They Lied About 1,000,000 Jobs — The Salary Era Is Ending

Right now, millions of Americans are Right now, millions of Americans are quietly losing their jobs. Not factory quietly losing their jobs. Not factory quietly losing their jobs. Not factory workers, not retail clerks, college workers, not retail clerks, college workers, not retail clerks, college educated professionals. The people who educated professionals. The people who educated professionals. The people who did everything right. They got a degree, did everything right. They got a degree, did everything right. They got a degree, landed a career, built a life around a landed a career, built a life around a landed a career, built a life around a salary that was supposed to be safe, and salary that was supposed to be safe, and salary that was supposed to be safe, and they're being told, "The economy is just they're being told, "The economy is just they're being told, "The economy is just fine." That is a lie, and I can prove fine." That is a lie, and I can prove fine." That is a lie, and I can prove it. But more importantly, I need you to it. But more importantly, I need you to it. But more importantly, I need you to understand what that lie is covering up. understand what that lie is covering up. understand what that lie is covering up. Because what's actually happening right Because what's actually happening right Because what's actually happening right now isn't a recession. It's not a now isn't a recession. It's not a now isn't a recession. It's not a downturn. It's not even a cycle. It's downturn. It's not even a cycle. It's downturn. It's not even a cycle. It's the beginning of the largest economic the beginning of the largest economic the beginning of the largest economic transformation any of us will live transformation any of us will live transformation any of us will live through. And if you understand what's through. And if you understand what's through. And if you understand what's really going on, this is also one of the really going on, this is also one of the really going on, this is also one of the greatest opportunities to build wealth greatest opportunities to build wealth greatest opportunities to build wealth that has existed in our lifetimes. But that has existed in our lifetimes. But that has existed in our lifetimes. But if you don't, if you sit this out and if you don't, if you sit this out and if you don't, if you sit this out and wait for things to go back to normal, wait for things to go back to normal, wait for things to go back to normal, history has a very clear answer for what history has a very clear answer for what history has a very clear answer for what happens to people like you. And it's not happens to people like you. And it's not happens to people like you. And it's not good. So, let me show you the lie first. good. So, let me show you the lie first. good. So, let me show you the lie first. Then I'll show you what it's hiding. And Then I'll show you what it's hiding. And Then I'll show you what it's hiding. And then I'll show you exactly what I think then I'll show you exactly what I think then I'll show you exactly what I think you should do about it. The Bureau of you should do about it. The Bureau of you should do about it. The Bureau of Labor Statistics just released their Labor Statistics just released their Labor Statistics just released their revised jobs numbers for 24 and 25. How revised jobs numbers for 24 and 25. How revised jobs numbers for 24 and 25. How much did they revise them by? a much did they revise them by? a much did they revise them by? a staggering 1 million jobs down. 1 staggering 1 million jobs down. 1 staggering 1 million jobs down. 1 million jobs the BLS claimed were million jobs the BLS claimed were million jobs the BLS claimed were created just never existed. Now, this created just never existed. Now, this created just never existed. Now, this data is hard to track accurately, so I data is hard to track accurately, so I data is hard to track accurately, so I get it. I expect some revisions over get it. I expect some revisions over get it. I expect some revisions over time, but in 2025 alone, they were off time, but in 2025 alone, they were off time, but in 2025 alone, they were off by 70%. by 70%. by 70%. 15% is an honest miscount. 70% is 15% is an honest miscount. 70% is 15% is an honest miscount. 70% is manipulation. And the revised number, manipulation. And the revised number, manipulation. And the revised number, total non-farm employment growth for total non-farm employment growth for total non-farm employment growth for 2025 was just 181,000 jobs for the 2025 was just 181,000 jobs for the 2025 was just 181,000 jobs for the entire year. That's 15,000 jobs per entire year. That's 15,000 jobs per entire year. That's 15,000 jobs per month. To put that into perspective, a month. To put that into perspective, a month. To put that into perspective, a single healthy month in the American single healthy month in the American single healthy month in the American economy produces more jobs than we economy produces more jobs than we economy produces more jobs than we created in all of 25. Even in 2010, as created in all of 25. Even in 2010, as created in all of 25. Even in 2010, as we were crawling our way out of the we were crawling our way out of the we were crawling our way out of the worst recession since the Great worst recession since the Great worst recession since the Great Depression, we were posting roughly Depression, we were posting roughly Depression, we were posting roughly 150,000 150,000 150,000 new jobs per month, 10 times what we new jobs per month, 10 times what we new jobs per month, 10 times what we just did. The only two-year stretches in just did. The only two-year stretches in just did. The only two-year stretches in the 21st century with weaker job the 21st century with weaker job the 21st century with weaker job creation than 24 and 25 were the ones creation than 24 and 25 were the ones creation than 24 and 25 were the ones where the economy was in full-blown where the economy was in full-blown where the economy was in full-blown crisis, the.com bust, the great crisis, the.com bust, the great crisis, the.com bust, the great recession, and back then at least we recession, and back then at least we recession, and back then at least we were honest about the fact that we had a were honest about the fact that we had a were honest about the fact that we had a problem. Right now, no one is even problem. Right now, no one is even problem. Right now, no one is even sounding an alarm. These are recession sounding an alarm. These are recession sounding an alarm. These are recession level numbers. Full stop. But you've got level numbers. Full stop. But you've got level numbers. Full stop. But you've got to understand why no one is calling it to understand why no one is calling it to understand why no one is calling it that. And to understand why this that. And to understand why this that. And to understand why this recession is different from what's come recession is different from what's come recession is different from what's come before, you have to look at where the before, you have to look at where the before, you have to look at where the losses are. Because the softness is not losses are. Because the softness is not losses are. Because the softness is not spread evenly across the economy. spread evenly across the economy. spread evenly across the economy. Healthc care is still adding jobs. Healthc care is still adding jobs. Healthc care is still adding jobs. Construction is still adding jobs. The Construction is still adding jobs. The Construction is still adding jobs. The losses are concentrated in a very losses are concentrated in a very losses are concentrated in a very specific place. Cognitiveheavy white specific place. Cognitiveheavy white specific place. Cognitiveheavy white collar roles. SAS companies, middle collar roles. SAS companies, middle collar roles. SAS companies, middle management, creative work, marketing. management, creative work, marketing. management, creative work, marketing. the exact jobs that millions of people the exact jobs that millions of people the exact jobs that millions of people went to college to get and the exact went to college to get and the exact went to college to get and the exact jobs that built the modern middle class. jobs that built the modern middle class. jobs that built the modern middle class. And that tells you something critical. And that tells you something critical. And that tells you something critical. Normal business cycles do not Normal business cycles do not Normal business cycles do not selectively gut the knowledge economy selectively gut the knowledge economy selectively gut the knowledge economy while leaving everything else intact. while leaving everything else intact. while leaving everything else intact. When you see surgical cuts to cognitive When you see surgical cuts to cognitive When you see surgical cuts to cognitive work while manual labor holds steady, work while manual labor holds steady, work while manual labor holds steady, you're not looking at a cycle. You're you're not looking at a cycle. You're you're not looking at a cycle. You're looking at a substitution. Something is looking at a substitution. Something is looking at a substitution. Something is replacing those roles. Not delaying replacing those roles. Not delaying replacing those roles. Not delaying them. replacing them. Those of you them. replacing them. Those of you them. replacing them. Those of you paying attention, I know already know paying attention, I know already know paying attention, I know already know what this something is. It's AI what this something is. It's AI what this something is. It's AI adoption, but it's moving faster than adoption, but it's moving faster than adoption, but it's moving faster than anyone in the government is willing to anyone in the government is willing to anyone in the government is willing to admit. Here's what I want you guys to admit. Here's what I want you guys to admit. Here's what I want you guys to understand, because it explains where understand, because it explains where understand, because it explains where we're headed. This is not the first time we're headed. This is not the first time we're headed. This is not the first time technology has rewritten the rules of technology has rewritten the rules of technology has rewritten the rules of who gets to earn a living. We've been who gets to earn a living. We've been who gets to earn a living. We've been here before multiple times, and every here before multiple times, and every here before multiple times, and every single time the same pattern plays out. single time the same pattern plays out. single time the same pattern plays out. The economy gets richer. The people at The economy gets richer. The people at The economy gets richer. The people at the top, they capture the gains almost the top, they capture the gains almost the top, they capture the gains almost immediately when these transformations immediately when these