00:19:11.780Home in Minneapolis, demonstrators taking to the streets for yet another day, pushing back against the Trump administration's immigration crackdown.
00:19:18.780flashbangs lighting up the skies late last night you can see the protesters
00:19:23.040they're rushing to get away from the smoke and the blinding lights the unrest
00:19:26.520sparked by an ICE agent fatally shooting Renee good the government now saying the
00:19:30.840agent suffered internal bleeding in the incident but not providing any details
00:19:34.660on the severity of his injuries so we got Renee Nicole good shot there is no1.00
00:19:43.340good photo of her i hate to say she is she's got a chin on her she's got a jaw of a linebacker this0.95
00:19:50.900is an all-american skull and she's got the the eyes the japanese word for it the crazy eyes1.00
00:19:58.500she looks like a she should be a female comedian that nobody watches of course whenever we discuss1.00
00:20:04.640the news here in blood salad we have to spend a few minutes breaking down the face the head the1.00
00:20:09.520body of who we're talking about let me just get her up on the screen here doesn't know how to0.98
00:20:14.560smile uh too too much neck too much uh i'll tell you what that head had she been alive will jowl1.00
00:20:22.660up nice oh yeah oh yeah she's one third chin by volume my my goodness uh nose ring from the looks
00:20:29.820of it what do we know about her i guess this is really the story here because she is and we all1.00
00:20:36.080of the story but let's just go over the bullet points here she is out at a protest to defend
00:20:41.960somalis to defend you know all these leftist protests are the same you know whatever it's
00:20:47.340about we can tell you what it's really about it's about defending the mass migrants the math which0.68
00:20:54.300makes it sound like they're there's you know singularities the mass migrants like they're0.89
00:20:59.860fucking black holes in a sense they are but uh it's all i don't care if she was like it was a0.98
00:21:05.200fucking anti-bank protest it's somehow going to be about somalis but i'm pretty sure it was about0.99
00:21:09.460and um there was some debate on our side even from some very large creators some very prominent0.99
00:21:18.300voices about whether or not the ice agent who shot her was her fault so two are involved she's
00:21:24.720backing her car up because she's blocking traffic looks like she's about to leave she's running into0.97
00:21:30.340a nice officer uh whether or not she sees him i suspect she did i suspect that she was trying to0.97
00:21:37.700ram the guy whether or not she was spooked because she's a woman behind the wheel of a car that's
00:21:43.460what some people were saying uh she got spooked and then just drove forward and then didn't see
00:21:47.780him there and then he shot her in the head she drives off hits a pole of course woman moment0.96
00:21:55.220woman alert and then her what her lesbian wife her pooner was filming the entire thing as well0.98
00:22:05.720she's dressed like a guy straight out of oshawa a guy who's bumming cigarettes like most of these1.00
00:22:13.960fucking lesbian women are so that's all you know then you got a lot of creators saying that you1.00
00:22:18.840know what we don't like these people but this is an overreach of ice this week these are goons1.00
00:22:26.560these are jackbooted thugs they'll be coming for you tomorrow um so before i go on what do you
00:22:34.540think about all this it reminds me a little bit of george floyd where it was obvious to anybody0.72
00:22:41.000from the beginning what actually happened which is to say that she ran a cop over with her car
00:22:48.020and then got shot for it like this happens all the time actually so um yeah and then of course
00:22:53.620like they have nine different layers of lie that have to get worked through day by day as new video0.99
00:22:59.300evidence comes out it's just it i'm tired honestly i'm tired of it like i'm fatigued with this shit0.97
00:23:05.460yeah this one uh i was surprised at how much controversy was causing on our side um but i0.87
00:23:14.320guess i shouldn't be surprised but if i could summarize the different viewpoints here uh on
00:23:20.160one hand you have a white woman who was shot in the head i don't like that there's rumors that
00:23:27.380uh the shooter was mexican or something he in fact turned out to be a white man with an asian wife0.81
00:23:34.260because i think you have to be to do something like this yeah we know he's a nazi because he's
00:23:40.180got he's got an asian wife honestly it was probably her idea he had her on bluetooth and0.97
00:23:48.400she's like oh my god honey shoot her she's telling him to pull the trigger as he walked0.93
00:23:53.300into the situation but um so a white woman shot in the face a mother had children i understand0.95
00:24:02.680how you would not want to be seen celebrating that because that's what we were seeing in the
00:24:09.200wake of this we were seeing celebration akin to what we were seeing when charlie kirk was shot
00:24:14.960you remember the jubilation the left was feeling they were passing around memes they were trafficking0.92
