Prof G Markets - The Great Billionaire Migration

Episode Date: June 3, 2026

Live from Miami, Scott Galloway and Ed Elson explore whether it actually pays to be a tax haven state like Florida. They also break down why the crypto industry is lagging despite securing much of the softer regulation it has long pushed for. Subscribe to the Prof G Markets Youtube Channel  Subscribe to the Prof G Markets newsletter  Order "Notes on Being a Man," out now Note: We may earn revenue from some of the links we provide. Follow the podcast across socials @profgmarkets Follow Scott on Instagram Follow Ed on Instagram, X and Substack Send us your questions or comments by emailing [e-mail] Learn more about your ad choices. Visit podcastchoices.com/adchoices

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That's why over thousands of businesses have made the switch. So why not you? Try O-D-O-4-3 at O-D-O-D-O-O-O-D-com. Today's number, $3.5 billion. That's the cost of the Blue Origin New Glenn rocket that blew up on the launch pad two days ago. Ed? Ed, what do you call a gay man on the moon? I call a gay man on the moon, I'm not sure.

I'm an astronaut, you fucking homophobe. It's actually pretty good. Usually it's shocking and terrible, and that one is, yeah, it's good. Who wants a dirty joke? That's why we're here. Now he's going to ruin everything. I'm in Miami, a little. so I decided to bring my boyfriend with me.

And he's super into choking and asked me to choke him. So I reluctantly agreed. But I don't think he's into it. For the last seven hours, he's been still in giving me the silence treatment. So Scott, Florida has long lured people in with its beaches, its sunshine, its nightclubs, and also it's extremely low taxes. The state has no income tax. No estate tax, no capital gains tax, and as a result, it has increasingly become the new home for America's wealthiest.

In the past two decades, the number of billionaires living in the Sunshine State has grown 20-fold. And with the California wealth tax proposal looming over Silicon Valley, many more tech magnates are moving in, from Sergey Brin to Larry Page, to Mark Zuckerberg, who just bought a house nearby. So with Florida's newfound reputation as the billionaire bunker, that's what some people are calling it, the question for Floridians is, is this a good thing for the economy? Is it a good thing for the state? Or is it a bad thing? What do you think, Scott? So I think a lot about brand.

I teach a brand strategy course for the last 25 years. And I think about what are some of the best brand moves, some of the worst brand moves. By the way, worst brand move of the last 72 hours is having tech literally fuck up one of the best brands in the world, Ferrari. That is just the stupidest tech product since the cyber truck. But some other great, an amazing brand move the last year. I think the American Pope is going to be great for the American brand. I think cutting U.S. aid is probably the worst brand move for the United States in a long time. believing that this state is low tax is one of the most elegant brand moves.

And there was a lot of applause. But let me just be clear. It's total fucking bullshit that you're a low-tax state. What you are is you have figured out a way to elegantly brand, a transfer of wealth, from young people who earn their money through work to old people like me who make money through selling and buying stocks. So you may think this is a low-tax state. It's not.

It's a transfer. of wealth from earners and lower and middle income households to wealthy owners. For example, you have a fairly healthy state sales tax, which taxes consumption at 6%. Someone making $10 million a year and maybe consumes one-tenth of their income, so they're effectively paying a 0.6% sales tax. Someone who makes $50,000 a year uses all of their money on consumption. They're paying the full 6% you have some of the highest property taxes in the nation if you're very wealthy yeah maybe you have a house you pay a lot of tax but as a proportion of your income you're probably paying 10% of your income on housing or someone who makes 50,000 dollars a year is probably paying 30% of their income on

housing and paying a higher tax rate and you think well they're probably renting be clear high real estate taxes affect renters just as much as owners. So in some, state sales tax for people like me is one to two percent. State sales taxes and consumption taxes are between 10 and 13 percent for lower and middle-income households in Florida. Or put another way, the D in democracy in Florida is working really well. Because old people vote, and there's a lot of old people down here. And effectively what has happened is they have figured out a tax code to transfer wealth from low and middle income earners, which is most people you meet in Miami, to high income old people who own a lot of shit. So be clear. Florida is a proxy for what has happened in America in the last 30 or 40 years,

and that is nothing but an elegant transfer of wealth from lower and middle income households to the wealthy. This is not a low-tax state. This is America transferring money from lower and middle-income young people to old rich people. So the argument, the argument for it, which I actually think is quite a compelling one, and we should note it was compelling enough

for you to come and buy a house here, which is that the lower taxes, as you mentioned, lower capital gains tax, no capital gains, tax, no estate tax. It does attract a lot of very high, highly productive individuals, very wealthy individuals. And as a result, you do find that in low tax states or no tax states, you have higher GDP growth among those states. And you also have more business formation. You actually have more business applications on average. So that seems to be

kind of the argument for it. And I think, sort of case in point, I mean, we incorporated our business in Florida, if I get, if I have that correct. So that's a great thing. At the same time, though, to your point, there is this other thing to balance out, which is it's bringing in a lot of people, but it's specifically bringing in a lot of rich people. And as a result, housing prices have exploded in Miami. We can look at the price of the average price of housing in Miami. It's up 80% in the past six years. The average is $675,000. It's the median price of home in Miami today.

Six years ago, it was $370,000. Rents have risen more than 50%, which is actually the fastest in the nation. And this is part of the problem with being the sexy, hot place where you don't pay taxes is suddenly all these people come in, Suddenly the demand goes way up. There isn't enough supply to keep up with that demand. And it ultimately does seem to start pushing regular Americans out.

And we are seeing that many more Floridians today are struggling with the cost of living crisis. And they're saying that it's a reason why I might actually just leave the state and just call it quits. So how do you think, I mean, wealth taxes, this is the debate today. What are we doing about taxes? Should they go up? Should they go down? How should we think about this? What do you think are some of the takeaways from Florida?

Because there are a lot of good arguments as to how this has been a great thing for the state, and to your point, a lot of arguments as to why it hasn't been very good. So just to be fair, states need to compete. And the fact that people are leaving New York or I teach and coming to Florida, I think that's a good thing. Because what it says to New York is if you continue to have a wasteful and competent government, people are going to leave. That's important.

