The Glenn Beck Program - Ep 151 ｜ Why ESG Is the Biggest Scam of the 21st Century ｜ Vivek Ramaswamy

00:00:00.000 klaus schwab dark lord of the world economic forum he has described blackrock as the largest private

00:00:09.780 asset manager in the world and as such a major shareholder and a voice to be reckoned with

00:00:16.480 in many of the world's biggest publicly listed companies end quote it's true uh these companies

00:00:24.160 like blackrock own about 20 percent of all the biggest companies uh not only in america but also

00:00:30.920 the world schwab has said again and again that esg will come become the standard thanks to blackrock

00:00:39.780 uh and similar companies leviathans um we need to be asking ourselves right now some important

00:00:47.420 questions what do we believe in what do we want our future to look like are we a collective or does

00:00:56.200 the individual still have are they still sovereign how did such a small group of investors elites

00:01:05.300 ceos gain control of our society why do they actively push division how and why have they

00:01:14.020 used politics to achieve this goal today's guest has ruffled a lot of feathers and inspired a lot

00:01:21.160 of people by giving us some answers to these questions you want to talk about david and goliath

00:01:26.240 he is going face to face with the three largest financial asset firms in the world which handle

00:01:33.220 tens of trillions of dollars he is by all accounts an elite he has degrees from yale and harvard high

00:01:41.980 level experience in big tech biotechnology big pharma and on his resume three little letters appear

00:01:49.200 over and over again ceo and all before the age of 37 now unlike most elites he doesn't make an annual

00:01:58.360 trip to a certain gathering of elites in a certain town in switzerland he doesn't post videos of himself

00:02:04.420 kneeling or performing instead he exposes his first book woke inc inside america's corporate

00:02:11.280 inside a corporate america's social justice scam is an attack on the woke industrial complex and you

00:02:18.260 will understand what's happening if you read that book just a month ago he took things um a little

00:02:23.940 step further by opening his own asset financial firm it's strive i want you to know in full disclosure

00:02:32.300 uh i invited him this is not because strive is a sponsor of the blaze i truly like him and have been inspired by him

00:02:43.580 and i thought his voice was needed to be heard but i just wanted to disclose that

00:02:49.080 strive is put together to complete uh to compete with black rock and vanguard and state street

00:02:56.480 which he refers to as an ideological cartel he wants you to know what's really happening in the

00:03:03.760 corporate board boardrooms and on wall street today on the glenbeck podcast vivek ramaswamy

00:03:12.820 americans are super tired of being frustrated by a stalling economy inflation disintegration of trusted

00:03:19.460 institutions their country's going in the wrong direction and millions of people feel helpless to make a

00:03:25.400 difference today's podcast is all about that you are not small or inconsequential and you can make a

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00:04:38.140 welcome good to be here yeah good to have you um i want to start with uh i've got so many things we

00:04:57.900 could probably run three hours on this podcast um but i want to start with esg and i've written a book

00:05:04.560 about it you've written a book about it um so we obviously have it but i meet people all the time i was

00:05:12.100 just with a bunch of uh politicians uh the senate and the house of one of the states um i met with them

00:05:19.080 just yesterday spent the day and it's weird people either get it and know it and they get it deeply

00:05:26.140 they're kind of go down a rabbit hole uh the second response is uh they've not heard it and

00:05:34.140 they're a little horrified by it the third is the most amazing the one where they roll your their

00:05:41.300 eyes and they're like this is such a ridiculous thing that's not what this is let's take it from

00:05:48.040 the beginning yeah if you've just heard esg but you don't know what it is what is it and you know

00:05:55.180 that that response i get that third response sometimes too glenn and so one of the things i'd like

00:05:59.100 to do is actually let's just start with the well-intentioned version of it all right yeah let's just

00:06:03.520 talk about it in in the best intentioned version of correct as a proponent of esg let's talk about

00:06:07.940 what it is and then we can see some of the unintended content sure so the esg movement

00:06:12.580 stakeholder capitalism that whole genre was based on the idea that we have shared global challenges

00:06:18.120 like global inequity like global climate change that governments aren't sufficiently addressing and

00:06:24.520 so it's going to require actors in the public sector and the private sector to work together to

00:06:30.320 address these challenges that politicians have failed to address and if we don't address them

00:06:35.260 we have existential challenges for the planet we have existential challenges for inequity and if nobody

00:06:40.960 steps up then ultimately we all fail in the end this isn't my view but i'm just stating the view of

00:06:46.340 proponents of stakeholder capitalism the world economic forum the klaus schwab view the larry think view

00:06:51.140 that's what the heart of it is and i and i think this is something i've talked about for a long time

00:06:56.560 i don't believe in basic you know basic minimum income however i mean try saying this and conservative

00:07:03.640 radio i've said for 10 years you don't understand what's coming just because of tech okay we are going

00:07:12.000 to have possibly 30 percent unemployment at some point right as it all transitions what are we going to do

00:07:20.460 if you don't like that what are you going to do but no one's having a an open discussion exactly let's

00:07:28.400 open up the channel correct so i say you know what even if i don't agree with you let's give the best

00:07:32.220 statement of the other view let's get it on the table and then let's talk about what's wrong with

00:07:35.140 it all right so milton friedman you know our guys you know i liked 50 years ago said that okay we don't

00:07:41.200 want private companies being co-opted into doing the governmental work of solving these societal challenges

00:07:47.500 because it's going to make companies less effective it's going to make companies less effective at

00:07:51.680 making widgets that means they're going to be less profitable that means they're going to make less

00:07:55.380 money if companies make less money then society becomes poorer as a whole because the economic pie

00:08:00.140 shrinks yep so that was milton friedman's critique i agree with much of that i agree with most of that

00:08:04.440 actually my issue with this whole trend i think it's more similar to your issue is the inverse of that

00:08:11.160 it's not that i worry that this just sucks the lifeblood out of capitalism when you tell

00:08:16.100 capitalists that they have to take care of these environmental or social or cultural concerns

00:08:21.240 it's that you actually suck the lifeblood out of a democracy because these are questions that whether

00:08:27.380 you're on the left or right these are important questions to talk about in the open how do we

00:08:31.880 address historical inequities how do we address if shared global climate change is a challenge that

00:08:37.560 deserves addressing if it's true then it actually is so fundamental that we ought to be talking about it

00:08:41.560 in the open as citizens and when we delegate that work to a small group of elites who just make the

00:08:47.940 answers to those questions behind closed doors we actually suck the air out of a democracy where

00:08:52.740 you're supposed to settle those questions but through free speech and open debate in the public

00:08:56.440 square so that's my problem with it you're also not only not sucking the air out of it you are also

00:09:03.100 creating the people okay that will lose the ability to ask logical questions oh yeah you know what i mean

00:09:14.760 you won't be able to reason anymore you won't be able to to stand back because you will have no models

00:09:22.040 of someone saying no wait a minute wait a minute that doesn't make sense to me and can can logically

00:09:28.380 think things through you have to model that and the reason you lose it you're absolutely right

00:09:33.700 about that the reason you lose it is that when you use economic force to settle these questions say

00:09:39.060 the everyday workers at these companies if they don't adhere to the social orthodoxy to the esg agenda

00:09:44.940 that's been pushed down their throats you're at risk of losing your job you're at risk of getting

00:09:49.000 fired you're at risk of being denied a promotion and i think that when you force people to actually

00:09:54.340 face the economic sword for speaking their mind openly then you're left with a country where people

00:09:59.860 have to choose between the first amendment and between the american dream and that's what perpetuates

00:10:04.200 this new culture of fear in the private sector where we lose our ability to debate questions of

00:10:09.760 let's just say take one issue racial injustice or another issue global climate change i mean those

00:10:14.280 are two of the big issues pushed by the esg movement the e is all about the climate change agenda

00:10:18.880 the s is all about the dei and racial equity agenda but if that's being pushed through economic

00:10:23.840 force effectively the kind of thing that government used to be concerned about but now it's private

00:10:28.020 companies pushing those same agendas using capital to do it if you're an everyday citizen you might be

00:10:33.260 at risk of losing your job or putting food on the dinner table if you don't bend the knee to that new

00:10:37.480 orthodoxy and so that's where you get to this place where we can't even talk about these issues

00:10:40.600 in the open because you have an economic sword that's ultimately hanging over your head

00:10:44.440 if you defect from the main orthodoxy so i think that's the main problem is it is it fair to say

00:10:49.920 that um esg is just the codification of cancel culture yeah it really is it's the it's applying

00:11:03.480 economic force to the culture that we call cancel culture okay cancel culture is basically a question

00:11:09.780 is a culture the way i define it is a culture that settles political and social disagreements

00:11:15.100 not through free speech and open debate correct but through force i personally think a democratic

00:11:20.940 society as a democratic republic is a society that settles its disagreements through free speech and

00:11:25.380 open debate cancel culture calls for the opposite viewpoint that says that these questions should

00:11:30.440 not be settled in the open through free speech and open debate we should use force including economic

00:11:34.040 force to settle that question esg what that does is it directs the flow of capital to abide by

00:11:40.860 one end of the political spectrum's views that's one form of force capital is a form of force as you

00:11:47.060 say money doesn't talk it screams well at the end of the day they're screaming with money on behalf of

00:11:52.260 one end of the political spectrum's views that's what the esg movement represents today so i want to

00:11:57.980 just i want to stay first at the building blocks of what it is so people understand um so let's talk

00:12:05.640 about uh for instance why gas prices truly are so high yep they're blamed on uh the war in russia on

00:12:16.160 putin uh on on just average inflation and the president says he's doing everything he can and i don't make

00:12:25.120 this about politics i want to make this about what the system is that is being built that's right so it turns

00:12:32.780 out the american people have a pretty good system of constitutional governance that determines how

00:12:37.200 we hold political leaders accountable okay so if we don't like the policies passed by the biden

00:12:41.560 administration we can vote him out if we don't like the policies passed by congress we can vote them

00:12:45.820 out that's the way our democratic system works well what the biden administration has managed to do

00:12:50.840 though is and and not just the biden administration many administrations before him this is this is global

00:12:55.220 this is global right this is this is transnational this is transpartisan even right in many ways

00:12:59.780 build back better was the slogan for the election for the japanese prime minister for boris johnson in

00:13:07.620 england all over the world totally so this is this is not it's too parochial i think this is a u.s issue

