1 00:00:00,120 --> 00:00:01,680 Corey, welcome to New York City Podcast. 2 00:00:01,680 --> 00:00:04,320 Thank you for having me. I don't really like being on 3 00:00:04,320 --> 00:00:06,120 podcasts, but here we are. And so I thought I'd maybe 4 00:00:06,120 --> 00:00:08,720 interview you and then maybe it could be, you know, back, back 5 00:00:08,720 --> 00:00:11,200 and forth, but let's go. But, but maybe just to, to set 6 00:00:11,200 --> 00:00:14,920 the, the, the, the virtual stage, maybe you can just 7 00:00:14,920 --> 00:00:18,040 summarize in like 2 minutes what we just talked about on our 8 00:00:18,040 --> 00:00:20,400 tour. And then from there, I'll dive 9 00:00:20,400 --> 00:00:22,720 into some of the questions that that that I was thinking about 10 00:00:22,720 --> 00:00:24,080 on our in our walk. Totally. 11 00:00:24,120 --> 00:00:27,320 Yeah. So briefly, as we know, it was 12 00:00:27,320 --> 00:00:31,560 easier to start Netflix and reform Blockbusters, easier to 13 00:00:31,560 --> 00:00:34,520 start Bitcoin than reform the Fed, and I believe it's easier 14 00:00:34,520 --> 00:00:37,320 to start a new city than reform San Francisco, and may even be 15 00:00:37,320 --> 00:00:39,600 easier to start new countries than to reform America. 16 00:00:40,160 --> 00:00:44,240 And at least with 99.99% of people working on the reform 17 00:00:44,240 --> 00:00:47,160 path, we should have some small fraction of people working on 18 00:00:47,160 --> 00:00:50,040 the path for building alternatives, which tech is good 19 00:00:50,040 --> 00:00:52,560 at, right? Peaceful reform by just building 20 00:00:52,560 --> 00:00:54,160 an alternative. And then, you know, the 21 00:00:54,440 --> 00:00:57,240 customers of the old come to the new, the parallel institutions. 22 00:00:57,840 --> 00:01:01,600 And in a sense, what we've done here at network school is just 23 00:01:01,600 --> 00:01:04,480 like you take a Google Doc and you print it out, or you take 24 00:01:04,959 --> 00:01:07,760 metaphorically an Amazon shopping cart, you print it out 25 00:01:07,760 --> 00:01:09,760 to your doorstep, right? Like it comes to your door. 26 00:01:09,760 --> 00:01:12,680 Or you take a, you know, Uber and the app and you print out an 27 00:01:12,680 --> 00:01:15,440 Uber to your door. In the same way we're taking a 28 00:01:15,440 --> 00:01:17,280 cloud community and we're printing out in the physical 29 00:01:17,280 --> 00:01:20,360 world and we're showing we can do that here at network school. 30 00:01:20,400 --> 00:01:23,480 And if we prove that here, we can scale that out to other 31 00:01:23,480 --> 00:01:24,840 network school nodes around the world. 32 00:01:24,840 --> 00:01:29,680 And eventually we can do that where we have many students and 33 00:01:29,680 --> 00:01:31,880 many people come to network schools start their own start up 34 00:01:31,880 --> 00:01:34,440 societies and pop ups, become the new startups. 35 00:01:34,840 --> 00:01:37,480 And so that's it. And so how's it going? 36 00:01:37,760 --> 00:01:38,800 I think it's going great. I don't know. 37 00:01:39,240 --> 00:01:40,360 Give me your impressions. You were here. 38 00:01:40,360 --> 00:01:41,360 I think it's pretty cool. Yeah. 39 00:01:41,680 --> 00:01:44,080 Yeah, so I just got here, you know, less than an hour ago and 40 00:01:44,080 --> 00:01:47,840 my, you know, Instagram versus reality is I thought, you know, 41 00:01:47,880 --> 00:01:50,920 it was going to be a little quiet and and not that many 42 00:01:50,920 --> 00:01:52,920 people. But but in fact, when I arrived, 43 00:01:52,920 --> 00:01:55,840 it seemed to be like a bustling sort of place. 44 00:01:56,360 --> 00:01:59,960 And so I was surprised to in a very good way to to see that. 45 00:01:59,960 --> 00:02:05,080 And so I guess how do you think about success in KPIs for this 46 00:02:05,080 --> 00:02:06,920 place? Remind me, how long is it? 47 00:02:06,920 --> 00:02:09,000 It's how long has it been been a place? 48 00:02:09,000 --> 00:02:10,800 Just a year, just a year or so. How long has it been? 49 00:02:11,039 --> 00:02:13,440 I think this has been a place for about a year. 50 00:02:13,440 --> 00:02:17,720 We open network school September 24th, 2024, right? 51 00:02:18,000 --> 00:02:21,240 So it's just a little bit over a year, but a year and a yeah. 52 00:02:21,240 --> 00:02:23,600 And I think we've succeeded in bringing people from more than 53 00:02:23,600 --> 00:02:26,640 100 countries here. And basically, I think it feels 54 00:02:26,640 --> 00:02:29,200 like SFI think it like the good parts of SF, right? 55 00:02:29,200 --> 00:02:30,160 You know, like, it's like the tech. 56 00:02:30,160 --> 00:02:31,720 It's kind of like walking into a tech cafe. 57 00:02:32,840 --> 00:02:35,360 Which surprisingly, they're limited in SF where you can walk 58 00:02:35,360 --> 00:02:37,360 into a tech cafe past certain hour. 59 00:02:37,440 --> 00:02:41,520 Yes, that's right. So we keep ours open late and we 60 00:02:41,600 --> 00:02:45,000 are essentially something where there's a recognition that, you 61 00:02:45,000 --> 00:02:48,080 know, there's many cities around the world that have Unicorn and 62 00:02:48,080 --> 00:02:49,440 so on. Now, tech is decentralized out 63 00:02:49,440 --> 00:02:50,760 of SF. I'm sure you see that in your 64 00:02:50,760 --> 00:02:52,840 founders. The Internet is obviously 65 00:02:52,840 --> 00:02:55,920 outside of SF, most billionaires are not American and so on, as 66 00:02:55,920 --> 00:02:59,760 we were just talking about. So can we just print out the 67 00:02:59,760 --> 00:03:05,040 values of the good parts of SF in California and tech, can we 68 00:03:05,040 --> 00:03:06,680 print them out somewhere else? And that's what we're doing. 69 00:03:06,680 --> 00:03:08,240 Here understood on our walk we were you. 70 00:03:08,520 --> 00:03:12,680 You mentioned about some of the our friends being in denial in 71 00:03:12,680 --> 00:03:14,840 the United States. Yes, talk to me about that. 72 00:03:14,840 --> 00:03:17,160 And what else do you think people are in denial of? 73 00:03:17,400 --> 00:03:19,960 Sure. So the issue is basically that. 74 00:03:21,400 --> 00:03:24,160 Think about, for example, during the Biden administration, too 75 00:03:24,160 --> 00:03:26,040 many people. It was obvious that Biden was 76 00:03:26,040 --> 00:03:31,440 senile, yet he managed to make it through the 2020 election and 77 00:03:31,760 --> 00:03:35,720 four years of a presidency and even the Democrat primary and 78 00:03:35,720 --> 00:03:38,800 then even six months of like the general, you know, election 79 00:03:38,800 --> 00:03:43,040 period until at the very final moment, like 3 months before the 80 00:03:43,040 --> 00:03:45,480 election, it was finally marked to mark and acknowledged. 81 00:03:45,480 --> 00:03:47,000 OK, yes, he was seen it all along. 82 00:03:47,440 --> 00:03:49,800 And it's this is this thing where you can see on Polymarket, 83 00:03:49,800 --> 00:03:51,680 like Biden's chance of being the nominee or so. 84 00:03:52,000 --> 00:03:54,360 And it just then collapsed like this, right? 85 00:03:54,680 --> 00:03:57,880 So and Polymarket was maybe the best tracker we have objective 86 00:03:57,880 --> 00:03:59,880 sentiment because you weren't necessarily doing a real time 87 00:03:59,880 --> 00:04:04,480 poll on that. And and so that's the mark to 88 00:04:04,480 --> 00:04:08,240 market, right? The West right now is in this 89 00:04:08,240 --> 00:04:13,680 weird stage where whether it's SVB or it's FTX or it's Biden, 90 00:04:14,240 --> 00:04:17,600 they are denying that rather than a gradual decline like this 91 00:04:17,600 --> 00:04:19,720 where it's sort of acknowledged all the way down that they are 92 00:04:19,720 --> 00:04:23,880 quote, taking the L, right? They deny and then it's just 93 00:04:24,000 --> 00:04:26,280 digital death, correct? It's like a square wave drop 94 00:04:26,280 --> 00:04:28,000 off, correct? All those things you mentioned 95 00:04:28,520 --> 00:04:29,960 happened. What, what do you think it is 96 00:04:29,960 --> 00:04:33,080 today that they're in denial that it hasn't happened yet? 97 00:04:33,080 --> 00:04:34,200 But. Well, several things. 98 00:04:34,200 --> 00:04:36,880 One is 1 that's happening right now is the death of the dollar, 99 00:04:37,320 --> 00:04:40,000 right? Gold is appreciated by it's 100 00:04:40,000 --> 00:04:41,920 doubled against the dollar in the last two years. 101 00:04:42,360 --> 00:04:45,080 And Bitcoin has quadrupled against the dollar in the last 102 00:04:45,080 --> 00:04:47,480 two years, which means really what's happened is the dollar 103 00:04:47,480 --> 00:04:50,520 has dropped 50% against gold and 75% against digital gold. 104 00:04:51,280 --> 00:04:53,120 And so that's like we're in the middle of this. 105 00:04:53,120 --> 00:04:55,640 But people, you know, there'll be a point. 