Asmongold TV - Jim Cramer CRASHING OUT on Trump | Asmongold TV

Episode Date: April 5, 2025

Jim Cramer CRASHING OUT on Trump Asmongold show for all of his stream highlights, competitions, reactions & more. ---- ------ Keywords: world of warcraft, gaming news, reaction videos Learn more about your ad choices. Visit megaphone.fm/adchoices

Two and a half milly views. That's a lot of views. A lot of people saw this one. Breaking news, Vice President J.D. Vans, just saying the Trump administration is, quote, feeling good about Trump's tariffs. We're feeling good. Look, I frankly thought in some ways it could be worse in the markets because this is a big transition.

You saw the president said earlier today, it's like a patient who was very sick. We did the operation, and now it's time to make the patient better. And that's exactly what we're doing. All right, this says Jim Kramer from CNBC's Mad Money, who has never been a free trader, right? So he's not just out here to go against them. It's saying the White House doesn't seem to understand what it's trying to do and that the reciprocal tariffs are not reciprocal

and could do tremendous damage. So out front now, Jim Kramer of CNBC's Mad Money and Squawk on the street, all on CNBC, that incredible network that I will love today I die. Just so great to be here with you, Aaron. And I'm so thrilled that we're able to talk. So what the heck is going on? Well, I'm let down because, yes, I'm not a free trader.

I'm a fair trader always happened from the days when you work with me at CNBC. And what I was hoping was a coordinated thing where if you are charging us 20%, we charge you 20. Instead of a car where we're only making you pay two and a half and you're not letting us in, we try to get things better. But it's... On a specific thing, you go, if they're there, 10 on a car, you go 10 on a car. But I went deep on the numbers today and the numbers did not make any sense. And I was actually... You made...

I was doing like bananas in Vietnam. You did Kramerica. I just said it's one of these things where... The reason why it doesn't make any sense. There are two reasons, and I think both of them are equally plausible. The first reason is that Trump intentionally makes it not make sense in order to destabilize things and stress people out because it gives them more control. And the second reason could also be because he's stupid.

Yeah, I don't know which one of this. Yeah. I'm doing $100 billion. And you're letting me do $10 billion, and I'm letting you do $100 billion. There was a way to be able to make it work with the numbers that they did, and they had this ridiculous. I mean, that was the chart that they had

with the mathematical equation. I mean, are you kidding me? How about just like two? It looked like an Einstein. I know. How about the fact that it was just wrong? And what bothered me or am was that they really did over and over again, the president said,

listen, it's going to be reciprocal. So you do it, we do it. And that was going to be so good. And I really believed in it. And I feel like a sucker tonight. Because I am not a free trader. And I do not believe in free trade. And I was just as tough, if not tougher than his people.

But they screwed it up. And they really made it a totally ill-advised way. And I was very let down as someone who really truly believes the free trade is awful for the American working person. This is what they came up with. Jeez, come on. Have some gumption. I have some math.

I mean, so how in the world do they do that? After all of this, Jerome Powell. They assured us over and over again that they were going to do the thing that would make it so that the tariffs would come down and the countries would, that were bad actors would change their, their ways. And then so then Israel decides to get rid of tariffs. And they tariffed them anyway. Vietnam decides to. Yeah, Israel decided to get rid of their tariffs on the U.S. And then Trump decided to just keep tariffing them. I think he said even it's going to, now we're going to make it even higher. I don't know why he would do that. Yeah, I don't know why. But that's just the way it is. I think that they should be more specific if they want people. These experts think that we'll listen to them after they soiled their reputation after the last decades. These are the same clowns that said FTX was a great company and the company of the future. You're right. That's a great point. And they still got the highest tariff.

It was such a shame because they missed the opportunity and now they have to pay the price. And it's funny too because. So this is all about Israel? None of this stock market. None of this had to happen. And I feel bad because a lot of people lose money when this happens. I hope people just be calm, be constructive. But the way that they handled it was so Bush League that I was surprised. President Trump has people who around him know these things.

So what is, okay, can you explain so why when you hear Scott Besson, he is a smart guy? He is a smart, thoughtful, respected person. And he came out and defended these. Well, I think when you work for that. But people like that, they know. He knows. Yeah, I tried to think like that because Peter, of ours is someone I've known for three for five decades. And I was hoping to Peter, when I talk with a lot, really understood, because he understood

received, he taught me these things. And I know he knows what reciprocal tariff really is. And he didn't deliver on that. And that was, that was a shame because there was such a great opportunity to course correct and make it so all these people who have taken advantage of our country repeatedly and wiped out all the jobs in small towns, wiped out my father's job. This is one of the reasons why I've always been, always felt like this. It's ridiculous how badly we've been taking advantage of.