00:13:12.340 but what they've realized is that you know what the political process is inconvenient democracy is

00:13:18.080 inconvenient because the people may not let us get done the things we need to get done so what we're

00:13:22.420 going to do is to delegate that work to the private sector instead you know the green new deal we could

00:13:28.240 never get that passed through congress ah here's a different idea let's instead have people sign the

00:13:34.200 climate pledge instead so that's what john carrey has done he's the self-appointed climate change czar

00:13:39.360 in the u.s government he's gone to many of the major banks across the country and have them sign

00:13:44.920 the climate pledge which says that okay it's legal to drill for more oil in places like the arctic circle

00:13:51.260 arctic drilling is legal and we couldn't pass a law that banned it because there's this inconvenient

00:13:56.040 thing called political accountability they'd vote us out of office if we did that but here's what

00:13:59.300 you can do you can sign a pledge as a bank just to say that you won't lend to any of those projects

00:14:04.520 and then you get every major bank to sign that and you get to an entire alaskan drilling crisis where

00:14:10.600 people actually have great natural resources that companies can't drill into because they can't be

00:14:16.020 financed because every major financial institution has signed that climate pledge and the obvious point

00:14:20.920 to make is these are not charitable institutions right banks are self-interested institutions so

00:14:26.180 what are they getting in return for the question of signing that climate pledge they didn't do it

00:14:31.180 voluntarily it's a new form of crony capitalism where instead of crony capitalism 1.0 before the 08

00:14:38.520 financial crisis i got my first job in finance in new york city before the 08 crisis i mean i've seen

00:14:43.080 how this game is played that's private sector actors effectively bribing government officials to gain

00:14:48.620 competitive favors this is the reverse it's government actors effectively bribing private

00:14:55.000 actors correct to do through the back door what they couldn't get done through the front door through

00:14:59.780 a constitutional democratic process so i know the answer to this but i want you to make it very clear

00:15:04.860 here because what people will say to me is this the private sector those banks can do whatever they

00:15:11.360 want to do we're for a free market they're making the choices individual banks yes so this is this is

00:15:20.160 the so in order to really understand this we're talking about the building blocks here i think

00:15:23.620 we've got to go back to the 2008 financial crisis okay i think that's when a lot of this began where

00:15:29.280 they've duped both liberals and conservatives submission with their own slogans oh yeah so what

00:15:33.440 happened after the 08 financial crisis was that occupy wall street was on wall street's doorstep okay

00:15:39.520 and if you're wall street you don't like occupy wall street very much you know take money for money

00:15:43.480 from those wealthy corporate fat cats and redistribute it to poor people to help poor people

00:15:47.300 agree or not that's what the old left had to say okay but right around that time was the birth of

00:15:53.400 this new esg movement the new three-letter acronym movement broadly dei csr corporate social

00:15:59.440 responsibility esg environmental social governance factors and right around that time what wall street

00:16:04.140 said was okay you know what we can get on board with that that's a little easier we can appoint

00:16:09.360 some token minorities to our boards we can muse about the racially disparate impact of climate

00:16:13.540 change we'll talk about systemic racism all you want don't talk about systemic financial risk

00:16:17.600 effectively to the new left we expect you look the other way as long as you leave us alone with the

00:16:23.560 old occupy wall street left getting defanged so the way they defanged the old left was to say that you

00:16:28.780 know what we will use our corporate power to advance your agendas even more effectively than

00:16:34.680 governments advancing your agendas but we don't do it for free we effectively expect that you look the

00:16:39.240 other way when it comes to leaving our corporate power intact which is the thing you wanted to

00:16:42.480 attack now that's how they duped the left the way they duped the right though is they said that you

00:16:45.780 know what you guys have always been in favor of big business you've always been in favor of the free

00:16:51.660 market these are just private companies making decisions that you all have supported all along so

00:16:57.440 that's how both sides got duped into submission liberals forgot their skepticism of corporate power

00:17:01.140 because they loved the causes that these corporations and including wall street and financial

00:17:04.940 institutions were pushing but conservatives were duped into submission because they were told well

00:17:08.840 you know the free market can do no wrong we memorized that back in 1980 and so there was a new rise of

00:17:13.540 this new i would say hybrid monster of government power and state power that was far more powerful than

00:17:19.100 so that happened with occupy wall street and the corporations but um here's an answer i don't have

00:17:26.720 uh how where did the government come in because all of this money remember they were too big to fail

00:17:35.560 which leads you to say okay so they're going to punish the big banks break them up into smaller

00:17:41.240 entities but they didn't they made those corporations larger and gave them bigger teeth to eat us with

00:17:49.120 but with strings attached and the strings attached are okay this does not come for free you're effectively

00:17:56.740 going to get done what government could not get done because the people would have never allowed the

00:18:02.180 government to do it with the backstop of their vote you guys in the private sector are not backstopped

00:18:08.080 by a vote so you can get done what we never could have gotten done politically so that's the birth of

00:18:12.720 this story well it has been a remarkable summer a time to celebrate roe versus wade being overturned

00:18:20.200 um and it has been a long slog but it's not over in fact the fight is getting nastier roe versus wade

00:18:27.700 was responsible for the slaughter of over 63 million babies but now decision to abort the child will be

00:18:35.340 left in the hands of states and abortion is going to continue in probably half the states at least

00:18:41.120 liberal states over the past 16 years preborn has positioned their clinics in the top abortion cities

00:18:48.580 where 50 percent of abortions take place well those cities are usually in uh those those big blue states

00:18:56.560 and uh those states are now trying to put them out of business and they are being targeted not only by the

00:19:03.500 state but also by radical groups preborn's work of saving babies is a sacred uh a sacred journey for

00:19:13.520 these people their fight to plan a fight planned parenthood and and then to defend their own set

00:19:20.320 centers from the radical hate groups this is something they feel called on to do and they are

00:19:25.880 not afraid and they are in business but we really need your help pro-lifers would you consider a gift

00:19:35.420 to this remarkable group and organization that is on the actual front lines ten dollars fifty a hundred

00:19:43.140 a thousand whatever you have could be a dollar all gifts are tax deductible and will go towards saving

00:19:49.780 babies lives and helping keep preborn centers safe so they can continue their life-saving work

00:19:55.440 to donate just dial pound 250 pound 250 say the keyword baby pound 250 keyword baby or go to preborn.com

00:20:04.980 slash glenn i know somebody who was in the basement of the fed uh with paulson uh the week before it was a

00:20:14.740 it was a sunday night uh when they first laid tarp out and he was with a bank that didn't need the

00:20:21.040 bailout and he said we're not gonna take it he was the cfo we don't need it and uh paulson said to him

00:20:28.100 you don't understand you're all taking this this is an offer you can't refuse it's a godfather style

00:20:33.640 no one he said it was it was like the mob no one is leaving this room until every signature in this

00:20:40.740 room is on this document and i personally believe we are still paying for the sins by the way under

00:20:45.660 republican administration we are paying for those sins today because that began this new merger of

00:20:51.340 effectively government power and corporate power it was breaking the free what did george bush say

00:20:55.460 we have to violate the free market to save the free market yeah that's right that's right well in the

00:21:00.240 avatar so what that's created is a new situation where actually we have to save capitalism from this

00:21:04.760 new corporatist monster that's actually uh the true capitalism is long forgotten and this idea that

00:21:10.980 what we see today is the free market is an illusion as i often say the free market cannot fix what it is

00:21:16.420 not free to fix if it's not free to fix it if government is effectively granting competitive

00:21:21.820 favors now to firms like blackrock right look at how many blackrock alumni staff the biden

00:21:26.500 administration look at who gets to administer the covet 19 stimulus packages and get charged a fee

00:21:31.060 for doing it so the two places we're seeing this most are both on wall street and in silicon valley

00:21:36.720 and in both places the name of the game is that government is using private parties to do its

00:21:43.440 dirty work to do through the back door what government could not get done through the front

00:21:48.360 door under the constitution in silicon valley it's censorship of content yeah censoring content

00:21:52.940 first amendment we just saw that this week right what happened to alex barrenson you're you're

00:21:56.760 effectively seeing government directing private actors to take down constitutionally protected speech

00:22:02.340 that government could not take down on its own yes because the founding fathers never imagined

00:22:06.180 a fourth branch of government outside the system of checks and balances that's silicon valley

00:22:09.800 and then with large asset managers and with large financial institutions what you're seeing is

00:22:14.100 using the power of capital flows in the name of esg to be able to implement through economic force

00:22:20.880 policies on everyday americans that as voters most of those everyday americans would have never

00:22:25.820 accepted but they're told that it's just the free market delivering that the outcome when it's not the

00:22:31.360 invisible hand of the market it is the invisible fist of government effectively guiding those

00:22:36.340 outcomes and and so it's the charade that i think bothers me the most where if everyday americans can

00:22:41.700 see what's going on with clear eyes they would never tolerate it but each side is duped into submission by

00:22:47.620 the slogans they themselves have memorized liberals have have totally been lulled into submission forgetting

00:22:52.720 about citizens united in 2010 they were skeptical about the aggregation of corporations influencing our

00:22:57.640 politics right whatever happened to that well you know if they're really advancing diversity equity

00:23:02.080 inclusion and fighting shared challenges like global climate change maybe i am okay with them

00:23:06.460 having that much power but but conservatives are even more frustrating to me reciting these slogans

00:23:10.940 we memorized in 1980 it's like dorothy might have said at toto it's not 1980 anymore right but i don't

00:23:16.180 actually have a free market don't you think that that is changing with the younger um

00:23:21.900 conservatives if you will um they understand the world has changed i meet older conservatives especially

00:23:31.140 republicans and they'll be the first to recite that crap for you and i think people who are thinking

00:23:37.340 or young so they haven't been you know cemented into that mindset um i know i i'm i'm a completely

00:23:47.020 different conservative than i was 25 years ago because i used to be yeah you know what i don't

00:23:53.840 want to be the world's policeman but send them in yeah now i'm like not even don't ever do that

00:23:59.500 it's the worst thing we can learn you learn watching right right yeah and i used to look at things like

00:24:05.780 blade runner and go oh the corporations after him and i used to think that could never happen

00:24:11.980 you know the corporation is just you know the government well we are that now that's where we

00:24:19.880 are and and it's so frustrating to me that our side doesn't get it my side doesn't get it and then

