The Pete Quiñones Show - Episode 1221: The Financial Chessboard w/ Tom Luongo

Episode Date: June 1, 2025

67 MinutesPG-13Tom is the proprietor of the Gold, Goats, and Guns blog and has written for everyone from LewRockwell.com to NewsMax.Tom returns to discuss his observations regarding the current developments in the financial sector.Gold, Goats and Guns BlogTom's PatreonTom on TwitterPete and Thomas777 'At the Movies'Support Pete on His WebsitePete's PatreonPete's SubstackPete's SubscribestarPete's GUMROADPete's VenmoPete's Buy Me a CoffeePete on FacebookPete on TwitterBecome a supporter of this podcast: https://www.spreaker.com/podcast/the-pete-quinones-show--6071361/support.

You catch them in the corner of your eye. Distinctive, by design. They move you, even before you drive. The new Cooper plugin hybrid range. For Mentor, Leon, and Terramar. Now with flexible PCP finance and trade-in boosters of up to 2000 euro. Search Coopera and discover our latest offers. Coopera.

Design that moves. Finance provided by way of higher purchase agreement from Volkswagen. Financial Services, Ireland Limited. Subject to lending criteria. Terms and conditions apply. Volkswagen Financial Services Ireland Limited. Trading as Cooper Financial Services is regulated by the Central Bank of Ireland. Ready for huge savings?

We'll mark your calendars from November 28 to 30th because the Liddle Newbridge Warehouse sale is back. We're talking thousands of your favourite Liddle items all reduced to clear. From home essentials to seasonal must-habs. When the doors open, the deals go fast. Come see for yourself. The Lidl Newbridge Warehouse Sale, 28th to 30th of November.

Lidl, more to value. Discover five-star luxury at Trump Dunebeg. Unwind in our luxurious spa. Savour sumptuous farm-fresh dining. Relax in our exquisite accommodations. Step outside and be captivated by the wild Atlantic surrounds. Your five-star getaway, where every detail is designed with you in mind. Give the gift of a unique experience this Christmas,

with vouchers from Trump Dunebag. Search Trump-Ireland gift vouchers. Trump on Doonbiog, Kush Faragea. If you want to support the show and get the episodes early and ad-free, head on over to freeman Beyond the Wall.com forward slash support. I want to explain something right now if you support me through Substack or Patreon. You have access to an RSS feed that you can plug into any podcatcher including Apple, and you'll be able to listen to the episodes through there.

If you support me through Subscrib Star, Gumroad, or on my website directly, I will send you a link where you can download the file, and you can listen to it any way you wish. I really appreciate the support everyone gives me. It keeps the show going. It allows me to basically put out an episode every day now, and I'm not going to stop. I'm just going to accelerate. I think sometimes you see that I'm putting out two, even three a day. And yeah, can't do it without you. So thank you for the support. Head on over to freeman beyond the wall.com forward slash support and do it there.

Thank you. I want to welcome everyone back to the Pekingiano show. Long goes back. It's happened and some. Not much, Pete. Like just finally I got caught up from my trip up the calendar. and yeah so happy to I would have done this earlier in a week but there was I don't think I had like five brain cells to rub it together and make a spark until about four o'clock

yesterday afternoon so yeah a lot's happened this week and we can probably touch on a couple of those things but I mean are the Panthers going for dynasty I mean it's the same I certainly I certainly hope not since I live in Florida but I but my heart's in Edmonton of you know I I think it's I think Conor McDavid is at that point where he has to have to learn how to lose in order to learn how to win. I'm hoping that that's what happens here. I think I think it would be good for the sport. I'll be honest with you. I think it would be good for Alberta at this particular moment in time.

I think it would be great for Edmund to win another cup. I know the Calgarians will be like a little pissed off, but they'll secretly be really happy that, you know, the Western Canadian boys did good. So as always the Leafs are never there. That's all I really give a fuck about it. Oh, yeah. Yeah, fuck them. But I still do want to see a game at the garden before I die at Maple Leaf Garden. But, yeah, I just, as someone who used to have Panthers season tickets,

I would like to see two in a row would be something else. All right, we're not going to do this. We did this the last time. You're just here to piss everybody off just a little bit. Like, hey, let's talk about hockey all right. All right. So, yeah, what were you trying to do to piss? libertarians often i'll tell you about mine today that'll be great what are you doing this week i i'm

well i this is two hours with dave varnaski this morning i trying to explain to him that like i am i'm over and done with you know our supposed libertarian brethren grandstanding i'm with dama trump on this is the grand standing in the in the senate and the house over this freaking budget reconciliation bill um and i've explained it on twitter i've explained it to my people and i've explained it And they explained it this morning in a different show and I'll explain it here now. Stephen Miller is correct in that the budget Senate budget rules under reconciliation do not allow for discretionary spending cuts, only mandatory spending cuts. They got $165 or $168 billion with the mandatory spending cuts at first pass through a Congress

that was dead set against giving them a dollar. And then between that and the CBO budget projection, which use their baseline as, oh, well, we were going back to these high pre-Trump tax levels. And so all of the projections of the tax collections that adds to the deficits. It's all bullshit. And it bothered me to no end to watch good people who have lived by the precept, two precepts over the last 30 years of, one, when a politician's lips are moving, they're lying, and two, all government statistics aren't to be taken at face value. Well, we have both of

these things happening at the same time, and as are a libertarian brethren who are lying through the freaking teeth, politicians are lying through their teeth about this. And why would we, quote-unquote, libertarians out in the world believe anything that the CBO has to say, knowing full well that the CBO is staffed by people who don't, who are part of the managerial state that are that is root and branch trying to stop what's happening in the executive branch it makes no sense to me whatsoever i asked this i asked this basic question without being a douchebag for once to clint russell on twitter the other day and i said Clint i mean come on man can i ask the simple question like why and he came back with well this is their best case scenario so it's actually

the realities even worse i'm like i'm bullshit like and then i posted up the miller you know multiple three or four tweets from Miller now explaining the process. That's what's going on. That's what they've done. And the more important thing is that Trump doesn't need Congress after this budget reconciliation bill passes. He won't need them until the midterms. And that scares Davos to fucking death because all of their power that's left in the administration really is in holding up. this bill to blackmail Trump to give in on other aspects of his program, funding the war in

Ukraine, allowing, you know, Netanyahu to go fucking crazy against Iran, all that other stuff. They're holding this bill hostage. And for guys like supposed like good libertarians like Massey and Rand Paul and others to be holding this up over quote unquote fiscal discipline is complete horseshit. And I'm sorry, but it's time for everybody to grow up. And I'm, you know, what I said to Dave Kronoski this morning is that the problem is that we have too many critics and not enough builders. I mean, this is the classic problem. Like, if you guys are so smart and so wise and insusient, why can you not win a fucking election that matters?