It's important to say to California leaders that if you keep, layers of bureaucracy and spend $75,000 per homeless person as the homeless population increases, that people are going to leave and you need to get your act together. And to be fair, Florida government spends on average 10 to 15% less per capita than the rest of the nation. And I would argue that Florida, as someone who lives here, has pretty decent schools and decent state services. The only thing I would push back a little bit, and I'll get to your question around tax policy is that, so Jeff Bezos just moved here to spend more time with his father. What a guy. And so this goes to tax policy. What people are doing is, or very wealthy people,

what they're doing is they're leveraging the incredible infrastructure, schools, and culture of a place like California or Washington State where they build wealth and then piecing out in time to recognize a capital gain in a low-tax state. Now, I get that. That's the right, but that's not being competitive. That's not paying it forward or paying it back to the culture and to the schools that built that wealth. So in terms of tax policy, just a couple things I think would help. One, you should be taxed on the income you make based on the state where you made it. If you made a lot of money leveraging the incredible University of California and the ecosystem in the Bay Area, then whenever you begin to recognize

that capital gain, you should be charged on it. You shouldn't be able to piece out and then move to Florida and not pay taxes back to the state of California. And I personally think that what we have in the U.S., we're spending $7 trillion a year on $5 trillion in receipts. That is the biggest tax increase in history, because what that means is at some point you're going to have to pay that back, whether it's through higher interest rates or an inability to invest in education and infrastructure. You're just going to be, all of your taxes are going to go to interest rates. So, one, for me, there's just a couple of basic solves here. And the incumbents like to create this illusion of complexity that these are unfixable problems.

You could fairly easily fix our deficit and our tax problem with a more equitable tax code with the following. One, an alternative minimum tax. If you're making over $10 million a year, I think we should go back to the 60s, 70s, and 80s of Reagan, and you should pay an alternative minimum tax of 40 or 50, 60 percent. Because effectively, you get no incremental happiness above a certain amount of money. What you want is taxes that are the least taxing possible. And there's a lot of research showing once you get to a certain level of wealth, you get no incremental happiness. So I'm all for Elon Musk making a trick.

I just think he should give half of it back because if he if $500 billion goes into the tax, if he only makes $500 billion, not a trillion, he's not any less or more happier. But five million households that have child tax credits, health care, that makes those households, those five million households much, much happier. And then the real solve for our deficit and to give you the same type of opportunities I had is we We need to move away from this dynastic society we're building. We're building dynasties with Nepo wealth. And in the U.S., we now have a $30 million tax exemption for inherited wealth.

And that actually can grow to billions if you put the money in. It's valued. It qualifies for that $30 million exemption when you put in, say, $10 million in private stock. And even if it grows to a billion, your kids get it. And again, I think your kid, I think Jeff Bezos, Jr., inheriting $7 billion, instead of $9 billion, loses no happiness. But we have supposedly about $110 trillion in wealth that's going to be the queathed or inherited over the next 50 years.

It's pretty simple. Just do away with the estate tax exemption. Maybe making a million bucks, you want to make sure your kids can have a home fine. But really, really wealthy people, one of the wonderful things about America is you come here to get shit done on your own, to make it. And by the way, I don't, I not only don't think rich nepo babies lose from not being really wealthy, I think they might even be a little bit happier. I don't know a lot of really wealthy kids and think, oh, they're so much happier having inherited all that money.

So there are some very simple solves. An alternative minimum tax, such that rich people say pay the same tax rate you pay. And let's go back to what America is and not build dynasties and say there's just not going to be any estate tax exemption. The kid's going to inherit 40 million, not 60 million. And what will happen is they'll use terms like network effects and productivity. You're the most productive people. Do you realize how much bullshit is inserted into the tax code to benefit me? I sold my last company in 2017.

The first $10 million was tax-free with something called 1202. I had no, it was like a surprise. Oh, your first $10 million is tax-free. And they said, well, it's because we want to make sure the most productive people. re-investing companies. No entrepreneur starts a company because of the tax code. They read the tax code before they start their business and they just exploit it. In some, there are some basic solves to make sure our children and young people have the same opportunities we had. And unfortunately, because of Citizens United, the tax code has been

weaponized by the 1%. Well, we started to call it on the podcast and on the show is this idea of the inheritocracy, where you have a third of billionaires today who are, becoming billionaires, not because they created a company or because they did something for society, but because their parents died, because they inherited the wealth. And it's interesting looking at Florida as sort of a ground zero for this because it is becoming this magnet for this extraordinary wealth, the likes of which we've literally never seen on a relative basis in America. And, you know, I'd like to just bring up the idea of the gated community, which is kind of a new concept, but it's really found its home here in Florida.

One in ten homes in this state are in a gated community, which is more than double the national average. So this has really become a thing here, and you mentioned members clubs. This is sort of members club central. Yeah. There is a club I was just seeing in some research today. There is a club here in Florida.

The initiation fee is a million dollars. That is totally out of control. And it does seem that if we're talking about this issue of the K-shape that we talk a lot about, this increasing divergence between those at the bottom or even those in the middle versus those at the very top, it does seem that Florida, in a lot of ways, is starting to reflect that in the form of gated communities, private islands, private members clubs with crazy initiation fees, private security guards, in which in this state it is the highest per capita rate of private security guards, one of the highest in the entire nation.

This is sort of ground zero for where that's happening. I guess the question becomes, where does this all go? Like, if we continue on this trajectory and we just assume, okay, we're just going to keep doing this while the other line goes like this and one line goes like this, what ends up happening? Is there a breaking point in Florida, in Miami, but really in the United States? So I think your analogy of a gated community is the correct one for all. all of America. I think America is becoming one giant gated community and it's very unhealthy.

