Tom DESTROYS Gary Economic’s TERRIBLE Take On Wealth Tax

The most emotional economist in the The most emotional economist in the world, Gary's Economics is going to tell world, Gary's Economics is going to tell world, Gary's Economics is going to tell us why wealth taxes are good. us why wealth taxes are good. us why wealth taxes are good. >> Okay, welcome back to Gary's Economics. >> Okay, welcome back to Gary's Economics. >> Okay, welcome back to Gary's Economics. Today, we are going to talk about why Today, we are going to talk about why Today, we are going to talk about why the economist hates wealth taxes. the economist hates wealth taxes. the economist hates wealth taxes. >> And why Gary loves them. >> And why Gary loves them. >> And why Gary loves them. >> I have recently been interested in sort >> I have recently been interested in sort >> I have recently been interested in sort of what the intelligentsia are thinking of what the intelligentsia are thinking of what the intelligentsia are thinking about wealth taxes because they are about wealth taxes because they are about wealth taxes because they are currently the primary blocker of wealth currently the primary blocker of wealth currently the primary blocker of wealth taxes. taxes. taxes. >> Thank the Lord. Never did I think I >> Thank the Lord. Never did I think I >> Thank the Lord. Never did I think I would come to the aid of the would come to the aid of the would come to the aid of the intelligentsia, but if they really are intelligentsia, but if they really are intelligentsia, but if they really are the ones blocking this, I'm here for it. the ones blocking this, I'm here for it. the ones blocking this, I'm here for it. >> So, I really wanted to know what the >> So, I really wanted to know what the >> So, I really wanted to know what the economist was saying. Um I knew they economist was saying. Um I knew they economist was saying. Um I knew they were going to be anti-wealth taxes. were going to be anti-wealth taxes. were going to be anti-wealth taxes. >> Because they like to see people prosper? >> Because they like to see people prosper? >> Because they like to see people prosper? >> There's two articles in there about >> There's two articles in there about >> There's two articles in there about wealth taxes, and I found the arguments wealth taxes, and I found the arguments wealth taxes, and I found the arguments given like incredibly incredibly given like incredibly incredibly given like incredibly incredibly interesting. All right. So, yeah, interesting. All right. So, yeah, interesting. All right. So, yeah, there's two articles in there. They there's two articles in there. They there's two articles in there. They don't really give much argument against don't really give much argument against don't really give much argument against wealth taxes, but I want to go through wealth taxes, but I want to go through wealth taxes, but I want to go through everything they they say specifically everything they they say specifically everything they they say specifically about wealth taxes. So, the first thing about wealth taxes. So, the first thing about wealth taxes. So, the first thing they have they have they have uh is a very short sentence which says, uh is a very short sentence which says, uh is a very short sentence which says, "Wealth taxes would become confiscatory "Wealth taxes would become confiscatory "Wealth taxes would become confiscatory and deter innovation." and deter innovation." and deter innovation." >> Uh and then they they refer to like a >> Uh and then they they refer to like a >> Uh and then they they refer to like a larger article at the back of the larger article at the back of the larger article at the back of the magazine. And if you go to that larger magazine. And if you go to that larger magazine. And if you go to that larger article, to be honest, there's like article, to be honest, there's like article, to be honest, there's like almost nothing in it. It just says the almost nothing in it. It just says the almost nothing in it. It just says the exact same thing. The costs of deterring exact same thing. The costs of deterring exact same thing. The costs of deterring innovation are innovation are innovation are >> Now, in his defense, if they aren't >> Now, in his defense, if they aren't >> Now, in his defense, if they aren't making argumentation, then this is making argumentation, then this is making argumentation, then this is pointless. If you've got people that are pointless. If you've got people that are pointless. If you've got people that are on my side of the fence saying, "Hey, on my side of the fence saying, "Hey, on my side of the fence saying, "Hey, there's cause and effect here. The there's cause and effect here. The there's cause and effect here. The reason that you don't want to get into reason that you don't want to get into reason that you don't want to get into uh wealth taxes it actually breaks the uh wealth taxes it actually breaks the uh wealth taxes it actually breaks the economy, which it does." Uh but they economy, which it does." Uh but they economy, which it does." Uh but they just want you to feel your way through just want you to feel your way through just want you to feel your way through the issue. It's bad. It's you're the issue. It's bad. It's you're the issue. It's bad. It's you're confiscating things. Nobody's ever going confiscating things. Nobody's ever going confiscating things. Nobody's ever going to be persuaded by that. People are not to be persuaded by that. People are not to be persuaded by that. People are not being realistic about the fact that we being realistic about the fact that we being realistic about the fact that we live in a very populist moment, which live in a very populist moment, which live in a very populist moment, which means everybody's reasoning by emotion. means everybody's reasoning by emotion. means everybody's reasoning by emotion. And so, if we're ever going to have any And so, if we're ever going to have any And so, if we're ever going to have any chance of winning this argument, we chance of winning this argument, we chance of winning this argument, we actually have to make the points. Now, I actually have to make the points. Now, I actually have to make the points. Now, I find Gary, and we're going to watch him find Gary, and we're going to watch him find Gary, and we're going to watch him do it or not do it. I actually haven't do it or not do it. I actually haven't do it or not do it. I actually haven't seen this clip yet, but um he's either seen this clip yet, but um he's either seen this clip yet, but um he's either going to come at you with an emotional going to come at you with an emotional going to come at you with an emotional argument or he's actually going to lay argument or he's actually going to lay argument or he's actually going to lay out his cause and effect. Historically, out his cause and effect. Historically, out his cause and effect. Historically, Gary will give you the very beginning of Gary will give you the very beginning of Gary will give you the very beginning of an argument and followed by it doesn't an argument and followed by it doesn't an argument and followed by it doesn't feel right. People aren't going to like feel right. People aren't going to like feel right. People aren't going to like it. It's not going to work. And then it. It's not going to work. And then it. It's not going to work. And then he'll stop at that rather than offering, he'll stop at that rather than offering, he'll stop at that rather than offering, okay, what exactly are you going to do? okay, what exactly are you going to do? okay, what exactly are you going to do? Why is it going to work? And so let's Why is it going to work? And so let's Why is it going to work? And so let's see if the economist also fails us see if the economist also fails us see if the economist also fails us there, uh, then [ __ ] them as well. there, uh, then [ __ ] them as well. there, uh, then [ __ ] them as well. >> But I really want to focus on the one >> But I really want to focus on the one >> But I really want to focus on the one specific thing they said next, which I specific thing they said next, which I specific thing they said next, which I found to be really, really interesting, found to be really, really interesting, found to be really, really interesting, which is this little bit at the end of which is this little bit at the end of which is this little bit at the end of the article. the article. the article. >> So wait, he's going to move past their >> So wait, he's going to move past their >> So wait, he's going to move past their actual claims onto something else. Let's actual claims onto something else. Let's actual claims onto something else. Let's see what this is. see what this is. see what this is. >> Where it says, "The tax system must >> Where it says, "The tax system must >> Where it says, "The tax system must ensure that meritocracy prevails over ensure that meritocracy prevails over ensure that meritocracy prevails over inheritocracy. Broader-based inheritance inheritocracy. Broader-based inheritance inheritocracy. Broader-based inheritance taxes." taxes." taxes." And when I heard this, I found this And when I heard this, I found this And when I heard this, I found this incredibly interesting and I'll explain incredibly interesting and I'll explain incredibly interesting and I'll explain why. why. why. So in the last, like 1 year, I've been So in the last, like 1 year, I've been So in the last, like 1 year, I've been doing a lot of basically lobbying of doing a lot of basically lobbying of doing a lot of basically lobbying of kind of fancy people, politicians, uh, kind of fancy people, politicians, uh, kind of fancy people, politicians, uh, economists, academics, tax lawyers, economists, academics, tax lawyers, economists, academics, tax lawyers, trying to convince them to do wealth trying to convince them to do wealth trying to convince them to do wealth taxes. And this exact argument, which taxes. And this exact argument, which taxes. And this exact argument, which the economist makes here in the economist makes here in the economist makes here in >> God, I can't believe he's doing what >> God, I can't believe he's doing what >> God, I can't believe he's doing what he's he's he's >> that no, we definitely shouldn't do >> that no, we definitely shouldn't do >> that no, we definitely shouldn't do wealth taxes and it's it's very, very wealth taxes and it's it's very, very wealth taxes and it's it's very, very clear in this article and in previous clear in this article and in previous clear in this article and in previous articles they published that they're articles they published that they're articles they published that they're very anti-wealth taxes. This idea that very anti-wealth taxes. This idea that very anti-wealth taxes. This idea that we shouldn't do we shouldn't do we shouldn't do wealth taxes, but we should do more wealth taxes, but we should do more wealth taxes, but we should do more inheritance taxes inheritance taxes inheritance taxes is an idea that I find so interesting is an idea that I find so interesting is an idea that I find so interesting and has come up a couple of times in the and has come up a couple of times in the and has come up a couple of times in the conversations that I've had with sort of conversations that I've had with sort of conversations that I've had with sort of powerful, sort of influencers in the powerful, sort of influencers in the powerful, sort of influencers in the political world here in the UK. political world here in the UK. political world here in the UK. And every time I've heard And every time I've heard And every time I've heard somebody say to me, "Oh, we definitely somebody say to me, "Oh, we definitely somebody say to me, "Oh, we definitely >> He's going to say something like this is >> He's going to say something like this is >> He's going to say something like this is a wealth tax. And I swear to God, if he a wealth tax. And I swear to God, if he a wealth tax. And I swear to God, if he cannot navigate the difference between a cannot navigate the difference between a cannot navigate the difference between a wealth tax when you're dead wealth tax when you're dead wealth tax when you're dead and a wealth tax when you're alive, I'm and a wealth tax when you're alive, I'm and a wealth tax when you're alive, I'm going to lose my [ __ ] going to lose my [ __ ] going to lose my [ __ ] >> Oh, we definitely shouldn't do wealth >> Oh, we definitely shouldn't do wealth >> Oh, we definitely shouldn't do wealth taxes, but what I really want us to do taxes, but what I really want us to do taxes, but what I really want us to do is more inheritance taxes. I find it is more inheritance taxes. I find it is more inheritance taxes. I find it like an incredibly interesting line of like an incredibly interesting line of like an incredibly interesting line of argument to take, and argument to take, and argument to take, and in order to understand why it's so in order to understand why it's so in order to understand why it's so interesting, you basically need to interesting, you basically need to interesting, you basically need to understand what wealth taxes are, and understand what wealth taxes are, and understand what wealth taxes are, and why wealth taxes are so important in our why wealth taxes are so important in our why wealth taxes are so important in our current economy. current economy. current economy. So, the difference between a wealth tax So, the difference between a wealth tax So, the difference between a wealth tax and an income tax is and an income tax is and an income tax is income taxes tax you on the money you income taxes tax you on the money you income taxes tax you on the money you make every year, make every year, make every year, whereas wealth taxes tax you on the whereas wealth taxes tax you on the whereas wealth taxes tax you on the stock of wealth stock of wealth stock of wealth that you have. that you have. that you have. And the reason that they're so important And the reason that they're so important And the reason that they're so important in the current tax system is our current in the current tax system is our current in the current tax system is our current tax system as it is tax system as it is tax system as it is is very effective at taxing is very effective at taxing is very effective at taxing primarily high-earning workers. So, if primarily high-earning workers. So, if primarily high-earning workers. So, if you are you are you are making your money from your work, and making your money from your work, and making your money from your work, and you're earning a lot of money, you're you're earning a lot of money, you're you're earning a lot of money, you're probably paying, you know, probably paying, you know, probably paying, you know, 50 or even even 60%. Um at the moment, 50 or even even 60%. Um at the moment, 50 or even even 60%. Um at the moment, the highest marginal rate of tax in the the highest marginal rate of tax in the the highest marginal rate of tax in the >> One of the big problems is, and if he >> One of the big problems is, and if he >> One of the big problems is, and if he doesn't define this, this is going to be doesn't define this, this is going to be doesn't define this, this is going to be maddening. maddening. maddening. People do not understand the difference People do not understand the difference People do not understand the difference between income and wealth, and Gary is between income and wealth, and Gary is between income and wealth, and Gary is so far doing nothing to explain the so far doing nothing to explain the so far doing nothing to explain the difference, and this is exactly where it difference, and this is exactly where it difference, and this is exactly where it breaks. Now, I'm not for inheritance breaks. Now, I'm not for inheritance breaks. Now, I'm not for inheritance taxes, it's already been taxed. Uh we'll taxes, it's already been taxed. Uh we'll taxes, it's already been taxed. Uh we'll see how he ends up addressing that, but see how he ends up addressing that, but see how he ends up addressing that, but this is where this gets maddening. this is where this gets maddening. this is where this gets maddening. You've got to define your terms, you've You've got to define your terms, you've You've got to define your terms, you've got to explain why taxing income makes got to explain why taxing income makes got to explain why taxing income makes sense, and why taxing wealth doesn't sense, and why taxing wealth doesn't sense, and why taxing wealth doesn't make sense, why those two things are not make sense, why those two things are not make sense, why those two things are not the same, and why taxing one is easy the same, and why taxing one is easy the same, and why taxing one is easy enough to do, and why taxing the other enough to do, and why taxing the other enough to do, and why taxing the other is absolutely detrimental to the is absolutely detrimental to the is absolutely detrimental to the economy. Now, overtaxing either is economy. Now, overtaxing either is economy. Now, overtaxing either is stupid, but if you don't delineate stupid, but if you don't delineate stupid, but if you don't delineate between the different forms of between the different forms of between the different forms of I'm not sure what you want to call it. I'm not sure what you want to call it. I'm not sure what you want to call it. One is literally, I've got this income One is literally, I've got this income One is literally, I've got this income in, it's tangible, it's in my hand. The in, it's tangible, it's in my hand. The in, it's tangible, it's in my hand. The other is theoretical. Wealth is other is theoretical. Wealth is other is theoretical. Wealth is theoretical. It is not a real thing that theoretical. It is not a real thing that theoretical. It is not a real thing that you have, which is exactly why trying to you have, which is exactly why trying to you have, which is exactly why trying to do tax it is so maddening. do tax it is so maddening. do tax it is so maddening. >> So, we're aggressively taxing high >> So, we're aggressively taxing high >> So, we're aggressively taxing high earners, earners, earners, but we are really but we are really but we are really >> Because it's real. You actually have it. >> Because it's real. You actually have it. >> Because it's real. You actually have it. It's money. It's money. It's money. >> really not effectively taxing the very >> really not effectively taxing the very >> really not effectively taxing the very rich people have enormous amounts of rich people have enormous amounts of rich people have enormous amounts of assets at all. assets at all. assets at all. So, wealth So, wealth So, wealth >> Which is insane and stupid and we should >> Which is insane and stupid and we should >> Which is insane and stupid and we should stop doing immediately. stop doing immediately. stop doing immediately. >> Wealth taxes really are the only tax >> Wealth taxes really are the only tax >> Wealth taxes really are the only tax that has the power to really rebalance that has the power to really rebalance that has the power to really rebalance the cur- the current very unfair tax the cur- the current very unfair tax the cur- the current very unfair tax system. I think if you if you look at system. I think if you if you look at system. I think if you if you look at Zucman's work, he talks about ordinary Zucman's work, he talks about ordinary Zucman's work, he talks about ordinary workers are paying 50% billionaires workers are paying 50% billionaires workers are paying 50% billionaires paying 20%. Wealth taxes paying 20%. Wealth taxes paying 20%. Wealth taxes because they tax your stock of wealth because they tax your stock of wealth because they tax your stock of wealth rather than just your income every year. rather than just your income every year. rather than just your income every year. >> Gary, here's a question. Can you tax an >> Gary, here's a question. Can you tax an >> Gary, here's a question. Can you tax an asset without selling the asset? asset without selling the asset? asset without selling the asset? >> Very rich people don't get their money >> Very rich people don't get their money >> Very rich people don't get their money from working. And because we have a tax from working. And because we have a tax from working. And because we have a tax system that is largely based around system that is largely based around system that is largely based around taxing work-based income, taxing work-based income, taxing work-based income, >> Do you say why it's unfair, please? >> Do you say why it's unfair, please? >> Do