00:05:09.000I saw this early this morning on Twitter.
00:05:12.000But ProPublica was able to get records from the IRS of the tax returns, tax data of the 25 richest Americans in the country.
00:05:23.000And they found that the top 25 richest Americans are paying an effective tax rate of, in some cases, 0.1% of their total income.
00:05:36.000And they have an interesting way of calculating that, and we'll get into that tonight exactly how they arrive at that calculation and how that's even possible.
00:05:52.000And this is something we've talked about on this show before.
00:05:55.000We've specifically talked about the increasing tax rates under the Biden administration.
00:06:00.000And one of the things I hear all the time is this Why would it be that corporations and the wealthy would vote for leftists and Democrats who are going to come into power and raise their tax rates?
00:06:12.000And specifically, I talked about this on a show very, very recently when.
00:06:17.000It was proposed to raise the capital gains tax to 43% or something.
00:06:23.000And this came off the heels of the income tax being raised again, the corporate tax rate being raised again, or at least proposals for those things.
00:06:31.000And I said, all that this is going to do is crush the middle class.
00:06:34.000I said, it'll also crush certain kinds of rich people, but the richest of the rich, the billionaires, I said this back then, I said, the Bezos, the Buffets, Elon Musk, they will be just fine.
00:06:47.000And now we have the evidence to back that up.
00:06:51.000It doesn't get more concrete than this.
00:06:54.000Tax data for the past 20 years, in some cases, goes back 15, 20 years, and shows that the world's richest people, America's richest billionaires, have paid sometimes no income tax in a given year.
00:07:08.000And some years pay very, very little as a percentage.
00:07:35.000We'll also be talking tonight about the dark side hack, dark side cyber attack, ransomware attack against Colonial Pipelines about a month ago.
00:07:48.000I remember we covered this story, and I I think that was actually when Louis Theroux was in the studio that night and he was shooting the documentary here.
00:07:56.000He was only here for like 12 hours or something.
00:08:00.000I'm talking about in the city for like 12 hours.
00:08:02.000But in any case, I remember covering this story and I remember exactly how it went down.
00:08:08.000This is something that just kind of came out of the blue.
00:08:10.000It was this group nobody had ever heard of.
00:08:13.000And they said this anonymous dark side hacking group has attacked Colonial Pipeline.
00:08:18.000Remember, it shut down all the gasoline in the Atlantic coast, specifically in D.C. and Atlanta.
00:08:26.000And the government said that this was a Russian based hacking group.
00:08:30.000That launched a cyber attack against the United States and did get a ransom payment from the company after they shut down gas pipelines for about a week.
00:08:41.000And later on, the government said that maybe this was state sponsored, that Russia and the Russian government is harboring this cybersecurity group, and that's caused a rift between the United States and Russia, which will be discussed at a future meeting.
00:08:55.000The development today, we have an update on that story.
00:08:58.000It turns out, and this is reported all over the news, this is amazing.
00:09:02.000FBI came out today and said that they had seized $2 point something million of the ransom payment from the hacker group.
00:09:12.000That the FBI took not the cash, but took Bitcoin.
00:09:16.000They were able to seize the Bitcoin ransom payment or a part of it, partially, from the dark side hacking group.
00:09:24.000And this immediately caused panic because, of course, the whole appeal or one of the major appeals of cryptocurrency and Bitcoin is that.
00:09:34.000That is not supposed to be able to be done.
00:09:37.000It should not be possible for a centralized institution or an individual actor or anybody for that matter to take or tamper with money.
00:09:49.000And without getting into too much detail about cryptocurrency, but if that were to be possible, this would have serious implications for the efficacy of cryptocurrency in its future.
00:09:59.000So a lot of people immediately panicked and they said the FBI seized a Bitcoin wallet?
00:10:40.000That the FBI didn't seize a Bitcoin wallet.
00:10:44.000Darkseid, the anonymous hacker group that hacked one of the largest petroleum companies in the world and forced them to pay a ransom payment of $5 million, which has collected something like $100 million over the years in ransom payments.
00:11:02.000They had converted their Bitcoin to cash on Coinbase.
00:11:08.000They were holding their Bitcoin, or maybe they were planning to, they were holding their Bitcoin.
00:11:14.000On an American server on Coinbase, which is an exchange, as you know.
00:11:20.000So, in other words, Coinbase controlled the private keys to their Bitcoin.
00:11:25.000Coinbase held their Bitcoin on servers in the continental United States.
00:11:32.000So, the FBI didn't seize a Bitcoin wallet.
00:11:36.000The FBI seized Bitcoin that was held on a US server on a cryptocurrency exchange, which is presumably Coinbase, which is.
00:11:45.000Is very possible, which is not a technical problem for Bitcoin.
00:11:49.000But let's think about this for just a minute here.
00:11:53.000You don't have to know exactly what I'm talking about, how Bitcoin works, or anything other than this.
00:12:00.000The whole appeal of Bitcoin is you're not supposed to be able to seize it.
00:12:03.000As long as you control the access and the private keys to your Bitcoin wallet, nobody is supposed to be able to take it unless they have more computing power than all the computers in the world.
00:12:34.000Financial institutions, governments cannot take it.
00:12:39.000But these brilliant hackers, these computer experts, the people that masterminded this ransomware campaign with some of the biggest companies in the world and got tens of millions of dollars in ransom payments, they had their Bitcoin.
00:12:53.000On an exchange on American soil, on American servers where the government was conveniently able to get half of their most recent ransomware payment.
00:13:03.000We're supposed to believe that that makes sense, that these are supposed to be world class hackers, and they did something that like a baby boomer would do.
00:13:12.000They did something that like my aunt, like one of my uncles would do, that somebody who knows nothing about Bitcoin would do.
00:17:13.000It's not the end of the world, it's really not a big deal.
00:17:17.000Okay, so that being said, Follow me on Telegram and Gab because that is where I will be posting in the meantime, and I do post there even when I am on Twitter.
00:17:26.000So follow me on Telegram, which is t.meslash nickjfuentes.
00:17:30.000Follow me on Gab, which is gab.comslash real nickjfuentes.
00:19:37.000He shut down immigration in the, well, I guess the tail end of the first half of 2020.
00:19:46.000And he passed an executive order on big tech, which, had he done that a year earlier, might have actually been effective.
00:19:51.000And in some ways, he did try to turn things around, but it was too little, too late.
00:19:56.000And then since the election, it's been right back to the old Trump, right back to the old Republican 2018 Kushner, Jafar sort of control over Trump.
00:20:08.000And, uh, And I'm just kind of sick of it.
00:23:40.000I love how it always comes back to I mean, listen, the left kind of has a point when it comes to this snowflake, libtard, snowflake, soy boy kind of stuff.
00:26:07.000And neither are those other people I just described.
00:26:10.000And not only is he doing things that are bad, but he's refraining from doing the things that he needs to be doing.
00:26:15.000Like, get on Gab, get on Parlor, get on something, make your own social media, go and do rallies, go and talk about the Capitol defendants, talk about social media censorship, do something.
00:26:30.000But it's been five months, and he does a little speech here and a little speech there, and it's just sort of aimless.
00:26:37.000Now he's doing some speaking toward Bill O'Reilly in December.
00:26:41.000And he does this from the desk of Donald Trump, and then it humiliatingly closes it down less than a month later.
00:26:47.000I mean, it's been an absolute catastrophe, much like the presidency.
00:26:52.000It reminds me, it's the same sort of feeling about it now that I did during the presidency, which is not enthusiasm, not the triumphant feeling that the energy was with us that I did in 2016, but the energy that I felt throughout 2020, which was malaise, sort of disenfranchisement, disappointment.
00:27:14.000Frustration, and we just can't have a repeat of all of that.
00:27:20.000We have wasted enough time, we have wasted enough opportunities and resources.
00:27:24.000And at this point, Trump is becoming a force for bad rather than a force for good.
