Iran War Sparks Global Energy Crisis, Why the US Is Lying About It & What You Can Expect at the Pump

The first thing to know about the two The first thing to know about the two wars now in progress in Ukraine and in wars now in progress in Ukraine and in wars now in progress in Ukraine and in Iran is that they're about energy Iran is that they're about energy Iran is that they're about energy because Iran and the countries around because Iran and the countries around because Iran and the countries around Iran produce about 20% of global oil Iran produce about 20% of global oil Iran produce about 20% of global oil supply. supply. supply. Russia meanwhile produces about 12% of Russia meanwhile produces about 12% of Russia meanwhile produces about 12% of global oil supply. So these are the global oil supply. So these are the global oil supply. So these are the biggest energy producing regions in the biggest energy producing regions in the biggest energy producing regions in the world and the wars have gravely affected world and the wars have gravely affected world and the wars have gravely affected their ability to produce that energy and their ability to produce that energy and their ability to produce that energy and to ship it anywhere else and to refine to ship it anywhere else and to refine to ship it anywhere else and to refine it for that matter. So that's the first it for that matter. So that's the first it for that matter. So that's the first thing to know. The second thing to know thing to know. The second thing to know thing to know. The second thing to know is that energy is the same as is that energy is the same as is that energy is the same as prosperity. The more energy a country prosperity. The more energy a country prosperity. The more energy a country uses, the richer it is. There is a uses, the richer it is. There is a uses, the richer it is. There is a onetoone correlation between energy use onetoone correlation between energy use onetoone correlation between energy use and the size of your economy. GDP and the size of your economy. GDP and the size of your economy. GDP roughly measured. roughly measured. roughly measured. I mean look at the list of the countries I mean look at the list of the countries I mean look at the list of the countries that consume the most energy and put it that consume the most energy and put it that consume the most energy and put it sidebyside the richest countries and sidebyside the richest countries and sidebyside the richest countries and they are directly connected. The country they are directly connected. The country they are directly connected. The country that uses the most energy per capita on that uses the most energy per capita on that uses the most energy per capita on the planet is Qatar, which is also by the planet is Qatar, which is also by the planet is Qatar, which is also by most measures the richest country. Tiny most measures the richest country. Tiny most measures the richest country. Tiny population, 350,000, population, 350,000, population, 350,000, massive natural gas supplies, massive natural gas supplies, massive natural gas supplies, huge huge huge per capita wealth in that country, and per capita wealth in that country, and per capita wealth in that country, and huge per capita energy use about roughly huge per capita energy use about roughly huge per capita energy use about roughly 19,000 kilowatt hours per citizen. On 19,000 kilowatt hours per citizen. On 19,000 kilowatt hours per citizen. On the other end, the poorest country in the other end, the poorest country in the other end, the poorest country in the world, arguably South Sudan, the world, arguably South Sudan, the world, arguably South Sudan, their energy use per capita 51 kwatt their energy use per capita 51 kwatt their energy use per capita 51 kwatt hours.

hours. hours. United States, by the way, about 12,000 United States, by the way, about 12,000 United States, by the way, about 12,000 kwatt hours. Now, for the past 15 or 20 kwatt hours. Now, for the past 15 or 20 kwatt hours. Now, for the past 15 or 20 years, maybe 25 years, elements of the years, maybe 25 years, elements of the years, maybe 25 years, elements of the [snorts] American leadership class have [snorts] American leadership class have [snorts] American leadership class have been scolding this country and the West been scolding this country and the West been scolding this country and the West for using too much energy. We use too for using too much energy. We use too for using too much energy. We use too much energy. We're destroying the earth much energy. We're destroying the earth much energy. We're destroying the earth by using energy. By the way, bombing by using energy. By the way, bombing by using energy. By the way, bombing civilian population somewhat does not civilian population somewhat does not civilian population somewhat does not destroy the earth. But turning on the destroy the earth. But turning on the destroy the earth. But turning on the lights or having an MRI or driving a lights or having an MRI or driving a lights or having an MRI or driving a suburban, that destroys the earth. Say suburban, that destroys the earth. Say suburban, that destroys the earth. Say the people who put solar farms in the the people who put solar farms in the the people who put solar farms in the woods. woods. woods. But that propaganda, as absurd as it is, But that propaganda, as absurd as it is, But that propaganda, as absurd as it is, has effectively hidden from many has effectively hidden from many has effectively hidden from many Americans the direct correlation between Americans the direct correlation between Americans the direct correlation between the amount of energy they use and the the amount of energy they use and the the amount of energy they use and the lives they live. And that would include lives they live. And that would include lives they live. And that would include their life expectancy and the likelihood their life expectancy and the likelihood their life expectancy and the likelihood their children will survive infancy. And their children will survive infancy. And their children will survive infancy. And everything that is good or considered everything that is good or considered everything that is good or considered progress in our society. All of it progress in our society. All of it progress in our society. All of it derives from one simple fact. We consume derives from one simple fact. We consume derives from one simple fact. We consume an awful lot of energy. And to the an awful lot of energy. And to the an awful lot of energy. And to the extent we consume less energy, those extent we consume less energy, those extent we consume less energy, those facts will change. In other words, we facts will change. In other words, we facts will change. In other words, we will become poorer. Again, energy is the will become poorer. Again, energy is the will become poorer. Again, energy is the same as wealth. So when a country uses same as wealth. So when a country uses same as wealth. So when a country uses less energy or when energy prices become less energy or when energy prices become less energy or when energy prices become unaffordable for the majority of the unaffordable for the majority of the unaffordable for the majority of the population, that country by definition population, that country by definition population, that country by definition becomes poorer. There's no debate about becomes poorer. There's no debate about becomes poorer. There's no debate about this. This is the iron law this. This is the iron law this. This is the iron law of economics of economics of economics of reality of civilization, energy of reality of civilization, energy of reality of civilization, energy equals prosperity.

equals prosperity. equals prosperity. So if you take two steps back and you So if you take two steps back and you So if you take two steps back and you see one country, the United States, see one country, the United States, see one country, the United States, waging two simultaneous wars, one waging two simultaneous wars, one waging two simultaneous wars, one against Iran and the other against against Iran and the other against against Iran and the other against Russia, and make no mistake, the United Russia, and make no mistake, the United Russia, and make no mistake, the United States is at war with Russia. States is at war with Russia. States is at war with Russia. The Trump administration's intelligence The Trump administration's intelligence The Trump administration's intelligence from the CIA and other intel agencies is from the CIA and other intel agencies is from the CIA and other intel agencies is being used by the Ukrainian government being used by the Ukrainian government being used by the Ukrainian government to target drones and missiles. So the US to target drones and missiles. So the US to target drones and missiles. So the US government, US, your tax dollars, is at government, US, your tax dollars, is at government, US, your tax dollars, is at war with the government of Russia, war with the government of Russia, war with the government of Russia, whether you're aware of that or not, whether you're aware of that or not, whether you're aware of that or not, whether you wanted it or not. And of whether you wanted it or not. And of whether you wanted it or not. And of course, most Americans don't. And the course, most Americans don't. And the course, most Americans don't. And the effect of that is what? To destabilize effect of that is what? To destabilize effect of that is what? To destabilize the Russian regime, break up Russia into the Russian regime, break up Russia into the Russian regime, break up Russia into 15 separate republics? Well, no, not 15 separate republics? Well, no, not 15 separate republics? Well, no, not yet. yet. yet. The effect is to hike global energy The effect is to hike global energy The effect is to hike global energy prices because once again Russia is the prices because once again Russia is the prices because once again Russia is the producer of about 12% of global oil producer of about 12% of global oil producer of about 12% of global oil supply and about 5% of refined petroleum supply and about 5% of refined petroleum supply and about 5% of refined petroleum products. And the war the United States products. And the war the United States products. And the war the United States is waging against Russia at this stage is waging against Russia at this stage is waging against Russia at this stage through its proxies in Western Europe through its proxies in Western Europe through its proxies in Western Europe and Ukraine is a war against energy.

and Ukraine is a war against energy. and Ukraine is a war against energy. about half of Russian refineries have about half of Russian refineries have about half of Russian refineries have been hit by missiles or drones targeted been hit by missiles or drones targeted been hit by missiles or drones targeted by the United States. by the United States. by the United States. So at some point you have to ask like So at some point you have to ask like So at some point you have to ask like why would we do that? Why would the why would we do that? Why would the why would we do that? Why would the United States under the previous United States under the previous United States under the previous president blow up the Nordstream president blow up the Nordstream president blow up the Nordstream pipeline which was the source of cheap pipeline which was the source of cheap pipeline which was the source of cheap energy from Russia into Western Europe? energy from Russia into Western Europe? energy from Russia into Western Europe? Our allies in Western Europe, countries Our allies in Western Europe, countries Our allies in Western Europe, countries that are occupied still by American that are occupied still by American that are occupied still by American troops 80 years later, our closest troops 80 years later, our closest troops 80 years later, our closest allies on the globe. Why would we allies on the globe. Why would we allies on the globe. Why would we deprive them of cheap energy? Who knows? deprive them of cheap energy? Who knows? deprive them of cheap energy? Who knows? There's a story here though and someone There's a story here though and someone There's a story here though and someone should tell it. And then in this war should tell it. And then in this war should tell it. And then in this war which began February 28th, of course, which began February 28th, of course, which began February 28th, of course, the central fact of Iran is not whether the central fact of Iran is not whether the central fact of Iran is not whether it has an active nuclear program or how it has an active nuclear program or how it has an active nuclear program or how many missiles it has or many missiles it has or many missiles it has or how many crowds in downtown Tehran chant how many crowds in downtown Tehran chant how many crowds in downtown Tehran chant mean things about Israel or the United mean things about Israel or the United mean things about Israel or the United States. I mean, those are interesting States. I mean, those are interesting States. I mean, those are interesting data points, but they're not really the data points, but they're not really the data points, but they're not really the core fact of Iran. The core fact of Iran core fact of Iran. The core fact of Iran core fact of Iran. The core fact of Iran is its geography and the fact that it is its geography and the fact that it is its geography and the fact that it sits on the northern side of the sits on the northern side of the sits on the northern side of the straight of Hormuz which is the opening straight of Hormuz which is the opening straight of Hormuz which is the opening famously at the eastern end of the famously at the eastern end of the famously at the eastern end of the Persian Gulf through which 20% of global Persian Gulf through which 20% of global Persian Gulf through which 20% of global energy flows. And then if you look at a energy flows. And then if you look at a energy flows. And then if you look at a map it curves around into a thing called map it curves around into a thing called map it curves around into a thing called the Red Sea the Red Sea the Red Sea and the Red Sea is and the Red Sea is and the Red Sea is the waterway over which another big the waterway over which another big the waterway over which another big percentage of global energy flows.

percentage of global energy flows. percentage of global energy flows. Without getting too boring about it, Without getting too boring about it, Without getting too boring about it, Saudi Arabia, which is probably the Saudi Arabia, which is probably the Saudi Arabia, which is probably the world's still the largest oil producer world's still the largest oil producer world's still the largest oil producer in the world, kind of thought ahead. in the world, kind of thought ahead. in the world, kind of thought ahead. What if they closed the straight of form What if they closed the straight of form What if they closed the straight of form at some point and built a pipeline at some point and built a pipeline at some point and built a pipeline on its territory into the Red Sea so on its territory into the Red Sea so on its territory into the Red Sea so they wouldn't have to send ships through they wouldn't have to send ships through they wouldn't have to send ships through the straight of moose? Well, the straight of moose? Well, the straight of moose? Well, unfortunately, unfortunately, unfortunately, across the water is a country called across the water is a country called across the water is a country called Yemen. And Yemen is effectively an enemy Yemen. And Yemen is effectively an enemy Yemen. And Yemen is effectively an enemy of Saudi Arabia. And the Houthi of Saudi Arabia. And the Houthi of Saudi Arabia. And the Houthi militants who we're briefly at war with militants who we're briefly at war with militants who we're briefly at war with are of course proxies of Iran. And they are of course proxies of Iran. And they are of course proxies of Iran. And they are now bombing shipping, attacking are now bombing shipping, attacking are now bombing shipping, attacking shipping in the Red Sea. And the main shipping in the Red Sea. And the main shipping in the Red Sea. And the main thing to know about energy shipping is thing to know about energy shipping is thing to know about energy shipping is it is very expensive. A super tanker it is very expensive. A super tanker it is very expensive. A super tanker full of petroleum of crude oil is worth full of petroleum of crude oil is worth full of petroleum of crude oil is worth about $350 million. So you don't have to about $350 million. So you don't have to about $350 million. So you don't have to sink too many of these, maybe any. You sink too many of these, maybe any. You sink too many of these, maybe any. You basically have to set a couple on fire basically have to set a couple on fire basically have to set a couple on fire or just threaten them. And there's no or just threaten them. And there's no or just threaten them. And there's no insurance underwriter in the world who's insurance underwriter in the world who's insurance underwriter in the world who's going to guarantee going to guarantee going to guarantee to pay back the owner of that ship if it to pay back the owner of that ship if it to pay back the owner of that ship if it sinks. So you can't get insurance for sinks. So you can't get insurance for sinks. So you can't get insurance for your cargo and ship worth a total of your cargo and ship worth a total of your cargo and ship worth a total of $350 million. You're probably not going $350 million. You're probably not going $350 million. You're probably not going to set sail.

to set sail. to set sail. So in other words, instability itself, So in other words, instability itself, So in other words, instability itself, even if no shots are fired or drones even if no shots are fired or drones even if no shots are fired or drones launched, is enough to end the flow of launched, is enough to end the flow of launched, is enough to end the flow of energy energy energy out of the straight through the Red Sea out of the straight through the Red Sea out of the straight through the Red Sea and to the rest of the world, primarily and to the rest of the world, primarily and to the rest of the world, primarily to Asia, but also to Europe, especially to Asia, but also to Europe, especially to Asia, but also to Europe, especially to Europe and to the United States. to Europe and to the United States. to Europe and to the United States. And so what you're looking at is the And so what you're looking at is the And so what you're looking at is the single largest disruption single largest disruption single largest disruption in energy markets since energy markets in energy markets since energy markets in energy markets since energy markets began. Nothing like this has ever began. Nothing like this has ever began. Nothing like this has ever happened. It began February 28th. The happened. It began February 28th. The happened. It began February 28th. The people who had thought about this ahead people who had thought about this ahead people who had thought about this ahead of time, very much including people of time, very much including people of time, very much including people around the president, his advisers, around the president, his advisers, around the president, his advisers, analysts at various intel agencies, they analysts at various intel agencies, they analysts at various intel agencies, they all knew this was going to happen. And all knew this was going to happen. And all knew this was going to happen. And it did. This war combined with the war it did. This war combined with the war it did. This war combined with the war that we are waging against Russia in that we are waging against Russia in that we are waging against Russia in Eastern Europe have completely shut down Eastern Europe have completely shut down Eastern Europe have completely shut down probably a quarter of the world's probably a quarter of the world's probably a quarter of the world's energy.

energy. energy. And what does that mean? Well, it means And what does that mean? Well, it means And what does that mean? Well, it means poverty and disaster and almost poverty and disaster and almost poverty and disaster and almost certainly famine in some places in certainly famine in some places in certainly famine in some places in Africa because of course half of all Africa because of course half of all Africa because of course half of all global fertilizer is derived from global fertilizer is derived from global fertilizer is derived from natural gas natural gas natural gas etc etc etc. means a readjustment etc etc etc. means a readjustment etc etc etc. means a readjustment downward of the standard of living of downward of the standard of living of downward of the standard of living of people certainly in Europe, almost people certainly in Europe, almost people certainly in Europe, almost certainly in the United States and certainly in the United States and certainly in the United States and definitely in parts of Asia. definitely in parts of Asia. definitely in parts of Asia. So that is the main fact of these wars. So that is the main fact of these wars. So that is the main fact of these wars. That's the fact that will affect the That's the fact that will affect the That's the fact that will affect the most number of lives. That's the fact most number of lives. That's the fact most number of lives. That's the fact that will precipitate shifts in power, that will precipitate shifts in power, that will precipitate shifts in power, the fall of governments. the fall of governments. the fall of governments. That's the main thing to know about That's the main thing to know about That's the main thing to know about these wars. And yet it's the one thing these wars. And yet it's the one thing these wars. And yet it's the one thing that almost nobody ever mentions. And to that almost nobody ever mentions. And to that almost nobody ever mentions. And to the extent public officials, not just in the extent public officials, not just in the extent public officials, not just in this country, but in Europe, talk about this country, but in Europe, talk about this country, but in Europe, talk about this war. They talk about the threat this war. They talk about the threat this war. They talk about the threat posed by Islamic radicalism posed by Islamic radicalism posed by Islamic radicalism because there's really no religious because there's really no religious because there's really no religious extremism in the United States. Just extremism in the United States. Just extremism in the United States. Just [snorts] [snorts] [snorts] pride flags everywhere. [laughter] pride flags everywhere. [laughter] pride flags everywhere. [laughter] You can turn a person from a girl into a You can turn a person from a girl into a You can turn a person from a girl into a boy just by wishing it so. But we're not boy just by wishing it so. But we're not boy just by wishing it so. But we're not religious extremists. In any case, they religious extremists. In any case, they religious extremists. In any case, they tell you that this is really a war about tell you that this is really a war about tell you that this is really a war about ideology, but its net effect is on ideology, but its net effect is on ideology, but its net effect is on energy, which is to say GDP.

energy, which is to say GDP. energy, which is to say GDP. So when asked about this, it's So when asked about this, it's So when asked about this, it's interesting how they respond. So take a interesting how they respond. So take a interesting how they respond. So take a look at the Secretary of Defense, this look at the Secretary of Defense, this look at the Secretary of Defense, this is in June is in June is in June on a network Sunday show, is asked about on a network Sunday show, is asked about on a network Sunday show, is asked about energy and the effect of this war on energy and the effect of this war on energy and the effect of this war on energy. And here's how the Secretary, I energy. And here's how the Secretary, I energy. And here's how the Secretary, I beg your pardon, of war responds to the beg your pardon, of war responds to the beg your pardon, of war responds to the question. Watch. We have a totally question. Watch. We have a totally question. Watch. We have a totally different energy dynamic around the different energy dynamic around the different energy dynamic around the world. By the way, the way energy flows world. By the way, the way energy flows world. By the way, the way energy flows today, the straits will be nowhere near today, the straits will be nowhere near today, the straits will be nowhere near as relevant one to two years from now. as relevant one to two years from now. as relevant one to two years from now. Because of the foresight of President Because of the foresight of President Because of the foresight of President Trump, he's made us energy independent Trump, he's made us energy independent Trump, he's made us energy independent at home. We're ex we're a net exporter. at home. We're ex we're a net exporter. at home. We're ex we're a net exporter. Now, Venezuela through our partnerships, Now, Venezuela through our partnerships, Now, Venezuela through our partnerships, now we're killing foreign terrorist now we're killing foreign terrorist now we're killing foreign terrorist leaders who have terrorized the American leaders who have terrorized the American leaders who have terrorized the American people, the amount of drugs and gangs people, the amount of drugs and gangs people, the amount of drugs and gangs that came through the United States of that came through the United States of that came through the United States of America prices are pretty high right America prices are pretty high right America prices are pretty high right now. It's a huge deal. now. It's a huge deal. now. It's a huge deal. >> So, I don't know that the independence >> So, I don't know that the independence >> So, I don't know that the independence is coming down. is coming down. is coming down. >> [laughter] >> [laughter] >> [laughter] >> they are. >> they are. >> they are. >> So, there was a lot in that paragraph. >> So, there was a lot in that paragraph. >> So, there was a lot in that paragraph. We started out with energy and then we We started out with energy and then we We started out with energy and then we got immediately to foreign terrorist got immediately to foreign terrorist got immediately to foreign terrorist leaders who are terrorizing Americans. leaders who are terrorizing Americans. leaders who are terrorizing Americans. Not clear who they are. Not clear who Not clear who they are. Not clear who Not clear who they are. Not clear who the foreign terrorist leaders are. Also the foreign terrorist leaders are. Also the foreign terrorist leaders are. Also not clear who the Americans who were not clear who the Americans who were not clear who the Americans who were terrorized by those foreign terrorist terrorized by those foreign terrorist terrorized by those foreign terrorist leaders were. If you live in this leaders were. If you live in this leaders were. If you live in this country, it's probably been a long time country, it's probably been a long time country, it's probably been a long time since anyone in line at the grocery since anyone in line at the grocery since anyone in line at the grocery store mentioned foreign terror leaders.