00:24:20.200in jokes they were making fucking charlie kirk shot in the neck jacks you know and saying how0.81
00:24:27.380funny it was and making little references like hope you get charlie kirk they loved it i thought0.95
00:24:32.080it was funny seeing a guy shot in the neck so these people are people sharing memes about a
00:24:38.640woman shot in the face same sort the one for one the exact same thing and i think a lot of people0.97
00:24:44.460were responding to that fucking even the the likes of morgoth sargon of account academic agent a lot0.98
00:24:51.480of the a lot of people were saying distributors the people i know people i respect were saying0.99
00:24:57.720you know this is lurid this is disgusting uh maga has a problem with being despicable in this
00:25:07.960instance uh and and you're reveling in the chaos and the gore and what have you and uh i was
00:25:15.580excusing that by saying um i guess i'm getting ahead of myself here but let me just okay i'll
00:25:20.040just pause here and say i was actually talking to morgoth who was on our show recently about this
00:25:25.860um and he was he was saying that this sort of thing an academic agent and others were saying
00:25:31.900is this sort of thing was always it's it's unbecoming of you know a white man it's very
00:25:40.300plebeian it's very low class and all i was saying was the low class exists the plebs exists no one
00:25:48.700is attempting to be a landed gentry here we're all low class you're low class we are we're not we're
00:25:56.460not elites are we yeah we're not aristocrats so this is what what i see is people reacting0.95
00:26:02.620to the volume being turned up on all these things they're seeing how and this is what the left will
00:26:08.620say it's like oh yesterday you were saying that it was you shouldn't do this and now you're doing
00:26:13.180yeah because you didn't listen and this is what conservatives even are waking up to it's like we
00:26:17.500spend years saying why can't you be more dignified and you didn't do it and so now they've just
00:26:22.380adapted so you can't say how hypocritical it is no there that doesn't exist anymore so people are
00:26:27.820just we're doing to you what you did to us um and so i'm not here's the i would not do this myself
00:26:34.940i don't trade in these memes i don't like just like being gleeful about a woman shot in the head
00:26:41.580like that's just not something i'm interested in or i find particularly funny but i would defend
00:26:47.660the right of people to do it because i see what's going on here right with that being said you know
00:26:54.060still white woman shot in the head don't want to celebrate it um i guess my main point is0.98
00:27:00.700couldn't have happened to a nicer gal1.00
00:27:07.820because everything we know about her let's you know zoom out from renee renee nicole good white0.98
00:27:15.740woman yes white mother yes widow uh husband passed away she goes ahead and marries a woman which i0.98
00:27:25.420don't care who you are that's strange if you're a man your wife dies you just become gay that's0.93
00:27:32.460something that's that's dark yeah that's nefarious right um takes her kids moves them up to canada0.99
00:27:40.700because of trump fleeing canada with her pooner wife then moves back to fight trump in the streets0.92
00:27:48.620to resist and according to what i've read enroll their kid in sort of a social justice style school0.84
00:27:55.500of daycare preschool of some kind very left-leaning they're at the protest they're affiliated with
00:28:01.020antifa they these are political agitators and they seem to center political agitation in their lives1.00
00:28:07.180so this is a fucking white woman yes but also a lesbian anti-white communist1.00
00:28:13.260who is out there defending illegal immigrants from scamming you of your tax dollars you see1.00
00:28:21.140like i ethnicity and race aside i see this as an enemy and i think it's important that we0.66
00:28:29.880identify her as an enemy and i've seen so many people say that and i've said this in the past
00:28:36.440too i tend to treat many women as they don't as dogs they don't have agency i'm i'm hyper
00:28:43.720misogynistic but that makes me hyper forgiving as well but i do have to believe that at some point
00:28:51.400an individual even of your own kinfolk can be so aligned against you and your interests
00:28:56.920that you don't just see them as a comrade you don't see them they must believe such that they0.99
00:29:03.160must be so anti-white that i don't fucking care if you die anymore this is where the super racism0.99
00:29:09.760the better kind of racism not pan-white nationalism comes in handy because she isn't your kinfolk1.00
00:29:16.420neither is she mine she's from where fucking colorado she's not even from minnesota right1.00
00:29:23.140she's from somewhere else she's not my fucking kin yeah she has white skin is a fucking polish1.00
00:29:28.180guy my kin no i don't give a fuck man you know who my kin is i mean it's it's my family and it's1.00
00:29:33.740the people i'm moderately related to and then it's people of my culture within my geographic region0.99
00:29:38.740like within this 100 kilometer radius 50 kilometer radius like she's not my fucking kin i don't i0.96