So a third of all giving to the government is from billionaires. There's 900 billionaires in the United States, probably only 300 give money and that's a third of all political giving. Huge influence. And it probably has more influence than a third because they can be very strategic about where they put their money. And the problem is, is that the 0.1% are no longer living in America. They're living in a reasonable facsimile of this euphoria where the bottom 99.9% have been optimized for an extraordinary life. So when I was growing up, my dad's boss had a bigger house, but they lived in the same neighborhood. And it was sort of the same. You know, business class was a wider seat, but it wasn't a different life. And the fear is that the 0.1% who have a disproportionate

control over the tax policies and policies, generally speaking, the laws in our country, no longer really live in America and aren't invested in the success of America, don't really understand, like don't know what they don't know in terms of what it's like out there, because they're living, they have no contact with what it means to be in America anymore. So, and I'll put it back to you, I don't know what the solve is, but I'm not sure. I mean, if you want, remember the TSA crisis, I thought this could be over in 24 hours if you grand every tail number that's a private jet. You watch, the whole crisis would have been done in 24 hours. But the people who have a disproportionate amount of influence in our government, they weren't waiting in line at Miami International.

So I don't, do you have any thoughts or ideas on how we help the 0.1% be more invested in the success of America? Well, I think some of your suggestions around alternative minimum tax, I think the estate tax is a very important one. I think another thing that we talk a lot about is the idea of implementing some sort of a borrowing tax, what we know about how the wealthiest fund their lifestyles is they never sell because if you sell, that's a taxable event. Instead, you just borrow against your assets in perpetuity and you get a very low interest rate because they have so many assets to begin with. So you're good, you're fine. So if we could figure out a way to tax, that moment, then if you made that a taxable event, if that was a realized gain in some way,

then you might start to get at the problem. But it's interesting you say this because, you know, when TSA was grounded and I remember watching an interview with Treasury Secretary, Scott Besson, and he said something, they were talking about housing prices, and he said something along the lines of, if your family is buying your fifth or your sixth home, dot, dot, dot, dot, at which point everyone goes, what is he talking about? And there's suddenly this moment where you realize the guy who's in charge of the economy in a lot of ways really has no understanding of how the average American is actually living. And I have to tell you, while we're here, it reminds me a lot of what happened to London and what happened to the UK, where I was born, where I'm originally

from, where the UK was an incredible economic force. They were the empire. They were the man, the British Empire. Everyone loved the UK. incredible productivity. Suddenly the empire starts to die down. And then the UK asks itself, okay, what are we going to do about our economy at this point? How do we solve the problem? And they decided to become, and we had Oliver Bullough on who wrote a book about this, what he calls a butler to the world. They essentially decided, you know what, we're going to loosen regulations as much as possible. We're going to become the hub for financial services specifically. We're going to make it a lot easier to avoid taxes. You can

do that through Jersey or through some of our little principalities and islands here and there, we're going to make it a lot easier to launder money, to engage in tax evasion. And it essentially became the stomping grounds of the global elite, which in a lot of ways was good for some reasons. It did increase productivity, a lot of nice restaurants in London. But at the same time, it's kind of a shell of what it once was. And you've talked about this. You walk through London today, you walk through Knightsbridge, you look at these gigantic, beautiful apartment complexes. Most of them are empty. Yeah.

Most of them, people aren't actually living there because it's a Russian oligarch or a Saudi shake or an Emirati billionaire who just decided to buy this thing because he had to park his money somewhere. Maybe his son or his grandson lives there from time to time for a month or two months. But ultimately, you lose the sense of the community that makes what England was, what made it great because it has become something of a shell company. And I do wonder if America is at risk of those same problems too, and specifically Florida. I don't think it's anywhere close to London, but it certainly seems to have some analogous characteristics. Go to the surf club in the summer

and see how many people, how many lights are actually on in that building. Right. And just going back to Brand, I've been thinking I wrote a thing on Friday and I wanted to bring it up. And I generally don't know how this couch can react to this. But we're talking a lot about the U.S. brand and trying to draw people. And we have, as a brand, we can, one of a really outstanding brand attribute is we can deliver violence to anywhere in the world like no one else's business. And we're able to sort of enforce our will and protect our interests. I actually think that's important. We have 12 carrier strike force groups.

No one else has more than one. But the flip side of that coin, the peanut butter to the chocolate and the peanut butter is in addition to being a violent people. We're also a very generous people. And that is after World War II, we went in and said, these are our enemies. Let's learn from World War I. And in exchange for you doing terrible things to us and in committing acts of crime against humanity, Germany, we're going to rebuild you. Japan, we're going to tax American households and we're going to rebuild you. And the result was arguably the most innovative act of the 20th century, and that as we turn these two incredible cultures that we knew it rebuilt, within 30 years, Japan was making the best cars in the world. And so was Germany. And now they're our allies, they're our friends. And it helps create a greater operating system and security around democracy and around the world. I worry that America has held on to the ability to deliver violence, but has lost its sense of magnanimity and generosity. And the reason I bring it up at this with this audience tonight,

is that the United States is asphyxating a nation that's 90 miles south of here. And it feels to me that's time to move to the magnanimity part of the program, where we say, look, if you want to invade Cuba, the way you do it is by making them love Americans, not fear them. I think the cheapest, easiest, most elegant way to make Cuba an ally for the next hundred years, is to essentially go in and say, we're going to turn the lights back on.

You're our neighbors. We have a lot of wonderful Cubans in the United States. No one should die in a hospital because they don't have power. But these threats of violence and military intervention, without that, also that generosity, it doesn't pay off. And it isn't getting nearly the coverage. It should. It would be fairly easy for America right now

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We're back with Profi Markets. So we're here in Miami, the place widely known as the crypto capital of the world. And it is a very interesting time for crypto. After years of what crypto companies considered to be harsh regulation, President Trump has made it his mission to embrace the industry. In addition to launching his own cryptocurrencies, he also installed pro-crypto advocates to chair the SEC and also the CFTC, the two main agencies in charge of regulating this stuff.

Meanwhile, the Clarity Act, crypto's first comprehensive federal framework is currently making its way through Congress as we speak. And just this week, the CFTC cleared the way for perpetual futures. Highly risky, derivative assets, they're very popular right now to be traded on crypto exchanges. In sum, crypto is finally getting the regulation that it wanted. However, it isn't getting the returns that it wanted. Since Trump took office, Bitcoin has fallen roughly 30%, and Ethereum has declined more than 40%. So despite the government's embrace of digital assets, the industry's future remains very uncertain.