transformations immediately when these transformations happen. But the ordinary people who were happen. But the ordinary people who were happen. But the ordinary people who were trained in the old system, they get trained in the old system, they get trained in the old system, they get destroyed predictably. Not for a year, destroyed predictably. Not for a year, destroyed predictably. Not for a year, not for a rough quarter, for decades. not for a rough quarter, for decades. not for a rough quarter, for decades. Sometimes for the rest of their lives. Sometimes for the rest of their lives. Sometimes for the rest of their lives. The lite fallacy, the oft repeated idea The lite fallacy, the oft repeated idea The lite fallacy, the oft repeated idea that technology always creates more jobs that technology always creates more jobs that technology always creates more jobs than it destroys is true in the long than it destroys is true in the long than it destroys is true in the long run, but in moments of transformation, run, but in moments of transformation, run, but in moments of transformation, the long run has equated to between 40 the long run has equated to between 40 the long run has equated to between 40 and 80 years. And in the short run, and 80 years. And in the short run, and 80 years. And in the short run, people's lives are wrecked while the people's lives are wrecked while the people's lives are wrecked while the government lies about what's happening. government lies about what's happening. government lies about what's happening. The political system tears itself apart The political system tears itself apart The political system tears itself apart and the wealth gap explodes to dangerous and the wealth gap explodes to dangerous and the wealth gap explodes to dangerous levels. That's the pattern and it's levels. That's the pattern and it's levels. That's the pattern and it's playing out again right now in real time playing out again right now in real time playing out again right now in real time in front of us. So, what I want to do in front of us. So, what I want to do in front of us. So, what I want to do with this video is walk you through the with this video is walk you through the with this video is walk you through the lie that the jobs report just exposed, lie that the jobs report just exposed, lie that the jobs report just exposed, the historical pattern, what I believe the historical pattern, what I believe the historical pattern, what I believe is coming next, including the political is coming next, including the political is coming next, including the political instability that always follows this instability that always follows this instability that always follows this kind of displacement, and what exactly I kind of displacement, and what exactly I kind of displacement, and what exactly I think you should do to ensure you come think you should do to ensure you come think you should do to ensure you come out on the right side of all of this. out on the right side of all of this. out on the right side of all of this. Because the people who see these Because the people who see these Because the people who see these transitions clearly and position transitions clearly and position transitions clearly and position themselves early don't just survive themselves early don't just survive themselves early don't just survive them. They come out ahead, way ahead and them. They come out ahead, way ahead and them. They come out ahead, way ahead and often for an entire generation. Let's often for an entire generation. Let's often for an entire generation. Let's start with the history because this is start with the history because this is start with the history because this is where it all starts becoming clear. In where it all starts becoming clear. In where it all starts becoming clear. In 1810, a master hand loom weaver in 1810, a master hand loom weaver in 1810, a master hand loom weaver in England earned more than most factory England earned more than most factory England earned more than most factory owners. By 1840, the same trade paid owners. By 1840, the same trade paid owners. By 1840, the same trade paid less than child labor in a coal mine. As less than child labor in a coal mine. As less than child labor in a coal mine. As British GDP doubled, real wages for the British GDP doubled, real wages for the British GDP doubled, real wages for the working class went down. For 50 years, working class went down. For 50 years, working class went down. For 50 years, the economy got richer, but the people the economy got richer, but the people the economy got richer, but the people got poorer. Economists have a name for got poorer. Economists have a name for got poorer. Economists have a name for this period of history. They call it the this period of history. They call it the this period of history. They call it the angles pause, and it's about to happen angles pause, and it's about to happen angles pause, and it's about to happen again here in the US. Over the next few again here in the US. Over the next few again here in the US. Over the next few years, as people fret about AI's growing years, as people fret about AI's growing years, as people fret about AI's growing impact on white collar jobs, you're impact on white collar jobs, you're impact on white collar jobs, you're going to hear a lot of smart people going to hear a lot of smart people going to hear a lot of smart people throw around a phrase, the lite fallacy. throw around a phrase, the lite fallacy. throw around a phrase, the lite fallacy. This is the logic that all throughout This is the logic that all throughout This is the logic that all throughout history, every time there has been a history, every time there has been a history, every time there has been a technological revolution like the one technological revolution like the one technological revolution like the one we're living through right now, we're living through right now, we're living through right now, ultimately, despite the initial job ultimately, despite the initial job ultimately, despite the initial job losses, more jobs are created than are losses, more jobs are created than are losses, more jobs are created than are lost. It's a statement that is both true lost. It's a statement that is both true lost. It's a statement that is both true and extraordinarily misleading. The true and extraordinarily misleading. The true and extraordinarily misleading. The true story that gave rise to the name the story that gave rise to the name the story that gave rise to the name the Leite fallacy is part of a historical Leite fallacy is part of a historical Leite fallacy is part of a historical loop that repeats over and over as loop that repeats over and over as loop that repeats over and over as technology advances. There are three technology advances. There are three technology advances. There are three revolutions that we have great data for revolutions that we have great data for revolutions that we have great data for that paint a very clear picture of that paint a very clear picture of that paint a very clear picture of what's going to happen as AI transforms what's going to happen as AI transforms what's going to happen as AI transforms the entire labor market. Let's speedrun the entire labor market. Let's speedrun the entire labor market. Let's speedrun the pattern so we can understand the the pattern so we can understand the the pattern so we can understand the meteorite that is screaming towards meteorite that is screaming towards meteorite that is screaming towards civilization right now. In the early civilization right now. In the early civilization right now. In the early 1800s, English textile workers called 1800s, English textile workers called 1800s, English textile workers called the Leites started smashing machines the Leites started smashing machines the Leites started smashing machines because they were terrified those because they were terrified those because they were terrified those machines would take their jobs. machines would take their jobs. machines would take their jobs. Economists look at that reaction and Economists look at that reaction and Economists look at that reaction and they laugh. With hindsight, they know they laugh. With hindsight, they know they laugh. With hindsight, they know what would have been impossible to see what would have been impossible to see what would have been impossible to see at the time. In the long run, technology at the time. In the long run, technology at the time. In the long run, technology creates more jobs than it destroys and creates more jobs than it destroys and creates more jobs than it destroys and everyone gets richer. It is true. Well, everyone gets richer. It is true. Well, everyone gets richer. It is true. Well, at least eventually. But as we're going at least eventually. But as we're going at least eventually. But as we're going to see, the people who actually live to see, the people who actually live to see, the people who actually live through these periods of transition, through these periods of transition, through these periods of transition, they get [music] crushed. And I don't they get [music] crushed. And I don't they get [music] crushed. And I don't mean metaphorically, not they had a few mean metaphorically, not they had a few mean metaphorically, not they had a few rough years. When I say crushed, I mean rough years. When I say crushed, I mean rough years. When I say crushed, I mean their lives were destroyed. And in most their lives were destroyed. And in most their lives were destroyed. And in most cases, they died long before the economy cases, they died long before the economy cases, they died long before the economy came back for people like them. So while came back for people like them. So while came back for people like them. So while the lye fallacy is true in the macro, it the lye fallacy is true in the macro, it the lye fallacy is true in the macro, it is absolutely brutal in the micro. Let's is absolutely brutal in the micro. Let's is absolutely brutal in the micro. Let's look at the details. It took 60 to 80 look at the details. It took 60 to 80 look at the details. It took 60 to 80 years for the gains of industrialization years for the gains of industrialization years for the gains of industrialization to reach ordinary people. 60 to 80 to reach ordinary people. 60 to 80 to reach ordinary people. 