00:29:43.940don't give a damn but then as you said beyond that if you can't see past race if you're literally0.98
00:29:48.800going to let your enemies win because they're the same color of skin as you you're like please leave0.98
00:29:53.440please go away we don't we don't want you this is not this is not helpful yeah an anti-white1.00
00:29:59.200lesbian communist got shot while defending blacks black illegal immigrants from she's white though0.99
00:30:06.160but she's white though so we need to be careful how right we all we can't we can't be too ghoulish0.99
00:30:11.600come on guys and she any other day that we were she here would laugh at you being shot in the
00:30:18.160the head you listener me does anybody dug through has she got social media i wonder what she was
00:30:23.240doing when charlie kirk was shot whether she was reposting and go like laughing over that probably
00:30:29.300and i i am again i shouldn't laugh because i i don't want to splash around in this too much
00:30:36.400but it did occur to me that leftist struggle to make martyrs and i'm thinking of you have george
00:30:43.680floyd as the rare exception almost like that became too much of a runaway train that no one
00:30:49.280could stop it they had to sanctify him and they buried him in a gold coffin it was you'd be
00:30:56.180forgiven for thinking this was all like a prank but i'm also thinking of the two people that
00:31:03.360kyle rittenhouse shot yeah it turned out that they were just pedophiles and then here's a woman1.00
00:31:09.660a political radical who's shot by a jackbooted thug and it just turns out that she's a fucking1.00
00:31:16.360she's a gay communist who from what i was reading had her kids taken away because1.00
00:31:23.740her lesbian wife was putting cigarettes out on their skin like she just an abusive malignant0.99
00:31:30.380right so i didn't know that the whole story but that's what i had read too it's like oh but she's0.95
00:31:34.600a mother okay she's not really a mother because she lost custody of her own children even though
00:31:39.420she's a widow like the kids have no other parents and yet this you know society decided that she it0.70
00:31:45.080would still better for them to have no mother than to have her as a mother so let's not which
00:31:49.840is hard to do these oh these poor oh these poor poor children are left motherless no no she left0.93
00:31:54.520the motherless not by getting shot which is also true but she left the motherless by being a0.98
00:31:59.520fucking psycho for she's probably more of a mother in death now but do you have too hard to1.00
00:32:04.680to get your children taken away in north america if you're a mother they won't even take the kids1.00
00:32:11.280away from junkies if they can avoid it you need to be committing so much neglect and so much abuse
00:32:18.500on your children that is provable that they will take your kids away and give to the father who's
00:32:23.520who's got negative rights in this society so i'm like that alone and people were saying that
00:32:29.120they saw this and they said i guess trump just lost the woman vote lost the mother vote
00:32:34.660are you sure is that what you think because i know a thing or two about mothers they don't have
00:32:42.700any sort of unity someone pointed out there's a still from the video where her glove compartment
00:32:48.860is stuffed with stuffed animals they said look at that that's a bad image i'm like yeah it's a1.00
00:32:54.140bad image because any mothers look at that and say what a fucking train wreck this bitch is1.00
00:32:58.220you got their stuffed animals crammed into the glove compartment what is wrong with you1.00
00:33:02.900is that that her favorite mother see that and they they they look at the state of her car they
00:33:08.540look at the state of her dress and i think they clock her as just an utter batshit insane train0.99
00:33:14.320wreck mother yes because they see them all the fuck there's no solidarity amongst mothers like0.98
00:33:19.420that so it's not like they one of their own got taken out but that's people just don't understand0.98
00:33:26.240how people think they think this is going to be particularly damaging to trump i'm like
00:33:30.160i don't think so is she the next martyr i was watching on the street protests where i'm seeing
00:33:36.760all the black people black women and men alike saying that they don't want to lionize her too
00:33:42.400much because at the end of the day she's still a white woman you know there's one silver lining1.00
00:33:51.260to this because people were saying that this hum the humiliation of renee is beneath us0.53
00:33:59.320and i'm a defender of humiliation you know this you know this we all know this outstanding
00:34:05.920humiliation um especially you know standardized in society humiliation um because and this is
00:34:13.640what i was saying to uh you know morgoth and the other people the other day and i was being very
00:34:17.820cordial but they're like you know i think it wasn't said by work it was said by like
00:34:22.820i believe radical liberation he's also someone i like but he had made a comment he's like you know
00:34:28.060the way we're talking about this now would seem so anathema to our ancestors right and i said