106 00:04:55,640 --> 00:04:59,640 I don't know exactly the point. Maybe it's $10,000, you know, an 107 00:04:59,640 --> 00:05:03,600 ounce for gold, or maybe it's, I don't know, $200,000 Bitcoin. 108 00:05:03,600 --> 00:05:05,560 I don't know the exact number. There'll be some number where 109 00:05:05,560 --> 00:05:08,400 people realize I'm not getting wealthier. 110 00:05:08,720 --> 00:05:10,200 It's the dollar that's getting weaker. 111 00:05:10,200 --> 00:05:12,200 There's a loss of confidence. You know, Powell was talking 112 00:05:12,200 --> 00:05:16,040 about stimulating into an already, you know, kind of high 113 00:05:16,040 --> 00:05:19,560 inflation economy because they might need that for the 2026 114 00:05:19,560 --> 00:05:22,240 midterms or something like that. Dahlia was written about this. 115 00:05:22,800 --> 00:05:26,480 Elon went to the government, our best guy who could literally 116 00:05:26,480 --> 00:05:29,600 land a rocket with, you know, chopsticks and do electric cars 117 00:05:29,600 --> 00:05:33,120 and brain machine implants and genuinely have more. 118 00:05:33,160 --> 00:05:36,400 I mean, Tesla humanoid robots, Tesla diner things, the kinds of 119 00:05:36,400 --> 00:05:37,880 things you can manage in parallel. 120 00:05:38,320 --> 00:05:40,760 As you and I know, we know a lot of people in this space. 121 00:05:40,760 --> 00:05:45,520 It's remarkable how many things you Elon said it can't be done 122 00:05:45,720 --> 00:05:48,280 right. So our best guy went in and said 123 00:05:48,280 --> 00:05:51,800 the US government can't be reformed after going all in in 124 00:05:51,800 --> 00:05:55,680 an Elon way. There's been essentially, though 125 00:05:55,680 --> 00:05:58,480 it's not being called this, a surrender to China. 126 00:05:58,840 --> 00:06:01,760 That just happened where essentially, heck, Seth and 127 00:06:01,760 --> 00:06:04,400 Trump said everlasting peace with China after this meeting. 128 00:06:05,240 --> 00:06:07,320 And the new National Defense Strategy, when it's published, 129 00:06:07,320 --> 00:06:10,880 it is reported to essentially be withdrawing American troops from 130 00:06:10,960 --> 00:06:13,320 East Asia back to the Western Hemisphere. 131 00:06:14,160 --> 00:06:17,640 And then of course, there's the political, ongoing political 132 00:06:17,640 --> 00:06:21,240 fighting within the US. And So what they're in denial 133 00:06:21,240 --> 00:06:25,160 about is simultaneous economic, military and political decline. 134 00:06:25,560 --> 00:06:27,560 And it's not just confined to the US, it's happening in all 135 00:06:27,560 --> 00:06:29,600 the G7. If you look at yields, for 136 00:06:29,600 --> 00:06:34,600 example, they're spiking in the USUK, Germany, Italy, France, 137 00:06:34,600 --> 00:06:37,400 Japan, Canada. And there's headlines like the 138 00:06:37,400 --> 00:06:40,200 UK may need an IMF bailout, France may need an IMF bailout. 139 00:06:40,520 --> 00:06:42,560 But isn't the IMF composed of these countries, right. 140 00:06:42,920 --> 00:06:46,720 So you're seeing essentially the simultaneous collapse of the 141 00:06:46,720 --> 00:06:51,160 major countries that fashion, whether you call it the the, the 142 00:06:51,320 --> 00:06:53,960 international community, the rules based order, the Western 143 00:06:53,960 --> 00:06:56,760 world, including Japan, the American Empire, whatever you 144 00:06:56,760 --> 00:06:59,360 want to call it, that's all going down at the same time. 145 00:07:01,040 --> 00:07:03,360 And the issue is that people have seen lots of movies on, 146 00:07:03,360 --> 00:07:06,840 let's say, invasions by aliens or or killer robots. 147 00:07:06,880 --> 00:07:09,640 And it's actually easier for them to envision a post 148 00:07:09,640 --> 00:07:13,480 apocalyptic world like this than a world where actually there's 149 00:07:13,480 --> 00:07:17,000 simultaneous military, economic, political collapse in all 150 00:07:17,000 --> 00:07:19,320 Western countries at once. Similar to what happened with 151 00:07:19,320 --> 00:07:20,880 Biden, but even more severe, right? 152 00:07:21,240 --> 00:07:22,680 That is what I think we're in the middle of. 153 00:07:24,680 --> 00:07:27,000 But they'll be maybe some moment where it's recognized and it's 154 00:07:27,000 --> 00:07:28,800 very dramatic. The way that social media works 155 00:07:28,800 --> 00:07:32,280 is like this. And snap, I can say more of a 156 00:07:32,280 --> 00:07:33,360 let me pause there. Cool. 157 00:07:34,200 --> 00:07:39,000 And I guess my, my follow up to that would be like in a bad way, 158 00:07:39,000 --> 00:07:41,880 but but So what, So what, you know, for people that are in the 159 00:07:41,880 --> 00:07:46,200 Western culture and that are in America right now, you know, do 160 00:07:46,200 --> 00:07:49,840 you think it'll be a a sudden flea or do you think it'll be a 161 00:07:49,840 --> 00:07:52,680 gradual sort of recognition of this? 162 00:07:52,960 --> 00:07:55,080 And I guess more more specifically, like, So what for 163 00:07:55,080 --> 00:07:57,400 the person that's living? Extremely good question. 164 00:07:57,720 --> 00:08:02,600 And you know, Dalia, actually I think if you read Dalia's book, 165 00:08:02,880 --> 00:08:06,120 he thinks the US or the empire, American Empire. 166 00:08:06,120 --> 00:08:08,960 By the way, I say American Empire in a in a most people say 167 00:08:08,960 --> 00:08:12,440 it in a negative way, like it's imperialism or a Republic non 168 00:08:12,440 --> 00:08:13,600 empire. But the left and the right will 169 00:08:13,600 --> 00:08:15,720 say those things. But there was a good version of 170 00:08:15,720 --> 00:08:17,800 American Empire, which was certainly a better empire than 171 00:08:17,800 --> 00:08:20,280 the Soviets were the Nazis. And the central left and central 172 00:08:20,280 --> 00:08:23,520 right version had diplomacy that was the best in the world and 173 00:08:23,520 --> 00:08:25,800 signed all of these trade deals to everybody and the military 174 00:08:25,800 --> 00:08:27,840 that was strongest in the world and generally maintain the peace 175 00:08:27,840 --> 00:08:30,240 in the high seas and blue jeans rock'n'roll. 176 00:08:30,240 --> 00:08:32,200 There are lots and lots of good things about American Empire, 177 00:08:32,200 --> 00:08:34,760 right. So I'm actually somebody who 178 00:08:35,400 --> 00:08:37,760 right and praise of it, you know, it's, it is at a minimum 179 00:08:37,760 --> 00:08:39,600 mixed. So that's so you can't say it's 180 00:08:39,600 --> 00:08:41,320 completely negative. There's a lot of positives about 181 00:08:41,320 --> 00:08:44,560 it. There's, you know, the Internet 182 00:08:44,560 --> 00:08:46,560 itself came out of that, the human genome project, blah, 183 00:08:46,560 --> 00:08:47,720 blah, we could go on and on, right? 184 00:08:48,040 --> 00:08:50,480 So I want to just calibrate and make sure that that that's being 185 00:08:50,480 --> 00:08:52,200 understood. I'm, I'm definitely not a hater. 186 00:08:52,200 --> 00:08:54,920 I am, I am, however, a realist, right? 187 00:08:55,320 --> 00:08:58,680 And sometimes when you look at a company and you see its balance 188 00:08:58,680 --> 00:09:01,440 sheet, you realize this one isn't going to make it. 189 00:09:01,800 --> 00:09:05,720 And you have to give the hard news to the people in that 190 00:09:05,720 --> 00:09:08,080 company that their salary is there. 191 00:09:08,080 --> 00:09:09,920 And so, but you know what life is going to be different. 192 00:09:09,920 --> 00:09:11,600 They're going to have to find a new job and so on and so forth. 193 00:09:12,000 --> 00:09:16,240 However, we, we don't have is and, and by the way, you, you, 194 00:09:16,320 --> 00:09:18,960 you know this overseas as well. Once in a while, you'll flip the 195 00:09:18,960 --> 00:09:21,880 channel and you'll see some country where you know, it's a 196 00:09:21,880 --> 00:09:24,400 failed state. Everybody's yelling and shooting 197 00:09:24,400 --> 00:09:26,640 each other and you'll say, well, that sucks. 198 00:09:28,160 --> 00:09:29,680 And you'll flip the channel because what are you going to 199 00:09:29,680 --> 00:09:30,400 do? Are you going to go and 200 00:09:30,400 --> 00:09:31,480 parachute over there and say that? 201 00:09:31,480 --> 00:09:33,600 Right. And now I increasingly have that 202 00:09:33,600 --> 00:09:37,880 feeling when I look at America. Everybody's yelling and shooting 203 00:09:37,880 --> 00:09:39,440 each other. And so and so it's getting more 204 00:09:39,440 --> 00:09:42,120 and more intense and agitated. But I don't think, I think it's 205 00:09:42,120 --> 00:09:43,440 only a shadow of what it's going to be. 206 00:09:43,440 --> 00:09:46,960 And the reason is dollar inflation is global taxation. 