00:24:26.160 the the left you cared about freedom exactly you used to you used to care about this and and so that's

00:24:35.500 that's the way i think that it's this new cynical force that actually is just about the aggregation of

00:24:41.540 power it's way in my my last book what i called the woke industrial complex doesn't matter what

00:24:45.080 you call it it's a new leviathan that is far more powerful than what thomas hobbes envisioned four

00:24:49.660 years ago it is far more powerful than what our founding fathers envisioned but its main goal isn't

00:24:54.700 even to advance a particular agenda it is the aggregation of power to ultimately make decisions

00:25:00.340 for how to settle societal questions as a whole right and we fought a revolution in this country in 1776

00:25:05.460 this is what's at stake today i think is we fought a revolution in 1776 not between republicans and

00:25:10.240 democrats but between a system of citizens engaging in self-governance for better or for worse

00:25:17.720 sometimes we might together make the wrong decisions yeah sometimes we might better make

00:25:21.840 the right decisions but at least we know we live in a society where we make those decisions

00:25:26.060 together where everyone's voice and vote counts equally in settling those political questions period

00:25:32.040 that was the revolution we fought in 1776 and as long as you're not trying to force anybody else

00:25:37.080 you're able to live the opposite decision exactly i don't want to be a part of that that's exactly

00:25:42.740 it's part of what it meant to live in a free country which was different than all the world

00:25:46.420 europe which said that you know for better or worse that we will get to the right answers

00:25:50.520 with a small group of enlightened elites deciding behind closed doors what the best model is for the

00:25:57.500 rest of society at large labor leaders business leaders church leaders and governmental leaders

00:26:03.020 get together behind closed doors and they decide what's right for everybody else at large

00:26:06.160 everybody else accepts that i'm not for the purpose of this discussion i mean you and i yeah we bleed

00:26:10.780 red white and blue okay so we're in the american side of this so be it but as i'm describing it here

00:26:15.240 i'm not saying one of those systems is better or worse than the other system but in 1776 we fought a

00:26:20.000 revolution here on this side of the ocean right saying that we reject that old world european model

00:26:23.780 and we accept the model of self-governance of citizens counting equally in their voice in determining

00:26:29.400 how our society is shaped right that is what is at issue today in the year 2022 it is not republican

00:26:36.360 versus democrat it is not a black versus white issue it is a fundamental question of the self-governance

00:26:43.420 of citizens where everyone's voice and vote counts equally is that the society we want and you know what

00:26:48.060 maybe we will get to the right answer and maybe we won't get to the right answer of what that means for

00:26:52.420 carbon emissions but you know what we live in a society where everyone's voice and vote counts equally

00:26:56.540 and that we're free to live in the way that we want because that's the society we chose it's a

00:27:01.140 society that i want to live in a society that our founding fathers created for us 250 years later

00:27:05.760 or do we go back to the monarchical society where a small group of self-appointed enlightened i use

00:27:13.300 enlightened and air quotes here enlightened elites decide and settle the answers to those questions at

00:27:17.140 large and use the flow of capital to enforce that orthodoxy on the rest of society that's the issue that

00:27:25.100 was at stake in 1776 i think is the is the very issue that's reared its head again today in the

00:27:30.780 20 teens all the way into 2022 and that's what i think republicans democrats both would do well to

00:27:34.440 wake up to so um i just i i don't know if you know this about me but i collect american history and i

00:27:40.280 am trying to preserve it and protect it from just being erased um i just recently now it's kind of the

00:27:47.680 american story really um i just uh bought an enigma machine and that's from obviously nazi germany and

00:27:56.220 that was that gave us artificial intel the idea of artificial intelligence and computers uh and we

00:28:03.880 move forward and then we got the atomic bomb and eisenhower gave his farewell speech and he said

00:28:11.300 he warned against the uh the industrial the military industrial complex but he also warned against the

00:28:18.040 educational industrial uh oh yeah yeah that's actually good memory yeah and so that i think is

00:28:24.880 the model of where we start to where this problem comes from is at that point he said this is such a big

00:28:34.680 problem and it can happen in 18 minutes to have a missile fly to the other side we have to fundamentally

00:28:42.040 change but people have to pay attention or it will get out of control well we didn't pay attention and now

00:28:50.220 i think the nuclear weapon that they're trying to protect us from in air quotes is not climate change

00:28:58.280 it is a i it is digitization they know the world is going to change so much they know that everything will happen

00:29:10.080 so rapidly that they believe that this old system of a republic and democracy is too slow to address it and fix it

00:29:23.580 and we're not capable of making decisions for ourselves you know what i mean exactly i think you're right

00:29:31.160 about this you're doing a good job of airing what i think is the authentic concern of the other side

00:29:37.020 pushing this agenda and my side too i'm concerned about those things exactly so we ought to be we ought

00:29:42.140 to be talking about it i think i think the the funny thing is if you look through the arc of history every

00:29:47.240 time this debate has presented itself the dangers of self-governance in a republican or

00:29:53.460 democratic form of governance right seemed every bit as clear and present in old world europe as

00:29:59.420 they do today so every time people think they're reliving a moment where this is the first time

00:30:04.340 which is actually different today that this time is different right turns out people have felt that

00:30:08.840 way every time along the way every time you know what i say for better or worse are our citizens in

00:30:14.480 a democratic society going to get it wrong sometimes if they're free to make their own decisions

00:30:17.760 if they each get the vote to be able to absolutely that's true you know what you learn exactly yeah you learn

00:30:23.440 from those mistakes and you get better and you encounter hardships but guess what hardship isn't

00:30:27.500 the same thing as victimhood especially if you were the person who gave yourself that hardship you can

00:30:31.640 learn from it and strengthen yourself from it individuals and as a society that's where i come out

00:30:35.140 but that's not unique to today i mean today it's ai before it was the telephone another day before it

00:30:39.980 was it was transatlantic travel whatever all the way from to elvis you know it's gonna rot our culture i

00:30:47.060 mean it's it's it's over and over again and that's where principles come in to play do you believe

00:30:54.920 in the individual yep and if the individual is paramount and sacred and sovereign then you cannot

00:31:04.800 make decisions for the collective that's right you have to have the individual and we're not

00:31:11.880 we are not addressing any of the core issues that are real true concerns and i don't think that

00:31:19.660 technology or digit digitization or ai changes that fundamental question doesn't the question about

00:31:26.060 human nature makes it more for all human history makes it accentuate makes it more important at this

00:31:30.240 moment but we shouldn't take exception to the view that we would have taken a hundred years ago or that

00:31:34.880 we would have taken a thousand years ago but the nature of of human agency that's the question

00:31:39.540 right now listening to this podcast as the sun climbs high into the morning sky there's a guy

00:31:45.200 in texas checking his fourth or fifth oil rig of the day making sure the machinery is in proper working

00:31:51.360 order you know just in case they start them up again and feeling that sun beat down on his neck

00:31:57.580 thousand miles away in iowa there's a farmer his wife is out digging in the garden she's planted behind

00:32:04.280 the house she's pulling bright red tomatoes right off the vine and over in florida there's

00:32:09.460 a guy walking the uncrowded morning beaches waving a metal detector in search of treasures unknown

00:32:15.220 what do all of these people have in common they're americans well beyond that they're also walking

00:32:22.360 around in really comfortable american-made socks you know it's really amazing when you know how the

00:32:28.200 industry starts to work when you look at socks you think that's easy it's not easy to make them in

00:32:34.400 america lost art lost machinery these socks are made here in america grip six and if you want socks

00:32:41.860 that'll keep your feet cool in the summer warm in the winter socks made with the latest in wool

00:32:46.540 technology and made right here in the u.s you don't have to look any further than grip six i wear them

00:32:53.380 i enjoy them i think you will too put your trust and hard-earned money in a company that does it

00:32:59.240 here in america grip six dot com slash back that's grip six dot com slash back the declaration of

00:33:08.500 independence and the constitution are called old outdated dusty documents that related to a

00:33:14.100 different era no because they are principles exactly they're universal eternal principles

00:33:21.140 now maybe the document the constitution um needs to be updated because we live in a new world where

00:33:30.060 no one saw the government the branches ceding all of their power to one branch nobody saw corporate

00:33:40.080 never in history did we ever think a corporation could be more powerful than the most powerful country

00:33:48.380 on earth so we didn't see that that document is not made for a group of people who are nefarious

00:33:56.120 that's right who and an uninformed or detached uh electorate that um that will stand for a government

00:34:05.680 making end runs because all of this stuff is just an end run your privacy fourth amendment can't do it

00:34:14.180 but facebook can that's right well i'll tell you i like i like your your uh approach to looking at

00:34:20.080 history to sort of remove ourselves from the current moment to remind ourselves of some of

00:34:23.200 these principles so there was actually i'll give you a couple cases that have nothing to do with the

00:34:27.240 moment we're in but that just ring all the way true to echo into the moment we're in today but

00:34:31.920 sometimes when people remove themselves from the present they can see things more clearly

00:34:34.720 so let's take it you brought up the fourth amendment so there was actually a case um i'm gonna

00:34:40.660 remember the name i think might have been called hansen but it was a case involving the the drug

00:34:45.060 searches okay so the war on drugs the government wanted to at random search people and to be able

00:34:51.500 to see people if they had drugs on them and not then after all we had a war on drugs that we had

00:34:54.820 to fight unfortunately there's this pesky thing called the fourth amendment that stopped them from

00:34:57.840 doing it so what they did was they they passed a law for the railroads of this country that said that

00:35:02.600 you know what we're not gonna as the government come onto your rail cars and search people

00:35:07.940 randomly as to whether or not they're carrying drugs what we'll do is we'll just pass a really

00:35:11.580 simple law that gives you immunity from any liability you can't be sued in state courts or

00:35:17.380 anything else if you the railroad operators search your passengers and search your workers

00:35:23.520 all we're saying is you can't be sued we're passing a federal law that says you can't be sued but

00:35:27.820 but you guys do it that's the private sector doing it and you don't have to do it you don't have to do it

00:35:31.220 yeah but but by the way we're also going to give you some threats through the back door and say

00:35:34.660 yeah we might regulate you a little bit more heavily if you don't really take on this shared

00:35:39.100 challenge of fighting the war on drugs the supreme court stepped in and said not so fast