00:27:28.000Pro Vax, anti crypto, pro Kevin McCarthy, Rubio Scott, all these people.
00:27:34.000I hate to say it, but if he wasn't before, he is now becoming a part of the problem.
00:27:40.000And it is increasingly less relevant why that is.
00:27:43.000You know, I used to say, well, Trump is still solid and we have to try to appeal to him because he was the president and he was the nucleus, whether you liked it or not.
00:28:00.000He's no longer the president of the United States.
00:28:03.000So I was willing to be a little bit more pragmatic about it back then, but now I just don't, I see no reason to justify this ongoing dynamic here.
00:28:13.000I think that Trump is still the head of the party, and this is evidence of it.
00:28:16.000So, you know, if you think it's as simple as saying, oh, we just need to get rid of Trump already, Trump is still very, very popular.
00:28:23.000Trump is still extremely popular with Republicans in the country.
00:28:27.000So, discarding him, it's not going to happen.
00:28:44.000I supported Trump throughout the presidency for specific reasons, which, you know, is beyond the scope of this.
00:28:49.000I'm already talking more about this than I wanted to, but at this point, attacking the president, it's still not a good idea, but people that are influencing the public, people that are in a position to influence the direction of things, Without getting emotional and without going on a crusade and without being committed to this thing that's not going to happen, which is people like Pedro Gonzalez think that they're going to get rid of Trump.
00:30:01.000And if I go to an audience of Trump supporters and say this, they will not be receptive because I go on Gab and I get a feel of what most of the country is like.
00:30:11.000People who follow like me and Darren Beatty and John Doyle and others are like on Twitter, I get a feel for what normal people in the country are like.
00:30:19.000And normal people in the country don't really pay attention so much, and they have a very sort of surface level understanding, a very shallow understanding.
00:30:29.000And so they think that it's about Trump and the Democrats and Trump and whatever.
00:30:33.000So going out and attacking him is not really a wise strategy.
00:31:05.000There is no, I mean, Ron DeSantis is good, but he's not better than Trump, honestly.
00:31:10.000And there are some good people like Matt Gaetz and Marjorie Taylor Greene, but They're not as good as Trump, and they're not as big as Trump.
00:31:17.000They can't replace Trump, at least not yet.
00:31:20.000So, you know, all of this is to say there's some problems here.
00:31:26.000They're just unsolvable at the moment.
00:31:28.000Trump's still got the support of the party.
00:31:38.000I'm just telling you realistically what my assessment of the situation, which is I don't think that Trump is really fit to overcome this stuff.
00:31:45.000That being said, he's the only guy really left standing.
00:31:57.000I don't think there even is a successor.
00:32:00.000So, this is the way that it will be for a little while, but we've just got to know to ourselves that this is just, it's not going to work.
00:32:07.000It's been pretty rough, and it's very frustrating.
00:32:10.000And I'm so sick of this advisor stuff.
00:32:13.000And, you know, well, Trump's got people around him, and I get that, and all of that is true, but, you know, we've been putting up with that for like five years.
00:32:21.000And if Trump is just sort of, Hapless getting pushed around by bad advisors, it's like, okay, well, then we're functionally dealing with Jared Kushner, then we're functionally dealing with Jason Miller, we're functionally dealing with people that are not Trump and are much worse than Trump.
00:32:39.000And if they're in control, well, that's a big problem.
00:32:42.000So, anyway, so I just wanted to share that with you, kind of funny, but do follow me on Gab because it's entertaining.
00:33:03.000I don't remember exactly the timeline, but everybody remembers it was in the month of May.
00:33:09.000Colonial Pipeline, which is a major petroleum company in the United States, was the victim of a ransomware cyber attack by a hacker group called Darkseid, which is apparently located in Russia, and it was blamed on Russia.
00:33:25.000If it wasn't sponsored directly by Russia, well, Russia harbored these people, something like that.
00:33:31.000It was a pretty consequential ransomware attack because, as a result of it, Colonial Pipeline had to shut down all of its pipelines, which were sending gasoline and other petroleum products to major cities like Atlanta, Washington, D.C., even as far as New York City.
00:33:48.000And so, you had at one point 50% of the gas stations in Washington, D.C. were out of gas.
00:33:55.000So, you had price spikes, gas shortages, gas stations with no gas at all.
00:34:00.000And there was You know, people were talking about the fact that this could have a ripple effect on the whole economy and maybe create a nationwide fuel shortage.
00:34:08.000Ultimately, Colonial Pipeline gave in to the ransomware attack.
00:34:27.000They released the encrypted systems or information that was being held hostage, and Colonial Pipeline resumed its operations.
00:34:35.000The U.S. government was not happy about that because they said that it's not prudent, obviously, for private companies or institutions to pay ransom.
00:34:42.000You pay ransom and it incentivizes more ransom attacks, more ransom in the form of cyber and other ways, because at that point it tells criminals, hey, this works.
00:34:53.000If you want a $5 million payoff, just do a ransomware attack, encrypt a major system, something vital like gasoline, like the meat, the attack on the meat processing plants, which happened, I think, last week.
00:35:07.000And which I guess we're seeing more of, and that's supposed to be totally organic.
00:35:11.000But that's why they don't want them to pay.
00:35:13.000So, anyway, so Colonial Pipeline paid the ransom, and it turned out today the big development is that the FBI was able to recover some of the ransom money from the attacker group Darkseid, something like $2 million.
00:35:26.000And it was pretty interesting how they did that.
00:35:29.000It says The Department of Justice announced on Monday that it had recovered $2.3 million in cryptocurrency from criminal hackers who compromised a major U.S. pipeline in mid May that resulted in fuel outages and hoarding across the East Coast for six days.
00:35:45.000The U.S. District Court for the Northern District of California issued a seizure warrant on Monday, allowing the DOJ to take action to confiscate a large chunk of the $4.4 million paid by Colonial Pipeline to the dark side ransomware operators who demanded payment in exchange for unlocking their victims' stolen digital files.
00:36:06.000Lisa Monaco, who is President Biden's deputy attorney general, said in a press conference The sophisticated use of technology to hold businesses and even whole cities hostage for profit.
00:36:18.000Is decidedly a 21st century challenge, but the old adage, follow the money, still applies.
00:36:27.000According to U.S. intelligence officials, Darkseid is a criminal group operating somewhere in Russia that sells access to its malicious tools in exchange for a cut of the profits from successful extortions.
00:36:39.000The FBI was able to track the destination of Colonial's payment in Bitcoin to a virtual wallet used by the criminal perpetrators, said Monaco.
00:36:47.000A Twitter user said the Hashtag Bitcoin associated with ransomware, dark side, colonial pipeline hack went through the Californian servers of Coinbase and was likely seized by U.S. investigators there.
00:37:03.000So, this is really something because if you know anything about how cryptocurrency works, apparently the ransom, I imagine, was paid in cryptocurrency.
00:37:13.000Cryptocurrency can be anonymous, it's also something that can't be controlled by the government, the exchange of cryptocurrency, the ownership of cryptocurrency.
00:37:24.000Is not something that could be controlled or molested by the state or by financial institutions.
00:37:31.000Bank of America cannot stop me from sending someone in the audience Bitcoin.
00:37:36.000The government cannot seize Bitcoin in the same way that they could go into a bank account or a stock brokerage account or go into your house and take physical cash.
00:37:48.000If they don't have access to the password, if they don't have access to the seed key or something, if they don't have access to the private keys, They cannot access the funds.
00:37:59.000The way that it works with conventional assets is the FBI literally has a console and they log in and they can go into your bank account.
00:38:08.000They could go into your whatever and they could just freeze it with the click of a button.
00:38:12.000They have tools, they have access to all of that.
00:38:15.000It doesn't work that way with Bitcoin.
00:38:16.000So, presumably, this is how the transaction occurred.
00:38:20.000A group that is dark side or buys the tools from dark side uses these hacking tools to encrypt.