207 00:09:48,160 --> 00:09:50,760 But I mean, that is, it's not just Americans who are taxed by 208 00:09:50,760 --> 00:09:54,840 inflation, it's the entire world who is part of the US financial 209 00:09:54,840 --> 00:09:57,240 system directly or indirectly. For example, all these countries 210 00:09:57,240 --> 00:10:00,200 that buy Treasuries and they save in Treasuries if they hold 211 00:10:00,280 --> 00:10:02,200 U.S. stocks. Even until the mid twenty 10s, 212 00:10:02,200 --> 00:10:04,760 Alibaba and other Chinese companies were going public in 213 00:10:04,760 --> 00:10:08,560 the US, right? If they have Delaware companies, 214 00:10:08,560 --> 00:10:11,120 if and so and so, there's so many ways in which they're 215 00:10:11,120 --> 00:10:13,440 dependent upon the US financial system, right? 216 00:10:13,720 --> 00:10:16,120 Which is why Treasury is able to sanction all these countries and 217 00:10:16,560 --> 00:10:18,560 you know, and so on. But now we're seeing 218 00:10:18,560 --> 00:10:20,840 simultaneous run, and I'll get to your point in a second. 219 00:10:21,080 --> 00:10:24,200 The salaries run from U.S. Treasuries into Chinese 220 00:10:24,200 --> 00:10:26,760 treasuries whose yields are at all time lows, by the way, and 221 00:10:26,760 --> 00:10:28,440 China's bigger than the G7 combined. 222 00:10:28,440 --> 00:10:31,280 So if their yields are low and all the G7's yields are high, 223 00:10:31,280 --> 00:10:35,880 that means neutral global investors who are not mandated 224 00:10:35,880 --> 00:10:38,000 to buy treasuries because some people have that in their 225 00:10:38,000 --> 00:10:39,520 charters, they have to buy treasuries, right? 226 00:10:39,760 --> 00:10:41,880 So those who are not forced to buy treasuries, if you were 227 00:10:41,880 --> 00:10:43,720 forced by the way you lost your shirt or the last few years, 228 00:10:43,720 --> 00:10:45,320 you're complete debt. It's like when the worst times 229 00:10:45,320 --> 00:10:46,800 ever bonds, maybe the worst time ever. 230 00:10:47,480 --> 00:10:48,560 There's some charts that show that. 231 00:10:48,560 --> 00:10:51,200 I think Charlie Bialiu post things like this could find the 232 00:10:51,200 --> 00:10:53,080 exact chart, but it's definitely a bad time, if not the worst 233 00:10:53,080 --> 00:10:56,320 time. So they're going out of U.S. 234 00:10:56,320 --> 00:10:59,320 Treasuries, and they're going into Chinese treasuries, they're 235 00:10:59,320 --> 00:11:01,640 going into gold, and they're going into digital gold. 236 00:11:02,240 --> 00:11:05,760 So this whole thing, this financial system is going to 237 00:11:05,760 --> 00:11:08,720 zero. And you're seeing that with, for 238 00:11:08,720 --> 00:11:11,360 example, seizures of companies. You're seeing that with the 239 00:11:11,360 --> 00:11:12,960 government taking equity stakes in companies. 240 00:11:12,960 --> 00:11:14,120 You're seeing that with the tariffs. 241 00:11:14,120 --> 00:11:15,560 You're seeing that with the wealth taxes. 242 00:11:15,560 --> 00:11:16,840 On the left. You're seeing that would be 243 00:11:17,040 --> 00:11:19,440 remittance taxes on the right. You're seeing that would be 244 00:11:19,640 --> 00:11:22,360 property taxes where inflation is boosting property values. 245 00:11:22,720 --> 00:11:26,000 The pie is shrinking. And even as the numbers are 246 00:11:26,000 --> 00:11:28,600 going up, the actual real value is going down, which is why the 247 00:11:28,600 --> 00:11:30,240 political fighting is getting more intense. 248 00:11:30,680 --> 00:11:36,000 When that pilot collapses, then the last piece of paper holding 249 00:11:36,000 --> 00:11:38,920 blue American, red America together was green, like a 250 00:11:39,080 --> 00:11:41,240 tattered piece of paper, the dollar, because blue Americans 251 00:11:41,520 --> 00:11:43,480 don't certainly don't vote for red Americans. 252 00:11:43,720 --> 00:11:45,000 They don't socialize with them anymore. 253 00:11:45,000 --> 00:11:47,600 They're in blue sky versus X. And they don't actually even 254 00:11:47,600 --> 00:11:49,800 marry them. Only 4% of Democrats are married 255 00:11:49,800 --> 00:11:52,720 to Republicans, right? So that's not actually a 256 00:11:52,720 --> 00:11:54,680 country, It's an economic zone to reverse it. 257 00:11:54,760 --> 00:11:56,560 You know, you've seen the tweet saying it's not an economic 258 00:11:56,560 --> 00:11:58,920 zone, it's a country, right? It's actually an economic zone, 259 00:11:58,920 --> 00:12:01,720 not a country, because these are two tribes like Sunni and 260 00:12:01,720 --> 00:12:04,800 Shiite, right? And Catholic during the 30 years 261 00:12:04,800 --> 00:12:05,600 War. They don't get along. 262 00:12:06,120 --> 00:12:08,120 So green is the last thing holding them together. 263 00:12:08,560 --> 00:12:12,400 When that tears, the whole thing is going to come apart because 264 00:12:12,400 --> 00:12:17,360 the economic union comes apart. And the extent to which American 265 00:12:17,360 --> 00:12:20,360 living standards are subsidized by dollar inflation every time 266 00:12:20,360 --> 00:12:23,160 the trillion dollars is to give it just a very rough 267 00:12:23,160 --> 00:12:24,960 calculation. Let's say there's 3 billion 268 00:12:24,960 --> 00:12:28,480 people out of the 8 billion that are in the American dollar 269 00:12:28,480 --> 00:12:32,480 economic union globally, right? If that contracts back to just 270 00:12:32,480 --> 00:12:34,080 the 300 million of the US, right? 271 00:12:34,080 --> 00:12:35,800 For example, what are the tariffs doing? 272 00:12:35,800 --> 00:12:38,440 They're telling other countries, don't send your shoes from 273 00:12:38,440 --> 00:12:40,920 Vietnam to America for print dollars, right? 274 00:12:41,160 --> 00:12:43,520 Don't send your valuable goods to America for print dollars 275 00:12:43,520 --> 00:12:45,160 because ultimately that's all America is sending back. 276 00:12:45,160 --> 00:12:46,520 That's what the trade deficit means, right? 277 00:12:47,040 --> 00:12:49,480 So you're saying dollars are not valuable outside America 278 00:12:49,480 --> 00:12:50,360 anymore. Fine. 279 00:12:50,840 --> 00:12:55,040 This is something which means the scale of American empire is 280 00:12:55,040 --> 00:12:57,680 going to contract just like the Soviet empire contracted, right? 281 00:12:57,840 --> 00:13:00,360 It went from this thing which had military bases in Cameroon 282 00:13:00,360 --> 00:13:05,040 Bay and in Vietnam and Angola and and had bases in Cuba to all 283 00:13:05,040 --> 00:13:07,440 the way back or like informal bases in Cuba to all the way 284 00:13:07,440 --> 00:13:10,200 back to just Russia. And it lost Ukraine and it lost, 285 00:13:10,200 --> 00:13:12,360 you know, the Warsaw Pact countries and lost Central Asian 286 00:13:12,360 --> 00:13:14,640 countries. That's what's happening. 287 00:13:15,160 --> 00:13:19,560 And what does that mean? Well, first is it means living 288 00:13:19,560 --> 00:13:22,280 standards plummet to and how much they plummet. 289 00:13:23,440 --> 00:13:28,920 If you go from 3 billion people to 300 million people, your 290 00:13:28,920 --> 00:13:31,160 printing is spread over 90% fewer people. 291 00:13:31,640 --> 00:13:39,200 So your inflation is way up, right #1 #2 is they're starting 292 00:13:39,200 --> 00:13:41,760 to be retaliation against the US by the rest of the world. the US 293 00:13:41,760 --> 00:13:43,720 passport has just dropped out of the top ten. 294 00:13:43,720 --> 00:13:45,840 It's collapsed in terms of the number of countries you can go 295 00:13:45,840 --> 00:13:48,000 through because places like Brazil, for example, have 296 00:13:48,000 --> 00:13:50,000 reciprocity rules. If America makes it hard to get 297 00:13:50,000 --> 00:13:52,160 in, they make it hard for Americans to get it right. 298 00:13:52,640 --> 00:13:55,040 So US identity is actually plummeting along with US 299 00:13:55,040 --> 00:13:56,640 currency. US currency is being devalued. 300 00:13:56,640 --> 00:13:59,440 US identity is being devalued. So it becomes hard for Americans 301 00:13:59,440 --> 00:14:00,880 to get out. Taxes go up. 302 00:14:01,920 --> 00:14:04,720 Violence increases the shootings of CEO's, shootings of Charlie 303 00:14:04,720 --> 00:14:12,800 Kirk and so on. And, and basically what I think 304 00:14:12,800 --> 00:14:15,040 what the issue is, most Americans don't, I mean, they 305 00:14:15,040 --> 00:14:19,480 know 1945 and they know 1865, they know 1776, but they don't 306 00:14:19,480 --> 00:14:25,000 really understand 1917 or 1991 or 1949 or 1947. 307 00:14:25,000 --> 00:14:27,200 That's say they don't understand the history of, let's say Russia 308 00:14:27,400 --> 00:14:29,240 or the history of India or the history of China. 