00:34:35.220well do you know anything about our ancestors let's say all european ancestors let's just go
00:34:40.640broad with this their sense of humor was incredibly dark and death was far more immediate
00:34:46.060and there was public hangings there was lynchings right like there was there was death around every
00:34:52.160corner and i think they treated it much more casually than we did right now if you look at
00:34:58.320some of the old stories and the limericks that they would uh trade right so i'm like you're just
00:35:03.560in like this is what bothers me with people in this space especially is just the sort of comic
00:35:08.740book idea of what your ancestors must have been like which is sort of like a i guess you think
00:35:14.820are kind of aristocratic and dignified like they were not i mean they're more dignified than
00:35:19.540contextually the africans you would see at the time but still their life was a bit harder
00:35:26.980if you're living in a city you would see a few corpses in the street like let's be real here
00:35:31.540anyway so what do we think about that no absolutely that's what a look i i like i like some of those0.94
00:35:37.540i like morgoth um i'm not sure about the rest of those guys but uh come on that that is ridiculous
00:35:43.540like we are by far the softest generation that has ever existed and just to somehow project that
00:35:50.140onto our ancestors like our ancestors also would be terrified of speaking ill of their enemies like0.97
00:35:55.400give me a give me a fucking break dude these people put heads on stakes these are people who0.83
00:36:00.640like adorned their fences with guts not everyone but if you saw a lot of them a lot of them like0.99
00:36:07.920when you see i think that's the thing that bugs me but it's say your ancestors i think you're
00:36:11.960cherry picking i think you're talking about either your grandfather in the late 50s or your great
00:36:17.440great grandmother in the victorian period or maybe no but that's and that's it that would actually be
00:36:23.640it nobody else has decorum anywhere near what we have right now yeah if you're if you had ancestors
00:36:29.720that served on a ship i don't care what type of ship they were teabagging corpses for fun because0.98
00:36:35.420they didn't have tv that's what you did put your balls in a corpse's mouth what else it's a true0.95
00:36:42.280story you heard else do you do to pass the time it gets funnier every time that's the good thing0.99
00:36:49.460about it but the value of the humiliation ritual the trafficking of the memes and everything0.98
00:36:55.300improve and just clowning on this woman even if you think she doesn't deserve it i'm reminded of
00:37:02.020that guy you remember the guy he was in the army my enlisted man who lit himself ablaze for
00:37:10.220palestine remember that guy yeah yeah i remember that and then uh what happened there is we all0.91
00:37:16.180made fun of him and called him a fat doofus and then he died for nothing i think maybe a couple
00:37:22.200palestinians might have done something they named a i don't think named a crater after him i don't0.98
00:37:28.200know what the fuck because they named a street after i'm like what street i've seen the photos
00:37:35.140it looks like fallout palestinians that have streets it looks like honestly it looks like0.96
00:37:42.040it looks like the moon yeah it looks show me a photo of like mars and that's what gaza looks0.98
00:37:47.740like i might say that's even funny i'm just like you know i can't imagine a greater insult than0.98
00:37:53.460saying you named a gazon street after someone this fuck you it's just oh thank thanks thanks0.99
00:38:02.180this blown up area full of like child bones like why would you do that to me i'd rather you name0.99
00:38:07.060an asteroid after me i don't know i don't know where i'm going with this i'm very scared right
00:38:12.420now i'm deeply concerned about where i'm at but the trade the silver lining to this is that if we
00:38:21.460humiliate this woman enough i do think that will dissuade other women from doing something like
00:38:28.100this i'm reminded of this story and i don't know if it's real people are always talking about
00:38:36.340from ancient greece that may or may not be real but uh i'm just gonna paraphrase it here
00:38:41.860there's a story about this um highborn aristocratic woman who committed suicide
00:38:47.460and um someone's gonna correct give the name of it because someone did it this is the second time
00:38:52.880i've said this and like i don't know if it's real then someone did confirm it's real but uh she
00:38:57.400committed suicide and a lot of other women saw how much attention she was getting and then there was
00:39:02.900an epidemic of suicides for narcissistic reasons and then the um the emperor at the time said all
00:39:10.980right the next woman who commits suicide we're hanging her in public naked and we're all going
00:39:16.160make fun of her body and then the suicide stopped and i think that that is illustrative of a possible0.99
00:39:24.160solution which is that if we just humiliate this one pitch enough then maybe women stop going to
