciate it.

01:48:56.000 Interview was awesome.

01:48:58.000 Yeah, he's very much like that.

01:48:59.000 He likes to hear everybody finish their train of thought.

01:49:03.000 He's a good guy.

01:49:19.000 Also, I'm Mexican and have a landscape business in NW suburbs.

01:49:23.000 If you or your family need any help or mulch installed, got you.

01:49:26.000 God bless and Christ is King.

01:49:29.000 Hey, well thanks a lot man.

01:49:30.000 I appreciate the big super chat.

01:49:34.000 Books that explain the real history of America?

01:49:38.000 I don't know.

01:49:39.000 It's been a long time since I read any books.

01:49:43.000 There's some good ones out there.

01:49:45.000 There's like...

01:49:47.000 It's called like American Folkways and Seed of Albion.

01:49:47.000 What is it?

01:49:52.000 If you look up Seed of Albion, that's a good one by David Fisher.

01:50:00.000 And what is it?

01:50:03.000 American Folkways?

01:50:04.000 Is that it?

01:50:07.000 No, that's not it.

01:50:08.000 I'm trying to think.

01:50:31.000 I don't know.

01:50:33.000 Like, what happened recently, there's a lot of good stuff by Sam Francis, Pat Buchanan, you can't go wrong with that stuff.

01:50:40.000 Paul Godfrey's pretty good also.

01:50:44.000 Pennet's and Patriots.

01:50:46.000 Yeah, there you go.

01:50:47.000 Pennet's and Patriots.

01:50:50.000 Yeah, someone says harassment architecture Listen I like Mike Ma.

01:51:00.000 I'm gonna come out and say it unpopular opinion wasn't the biggest fan of the writing But that's just me Who are we yeah, that's pretty good by Sam Huntington.

01:51:17.000 I

01:51:19.000 Hey, thanks a lot, man.

01:51:20.000 I appreciate it.

01:51:21.000 Hey! 0.99

01:51:22.000 Thanks a lot, man.

01:51:23.000 I appreciate it.

01:51:45.000 Pretty sus. 1.00

01:51:49.000 I'm not really into the Freemasonry conspiracy.

01:52:02.000 It's legit.

01:52:03.000 It's real.

01:52:04.000 But I'm just not really into that whole thing.

01:52:08.000 That's more like the esoteric side, which I've never been too curious about, to be honest with you.

01:52:14.000 I don't think it works that way.

01:52:14.000 Dude.

01:52:43.000 Johnny Bravo sent $3.

01:52:45.000 Hey Nick, glad to hear that you'll start streaming daily from now on.

01:52:49.000 Can't wait to watch your streams while at work.

01:52:52.000 Love you bud.

01:52:53.000 I didn't say that, but thanks.

01:52:55.000 SmileyTheFed sent $3.

01:52:58.000 I was the very first person to meet Walt and Jesse on Friday.

01:53:01.000 Got in line at 4.30am. 0.77

01:53:03.000 Jesse called me an idiot for waiting that long and gave me a hug. 0.98

01:53:06.000 Walter bought me a bottle of tequila. 0.97

01:53:10.000 I like that you call them the names of the characters.

01:53:14.000 They're like they're real.

01:53:16.000 I saw that picture though.

01:53:17.000 That was very cool Did he really buy you tequila?

01:53:20.000 That's kind of cool.

01:53:21.000 That's a cool experience.

01:53:24.000 I Kind of want to meet him now too because now now I'm into that I was always like never watch that show so I never was like I Was very cynical about it, but now that I'm watching that's pretty good.

01:53:37.000 Oh

01:53:38.000 Okay, really?

01:53:52.000 OpticsRespector sent $30.

01:53:54.000 From one renaissance man to another, I hate hobbyists.

01:53:57.000 Okay, that makes me feel a lot better he feel that way.

01:54:00.000 Thank you for the super chat, Optics.

01:54:02.000 Optics the true renaissance man.

01:54:05.000 This guy, talk about a Christian futurist.