309 00:14:29,520 --> 00:14:32,120 And those countries have histories where America's in a 310 00:14:32,120 --> 00:14:36,280 current state that's more like a like a just state space theory. 311 00:14:37,080 --> 00:14:41,400 Share More. OK, in in control theory, in 312 00:14:41,400 --> 00:14:45,280 math, right, Like a, for example, a car, you don't 313 00:14:45,280 --> 00:14:51,200 summarize its current state by just its position or its 314 00:14:51,200 --> 00:14:54,000 velocity or its acceleration. You have all three of those in a 315 00:14:54,000 --> 00:14:57,360 vector, right? And each of these are themselves 316 00:14:57,360 --> 00:14:59,040 vectors. And then you have all these 317 00:14:59,040 --> 00:15:01,320 other variables like how much fuel does have in the tank, 318 00:15:01,320 --> 00:15:02,760 right? What is the state of each of the 319 00:15:02,760 --> 00:15:04,680 tires? So it's like this big vector 320 00:15:04,680 --> 00:15:06,720 that has all of these components on it, right? 321 00:15:07,120 --> 00:15:11,040 And then given all of that, there's a system in the car that 322 00:15:11,040 --> 00:15:13,840 says, given all this stuff, OK, we'll spend this much fuel to 323 00:15:13,840 --> 00:15:16,640 accelerate. And you know, you can have a 324 00:15:16,640 --> 00:15:19,000 very sophisticated kind of mechanism here where perhaps, 325 00:15:19,320 --> 00:15:21,840 OK, we're running lower on fuel. So we're going to reduce the 326 00:15:21,840 --> 00:15:23,560 velocity and, and so on and so forth. 327 00:15:23,560 --> 00:15:25,920 So to to optimize fuel mileage, for example, right. 328 00:15:26,520 --> 00:15:30,160 What it means is that the state of many complex systems is not 329 00:15:30,160 --> 00:15:31,480 univariate. You can't just point to an 330 00:15:31,480 --> 00:15:34,080 interest rate, for example, but it's multivariate, it's interest 331 00:15:34,080 --> 00:15:37,080 rate, it's unemployment rate, but it's also how many people in 332 00:15:37,080 --> 00:15:40,280 the country know math and you know, how many of them are 333 00:15:40,280 --> 00:15:43,080 married to each other versus like childless and so all these 334 00:15:43,080 --> 00:15:45,400 other variables, right? So if you think of a country as 335 00:15:45,400 --> 00:15:48,960 having a vector of variables, I think the vector of variables 336 00:15:48,960 --> 00:15:52,280 that the US is most similar to now is not 1945 certainly, which 337 00:15:52,280 --> 00:15:55,720 is very highly homogeneous aligned integrated country with 338 00:15:55,720 --> 00:16:00,040 the rest of the world collapsed. It's 3 examples, the Soviet 339 00:16:00,040 --> 00:16:04,320 Union in 1991 when it was on the verge of collapse because it had 340 00:16:04,320 --> 00:16:07,760 both ethnic nationalism in the union and and basically the 341 00:16:07,760 --> 00:16:09,760 economic system was at the end of its legs. 342 00:16:11,240 --> 00:16:15,920 India during partition. OK, so India had essentially 2 343 00:16:17,520 --> 00:16:21,360 what were today Bangladesh and Pakistan flanking India and 344 00:16:21,560 --> 00:16:23,320 essentially the borders were announced and people just ran 345 00:16:23,320 --> 00:16:25,760 across the borders, right? And the Chinese civil war 346 00:16:25,760 --> 00:16:27,080 between communists and nationalists. 347 00:16:27,640 --> 00:16:29,480 And so you're actually seeing people pattern recognize at 348 00:16:29,480 --> 00:16:31,760 least the last one of these now where they're like, wow, OK, 349 00:16:31,760 --> 00:16:33,680 after this moment ANI election, it's communist versus 350 00:16:33,680 --> 00:16:35,720 nationalist in America. OK, so that's one piece. 351 00:16:36,280 --> 00:16:38,120 The second piece is Indian partition. 352 00:16:38,320 --> 00:16:41,520 The geography is very similar to the East Coast or the you know, 353 00:16:42,120 --> 00:16:46,440 West Coast is blue, Northeast is blue, heartland is red. 354 00:16:46,440 --> 00:16:48,640 That's actually very similar to how Indian partition looked. 355 00:16:48,640 --> 00:16:50,320 If you go and look at at the map, right? 356 00:16:50,760 --> 00:16:54,440 And the migration back and forth is similar to Hindu Muslim 357 00:16:54,440 --> 00:16:57,040 migration with partition where Reds are going to red States and 358 00:16:57,040 --> 00:16:59,720 Blues are going to blue states. And finally the end of the 359 00:16:59,720 --> 00:17:02,240 Soviet Union. People understand the economic 360 00:17:02,240 --> 00:17:04,240 issues, they don't really understand the ethnic issues. 361 00:17:04,640 --> 00:17:08,240 In 1989, a census came out that show that the Russian ethnic 362 00:17:08,240 --> 00:17:10,119 group was down to 51% of the Soviet Union. 363 00:17:10,400 --> 00:17:13,079 Many Americans just think of the Soviet Union as Russian, but 364 00:17:13,079 --> 00:17:17,119 actually had like, you know, Turks and Uzbeks and Koreans. 365 00:17:17,119 --> 00:17:20,079 It was this huge EUR Asian empire that spanned every kind 366 00:17:20,079 --> 00:17:21,599 of thing that had Eastern Europeans. 367 00:17:21,599 --> 00:17:24,560 And all these different ethnic groups started to feel oppressed 368 00:17:24,560 --> 00:17:26,960 by the Russians and the Russians in turn felt oppressed by them. 369 00:17:27,440 --> 00:17:28,920 The Estonians felt oppressed by the Russians. 370 00:17:28,920 --> 00:17:31,080 The Russians moved in and made their country Russia fun. 371 00:17:32,440 --> 00:17:34,240 And then vice versa, the Russians felt they were carrying 372 00:17:34,240 --> 00:17:36,120 the weight of the union. And so the whole thing broke 373 00:17:36,120 --> 00:17:38,080 about an ethnic terms, not just economic terms. 374 00:17:38,440 --> 00:17:40,520 Both those kinds of factors are there in the US today. 375 00:17:40,520 --> 00:17:45,200 Why the like wokes and Magda's both feel that each other is 376 00:17:45,200 --> 00:17:49,240 oppressing them ethnically #1 right and #2 Keynesianism is a 377 00:17:49,240 --> 00:17:50,600 lot like communism. Should I explain that? 378 00:17:51,080 --> 00:17:52,840 I know, I know. I'm just like, rallying. 379 00:17:53,040 --> 00:17:54,800 Go, go. No, no, no, I'll, I'll, I'll 380 00:17:55,560 --> 00:17:58,360 what one thing I want to kind of shift to is, is kind of talent 381 00:17:58,360 --> 00:18:01,200 pipelines, yes. And so there's maybe a clear 382 00:18:01,200 --> 00:18:03,440 distinction whether you're in America or out of America of 383 00:18:03,440 --> 00:18:06,120 where to go. If you are, you know, super 384 00:18:06,120 --> 00:18:09,240 young and ambitious or just, you know, period ambitious, yes, 385 00:18:10,040 --> 00:18:12,560 let's talk about America. You know, the ones that, you 386 00:18:12,560 --> 00:18:15,320 know, they end up on the coast, most likely, you know, New York, 387 00:18:15,600 --> 00:18:18,800 San Francisco or Boston. Where do you think that will be 388 00:18:19,000 --> 00:18:20,560 in the future? How do you kind of think about 389 00:18:20,600 --> 00:18:23,080 talent pipelines here where we are today? 390 00:18:23,360 --> 00:18:26,280 And then kind of more broadly, if you're like 16 to 22. 391 00:18:26,280 --> 00:18:28,520 Great question. What should you do now, given 392 00:18:28,880 --> 00:18:33,560 everything that you just said? So at a minimum you should visit 393 00:18:34,960 --> 00:18:37,520 Dubai. So visit Warsaw and Poland, 394 00:18:38,040 --> 00:18:41,720 Dubai, Riyadh, Bangalore, Singapore. 395 00:18:42,240 --> 00:18:48,160 If you're here at Singapore, come and visit NS Ho Chi Minh 396 00:18:48,160 --> 00:18:53,320 City in Vietnam and and then go to Shenzhen in China. 397 00:18:53,640 --> 00:18:56,960 But then also go to like the number 52 city in China. 398 00:18:57,960 --> 00:19:00,840 Now you'll finally be calibrated on where the world is, right? 399 00:19:01,160 --> 00:19:04,920 And what you'll see is that Poland, which is where Warsaw, 400 00:19:05,080 --> 00:19:08,320 you know, so Warsaw and Dubai and Riyadh and even Bangalore 401 00:19:08,320 --> 00:19:13,360 actually, and certainly Shenzhen and Ho Chi Minh City and 402 00:19:13,360 --> 00:19:17,320 Singapore and some, you know #50 city in China you've never heard 403 00:19:17,320 --> 00:19:20,880 of, have higher living standards than much of the US. 404 00:19:21,360 --> 00:19:23,320 And so they're not Third world countries. 405 00:19:23,320 --> 00:19:28,040 They're not backwaters, which they were in 1991, right? 406 00:19:28,040 --> 00:19:30,680 Over the last 30 years, history's run in reverse. 407 00:19:30,680 --> 00:19:33,280 And in many ways the former first world is becoming quote, 408 00:19:33,280 --> 00:19:36,120 third world and vice versa. The reason I'd say that's the 409 00:19:36,120 --> 00:19:39,080 first thing to do is you have to calibrate on where the world is 410 00:19:39,480 --> 00:19:41,720 and media reports of this kind of thing. 