And I thought they were going to do something. And what did they do, they cratered the damn stock market and gave us nothing. Well, I just want to emphasize. Well, the thing is that you've got to keep in mind that the stock market is not, like, all of the wealth in the country is primarily consolidated among a handful of people. And so that's really the reason why you're not going to get average people giving a shit about this in a big way. It's because all of this wealth and like the, oh, the numbers are going. up. Oh, the numbers go for who? For fucking who? The prices, though? Yeah, exactly. It's also trade deficits, not taking into account, not just their tariffs they put on us.

Yeah. It doesn't trickle down. No, it doesn't. Again, I think it's so important to emphasize where you're coming from because there are some who will come out and say, well, you know, free trade, free trade. You know, Larry Cudlow, your old friend. I know. We always had a very flashpoint with me and Lara. Right. It was about free trade. And they'll make the economic argument for it. And they'll make, right, that you're not actually. coming from that. Not at all. You're not, you're not ideologically opposed to the concept of what they were trying to do. Not at all. Here's what they did. They made a bargain with the devil.

They decided to get rid of the American working person's good job with a good pension and sacrifices so we could get cheap goods. And it never, they never thought for a minute, Republicans or Democrats, what would happen to those towns and those people and they were left? If you get cheap goods, wouldn't you only need cheap goods if you don't have a lot of money? And if you had a better job, wouldn't you be able to afford the higher quality goods? It wouldn't be necessary to send them over there. So it's like you're creating a problem by making people make less money and then solving it. Like, I don't know. Behind. And I always felt that was horrendous. A president comes

along that's going to do something about it. And this is what he does. You know, part of the reason, and you and I are friends for a long, long time, but many people know our relationship for this one moment. Not this moment, but a moment. You should know it for decades of just of my. I think that like really In terms of, like, messaging, I'm actually surprised this clip is so popular because there's not really any sort of like clear explanation as to like why anything is bad and why anything isn't working. It's just kind of like a, I can't believe he's doing this. Why is he doing this at all? And yeah, it's very hard to understand. Given I has one of more clear explanations I've seen yesterday.

What is this here? Take on tariffs. Let me see where this is. No portrait to be friends with you and your family. And you, but there was this moment, and if anyone hasn't seen it, I'm going to play it. I'm going to play it because we're in a moment right now. I don't know if you heard Peter Tuckman describe it on the floor today. That it was a feeling like in COVID, of just feeling a darkness and a fear on that floor that people hadn't felt.

And it was a horrible feeling. It makes you feel sick. And there was another moment. He mentioned cover. There was one other moment. And that moment was that horrible crash when nobody thought they could even get money out of an ATM. them. And you said it like it was at that time. I want to play the moment. He has no idea. Kramer.

I have talked to the heads of almost every single one of these firms in the last 72 hours, and he has no idea what it's like out there. None. And Bill Poole has no idea what it's like out there. My people have been in this game for 25 years, and they are losing their jobs, and these firms are going to go out of business, and he's nuts. They're nuts. They know nothing. Oh, fuck. Kramer. Man. I have not seen it like this since I went five bid for a half a million shares of Citigroup and I got hit in 1990.

This is a different kind of market and the Fed is asleep. Nailed that one. You know, obviously there's very much less medicated than me now. Or maybe just younger and a little more fiery. But yeah, that was 2007. You and I both knew. And I was getting tired of China. calm and trying to be like you are supposed to be on TV.

Right. I always felt comfortable with you. And I know that I just said, oh shit. Excuse me. That's all right. Restoration hardware sets. My friend is going to be on tomorrow at R.H. I'm going to have one.

You're going to have him on. Yeah, yeah. You're just fucking it up. I know what it's like in that moment. When you look down your computer on your phone. But here we are. And I understand. I understand it's a different moment in some senses.