store mentioned foreign terror leaders. store mentioned foreign terror leaders. But in any case, it sort of jumped But in any case, it sort of jumped But in any case, it sort of jumped around. But let's move to the beginning around. But let's move to the beginning around. But let's move to the beginning of that short speech. of that short speech. of that short speech. And there was a very specific point in And there was a very specific point in And there was a very specific point in there and it was look the straight of there and it was look the straight of there and it was look the straight of four moves is effectively closed. Like four moves is effectively closed. Like four moves is effectively closed. Like that's measurable. Everybody knows that that's measurable. Everybody knows that that's measurable. Everybody knows that it's been closed since April. You kind it's been closed since April. You kind it's been closed since April. You kind of can't lie about that. But it doesn't of can't lie about that. But it doesn't of can't lie about that. But it doesn't really matter because the straight of really matter because the straight of really matter because the straight of horm is basically becoming irrelevant. horm is basically becoming irrelevant. horm is basically becoming irrelevant. Like really who cares about the straight Like really who cares about the straight Like really who cares about the straight of four moves? It's just 20% of global of four moves? It's just 20% of global of four moves? It's just 20% of global energy. energy. energy. No one really cares because the energy No one really cares because the energy No one really cares because the energy dynamic is changing dynamic is changing dynamic is changing because we arrested Maduro and his wife because we arrested Maduro and his wife because we arrested Maduro and his wife and put them in a cell in New York. And and put them in a cell in New York. And and put them in a cell in New York. And so the energy dynamic is changing. so the energy dynamic is changing. so the energy dynamic is changing. So of course in real life it doesn't So of course in real life it doesn't So of course in real life it doesn't mean anything because it was spoken by mean anything because it was spoken by mean anything because it was spoken by someone who doesn't know anything. But someone who doesn't know anything. But someone who doesn't know anything. But let's just take it seriously for one let's just take it seriously for one let's just take it seriously for one moment. So pre-war, which is to say on moment. So pre-war, which is to say on moment. So pre-war, which is to say on February 27th of this year, about 20 February 27th of this year, about 20 February 27th of this year, about 20 million barrels of oil, not even million barrels of oil, not even million barrels of oil, not even including LG, but let's just stick to including LG, but let's just stick to including LG, but let's just stick to petroleum oil. About 20 million barrels petroleum oil. About 20 million barrels petroleum oil. About 20 million barrels per day were moving through the straight per day were moving through the straight per day were moving through the straight of Hormuz. And that number is of Hormuz. And that number is of Hormuz. And that number is in zero in that range right now and has in zero in that range right now and has in zero in that range right now and has been pretty much since April.

been pretty much since April. been pretty much since April. So that's a huge amount of energy to So that's a huge amount of energy to So that's a huge amount of energy to make up for. How are you going to do make up for. How are you going to do make up for. How are you going to do that? Well, of course with Venezuela, that? Well, of course with Venezuela, that? Well, of course with Venezuela, which we know from listening to the which we know from listening to the which we know from listening to the president has the largest oil reserves president has the largest oil reserves president has the largest oil reserves in the world, like dwarfing Saudi in the world, like dwarfing Saudi in the world, like dwarfing Saudi Arabia, which is why Venezuela is just Arabia, which is why Venezuela is just Arabia, which is why Venezuela is just so darn rich and why most Venezuelans so darn rich and why most Venezuelans so darn rich and why most Venezuelans have their own private 747. Oh, wait, have their own private 747. Oh, wait, have their own private 747. Oh, wait, just kidding. But in any case, we've just kidding. But in any case, we've just kidding. But in any case, we've been told that Venezuela has the most been told that Venezuela has the most been told that Venezuela has the most oil of any country in the world. And I oil of any country in the world. And I oil of any country in the world. And I guess technically that may be true. But guess technically that may be true. But guess technically that may be true. But does it matter? does it matter? does it matter? Well, it doesn't matter if the oil is Well, it doesn't matter if the oil is Well, it doesn't matter if the oil is still under the ground. So, how much oil still under the ground. So, how much oil still under the ground. So, how much oil is Venezuela exporting now? Well, the is Venezuela exporting now? Well, the is Venezuela exporting now? Well, the good news is the number is up. good news is the number is up. good news is the number is up. Up from what it was a year ago. More oil Up from what it was a year ago. More oil Up from what it was a year ago. More oil is leaving Venezuela. That is absolutely is leaving Venezuela. That is absolutely is leaving Venezuela. That is absolutely right. Than left a year ago. What's the right. Than left a year ago. What's the right. Than left a year ago. What's the number? Well, it's a little over a number? Well, it's a little over a number? Well, it's a little over a million barrels a day. million barrels a day. million barrels a day. A million barrels a day. Now, keep in A million barrels a day. Now, keep in A million barrels a day. Now, keep in mind the Street of Hormuz allowed 20 mind the Street of Hormuz allowed 20 mind the Street of Hormuz allowed 20 million barrels a day to go through million barrels a day to go through million barrels a day to go through before the Trump administration decided before the Trump administration decided before the Trump administration decided to kill the elderly religious leader of to kill the elderly religious leader of to kill the elderly religious leader of Iran.

Iran. Iran. So, that leaves 19 million barrels of So, that leaves 19 million barrels of So, that leaves 19 million barrels of oil, not including natural gas, which is oil, not including natural gas, which is oil, not including natural gas, which is also kind of shut down in the Persian also kind of shut down in the Persian also kind of shut down in the Persian Gulf, mostly from Qatar, but not only. Gulf, mostly from Qatar, but not only. Gulf, mostly from Qatar, but not only. But let's just stick to oil. Where do we But let's just stick to oil. Where do we But let's just stick to oil. Where do we get the extra 19 million barrels per day get the extra 19 million barrels per day get the extra 19 million barrels per day to make up for what we've lost in the to make up for what we've lost in the to make up for what we've lost in the straight of Hormuz, which apparently no straight of Hormuz, which apparently no straight of Hormuz, which apparently no longer really matters? No hint. Because there's no answer No hint. Because there's no answer because the real answer is we're not. because the real answer is we're not. because the real answer is we're not. As long as the straight stays closed, As long as the straight stays closed, As long as the straight stays closed, the rest of the world is going to have the rest of the world is going to have the rest of the world is going to have to readjust to a deficit of at least 19 to readjust to a deficit of at least 19 to readjust to a deficit of at least 19 million barrels per day. And that's just million barrels per day. And that's just million barrels per day. And that's just oil. oil. oil. Okay, so that was the Secretary of War's Okay, so that was the Secretary of War's Okay, so that was the Secretary of War's position. And again, we are off into position. And again, we are off into position. And again, we are off into killing foreign terrorist leaders who killing foreign terrorist leaders who killing foreign terrorist leaders who are terrorizing Americans, the danger of are terrorizing Americans, the danger of are terrorizing Americans, the danger of Islamic JIHAD OR HAMAS, HEZBOLLAH, Islamic JIHAD OR HAMAS, HEZBOLLAH, Islamic JIHAD OR HAMAS, HEZBOLLAH, [screaming] [screaming] [screaming] YOU KNOW, AMERICA'S greatest problems, YOU KNOW, AMERICA'S greatest problems, YOU KNOW, AMERICA'S greatest problems, not the drug cartels that control New not the drug cartels that control New not the drug cartels that control New Mexico, but Hamas. Mexico, but Hamas. Mexico, but Hamas. So what's interesting is that 3 days So what's interesting is that 3 days So what's interesting is that 3 days later that man's boss who would be the later that man's boss who would be the later that man's boss who would be the president of the United States it was president of the United States it was president of the United States it was over in Europe at the G7 was asked about over in Europe at the G7 was asked about over in Europe at the G7 was asked about the straight of Hormuz this was you may the straight of Hormuz this was you may the straight of Hormuz this was you may recall this was last month you may recall this was last month you may recall this was last month you may recall at that moment he was in the recall at that moment he was in the recall at that moment he was in the middle of explaining that we were going middle of explaining that we were going middle of explaining that we were going to sign a memorandum of understanding to sign a memorandum of understanding to sign a memorandum of understanding perhaps we already had but basically a perhaps we already had but basically a perhaps we already had but basically a framework that would get us to a framework that would get us to a framework that would get us to a peaceful non-violent settlement of this peaceful non-violent settlement of this peaceful non-violent settlement of this war and war and war and He because he is Donald Trump. Whatever

He because he is Donald Trump. Whatever He because he is Donald Trump. Whatever you think of him, he has these moments you think of him, he has these moments you think of him, he has these moments of kind of amazing cander and it's of kind of amazing cander and it's of kind of amazing cander and it's refreshing cander. Again, whatever you refreshing cander. Again, whatever you refreshing cander. Again, whatever you think of the guy, he sort of says things think of the guy, he sort of says things think of the guy, he sort of says things that are obviously true from time to that are obviously true from time to that are obviously true from time to time. time. time. And he said this 3 days after Pete Heg And he said this 3 days after Pete Heg And he said this 3 days after Pete Heg said that, Trump said this. If I went said that, Trump said this. If I went said that, Trump said this. If I went out and continued to bomb them for out and continued to bomb them for out and continued to bomb them for another four, just bomb the hell out of another four, just bomb the hell out of another four, just bomb the hell out of them. I'd get bad press on that. No, them. I'd get bad press on that. No, them. I'd get bad press on that. No, there's nothing I can do. But what this there's nothing I can do. But what this there's nothing I can do. But what this does is it allows the ships to go. If we does is it allows the ships to go. If we does is it allows the ships to go. If we if we keep bombing, those ships won't be if we keep bombing, those ships won't be if we keep bombing, those ships won't be going. And you're talking about going. And you're talking about going. And you're talking about 500600700 500600700 500600700 million dollar a day. It's a lot of million dollar a day. It's a lot of million dollar a day. It's a lot of money. A lot of money. That's why the money. A lot of money. That's why the money. A lot of money. That's why the world is okay. It's liquid. It's fine. world is okay. It's liquid. It's fine. world is okay. It's liquid. It's fine. Also, we run out of reserves at about Also, we run out of reserves at about Also, we run out of reserves at about four weeks. You know, there are reserves four weeks. You know, there are reserves four weeks. You know, there are reserves all over the world. And we would really all over the world. And we would really all over the world. And we would really run out and there'll be a time when you run out and there'll be a time when you run out and there'll be a time when you wouldn't be able to get it. And you want wouldn't be able to get it. And you want wouldn't be able to get it. And you want to see bedum? to see bedum? to see bedum? [laughter] [laughter] [laughter] Wait a second. 3 days after the Wait a second. 3 days after the Wait a second. 3 days after the secretary of war, secretary of war, secretary of war, not defense, war, not defense, war, not defense, war, helpfully direct war. 3 days after he helpfully direct war. 3 days after he helpfully direct war. 3 days after he told us on CBS, actually like who cares told us on CBS, actually like who cares told us on CBS, actually like who cares what the straightforward moves? There's what the straightforward moves? There's what the straightforward moves? There's the president of the United States the president of the United States the president of the United States saying actually we got four weeks to go saying actually we got four weeks to go saying actually we got four weeks to go until we run out of oil. You can't get until we run out of oil. You can't get until we run out of oil. You can't get any. And then there's quote bedum.

any. And then there's quote bedum. any. And then there's quote bedum. People are just eating each other. People are just eating each other. People are just eating each other. It's out of like a medieval woodcut. It's out of like a medieval woodcut. It's out of like a medieval woodcut. People are just People are just People are just fighting in the street because they have fighting in the street because they have fighting in the street because they have no oil. Bedum no oil. Bedum no oil. Bedum craziness. craziness. craziness. Now, probably both of these are an Now, probably both of these are an Now, probably both of these are an exaggeration, but the latter, the exaggeration, but the latter, the exaggeration, but the latter, the president's assessment is of course president's assessment is of course president's assessment is of course obviously closer to the truth. And we obviously closer to the truth. And we obviously closer to the truth. And we know that because for the duration of know that because for the duration of know that because for the duration of this war, a war over a straight that this war, a war over a straight that this war, a war over a straight that apparently doesn't matter. Well, then apparently doesn't matter. Well, then apparently doesn't matter. Well, then why are we fighting over it? The United why are we fighting over it? The United why are we fighting over it? The United States has been in the process of States has been in the process of States has been in the process of draining its strategic petroleum draining its strategic petroleum draining its strategic petroleum reserve. Something like 172 million reserve. Something like 172 million reserve. Something like 172 million barrels taken out of the SPR since this barrels taken out of the SPR since this barrels taken out of the SPR since this war began. Now, why would we do that? If war began. Now, why would we do that? If war began. Now, why would we do that? If we didn't need the energy, if it didn't we didn't need the energy, if it didn't we didn't need the energy, if it didn't matter, if energy flows were changing in matter, if energy flows were changing in matter, if energy flows were changing in the world and the straight of moose was the world and the straight of moose was the world and the straight of moose was becoming irrelevant, becoming irrelevant, becoming irrelevant, probably wouldn't be drawing down the probably wouldn't be drawing down the probably wouldn't be drawing down the strategic petroleum reserve. In fact, we strategic petroleum reserve. In fact, we strategic petroleum reserve. In fact, we probably wouldn't be fighting this war probably wouldn't be fighting this war probably wouldn't be fighting this war in the first place. We probably wouldn't in the first place. We probably wouldn't in the first place. We probably wouldn't even be talking about a humiliating even be talking about a humiliating even be talking about a humiliating with Iran in which we admit we're with Iran in which we admit we're with Iran in which we admit we're powerless. Why would we go through any powerless. Why would we go through any powerless. Why would we go through any of this if we didn't very desperately of this if we didn't very desperately of this if we didn't very desperately need to keep that straight open? Well, need to keep that straight open? Well, need to keep that straight open? Well, of course, the answer is we wouldn't.

of course, the answer is we wouldn't. of course, the answer is we wouldn't. So, if you So, if you So, if you ignore what people say as always and ignore what people say as always and ignore what people say as always and watch what they do, a very clear picture watch what they do, a very clear picture watch what they do, a very clear picture emerges. And of course, it's the picture emerges. And of course, it's the picture emerges. And of course, it's the picture of desperation. It's the picture of a of desperation. It's the picture of a of desperation. It's the picture of a group of people who went into group of people who went into group of people who went into a war with certain expectations, hopes a war with certain expectations, hopes a war with certain expectations, hopes anyway, delusions. They told themselves anyway, delusions. They told themselves anyway, delusions. They told themselves certain things were going to happen. certain things were going to happen. certain things were going to happen. Those things didn't happen and now Those things didn't happen and now Those things didn't happen and now they're desperate. they're desperate. they're desperate. That's all very obvious. Again, you That's all very obvious. Again, you That's all very obvious. Again, you probably wouldn't drain your strategic probably wouldn't drain your strategic probably wouldn't drain your strategic petroleum reserve and get 18 million petroleum reserve and get 18 million petroleum reserve and get 18 million Americans killed and go through the Americans killed and go through the Americans killed and go through the whole drama of all of this whole drama of all of this whole drama of all of this if you didn't have to. All of which leads to maybe the most All of which leads to maybe the most interesting fact of this entire interesting fact of this entire interesting fact of this entire exercise, exercise, exercise, which is oil markets. Now, if you grew which is oil markets. Now, if you grew which is oil markets. Now, if you grew up in the United States, you have up in the United States, you have up in the United States, you have learned the hard way that a lot of the learned the hard way that a lot of the learned the hard way that a lot of the things you were taught as a child were things you were taught as a child were things you were taught as a child were not true. Diversity is not our strength. not true. Diversity is not our strength. not true. Diversity is not our strength. Actually, the government is not Actually, the government is not Actually, the government is not necessarily on your side, etc., etc., necessarily on your side, etc., etc., necessarily on your side, etc., etc., etc.

etc. etc. But one thing you likely still believe But one thing you likely still believe But one thing you likely still believe is that markets are real. is that markets are real. is that markets are real. And you have every reason to believe And you have every reason to believe And you have every reason to believe that because markets as conceived or as that because markets as conceived or as that because markets as conceived or as sold to the American public are sold to the American public are sold to the American public are completely transparent. completely transparent. completely transparent. We can watch them on a ticker. We know We can watch them on a ticker. We know We can watch them on a ticker. We know exactly what the price of shares in any exactly what the price of shares in any exactly what the price of shares in any publicly traded company is doing at any publicly traded company is doing at any publicly traded company is doing at any moment. And in commodities, whether it's moment. And in commodities, whether it's moment. And in commodities, whether it's oil or gas or soybeans or wheat, doesn't oil or gas or soybeans or wheat, doesn't oil or gas or soybeans or wheat, doesn't matter. We can watch it. And we know matter. We can watch it. And we know matter. We can watch it. And we know that fluctuations in price are driven that fluctuations in price are driven that fluctuations in price are driven maybe not exclusively but in the end maybe not exclusively but in the end maybe not exclusively but in the end primarily primarily primarily by the supply of whatever is being by the supply of whatever is being by the supply of whatever is being traded. The principle of supply and traded. The principle of supply and traded. The principle of supply and demand governs markets. demand governs markets. demand governs markets. If something is scarce and much sought If something is scarce and much sought If something is scarce and much sought after, it's expensive diamonds. If after, it's expensive diamonds. If after, it's expensive diamonds. If something is abundant and has limited something is abundant and has limited something is abundant and has limited use, sand on your beach, it's cheap. use, sand on your beach, it's cheap. use, sand on your beach, it's cheap. Supply and demand govern price.

Supply and demand govern price. Supply and demand govern price. Very few people from Keynesians to Very few people from Keynesians to Very few people from Keynesians to Austrians, it doesn't matter what kind Austrians, it doesn't matter what kind Austrians, it doesn't matter what kind of economic theory you buy into. It of economic theory you buy into. It of economic theory you buy into. It doesn't matter if you're a DSA member or doesn't matter if you're a DSA member or doesn't matter if you're a DSA member or a neocon or a N. Gingrich Republican, a neocon or a N. Gingrich Republican, a neocon or a N. Gingrich Republican, you can understand how markets work you can understand how markets work you can understand how markets work because it's very, very simple. And you because it's very, very simple. And you because it's very, very simple. And you see that principle reflected in daily see that principle reflected in daily see that principle reflected in daily life from the minute you wake up till life from the minute you wake up till life from the minute you wake up till the minute you go to bed. So it hasn't the minute you go to bed. So it hasn't the minute you go to bed. So it hasn't dawned on most people to suspect that dawned on most people to suspect that dawned on most people to suspect that commodities markets are rigged. How commodities markets are rigged. How commodities markets are rigged. How could you rig a commodities market? An could you rig a commodities market? An could you rig a commodities market? An international commodities market. It's international commodities market. It's international commodities market. It's not controlled by any one person. You not controlled by any one person. You not controlled by any one person. You don't think so. How could that happen? don't think so. How could that happen? don't think so. How could that happen? Well, it's time to start thinking deeply Well, it's time to start thinking deeply Well, it's time to start thinking deeply about this. And by the way, for those about this. And by the way, for those about this. And by the way, for those who are interested in exploring this, we who are interested in exploring this, we who are interested in exploring this, we recommend so strongly a piece by Ron Uns recommend so strongly a piece by Ron Uns recommend so strongly a piece by Ron Uns came out a couple of days ago in the UNS came out a couple of days ago in the UNS came out a couple of days ago in the UNS Review. You can find it online. Last Review. You can find it online. Last Review. You can find it online. Last name is UNZ, one of the deepest and most name is UNZ, one of the deepest and most name is UNZ, one of the deepest and most interesting thinkers uh in the United interesting thinkers uh in the United interesting thinkers uh in the United States. Wrote a piece about what is States. Wrote a piece about what is States. Wrote a piece about what is happening in oil markets. And again, happening in oil markets. And again, happening in oil markets. And again, it's worth the read. But to summarize it it's worth the read. But to summarize it it's worth the read. But to summarize it in four sentences, so the price of oil in four sentences, so the price of oil in four sentences, so the price of oil that the consumer understands mostly, if that the consumer understands mostly, if that the consumer understands mostly, if you're a CNBC watcher, you judge it by you're a CNBC watcher, you judge it by you're a CNBC watcher, you judge it by something called the price of Brent something called the price of Brent something called the price of Brent crude. Brent crude, there's a Brent oil crude. Brent crude, there's a Brent oil crude. Brent crude, there's a Brent oil field near the Shetland Islands in the field near the Shetland Islands in the field near the Shetland Islands in the North Sea. Um, it's actually, I don't North Sea. Um, it's actually, I don't North Sea. Um, it's actually, I don't think, operating anymore, but Brent think, operating anymore, but Brent think, operating anymore, but Brent crude is the name that oil traders use crude is the name that oil traders use crude is the name that oil traders use for sweet light crude. That means less for sweet light crude. That means less for sweet light crude. That means less viscous, lower self sulfur content, viscous, lower self sulfur content, viscous, lower self sulfur content, easier to refine into gasoline and