60 to 80 years. The reforms, the labor laws, the years. The reforms, the labor laws, the years. The reforms, the labor laws, the factory acts, none of that happened factory acts, none of that happened factory acts, none of that happened automatically. People had to fight for automatically. People had to fight for automatically. People had to fight for decades to get any of it. [music] If you decades to get any of it. [music] If you decades to get any of it. [music] If you were a displaced weaver in 1800, you were a displaced weaver in 1800, you were a displaced weaver in 1800, you almost certainly died long before the almost certainly died long before the almost certainly died long before the economy caught back up to your class. economy caught back up to your class. economy caught back up to your class. Your grandchildren got the benefit, but Your grandchildren got the benefit, but Your grandchildren got the benefit, but you got the grave. Same story with you got the grave. Same story with you got the grave. Same story with electrification and mass production. The electrification and mass production. The electrification and mass production. The late 1800s brought electricity, assembly late 1800s brought electricity, assembly late 1800s brought electricity, assembly lines, and mechanized agriculture. And lines, and mechanized agriculture. And lines, and mechanized agriculture. And once again, it gutted the people trained once again, it gutted the people trained once again, it gutted the people trained in the old world. Millions of farmers in the old world. Millions of farmers in the old world. Millions of farmers and rural crafts people were pushed off and rural crafts people were pushed off and rural crafts people were pushed off the land into cities where they had no the land into cities where they had no the land into cities where they had no skills, no networks, and no safety net. skills, no networks, and no safety net. skills, no networks, and no safety net. Sears was the Amazon of its day. And it Sears was the Amazon of its day. And it Sears was the Amazon of its day. And it also wiped out local economies in the also wiped out local economies in the also wiped out local economies in the exact same way. Who won first in that exact same way. Who won first in that exact same way. Who won first in that moment? The guilded age robber barons, moment? The guilded age robber barons, moment? The guilded age robber barons, the Carnegies, the Rockefellers, skilled the Carnegies, the Rockefellers, skilled the Carnegies, the Rockefellers, skilled industrial workers also started doing industrial workers also started doing industrial workers also started doing well relatively fast. But everybody well relatively fast. But everybody well relatively fast. But everybody else, they got a mouthful of grinding else, they got a mouthful of grinding else, they got a mouthful of grinding poverty. It took 40 to 60 years, plus poverty. It took 40 to 60 years, plus poverty. It took 40 to 60 years, plus the New Deal, a world war, and the GI the New Deal, a world war, and the GI the New Deal, a world war, and the GI Bill, to turn the gain of mass Bill, to turn the gain of mass Bill, to turn the gain of mass production into a broad middle class. If production into a broad middle class. If production into a broad middle class. If you were a displaced farmer in 1890, you were a displaced farmer in 1890, you were a displaced farmer in 1890, your grandchildren in the 1950s were your grandchildren in the 1950s were your grandchildren in the 1950s were living in suburban homes with union living in suburban homes with union living in suburban homes with union jobs, but you probably spent your life jobs, but you probably spent your life jobs, but you probably spent your life in a tenement or sharecropping. Those in a tenement or sharecropping. Those in a tenement or sharecropping. Those chickens took two generations to come chickens took two generations to come chickens took two generations to come home and finally [music] roost. Then home and finally [music] roost. Then home and finally [music] roost. Then there's the internet. This one's close there's the internet. This one's close there's the internet. This one's close enough that we can really count the enough that we can really count the enough that we can really count the bodies. When the internet hit, it did bodies. When the internet hit, it did bodies. When the internet hit, it did not just hollow out blue collar work. It not just hollow out blue collar work. It not just hollow out blue collar work. It came for white collar jobs as well. came for white collar jobs as well. came for white collar jobs as well. Travel agents, print journalists, retail Travel agents, print journalists, retail Travel agents, print journalists, retail workers, administrative staff, middle workers, administrative staff, middle workers, administrative staff, middle managers. If your job could be managers. If your job could be managers. If your job could be digitized, you were a target. The digitized, you were a target. The digitized, you were a target. The research here is devastating. research here is devastating. research here is devastating. Manufacturing workers displaced in the Manufacturing workers displaced in the Manufacturing workers displaced in the 2000s showed persistent wage losses for 2000s showed persistent wage losses for 2000s showed persistent wage losses for the rest of their careers. And the the rest of their careers. And the the rest of their careers. And the deaths of despair research, the surge in deaths of despair research, the surge in deaths of despair research, the surge in suicides, overdoses, [music] and liver suicides, overdoses, [music] and liver suicides, overdoses, [music] and liver disease from drinking in middle America disease from drinking in middle America disease from drinking in middle America connects directly to this displacement. connects directly to this displacement. connects directly to this displacement. The gains flowed almost entirely to The gains flowed almost entirely to The gains flowed almost entirely to college educated workers in a handful of college educated workers in a handful of college educated workers in a handful of cities. San Francisco, Seattle, New cities. San Francisco, Seattle, New cities. San Francisco, Seattle, New York, everyone else just fell behind. York, everyone else just fell behind. York, everyone else just fell behind. Here's the unavoidable truth. We'll get Here's the unavoidable truth. We'll get Here's the unavoidable truth. We'll get back to the show in a moment, but first, back to the show in a moment, but first, back to the show in a moment, but first, let's talk about how you're fueling your let's talk about how you're fueling your let's talk about how you're fueling your brain. Your brain is only 2% of your brain. Your brain is only 2% of your brain. Your brain is only 2% of your body weight, but it burns 20% of your body weight, but it burns 20% of your body weight, but it burns 20% of your total energy. That is a massive demand, total energy. That is a massive demand, total energy. That is a massive demand, and most people are running it on and most people are running it on and most people are running it on glucose. It's unstable, inefficient fuel glucose. It's unstable, inefficient fuel glucose. It's unstable, inefficient fuel that spikes your energy and then crashes that spikes your energy and then crashes that spikes your energy and then crashes it. Ketones are different. They're what it. Ketones are different. They're what it. Ketones are different. They're what your brain was designed to run on. your brain was designed to run on. your brain was designed to run on. Ketones are the byproduct of fat Ketones are the byproduct of fat Ketones are the byproduct of fat metabolism. Your body is very adept at metabolism. Your body is very adept at metabolism. Your body is very adept at using them. I take half a dose of Ketone using them. I take half a dose of Ketone using them. I take half a dose of Ketone IQ and it keeps me alert and focused for IQ and it keeps me alert and focused for IQ and it keeps me alert and focused for hours. No jitters, no afternoon fog. hours. No jitters, no afternoon fog. hours. No jitters, no afternoon fog. This is not some overhyped wellness This is not some overhyped wellness This is not some overhyped wellness trend. Ketone IQ was developed through a trend. Ketone IQ was developed through a trend. Ketone IQ was developed through a $6 million Department of Defense $6 million Department of Defense $6 million Department of Defense contract to support elite cognitive contract to support elite cognitive contract to support elite cognitive performance. If you're ready to fuel performance. If you're ready to fuel performance. If you're ready to fuel your brain properly, visit your brain properly, visit your brain properly, visit ketone.com/impact ketone.com/impact ketone.com/impact for 30% off your subscription order or for 30% off your subscription order or for 30% off your subscription order or visit your local Target to get your visit your local Target to get your visit your local Target to get your first shot free. Again, that's first shot free. Again, that's first shot free. Again, that's ketone.com/impact. ketone.com/impact. ketone.com/impact. And now, let's get back to the show. And now, let's get back to the show. And now, let's get back to the show. We'll get back to the show in just a We'll get back to the show in just a We'll get back to the show in just a moment, but first, let's talk about the moment, but first, let's talk about the moment, but first, let's talk about the most expensive mistake crypto traders most expensive mistake crypto traders most expensive mistake crypto traders are making right now. 70% of US crypto are making right now. 70% of US crypto are making right now. 70% of US crypto traders think tax obligations only apply traders think tax obligations only apply traders think tax obligations only apply to centralized exchanges. If that's you, to centralized exchanges. If that's you, to centralized exchanges. If that's you, you are wrong. Unfortunately, [music] you are wrong. Unfortunately, [music] you are wrong. Unfortunately, [music] most people do not realize every most people do not realize every most people do not realize every cryptoto crypto trade is taxable. And cryptoto crypto trade is taxable. And cryptoto crypto trade is taxable. And for the first time ever, exchanges are for the first time ever, exchanges are for the first time ever, exchanges are now required to report [music] your now required to report [music] your now required to report [music] your digital asset sales directly to the IRS. digital asset sales directly to the IRS. digital asset sales directly to the IRS. If your records don't match theirs, If your records don't match theirs, If your records don't match theirs, you've got a problem. [music] you've got a problem. [music] you've got a problem. [music] Sum, formerly cryptot tax calculator was Sum, formerly cryptot tax calculator was Sum, formerly cryptot tax calculator was built specifically to solve this built specifically to solve this built specifically to solve this problem. It supports Turboax along with problem. It supports Turboax along with problem. It supports Turboax along with [music] over 3,500 [music] over 3,500 [music] over 3,500 exchange wallet and crypto integrations. exchange wallet and crypto integrations. exchange wallet and crypto integrations. It [music] handles DeFi, NFTts, staking, It [music] handles DeFi, NFTts, staking, It [music] handles DeFi, NFTts, staking, and airdrops with full support for US and airdrops with full support for US and airdrops with full support for US specific tax