Scott, we're going to get into crypto. But before we do that, I just want to play a clip that went viral literally yesterday. It was an interview with Jamie Diamond, the CEO of JP Morgan on Fox Business. And they were asking him for his thoughts on the Clarity Act and his thoughts on Trump and the administration's approach to crypto regulation. And also the fact that Coinbase is very happy about what's happening. Let's just play that clip and let's get your reaction. So are you happy with the way the Clarity Act is turning out? No.

No, because it allows them to effectively pay interest on deposits, stable coins or something like that, without the protection that they should have. And it doesn't do anything for MLBSA. It has almost no legal protections. So no, the banks will not accept it that way. Well, the markup is coming. I mean, what are you going to do about it? It is.

We'll fight it. we lose and we'll live. But it will be fought. This will not be, no one's going to bow down to this guy, okay, or that company. And he's the only one. And he's spending hundreds of millions of dollars

in Washington this thing. He said he's representing the whole industry. He's full of shit. So the CEO of JPMorgan is now down to say he's full of shit on camera about Brian Armstrong. That's who he's talking about,

who's the CEO of Coinbase. We have kind of the class of traditional finance and crypto finance, and now they're throwing shots at each other and insulting them, calling each other names. I guess what do you make of the fact that that is now happening in business? Well, I'm going to take the average back

because I want to ask you your question. So I'm one of those guys, I'm a no-coiner. Just to be blunt, I think I understand more about the markets than your average bear in investments. I literally don't understand Bitcoin. I never have. I don't get it.

what I think and everyone in agreement I want to be transparent I think some of that is built up resentment because I think I'm the only person that hasn't made money in crypto

you know I kept saying this is going to zero when it was at $60 and now what it's at $60,000 so my thesis and I'll put it back to you I think what crypto is

and this is a question not a comment I'm genuine I want to learn here from someone much younger than me. I think it's young people saying, fuck this. I'm going to invent my own asset classes. You keep propping up your own asset classes and I can't, it's too late for me. I can't get into real estate. I can't buy a shitty home. I'm not going to buy a shitty home for $2 million.

I'm not going to buy Apple at $300. So I'm going to create my own investments in my own asset classes because if you find people my age, we're saying we don't get it. It's bullshit. because we've already made our money, right? And I think younger people are saying, okay, if you're not going to let the markets fall and you're going to keep using my credit card to bail you out by propping up asset prices artificially, I'm going to create my own asset classes.

Anyways, do you think this is a response to young people trying to create their own asset classes so they can create their own economic value? I think that's exactly what's happening. And the trouble, though, is that cryptocurrencies on addressing the problem. They know what the problem is. They're asking the right questions, but they haven't found the right answer. It is true that for young people today, it's far more difficult to build wealth in a substantive and meaningful way. Housing prices is the

perfect example, ground zero for the problem, where the average price of the house is seven times average annual income today. And you go back to my parents' generation, my grandparents' generation. It was four times and three times. The cost of college is another one for young people that is now a huge problem, 42% of annual income and you go back to my parents' generation, it was 13%. And I think stocks is another great example. I mean, we look at the price of the stock market today, the Schillopee's at 40 times earnings today. Go back 20, 30 years, it was around 25 times. So everything is incredibly expensive and it relates, I would add, to our previous story. So then there is a question okay, what do I do that? How am I actually supposed to build wealth? And I think what we're seeing

among young people is we're turning to what I would call casino assets. One of them would be simply gambling, sports betting, prediction markets. You can say maybe that's investing, but it's really gambling. Another is options trading, especially zero-day options trading. Young people specifically, more than a third of us who are invested in the market, more than a third of us are trading options every day. That's higher than any other generation by far. And the third one is, of course, crypto. One in five of us only own crypto. That's the only asset class that we own.

So we were very excited about crypto. This was supposed to be the ticket out for a lot of young people. My concern, though, is the fact that when you look at actually the data on how we're doing as a generation invested in crypto, almost 90% of us are losing money on crypto. we're getting obsessed with the trading, we're getting super into it, we're often taking on huge amounts of leverage. And I would add something that was in our intro here is that we're now legalizing these perpetual futures, which are essentially these options contracts that never have an expiration date. So you can either keep making money into infinity or you can keep losing money into infinity.

And the great new innovation of perpetual futures, which the government has decided to now legalize, is that there's only, almost unlimited leverage. On Coinbase, you can lever up 100 times, on other platforms you can lever up a thousand times, which means that you are essentially a thousand Xing your risk. And increasingly, we are seeing many stories of young people who are getting usually brought into some sort of pyramid-like scheme group chat that they see online. Some Andrew Tate equivalent convinces them that this is the way you're going to escape the matrix. This is how you're going to make your money. They get drawn into this stuff. and a lot of them lose money.

But those are the stories that we don't hear. Because all we're hearing about is all the people who are making all the money and their Lamborghinis and the fact that they're posting on Instagram and posting on TikTok with their mansions and their handbags and their $100,000 trips to Mekonos. We're not hearing about the nearly 90% of young people who are losing money on this stuff. So I think, to your point, it's like we're addressing the, we got the problem,

we know what the problem is, we know what questions to ask, but we found a solution that really doesn't work for most of us, and I worry that it might even make young people even angrier. And I guess at that point, then I wonder, where do things go from there? That's the part that I'm feeling anxious about, at least. Well, earlier in the program you asked, where does this all go? The fact that so many gated communities, so income inequality, I mean, we have a lot of problems.

And income inequality is right up there because, so there's something called the genie coefficient, It's a measure of inequality by an Italian economist. Zero means everyone has exactly the same amount. That's a dream of communism, right? One is one person owns every asset in the world. The French began separating people from their heads when the genie coefficient was at 0.83. In America, it's 0.85 right now.