00:39:29.280these protests yep because like you're not going to be a martyr you're not going to be respected
00:39:34.720in death everyone's going to make fun of you everyone's going to be looking at your photo
00:39:38.640like we are right now and zooming it and making commentary about the bridge of your nose0.74
00:39:44.400speculating on the hairiness of your legs saying you're a bad mom oh that's no do you have snakes
00:39:52.480in your in the skulls in your closet we're going to find them and we're going to monetize the
00:39:57.560content we make off of it is that what you want or would you rather go home or would you rather
00:40:02.660watch netflix i think you'd rather watch netflix wouldn't you you should stop going to these
00:40:06.660protests and then it's just going to be boomer men it's just going to be like vital guys yeah
00:40:14.300so anyway i guess that's my take on the whole thing i wish it didn't happen but it did and
00:40:20.660because it did hey there it is there it is yeah but um yeah i don't think it's going to affect
00:40:29.520trump i don't think it's going to affect ice at all i think this energizes people like i i people
00:40:35.500don't want to admit and i guess this was the point i was making with these other creators again who i
00:40:41.440have nothing against nine times out of ten i'm like i i think you are underestimating how many
00:40:48.840people are energized by this well like it's i don't think it overshadows it but they want
00:40:54.460her death to overshadow the larger context which is an ice officer in the course of his duty was
00:41:01.140almost killed by a maniac driver never mind the woman dying an ice officer was almost run over by
00:41:09.440a maniac while trying to do his job that's the other headline underneath this one when you peel
00:41:15.920the top one away and every and and it's not like we don't know that right so what we're going to be0.99
00:41:21.760left with after her dumb face fades from memory is yeah people are actually trying to kill0.95
00:41:28.320ice maybe we should give them more bullets and also if you want to get all emotional about0.97
00:41:35.280a woman who feels boxed in and is compelled to drive to get a situation can we revisit james
00:41:42.560fields can we revisit yeah heather hire and how a person feels and they're boxed in by people who
00:41:50.560wish to do them harm and they feel compelled to just drive forward to escape that situation yeah
00:41:55.120is that by the way by the way there was only there were only two officers one at the driver's side
00:42:00.240window and one of them coming around the front of her car like tapping on her hood when she ran him
00:42:04.000over right she was by no means surrounded nobody had their guns drawn in fact not even a second
00:42:09.720before she accelerated she was laughing and rolling her eyes and making sarcastic remarks
00:42:14.540at one of the officers okay this is all on video james fields from the footage from overhead was
00:42:21.320completely surrounded by how much like 60 people pounding on the glass when he accelerated so
00:42:29.500let's let's talk about when it's when it's justified right i'd like to imagine that she's
00:42:34.840still smiling and rolling her eyes and scoffing after she was shot and then driving into the0.99
00:42:38.800pole as well like she just can't fucking turn it off can she no so moving on to more serious0.66
00:42:47.400business um i got a couple articles i'd like to cover that tie into each other and i think you'll0.96
00:42:56.040find this interesting you haven't seen it already looking at bloomberg right now this is news i was
00:43:01.400reading about recently it's circulating through all the various channels canadians are furious
00:43:08.720after real estate funds lock up their money that's the headline sub headline subheading here
00:43:14.600funds stung by the property downturn limit client withdrawals after assuring ordinary investors they
00:43:20.220were safe and of course there's a photo here of toronto uh the line here toronto's real estate
00:43:27.680market is struggling after years of significant growth oh that's one way to put it what about
00:43:34.200runaway bull in a china shop of condo buildings such healthy growth for so long and to have it
00:43:41.140all fall apart now what happened it's significant growth it's it's insane growth it's mentally
00:43:47.400unwell growth the city like the skyline doubled in size in five years with buildings nobody's1.00
00:43:54.780living in and they're incomplete and they're just it's very chinese way of going about doing things0.93
00:43:59.940um it's starring an individual named andre el baba which is a very
00:44:07.060globalist type name and that could be all kinds of races right there
00:44:11.920um not long after his father invested a combined two million um rom spin announced it was blocking
00:44:19.940withdrawals a last resort tactic that lets funds avoid selling assets when too many clients want
00:44:24.780to pull out their money otherwise known as a run on the bank yeah um the principal andre assumed
00:44:30.540would always be within reach was suddenly sealed off with no timeline for release he's getting only