But it's another moment that like that, though. Well, okay. I have to say that this is probably the worst video I've ever watched. This video reminds me of like Whenever you're writing an essay About something that you don't understand And you never actually explain anything You just restate things that like

General opinions over and over Like I actually And then it's like now you're just playing a rant Like this is as I thought like Okay well this has like two million views right I mean this is probably going to be good isn't it Like there's no way it's just going to be a bunch of bulls shit. Two million people watch this. People should know better and they don't. Okay, so let's put

in respect. Then I was worried about my paycheck. I was worried about all the banks failing. I was worried that the Bernanke didn't know what he's doing and he didn't. The Tim Geithner was terrific treasury sector, but he didn't understand. And what I saw happening was just the unvalling of the republic. This is not that. This is a man-made issue that can be corrected through some thought, maybe get the Treasury Secretary more involved. Maybe explain to the people why you wanted to do this. But this is nothing like that. And by the way, a man-made issue.

It is an issue made by one man. Right. So it's true. And there were others who were around him who didn't give him good advice. But this can be, and look, and I know he's going to have to dig in his heels because that's his nature. But the economy's stronger. Unemployment is very, very low still. We still have a fantastic Fed chief in J. Pell, who is a remarkable person, an adult in the room who will do the right.

thing now because they just created inflation. They didn't seem to realize. I mean, I thought that President Trump won in part because he realized that there was so much inflation. Well, they just gave you far more inflation. That was a shame. And now you got people hoarding. Forget. I mean, I'll see you Costco on Saturday. I love Costco, but not because I'm hoarding. But I do buy gold for Costco. I like gold. But I, what is he talking about? What is he doing? Like, what is this? Like, the thing is that this is like, like, oh my God, it sounds like Trump, yes. It's like, well, you know, you know, there's this conversation I had with, well, you know, this guy, he's got a basketball team.

And let me tell you something about basketball teams. Oh, fuck. Oh, fuck. Okay. All right. Let's go. Let's get it. I just feel that they just got there.

They just did the wrong thing, Aaron. But it's not something that is catastrophic. The stock market will recover, but this is not 2007 when so many people lost everything. Yeah, well, and let's hope that they can course correct. By the way, Jim Kramer buys gold bars at Costco. There you go. Well, I was dealing with the gold executive the other day. You said, you know what?

I do it too. I get 3% back on my credit card. I said, but you're the largest coal miner in the world. He goes, a bargain's a bargain. All right. Well, there you go. So, there's your advice. You're honest.

Thank you for having me. It's wonderful. want you to see you, Jim, and so appreciative that you could come and that at CNBC let you come. And of course, CNBC's mad money, squawk on the street. That is crazy to me because this is an eight-minute video and nothing was said at all in this. Like, did he say anything? Like, I don't even know what the point of this was. What even was this?

No? Yes, it's just crazy. And this is another one right here. Speaking as an elder millennial, the boomers spent the last 40 years shipping all the jobs they enjoyed out of this country. And now they're crying about their stocks. Fuck them. My generation and later is fucked anyways. May as well take a chance on getting some jobs back in the country.

That's right. That is the new gentleman. The new economic policy? It's called fuck them. That's it. That's how we do things now, Jim. gentlemen. I don't know what this is, but I'll look at this just real quick. Maybe this one might be better, right? I don't know. You're an analyst. What do you do? I mean, look, 25 years covering

tech and markets, it's probably the most absurd 36 hours that I've ever seen, because my view is that this is an economic Armageddon if these tariffs come through. And I think from a tech perspective, it's probably one of the biggest assets we have in this country, it would take us back potentially a decade, and it would steamroll China ahead. And that's why our whole point, right here, even if tariff, if you got a deal in a month or two, you're already looking at five to 10 percent earnings cuts across the board in tech just to start. And I think that's really the worry right now as a tech investor.

Apple, American icon. And for that reason. The problem is like he looking at it from an investor POV. He is. He looking at it from an investor POV. People thinking about it from like their own individual. POV. That's the problem. Yeah. And like that's

it's overvalued. Well, here's the best example that I can give you guys about stocks being bullshit. Do you really think that after the election Tesla increased in stock by 50% in two months? You really think that Tesla as a company's value and capacity increased almost by double? No. Everybody, we all know that. Everybody,

knows that, but the stock went up anyway. Nobody believes this is going to happen. They're looking for exemptions. They report in a month at the very start of May. How do they offer any guidance at all? We don't believe Apple, actually, basically any other tech company gives guidance because you're essentially blindfolded, plain darts, giving guidance. And it comes down to like if you wanted to implode Apple and you wanted to actually try to figure out the formula to actually make this company.