you say why it's unfair, please? >> This is very important within the >> This is very important within the >> This is very important within the context of what is currently happening context of what is currently happening context of what is currently happening to the wealth distribution in our to the wealth distribution in our to the wealth distribution in our economies and our societies, which is economies and our societies, which is economies and our societies, which is most groups of society, poorer people, most groups of society, poorer people, most groups of society, poorer people, average people, and even higher earning average people, and even higher earning average people, and even higher earning individuals individuals individuals are getting poorer. are getting poorer. are getting poorer. Governments are getting poorer. Ordinary Governments are getting poorer. Ordinary Governments are getting poorer. Ordinary people are holding less wealth. people are holding less wealth. people are holding less wealth. Governments are holding less wealth. And Governments are holding less wealth. And Governments are holding less wealth. And all of that wealth is being accumulated all of that wealth is being accumulated all of that wealth is being accumulated >> By the way, so if uh cuz he's not saying >> By the way, so if uh cuz he's not saying >> By the way, so if uh cuz he's not saying any more words about it. If what he's any more words about it. If what he's any more words about it. If what he's saying is the very thing that would make saying is the very thing that would make saying is the very thing that would make it um a fair tax system, is you're it um a fair tax system, is you're it um a fair tax system, is you're charging workers 50% and then you're charging workers 50% and then you're charging workers 50% and then you're charging which by the way, you're not. charging which by the way, you're not. charging which by the way, you're not. The vast majority of people in England The vast majority of people in England The vast majority of people in England pay no taxes. pay no taxes. pay no taxes. Uh and a very similar thing here in the Uh and a very similar thing here in the Uh and a very similar thing here in the US. In the US, US. In the US, US. In the US, uh 50% of people pay 3% of the taxes. uh 50% of people pay 3% of the taxes. uh 50% of people pay 3% of the taxes. So, when you have a progressive tax So, when you have a progressive tax So, when you have a progressive tax system, what ends up happening is the system, what ends up happening is the system, what ends up happening is the tax base ends up being paid by the tax base ends up being paid by the tax base ends up being paid by the wealthy people. So, the people that are wealthy people. So, the people that are wealthy people. So, the people that are getting taxed at 50%, they're not your getting taxed at 50%, they're not your getting taxed at 50%, they're not your person that's struggling to make ends person that's struggling to make ends person that's struggling to make ends meet. So, that's already something that meet. So, that's already something that meet. So, that's already something that he's not talking about. But, if he were he's not talking about. But, if he were he's not talking about. But, if he were putting forward, hey, let's just be fair putting forward, hey, let's just be fair putting forward, hey, let's just be fair because equal percentage, that's fair. because equal percentage, that's fair. because equal percentage, that's fair. So, that's actually one of the changes So, that's actually one of the changes So, that's actually one of the changes to tax code the world over that actually to tax code the world over that actually to tax code the world over that actually I would understand. If people were I would understand. If people were I would understand. If people were putting forward, everybody just needs to putting forward, everybody just needs to putting forward, everybody just needs to pay 20% or 25% or whatever it is, and pay 20% or 25% or whatever it is, and pay 20% or 25% or whatever it is, and just everybody pays it, and we're not just everybody pays it, and we're not just everybody pays it, and we're not doing a progressive progressive tax doing a progressive progressive tax doing a progressive progressive tax system, and we're not letting there be system, and we're not letting there be system, and we're not letting there be loopholes, and we want to shut all that loopholes, and we want to shut all that loopholes, and we want to shut all that down, and we want to make sure that down, and we want to make sure that down, and we want to make sure that everybody pays their quote-unquote fair everybody pays their quote-unquote fair everybody pays their quote-unquote fair share. Great. Put one flat tax, don't share. Great. Put one flat tax, don't share. Great. Put one flat tax, don't let anybody out of it. But, of course, let anybody out of it. But, of course, let anybody out of it. But, of course, nobody Nobody except maybe I don't know nobody Nobody except maybe I don't know nobody Nobody except maybe I don't know if Thomas Massie or Rand Paul would get if Thomas Massie or Rand Paul would get if Thomas Massie or Rand Paul would get behind something like that. But, you're behind something like that. But, you're behind something like that. But, you're not going to hear a lot of people put not going to hear a lot of people put not going to hear a lot of people put that forward. that forward. that forward. >> almost completely avoid tax. >> almost completely avoid tax. >> almost completely avoid tax. And this is very important within the And this is very important within the And this is very important within the context of what's currently happening to context of what's currently happening to context of what's currently happening to the wealth distribution in our economies the wealth distribution in our economies the wealth distribution in our economies and our societies, which is and our societies, which is and our societies, which is most groups of society, poorer people, most groups of society, poorer people, most groups of society, poorer people, average people, and even higher-earning average people, and even higher-earning average people, and even higher-earning individuals individuals individuals are getting poorer. are getting poorer. are getting poorer. Governments are getting poorer. Governments are getting poorer. Governments are getting poorer. >> What's the mechanism get Governments are >> What's the mechanism get Governments are >> What's the mechanism get Governments are getting poorer? Gary, you're going to getting poorer? Gary, you're going to getting poorer? Gary, you're going to have to explain that one. What the [ __ ] have to explain that one. What the [ __ ] have to explain that one. What the [ __ ] are you talking about? Okay, so that's are you talking about? Okay, so that's are you talking about? Okay, so that's the first just outright mad thing. So, the first just outright mad thing. So, the first just outright mad thing. So, if you're talking about tax revenue if you're talking about tax revenue if you're talking about tax revenue that's actually being collected, that's actually being collected, that's actually being collected, certainly in the US, for every new certainly in the US, for every new certainly in the US, for every new dollar in tax that we spend, we spend dollar in tax that we spend, we spend dollar in tax that we spend, we spend Sorry, every new tax dollar that we Sorry, every new tax dollar that we Sorry, every new tax dollar that we bring in, we spend a dollar 58. If bring in, we spend a dollar 58. If bring in, we spend a dollar 58. If you're saying that that's the government you're saying that that's the government you're saying that that's the government getting poorer, that's the government getting poorer, that's the government getting poorer, that's the government getting poorer because they have getting poorer because they have getting poorer because they have horrific spending policies, not because horrific spending policies, not because horrific spending policies, not because they just Oh my god, you've got so many they just Oh my god, you've got so many they just Oh my god, you've got so many rich people and they're dodging their rich people and they're dodging their rich people and they're dodging their taxes. That's not what's happening. The taxes. That's not what's happening. The taxes. That's not what's happening. The US government, and I'm sure it's very US government, and I'm sure it's very US government, and I'm sure it's very similar in the UK, but the US government similar in the UK, but the US government similar in the UK, but the US government has almost doubled It's like 94% almost has almost doubled It's like 94% almost has almost doubled It's like 94% almost doubled their tax base in the last 10 doubled their tax base in the last 10 doubled their tax base in the last 10 years. In the last 10 years, the last years. In the last 10 years, the last years. In the last 10 years, the last decade, we have almost doubled the decade, we have almost doubled the decade, we have almost doubled the amount that the government is amount that the government is amount that the government is collecting. That [ __ ] is wild. In what collecting. That [ __ ] is wild. In what collecting. That [ __ ] is wild. In what way, Gary? Please state the way. way, Gary? Please state the way. way, Gary? Please state the way. Because I know, I'm sure it feels like Because I know, I'm sure it feels like Because I know, I'm sure it feels like governments are getting poorer, but the governments are getting poorer, but the governments are getting poorer, but the reality is, on the ground, the reality is, on the ground, the reality is, on the ground, the governments are getting richer and governments are getting richer and governments are getting richer and richer by the second because they are richer by the second because they are richer by the second because they are collecting more and more and more tax collecting more and more and more tax collecting more and more and more tax like a morbidly obese person who is like a morbidly obese person who is like a morbidly obese person who is screaming for more calories. I need more screaming for more calories. I need more screaming for more calories. I need more calories. I need more calories. The calories. I need more calories. The calories. I need more calories. The reality is, you don't need more reality is, you don't need more reality is, you don't need more calories. You need to calories. You need to calories. You need to spend your money wisely. You need to spend your money wisely. You need to spend your money wisely. You need to spend your money wisely. That is where spend your money wisely. That is where spend your money wisely. That is where governments are falling on their face. governments are falling on their face. governments are falling on their face. >> means wealth, and all of that wealth is >> means wealth, and all of that wealth is >> means wealth, and all of that wealth is being accumulated being accumulated being accumulated amongst the richest people in our amongst the richest people in our amongst the richest people in our society. society. society. >> We'll get right back to the show, but >> We'll get right back to the show, but >> We'll get right back to the show, but first, let's talk about the gap between first, let's talk about the gap between first, let's talk about the gap between what you know and what you actually what you know and what you actually what you know and what you actually publish. You have the expertise, you publish. You have the expertise, you publish. You have the expertise, you have great ideas, you could teach a have great ideas, you could teach a have great ideas, you could teach a master class on what you do, but the master class on what you do, but the master class on what you do, but the creators killing it right now aren't creators killing it right now aren't creators killing it right now aren't smarter than you. They just have more smarter than you. They just have more smarter than you. They just have more visual content. They are posting daily, visual content. They are posting daily, visual content. They are posting daily, shorts, explainers, promos, while you're shorts, explainers, promos, while you're shorts, explainers, promos, while you're stuck in one or two videos a month stuck in one or two videos a month stuck in one or two videos a month because production takes forever. Trust because production takes forever. Trust because production takes forever. Trust me, I know it intimately. That gap is me, I know it intimately. That gap is me, I know it intimately. That gap is where you lose. And it's exactly what where you lose. And it's exactly what where you lose. And it's exactly what Agent Opus by Opus Clips was built to Agent Opus by Opus Clips was built to Agent Opus by Opus Clips was built to close. Our team has been using Agent close. Our team has been using Agent close. Our team has been using Agent Opus, and here is what makes it Opus, and here is what makes it Opus, and here is what makes it different. You take a script or an audio different. You take a script or an audio different. You take a script or an audio file, upload your brand assets, your file, upload your brand assets, your file, upload your brand assets, your logo, your product, your characters, logo, your product, your characters, logo, your product, your characters, pick a visual style, and then Agent Opus pick a visual style, and then Agent Opus pick a visual style, and then Agent Opus produces a full 60-to-90-second animated produces a full 60-to-90-second animated produces a full 60-to-90-second animated video video video >> [music] >> [music] >> [music] >> that's coherent and publish ready. It's >> that's coherent and publish ready. It's >> that's coherent and publish ready. It's a real piece of content with your a real piece of content with your a real piece of content with your message, your visuals, and your pacing message, your visuals, and your pacing message, your visuals, and your pacing from start to [music] finish. Check out from start to [music] finish. Check out from start to [music] finish. Check out Agent Opus at agent.opus.pro/explore. [music] Now, let's get back to the show. [music] Now, let's get back to the show. Again, he's not telling you what the Again, he's not telling you what the Again, he's not telling you what the difference between income and wealth is. difference between income and wealth is. difference between income and wealth is. So, if you want the government to get So, if you want the government to get So, if you want the government to get more wealthy, now what you're talking more wealthy, now what you're talking more wealthy, now what you're talking about is you want a sovereign wealth about is you want a sovereign wealth about is you want a sovereign wealth fund. You want the government to own fund. You want the government to own fund. You want the government to own assets, which are going to be volatile, assets, which are going to be volatile, assets, which are going to be volatile, which are going to go up and down. which are going to go up and down. which are going to go up and down. You have to be very careful what you end You have to be very careful what you end You have to be very careful what you end up putting into up putting into up putting into um the the sovereign wealth fund. If you um the the sovereign wealth fund. If you um the the sovereign wealth fund. If you have like natural resources and you want have like natural resources and you want have like natural resources and you want to do something like that, I can sort of to do something like that, I can sort of to do something like that, I can sort of see an argument for that and you can see an argument for that and you can see an argument for that and you can look at the countries that have done look at the countries that have done look at the countries that have done that and what they end up looking like. that and what they end up looking like. that and what they end up looking like. It does not look like a highly It does not look like a highly It does not look like a highly innovative society, but there are innovative society, but there are innovative society, but there are certainly places where they have done certainly places where they have done certainly places where they have done this well and they're able to use the this well and they're able to use the this well and they're able to use the sovereign wealth fund as a way to push sovereign wealth fund as a way to push sovereign wealth fund as a way to push the tax burden down. They still have not the tax burden down. They still have not the tax burden down. They still have not created the US, which is the most created the US, which is the most created the US, which is the most dynamic economy on the world, which is dynamic economy on the world, which is dynamic economy on the world, which is even now, even as we abuse people with even now, even as we abuse people with even now, even as we abuse people with our monetary policy, it is still the our monetary policy, it is still the our monetary policy, it is still the place that everyone around the world place that everyone around the world place that everyone around the world invest the majority of their dollars. Do invest the majority of their dollars. Do invest the majority of their dollars. Do not let anybody fool you. You do not not let anybody fool you. You do not not let anybody fool you. You do not have a bunch of money flooding into have a bunch of money flooding into have a bunch of money flooding into China, which is tied or just second or China, which is tied or just second or China, which is tied or just second or just first in terms of size of the just first in terms of size of the just first in terms of size of the economy. They're absolutely massive, but economy. They're absolutely massive, but economy. They're absolutely massive, but people are super paranoid to put their people are super paranoid to put their people are super paranoid to put their money in because the government controls money in because the government controls money in because the government controls everything. So, what he's saying is we everything. So, what he's saying is we everything. So, what he's saying is we want the government to control more, want the government to control more, want the government to control more, even though that tends to push foreign even though that tends to push foreign even though that tends to push foreign investment for sure away from it because investment for sure away from it because investment for sure away from it because people don't want the government to be people don't want the government to be people don't want the government to be able to control the assets. Why? Because able to control the assets. Why? Because able to control the assets. Why? Because the government has proven time and time the government has proven time and time the government has proven time and time again all throughout human history that again all throughout human history that again all throughout human history that they are the worst capital allocators of they are the worst capital allocators of they are the worst capital allocators of all time. You don't want to give your all time. You don't want to give your all time. You don't want to give your wealth over to the person who raises a wealth over to the person who raises a wealth over to the person who raises a dollar and spends a dollar 58. It is so dollar and spends a dollar 58. It is so dollar and spends a dollar 58. It is so obviously stupid. If you had a friend obviously stupid. If you had a friend obviously stupid. If you had a friend that did that, for every dollar that that did that, for every dollar that that did that, for every dollar that they made working, they spent a dollar they made working, they spent a dollar they made working, they spent a dollar 58, you'd be like, I have this 58, you'd be like, I have this 58, you'd be like, I have this financially irresponsible friend. I love financially irresponsible friend. I love financially irresponsible friend. I love him. I won't get thanks for him, but him. I won't get thanks for him, but him. I won't get thanks for him, but damn, he cannot manage his money. And damn, he cannot manage his money. And damn, he cannot manage his money. And yet, that is what the the do. And he yet, that is what the the do. And he yet, that is what the the do. And he wants to see them aggregate more of the wants to see them aggregate more of the wants to see them aggregate more of the country's wealth. It's so crazy. I