01:54:08.000 Optics is THE Christian futurist. 1.00

01:54:11.000 Niglas sent $50. 1.00

01:54:12.000 Earn not obtuse or acute less than three.

01:54:15.000 Oh, thanks.

01:54:17.000 Max Pacheco sent $5.

01:54:18.000 Been a minute since my last Super Chat, but here it is.

01:54:23.000 Great show.

01:54:24.000 Have a great night.

01:54:25.000 Love you brother.

01:54:26.000 Christ is King.

01:54:28.000 Thank you very much, Max.

01:54:30.000 I appreciate it.

01:54:31.000 Big shout out, buddy.

01:54:32.000 Love you.

01:54:33.000 The old Max.

01:54:36.000 Stimulant Growiper sent $10.

01:54:37.000 Less than $3. 0.97

01:54:42.000 Uh, you mean you're saying he's a hypocrite? 0.99

01:54:44.000 That's crazy. 0.99

01:55:07.000 Wooza sent $20.

01:55:09.000 I went snowboarding.

01:55:10.000 Oh, cool.

01:55:12.000 Hey, thanks for the super chat, Wooza.

01:55:14.000 What's up?

01:55:16.000 Daftai sent $3.

01:55:18.000 Hey Nick, just wanted to say that I like your show.

01:55:21.000 Unlike many other trans women, you'd be surprised at how based I've become thanks to you. 1.00

01:55:27.000 Oh, yeah!

01:55:28.000 Okay, this is from, uh, this guy was in that panel with, um, was that Alex Stein and them back?

01:55:37.000 Oh, when was that?

01:55:38.000 That was like a year ago now.

01:55:41.000 Yeah, hey, what's going on?

01:55:44.000 Well, listen, uh, you know, you really can't be that based as a trans person, but...

01:55:50.000 Hey, I appreciate it.

01:55:52.000 Glad we shifted the Overton window for you, but we know you can do it.

01:55:57.000 Let's just de-transition and then we'll be in great shape, okay? 0.96

01:56:02.000 But I appreciate it.

01:56:03.000 I'm glad you like the show.

01:56:06.000 I don't understand 80% of what she says.

01:56:06.000 Seriously?

01:56:08.000 What's she saying?

01:56:09.000 What is she speaking in an alien language? 0.62

01:56:11.000 I don't understand 80% of what she says!

01:56:29.000 Oh, man.

01:56:30.000 Yeah, well, what did really what's your wife saying? 1.00

01:56:33.000 That's so hard that maybe I could help.

01:56:35.000 Oh, really Wow. 1.00

01:56:36.000 So what are you an idiot? 1.00

01:56:39.000 Stupid idiot Let me help. 1.00

01:56:42.000 Let me help decode all that difficult stuff. 1.00

01:56:45.000 Like what exactly?

01:56:47.000 Honey, would you take out the trash?

01:56:50.000 So Tucker I think what she meant by that 0.99

01:56:55.000 Honey, I just hate your mother-in-law. 1.00

01:56:58.000 She's just like so mean to me.

01:57:00.000 So Tucker, I think what she was going for with that one is this.

01:57:04.000 Doesn't understand 80.

01:57:05.000 That's a lot.

01:57:06.000 You only understand 20% of the things she says.

01:57:09.000 20?

01:57:09.000 That's a very low percentage.

01:57:12.000 So one out of every five words.

01:57:15.000 So if she says a sentence that is five words long, you only understand one word in the whole sentence?

01:57:23.000 Take out the garbage honey. 1.00

01:57:25.000 Which one?

01:57:26.000 Four of those he didn't understand.

01:57:31.000 Chugger sent five.

01:57:32.000 Real, real genius.

01:57:34.000 Maybe he shouldn't have a show.

01:57:35.000 They sent three dollars.

01:57:36.000 He shouldn't have a show.

01:57:36.000 Maybe Tucker is secretly being based and is saying all he hears are dogs barking when woman speaks so he just smiles and is like this is my dog.

01:57:43.000 Yeah, I don't think so.