00:38:28.000Data or systems at Colonial Pipeline and says, Hey, give us the money, or we leak the information and we keep it encrypted.
00:38:35.000Colonial Pipeline has to shut down its operations because so much of the system is encrypted, they don't want it to spread to other parts.
00:38:42.000That shuts down their operations, creates lots of pressure publicly because there's a gas shortage and price spike, and people are hoarding, and it's dangerous and problematic for a lot of reasons.
00:38:54.000Also, the ransomware group is leaking the information that they encrypted, which could be damaging from a PR point of view.
00:39:00.000So eventually the company gives into the demands and sends Darkseid, or a group which has purchased Darkseid's tools, $4.4 million.
00:39:12.000Now, this is where the story was supposed to have ended last month.
00:39:16.000It was supposed to have ended by Colonial Pipeline giving the ransom to the hackers in the form of Bitcoin, and once the Bitcoin goes, it's gone.
00:39:25.000If the Darkseid group is in Russia and Colonial Pipeline sends Bitcoin from America to Russia, unless the CIA can.
00:39:33.000Break into somebody's house in Russia and find a slip of paper with the password written on it, unless they could break into Russia and steal the hardware, if it's a hardware wallet where the wallet is located.
00:39:45.000They can't get access to the cryptocurrency.
00:39:51.000And they can't go in Russia because Russia is strong enough that it can resist America and it's independent that it won't concede to America.
00:40:00.000So that's where the story should have stopped.
00:40:03.000That they were saying about this was true, then that's where it should have begun and ended.
00:40:08.000Colonial Pipeline sends the crypto, they get it in Russia, they have it in Russia, and now they're sitting on a massive multi million dollar fortune.
00:40:18.000But the DOJ announces today that somehow they got the Bitcoin.
00:40:22.000And so a lot of people said, and this sent the price of Bitcoin plummeting, and there was panic on social media and in the markets.
00:40:35.000The reason it's not possible is because.
00:40:37.000The premise of cryptocurrency as a concept is that it is decentralized.
00:40:43.000The entire premise is that unlike a financial institution like a bank or the US Treasury or like fiat money run by a central bank, it cannot be controlled or manipulated by a central authority.
00:40:58.000The way that Bitcoin is transacted, and without getting into an extremely technical explanation, is that it relies on a network of computers across the world.
00:41:09.000To process transactions and verify them by solving encryption puzzles, which are very difficult and require, it's basically a function of computational power.
00:41:20.000That if you have a certain amount of electricity and a certain amount of computational power, then you can solve transactions.
00:41:27.000And the network of those computers is so large and their verification power is so strong as a result of that, that in order to manipulate where Bitcoin resides and which wallets and basically the accounting, And the transacting of Bitcoin, you would have to have more computing power than a large percentage of all the computers in the world that are processing Bitcoin transactions, which is impossible.
00:41:52.000Because you're talking about millions and millions of machines across the world, some owned by financial institutions, some owned by states, consumers, companies, and so many of them that there just is not enough electricity, there are not enough computers, there's not enough GPUs, there's not enough in the world for any individual person or actor.
00:42:14.000To overpower the blockchain and manipulate it.
00:42:16.000So people said, Is this a fatal flaw in blockchain?
00:42:19.000Is this a fatal flaw in Bitcoin that somebody would be able, the DOJ would be able to manipulate the money?
00:42:27.000That's one of the central advantages of cryptocurrency over a conventional currency is that it cannot be manipulated in that way.
00:42:36.000And people said, Well, did they get it some other way?
00:43:12.000And then, like I said earlier, journalists did some digging, as it said in this tweet, and they found out that the DOJ didn't seize a cryptocurrency wallet.
00:43:21.000They went into a Coinbase exchange and they seized the cryptocurrency there.
00:43:28.000Now, an exchange is very different from.
00:44:14.000It was an exchange, which is a centralized place under the jurisdiction of the US government.
00:44:19.000It wasn't on a wallet, it wasn't somewhere else.
00:44:23.000And of course, this, so non technical people may not understand all of this.
00:44:28.000But basically, all you have to understand is this there is an easy way that this could have been prevented if you know the first thing about Bitcoin.
00:44:35.000The Bitcoin could not have been seized if they knew the first thing about Bitcoin, which is keep it.
00:44:44.000Don't write down your keys anywhere, right?
00:44:45.000I mean, that's like the best way to do it.
00:44:48.000There's a very simple and straightforward way once you have the cryptocurrency to make sure that nobody can take it, to make sure it's impossible that anybody could take it.
00:44:55.000And this is, like I said, you could go on any cryptocurrency guru's Twitter timeline, and that's one of the first things they'll tell you.
00:45:02.000You could watch any What is Bitcoin video on YouTube, and that is one of the first things that they'll say.
00:45:09.000And hey, and the first most important thing about Bitcoin is do not.
00:45:13.000Do not let an exchange control your private keys.
00:45:16.000It's like the first thing that you should learn about cryptocurrencies do not leave it on the exchange, especially not millions of dollars when you're a criminal syndicate.
00:45:25.000But yet, they put their cryptocurrency on American soil, on American servers of an exchange.
00:45:34.000And if these are supposed to be crack computer experts, world class hackers that brought the American economy and government to its knees and forced a ransom payment of $4 million, why would they do something like that?
00:45:48.000If this was an extremely sophisticated hacker group that was able to do that, you know, if it wasn't so sophisticated, don't you think this would happen all the time?
00:45:59.000We're supposed to believe that this is the result of advancing technology and these are experts that we have no control over and this is a big problem.
00:46:06.000Well, okay, if this is such a sophisticated thing, if this is so, wow, this is really complex.
00:46:11.000Well, if it's so sophisticated and complex that they were able to pull this off, they know so much about hacking and computers and all of that.
00:46:21.000Then, why did they leave their Bitcoin on an American exchange, on American servers in California, subject to the jurisdiction of the U.S. Department of Justice and the FBI?
00:46:36.000And this leads me to believe, if I wasn't convinced already, that the whole thing was a fraud.
00:46:42.000The hack, the ransom, the alleged involvement of a group based in Russia, that leads me to believe that the whole thing was a story because that makes no sense.
00:46:54.000If what they were saying is true about a group located in Russia, that should have been the end of the story.
00:46:59.000They should have gotten their money and been long gone.
00:47:03.000Nobody who could launch an attack like that would leave their cryptocurrency on a Coinbase exchange on American servers in America.
00:48:21.000And this is what they've done for decades now fabricate a diplomatic crisis with Russia to prevent us from working with them, to Give us a pretext for sanctions against Russia, hostilities towards Russia, to keep NATO states within our orbit as opposed to becoming closer with Russia.
00:48:41.000But maybe even bigger than that is this is a part of an all out assault on Bitcoin.
00:48:45.000And this is something which maybe went unnoticed.
00:48:47.000And I read about this on dailywire.name.
00:48:50.000The World Economic Council, who are the ones behind the Great Reset and Build Back Better and all of this COVID stuff, these are the people behind Davos.
00:49:00.000That big meeting in Switzerland with all the big companies and all the world governments and all the influential people.
00:49:07.000They had a symposium earlier this year talking about how the next pandemic will not be COVID, but it'll be a cyber attack pandemic.
00:49:17.000And you could go, it's on their website.
00:49:20.000Is it the World Economic Forum or the World Economic Council?
00:50:06.000The cyber attack on the, what was it, JB meatpacking people in Brazil, before the attack on the meat processors, which happened a week ago, before the cyber attack that happened on Colonial Pipeline last month, the World Economic Council, which is behind Great Reset and Build Back Better, behind all these prescriptions for vaccine passports and lockdown mandates and everything like that over the past year, they say that the next COVID is going to be cyber attacks.
00:50:39.000That they knew in advance exactly what the threat would be, exactly what the next pandemic would be, the next 21st century threat that we would have to respond to.