easier to refine into gasoline and easier to refine into gasoline and diesel. It's the majority of oil traded diesel. It's the majority of oil traded diesel. It's the majority of oil traded in the west is light sweet crude. We in the west is light sweet crude. We in the west is light sweet crude. We call it Brent crude. So if you want to call it Brent crude. So if you want to call it Brent crude. So if you want to know what oil prices are, you look up know what oil prices are, you look up know what oil prices are, you look up something called the price of Brent something called the price of Brent something called the price of Brent crude. And it's kind of a commonly crude. And it's kind of a commonly crude. And it's kind of a commonly agreed upon measure in the west for what agreed upon measure in the west for what agreed upon measure in the west for what oil costs. And you can look it up on oil costs. And you can look it up on oil costs. And you can look it up on your phone. It's like the price of gold your phone. It's like the price of gold your phone. It's like the price of gold or silver or any other commodity. And so or silver or any other commodity. And so or silver or any other commodity. And so when this war started, the price was when this war started, the price was when this war started, the price was maybe 70 bucks, something like that. Um maybe 70 bucks, something like that. Um maybe 70 bucks, something like that. Um I think it was about 70 b $72 something I think it was about 70 b $72 something I think it was about 70 b $72 something like that. Uh that would be the end of like that. Uh that would be the end of like that. Uh that would be the end of February. So again, the war is taking February. So again, the war is taking February. So again, the war is taking place at the center of the global oil place at the center of the global oil place at the center of the global oil trade, which is the Persian Gulf. And so trade, which is the Persian Gulf. And so trade, which is the Persian Gulf. And so naturally, the price went up. And then naturally, the price went up. And then naturally, the price went up. And then in April, the straight is closed and oil in April, the straight is closed and oil in April, the straight is closed and oil predictably shoots up to maybe getting predictably shoots up to maybe getting predictably shoots up to maybe getting the number wrong, but maybe$118, $118 a the number wrong, but maybe$118, $118 a the number wrong, but maybe$118, $118 a barrel for Brent crude. barrel for Brent crude. barrel for Brent crude. And that seemed honestly a little bit And that seemed honestly a little bit And that seemed honestly a little bit low considering that 20% of global oil low considering that 20% of global oil low considering that 20% of global oil just got taken off the markets wasn't just got taken off the markets wasn't just got taken off the markets wasn't flowing out of the Gulf. And there was flowing out of the Gulf. And there was flowing out of the Gulf. And there was also extensive damage to oil extraction also extensive damage to oil extraction also extensive damage to oil extraction facilities, to oil refineries, to facilities, to oil refineries, to facilities, to oil refineries, to prochemical plants. I mean there's a lot prochemical plants. I mean there's a lot prochemical plants. I mean there's a lot of damage you know not just to the oil of damage you know not just to the oil of damage you know not just to the oil wells but to all the downstream uh wells but to all the downstream uh wells but to all the downstream uh machine machinery involved in in machine machinery involved in in machine machinery involved in in refining oil. So anyway it seemed a refining oil. So anyway it seemed a refining oil. So anyway it seemed a little bit low but at the end of April little bit low but at the end of April little bit low but at the end of April it reached what turned out to be its

it reached what turned out to be its it reached what turned out to be its highest point and then it did something highest point and then it did something highest point and then it did something quite amazing. It went down. There was a quite amazing. It went down. There was a quite amazing. It went down. There was a time this month with the straight time this month with the straight time this month with the straight basically still closed when oil as basically still closed when oil as basically still closed when oil as priced on the Brent crude market, priced on the Brent crude market, priced on the Brent crude market, oil was cheaper by a few cents per oil was cheaper by a few cents per oil was cheaper by a few cents per barrel than it was before the war barrel than it was before the war barrel than it was before the war started even though the straight was started even though the straight was started even though the straight was closed. closed. closed. Now, you don't have to be Larry Summers Now, you don't have to be Larry Summers Now, you don't have to be Larry Summers or a Harvard trained economist to wonder or a Harvard trained economist to wonder or a Harvard trained economist to wonder like what the hell is that? How could like what the hell is that? How could like what the hell is that? How could that possibly be? You take 20% of the that possibly be? You take 20% of the that possibly be? You take 20% of the supply offline and the price goes down. supply offline and the price goes down. supply offline and the price goes down. And you hear people say, "Well, China And you hear people say, "Well, China And you hear people say, "Well, China stopped importing a lot of oil." True. stopped importing a lot of oil." True. stopped importing a lot of oil." True. But this is a market and the people But this is a market and the people But this is a market and the people investing are basically making a bet on investing are basically making a bet on investing are basically making a bet on what's going to happen in the future. what's going to happen in the future. what's going to happen in the future. These are futures. These are futures. These are futures. So, China can't stop buying Gulf oil So, China can't stop buying Gulf oil So, China can't stop buying Gulf oil forever. forever. forever. And there aren't And there aren't And there aren't an extra 20 million barrels a day of oil an extra 20 million barrels a day of oil an extra 20 million barrels a day of oil anywhere on the planet that we could anywhere on the planet that we could anywhere on the planet that we could just like fire it up and be like, "Okay, just like fire it up and be like, "Okay, just like fire it up and be like, "Okay, we'll just replace the oil with this."

we'll just replace the oil with this." we'll just replace the oil with this." So, there's a global shortage of this So, there's a global shortage of this So, there's a global shortage of this commodity and the price goes down. commodity and the price goes down. commodity and the price goes down. So the and the runs piece has all kinds So the and the runs piece has all kinds So the and the runs piece has all kinds of different potential explanations for of different potential explanations for of different potential explanations for this that are very interesting. this that are very interesting. this that are very interesting. And you know, it's not clear that we can And you know, it's not clear that we can And you know, it's not clear that we can settle on any one of them, but we can settle on any one of them, but we can settle on any one of them, but we can say unequivocally at this point that oil say unequivocally at this point that oil say unequivocally at this point that oil markets, at least the Brent crude markets, at least the Brent crude markets, at least the Brent crude market, do not reflect reality, which is market, do not reflect reality, which is market, do not reflect reality, which is to say they're fake and they're either to say they're fake and they're either to say they're fake and they're either being manipulated by people and as Ron's being manipulated by people and as Ron's being manipulated by people and as Ron's points out in his base, that's not a points out in his base, that's not a points out in his base, that's not a crazy idea. crazy idea. crazy idea. I mean, GameStop, I mean, GameStop, I mean, GameStop, famously publicly traded company that famously publicly traded company that famously publicly traded company that was tanking, became an incredibly was tanking, became an incredibly was tanking, became an incredibly valuable company because a bunch of guys valuable company because a bunch of guys valuable company because a bunch of guys in their boxer shorts in their recck in their boxer shorts in their recck in their boxer shorts in their recck rooms decided to spike the price by rooms decided to spike the price by rooms decided to spike the price by buying shares. Same with Herz during CO. buying shares. Same with Herz during CO. buying shares. Same with Herz during CO. So, we have precedent for determined So, we have precedent for determined So, we have precedent for determined small determined groups of people small determined groups of people small determined groups of people manipulating public markets like that manipulating public markets like that manipulating public markets like that happens. Could it happen in a market happens. Could it happen in a market happens. Could it happen in a market this big and this closely watched? Who this big and this closely watched? Who this big and this closely watched? Who knows?

knows? knows? Another possible explanation Another possible explanation Another possible explanation is AI. So it turns out one of the many is AI. So it turns out one of the many is AI. So it turns out one of the many facts that you learn in watching this facts that you learn in watching this facts that you learn in watching this war that the majority of oil futures war that the majority of oil futures war that the majority of oil futures trading I think about 70% is done by trading I think about 70% is done by trading I think about 70% is done by machines. It's done by AI. There's no machines. It's done by AI. There's no machines. It's done by AI. There's no people done automatically people done automatically people done automatically in the way that we target drones and in the way that we target drones and in the way that we target drones and missiles now. We just let the machine missiles now. We just let the machine missiles now. We just let the machine decide who to kill. So apparently in decide who to kill. So apparently in decide who to kill. So apparently in futures markets, oil futures markets, futures markets, oil futures markets, futures markets, oil futures markets, the machine decides the machine decides the machine decides when and how much to buy. How does the when and how much to buy. How does the when and how much to buy. How does the machine make that decision? Well, of machine make that decision? Well, of machine make that decision? Well, of course, the same way that AI makes all course, the same way that AI makes all course, the same way that AI makes all decisions with the use of language. And decisions with the use of language. And decisions with the use of language. And so, one theory is that by making public so, one theory is that by making public so, one theory is that by making public statements that the straight of Hormuz statements that the straight of Hormuz statements that the straight of Hormuz is irrelevant is irrelevant is irrelevant and the US government, President Trump and the US government, President Trump and the US government, President Trump have this completely under control and have this completely under control and have this completely under control and that energy prices are not actually that energy prices are not actually that energy prices are not actually rising. In fact, they're going down. rising. In fact, they're going down. rising. In fact, they're going down. When you look around, they are rising. When you look around, they are rising. When you look around, they are rising. And by the way, if you try to buy a And by the way, if you try to buy a And by the way, if you try to buy a barrel of oil, let's say on on the barrel of oil, let's say on on the barrel of oil, let's say on on the internet, it tells you they're priced at internet, it tells you they're priced at internet, it tells you they're priced at 72 bucks or 84. I think it's 84 today.

72 bucks or 84. I think it's 84 today. 72 bucks or 84. I think it's 84 today. Can you actually buy a barrel of oil Can you actually buy a barrel of oil Can you actually buy a barrel of oil for$84 bucks? If I want to buy a barrel for$84 bucks? If I want to buy a barrel for$84 bucks? If I want to buy a barrel of Sweet Light crude for $84, where of Sweet Light crude for $84, where of Sweet Light crude for $84, where would I where would I find that? would I where would I find that? would I where would I find that? And no news organization has bothered to And no news organization has bothered to And no news organization has bothered to actually like, you know, call the actually like, you know, call the actually like, you know, call the biggest retailers around the world ask biggest retailers around the world ask biggest retailers around the world ask like, "What are you actually selling a like, "What are you actually selling a like, "What are you actually selling a barrel of oil for?" No one's decided to barrel of oil for?" No one's decided to barrel of oil for?" No one's decided to do that for some reason. Probably do that for some reason. Probably do that for some reason. Probably because they all support this war. because they all support this war. because they all support this war. But if you were to do that, you probably But if you were to do that, you probably But if you were to do that, you probably wouldn't find anybody who would sell you wouldn't find anybody who would sell you wouldn't find anybody who would sell you a barrel at the price listed on the a barrel at the price listed on the a barrel at the price listed on the internet. So the internet price is not internet. So the internet price is not internet. So the internet price is not the real price, right, by definition. the real price, right, by definition. the real price, right, by definition. But how did they get to that fake price But how did they get to that fake price But how did they get to that fake price in the first place? And it may be that in the first place? And it may be that in the first place? And it may be that the AI traders read news stories about the AI traders read news stories about the AI traders read news stories about the price of oil and prominent in those the price of oil and prominent in those the price of oil and prominent in those news stories are statements from news stories are statements from news stories are statements from American officials saying actually American officials saying actually American officials saying actually prices are down. They're never going to prices are down. They're never going to prices are down. They're never going to go up. The straightfor is irrelevant. go up. The straightfor is irrelevant. go up. The straightfor is irrelevant. and they and they and they calculate calculate calculate their decisions about the future price their decisions about the future price their decisions about the future price of oil based on those statements which of oil based on those statements which of oil based on those statements which of course are not only lies but probably of course are not only lies but probably of course are not only lies but probably made in the first place in an effort to made in the first place in an effort to made in the first place in an effort to influence influence influence AI trading in oil futures if that makes AI trading in oil futures if that makes AI trading in oil futures if that makes sense.

sense. sense. In other words, you can speak the truth In other words, you can speak the truth In other words, you can speak the truth into existence because AI, into existence because AI, into existence because AI, far from being smarter than people, is far from being smarter than people, is far from being smarter than people, is actually dumber even than Kla Harris. actually dumber even than Kla Harris. actually dumber even than Kla Harris. Like, that's possible, Like, that's possible, Like, that's possible, though. It sounds kind of shocking. though. It sounds kind of shocking. though. It sounds kind of shocking. So, if you were going to do that, what So, if you were going to do that, what So, if you were going to do that, what would you say? Well, would you say? Well, would you say? Well, here's the Secretary of Interior, Doug here's the Secretary of Interior, Doug here's the Secretary of Interior, Doug Bergamo. By the way, in the executive Bergamo. By the way, in the executive Bergamo. By the way, in the executive branch, Secretary of Interior has more branch, Secretary of Interior has more branch, Secretary of Interior has more day-to-day authority over oil questions day-to-day authority over oil questions day-to-day authority over oil questions than the Secretary of Energy, who's most than the Secretary of Energy, who's most than the Secretary of Energy, who's most Americans think the Secretary of Energy Americans think the Secretary of Energy Americans think the Secretary of Energy is about energy. It's really about is about energy. It's really about is about energy. It's really about nukes. nukes. nukes. But the Secretary of Interior has But the Secretary of Interior has But the Secretary of Interior has jurisdiction over a lot of federal lands jurisdiction over a lot of federal lands jurisdiction over a lot of federal lands that produce oil and gas. And so he's that produce oil and gas. And so he's that produce oil and gas. And so he's and we have a Secretary of Interior and we have a Secretary of Interior and we have a Secretary of Interior who's pretty knowledgeable on energy who's pretty knowledgeable on energy who's pretty knowledgeable on energy questions. Again, Doug Bergam of North questions. Again, Doug Bergam of North questions. Again, Doug Bergam of North Dakota. Dakota. Dakota. And with that in mind, the idea that And with that in mind, the idea that And with that in mind, the idea that it's possible that Trump and those it's possible that Trump and those it's possible that Trump and those around him are trying to influence around him are trying to influence around him are trying to influence computerdriven futures trading by making computerdriven futures trading by making computerdriven futures trading by making false statements about energy. Watch false statements about energy. Watch false statements about energy. Watch this. Every barrel that goes out now this. Every barrel that goes out now this. Every barrel that goes out now gets replaced by 1.2. So think of if 10 gets replaced by 1.2. So think of if 10 gets replaced by 1.2. So think of if 10 barrels go out, 12 barrels are going to barrels go out, 12 barrels are going to barrels go out, 12 barrels are going to come back in for the same price. already come back in for the same price. already come back in for the same price. already saving uh Americans billions of dollars saving uh Americans billions of dollars saving uh Americans billions of dollars because we've got business leaders uh because we've got business leaders uh because we've got business leaders uh like President Trump driving our energy like President Trump driving our energy like President Trump driving our energy policy, policy, policy, >> right? Okay. So, energy prices have gone >> right? Okay. So, energy prices have gone >> right? Okay. So, energy prices have gone way down. You may have noticed that. Oh, way down. You may have noticed that. Oh, way down. You may have noticed that. Oh, wait, no. The price of gasoline and wait, no. The price of gasoline and wait, no. The price of gasoline and diesel fuel and jet fuel and by the way,

diesel fuel and jet fuel and by the way, diesel fuel and jet fuel and by the way, electricity have all gone up a lot electricity have all gone up a lot electricity have all gone up a lot in the last year. A lot. Not a little in the last year. A lot. Not a little in the last year. A lot. Not a little bit, a lot. Way outpacing inflation. And bit, a lot. Way outpacing inflation. And bit, a lot. Way outpacing inflation. And of course in the end driving inflation. of course in the end driving inflation. of course in the end driving inflation. So energy prices have not gone down. And So energy prices have not gone down. And So energy prices have not gone down. And for every barrel that goes out we get for every barrel that goes out we get for every barrel that goes out we get two back or whatever. What does that two back or whatever. What does that two back or whatever. What does that even mean? Well, not explained. And it even mean? Well, not explained. And it even mean? Well, not explained. And it probably doesn't need to be explained probably doesn't need to be explained probably doesn't need to be explained because it may be read by these machine because it may be read by these machine because it may be read by these machine future traders as good news that they future traders as good news that they future traders as good news that they factor into their calculation about the factor into their calculation about the factor into their calculation about the future price of oil, thereby keeping the future price of oil, thereby keeping the future price of oil, thereby keeping the present price down, at least on paper, present price down, at least on paper, present price down, at least on paper, and thereby creating a feedback loop and thereby creating a feedback loop and thereby creating a feedback loop where the people making decisions keep where the people making decisions keep where the people making decisions keep the price artificially low. Not the the price artificially low. Not the the price artificially low. Not the actual price at which you can buy or actual price at which you can buy or actual price at which you can buy or sell the product, but the price sell the product, but the price sell the product, but the price reflected in markets, which we thought reflected in markets, which we thought reflected in markets, which we thought were real, but aren't. And then those were real, but aren't. And then those were real, but aren't. And then those same decision makers read the markets same decision makers read the markets same decision makers read the markets which they've manipulated and believe which they've manipulated and believe which they've manipulated and believe them. them. them. Oh yeah. And believe them. So if you're Oh yeah. And believe them. So if you're Oh yeah. And believe them. So if you're Trump, last month you were saying, Trump, last month you were saying, Trump, last month you were saying, "We're about to run out of oil. The SPR "We're about to run out of oil. The SPR "We're about to run out of oil. The SPR is almost dry. These are salt caverns is almost dry. These are salt caverns is almost dry. These are salt caverns and we're getting to the salt part of and we're getting to the salt part of and we're getting to the salt part of the oil. Like we can't even refine it.

the oil. Like we can't even refine it. the oil. Like we can't even refine it. It's too salty." It's too salty." It's too salty." That was last month. That was last month. That was last month. But subsequent to that, oil prices have But subsequent to that, oil prices have But subsequent to that, oil prices have gone up and down. like they always do, gone up and down. like they always do, gone up and down. like they always do, but they've gone pretty low but they've gone pretty low but they've gone pretty low because the markets have been because the markets have been because the markets have been manipulated. And it's entirely possible manipulated. And it's entirely possible manipulated. And it's entirely possible that Trump and those around him are that Trump and those around him are that Trump and those around him are looking at this and being like, "Wow, I looking at this and being like, "Wow, I looking at this and being like, "Wow, I thought this war was going to cause thought this war was going to cause thought this war was going to cause massive spikes in the price of energy." massive spikes in the price of energy." massive spikes in the price of energy." And because they're not calling around And because they're not calling around And because they're not calling around and asking people, hey, are gas prices and asking people, hey, are gas prices and asking people, hey, are gas prices up? Like, what are you paying per up? Like, what are you paying per up? Like, what are you paying per kilowatt hour at home? Have you noticed kilowatt hour at home? Have you noticed kilowatt hour at home? Have you noticed a change in the price of everything, all a change in the price of everything, all a change in the price of everything, all of which is affected by the price of of which is affected by the price of of which is affected by the price of energy? Instead of doing any of that, energy? Instead of doing any of that, energy? Instead of doing any of that, they're just looking at this one number, they're just looking at this one number, they're just looking at this one number, Brent Crude, pulling it up on their Brent Crude, pulling it up on their Brent Crude, pulling it up on their iPhone and being like, "Everything's iPhone and being like, "Everything's iPhone and being like, "Everything's fine." fine." fine." It's possible that's what's happening. It's possible that's what's happening. It's possible that's what's happening. The dumbest and most dangerous feedback The dumbest and most dangerous feedback The dumbest and most dangerous feedback loop of all time. And then in effect is loop of all time. And then in effect is loop of all time. And then in effect is to get us back into not just a war, but to get us back into not just a war, but to get us back into not just a war, but a ground war with Iran. It looks like a ground war with Iran. It looks like a ground war with Iran. It looks like that is happening.

that is happening. that is happening. It's so crazy. It's so crazy. It's so crazy. It's so crazy that even the Israelis who It's so crazy that even the Israelis who It's so crazy that even the Israelis who are world famous for reckless, are world famous for reckless, are world famous for reckless, bloodthirsty behavior, bloodthirsty behavior, bloodthirsty behavior, and there are partners in this venture, and there are partners in this venture, and there are partners in this venture, keep in mind, are now saying, "H, I keep in mind, are now saying, "H, I keep in mind, are now saying, "H, I don't know. I'm out." And if you don't don't know. I'm out." And if you don't don't know. I'm out." And if you don't believe it, watch this. This is the believe it, watch this. This is the believe it, watch this. This is the secretary, the finance, finance secretary, the finance, finance secretary, the finance, finance secretary of Israel. He's in the secretary of Israel. He's in the secretary of Israel. He's in the Netanyahu cabinet. Very famous man, Netanyahu cabinet. Very famous man, Netanyahu cabinet. Very famous man, Mr. Smootrich. Mr. Smootrich. Mr. Smootrich. basically saying, "It looks like basically saying, "It looks like basically saying, "It looks like America's going back into this war, but America's going back into this war, but America's going back into this war, but we're out because you know what? Even I we're out because you know what? Even I we're out because you know what? Even I don't want to die for Israel." Watch don't want to die for Israel." Watch don't want to die for Israel." Watch this.