get country's wealth. It's so crazy. I get country's wealth. It's so crazy. I get why that feels like the right thing. My why that feels like the right thing. My why that feels like the right thing. My core argument against Gary, because core argument against Gary, because core argument against Gary, because originally I had a really sort of soft originally I had a really sort of soft originally I had a really sort of soft spot in my heart for him, cuz he's spot in my heart for him, cuz he's spot in my heart for him, cuz he's capturing the way that people feel. capturing the way that people feel. capturing the way that people feel. He's able to mirror back to people, I He's able to mirror back to people, I He's able to mirror back to people, I get why you're suffering. I get why you get why you're suffering. I get why you get why you're suffering. I get why you feel the way you feel. You should be feel the way you feel. You should be feel the way you feel. You should be mad. And you should be mad. But he is mad. And you should be mad. But he is mad. And you should be mad. But he is either unable or unwilling to tell either unable or unwilling to tell either unable or unwilling to tell people the mechanism by which the people the mechanism by which the people the mechanism by which the economy has been broken. And just so I economy has been broken. And just so I economy has been broken. And just so I don't fall into Gary territory, the way don't fall into Gary territory, the way don't fall into Gary territory, the way that the economy has been broken is very that the economy has been broken is very that the economy has been broken is very simple. It is you create a central bank. simple. It is you create a central bank. simple. It is you create a central bank. That central bank creates a wealth pump That central bank creates a wealth pump That central bank creates a wealth pump mechanism by which, through money mechanism by which, through money mechanism by which, through money printing, driven by deficit spending, printing, driven by deficit spending, printing, driven by deficit spending, you end up robbing people of their you end up robbing people of their you end up robbing people of their purchasing power through the ability to purchasing power through the ability to purchasing power through the ability to print money. So, the dollars in their print money. So, the dollars in their print money. So, the dollars in their bank account don't go down, but what bank account don't go down, but what bank account don't go down, but what they can buy with those dollars does go they can buy with those dollars does go they can buy with those dollars does go down. And the only people that are down. And the only people that are down. And the only people that are protected from it, because the wealth is protected from it, because the wealth is protected from it, because the wealth is literally being pumped somewhere. So, literally being pumped somewhere. So, literally being pumped somewhere. So, where is that somewhere? It gets pumped where is that somewhere? It gets pumped where is that somewhere? It gets pumped into assets. And so, this is why he's so into assets. And so, this is why he's so into assets. And so, this is why he's so desperate to tax the value of those desperate to tax the value of those desperate to tax the value of those assets, instead of solving the problem assets, instead of solving the problem assets, instead of solving the problem of this wealth mechanism that transfers of this wealth mechanism that transfers of this wealth mechanism that transfers wealth from everybody, because the wealth from everybody, because the wealth from everybody, because the wealthy, everybody, everybody, the poor, wealthy, everybody, everybody, the poor, wealthy, everybody, everybody, the poor, the wealthy, the middle class, all the wealthy, the middle class, all the wealthy, the middle class, all everybody alike gets taxed by inflation, everybody alike gets taxed by inflation, everybody alike gets taxed by inflation, but only asset holders are able to but only asset holders are able to but only asset holders are able to escape some amount of that punishment. escape some amount of that punishment. escape some amount of that punishment. And so, the reality is what he should be And so, the reality is what he should be And so, the reality is what he should be saying is, "Hey, either get rid of that, saying is, "Hey, either get rid of that, saying is, "Hey, either get rid of that, stop deficit spending, stop money stop deficit spending, stop money stop deficit spending, stop money printing, get rid of the central bank, printing, get rid of the central bank, printing, get rid of the central bank, go back to sound currency, or if we go back to sound currency, or if we go back to sound currency, or if we don't want to do that, because we like don't want to do that, because we like don't want to do that, because we like the lubricant of the lubricant of the lubricant of money being able to be printed out of money being able to be printed out of money being able to be printed out of thin air and put into the system, thin air and put into the system, thin air and put into the system, which does have its upside, but it which does have its upside, but it which does have its upside, but it creates the ability to do this wealth creates the ability to do this wealth creates the ability to do this wealth pump, then we've got to, at a minimum, pump, then we've got to, at a minimum, pump, then we've got to, at a minimum, stop deficit spending. We've got to make stop deficit spending. We've got to make stop deficit spending. We've got to make sure that we are not causing inflation sure that we are not causing inflation sure that we are not causing inflation through the mechanism of money printing. through the mechanism of money printing. through the mechanism of money printing. Now, you're still going to get inflation Now, you're still going to get inflation Now, you're still going to get inflation in other ways, and I do not want to in other ways, and I do not want to in other ways, and I do not want to spiral out of control, but if anybody spiral out of control, but if anybody spiral out of control, but if anybody wants to push back, trust me, there are wants to push back, trust me, there are wants to push back, trust me, there are other ways that the government can other ways that the government can other ways that the government can create inflation, but those at least create inflation, but those at least create inflation, but those at least have some upsides in the economy. have some upsides in the economy. have some upsides in the economy. But this is where This is somebody who's But this is where This is somebody who's But this is where This is somebody who's walking you through an emotional appeal. walking you through an emotional appeal. walking you through an emotional appeal. He has not yet given you any cause and He has not yet given you any cause and He has not yet given you any cause and effect whatsoever. He's not saying, effect whatsoever. He's not saying, effect whatsoever. He's not saying, "Okay, this is the mechanism by which we "Okay, this is the mechanism by which we "Okay, this is the mechanism by which we expect people to liquidate their assets expect people to liquidate their assets expect people to liquidate their assets so that we can tax them." He's not so that we can tax them." He's not so that we can tax them." He's not saying, "The real reason that you have a saying, "The real reason that you have a saying, "The real reason that you have a K-shaped economy and some people are K-shaped economy and some people are K-shaped economy and some people are doing so poorly is because of deficit doing so poorly is because of deficit doing so poorly is because of deficit spending and inflation, which is a spending and inflation, which is a spending and inflation, which is a man-made disease that is quite literally man-made disease that is quite literally man-made disease that is quite literally designed to be a hidden tax." He's not designed to be a hidden tax." He's not designed to be a hidden tax." He's not saying any of that. saying any of that. saying any of that. He just knows that people are mad at the He just knows that people are mad at the He just knows that people are mad at the wealthy because they need someone to wealthy because they need someone to wealthy because they need someone to blame, and that's an easy visible blame, and that's an easy visible blame, and that's an easy visible target. target. target. >> I got a I got a quick thing in the chat >> I got a I got a quick thing in the chat >> I got a I got a quick thing in the chat about that. about that. about that. Capitalism, stock market, it's built on Capitalism, stock market, it's built on Capitalism, stock market, it's built on growth. Even the US, we needed 3% GDP growth. Even the US, we needed 3% GDP growth. Even the US, we needed 3% GDP growth every year in order to show growth every year in order to show growth every year in order to show growth in positive direction. growth in positive direction. growth in positive direction. >> Yep. >> Yep. >> Yep. >> Some people say that 2% inflation >> Some people say that 2% inflation >> Some people say that 2% inflation target, although it's man-made, although target, although it's man-made, although target, although it's man-made, although it's not real, it's something we it's not real, it's something we it's not real, it's something we shouldn't do, it's shouldn't do, it's shouldn't do, it's crucial for us to have that 3% growth crucial for us to have that 3% growth crucial for us to have that 3% growth every year because if every year because if every year because if >> You really want to be in the the >> You really want to be in the the >> You really want to be in the the complexity? Okay, cool. complexity? Okay, cool. complexity? Okay, cool. >> Yeah, it's so we have Where is that? >> Yeah, it's so we have Where is that? >> Yeah, it's so we have Where is that? >> It isn't crucial, but it is extremely >> It isn't crucial, but it is extremely >> It isn't crucial, but it is extremely useful for lubricating the economy for useful for lubricating the economy for useful for lubricating the economy for something called the velocity of money. something called the velocity of money. something called the velocity of money. So, Japan is the perfect example of what So, Japan is the perfect example of what So, Japan is the perfect example of what happens when your velocity of money is happens when your velocity of money is happens when your velocity of money is It's not zero, but it's very, very low. It's not zero, but it's very, very low. It's not zero, but it's very, very low. So, for almost 40 years, Japan has just So, for almost 40 years, Japan has just So, for almost 40 years, Japan has just been stagnant. Meaning, whatever you been stagnant. Meaning, whatever you been stagnant. Meaning, whatever you were getting paid at your job, if you were getting paid at your job, if you were getting paid at your job, if you were making $100,000 a year, 40 years were making $100,000 a year, 40 years were making $100,000 a year, 40 years later, you're still making $100,000. But later, you're still making $100,000. But later, you're still making $100,000. But bread is still the same price. bread is still the same price. bread is still the same price. So, it's just stagnant. So, it's just stagnant. So, it's just stagnant. So, if you've ever been to Japan, Japan So, if you've ever been to Japan, Japan So, if you've ever been to Japan, Japan is beautiful. It's wonderful. It's is beautiful. It's wonderful. It's is beautiful. It's wonderful. It's incredible country. And so, you can have incredible country. And so, you can have incredible country. And so, you can have a stagnant economy and still be in a a stagnant economy and still be in a a stagnant economy and still be in a wonderful place. Now, it's very wonderful place. Now, it's very wonderful place. Now, it's very different. You're not going to get the different. You're not going to get the different. You're not going to get the level of innovation. You're not going to level of innovation. You're not going to level of innovation. You're not going to get a dynamic economy. You're not going get a dynamic economy. You're not going get a dynamic economy. You're not going to get money moving around. And so, to get money moving around. And so, to get money moving around. And so, you're not going to start broke and one you're not going to start broke and one you're not going to start broke and one day end up being rich. And so, you don't day end up being rich. And so, you don't day end up being rich. And so, you don't get what the US gets. The US gets get what the US gets. The US gets get what the US gets. The US gets Silicon Valley, where the company there Silicon Valley, where the company there Silicon Valley, where the company there are each company is fighting for the are each company is fighting for the are each company is fighting for the employees and you've got employees and you've got employees and you've got Anthropic stealing the best employees Anthropic stealing the best employees Anthropic stealing the best employees from Open AI. And so, can we build from Open AI. And so, can we build from Open AI. And so, can we build something better? And the world wins something better? And the world wins something better? And the world wins because there's so much competition in because there's so much competition in because there's so much competition in those companies both for employees and those companies both for employees and those companies both for employees and to make a better product and to win over to make a better product and to win over to make a better product and to win over the consumer. Money's going around the consumer. Money's going around the consumer. Money's going around everywhere. One person can aggregate it everywhere. One person can aggregate it everywhere. One person can aggregate it like Elon Musk and they can do all this like Elon Musk and they can do all this like Elon Musk and they can do all this incredible innovative stuff, which incredible innovative stuff, which incredible innovative stuff, which they're only able to do because they're they're only able to do because they're they're only able to do because they're able to aggregate capital both by able to aggregate capital both by able to aggregate capital both by winning in the marketplace, meaning I winning in the marketplace, meaning I winning in the marketplace, meaning I make a better product and therefore I'm make a better product and therefore I'm make a better product and therefore I'm able to make more money. And then with able to make more money. And then with able to make more money. And then with those profitable dollars, I'm able to those profitable dollars, I'm able to those profitable dollars, I'm able to aim them at something new. And on the aim them at something new. And on the aim them at something new. And on the actual stock market, people watch what actual stock market, people watch what actual stock market, people watch what I'm doing and they're so inspired that I'm doing and they're so inspired that I'm doing and they're so inspired that they want to own shares in my company, they want to own shares in my company, they want to own shares in my company, which allows me to raise money from the which allows me to raise money from the which allows me to raise money from the public markets and now I can aggregate public markets and now I can aggregate public markets and now I can aggregate even more capital and grow even faster. even more capital and grow even faster. even more capital and grow even faster. Japan doesn't have that. Japan doesn't have that. Japan doesn't have that. Japan is stagnant. Japan is stagnant. Japan is stagnant. So, once the world started basically So, once the world started basically So, once the world started basically exporting their inflation to Japan by exporting their inflation to Japan by exporting their inflation to Japan by saying, "Oh, you buy this thing from us? saying, "Oh, you buy this thing from us? saying, "Oh, you buy this thing from us? Well, COVID took our costs up. And so, Well, COVID took our costs up. And so, Well, COVID took our costs up. And so, we had massive inflation." The US has we had massive inflation." The US has we had massive inflation." The US has had 30% inflation in the last 6 years. had 30% inflation in the last 6 years. had 30% inflation in the last 6 years. So, it's like, "Yeah, if Japan is buying So, it's like, "Yeah, if Japan is buying So, it's like, "Yeah, if Japan is buying stuff from us, it's going to be roughly stuff from us, it's going to be roughly stuff from us, it's going to be roughly 30% more expensive." So, now it's all 30% more expensive." So, now it's all 30% more expensive." So, now it's all falling apart in Japan. So, a stagnant falling apart in Japan. So, a stagnant falling apart in Japan. So, a stagnant economy is an economy that's at risk, economy is an economy that's at risk, economy is an economy that's at risk, high risk. Even if emotionally you can high risk. Even if emotionally you can high risk. Even if emotionally you can stomach being flat, stomach being flat, stomach being flat, if you're not careful, you run into if you're not careful, you run into if you're not careful, you run into stagflation, which is wages aren't going stagflation, which is wages aren't going stagflation, which is wages aren't going up but the price of bread is. And so, up but the price of bread is. And so, up but the price of bread is. And so, that's a disaster zone. that's a disaster zone. that's a disaster zone. Japan is now in danger of finding itself Japan is now in danger of finding itself Japan is now in danger of finding itself there, so they're actually starting to there, so they're actually starting to there, so they're actually starting to inflate. People are getting raises. inflate. People are getting raises. inflate. People are getting raises. Um the yen unfortunately is weakening. Um the yen unfortunately is weakening. Um the yen unfortunately is weakening. They're having a liquidity crisis. All They're having a liquidity crisis. All They're having a liquidity crisis. All kinds of weird things are starting to kinds of weird things are starting to kinds of weird things are starting to happen to Japan. But, happen to Japan. But, happen to Japan. But, if you understand how all of this works if you understand how all of this works if you understand how all of this works and you can keep the inflation and you can keep the inflation and you can keep the inflation um working so that it's like, "Okay, we um working so that it's like, "Okay, we um working so that it's like, "Okay, we as a government are going to create new as a government are going to create new as a government are going to create new money at a disproportionate rate of 2 to money at a disproportionate rate of 2 to money at a disproportionate rate of 2 to 3% compared to the value that's being 3% compared to the value that's being 3% compared to the value that's being created by our entrepreneurs, so the created by our entrepreneurs, so the created by our entrepreneurs, so the debt being taken on, the free cheap easy debt being taken on, the free cheap easy debt being taken on, the free cheap easy money, which is the thing that causes money, which is the thing that causes money, which is the thing that causes inflation. So, that free cheap easy inflation. So, that free cheap easy inflation. So, that free cheap easy money, we want them to use it to make money, we want them to use it to make money, we want them to use it to make productive things. So, when Elon Musk productive things. So, when Elon Musk productive things. So, when Elon Musk uses it to start a new company that both uses it to start a new company that both uses it to start a new company that both creates Starlink that people are paying creates Starlink that people are paying creates Starlink that people are paying huge amounts of money for and they huge amounts of money for and they huge amounts of money for and they they're desperate for it, they love it, they're desperate for it, they love it, they're desperate for it, they love it, great product, this is incredible. So, great product, this is incredible. So, great product, this is incredible. So, now it's given people more things to now it's given people more things to now it's given people more things to buy. So, new money has come in to the buy. So, new money has come in to the buy. So, new money has come in to the economy, but instead of chasing the same economy, but instead of chasing the same economy, but