And why can you not build anything? This is getting back to the same, you know, same conversation you know I've had before that libertarianism isn't a political movement. It's a hobby. And I think your, I think your, your, your description of it that way is really the most, you know, basic. And I've, you know, I've had many a conversation with Dexter White about this. He's like, look, show me what you guys have built for 60 years worth of, of criticism and everything else. Not to say your criticisms aren't correct or are trenching or worth discussing or anything along those lines. But then what does that lead to?

What are we supposed to do with that in order to figure out our current mess and they'll immediately say, they'll immediately say, they'll immediately say bitcoin that's what they built for those of you for those of you were just listening tom is just completely facepalmed right now i think is i think his hand is ready to go through his head you know it takes a lot for me to take my to drop my glasses on the table and like and shut the fuck up no it's not bitcoin not that i'm don't like bitcoin not that i don't like bitcoin out that I don't love, but I have news for you folks. Bitcoin is going to save the dollar system first and then we'll see if it actually becomes its own system after that. That's what's happening right now. And even people like Caitlin Long understand this. Like she's explaining it to me.

I got attacked by a bunch of bitcoins when I was on Marty Bent show. And I told them, I said, you know, and this is something that was that I went back and forth with on Twitter with a libertarian luminary today is if your whole goal, and it looks like it's going to happen, there's going to be a reserve there. If your whole goal is for there to be a Bitcoin reserve, and, you know, I explain, I understand the technology. I know the Bitcoin can't be fractionalized. but if they're using it as an M1 and they're printing against it unless there's a libertarian in power to prevent them from printing against it exponentially, the only thing you're doing is getting rich, which I'm perfectly fine with. And congratulations, I'm happy for you. I'm not going to, no, and seriously, I'm not even being hyperbolic.

happy for you wealth is very important it keeps you keeps you out of jail it'll do a lot of things um but if you think that this having this bitcoin reserve but you don't have people in power who don't want to you understand fractional reserve banking and understand it's pitfalls and everything then you're then it's nothing other than a way for you to get rich when you convert it two dollars because that's what you're going to be doing unless somebody gets power and holds them to it and holds it to and holds you know dollar for dollar or two dollars for a dollar you know for or whatever however you want to split up the sats and everything like that right when you tell them that it always comes back to well i mean power being immoral um we're not allowed to get power because we've been

you know, because other people control it. Okay, then stop talking about Bitcoin. Yeah. No, I'm not arguing with you. I, you know, I think I probably was one of the first people to say, what will bake everybody's noodles the day the Fed puts Bitcoin on its balance sheet. Well, that's not what's going to happen. Obviously, we're now going to move into Bitcoin, the sovereign wealth fund or some kind of strategic Bitcoin Reserve, which will be used to extend, the U.S. Treasury market into all the corners of the world. And I refer everybody to the podcast I did with Caitlin Long, who knows stranger to Bitcoin, no less of Bitcoin advocate than Caitlin Fricking Long,

understanding the power of having Bitcoin be a part of the banking system to restrain leverage. But it's going to do so within the U.S. Treasury markets as the Heath's for the T-Bill market. And that's what it is now. So it's how it's operating right now. Ready for huge savings? We'll mark your calendars from November 28 to 30th because the Liddle Newbridge Warehouse Sale is back.

We're talking thousands of your favorite Liddle items all reduced to clear. From home essentials to seasonal must-habs. When the doors open, the deals go fast. Come see for yourself. The Liddle New Bridge Warehouse Sale, 28th to 30th of November. Liddle, more to value.

You catch them in the corner of your eye. Distinctive, by design. They move you, even before you drive. The new Cooper plugin hybrid range. For Mentor, Leon, and Terramar. Now with flexible PCP finance and trade-in boosters of up to 2,000 euro. Search Coopera and discover our latest offers. Cooper.

Design that moves. Finance provided by way of higher purchase agreement from both. Volkswagen Financial Services, Ireland Limited. Subject to lending criteria. Terms and conditions apply. Volkswagen Financial Services Ireland Limited. Trading as Cooper Financial Services is regulated by the Central Bank of Ireland. Discover five-star luxury at Trump Dunebeg.

Unwind in our luxurious spa. Savour sumptuous farm-fresh dining. Relax in our exquisite accommodations. Step outside and be captivated by the Wild Atlantic Surounds. Your five-star getaway, where every detail is designed with you mind. Give the gift of a unique experience this Christmas with vouchers from Trump Dunebeg. Search Trump Ireland gift vouchers. Trump on Dunebiog, Kush Farage.

Explain that because a lot of people aren't going to understand exactly. Okay. Well, it's all, it's okay, so Bitcoin trades against Tether, mostly. It doesn't trade against dollars. It trades against Tether. What is Tether backed by? Tether is backed mostly by Teebles. So, um, that means that as Bitcoin, price rises, if the volume of Bitcoins that are traded on a day-to-day basis does not change, as the price rises, that means that the number of tethers, a number of dollars that is trading against, synthetic dollars is trading against, has to rise concommodently with the price. So you trade 1,000 bitcoins a day at $100,000, that's what, a billion dollar market or whatever it is.

So the price goes to $200,000 a coin. Now you've got a $2 billion a day market. Now you need more tether in order to liquefify those trades. Here is a lesson for all the libertarians who are so enamored of the supply side of the quantity theory of money and forgetting all about the demand side. Point that Martin Armstrong likes to make on a regular basis, and even Ludwig von Mises himself makes, made a century ago, and is quoted in the Wikipedia page for the quantity theory of money. Which is, the problem is you cannot just look at the supply side of the QTM. You have to look at both sides. You have to look at both the supply of money, the amount of money that's in existence, which we are libertarians like to argue about or the libertarians like to argue about and forget about the demand side for money. Now, where does the demand side for money come from? Where does demand for money come from? Well, it comes from the need to liquefy the comparisons between two objects we're trying to figure out the value of in the marketplace and the money is the is the medium of exchange, is the comparator. Well, what happens when we can't compare, when we don't have a of resolution for these two items. What happens? What happens if the resolution between these two

items is less than a penny? You have two options. You can either inflate the money supply in order to lower the value of a penny or you can add digits. That's it. It's all you got. You can, and that's what we've done. And what I've been, and I had this insight and people actually try to argue this shit with me. And I'm like, I'm sorry, but I understand math and I'm not stupid. Because credit comes into play because of the a temporal need for money that isn't available. And eventually the credit gets instantiated and then becomes part of the base money supply when technology, which is in self deflationary, right? From a price perspective, if everybody's got their incentives aligned and the free market

is running and people are innovating at a profit and we're driving the cost of production of all old technology back down to a cost plus business model, well, I get news for you. You're going to have to raise the general supply of money. Everybody who's screaming that the dollar is going to die one day. Well, it's going to die to the Chinese yuan, for example. Like, well, I get news for you. Have you thought about how much the Chinese will have to inflate the yuan supply

to fill the vacuum left by the dollar retreating and retrenching? Have you thought about that? I don't know if you have because I have. Hell, I had that conversation with a guy 15 years ago. It almost seems like mutually assured destruction. Well, it's not even, it's not. What it is is it's an understanding that demand for money is important. It's what drives the growth of the money supply.