00:35:43.420 you can't use inducements as the government to get private parties to do through the back door

00:35:49.540 what they couldn't get done through the front door under the constitution so in a certain sense

00:35:53.960 yeah you're right that our framers didn't necessarily expect it but they set up a three-part system of

00:35:58.120 government including a supreme court that was interpreting and applying the constitution

00:36:00.980 that correctly found that you could not use this railroad immunity statute to get railroad companies

00:36:06.820 to do what the government couldn't do directly i'm sure you see the ties but section 230 is exactly

00:36:11.460 doing the same thing for technology companies today give you another case this is uh this one was called

00:36:16.100 bantam books okay if i'm remembering the case right it's pennsylvania case where there's a bookstore owner

00:36:21.260 that was selling a book that the local prosecutor didn't like very much so he said i'd like for you to

00:36:26.700 stop selling the book the bookstore says no this is my private shop thank you very much i will

00:36:30.780 continue selling the book because i'm a private citizen running my own business so see you later

00:36:34.480 show your closed door on your way out prosecutor comes back and says you know what i discovered you

00:36:39.520 did a little something else over here and i'm going to bring a case against you in fact i'm going to

00:36:43.660 prosecute you unless you take down that book bookstore says okay now you got me he takes down the book

00:36:49.420 somebody wants to buy the book they said hey bookstore owner you got to sell me the book the bookstore

00:36:53.980 owner says no no i i can't sell you the book and normally you would say hey that's the decision of a

00:36:58.820 private party right that's just the free market well that that guy took the case all the way to

00:37:03.380 the supreme court and the bookstore buyer or the buyer the buyer the buyer yeah so it takes the case

00:37:08.860 and the supreme court says actually we're going to find state action in the bookstore owner's decision

00:37:14.640 even though the bookstore owner decided not to sell the book actually that wasn't the bookstore owner

00:37:21.060 deciding it that was the government making that decision because they used a threat to get the

00:37:25.260 private party to do what the private party otherwise wouldn't have done sorry and sometimes these

00:37:30.100 days we have to make a rhyme to make people remember things so my the rhyme i've kind of coined on this

00:37:33.900 is if it is state action in disguise then the constitution still applies it's pretty simple

00:37:39.900 actually the government can't use a private party to do through the back door what it can't do

00:37:43.580 through the front door so the good news about those cases when you're talking about a bookstore

00:37:47.580 owner from the 70s in pennsylvania or railroad cars were in the war on drugs this is something that we can

00:37:52.660 take off our partisan jerseys and republicans democrats oh yeah no i agree that was definitely

00:37:57.360 the right decision the supreme court made in the railroad case that was definitely the right

00:38:00.620 decision the supreme court made in the bookstore owner case well guess what wake up to what's

00:38:05.320 happening now okay if the government's making those same threats to a financial institution

00:38:09.280 for not being able to lend to a driller or a fossil fuel producer maybe you have the same problem

00:38:14.900 if they're making threats to a social media company to take down misinformation or hate speech

00:38:19.180 as the government defines it when the private company is ultimately correct acting they're the

00:38:25.240 ones clicking the button correct but if there's a different force lurking behind the scene maybe wake

00:38:29.280 up and say that it was railroad companies back then it was bookstore companies back then today it's

00:38:32.980 tech companies and finance companies but the same principles have to apply and so i i just love going

00:38:38.300 through our history where every moment we think we are the first generation encountering right a unique

00:38:44.980 challenge that's presented itself turns out most of our history we got 250 years and we got this far

00:38:50.740 we're still that was still the greatest nation on earth i think we figured some things out along the

00:38:54.380 way we just have to apply them yeah we just have to apply them we have to apply them so um let's let's go

00:39:00.120 back to the the basics because we've talked a lot about it uh about how the government is uh colluding

00:39:06.260 with industry and they think they're smart enough to make the decision so we see with global climate

00:39:12.740 change they have said fossil fuels and they've included nuclear energy for some reason natural gas

00:39:20.440 natural gas um they've said we this is not the future and so the governments have all decided that

00:39:28.560 and then because they decided that this is the friendly version of it because they decided that

00:39:35.120 the uh the banks know well if the governments of the world are saying this then i can't really give

00:39:44.580 loans to these big energy companies or the car companies unless they're going in another direction

00:39:50.540 because i know the laws are going going to be there yeah so i'm going to give you i'm going to give

00:39:55.620 you an example here glenn that um you i'm going to excuse you for excuse me for the complexity of it

00:40:01.540 it's not actually that complicated but it reveals the charade at the heart of that claim okay because

00:40:06.360 what you're right you nailed it climate risk is investment risk so what blackrock will say for

00:40:12.680 example is that the reason we're not investing behind companies that aren't participating in the

00:40:17.840 green energy transition isn't because we want to effectuate a social agenda it's because we're

00:40:21.800 capitalists and any any capitalist worth the salt would know this is the way the world is going

00:40:26.480 that the laws are going to get passed that if companies don't adapt that way and we don't use our

00:40:31.020 corporate voting power as a shareholder to make companies behave that way if we don't cause exxon

00:40:35.780 and chevron to cut oil production then they're going to go the way of the dodo that's exactly

00:40:39.660 larry fink's language well there's a couple problems with that first of all you have to then look

00:40:44.220 at actually blackrock's own role in driving that government policy look at how many of their alumni

00:40:48.440 are in this administration driving that policy so that's the most obvious critique but but but i

00:40:52.620 think i think you dig a layer deeper and you see the farce at the heart of it okay so in order to

00:40:56.260 believe that climate risk is investment risk which by the way if you if you uh disagree with

00:41:02.380 that in capital markets today you're a pariah someone was fired from hsbc for giving a presentation

00:41:06.780 that said that climate risk is not a serious investment risk he's not even denying climate

00:41:10.380 change or anything else he's just saying climate risk is not as big of an investment risk as you

00:41:13.360 say it is he was fired okay but wow oh yeah yeah so i talked to him uh you know shortly after that

00:41:18.080 you know i've had a conversation see you know to see if he was a good fit for strive but and what did

00:41:22.320 they say he was a guy in the uk so they put him on administrative leave for saying something so

00:41:26.920 preposterous as making a claim that climate risk may not be a bit as big of an investment risk as

00:41:33.440 people claim it is so that's the scope of where we've gotten not not even talking about the climate

00:41:37.940 change issue itself but even denying that it's an investment risk is the new form of denialism

00:41:42.700 anyway back to the point i was making is that okay that's what they say is that climate risk is

00:41:47.120 investment risk because the laws are going to change and investors need to take that into account

00:41:51.100 and according to al gore and larry fink you might be violating your fiduciary duty

00:41:55.740 if you don't take those climate risks into account okay hold that thought those same institutions

00:42:03.840 let's take blackrock for example are advocating for investments into chinese companies larry fink says

00:42:10.780 china is the possibly greatest growth area for investment over the next decade here's a fun fact that a lot

00:42:16.080 of people don't know okay when people buy a share of alibaba or of tencent these are some of the

00:42:23.720 biggest technology companies in the world are chinese companies and an american buys those shares

00:42:27.540 they think they own alibaba or tencent i'm going to share some facts with you they don't what they

00:42:33.800 actually own is a cayman shell company that has the name alibaba and tencent attached to it that has a

00:42:40.980 contractual arrangement with the real alibaba and tencent to get a share of the profits why is that

00:42:45.760 because there's a law in china that says that you can't be a non-chinese person who owns a chinese

00:42:53.380 technology company or chinese companies in many other sectors so it's illegal per chinese law to own

00:42:58.800 that so so what they've created is these cayman shell companies that have an entitlement to a profit

00:43:03.360 stream and then they sell them to u.s investors saying that hey you're actually buying alibaba and

00:43:07.940 tencent basically and they market the heck out of it that why do i bring that why do i bring that

00:43:12.300 question up wow i mean this is this is going to be like i think people could lose a lot of money

00:43:17.160 in the next four years if china invades taiwan it's done they're going to say that you know

00:43:21.180 we don't recognize those contracts anymore because they were always illegal under our law what china's

00:43:25.460 done in the meantime is they're not enforcing that occasionally courts have enforced it actually

00:43:29.380 so when yahoo tried to get some acclaim on on uh an ownership of an asset that it had that sat

00:43:34.360 under alibaba chinese courts actually said actually your piece of paper is worthless because under chinese

00:43:37.900 law we don't recognize foreign owners of these chinese companies so they do selectively enforce

00:43:41.780 it but most of the time china's looked the other way because they said okay let's keep the party going

00:43:45.420 but two trillion dollars worth of market capitalization in the united states of these

00:43:49.680 chinese listed stocks and i use stocks in quotes could be wiped out now why do i bring that up in

00:43:54.480 the context of the climate discussion we had it shows the hypocrisy where you know what i say

00:43:59.020 china risk actually is investment risk yeah it's not that there's some law that's going to be passed

00:44:05.720 in the future that these companies might not be aligned with under present law under chinese law

00:44:11.920 today it is literally illegal for an american to own a chinese tech stock and so we've created these

00:44:18.800 cockamamie phantom cayman island vehicles that are what trade on the new york stock exchange and yet

00:44:23.860 blackrock won't say a word about that which is a clear and present investment risk today china

00:44:28.420 investment risk but make up this myth that climate risk is investment risk even though they don't say a

00:44:34.460 word about the china risk right today that the laws will change 20 years from now and we're so

00:44:38.420 sure about that while we ignore the laws that exist today that create those you follow i'm saying oh i

00:44:42.740 absolutely do can i can i kind of shift gears a little bit on this i just read that china pulled

00:44:48.740 chinese stocks out of the stock market now is that only tech stocks that this law applies to

00:44:55.220 well this is this is part of a broader trend so what you probably saw recently was petro china and

00:45:00.260 sinopec yes agreed to delist from the new york decided to deal from the new york stock exchange

00:45:05.620 magically after nancy pelosi visits taiwan right probably the best thing she's done in her life as

00:45:11.320 an elected official if you ask me but anyway what this what this means is that so they're this is a

00:45:18.560 long story but they're voluntarily delisting now what they're saying is the reason they're delisting

00:45:23.800 is because they're being asked to abide by the same disclosure standards as american companies

00:45:30.080 which for years they got a pass yes right so so blackrock this goes back to the blackrock story