It takes a lot of well hutzbah to say It takes a lot of well hutzbah to say something like that in public if you something like that in public if you something like that in public if you were a cabinet minister in the were a cabinet minister in the were a cabinet minister in the government that the US military is government that the US military is government that the US military is partnering with in this war because you partnering with in this war because you partnering with in this war because you just saw what he said and if you don't just saw what he said and if you don't just saw what he said and if you don't speak Hebrew you could read subtitles. speak Hebrew you could read subtitles. speak Hebrew you could read subtitles. He said, "Yeah, what the US is doing is He said, "Yeah, what the US is doing is He said, "Yeah, what the US is doing is helpful to us. We have no interest in helpful to us. We have no interest in helpful to us. We have no interest in like a liberal government or a like a liberal government or a like a liberal government or a pro-western government in Iran. We don't pro-western government in Iran. We don't pro-western government in Iran. We don't care about the protesters. We were care about the protesters. We were care about the protesters. We were weeping about, you know, oh, they're weeping about, you know, oh, they're weeping about, you know, oh, they're killing protesters." We never cared killing protesters." We never cared killing protesters." We never cared about that. We want the country in a about that. We want the country in a about that. We want the country in a bloody generational civil war so we bloody generational civil war so we bloody generational civil war so we don't have to deal with it so we can don't have to deal with it so we can don't have to deal with it so we can take southern Lebanon and parts of Egypt take southern Lebanon and parts of Egypt take southern Lebanon and parts of Egypt and kill the rest of the people in Gaza and kill the rest of the people in Gaza and kill the rest of the people in Gaza or whatever. We don't want to be or whatever. We don't want to be or whatever. We don't want to be constrained by this country on the other constrained by this country on the other constrained by this country on the other side of the Persian Gulf. So, we want side of the Persian Gulf. So, we want side of the Persian Gulf. So, we want the United States to take them out, and the United States to take them out, and the United States to take them out, and we're happy about that. It serves our we're happy about that. It serves our we're happy about that. It serves our interest. He just said it. But the one interest. He just said it. But the one interest. He just said it. But the one thing we're not going to do is die for thing we're not going to do is die for thing we're not going to do is die for it. Yes, this is for Israel. This war is it. Yes, this is for Israel. This war is it. Yes, this is for Israel. This war is for Israel, but I'm not dying for for Israel, but I'm not dying for for Israel, but I'm not dying for Israel. Israel. Israel. Amazing. You could say something like Amazing. You could say something like Amazing. You could say something like this. this. this. It It's unclear that there's a single It It's unclear that there's a single It It's unclear that there's a single American leader this honest, hopefully American leader this honest, hopefully American leader this honest, hopefully not this evil, but leaving moral not this evil, but leaving moral not this evil, but leaving moral judgments aside, this honest, this judgments aside, this honest, this judgments aside, this honest, this direct. When was the last time an direct. When was the last time an direct. When was the last time an American leader said anything that American leader said anything that American leader said anything that straightforward and public ever? It straightforward and public ever? It straightforward and public ever? It never happens.

never happens. never happens. And this laser focused on his own And this laser focused on his own And this laser focused on his own country's interest. Now, that's a country's interest. Now, that's a country's interest. Now, that's a criminal country that's committing criminal country that's committing criminal country that's committing genocide. You know, you don't want to be genocide. You know, you don't want to be genocide. You know, you don't want to be that country, obviously. that country, obviously. that country, obviously. But you would like leaders who are But you would like leaders who are But you would like leaders who are willing to say unapologetically, "I'm in willing to say unapologetically, "I'm in willing to say unapologetically, "I'm in this for my team." this for my team." this for my team." Meanwhile, the entire House of Meanwhile, the entire House of Meanwhile, the entire House of Representatives, every Republican but Representatives, every Republican but Representatives, every Republican but seven today, minutes ago, just voted to seven today, minutes ago, just voted to seven today, minutes ago, just voted to merge merge merge merge merge merge the US military, the $ 1.5 trillion a the US military, the $ 1.5 trillion a the US military, the $ 1.5 trillion a year US military with the tiny reserve year US military with the tiny reserve year US military with the tiny reserve force IDF. force IDF. force IDF. Does that help us? No, of course helps Does that help us? No, of course helps Does that help us? No, of course helps them. them. them. Merge American intelligence, the 19 Merge American intelligence, the 19 Merge American intelligence, the 19 intel agencies with MSAD. intel agencies with MSAD. intel agencies with MSAD. What? What? What? Of course. Of course. Of course. Basically a humiliation ritual. Whatever Basically a humiliation ritual. Whatever Basically a humiliation ritual. Whatever you want, Israel. If it hurts us, that's you want, Israel. If it hurts us, that's you want, Israel. If it hurts us, that's fine. Actually, it feels good to fine. Actually, it feels good to fine. Actually, it feels good to sacrifice for you. It's like everyone in sacrifice for you. It's like everyone in sacrifice for you. It's like everyone in the entire government is Mike Huckabe the entire government is Mike Huckabe the entire government is Mike Huckabe now. Craven, self-hating.

So there is something sort of nice about So there is something sort of nice about seeing seeing seeing a government minister say, "Yeah, my a government minister say, "Yeah, my a government minister say, "Yeah, my people are not dying for this." But as people are not dying for this." But as people are not dying for this." But as Moish just said, "Happy to see Americans Moish just said, "Happy to see Americans Moish just said, "Happy to see Americans die for it." And of course they are. and die for it." And of course they are. and die for it." And of course they are. and more will apparently because the more will apparently because the more will apparently because the president appears to have convinced president appears to have convinced president appears to have convinced himself completely that because he himself completely that because he himself completely that because he arrested Maduro in January, we don't arrested Maduro in January, we don't arrested Maduro in January, we don't need need need well, what's the what's the real number? well, what's the what's the real number? well, what's the what's the real number? If you combine Persian Gulf [snorts] and If you combine Persian Gulf [snorts] and If you combine Persian Gulf [snorts] and the Saudi pipeline into the Red Sea, the Saudi pipeline into the Red Sea, the Saudi pipeline into the Red Sea, both of which could be closed, both of which could be closed, both of which could be closed, 25% of all global energy offline. We 25% of all global energy offline. We 25% of all global energy offline. We don't need it. Here's Trump today. In don't need it. Here's Trump today. In don't need it. Here's Trump today. In fact, if you combine us and Venezuela, fact, if you combine us and Venezuela, fact, if you combine us and Venezuela, we have about 62% of the world's oil we have about 62% of the world's oil we have about 62% of the world's oil market. So, we don't need straits. We market. So, we don't need straits. We market. So, we don't need straits. We don't need anything. There's no measurement by which I mean, There's no measurement by which I mean, not to like, but I mean, it's [laughter] not to like, but I mean, it's [laughter] not to like, but I mean, it's [laughter] like it's crazy. If you combine America like it's crazy. If you combine America like it's crazy. If you combine America and Venezuela, we have 62% of the and Venezuela, we have 62% of the and Venezuela, we have 62% of the world's energy market. Is it's not even world's energy market. Is it's not even world's energy market. Is it's not even clear what that means. But in no sense clear what that means. But in no sense clear what that means. But in no sense is that true. Venezuela and the United is that true. Venezuela and the United is that true. Venezuela and the United States don't produce 62% of the world's States don't produce 62% of the world's States don't produce 62% of the world's oil. They don't buy 62% of the world's oil. They don't buy 62% of the world's oil. They don't buy 62% of the world's oil. Nothing I mean nothing about that oil. Nothing I mean nothing about that oil. Nothing I mean nothing about that is real. Once again, Venezuela exports is real. Once again, Venezuela exports is real. Once again, Venezuela exports as of right now a little over 1 million as of right now a little over 1 million as of right now a little over 1 million barrels a day. 20 million barrels a day barrels a day. 20 million barrels a day barrels a day. 20 million barrels a day went through the straight form moves out went through the straight form moves out went through the straight form moves out of the Persian Gulf. That no longer of the Persian Gulf. That no longer of the Persian Gulf. That no longer happens. We're 19 million barrels of oil happens. We're 19 million barrels of oil happens. We're 19 million barrels of oil short just in the Persian Gulf. That

short just in the Persian Gulf. That short just in the Persian Gulf. That does not include what's happening in does not include what's happening in does not include what's happening in Eastern Europe. That does not include Eastern Europe. That does not include Eastern Europe. That does not include apparently the now the closure of the apparently the now the closure of the apparently the now the closure of the Red Sea. Red Sea. Red Sea. So this is a crisis and every American So this is a crisis and every American So this is a crisis and every American will feel it. Europe will be crushed will feel it. Europe will be crushed will feel it. Europe will be crushed when winter comes and there's not enough when winter comes and there's not enough when winter comes and there's not enough natural gas to heat London, which is natural gas to heat London, which is natural gas to heat London, which is exactly where we're moving thanks to the exactly where we're moving thanks to the exactly where we're moving thanks to the Trump administration and the B Trump administration and the B Trump administration and the B administration before it. administration before it. administration before it. It's going to be impossible It's going to be impossible It's going to be impossible even to care what the AI generated Brent even to care what the AI generated Brent even to care what the AI generated Brent crude futures say. No one will care crude futures say. No one will care crude futures say. No one will care because reality itself because reality itself because reality itself will intervene will intervene will intervene and in the end always that's what and in the end always that's what and in the end always that's what matters. Just because the battles stop matters. Just because the battles stop matters. Just because the battles stop doesn't mean [music] war stops hurting doesn't mean [music] war stops hurting doesn't mean [music] war stops hurting the people who fight them. No. For many the people who fight them. No. For many the people who fight them. No. For many veterans, the effects of what they've veterans, the effects of what they've veterans, the effects of what they've been asked to do continue long after been asked to do continue long after been asked to do continue long after they return home. They're injured they return home. They're injured they return home. They're injured physically and psychologically, and physically and psychologically, and physically and psychologically, and those injuries can last a lifetime.

those injuries can last a lifetime. those injuries can last a lifetime. Groups like the Hunter 7 Foundation are Groups like the Hunter 7 Foundation are Groups like the Hunter 7 Foundation are here [music] to help them. Hunter 7 here [music] to help them. Hunter 7 here [music] to help them. Hunter 7 Foundation works to identify, to study, Foundation works to identify, to study, Foundation works to identify, to study, and to address the long-term health and to address the long-term health and to address the long-term health effects of toxic exposure during effects of toxic exposure during effects of toxic exposure during military service. They help veterans get military service. They help veterans get military service. They help veterans get care, get answers, and advocate for care, get answers, and advocate for care, get answers, and advocate for their health and their future. It's a their health and their future. It's a their health and their future. It's a nonprofit. Hunter 7 relies on the nonprofit. Hunter 7 relies on the nonprofit. Hunter 7 relies on the support from other proud American support from other proud American support from other proud American companies and Black Rifle is one of companies and Black Rifle is one of companies and Black Rifle is one of those. Black Rifle Coffee proudly those. Black Rifle Coffee proudly those. Black Rifle Coffee proudly supports organizations that stand up for supports organizations that stand up for supports organizations that stand up for soldiers who risk their lives because no soldiers who risk their lives because no soldiers who risk their lives because no veteran have should have to fight for veteran have should have to fight for veteran have should have to fight for their health by themselves. They should their health by themselves. They should their health by themselves. They should have the entire country's support. To have the entire country's support. To have the entire country's support. To learn more about this good cause, find learn more about this good cause, find learn more about this good cause, find resources for yourself or a loved one, resources for yourself or a loved one, resources for yourself or a loved one, or help support the mission, visit or help support the mission, visit or help support the mission, visit hunter.org hunter.org hunter.org today. That's hunter7.org. today. That's hunter7.org. today. That's hunter7.org. Chris Martinson deals in reality Chris Martinson deals in reality Chris Martinson deals in reality full-time. He is a realitybased full-time. He is a realitybased full-time. He is a realitybased energy researcher, one of the most energy researcher, one of the most energy researcher, one of the most respected in this country, one of the respected in this country, one of the respected in this country, one of the most honest, and we are grateful to have most honest, and we are grateful to have most honest, and we are grateful to have him join us now to give us an overview him join us now to give us an overview him join us now to give us an overview of where exactly we are. Um, Chris, of where exactly we are. Um, Chris, of where exactly we are. Um, Chris, thanks so much for doing this. I I got a thanks so much for doing this. I I got a thanks so much for doing this. I I got a little uh excited there, and I wonder if little uh excited there, and I wonder if little uh excited there, and I wonder if you think I overstated the case. You you think I overstated the case. You you think I overstated the case. You have much more knowledge on the subject have much more knowledge on the subject have much more knowledge on the subject than I ever will. Well, Tucker, thanks than I ever will. Well, Tucker, thanks than I ever will. Well, Tucker, thanks so much for the opportunity to come here so much for the opportunity to come here so much for the opportunity to come here and um yeah, this is my passion. It's my and um yeah, this is my passion. It's my and um yeah, this is my passion. It's my mission because if anything, you mission because if anything, you mission because if anything, you understated it. Um energy is life.

understated it. Um energy is life. understated it. Um energy is life. Energy is our economy. The path we're on Energy is our economy. The path we're on Energy is our economy. The path we're on >> is headed for complete disaster at this >> is headed for complete disaster at this >> is headed for complete disaster at this point in time. And the people who are point in time. And the people who are point in time. And the people who are driving us there, as you hinted at, u driving us there, as you hinted at, u driving us there, as you hinted at, u not my first rodeo. I've seen these not my first rodeo. I've seen these not my first rodeo. I've seen these people in operation, what they did to people in operation, what they did to people in operation, what they did to Libya, what they done to the Middle East Libya, what they done to the Middle East Libya, what they done to the Middle East generally. Um they don't do generally. Um they don't do generally. Um they don't do consequences. And unfortunately, this is consequences. And unfortunately, this is consequences. And unfortunately, this is reality we're talking about. And you've reality we're talking about. And you've reality we're talking about. And you've been talking about the markets and been talking about the markets and been talking about the markets and there's these narratives that they push there's these narratives that they push there's these narratives that they push and if they can just pretend for a and if they can just pretend for a and if they can just pretend for a little bit longer, it'll all sort of little bit longer, it'll all sort of little bit longer, it'll all sort of sort itself out. But this is different. sort itself out. But this is different. sort itself out. But this is different. These are molecules. This is physics. These are molecules. This is physics. These are molecules. This is physics. This is [laughter] This is [laughter] This is [laughter] very simple stuff. Exactly. very simple stuff. Exactly. very simple stuff. Exactly. Exactly. It But it's all, you know, Exactly. It But it's all, you know, Exactly. It But it's all, you know, physical reality is so unfashionable. physical reality is so unfashionable. physical reality is so unfashionable. It's Well, it's so unfashionable. you It's Well, it's so unfashionable. you It's Well, it's so unfashionable. you got transgenderism, but it's I I think got transgenderism, but it's I I think got transgenderism, but it's I I think since the invention of the internet, since the invention of the internet, since the invention of the internet, people just imagine that things happen. people just imagine that things happen. people just imagine that things happen. Electricity is created, dams are built, Electricity is created, dams are built, Electricity is created, dams are built, you know, the world just sort of moves, you know, the world just sort of moves, you know, the world just sort of moves, supply chains organically organize supply chains organically organize supply chains organically organize themselves or whatever. Like they have themselves or whatever. Like they have themselves or whatever. Like they have no sense of how things actually work. So no sense of how things actually work. So no sense of how things actually work. So you do what does this mean for the life you do what does this mean for the life you do what does this mean for the life of Americans and Europeans?

of Americans and Europeans? of Americans and Europeans? >> Well, it unfortunately it means the same >> Well, it unfortunately it means the same >> Well, it unfortunately it means the same thing. It kind of always means they're thing. It kind of always means they're thing. It kind of always means they're going to have these people who are going going to have these people who are going going to have these people who are going to accidentally wreck some stuff. Uh, to accidentally wreck some stuff. Uh, to accidentally wreck some stuff. Uh, and energy costs will go through the and energy costs will go through the and energy costs will go through the roof. And then it's going to be the poor roof. And then it's going to be the poor roof. And then it's going to be the poor people, the poor countries are going to, people, the poor countries are going to, people, the poor countries are going to, you know, have the worst run of that as you know, have the worst run of that as you know, have the worst run of that as they start out. But we're looking at they start out. But we're looking at they start out. But we're looking at something here that could very easily something here that could very easily something here that could very easily upend our economy in a big big way. So upend our economy in a big big way. So upend our economy in a big big way. So you mentioned in your intro there's a you mentioned in your intro there's a you mentioned in your intro there's a sort of straight line relationship sort of straight line relationship sort of straight line relationship between how much energy an economy uses between how much energy an economy uses between how much energy an economy uses and how big it ends up being. You know, and how big it ends up being. You know, and how big it ends up being. You know, it's like a straight line on this chart. it's like a straight line on this chart. it's like a straight line on this chart. >> Yes. And that's a really powerful chart >> Yes. And that's a really powerful chart >> Yes. And that's a really powerful chart because we've all grown up in an age of because we've all grown up in an age of because we've all grown up in an age of amazing energy abundance. I'm absolutely amazing energy abundance. I'm absolutely amazing energy abundance. I'm absolutely thrilled with it. I'm a conservative. I thrilled with it. I'm a conservative. I thrilled with it. I'm a conservative. I would love for us to keep this would love for us to keep this would love for us to keep this prosperity we have. But I fear that the prosperity we have. But I fear that the prosperity we have. But I fear that the people who are making decisions, they people who are making decisions, they people who are making decisions, they they've lost that grounding. They don't they've lost that grounding. They don't they've lost that grounding. They don't understand that. I don't know. They're understand that. I don't know. They're understand that. I don't know. They're like three generations from anybody who like three generations from anybody who like three generations from anybody who had dirt under their fingernails, right? had dirt under their fingernails, right? had dirt under their fingernails, right? It's been too long. It's been too long. It's been too long. >> So once we get grounded back in that >> So once we get grounded back in that >> So once we get grounded back in that though, here's a simple thing. The world though, here's a simple thing. The world though, here's a simple thing. The world was consuming just oil, just crude oil. was consuming just oil, just crude oil. was consuming just oil, just crude oil. That's the tasty stuff. We turn that That's the tasty stuff. We turn that That's the tasty stuff. We turn that into jet fuel, diesel, kerosene, um, and into jet fuel, diesel, kerosene, um, and into jet fuel, diesel, kerosene, um, and de gasoline. And so that we were burning de gasoline. And so that we were burning de gasoline. And so that we were burning about h 80 consuming, burning 86 million about h 80 consuming, burning 86 million about h 80 consuming, burning 86 million barrels a day before the war started.

barrels a day before the war started. barrels a day before the war started. And now we're missing for sure about 12. And now we're missing for sure about 12. And now we're missing for sure about 12. That's just missing missing because they That's just missing missing because they That's just missing missing because they did some workarounds here and there. did some workarounds here and there. did some workarounds here and there. Well, the question is, when was the last Well, the question is, when was the last Well, the question is, when was the last time the world globe was burning 12 time the world globe was burning 12 time the world globe was burning 12 million barrels a day less? That brings million barrels a day less? That brings million barrels a day less? That brings us to 74. So we go on our little chart us to 74. So we go on our little chart us to 74. So we go on our little chart and we look back, we find out that and we look back, we find out that and we look back, we find out that number is 2011. The world was burning 74 number is 2011. The world was burning 74 number is 2011. The world was burning 74 million barrels a day. Problem. million barrels a day. Problem. million barrels a day. Problem. The world's economy was 36% smaller back The world's economy was 36% smaller back The world's economy was 36% smaller back then. And so this is what I work really then. And so this is what I work really then. And so this is what I work really hard at is because I I do what I call hard at is because I I do what I call hard at is because I I do what I call put on my energy goggles. And it means put on my energy goggles. And it means put on my energy goggles. And it means when I go out, I don't just see a a a when I go out, I don't just see a a a when I go out, I don't just see a a a maddening, infuriating traffic jam. I maddening, infuriating traffic jam. I maddening, infuriating traffic jam. I just see energy. I see people burning just see energy. I see people burning just see energy. I see people burning oil. I gasoline. I see cars that took oil. I gasoline. I see cars that took oil. I gasoline. I see cars that took oil and diesel to manufacture them. I I oil and diesel to manufacture them. I I oil and diesel to manufacture them. I I see jets flying. I I see bridges that see jets flying. I I see bridges that see jets flying. I I see bridges that need to be repaired. And all of this is need to be repaired. And all of this is need to be repaired. And all of this is just energy, right? And it just sort of just energy, right? And it just sort of just energy, right? And it just sort of makes sense, right? So the economy makes sense, right? So the economy makes sense, right? So the economy requires people to do things like we all requires people to do things like we all requires people to do things like we all have to do some work. Even if we have a have to do some work. Even if we have a have to do some work. Even if we have a service job, we're still doing work. service job, we're still doing work. service job, we're still doing work. Well, work requires energy. And so Well, work requires energy. And so Well, work requires energy. And so therefore, the economy requires energy.