instead of chasing the same goods, which is definitionally goods, which is definitionally goods, which is definitionally inflation, it's now chasing more goods. inflation, it's now chasing more goods. inflation, it's now chasing more goods. And so, you may be like, "I didn't even And so, you may be like, "I didn't even And so, you may be like, "I didn't even know that they created more money know that they created more money know that they created more money because everything costs the same." because everything costs the same." because everything costs the same." Well, it costs the same because he Well, it costs the same because he Well, it costs the same because he created a new thing for people to buy. created a new thing for people to buy. created a new thing for people to buy. So, that new money, instead of competing So, that new money, instead of competing So, that new money, instead of competing for the same loaves of bread, it's now for the same loaves of bread, it's now for the same loaves of bread, it's now the same amount of people are competing the same amount of people are competing the same amount of people are competing for the loaves of bread with the same for the loaves of bread with the same for the loaves of bread with the same amount of money, but there's this new amount of money, but there's this new amount of money, but there's this new thing with the new money that they're thing with the new money that they're thing with the new money that they're going after. Now, what the government going after. Now, what the government going after. Now, what the government tries to do is only introduce new money tries to do is only introduce new money tries to do is only introduce new money such that it eats through all the such that it eats through all the such that it eats through all the innovation, so they they steal all of innovation, so they they steal all of innovation, so they they steal all of that cuz things should get cheaper over that cuz things should get cheaper over that cuz things should get cheaper over time. But, the greatest psyop ever time. But, the greatest psyop ever time. But, the greatest psyop ever pulled on the world is to convince them pulled on the world is to convince them pulled on the world is to convince them that uh deflation is bad. Deflation is that uh deflation is bad. Deflation is that uh deflation is bad. Deflation is amazing. You should want deflation, just amazing. You should want deflation, just amazing. You should want deflation, just not crisis-led deflation, which is what not crisis-led deflation, which is what not crisis-led deflation, which is what happened to Japan, where velocity of happened to Japan, where velocity of happened to Japan, where velocity of money dropped because everyone was like money dropped because everyone was like money dropped because everyone was like no matter how much money you pump into no matter how much money you pump into no matter how much money you pump into the economy the economy the economy uh we're not going to spend it. We're uh we're not going to spend it. We're uh we're not going to spend it. We're going to save it. We're going to pay going to save it. We're going to pay going to save it. We're going to pay down debt. And so Japan's like no matter down debt. And so Japan's like no matter down debt. And so Japan's like no matter how much money we make available for us how much money we make available for us how much money we make available for us effectively 0% interest, we can't effectively 0% interest, we can't effectively 0% interest, we can't stimulate inflation. We can't get the stimulate inflation. We can't get the stimulate inflation. We can't get the positive side of inflation going. positive side of inflation going. positive side of inflation going. So So So the government with inflation at 2 to 3% the government with inflation at 2 to 3% the government with inflation at 2 to 3% as a target is that's actually a lie. as a target is that's actually a lie. as a target is that's actually a lie. They're eating all of those positive They're eating all of those positive They're eating all of those positive deflationary coming from innovation and deflationary coming from innovation and deflationary coming from innovation and technology plus 2 or 3%. And so they're technology plus 2 or 3%. And so they're technology plus 2 or 3%. And so they're saying I'm going to add just enough saying I'm going to add just enough saying I'm going to add just enough money over the new goods to take from money over the new goods to take from money over the new goods to take from you an additional 2 to 3%. Now in doing you an additional 2 to 3%. Now in doing you an additional 2 to 3%. Now in doing that you get punished for saving. that you get punished for saving. that you get punished for saving. When you're punished for saving you When you're punished for saving you When you're punished for saving you spend. spend. spend. And so when you spend you create And so when you spend you create And so when you spend you create velocity of money. Now you create the velocity of money. Now you create the velocity of money. Now you create the ability for an entrepreneur to come in ability for an entrepreneur to come in ability for an entrepreneur to come in and be like well you're going to spend and be like well you're going to spend and be like well you're going to spend the money. So now I want you to spend it the money. So now I want you to spend it the money. So now I want you to spend it with me. But the reason you're spending with me. But the reason you're spending with me. But the reason you're spending that money is twofold. I made something that money is twofold. I made something that money is twofold. I made something you wanted and two subconsciously cuz you wanted and two subconsciously cuz you wanted and two subconsciously cuz most people don't understand it most people don't understand it most people don't understand it consciously but subconsciously you know consciously but subconsciously you know consciously but subconsciously you know you can't save your way to success you can't save your way to success you can't save your way to success because the government is inflating it because the government is inflating it because the government is inflating it all away. all away. all away. It's all knowable. It's just confusing It's all knowable. It's just confusing It's all knowable. It's just confusing enough though that people think for enough though that people think for enough though that people think for literally my entire life I thought literally my entire life I thought literally my entire life I thought inflation just happened. I thought it inflation just happened. I thought it inflation just happened. I thought it was a law of nature. Like seasons change was a law of nature. Like seasons change was a law of nature. Like seasons change inflation happens. Literally. I never inflation happens. Literally. I never inflation happens. Literally. I never thought about it. It just that was my thought about it. It just that was my thought about it. It just that was my default assumption. default assumption. default assumption. Once you understand the cause and effect Once you understand the cause and effect Once you understand the cause and effect of it you can eject out of Gary's of it you can eject out of Gary's of it you can eject out of Gary's emotional read on the situation be like emotional read on the situation be like emotional read on the situation be like what are we actually trying to do here? what are we actually trying to do here? what are we actually trying to do here? Because there is the um Elon Musk is Because there is the um Elon Musk is Because there is the um Elon Musk is winning and if we think Elon is winning winning and if we think Elon is winning winning and if we think Elon is winning too hard and we really don't like it too hard and we really don't like it too hard and we really don't like it then ask why is Elon a trillionaire? then ask why is Elon a trillionaire? then ask why is Elon a trillionaire? Like why there was a day where being Like why there was a day where being Like why there was a day where being worth a hundred thousand dollars was worth a hundred thousand dollars was worth a hundred thousand dollars was like being worth a billion dollars. like being worth a billion dollars. like being worth a billion dollars. But inflation happens and suddenly a But inflation happens and suddenly a But inflation happens and suddenly a hundred thousand dollars not very hundred thousand dollars not very hundred thousand dollars not very interesting. You got to be a interesting. You got to be a interesting. You got to be a millionaire. millionaire. millionaire. And there was a day where being a And there was a day where being a And there was a day where being a millionaire was like being a millionaire was like being a millionaire was like being a trillionaire. trillionaire. trillionaire. And then it was like, well, inflation And then it was like, well, inflation And then it was like, well, inflation made a million not very cool. Then it made a million not very cool. Then it made a million not very cool. Then it was like, well, you had to be a was like, well, you had to be a was like, well, you had to be a billionaire. And now we've just pushed billionaire. And now we've just pushed billionaire. And now we've just pushed it to a trillionaire. But it to a trillionaire. But it to a trillionaire. But the real question is the gap between the the real question is the gap between the the real question is the gap between the wealthiest person and the poorest wealthiest person and the poorest wealthiest person and the poorest person. That gap causes blood in the person. That gap causes blood in the person. That gap causes blood in the streets, pitchforks, revolutions, all of streets, pitchforks, revolutions, all of streets, pitchforks, revolutions, all of that is caused by the human propensity that is caused by the human propensity that is caused by the human propensity for you have more than me and I'm full for you have more than me and I'm full for you have more than me and I'm full of resentment. And so I'm going to burn of resentment. And so I'm going to burn of resentment. And so I'm going to burn all of this down because I don't like all of this down because I don't like all of this down because I don't like you having more than me. It It is a you having more than me. It It is a you having more than me. It It is a person who they are locked in insecurity person who they are locked in insecurity person who they are locked in insecurity around economics. This is a populist around economics. This is a populist around economics. This is a populist moment. So populism is when people moment. So populism is when people moment. So populism is when people reason by emotion. This is why Gary is reason by emotion. This is why Gary is reason by emotion. This is why Gary is so big in a populist moment. He reasons so big in a populist moment. He reasons so big in a populist moment. He reasons emotionally. So he resonates with people emotionally. So he resonates with people emotionally. So he resonates with people who are reasoning emotionally. But they who are reasoning emotionally. But they who are reasoning emotionally. But they could eject out of that and say, "Okay, could eject out of that and say, "Okay, could eject out of that and say, "Okay, why is Elon getting so rich and I'm not? why is Elon getting so rich and I'm not? why is Elon getting so rich and I'm not? What's really going on?" And what's What's really going on?" And what's What's really going on?" And what's really going on is the inflationary really going on is the inflationary really going on is the inflationary cycle. So it has this positive element. cycle. So it has this positive element. cycle. So it has this positive element. >> Mhm. >> Mhm. >> Mhm. >> But governments always get abusive, >> But governments always get abusive, >> But governments always get abusive, always. And so they will end up always. And so they will end up always. And so they will end up inflating too much. And it isn't 2 or 3% inflating too much. And it isn't 2 or 3% inflating too much. And it isn't 2 or 3% to keep the money moving, it's a 30% to keep the money moving, it's a 30% to keep the money moving, it's a 30% that they try to disguise. And so that's that they try to disguise. And so that's that they try to disguise. And so that's when this just ends up being hyper when this just ends up being hyper when this just ends up being hyper disastrous, which is where we're at now, disastrous, which is where we're at now, disastrous, which is where we're at now, where you've got a guy who is creating a where you've got a guy who is creating a where you've got a guy who is creating a ton of value for people, which is part ton of value for people, which is part ton of value for people, which is part of why he's getting rich, but he's also of why he's getting rich, but he's also of why he's getting rich, but he's also on the right side of the wealth stealing on the right side of the wealth stealing on the right side of the wealth stealing siphon siphon siphon >> Mhm. >> Mhm. >> Mhm. >> that is money printing. >> that is money printing. >> that is money printing. >> There is a level of cuz I'm looking at >> There is a level of cuz I'm looking at >> There is a level of cuz I'm looking at it from the Gini coefficient. I'm it from the Gini coefficient. I'm it from the Gini coefficient. I'm looking at it from monkeys with grapes looking at it from monkeys with grapes looking at it from monkeys with grapes and cucumbers. And I think that while and cucumbers. And I think that while and cucumbers. And I think that while yes, inflation running away is the yes, inflation running away is the yes, inflation running away is the reason that I make $100,000, my neighbor reason that I make $100,000, my neighbor reason that I make $100,000, my neighbor makes $100,000, but they're moving into makes $100,000, but they're moving into makes $100,000, but they're moving into a bigger house and I'm moving into a I'm a bigger house and I'm moving into a I'm a bigger house and I'm moving into a I'm downsizing because they put $30,000 into downsizing because they put $30,000 into downsizing because they put $30,000 into stock market, I put $30,000 under my stock market, I put $30,000 under my stock market, I put $30,000 under my mattress. I understand why that why why mattress. I understand why that why why mattress. I understand why that why why is happening. is happening. is happening. >> Yep. >> Yep. >> Yep. >> [snorts] >> [snorts] >> [snorts] >> But I do think that when it comes to >> But I do think that when it comes to >> But I do think that when it comes to somebody like Elon and you start to get somebody like Elon and you start to get somebody like Elon and you start to get to that massive amount of wealth, Elon to that massive amount of wealth, Elon to that massive amount of wealth, Elon to the second richest person is further to the second richest person is further to the second richest person is further than the poorest person to the You know than the poorest person to the You know than the poorest person to the You know what I mean? So it's like there is a what I mean? So it's like there is a what I mean? So it's like there is a certain level and I'm not even getting certain level and I'm not even getting certain level and I'm not even getting to the fact that the Nasdaq 100 rules to the fact that the Nasdaq 100 rules to the fact that the Nasdaq 100 rules were changed, the IPO liquidity rate was were changed, the IPO liquidity rate was were changed, the IPO liquidity rate was changed, the 15-day trading limit, all changed, the 15-day trading limit, all changed, the 15-day trading limit, all these things that were financially these things that were financially these things that were financially incentivized to remove guardrails, incentivized to remove guardrails, incentivized to remove guardrails, restrictions, all these things to allow restrictions, all these things to allow restrictions, all these things to allow the SpaceX IPO to get to that level. the SpaceX IPO to get to that level. the SpaceX IPO to get to that level. We can't act like if we just balance the We can't act like if we just balance the We can't act like if we just balance the budget, the Gini coefficient will reset budget, the Gini coefficient will reset budget, the Gini coefficient will reset or if we just like or if we just like or if we just like >> can. So, here's the thing. If you want >> can. So, here's the thing. If you want >> can. So, here's the thing. If you want to be mad at Elon for getting wealthy, to be mad at Elon for getting wealthy, to be mad at Elon for getting wealthy, um you have to look at what part of his um you have to look at what part of his um you have to look at what part of his wealth is quote-unquote his fault wealth is quote-unquote his fault wealth is quote-unquote his fault uh and what part of it is the fault of uh and what part of it is the fault of uh and what part of it is the fault of the policies that we vote for. So, i- the policies that we vote for. So, i- the policies that we vote for. So, i- anybody that wants to get mad at Elon, anybody that wants to get mad at Elon, anybody that wants to get mad at Elon, there's actually he recently gave you there's actually he recently gave you there's actually he recently gave you two things that you should rightly be two things that you should rightly be two things that you should rightly be very angry about. very angry about. very angry about. Uh one, you should rightly be very angry Uh one, you should rightly be very angry Uh one, you should rightly be very angry about. One, you need to keep a close about. One, you need to keep a close about. One, you need to keep a close eye, but it could be sinister. And so, eye, but it could be sinister. And so, eye, but it could be sinister. And so, the first one is money and politics. So, the first one is money and politics. So, the first one is money and politics. So, um he threw hundreds of millions of um he threw hundreds of millions of um he threw hundreds of millions of dollars to get what he wanted dollars to get what he wanted dollars to get what he wanted politically. Now, he's not the only one, politically. Now, he's not the only one, politically. Now, he's not the only one, tons of people do it on both sides of tons of people do it on both sides of tons of people do it on both sides of the aisle, it's despicable, and we the aisle, it's despicable, and we the aisle, it's despicable, and we should as a society have a zero should as a society have a zero should as a society have a zero tolerance policy for that. So, if you tolerance policy for that. So, if you tolerance policy for that. So, if you want to be mad at Elon on that, I'm want to be mad at Elon on that, I'm want to be mad at Elon on that, I'm right there with you. right there with you. right there with you. The second thing that he did that may be The second thing that he did that may be The second thing that he did that may be good, but it could be catastrophic is good, but it could be catastrophic is good, but it could be catastrophic is when he did the IPO, when he did the IPO, when he did the IPO, um he has the SpaceX IPO, um he has the SpaceX IPO, um he has the SpaceX IPO, I think he's almost certainly I think he's almost certainly I think he's almost certainly under reporting how expensive the under reporting how expensive the under reporting how expensive the infrastructure build-out for AI is going infrastructure build-out for AI is going infrastructure build-out for AI is going to be, that the actual life cycle of the to be, that the actual life cycle of the to be, that the actual life cycle of the chips, chips, chips, um which is the most expensive part of um which is the most expensive part of um which is the most expensive part of the AI infrastructure build-out, is the AI infrastructure build-out, is the AI infrastructure build-out, is going to end up being something that's a going to end up being something that's a going to end up being something that's a 2 to 3-year time horizon, and he's 2 to 3-year time horizon, and he's 2 to 3-year time horizon, and he's clocking it at like 5 to 6. That clocking it at like 5 to 6. That clocking it at like 5 to 6. That discrepancy hides, if Michael Burry is discrepancy hides, if Michael Burry is discrepancy hides, if Michael Burry is correct, it hides like a 170 plus correct, it hides like a 170 plus correct, it hides like a 170 plus billion dollar loss. billion dollar loss. billion dollar loss. And so, and that might be industry-wide, And so, and that might be industry-wide, And