00:45:34.520 blackrock actually quietly lobbied for chinese companies to have lower listing standards in the

00:45:40.360 united states that was part of the mutual back scratching with the ccp for getting a license to

00:45:45.340 be an asset manager in china which is a great growth opportunity for blackrock well the u.s has woken up to

00:45:50.240 that and says okay at the end of the day if there's a company listed on the new york stock exchange and

00:45:54.060 it's a chinese company why should they get a special pass relative to any other company listed on the

00:45:57.740 new york stock exchange we're going to ask you over three years to phase in a disclosure regime that

00:46:03.280 matches the u.s standards so what the chinese companies did is they said that we don't want to

00:46:07.060 disclose information or have u.s auditors have the ability to audit the financials of our companies

00:46:12.340 so we're going to delist from the new york stock exchange but they also did it at a politically convenient

00:46:16.780 moment where they make the ccp the real daddy happy because nancy pelosi visited taiwan the ccp is not

00:46:23.360 happy about that so petro china and sinopec you know bend the knee to daddy and say that actually

00:46:27.700 we're going to stick it to the u.s and say that we're going to criticize the u.s for requiring these

00:46:31.880 equivalent disclosures of chinese companies and delists so so that's what we're starting to see

00:46:36.420 now what i worry about for the just from an american investor perspective is that so many investors

00:46:44.320 even in the funds they own will have exposure to these chinese stocks and every time i say chinese

00:46:49.460 stocks they put them in air quotes because they're not in many cases the actual stocks especially for

00:46:53.560 tech companies in certain industries in china where they don't allow foreign owners let's say

00:46:58.380 they delist what are those pieces of paper going to be worth nothing in china nothing is the answer

00:47:03.880 now in good times when china and u.s have good relationships china will say we honor that they'll look

00:47:08.540 the other way it's like the equivalent of government deciding to not enforce its own rules but the

00:47:13.900 moment that china and the u.s have geopolitical tension on an issue they care about like taiwan

00:47:18.360 easy weapon for them to say is actually two trillion dollars of value that traded on the

00:47:22.700 new york stock exchange or traded in american markets we're just going to wipe out and say

00:47:25.860 worth zero because our law all along said that there couldn't be a foreign owner of a chinese

00:47:29.640 company and you know the best part about this get to the global aspect of this the wto at that

00:47:34.580 time mark my words when this happens we'll say that actually technically china's right the world

00:47:39.280 trade organization because you know what we can't enforce as the wto a contract that was

00:47:44.480 actually illegal under chinese law so why are americans buying up shares of chinese companies

00:47:51.400 that actually weren't even shares of the companies but were shares of cayman island corporations that

00:47:55.440 chinese law didn't recognize as legal it's because financial institutions like blackrock have been

00:47:59.460 pushing it the whole time not at all highlighting those risks while picking up the figment of

00:48:05.080 imagination of climate risk as investment risk because supposedly the laws are going to change

00:48:08.980 40 years from now that's how ridiculous the farce is so in most parts of the country everybody has

00:48:15.060 gone back to school the kids are out um i'd like to ask you to help do good for kids who are facing

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00:49:32.960 today you get 30 off of your order i'm sorry it's uh good ranchers.com slash glenn same guy first name

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00:49:49.340 i'm a self-educated guy okay you've gone harvard yale self-educated guy you know what i respect the

00:49:57.980 hell out of that thank you um but i was called an imbecile in 2006 and 7 when i was saying none of

00:50:05.780 this stuff that the banks are doing makes any sense it will collapse you start to have higher energy

00:50:12.700 prices people will not be able to afford these mortgages that they shouldn't have had in the

00:50:17.000 first place that's right and everyone said to me all of the experts because i was living in new york

00:50:22.200 city at the time glenn you don't understand we have systems for this and i got to the point before

00:50:28.620 the crash of saying to them you don't understand you over educated arrogant boob all you have to do

00:50:36.520 is have something go wrong with the system that's right so we have made so many things now you

00:50:44.820 every if i hear this one more time from uh these educated boobs um where they are saying saying to

00:50:52.460 me glenn yes the dollar is bad and we've got problems with debt and everything else but we're

00:50:59.980 the best currency out there and i've said to them you are building your entire life around the fact that

00:51:09.180 you don't think anyone in the world will say you know what this is going down the crap can we're

00:51:15.740 already down the crap can we need something new and they'll do like what the brick countries are doing

00:51:22.140 right now putting together a new um global reserve currency you are either an idiot or so arrogant

00:51:35.740 or there is something else going on because everything you were just talking about the china

00:51:41.940 stocks god you know that yep and china we are headed towards confrontation god forbid with china

00:51:49.480 that is going to end and that is investment risk right that is investment risk right so how can you

00:51:55.720 how can you within good conscience tell american investors that climate risk is investment risk because

00:52:02.540 20 years from now the laws are going to have to change by the way because we're the people pushing for

00:52:05.460 those laws to change right well look them in the eye and say that we're going to sell you chinese

00:52:09.240 phantom stocks even though we know there's a collision course coming that could make the value of those

00:52:14.580 zero what's the reason why i mean i think a lot of this comes down to incentives right the people at

00:52:18.560 the top do not have aligned incentives with the people who they're marketing to at the end of the day

00:52:23.680 the people who they're in charge of leading their incentives are completely detached from one of them

00:52:28.100 even a lot of those bankers that might have laughed at you in new york city they're not dumb okay they knew what

00:52:32.580 they were doing their bonuses get paid out in cash at the end of the year correct okay you put that in

00:52:37.040 a house that they own or you put that into a plane that they own that's a hard asset that even if the

00:52:42.440 stock market crashes afterwards that i still have hard assets that i basically right cashed out right

00:52:48.780 when times were good so i think i think a lot of this starts with just raw incentive failures for the

00:52:54.460 people at the top at the end of the day blackrock generates a fee from the assets they manage including

00:53:00.240 in china they only get to generate that fee if they keep the ccp happy they only keep the ccp happy

00:53:05.820 if they shut up about the kinds of risks that the ccp doesn't want american investors to hear about

00:53:10.740 so so half of the story i think comes down to incentives i think the other half of the story

00:53:15.880 though glenn comes from the everyday citizen over the last 10 years having blinders on and one of

00:53:23.160 things i love about as i've started more recently since you and i began talking i actually listen to your

00:53:26.700 program a lot more now knowledge is power right i agree with you the empowerment from having your

00:53:32.760 eyes open once you see it you can't unsee it i know you have to see it the first time and i think

00:53:38.160 i think we got caught up in this cultural moment some of this i attribute it to sort of my generation

00:53:43.480 millennial generation and younger but i think it's true of all generations in america right now where we

00:53:47.740 were so hungry for a cause and purpose and meaning and identity at a moment where the kinds of things

00:53:56.960 that used to fill that hunger for cause and purpose right pick your favorite one faith patriotism hard

00:54:03.800 work whatever happened that family whatever might have given you purpose and meaning we lived in a

00:54:08.740 moment and this is also in the aftermath of the 08 crisis right around that same period with this

00:54:12.300 cultural trend of this country where we have this hunger for purpose that we used to fill with these

00:54:17.000 other things that we lost and so we have this vacuum and we were so hungry for a cause and purpose

00:54:22.960 and meaning and identity that we latched on to yes whatever it is whatever it was that was presented to us

00:54:29.100 so then you look at the incentives were half destroyed the guys on the top have an incentive

00:54:32.000 to create the global climate catastrophe or whatever whatever the religious narrative of the day is

00:54:37.260 and then to sell that to you but we were we i mean so we as a people latched on to it because there was

00:54:43.140 this vacuum at the heart of an entire generation it is the reason why it's the reason why i pulled back

00:54:49.500 from the tea party because the tea party was becoming not about principles you know if it if our side does

00:54:56.760 it then it's okay don't pay attention to it that's wrong that's right it's it i agree with you i've been on

00:55:01.880 the air television since 2006 i've never had an american flag as part of my set logo or anything because in 2006

00:55:13.980 i could see everybody is loving the american flag it's no longer just a little representation

00:55:22.420 representation of principles it's becoming a party and a movement that is a fetish yes yeah and it can't

00:55:32.160 be about that i agree with you and i think that that's that goes to this human need is one of the

00:55:37.960 things about we were talking about earlier about fundamental human nature we're free agents in the

00:55:41.520 world and that's that's the beautiful side of our autonomy as individuals and human beings but we also

00:55:47.120 have a frailty as human beings and one of our frailties is we need to believe in something

00:55:52.080 higher and greater than ourselves it's it's it's it's it's any any thinking person through human

00:55:59.620 history recognizes that basic human need we all have and and the good news is we have the kinds

00:56:06.120 of things that human beings have created to fill that need that are time-tested religion i think

00:56:10.060 fits that description i think national identity fits that description but that's why that's why

00:56:15.820 there's uprising all around the world because the loss of national identity yes the loss of national

00:56:21.280 the elites say that's not good that's hatred religion too by the way right but you know exactly so

00:56:26.900 and so when we lose that that allows their new religion to fill that void correct pickerism wokeism

00:56:33.040 climate changeism whatever whatever your scientism which is the same thing as science filling that

00:56:38.100 void and so it was this two-part thing going on where they had the incentives to do it top down

00:56:42.420 but they had a susceptible population that was vulnerable to being sold this new form of psychological

00:56:49.280 snake oil teaching an entire generation this is what the whole birth of what capitalism was this

00:56:53.780 is half the story you teach an entire generation that you can fill your moral hunger by going to

00:56:58.860 ben and jerry's and ordering a cup of ice cream with a cup of morality on the side without realizing that

00:57:03.920 you don't really satisfy a moral hunger with fast food we were hungry for more substantial fare but we

00:57:09.100 fell for it because we were living in this generational moment where we lacked that sense of cause and

00:57:14.960 purpose and meaning and identity so i think part of this is dismantling it top down but but the other

00:57:19.060 half of it has to be filling that vacuum with something more meaningful that we miss and that's that's the

00:57:24.480 way i look at this so is this why we have a lack of you know we as conservatives i want to preserve

00:57:34.860 our history the true history bad and good but i'm not looking to return to that exactly i'm looking to go

00:57:42.880 forward with workable principles that can unite all of us and there is so i am uh i'm an optimistic

00:57:52.400 catastrophist okay i like that description thank you and i i i'm a i'm a wannabe futurist i look at

