00:23:55.260He repeatedly lied to the American public in his press conferences about the progress of the war.
00:24:00.480And he also refused to give basic information to members of Congress.
00:24:05.080There's a lot of ill will among senators and House members towards Pete Hegseth.
00:24:10.800And I just have our notes. Jonathan and I cover this, the press conferences every day.
00:24:15.780And it's just astonishing. We were the U.S. was raining death, fire and fury onto the Iranians.
00:24:21.240This is not endless. This is not mission creep mocking former presidents and administrations.
00:24:26.700The aftermath of this is going to be in our interest. And most importantly, he said, Iran is exercising sheer desperation in the Strait of Hormuz.
00:24:36.260Did he warn the president about the Strait of Hormuz before this war? Was he honest with the American public?
00:24:42.540And to the 50,000 Americans who risked their lives and the 13 soldiers who died, you know, his performance is just something that has to be looked at.
00:24:50.600So there are many differences. The Obama deal gave them over a billion dollars of American money.
00:24:55.660This deal gives them zero dollars of American money. So a lot of substantive differences,
00:25:00.920but I think the most important differences are where we're coming at it from a position of
00:25:04.420strength and the fact that our Gulf Coast partners love this deal. A U.S. official described having
00:25:08.760secured some of these quote unquote gentlemen's agreements with Iran on certain aspects of the
00:25:13.700negotiation. So when it comes to highly enriched uranium, can you walk us through what's been
00:25:18.460secured, even in these kind of gentlemen's agreements, on how exactly they're going to
00:25:22.680get rid of the stockpile? Are there agreements on low-grade enrichment? How long is the moratorium
00:25:27.780on enriching uranium for Iran? And are any of these gentlemen's agreements written down anywhere?
00:25:34.660So some of them are written down, but fundamentally, whether they're written down or spoken,
00:25:38.500this is why we structured the deal that we did, because we don't trust words. We trust action,
00:25:42.680and we trust conduct. And so we're going to reward conduct, and we're not going to reward
00:25:46.800any words, whether they're written on a sheet of paper or not. There's a lot of discussion, the MOU,
00:25:51.380the gentleman's agreements, the final deal. Words don't matter, ladies and gentlemen. We're about
00:25:56.560verification. And so what we're going to do is to say if they do the things that they have promised
00:26:01.280to do, they have promised not to enrich. They have promised that they would allow inspectors in to
00:26:06.300destroy that highly enriched stockpile. And then, of course, it's not usable anymore. You take it
00:26:10.680somewhere else. They promised a number of things, and that's why the deal contemplates a number of
00:26:15.060benefits if they do those things. But it doesn't do anything if they don't actually meet those
00:26:20.600promises. The nuclear weapons program is destroyed. It is gone. If the Iranians decided tomorrow to
00:26:28.120build a nuclear weapon, they simply don't have the capacity in order to do that. What we're
00:26:32.420trying to ensure is they don't rebuild that capacity, not just a year from now, two years
00:26:36.820from now, but many, many years from now, so that our children never have to worry about
00:26:40.680a state sponsor of terrorism having a nuclear weapon and now he's going on talking about iran
00:26:46.820like it's a normal country well as if they're luxembourg and and as wall street journal
00:26:52.420editorial pages said again as willie said they take us through every president since 1979 that
00:26:58.860has tried to find the moderates we've always joked throughout the war about trying to find
00:27:05.340the moderates in iran and how there are not those moderates in iran who get to power or else they
00:27:11.760get killed and so jd vance keeps talking about the moderates in iran and the wall street journal
00:27:18.120rightly says every president that has given iran a good deal thinking that they were going to get
00:27:25.260the moderates to move forward in iran what's happened well what's happening iran has used
00:27:30.480the money to invest in terrorism to invest in global spreading global terrorism across the
00:27:40.000region and across the world and it's happened for 47 years and now that they see a weak president
00:27:47.500who is scared to continue this fight in their eyes they understand they can get whatever they want
00:27:55.840I want to talk back to the Lebanon component of Israel.
00:28:00.380There's a report in Axios that Netanyahu's fuming over this.