Now, Bitcoin is inherently deflationary unless until Bitcoiners decide that the, the SAT is the new Bitcoin. We add eight more zeros to it in terms of resolution, which we can do because it's digital and it's just code. You're not adding more Bitcoins. You're adding more resolution, which is fine. There's nothing wrong with that.

That's part of the reason why I looked at Bitcoin originally 15 years ago and went, oh, this is cool. We can get monetary resolution without having to inflate the money supply. thereby not violating the property rights of current Bitcoin holders, current money holders. And we can have innovation and we can have the consumer remain sovereign. And we can have savers remain whole. That's Bitcoin's moment. But the truth of the matter is, is that, and this is an extension of the conversation I have with Caitlin Long

when she was discussing the whole concept of defending par, the par value of the dollar. And I'm like, and these are all ideas that have been rattling around in my head for years and years and years and have not been had a really good framework with which to present it to the world. I've done better and worse versions of this conversation over time. But as you get older and with the reputation, eventually you get better at explaining things. If someone puts an idea into your head that you can like work with. It may seem facile and it may seem obvious now, but let's talk about it. Do we get dollars at par?

No. Has anybody ever gotten money at par ever in history? No, no matter what the money is, unless it's cowrie shells off the beach. But even then, someone had to walk outside, go get those cowrie shells, and then spend them into the economy. And they, and guess what? The more they found, the more there was. the supply of money, which then changed the demand curve for the money and the value of the exchange rate of the money relative to goods and services and everything else, inflation occurred. We never get the money at par. You know why? It's called senior age. The guy who creates the money needs to get paid.

It doesn't matter if it's the government. Does it matter if it's the money lender? Does it matter if it's the gold depositories? Doesn't matter if it's the gold miners or the goldsmiths or whoever it is. They have to get paid because as good for you. marketeers, we understand that nobody does anything unless they have the potential for a profit. No system is sustainable. Otherwise, unless you want a malinvested economy based on the production of money, remember, I just look at money just like me, sister's as another commodity in the world. And so, as a matter of fact, it's a commodity that has no other good competing use case than to be used as a medium of exchange and or store value and or unit of account. all of which are aspects of a commodity that are acquired in terms of monetary character over time. And those things don't happen contemporaneously.

They don't just happen all spring out of like dwarves. They spring out of holes in the ground, to quote, Emily. No, it happens as a process as we winnow out, you know, competing factors for that particular commodity to become a money. It may start as a medium of exchange and then eventually because it's so successful, it then becomes a unit of account and eventually people store their value their wealth in it and blah blah blah you can have competing quote unquote monies at any moment in time so my point about all this is that at the end of the day we never get money at par what's the par value of a dollar today the fed funds rate is that i'm happy to have the conversation as to whether or not those people should get that

that amount of profit to run our monetary system. I have no problem having that conversation of whether or not that's immoral illegal, you know, good, bad, or indifferent for society. No problem. Do I think that should be a market process? Of course I do. But make no mistake, folks, you don't get dollars at par.

The banks get them at 4.5% or 4.33%, which is the current sofa rate, 30-day sovary rate. What do you buy in your car loan at? What are you buying your credit card at? That's how you buy dollars. You buy dollars that way. Your employer who pays you a dollar or $15 or $30 or $50 for your time, got news for you, he bought it from somebody else at less than par.

Okay? Now, I still believe in the basic idea that the problem with, you know, are the monetary system is that we print, you know, having no opportunity cost, really, the issue is, of course, that we should have new monetary units should come into existence without it with opportunity cost, meaning the person who creates the money should have to make a rational choice between this activity and that activity, printing money or doing any other goddamn thing in the world, right? As long as there's an opportunity cost that's measurable and accountable and controllable by market

forces, you're never paying the par value of a dollar, ever. You're not paying a bar value for bitcoins either. Oh, by the way, folks, the miners get them burst. And so the miners are paying, they spring into existence because the miners did work. They get paid. They come into existence. They do their thing. And they get to buy to yesterday's goods or tomorrow's goods at today's prices using yesterday's money. Okay. That's the way it works. That's the way it has always. going to work. The question is, can we shorten the time horizon between those three states of being? Maybe. But whatever that cost is, that cost is. And you have to make your peace with that, or you're, you know, you're arguing about how many Rothbard can dance on the head of a pen.

And I'm just not having that conversation anymore. And everything, this is a methodological error that too many Austrians make, that too many libertarians make, and too many Bitcoiners make. I've had this conversation with many a bitcoiner, good Bitcoin Maxis, who I can argue that, and I've argued these points with them. I don't care if we're talking, all of them. And here's the thing. Bitcoin is superior because it can add resolution. We could add resolution to the dollar if we made it fully digital.

And we were willing to accept tens of a cent or half a cent or whatever. And that had meaning. We choose, always, to inflate as opposed. to add resolution. We do. And you can argue why we do that. You can argue that the government is corrupt and that's what they want to do, that the people who are getting the seniorage, that's how they make their case. Great, fine. I'm happy to have the conversation about how that occurs. But make no mistake, you don't get dollars at par. You never have and you never will. Make your peace with it and then figure out what's

system you actually want. Airgrid, operator of Ireland's electricity grid, is powering up the northwest. We're planning to upgrade the electricity grid in your area and your input and local knowledge are vital in shaping these plans. Our consultation closes

on the 25th of November. Have your say, online or in person. So together we can create a more reliable, sustainable electricity supply for your community. Find out more at airgrid.com. North West.

Employers, did you know, you can now reward you and your staff with up to 1,500 euro and gift cards annually, completely tax-free. And even better, you can spread it over five different occasions. Now's the perfect time to try Options Card. Options Card is Ireland's brand new multi-choice employee gift card packed with unique features that your staff will love. It's simple to buy, easy to manage, and best of all, there are no extra fees or hidden catches.