So I think we have a series of small revolutions taking place in America. I think when people go to a data center and get angry, that's a form of revolution. I think the Me Too and Black Lives Matter moments were righteous movements with very valid concerns, but they weren't going after the owner of a taco truck and accusing him of sexual harassment. They were going after rich people. I think people have literally had it. And where revolutions start, people make the mistake of thinking that revolutions start because of unemployment and that people are bored.

and I've often said the most dangerous person in the world is a broken, lonely young man, that's the most dangerous person, but revolutions in societies fail, not when people aren't working, but when they're working two jobs and they're still hungry. So we've transferred money from consumers through inflation, we've transferred money from laborers and earners. The minimum wage is $7.25. It hasn't gone up in 15 years despite the NASDAQ tripling. Meanwhile, as a percentage of GDP, the S&P is higher than that.

than it's ever been. So we've made a concerted decision to allow a transfer of wealth from earners, people who work, and consumers, people who pay prices, to shareholders. So it's awesome to be a shareholder. And if you got in and you own a lot of shares, you've done really well. But if you've never been able to make the jump

to light speed because you work, because things are so expensive, you just can't save money, much less invest, you're kind of trapped. You've been left behind. So where I think this goes is a form of revolution, and that is we've decided we want extremism. We want chaos.

People are upset and angry, so they want chaos. But the manifestation is chaos is an embrace of extremism. I want the far right or I want the far left. And I find that whenever the far right or the far left meet on something, it's a really fucking dangerous idea. The far left and the far right, they meet on anti-Semitism and anti-vaccines. They're both alignment. Whenever the far right or the far left agree on anything, it's usually a really bad idea.

And I worry, and I'm a progressive, and I'm going to work hard to try and put more Democrats in office the next two and a half years. But I also think that, okay, now let me bum you out. I think fascism can come from the far. left as easily as they can come from the far right. So unless we figure out a way to transfer more money back to young people in the middle class again, we're going to have extremism. So I think all of this is tied into income inequality, the pursuit of DOPA by young men, and a general sense of dissatisfaction. I'm working my ass off and I still can't get ahead. So I am willing to vote for people who are just extreme.

rather than coming together and realizing that 70 or 80% of us agree on most stuff and that there are common sense solutions in the middle, but none of those common sense people in the middle can get elected because we keep wanting chaos and I won't even get into gerrymandering. But I think unfortunately we're moving to a nation of chaos and anchor that doesn't represent America. we're actually not as divided as you would believe. We're being divided by people trying to take advantage of the chaos

and take advantage of the income inequality. So here's a question then. While we're on the topic of crypto and agree. We're talking about crypto here. Trump, our president, he's the pro-crypto president, and he's pro-innovation, all these things. Okay, fair enough. Sounds good. I also know that as soon as he became president, he launched Trump coin, and then his wife launched

Melania coin. I know that as soon as that happened, we saw huge buying immediately when he launched the coin. But while that was happening, and of course, because he's got a big fandom and he's got a big social media presence, while that was happening, many of the largest accounts were selling very, very heavily on those accounts, the insiders of Trump coin made a billion dollars off of that coin. We don't know who the insiders are.

We just know that there are a handful of wallets who are connected to the token itself. They made a billion dollars. The retail investors who bought Trump coin and then lost about, I think it's down 85% since its launch. They lost cumulatively around $4 billion. dollars. Trump and his family have made $800 million personally off of their own cryptocurrencies. I look at that and I say, okay, this is flat out corruption. It's the worst we've ever seen.

This is insider trading gone wild, gone crazy to levels we couldn't even fathom. I look at what he's done to the SEC, where the chair of the SEC is a former crypto lobbyist. I look at who is put in charge of the CFTC, who is a former pro-crypto corporate lawyer and also a pro-prediction markets corporate lawyer. I look at what they have done at the SEC, where they have reduced the headcount and the amount of prosecutions have fallen by 30%. At the CFTC, the prosecutions have fallen by 80%. So as much as they create a framework for crypto, what we know that is they're not going to prosecute

anyone. They're not going to do anything about it. That, to me, it's right there. Okay, now we know what the problem is. Now we know where the corruption lies. However, I saw a really interesting poll this week. They did a poll of Trump voters, and they asked him if they believe that Trump has personally profited financially off of the presidency. Half of his supporters think that he hasn't profited at all.

At that point, where is the conversation? If we can't have a real conversation about what's actually going on here, if we can't look at the numbers anymore and no one can agree, then I'm not sure how we can ever even reach a discussion where we can even address these problems. And I hate to say it's because I feel like we've been kind of Debbie Downes

this podcast. But what are we supposed to do about that? Drink more. We're supposed to drink, I heard. Yeah. That's right. So just to be fair, the S&P is up 200% in the last 10 years. Berkshire Hathaway is up 300%.

Speaker Pelosi's portfolio is up 700%. The corruption is rife on both sides of the political aisle. I think Trump came in and said, okay, Speaker Pelosi, Marjorie Taylor Green, you're making millions. That's small ball. I'm going to make billions. Hold my beer.

Hold my beer. Nazi Pelosi. Yeah. So I don't, I think, we need to address corruption on both sides. Agreed. My idea of corruption at a federal level is I would adopt a Singapore model. I think our Congress people and our senators, I deal a lot with them. I say that because I'm desperate for your affirmation. And I think it makes me sound important. But I think they're important people.

They do important things. And I actually, every time I spend time with them, I'm impressed with how many of them are really good people. I'm kind of sick of shitpost in government. The implementation of the policy is I would adopt a Singapore model. I think every Congressperson should make a million dollars a year. I think every senator, two million. I think the president should make $10 million a year. And then absolutely no conflict of interest, no stock trading.

You can't go to work for a lobbyist. You can't because just a zero-tolerance policy. I also think we need a reckoning in this country. I hope that the next president, in coordination with states, AGs, goes after the sons of people who are trading American diplomacy for crypto investments out of the Gulf. I just don't, I think there needs to be a reckoning. I think that we need to say, restore to America that if you, you have a shot, even if you don't know powerful people who trade off American security and American interests, that's just

not, we're just not going to talk. that anymore and where it's the stuff you don't see that really impacts you. I had chills go down my spine and this got no coverage. I believe we're going to have a soft invasion of Taiwan in the next couple of years through economic sanctions and a blockade by mainland China. Why? I think Trump has basically figured out the perfect economic vehicle crypto to become the wealthiest man in the world. and if I were she, I would have done the following. In a private meeting with Trump at their summit a few weeks ago, I would have said to Trump, I can make you the wealthiest man in the world.