rules. And it strips out specific tax rules. And it strips out specific tax rules. And it strips out spam tokens so junk doesn't corrupt your spam tokens so junk doesn't corrupt your spam tokens so junk doesn't corrupt your actual gains and losses. Some generates actual gains and losses. Some generates actual gains and losses. Some generates IRS ready reports that maximize your IRS ready reports that maximize your IRS ready reports that maximize your deductions and minimize what you owe. If deductions and minimize what you owe. If deductions and minimize what you owe. If you're ready to turn crypto chaos into you're ready to turn crypto chaos into you're ready to turn crypto chaos into confidence, click the link in the confidence, click the link in the confidence, click the link in the [music] show notes and use code TOM [music] show notes and use code TOM [music] show notes and use code TOM VIP20 for 20% off your first year VIP20 for 20% off your first year VIP20 for 20% off your first year [music] at Sum. Now, let's get back to [music] at Sum. Now, let's get back to [music] at Sum. Now, let's get back to the show. We are roughly 30 years into the show. We are roughly 30 years into the show. We are roughly 30 years into the internet transition and the gains the internet transition and the gains the internet transition and the gains are still concentrated at the top. And are still concentrated at the top. And are still concentrated at the top. And to make matters dramatically more to make matters dramatically more to make matters dramatically more complicated, we haven't even finished complicated, we haven't even finished complicated, we haven't even finished absorbing the last revolution and AI is absorbing the last revolution and AI is absorbing the last revolution and AI is now about to drop a bomb on top of it now about to drop a bomb on top of it now about to drop a bomb on top of it all. The pattern across all three all. The pattern across all three all. The pattern across all three revolutions is this. The economy gets revolutions is this. The economy gets revolutions is this. The economy gets richer. It really does. The let fallacy richer. It really does. The let fallacy richer. It really does. The let fallacy holds in the aggregate, but the people holds in the aggregate, but the people holds in the aggregate, but the people trained in the old system just get trained in the old system just get trained in the old system just get clobbered. The capital class captures clobbered. The capital class captures clobbered. The capital class captures the gains almost immediately and then it the gains almost immediately and then it the gains almost immediately and then it takes 40, 60, 80 years plus massive takes 40, 60, 80 years plus massive takes 40, 60, 80 years plus massive political upheaval for the benefits to political upheaval for the benefits to political upheaval for the benefits to reach ordinary people. Now, I'm not even reach ordinary people. Now, I'm not even reach ordinary people. Now, I'm not even saying that should be different. It's saying that should be different. It's saying that should be different. It's just the way that the system metabolizes just the way that the system metabolizes just the way that the system metabolizes this change. And none of it happens this change. And none of it happens this change. And none of it happens automatically. People have to fight for automatically. People have to fight for automatically. People have to fight for the change every single time. And that the change every single time. And that the change every single time. And that brings us to the part that makes this brings us to the part that makes this brings us to the part that makes this moment [music] different from every moment [music] different from every moment [music] different from every revolution that came before it. Because revolution that came before it. Because revolution that came before it. Because at least in the prior transitions, the at least in the prior transitions, the at least in the prior transitions, the technology augmented the workers. The technology augmented the workers. The technology augmented the workers. The loom still needed a lot of operators. loom still needed a lot of operators. loom still needed a lot of operators. The assembly line still needed humans at The assembly line still needed humans at The assembly line still needed humans at every station. The internet still needed every station. The internet still needed every station. The internet still needed people to manage all of the workflows. people to manage all of the workflows. people to manage all of the workflows. As has happened every time before, it As has happened every time before, it As has happened every time before, it created more jobs. That is not the created more jobs. That is not the created more jobs. That is not the problem. It's a question of time scale. problem. It's a question of time scale. problem. It's a question of time scale. And on top of that, there's always been And on top of that, there's always been And on top of that, there's always been what I'll call the human bridge. A what I'll call the human bridge. A what I'll call the human bridge. A person standing between the tool and the person standing between the tool and the person standing between the tool and the outcome. A manager translating strategy outcome. A manager translating strategy outcome. A manager translating strategy into execution. A worker translating into execution. A worker translating into execution. A worker translating machine capability into a finished machine capability into a finished machine capability into a finished product. Technology got better, but it product. Technology got better, but it product. Technology got better, but it still needed a lot of humans in the still needed a lot of humans in the still needed a lot of humans in the loop. AI agents may not eliminate that loop. AI agents may not eliminate that loop. AI agents may not eliminate that bridge in the next decade, but they are bridge in the next decade, but they are bridge in the next decade, but they are dramatically reducing it in a way that's dramatically reducing it in a way that's dramatically reducing it in a way that's never happened before. For the first never happened before. For the first never happened before. For the first time in history, we have a technology time in history, we have a technology time in history, we have a technology that doesn't just make workers more that doesn't just make workers more that doesn't just make workers more productive. It replaces the need for productive. It replaces the need for productive. It replaces the need for many of the workers entirely in a many of the workers entirely in a many of the workers entirely in a growing number of cognitive tasks. growing number of cognitive tasks. growing number of cognitive tasks. That's substitution through That's substitution through That's substitution through augmentation. How many people do you augmentation. How many people do you augmentation. How many people do you need in your business army if you can need in your business army if you can need in your business army if you can step inside of the equivalent of a mech step inside of the equivalent of a mech step inside of the equivalent of a mech suit and just do the vast majority of suit and just do the vast majority of suit and just do the vast majority of the work yourself? If you're ambitious, the work yourself? If you're ambitious, the work yourself? If you're ambitious, this is absolutely thrilling. I'm living this is absolutely thrilling. I'm living this is absolutely thrilling. I'm living this right now. I'm building a video this right now. I'm building a video this right now. I'm building a video game and because of AI, I'm literally game and because of AI, I'm literally game and because of AI, I'm literally just teaching myself more and more how just teaching myself more and more how just teaching myself more and more how to code the game myself so that I can to code the game myself so that I can to code the game myself so that I can get more done and I don't have to hire get more done and I don't have to hire get more done and I don't have to hire as many people. It's literally expanding as many people. It's literally expanding as many people. It's literally expanding what the game can be. It allowed me to what the game can be. It allowed me to what the game can be. It allowed me to dramatically reduce the number of people dramatically reduce the number of people dramatically reduce the number of people working on it while expanding what we're working on it while expanding what we're working on it while expanding what we're able to accomplish. What we've been able able to accomplish. What we've been able able to accomplish. What we've been able to do in year 4 of development versus to do in year 4 of development versus to do in year 4 of development versus year 1 with a much smaller team now is year 1 with a much smaller team now is year 1 with a much smaller team now is nothing short of staggering. And it's at nothing short of staggering. And it's at nothing short of staggering. And it's at least 90% due to AI. As a company, I least 90% due to AI. As a company, I least 90% due to AI. As a company, I look at our profit and loss statement look at our profit and loss statement look at our profit and loss statement and I see revenue going up while my and I see revenue going up while my and I see revenue going up while my payroll is going down. [music] I made payroll is going down. [music] I made payroll is going down. [music] I made more revenue in 2025 than any previous more revenue in 2025 than any previous more revenue in 2025 than any previous year and I did it with less people. As year and I did it with less people. As year and I did it with less people. As an entrepreneur that's been in the game an entrepreneur that's been in the game an entrepreneur that's been in the game for nearly 25 years, th this is surreal. for nearly 25 years, th this is surreal. for nearly 25 years, th this is surreal. But when I look at the history of But when I look at the history of But when I look at the history of technological revolutions like this, I technological revolutions like this, I technological revolutions like this, I see this terrifying pattern repeat. If see this terrifying pattern repeat. If see this terrifying pattern repeat. If you understand investing, you're going you understand investing, you're going you understand investing, you're going to be fine. If you're young and to be fine. If you're young and to be fine. If you're young and adaptable, you're going to be fine. If adaptable, you're going to be fine. If adaptable, you're going to be fine. If you're entrepreneurial, you've got a you're entrepreneurial, you've got a you're entrepreneurial, you've got a window of extreme opportunity. But if window of extreme opportunity. But if window of extreme opportunity. But if you're in the heart of your career, you're in the heart of your career, you're in the heart of your career, you're in extreme