OptionsCard.I.E. Today. On the many nights of Christmas, the Guinness Storehouse brings to thee Christmas nights at gravity. This Christmas, enjoy a truly unique night out at the Gravity Bar. Savour festive bites from Big Fan Bell, expertly crafted seasonal cocktails

and dance the night away with DJs from love tempo. Brett take infuse, amazing atmosphere, incredible food and drink. My goodness, it's Christmas at the Guinness Storehouse. Book now at giddlestorhouse.com. get the facts be drink aware visit drinkaware.com.

Okay. That's it. And everything else is bullshit. Apparently, Savedina Moose at Bitcoin, like blew open the, had a speech that blew up in the idea that that, that tether could help liquefy the, um, the, the, the treasury market. I'm like, if he used, I didn't watch the speech, but if he used the straw man, that tether could replace the treasury issuance market, then he's full

shit too, because no one ever, ever in a million years argued that Tether could perform that role. Tether can act as a hot sink for marginal demand in the T-bill market. And therefore, and by extension, the money market and repo markets to keep the dollar markets liquefied during time, during short-term time duration mismatches. And keep SOFER within a relatively tight range. so our banking system can operate with some amount of predictability. And as far as I'm concerned,

after what I witnessed at the beginning of April, in the tariff tantrum, that Davos threw when they attempted to attack and destroy Sofer and failed because that's what happened. And if you don't believe me, if you think I'm fucking making shit up, you go look at the Sofer data.

And the Sofer Future market and you tell me what that looked like on April 7th, 8th, 9th, and 10th. You go look at those days. You go look at the intraday market movements and the volume and the volatility. At specific moments of the day, the London Open, the New York closed, the Tokyo Open, this open, that, like any market operator veteran who looks at markets on a 24-hour basis knows when certain markets open, knows when they close, and knows how they can be, how those opens and those closes are manipulated.

Those market open and closes are manipulated. And if I'm attacking that market, I'm attacking at different times. I'm not always attacking on the London Open so that I can have five days worth of data to say, to prove to the Spurges in the audience, oh, yes, it's definitely city of London. Like, City of London doesn't operate metaphorically out of Singapore or Tokyo or. or Brussels or New York. Of course they do. You have to understand who would be incentivized to attack the Sofer,

what they call the Sofer Strip from six months out to three, the futures market, from six months out to three years, which is where that basis trade was running to understand what it is that was actually happening. And during that time, if you go back to it, and even I fell for this, because I didn't know. And I was that, you know, Zero Heads was running. their arguments that it was the classic basis trade that people were that there's a basis trade

out there where people are playing the spread between the futures price and the spot price for U.S. Treasuries and then pocketing the three or four basis point spread. And that's how they make their money. And a lot of hedge funds do this because they know that or they make they do this because they know that there's a that there's supposedly a Fed put under this under that market. But that Fed put isn't there, then what? And what they were finding out, of course, is that it wasn't really that play. So what you heard that week, I heard, first it was the basis trade was blowing up, which was wrong. Then I heard Japan was blowing up, which was also wrong. What was happening was the city of London and Amsterdam were blowing, we're attacking the soap for strip, probably through

the Bank of Canada, because Mark Carney all but took credit for doing this in multiple interviews when asked about it by significant Canadian media, and they failed. They tried to attack Sofer and destroy it, because Sofer is their Achilles heel. It is our kryptonite to their markets. It's our bulwark. Blibor is over.

Sofer rules. Blibor snooes. That's it. I mean, we're here. And now every day, they keep trying to attack the Treasury market from a different. perspective, write a headline, move a market, write some headlines, get Bloomberg involved, have Moody's downgrade our debt, all the usual shenanigan bullshit that they pull.

And then every day, because we're good gaslit monkeys who want to believe that the, I'm now speaking as a libertarian, we're good gaslit monkeys and we're predictable as the day is long. We're also easily manipulated into ab-reacting when these things happen. happen. Oh my God. The U.S. 10 years, you're trading at 5%. That must mean something. Yeah. Doesn't mean what you think it means because you're not thinking like a general in a war attacking someone's front lines. You're thinking like a libertarian. And that will not get you anywhere in a fucking war. I'm sorry, that's the hard truth. And I've watched it play. out now enough times to know they just don't know what they just don't know what they're talking about

and i have and i have friends in the industry that i've made over the years in the banking industry and and in finance and run hedge funds and everything else and i can tell you they're all libertarians at heart and they're all telling me the same thing oh yeah that was absolutely a freaking city london boy and most people just don't get it because you don't understand the plumbing and i blame this is where i get angry this is why i'm so angry with what my experience with the Mises Institute because I urge them to come out of their fucking shell and up their game and help the world understand it's the world is more complicated than just and the Fed.

If it's on a bumper sticker, it's not good policy. Sorry, it just is. You know, I wanted them to leave. I had someone tell me that your speech was incoherent, which tells me that they just didn't understand what you were saying or they didn't want to understand what you were saying. But here, let's move on from that. Trump and Powell, what's the dynamic right now?

There is no dynamic. Powell's going to do what he needs to do. Trump is going to k-fave his way through everything, like he always does. And the PCE data that came out today is given Powell the possible reason to cut rates in June. But here's the thing. If I'm right, which I've been about all of this for about four years now,

and the end, if I was wrong, I would just copped to it. Sorry, but I've been right. Powell needs to hold interest rates as high as possible for as long as possible. And until this budget reconciliation bill passes and we no longer need Congress, no, we need to keep all the pressure imaginable on City of London. Look at what's happened. if you think that that Trump doesn't know what he's doing

that Bessent doesn't know what he's doing that Powell doesn't know what he's doing what have we done here we are almost two months since the tariff announcement the euro is up 8% the European Union is staring at a 20% based tariff

not 50 because Trump put it on hold for 30 days but 20 so the Europeans are now already trading at 30% loss relative to where they were to export into the U.S. market. They got the double whammy of the tariff plus the rising euro. And everybody's out there screaming, oh, the dollar's failing. Oh, my God. Like, fucking Peter Schiff, shut the fuck up.

Like, dude, seriously. Like, that's the worst case scenario for the Europeans. It's supposed to be, I thought the theory was, last I checked from all these people who told me that tariffs are bad, which they got, of course, from British economics theory, assholes. Oh, by the way, I thought the theory was that when we put a tariff on, they were going to then weaken their currency in order to offset the tariff. That's not what happened. They were so goddamn worried about the tariff.

They dumped our treasuries on the market to manipulate our yield curve and, watch their currency rise and took a big hit and had their currency rise. They're in a twice as bad position that they are now than they were then. And I had a friend of mine send me from his Bloomberg terminal for the last year, all of the weeks in which the Bank of England had to issue repos, bank repos, bank repos swaps to to keep the English banking system liquefied. They've been repoing

because they're fucked since their Ukrainian debt has all blown up in their face and that they guaranteed and they're having to go to the bank, do the walk of shame to the Bank of England to go get pounds. They're in trouble. This keeps happening over and over and over again. And the pound is higher. It's a dollar 35. Under what universe should the pound be trading at $1.35 given their situation? I mean, with the euro at $1.13, like they're losing this war. And Powell cutting rates is helping them because when they need to get dollars, they get to pay 25 basis points less.