company, what I really view, it could take them back years. It's this tariff. Because it comes down to 54% from China, it would take three years and $20 billion to take even 10% of the supply chain to the US. If you want $3,500 iPhones, we should build them in New Jersey. We should build them in Texas. If you like $1,000 iPhones, you build them in China. I think that fundamentally is really the issue here in terms of the near

The thing is that, like, people can't afford the $1,000 ones either. That's the issue. And so, like, yeah, the fuck the iPhones, yeah. And that's, I think, what the problem is, is that, like, the argument that, okay, well, we're going to use this, like, really cheap labor and this is going to make everything cheaper here. I think that that's an okay idea. But the problem is that when people don't have money here and they don't have jobs,

that's not going to work for them. would be five, seven, eight. It would change Apple as a company. Which is the reason why a lot of people don't believe that this is actually going to come through. Even if there is some kind of negotiation, how much damage do you think is being done just simply through the uncertainty? You're burning the house down, but then you still have a toast or other in the bagels ready. The point is, like, the damage that's being done here, I've talked to so many tech executives over the last 48 hours, and they don't know. And the worry is the uncertainty, the inventory, what does this mean? You know, about all the conversations we've had over the years, AI revolution, in my opinion,

fourth industrial revolution, where we are in tech, overall markets. And this essentially, it's imploding it self-inflicted. And I think that's really the befuddling thing for investors in terms of where we sit here and what the next steps are. Yesterday, the Magnificent Seven lost more than a trillion dollars in market valuation. That's the first time that's ever happened in one day for these stocks, down 24% from the December peak. Do you think that there is potentially, as a bull, as a perennial bull in the U.S. tech sector, do you think there's actually more downside ahead simply because this uncertainty isn't going to go away?

It's going to keep getting worse. This is only the beginning. Look, this uncertainty in itself, it's already taken numbers down. And then it becomes self-filling prophecy. Now, in terms of the long term, MAG7, RVU of tech, of course, that continues to be very bullish over the long term. But right now, I mean, this is, we are sitting on the precipice of an economic Armageddon. It doesn't matter what you say in the beltway in front of microphones, sit, and the reality is talk to executives, see what's actually happening. And I think that right now is what tech stocks are reflecting. Investors, they're not Republican or Democrat.

They're speaking in terms of what stocks are telling you. And this is, we're also not American either. That's the problem. Is that a lot of these investors and these executives are the exact people that got us into problems in the past. And these are the people that, like, they're the ones that have all of this money. They're the ones that have the disproportionate amount of wealth. So, yeah, I bet investors don't like this because it's not the most beneficial thing for them. but an investor doesn't have an obligation to any culture or to any, you know, any country at all, whereas a president does.

We don't care about executives. Yes. People don't give a shit about the executives. And also, like, I feel like that's, it's, I think it's actually even more extreme than you might imagine. Investors keep crying for all I care care. Yeah. None of this wealth is in the U.S. physically. Yeah, exactly. And this is the problem is that like all. of these gains and all of this like capital like this is like what I said before right I'll go back to this again uh this is the from 2019 to 2021 the real average income went up by 13% this very large growth hides substantial inequality as bottom 99% of real incomes grew by only 4% in three years while the top 1% grew by 46% hence the top 1% of families captured 75% of total real income growth per family in 2019 to 2021. Nobody gives a fuck about the top 1%. Like this, by the way, this is pulling a Luigi in a way that works.

This is way more effective than Luigi ever could have been. In the midst of like just a massive, what I believe is economic Armageddon if this continues. So, Dan, Apple, you've got an outperform. Tesla. Because, like, as I said, I mean, I think everybody agreed with Luigi on pretty much everything except for killing the guy, right? That was a little bit contentious. Some people disagreed on that. Sure.

But I think that the problems and the things that he identified as issues, a lot of people were like, yeah. Yeah, true. You've got an outperform. Microsoft, you've got an outperform. You also cover GM. You've got an outperform. When are you going to revise these calls? Look, it comes down to it.

I did, though. If the tariffs stick and they continue for the weeks, months ahead, then we have to change our whole hour. Can you help me understand that just a little bit more? So these are the dates. So April 5th, tomorrow, baseline tariffs 10% kick in. April 9th next week, the additional tariffs kick in. How long do you wait? So let's walk through.