00:28:04.420He doesn't, Israel doesn't feel bound to the MOU as it relates to Lebanon.
00:28:08.980If, as you mentioned, your frustration with Israel is real striking in Beirut, hitting apartment buildings.
00:28:15.740If that continues, could it torpedo the deal?
00:28:18.320And what would the U.S.'s response be to a broader war in Lebanon involving Israel and Hezbollah?
00:28:23.980Yeah, well, I don't want to get into hypotheticals that could torpedo the deal, because I think the president's expectation is that all of our friends, the Israelis, the Arabs in the region, we're going to work together and actually see this deal to completion.
00:28:36.600Now, I saw the Axios report that Netanyahu is fuming. That's not reflective of the conversations that I've had with him, but maybe he's saying something to somebody else that he's not saying to me.
00:28:47.320What I will say, and this does bother me, is that you've seen people within Bibi's cabinet who have come out and attacked the deal and in some ways very personally attacked the president of the United States.
00:28:59.640And I guess my message to them would be twofold.
00:29:02.740Number one, Donald J. Trump is the only head of state in the entire world who is sympathetic to the nation of Israel at this moment in time.
00:29:13.360And he happens to be the head of state of the world's superpower.
00:29:16.220If I was in the cabinet of the Israeli government, I might not be attacking the only powerful ally that I have anywhere left in the entire world.
00:29:26.200And the second message I would give to some of those cabinet members, Bibi, to his credit, has not gone down this path.
00:29:32.180But to some of these cabinet members in Israel who are attacking the president of the United States,
00:29:35.480The other thing that I would say is that over the last three months, two thirds of the defensive weapons that have protected your homeland have been built by American hands and paid for by American tax dollars.
00:29:49.760The problem for Israel is not Donald J. Trump and anybody in Israel who thinks their biggest problem is the president of the United States needs to wake up and smell the reality of the situation that country is in.
00:30:03.120Thank you. After the midterms, once those elections are over, and again, the president is deeply concerned about the economic health of the country right before the election.
00:30:11.760He believes that if the economy is doing better, if oil prices are lower, that means that maybe Republicans hold the House.
00:30:16.960It means that Republicans hold the Senate.
00:30:19.160Well, what does that mean for after the midterms?
00:30:21.580Well, I do trust that President Trump will start to enforce red lines after the midterms.
00:30:26.620I would just advise those who are in Washington and in a bubble, who go to mostly friendly media, that this is not set well with many patriotic Americans, many Republicans, many conservatives, many people in MAGA, and diehard Trump supporters.
00:40:24.880maybe they'll overthrow these scumbags.
00:40:26.960that would be the mullahs okay here's the watch word take your number two pencil out and write
00:40:35.620this down cash for americans east palestine get by the get by those runways because that plane
00:40:42.900is coming it's loaded it's got it's it's got pallets of cash six billion dollars six billion
00:40:51.160dollars. They say, well, it's theirs. Who says? I say it's not. I say it's compensation for us
00:40:57.420for having to go through this crap over and over and over and over again. Philip Patrick,
00:41:04.920how do you like, how do you, I just got, I've been so worked up today just hearing all this crap.
00:41:10.920We're going to do this. We've got secret agreements and we're going to wait to their,
00:41:13.460to their, we're going to wait for their actions. Their actions have been horrible for 3,500 years.
00:41:20.100they hated greece they hated rome they hate the united states i got that it's in their dna
00:41:25.900they're called persians what are we waiting for what there's nothing to wait for just we got the
00:41:32.660cash we have the sanctions the moment you lift the sanctions those slimy brits and french are
00:41:38.040gonna be double dealing this all the way there philip patrick man oh man philip tell me tell me
00:41:45.800Right now, your assessment of not the deal so much, but just where the global economy is right now, because there's a big New York Times and Wall Street Journal story saying, hey, this war has totally restructured the global economy.
00:42:22.440I've just had it with the whole thing.
00:42:24.120I've had it with the kinetic part, and now we've got leverage, and we're giving away the leverage for nothing, sir.