How about we keep it there? And every week, you see the, and so what's happened up until the 10? tariffs pulled in the, you know, rolled in the town. The ECB was tapping the Fed swap lines for hundreds of millions of dollars every week. Now they're down to tens. And they're put there, because they can't afford to pay 4.58%, which is what they were paying, 26 to 30 basis points over Sofer. That's defending par. The offshore dollar par is 25 basis points higher than the non-shore dollar par. Trump is winning. He's enforcing a cheaper dollar at home than it is overseas. Air grid, operator of Ireland's electricity grid, is powering up the northwest. We're planning to

upgrade the electricity grid in your area and your input and local knowledge are vital and shaping these plans. Our consultation closes on the 25th of November. Have your say, online or in person. So together, we can create a more reliable, sustainable electricity supply for your community. Find out more at airgrid.i.4 slash Northwest. Employers, did you know, you can now reward you and your staff with up to 1,500 euro and gift cards annually, completely tax-free. And even better, you can spread it over five different occasions. Now's the perfect time to try Options Card.

Options Card is Ireland's brand-new multi-choice employee gift card packed with unique features that your staff will love. It's simple to buy, easy to manage, and best of all, there are no extra fees or hidden catches. Visit OptionsCard.I.E. today. On the many nights of Christmas, the Guinness Storehouse brings to thee Christmas nights at Gravity. This Christmas, enjoy a truly unique night out at the Gravity Bar.

Savour festive bites from Big Fan Bell, expertly crafted seasonal cocktails, and dance the night away with DJs from Love Tempo. Bet, take and fuse, amazing atmosphere, incredible food and drink. My goodness, it's Christmas at the Guinness Storehouse. Book now at giddlestorhouse.com. Get the facts be drinkaware, visit drinkaware.com. Well, that's what China's been doing, right?

Isn't that what China's been doing for a while now? Mm-hmm. Yeah. They basically have two ones. Yeah, well, that's what they should do. Yeah, well, that's what they should do. But generally speaking, the onshore and off of your shore you want, trade, they trade in a very tight band with one another.

Right. And it's only when they get out, when the two, you know, get significantly out of whack from each other that were, oh, is there stress in the Chinese banking system? The China, you know, and fair, fair cop. That's what you should be looking for. When onshore and offshore deviate from each other, that's an issue.

It usually closes within a couple of days because it's not being enforced. This is like an enforcement thing. The Fed is literally charging. and is able to charge the European Central Bank a premium. If they were bailing out the European Central Bank, they'd be selling them the money at a discount. They're not. They're making them pay through the nose for it.

And that's what you want to say. That's when you know that that's who the real target is. So it's obvious that Europe, city of London, Europe itself, has lost their minds. They're in a panic. The whole Ukraine thing completely backing Ukraine, I consider them to be our biggest enemy right now.

Without now. If we're at war and we have been at war financially with them, and I know that there's, I mean, if you're a Spurg who doesn't believe this, you can just tune out right now. It doesn't, you're not going to believe anything. So, you know, I mean, I can't help you. I'm sorry.

This isn't going to mean anything to you. You're just going to, you're going to scream, scream bloody murder. But if we're actually at war, if we lose, we're winning this, what would cause us to lose it? Getting involved directly and, I mean, really getting involved directly and having, being forced to follow NATO into a war against Russia. And that's why they're trying to force us into doing so. I've been screaming this for four years. Five years. I've probably been screaming this since 2019, to be honest with you,

that what Europe has been wanting us to do is to fight their war for them and get us involved in a war with Russia where they don't have to pay for it. We pay for it. And they want Russia and the United States brought low through, through adversarial conflict that destroys both of our economies, populations, reputations, and everything else. They're desperate to try and keep the capital from fleeing Europe in this scenario. Why did the United States become the repository of the world's wealth during World War II

and the lead up to and during World War II? Because we were the only place why not being bombed. Yeah, because we didn't, there was no war on the homeland. Mm-hmm. Yeah. So what are they trying to do now? They brought the war to our doorstep. That's what the fentanyal war is.

That's what putting Mark Carney in charge of Canada is about, having him sign on to the rearm Euro program, and then have the nerve to say that we, that Canada has paid the United States in blood for our, for their defense. he actually said that it costs Canada like $1.2 trillion to, you know, buy defense from the United States. Like, that's nice. We're still going to park four tanks on the TransCanada Highway and take your country over if you're going to, like, act like that. And the Western Canadians would welcome it at this point.

Like, if he wants to play that game, but he's too dumb for his own good, this guy. He's devious and he's evil and he's vile, but he's pretty freaking stupid. Well, it's also the mass immigration. It's also the BLM riots. All of that is all of that is to basically to destroy us, destroy us from within, destroy us from without and from within. Of course.

I would say I did a show this afternoon, right, went about two hours. And I said, really, we should be building a, everybody's worried about the border, the southern border. We should be building a wall on the north border.

I mean, no, I mean, I mean, I, yeah, I agree with you. I have facetiously said the other day, we should dis invade Canada. We should just invade Ottawa and take it over. Like it's not like,

King Charles came in there the other day and said, they're all on unsettled, they're living on unsettled land that they stole from the native, native tribes. So I'm like, okay, well, if you guys aren't, what he was, of course he would see what he was saying was that,

that means that you guys can be colonized by the EU. Like, excuse me, we can walk in. We can, it's now Lake Buffalo. And because why should Ontario have a lake, by the way? I want that much people to understand. Well, why should that be, why should Ontario have a lake? Why can't that be Lake Rochester? Well, I mean, Buffalo can't win a Stanley Cup.

So when we give them a lake? I know they're not on. I know they're on. I know they're not on. I know. At some point, like, like, why should we go through this? And the Quebecers, right after the King's speech, like, we're like, oh, yeah, okay, well, then we're voting.

unanimously to like not be ruled by the king anymore. Like I saw that. Like I don't know what's going on up north in in Ottawa right now, but it's really weird. Well, they know the country's lost. They know the country has been lost to immigration from the Indian subcontinent and from China. I mean, Ontario, I talk to people in Ontario. It's an Indian, it's an Indian province. Mm-hmm.

And I mean, like the truck. 44% of Canadians are now non-Native. Yeah. And they want to double the, and they want to double the population of Canada by 2030. Yeah. So if we're going to take Canada, we have to, I mean, we'll have to deport half the country, half the country.