so, and that might be industry-wide, it might not just be Elon's company, it might not just be Elon's company, it might not just be Elon's company, that might be AI in totality, to to be that might be AI in totality, to to be that might be AI in totality, to to be very clear. very clear. very clear. Um but if that's true and all the AI Um but if that's true and all the AI Um but if that's true and all the AI companies are basically companies are basically companies are basically cooking the books a bit. cooking the books a bit. cooking the books a bit. Uh and then they're using this IPO as Uh and then they're using this IPO as Uh and then they're using this IPO as excellent liquidity to basically run the excellent liquidity to basically run the excellent liquidity to basically run the 2008 playbook, which was uh oh, the 2008 playbook, which was uh oh, the 2008 playbook, which was uh oh, the banks all recognize we've got this banks all recognize we've got this banks all recognize we've got this really shaky debt situation building really shaky debt situation building really shaky debt situation building with AI infrastructure buildout, cuz the with AI infrastructure buildout, cuz the with AI infrastructure buildout, cuz the revenue's not coming in as quickly as we revenue's not coming in as quickly as we revenue's not coming in as quickly as we expected. And so now, like every expected. And so now, like every expected. And so now, like every revolutionary technology before AI, the revolutionary technology before AI, the revolutionary technology before AI, the first wave of investors might get wiped first wave of investors might get wiped first wave of investors might get wiped out. But they're savvy and they know out. But they're savvy and they know out. But they're savvy and they know that historical example, so they're that historical example, so they're that historical example, so they're like, "Hmm, we would much prefer the like, "Hmm, we would much prefer the like, "Hmm, we would much prefer the second wave of investors be the ones second wave of investors be the ones second wave of investors be the ones that get wiped out." So, let's IPO, that get wiped out." So, let's IPO, that get wiped out." So, let's IPO, which by the way, the IPO's hyper late, which by the way, the IPO's hyper late, which by the way, the IPO's hyper late, which we can blame government regulatory which we can blame government regulatory which we can blame government regulatory burdens for this, because we should have burdens for this, because we should have burdens for this, because we should have made it so that these companies want to made it so that these companies want to made it so that these companies want to IPO much earlier, but they don't, they IPO much earlier, but they don't, they IPO much earlier, but they don't, they want to stay private much longer because want to stay private much longer because want to stay private much longer because the regulatory burden is so disgusting. the regulatory burden is so disgusting. the regulatory burden is so disgusting. But But But I'll set that aside for a second. I'll set that aside for a second. I'll set that aside for a second. So, So, So, it's very possible, though I'm not a it's very possible, though I'm not a it's very possible, though I'm not a mind reader, but it's very possible that mind reader, but it's very possible that mind reader, but it's very possible that that's like bad thing number two that that's like bad thing number two that that's like bad thing number two that Elon is doing. Where it's like he's Elon is doing. Where it's like he's Elon is doing. Where it's like he's using the using the using the retail investor, who does not understand retail investor, who does not understand retail investor, who does not understand the historical example, nor does he the historical example, nor does he the historical example, nor does he see through to what Michael Burry is see through to what Michael Burry is see through to what Michael Burry is banging the drum about, which is they banging the drum about, which is they banging the drum about, which is they could have a much bigger loss here than could have a much bigger loss here than could have a much bigger loss here than you think they do, which means you may you think they do, which means you may you think they do, which means you may need to be holding these shares for much need to be holding these shares for much need to be holding these shares for much longer for you to reap the benefits. So, longer for you to reap the benefits. So, longer for you to reap the benefits. So, not necessarily, if you've got a 10-year not necessarily, if you've got a 10-year not necessarily, if you've got a 10-year time horizon or a 20-year time horizon, time horizon or a 20-year time horizon, time horizon or a 20-year time horizon, you might win big big, but you might win big big, but you might win big big, but you might not. And so that one, like you might not. And so that one, like you might not. And so that one, like I've got my eyes on it. Now, if all of I've got my eyes on it. Now, if all of I've got my eyes on it. Now, if all of the investors end up making money, then the investors end up making money, then the investors end up making money, then it's like, well, he just did humanity a it's like, well, he just did humanity a it's like, well, he just did humanity a huge service cuz he made this available. huge service cuz he made this available. huge service cuz he made this available. Like you had index funds changing their Like you had index funds changing their Like you had index funds changing their rules to let more retail investors in. rules to let more retail investors in. rules to let more retail investors in. Again, could break absolutely sinister Again, could break absolutely sinister Again, could break absolutely sinister or could break like, holy [ __ ] you just or could break like, holy [ __ ] you just or could break like, holy [ __ ] you just made a lot of people extraordinarily made a lot of people extraordinarily made a lot of people extraordinarily wealthy that otherwise wouldn't have wealthy that otherwise wouldn't have wealthy that otherwise wouldn't have been able to do. The reason I'm sort of been able to do. The reason I'm sort of been able to do. The reason I'm sort of on the fence about it is that Elon only on the fence about it is that Elon only on the fence about it is that Elon only gets paid if he is insanely successful. gets paid if he is insanely successful. gets paid if he is insanely successful. And he has a historical example of being And he has a historical example of being And he has a historical example of being insanely successful of doing something insanely successful of doing something insanely successful of doing something that people thought there's no way he that people thought there's no way he that people thought there's no way he could do this. And so, given that he's could do this. And so, given that he's could do this. And so, given that he's riding with everybody, all of that riding with everybody, all of that riding with everybody, all of that wealth that people are saying that he wealth that people are saying that he wealth that people are saying that he has, like, that's all tied up in he has, like, that's all tied up in he has, like, that's all tied up in he makes the stock perform. So, they're makes the stock perform. So, they're makes the stock perform. So, they're only floating like 5% of the company. only floating like 5% of the company. only floating like 5% of the company. So, all of the like Elon is a So, all of the like Elon is a So, all of the like Elon is a trillionaire and all that, it's all trillionaire and all that, it's all trillionaire and all that, it's all make-believe. It's all a projection of make-believe. It's all a projection of make-believe. It's all a projection of like, well, if he pulls it off, then like, well, if he pulls it off, then like, well, if he pulls it off, then yes, he'll end up being worth a trillion yes, he'll end up being worth a trillion yes, he'll end up being worth a trillion or more, but he's got to pull it off or more, but he's got to pull it off or more, but he's got to pull it off first. And that's why it drives me first. And that's why it drives me first. And that's why it drives me absolutely [ __ ] insane when you've absolutely [ __ ] insane when you've absolutely [ __ ] insane when you've got someone like Gary or anybody banging got someone like Gary or anybody banging got someone like Gary or anybody banging the drum about a wealth tax saying, "Tax the drum about a wealth tax saying, "Tax the drum about a wealth tax saying, "Tax this guy this guy this guy as if he has already pulled it off and as if he has already pulled it off and as if he has already pulled it off and has sold the shares and has them sitting has sold the shares and has them sitting has sold the shares and has them sitting the dollars sitting in his bank the dollars sitting in his bank the dollars sitting in his bank account." None of which is true. He account." None of which is true. He account." None of which is true. He hasn't pulled it off, so it's not hasn't pulled it off, so it's not hasn't pulled it off, so it's not actually, actually, actually, uh, uh, uh, you know, going to equal that for him. you know, going to equal that for him. you know, going to equal that for him. And if he started selling, the price And if he started selling, the price And if he started selling, the price would drop, so he wouldn't be able to would drop, so he wouldn't be able to would drop, so he wouldn't be able to realize it anyway, which he would have realize it anyway, which he would have realize it anyway, which he would have to do in order to pay the tax. So, it's to do in order to pay the tax. So, it's to do in order to pay the tax. So, it's like, again, when you try to map this to like, again, when you try to map this to like, again, when you try to map this to cause and effect, all of Gary's cause and effect, all of Gary's cause and effect, all of Gary's arguments fall away. When you try to map arguments fall away. When you try to map arguments fall away. When you try to map it to, I'm looking at Elon, he's a it to, I'm looking at Elon, he's a it to, I'm looking at Elon, he's a trillionaire because I don't understand trillionaire because I don't understand trillionaire because I don't understand the difference between wealth and the difference between wealth and the difference between wealth and income, income, income, uh, and now I'm mad because I'm the guy uh, and now I'm mad because I'm the guy uh, and now I'm mad because I'm the guy who's making $100,000 and I'm not the who's making $100,000 and I'm not the who's making $100,000 and I'm not the one that's getting rich because I don't one that's getting rich because I don't one that's getting rich because I don't understand assets, and so I'm just like, understand assets, and so I'm just like, understand assets, and so I'm just like, what the [ __ ] Okay, so those are the what the [ __ ] Okay, so those are the what the [ __ ] Okay, so those are the two things. If you want to be mad at two things. If you want to be mad at two things. If you want to be mad at Elon, one, you can just be angry, money Elon, one, you can just be angry, money Elon, one, you can just be angry, money and politics. The other, if you have a and politics. The other, if you have a and politics. The other, if you have a skeptical eye, I'm right there with you. skeptical eye, I'm right there with you. skeptical eye, I'm right there with you. I have a very skeptical eye. I I worry I have a very skeptical eye. I I worry I have a very skeptical eye. I I worry that they are using retail as a way to that they are using retail as a way to that they are using retail as a way to de-risk and they are pushing the risk on de-risk and they are pushing the risk on de-risk and they are pushing the risk on to people that are less savvy. Now, I to people that are less savvy. Now, I to people that are less savvy. Now, I think people should have to be think people should have to be think people should have to be responsible for themselves in thinking responsible for themselves in thinking responsible for themselves in thinking through it, but I still wouldn't smile through it, but I still wouldn't smile through it, but I still wouldn't smile upon him if that's what he's actually upon him if that's what he's actually upon him if that's what he's actually doing. Okay. Now, the part that people doing. Okay. Now, the part that people doing. Okay. Now, the part that people aren't mad about that part. They don't aren't mad about that part. They don't aren't mad about that part. They don't even [ __ ] understand it. The part even [ __ ] understand it. The part even [ __ ] understand it. The part that they are mad about is that he is that they are mad about is that he is that they are mad about is that he is worth a trillion dollars. Now, they worth a trillion dollars. Now, they worth a trillion dollars. Now, they don't understand those are shares. Most don't understand those are shares. Most don't understand those are shares. Most of them are locked up. of them are locked up. of them are locked up. Uh he couldn't wouldn't sell them now Uh he couldn't wouldn't sell them now Uh he couldn't wouldn't sell them now even if he wanted to. And so, that's all even if he wanted to. And so, that's all even if he wanted to. And so, that's all just a bunch of people speculating on just a bunch of people speculating on just a bunch of people speculating on what that would be if he could sell 100% what that would be if he could sell 100% what that would be if he could sell 100% of his ownership right now today, which of his ownership right now today, which of his ownership right now today, which he can't. So, he can't. So, he can't. So, if people understood that number only if people understood that number only if people understood that number only spirals up to a trillion dollars in spirals up to a trillion dollars in spirals up to a trillion dollars in value because of deficit spending and value because of deficit spending and value because of deficit spending and money printing, otherwise the value of money printing, otherwise the value of money printing, otherwise the value of the shares would stay much more the shares would stay much more the shares would stay much more reasonable. He's getting like a hundred reasonable. He's getting like a hundred reasonable. He's getting like a hundred X on his um X on his um X on his um uh profit ratio. So, a revenue ratio. uh profit ratio. So, a revenue ratio. uh profit ratio. So, a revenue ratio. Might even be worse revenue. But, like Might even be worse revenue. But, like Might even be worse revenue. But, like it it is absolute insanity. It's it's it it is absolute insanity. It's it's it it is absolute insanity. It's it's ahistoric. This is not normally the kind ahistoric. This is not normally the kind ahistoric. This is not normally the kind of valuations that people get. So, of valuations that people get. So, of valuations that people get. So, normally SpaceX would be valued at a normally SpaceX would be valued at a normally SpaceX would be valued at a much lower number. And so, why isn't it? much lower number. And so, why isn't it? much lower number. And so, why isn't it? Well, part of it is Elon's track record Well, part of it is Elon's track record Well, part of it is Elon's track record of success. So, people are just excited. of success. So, people are just excited. of success. So, people are just excited. So, you've got a lot of people that want So, you've got a lot of people that want So, you've got a lot of people that want in cuz they're convinced he's going to in cuz they're convinced he's going to in cuz they're convinced he's going to be able to pull off another miracle. And be able to pull off another miracle. And be able to pull off another miracle. And then you've got the deficit spending then you've got the deficit spending then you've got the deficit spending money printing which artificially makes money printing which artificially makes money printing which artificially makes a hundred thousand dollars become a a hundred thousand dollars become a a hundred thousand dollars become a million, become a billion, become a million, become a billion, become a million, become a billion, become a trillion. And so, that thing Elon has trillion. And so, that thing Elon has trillion. And so, that thing Elon has nothing to do with. That is the nothing to do with. That is the nothing to do with. That is the government acting a fool for government acting a fool for government acting a fool for I mean, since 1913. But, really I mean, since 1913. But, really I mean, since 1913. But, really accelerated since the uh dot com crash accelerated since the uh dot com crash accelerated since the uh dot com crash in 2000, got on everybody's radar in in 2000, got on everybody's radar in in 2000, got on everybody's radar in 2008, and then COVID was just absurdity. 2008, and then COVID was just absurdity. 2008, and then COVID was just absurdity. >> Yeah. Technically 70s when we decoupled >> Yeah. Technically 70s when we decoupled >> Yeah. Technically 70s when we decoupled from gold, but I get you. from gold, but I get you. from gold, but I get you. >> Well, so 71 is a slightly different >> Well, so 71 is a slightly different >> Well, so 71 is a slightly different problem. So, 71 said, "Hey, let's make problem. So, 71 said, "Hey, let's make problem. So, 71 said, "Hey, let's make it possible for people to abuse the it possible for people to abuse the it possible for people to abuse the system." That started in 1913, became system." That started in 1913, became system." That started in 1913, became completely unhinged in 1971, but the completely unhinged in 1971, but the completely unhinged in 1971, but the actual time where they abused it started actual time where they abused it started actual time where they abused it started in 2000. We'll be right back to the in 2000. We'll be right back to the in 2000. We'll be right back to the show, but first, let's talk about a show, but first, let's talk about a show, but first, let's talk about a number that should concern you. [music] number that should concern you. [music] number that should concern you. 