danger of being left you're in extreme danger of being left you're in extreme danger of being left behind and never recovering. History behind and never recovering. History behind and never recovering. History just does not care about any of us just does not care about any of us just does not care about any of us individually. It doesn't even care about individually. It doesn't even care about individually. It doesn't even care about entire generations. And unfortunately, entire generations. And unfortunately, entire generations. And unfortunately, by the numbers, the vast majority of by the numbers, the vast majority of by the numbers, the vast majority of people, and we're talking roughly 90% of people, and we're talking roughly 90% of people, and we're talking roughly 90% of adults here, are most likely to be in adults here, are most likely to be in adults here, are most likely to be in the camp of people who are in danger. the camp of people who are in danger. the camp of people who are in danger. Now, here's a question that you should Now, here's a question that you should Now, here's a question that you should be asking. If the revised job numbers be asking. If the revised job numbers be asking. If the revised job numbers are recession level bad, why won't are recession level bad, why won't are recession level bad, why won't anyone just call it what it is? because anyone just call it what it is? because anyone just call it what it is? because they [music] can't. A politician's job they [music] can't. A politician's job they [music] can't. A politician's job is not to lead, it's to get reelected. is not to lead, it's to get reelected. is not to lead, it's to get reelected. And as long as pointing out a recession And as long as pointing out a recession And as long as pointing out a recession is likely to decrease the number of is likely to decrease the number of is likely to decrease the number of votes a given political party receives, votes a given political party receives, votes a given political party receives, they're just going to refuse to call it they're just going to refuse to call it they're just going to refuse to call it a recession. So Trump, who is actively a recession. So Trump, who is actively a recession. So Trump, who is actively deporting cheap labor, but wants the deporting cheap labor, but wants the deporting cheap labor, but wants the stock market to rise, is going to have stock market to rise, is going to have stock market to rise, is going to have to paint a rosy picture for as long as to paint a rosy picture for as long as to paint a rosy picture for as long as he can. This will give him the time that he can. This will give him the time that he can. This will give him the time that he needs to ensure the US maintains AI he needs to ensure the US maintains AI he needs to ensure the US maintains AI supremacy, which is critical to national supremacy, which is critical to national supremacy, which is critical to national security and economic prosperity, and it security and economic prosperity, and it security and economic prosperity, and it will also act as the new cheap labor and will also act as the new cheap labor and will also act as the new cheap labor and the propellant that keeps the stock the propellant that keeps the stock the propellant that keeps the stock market going up, all the while allowing market going up, all the while allowing market going up, all the while allowing him to fund his reckless deficit him to fund his reckless deficit him to fund his reckless deficit spending through technofueled growth. spending through technofueled growth. spending through technofueled growth. The Democrats, on the other hand, led by The Democrats, on the other hand, led by The Democrats, on the other hand, led by the Democratic Socialist Progressive the Democratic Socialist Progressive the Democratic Socialist Progressive Wing via AOC, Bernie, and Mamdani, will Wing via AOC, Bernie, and Mamdani, will Wing via AOC, Bernie, and Mamdani, will become more and more aggressively become more and more aggressively become more and more aggressively opposed to AI. Bernie Sanders has opposed to AI. Bernie Sanders has opposed to AI. Bernie Sanders has already called for a moratorum on new already called for a moratorum on new already called for a moratorum on new data center construction. He held a data center construction. He held a data center construction. He held a public dialogue with AI pioneer Jeffrey public dialogue with AI pioneer Jeffrey public dialogue with AI pioneer Jeffrey Hinton, the so-called godfather of AI, Hinton, the so-called godfather of AI, Hinton, the so-called godfather of AI, at Georgetown, banging the drum on the at Georgetown, banging the drum on the at Georgetown, banging the drum on the urgent need for regulation. Because, urgent need for regulation. Because, urgent need for regulation. Because, hey, who doesn't want to be more like hey, who doesn't want to be more like hey, who doesn't want to be more like Europe and watch our entire economy Europe and watch our entire economy Europe and watch our entire economy decline relative to the rest of the decline relative to the rest of the decline relative to the rest of the world decade after decade as we are world decade after decade as we are world decade after decade as we are slowly smothered by a mountain of slowly smothered by a mountain of slowly smothered by a mountain of regulations. Nonetheless, progressive regulations. Nonetheless, progressive regulations. Nonetheless, progressive Democrats have made AI a core policy Democrats have made AI a core policy Democrats have made AI a core policy priority, calling for protections for priority, calling for protections for priority, calling for protections for workingclass and white collar jobs, bans workingclass and white collar jobs, bans workingclass and white collar jobs, bans on AI and military decision-making, and on AI and military decision-making, and on AI and military decision-making, and environmental safeguards on energy environmental safeguards on energy environmental safeguards on energy hungry data centers. And despite what hungry data centers. And despite what hungry data centers. And despite what game theory tells us about how stupid game theory tells us about how stupid game theory tells us about how stupid and shortsighted that would be on a and shortsighted that would be on a and shortsighted that would be on a world stage, polls show that the public world stage, polls show that the public world stage, polls show that the public is understandably with them. A is understandably with them. A is understandably with them. A University of Maryland survey found that University of Maryland survey found that University of Maryland survey found that bipartisan majorities of Americans favor bipartisan majorities of Americans favor bipartisan majorities of Americans favor government regulation of AI. People are government regulation of AI. People are government regulation of AI. People are scared. And based on everything we've scared. And based on everything we've scared. And based on everything we've just gone through, why wouldn't they be? just gone through, why wouldn't they be? just gone through, why wouldn't they be? And the progressive left is positioning And the progressive left is positioning And the progressive left is positioning itself as the answer. Now, I'm not itself as the answer. Now, I'm not itself as the answer. Now, I'm not telling you all of this so that you can telling you all of this so that you can telling you all of this so that you can pick a side. I'm telling you this pick a side. I'm telling you this pick a side. I'm telling you this because you need to understand the because you need to understand the because you need to understand the historical pattern that's playing out historical pattern that's playing out historical pattern that's playing out right now. What's happening is exactly right now. What's happening is exactly right now. What's happening is exactly what happens every time we go through what happens every time we go through what happens every time we go through something like this. Whenever the middle something like this. Whenever the middle something like this. Whenever the middle class is weakened and being hollowed out class is weakened and being hollowed out class is weakened and being hollowed out and the government refuses to and the government refuses to and the government refuses to acknowledge it, you get a political acknowledge it, you get a political acknowledge it, you get a political split. The right says, "Let the market split. The right says, "Let the market split. The right says, "Let the market rip. The growth will save us." The left rip. The growth will save us." The left rip. The growth will save us." The left says, "Regulate everything. [music] says, "Regulate everything. [music] says, "Regulate everything. [music] Protect the workers." And while they Protect the workers." And while they Protect the workers." And while they fight each other, the actual transition fight each other, the actual transition fight each other, the actual transition rolls right over ordinary people. And in rolls right over ordinary people. And in rolls right over ordinary people. And in fairness to the politicians, fairness to the politicians, fairness to the politicians, technological progress has never, not technological progress has never, not technological progress has never, not even once, been stopped in the entire even once, been stopped in the entire even once, been stopped in the entire history of the human race. It is a truly history of the human race. It is a truly history of the human race. It is a truly unstoppable force because as I've said unstoppable force because as I've said unstoppable force because as I've said many, many times, any technology that many, many times, any technology that many, many times, any technology that promises an advantage will be developed promises an advantage will be developed promises an advantage will be developed without question, no matter how dire the without question, no matter how dire the without question, no matter how dire the consequences may be. This is a movie we consequences may be. This is a movie we consequences may be. This is a movie we have seen before, more than once. And have seen before, more than once. And have seen before, more than once. And knowing how it ends is the only thing knowing how it ends is the only thing knowing how it ends is the only thing that's going to help you profit from it. that's going to help you profit from it. that's going to help you profit from it. So, here it goes. Once more, unto So, here it goes. Once more, unto So, here it goes. Once more, unto history, we must turn. In the 1890s, in history, we must turn. In the 1890s, in history, we must turn. In the 1890s, in the wake of the second industrial the wake of the second industrial the wake of the second industrial revolution, the panic of 1893 hit in a revolution, the panic of 1893 hit in a revolution, the panic of 1893 hit in a single year. Unemployment went from 