It's, you can't let them, or they'd have to be a commonwealth. They wouldn't get a vote. They wouldn't get a say and they wouldn't, but they wouldn't be allowed to come here. I mean, it's, this is, this is war from all sides. And, you know, what's funny is people see. people see one thing that like they see the immigration as the huge issue and it is they see the money supply as a huge issue and it is they see the debt as a huge issue and it is they see wars in you know Israel trying to get us in war with Iran right trying to pull us into war with Ukraine and those are

those are big those are gigantic issues really the only way and what's funny is is this is going to sound libertarian and it's not something I that I don't talk about libertarian answers anymore because they're pie in the sky. But there's actually somebody right now trying to fix the money supply. And if he can fix the money supply and we can win this war of money, we can take care of a lot of a lot of this shit. Air Grid. Operator of Ireland's electricity grid is powering up the northwest.

We're planning to upgrade the electricity grid in your area. and your input and local knowledge are vital in shaping these plans. Our consultation closes on the 25th of November. Have your say, online or in person. So together we can create a more reliable, sustainable electricity supply for your community. Find out more at airgrid.i.4.Northwest. Employers, did you know, you can now reward you and your staff with up to 1,500 euro and gift cards annually, completely tax-free, and even better.

You can spread it over five different occasions. Now's the perfect time to try OptionsCard. OptionsCard is Ireland's brand new multi-choice employee gift card packed with unique features that your staff will love. It's simple to buy, easy to manage, and best of all, there are no extra fees or hidden catches. Visit OptionsCard.i.e. today. On the many nights of Christmas,

the Guinness Storehouse brings to thee Christmas nights at gravity. This Christmas, enjoy a truly unique night out, at the Gravity Bar. Savor festive bites from Big Fan Bell, expertly crafted seasonal cocktails, and dance the night away with DJs from love tempo. Brett take infuse, amazing atmosphere, incredible food and drink.

My goodness, it's Christmas at the Guinness Storehouse. Book now at giddhistorehouse.com. Get the facts be drinkaware, visit drinkaware.com. We can win the world. Okay, so one of the things I was on with Alex Craneer this afternoon on Crypto Riches show. We did two hours this afternoon. So this is the third show I've done today.

And Alex brought up, you know, the, um, the fact that apparently that, um, that Vladimir Putin was actually brought into power by MI6, right? And that they, we thought, we really did think that, at least they thought at the time that they had their boy, right? And, um, and then Putin slowly turned the tables on them and you know found out that by accident that oh shit he's actually a russian patriot and then i brought up like i said and then and alex was talking about that and how he's created a a russia that is for the most part somewhat of a bulwark on its own you have jishymping in china for better or for worse was brought the power by the chinese oligarchs in in order to stop the Dabogian takeover of China through the oligar class there in the banking system.

And he did the same thing. And they both won and they both survived. Now we have Trump. And we're all fixated on Trump in the United States. And what Trump is attempting to do is to finally break the 500-year rule of these fucking people going back to the Venetian. and banks and all the rest of it. Alex brought up a really interesting description of the Catholic Church and the Vatican as the ghost of the old Roman Empire.

And somebody, he was quoting a book that I'd never heard of and somebody I hadn't heard of before, but I thought it was a really interesting concept. Again, these are like fresh nascent ideas in my head. I'm not like saying I buy all this, but it's just one version of history, right? But when I got done, when he got done with all of that, I said, well, Alex, it's really interesting. Trump is attempting to take all of this on. He wouldn't be able to do so if Putin wasn't in Russia and Xi Jinping wasn't in China. It's not that the three of them are allies.

They're not. Geopolitics. They have overlap in their bend diagram of interest. and their enemy is the age old colonialists of Europe, as I've been saying for five years. And all I said was, I intuited my way through a lot of this just by looking at the game board and laying it out and going, okay, these things make sense.

I didn't really have good historical context. In the last few weeks, I've been able to talk to different people, primarily in Burlingame and I've had many a discussion now with Dexter White. on these subjects and we've filled in some of the other history and and he and I discussed this stuff and and it's become really obvious that that is the scenario that is the issue and but Trump is only able to take on this what is not only an audacious but ambitious plan strategy multi-pronged strategies to attack these people on every front and to win and he's not the only one doing it

He's just the figurehead. The American banks are behind him. The American military, military, not military industrial complex. The American military patriots are. Some American industrialists, ones that are left. And then, of course, the Russians, the Chinese, the Japanese, to a lesser extent, to some extent. And they all get it. And they're like, in order for us to, and now he's got the Arab Gulf states to sign on.

his trip to Saudi Arabia and to the Middle East where he noticed he didn't stop in Israel. Notice. Notice that he went to Saudi Arabia, was treated like a king, went to the UAE, went to this place, went to Qatar and all these places, and got them all to sign on to becoming partners with the United States to come up with a plan to figure out how to untie the Gordian knot of the Middle East. How do you untie the Gordian knot of the Middle East? How do you cleave it? You get rid of Europe.

You get rid of the old French influence. to get rid of the old British influence. And you leave the place, and you leave everybody there who's got skin in the game for that region to come up with a plan that they can all live with. Figure it out. Which they've been barred from doing for years. Yeah, figure it out.

Get all this outside influence and now you've got to figure it out. Right. But Trump wouldn't be able to do any of that if he didn't have, if we weren't at that moment where everybody felt they were strong enough to do so. Is Russia strong enough on its own? No. Is China strong enough on its own? No.

Is the United States strong enough on its own? No. Is Saudi Arabia or the Gulf States strong enough on their own? Hell no. Put them all together. It's a different world. So it's like we've called a Nexus and four of the five players in the game have all gotten together to make an alliance against the fifth guy.

Yep, we want to win. And by the way, we'll take the shared four-player victory. Yeah, it's a, oh, that's a shitty way to win. So what, we're winning. And we're moving on. Yeah, the people who concentrate a lot on Israel, and I concentrate a lot on Israel, too, don't realize that if you break the power, especially the financial power of Europe, Israel is in real trouble.

Right. And how do they survive? Yeah, well, here's the fun. here's the thing I've come to the conclusion of in the last I don't know I came to this conclusion a few months ago honestly but which is that I think Trump wants to save Israel but I don't think he has any desire to save the Zionists yeah well definitely not Lakshu yeah definitely not Netanyahu in the in the lukud exactly and I think that's the careful game he's playing right now and in order for him to do that what is he doing?