00:44:35.200a thin two percent stream of monthly income in return far less than expected every month andre's
00:44:40.520account statements tell the same story the cash is still there but he can't move it which is the
00:44:46.500exact same thing that happened with when russell simmons black entrepreneur started a black people0.80
00:44:52.200bank the huge scandal because he started this bank black owned black excellence black girl magic0.53
00:45:00.900and then people just couldn't access their money just one weekend he's like hey can i can i have0.72
00:45:06.100my money i said nah that's that's the one that destroys you it destroys your reputation but now
00:45:15.820this is again 40 i was looking at numbers like 40 percent of canadians are are stuck in this0.97
00:45:23.220fucking prison right now across canada investors who poured billions in private real estate funds0.97
00:45:29.580suddenly can't touch their money stung by a deep downturn in the country's housing market many of0.98
00:45:34.560funds have restricted cash distributions the effects could be profound not just for investors
00:45:39.180like el baba and then it goes into the history of it here but i was looking at other headlines
00:45:45.960see if i could find it here hold on yeah i'm looking at even like remax canada housing
00:45:51.980represents nearly 40 percent of all canada's gdp which is pretty fucking wild um estate funds
00:45:59.620locked down what can investors need to know um yeah so like this is this is a huge problem this
00:46:07.120should terrify everyone what are your initial thoughts on that well first of all the guy says
00:46:11.880i had no idea i'd never be able to access the principal like the fact that you're even calling
00:46:16.040a principal you must understand it isn't a bank you invested in a private fund it's a contract
00:46:22.180based agreement and within the contract there's risk in fact they make you sign that you understand0.76
00:46:28.020the risk when you fucking join one of these i'm i own some of these and you like the fact that0.76
00:46:34.840you'd say like well when the market's good the money always increases and when the market's bad1.00
00:46:39.620i just sell no dumb ass that isn't like when the market's bad you you are shouldering the risk0.99
00:46:45.940that's part of the fucking agreement it's like with the housing market where people just generally0.99
00:46:49.960are buying property and when it's going up they're thrilled and they're rubbing it in our faces and0.99
00:46:53.880when it goes down they're trying to get everybody to bail them out like what a disaster oh how could1.00
00:46:57.780this happened to me like well you're speculating you fucking idiot you're a you're a gambler you're1.00
00:47:03.020fucking gambling so i don't know zero sympathy i'm honestly i'm rubbing my hands i'm laughing1.00
00:47:09.080at this shit yeah and uh it's serious this is hitting boomers very hard as well too oh yeah0.99
00:47:15.640um and because i was looking at house prices recently we got our house i think at a great0.99
00:47:21.420time in the market but it's only getting better for people and we were talking about this i think
00:47:26.300maybe one or two episodes ago, the massive gap between home buyers and home sellers right now.
00:49:18.980right now but i think you can compare a lot to what's happening in canada the pension protection
00:49:24.900act of 2006 created the modern 401k the preferred employer retirement investment vehicle essentially
00:49:32.020american employees strike a bargain with three parties the employer the government and the
00:49:35.380investment funds the act was designed to protect employees from predatory employers who failed to
00:49:40.260pay contributions or arbitrarily cut pensions prior to 2006 it was incumbent on employees to
00:49:46.740opt in via selection of a mutual fund which would invest the proceeds for you so you know for people
00:49:53.060don't know 401k is a lot like an rsp in canada you just contributed every month it goes towards
00:49:58.340your retirement but all it is is a giant investment fund um it's usually something like an index fund
00:50:05.460it's very safe but it grows regularly and by the time you retire retire you get a nice chunk of
00:50:11.060change if you can get something like rsp or 401k matching you can you can get quite a bit of money
00:50:16.980if you're aggressive about it though some people do some people don't but uh post 2006 401k
00:50:24.100contributions were automatically dispersed in the market so this fun it was basically you had to opt
00:50:30.340into this originally but now you have to opt out it's automatic so whatever wherever you were working
00:50:36.340most people had money just going right into a 401k and what is a 401k well it goes to the market so
00:50:44.240all that money is flowing directly just into the stock market automatically which it wasn't doing
00:50:49.800at that level previously what harm could come from shepherding people en masse into compounding
00:50:57.000retirement accounts that would otherwise never voluntarily commit to themselves he asks
00:51:01.180In a recent interview, Mike Green, the chief strategist of Simply Asset Management, called out the dangers of passive income.