And this is where I've been taught investors around the globe the last 48 hours. Okay. 2Q is going to be a disaster and it's already a factor. So that's a right-up. So that's right. 2Q is already like blindfolded darts, what it's going to be. Three Q. So you basically have to look and be like, okay, the next three or six months,

I want to call them a watcher, but basically the street's going to look through, okay, what do numbers look like, run rate if these tariffs get to some sort of baseline? Q4, 2006. So you basically go back to the playbook that we've used in COVID, those early days, March, June, you know, in terms of COVID playbooks, looking out and normalized, assuming that this in some way gets negotiated. But it comes down to if these tariffs stay, all bets off. Because it changes the whole paradigm.

Do you expect, though, to see that? I don't think that they will. I think Trump will get rid of them. That kind of upside, the outperformance any time in the near future. Or are you basically saying that at this point, you're not getting that kind of capitulation. So if you have faith of the next 10 years, fabulous. I think what will happen actually, this is not true. what will actually happen is that Trump will get some countries to capitulate and roll back things.

And that way, because we're not tariffing everybody, the negative effect on our economy will be more minimal. So it will be easier for us to tariff the remaining stragglers and then maintain dominance over them. Right? Lost leaders, yes. Basically, that's, I mean, like if I was looking at this, no way. well, I feel like that's what, like, I mean, that's what I would do, right? Wouldn't that be the most effective way to do it? Because, like, if you, so, because there's some countries that can't afford to get into a trade war at all.

And if the countries that can't afford to get into a trade war at all, like, collectively, it's a lot, right? It's a lot of these countries, like, we're not getting, like, a huge amount of our imports from them. But collectively, all of them together, we do get a, substantial amount. And so the more that we can narrow down being more harsh with terrifying to get more of an advantageous deal in whatever way you want, the easier it is to do it because you're not doing it to that many people. So the more people that we're doing it to, the harder it is to do it. So the best thing to do is to come out as hard as possible. That way you terrify the people that are in a position where they can't really negotiate against you. And

that way it gives you more negotiating power later on for the people that can negotiate against you. It's an intimidation strategy? Yeah, it is. Yeah. Do you see like, and I think strong arming them? Yeah. I think he's baiting them to draw up new individual deals. Yeah, exactly.

I think 10% tariff countries will negotiate no tariffs mutually. And I think also like basically with some of the countries, I think, that yeah, definitely, you know, like if the U.S. stops trading with them, we can probably destroy that country's entire economy, or at least damage it in a way that's hard for them to recover in five or ten years. And so they have to come to the table. And I think that's the way Trump is looking at. And this is what I was saying before about, and that's good. I told you guys, I think he's a psychopath. Absolutely, he thinks that's good. It's not even a question. ask yourself, would he do that if it was in his benefit? Absolutely he would. Yeah, it's an ultimatum. It is. And it's brutal.

You might get a good entry point, but otherwise, not really worth getting in. Look, in the near term. What do you think about that personally? What's my personal viewpoint on it? I think that there's a lot of risk with doing that because it creates a lot of like long-term resentment. And so you'd have to do it in a very measured way. And also, I think it's a short-term solution no matter. what because the real solution I think is that like negotiate as fair of a deal as possible. And then in the process of doing that, shift manufacturing away from those people regardless. Because I would expect that you should always expect people to act in their own best interest. So even if you can reach a deal that's mutually beneficial, there's not a guarantee that that will always be mutually beneficial for the other party. So you should still be shifting towards making.

things better for yourself. We don't have the manufacturing yet? Yeah, and I think that we need that. And I think that we need that not now, but we need it in 20 years when things are automated. And so, like, now, like, basically pressuring companies now and scaring them now into building manufacturing will set us up to have a degree of, you know, like economic control and dominance when automation takes over. And that's in, like, 20 years.

But this is like, I think, step one and two of that. They won't? Well, they already have. Companies have already announced over $6 trillion of investments into the American economy. It's been two months. A lot of it, unfortunately, it's based on what we see with negotiations. If they happen, what happens to China. TikTok, is that one of the first chips on the table?

And they will. They will have to because they'll be pressured to do it by their stockholders. So, like, you don't have to. you don't have to like negotiate really with them. All you have to do is hurt them and then they have to negotiate with you. Because if they don't, then they're gone and then the person that they get replaced with will negotiate with you. So it's not about empty TikTok. Yeah, TikTok's a great example.