00:50:50.000They knew about coronavirus back in October 2020 or 2019, right?
00:50:57.000Bill Gates and the World Health Organization were running simulations about a SARS CoV 2 outbreak, a novel coronavirus outbreak.
00:51:43.000We could always use another excuse to hurt Russia.
00:51:46.000But what's more is this is an attack on cryptocurrency.
00:51:50.000It's a full on assault from regulatory agencies, full on assault from this geopolitical point of view, which is probably the work of U.S. intelligence.
00:51:59.000They are going all in on attacking Bitcoin.
00:52:02.000And the reason they're going after Bitcoin is because they can't control it.
00:52:17.000I mean, they try to monitor it, don't get me wrong.
00:52:19.000There's forensics teams, forensic accounting that could put all that together.
00:52:22.000But with the advent of things like Monero and other privacy coins, at the end of the day, it's about control control the money, control the world.
00:52:32.000Control the supply of the money, the exchange of the money, the accumulation of the money, and the storage of the money, and you control the whole thing.
00:52:40.000How can you become politically powerful if you don't control money, if you don't control your own money, if you can't raise money?
00:52:47.000And that is what they fear about Bitcoin this is something that is out of reach and out of sight of the feds.
00:52:54.000So now they're going to regulate it, now they're going to go after it, now they're going to put intelligence on it, and they're going to ostracize it so that this never challenges the US dollar and never becomes.
00:53:05.000A way where people can become independent from their control and oversight.
00:53:10.000So that's the situation on the hacking.
00:54:44.000There are some people that can come up with these hustles and schemes on the internet to make themselves a fortune.
00:54:50.000And some people got lucky off of cryptocurrency, but as I just expressed, you know, that's on its way out potentially.
00:54:57.000But if you're talking about your average person, it's basic things like home ownership are out of the question.
00:55:03.000And basic things like being able to afford health care, out of the question.
00:55:09.000Having savings as opposed to living paycheck to paycheck, out of the question.
00:55:13.000I'm not saying it's impossible for a You know, a small percentage of people to do really, really well, and people that have always been clever and would succeed maybe in any climate to succeed.
00:55:23.000We're talking about your average or maybe above average person.
00:55:26.000How could people like that get to a level that's even comfortable, even modestly successful?
00:55:31.000I'm not talking about like Bill Gates rich.
00:55:35.000I'm talking about as rich as their parents, as rich as their grandparents.
00:55:39.000And there's new IRS data that shows why this is the case, shows a little bit about this dynamic.
00:55:46.000According to a new report from ProPublica using data from the IRS, it shows that the richest Americans, and I'm not talking about millionaires, I'm talking about the top 25 richest Americans, which are multi, multi billionaires, centi billionaires.
00:56:03.000They have hundreds or sometimes more than $100 billion.
00:56:09.000Top 25 richest people in the world, according to this report, in some cases pay zero.
00:56:18.000You have a net worth of $180 billion like Jeff Bezos, and in multiple years over the past decade, he paid nothing in income tax.
00:56:28.000How do you become tens of billions of dollars richer, $100 billion richer in the span of five years and pay zero income tax in those years?
00:56:39.000You make $100,000 and you pay income tax.
00:56:43.000You make $100 billion in five years and you don't pay income tax for two or three of those years, really?
00:56:50.000And then, when they looked at the tax that the top 25 did pay on the years when they paid some income tax, it showed that they paid an effective rate of, in one case, 0.1%.
00:57:05.000Warren Buffett, compared to his real wealth accumulation, his real income, paid 0.1% on that, meaning that he paid a dime.
00:57:16.000He paid a dime for every $100 that he made.
00:59:33.000He gives numbers like that every two years.
00:59:36.000And people like Michael Bloomberg are capable of doing this.
00:59:38.000People like Bezos and Elon Musk and Bill Gates and all of these people are capable of doing this.
00:59:46.000And it's truly the billionaires that are the sponsors of the different political factions.
00:59:51.000And I'll tell you something, even the low billionaires, you know, we call them low billionaires.
00:59:56.000Somebody with less than $10 billion is still not considered actually a true power player.
01:00:04.000Somebody with $2 billion can't invest $100 million into a political campaign the same way that somebody with $100 billion can or $50 billion can.
01:00:58.000To have millions of dollars and have a few houses, now that's rich, that's comfortable, that's a better life than 99.9% of the people in the world.
01:01:07.000But that just does not get to the true power dynamics in the country.
01:01:10.000So when we talk about this report, this is a very important dynamic to understand.
01:01:16.000What's being pushed right now under the guise of eat the rich, what it really amounts to is eat everyone except for the rich.
01:01:23.000Eat everyone except for the wealthiest of the wealthy.
01:01:27.000Eat the middle class, eat the upper middle class, eat people that have maybe retired, people that are like 70 years old and have worked their whole lives and accumulated lots of money, and now they could be considered properly rich.
01:02:06.000It says ProPublica has obtained a vast trove of IRS data on the tax returns of thousands of the nation's wealthiest people covering more than 15 years.
01:02:16.000The data provides an unprecedented look inside the financial lives of America's titans, including Warren Buffett, Bill Gates, Rupert Murdoch, and Mark Zuckerberg.
01:02:27.000Excuse me, it shows not just their income and taxes, but also their investments, stock trades, gambling winnings, and even the results of audits.
01:02:34.000Taken together, it demolishes the cornerstone myth of the American tax system that everyone pays their fair share and the richest Americans pay the most.
01:02:43.000The IRS records show that the wealthiest can perfectly legally pay income taxes that are only a tiny fraction of the hundreds of millions, if not billions, that their fortunes grow every year.
01:02:55.000America's billionaires avail themselves of tax avoidance strategies beyond the reach of ordinary people.
01:03:00.000Their wealth derives from the skyrocketing value of their assets like stock and property.
01:03:06.000Those gains are not defined by U.S. laws as taxable income unless and until the billionaires sell.
01:03:13.000According to Forbes, those 25 people saw their worth rise a collective $401 billion from 2014 to 2018.
01:03:22.000They paid a total of $13.6 billion in federal income taxes in those five years.
01:03:29.000That amounts to a true tax rate of only 3.4%.
01:03:33.000So their wealth goes up by $400 billion.
01:04:04.000That's not your profit, in the sense that if you go and you get a W 2 that says you get $100,000, You still have to pay your bills, your mortgage.
01:04:13.000Maybe when all is said and done, after all your expenses are taken care of, maybe you've got, I don't know, $50,000.
01:04:21.000But you're not taxed on what you keep, you're taxed on what you made, you're taxed on what you got coming in, your income.
01:04:29.000And so the government may tax you $22,000 or something if you make $100,000, somewhere around there, $20,000 to $25,000, depending on certain factors.
01:04:47.000You may save roughly the same or less than what you paid in taxes.
01:04:52.000So, you go out and you work for a year.
01:04:55.000And if you're a wage employee, for the most part, you're not getting great dividends unless you're a really prudent, frugal kind of a person.
01:05:03.000You're not going to be investing crazy amounts of money and getting crazy amounts of investment income.
01:05:07.000Most people just go to their job and they work their job and they come home, and that's kind of it.
01:05:11.000Besides your retirement and things like that, that's it, that's their income.
01:05:15.000The government's going to take it, they spend it, and what they'll have left over when all is said and done, what they have to show for a year's work besides surviving, besides paying for the roof over their head, the food in their mouths, their transportation, their insurance, their wife and kids, whatever, they may save, they may profit and accumulate an amount that is equal to or less than the amount that they paid the government.
01:05:39.000In the case of the billionaires, they accumulate $400 billion between these 25 of them over four years.
01:07:04.000And that's not a perfect breakdown, but it's an oversimplification.
01:07:07.000But it's meant to illustrate exactly how the rich are getting richer and the poor are staying poor.