00:58:01.980 technology i'm fascinated by it i'm thrilled by it but i am also terrified that nobody seems to be

00:58:09.760 looking at the big ethical questions and are talking about them with human beings at this point

00:58:15.620 because it's just going to be in our face and people just go uh that yeah you know what i mean

00:58:20.840 it's not good um and uh there are these big things that we can look at and say because i've said that

00:58:28.340 look your life in 2035 forget about all the esg and everything else let's just say that

00:58:34.260 things were sane and the free market ruled okay and the constitution we had a rule of law

00:58:41.100 capitalism and democracy are back right okay you're the life that is coming through technology

00:58:47.840 is completely unrecognizable from today and that doesn't have to be a scary thing it's just the

00:58:56.540 it's just the industrial revolution jam-packed into the next 10 years okay you're going to go from a

00:59:03.800 farmer to living in a city you know that much of a change and it's exciting i think we can we'll solve

00:59:11.000 cancer we can solve all these questions that have plagued humankind no one is talking about that in an

00:59:19.680 inspirational uh place i agree with you glenn i think that i think that um this is separate than

00:59:26.240 the topics you and i usually talk about but it's really interesting to me is so i i would draw a couple

00:59:30.360 rules for the road that prepare us for that future okay we're able to harness the power of an i think

00:59:36.560 at this point inevitable revolution of technology oh indefinitely that unlocks both promise and

00:59:42.320 medicine and other spheres of our lives from from the daily convenience to the way we're able to live

00:59:45.940 our daily lives and get more out of a day great but but where are the risks so there's there's a

00:59:50.540 couple rules of the road that again no one's talking about but i think we ought to be talking about

00:59:53.940 more one is i think the distinction between kids and adults okay i think one of the things we're

00:59:59.220 missing is a generation of fully formed citizens that are no longer vulnerable to have their their

01:00:07.420 weak points preyed upon by advertisers but also by technology itself so i'm kind of i'm kind of become

01:00:13.340 i could have never imagined these words coming out of my mouth 10 years ago but i'm coming around to

01:00:17.400 the view that you know what if we say you can't smoke a cigarette until you're 18 years old yeah

01:00:22.700 you probably shouldn't be able to use addictive social media till you're 18 years old either now

01:00:28.300 when you're an adult you're a fully formed citizen right we have we should create the cultural

01:00:33.240 institutions civic institutions education family institutions that basically create a fully formed

01:00:39.540 citizen that isn't vulnerable to be preyed upon but what social media companies their entire model

01:00:44.440 is built upon the algorithms underlying them is to prey on psychic insecurities yes that cause you

01:00:50.920 to click on this not this more quickly and that's what the ai works on is really the brilliance of

01:00:56.120 modern ai is in part the ability to gain a window into your soul that i could not possibly have your

01:01:02.360 soul individual not collective individual level that you don't even have to that i don't have into my

01:01:08.180 own soul that's what these algorithms do but i think that if we have fully formed confident

01:01:12.860 well-acculturated citizens that makes it i think a lot less problematic it's just less problematic

01:01:19.340 right and it'll find the weak spots but it's a it's a different it's a different problem when we're now

01:01:24.200 starting with an entire generation of kids who have themselves been shaped by the algorithm i'll tell

01:01:30.480 you what i mean so it's not just that the algorithm is better at selling you something or getting

01:01:35.260 addicted to tiktok when a kid sees a tiktok video the way the kid behaves in the real world

01:01:42.340 is informed yes by tiktok so yes so the tiktok world we see online yes becomes the way those

01:01:48.800 kids act out their realities do you remember that is ai working you remember i don't know how old are

01:01:53.440 you i'm 36 okay i'm 37 i'm 37 i just turned 37 so i remember the early days of mtv and the the question

01:02:02.820 then was is mtv because they had the little social group remember that is it reflecting the world or

01:02:10.360 is it making the world correct it's exactly it's correct it's the tiktok question of our time i think

01:02:14.520 that is answered though now you know what i mean now it's answered because the algorithms do something

01:02:20.580 fundamentally different yes because because tv is a linear media real time but but this does it in

01:02:25.340 it is such an iterative micro real time millisecond moment that they're actually shaping the world so

01:02:30.380 it's a rule of the road one anyway you said we should be talking about this i agree let's talk

01:02:33.420 about in the open and this you know some conservatives might chafe at this some liberals might chafe this

01:02:36.860 i don't care i might i would have chafed at this 10 years ago yeah but i think we got to draw a hard

01:02:41.480 distinction between the way we think about the interface between kids and technology and the way we think

01:02:46.160 about the interface between adults and fully formed citizens and technology because part of it's living in a

01:02:49.700 free world but even in a free world even with free autonomous citizens we all recognize that a 10 year

01:02:54.200 old is not yet a free autonomous citizen needs to be acculturated into society before he's able to live

01:02:59.960 as a free autonomous citizen and i don't think we're drawing that distinction right now so that's the

01:03:02.620 first one the second one i think this is really important i mean with the rise of the metaverse okay

01:03:08.720 and facebook's rebranding itself to meta etc the rise of the metaverse is we need to be in a position to

01:03:14.640 draw boundaries between the physical universe and the digital universe i think the digital universe

01:03:21.520 empowers us to live our lives in the physical universe more effectively more healthfully

01:03:28.280 overcoming cancer overcoming other medical conditions through the genomics revolution

01:03:31.520 having the convenience of food delivered to our door if we want it at a time when we would have had

01:03:36.140 to go 30 minutes to be able to get it that's 30 minutes we can spend doing something else that's

01:03:39.560 great but i think that where we lose the risk is when the boundary between the physical world and

01:03:45.800 the digital world is dissolved that is what the promise of the metaverse is all about is at the

01:03:51.160 end of the day we require this space as a sanctuary from the otherwise ever expanding digital world that

01:04:01.080 we've created yes so the way i think about this is is we need certain principles rules of the road for

01:04:07.000 the brave new world we're entering and so long as we're able to erect those boundaries the boundaries

01:04:13.220 between the physical world and the digital world the boundaries between adulthood and childhood

01:04:18.680 then we are able to at least still be the people who are in charge as the autonomous agents and

01:04:25.080 leverage the power and the promise and the inspiration that comes from that technological revolution yes we

01:04:30.080 should find the inspiration in it but we can only find the inspiration if we can ultimately protect

01:04:34.620 ourselves from otherwise the ever expansive force that it would have on our lives and it's not that

01:04:38.460 hard but we got to be able to talk about can we go can we go a step further on this but i didn't plan

01:04:43.240 on talking about any of this um can i go could i ask you to consider a step farther on this i am

01:04:51.140 you know they could already just by the way they rank results they could change the way you vote

01:04:57.600 absolutely 80 or 90 change the way you already do yeah they already do yeah um um i i'm one of the

01:05:06.560 only people that i think uh believes that the third amendment you know about quartering soldiers

01:05:12.380 is like oh that's old-timey that i think that's happening right now i think with the government

01:05:17.580 involvement with these big tech companies these tech companies are holding our papers you know

01:05:26.500 they're interesting they're collecting all of the information much more than a soldier

01:05:31.440 would if they had to be standing there in the house because you would have your guard up yep okay

01:05:37.920 so they're gathering all of this information they know what we think they know what buttons to push

01:05:44.060 i mean this is really kind of a nefarious thing but it's already happening at some level interesting

01:05:48.940 i mean i think i've thought about this in the context of the first and fourth amendments uh deeply

01:05:52.520 and also in terms of the even article one and article two in terms of lawmaking and the

01:05:57.540 enforcement has a checks and balances system that you can't evade by effectively passing those laws

01:06:02.260 i have not yet thought about it in the form of the third amendment in real time just reacting to you

01:06:07.480 i think i find that especially compelling when you smoke out the lurking state action yes behind the

01:06:14.840 scene of that tech company because then actually it's not some new problem correct it's just the old

01:06:18.640 problem correct disguised in modern clothing correct so so in a certain sense what you just described

01:06:23.660 is is really um it was it was actually an original take but actually you don't have to be that

01:06:28.220 imaginative no to get there it's really just hiding in the veneer of modern technology virtual

01:06:33.700 soldier if they are in bed it's it's it is a state actor it's not it is not even a virtual it is a

01:06:39.620 soldier right disguised in virtual clothing correct right so so to take that a step further what i'm

01:06:45.640 concerned about i mean we all you know who edward bernays was the i don't okay he was the guy who

01:06:52.580 they called it at the time uh in the 1920s or 1910s he was the really the birth uh he was the father

01:07:02.540 of modern advertising okay when he started it he named it propaganda okay after the second world war

01:07:09.860 they just clearly said all of it is advertising but he went in and how do we deliver subtle messages

01:07:17.180 how do we do this how do we bend people here in his words how do we take uh america a country that is

01:07:24.360 is totally centered on needs and make them center on wants okay and his transition very interesting

01:07:36.040 stuff okay his his cousin was freud is that right oh yeah oh wow it runs to the family oh yeah it's

01:07:43.320 phenomenal the impact so i gotta i gotta learn about this so i frequently um yeah i frequently

01:07:50.400 signal that capitalism would be the perfect system for organizing any society's affairs i i describe it

01:07:57.500 as the least imperfect system but i would describe it as the perfect system for organizing a society's

01:08:01.300 affairs so long as our wants match our needs yes and to the extent that you're going to find

01:08:07.660 something wrong with contemporary capitalism it can be explained i would posit 100 by the delta

01:08:15.700 between our wants and needs that daylight is what allows the social media companies correct to pick

01:08:21.540 at the fact that if you wanted what you needed there was no gap space to pick up correct but it's it's

01:08:27.140 the extent to which our as human beings our wants diverge from our needs correct that that you're

01:08:32.160 able to see the failures of capitalism by creating opportunity for someone to pick at the difference

01:08:36.240 and the difference between the two i have a word for that it's a it's a it's a crude word it's a rough

01:08:39.840 it's a rough word we call that virtue the difference between our wants and needs and so it's a virtue to

01:08:45.800 me is a precondition for capitalism to work it's not a product of capitalism yes it is a precondition

01:08:50.980 for capitalism to work which just relates to earlier discussion that idea of faith or patriotism or whatever

01:08:54.660 that was those are the building blocks of virtue right out of adam smith it really and people