3% single year. Unemployment went from 3% single year. Unemployment went from 3% to nearly 19%. [music] to nearly 19%. [music] to nearly 19%. [music] Banks failed. Businesses collapsed at a Banks failed. Businesses collapsed at a Banks failed. Businesses collapsed at a rate of two dozen per day. Millions of rate of two dozen per day. Millions of rate of two dozen per day. Millions of displaced farmers and crafts people who displaced farmers and crafts people who displaced farmers and crafts people who had already been struggling for decades had already been struggling for decades had already been struggling for decades were now in outright poverty. And the were now in outright poverty. And the were now in outright poverty. And the government did nothing. A businessman government did nothing. A businessman government did nothing. A businessman named Jacob Coxy literally marched an named Jacob Coxy literally marched an named Jacob Coxy literally marched an army of unemployed workers from Ohio to army of unemployed workers from Ohio to army of unemployed workers from Ohio to Washington DC, begging Congress to Washington DC, begging Congress to Washington DC, begging Congress to create public works jobs. Congress's create public works jobs. Congress's create public works jobs. Congress's response, they arrested him for walking response, they arrested him for walking response, they arrested him for walking on the grass outside of the capital on the grass outside of the capital on the grass outside of the capital building. That was the federal building. That was the federal building. That was the federal government's answer to mass government's answer to mass government's answer to mass unemployment. What followed? The unemployment. What followed? The unemployment. What followed? The populist party exploded in size. State populist party exploded in size. State populist party exploded in size. State militias were called in to put down the militias were called in to put down the militias were called in to put down the Homestead strike. Federal troops crushed Homestead strike. Federal troops crushed Homestead strike. Federal troops crushed the Pullman strike. The country tore the Pullman strike. The country tore the Pullman strike. The country tore itself apart for the better part of a itself apart for the better part of a itself apart for the better part of a decade before the progressive era decade before the progressive era decade before the progressive era reforms even began to address the reforms even began to address the reforms even began to address the underlying problems. And those reforms underlying problems. And those reforms underlying problems. And those reforms only happened because the instability only happened because the instability only happened because the instability became so severe that the ruling class became so severe that the ruling class became so severe that the ruling class had no choice but to concede. Same had no choice but to concede. Same had no choice but to concede. Same pattern after 2008. The Great Recession pattern after 2008. The Great Recession pattern after 2008. The Great Recession wiped out 8.7 million jobs and trillions wiped out 8.7 million jobs and trillions wiped out 8.7 million jobs and trillions in household wealth. The government's in household wealth. The government's in household wealth. The government's first instinct, save the banks, bail out first instinct, save the banks, bail out first instinct, save the banks, bail out AIG, bail out the lenders who caused the AIG, bail out the lenders who caused the AIG, bail out the lenders who caused the crisis. And the average person who lost crisis. And the average person who lost crisis. And the average person who lost their home, thoughts and prayers. What their home, thoughts and prayers. What their home, thoughts and prayers. What followed? Occupy Wall Street on the followed? Occupy Wall Street on the followed? Occupy Wall Street on the left, the Tea Party on the right. Both left, the Tea Party on the right. Both left, the Tea Party on the right. Both movements were born from the exact same movements were born from the exact same movements were born from the exact same anger. The sense that the government anger. The sense that the government anger. The sense that the government represents well-organized special represents well-organized special represents well-organized special interest groups at the general public's interest groups at the general public's interest groups at the general public's expense. That anger didn't go away when expense. That anger didn't go away when expense. That anger didn't go away when those movements faded. It just went those movements faded. It just went those movements faded. It just went underground. And then it resurfaced in underground. And then it resurfaced in underground. And then it resurfaced in 2016 with Trump and Sanders, two 2016 with Trump and Sanders, two 2016 with Trump and Sanders, two candidates who had almost nothing in candidates who had almost nothing in candidates who had almost nothing in common ideologically, but who both ran common ideologically, but who both ran common ideologically, but who both ran on the same fundamental message. The on the same fundamental message. The on the same fundamental message. The system is rigged against you. And they system is rigged against you. And they system is rigged against you. And they were right. It is right now. Here is the were right. It is right now. Here is the were right. It is right now. Here is the nightmarish truth. The 2008 displacement nightmarish truth. The 2008 displacement nightmarish truth. The 2008 displacement was a financial crisis, a credit bubble, was a financial crisis, a credit bubble, was a financial crisis, a credit bubble, a one-time event. It was brutal, but the a one-time event. It was brutal, but the a one-time event. It was brutal, but the jobs eventually came back. It took 6 jobs eventually came back. It took 6 jobs eventually came back. It took 6 years, but they did come back because years, but they did come back because years, but they did come back because the underlying demand for human labor the underlying demand for human labor the underlying demand for human labor was still there. What we're entering now was still there. What we're entering now was still there. What we're entering now is not a one-time event. It is a is not a one-time event. It is a is not a one-time event. It is a permanent structural shift. The jobs permanent structural shift. The jobs permanent structural shift. The jobs disappearing in 2025 are not coming back disappearing in 2025 are not coming back disappearing in 2025 are not coming back in 2027. Not in 2030, not ever. They are in 2027. Not in 2030, not ever. They are in 2027. Not in 2030, not ever. They are being automated out of existence. Each being automated out of existence. Each being automated out of existence. Each human will simply be able to do more. human will simply be able to do more. human will simply be able to do more. And when the population is declining, And when the population is declining, And when the population is declining, there's a limit to what needs to be there's a limit to what needs to be there's a limit to what needs to be done. This will drive people to gamble. done. This will drive people to gamble. done. This will drive people to gamble. The sophisticated people will gamble in The sophisticated people will gamble in The sophisticated people will gamble in the stock market which is way less risky the stock market which is way less risky the stock market which is way less risky in the long run. But the masses will in the long run. But the masses will in the long run. But the masses will gamble on Koshi and poly market where gamble on Koshi and poly market where gamble on Koshi and poly market where over time you are guaranteed to lose. over time you are guaranteed to lose. over time you are guaranteed to lose. And that's why unlike in 2008 the people And that's why unlike in 2008 the people And that's why unlike in 2008 the people who own a well- diversified basket of who own a well- diversified basket of who own a well- diversified basket of assets are going to do just fine. assets are going to do just fine. assets are going to do just fine. Equities are up. If you own assets this Equities are up. If you own assets this Equities are up. If you own assets this AI transition might be the best thing AI transition might be the best thing AI transition might be the best thing that ever happened to your portfolio. that ever happened to your portfolio. that ever happened to your portfolio. But if you don't own assets, if you're But if you don't own assets, if you're But if you don't own assets, if you're part of the 90% of Americans living part of the 90% of Americans living part of the 90% of Americans living paycheck to paycheck trying to save your paycheck to paycheck trying to save your paycheck to paycheck trying to save your way to prosperity while inflation eats way to prosperity while inflation eats way to prosperity while inflation eats you alive, you're watching the K-shaped you alive, you're watching the K-shaped you alive, you're watching the K-shaped economy become a permanent K-shaped economy become a permanent K-shaped economy become a permanent K-shaped civilization. Housing is up 50% in 5 civilization. Housing is up 50% in 5 civilization. Housing is up 50% in 5 years. Wages are flat. The labor market years. Wages are flat. The labor market years. Wages are flat. The labor market is hemorrhaging cognitive jobs. [music] is hemorrhaging cognitive jobs. [music] is hemorrhaging cognitive jobs. [music] And on one side, you've got Trump And on one side, you've got Trump And on one side, you've got Trump telling you AI is going to make America telling you AI is going to make America telling you AI is going to make America rich while still running trillion dollar rich while still running trillion dollar rich while still running trillion dollar deficits. Fingers crossed. And on the deficits. Fingers crossed. And on the deficits. Fingers crossed. And on the other, you've got Bernie calling for an other, you've got Bernie calling for an other, you've got Bernie calling for an AI moratorum, AOC calling for AI moratorum, AOC calling for AI moratorum, AOC calling for regulation, and Mom Donnie trying to tax regulation, and Mom Donnie trying to tax regulation, and Mom Donnie trying to tax everything under heaven to give things everything under heaven to give things everything under heaven to give things away for free. All of which sounds great away for free. All of which sounds great away for free. All of which sounds great until you realize that every country until you realize that every country until you realize that every country that overt taxes or tries to slow down that overt taxes or tries to slow down that overt taxes or tries to slow down technological adoption just hands the technological adoption just hands the technological adoption just hands the advantages to the countries that don't. advantages to the countries that