01:07:13.000If you are making your money primarily through income, you are not accumulating wealth unless you're making a lot more than you're spending.
01:07:22.000And even still, the government's taking a lot more from your income than they're taking proportionally to how the rich make their money.
01:07:29.000It says the revelations provided by the IRS data come at a crucial moment.
01:07:35.000Wealth inequalities become one of the Defining issues of our age.
01:07:38.000The President and Congress are considering the most ambitious tax increases in decades on those with high incomes, but the American tax conversation has been dominated by debate over incremental changes, such as whether the top tax rate should be 39.6% rather than 37%.
01:07:55.000ProPublica's data shows that while some wealthy Americans, such as hedge fund managers, would pay more taxes under the current Biden administration, the vast majority of the top 25 would see little change.
01:09:03.000You go to college, you get into debt, you get a degree, you go out into the workforce, you get a high paying job, high paying wage, W 2 job, and you get paid a salary every year with the hope that.
01:09:17.000You can build a career or that you can get hired at another company.
01:09:21.000And then over time, you will make a high enough income that after taxes and after debt, you will have a nice sum of money to live off of.
01:09:31.000You'll have enough money to buy nice things and you'll have enough money to accumulate wealth after all is said and done.
01:09:38.000But this is a pretty difficult way to accumulate wealth because all the money that's coming in is being taxed at a rate, if you're making lots of money, at close to 40%.
01:09:49.000Close to half of your money when all is said and done.
01:09:52.000If you got state income tax, you know, in Illinois, I pay five, close to 5% state income tax.
01:09:58.000Federal income tax, the top tax bracket is 39.6%, but it's, you know, 35, 36% if you make less than that, than the highest bracket.
01:10:08.000So if you go out and you win the lottery, you go to a great school, you go in a lot of debt to get your nice degree, you get a great job out of college, you may make a decent salary, but the government's going to take a lot of it.
01:10:20.000The state is going to take a lot of it.
01:10:22.000You know, presumably, if you work really hard, you're going to want to afford nice things, which means a big mortgage, which means a nice car, which means a big car payment and nice health care.
01:10:34.000And then what you have left over is what you accumulate in wealth.
01:10:38.000If you make your money through selling stocks, you pay a rate of 20% for capital gains, which they want to double, by the way.
01:10:45.000Some people will get rich in their life by, you know, if they save their money after their income tax, after their expenses, they'll invest their money into stocks.
01:10:55.000Into cryptocurrency, into bonds, or something like that.
01:10:58.000And some people, I think foolishly, day trade and they sell things every day.
01:11:02.000And every time they sell something, they're taxed 20% on the profit.
01:11:06.000If I today go on to Charles Schwab and I buy Apple stock at $100 and I sell it $120 later in the week, you know, there's some big fluctuation, I make $20, I'm paying 20 points on that.
01:11:26.000If you buy something and you hold it for longer than a year, you pay slightly less.
01:11:30.000I think you pay 15% for long term capital gains if you hold your assets for a year, but still you're paying 15%.
01:11:37.000So you make income, you pay 40 on that, roughly, if you make the most.
01:11:41.000You pay something like 15% to 40%, depending on your tax bracket.
01:11:45.000You invest it, you sell in the short term, you pay 20 points on that, but they want to double it.
01:11:50.000If you hold it for longer than a year, you pay 15%, but again, they want to double it, so really more like 30.
01:11:56.000If you are very, very rich, Like Jeff Bezos, what you can do is without selling your stock, without giving yourself an income, you own the stocks, you can borrow cash against your stocks.
01:12:11.000So Jeff Bezos can say, Here, you could go to a bank and say, I have all of these shares of Amazon, which are worth billions.
01:12:21.000Can I borrow money against these stocks as collateral?
01:12:26.000And if I don't pay back the cash, in other words, can I borrow this cash?
01:12:37.000But what are the interest rates in the country?
01:12:39.000The interest rates are near zero, and they have no plan on raising them.
01:12:42.000So the interest rates are in the single digits.
01:12:45.000You could get a decent loan for like 3% or something, sometimes less than that.
01:12:51.000So you can borrow money from the bank, and that's your cash without selling your stocks and without even using your company to pay you an income, without even using your company to pay yourself a salary.
01:13:03.000You can use your stocks to get the bank to loan you money.
01:13:07.000And because a loan is not income, you're getting money from the bank through your assets.
01:13:12.000So you're sort of, you know, you're leveraging your assets, but you don't have to pay tax on the money that you get from a loan.
01:13:22.000If anything, you pay back your loan, you pay your interest, you can write the interest off on your taxes.
01:13:27.000So they're reducing their tax burden from the cash that they get from their assets.
01:14:40.000He's using his wealth and assets as leverage to get cash out of it, right?
01:14:46.000Taking the wealth, converting it into cash without doing any kind of a transaction, which would be.
01:14:53.000Which would be a salary, a W 2, a 1099, which would be capital gains.
01:15:01.000So he's able to have access to something like $10 billion in liquidity.
01:15:05.000He's able to have access to $10 billion in cash without selling any of the stock and without getting an income and therefore reporting no income and therefore reporting no tax, reporting no taxable gross income.
01:15:20.000And better yet, then there's the added benefit of.
01:15:29.000He pays interest on the loan, the three points, whatever it is, whatever the favorable interest rate you would get at borrowing $10 billion with Amazon stock.
01:15:38.000And he gets to write that off the money that is taxable.
01:16:04.000Because if you're rich, you have access to all the cash that you want without it being touched, without being so much as touched by the IRS or regulatory agency or anything like that.
01:16:17.000You can take the accumulated assets, turn it into cash, no problem.
01:16:21.000If you do not have assets, there's no way to do that.
01:16:26.000If you graduate from college $100,000 in debt, Guess what?
01:16:30.000You don't, I mean, you're spending that money on your education.
01:16:34.000You're paying that back to your educational institution.
01:16:38.000You can't go to the bank and say, hey, can I borrow $100,000 off of, you know, me maybe getting a degree?
01:16:47.000And then even if you borrowed all that cash, you couldn't pay it back.
01:16:53.000Because then to pay it back, you would need some kind of an income.
01:16:58.000So, in other words, normal people don't have wealth to do that.
01:18:07.000On the source of his liquidity, which is loans.
01:18:12.000He still is not, I mean, that's why he's not paying tax now.
01:18:16.000If he were paying those taxes now, he'd be paying more than zero.
01:18:20.000If he were paying tax on capital gains, if you were paying tax on income, substantial tax, if you were paying tax on those things, then he'd already be paying those things.
01:18:32.000And you could increase them and you get more of it.
01:18:33.000But, you know, zero times two is still zero.
01:19:06.000How is that fair that, you know, if we're all forced to pay tax and we all have to pay our fair share because we all benefit from like the roads and the society and whatever, well, how come somebody that has $200 billion has no obligation to subsidize any of that, but somebody that scrubs floors or is a janitor does.
01:19:31.000And the solution then is not to elect these big government, socialist, eat the rich type people who don't even understand how this stuff works.
01:19:40.000And people are going, I mean, they see millionaires as in the same category as billionaires.
01:19:44.000The only way to do that is to specifically go after the people that are writing the laws, go after the people that are putting up the money for the campaigns.
01:19:53.000And nobody will do that because all the people that are writing those laws are funded by the billionaires.
01:19:57.000So it's very easy for a Joe Biden or an AOC or whoever to say, yeah, you know, we're going to squeeze the rich this time.
01:20:04.000We're going to increase the income tax on people that make more than $400,000 per year.
01:20:08.000Well, you know, people that make more than $400,000 per year don't really control the country.
01:20:13.000It's maybe more like the people that have $200 billion, actually.
01:21:30.000As I've said, and I've said this on the show for years, it is not about going after the rich.
01:21:35.000It is about going after the middle class because it is the middle class that is going to foot the bill for all of this.
01:21:40.000It is the middle class that pays the income tax and the capital gains tax.