therefore, the economy requires energy. therefore, the economy requires energy. We can just put those pieces together. We can just put those pieces together. We can just put those pieces together. And so when you have less energy flowing And so when you have less energy flowing And so when you have less energy flowing through an economy, by definition, it through an economy, by definition, it through an economy, by definition, it starts to skinny down. It gets simpler. starts to skinny down. It gets simpler. starts to skinny down. It gets simpler. Um, which is a euphemism for it craters. Um, which is a euphemism for it craters. Um, which is a euphemism for it craters. And so we are actually risking the And so we are actually risking the And so we are actually risking the cratering of the world economy. Trump cratering of the world economy. Trump cratering of the world economy. Trump saying, "Oh, we're insulated. I know we saying, "Oh, we're insulated. I know we saying, "Oh, we're insulated. I know we broke that stuff over there, but we'll broke that stuff over there, but we'll broke that stuff over there, but we'll be fine over here." I just, how's that be fine over here." I just, how's that be fine over here." I just, how's that going to play in, you know, diplomatic going to play in, you know, diplomatic going to play in, you know, diplomatic circles as it goes on? I mean, we've circles as it goes on? I mean, we've circles as it goes on? I mean, we've we're about to unleash we, the United we're about to unleash we, the United we're about to unleash we, the United States, with Israel. We're about to States, with Israel. We're about to States, with Israel. We're about to unleash the worst catastrophe on unleash the worst catastrophe on unleash the worst catastrophe on economies, on financial markets, and economies, on financial markets, and economies, on financial markets, and potentially because of the impact on potentially because of the impact on potentially because of the impact on fertilizers and other stuff, maybe even fertilizers and other stuff, maybe even fertilizers and other stuff, maybe even food, maybe even famines, things like food, maybe even famines, things like food, maybe even famines, things like that. this is what's at risk. And I wish that. this is what's at risk. And I wish that. this is what's at risk. And I wish we were having serious conversations, we were having serious conversations, we were having serious conversations, not Heg Seth jokingly saying we don't not Heg Seth jokingly saying we don't not Heg Seth jokingly saying we don't even need a straight. It's It's so even need a straight. It's It's so even need a straight. It's It's so cartoonish. I I I don't even know how to cartoonish. I I I don't even know how to cartoonish. I I I don't even know how to form words sometimes. form words sometimes. form words sometimes. >> So, let let's just um assess >> So, let let's just um assess >> So, let let's just um assess specifically what that would mean for specifically what that would mean for specifically what that would mean for the US. Like you often hear the the US. Like you often hear the the US. Like you often hear the president, but not just the president, president, but not just the president, president, but not just the president, politicians going back at least 10 years politicians going back at least 10 years politicians going back at least 10 years say this country is energy independent.

say this country is energy independent. say this country is energy independent. it's a net exporter it's a net exporter it's a net exporter of oil. So if the country is a net of oil. So if the country is a net of oil. So if the country is a net exporter of oil, what is is that true? I exporter of oil, what is is that true? I exporter of oil, what is is that true? I don't think it is true, but I'll defer don't think it is true, but I'll defer don't think it is true, but I'll defer to you. And what does that mean? Does it to you. And what does that mean? Does it to you. And what does that mean? Does it mean we can set the price of oil? Like mean we can set the price of oil? Like mean we can set the price of oil? Like why is that relevant? Will you explain why is that relevant? Will you explain why is that relevant? Will you explain the system for people who might be the system for people who might be the system for people who might be confused? confused? confused? >> Yeah, this this detail is important. So >> Yeah, this this detail is important. So >> Yeah, this this detail is important. So um when I was growing up, uh petroleum um when I was growing up, uh petroleum um when I was growing up, uh petroleum and oil were synonyms. You could use and oil were synonyms. You could use and oil were synonyms. You could use them interchangeably and nobody would them interchangeably and nobody would them interchangeably and nobody would get confused. And this like remember get confused. And this like remember get confused. And this like remember under co suddenly the CDC lost the under co suddenly the CDC lost the under co suddenly the CDC lost the threat on what's her immunity or a threat on what's her immunity or a threat on what's her immunity or a vaccine. They started changing vaccine. They started changing vaccine. They started changing definitions. definitions. definitions. >> So sometime about 10 12 years ago the uh >> So sometime about 10 12 years ago the uh >> So sometime about 10 12 years ago the uh our DOE energy information our DOE energy information our DOE energy information administration decided you know what administration decided you know what administration decided you know what we're just going to change the we're just going to change the we're just going to change the definition here a little bit. We're definition here a little bit. We're definition here a little bit. We're going to call petroleum anything that going to call petroleum anything that going to call petroleum anything that comes out of the ground that you can set comes out of the ground that you can set comes out of the ground that you can set on fire. Right. Um so oil is the thing on fire. Right. Um so oil is the thing on fire. Right. Um so oil is the thing we really care about now because we're we really care about now because we're we really care about now because we're doing all this shale oil drilling very doing all this shale oil drilling very doing all this shale oil drilling very exciting and doing all this shale gas exciting and doing all this shale gas exciting and doing all this shale gas extraction. They have a lot of this extraction. They have a lot of this extraction. They have a lot of this stuff called natural gas liquids. Okay, stuff called natural gas liquids. Okay, stuff called natural gas liquids. Okay, that's propane works great in my grill. that's propane works great in my grill. that's propane works great in my grill. I love it. Butane, it's good in a I love it. Butane, it's good in a I love it. Butane, it's good in a lighter. Um, ethane turns into plastics, lighter. Um, ethane turns into plastics, lighter. Um, ethane turns into plastics, all that. But they lumped all that all that. But they lumped all that all that. But they lumped all that together and said, "Oh, when you put all together and said, "Oh, when you put all together and said, "Oh, when you put all of this stuff in one pile on a net of this stuff in one pile on a net of this stuff in one pile on a net basis, we're an exporter." Problem.

basis, we're an exporter." Problem. basis, we're an exporter." Problem. These aren't fungeible. You don't decide These aren't fungeible. You don't decide These aren't fungeible. You don't decide one day I'm going to put gasoline in my one day I'm going to put gasoline in my one day I'm going to put gasoline in my car or maybe I'll put butane in my car, car or maybe I'll put butane in my car, car or maybe I'll put butane in my car, right? They're just not They don't have right? They're just not They don't have right? They're just not They don't have very different purposes. Those natural very different purposes. Those natural very different purposes. Those natural gas liquids, they're industrial. We use gas liquids, they're industrial. We use gas liquids, they're industrial. We use them. They're fantastic. They're them. They're fantastic. They're them. They're fantastic. They're industrial. We have way too many of industrial. We have way too many of industrial. We have way too many of them. We export a ton of them because we them. We export a ton of them because we them. We export a ton of them because we can't use them. Fine. We're still a net can't use them. Fine. We're still a net can't use them. Fine. We're still a net importer of crude oil. And even more to importer of crude oil. And even more to importer of crude oil. And even more to the point, we get all this stuff out of the point, we get all this stuff out of the point, we get all this stuff out of the shale basins, right? You got the the shale basins, right? You got the the shale basins, right? You got the Perian, you know, you got places like Perian, you know, you got places like Perian, you know, you got places like that, the Bakan in North Dakota. So that that, the Bakan in North Dakota. So that that, the Bakan in North Dakota. So that stuff that comes out is really light and stuff that comes out is really light and stuff that comes out is really light and it's really sweet and it doesn't go into it's really sweet and it doesn't go into it's really sweet and it doesn't go into our refineries. So we package that up in our refineries. So we package that up in our refineries. So we package that up in ships and we send mo a good chunk of ships and we send mo a good chunk of ships and we send mo a good chunk of that away. and then we import heavier that away. and then we import heavier that away. and then we import heavier stuff from Canada, from Venezuela, but stuff from Canada, from Venezuela, but stuff from Canada, from Venezuela, but also the world. And so to your point, also the world. And so to your point, also the world. And so to your point, this idea that we'll just insulate this idea that we'll just insulate this idea that we'll just insulate ourselves from the world is untrue. ourselves from the world is untrue. ourselves from the world is untrue. Whatever we're paying for jet fuel here Whatever we're paying for jet fuel here Whatever we're paying for jet fuel here has a big relationship to what they're has a big relationship to what they're has a big relationship to what they're paying for jet fuel in Europe because paying for jet fuel in Europe because paying for jet fuel in Europe because it's open to the highest bidder. And if it's open to the highest bidder. And if it's open to the highest bidder. And if it's worth it to put it on a ship and it's worth it to put it on a ship and it's worth it to put it on a ship and sell it to Europe, that's exactly what's sell it to Europe, that's exactly what's sell it to Europe, that's exactly what's going to happen. Unless we do something going to happen. Unless we do something going to happen. Unless we do something really catastrophic, which is, you know, really catastrophic, which is, you know, really catastrophic, which is, you know, close down our borders to exports. That close down our borders to exports. That close down our borders to exports. That would be a bad idea for a country with a would be a bad idea for a country with a would be a bad idea for a country with a hundred billion dollars last month trade hundred billion dollars last month trade hundred billion dollars last month trade deficit because we're like, nah, we're deficit because we're like, nah, we're deficit because we're like, nah, we're going to keep all our good stuff. We're going to keep all our good stuff. We're going to keep all our good stuff. We're going to send you our our treasuries.

going to send you our our treasuries. going to send you our our treasuries. You know, we're good. You know, it's You know, we're good. You know, it's You know, we're good. You know, it's going to be a terrible idea. going to be a terrible idea. going to be a terrible idea. What would happen if we did that? I What would happen if we did that? I What would happen if we did that? I mean, there at some point there will be mean, there at some point there will be mean, there at some point there will be pressure because the public has been pressure because the public has been pressure because the public has been told for a generation that we have an told for a generation that we have an told for a generation that we have an abundance of petroleum. As you said, the abundance of petroleum. As you said, the abundance of petroleum. As you said, the definition is not what they thought it definition is not what they thought it definition is not what they thought it was, but you know, we're an exporter. So was, but you know, we're an exporter. So was, but you know, we're an exporter. So people are going to say, "Well, it's $8 people are going to say, "Well, it's $8 people are going to say, "Well, it's $8 for a gallon of unled. What why are we for a gallon of unled. What why are we for a gallon of unled. What why are we selling this abroad? Why can't we just selling this abroad? Why can't we just selling this abroad? Why can't we just keep it here?" So if politicians keep it here?" So if politicians keep it here?" So if politicians decided, "Okay, we're going to do that. decided, "Okay, we're going to do that. decided, "Okay, we're going to do that. We're going to stop petroleum exports." We're going to stop petroleum exports." We're going to stop petroleum exports." What would that mean? What would that mean? What would that mean? >> Well, um, first off, you'd have a heck >> Well, um, first off, you'd have a heck >> Well, um, first off, you'd have a heck of a legal battle on your hands, um, of a legal battle on your hands, um, of a legal battle on your hands, um, because that would sort of break the because that would sort of break the because that would sort of break the fundamental contract that we have with, fundamental contract that we have with, fundamental contract that we have with, uh, how business operates. Second, we uh, how business operates. Second, we uh, how business operates. Second, we have legitimate contracts for LNG, for have legitimate contracts for LNG, for have legitimate contracts for LNG, for other petroleum products, things like other petroleum products, things like other petroleum products, things like that that would have to get broken. But that that would have to get broken. But that that would have to get broken. But more to the point, it would isolate us more to the point, it would isolate us more to the point, it would isolate us really badly in a time when um we need really badly in a time when um we need really badly in a time when um we need this at least the appearance if not the this at least the appearance if not the this at least the appearance if not the reality of free trade happening where reality of free trade happening where reality of free trade happening where things go freely across our borders. to things go freely across our borders. to things go freely across our borders. to take one portion of that and shut it take one portion of that and shut it take one portion of that and shut it down. Um I think it would be as damaging down. Um I think it would be as damaging down. Um I think it would be as damaging as when in uh was it February 2022 when as when in uh was it February 2022 when as when in uh was it February 2022 when the United States Treasury under Biden the United States Treasury under Biden the United States Treasury under Biden decided to freeze Russia's sovereign decided to freeze Russia's sovereign decided to freeze Russia's sovereign assets reserves. They're neither assets reserves. They're neither assets reserves. They're neither sovereign nor reserves under that sovereign nor reserves under that sovereign nor reserves under that scenario. Um and that kicked off a whole scenario. Um and that kicked off a whole scenario. Um and that kicked off a whole lot of things where people started lot of things where people started lot of things where people started walking away from the dollar. We started walking away from the dollar. We started walking away from the dollar. We started to see the treasuries weren't getting to see the treasuries weren't getting to see the treasuries weren't getting bid, gold started to spike. There are bid, gold started to spike. There are bid, gold started to spike. There are real consequences to actions like that.

real consequences to actions like that. real consequences to actions like that. Um, and so I just think that would be it Um, and so I just think that would be it Um, and so I just think that would be it would be very destabilizing would be the would be very destabilizing would be the would be very destabilizing would be the kindest term I could put here. kindest term I could put here. kindest term I could put here. >> So that's not likely to happen. You >> So that's not likely to happen. You >> So that's not likely to happen. You think? think? think? >> I hope not. >> I hope not. >> I hope not. >> Home ownership has always been at the >> Home ownership has always been at the >> Home ownership has always been at the center of the American dream. It is an center of the American dream. It is an center of the American dream. It is an actual asset, a place people work their actual asset, a place people work their actual asset, a place people work their entire lives to build, a place of entire lives to build, a place of entire lives to build, a place of stability and security and real value. stability and security and real value. stability and security and real value. Right now though, too many homeowners Right now though, too many homeowners Right now though, too many homeowners are stuck swiping credit cards to cover are stuck swiping credit cards to cover are stuck swiping credit cards to cover groceries. There's basically a survival groceries. There's basically a survival groceries. There's basically a survival tax of 20% interest or more. [music] So tax of 20% interest or more. [music] So tax of 20% interest or more. [music] So why keep handing your money to the banks why keep handing your money to the banks why keep handing your money to the banks when you could keep it for your family? when you could keep it for your family? when you could keep it for your family? Interest is what kills you. Our friends Interest is what kills you. Our friends Interest is what kills you. Our friends at American Financing have a better way. at American Financing have a better way. at American Financing have a better way. They're helping homeowners use their They're helping homeowners use their They're helping homeowners use their hard-earned equity and they're hard-earned equity and they're hard-earned equity and they're supporting Americans looking to fulfill supporting Americans looking to fulfill supporting Americans looking to fulfill the dream of [music] owning a home with the dream of [music] owning a home with the dream of [music] owning a home with mortgage rates currently in the fives. mortgage rates currently in the fives. mortgage rates currently in the fives. American Financing saves its customers American Financing saves its customers American Financing saves its customers an average of $800 a month. That's about an average of $800 a month. That's about an average of $800 a month. That's about 10 grand a year. It's not just a loan. 10 grand a year. It's not just a loan. 10 grand a year. It's not just a loan. It's a true financial reset. We It's a true financial reset. We It's a true financial reset. We recommend American Financing. They're recommend American Financing. They're recommend American Financing. They're called America's Home for Home Loans for called America's Home for Home Loans for called America's Home for Home Loans for a reason. So, get out of credit card a reason. So, get out of credit card a reason. So, get out of credit card debt. I mean, it is just crazy to borrow debt. I mean, it is just crazy to borrow debt. I mean, it is just crazy to borrow money. No judgment, but it doesn't make money. No judgment, but it doesn't make money. No judgment, but it doesn't make any sense to borrow money at that rate.

any sense to borrow money at that rate. any sense to borrow money at that rate. If you want out, call 8006855696. 800685-5696 800685-5696 or visit americanfinancing.net/tucker. How high could gas get? How high could gas get? >> You know, I get asked this a lot. So, um >> You know, I get asked this a lot. So, um >> You know, I get asked this a lot. So, um there's a little thought experiment. So, there's a little thought experiment. So, there's a little thought experiment. So, imagine like, you know, I've got a I've imagine like, you know, I've got a I've imagine like, you know, I've got a I've got a Nissan Pathfinder. It's totally got a Nissan Pathfinder. It's totally got a Nissan Pathfinder. It's totally dry. I put a gallon of gas in there and dry. I put a gallon of gas in there and dry. I put a gallon of gas in there and then I drive it until it runs out and then I drive it until it runs out and then I drive it until it runs out and then I have to turn around and push it then I have to turn around and push it then I have to turn around and push it home. Question, how much is that worth? home. Question, how much is that worth? home. Question, how much is that worth? Cuz I'm about 22 miles away from home. Cuz I'm about 22 miles away from home. Cuz I'm about 22 miles away from home. Probably take me, I don't know, 3 weeks Probably take me, I don't know, 3 weeks Probably take me, I don't know, 3 weeks to do that. So, people will pay a lot to do that. So, people will pay a lot to do that. So, people will pay a lot for gasoline. People will pay a lot for for gasoline. People will pay a lot for for gasoline. People will pay a lot for diesel. it could easily get to $3 $400 a diesel. it could easily get to $3 $400 a diesel. it could easily get to $3 $400 a barrel and people who are riding little barrel and people who are riding little barrel and people who are riding little scooters, you know, all over Bangkok. scooters, you know, all over Bangkok. scooters, you know, all over Bangkok. They're still going to be paying that They're still going to be paying that They're still going to be paying that because they're using it so efficiently because they're using it so efficiently because they're using it so efficiently in their in their markets, but it's in their in their markets, but it's in their in their markets, but it's worth every penny of that. I have a worth every penny of that. I have a worth every penny of that. I have a farm, I have a tractor, you know, hay farm, I have a tractor, you know, hay farm, I have a tractor, you know, hay bailing, I would really rather not go bailing, I would really rather not go bailing, I would really rather not go back to hand hay bailing. I would pay a back to hand hay bailing. I would pay a back to hand hay bailing. I would pay a lot personally for a gallon. So, the lot personally for a gallon. So, the lot personally for a gallon. So, the question is what's it worth? It's question is what's it worth? It's question is what's it worth? It's severely underpriced at this point in severely underpriced at this point in severely underpriced at this point in time in terms of its actual worth.

time in terms of its actual worth. time in terms of its actual worth. That's okay. We've had a lot of it. got That's okay. We've had a lot of it. got That's okay. We've had a lot of it. got a little lazy with the whole thing, but a little lazy with the whole thing, but a little lazy with the whole thing, but um you know, could we would people pay um you know, could we would people pay um you know, could we would people pay 200 easy a barrel? 300 easy, 400? Yes, 200 easy a barrel? 300 easy, 400? Yes, 200 easy a barrel? 300 easy, 400? Yes, absolutely. absolutely. absolutely. >> What would that mean for gasoline and >> What would that mean for gasoline and >> What would that mean for gasoline and diesel prices? Like how would that be diesel prices? Like how would that be diesel prices? Like how would that be reflected at the pump, the fabled pump? reflected at the pump, the fabled pump? reflected at the pump, the fabled pump? >> The pump. Well, you know, this is >> The pump. Well, you know, this is >> The pump. Well, you know, this is interesting because we have the the interesting because we have the the interesting because we have the the quoted price of oil, the futures price, quoted price of oil, the futures price, quoted price of oil, the futures price, right? 85 rightish now for WTI, maybe 95 right? 85 rightish now for WTI, maybe 95 right? 85 rightish now for WTI, maybe 95 for Brent. Um but on the other end of for Brent. Um but on the other end of for Brent. Um but on the other end of that, I don't put oil in my car. I put that, I don't put oil in my car. I put that, I don't put oil in my car. I put gasoline in my car. So the question is gasoline in my car. So the question is gasoline in my car. So the question is after it goes to the refiner, how much after it goes to the refiner, how much after it goes to the refiner, how much are those products worth right now? are those products worth right now? are those products worth right now? Okay, so if you in Roderdam this morning Okay, so if you in Roderdam this morning Okay, so if you in Roderdam this morning wanted to buy a barrel of jet fuel, you wanted to buy a barrel of jet fuel, you wanted to buy a barrel of jet fuel, you had to pay $158. had to pay $158. had to pay $158. If you want to buy a barrel of diesel, If you want to buy a barrel of diesel, If you want to buy a barrel of diesel, same market, about $148. same market, about $148. same market, about $148. >> So that's what it's actually selling >> So that's what it's actually selling >> So that's what it's actually selling for. for. for. >> Well, what's the point of having a Brent >> Well, what's the point of having a Brent >> Well, what's the point of having a Brent market, WTI, West Texas? What what's the market, WTI, West Texas? What what's the market, WTI, West Texas? What what's the point of those numbers if they don't point of those numbers if they don't point of those numbers if they don't correspond to reality?