00:42:30.960Yeah, I couldn't agree more with that, right?
00:42:33.220We're in the same position we were before we started all of this, except the Iranians now understand better their leverage over the straits.
00:42:40.900they're saying hey we promise we're not going to pursue a nuclear program their promises don't
00:42:46.040mean anything and now they've got access to billions of dollars i think it was very poor
00:42:50.980timing the iranians knew coming into this president trump had to had to get a deal done
00:42:56.300there was too much pressure with the midterms and that's not a good way for anybody to head
00:43:01.500into a deal so i agree with you i think this was a little bit of a disaster i'm hoping this is just
00:43:07.440a pause and are hoping they get more aggressive after the midterm. So fingers crossed. In terms
00:43:12.640of the global economy. Yeah, hang on one second. On the 27th of February, you and I agree, we're
00:43:20.500kind of on a roll. It was taking a while, but you saw the green sprouts, you saw growth. They were
00:43:26.920trying to get their hands around affordability, but they're going to grow their way out of it.
00:43:31.160We kind of had the potential of hitting all cylinders. That's all thrown out the window now.
00:43:35.700So where are we right now as we try to wrap this thing up?
00:43:39.040Listen, it just put a massive spanner in the works.
00:43:41.680And I think President Trump and the team will do what they need to do.
00:44:14.940But this was a bump in the road that, quite frankly, we just didn't need.
00:44:20.300So you saw a lot of the economists in the world wanted to have a mutiny on Warsh yesterday.
00:44:25.260What's your sense of where that's heading?
00:44:27.120And how is gold going to be a hedge in this entire thing, sir?
00:44:30.600I think we're seeing play out. We're seeing volatility in gold for sure. We're seeing prices
00:44:36.900come down, but that's not unexpected on the back of the dollar strengthening. We've seen big moves
00:44:42.080to cash. I think Kevin Walsh has a very, very tough job in front of him. Obviously, there's
00:44:46.780pressure on him to lower rates. The numbers just don't give him the argument to do it currently.
00:44:53.780They're talking about looking at different metrics. I think it was the trimmed mean,
00:44:58.020taking out volatile things like energy prices. My concern with that is, you know, Americans don't
00:45:05.000live in the trimmed mean. We live in the reality. And if the world starts to think that we're sort
00:45:10.380of playing with the numbers to drive prices down, it's going to have the opposite effect. So I think
00:45:15.020Walsh has a tough job in front of him. And I'm hoping gas prices coming down will slow their
00:45:20.860inflation roll and give him some flexibility on monetary policy. But right now, I don't envy
00:45:26.460kevin walsh it's a tough job tough job can we put the chart up just let's give people a taste and
00:45:32.780we'll come back next i'll bring you back next week what does this chart tell me sir look what
00:45:39.180this is saying is if you measure the u.s economy our gdp in dollars things look better than ever
00:45:45.540but what you know in terms of higher corporate profits higher gdp higher home prices and
00:45:50.820everything else what lynn alden did in this chart which i think was very interesting is not measure
00:45:56.300the economy in paper dollars, which steadily lose purchasing power over time, but instead in ounces
00:46:02.240of gold, a monetary asset that we know can't be printed. And the picture looks very, very different.
00:46:08.660Around the turn of the century, in the year 2000, US GDP was worth 40 billion ounces of gold.
00:46:14.860Today, it's closer to 7 billion ounces. Now, that doesn't mean Americans stop working,
00:46:20.420innovating or creating wealth. What it means is when you measure economic output against the
00:46:26.680scarce monetary asset, instead of an expanding fiat currency, the apparent growth looks a lot
00:46:32.580less impressive. And ultimately, it tells us, you know, we peaked towards the turn of the century.
00:46:37.560And what we're seeing now is not reality. Yeah, you understand why they run these massive
00:46:44.300deficits or things to expand. They got to keep the machine going somehow. Stick around for one
00:46:48.860second. That chart, that's reality check. See what you see. Short break. Philip Patrick on the other
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00:54:53.920uh colby uh just real quickly how is it you said a technology company i keep saying a data company
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