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Now, [music] let's get back to the show. the show. the show. >> All right. Um, let's get through his >> All right. Um, let's get through his >> All right. Um, let's get through his next point. next point. next point. >> Let's go, Gary. That we can get wealth >> Let's go, Gary. That we can get wealth >> Let's go, Gary. That we can get wealth back into the hands of ordinary back into the hands of ordinary back into the hands of ordinary families. families. families. And the economist essentially recognized And the economist essentially recognized And the economist essentially recognized this in in what it says. It says that this in in what it says. It says that this in in what it says. It says that the tax system must ensure that the tax system must ensure that the tax system must ensure that meritocracy prevails over inheritocracy. meritocracy prevails over inheritocracy. meritocracy prevails over inheritocracy. So, this is the system that that we're So, this is the system that that we're So, this is the system that that we're in, in, in, >> Gary, the very, very rich already pay >> Gary, the very, very rich already pay >> Gary, the very, very rich already pay when they get income. when they get income. when they get income. Now, there's one loophole that everybody Now, there's one loophole that everybody Now, there's one loophole that everybody points to, which is uh points to, which is uh points to, which is uh it's borrow something die. I forget. it's borrow something die. I forget. it's borrow something die. I forget. Borrow don't pay back die, something Borrow don't pay back die, something Borrow don't pay back die, something like that. like that. like that. Uh if people want to close that loophole Uh if people want to close that loophole Uh if people want to close that loophole where if you are borrowing against your where if you are borrowing against your where if you are borrowing against your assets, that you have to pay that loan assets, that you have to pay that loan assets, that you have to pay that loan back, cool. I would have no beef with back, cool. I would have no beef with back, cool. I would have no beef with that. But, that would be that. But, that would be that. But, that would be a sensible way to approach this. But, a a sensible way to approach this. But, a a sensible way to approach this. But, a an illogical emotional way to approach an illogical emotional way to approach an illogical emotional way to approach this would just be like, well, the this would just be like, well, the this would just be like, well, the estimates are that you're worth this, so estimates are that you're worth this, so estimates are that you're worth this, so we're going to tax you on that, even if we're going to tax you on that, even if we're going to tax you on that, even if you don't actually have the ability to you don't actually have the ability to you don't actually have the ability to get a hold of those funds. That's where get a hold of those funds. That's where get a hold of those funds. That's where this gets ridiculous. So, the thing with this gets ridiculous. So, the thing with this gets ridiculous. So, the thing with wealthy people is they usually have made wealthy people is they usually have made wealthy people is they usually have made enough money, like I haven't taken enough money, like I haven't taken enough money, like I haven't taken money out of Impact Theory. I just money out of Impact Theory. I just money out of Impact Theory. I just reinvest all my money back in the Impact reinvest all my money back in the Impact reinvest all my money back in the Impact Theory. So, I haven't made money as an Theory. So, I haven't made money as an Theory. So, I haven't made money as an individual in 10 years. It's because I individual in 10 years. It's because I individual in 10 years. It's because I already have plenty of money to live on. already have plenty of money to live on. already have plenty of money to live on. But, I paid tax when I did sell that But, I paid tax when I did sell that But, I paid tax when I did sell that money, or when I sold my company. money, or when I sold my company. money, or when I sold my company. Paid a massive Paid a massive Paid a massive untold millions dollars. untold millions dollars. untold millions dollars. So, I'm like, hold on. I paid when I got So, I'm like, hold on. I paid when I got So, I'm like, hold on. I paid when I got the wealth that I can now live on, I the wealth that I can now live on, I the wealth that I can now live on, I paid tax, a massive amount of tax. paid tax, a massive amount of tax. paid tax, a massive amount of tax. So, that's where it gets very So, that's where it gets very So, that's where it gets very frustrating, where people act like frustrating, where people act like frustrating, where people act like because you don't need to make the money because you don't need to make the money because you don't need to make the money now, that you are secretly making all now, that you are secretly making all now, that you are secretly making all this money. I mean, I guess in theory, this money. I mean, I guess in theory, this money. I mean, I guess in theory, as Impact Theory goes up in value, I am as Impact Theory goes up in value, I am as Impact Theory goes up in value, I am getting richer, but it's like I haven't getting richer, but it's like I haven't getting richer, but it's like I haven't taken any money out of that. I put all taken any money out of that. I put all taken any money out of that. I put all the money back into the company so I can the money back into the company so I can the money back into the company so I can hire more people, so I can build more hire more people, so I can build more hire more people, so I can build more stuff. And so, yeah, that's where this stuff. And so, yeah, that's where this stuff. And so, yeah, that's where this gets tricky. gets tricky. gets tricky. >> It's the Steve Jobs loophole. I get paid >> It's the Steve Jobs loophole. I get paid >> It's the Steve Jobs loophole. I get paid from Apple $1. I get paid in shares, and from Apple $1. I get paid in shares, and from Apple $1. I get paid in shares, and then with those shares, I borrow then with those shares, I borrow then with those shares, I borrow $100,000 a year against the bank, and my $100,000 a year against the bank, and my $100,000 a year against the bank, and my interest rate is 1%. I am going to make interest rate is 1%. I am going to make interest rate is 1%. I am going to make 3% with my stock staying in Apple 3% with my stock staying in Apple 3% with my stock staying in Apple naturally based on the artificial naturally based on the artificial naturally based on the artificial inflation that is coming from the inflation that is coming from the inflation that is coming from the government. So, I make enough to pay government. So, I make enough to pay government. So, I make enough to pay back that loan every year. So, I'm back that loan every year. So, I'm back that loan every year. So, I'm getting $100,000 quote-unquote tax-free getting $100,000 quote-unquote tax-free getting $100,000 quote-unquote tax-free every year. every year. every year. >> Well, if he's so >> Well, if he's so >> Well, if he's so Yeah, yeah, you're The only part of that Yeah, yeah, you're The only part of that Yeah, yeah, you're The only part of that that people have to remember is whatever that people have to remember is whatever that people have to remember is whatever money he takes out to actually pay the money he takes out to actually pay the money he takes out to actually pay the interest, he's getting taxed on. interest, he's getting taxed on. interest, he's getting taxed on. >> [snorts] >> [snorts] >> [snorts] >> Now, um I need to look deeper at this, >> Now, um I need to look deeper at this, >> Now, um I need to look deeper at this, but at a cursory glance, but at a cursory glance, but at a cursory glance, um, I read this article that was talking um, I read this article that was talking um, I read this article that was talking about this the idea that wealthy people about this the idea that wealthy people about this the idea that wealthy people could borrow money and then never pay it could borrow money and then never pay it could borrow money and then never pay it back. And then when they die and they back. And then when they die and they back. And then when they die and they pass it on to their kids, it's known as pass it on to their kids, it's known as pass it on to their kids, it's known as a step-up in basis. So, the kids are a step-up in basis. So, the kids are a step-up in basis. So, the kids are judged from, well, what are all the judged from, well, what are all the judged from, well, what are all the assets worth today? And they only pay assets worth today? And they only pay assets worth today? And they only pay tax as it goes up from there. And so, tax as it goes up from there. And so, tax as it goes up from there. And so, people are like, "Hold on, that's a people are like, "Hold on, that's a people are like, "Hold on, that's a loophole." But the reality is it doesn't loophole." But the reality is it doesn't loophole." But the reality is it doesn't seem like many people actually do that seem like many people actually do that seem like many people actually do that because debt puts you in such a because debt puts you in such a because debt puts you in such a vulnerable position because if your vulnerable position because if your vulnerable position because if your collateral goes down in value, the bank collateral goes down in value, the bank collateral goes down in value, the bank can call the loan. And so, I my instinct can call the loan. And so, I my instinct can call the loan. And so, I my instinct right now, based on reading that right now, based on reading that right now, based on reading that information, is that not a lot of people information, is that not a lot of people information, is that not a lot of people actually do that because truly the actually do that because truly the actually do that because truly the mechanisms of debt are very dangerous. mechanisms of debt are very dangerous. mechanisms of debt are very dangerous. And so, it's far more likely And so, it's far more likely And so, it's far more likely that these guys take the loan to that these guys take the loan to that these guys take the loan to aggregate the capital and then in aggregate the capital and then in aggregate the capital and then in moments where their equity's worth a moments where their equity's worth a moments where their equity's worth a lot, they sell, pay down the debt. And lot, they sell, pay down the debt. And lot, they sell, pay down the debt. And in times where their equity isn't worth in times where their equity isn't worth in times where their equity isn't worth a lot, then they're going to ride out a lot, then they're going to ride out a lot, then they're going to ride out the loan. And so, they're always look at the loan. And so, they're always look at the loan. And so, they're always look at You can see this where it's like, uh, You can see this where it's like, uh, You can see this where it's like, uh, "Mark Zuckerberg just lost $84 billion "Mark Zuckerberg just lost $84 billion "Mark Zuckerberg just lost $84 billion in value." So, you can imagine on that in value." So, you can imagine on that in value." So, you can imagine on that day he's not going to sell anything, day he's not going to sell anything, day he's not going to sell anything, take it out, and pay off his debt. take it out, and pay off his debt. take it out, and pay off his debt. That's where he's going to be like, "Oh, That's where he's going to be like, "Oh, That's where he's going to be like, "Oh, is the economy in distress? Are interest is the economy in distress? Are interest is the economy in distress? Are interest rates coming down?" Because if the rates coming down?" Because if the rates coming down?" Because if the economy's in distress and they're trying economy's in distress and they're trying economy's in distress and they're trying to stimulate it with, uh, low interest to stimulate it with, uh, low interest to stimulate it with, uh, low interest rates, that's when I'm going to borrow. rates, that's when I'm going to borrow. rates, that's when I'm going to borrow. It's not going to be when I pay back. It's not going to be when I pay back. It's not going to be when I pay back. I'm going to pay back when it's like, I'm going to pay back when it's like, I'm going to pay back when it's like, "Oh, [ __ ] everything's pumping to the "Oh, [ __ ] everything's pumping to the "Oh, [ __ ] everything's pumping to the moon." Now I'm able to sell my shares at moon." Now I'm able to sell my shares at moon." Now I'm able to sell my shares at a, you know, maybe all-time high. I pay a, you know, maybe all-time high. I pay a, you know, maybe all-time high. I pay off that debt. The debt feels very cheap off that debt. The debt feels very cheap off that debt. The debt feels very cheap to me. So, but when he does that, which to me. So, but when he does that, which to me. So, but when he does that, which he is almost certainly going to do he is almost certainly going to do he is almost certainly going to do because doing everything on debt forever because doing everything on debt forever because doing everything on debt forever is so high risk, that because if you're is so high risk, that because if you're is so high risk, that because if you're doing all that and you're debt-laden and doing all that and you're debt-laden and doing all that and you're debt-laden and you drop by 84 billion, the banks might you drop by 84 billion, the banks might you drop by 84 billion, the banks might be like, "Yo, [ __ ] like, hey, be like, "Yo, [ __ ] like, hey, be like, "Yo, [ __ ] like, hey, you need to pay up." And this is how you need to pay up." And this is how you need to pay up." And this is how people jump off, uh, the Empire State people jump off, uh, the Empire State people jump off, uh, the Empire State Building in 1929 because they're like, Building in 1929 because they're like, Building in 1929 because they're like, "Oh, [ __ ] I've just got what's called "Oh, [ __ ] I've just got what's called "Oh, [ __ ] I've just got what's called margin called. I I now have nothing margin called. I I now have nothing margin called. I I now have nothing left. The bank has already taken all of left. The bank has already taken all of left. The bank has already taken all of my assets. So anyway, the likelihood my assets. So anyway, the likelihood my assets. So anyway, the likelihood that these ultra wealthy people actually that these ultra wealthy people actually that these ultra wealthy people actually cycle through and are paying off and cycle through and are paying off and cycle through and are paying off and therefore paying interest when they sell therefore paying interest when they sell therefore paying interest when they sell is basically 100% and Elon has said no is basically 100% and Elon has said no is basically 100% and Elon has said no one has ever paid more tax in history one has ever paid more tax in history one has ever paid more tax in history than him. than him. than him. So it's like the very guy you're like So it's like the very guy you're like So it's like the very guy you're like somehow saying has not paid his fair somehow saying has not paid his fair somehow saying has not paid his fair share is the largest taxpayer in all of share is the largest taxpayer in all of share is the largest taxpayer in all of human history. So what are we saying human history. So what are we saying human history. So what are we saying exactly? It's wild. exactly? It's wild. exactly? It's wild. >> Let's jump to 12:30 cuz he talks about >> Let's jump to 12:30 cuz he talks about >> Let's jump to 12:30 cuz he talks about innovation. innovation. innovation. >> So this is why I I I I simply [laughter] >> So this is why I I I I simply [laughter] >> So this is why I I I I simply [laughter] cannot understand. I cannot understand. I cannot understand. I I was really quite amazed to see I was really quite amazed to see I was really quite amazed to see the economist go with this, right? the economist go with this, right? the economist go with this, right? They're saying that we we we want to tax They're saying that we we we want to tax They're saying that we we we want to tax the very rich more, the very rich more, the very rich more, but we absolutely don't want it to be a but we absolutely don't want it to be a but we absolutely don't want it to be a wealth tax. We want it to be wealth tax. We want it to be wealth tax. We want it to be an inheritance tax. an inheritance tax. an inheritance tax. Now every single penny or pound that the Now every single penny or pound that the Now every single penny or pound that the very rich own now will be inherited. very rich own now will be inherited. very rich own now will be inherited. That is what That is what the That is what That is what the That is what That is what the >> Gary, are you really that dumb? There's >> Gary, are you really that dumb? There's >> Gary, are you really that dumb? There's no way he's that dumb. I mean, maybe he no way he's that dumb. I mean, maybe he no way he's that dumb. I mean, maybe he is, man. Maybe he just does not is, man. Maybe he just does not is, man. Maybe he just does not understand the economy despite the name. understand the economy despite the name. understand the economy despite the name. Uh it is entirely possible that what you Uh it is entirely possible that what you Uh it is entirely possible that what you have in Gary's economics is a trader have in Gary's economics is a trader have in Gary's economics is a trader who's good at a certain type of trade. who's good at a certain type of trade. who's good at a certain type of trade. He understands how inflation works and He understands how inflation works and He understands how inflation works and so he's gone and made a bunch of money so he's gone and made a bunch of money so he's gone and made a bunch of money on that, but he's never actually taken on that, but he's never actually taken on that, but he's never actually taken the time to figure out how all of the time to figure out how all of the time to figure out how all of economics works. Like even I am haunted economics works. Like even I am haunted economics works. Like even I am haunted by one truth. As the shore of my by one truth. As the shore of my by one truth. As the shore of my knowledge grows, knowledge grows, knowledge grows, uh sorry, as the island of my knowledge uh sorry, as the island of my knowledge uh sorry, as the island of my knowledge grows, so grows the shore of my grows, so grows the shore of my grows, so grows the shore of my ignorance. And it's like you realize how ignorance. And it's like you realize how ignorance. And it's like you realize how little you actually know. Like if I little you actually know. Like if I little you actually know. Like if I compare myself to Scott Bessent, he'll compare myself to Scott Bessent, he'll compare myself to Scott Bessent, he'll run rings around me. This is a guy that run rings around me. This is a guy that run rings around me. This is a guy that can actually go collapse a country's um can actually go collapse a country's um can actually go collapse a country's um that he collapsed the pound. I mean, that he collapsed the pound. I mean, that he collapsed the pound. I mean, it's crazy. Like that kind of knowledge it's crazy. Like that kind of knowledge it's crazy. Like that kind of knowledge of how economies really work. of how economies really work. of how economies really work. >> And I'm sure he will do it to more >> And I'm sure he will do it to more >> And I'm sure he will do it to more places. So it's like there there really places. So it's like there there really places. So it's like there there really are levels to this [ __ ] as they say, but are levels to this [ __ ] as they say, but are levels to this [ __ ] as they say, but the fact that Gary actually believes the fact that Gary actually believes the fact that Gary actually believes that every dollar of wealth, remember that every dollar of wealth, remember that every dollar of wealth, remember he's never taken the time to delineate he's never taken the time to delineate he's never taken the time to delineate wealth from income, that every dollar of wealth from income, that every dollar of wealth from income, that every dollar of wealth will be inherited. He doesn't wealth will be inherited. He doesn't wealth will be inherited. He doesn't know that. If there's an economic know that. If there's an economic know that. If there's an economic downturn, your wealth downturn, your wealth downturn, your wealth gets brutalized. You can on a single day gets brutalized. You can on a single day gets brutalized. You can on a single day lose 10% of your wealth easily. And so, lose 10% of your wealth easily. And so, lose 10% of your wealth easily. And so, if you happen to die in a downturn, your if you happen to die in a downturn, your if you happen to die in a downturn, your kids will not inherit that. So, they'll kids will not inherit that. So, they'll kids will not inherit that. So, they'll inherit whatever it's worth the day you inherit whatever it's worth the day you inherit whatever it's worth the day you die. And then they are taxed if it goes die. And then they are taxed if it goes die. And then they are taxed if it goes up from there. And so, there is a very up from there. And so, there is a very up from there. And so, there is a very real thing that happens, that step up in real thing that happens, that step up in real thing that happens, that step up in basis, basis, basis, um that that part I understand. Like, if um that that part I understand. Like, if um that that part I understand. Like, if we really want to have a mechanistic we really want to have a mechanistic we really want to have a mechanistic conversation and say, "I don't like this conversation and say, "I don't like this conversation and say, "I don't like this step up in basis." And so, we want to step up in basis." And so, we want to step up in basis." And so, we want to double tax people. And by the way, it double tax people. And by the way, it double tax people. And by the way, it would be double tax because people have would be double tax because people have would be double tax because people have already paid taxes on the money that already paid taxes on the money that already paid taxes on the money that they used to buy those assets, or they they used to buy those assets, or they they used to buy those assets, or they themselves created the value, at which themselves created the value, at which themselves created the value, at which point it should be taxed as um not point it should be taxed as um not point it should be taxed as um not ordinary income, but as um ordinary income, but as um ordinary income, but as um capital gains, uh because you took a capital gains, uh because you took a capital gains, uh because you took a risk, you did all that stuff, and then