01:09:00.380 forget the side of adam smith right actually people forget the side of adam smith and the beauty

01:09:03.720 they've never read moral sentiments his history delivers us these coincidences 1776 was the year

01:09:10.040 of both the wealth of nations and the declaration of independence it wasn't just one of them both of

01:09:15.420 them are america's parents and i think that i think that you know virtue capitalism without virtue

01:09:20.940 is something that doesn't work a self-fulfilling beast that eats itself from within exactly but

01:09:26.100 virtue as a precondition for capitalism that's what we're that that that's that's the missing

01:09:30.680 element it's the missing shade of is in my next book what i call kind of the missing shade of red

01:09:34.500 you know david hume talked about the missing shade of blue it was this experiment for how he would

01:09:39.240 talked about induction and how we were able to learn things from from prior knowledge we have and so he

01:09:44.060 had different shades of colors and his experiment was the missing shade of blue i i kind of call it the

01:09:48.400 missing shade of red talking about today's conservative movement missing this affirmative

01:09:52.880 alternative vision yes of virtue that's a missing shade of red we're really good at taking a hammer to

01:09:58.580 the poison less good at actually filling that void with something more meaningful i just had

01:10:03.620 we've gotten to the question on the other we are we could go days um but i just had a conversation

01:10:10.480 with somebody about that and i it is the idea that martin luther king had you have got to be a

01:10:20.120 disciplined virtuous spiritual being human being yes you have to do that and i talked to these

01:10:28.000 christians and they're like yeah but we got to go in and fight we're like yeah you stand up for his

01:10:32.780 right what's right but you don't violate your principles you have to know what you're fighting for

01:10:38.560 correct and not grounded as an agent there's no way around that you become deputized as a mercenary

01:10:43.360 for someone else's battle without even knowing that you got deputized right and so that's i think

01:10:47.760 and i think this is where this is where i think the conservative movement needs to go to needs to go

01:10:51.240 from here is it about owning the libs or is it about standing for some sort of affirmative future

01:10:56.040 vision okay we did the own the libs thing okay and and you know i mean 2024 it says ronald

01:11:01.460 the courtman is there a leader who's going to step i don't know i mean but it's not even in

01:11:05.500 politics though it's just even for our culture and it's even beyond conservatism it's the revival

01:11:10.080 of an american movement are we going to have are we going to have leaders in different spheres of

01:11:15.140 our lives educational cultural political in the market who are able to fill that void in that vacuum

01:11:21.500 with something more rich and meaningful that dilutes the poison to irrelevance or are we going to remain

01:11:26.380 obsessed with our addiction to just taking the hammer to the poison one at a time because that's a

01:11:30.400 game no one's going to win because there's going to be a new poison that fills it as soon as we

01:11:33.280 take a whack-a-mole to the old poison instead and that's what we i say we myself included yourself

01:11:39.040 included we need to do a better job of that we have forgotten that just because we can doesn't

01:11:47.140 mean we should yeah you know what i mean yeah exactly i like that we we strength is part of

01:11:52.880 virtue at times as well yes yes standing up and yet being restrained you know and i think that is

01:12:00.200 actually but but but i actually think that is the best way to fight it is you if you're if you're

01:12:06.960 fighting against a bottle if you're fighting against a bottle of poison you take a jackhammer

01:12:12.240 to it the poison still spilled on the table you might have felt like you defeated it you dilute it

01:12:16.360 to irrelevance with with gallons worth of actual what i call virtue but gallons worth of actual

01:12:22.800 substance of what you affirmatively care about and stand for you dilute the poison but you're also

01:12:27.400 irrelevance you're also doing if you hit it with a hammer you will continue to do what the left is

01:12:33.700 doing now that's right and that's that's only making people stronger and smaller you know they'll

01:12:40.880 they'll shut up i want to know who the klansman is on my in my neighborhood you know what i mean

01:12:45.800 i want to know who they are but they'll they'll clam up they'll clam up you were you were so right

01:12:51.360 about that so this is my when i spike when i speak to left-leaning audiences one of the things i i've um

01:12:57.400 tried to be as careful as i can there's so few people today who are able to speak to audiences

01:13:03.860 outside of their echo chambers i traveled the country after i wrote woke inc and and you know

01:13:08.440 went to college campuses went to universities with with our left-leaning audiences i don't care about

01:13:12.900 the politics of it but one of the things that one of the things that i point out is let's just take

01:13:18.340 a psychological analogy okay any psychologist worth his salt and let's say there's a patient who comes in

01:13:23.260 who suffers from latent anxiety but but he's long over it it's like mostly gone and he's just coming

01:13:29.720 in for a checkup visit you know a decade later the last thing you want to do as a psychologist

01:13:35.880 is scold him and yell at him don't be anxious don't be anxious don't be anxious because you're

01:13:41.880 going to ultimately take that last burning ember and throw kerosene on it yep and i think that's what

01:13:46.780 the left has done in this country to the it's what you call the superego in freudian terms yeah

01:13:51.500 throwing kerosene on the last burning embers of say pick your favorite r word racism pick your

01:13:56.740 favorite ism okay it was quietly just burning the last final burning embers are just burning itself

01:14:02.840 out you yell at somebody don't be racist don't be racist don't be racist and if you are we're coming

01:14:07.580 for you you're just throwing kerosene yes and creating a new wave of not just the anti-white

01:14:11.780 racism from anti from the anti-racist movement but creating now a new wave of anti-black racism

01:14:15.960 that otherwise wouldn't have existed if it weren't for the gestapo yes approach that we took to smoking

01:14:19.860 out so so what does this mean for us we can't fall prey to the same problem in reverse because you

01:14:25.940 inflame the very thing you thought you were extinguishing right you have to fill it with some

01:14:30.320 other more rich and meaningful you have to fill that void some other some other sense of more rich

01:14:35.240 and meaningful purpose that's and substance that's what that's what i'm saying that's what there's the

01:14:40.760 lack of leadership who is uh who is going to step up and elon musk is the is one of the only people

01:14:50.280 that i know that is doing this that will step up like john kennedy and say that's who we are that's

01:14:57.780 where we're going to go and and not through force but have such an aspirational vision that we can

01:15:07.760 all go that's that's why we won our independence is not because of anything other than we hold these

01:15:16.680 truths to be self-evident that's right that was such and still is such an aspirational goal that had

01:15:24.520 never been uttered before now we just think that's the way it is when it's not yeah exactly you know

01:15:29.280 it's easy to say in retrospect that you always assume it was this way who how do we get people

01:15:34.400 to understand we've got to start looking forward and that's why i'm not particularly optimistic

01:15:40.300 about our politics as the mechanism for delivering that leadership i mean we're so ossified and the

01:15:45.020 system is built such that right now that's not going to come out of our politics i'm more optimistic

01:15:50.040 in the other free spheres of our lives like the markham you brought it brought up elon musk

01:15:54.120 you know he he i loved what he was on the cusp of doing and we'll see how the story ends with

01:15:58.680 respect to twitter yes now now comes the pragmatist in me okay is say that yes that's the way to do

01:16:04.380 this let's do it by picking places where we can actually deliver victories and then use those

01:16:11.880 victories to deliver more victories something more meaningful that's galvanizing that gets people

01:16:18.680 to understand we're doing fulfilling a fundamental human need together i mean that's why i started with

01:16:22.940 the energy sector for example right because elon's challenge at twitter is that i don't really care

01:16:27.880 about the i mean i do but the twitter thing he is you're talking about you know i'm talking about

01:16:32.320 going to mars going to space yeah exactly so so where do we need to go and i think the same thing

01:16:37.000 with respect to innovation in american energy absolutely nuclear power whatever the case may be

01:16:42.160 now that smokes out so so one of the reasons i like that discussion is it smokes out some of the

01:16:47.360 poison that you might not otherwise see because you take the opposition to nuclear energy right now

01:16:52.140 right so supposedly there's a climate crisis which needs to have energy sources that we need to

01:16:57.300 rely on that don't emit carbon dioxide in the atmosphere okay we can we can debate that till

01:17:01.620 our faces are blue but let's let if we take that as a premise for now okay well great nuclear energy

01:17:07.620 is actually one of the most promising ways to have a sustainable form of energy that's carbon neutral

01:17:12.060 and yet the very opponents of fossil fuels are many of them at least are opponents of nuclear

01:17:16.660 energy so what's going on there well the problem with nuclear energy and i think it's worth seeing

01:17:22.060 this because it's representative of other discussions we would have too on other subjects

01:17:25.500 but the problem with nuclear energy is that it's too effective at solving the energy crisis which means

01:17:31.580 that you can't load in a bunch of other poisonous agendas in the veneer of solving the energy crisis

01:17:37.420 because if you solve the energy crisis then you can't pack in all of those other agendas it's almost what

01:17:42.000 uh tesla was told by i think aster at the time wait a minute wait wait wait wait free energy

01:17:48.860 no if i can't invest unless i can put a meter on it yeah you know what i mean and it's the same kind

01:17:56.120 of thing if i can't get my agenda through that's right that's right and so that's that's but that's

01:18:01.400 another side benefit of the model you just laid out which is let's be aspirational and and and go

01:18:07.380 together yeah to a shared to a shared future that we can all get behind as free citizens if we want

01:18:11.360 to correct but then the people who may not there's many reasons why people may not want to go in a

01:18:16.440 given direction but it smokes out you know those reasons that otherwise were hiding by the surface

01:18:20.840 because nuclear energy oh supposedly we were we opposed it because it was not effective at solving

01:18:25.140 the energy crisis now actually if you look at the facts it is the reason to oppose it is that it might

01:18:29.000 be too good at actually failing us from doing the thing that we were going to do by capping fossil fuels

01:18:33.560 which is delivering equity between the developed world and the developing world which was actually

01:18:37.660 the real agenda which is to say that actually if we make western nations stop burning fossil fuels

01:18:41.560 maybe their growth rates will actually taper out we can even things out so nuclear energy you know

01:18:45.540 betrays that myth let me ask because i think you can prove it to be right or wrong um about 2007

01:18:52.900 i remember i was on the air and i don't remember what we were talking about but i remember having this

01:18:58.780 like light bulb went off and i went wait a minute if you really want to uh you know make sure that

01:19:08.200 there's equity then what has to happen is you you've already tried to bring the world up to american

01:19:15.060 standards and you can do that it's just going to take a long time if you don't want to spend all that