01:57:45.000 I just don't really relate to Nordic people as much.

01:57:48.000 They're definitely the most beautiful race.

01:57:50.000 I think that's clear.

01:57:51.000 There is the most beautiful race and it's probably Nordic.

01:58:06.000 People They're just different I just don't there there is like a real Like I actually do relate more to people that are like Mediterranean and people that are Nordic I straight up.

01:58:20.000 That's just true We're just more similar like I'm a big believer in race because you just see it everywhere and No, but I like them

01:58:34.000 I don't know.

01:58:34.000 We are going to have to cross that ethnic barrier to create a racial alliance, but we are not 100% similar.

01:58:41.000 That's for sure.

01:58:44.000 Boo sent $3.

01:58:46.000 Please bring back Cozy Plays.

01:58:47.000 I know the user Kanye always asks about it.

01:58:50.000 I'd kid that's you.

01:58:51.000 Probably not, but I liked Cozy Plays.

01:58:52.000 I wanted them to do Pokemon Emerald version, but they just disappeared.

01:58:56.000 I forgot about that.

01:58:57.000 Yeah, maybe we'll bring it back.

01:58:59.000 Okay, gross.

01:59:11.000 Yeah, listen, like I said, we're not in favor of cruelty or hatred or anything, but we're just not down with that stuff.

01:59:19.000 That stuff is immoral, it shouldn't be.

01:59:21.000 We're not out there telling people to kill themselves, just like I wouldn't tell a feminist to kill herself, or I wouldn't tell a criminal to kill themselves, or anybody for that matter.

01:59:32.000 We want people to heal.

01:59:34.000 Everybody has to heal.

01:59:37.000 Nobody's perfect.

01:59:39.000 Trannies are farther from perfect than other people. 1.00

01:59:42.000 But we want people to heal. 0.99

01:59:44.000 So, you know, the very antagonistic cruel, the casual cruelty, this, you know, kill yourself, we're gonna kill you, that kind of thing. 1.00

01:59:53.000 Go into a drag story hour and scream and faggot and kill yourself. 1.00

01:59:58.000 That's just the wrong vibe. 1.00

02:00:00.000 It's the wrong energy.

02:00:01.000 That's not what we're about, you know.

02:00:05.000 we think that stuff is unacceptable and has no should have no quarter in a decent society but but that that sort of thing is just not the path that's not the way to get there so it's one thing to say it online as a joke whatever but

02:00:25.000 You know, but that kind of thing is just wrong.

02:00:27.000 We want to attract people with our magnanimity.

02:00:30.000 We want to be magnanimous.

02:00:32.000 We want to be great.

02:00:34.000 We want to draw people in because we're representatives of God.

02:00:36.000 We're representatives of the real truth.

02:00:41.000 We're not ideological but the real ideas that are going to make people well.

02:00:47.000 And so we should act like that.

02:00:48.000 We have gold, okay?

02:00:50.000 We're sitting on gold.

02:00:52.000 Why would we be so angry, desperate, all those kinds of things when we're sitting on a pile of gold?

02:01:02.000 We have the winning message.

02:01:04.000 We have the right and the truthful message.

02:01:06.000 Where is the need for this pettiness, vitriol, resentment, anger?

02:01:11.000 I don't have any of that.

02:01:14.000 So, now it's one thing to be self-righteous, set in justice, or things like this, but when I see these kinds of people, I feel... I'm not gonna lie, there is a disgust aspect of it, like when I see this Dylan Mulvaney type stuff.

02:01:31.000 It's just perverse.

02:01:33.000 It's not good.

02:01:34.000 It's very unnatural. 0.90

02:01:35.000 It's very repugnant.

02:01:37.000 But you want to see these people get better, you know, it's it's only because It's such a sad and degraded existence and they're promulgating that to people they're promulgating that especially young people so That's my view on it Boo sent $3 I wish that you could make your own version of Christianity called like Nick Fuentes Christianity where you make the rules and Beardson and Vita and stuff are like high priests and command the army

02:02:06.000 No, that's wrong.