00:51:09.580Since 2006, he said it radically increased participation and so-called target date funds.
00:51:16.960Needless to say, opt-out 401ks are industry standard.
00:51:20.840So two-thirds of employees have them and 90% use a default TDF that never changes.
00:51:26.200Thus was born what they call passive flows, making automated retirement accounts one of the largest investment tranches in the market from 4% in 1993 to 53% today.0.97
00:51:40.500Millions of Americans have made a lot of money in the market over the last couple of decades, to which that's the claim.
00:51:45.700And Green responded, I think that's the optimistic take.
00:51:48.320Now, the question is, can they actually get the money out?
00:51:52.600Now we're seeing how this connects to the previous thing.
00:51:54.780He says, passive flows, passive income flows have distorted financial markets in unprecedented ways, according to Mike Green.
00:52:02.940There's no mean reversion in markets anymore.
00:52:05.280A fancy way of saying prices are completely divorced from economic reality.
00:52:09.500Instead, stocks have become Ponzi like an investment vehicle where in passive flows dictate marginal buying or selling independent of the real value.
00:52:18.820Unfortunately, what is missing in this equation is the fundamental purpose of markets.
00:52:22.360he's and he goes here and i like this part he says i began this multi-part series with a simple
00:52:29.260claim the financial end game or the end of cycle event is a mass mass exodus out of the dollar
00:52:36.760based system he says my sense is the stock market today is not a bubble nor is the financial system
00:52:43.640primed to blow because of hidden or systemic counterparty risk rather my assertion is that
00:52:49.100the financial system itself is the counterparty risk financialization is a virus spread internally
00:52:55.000via collateralization and externally via dollarization until it kills the patient
00:53:00.260meaning the nation or society or burns itself out in the form of a financial crisis causing
00:53:06.220spectacular collateral damage either way however the sickly patient society is gradually awakening
00:53:14.100to the cure which is definancialization or a detox via mass exit or what i what he calls
00:53:22.020a global margin call um so so far what do you think about that does this love it no notes this
00:53:29.340is a favorite of mine now he continues on here i'm just skipping ahead and going to the parts
00:53:35.860that i think are important he says real economy demands hard work short-term sacrifice long-term
00:53:40.900thinking experience competency luck and above all risk risk is the hobgoblin of financial elites and
00:53:48.040cantillionaires i don't know what that is oh this is reference to this guy richard cantillion
00:53:53.500whatever a far easier albeit corrosive way to make money is by issuing excessive debt to risk
00:53:59.900taking businesses and weaponizing that debt against them via bankruptcy um so this is sort
00:54:06.700like personal private equity the idea that you would move into a failing business kind of strip
00:54:12.420it for parts fire all the people and i think this is what mint romney was famous for if you remember
00:54:17.900yeah yeah so these were just pirates stripping companies away and he makes a claim here that
00:54:25.740the pirate equity is a kind of financial terrorism that devours vulnerable companies swallows whole
00:54:31.700entire industries and destroys the livelihoods of communities he says it works like this load up a
00:54:37.540failing company with debt restructure core departments and fire lots of people all to
00:54:42.420temporarily inflate corporate profitability rinse wash repeat and pe private equity has skyrocketed
00:54:49.620in size much like subprime mortgages before 2008 according to dillion the pe industry is around
00:54:56.660four trillion dollars and the growth of assets under management he says here okay here indeed
00:55:02.980the the private equity employs nearly 12 million people it's just this massive thing that's just0.95
00:55:10.660like cannibalizing the entire fucking economy like what is this what is what is this thing um
00:55:20.500he goes on for a while about crypto and tech bros and a lot of very interesting stuff that we can't0.98
00:55:25.860get to right now so i can't recommend this enough but i'm skipping ahead to the end here in the
00:55:31.780section called everyone in the middle is being cannibalized um he says virtually every bull run
00:55:38.420spurned by game-changing tech or can't lose markets succumbs to manic speculation but that
00:55:43.540usually leads to reform rather than revolution just because there are fragilities in repo japan
00:55:48.900shadow banks treasury actions or ai glut does not mean there is a big crisis on the horizon nor does
00:55:54.500it mean stressed corners will cause a contagion further monetary authorities seem better prepared
00:56:01.460this time so for people who are expecting the exact same type of financial crash or a total
00:56:09.220collapse scenario that's not what it's going to look like and continuing on here he says
00:56:16.980i like this part by most metrics the boomers are still dancing but the generational rift