So TikTok, like if Trump bans TikTok in the U.S., TikTok loses almost all of its value. So if TikTok loses half of its value if they get banned in the U.S. and Trump wants to get to be sold by the majority of the U.S., then it's effectively you're either getting, you know, like one arm cut off or the other arm cut off. But either way, you're losing a fucking arm. And that's the, that's, I think that's the way that he negotiates. Yeah, one or both. Yeah, exactly.

Based to ours, yeah, their experts on Strunk. Well, no, I think it's fine. He's slurring a little bit. Do you think that will be a payoff for this? I don't know yet. I don't think that anybody knows what the end game for it is. That's the truth. I actually don't think anybody knows. For those they're saying automation will never happen.

Well, they're just dumb. I mean, a piece through strength. Well, this is like, this is an extreme, this is an extreme version of that. That will, it will cost probably thousands, if not millions of jobs. It will erase trillions of dollars of money. And there is only a hope that when you come out on the other side,

the country is better off because of it. Well, the reality is that, is that the growth story in terms of where we see tech over the next call it 9, 12, 18, 24, that doesn't change here. But the reality is that if this continues, the longer it stays, once the snowball starts going downhill, you can't stop it. Elon Musk, I want to just talk to you a little bit about Tesla and what we've seen over the past few weeks. We have heard from President Trump yesterday that he expects,

and he would like Elon Musk to stay on with the Doge effort for a prolonged period of time, but that he will be going back to his company maybe in a period of months. Does that help insulate Tesla, or is Tesla uniquely vulnerable because of Elon Musk's relationship with this administration? Every day, Musk's DOOGE and the government,

it's another day that there's more brand destruction for Tesla. And that's just a reaction. Tesla has become political symbol. So we've talked about is that, Musk and our view really has no choice. He has to take a step back to CEO of Tesla. Because look at the 1Q delivery numbers. Look at just even if you look from brand issues, that crisis continues.

I think the long-term sort of view and the long-term brand of Tesla changes. And that continues to be, you know, how we view it. It's a fork in the road. It's a moment of truth from Musk. He needs to make the right decision as a fiduciary and CEO. of Tesla. Got another cut to estimates this morning, this time from J.P. Morgan on Tesla. First quarter vehicle sales were far below even their estimates and, quote, confirmed the unprecedented brand damage we had earlier feared. And we saw these anecdotes about European sales.

I'm not sure why Tesla sales are down. If it's all because of Elon Musk or if it's for other things, I'm not sure. Dotes about Canada. This is coming to pass at a time when he is expected to go back, but it's unclear whether that can really revive a brand, especially at a time of increasing competition from China. And that, I think, is Dan I think is another point that I think is really important. Dan, just before you go on China and TikTok, I saw you're smiling as Lisa and I were talking about the potential deal. Who are they negotiating with?

I mean, themselves. I mean, look, it just comes down to, like, okay, is it Oracle, Ellison, P.E.? Look, my whole view there is that it's a chip on the table, bite dance keeps the algorithm. There's some sort of combination, you know, in terms of who ultimately sells. but I just view it as part of a broader negotiation. Trump is absolutely going to be able to strong-armed them into selling TikTok. It's not even a question.

Of course he is, because if he bans TikTok, then TikTok loses all of its value. Yeah, I mean, that's just what's going to happen. Again, if I'm negotiating with myself in my room, what does that do? It comes down to what does Beijing say. Yeah. And so not at all. Okay. Well, we'll find out.

Yeah, why hasn't he done it yet? I'm not sure. No country in the world can compete with China. Their whole way of thinking is going to be different in the West, not the EU and US will all lose. Well, maybe we'll have to find out, right? I'm not sure. Your eyes that there are 8 billion people in the U.S. has 360 million. Yeah, but all people are not created equal.

A bunch of the people that live in shitty third world countries are not worth as much to an app application or like an app developer as people in the richest economy in the world. So that's the reason why having an American audience has such a high value. You say that? No, and that's the reason why. So, yes, that's completely correct. You're absolutely right that there are a bunch of other people in the world. But access to that American audience and being able to access that audience is a core driving factor in whether this company has any value or not. Europe is also really big, too.

It's not only the U.S., but the U.S. is the biggest one. And so you're not really, it's not like we're 10% or 5%. We're much higher than that proportionally based off of the amount of money and everything.