correspond to reality? correspond to reality? >> It's a narrative control. It It's really >> It's a narrative control. It It's really >> It's a narrative control. It It's really I think that's what we're down to at I think that's what we're down to at I think that's what we're down to at this point in time. So, I've been this point in time. So, I've been this point in time. So, I've been watching markets for a long time. Um and watching markets for a long time. Um and watching markets for a long time. Um and I used to trade futures and uh my I used to trade futures and uh my I used to trade futures and uh my specialty was gold, also silver, and I specialty was gold, also silver, and I specialty was gold, also silver, and I didn't dabble in oil all that much, but didn't dabble in oil all that much, but didn't dabble in oil all that much, but they all operate kind of the same. And they all operate kind of the same. And they all operate kind of the same. And so the futures market were this awesome so the futures market were this awesome so the futures market were this awesome invention that uh allows speculators to invention that uh allows speculators to invention that uh allows speculators to really be very dominant in setting the really be very dominant in setting the really be very dominant in setting the price for things. Not discovering the price for things. Not discovering the price for things. Not discovering the price. I'm using this terminology price. I'm using this terminology price. I'm using this terminology careful. They set the prices for things. careful. They set the prices for things. careful. They set the prices for things. So right now on a daily basis in the oil So right now on a daily basis in the oil So right now on a daily basis in the oil market, you're a producer. I'm a market, you're a producer. I'm a market, you're a producer. I'm a consumer. You're a oil company. I'm a consumer. You're a oil company. I'm a consumer. You're a oil company. I'm a refinery. Right? That would be the refinery. Right? That would be the refinery. Right? That would be the actual price discovery mechanism. We actual price discovery mechanism. We actual price discovery mechanism. We come to some agreement. Um that would be come to some agreement. Um that would be come to some agreement. Um that would be a onetoone relationship. However, on top a onetoone relationship. However, on top a onetoone relationship. However, on top of that, we've allowed because our of that, we've allowed because our of that, we've allowed because our regulators fell asleep at the wheel, regulators fell asleep at the wheel, regulators fell asleep at the wheel, we've allowed the speculators in that we've allowed the speculators in that we've allowed the speculators in that story to become 50 times larger on a story to become 50 times larger on a story to become 50 times larger on a signal basis than the actual deal that signal basis than the actual deal that signal basis than the actual deal that happens on at the bottom. So, when you happens on at the bottom. So, when you happens on at the bottom. So, when you have a 50 to1 margin, it's the paper have a 50 to1 margin, it's the paper have a 50 to1 margin, it's the paper that's setting the price up there right that's setting the price up there right that's setting the price up there right now. And uh we've watched this for now. And uh we've watched this for now. And uh we've watched this for years, 1:30 in the morning, and this is years, 1:30 in the morning, and this is years, 1:30 in the morning, and this is happening with oil now constantly. 1:30, happening with oil now constantly. 1:30, happening with oil now constantly. 1:30, 2:00 in the morning when there's almost 2:00 in the morning when there's almost 2:00 in the morning when there's almost no trading happening, everybody's no trading happening, everybody's no trading happening, everybody's asleep, and all of a sudden, somebody asleep, and all of a sudden, somebody asleep, and all of a sudden, somebody will come in, and I've seen this several will come in, and I've seen this several will come in, and I've seen this several times now, and suddenly sell a million times now, and suddenly sell a million times now, and suddenly sell a million and a half barrels of oil in a single and a half barrels of oil in a single and a half barrels of oil in a single one minute window, and it just crushes one minute window, and it just crushes one minute window, and it just crushes the price. And they do this over and the price. And they do this over and the price. And they do this over and over again. And then, of course, you over again. And then, of course, you over again. And then, of course, you have all these algos, and they're mostly have all these algos, and they're mostly have all these algos, and they're mostly momentum. A lot of them are momentum momentum. A lot of them are momentum momentum. A lot of them are momentum algos. And so, they're like, "Oh, look, algos. And so, they're like, "Oh, look, algos. And so, they're like, "Oh, look, prices are falling." So, they pile on prices are falling." So, they pile on prices are falling." So, they pile on and uh you get the whole sort of herd

and uh you get the whole sort of herd and uh you get the whole sort of herd moving in a direction. And and it's just moving in a direction. And and it's just moving in a direction. And and it's just completely fake. It's it's been this way completely fake. It's it's been this way completely fake. It's it's been this way for a while. And I think it's because I for a while. And I think it's because I for a while. And I think it's because I mean you've probably seen the same mean you've probably seen the same mean you've probably seen the same clips, right? Trump comes out, he's clips, right? Trump comes out, he's clips, right? Trump comes out, he's like, "Oh, people told me oil was going like, "Oh, people told me oil was going like, "Oh, people told me oil was going to be 300, it's only 70 and the stock to be 300, it's only 70 and the stock to be 300, it's only 70 and the stock market's up." Those are really important market's up." Those are really important market's up." Those are really important narrative moments for him to be able to narrative moments for him to be able to narrative moments for him to be able to say, "Look, I did this thing and markets say, "Look, I did this thing and markets say, "Look, I did this thing and markets approve of it. If they didn't, stocks approve of it. If they didn't, stocks approve of it. If they didn't, stocks wouldn't be so high and oil wouldn't be wouldn't be so high and oil wouldn't be wouldn't be so high and oil wouldn't be so low, right?" I think that's the point so low, right?" I think that's the point so low, right?" I think that's the point of this stuff. It's political narrative of this stuff. It's political narrative of this stuff. It's political narrative shaping right now. shaping right now. shaping right now. >> So, it's lying because the price of >> So, it's lying because the price of >> So, it's lying because the price of something is the point at which the something is the point at which the something is the point at which the transaction occurs. What's it worth? transaction occurs. What's it worth? transaction occurs. What's it worth? What will you pay for it? I mean, that What will you pay for it? I mean, that What will you pay for it? I mean, that that's that's what a market I mean, that's that's what a market I mean, that's that's what a market I mean, correct me. I'm not the economist here. correct me. I'm not the economist here. correct me. I'm not the economist here. You are, but like, right. You are, but like, right. You are, but like, right. >> So, if if I say the price of something >> So, if if I say the price of something >> So, if if I say the price of something is $5, is $5, is $5, but but but nobody would buy it for $5. It's not nobody would buy it for $5. It's not nobody would buy it for $5. It's not worth $5. This is so nuts. It's just not worth $5. This is so nuts. It's just not worth $5. This is so nuts. It's just not real at all. It's a lie. So, why isn't real at all. It's a lie. So, why isn't real at all. It's a lie. So, why isn't there an effort among policy makers or there an effort among policy makers or there an effort among policy makers or even the media to discover and publicize even the media to discover and publicize even the media to discover and publicize the price of oil? the price of oil is the price of oil? the price of oil is the price of oil? the price of oil is what people are buying it for.

what people are buying it for. what people are buying it for. >> I you it's a big big mystery. So here >> I you it's a big big mystery. So here >> I you it's a big big mystery. So here here's the thing you mentioned the most here's the thing you mentioned the most here's the thing you mentioned the most important thing. There's like if you got important thing. There's like if you got important thing. There's like if you got take economics there's one chart they take economics there's one chart they take economics there's one chart they call it the PQ chart price supply demand call it the PQ chart price supply demand call it the PQ chart price supply demand right there's a curve you can point to right there's a curve you can point to right there's a curve you can point to it. it. it. >> That's how it's supposed to work. Um >> That's how it's supposed to work. Um >> That's how it's supposed to work. Um right now we're holding the price lower right now we're holding the price lower right now we're holding the price lower than actual supplies, right? So what's than actual supplies, right? So what's than actual supplies, right? So what's happening is happening is happening is demand is too high and so we're burning demand is too high and so we're burning demand is too high and so we're burning through our stock piles right now. And through our stock piles right now. And through our stock piles right now. And if you want to see something alarming, if you want to see something alarming, if you want to see something alarming, just look at the actual amount of uh just look at the actual amount of uh just look at the actual amount of uh crude oil we have stored in the United crude oil we have stored in the United crude oil we have stored in the United States. That would be the SPR plus States. That would be the SPR plus States. That would be the SPR plus commercial inventories. Or we could look commercial inventories. Or we could look commercial inventories. Or we could look at how much diesel do we have in tanks at how much diesel do we have in tanks at how much diesel do we have in tanks kicking around. Hey, or how much kicking around. Hey, or how much kicking around. Hey, or how much gasoline do we have in tanks? And all of gasoline do we have in tanks? And all of gasoline do we have in tanks? And all of these are just powering low. Now, why is these are just powering low. Now, why is these are just powering low. Now, why is that? Cuz the price is too low. The only that? Cuz the price is too low. The only that? Cuz the price is too low. The only way you can get price, you know, supply way you can get price, you know, supply way you can get price, you know, supply and demand matched again is you have to and demand matched again is you have to and demand matched again is you have to use prices. So prices rise enough, use prices. So prices rise enough, use prices. So prices rise enough, people decide, I'm not going to drive my people decide, I'm not going to drive my people decide, I'm not going to drive my car today. We'll take a lesser vacation. car today. We'll take a lesser vacation. car today. We'll take a lesser vacation. Whatever. That's how this thing sorts Whatever. That's how this thing sorts Whatever. That's how this thing sorts itself out. Alternatively, and I'm itself out. Alternatively, and I'm itself out. Alternatively, and I'm really worried about this in a really worried about this in a really worried about this in a postcoavid CISA telling us who's postcoavid CISA telling us who's postcoavid CISA telling us who's essential and not environment, that essential and not environment, that essential and not environment, that we're just going to run this down, we're just going to run this down, we're just going to run this down, Tucker, until we get to Tucker, until we get to Tucker, until we get to scary minimums. And then we're going to scary minimums. And then we're going to scary minimums. And then we're going to have government rationing attempts.

have government rationing attempts. have government rationing attempts. They're going to try and decide who gets They're going to try and decide who gets They're going to try and decide who gets it. You're not important. You are. it. You're not important. You are. it. You're not important. You are. Imagine that amongst California Imagine that amongst California Imagine that amongst California Democrats. That'll be amazing. Um, but I Democrats. That'll be amazing. Um, but I Democrats. That'll be amazing. Um, but I think this is where this is going is think this is where this is going is think this is where this is going is we're actually just going to sail into we're actually just going to sail into we're actually just going to sail into into absolute minimum and then the into absolute minimum and then the into absolute minimum and then the crisis comes out. And I'm starting to crisis comes out. And I'm starting to crisis comes out. And I'm starting to wonder if that hasn't been the point all wonder if that hasn't been the point all wonder if that hasn't been the point all along. along. along. Flesh that out. So the point of this Flesh that out. So the point of this Flesh that out. So the point of this destroying destroying destroying global energy supplies and capacity, global energy supplies and capacity, global energy supplies and capacity, including refining including refining including refining the point of that, I mean, clearly the point of that, I mean, clearly the point of that, I mean, clearly there's a point. The United States is there's a point. The United States is there's a point. The United States is fighting a war against Russia aimed at fighting a war against Russia aimed at fighting a war against Russia aimed at Russia's energy sector and the United Russia's energy sector and the United Russia's energy sector and the United States is doing that. The Trump States is doing that. The Trump States is doing that. The Trump administration is fighting a war against administration is fighting a war against administration is fighting a war against Russia against Russia's energy sector Russia against Russia's energy sector Russia against Russia's energy sector and knowing what it's doing and then it and knowing what it's doing and then it and knowing what it's doing and then it started this war knowing what would started this war knowing what would started this war knowing what would happen that the LG ports in Qatar would happen that the LG ports in Qatar would happen that the LG ports in Qatar would be hit etc etc etc. So like you think be hit etc etc etc. So like you think be hit etc etc etc. So like you think the US government the Trump the US government the Trump the US government the Trump administration wants rationing >> may maybe that I'm not sure if that's >> may maybe that I'm not sure if that's the ultimate end goal but so February the ultimate end goal but so February the ultimate end goal but so February 28th we conduct this you know 28th we conduct this you know 28th we conduct this you know decapitation strike right kill Iran's decapitation strike right kill Iran's decapitation strike right kill Iran's version of the pope and that somehow is version of the pope and that somehow is version of the pope and that somehow is going to work out right so we do that on going to work out right so we do that on going to work out right so we do that on the 2nd of March is when Ukraine with the 2nd of March is when Ukraine with the 2nd of March is when Ukraine with some help obviously started really some help obviously started really some help obviously started really dialing in on Russian refineries and oil dialing in on Russian refineries and oil dialing in on Russian refineries and oil depots And this is very poorly reported depots And this is very poorly reported depots And this is very poorly reported I feel in our country, but you know it's I feel in our country, but you know it's I feel in our country, but you know it's all over Twitter and other places. But all over Twitter and other places. But all over Twitter and other places. But you can see and they were very you can see and they were very you can see and they were very effective. They were blowing up all

effective. They were blowing up all effective. They were blowing up all kinds of refineries and big black smoky kinds of refineries and big black smoky kinds of refineries and big black smoky things. They had even like struck right things. They had even like struck right things. They had even like struck right downtown in in Moscow and took out their downtown in in Moscow and took out their downtown in in Moscow and took out their main refinery. And as of 3 days ago, main refinery. And as of 3 days ago, main refinery. And as of 3 days ago, every single major refinery in Russia every single major refinery in Russia every single major refinery in Russia had been attacked at least once. None had been attacked at least once. None had been attacked at least once. None had been missed. And this is very had been missed. And this is very had been missed. And this is very effective. And some of them were 1500 effective. And some of them were 1500 effective. And some of them were 1500 miles all the way inland. And that's not miles all the way inland. And that's not miles all the way inland. And that's not something Ukraine could do all on its something Ukraine could do all on its something Ukraine could do all on its own because Russia has mobile air own because Russia has mobile air own because Russia has mobile air defense units and so you have to thread defense units and so you have to thread defense units and so you have to thread all these needles to get your little all these needles to get your little all these needles to get your little buzzy drones all the way over there. But buzzy drones all the way over there. But buzzy drones all the way over there. But they, you know, they're getting that they, you know, they're getting that they, you know, they're getting that targeting information. And so all that's targeting information. And so all that's targeting information. And so all that's going on and then also poorly reported going on and then also poorly reported going on and then also poorly reported probably the single greatest loss of probably the single greatest loss of probably the single greatest loss of merchant marine vessels in the Sea of merchant marine vessels in the Sea of merchant marine vessels in the Sea of Azov in the Black Sea because of drone Azov in the Black Sea because of drone Azov in the Black Sea because of drone attacks by Ukraine on Russian shipping. attacks by Ukraine on Russian shipping. attacks by Ukraine on Russian shipping. Any kind of ships, fairies, little Any kind of ships, fairies, little Any kind of ships, fairies, little merchant barges, you know, oil tankers, merchant barges, you know, oil tankers, merchant barges, you know, oil tankers, whatever. if it's a ship, it's it's whatever. if it's a ship, it's it's whatever. if it's a ship, it's it's getting hit. And um and then of late, getting hit. And um and then of late, getting hit. And um and then of late, we've really stepped it up because uh we've really stepped it up because uh we've really stepped it up because uh Russia has the their version of Amazon's Russia has the their version of Amazon's Russia has the their version of Amazon's called Wildberries, and they have these called Wildberries, and they have these called Wildberries, and they have these huge distribution warehouses, and they huge distribution warehouses, and they huge distribution warehouses, and they have six massive distribution have six massive distribution have six massive distribution warehouses. Oops. Now they have four cuz warehouses. Oops. Now they have four cuz warehouses. Oops. Now they have four cuz four of them have been completely four of them have been completely four of them have been completely attacked. This is an economic attack.

attacked. This is an economic attack. attacked. This is an economic attack. And of course, the scary part with this And of course, the scary part with this And of course, the scary part with this is that Russia just I don't know what is that Russia just I don't know what is that Russia just I don't know what was a few months ago, they they um they was a few months ago, they they um they was a few months ago, they they um they revamped their nuclear doctrine to say, revamped their nuclear doctrine to say, revamped their nuclear doctrine to say, you know, it used to be a uh we would you know, it used to be a uh we would you know, it used to be a uh we would only respond if attacked with nukes, but only respond if attacked with nukes, but only respond if attacked with nukes, but we're widening that to say we can use we're widening that to say we can use we're widening that to say we can use them if we're facing an existential them if we're facing an existential them if we're facing an existential threat. And the thing that drives me threat. And the thing that drives me threat. And the thing that drives me nuts is as we're poking the bear, nuts is as we're poking the bear, nuts is as we're poking the bear, nobody's bothered to come out and nobody's bothered to come out and nobody's bothered to come out and explain to me what's the upside here and explain to me what's the upside here and explain to me what's the upside here and what do we get out of this? what do we get out of this? what do we get out of this? >> What's the point of why are we do why is >> What's the point of why are we do why is >> What's the point of why are we do why is the Trump administration doing this? the Trump administration doing this? the Trump administration doing this? They told us they were going to end the They told us they were going to end the They told us they were going to end the war. They told me they were going to end war. They told me they were going to end war. They told me they were going to end the war. the war. the war. >> And CIA is providing and NSA are >> And CIA is providing and NSA are >> And CIA is providing and NSA are providing targeting to providing targeting to providing targeting to warehouses and refineries. Like I don't warehouses and refineries. Like I don't warehouses and refineries. Like I don't like what is the what is the point? I like what is the what is the point? I like what is the what is the point? I don't know the answer. Do you know? don't know the answer. Do you know? don't know the answer. Do you know? >> It seems to be to provoke a reaction. >> It seems to be to provoke a reaction. >> It seems to be to provoke a reaction. I'm just having, you know, I just got to I'm just having, you know, I just got to I'm just having, you know, I just got to speculate like anybody. But I know it's speculate like anybody. But I know it's speculate like anybody. But I know it's dangerous. I know that if those things dangerous. I know that if those things dangerous. I know that if those things were happening to us, we would respond were happening to us, we would respond were happening to us, we would respond pretty vigorously, muscularly, pretty vigorously, muscularly, pretty vigorously, muscularly, [clears throat] [clears throat] [clears throat] I bet. I bet. I bet. >> So it feel that feels dangerous. But >> So it feel that feels dangerous. But >> So it feel that feels dangerous. But it's just the timing of it that a the it's just the timing of it that a the it's just the timing of it that a the straight gets closed down straight over straight gets closed down straight over straight gets closed down straight over moose. B Russia really starts to get moose. B Russia really starts to get moose. B Russia really starts to get dialed up now. C we've pushed it all the dialed up now. C we've pushed it all the dialed up now. C we've pushed it all the way to the point that the the Babal men way to the point that the the Babal men way to the point that the the Babal men straight there on the Red Sea is now straight there on the Red Sea is now straight there on the Red Sea is now closed. And so you said it before I closed. And so you said it before I closed. And so you said it before I don't I no longer trust a thing anybody don't I no longer trust a thing anybody don't I no longer trust a thing anybody says. What are they doing? So they've says. What are they doing? So they've says. What are they doing? So they've said, "Oh, we've tried to get this said, "Oh, we've tried to get this said, "Oh, we've tried to get this memorandum of understanding which is an memorandum of understanding which is an memorandum of understanding which is an understanding about how you're going to understanding about how you're going to understanding about how you're going to get to an understanding. It's not even a get to an understanding. It's not even a get to an understanding. It's not even a thing." Uh but you know, and we couldn't thing." Uh but you know, and we couldn't thing." Uh but you know, and we couldn't even abide by that, right? And so what even abide by that, right? And so what even abide by that, right? And so what are we doing? Everything we've been are we doing? Everything we've been are we doing? Everything we've been doing is to further inflame this war.