411 00:19:42,040 --> 00:19:44,160 There aren't Hollywood movies on this right? 412 00:19:44,480 --> 00:19:47,320 The The New York Times, Anglo media is more and more and more 413 00:19:47,320 --> 00:19:51,640 insular focus on the, the, the Civil War within or cold Civil 414 00:19:51,640 --> 00:19:53,680 war or quasi cold civil war, whatever you want to call it. 415 00:19:54,200 --> 00:19:56,480 And they're not showing images really of what's happening 416 00:19:56,640 --> 00:20:01,400 outside because it's depressing to people who are still caught 417 00:20:01,400 --> 00:20:04,600 in that Anglo kind of world. And our friends will. 418 00:20:05,240 --> 00:20:07,240 They'll they'll tell me the we're building, we're building. 419 00:20:07,240 --> 00:20:08,880 And I love them. I love them so much, right? 420 00:20:09,200 --> 00:20:11,960 But to me, it's as if imagine, you know, they're on the 421 00:20:11,960 --> 00:20:15,160 Titanic, OK. And they're like solving the 422 00:20:15,160 --> 00:20:17,080 Reman hypothesis on the Titanic, right? 423 00:20:17,080 --> 00:20:19,160 They're mashing the keys. They're they're having 424 00:20:19,160 --> 00:20:21,040 breakthroughs in math, computer, whatever. 425 00:20:21,040 --> 00:20:22,160 All this is happening, it's real. 426 00:20:22,160 --> 00:20:24,480 It's genuinely real. But the vector on which they're 427 00:20:24,480 --> 00:20:27,560 accelerating is not the vector on which they're decelerating. 428 00:20:28,320 --> 00:20:30,840 And so the physical platform that people are taking for 429 00:20:30,840 --> 00:20:34,320 granted, the reason I brought those historical examples is 430 00:20:34,760 --> 00:20:38,840 nothing that most Americans have experienced, certainly most 10th 431 00:20:38,840 --> 00:20:40,880 generation Americans, right? The longer you've been in 432 00:20:40,880 --> 00:20:44,160 America, the less you've experienced genuine catastrophe. 433 00:20:45,320 --> 00:20:48,000 And whereas if you're an immigrant, you have like, that's 434 00:20:48,000 --> 00:20:51,640 other part of it, like if you're from Cuba, if you're from China, 435 00:20:51,640 --> 00:20:53,760 if you're from India, which it was when socialist, if you're 436 00:20:53,760 --> 00:20:56,920 obviously from Russia and you know, certainly the Jewish 437 00:20:56,920 --> 00:20:58,440 community came from, you know, obviously Germany. 438 00:20:58,440 --> 00:21:00,800 They've got maybe the most memory that things can go wrong 439 00:21:00,800 --> 00:21:03,160 in America right now. The people who've been there for 440 00:21:03,160 --> 00:21:07,800 a very long time think it will always get better. 441 00:21:07,800 --> 00:21:09,800 You know, it's AUSA, don't count us out. 442 00:21:09,920 --> 00:21:12,000 They'll basically quote homilies like this, right? 443 00:21:12,560 --> 00:21:15,200 And that's similar to people thinking, oh, real estate always 444 00:21:15,200 --> 00:21:19,400 goes up, you know, And so unless you look at the history of other 445 00:21:19,400 --> 00:21:22,200 countries, you don't have a sense of how far it can go down. 446 00:21:22,280 --> 00:21:23,480 Like actually, I'll put it a different way. 447 00:21:23,800 --> 00:21:26,760 In tech, you know that just the fact that something has never 448 00:21:26,760 --> 00:21:28,360 happened before doesn't mean it can't happen. 449 00:21:28,360 --> 00:21:32,560 Example air flight, right? Like for thousands of years, 450 00:21:32,560 --> 00:21:34,640 humanity could not fly. And you're crazy to think if you 451 00:21:34,640 --> 00:21:36,560 could fly. And then one day we could, 452 00:21:36,920 --> 00:21:39,160 right? Like AI is like that, right? 453 00:21:39,520 --> 00:21:42,560 You know, space travel is like that and so on and so forth, 454 00:21:42,560 --> 00:21:44,200 right? These things literally were not 455 00:21:44,200 --> 00:21:48,000 possible and then it happened. So that's in a sense a positive 456 00:21:48,000 --> 00:21:50,920 surprise. But now you have to visualize a 457 00:21:50,920 --> 00:21:53,280 negative surprise like this, like like what COVID was, like 458 00:21:53,280 --> 00:21:54,720 what the collapse of the Roman Empire was. 459 00:21:55,160 --> 00:21:58,520 That's that's what I think. And so let's. 460 00:21:58,600 --> 00:21:59,960 See, for talent, right? Yeah. 461 00:22:00,080 --> 00:22:02,240 Talent calibrates by going outside the US, number one. 462 00:22:03,040 --> 00:22:05,120 Then they're gonna see it's actually possible to build in 463 00:22:05,120 --> 00:22:07,560 the physical world. The reason we've been confined 464 00:22:07,560 --> 00:22:11,240 to building in the digital world is because of regulations and 465 00:22:11,240 --> 00:22:14,520 rules in the Western world. Outside of that, those don't 466 00:22:14,520 --> 00:22:17,880 exist. And at the 1 silver lining to 467 00:22:17,880 --> 00:22:21,040 the American empire receding is that regulatory harmonization 468 00:22:21,040 --> 00:22:22,480 also recedes. Do you know what that is? 469 00:22:22,960 --> 00:22:24,000 Share it for those who don't. Sure. 470 00:22:24,040 --> 00:22:31,240 OK, So FDASEC, all these three letter agencies, some anonymous 471 00:22:31,240 --> 00:22:34,640 bureaucrat in Silver Spring, MD is setting essentially the 472 00:22:34,840 --> 00:22:38,000 health rules for the whole world because like until recently the 473 00:22:38,040 --> 00:22:42,720 Czechoslovakian FDA or the Chinese FDA, even the Chinese 474 00:22:42,720 --> 00:22:45,560 FDA would respect the American FDA's decision. 475 00:22:45,560 --> 00:22:48,960 In fact, even the fact that there was a a cognate of them 476 00:22:49,040 --> 00:22:50,880 that those countries were structured in such a way that 477 00:22:50,880 --> 00:22:53,760 they had AFDA equivalent, SC equivalent, they basically were 478 00:22:53,760 --> 00:22:55,760 copying the American political system and how it was set up. 479 00:22:56,360 --> 00:22:59,880 So the reason that both the government and pharma companies 480 00:22:59,880 --> 00:23:02,520 like this is pharma could get its approvals in the US and they 481 00:23:02,520 --> 00:23:05,080 could ship around the world. It was a homogeneous market in a 482 00:23:05,080 --> 00:23:07,040 sense, right? This is called harmonization. 483 00:23:07,040 --> 00:23:09,040 All those countries essentially sing together in harmony. 484 00:23:09,440 --> 00:23:12,360 The big problem with this is some anonymous bureaucrat who 485 00:23:12,360 --> 00:23:14,600 you've never heard of who was not elected and can't be fired. 486 00:23:14,840 --> 00:23:17,400 So neither electoral nor market theories of accountability 487 00:23:17,400 --> 00:23:19,680 actually, you know, deal with this. 488 00:23:20,000 --> 00:23:21,560 They're saying the rules for the whole road and if they make a 489 00:23:21,560 --> 00:23:26,360 mistake then whole swath of technology are are knocked out. 490 00:23:27,440 --> 00:23:29,720 And this has happened with biotech, which is area very 491 00:23:29,720 --> 00:23:31,880 familiar with and there's various kinds of holes on the 492 00:23:31,880 --> 00:23:34,280 side of the system. For example, right to try laws 493 00:23:34,560 --> 00:23:37,440 or LDT and CLIA for clinical laboratory tests or compounding 494 00:23:37,440 --> 00:23:41,160 pharmacies for mixing, mixing drugs or off little prescription 495 00:23:41,400 --> 00:23:43,880 or medical tourism. Those are five different 496 00:23:43,880 --> 00:23:46,400 workarounds to get outside of the FDA system. 497 00:23:46,960 --> 00:23:50,120 And we saw with, with the, with the first with Uber and Airbnb, 498 00:23:50,680 --> 00:23:53,080 how much regulation was holding back innovation in the physical 499 00:23:53,080 --> 00:23:55,080 world. And then with crypto AT100X 500 00:23:55,080 --> 00:23:58,760 scale, how much the SEC and, and FTC and so on, CFTC were holding 501 00:23:58,760 --> 00:24:00,000 back innovation in the digital world. 502 00:24:00,360 --> 00:24:02,040 I think now we're going to see how much innovation in the 503 00:24:02,040 --> 00:24:04,240 physical world is being held back by regulatory 504 00:24:04,240 --> 00:24:06,760 harmonization, right? So the major opportunity for 505 00:24:06,760 --> 00:24:12,120 talent is be mobile, be global, and realize that there's 506 00:24:12,120 --> 00:24:17,080 actually advantages of being outside 20th century regulatory 507 00:24:17,080 --> 00:24:18,640 spheres. And that doesn't mean by the no 508 00:24:18,640 --> 00:24:21,480 regulation, it just means better rules. 