He's doing that at the same time that he's trying to remake the way we do our finances, the way we tax our people, the way we generate revenue, the way we do all of these things. So, of course, and then you have the old dead enders, the old silent erogenous deadenders and the old boomer cons, right, who are fighting him on this because they're all either in the tank for that version of the world. world, right? The Lindsay Graham's. I don't even think Lindsey Graham is actually in the tank for anything other than, please don't out the fact that I fuck little boys, right? I think that's I think that's Lindsey Graham in a nutshell, but there are others who are more ideologically, you know, the Mike Pompeo's and the Mike Pence's and that whole dispensationalist credit. I think those are

there, you've got all of these people that you have to try and schmooze over the line while keeping the American people on on Trump side, keep them on on side to then put the pressure on them to say, no, you're just going to have to go along with this new plan. And oh, by the way, the primaries are looming. How are you going to get out of this? So Davos is just trying to protect their quizzlings in the Congress by using this bill in order to try and stop and derail Trump. Do you see what I'm laying out here? Do you see how this is playing? You've got to stop Trump, getting the win legislatively so that he no longer needs Congress for anything until the midterms, until really until July 4th next year, so that he can then run the agencies and have them go through

line by line, cut and ship left and right. Under rescission, we'll codify the doge, we'll codify Doge and the cuts and everything else to discretionary spending and free up the resources to go after the trader's judiciary, which they've already. started the process on. Pam Bondi saying we're no longer taking the bar association, which stands for the British attorney registration. It's the British accreditation of society, whatever the hell of the bar stands for. But the B and bar is British.

They control our fucking judges to these goddamn people. Like they control everything about how we make laws and we rule ourselves. through the long marks of the institutions and creating this mess that we're trying to domestically work through. So slowly but surely, you'll note, and even I almost fell for this stuff with the Supreme Court and the whole Amy Coney Barrett

hates Trump and all this stuff. For the most part, the Supreme Court is giving Trump everything that he wants because there's no way for the Supreme Court to really stop him under our Article 2 of the Constitution. We have members of the Supreme Court, Sotomayor, Brown Jackson, and others who are all trying to turn the Supreme Court into the French Administrative Court to run the United States. It's what they're doing. Like Brown Jackson's statements the other

day, which I've been banging my shoe on the table I Crucef about, was really obvious. She said, wouldn't it be better? It's talking about, you know, this, you know, the opposition to Trump trying to deport these people and define, now define where legislative, executive power is. Wouldn't it be better if we have these things, these challenges so that we can fast track them to the Supreme Court and the Supreme Court can rules to whether or not the president has those powers or not? I'm like, excuse me, you failed basic reading comprehension. You're the Article III judiciary. He's the Article 2 executive. He's exercising Article 2 powers that you have no jurisdiction over. It's a complete reversal of the separation of powers. That one statement alone, she should be impeached immediately, immediately, because she doesn't understand basic jurisprudence in the United States. And she's smart enough and clever enough to try and couch it in very reasonable terms. She all but called for an insurrection, a lawyer's insurrection against the, the sitting president to flood the courts with a bunch of bullshit where we have to go through every goddamn potential deportation and decide, well, this one's legal, but this one's not because

of this, you know, this Talmudic interpretation of this fucking arcane law. No, that's French administrative law. And last I meant, last I realized we're not French. We're governed under English common law, not French administrative law. If you don't know the difference, you're a bad American. Shut the fuck up. I don't live in Louisiana. I would never live in Louisiana.

Why? They're ruled by French administrative law. Place the shithole. But they're free to live that way. No offense to the people from Louisiana. You want to live like that? That's your problem. I'm never living there.

Because I don't want to be ruled by the fucking French. Air Grid. Operator of Ireland's electricity grid is powering up the Northwest. We're planning to upgrade the electricity grid in your area and your input and local knowledge are vital in shaping these plans. Our consultation closes on the 25th of November. Have your say, online or in person.

So together we can create a more reliable, sustainable electricity supply for your community. Find out more at airgrid.i. 4.n. Northwest. Employers, did you know, you can now reward you and your staff with up to 1,500 euro and gift cards annually, completely tax-free. And even better. You can spread it over five different occasions. Now's the perfect time to try Options Card. Options Card is Ireland's brand new multi-choice employee gift card

packed with unique features that your staff will love. It's simple to buy, easy to manage, and best of all, there are no extra fees or hidden catches. Visit OptionsCard.I.E. today. On the many nights of Christmas, the Guinness Storehouse brings to thee Christmas nights at gravity. This Christmas, enjoy a truly unique night out at the Gravity Bar. savor festive bites from big fan bell,

expertly crafted seasonal cocktails and dance the night away with DJs from love tempo. Brett take infuse, amazing atmosphere, incredible food and drink. My goodness, it's Christmas at the Guinness Storehouse. Book now at giddlestorhouse.com. Get the facts be drinkaware, visit drinkaware.com. We rejected that.

We rejected this concept, root and branch. This is the M. Burley-Ams argument about English common law. England and the English tradition of fighting the hereditary rights of kings and all that shit. And we are the inheritors of England, not Britain, not the British, England, fundamentally different. When you look at the Constitution, it is an amalgam of basically the Magna Carta plus Iroquois-Algonquin, individual individualism literal of freaking like you're going to talk about anarchy right congressional structure and right congressional structure and all that stuff we they grafted the two of them together and the alchemy of those two things gave us probably the best goddamn foundational document for country

in the history of humanity as long as we go back to the pre-1913 version of it where we have the states selecting the senators this is a brilliant system And we can go back to it. And we should honor it. And we need to get the Federal Reserve and we need to rein in the Federal Reserve, no argument. We need to repeal the Banking Act in 1935, which created the modern Fed. We need to repeal Dodd-Frank and all those other bullshit. We need to put banking regulation back under the Treasury where it belongs.

Fed's doing too many things. That's why it's not any good at anything. Because we would be better served with the Federal Reserve that defended par domestically, or no, that kept the domestic economy liquefied and lender of last resort for the domestic economy and the defender of par to the international economy. Every other aspect of Fed policy needs to go away. So when we were talking last year before the election, we were talking about different like competing elite groups that

we're trying to get with Trump. I haven't talked about this publicly, but I've been thinking about that Israel is undergoing the same thing. You have the Lakudniks and all of the hardliners. I mean, there's hardliners worse than the Lakudniks in there. I mean, there are people who want, the thing Netanyahu isn't doing enough. Then you have the, basically there's a business class there that just is like,

this isn't good for business. I mean, we can figure that, let's figure this out. let's become, you know, let's, let's commercialize more. And then you have, it seems like you have this class of like real, you know, like they call Tel Aviv the gayest city on the planet. You have another, another group that's like we need to. I think Whitkoff is actually either by purposely or not. I think he's representing the business class and everything that I see him doing as far as like

when he talks about Israel, when he goes to Israel, when he goes anywhere, it seems like he's definitely way more interested in the commercial than, you know, the hardliners or the, I mean, I think he knows that as soon as you have, you let's a generosity take over, you're just going to be, it's not good for business. So, you know, killing your neighbor is not good for business. Killing your neighbor and their children is not good for business. And, you know, letting, letting the homoes take over isn't, isn't good for business. And I'm, seems like he's he's representing the commercial class there that's like can we get back to you know making disgusting pharmaceuticals and everything else that you know right point we can send in poison

people right what do you think no i think that's correct and i think that you know i think that you know a lot of the too many people spend too much time um analyzing the moves of people who were clearly being sent out by Trump to be, what's the word I'm looking for, distractions. Kellogg comes to mind. Kellogg is a, he's a complete, he is sent out there to be, I mean, to be a pawn to be picked off. And I'm surprised Russia hasn't, I'm surprised he's made out of Russia alive a couple times.

