Episode 1688 Scott Adams: From Russian Hypersonic Missiles to Fertilizer. I Cover it All Today
Episode Stats
Words per Minute
141.26672
Summary
In this episode, Scott Adams talks about why gas prices are going up, and why it's not down to supply and demand, but rather a combination of more than one thing that's causing the price of gas to go up.
Transcript
00:00:00.000
Good morning, everybody, and congratulations on a good start to your day, because nothing
00:00:08.560
is better than making it live for Coffee with Scott Adams.
00:00:12.800
No, there's one thing that's almost as good, listening to it recorded, and pretending it's
00:00:19.100
live, just as good, because reality is subjective and don't ever forget it.
00:00:24.680
But let's say you wanted to take things to a stratospheric level, a level never achieved
00:00:32.220
Well, all you need is a cup or a mug or a glass, a tank or a chelsea, a canteen jug or a flask,
00:00:47.640
It's the dopamine here today, the thing that makes everything better.
00:01:10.520
But there's going to be a second sip, because you need it today.
00:01:26.780
Well, in the news today, progressive leader Jayapal, she's blaming corporate America for
00:01:35.520
Do you blame corporate America and their profiteering and price gouging?
00:01:46.500
If you hear anybody tell you, doesn't matter who it is, Republican, Democrat, doesn't matter
00:01:52.500
If anybody tells you that there's one reason for gas prices going up, don't listen to them.
00:02:03.200
You should not be allowed to talk in public if you think that gas prices went up for one reason.
00:02:14.120
And if you can't speak to all of them, you should just be considered a liar.
00:02:17.500
And maybe you should get on that list of 50 intel.
00:02:23.480
Well, we'll talk about the 50 intel liars in a moment.
00:02:39.120
You've got the uncertainty, which is partly because of that.
00:02:46.480
You've got the Biden administration tightening up on what we can do domestically.
00:02:54.540
And you've got, you know, green energy forces forever making nuclear less attractive up until now.
00:03:07.240
So, essentially, everything, let me speak to the comment I'm seeing.
00:03:13.800
Somebody is saying that it all comes down to supply and demand.
00:03:19.080
In economics, generally speaking, price comes down to supply and demand.
00:03:27.960
Is anybody who actually has a degree in economics believe that this is supply and demand happening here?
00:03:35.360
Anybody who has a degree in economics, you have to have a degree for just this question.
00:03:40.900
If you have a degree in economics, do you think the price of oil and gas is being caused by supply and demand?
00:03:55.820
In the long run, in the long run, supply and demand, yes.
00:04:01.920
In the short run, all kinds of reasons change prices.
00:04:05.360
In the short run, somebody is going to say, I will gouge you because in the short run, I have no competition.
00:04:13.720
So, I mean, that is, I guess that's supply and demand.
00:04:16.460
But in the, but you have a psychology working and a lack of information.
00:04:21.740
So, what you're really seeing is a lack of information, not a supply problem.
00:04:26.420
So, if you have uncertainty about supply, that acts the same as a lack of supply.
00:04:35.560
If you have uncertainty, psychological uncertainty about future supply, it affects the price without the actual supply changing.
00:04:48.120
Now, in most, if not almost all cases, the psychology of what's going to happen matches the actuality, right?
00:04:57.160
So, lots of times the psychology and the actual thing move together.
00:05:00.060
But with the short term and the fog of war and so many big variables in motion at the same time, from pandemic to supply chains to Ukraine to God knows what, it is uncertainty, largely, that's driving prices.
00:05:17.260
Is there anybody with an economics degree who would disagree with my statement that, of course, supply and demand matters in the long run?
00:05:37.400
Yeah, I think everybody with an economics degree just agreed with me, I think.
00:05:42.460
So, as soon as you think it's supply and demand, you're a little bit lost.
00:05:47.260
You'd be a little bit lost if you think that's all that's going on.
00:05:57.020
I mean, if people's guesses about the future are right, then it becomes real.
00:06:04.160
All right, I'm going to teach you how to evaluate studies.
00:06:08.720
Because there's a new study on, and I hate to go back to this, but it's just a little mop-up.
00:06:19.140
There's a new, biggest, and best study on ivermectin that says it has no impact at all.
00:06:42.200
I'm looking at your comments now, and we'll talk about those.
00:06:54.280
Let me teach you how to determine if a study is correct or not.
00:06:59.300
Because it's also true, if you didn't know this, that the hydroxychloroquine studies largely stopped in 2020.
00:07:09.060
Because there was one big data set that said it wasn't working.
00:07:15.580
But here's how to tell if any studies are effective.
00:07:18.620
Now, you're probably saying to yourself, well, if it's a peer-reviewed study, I'm going to believe it.
00:07:26.660
But we don't really live in a world where you can believe a peer-reviewed study.
00:07:31.400
So I'm going to teach you how to determine if a study is credible.
00:07:37.860
Does the study agree with my opinion that I've already stated?
00:07:41.560
If yes, we call that a gold standard kind of a study.
00:07:48.620
If the new study disagrees with my prior opinion, that's an example of a flawed study.
00:07:59.040
So studies that disagree with you have methodological problems, which we'll discuss.
00:08:06.220
So if you use this guide, I don't think it's ever failed.
00:08:11.860
You know, there's some kinds of rules of thumb I give you, where the rule of thumb is, you know, 90% of the time it works, but you have to watch out for that 10%.
00:08:22.440
This is one of the few standards or rules that works every time.
00:08:33.840
And if you don't believe me, just ask anybody who's evaluating any study.
00:08:40.200
Anybody who evaluates any study will agree that this standard works.
00:08:45.140
So when you're looking at the ivermectin study, you might have said something like this.
00:08:52.640
Scott, no one ever claimed ivermectin worked alone.
00:08:55.920
You have to put the ivermectin with the other early treatment things to get an impact.
00:09:02.480
Scott, Scott, Scott, have you never heard of an AIDS cocktail?
00:09:06.200
It's the combination of things that make them work.
00:09:27.060
Do you know how much more credibility you will get if it gets peer-reviewed and passes?
00:09:33.480
What would be the extra credibility from something that's submitted versus peer-reviewed?
00:09:41.340
What's the extra bump you get after the peer review?
00:09:49.600
let me inform you that the peer review should add something.
00:10:01.160
So if your complaint is that it's not peer-reviewed,
00:10:11.640
But in the real world, I don't think it actually does.
00:10:19.020
and says, yeah, I don't see anything obviously wrong with it.
00:10:27.780
Valid enough that it was only a three-day dose.
00:10:35.200
but if you couldn't see the difference in three days
00:10:37.840
for a drug which is supposedly from its proponents,
00:10:46.660
that three days would pretty much eliminate it in you.
00:10:58.500
Someone else said that there's a separate study
00:11:00.700
that shows that when you combine ivermectin with antibiotics,
00:11:11.020
You should have tested it with the antibiotics.
00:11:36.460
And not because the antibiotics work with COVID,
00:11:50.900
it might make your immune system a little bit stronger