01:21:44.000And even the people that pay a lot of that are people that are boomer retirees, it's people that are moderately rich, people that are upper middle class.
01:21:51.000You know, certainly it's not poor people that are paying for this stuff, but it is any kind of semblance of distributed.
01:21:58.000Financial power in the country that is being eroded by this.
01:22:02.000What they want are people that are untouchable and super rich, which is your top 25.
01:22:07.000These are your billionaires and, you know, hundreds and thousands actually of billionaires and people with a nine figure net worth or something.
01:22:15.000Those people are supposed to be untouchable.
01:22:36.000It's not fair that people at the bottom are paying double digits on their meager income, and people that accumulate hundreds of billions of dollars are paying 0.1% on that.
01:22:48.000So I'm not somebody that says we've got to destroy the wealth base of the country, but at the bare minimum, this should be an argument that it should not be the middle class that foots the bill for any more of this, that has to suffer the tax increases, because that's ultimately what they're after.
01:23:02.000It is that it is the people from, you know, maybe.
01:23:07.000$100,000 up to a billionaire's kind of a salary that represents the real financial base of the country, contrary to popular belief.
01:23:21.000There are lots of people in the country that just don't pay any tax at all.
01:23:24.000And there's lots of people that don't really represent that.
01:23:28.000We're talking about people that they're not billionaires, they're not poor, they may not even be working class, but that is our middle class.
01:23:36.000That is the base of power of distributed economic and financial power in the country.
01:23:41.000And that is what's being destroyed by all of this.
01:23:43.000And just take a look at who these tax regimes apply to.
01:24:15.000Income earners are everybody from the bottom all the way up until sort of the intermediate top.
01:24:20.000And then as far as capital gains go, that's everybody from sort of like the middle all the way to the top.
01:24:27.000But in other words, the capital gains in the income primarily are affecting people at the lower end of the spectrum.
01:24:33.000The way that people make their money in the higher end of the spectrum is in a way that your average person could never guess and most likely might not be able to understand.
01:25:26.000It should be progressive in the sense that it should increase the more money you make.
01:25:30.000I used to think it should be a flat tax because that's fair.
01:25:33.000But then I considered that there's an economic law called the law of diminishing returns, diminishing marginal returns, which says that the more additional unit that you have of something, comparably, the less value that it has.
01:26:33.000Tell me that this is creating voluntary contracts where everybody benefits.
01:26:38.000You're born, you go to school, you go to college, $100,000 in debt out of college, you get a job, you pay 40% income tax, which is, you know, I don't think it's outside the realm of possibility that we'll get there for even average income earners, but you pay a significant amount of tax.
01:26:54.000You're paying off your debt your whole life.
01:26:56.000You don't get a mortgage until maybe you're in your 40s.
01:26:59.000You don't have great health care, you don't own your car.
01:27:02.000You may take 20 or 30 years after you graduate college to get in a position where you're somewhat financially independent, where you could own a home, own a car.
01:27:11.000And so, all that time, all of your life, decades of your life, who are you working for?
01:27:17.000You're working to pay off your debts to the lenders, to the banks, and you're working to pay off the tax to the government.
01:27:24.000And it's not money, it's time, it's labor.
01:27:27.000How do most people make their money that they give to these things?
01:27:31.000It's not like, well, I go and do this and then I get some money.
01:27:34.000No, it's a direct correlation between.
01:27:36.000You know, labor is calculated in terms of time, often in most cases.
01:27:41.000So you're literally donating hours of your life, hours of your life every day, days and weeks and months of your life every year, years out of decades of your life to the banks and to the government.
01:27:56.000Working in a cubicle, working in an office, driving in a car on a work trip, on phone calls, on spreadsheets, on the computer.
01:28:22.000Because there's nothing free market about high taxes like that.
01:28:25.000There's nothing free market about this credentialism that you have to have a college degree and the colleges are controlled by a cartel and college costs way too much.
01:28:34.000So, you know, I guess it's not fair to say it's an attack on the free market because a lot of those problems are caused by the government.
01:28:40.000But that's the scheme that we've created.
01:28:42.000That's the scheme that we've created where it's impossible to accumulate wealth because all your time is spent working, working for an income, and your income is taken every month by the government and by the lenders.
01:28:55.000And there's really no way around that.
01:28:57.000How do you build your credit to get a loan to buy a house?
01:29:19.000You know, paying thousands of dollars per month is an asset.
01:29:22.000Paying $1,000, $2,000, $3,000 per month is actually an asset because you're building, and then they're going to bring Section 8 in and destroy that, but that's besides the point.
01:29:32.000So you're going to work for your mortgage, you're going to work to pay your student loan debt, and you're going to pay your income tax, and you've got to pay forever increasing costs, which are inflated by the Federal Reserve.
01:31:20.000Jeff Bezos makes $100 billion in two seconds, and he's taxed on none of it.
01:31:25.000And he actually makes money because he writes, somehow is able to write that off, and the government owes him money.
01:31:33.000And the Federal Reserve prints the money and gives it to him first, and he gets to spend it, and then it gets introduced in the market and it becomes less after that.
01:33:40.000At what point do you become, you know, if you're like a plumber, You kind of understand a thing or two about physics, and you understand a thing or two about hardware, and you kind of know a certain industry.
01:33:52.000Maybe if you're a plumber, you are an apprentice and you work very closely with somebody who runs a business and they teach you about these things, right?
01:33:59.000But we're talking about a very specific kind of person.
01:34:01.000A very specific kind of person goes through school until they're 22.
01:36:33.000Yeah, and that is the understanding of the financial system that a person would have if they never owned a business, if they never owned a home, if they never ran a business, if they never had any kind of experience beyond this kind of wage work.
01:36:50.000It's not to diminish it, but it's just what kind of literacy can you expect from people like that?
01:37:33.000And so on the advice of tax experts and lawyers, Who are friends of mine who watch the show or whatever?
01:37:40.000They tell me, well, here's one way that here's a form that you could fill out, and here's a way that you could create a more favorable tax condition for yourself.
01:37:48.000That is an experience that people that have a 1099 job and pay rent don't understand.
01:37:55.000If you go out and buy a building or something, if you start a business, if you start to learn about how corporations are taxed, if you start to think about itemized deductions and that kind of stuff, and you invest money.
01:38:11.000Once you do those kinds of things, these are experiences that a lot of people don't have.
01:38:15.000They're basic, they're entry level, but they're experiences that most people don't have.
01:38:19.000And that's the beginning of achieving an understanding of how the financial system works.
01:38:24.000If you don't have that, how can you expect to understand what happens with Bezos and the rest of them?
01:38:32.000And, you know, I remember like during the presidential debate forum, the second debate was canceled in the 2020 election, and then they held these two competing forums Biden on one network and Trump on the other.
01:38:44.000And I remember the interviewer said, Trump, you owe $400 million.
01:39:19.000And, you know, Trump, I think it would have been helpful for him to break that down, but he's like, You know, I have great debt.
01:39:24.000Banks come to me and they want my debt.
01:39:26.000And like people that work at McDonald's don't understand what that means.
01:39:32.000People that are not in a situation like that won't understand what that means.
01:39:35.000And so all this is to say the system is not just, but it's not just for the reasons that you might think, which are that the tax rate isn't high enough, you know, or something like that.
01:39:48.000It's not just because, well, the poor are being taxed too much and the rich are being.
01:39:54.000Tax not enough, that's an oversimplification.
01:39:57.000The whole system, the whole system is rigged from inflation to the fad, the low interest rate, the credentialism of the colleges and the cartel that they have, how that relates to public spending on universities through debt and other means, as well as wages going down, the relationship between business owners, shareholders, and stock prices, things like stock buybacks.
01:40:25.000Borrowing, you know, it's all a part of it.
01:40:28.000It is a very complicated situation and it's all rigged.
01:40:31.000And it's not so simple as, well, what if we took the tax rate and raised it from 30 to 35?