509 00:24:22,120 --> 00:24:25,040 So what I mean, I guess the B mobile part, you know kind of go 510 00:24:25,040 --> 00:24:27,840 visit the cities you go and see like how do you think about 511 00:24:27,840 --> 00:24:30,960 accelerating if you're, you know someone that's 20 years old 512 00:24:30,960 --> 00:24:35,280 today and you go visit insert one of those cities you've spent 513 00:24:35,280 --> 00:24:37,960 a lot of time in San Francisco, Do you think one will find that 514 00:24:37,960 --> 00:24:41,520 communities there yet? So San Francisco is interesting 515 00:24:41,800 --> 00:24:45,560 because it is possible San Francisco could go. 516 00:24:46,520 --> 00:24:50,200 It depends if like someone like either Zuck or somebody like 517 00:24:50,200 --> 00:24:51,760 Zuck who has yet to show themselves. 518 00:24:51,760 --> 00:24:54,120 You know, like we're in a time where someone can come out of 519 00:24:54,120 --> 00:24:56,440 nowhere politically like the Kelly or Madani or something 520 00:24:56,440 --> 00:24:59,600 like that. You need somebody who has the 521 00:25:01,440 --> 00:25:05,600 drive of a Zucker and Elon. And I don't know who that person 522 00:25:05,600 --> 00:25:07,160 you'd have to either. Zuck is the only person in the 523 00:25:07,160 --> 00:25:09,800 Bay Area who kind of has that level of of drive. 524 00:25:10,320 --> 00:25:11,520 Go ahead. Go for it. 525 00:25:11,640 --> 00:25:14,040 Say influence, drive, etcetera. Influence, drive, capital, and 526 00:25:14,040 --> 00:25:19,360 so on to like what Elon is doing at Starbase, right? 527 00:25:19,640 --> 00:25:22,360 What actually Republicans are doing in Florida is possible 528 00:25:22,360 --> 00:25:23,800 that someone could do that in the Bay Area. 529 00:25:24,640 --> 00:25:27,000 But it's also, I don't think most people in the Bay 530 00:25:27,040 --> 00:25:28,720 understand the severity of their situation. 531 00:25:28,920 --> 00:25:33,080 Should I explain why, please? They're building AI and other 532 00:25:33,080 --> 00:25:36,200 things, but especially AI in the bluest city, in the bluest state 533 00:25:36,200 --> 00:25:38,840 in the union and saying very publicly they're going to make 534 00:25:38,840 --> 00:25:40,920 billions by putting lots of Blues out of work, right? 535 00:25:40,920 --> 00:25:42,640 Because where they're putting out of work, they're putting 536 00:25:42,720 --> 00:25:43,920 where they say they're putting them out of work. 537 00:25:43,920 --> 00:25:45,200 I don't think they actually are, by the way. 538 00:25:45,400 --> 00:25:47,880 I think AI, as I've said, does it middle to middle, not end to 539 00:25:47,880 --> 00:25:49,640 end, but they're saying they are. 540 00:25:49,640 --> 00:25:51,760 And that's being believed by other people. 541 00:25:52,160 --> 00:25:57,400 So lawyers, doctors, bureaucrats, journalists, 542 00:25:57,440 --> 00:26:01,760 artists like film makers, all these people who are already 543 00:26:01,760 --> 00:26:04,080 being hit by inflation are seeing these people making 544 00:26:04,080 --> 00:26:07,360 billions by putting them out of work in a state where the tech 545 00:26:07,360 --> 00:26:10,360 guys are massively outnumbered. So when they're setting self 546 00:26:10,360 --> 00:26:13,560 airing cars on fire in San Francisco, shooting CEOs calling 547 00:26:13,560 --> 00:26:16,200 for wealth taxes, they proposed, by the way, 5% of all tax in 548 00:26:16,200 --> 00:26:17,040 California. Did you see that? 549 00:26:17,360 --> 00:26:20,880 I haven't yet. OK, so it's only targeted 200 550 00:26:20,880 --> 00:26:23,360 billionaires and it's only a one time tax, but it's already 551 00:26:23,360 --> 00:26:26,520 retroactive. So if it's passed in 2026, if 552 00:26:26,520 --> 00:26:30,960 the quote billionaire was in the state in 2025, they are taxed. 553 00:26:31,480 --> 00:26:33,240 Here's how it works. It's like it's taxed on the 554 00:26:33,240 --> 00:26:38,080 value of your stock in 2025. So that means is they've got 555 00:26:38,080 --> 00:26:40,960 some probability that this bill passes in 2026, right? 556 00:26:40,960 --> 00:26:42,400 And it's a referendum or something. 557 00:26:42,760 --> 00:26:45,440 If it passes. And the worst thing would be if 558 00:26:45,440 --> 00:26:48,760 they they had let's say a billion in stock and it declined 559 00:26:48,760 --> 00:26:51,280 in 2026. That means they need to 560 00:26:51,280 --> 00:26:56,280 liquidate at least 5% of their stock this year in order to to 561 00:26:56,280 --> 00:26:59,680 cover the tax bill next year or they have to budget for some 562 00:26:59,680 --> 00:27:02,160 giant lawsuit to fight this if it does go through because the 563 00:27:02,160 --> 00:27:03,480 retroactive tax or what have you. 564 00:27:04,120 --> 00:27:09,240 The point is tech is in an extremely precarious situation 565 00:27:09,280 --> 00:27:12,520 on in San Francisco and they've been lulled into a false sense 566 00:27:12,520 --> 00:27:15,920 of security by this. It's kind of like a stock that's 567 00:27:15,920 --> 00:27:17,880 dropped 90% and it's come up 30%. 568 00:27:17,880 --> 00:27:20,680 We don't have the metrics to look at how badly San Francisco 569 00:27:20,680 --> 00:27:24,320 fell and rose Like, yes, Lurie is better than before, right? 570 00:27:24,720 --> 00:27:28,760 But think about you went from de Blasio to Eric Adams, who was 571 00:27:28,760 --> 00:27:30,560 better and then you went to Mamdani, right? 572 00:27:30,680 --> 00:27:34,680 So it can get worse. And so I think San Francisco is 573 00:27:34,680 --> 00:27:36,760 in it's Eric Adams era, so to speak. 574 00:27:37,080 --> 00:27:40,360 And it could get much worse if economic conditions deteriorate 575 00:27:41,160 --> 00:27:45,760 and and especially if tech guys are doing OK or even great as 576 00:27:45,760 --> 00:27:48,360 those conditions through because the Internet is fine, right? 577 00:27:48,360 --> 00:27:51,080 Like the future in many ways is not blue America versus red 578 00:27:51,080 --> 00:27:52,520 America, but the Internet versus China. 579 00:27:53,080 --> 00:27:56,120 And so if it's because that's where capital and wealth and so 580 00:27:56,120 --> 00:28:01,880 on are going, and so talent should be mobile tech talent 581 00:28:01,880 --> 00:28:04,200 should not centralized in the Bay Area. 582 00:28:04,560 --> 00:28:07,960 It should understand how well the rest of the world is doing 583 00:28:08,600 --> 00:28:10,400 in the same way they're they're buying Bitcoin, right? 584 00:28:10,400 --> 00:28:12,520 They're at least hedged against the dollar, right? 585 00:28:12,840 --> 00:28:16,280 You should lease hedge against serious political instability in 586 00:28:16,280 --> 00:28:19,320 the USA. So basically second passport is 587 00:28:19,320 --> 00:28:21,760 much more important than your first home for many people. 588 00:28:21,760 --> 00:28:23,760 By the way, you don't even may not even need a passport, you 589 00:28:23,760 --> 00:28:29,200 can get visas, right? Why you can get like for 590 00:28:29,200 --> 00:28:31,520 example, if you're of Jewish descent, you can you can make 591 00:28:31,520 --> 00:28:33,240 Aaliyah to Israel, they'll give you a password. 592 00:28:33,520 --> 00:28:36,320 If you're of Indian descent, you can get an OCI card overseas as 593 00:28:36,320 --> 00:28:39,840 of India if you're of Irish descent, If you're of European 594 00:28:39,840 --> 00:28:41,560 descent, there's there's procedures. 595 00:28:41,560 --> 00:28:43,800 If you're like Italian American, you can get something right. 596 00:28:44,120 --> 00:28:49,160 Many of the old world countries have some provision for like 597 00:28:49,600 --> 00:28:51,680 citizenship by blood, not by law right? 598 00:28:52,560 --> 00:28:55,200 You can also there's lots of digital nomad visas around the 599 00:28:55,200 --> 00:28:56,720 world. It's like 3 dozen countries with 600 00:28:56,720 --> 00:28:59,400 digital nomad visas. China just opened up AK visa. 601 00:28:59,440 --> 00:29:01,600 Super interesting. So I, I, you know, I, I meet 602 00:29:01,600 --> 00:29:04,040 with a bunch of people that are just starting their careers that 603 00:29:04,040 --> 00:29:07,920 are, you know, all over the world and like the, the thing 604 00:29:07,920 --> 00:29:10,240 that they're looking for, the thing that I can kind of sense 605 00:29:10,240 --> 00:29:12,240 is they want to be in San Francisco, like trying to get a 606 00:29:12,240 --> 00:29:13,680 plane to get out to San Francisco. 607 00:29:13,960 --> 00:29:16,360 So you think, you know, passport should be, you know, second 608 00:29:16,360 --> 00:29:18,000 passport should be kind of number one thing. 609 00:29:18,000 --> 00:29:21,400 What other things you think people should strive for when 610 00:29:21,400 --> 00:29:24,160 they're not in San Francisco but trying to further their careers? 