Well, you know, I think that the Russians understand that. He's there for, he's there to do, he's there to. to he's there to keep the neocons at home on side, hoping. That's what he's there for. He's there to keep the Israeli lobby on side. That's what he's, that's what he's there for. But even he finally came out today,

I was just looking at zero hedgelah about an hour ago. There was a thing, hold on, it's right. Kellogg calls Russia's NATO concerns fair, warns Ukraine, it better show up in Istanbul. Finally, the first thing, like, he's even throwing in the towel now. Yeah, so everybody, people are just, they're all falling in line. They have to fall in line eventually because they don't have any leverage.

Trump has played his leverage very, very well because at the end of the day in the tariff war, he knows that the American consumer is the one that everybody wants access to because like it or not, folks, depending, no matter how much you want to gaslight, be gasoline into believing that America's on the verge of collapse, it's not. Do we have problems? Yeah. Can we fix those problems? Yeah. Do we have a lot of debt? Yeah. Same thing in Ukraine. same thing in Iran and everything else. Trump doesn't want a war.

Nothing's changed. Four months worth of negotiations, the war's still going on, but there's nothing he can do about it. What he and Putin are doing right now is giving each other the option of walking away from a deal and then leaving the war to the Europeans. Look, Putin escalates, starts a summer military campaign,

which Trump can then publicly decry, knowing full well, that it's going to force the Europeans to respond. But at the same time, Trump is telling Putin, oh, God damn it, you can't do this. And this is wrong. And this war is not terrible.

And this is not our war and blah, blah, blah, blah. And the Europeans fall into the trap of going, yep, and we're going to escalate. And NATO and you're going to have to come in. And then we're going to go, yeah, that's nice. It's not our war. They're running the exact same playbook. They ran in World War I, World War II.

it's no different than they've done before. And they'll continue to do it up until that moment where Trump has a lot to make a decision. But he can't make that decision until, and I really do believe that it's about the budget reconciliation bill. You get the budget reconciliation bill passed and then all of a sudden Trump's hands are freed to go, you know what, we're done.

That's it. He can make little moves at the edges, pull some troops home from Syria, you know, reopen the embassy there, you know, negotiate with Iran. I think the Iran deal is mostly, done. I think the Russia, the deal

with Russia over this is done. I think it's all finished. I think it's just a matter of trying to get it sold in such a way that we as the American people put the pressure on our representatives to say, this is what we want. And we have told them repeatedly this is what we want, and they are refusing to do what we want. Well, guess what happens now?

What happens next? We turn around and we say, oh, well, that's very nice. You're going to get primary and you're going to get a primary and you're going to get a primary and you're going to get a primary. You know, um, so that's what I, that's how I see the game board. And Trump is very smartly moving the ball forward incrementally to get the bring the people across the finish line that it's time for this, for our

involvement here to end because it doesn't make any sense to us to be involved in it anymore. You still have too many people. I still believe you probably have too many people still in the middle who aren't sure what to do here because they've been told that you're going to, know we have to you know support ukraine we you know there's a lot of a lot of dumb people i even say dumb a lot of ignorant people out there don't understand what's happening only you know what they can what they're allowed to be told yada gotta yada and you know but trump's approval rating is still strong

he's still about 50 percent for the first time in his fucking head presidency in two two presidencies he's doing fine and if you can get the budget reconciliation bill passed and then we can really start to untie, again, it's about cleaving these Gordian knots, which these Gordian knots are all manufactured. They're actually not very hard to fix, but they can't be fixed without the right political support. And so this is why I get really angry with the oppositional defiant libertarians who refuse to stop critiquing long enough and stop having a historiotic abreactions and realize this is the way state craft works. And if you don't have the stomach for it, you should shut the fuck up. And I know you got free speech and this and not everything else, but hey, why don't you

use that free speech to actually engage your brain as to and have a little faith? But that's a, that's a tall order given the people that were dealing with dealing with. And they've been taught and given positive feedback that this is the right way of going about all of it. Yeah, I'll, I'll, I'm sorry, yeah, we'll figure it out. So Pete's having technical problems. I'll you know, kind of try and fill space as best I can. But this is what I think is going on in that ultimately what Trump is attempting, like what he's attempting here is very ambitious. And I really do think that at a certain point, you know,

a little bit of faith and a little bit of generosity goes a long way. And I know this is very difficult for a lot of people, given the level of anxiety, given how many times we've been betrayed and how many false profits we've had and everything else. I get it. I'm not unsympathetic to that point of view. Hell, I had that point of view up until the election. I even say, you know, start through the first part of the transition.

But once he really started making attacks on Kier Starrmer, City of London, Ursula of Ander Satan, and all the rest of them, it became very obvious to me that he has much bigger plans than what he was communicating early on. And that's where I think we need to be. I think we need to give him all the political support that we can with the best of our analysis. And I think it's time for everybody to kind of up your game a little bit in terms of your ability to read the game board.

Because this is a very difficult game board to read, and I get it. But it's still, it's necessary. And I'm seeing a lot of people fail. I'm seeing a lot of people who I would never expect to have failed failed to read this board. And that tells me that one, either the board is almost unreadable or, you know, it's gotten more complicated or more desperate or, you know, the stakes are too high for even the best and most trenchant analyst to keep their heads in it. That's my take at this point. All right. Well, with that with that said, since Pete doesn't have any, uh, um, doesn't doesn't seem to have any audio and I'm going to have to like finish off. So this has been the Pete Canoneseo and I'm Tom Luongo and he's Pete and Pete's awesome. And it kind of sucks that, you know, I've had to like carry the last 10 minutes of the show. But it is what it is. Um, you know, it, you know, the comedy is not good folks, but it's free. So thanks for tuning in. Uh, we'll catch you all another time. Pete, have a great night. Have a great weekend.