01:19:22.020 time you just bring america down that's right that's everybody and that's what's happening that's

01:19:27.040 exactly this debate right so so that was that was what the goal was disguised as addressing a climate

01:19:33.260 agenda by reducing emissions by disproportionately reducing those emissions by reducing production

01:19:38.560 and utilization in places like the united states but then comes along a different solution like

01:19:43.180 nuclear energy that says you know what we don't have to actually do that if we're actually able to

01:19:48.380 fill our energy needs as well and supplement them through nuclear energy but wait a minute if we do that

01:19:54.080 then we lose our vehicle for advancing the global equity agenda because that doesn't bring the united

01:20:00.140 states or the west down it actually allows them to continue growing and prospering in the way they

01:20:04.660 have that's the source of some people's opposition to it now for other people you would say actually

01:20:08.800 you might change their minds and say that actually you know what if that does solve the problem i will

01:20:12.860 get on board with that yes so that's that i think that's anyway that's the promise of affirmative

01:20:16.880 solutions correct is that on one hand you'll bring along people who you didn't otherwise wouldn't have

01:20:20.600 otherwise brought along and you smoke out the hypocrisy at the heart of what was really the

01:20:25.020 opposition to the forward-looking agenda in the first place so let me uh let me switch to a positive

01:20:33.460 solution um and that is what you've done with strive and drll explain and uh tell me how it's going to

01:20:43.340 make a difference yeah i mean this is where i got disillusioned with politics i say let's solve these

01:20:47.920 problems through the actual market itself right so so i found it strive earlier this year to compete

01:20:54.020 with blackrock to say that you know what the world's largest asset managers are using trillions of

01:21:00.280 dollars of other people's money your money our money the money of the people who are watching this

01:21:04.760 to invest in american companies but to mandate that those companies adopt social and political agendas

01:21:10.720 that but not only those americans don't agree with right not only that but they are taking

01:21:16.140 many people's retirement funds and then forcing these companies to do something that blackrock

01:21:22.800 will say well you're probably going to have to take a hit for 10 years but it's the future no wait a

01:21:28.240 minute that's my retirement exactly exactly and and so that that i think is i don't use this word

01:21:34.300 lightly i mean i think that is the largest financial scam of the 21st century it is a fiduciary breach it is

01:21:40.280 a large-scale multi-trillion dollar breach of trust and the problem glenn is nobody stepped up to the

01:21:46.980 table to solve it so i didn't think i was going to actually be doing this i thought i was done i mean

01:21:50.620 i had a successful biotech business it's a multi-billion dollar company got some drugs approved great i thought

01:21:55.220 i was writing books and moving on to like a different phase of my career after business but then i went

01:22:00.300 around to the asset management industry i sat down with ceos of other large asset managers

01:22:03.540 and one of them maybe it was a particularly shameful experience in my in my opinion where i sit down

01:22:08.420 with them and he says that i agree with everything you're saying i can't say it publicly because

01:22:12.840 calpers and the state of new york might pull their money and they're big clients and then i look at

01:22:17.180 his statements and they're the exact same statements indistinguishable from what larry fink would be

01:22:21.460 saying on a given day so it spreads where the market isn't fixing this for a whole bunch of

01:22:25.900 structural reasons you know what i said is okay well if you're beholden by your legacy clients and by

01:22:30.720 the way they do a lot of business in china to this other asset manager i'm talking about so if you're

01:22:34.780 doing business in china and china wants you to behave in a certain way in california and new york demand

01:22:38.300 that you behave a certain way guess what i don't have those legacy commitments so let me start a

01:22:43.060 new asset manager and by the way i'm going to call it strive and i'm not going to do business in china

01:22:47.560 because i want to actually serve american clients in their own best interest and i can't be a fiduciary

01:22:53.220 to you if i have the ccp's boot on my neck and what strive is going to do is going to invest money in

01:22:59.860 those same markets that black rock state student vanguard are in the same format of funds index funds that

01:23:05.080 just track the market or track a given sector passively managed funds but with a key difference

01:23:11.000 we deliver a mandate as a shareholder this isn't an ask this isn't a suggestion this is a mandate as

01:23:18.100 a shareholder that you the companies behave exclusively according to what allows you to

01:23:23.620 deliver excellent products and services to your customers over any other agenda social agenda

01:23:28.180 political agenda i don't care that's it and you maximize shareholder value that way no agenda not

01:23:33.740 a right-wing agenda and a lot not a left-wing agenda a product-focused customer-centric agenda

01:23:37.400 you believe we have to actually demand that from companies now we because of the esg movement i know

01:23:43.780 chokehold on the economy the irony is what would have been obvious became a contrarian opportunity

01:23:49.020 so so you use um you actually have talked to ceos of these large energy companies i have absolutely

01:23:56.700 and what do they say so so this is why so we started with so strive is an asset manager company

01:24:02.340 with blackrock we our first fund that we launched on the new york stock exchange was a u.s energy fund

01:24:06.720 and i specifically knew this was the right place to start because this was the sector most damaged

01:24:13.180 by the demands of the esg movement so when blackrock and state street and vanguard voted in

01:24:19.600 favor of scope three emissions caps at chevron which requires chevron to take responsibility for

01:24:25.840 the fuel emitted by an amazon prime truck delivering food to your house chevron's board recommended

01:24:31.440 against it when they put the climate activist directors onto exxon's board exxon's board had first

01:24:36.280 said no no we don't want these climate activists on our board but they voted them in favor anyway

01:24:40.100 so what i saw with the oil and gas sector with the energy sector is these aren't the employees of

01:24:44.780 twitter they actually want this new shareholder mandate so it's not like we're going to have to

01:24:49.160 bring a shareholder mandate and change the behavior of employees they're waiting for a white knight to show

01:24:54.240 up and deliver them the post esg mandate i gave a speech to the intercom conference in denver earlier

01:25:00.240 this month i got a standing ovation at the end of the speech from a room full of oil and gas executives

01:25:05.580 because they're hungry for a new shareholder to mandate to behave this way and that was the power

01:25:11.060 of what we saw with the launch of drill i mean it was so do you know drill drll was that was the first

01:25:16.140 such fund we listed on the new york stock exchange we made it over a hundred million dollars in the

01:25:21.860 first week we're well on track to making it past two hundred million dollars as of the second week

01:25:25.760 you told me at one point if you could get up to a billion dollars by the i think you said the end of

01:25:30.480 the year it would send some shock it would send i would turn heads in capital markets it would it

01:25:35.620 would send shockwaves through the boardrooms of the u.s energy industry because blackrock's u.s

01:25:39.500 energy index fund is actually not as big as you'd expect it's only about 2.1 billion dollars so if

01:25:43.920 this new first-time asset manager is able to harness the voice of the everyday citizen to deliver this

01:25:49.600 new mandate the executives of the energy industry are saying you know what that's where the puck is

01:25:53.820 going guys that's how we're going to behave thank you very much esg we'll put that in the rearview

01:25:57.960 mirror and then the beauty of it going one of the things i loved about our first couple weeks was

01:26:01.860 the average trade size so when when you know the drll trades in new york stock exchange the average

01:26:07.760 trade for us was in the first week it was something like less than five thousand dollars compared to

01:26:12.980 the other etfs that got to over a hundred million dollars in the first week so those are the big

01:26:16.820 ones you know we had over a hundred million the first week as well they were like millions of

01:26:19.860 dollars on average by comparison and to me that's the power of what we can do through the market

01:26:24.740 is really this this positive uprising i mean i mean in the positive sense the awakening of everyday

01:26:31.300 citizens who are able to say you know what i don't have to just vote every november i vote every day

01:26:36.480 with my dollars and i can use my own dollars to not only make industries more valuable which

01:26:43.240 hopefully allows all of us to make more money in the long run as an economy but also to deliver the

01:26:48.200 voice that matches my values to corporate america and my values for many americans is to tell energy

01:26:54.220 companies to be great energy companies to say that if you're an american oil company you should drill

01:26:58.060 if you're an american gas company you should frack you should do whatever allows you to be most

01:27:02.480 successful over the long run without regard to klaus schwab's or larry fink's environmentalist agenda

01:27:08.900 or cultural agenda or social agenda and it's a free country if you want to deliver that message with

01:27:13.680 your capital great you can go to black rock you can go somewhere else it's a free country i'm not

01:27:17.800 saying people shouldn't be free to do that with their own money but for everybody else

01:27:20.560 there wasn't even an option and i think that's what we wanted to bring to the table and i'm

01:27:26.020 optimistic that if we can change the u.s energy sector that way we can do it to every sector of the

01:27:30.060 economy and hopefully go beyond partisanship to reawaken the true promise of both american

01:27:35.520 capitalism and american democracy one more thing i just want to get a comment from you on this

01:27:40.900 yesterday saudi arabia uh kind of not good on the es orgy just invested about four what was it 450

01:27:54.340 million dollars uh into blackrock yeah i saw this i saw this announcement between blackrock and

01:28:00.640 it's really it's really interesting to me how it's sort of esg for thee and the rest of the world for

01:28:06.720 me right that's kind of blackrock and if i'm saudi arabia at this point i don't mind crippling

01:28:13.500 america oh yeah it's your market share because you can supply the market right so so the more of an

01:28:18.480 energy shortage there is if american energy companies are filling the void it's saudi arabia china and

01:28:22.100 russia yeah the good news is glenn at least as of now i don't think it's too late everyday citizens

01:28:26.920 are empowered to be able to do it and you know is it great for my business or whatever if our etfs get a

01:28:33.300 lot of money sure but i there's better ways to make money and i wasn't even in the phase of my

01:28:37.100 life where this was a priority for me this is about actually empowering the voice of the everyday

01:28:41.500 citizen through the market which is going to make i believe a much bigger difference for our culture

01:28:45.780 than our politics and drll is just the first step of that journey so you are inspiring you really are

01:28:51.340 back at you brother i mean i thank you for having me today you bet this is a lot of fun

01:28:54.220 just a reminder i'd love you to rate and subscribe to the podcast and pass this on to a friend so it

01:29:05.660 can be discovered by other people

The Glenn Beck Program - August 20, 2022

Ep 151 ｜ Why ESG Is the Biggest Scam of the 21st Century ｜ Vivek Ramaswamy ｜ The Glenn Beck Podcast

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