02:02:07.000 That's idolatry.

02:02:10.000 We're not about that.

02:02:11.000 Was that good?

02:02:14.000 Millennial Maimonides?

02:02:15.000 Yeah.

02:02:22.000 That guy, so classic, by the way, like, oh, he's a big musclehead, international, intellectual, Hellenic vibes, and he loves Jews.

02:02:32.000 Hellenic vibes.

02:02:34.000 Oh, I love Jews, by the way. 0.97

02:02:36.000 Okay, Jewish vibes more like freaking Israel vibes. 0.95

02:02:40.000 Hellenic vibes. 0.98

02:02:42.000 Hellenic vibes. 0.97

02:02:44.000 You're a Jew. 1.00

02:02:44.000 You're a Jew, okay? 1.00

02:02:46.000 You are a Zionist Jew. 0.95

02:02:48.000 Hellenic vibes. 1.00

02:02:50.000 Yeah, my ass. 1.00

02:02:52.000 Hellenic vibes. 1.00

02:02:54.000 Hellenic. 0.91

02:02:55.000 Very loose.

02:02:57.000 The geography's very loose on that one.

02:02:59.000 I don't know how far Hellenism goes.

02:03:01.000 Does it go to Jerusalem?

02:03:03.000 Modern day Jerusalem? 0.86

02:03:04.000 Maybe.

02:03:08.000 I think so.

02:03:08.000 I think that's a big reason for it.

02:03:10.000 Feelings of powerlessness.

02:03:31.000 Yeah I am excited for it and I don't know it's always a struggle living in the shadow of your former accomplishments but we'll see I'm with Charles back on board I have high hopes for it the three of them is it's great synergy so we'll see

02:03:49.000 Alright, let me take a look.

02:03:50.000 We got a big Super Chat on Cozy from Richard Cranium.

02:03:53.000 Thank you very much.

02:03:54.000 He says, I don't take financial advice from people with less money than me.

02:03:59.000 I listen to Nick and Ye.

02:04:01.000 I'm not giving financial advice, okay?

02:04:03.000 But I appreciate it.

02:04:05.000 Thanks for the big Super Chat.

02:04:07.000 Listen, I don't have a hot take on daylight savings time.

02:04:27.000 Thanks, yeah, I'm all messed up by this daylight savings time.

02:04:31.000 I woke up at 10 o'clock.

02:04:34.000 I Woke up at 9 p.m.

02:04:36.000 Could you believe it? 0.97

02:04:37.000 It's daylight savings times got me fucked up You know every year they flip the clock back and forward an hour. 0.97

02:04:44.000 I'm waking up at 9 o'clock at night Daylight savings time. 0.99

02:04:48.000 Can you believe it?

02:04:48.000 It's crazy I

02:04:54.000 All right.

02:04:55.000 Okay.

02:04:56.000 That's our last Super Chat.

02:04:57.000 That's gonna do it for me.

02:04:59.000 Thanks for watching.

02:05:01.000 Remember to follow me here on Cozy.

02:05:02.000 Smash the follow button to get a push notification whenever I go live.

02:05:06.000 Follow me on Gab Telegram, True Social, Rumble.

02:05:09.000 Link should down below.

02:05:10.000 I'm on the air Monday through Friday, 9 o'clock Central, 10 o'clock Eastern Time.

02:05:14.000 As always, thanks for watching.

02:05:16.000 Thanks to our Super Chatters.

02:05:19.000 In particular, Braulio, Ari,

02:05:22.000 And Cranium.

02:05:24.000 Big thanks to them.

02:05:25.000 Thanks to all our Super Chatters.

02:05:26.000 Everybody that watches, we love you.

02:05:28.000 And I'll see you tomorrow.

02:05:29.000 Until then, have a great rest of your evening.

America First - Nicholas J. Fuentes - March 15, 2023

FINANCIAL MELTDOWN?? SVB BANK RUN CONTINUES, DOMINOS FALLING, STORM IS HERE | America First Ep. 1130

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Transcript