doing is to further inflame this war. doing is to further inflame this war. Get caught in a little bit deeper. Trump Get caught in a little bit deeper. Trump Get caught in a little bit deeper. Trump has been talking about, you know, has been talking about, you know, has been talking about, you know, escalating constantly at this point in escalating constantly at this point in escalating constantly at this point in time. Oh, if you strike a ship, we'll time. Oh, if you strike a ship, we'll time. Oh, if you strike a ship, we'll blow up a plant, right? Um and and uh so blow up a plant, right? Um and and uh so blow up a plant, right? Um and and uh so the actions are they're trying to keep the actions are they're trying to keep the actions are they're trying to keep it closed. And here's the part that I'm it closed. And here's the part that I'm it closed. And here's the part that I'm worried about is I don't think they I worried about is I don't think they I worried about is I don't think they I think they know not what they do. I think they know not what they do. I think they know not what they do. I don't think they understand the don't think they understand the don't think they understand the relationship between how an economy is relationship between how an economy is relationship between how an economy is undergurtded by energy. I think they undergurtded by energy. I think they undergurtded by energy. I think they just think it's all intangible. It's all just think it's all intangible. It's all just think it's all intangible. It's all it's all narratives, right? I I truly it's all narratives, right? I I truly it's all narratives, right? I I truly feel like there's people who live in a feel like there's people who live in a feel like there's people who live in a world of reality. world of reality. world of reality. >> Oh, yes. >> Oh, yes. >> Oh, yes. >> And then there are these abstractionists >> And then there are these abstractionists >> And then there are these abstractionists and they live in an abstract world. and they live in an abstract world. and they live in an abstract world. >> Yeah. >> Yeah. >> Yeah. >> Yeah. And so what happens if we push >> Yeah. And so what happens if we push >> Yeah. And so what happens if we push down that abstract world? Well, you down that abstract world? Well, you down that abstract world? Well, you know, as Anne Ran said, you can ignore know, as Anne Ran said, you can ignore know, as Anne Ran said, you can ignore reality, but you can't ignore the reality, but you can't ignore the reality, but you can't ignore the consequences of ignoring reality. And consequences of ignoring reality. And consequences of ignoring reality. And You know, I almost have to have a little You know, I almost have to have a little You know, I almost have to have a little chuckle because it's really dark. Like chuckle because it's really dark. Like chuckle because it's really dark. Like like what they're doing, if I could like what they're doing, if I could like what they're doing, if I could communicate to people clearly, is they communicate to people clearly, is they communicate to people clearly, is they are risking everything. are risking everything. are risking everything. Everything that we hold dear about our Everything that we hold dear about our Everything that we hold dear about our way of life, about the ease of our way of life, about the ease of our way of life, about the ease of our lives, about the jobs we do, um where lives, about the jobs we do, um where lives, about the jobs we do, um where the future's going, what we tell our the future's going, what we tell our the future's going, what we tell our children. It's and we're not having children. It's and we're not having children. It's and we're not having really any serious conversations outside really any serious conversations outside really any serious conversations outside of say this podcast and others like it.

of say this podcast and others like it. of say this podcast and others like it. >> So, is the world getting more stable or >> So, is the world getting more stable or >> So, is the world getting more stable or less stable? That's a rhetorical less stable? That's a rhetorical less stable? That's a rhetorical question. We're not in charge of the question. We're not in charge of the question. We're not in charge of the world, [music] unfortunately. But you world, [music] unfortunately. But you world, [music] unfortunately. But you are in charge of, in fact, responsible are in charge of, in fact, responsible are in charge of, in fact, responsible for your own family and your savings. for your own family and your savings. for your own family and your savings. So, the dollar has lost nearly a third So, the dollar has lost nearly a third So, the dollar has lost nearly a third of its purchasing power since 2020. of its purchasing power since 2020. of its purchasing power since 2020. That's crazy. The dollar has lost nearly That's crazy. The dollar has lost nearly That's crazy. The dollar has lost nearly a third of its purchasing power [music] a third of its purchasing power [music] a third of its purchasing power [music] in 6 years. You know what hasn't? Gold. in 6 years. You know what hasn't? Gold. in 6 years. You know what hasn't? Gold. Gold has been a trusted store of value Gold has been a trusted store of value Gold has been a trusted store of value for thousands of years. And that's one for thousands of years. And that's one for thousands of years. And that's one reason you should think about gold right reason you should think about gold right reason you should think about gold right now. It's about 25% below its high from now. It's about 25% below its high from now. It's about 25% below its high from earlier this year, which is amazing. earlier this year, which is amazing. earlier this year, which is amazing. Some of the world's biggest financial Some of the world's biggest financial Some of the world's biggest financial institutions are making the move because institutions are making the move because institutions are making the move because gold relative to its power and endurance gold relative to its power and endurance gold relative to its power and endurance as a medium of [music] exchange is as a medium of [music] exchange is as a medium of [music] exchange is pretty cheap right now. Central banks pretty cheap right now. Central banks pretty cheap right now. Central banks are reducing their reliance on are reducing their reliance on are reducing their reliance on treasuries and increasing their holdings treasuries and increasing their holdings treasuries and increasing their holdings of, yes, gold. They're not alone. of, yes, gold. They're not alone. of, yes, gold. They're not alone. Individual investors are doing the same. Individual investors are doing the same. Individual investors are doing the same. Ray Dallio, founder of the world's Ray Dallio, founder of the world's Ray Dallio, founder of the world's largest hedge fund and a friend of ours, largest hedge fund and a friend of ours, largest hedge fund and a friend of ours, recommends holding up to 15% of your recommends holding up to 15% of your recommends holding up to 15% of your portfolio in gold. We've long believed portfolio in gold. We've long believed portfolio in gold. We've long believed in gold. We've been vindicated. We in gold. We've been vindicated. We in gold. We've been vindicated. We started Battalion Metals to give started Battalion Metals to give started Battalion Metals to give Americans an honest, fairriced way to Americans an honest, fairriced way to Americans an honest, fairriced way to buy metals, gold and silver, because a buy metals, gold and silver, because a buy metals, gold and silver, because a lot of these companies are scams. Ours lot of these companies are scams. Ours lot of these companies are scams. Ours is not. You know, we have like three is not. You know, we have like three is not. You know, we have like three points over spot. We'll ship it to your points over spot. We'll ship it to your points over spot. We'll ship it to your house. battalion metals.com/tucker house. battalion metals.com/tucker house. battalion metals.com/tucker is the place to go to learn more about is the place to go to learn more about is the place to go to learn more about buying metals, gold and silver, precious buying metals, gold and silver, precious buying metals, gold and silver, precious metals, IAS, secure storage, all of it.

metals, IAS, secure storage, all of it. metals, IAS, secure storage, all of it. battalion metals.com/dtucker. I don't think there are any. I I don't I I don't think there are any. I I don't I don't think there are any. And people don't think there are any. And people don't think there are any. And people throw this stuff out unchallenged. No, throw this stuff out unchallenged. No, throw this stuff out unchallenged. No, actually, we're going to We have actually, we're going to We have actually, we're going to We have Venezuelan oil now, so we have more than Venezuelan oil now, so we have more than Venezuelan oil now, so we have more than enough oil. And by the way, if you enough oil. And by the way, if you enough oil. And by the way, if you wouldn't mind explaining why that wouldn't mind explaining why that wouldn't mind explaining why that probably isn't true. What does that mean probably isn't true. What does that mean probably isn't true. What does that mean when they tell us that we now have all when they tell us that we now have all when they tell us that we now have all of Venezuela's oil, so we don't need oil of Venezuela's oil, so we don't need oil of Venezuela's oil, so we don't need oil from the Persian Gulf? from the Persian Gulf? from the Persian Gulf? >> Yeah. So oil is uh oil's not saying like >> Yeah. So oil is uh oil's not saying like >> Yeah. So oil is uh oil's not saying like water. Water is kind of water, maybe water. Water is kind of water, maybe water. Water is kind of water, maybe salt water and fresh water. So we salt water and fresh water. So we salt water and fresh water. So we understand those are different. Well, understand those are different. Well, understand those are different. Well, oil has like 900 different flavors, oil has like 900 different flavors, oil has like 900 different flavors, right? Yes. right? Yes. right? Yes. >> And the Venezuela has a lot of oil, but >> And the Venezuela has a lot of oil, but >> And the Venezuela has a lot of oil, but it's you use the little quotation marks it's you use the little quotation marks it's you use the little quotation marks in the air. Oil. Uh, and the reason for in the air. Oil. Uh, and the reason for in the air. Oil. Uh, and the reason for that is that um they have two fields. that is that um they have two fields. that is that um they have two fields. They have the Mary field which we're They have the Mary field which we're They have the Mary field which we're currently drawing from. It's nice. It's currently drawing from. It's nice. It's currently drawing from. It's nice. It's very heavy. It's sour, which means it very heavy. It's sour, which means it very heavy. It's sour, which means it has sulfur in it. Actually, sulfur has sulfur in it. Actually, sulfur has sulfur in it. Actually, sulfur sounds bad because we call it sour, but sounds bad because we call it sour, but sounds bad because we call it sour, but it's actually tasty in the sense that we it's actually tasty in the sense that we it's actually tasty in the sense that we use it for all kinds of things, right? use it for all kinds of things, right? use it for all kinds of things, right? So, that's actually high value oil. The So, that's actually high value oil. The So, that's actually high value oil. The rest of it is in this stuff called the rest of it is in this stuff called the rest of it is in this stuff called the orinco belt. It's a big belt, but it's orinco belt. It's a big belt, but it's orinco belt. It's a big belt, but it's not oil. Like, you couldn't like not oil. Like, you couldn't like not oil. Like, you couldn't like >> the easiest way to get out of the ground >> the easiest way to get out of the ground >> the easiest way to get out of the ground is with a spatula, right? Uh, it just is with a spatula, right? Uh, it just is with a spatula, right? Uh, it just doesn't flow. It's like it's really tar.

doesn't flow. It's like it's really tar. doesn't flow. It's like it's really tar. It's like a It's basically imagine a It's like a It's basically imagine a It's like a It's basically imagine a really hot road on this August day. really hot road on this August day. really hot road on this August day. >> Yep. >> Yep. >> Yep. >> Yeah. It's pretty much asphalt and it's >> Yeah. It's pretty much asphalt and it's >> Yeah. It's pretty much asphalt and it's packed with asphaltines component of packed with asphaltines component of packed with asphaltines component of that. So, uh it's hideously expensive to that. So, uh it's hideously expensive to that. So, uh it's hideously expensive to get that stuff out of the ground. You get that stuff out of the ground. You get that stuff out of the ground. You have to do all kinds of very fun things. have to do all kinds of very fun things. have to do all kinds of very fun things. You have to either use steam, which You have to either use steam, which You have to either use steam, which means you have to create steam. So, you means you have to create steam. So, you means you have to create steam. So, you have to build a power plant on site, have to build a power plant on site, have to build a power plant on site, inject it down there, or you have to put inject it down there, or you have to put inject it down there, or you have to put a dilluent down, some kind of solvent a dilluent down, some kind of solvent a dilluent down, some kind of solvent that you just inject in the ground and that you just inject in the ground and that you just inject in the ground and suck it back out again. It's tricky. Um, suck it back out again. It's tricky. Um, suck it back out again. It's tricky. Um, so remember, uh, Trump goes down there so remember, uh, Trump goes down there so remember, uh, Trump goes down there and he brings in all the Exxon and all and he brings in all the Exxon and all and he brings in all the Exxon and all these people, gets mad at them because these people, gets mad at them because these people, gets mad at them because he said, "Go down there and get that he said, "Go down there and get that he said, "Go down there and get that oil, boys." And they said, "It's it's oil, boys." And they said, "It's it's oil, boys." And they said, "It's it's uninvestable." Cuz there is probably 150 uninvestable." Cuz there is probably 150 uninvestable." Cuz there is probably 150 billion that would have to be invested billion that would have to be invested billion that would have to be invested down there. And um, defending an oil down there. And um, defending an oil down there. And um, defending an oil infrastructure in Iraq is relatively infrastructure in Iraq is relatively infrastructure in Iraq is relatively easy because it's all flat desert. easy because it's all flat desert. easy because it's all flat desert. >> Yes. >> Yes. >> Yes. >> Um, defending oil infrastructure in the >> Um, defending oil infrastructure in the >> Um, defending oil infrastructure in the jungle is a whole different beast if jungle is a whole different beast if jungle is a whole different beast if things go south on you. So they said you things go south on you. So they said you things go south on you. So they said you can't do that unless you give us can't do that unless you give us can't do that unless you give us security guarantees and that's that wait security guarantees and that's that wait security guarantees and that's that wait that's awkward. How do we do that? So that's awkward. How do we do that? So that's awkward. How do we do that? So they couldn't come to any agreement and they couldn't come to any agreement and they couldn't come to any agreement and Trump just got mad at Exxon. Um but it's Trump just got mad at Exxon. Um but it's Trump just got mad at Exxon. Um but it's not trivial and it's very expensive and not trivial and it's very expensive and not trivial and it's very expensive and if we started today with complete if we started today with complete if we started today with complete security guarantees and also um contract security guarantees and also um contract security guarantees and also um contract guarantees in a socialist regime they guarantees in a socialist regime they guarantees in a socialist regime they took Maduro out but the whole rest of took Maduro out but the whole rest of took Maduro out but the whole rest of the structure remained intact. So I'm the structure remained intact. So I'm the structure remained intact. So I'm not real clear what happened there. Um not real clear what happened there. Um not real clear what happened there. Um it it would still take 5 to 10 years to it it would still take 5 to 10 years to it it would still take 5 to 10 years to get that flowing. Um, and we don't have get that flowing. Um, and we don't have get that flowing. Um, and we don't have 5 to 10 years. We've got like two or 5 to 10 years. We've got like two or 5 to 10 years. We've got like two or three more months here.

three more months here. three more months here. >> Would if it was flowing at full force, >> Would if it was flowing at full force, >> Would if it was flowing at full force, would it compensate for the 19 million would it compensate for the 19 million would it compensate for the 19 million missing barrels of oil a day through the missing barrels of oil a day through the missing barrels of oil a day through the straight? straight? straight? >> Hard to imagine. Here's closest >> Hard to imagine. Here's closest >> Hard to imagine. Here's closest comparable is um the the Batum in the comparable is um the the Batum in the comparable is um the the Batum in the tar sands. Canada likes they've tar sands. Canada likes they've tar sands. Canada likes they've rebranded it oil sands. But all that rebranded it oil sands. But all that rebranded it oil sands. But all that beautiful stuff up in Alberta, a very beautiful stuff up in Alberta, a very beautiful stuff up in Alberta, a very capital intensive. Over, you know, the capital intensive. Over, you know, the capital intensive. Over, you know, the past 15 years, they've managed to bring past 15 years, they've managed to bring past 15 years, they've managed to bring that up to a very respectable 4.67 that up to a very respectable 4.67 that up to a very respectable 4.67 million barrels a day of flow. Um, but million barrels a day of flow. Um, but million barrels a day of flow. Um, but it took tens if not hundreds of billions it took tens if not hundreds of billions it took tens if not hundreds of billions of capital. It takes a long time. You of capital. It takes a long time. You of capital. It takes a long time. You don't just turn a tap on and it kind of don't just turn a tap on and it kind of don't just turn a tap on and it kind of comes out. You have to each chunk of the comes out. You have to each chunk of the comes out. You have to each chunk of the field has to have pipes put in it and field has to have pipes put in it and field has to have pipes put in it and infrastructure and steam and all kinds infrastructure and steam and all kinds infrastructure and steam and all kinds of stuff. It's just listen I I if that's of stuff. It's just listen I I if that's of stuff. It's just listen I I if that's comparable I would say if you could be comparable I would say if you could be comparable I would say if you could be as stable as Canada I would imagine in as stable as Canada I would imagine in as stable as Canada I would imagine in the next 15 years you could probably get the next 15 years you could probably get the next 15 years you could probably get that up to four or 5 million barrels a that up to four or 5 million barrels a that up to four or 5 million barrels a day if they're comparable and it's day if they're comparable and it's day if they're comparable and it's listen I'm simplifying a lot I have some listen I'm simplifying a lot I have some listen I'm simplifying a lot I have some oil people calling me up and yelling at oil people calling me up and yelling at oil people calling me up and yelling at me but just to keep it sort of roughly me but just to keep it sort of roughly me but just to keep it sort of roughly comparable comparable comparable or 5 million barrels a day under bestase or 5 million barrels a day under bestase or 5 million barrels a day under bestase circumstances with political stability circumstances with political stability circumstances with political stability security and massive hundred billion security and massive hundred billion security and massive hundred billion dollar infrastructure investments, you dollar infrastructure investments, you dollar infrastructure investments, you could get it to 5 million barrels a day.

could get it to 5 million barrels a day. could get it to 5 million barrels a day. We're 20 million barrels a day offline. We're 20 million barrels a day offline. We're 20 million barrels a day offline. So like there's kind of no way around I So like there's kind of no way around I So like there's kind of no way around I don't care what Doug Bergam or the don't care what Doug Bergam or the don't care what Doug Bergam or the Secretary of War says. There's no way Secretary of War says. There's no way Secretary of War says. There's no way around the reality that like we are around the reality that like we are around the reality that like we are short awful lot of oil in the global short awful lot of oil in the global short awful lot of oil in the global markets. So what so that I mean that's markets. So what so that I mean that's markets. So what so that I mean that's just like is that I'm misreading this? just like is that I'm misreading this? just like is that I'm misreading this? That's that's the fact, right? That's that's the fact, right? That's that's the fact, right? >> Yeah, that's the fact. And and I guess >> Yeah, that's the fact. And and I guess >> Yeah, that's the fact. And and I guess um again um again um again the administration officials I've seen the administration officials I've seen the administration officials I've seen they they kind of keep going shrugging they they kind of keep going shrugging they they kind of keep going shrugging and going well we'll be relatively okay. and going well we'll be relatively okay. and going well we'll be relatively okay. Um but what that really what they're Um but what that really what they're Um but what that really what they're really saying is um the person you know really saying is um the person you know really saying is um the person you know the country that we're going to hit the the country that we're going to hit the the country that we're going to hit the most is the largest importer of oil is most is the largest importer of oil is most is the largest importer of oil is China and China may decide it has to say China and China may decide it has to say China and China may decide it has to say something about this at some point in something about this at some point in something about this at some point in time. They've been very quiet so far, time. They've been very quiet so far, time. They've been very quiet so far, pretty suspicious. But pretty suspicious. But pretty suspicious. But >> I think it was May 13th, Trump goes >> I think it was May 13th, Trump goes >> I think it was May 13th, Trump goes over, brings over Tim Cook and all these over, brings over Tim Cook and all these over, brings over Tim Cook and all these other Elon Musk CEO types. other Elon Musk CEO types. other Elon Musk CEO types. >> And it was shortly after that that they >> And it was shortly after that that they >> And it was shortly after that that they really dialed back their imports. So I'm really dialed back their imports. So I'm really dialed back their imports. So I'm pretty sure there was a quidd proquo. pretty sure there was a quidd proquo. pretty sure there was a quidd proquo. The quidd was we'll stop importing for a The quidd was we'll stop importing for a The quidd was we'll stop importing for a while. I don't know what the proquo was.

while. I don't know what the proquo was. while. I don't know what the proquo was. You know, was it Taiwan? We don't know. You know, was it Taiwan? We don't know. You know, was it Taiwan? We don't know. We'll have to figure that out later. Um We'll have to figure that out later. Um We'll have to figure that out later. Um but China can't do that forever. They've but China can't do that forever. They've but China can't do that forever. They've been, I think, a little fairly gracious been, I think, a little fairly gracious been, I think, a little fairly gracious so far. Um, but they are starting to to so far. Um, but they are starting to to so far. Um, but they are starting to to reimport and bring their imports back up reimport and bring their imports back up reimport and bring their imports back up and and they can't have this area shut and and they can't have this area shut and and they can't have this area shut down for the next year. It just they're down for the next year. It just they're down for the next year. It just they're gonna they're going to have to intervene gonna they're going to have to intervene gonna they're going to have to intervene in some meaningful way, I would imagine, in some meaningful way, I would imagine, in some meaningful way, I would imagine, because again, energy is everything. And because again, energy is everything. And because again, energy is everything. And they know that they've got these they know that they've got these they know that they've got these beautiful 5-year sets of 5-year plans. beautiful 5-year sets of 5-year plans. beautiful 5-year sets of 5-year plans. And their energy policy actually when I And their energy policy actually when I And their energy policy actually when I read it, I weep because I wish my read it, I weep because I wish my read it, I weep because I wish my country had one that was so country had one that was so country had one that was so comprehensive. Um, it's very thoughtful. comprehensive. Um, it's very thoughtful. comprehensive. Um, it's very thoughtful. It only brings on alternative energy It only brings on alternative energy It only brings on alternative energy slowly up to a certain percentage and slowly up to a certain percentage and slowly up to a certain percentage and they're pursuing nukes and alternative they're pursuing nukes and alternative they're pursuing nukes and alternative nukes and small nukes and thorium nukes and small nukes and thorium nukes and small nukes and thorium reactors and plank of their energy reactors and plank of their energy reactors and plank of their energy policy is have good relations with the policy is have good relations with the policy is have good relations with the people we get our oil from. Germany people we get our oil from. Germany people we get our oil from. Germany could take a lesson from that book, could take a lesson from that book, could take a lesson from that book, right? Um, you know, and uh so they're right? Um, you know, and uh so they're right? Um, you know, and uh so they're obviously dialed in on energy. They know obviously dialed in on energy. They know obviously dialed in on energy. They know its importance. Um, and eventually its importance. Um, and eventually its importance. Um, and eventually they're going to have to intervene here, they're going to have to intervene here, they're going to have to intervene here, I think, if we continue to mess this up.