01:40:37.000Or people say, well, you know, in the 60s it was 90%.
01:40:40.000Okay, well, you know, you're an idiot.
01:40:44.000You don't know what you're talking about.
01:40:59.000We need a system that is going to not disincentivize people from creating value and from creating businesses and making money and doing all of that.
01:41:11.000We need a system that is going to fund our government, but one that at the end of the day is going to incentivize the accumulation of capital and will result in a distribution of wealth.
01:42:30.000And some people, it's not within their capacity to win.
01:42:32.000We want to make a system where everyone can win.
01:42:36.000If they're lucky, if they work hard, if they've got ingenuity, if they've got entrepreneurial ability, and if they've got capital, we should make a system where everybody can succeed.
01:44:24.000I went to work, I got paid a paycheck, and that was it.
01:44:29.000And I paid a little bit of my student loans, and I got a credit card to start accumulating or start building my credit score or whatever.
01:44:38.000And over time, as I got more experience and did a variety of different things as a so called entrepreneur or whatever, I guess that's technically what I would call myself, then you do the basic process of, like, filing to incorporate a business, filing to incorporate an LLC.
01:45:31.000Intricacies and it doesn't matter to you until, or I guess you don't know it, it's not really apparent until it starts to matter to you, and it doesn't start to matter to you until it concerns you until you're doing it.
01:45:43.000So that's why most people think it's just a matter of what if we took the tax rate and we raised it from 39% to 40% and we raised the capital gains tax from 20% to 40%?
01:46:32.000Yeah, we're counting on Jackson Adams.
01:46:35.000We're counting on Jackson Adams investment advice.
01:46:38.000Crypto trillionaire Jackson Adams has just given a $100 billion cash infusion to Groyper Incorporated, which they're using to build their skull shaped island in the middle of the Pacific Ocean.
01:46:51.000Crypto trillionaire Jackson Adams, who made his fortune off of Cummies Coin, who made his fortune off of Twerk Coin and reposting inspirational captions on his Instagram story, has reportedly given a $500 billion donation to.
01:47:41.000He is taking pictures of himself while he's doing it.
01:47:43.000He is taking pictures of himself at the beach.
01:47:46.000He is reposting inspirational quotes and he's reading $25 books from crypto gurus about wealth accumulation, and he is on his way.
01:47:56.000He is on his way to becoming a very rich man.
01:47:59.000We have got to start treating him with the respect that he deserves because he's going to be making the rules for all of us one day.
01:48:08.000President Jackson Adams of the Jackson Adams Corporation announced a merger with the Nick Videos Corporation in what will be the largest inspirational, quote, reposting company in the history of Instagram.
01:48:25.000People really think that you get rich by, like, reading inspirational.
01:49:44.000Based on Nance's Dear Nick, sometimes when I'm losing my mind wondering how liberals can be so delusional about race, I remind myself that genetics influence behavior.
01:49:54.000Are some white liberals biologically blue pilled?
01:50:54.000But I do feel like Boomers and Con Inc are so far gone on this issue that even the nuance of saying CRT is an obfuscation around the fact that the system hates white people and is anti white is so above an average Boomer's head that they get lost when we talk about it.
01:51:08.000These people have been fully indoctrinated into not be racist.
02:01:18.000They have these cookies that are in the shape.
02:01:19.000They're like squares and they have chess pieces molded onto them.
02:01:22.000So, I used to go to chess camp and they teach you how to play chess and you do, you play games and if you won, they'd give you like a keychain or a cookie.
02:02:59.000That's like any dysfunctional person would do that.
02:03:01.000You know, it's important to point out that the similarities between the behaviors of gay people are very similar with the behaviors of other kinds of dysfunctional people.
02:03:09.000It is a more apropos comparison to compare so called homosexual people with alcoholics or drug abusers or criminals or, you know, other people born in broken homes or, you know, pedophiles, sex predators, perverts than with.
02:03:26.000Heterosexuals, because that is who they have more in common with.
02:03:30.000The mental illness, the promiscuity, the antisocial behaviors, that's an antisocial behavior.
02:03:38.000That's in the same way that any other kind of disturbed person would not understand the boundary.
02:03:43.000Like, I saw a tweet the other day, and I saw a tweet the other day, and it was some gay guy texting his dad, and the dad was like, Hey, how's it going?
02:03:54.000And then the gay son was like, Oh, You know, and he said something really like gross and sexual to his dad, saying, like, oh, I've been having a, basically saying, I've been having a lot of sex lately, but he didn't say it like that.
02:04:06.000He said it in like a totally disgusting way to his father.
02:04:09.000And his dad was like, oh, well, glad you're having a good time, which is like pathetic from the dad, but you know, he's defeated, whatever.
02:04:17.000But, you know, you see that and you're like, pause.
02:07:41.000But there's like a Catholic view on it because I've been reading Classical Theist had an interesting post about this very subject on Twitter the other day, and he said that.
02:07:51.000You know, to affirm LGBT as a label in itself is demonic.
02:08:00.000So, if you were somebody who was not acting on it and you were Catholic, but you called yourself gay, Catholic theist says that that's actually a sin.
02:08:11.000That's actually a demonic thing to do.
02:08:13.000So, I guess if you wanted to get technical about it, if you wanted to get, I think the Catholic view of it is technically no.
02:08:21.000I think, in a, and no, people shouldn't call themselves that.
02:08:24.000But in a colloquial sense, you would say, in a colloquial sense, in the same way that, like, I don't know, somebody that likes Reddit or something is gay, I'd be like, yeah, that's pretty fucking gay.
02:08:37.000And in the vernacular, I guess you would call that gay, but in a technical way, if you wanted to get technical.
02:08:46.000Political language, I guess you'd say it's not.
02:10:28.000But on a technical level, if we were being careful about it, probably not.
02:10:32.000MSE Zoom versus Robert Barnes looks like the thumb nibba from Spy Kids.
02:10:38.000Yeah, well, yeah, I mean, he's got a big fat head, a big fat bald head, and more like a thumb than most people because he's got a lot of skin.
02:10:45.000Do you notice the way that his eyes are kind of like buried beneath skin, beneath a layer of fat, facial fat skin?
02:10:57.000So, more than most, he looks like a thumb or sort of like a penis or like, I don't know, like a butt, like a butt head.
02:11:06.000He looks like a butt or sort of like a, not to get too scatological, but it bears resemblance to like a scrotum or something.
02:11:17.000Statics says so much of modern conservatism is just obfuscation of the truth intended to keep the dragon in slumber until it's too late.
02:11:24.000It's not Jews, it's not blacks, it's liberal white women, it's weak men.
02:12:42.000Artie Groypers says, Can we get a brief moment of silence for the 34 crew members who lost their lives on the USS Liberty 54 years ago today?
02:14:19.000He said, like, RIP to the whatever club, RIP to the piss club.
02:14:26.000For 30 years, the piss club was home to freaks and weirdos and trannies and faggots and gay people and pedophiles and midgets and leprechauns.
02:20:51.000And then he actually gave a breakdown of his income, and like 80% of his income is from his YouTube channel.
02:20:58.000So, you know, don't get me wrong, he gives good advice, but he comes at it authoritatively like, well, hey, I'm a millionaire and I have a real estate license and I made my money through real estate.
02:21:11.000I made my money because I bought a duplex and one unit paid off my living and I. Make my own coffee.
02:21:17.000And it's like, well, didn't you make $600,000 last year off of YouTube?
02:21:20.000I don't know if that's, I don't know if you could make your own coffee your way to making $600,000 from YouTube in a year, right?
02:21:30.000It's like, you know, yeah, if investment advice is go out and start a wildly successful YouTube channel that makes you more than half a million dollars per year, I mean, you're authoritative and making investment advice like that, but trying to pass yourself off like, Well, I'm this investment guru, and you know, if you do what I do, if you make your coffee at home, and if you buy a duplex, and with this simple trick, you too could become a millionaire at 22, it's like,
02:21:58.000well, didn't you become a millionaire because you made half a million dollars off of YouTube?