risk, you did all that stuff, and then risk, you did all that stuff, and then you need to reward entrepreneurs for you need to reward entrepreneurs for you need to reward entrepreneurs for doing that because the vast majority of doing that because the vast majority of doing that because the vast majority of entrepreneurs will fail, they will lose entrepreneurs will fail, they will lose entrepreneurs will fail, they will lose money over time, they won't make money. money over time, they won't make money. money over time, they won't make money. Uh and so, given that reality, 94% of Uh and so, given that reality, 94% of Uh and so, given that reality, 94% of all companies fail to make $10 million all companies fail to make $10 million all companies fail to make $10 million in revenue. Revenue, not profit. in revenue. Revenue, not profit. in revenue. Revenue, not profit. Revenue. So, if 94% of companies fail, Revenue. So, if 94% of companies fail, Revenue. So, if 94% of companies fail, bro, you've got to do something to bro, you've got to do something to bro, you've got to do something to incentivize people, otherwise they're incentivize people, otherwise they're incentivize people, otherwise they're just not going to [ __ ] do it. And by just not going to [ __ ] do it. And by just not going to [ __ ] do it. And by the way, something I never hear Gary the way, something I never hear Gary the way, something I never hear Gary talk about, talk about, talk about, uh when Karl Marx comes into existence uh when Karl Marx comes into existence uh when Karl Marx comes into existence and starts talking about communism, uh and starts talking about communism, uh and starts talking about communism, uh there's no limited liability company. there's no limited liability company. there's no limited liability company. So, companies literally are only founded So, companies literally are only founded So, companies literally are only founded by wealthy people because uh if your by wealthy people because uh if your by wealthy people because uh if your company went under, you were personally company went under, you were personally company went under, you were personally liable. So, only people who had enough liable. So, only people who had enough liable. So, only people who had enough wealth that they could survive the death wealth that they could survive the death wealth that they could survive the death of that company, being sued over of that company, being sued over of that company, being sued over whatever, um only people that were like, whatever, um only people that were like, whatever, um only people that were like, "Okay, well, this is only 10% of my um "Okay, well, this is only 10% of my um "Okay, well, this is only 10% of my um net worth that I'm putting at risk, so net worth that I'm putting at risk, so net worth that I'm putting at risk, so cool, I'll start this company." So, it's cool, I'll start this company." So, it's cool, I'll start this company." So, it's like every company was started by rich like every company was started by rich like every company was started by rich people. So, I understand why people get people. So, I understand why people get people. So, I understand why people get bitter. As a non-rich person who started bitter. As a non-rich person who started bitter. As a non-rich person who started a company and got rich, I'm telling you a company and got rich, I'm telling you a company and got rich, I'm telling you it's not how it works today specifically it's not how it works today specifically it's not how it works today specifically because of limited liability companies because of limited liability companies because of limited liability companies made possible by his country. So, that made possible by his country. So, that made possible by his country. So, that whole thing like completely changed the whole thing like completely changed the whole thing like completely changed the landscape where anybody can start a landscape where anybody can start a landscape where anybody can start a company, never more so than today with company, never more so than today with company, never more so than today with AI. And so, it's like these are AI. And so, it's like these are AI. And so, it's like these are solutions for a time gone by that solutions for a time gone by that solutions for a time gone by that doesn't make any sense. Anyway, that was doesn't make any sense. Anyway, that was doesn't make any sense. Anyway, that was all to say that you want that income all to say that you want that income all to say that you want that income taxed at capital gains. And so, if taxed at capital gains. And so, if taxed at capital gains. And so, if people are going to say, "Okay, listen. people are going to say, "Okay, listen. people are going to say, "Okay, listen. Uh dear wealthy person who you just pass Uh dear wealthy person who you just pass Uh dear wealthy person who you just pass things on to your kid, um things that things on to your kid, um things that things on to your kid, um things that you already paid tax on, we're not going you already paid tax on, we're not going you already paid tax on, we're not going to tax. But, if because you've already to tax. But, if because you've already to tax. But, if because you've already paid tax. But, if you're going to um give them something when you die and let give them something when you die and let them inherit something you haven't paid them inherit something you haven't paid them inherit something you haven't paid tax on yet, we're not giving them the tax on yet, we're not giving them the tax on yet, we're not giving them the step-up-in-basis, but we are going to step-up-in-basis, but we are going to step-up-in-basis, but we are going to give them the capital gains treatment. give them the capital gains treatment. give them the capital gains treatment. Word. Cool. Now, the capital gains is Word. Cool. Now, the capital gains is Word. Cool. Now, the capital gains is being paid on that from zero, right? being paid on that from zero, right? being paid on that from zero, right? From dollar one whenever they started From dollar one whenever they started From dollar one whenever they started gaining. I would totally get that. I gaining. I would totally get that. I gaining. I would totally get that. I would have no beef. Me passing that on would have no beef. Me passing that on would have no beef. Me passing that on to my kids and being like, "Well, you're to my kids and being like, "Well, you're to my kids and being like, "Well, you're still going to pay tax on it the way I still going to pay tax on it the way I still going to pay tax on it the way I would have had I lived." Awesome. would have had I lived." Awesome. would have had I lived." Awesome. But, that's not what they're talking But, that's not what they're talking But, that's not what they're talking about. about. about. >> All right. I want to get through this >> All right. I want to get through this >> All right. I want to get through this innovation section. Let's keep going. innovation section. Let's keep going. innovation section. Let's keep going. >> All very rich people do with all of >> All very rich people do with all of >> All very rich people do with all of their money. Their wealth never goes their money. Their wealth never goes their money. Their wealth never goes down. All of it goes to their kids. down. All of it goes to their kids. down. All of it goes to their kids. >> What are you talking about? >> What are you talking about? >> What are you talking about? >> if you as the economist are saying >> if you as the economist are saying >> if you as the economist are saying listen, we wealth tax is terrible, you listen, we wealth tax is terrible, you listen, we wealth tax is terrible, you know. They're going to What is it they know. They're going to What is it they know. They're going to What is it they say? They're going to deter innovation. say? They're going to deter innovation. say? They're going to deter innovation. They're going to take money from the They're going to take money from the They're going to take money from the >> Why is he laughing? >> Why is he laughing? >> Why is he laughing? >> seasoned assets of economies' most >> seasoned assets of economies' most >> seasoned assets of economies' most productive people. productive people. productive people. >> Yes. >> Yes. >> Yes. >> How can you in one breath say >> How can you in one breath say >> How can you in one breath say that taxing the rich 2% every year is that taxing the rich 2% every year is that taxing the rich 2% every year is going to destroy the economy? going to destroy the economy? going to destroy the economy? >> Let me answer that question, Gary. The >> Let me answer that question, Gary. The >> Let me answer that question, Gary. The way that you say it is building a way that you say it is building a way that you say it is building a company is ridiculously hard. company is ridiculously hard. company is ridiculously hard. Governments are absolutely Governments are absolutely Governments are absolutely uh terrible at allocating capital. And uh terrible at allocating capital. And uh terrible at allocating capital. And so, all of modern life is predicated on so, all of modern life is predicated on so, all of modern life is predicated on a very, very, very small subset of a very, very, very small subset of a very, very, very small subset of people who not only have the appetite people who not only have the appetite people who not only have the appetite for risk to take on building a company, for risk to take on building a company, for risk to take on building a company, but actually have the ability to end up but actually have the ability to end up but actually have the ability to end up in that 6% of people that have companies in that 6% of people that have companies in that 6% of people that have companies that make $10 million or more. And by that make $10 million or more. And by that make $10 million or more. And by the way, the way that we do things now the way, the way that we do things now the way, the way that we do things now is not by, at least not always, showing is not by, at least not always, showing is not by, at least not always, showing up with a gun and just confiscating up with a gun and just confiscating up with a gun and just confiscating people's wealth like maybe we did in people's wealth like maybe we did in people's wealth like maybe we did in Venezuela, but you're going in and Venezuela, but you're going in and Venezuela, but you're going in and you're telling companies, "Hey, you can you're telling companies, "Hey, you can you're telling companies, "Hey, you can get rich." Or you're telling an get rich." Or you're telling an get rich." Or you're telling an individual, "You can go get rich by individual, "You can go get rich by individual, "You can go get rich by adding value to society." That is how adding value to society." That is how adding value to society." That is how we've gotten to the modern era. That is we've gotten to the modern era. That is we've gotten to the modern era. That is how we have solved many of the biggest how we have solved many of the biggest how we have solved many of the biggest health challenges, for instance, is health challenges, for instance, is health challenges, for instance, is people understand that they can go build people understand that they can go build people understand that they can go build this thing that's of value to people and this thing that's of value to people and this thing that's of value to people and they can get rich doing it. So, they they can get rich doing it. So, they they can get rich doing it. So, they solve the hardest problems that we're solve the hardest problems that we're solve the hardest problems that we're facing. The fastest way to earn a facing. The fastest way to earn a facing. The fastest way to earn a billion dollars, this is like straight billion dollars, this is like straight billion dollars, this is like straight out of Peter Diamandis's book, the out of Peter Diamandis's book, the out of Peter Diamandis's book, the fastest way to make a billion dollars is fastest way to make a billion dollars is fastest way to make a billion dollars is to help a billion people. Like, go solve to help a billion people. Like, go solve to help a billion people. Like, go solve a problem that they really care about a problem that they really care about a problem that they really care about and they really want solved. That's how and they really want solved. That's how and they really want solved. That's how you're going to generate wealth. Again, you're going to generate wealth. Again, you're going to generate wealth. Again, because of the limited liability because of the limited liability because of the limited liability company, we create this ability for company, we create this ability for company, we create this ability for people to do it. So, when you people to do it. So, when you people to do it. So, when you disincentivize that, then all of a disincentivize that, then all of a disincentivize that, then all of a sudden, people go, "Well, if I want to sudden, people go, "Well, if I want to sudden, people go, "Well, if I want to get rich, I have to go steal it." And get rich, I have to go steal it." And get rich, I have to go steal it." And that's why countries would go and just that's why countries would go and just that's why countries would go and just try to conquer their neighboring try to conquer their neighboring try to conquer their neighboring countries to get things from them countries to get things from them countries to get things from them instead of building value and going, "As instead of building value and going, "As instead of building value and going, "As a country, we're going to let the free a country, we're going to let the free a country, we're going to let the free market reign and we're going to take market reign and we're going to take market reign and we're going to take some tax dollars off that." And that is some tax dollars off that." And that is some tax dollars off that." And that is literally how America became wealthy. literally how America became wealthy. literally how America became wealthy. So, they let companies build things that So, they let companies build things that So, they let companies build things that our country wanted, the world wanted. our country wanted, the world wanted. our country wanted, the world wanted. That meant that they were able to That meant that they were able to That meant that they were able to aggregate capital from all around the aggregate capital from all around the aggregate capital from all around the world, make themselves wealthy, the world, make themselves wealthy, the world, make themselves wealthy, the government gets a piece of that, the government gets a piece of that, the government gets a piece of that, the government gets wealthy, okay? That's government gets wealthy, okay? That's government gets wealthy, okay? That's how you build wealth. Now, if you how you build wealth. Now, if you how you build wealth. Now, if you disincentivize those people because disincentivize those people because disincentivize those people because you're just going to take so much of it you're just going to take so much of it you're just going to take so much of it that they end up going, "Why am I that they end up going, "Why am I that they end up going, "Why am I working this hard? It's so much risk and working this hard? It's so much risk and working this hard? It's so much risk and it's so much hard work and the it's so much hard work and the it's so much hard work and the government's going to take it?" It government's going to take it?" It government's going to take it?" It doesn't make sense. It is doesn't make sense. It is doesn't make sense. It is disincentivizing. And so, now, then you disincentivizing. And so, now, then you disincentivizing. And so, now, then you ask the country, how are you going to ask the country, how are you going to ask the country, how are you going to get wealthy? And they're either just get wealthy? And they're either just get wealthy? And they're either just going to confiscate, confiscate, going to confiscate, confiscate, going to confiscate, confiscate, confiscate, or meaning their tax-paying confiscate, or meaning their tax-paying confiscate, or meaning their tax-paying citizens, citizens, citizens, or they're going to go do it the world or they're going to go do it the world or they're going to go do it the world over. We live that. We know what that over. We live that. We know what that over. We live that. We know what that looks like. So, how he cannot answer looks like. So, how he cannot answer looks like. So, how he cannot answer that own question for himself is beyond that own question for himself is beyond that own question for himself is beyond me. me. me. >> Let's finish that like analogy, right? >> Let's finish that like analogy, right? >> Let's finish that like analogy, right? Let's say we tax them, they say I don't Let's say we tax them, they say I don't Let's say we tax them, they say I don't want to do this no more. In Atlas want to do this no more. In Atlas want to do this no more. In Atlas Shrugged, they went to a mystical land Shrugged, they went to a mystical land Shrugged, they went to a mystical land in the hills of Colorado. What do you in the hills of Colorado. What do you in the hills of Colorado. What do you think happens to the rich people in think happens to the rich people in think happens to the rich people in America if they get to that point where America if they get to that point where America if they get to that point where we get that we disincentivize we get that we disincentivize we get that we disincentivize innovation? innovation? innovation? >> Well, so the honest answer is any smart >> Well, so the honest answer is any smart >> Well, so the honest answer is any smart country the world over is going to go, country the world over is going to go, country the world over is going to go, oh, you guys are being dumb. I, meaning oh, you guys are being dumb. I, meaning oh, you guys are being dumb. I, meaning you formerly wealthy nations, have you formerly wealthy nations, have you formerly wealthy nations, have alienated the most productive citizens alienated the most productive citizens alienated the most productive citizens that you have. We're going to seek them that you have. We're going to seek them that you have. We're going to seek them out. And so, they'll become very out. And so, they'll become very out. And so, they'll become very capital-friendly. So, UAE has done capital-friendly. So, UAE has done capital-friendly. So, UAE has done spectacular things, Singapore has done spectacular things, Singapore has done spectacular things, Singapore has done spectacular things. People are going to spectacular things. People are going to spectacular things. People are going to go go go >> Free capital gains, free to relocate, >> Free capital gains, free to relocate, >> Free capital gains, free to relocate, come over here. Business-friendly come over here. Business-friendly come over here. Business-friendly environment. So, the person says I'm not environment. So, the person says I'm not environment. So, the person says I'm not going to do it in America, I'll go to going to do it in America, I'll go to going to do it in America, I'll go to the UAE and start Facebook. the UAE and start Facebook. the UAE and start Facebook. >> Correct. And so, that is how countries >> Correct. And so, that is how countries >> Correct. And so, that is how countries compete with each other. And one of the compete with each other. And one of the compete with each other. And one of the brilliant things that America did was brilliant things that America did was brilliant things that America did was they said, we're going to bring together they said, we're going to bring together they said, we're going to bring together all of these disparate states who will all of these disparate states who will all of these disparate states who will all compete with each other for their all compete with each other for their all compete with each other for their citizens. And this is why we see people citizens. And this is why we see people citizens. And this is why we see people leaving California to go to Texas, to go leaving California to go to Texas, to go leaving California to go to Texas, to go to Florida, cuz they're like, well, I to Florida, cuz they're like, well, I to Florida, cuz they're like, well, I guess you guys are going to be the home guess you guys are going to be the home guess you guys are going to be the home of innovation. And watching Florida, of innovation. And watching Florida, of innovation. And watching Florida, like during