I'm super interested in the Trump coin. I think it's a great idea. We love it here. And here's my mathematician, and I figured out that with just $7 billion in a fund, which is super easy for me, I'm an autocrat, and timed purchases done through several, shell companies, I think I can make you the wealthiest man in the world and you can elegantly start to sell it and you're going to become the wealthiest man in the world. And by the way, I would just really like to see your Ohio-class nuclear submarines vacate

from the South China Sea. That's what I would do if I were she. And you don't believe this guy will do that? And then on the plane ride back, he's asked about would we support Taiwan if they were invaded And he's the first president who said the following. He's like, I don't know, I'm going to keep that to myself. So I think a soft invasion of Taiwan has already happened because we have a corrupt government and a corrupt president,

and now we have the ultimate vehicle for hiding that corruption in Bitcoin. Now, I might be paranoid, but it doesn't mean I'm wrong. It seems that it's ultimately, I mean, it's always all been about money, but it almost seems like in 2026, it's more about money. money than ever before. That's really all that matters. You can essentially pay your way to access, you can pay your way to policy, you can pay your way into anything. I just, I mean, while we're on the topic, I just, I really want to drive home the point, especially for the young people who have, we've really become addicted to this stuff. We've become addicted to the

crypto. We've become addicted to the sports betting. Half of young men today have an online sports book. Again, this is because we have pushed it through deregulation, and then also just these advertising budgets are exploding. You can't walk around without seeing an advert for draft kings or for Fanduel or any of these gambling companies, but I would just point out your odds of making money gambling are lower than your odds of getting bit by a dog. That is our statistic just like it's not really going to work. But the thing that I also learned recently is that the average return trading on prediction markets is actually lower than the average return gambling. It's negative 7% when you're trading these events contracts. So I just think that we need to have more of a

discussion. I mean, and as you know, and we both agree, I'm pro gambling. I'm pro, you know, having fun and getting out there. But we need to be a lot more clear about what the risks are with this stuff. And it seems like we're making an intentional effort, especially from the top down from government, to say, no, everything's fine, it's all innovation, don't worry about it, don't, we're going to have no rules whatsoever because any kind of rules will stifle innovation, but ultimately I think that a lot of people actually are getting hurt financially as a result of this. And I think it just deserves a lot more conversation. I'm one of my intellectual role models is a guy named Jimmy Carr, and he has this great rap,

and I agree that I'm very pro gambling. And what I would say young men is gamble, but take risks, take good risks. And that is, most risks taken on a screen are bad risks. Most risks taken off a screen are good risks. Find someone much hotter than you and take a risk and ask them out on a date. I'm drinking it out. Find a job you're not qualified for and show up in the lobby. Find something you're super passionate about and feel really strongly about and risk your time in your career. Take more risks offline and take fewer risks online.

Don't shitpost people or criticize them on your keyboard. That's just fucking weak and stupid. That means you have issues. but at the same time, and it's very hard for men, especially young men, because to compliment somebody exposes you, there's this weird, and I suffered from this when I was your age. If I complimented somebody else, I expressed affection, I expressed romantic interest, I told another man that I thought he was impressive, somehow that it took from my masculinity and I was risking something. And just going back to where I started earlier, when I was at the Raleigh Hotel, And it was the middle of the day and without the benefit of alcohol. And I saw someone to, I saw someone I was quite frankly just really attracted to.

I wasn't thinking I want lower rates on auto insurance. I was thinking I would really like to have sex with this woman to be blunt. And I thought, I promised myself before I leave this hotel pool, I'm going to speak to her. and it's just not easy right middle of the day no alcohol she was with another woman and a guy so i went out to get my electric blue mazirati with my that helps with my valet ticket and i was sitting there this is a true story and i thought how fuck and i'm like you know i'm such a wimp i hated myself so i said i'll be back in a minute and i rolled up to them and i said where are you guys from and like i said 18 months later we had a kid.

Anyway, my advice to young men is just take a shit ton of risks as long as they don't involve a screen in an algorithm. Gamble. Gamble smartly. Cheers to that. Cheers. More risks in 2026.

Stay with us. In the span of a decade, Ben Shapiro built the daily wire into a conservative media empire. He produced hit podcasts that bit at liberal excesses and documentaries and lectures about the founders, the genders, the Gospels. He peddled polos, hats, candles, provided a home for deep-platformed conservative stars like

Matt Walsh, and minted stars like Candice Owens. Let's put a pin in that. The Daily Wire even has kids programming, a judgmental puppet named Zoodles. Zoodles! Who shares Shapiro's load-bearing eyebrows. This year, though, the Empire showed signs of collapse. The Daily Wire's YouTube videos are down from millions of views to the low-fi figures. Web traffic is plummeting.

And recently, Shapiro laid off 13% of his employees. Asked by the Washington Post, what had happened? Shapiro accused other conservatives of click-horring by embracing radical Islam, theorizing about the evils of Winston Churchill and mocking the widow of Charlie Kirk. The kids still got it. On today, Explained, the fall of Ben Shapiro.

Today Explain drops every weekday afternoon. We're back with Profi Markets. Let's move on to our third section here. It is time for our Q&A. So we've been collecting your questions backstage. I have them on this iPad here. The first question is from Hans, who is in seat G116. Hans, how's it going?

Good to see you. It's going amazing. Great to be here. Love you guys' content. Thank you so much for coming to Miami. So my question is, allegedly, Peter Field just moved his family to Argentina. What does that tell you about the American Society, economics, and how they feel about where America's going

and what are they hedging their bets against? I'm sorry, Pete, T. You'll move to Argentina? Is that what they're a question? Apparently, allegedly you moved to Argentina. What is that? We see a lot of billionaires moving, I guess, or just going to other places. Right.

Which is very pertinent to the conversation where it starts out with, oh, I'm not happy with how things are going in California. I'm going to move to Miami of Florida. And then it becomes, actually, I'm not happy with how it's working with the U.S., so I'm going to go to Argentina. I saw that story.