611 00:29:24,160 --> 00:29:28,680 Yes, so I think so. I recognize that it's consensus 612 00:29:28,680 --> 00:29:32,920 for many people SF and but in many ways the most important 613 00:29:32,920 --> 00:29:37,000 things happen when they're in informed numerical anti 614 00:29:37,000 --> 00:29:39,720 consensus view. It's like contrarian but right 615 00:29:39,880 --> 00:29:43,160 example. The TL fellowship right was the 616 00:29:43,160 --> 00:29:44,920 consensus was you need to go to college. 617 00:29:45,400 --> 00:29:48,440 Teal had seen ZOC and he'd seen Mark Anderson. 618 00:29:48,440 --> 00:29:51,120 He'd seen others who had either dropped out of college, dropped 619 00:29:51,120 --> 00:29:53,840 out of grad school and done very well and realized that that was 620 00:29:53,840 --> 00:29:56,600 at least a pattern for some of the very smartest and he started 621 00:29:56,600 --> 00:29:59,160 the Teal fellowship to prove the point is extremely non consensus 622 00:29:59,160 --> 00:30:00,840 at the time. People forget how non consensus 623 00:30:00,840 --> 00:30:02,480 it was. That's what I'm kind of excited 624 00:30:02,480 --> 00:30:04,480 to be here since I think this is non consensus. 625 00:30:04,480 --> 00:30:05,720 Yes, that's right. Exactly. 626 00:30:05,720 --> 00:30:07,680 So, you know, but it produced Vitalik and Bruce. 627 00:30:07,680 --> 00:30:09,600 Dylan Fielder produced a bunch of really, really, really 628 00:30:09,600 --> 00:30:12,720 amazing people. And he was contrarian, but right 629 00:30:12,720 --> 00:30:17,160 on an important trend and and he actually did the experiment 630 00:30:17,400 --> 00:30:21,400 right. And so my view is I like a lot 631 00:30:21,400 --> 00:30:23,800 of people who are going to SFA, lot of our friends are. 632 00:30:24,800 --> 00:30:27,320 I just think they think about technical risk but not political 633 00:30:27,320 --> 00:30:30,200 risk. And is that it just purely kind 634 00:30:30,200 --> 00:30:31,280 of like? That's that. 635 00:30:31,280 --> 00:30:34,280 I mean, that's it. But that that's like it's a huge 636 00:30:34,360 --> 00:30:35,240 hit for sure. Exactly. 637 00:30:35,240 --> 00:30:38,360 It's it encapsulates so much in it because political risk is 638 00:30:38,360 --> 00:30:41,040 regulatory risk. Like actually, you only give it 639 00:30:41,040 --> 00:30:44,080 a tech analogy, right? If you think of the state as a 640 00:30:44,080 --> 00:30:46,600 platform, right? There's often debates about what 641 00:30:46,600 --> 00:30:48,320 should the public sector do? What should the private sector 642 00:30:48,320 --> 00:30:49,560 do? Let's have a different analogy, 643 00:30:49,560 --> 00:30:52,880 which is, you know, like Apple's iOS or Google's Android, right? 644 00:30:53,120 --> 00:30:55,800 These are developer platforms and people can build apps on the 645 00:30:55,800 --> 00:30:57,880 platforms and they can they can do well, right? 646 00:30:58,240 --> 00:31:01,840 But the platform maker also builds their own first party 647 00:31:01,840 --> 00:31:04,200 apps. And sometimes if they see 50 648 00:31:04,200 --> 00:31:06,080 people who are building something, you know, let's say 649 00:31:06,080 --> 00:31:08,920 some location services, say, you know what, let's offer a 650 00:31:08,920 --> 00:31:12,880 platform level service for this. We take an abstraction that all 651 00:31:12,880 --> 00:31:17,040 of you guys can use and that's actually in a sense, the public 652 00:31:17,040 --> 00:31:23,720 sector as a platform, like a really smart, you know, rational 653 00:31:23,720 --> 00:31:26,080 public sector creates these kinds of services, right? 654 00:31:27,440 --> 00:31:30,000 And so the platform in which you're building is ridiculously 655 00:31:30,000 --> 00:31:31,560 important. If you make the wrong platform, 656 00:31:31,560 --> 00:31:34,240 chase, if someone built on BlackBerry as opposed to 657 00:31:34,240 --> 00:31:37,080 building on iOS or Android, they would just lose, no matter how 658 00:31:37,080 --> 00:31:38,960 good a coder they were. They were just trying to fight 659 00:31:39,120 --> 00:31:40,720 gravity. If you, if you start with a 660 00:31:40,720 --> 00:31:42,800 Windows desktop app at the time that everybody's going to web 661 00:31:42,800 --> 00:31:47,320 apps, you just, you know, lose. And So what are examples of bad 662 00:31:47,320 --> 00:31:49,520 platforms building on Delaware, right? 663 00:31:49,720 --> 00:31:51,680 So many people have had problems, you know this already, 664 00:31:52,040 --> 00:31:53,520 right? Holding U.S. 665 00:31:53,520 --> 00:31:55,920 Dollars. That's gone down a lot relative 666 00:31:55,920 --> 00:31:58,400 to holding Bitcoin. What's what's your if you don't, 667 00:31:58,520 --> 00:32:01,560 if you feel comfortable sharing like what percentage of your net 668 00:32:01,560 --> 00:32:04,520 worth is in Bitcoin or digital assets versus the US dollar 669 00:32:04,520 --> 00:32:07,480 versus gold versus. Well, I would say this, I hold, 670 00:32:07,480 --> 00:32:11,560 I hold, you know, in a sense, I love Americans. 671 00:32:11,560 --> 00:32:14,400 I love my American friends and, and all my people there and so 672 00:32:14,400 --> 00:32:17,040 on. But minimum necessary America in 673 00:32:17,040 --> 00:32:18,800 the sense of basically U.S. dollars. 674 00:32:18,800 --> 00:32:22,400 For example, during the whole SUV kind of crisis, there's a 675 00:32:22,400 --> 00:32:28,600 meme that said if you have like a, if you have more than 250K in 676 00:32:28,640 --> 00:32:32,040 AUS bank account, then it's not protected by FDIC insurance and 677 00:32:32,040 --> 00:32:33,760 some and so forth. Now what they did is actually 678 00:32:33,760 --> 00:32:37,400 they replace that with Fed DIC insurance in the sense of the 679 00:32:37,400 --> 00:32:39,640 Fed essentially said we will just print the difference or 680 00:32:39,640 --> 00:32:40,880 what have you, which basically means. 681 00:32:41,880 --> 00:32:45,800 So it's a little bit technical. Banks are supposed to have a 682 00:32:45,800 --> 00:32:49,480 reserve ratio that say you, you put in 100 million there. 683 00:32:49,480 --> 00:32:51,520 They can only lend out a certain amount and they're supposed to 684 00:32:51,520 --> 00:32:53,640 keep some back. Most people don't know that in 685 00:32:53,640 --> 00:32:55,960 2020, the Fed set the reserve ratio to 0. 686 00:32:55,960 --> 00:32:58,360 It's no longer even fractional reserve banking. 687 00:32:58,360 --> 00:33:01,760 It's fictional reserve banking. OK, so banks don't actually have 688 00:33:01,760 --> 00:33:05,120 deposits on hand to, to support you pulling cash out. 689 00:33:05,600 --> 00:33:08,320 So when there was like a, an attempt to pull out those 690 00:33:08,320 --> 00:33:09,760 deposits there, they weren't there. 691 00:33:10,160 --> 00:33:13,480 And also these banks actually have massively negative equity. 692 00:33:13,480 --> 00:33:16,520 They owe far more than they have because they bought these bonds 693 00:33:16,520 --> 00:33:19,720 that went underwater. So the entire thing is the 694 00:33:19,720 --> 00:33:27,440 zombie financial system. And what that means is like you 695 00:33:27,440 --> 00:33:29,560 don't only invest in U.S. dollars, what you can afford to 696 00:33:29,560 --> 00:33:30,600 lose. So that's. 697 00:33:30,600 --> 00:33:32,400 Is that your answer though? That's my answer, yeah. 698 00:33:32,440 --> 00:33:34,320 You tend to vote with your feet. You're here. 699 00:33:34,600 --> 00:33:37,360 You're not in America. And and and and. 700 00:33:37,360 --> 00:33:39,040 To be clear, I hope I'm wrong, right? 701 00:33:39,480 --> 00:33:43,200 But basically I just feel the platform underneath which we are 702 00:33:43,200 --> 00:33:47,560 at has, has systemic risk. And now if that said, if you 703 00:33:47,560 --> 00:33:50,400 hold Fiat currency by possible nation, what's the best Fiat 704 00:33:50,400 --> 00:33:54,040 currency to hold? I'd say don't hold any of the G7 705 00:33:54,040 --> 00:33:56,200 Fiat currencies because it's not just the dollar, it's a Canadian 706 00:33:56,200 --> 00:33:58,800 dollar. It's, you know, like the, the 707 00:33:58,800 --> 00:34:01,880 British pound and you know, all, all the, the euro and so on and 708 00:34:01,880 --> 00:34:03,120 so forth. All of these are kind of in the 709 00:34:03,120 --> 00:34:06,440 same like class class of of things that are basically in the 710 00:34:06,440 --> 00:34:09,960 American empire broadly, the three things that have 711 00:34:09,960 --> 00:34:11,679 historically been supposedly outside that. 712 00:34:11,679 --> 00:34:13,280 So Switzerland is supposed to be independent. 713 00:34:13,280 --> 00:34:15,520 It's no longer independent because they did the Russia 714 00:34:15,520 --> 00:34:18,080 sanctions. Obama basically essentially 715 00:34:18,080 --> 00:34:20,840 ended Swiss bank accounts with, you know, all this stuff. 