02:22:20.000He gives sound advice, but you know, like I said, he tries to present himself as like, you know, I made my money because I live in a duplex and I don't eat out very much and I eat Uber Eats.
02:22:30.000And it's like, well, you know, Newsflash, even if you ate Uber Eats every night, you would still be making more money than anybody else who's working a job that has a lower salary than you make from your YouTube income.
02:23:27.000And the kind of thing that they recommend, where it's like build an investment portfolio, invest a small percentage of your income every year, you're going to be a millionaire when you retire, when you're 65.
02:23:39.000You're going to have $1 million when you turn 65 if you have a modest investment strategy, right?
02:23:45.000So, you know, you have to understand what you can expect to get out of that stuff.
02:23:50.000Everybody's pushing this kind of thing, they say, well, we're not in favor of get rich quick, but what it really means is like never get rich.
02:23:58.000Because somebody like him who makes a million dollars per year could eat coffee, he could have the coffee Uber Eats to him, delivered to him through Uber Eats every day, two times a day.
02:24:15.000But he could do that and still have more money and make more money than a totally frugal person making an average salary.
02:24:22.000And have more money left over and more money to invest and make more money from his investment gains.
02:24:27.000And the money that he makes from his investment gains and the money that he has left over is going to take him further and he'll accumulate at a faster rate.
02:24:36.000So, you know, these guys, they have millions and millions of dollars and they're like, hey, don't drink Starbucks coffee.
02:24:41.000Well, you know, again, If you only make a certain amount of money, you're never going to make more than that amount of money until you make more money.
02:24:50.000People go like, well, I only make $50,000 per year, but if I don't drink coffee from Starbucks, I'll have more of that $50,000 at the end of the year than otherwise.
02:25:00.000Okay, but even if you saved all of it, you would still have $50,000.
02:25:05.000Even if you worked for 10 years and had no expenses and saved all of it, you would have half a million dollars.
02:25:10.000Half a million dollars is, I mean, that's a lot of money.
02:25:14.000But that's not rich, life changing, crazy amount of money.
02:25:18.000That's a small fortune, don't get me wrong.
02:25:21.000But we're talking about 10 years, no expenses, you know, on a modest income that nobody's in a capacity to live like that.
02:25:29.000And they still would not be a millionaire.
02:25:31.000And by the way, because of inflation, it would be less than it was when you started 10 years before.
02:25:37.000So the idea that like cutting out costs is going to save you, I mean, it can if you take that capital and you turn that into a business or you turn that if you.
02:25:47.000If you buy stocks and, you know, if you're, by the way, I don't recommend day trading.
02:25:52.000It's almost impossible to make money day trading.
02:25:56.000But if you get lucky, some people bought crypto early on and then it went a thousand times.
02:26:01.000So they're like, well, I'm a real investor.
02:26:22.000It was impossible not to make money off of crypto if you bought before 2017 and if you bought after 2017.
02:26:29.000Even if you bought at the peak of 2017.
02:26:31.000If you bought at the peak of 2017, you would have tripled your money.
02:26:34.000So, you know, so that's a very important thing to understand about money the only way to have more money is to make more money, not to spend less.
02:26:45.000If you spend less, you'll have more at the end of the day, but you won't have more than you make.
02:26:50.000So, the only way to make more money is to make more money.
02:26:53.000The only way to have more money is to make more money.
02:27:29.000Some people learn a skill, a really in demand skill, and they make lots of money because it's an extremely scarce and difficult skill.
02:27:41.000But you're not going to make money being a fucking jerk off and being frugal.
02:27:46.000Sorry, I don't like to say that because it's good to be frugal and all of that.
02:27:50.000But if all you're doing is like go to work, come home, and screw around, and oh, but you make your own coffee, you're not really going to make it.
02:28:00.000So, I don't really like that about these kinds of people.
02:28:03.000Like I said, this is a guy who has a YouTube venture.
02:28:06.000He got his real estate license, yeah, but that's not how he made a million dollars.
02:28:09.000He made a million dollars by, there's no life hack where it's like, become a real estate agent, it's super easy.
02:28:38.000So I like him, great personality, but that's a little bit almost dishonest to me to present yourself like self made.
02:28:44.000He is a self made millionaire, but he didn't self make himself with tricks and life hacks.
02:28:50.000Life hack, you know, life hack, don't buy anything, live in like squalor, have a shitty living space, don't buy that office supplies that you need.
02:38:49.000Modern Monarchist says, I was protesting outside of a gay rally in my home county, and I took a pamphlet from them that said, Some experts say that one in 10 people in the world may be gay or lesbian.
02:39:01.000Yeah, no, that's probably an overestimation.
02:39:05.000But I think it will increase as it becomes more permissible.
02:39:08.000I think it will increase because it's about immorality.
02:39:11.000I don't know that there's a fixed number of people.
02:39:14.000At a time, it was something like 1% or 3% of the population, but.
02:39:18.000I would not be surprised if over time the amount of people that are considered sexually fluid or bisexual or something like that, and just a regular category of same sex attracted, I wouldn't be surprised if that increased over time.
02:39:34.000Nick Frazier says, How do I survive high school?
02:39:37.000As a supporter of you, I've been forced to leave two schools already.
02:39:40.000That doesn't even sound right, but just shut up.
02:43:53.000We affirm our America first identity here with the Chicago dog ritual, with the pilgrimage.
02:44:02.000The pilgrimage to the classic Chicago spots an Italian beef, a deep dish pizza, Chicago dog, and the great Zoomer times that are had here sort of cement the allegiance to the nation.
02:44:42.000Modern monarchist says, in my monarchy, I'd probably want Vince James' advisor, Steve as a wizard or mage, mage like advisor, and you as king.
02:44:52.000Jake would be warden of the biscuit cabinet, and John Miller would be the town crier.
02:46:11.000America First Aryans, as I'm trying to get involved with my local GOP and they asked for help with a Stand With Israel rally.
02:46:18.000And while I would be embarrassed to attend something like that, I'm wondering if I should still go to make contacts and volunteer experience or should I not even bother supporting something like that with an appearance?
02:46:58.000They're talking about somebody who saves enough money, buys a rental property.
02:47:02.000Puts work and time and care into it, invests money and all of that.
02:47:08.000And then they say, oh, by the way, now it's welfare.
02:47:11.000Now it might as well be Section 8 that isn't even subsidized because you have a squatter living in there that doesn't have to pay rent and you can't evict them.
02:47:18.000If you do evict them, you've got to go to court and you've got to pay legal fees.
02:48:09.000Michael Prentice says, Earlier today, Keith Woods released a well researched video about the plundering of the Soviet Union at the best of the tribe.
02:48:25.000Listen, Keith Woods is a smart guy, I think, but it's just unfortunate because he hangs out with this crowd that is not good.
02:48:34.000I mean, Keith Woods, I follow his Telegram, I look at his posts, and his Telegram is like two degrees of separation from obvious feds, from obvious, you know, federal agent like provocateurs.
02:48:48.000Two degrees of separation away from people in masks taking pictures doing Roman salutes with a Nazi flag, some astroturf thing that came out of nowhere.
02:48:57.000Like, and, you know, that's always been the case with somebody like that.
02:49:01.000So it's just kind of unfortunate because I see him as like sort of a smart young guy, but yet he promotes the stuff that's just going nowhere and obviously dysfunctional and problematic for a variety of reasons.
02:49:12.000So anyway, Modern Monarchist says, that's why I got three jobs.
02:51:32.000And, you know, it's like, I think these are a lot of iPhone 5s.
02:51:36.000You know, I think these are, yeah, it's like, I don't really know what generation it is, but, uh, You know, I think it's just time to stop making these kinds of premature judgments.