It came out just today, maybe yesterday, and the reason he's doing it is because he says that socialism is on the rise in the U.S. and we're becoming like a communist nation of some sort. And so Argentina is the place to be because Argentina is embracing libertarianism.

My question is like, when does it become, oh, I don't like how things are happening on Earth? I'm going to take a spaceship out to another planet. We're getting weirdly close to that, I feel. What do you think of this, Scott? I think Peter Thiel, moving to Argentina, it says more about him than it does about America. Like, I'm, I'm coaching a bunch of Democratic nominees for president, and they'll say,

what's the one policy you'd want to implement if you can implement anyone policy? Hands down to be mandatory national service. Because one thing young people get wrong, one thing they get wrong, they do not realize how incredibly fucking lucky they are to be born in America. As bad as things are, talk to someone who lived in Argentina and came here and see how fucking awesome it is in Argentina. You still have amazing rights.

I have been literally molesting the earth for the last 30 years. I spent 180 days a year on the road. I have spent at least 30 days in Argentina and name any other 40 or 50 countries. this is how I would reduce my reductive analysis of the world. America is the best place to make money. Europe is the best place to spend it. If you're young and you're looking and you're looking for opportunity,

you're looking for protection, you're looking for rights, you're looking for people who will risk capital on you, you're looking for rule of law, you're looking for, you know, an opportunity not to be persecuted or not be disadvantaged because of who you are or who you want to love or the gender or the race you were born, this is still, in my view, the best place in the world. And what mandatory national service would do is it would get kids off this hate America technology called social media and show them just how wonderful other Americans are. We need, the best thing to raise up

America would be for Americans to get out of their homes and touch and feel more Americans from different sexual orientations, different income groups, different states. We need mandatory national service. Hans, thank you for the question. We have a question from Alex Gordillo, Gordillo in PTE-110. And Alex has a question about building wealth. So my 20-year-old nephew lives tomorrow for the U.S. Army. And I've been trying to, like, show you, show your content for the last two years. And this is, like, the first time she actually agrees to read, to come or to, you know, participate. So my question is, like, for a young Colombian immigrant entering the military service with, like,

clean slate, what specific wealth framework will benefit him the most right now? And how can I keep him engaged with your content? It's something called the Internet. Dude, I'm like AOL in the 90s. You stick your hand into a cereal box. You're going to pull me out. I think most people are asking, how the fuck do I get away from this guy? I mean, it's not going to be hard to stay in touch.

Young man, can you stand up? Just going back to the notion, I do some, one thing I do take, I think we do take for granted is that the best performing organization in the history of the planet is the U.S. military. hands down. It is what the U.S. military consistently is able to pull off the level of professionalism, the level of discipline, the level of empathy, leveling up. It's been such an incredible equalizer in our society. And that is, when you're in a foxhole with someone else and you have to handle heavy, dangerous equipment and your life depends on it, you don't give a flying fuck what their sexual orientation is or how rich their father is. It is the ultimate, it is the ultimate equalizer in terms of character and skills.

And it's so encouraging and important that, like, you know, these stacks of awesome continue to decide to go into what is the best performing organization in the world. Seriously, congratulations. This really builds outstanding men and women. Thank you for committing to that. I think it's one of those things where for the rest of your life, you're going to, I mean, it really, I think it will really shape who you are. We have tremendous, we have a wonderful program at Stern where we bring in kids from the service and they're hands down just the most impressive, honorable, disciplined kids. So anyways, well done.

We have a question from Jose Rodriguez in seat X-113. Long time listener, first time caller, so thank you. Let's go. Welcome to the show. So my question had to do with, I guess like the Titans now, right, of industry. Why is it that they all seem to be kind of psychopath, sociopath? Why do we seem to be rewarding any social behavior? Oh, and by the way, I'm a psychologist and a professor also, so. Where do you teach?

I'm at Florida International University, right here in Miami. Nice. Well done. What about you? Eddie, you take this. Why are they so weird? Well, any social really is the issue, right? It's right. That's right. I mean, the first thing that comes to mind when you ask that question relates to Peter Thiel. I watched this, I don't know if you saw this interview recently that he did with the New York Times.

The interviewer asked him, he was like, do you believe that the existence and continuation of the human race is a good thing? And Peter Thiel goes, oh. He paused. Well, I swear you got it took maybe 45 to 60 seconds to answer the question. And then he didn't even say yes, which was insane to me. On this point, I think from a regulatory perspective, it's very clear to me that we have decided to let these tech giants run amok. And Scott has talked about big-time. tech regulation for the longest time. This was his first book. I don't know if you guys remember

his first book, the four, but it was about this monopolization effect that we see where we refuse to get our act together in terms of antitrust. And we allowed these big tech companies to get larger and larger and larger and to establish these monopolies where meta is controlling 70% of the social media market, Amazon's controlling almost 80% of the e-commerce market. I mean, these are tried and true monopolies that have happened here. One thing that I thought was going to happen was that we were all going to get our act together and decide basically as a country that that was a problem,

that monopolization leads to extortion, it leads to pricing power, that this wasn't something that should continue. And I thought that there was agreement on both sides about this. And then there was an antitrust case against Google. And they found that Google was indeed a monopoly. They actually convicted Google of running a monopoly. They said, you have done so for a decade.

And I was like, wow, I remember we covered it on the podcast. I was like, oh, my God, this is the big moment. Antitrust is actually going to get in there and figure out what to do about this. And then it came to what to do about it. It came to the remedies. And this was a few years ago, and the judge said, you know, I would break them up. And I know that's the recommendation from the DOJ. But there's this new thing called ChatGBT.

And it's really powerful. And if we break them up, then we're doing something really unfair to Google because AI is about to destroy this business as we know it. Google, yes, it has 90% of the search market, but ChartGBT is going to destroy that. It's going to ruin that monopoly as we know it. That's what he said. Fast forward two years later, Google continues to have a 90% market share of search. Their search revenues have actually grown since Chart CBT.