716 00:34:21,159 --> 00:34:24,040 And then also the Credit Suisse debacle that happened recently 717 00:34:24,040 --> 00:34:26,400 where bondholders got wiped out. So Switzerland ain't Switzerland 718 00:34:26,400 --> 00:34:27,880 anymore. What is Switzerland? 719 00:34:28,120 --> 00:34:29,880 Bitcoin, right? Crypto. 720 00:34:29,880 --> 00:34:31,960 That's genuinely neutral rule of law, right? 721 00:34:32,159 --> 00:34:33,880 Truly neutral. It's not based on the human 722 00:34:33,880 --> 00:34:34,920 opinion, right? OK. 723 00:34:35,400 --> 00:34:41,440 But then in the Fiat world, I would say the UAE and Singapore 724 00:34:41,960 --> 00:34:46,760 now the, the they're on the AD is pegged to the dollar and Sud 725 00:34:46,760 --> 00:34:48,719 is soft pegged to the dollar. But they run on their own 726 00:34:48,719 --> 00:34:52,520 ledgers and they've got very sophisticated financial managers 727 00:34:52,520 --> 00:34:55,920 running both countries. And so if you had to hold and 728 00:34:55,920 --> 00:34:58,320 they're, they're also very large currencies by float. 729 00:34:58,560 --> 00:35:00,320 So lots of capital flows through. 730 00:35:00,480 --> 00:35:03,400 So whatever your deposit won't even be seen in the noise of 731 00:35:03,400 --> 00:35:07,880 that. So if you must hold Fiat AED and 732 00:35:07,880 --> 00:35:10,120 SGD in my view. Now the one counter argument, 733 00:35:10,120 --> 00:35:13,120 everything I'm saying to take the other side of it is stable 734 00:35:13,120 --> 00:35:17,160 coins, the massive expansion of USD stable coins. 735 00:35:18,240 --> 00:35:21,600 It may have a weird scenario where you know how all local 736 00:35:21,600 --> 00:35:25,880 papers collapsed against the when all the papers went online, 737 00:35:25,880 --> 00:35:29,960 the newspapers went online, all local papers suddenly lost their 738 00:35:29,960 --> 00:35:32,200 geographical monopoly. They're printing the same news 739 00:35:32,200 --> 00:35:34,440 as each other, they no longer have the trucks and so on to 740 00:35:34,440 --> 00:35:35,640 give them a geographical monopoly. 741 00:35:35,920 --> 00:35:40,160 So all of them lost to NYTWSJ Washington Post, which then in 742 00:35:40,160 --> 00:35:43,400 turn lost to Internet first social media competitors after a 743 00:35:43,400 --> 00:35:47,440 huge fight, right? So imagine all global Fiat 744 00:35:47,440 --> 00:35:52,520 currencies lose to USD, maybe the Chinese yuan, maybe a few 745 00:35:52,520 --> 00:35:54,200 other kinds of stable coins like this. 746 00:35:55,360 --> 00:35:58,560 And those in turn get devalued against BTC and other 747 00:35:58,560 --> 00:36:02,200 currencies, right? So lots of Fiat currencies are, 748 00:36:02,360 --> 00:36:04,560 and we're kind of already there. Like in Bolivia, for example, 749 00:36:04,560 --> 00:36:06,560 prices are quoted in USDT, right? 750 00:36:06,920 --> 00:36:09,520 So the world first dollarizes and then bitcoinizes or 751 00:36:09,520 --> 00:36:12,840 cryptoizes. That'll be a huge crazy kind of 752 00:36:12,840 --> 00:36:15,320 thing, even crazier than the media wars of the of the 20 753 00:36:15,320 --> 00:36:16,800 tens. The last question that was on my 754 00:36:16,840 --> 00:36:18,520 mind was about trust and credibility. 755 00:36:18,560 --> 00:36:22,240 Yes, thing you're doing here. What do you think the, you know, 756 00:36:22,240 --> 00:36:24,600 what, what can you sort of take from the elite institutions, the 757 00:36:24,600 --> 00:36:28,080 Stanfords, the San Francisco's, the, you know, United States, 758 00:36:28,080 --> 00:36:30,720 the US dollar, you know, most people do think that is sort of 759 00:36:31,680 --> 00:36:34,120 trust and right, high trust, high credibility. 760 00:36:34,360 --> 00:36:37,360 What, what's your kind of take and and what are you learning 761 00:36:37,360 --> 00:36:39,000 from that to to bring to here? Yes. 762 00:36:39,000 --> 00:36:41,640 So I think the Internet is to America as America was to the 763 00:36:41,640 --> 00:36:43,720 UK, right. So it's a version 3 point O. 764 00:36:44,040 --> 00:36:47,160 So clearly like the Internet is as American as America was 765 00:36:47,160 --> 00:36:49,000 British. So obviously America was a debt 766 00:36:49,000 --> 00:36:50,320 to Britain. It speaks English. 767 00:36:50,320 --> 00:36:53,120 It was, it was populated by British columnists and on and 768 00:36:53,120 --> 00:36:54,760 on. All kinds of names there are 769 00:36:54,760 --> 00:36:57,160 British and you've got a special relationship there. 770 00:36:57,640 --> 00:36:59,960 And so the Internet is as American as America's British 771 00:37:00,080 --> 00:37:02,400 because America eventually became something larger than 772 00:37:02,400 --> 00:37:03,760 Britain. It went from common law to 773 00:37:03,760 --> 00:37:05,360 constitution. The next step constitution to 774 00:37:05,360 --> 00:37:09,600 smart contract right from 30 million ish 30 to 50 million 775 00:37:09,600 --> 00:37:13,400 Brits, 300 million Americans, billions of Internet users. 776 00:37:13,760 --> 00:37:16,720 So how do we rebuild trust? The next rules based order is 777 00:37:16,720 --> 00:37:19,640 the code based order, right? So it is smart contracts. 778 00:37:19,880 --> 00:37:22,520 It is Bitcoin, which you can trust more than dollar smart 779 00:37:22,520 --> 00:37:24,000 contracts. You trust more than Delaware 780 00:37:24,240 --> 00:37:26,760 crypto identity. You can't be denaturalized. 781 00:37:26,760 --> 00:37:29,640 You can't have your crypt, your ENS, your SNS, your Etheremian 782 00:37:29,640 --> 00:37:32,000 system login that can't be yanked from you in the same way 783 00:37:32,000 --> 00:37:33,640 that perhaps your American identity can be. 784 00:37:34,200 --> 00:37:38,400 And so we essentially restore trust by reducing the need for 785 00:37:38,400 --> 00:37:43,160 trust with cryptographic trust. And so from that we can build an 786 00:37:43,160 --> 00:37:46,600 entire parallel essentially legal system, which we've 787 00:37:46,600 --> 00:37:48,240 already done. It's at multi trillion person 788 00:37:48,240 --> 00:37:50,600 scale. It already manages, it's like 789 00:37:50,600 --> 00:37:53,000 the the 3rd or 4th largest exchange in the world. 790 00:37:53,000 --> 00:37:55,080 Nyze and NASDAQ are about to get flipped by crypto. 791 00:37:55,080 --> 00:37:56,680 It already passed, I think Shanghai, right? 792 00:37:57,120 --> 00:37:59,960 So I mean, you know, it's a big system, hundreds of millions of 793 00:37:59,960 --> 00:38:01,240 people are in it and it's growing, right? 794 00:38:01,240 --> 00:38:03,120 So something that's at hundreds of millions of people and it's 795 00:38:03,120 --> 00:38:05,640 growing. That eventually is the successor 796 00:38:06,120 --> 00:38:08,640 to the rules based order. It's a code based order. 797 00:38:09,080 --> 00:38:10,920 So we take lots of concepts from that. 798 00:38:11,240 --> 00:38:13,520 And with the crypto we can you know when, so when the system 799 00:38:13,520 --> 00:38:16,240 crashes, what do you do? You reboot from cloud backup, 800 00:38:17,280 --> 00:38:19,200 right? So that's what we'll do. 801 00:38:19,200 --> 00:38:21,360 We'll reboot from cloud backup. Got it, got it. 802 00:38:21,360 --> 00:38:23,160 And then sorry, last, last thing. 803 00:38:23,160 --> 00:38:26,840 Let's say everything in your wildest dreams becomes true with 804 00:38:26,840 --> 00:38:28,480 this place. And 1st kudos for you doing 805 00:38:28,480 --> 00:38:30,520 this. And they're not not that many 806 00:38:30,520 --> 00:38:33,880 people that create TL fellowships are kind of bold, 807 00:38:34,240 --> 00:38:35,800 contrarian. That's like what you're doing. 808 00:38:35,800 --> 00:38:37,200 What will be the next thing to do? 809 00:38:37,440 --> 00:38:40,680 I might do this for the rest of my life in some ways because 810 00:38:40,680 --> 00:38:44,280 it's a big thing. And you know, Zuck once said 811 00:38:44,280 --> 00:38:47,120 like if he sold Facebook, he would just go back to doing 812 00:38:47,120 --> 00:38:50,000 Facebook and so and so forth. So this is something in a sense 813 00:38:50,000 --> 00:38:53,440 I've been working on for 10 plus years and I work on it every day 814 00:38:53,440 --> 00:38:56,360 and I work on every hour of every day because I think we 815 00:38:56,360 --> 00:38:58,240 need an alternative. In the same with the United 816 00:38:58,240 --> 00:39:01,480 States was an alternative to the wars of Europe, right. 817 00:39:01,920 --> 00:39:06,320 And I, I think the Internet and Internet societies are going to 818 00:39:06,320 --> 00:39:08,240 be an alternative to what has come. 819 00:39:08,240 --> 00:39:09,240 All right. Cool. 820 00:39:09,520 --> 00:39:09,760 Thanks.