the crypto craze, watching like during the crypto craze, watching like during the crypto craze, watching Florida Florida Florida get all the tax dollars from all those get all the tax dollars from all those get all the tax dollars from all those crypto guys by saying, yeah, we're going crypto guys by saying, yeah, we're going crypto guys by saying, yeah, we're going to be the place that is cheap, and so, to be the place that is cheap, and so, to be the place that is cheap, and so, in terms of taxes, so, come here. And in terms of taxes, so, come here. And in terms of taxes, so, come here. And they did. And so, you will see countries they did. And so, you will see countries they did. And so, you will see countries compete just like that for talent. So, compete just like that for talent. So, compete just like that for talent. So, it's when people act like the most it's when people act like the most it's when people act like the most productive citizens in the world are productive citizens in the world are productive citizens in the world are somehow stuck in their country, that somehow stuck in their country, that somehow stuck in their country, that might be true if all of your wealth is might be true if all of your wealth is might be true if all of your wealth is based on real estate, sure as hell not based on real estate, sure as hell not based on real estate, sure as hell not going to be true if you're doing going to be true if you're doing going to be true if you're doing something that is mobile, global, something that is mobile, global, something that is mobile, global, whether that's finance, whether that is whether that's finance, whether that is whether that's finance, whether that is software, software, software, those guys are going to go wherever the those guys are going to go wherever the those guys are going to go wherever the hell they want. And as hell they want. And as hell they want. And as things like AI become the most important things like AI become the most important things like AI become the most important industry on the planet, they're just industry on the planet, they're just industry on the planet, they're just going to go wherever the people are most going to go wherever the people are most going to go wherever the people are most friendly to that industry and friendly friendly to that industry and friendly friendly to that industry and friendly to capital. It it's just that simple. to capital. It it's just that simple. to capital. It it's just that simple. Now, where these guys are right is that Now, where these guys are right is that Now, where these guys are right is that will often take decades. And so you'll will often take decades. And so you'll will often take decades. And so you'll be able to confiscate a lot of money as be able to confiscate a lot of money as be able to confiscate a lot of money as they try to leave. You'll put in an exit they try to leave. You'll put in an exit they try to leave. You'll put in an exit tax and all that and you'll be able to tax and all that and you'll be able to tax and all that and you'll be able to get a little bit of money. get a little bit of money. get a little bit of money. >> [snorts] >> [snorts] >> [snorts] >> But the problem is in the long run you >> But the problem is in the long run you >> But the problem is in the long run you end up losing catastrophically. And they end up losing catastrophically. And they end up losing catastrophically. And they need not look any further than like need not look any further than like need not look any further than like Argentina. Argentina. Argentina. Places that have attempted this before Places that have attempted this before Places that have attempted this before and on a long enough time frame they and on a long enough time frame they and on a long enough time frame they always fail. And so I don't know why always fail. And so I don't know why always fail. And so I don't know why these guys don't go to what are the these guys don't go to what are the these guys don't go to what are the things that work really, really well for things that work really, really well for things that work really, really well for like 150 years? And the answer is like 150 years? And the answer is like 150 years? And the answer is effectively over the last 500 years effectively over the last 500 years effectively over the last 500 years something akin to free market something akin to free market something akin to free market capitalism. Even China had to finally capitalism. Even China had to finally capitalism. Even China had to finally deploy it. You've now got Cuba making deploy it. You've now got Cuba making deploy it. You've now got Cuba making noises about the fact that yeah, trying noises about the fact that yeah, trying noises about the fact that yeah, trying to control price from the top down just to control price from the top down just to control price from the top down just doesn't work. It's like that meme, it's doesn't work. It's like that meme, it's doesn't work. It's like that meme, it's like you're so close. Like they will like you're so close. Like they will like you're so close. Like they will eventually get it. eventually get it. eventually get it. Or they'll be a backwater for another Or they'll be a backwater for another Or they'll be a backwater for another 100 years. I mean it's really up to 100 years. I mean it's really up to 100 years. I mean it's really up to them. But economies have physics and them. But economies have physics and them. But economies have physics and that is a thing that Gary just is not that is a thing that Gary just is not that is a thing that Gary just is not leaning into. leaning into. leaning into. >> But taxing the rich at at 50% every 30 >> But taxing the rich at at 50% every 30 >> But taxing the rich at at 50% every 30 years is good. years is good. years is good. Like it's it's Like it's it's Like it's it's It's honestly it's quite mind-blowingly It's honestly it's quite mind-blowingly It's honestly it's quite mind-blowingly stupid. stupid. stupid. There's absolutely no logical There's absolutely no logical There's absolutely no logical consistency here. And I was fascinated consistency here. And I was fascinated consistency here. And I was fascinated cuz and when this came up in the the two cuz and when this came up in the the two cuz and when this came up in the the two meetings that I had, I think what I meetings that I had, I think what I meetings that I had, I think what I think they were both the back end of think they were both the back end of think they were both the back end of last year, last year, last year, I remember thinking you know maybe these I remember thinking you know maybe these I remember thinking you know maybe these this is such a this is such a this is such a such a phenomenally stupid argument. I such a phenomenally stupid argument. I such a phenomenally stupid argument. I assumed that these two people must have assumed that these two people must have assumed that these two people must have like got it from each other and and now like got it from each other and and now like got it from each other and and now to see like the economist to see like the economist to see like the economist magazine say it is is honestly this is magazine say it is is honestly this is magazine say it is is honestly this is one of the most interesting things I've one of the most interesting things I've one of the most interesting things I've seen cuz I think it really reveals seen cuz I think it really reveals seen cuz I think it really reveals what is going on in the heads what is going on in the heads what is going on in the heads of of of I guess sort of polite society I guess sort of polite society I guess sort of polite society in in when they oppose in in when they oppose in in when they oppose wealth taxes because if you wealth taxes because if you wealth taxes because if you >> Here's the problem. So, he's literally >> Here's the problem. So, he's literally >> Here's the problem. So, he's literally not saying anything. He's just saying not saying anything. He's just saying not saying anything. He's just saying it's dumb. I don't know why they do it. it's dumb. I don't know why they do it. it's dumb. I don't know why they do it. They must have gotten it from each They must have gotten it from each They must have gotten it from each other. He has literally put forward not other. He has literally put forward not other. He has literally put forward not a single argument about why you should a single argument about why you should a single argument about why you should do it. He's just saying it's stupid. So, do it. He's just saying it's stupid. So, do it. He's just saying it's stupid. So, this is what um drives me bonkers about this is what um drives me bonkers about this is what um drives me bonkers about his popularity. So, um there there was a his popularity. So, um there there was a his popularity. So, um there there was a guy named Daniel Priestley who is guy named Daniel Priestley who is guy named Daniel Priestley who is insanely smart and it is this uh I feel insanely smart and it is this uh I feel insanely smart and it is this uh I feel uh I'm so torn. I get why he focuses on uh I'm so torn. I get why he focuses on uh I'm so torn. I get why he focuses on business content. He is an entrepreneur business content. He is an entrepreneur business content. He is an entrepreneur and so it's a straight line. It's very and so it's a straight line. It's very and so it's a straight line. It's very Alex Hormozi of him. Stay on message Alex Hormozi of him. Stay on message Alex Hormozi of him. Stay on message which is the thing I'm pathologically which is the thing I'm pathologically which is the thing I'm pathologically incapable of doing. But, um incapable of doing. But, um incapable of doing. But, um I wish Daniel Priestley would just just I wish Daniel Priestley would just just I wish Daniel Priestley would just just talk about economics. He is really talk about economics. He is really talk about economics. He is really really sharp and I saw him debate Gary's really sharp and I saw him debate Gary's really sharp and I saw him debate Gary's economics. And every time he would have economics. And every time he would have economics. And every time he would have Gary dead to rights on the cause and Gary dead to rights on the cause and Gary dead to rights on the cause and effect in the economy, Gary would go, effect in the economy, Gary would go, effect in the economy, Gary would go, "Fine. Fine. Yeah, no no. No, uh Daniel, "Fine. Fine. Yeah, no no. No, uh Daniel, "Fine. Fine. Yeah, no no. No, uh Daniel, let's just keep doing it your way. Um let's just keep doing it your way. Um let's just keep doing it your way. Um and then let's let have people revolt." and then let's let have people revolt." and then let's let have people revolt." That's just emotion. That's just emotion. That's just emotion. >> Mhm. >> Mhm. >> Mhm. >> So, Gary, that's not an argument. Take >> So, Gary, that's not an argument. Take >> So, Gary, that's not an argument. Take on his arguments one by one. Because um on his arguments one by one. Because um on his arguments one by one. Because um the French Revolution did not end in the French Revolution did not end in the French Revolution did not end in peace for all. It was not an uprising of peace for all. It was not an uprising of peace for all. It was not an uprising of people who actually understood the people who actually understood the people who actually understood the economy and were tired of being abused. economy and were tired of being abused. economy and were tired of being abused. It was the emotional outburst of the It was the emotional outburst of the It was the emotional outburst of the overproduced elites who had time to sit overproduced elites who had time to sit overproduced elites who had time to sit around and whine and they ended up around and whine and they ended up around and whine and they ended up becoming such a radical murderous force becoming such a radical murderous force becoming such a radical murderous force that Napoleon rises to power, finally that Napoleon rises to power, finally that Napoleon rises to power, finally strong mans them into being an army, and strong mans them into being an army, and strong mans them into being an army, and then goes and kills millions of people then goes and kills millions of people then goes and kills millions of people all over Europe in a bloodthirsty battle all over Europe in a bloodthirsty battle all over Europe in a bloodthirsty battle of conquest. And so, if that's Gary's of conquest. And so, if that's Gary's of conquest. And so, if that's Gary's punchline, it's like, "The [ __ ] are we punchline, it's like, "The [ __ ] are we punchline, it's like, "The [ __ ] are we talking about?" So, Gary, let's say that talking about?" So, Gary, let's say that talking about?" So, Gary, let's say that you really just want to make life better you really just want to make life better you really just want to make life better for your friends who aren't making a lot for your friends who aren't making a lot for your friends who aren't making a lot of money. That's part of his origin of money. That's part of his origin of money. That's part of his origin story. Okay, rad. How do we actually do story. Okay, rad. How do we actually do story. Okay, rad. How do we actually do that, Gary? that, Gary? that, Gary? Because giving them free [ __ ] has never Because giving them free [ __ ] has never Because giving them free [ __ ] has never once worked in history. So, what the once worked in history. So, what the once worked in history. So, what the actual [ __ ] By the way, I have been to actual [ __ ] By the way, I have been to actual [ __ ] By the way, I have been to Kuwait. Guess what conversation they Kuwait. Guess what conversation they Kuwait. Guess what conversation they have about their wealth their sovereign have about their wealth their sovereign have about their wealth their sovereign wealth fund. It makes people lazy. Okay? So, it is not a free pass. Like, Okay? So, it is not a free pass. Like, you you can't just give people [ __ ] and you you can't just give people [ __ ] and you you can't just give people [ __ ] and expect them to be innovative and to play expect them to be innovative and to play expect them to be innovative and to play on a world stage because now they on a world stage because now they on a world stage because now they finally got enough money to do [ __ ] finally got enough money to do [ __ ] finally got enough money to do [ __ ] People in England, people in the US are People in England, people in the US are People in England, people in the US are living lives that I mean, there are living lives that I mean, there are living lives that I mean, there are people in the US that have iPhones and people in the US that have iPhones and people in the US that have iPhones and air conditioning, and they're spiraling air conditioning, and they're spiraling air conditioning, and they're spiraling because life is so hard to make ends because life is so hard to make ends because life is so hard to make ends meet. meet. meet. It's like, look, there is a real thing. It's like, look, there is a real thing. It's like, look, there is a real thing. We have broken the economy. The K-shaped We have broken the economy. The K-shaped We have broken the economy. The K-shaped economy is a economy is a economy is a terrifying terrifying terrifying immoral, sinister, evil thing that immoral, sinister, evil thing that immoral, sinister, evil thing that politicians and bankers have done to us. politicians and bankers have done to us. politicians and bankers have done to us. But, when I see But, when I see But, when I see governments that are the equivalent of governments that are the equivalent of governments that are the equivalent of somebody who's morbidly obese somebody who's morbidly obese somebody who's morbidly obese saying the equivalent of, "I need more saying the equivalent of, "I need more saying the equivalent of, "I need more calories." It it is so illogical, so calories." It it is so illogical, so calories." It it is so illogical, so destructive, and so easy to walk through destructive, and so easy to walk through destructive, and so easy to walk through the cause and effect of how you end up the cause and effect of how you end up the cause and effect of how you end up there, and the cause and effect of how there, and the cause and effect of how there, and the cause and effect of how you get back out of that problem. And you get back out of that problem. And you get back out of that problem. And so, so, so, Gary's arguments are the equivalent of a Gary's arguments are the equivalent of a Gary's arguments are the equivalent of a morbidly obese person saying, "I need morbidly obese person saying, "I need morbidly obese person saying, "I need more calories because ice cream tastes more calories because ice cream tastes more calories because ice cream tastes good. And if you don't give me ice good. And if you don't give me ice good. And if you don't give me ice cream, I'm going to throw a fit, and all cream, I'm going to throw a fit, and all cream, I'm going to throw a fit, and all my friends are going to throw a fit. my friends are going to throw a fit. my friends are going to throw a fit. It's like, what are we talking about? It's like, what are we talking about? It's like, what are we talking about? So, we have done a bad thing to people. So, we have done a bad thing to people. So, we have done a bad thing to people. We have voted for politicians who We have voted for politicians who We have voted for politicians who deficit spend, and then we have stolen deficit spend, and then we have stolen deficit spend, and then we have stolen from everybody through money printing from everybody through money printing from everybody through money printing via the central bank, and we have via the central bank, and we have via the central bank, and we have created a K-shaped economy where the created a K-shaped economy where the created a K-shaped economy where the people who understand how the siphon people who understand how the siphon people who understand how the siphon works get wealthier by the day. Not works get wealthier by the day. Not works get wealthier by the day. Not because they're the ones stealing from because they're the ones stealing from because they're the ones stealing from you, because they understand how you you, because they understand how you you, because they understand how you steal from everyone, and they know how steal from everyone, and they know how steal from everyone, and they know how to protect themselves. And then we have to protect themselves. And then we have to protect themselves. And then we have people who don't understand how to people who don't understand how to people who don't understand how to protect themselves being stolen from protect themselves being stolen from protect themselves being stolen from every day. So, Gary, you're right that every day. So, Gary, you're right that every day. So, Gary, you're right that this system is broken. You're right that this system is broken. You're right that this system is broken. You're right that this system is rigged. But all of your this system is rigged. But all of your this system is rigged. But all of your emotional outbursts, all of your emotional outbursts, all of your emotional outbursts, all of your emotional argumentation will save emotional argumentation will save emotional argumentation will save exactly nobody. If you like this exactly nobody. If you like this exactly nobody. If you like this conversation, check out this episode to conversation, check out this episode to conversation, check out this episode to learn more. learn more. learn more. >> The thing with socialism, it's it sounds >> The thing with socialism, it's it sounds >> The thing with socialism, it's it sounds obvious. It's like, hey, you've got one obvious. It's like, hey, you've got one obvious. It's like, hey, you've got one group of people who are billionaires and group of people who are billionaires and group of people who are billionaires and rising class, and they can afford 10 rising class, and they can afford 10 rising class, and they can afford 10 houses and private jets, and it sounds houses and private jets, and it sounds houses and private jets, and it sounds so obvious that you would just take the so obvious that you would just take the so obvious that you would just take the money off those guys and give it to money off those guys and give it to money off those guys and give it to people who can't afford to eat. That people who can't afford to eat. That people who can't afford to eat. That just seems like