In addition, they simply launched their own competitors. it's called Gemini, and it's hot on the tail of chat CBT, set to take over if it tracks in the next few years. And so essentially, what you had was everyone thought that AI was going to destroy the big tech monopoly, the oligopoly. It only enabled it. And actually, when you look at Google stock, Google is the AI winner of the AI boom. The stock has almost tripled since that happened. So I think what we have a problem here is we pretend like it's a problem. we all kind of say that it's a problem and that we should do something about it.

And what is very frustrating to me is that when it actually comes time to break them up, as you've been calling for for years, we still refuse to do it. I think these billionaires run these tech companies, they're just so out of touch and they know that they're almost invincible because that's exactly what we're telling them. I don't think they got laid enough in high school. Yeah, well. Professor, you're going to forget more about this and I don't know.

I do think we have a tendency to demonize our life. leaders, but the incentive system to achieve that level of economic success and power, and this is the problem with the people who ultimately end up running for president, you have to be so monocular in terms of your focus and so ambitious that you don't perhaps develop skills in other parts of your life. And maybe you lack a certain amount of empathy, maybe your priorities are a little unusual. I think you just have to be so focused on economics and power that it attracts a certain type of person. And I think sometimes, I think quite frankly, we sometimes get the leaders we deserve.

What I think a lot about is that I worry that anyone under the age of 25, in our nation, we have an idolatry of the dollar. Because church attendance is an all-time low and because our brain is big enough to ask really big important questions, and not big enough to answer them, we invented gods. And because of science and the lack of church attendance, which is in an all-time low, we no longer believe in God as much as we used to. So we fill the void with tech innovators because the closest thing to mysticism and magic is technology.

Like, I don't understand how my phone works. So you take the combination of what feels magical technology and our idolatry of the dollar, and we end up with the new Jesus Christ with Steve Jobs. He's our idol. This is a man who denied his blood under oath to avoid child support payments when he's worth a quarter of a billion dollars.

So unfortunately, I just think we've picked the wrong idols in this country. And something that really worries me is that if you're under the age of 25, especially as a man, we've just given them really shitty role models. The most natural role models for young people are going to be the president of the United States.

That should be any young person's role model. And in a capitalist society, the wealthiest person in the world is going to be a role model. And so the two role models now for young people, and especially young men, are people who punch down, people who cut off aid to HIV-positive mothers in Africa, people who have made our discourse much more coarse, and people who are being sued concurrently by two women for sole custody of their child because they haven't seen that child. The reality is we just need different role models.

So I don't, I'm worried that we are, we have an entire generation of people growing up who think that making, you know, our president answered a question to a female reporter with quiet piggy. what the fuck that's what our young men and women are seeing who should be the natural leader so maybe I'll put it back to you professor

what went wrong here why are these people like this how much time he has got no are you familiar with the work of Robert Sutton yeah yeah so the no asshole rule right he wrote this book called literally the no asshole rule and who's an asshole somebody who punches down right, somebody who's uses their position of power.

And maybe we need to consider that when we're considering our politicians and who we want to idolize. But I also want to get a shout out to your book, Notes on Being a Man. That was a really good read, man. Thank you. Thank you for that. That was fantastic. Thanks for saying that right there is, you know, setting the stage for what you've been talking

about, like the role model, like what to be, what to do. I appreciate that. Thank you for saying that. Oh, I'll accept my check later. All right. Last question. Last question. We got a question from Stan, who's in the pit. Seat 107. I'm 19, currently fostering new relationships in and out of school. And you've often said that relationships have been a key aspect of your life professionally. Yeah. Which relationships

would you say have generated the most from time invested in your life professionally? It's a really thoughtful question. Look, the most important relationship and the most important decision in your life will be who you decide to have kids with, who you partner with. I have friends who are very successful on exterior metrics, but they don't have a real partnership with their spouse. And I think it fills their life with anxiety and disappointment. And then I have other friends who aren't as successful, but they have a real partner and everything in their life burns brighter. So the most important relationship, I would think that. think about is trying to find a great spouse.

And typically people at your age are constantly focused on how do I find romantic compatibility and sexual compatibility? And I want to be clear that's important. But what they don't think about is finding someone who has a similar vision of what would be 70 years of awesome Tuesdays. You know, what would be the same values, enjoy spending time together. So the question is how do you do that and how you punch above your weight

class such that you can have more this is who you want to be. You want to be the guy that people look at and think, wow, I wouldn't guess he'd be that successful and I wouldn't guess he'd be with someone so cool and so hot. That's who you want to be. And the way you do that is with no. And what do I mean by that? The key to success is rejection, specifically your willingness to endure rejection. And you have every day the deepest pocketed companies in the world trying to convince you that you don't need to endure rejection. Why try and make friends and express friendship and go through the pecking order of having friends when you can find friends on Reddit and Discord? Why put on a tie, send out a hundred

resumes, show up unannounced, ask people for coffees to get a job when you think you can make money on Coinbase or on Robin Hood. And why would you go through the humiliation, rejection, expense, cost, perseverance, kindness of trying to establish a romantic and sexual relationship when you have 24 by 7 life like porn? So if you aren't getting nose every day, day, you're not going to get there. Because everyone in this audience who you would think they have a nice life, the only thing I can guarantee you they've had in their life is a lot of nose. So if you aren't getting nose every day, if you aren't applying for jobs you're not qualified for, if you aren't trying to make friends with people you perceive as being higher quality than

you, if you aren't approaching people and expressing romantic interests while making them feel safe that are quite frankly considered higher quality than you, you're never going to punch above your weight class. So one, get used to know, and also at your age, and this is where I would want to wrap up, there's a very healthy hormone or instinct that comes over you at your age where you want to separate from the pack, specifically your parents and your family. So you start thinking they are unbearable idiots. And then what happens is at about the age of 25, you realize that in 90% of the cases, your parents were your allies. So my advice to any 19-year-old male is skip to that part and just realize your parents are your allies. Should we end it there? Thank you, Scott.

Thank you, Miami. Thank you. This episode was produced by Profi Media. Thank you for joining us live. If you like me, follow us on YouTube. We hope to see you again. Good night, Miami. Thanks again to Odu for supporting this show.

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