don't. advantages to the countries that don't. Neither side has a real answer because Neither side has a real answer because Neither side has a real answer because neither side can afford to tell you the neither side can afford to tell you the neither side can afford to tell you the truth which is that this transition is truth which is that this transition is truth which is that this transition is going to be extraordinarily painful for going to be extraordinarily painful for going to be extraordinarily painful for a very large number of people and the a very large number of people and the a very large number of people and the political system as it currently exists political system as it currently exists political system as it currently exists is just not designed to help them. You is just not designed to help them. You is just not designed to help them. You cannot have this level of displacement, cannot have this level of displacement, cannot have this level of displacement, this level of toxic wealth inequality, this level of toxic wealth inequality, this level of toxic wealth inequality, this level of institutional dishonesty this level of institutional dishonesty this level of institutional dishonesty and expect social stability. It's not and expect social stability. It's not and expect social stability. It's not how humans work. It's not how history how humans work. It's not how history how humans work. It's not how history works. The guilded age made this works. The guilded age made this works. The guilded age made this abundantly clear. The Great Depression abundantly clear. The Great Depression abundantly clear. The Great Depression repeated the lesson 2008 hammered home. repeated the lesson 2008 hammered home. repeated the lesson 2008 hammered home. When people can't make ends meet, when When people can't make ends meet, when When people can't make ends meet, when they feel like the system is lying to they feel like the system is lying to they feel like the system is lying to them, which it is, when they watch the them, which it is, when they watch the them, which it is, when they watch the rich get richer while they fall farther rich get richer while they fall farther rich get richer while they fall farther behind, they don't sit quietly and wait behind, they don't sit quietly and wait behind, they don't sit quietly and wait for the next election cycle. They get for the next election cycle. They get for the next election cycle. They get mad. And that anger always finds an mad. And that anger always finds an mad. And that anger always finds an outlet. Sometimes the outlet is outlet. Sometimes the outlet is outlet. Sometimes the outlet is productive, new political movements, productive, new political movements, productive, new political movements, reform, regulation that eventually reform, regulation that eventually reform, regulation that eventually rebalances the system. But sometimes rebalances the system. But sometimes rebalances the system. But sometimes it's destructive, sometimes [music] it's it's destructive, sometimes [music] it's it's destructive, sometimes [music] it's extremism, sometimes it's worse. And extremism, sometimes it's worse. And extremism, sometimes it's worse. And almost always it takes decades to sort almost always it takes decades to sort almost always it takes decades to sort out. We are already deep in the populist out. We are already deep in the populist out. We are already deep in the populist moment. The polarization, the moment. The polarization, the moment. The polarization, the institutional distrust, the fury on both institutional distrust, the fury on both institutional distrust, the fury on both sides of the aisle. None of that sides of the aisle. None of that sides of the aisle. None of that appeared out of nowhere. It's the appeared out of nowhere. It's the appeared out of nowhere. It's the downstream effect of 30 years of downstream effect of 30 years of downstream effect of 30 years of internet era displacement combined with internet era displacement combined with internet era displacement combined with globalism that we never properly globalism that we never properly globalism that we never properly addressed, compounded by a debtfueled addressed, compounded by a debtfueled addressed, compounded by a debtfueled K-shaped economy that makes it nearly K-shaped economy that makes it nearly K-shaped economy that makes it nearly impossible for ordinary people to get impossible for ordinary people to get impossible for ordinary people to get ahead. And now AI is busy pouring ahead. And now AI is busy pouring ahead. And now AI is busy pouring gasoline on that fire. And the only gasoline on that fire. And the only gasoline on that fire. And the only thing more dangerous than letting it thing more dangerous than letting it thing more dangerous than letting it burn would be to try to smother it. So burn would be to try to smother it. So burn would be to try to smother it. So what does this mean for you? [music] It what does this mean for you? [music] It what does this mean for you? [music] It means if you're sitting there thinking, means if you're sitting there thinking, means if you're sitting there thinking, I just need to wait for the market to I just need to wait for the market to I just need to wait for the market to recover and I'll get another desk job. recover and I'll get another desk job. recover and I'll get another desk job. Sure, but only if you are an AI master. Sure, but only if you are an AI master. Sure, but only if you are an AI master. Because over the next decade, there will Because over the next decade, there will Because over the next decade, there will be fewer and fewer of those jobs left. be fewer and fewer of those jobs left. be fewer and fewer of those jobs left. Anyone who is waiting for a return to Anyone who is waiting for a return to Anyone who is waiting for a return to normal is waiting for a world that's not normal is waiting for a world that's not normal is waiting for a world that's not coming back. The jobs numbers bear that coming back. The jobs numbers bear that coming back. The jobs numbers bear that out. The historical pattern bears that out. The historical pattern bears that out. The historical pattern bears that out, but the government is not going to out, but the government is not going to out, but the government is not going to confirm it because they can't afford to. confirm it because they can't afford to. confirm it because they can't afford to. This is a game of psychology, not This is a game of psychology, not This is a game of psychology, not fundamentals. It's not a game of telling fundamentals. It's not a game of telling fundamentals. It's not a game of telling the truth about the history. It's a game the truth about the history. It's a game the truth about the history. It's a game of obfuscating everything and then of obfuscating everything and then of obfuscating everything and then letting the sophisticated walk away with letting the sophisticated walk away with letting the sophisticated walk away with the prize, as has happened every time the prize, as has happened every time the prize, as has happened every time throughout history. There's a little bit throughout history. There's a little bit throughout history. There's a little bit of good news. Every single one of these of good news. Every single one of these of good news. Every single one of these transitions, as brutal as they were, transitions, as brutal as they were, transitions, as brutal as they were, also created massive opportunity for also created massive opportunity for also created massive opportunity for people who saw it coming. The people who people who saw it coming. The people who people who saw it coming. The people who understood what was actually happening understood what was actually happening understood what was actually happening and positioned themselves accordingly. and positioned themselves accordingly. and positioned themselves accordingly. The people who avoid debt and preserve The people who avoid debt and preserve The people who avoid debt and preserve optionality and buy when there's blood optionality and buy when there's blood optionality and buy when there's blood in the street always come out ahead for in the street always come out ahead for in the street always come out ahead for an entire generation when you have a an entire generation when you have a an entire generation when you have a moment of transition like this one. And moment of transition like this one. And moment of transition like this one. And this moment, it's just no different. The this moment, it's just no different. The this moment, it's just no different. The opportunity is real, but you have to see opportunity is real, but you have to see opportunity is real, but you have to see clearly and you have to act. So, let me clearly and you have to act. So, let me clearly and you have to act. So, let me tell you what I think you should tell you what I think you should tell you what I think you should actually do. First, stop thinking like actually do. First, stop thinking like actually do. First, stop thinking like an employee and start thinking like an an employee and start thinking like an an employee and start thinking like an entrepreneur and capital allocator. Your entrepreneur and capital allocator. Your entrepreneur and capital allocator. Your cash sitting in a savings account is not cash sitting in a savings account is not cash sitting in a savings account is not safe. Every dollar you earn but don't safe. Every dollar you earn but don't safe. Every dollar you earn but don't deploy is a dollar the system is deploy is a dollar the system is deploy is a dollar the system is designed to take from you slowly. designed to take from you slowly. designed to take from you slowly. [music] So, the single most important [music] So, the single most important [music] So, the single most important shift you can make right now is to stop shift you can make right now is to stop shift you can make right now is to stop saving and start owning things, the saving and start owning things, the saving and start owning things, the right things. That means getting into right things. That means getting into right things. That means getting into assets, equities, commodities, gold, assets, equities, commodities, gold, assets, equities, commodities, gold, precious metals, Bitcoin, real estate, precious metals, Bitcoin, real estate, precious metals, Bitcoin, real estate, etc. Not 10 different tech stocks. etc. Not 10 different tech stocks. etc. Not 10 different tech stocks. That's just 10 ways to bet on the same That's just 10 ways to bet on the same That's just 10 ways to bet on the same outcome. You want uncorrelated assets outcome. You want uncorrelated assets outcome. You want uncorrelated assets that respond differently to different that respond differently to different that respond differently to different stressors. You don't have to be perfect. stressors. You don't have to be perfect. stressors. You don't have to be perfect. Just avoid investing on margin and play