00:56:22.180between millennials and boomers is a false frame compared to their offspring the boomers have a
00:56:26.820choke hold on wealth while men in the city realize most of us will never have the things the parents0.55
00:56:31.300had their promised pensions however the boot the realities the boomers have been swindled too0.85
00:56:36.740their promised pensions are worthless dividend checks are dwindling and the cozy family house0.71
00:56:42.340that anchors the family network is about to crash into a generational abyss of no demand1.00
00:56:48.340and bad credit very soon baby boomers will swell the ranks of the pissed off men half their age0.99
00:56:54.820why two words passive flows the global margin call will transform passive inflows into active0.91
00:57:02.020outflows the ever narrowing structure of markets the mass concentration and the magnificent seven
00:57:07.780and the spiraling dependency on the ai hoax and the guarantee that no matter what the fed will
00:57:13.220save us our illusions dying a thousand deaths the donald won't save america either because he's part
00:57:19.060of the grift boomers are living in hotel california they're vested in a system that keeps them vested
00:57:24.180and cannot allow them to divest the credo is the problem perversely such a credo is purely faith
00:57:30.260based and it's it's its own undoing so long story short he's saying that you know think in more
00:57:37.620detail than i've seen others explain it exactly where the the entire market is failing now when
00:57:44.420he says definancialization or exiting the cycle i he doesn't cover that here i don't know exactly
00:57:51.620what that looks like but he does end the piece by saying what's the line here uh welcome to the end
00:57:59.220of the cycle stay liquid stay alert so maybe stay liquid you know what does that mean to you
00:58:05.060return to the material economy i guess like um things that you can take direct custody of gold
00:58:11.640or silver or bitcoin or i mean invest in a property that isn't a speculative property but
00:58:16.640something that's functional like don't don't don't own properties that you're just sitting on
00:58:20.840for the dividend right you own something that you're going to live in own something that
00:58:25.440produces something which is such a paradigm shift in how like if i had to sort of encapsulate where
00:58:33.360think so many people go wrong and i've been guilty of this as well especially when i was younger
00:58:38.640people talk about smart money versus dumb money they talk about work smarter not harder or there's
00:58:43.920this pervasive belief that you don't leave money on the table right especially like crypto is an
00:58:51.600example like no one understands crypto no one understands bitcoin or or um any of this stuff
00:58:57.600but they think that what people are making money i need to make money i don't care0.99
00:59:01.040why or how or what it means i just don't want to be seen as a sucker right you're a sucker if0.58
00:59:07.840you're not making as much money as possible in speculation and this is why so many people got1.00
00:59:12.700into real estate speculation just because it seemed easy it's easy and you're dumb if you0.99
00:59:16.460don't do it you don't be dumb do you you don't want to leave money on the table some people just0.92
00:59:19.980do it but you would need to reintroduce so many people to this idea of it's not just easy money0.94
00:59:29.020easy money isn't the smart money right it's like you know don't lionize the gambler too much and
00:59:36.480we're in a culture where we do that like the guy which is a very you know eastern very global south
00:59:42.060way of doing it like the smartest person cheats the system the smartest the smartest person takes0.95
00:59:46.860the money and runs so you need to get down to the fucking bedrock of this civilization and say no
00:59:53.160the smart money is building something of substance that has long-term value you know i mean which0.96
01:00:00.840so many people would disagree with that so yeah but you know speculation it's smart it's fast
01:00:05.340you know i know i know guys who talk fast like this you know they've got like you got this love
01:00:10.960of like the type of guy that does this yeah you know he wears a nice suit he talks fast he's like
01:00:15.800jesse eisenberg this is what jesse eisenberg would do going after the fast monies which is a counter
01:00:21.220to so much of investment too so much investment wisdom which is move fast and break things and
01:00:28.240you know let a thousand insane flowers bloom and shit like that like just keep doing things faster
01:00:33.820faster now now now but it's like we were talking about just before we went live about ai
01:00:38.160we've been pretty skeptical in ai this entire time we're trying to be balanced in anyway but
01:00:44.940you what what are you reading about ai what's what's the feeling well i was just saying like
01:00:49.960I read a lot of startup newsletters, like just keeping track of what companies are getting funded and which are going under and which VCs are issuing how much money for what sectors.