Just avoid investing on margin and play Just avoid investing on margin and play the long game. Second, keep 6 to 12 the long game. Second, keep 6 to 12 the long game. Second, keep 6 to 12 months of living expenses in cash. Not months of living expenses in cash. Not months of living expenses in cash. Not because cash is a great investment. It because cash is a great investment. It because cash is a great investment. It is not. But because the worst thing you is not. But because the worst thing you is not. But because the worst thing you can do in a downturn is be forced to can do in a downturn is be forced to can do in a downturn is be forced to sell your assets at the bottom. sell your assets at the bottom. sell your assets at the bottom. Liquidity keeps you emotionally sober Liquidity keeps you emotionally sober Liquidity keeps you emotionally sober when everyone else around you is losing when everyone else around you is losing when everyone else around you is losing their minds. Third, learn AI. Not their minds. Third, learn AI. Not their minds. Third, learn AI. Not casually, not I tried Chad GPT once. I casually, not I tried Chad GPT once. I casually, not I tried Chad GPT once. I mean, actually sit down and learn how to mean, actually sit down and learn how to mean, actually sit down and learn how to use these tools at a professional level use these tools at a professional level use these tools at a professional level to multiply your output. Get better than to multiply your output. Get better than to multiply your output. Get better than everyone else. As the prevailing wisdom everyone else. As the prevailing wisdom everyone else. As the prevailing wisdom goes, AI is not going to take your job. goes, AI is not going to take your job. goes, AI is not going to take your job. A person using AI is going to take your A person using AI is going to take your A person using AI is going to take your job. The people with the deepest mastery job. The people with the deepest mastery job. The people with the deepest mastery of AI will be the people that are the of AI will be the people that are the of AI will be the people that are the most valuable for at least the next 5 to most valuable for at least the next 5 to most valuable for at least the next 5 to 10 years. And companies right now are 10 years. And companies right now are 10 years. And companies right now are already making hiring decisions based on already making hiring decisions based on already making hiring decisions based on that reality. You can be the person who that reality. You can be the person who that reality. You can be the person who commands an AI augmented workflow or you commands an AI augmented workflow or you commands an AI augmented workflow or you can be the person who gets replaced by can be the person who gets replaced by can be the person who gets replaced by one. There really is no third option for one. There really is no third option for one. There really is no third option for white collar workers. Fourth, if you white collar workers. Fourth, if you white collar workers. Fourth, if you have any entrepreneurial instinct at have any entrepreneurial instinct at have any entrepreneurial instinct at all, now is the time. The barriers to all, now is the time. The barriers to all, now is the time. The barriers to starting a business have never been starting a business have never been starting a business have never been lower. You can launch a product, build a lower. You can launch a product, build a lower. You can launch a product, build a brand, and run operations with AI doing brand, and run operations with AI doing brand, and run operations with AI doing work that used to require an entire work that used to require an entire work that used to require an entire department. You could do it by yourself. department. You could do it by yourself. department. You could do it by yourself. The window for small, lean, AI native The window for small, lean, AI native The window for small, lean, AI native businesses is wide open right now, but businesses is wide open right now, but businesses is wide open right now, but it's not going to stay open forever. it's not going to stay open forever. it's not going to stay open forever. It's not even going to stay open for It's not even going to stay open for It's not even going to stay open for long. Right now, the advantage belongs long. Right now, the advantage belongs long. Right now, the advantage belongs to the fast and the efficient. And to the fast and the efficient. And to the fast and the efficient. And fifth, don't try to predict the future. fifth, don't try to predict the future. fifth, don't try to predict the future. Preserve your optionality. The specifics Preserve your optionality. The specifics Preserve your optionality. The specifics on how AI reshapes the economy is on how AI reshapes the economy is on how AI reshapes the economy is guaranteed to surprise all of us. Your guaranteed to surprise all of us. Your guaranteed to surprise all of us. Your job is not to guess which surprises are job is not to guess which surprises are job is not to guess which surprises are coming. Your job is to be positioned so coming. Your job is to be positioned so coming. Your job is to be positioned so you can absorb the shocks and capitalize you can absorb the shocks and capitalize you can absorb the shocks and capitalize on the opportunities as they emerge. on the opportunities as they emerge. on the opportunities as they emerge. Now, let me bring all of this full Now, let me bring all of this full Now, let me bring all of this full circle. Remember, what's happening right circle. Remember, what's happening right circle. Remember, what's happening right now has happened over and over now has happened over and over now has happened over and over throughout history. In these moments of throughout history. In these moments of throughout history. In these moments of transition, the government's going to transition, the government's going to transition, the government's going to lie to you. They are going to try to lie to you. They are going to try to lie to you. They are going to try to keep you blind to what is actually keep you blind to what is actually keep you blind to what is actually happening. At the end of the day, this happening. At the end of the day, this happening. At the end of the day, this displacement will eat up an entire displacement will eat up an entire displacement will eat up an entire generation, possibly two. And the only generation, possibly two. And the only generation, possibly two. And the only people that are going to win are going people that are going to win are going people that are going to win are going to be the people that position to be the people that position to be the people that position themselves to own things so that they themselves to own things so that they themselves to own things so that they can thrive during this period of can thrive during this period of can thrive during this period of transition. To the owners always go the transition. To the owners always go the transition. To the owners always go the spoils. Act now boys and girls. The spoils. Act now boys and girls. The spoils. Act now boys and girls. The displacement is real. It is structural displacement is real. It is structural displacement is real. It is structural and it is accelerating. History tells us and it is accelerating. History tells us and it is accelerating. History tells us exactly what happens next. The capital exactly what happens next. The capital exactly what happens next. The capital class will capture the gains. The middle class will capture the gains. The middle class will capture the gains. The middle will get hollowed out. The political will get hollowed out. The political will get hollowed out. The political system will fracture as it is already system will fracture as it is already system will fracture as it is already and it takes decades of upheaval before and it takes decades of upheaval before and it takes decades of upheaval before the benefits will reach ordinary people. the benefits will reach ordinary people. the benefits will reach ordinary people. Don't be ordinary people. That's the Don't be ordinary people. That's the Don't be ordinary people. That's the pattern. It's never once failed to pattern. It's never once failed to pattern. It's never once failed to repeat. If you're going to win, you repeat. If you're going to win, you repeat. If you're going to win, you don't need to be lucky. You need to be don't need to be lucky. You need to be don't need to be lucky. You need to be prepared. In the long run, the let eye prepared. In the long run, the let eye prepared. In the long run, the let eye fallacy is indeed true. Smashing the fallacy is indeed true. Smashing the fallacy is indeed true. Smashing the looms or whatever machine or in our case looms or whatever machine or in our case looms or whatever machine or in our case the data centers, it's not the play. In the data centers, it's not the play. In the data centers, it's not the play. In the long run, AI will make society as a the long run, AI will make society as a the long run, AI will make society as a whole much much richer. But we don't whole much much richer. But we don't whole much much richer. But we don't live in the long run. We live in the live in the long run. We live in the live in the long run. We live in the right now. And right now, the only right now. And right now, the only right now. And right now, the only question that matters is whether you're question that matters is whether you're question that matters is whether you're going to be the person who saw this going to be the person who saw this going to be the person who saw this coming or the person who got blindsided. coming or the person who got blindsided. coming or the person who got blindsided. All right. If you want to see me explore All right. If you want to see me explore All right. If you want to see me explore ideas like this in real time, be sure to ideas like this in real time, be sure to ideas like this in real time, be sure to subscribe right now and join me live subscribe right now and join me live subscribe right now and join me live Monday, Wednesday, and Friday at 7:00 Monday, Wednesday, and Friday at 7:00 Monday, Wednesday, and Friday at 7:00 a.m. Pacific time. Till then, my a.m. Pacific time. Till then, my a.m. Pacific time. Till then, my friends, be legendary. Take care. Peace. friends, be legendary. Take care. Peace. friends, be legendary. Take care. Peace. If you like this conversation, check out If you like this conversation, check out If you like this conversation, check out this episode to learn more. Of the 47 this episode to learn more. Of the 47 this episode to learn more. Of the 47 nations in Europe, all 47 require nations in Europe, all 47 require nations in Europe, all 47 require governmentissued photo ID to vote. governmentissued photo ID to vote. governmentissued photo ID to vote. India, a country where 63% of the India, a country where 63% of the India, a country where 63% of the population live,