I think, if we continue to mess this up. I think, if we continue to mess this up. How long till American consumers are How long till American consumers are How long till American consumers are shocked by what they see because of shocked by what they see because of shocked by what they see because of rising oil energy prices? rising oil energy prices? rising oil energy prices? >> Well, um, we're going to be shocked >> Well, um, we're going to be shocked >> Well, um, we're going to be shocked here. Uh, I think we both live in New here. Uh, I think we both live in New here. Uh, I think we both live in New England. Um, heating oil is up 84% from England. Um, heating oil is up 84% from England. Um, heating oil is up 84% from this time last year. Uh, and I I live this time last year. Uh, and I I live this time last year. Uh, and I I live around people who are going to be very around people who are going to be very around people who are going to be very hurt by that. And um, it's that's going hurt by that. And um, it's that's going hurt by that. And um, it's that's going to be tough. It's going higher than to be tough. It's going higher than to be tough. It's going higher than that. Uh, New York Harbor is a place that. Uh, New York Harbor is a place that. Uh, New York Harbor is a place where we have they sell in five where we have they sell in five where we have they sell in five districts. The New York Harbor district districts. The New York Harbor district districts. The New York Harbor district for diesel just hit its all-time high for diesel just hit its all-time high for diesel just hit its all-time high just last week. So, we're going to be just last week. So, we're going to be just last week. So, we're going to be seeing 550 a gallon diesel again here seeing 550 a gallon diesel again here seeing 550 a gallon diesel again here very shortly. very shortly. very shortly. >> Those numbers are just going to keep >> Those numbers are just going to keep >> Those numbers are just going to keep going up. going up. going up. >> Yeah. And keep in mind, there's been a >> Yeah. And keep in mind, there's been a >> Yeah. And keep in mind, there's been a organized and concerted effort to organized and concerted effort to organized and concerted effort to discourage the use of wood stoves for discourage the use of wood stoves for discourage the use of wood stoves for the last 25 years. Yeah. Don't have a the last 25 years. Yeah. Don't have a the last 25 years. Yeah. Don't have a wood stove. It pollutes. You know, just wood stove. It pollutes. You know, just wood stove. It pollutes. You know, just heating oil. That That's the answer. LP heating oil. That That's the answer. LP heating oil. That That's the answer. LP gas. Um Wow. Okay. So, do you think um gas. Um Wow. Okay. So, do you think um gas. Um Wow. Okay. So, do you think um gasoline, which is the I think the most gasoline, which is the I think the most gasoline, which is the I think the most common retail measure of energy prices, common retail measure of energy prices, common retail measure of energy prices, I mean, are you going to see $6 a gallon I mean, are you going to see $6 a gallon I mean, are you going to see $6 a gallon gasoline before Labor Day or this year, gasoline before Labor Day or this year, gasoline before Labor Day or this year, do you think?

do you think? do you think? >> Yeah, I really do. So, um I'm tracking >> Yeah, I really do. So, um I'm tracking >> Yeah, I really do. So, um I'm tracking these every week. We got another raft of these every week. We got another raft of these every week. We got another raft of numbers. If you can believe them. I'm numbers. If you can believe them. I'm numbers. If you can believe them. I'm not sure what I can believe anymore, not sure what I can believe anymore, not sure what I can believe anymore, Tucker. Honestly, I don't know. Um you Tucker. Honestly, I don't know. Um you Tucker. Honestly, I don't know. Um you would it be beyond this administration would it be beyond this administration would it be beyond this administration to fudge the numbers and say we have to fudge the numbers and say we have to fudge the numbers and say we have more gasoline in storage than we do? more gasoline in storage than we do? more gasoline in storage than we do? >> Sure. uh well within the realm of >> Sure. uh well within the realm of >> Sure. uh well within the realm of possible. But if we can believe the possible. But if we can believe the possible. But if we can believe the numbers as they are, we see that all of numbers as they are, we see that all of numbers as they are, we see that all of our actual stocks and inventories are our actual stocks and inventories are our actual stocks and inventories are going down. Now, this was tragically going down. Now, this was tragically going down. Now, this was tragically commutical when Trump came out and said, commutical when Trump came out and said, commutical when Trump came out and said, "We're going to go after the retailers "We're going to go after the retailers "We're going to go after the retailers for gouging on gas." It's like, "Ah, for gouging on gas." It's like, "Ah, for gouging on gas." It's like, "Ah, dude, that's not how this market works dude, that's not how this market works dude, that's not how this market works at all." That the the 7-Eleven is a at all." That the the 7-Eleven is a at all." That the the 7-Eleven is a price taker. The guy with the big tanker price taker. The guy with the big tanker price taker. The guy with the big tanker shows up, tells him what that costs, and shows up, tells him what that costs, and shows up, tells him what that costs, and he's also a price taker. He goes to the he's also a price taker. He goes to the he's also a price taker. He goes to the distribution center and they're price distribution center and they're price distribution center and they're price takers. And so the people like there's takers. And so the people like there's takers. And so the people like there's no one person you can say is gouging. no one person you can say is gouging. no one person you can say is gouging. The refiners sell to the highest bidder. The refiners sell to the highest bidder. The refiners sell to the highest bidder. The highest bidder has the need to buy The highest bidder has the need to buy The highest bidder has the need to buy at that price so that they can supply at that price so that they can supply at that price so that they can supply the people who are depending on them and the people who are depending on them and the people who are depending on them and that's how it works. Um so there's no that's how it works. Um so there's no that's how it works. Um so there's no gouging at this point in time, but we're gouging at this point in time, but we're gouging at this point in time, but we're going to see a lot higher prices because going to see a lot higher prices because going to see a lot higher prices because again all those inventories are just again all those inventories are just again all those inventories are just screaming downwards. And so there comes screaming downwards. And so there comes screaming downwards. And so there comes a point where I think we just have kind a point where I think we just have kind a point where I think we just have kind like how did Hemingway go broke? You like how did Hemingway go broke? You like how did Hemingway go broke? You know slowly then all at once. I think know slowly then all at once. I think know slowly then all at once. I think we're going to slowly people are going we're going to slowly people are going we're going to slowly people are going to start waking up that there's a to start waking up that there's a to start waking up that there's a there's a real crisis here. These are there's a real crisis here. These are there's a real crisis here. These are shocking levels of inventory and shocking levels of inventory and shocking levels of inventory and eventually there's mad scramble and eventually there's mad scramble and eventually there's mad scramble and that's the all at once part of this. But that's the all at once part of this. But that's the all at once part of this. But you know 2022 you know 2022 you know 2022 America imposed sanctions on Russia, America imposed sanctions on Russia, America imposed sanctions on Russia, Russian tankers and all that stuff. And Russian tankers and all that stuff. And Russian tankers and all that stuff. And so there was the thought that maybe 3

so there was the thought that maybe 3 so there was the thought that maybe 3 million barrels a day might come offline million barrels a day might come offline million barrels a day might come offline and that was enough to send oil from and that was enough to send oil from and that was enough to send oil from then about 80 to 120 where it stood for then about 80 to 120 where it stood for then about 80 to 120 where it stood for 5 months, right? And then it turned out, 5 months, right? And then it turned out, 5 months, right? And then it turned out, oh, after the news settled in, they're oh, after the news settled in, they're oh, after the news settled in, they're like, ah, it wasn't such a big deal like, ah, it wasn't such a big deal like, ah, it wasn't such a big deal because Russia ended up using shadow because Russia ended up using shadow because Russia ended up using shadow tankers and selling it to India. tankers and selling it to India. tankers and selling it to India. >> In India, yeah, exactly. >> In India, yeah, exactly. >> In India, yeah, exactly. >> Yeah, no big deal. So, actually, there >> Yeah, no big deal. So, actually, there >> Yeah, no big deal. So, actually, there wasn't any real impact to the oil wasn't any real impact to the oil wasn't any real impact to the oil markets. And here we are now today with markets. And here we are now today with markets. And here we are now today with inarguably not just the largest energy inarguably not just the largest energy inarguably not just the largest energy shock ever, but by literally whole shock ever, but by literally whole shock ever, but by literally whole factors. Right? So, we had the oil factors. Right? So, we had the oil factors. Right? So, we had the oil embargo starts in October 1973, runs embargo starts in October 1973, runs embargo starts in October 1973, runs till March of 74. And what they did was till March of 74. And what they did was till March of 74. And what they did was they they didn't they didn't stop they they didn't they didn't stop they they didn't they didn't stop selling to the whole world. They said I selling to the whole world. They said I selling to the whole world. They said I don't know why Norway is wrapped up in don't know why Norway is wrapped up in don't know why Norway is wrapped up in this, but they said we're not selling this, but they said we're not selling this, but they said we're not selling oil to the US or Norway. I still don't oil to the US or Norway. I still don't oil to the US or Norway. I still don't know how Norway got tangled up in that. know how Norway got tangled up in that. know how Norway got tangled up in that. And then what they did was they agreed And then what they did was they agreed And then what they did was they agreed as a group of OPEC nations or Arab as a group of OPEC nations or Arab as a group of OPEC nations or Arab nations at that time that they were nations at that time that they were nations at that time that they were going to reduce their production by 5% going to reduce their production by 5% going to reduce their production by 5% per month. So by the end of the whole per month. So by the end of the whole per month. So by the end of the whole thing, the world was short 9% of its thing, the world was short 9% of its thing, the world was short 9% of its oil. Right? And that was enough to take oil. Right? And that was enough to take oil. Right? And that was enough to take oil basically from 370 a barrel to 33.

oil basically from 370 a barrel to 33. oil basically from 370 a barrel to 33. was a 10 t 10bagger, right? And that was a 10 t 10bagger, right? And that was a 10 t 10bagger, right? And that created a huge shock. Then we had the created a huge shock. Then we had the created a huge shock. Then we had the double wave of inflation that happened double wave of inflation that happened double wave of inflation that happened in the 70s. Um, and it took Paul Vulkar in the 70s. Um, and it took Paul Vulkar in the 70s. Um, and it took Paul Vulkar coming out and ramming interest rates to coming out and ramming interest rates to coming out and ramming interest rates to 21%. 21%. 21%. >> In order to to pinch that second hump of >> In order to to pinch that second hump of >> In order to to pinch that second hump of inflation, I mean, can you imagine what inflation, I mean, can you imagine what inflation, I mean, can you imagine what would happen if we had to fight would happen if we had to fight would happen if we had to fight inflation that way? inflation that way? inflation that way? >> So, there was a huge learning from that. >> So, there was a huge learning from that. >> So, there was a huge learning from that. And I believe that that the lesson was, And I believe that that the lesson was, And I believe that that the lesson was, oh, if we can just keep the price of oil oh, if we can just keep the price of oil oh, if we can just keep the price of oil down, we can minimize the shock. And so, down, we can minimize the shock. And so, down, we can minimize the shock. And so, they're doing that. And the problem is they're doing that. And the problem is they're doing that. And the problem is while they're doing that, the price is while they're doing that, the price is while they're doing that, the price is too low. Even though it feels high, it's too low. Even though it feels high, it's too low. Even though it feels high, it's still too low to truly match supply and still too low to truly match supply and still too low to truly match supply and demand. And so supplies are just being demand. And so supplies are just being demand. And so supplies are just being run down. And so now we've run through, run down. And so now we've run through, run down. And so now we've run through, you know, the IEA said, "Go ahead, you know, the IEA said, "Go ahead, you know, the IEA said, "Go ahead, release 400 million barrels, all you, release 400 million barrels, all you, release 400 million barrels, all you, you know, G7 countries." And we were a you know, G7 countries." And we were a you know, G7 countries." And we were a big chunk of that. We're almost half of big chunk of that. We're almost half of big chunk of that. We're almost half of that. Um, we had all this stuff that that. Um, we had all this stuff that that. Um, we had all this stuff that Iran had stored up in tankers that they Iran had stored up in tankers that they Iran had stored up in tankers that they suddenly released to the world. We had suddenly released to the world. We had suddenly released to the world. We had all the Russian stuff that suddenly got all the Russian stuff that suddenly got all the Russian stuff that suddenly got released. All those tankers. We had all released. All those tankers. We had all released. All those tankers. We had all these tankers that were in motion at the these tankers that were in motion at the these tankers that were in motion at the time the war started. It took them a time the war started. It took them a time the war started. It took them a month or two to get to where they were month or two to get to where they were month or two to get to where they were going. So, we had all of that to sort of going. So, we had all of that to sort of going. So, we had all of that to sort of work through. Now, that's all gone. And work through. Now, that's all gone. And work through. Now, that's all gone. And even if the straight opened up right even if the straight opened up right even if the straight opened up right now, you know, we would not get to 21 now, you know, we would not get to 21 now, you know, we would not get to 21 million barrels a day again till million barrels a day again till million barrels a day again till probably a year from now for three probably a year from now for three probably a year from now for three separate reasons, which you mentioned.

separate reasons, which you mentioned. separate reasons, which you mentioned. One, there's we don't unknown unknown One, there's we don't unknown unknown One, there's we don't unknown unknown damage to the actual oil fields because damage to the actual oil fields because damage to the actual oil fields because they just had to shut them off and they just had to shut them off and they just had to shut them off and that's that's bad. That's not how you that's that's bad. That's not how you that's that's bad. That's not how you treat oil wells. treat oil wells. treat oil wells. So, we'll see when they turn them back So, we'll see when they turn them back So, we'll see when they turn them back on how much damage happened. Two, they on how much damage happened. Two, they on how much damage happened. Two, they got to fix all the stuff that got uh got to fix all the stuff that got uh got to fix all the stuff that got uh tuned up, right? So, refineries got hit tuned up, right? So, refineries got hit tuned up, right? So, refineries got hit and loading docks got hit and oil and loading docks got hit and oil and loading docks got hit and oil platforms and all that. And probably one platforms and all that. And probably one platforms and all that. And probably one of the biggest things is just unbolling of the biggest things is just unbolling of the biggest things is just unbolling the um all the tank all the shipping, the um all the tank all the shipping, the um all the tank all the shipping, right? Because it wasn't just oil right? Because it wasn't just oil right? Because it wasn't just oil tankers coming out. There were cargo tankers coming out. There were cargo tankers coming out. There were cargo containers and bulk carriers and all containers and bulk carriers and all containers and bulk carriers and all this stuff. And that whole perfectly this stuff. And that whole perfectly this stuff. And that whole perfectly choreographed just in time symphony of choreographed just in time symphony of choreographed just in time symphony of thousands of ships going hither and yan thousands of ships going hither and yan thousands of ships going hither and yan that all got completely shredded. So that all got completely shredded. So that all got completely shredded. So that all has to sort of be reformulated that all has to sort of be reformulated that all has to sort of be reformulated and rebuilt. The shipping experts I and rebuilt. The shipping experts I and rebuilt. The shipping experts I talked to say minimum 3 4 months just to talked to say minimum 3 4 months just to talked to say minimum 3 4 months just to sort of unccort that and figure out sort of unccort that and figure out sort of unccort that and figure out where things are. And that's if and only where things are. And that's if and only where things are. And that's if and only if my magic finger snap made things if my magic finger snap made things if my magic finger snap made things stable and insurable and you know stable and insurable and you know stable and insurable and you know believably so. And and I don't think believably so. And and I don't think believably so. And and I don't think we're anywhere close to that. literally we're anywhere close to that. literally we're anywhere close to that. literally nowhere close to that. Now, for I I feel nowhere close to that. Now, for I I feel nowhere close to that. Now, for I I feel like many Americans recall or have read like many Americans recall or have read like many Americans recall or have read about the oil shock of 1973, about the oil shock of 1973, about the oil shock of 1973, which as you just said had downstream which as you just said had downstream which as you just said had downstream consequences that lasted almost a decade consequences that lasted almost a decade consequences that lasted almost a decade and changed the country, changed how we and changed the country, changed how we and changed the country, changed how we manufacture cars, changed the culture, manufacture cars, changed the culture, manufacture cars, changed the culture, changed the birth rate. Like it it changed the birth rate. Like it it changed the birth rate. Like it it really was a big deal, though was much really was a big deal, though was much really was a big deal, though was much smaller than what we're facing now. Very smaller than what we're facing now. Very smaller than what we're facing now. Very few people remember why that happened.

few people remember why that happened. few people remember why that happened. Do you remember why? Do you remember why Do you remember why? Do you remember why Do you remember why? Do you remember why OPEC shut us out in Norway? OPEC shut us out in Norway? OPEC shut us out in Norway? doorway. Um well, you know, there was doorway. Um well, you know, there was doorway. Um well, you know, there was just uh I guess what I think Israel was just uh I guess what I think Israel was just uh I guess what I think Israel was involved. Um involved. Um involved. Um >> yeah, that's exactly right because we >> yeah, that's exactly right because we >> yeah, that's exactly right because we sided with Israel in the Yam Kapoor war sided with Israel in the Yam Kapoor war sided with Israel in the Yam Kapoor war of 1973. That's exactly why. of 1973. That's exactly why. of 1973. That's exactly why. >> So we paid a huge price in 197 I mean >> So we paid a huge price in 197 I mean >> So we paid a huge price in 197 I mean not to be pedantic about it, but it's not to be pedantic about it, but it's not to be pedantic about it, but it's just a fact. We paid a huge price in just a fact. We paid a huge price in just a fact. We paid a huge price in 1973 for our support for Israel, which 1973 for our support for Israel, which 1973 for our support for Israel, which was not to our strategic benefit. It was was not to our strategic benefit. It was was not to our strategic benefit. It was for sentimental or other reasons, maybe for sentimental or other reasons, maybe for sentimental or other reasons, maybe darker reasons, but it wasn't like we darker reasons, but it wasn't like we darker reasons, but it wasn't like we were getting anything out of it. We were getting anything out of it. We were getting anything out of it. We didn't. We lost. And once again, 50 didn't. We lost. And once again, 50 didn't. We lost. And once again, 50 years later, it's a replay, but 10x. I years later, it's a replay, but 10x. I years later, it's a replay, but 10x. I just I just can't help but notice that. just I just can't help but notice that. just I just can't help but notice that. Yeah. Um, Yeah. Um, Yeah. Um, even then though, I feel like there was even then though, I feel like there was even then though, I feel like there was more reality sort of in the system. We more reality sort of in the system. We more reality sort of in the system. We live in a super unreal time right now. I live in a super unreal time right now. I live in a super unreal time right now. I can't believe like Trump can just say can't believe like Trump can just say can't believe like Trump can just say things like, "Oh, we we've completely things like, "Oh, we we've completely things like, "Oh, we we've completely beaten them militarily." Well, then why beaten them militarily." Well, then why beaten them militarily." Well, then why can't we stop any of those missiles or can't we stop any of those missiles or can't we stop any of those missiles or drones? You know, it's just it's drones? You know, it's just it's drones? You know, it's just it's [laughter] [laughter] [laughter] >> then why are we drawing down the SPR if >> then why are we drawing down the SPR if >> then why are we drawing down the SPR if the straight of H for H for H for H for the straight of H for H for H for H for the straight of H for H for H for H for H for H for H for H for H for H formuz H for H for H for H for H for H formuz H for H for H for H for H for H formuz doesn't mean anything.

doesn't mean anything. doesn't mean anything. >> It's it's yeah it's just and and where >> It's it's yeah it's just and and where >> It's it's yeah it's just and and where we're where the journalists I mean just we're where the journalists I mean just we're where the journalists I mean just ask a follow-up question. You know I did ask a follow-up question. You know I did ask a follow-up question. You know I did see on with Pete Hegathth Department of see on with Pete Hegathth Department of see on with Pete Hegathth Department of War. I struggle with that too. Um you War. I struggle with that too. Um you War. I struggle with that too. Um you know saying but prices are high lady you know saying but prices are high lady you know saying but prices are high lady you ain't seen nothing yet. Um we are just ain't seen nothing yet. Um we are just ain't seen nothing yet. Um we are just getting started on this. This could get getting started on this. This could get getting started on this. This could get a lot higher. And and here's my concern. a lot higher. And and here's my concern. a lot higher. And and here's my concern. The destination doesn't bother me. If The destination doesn't bother me. If The destination doesn't bother me. If you said, "Hey, we have to find out how you said, "Hey, we have to find out how you said, "Hey, we have to find out how to live with like, you know, 13% less to live with like, you know, 13% less to live with like, you know, 13% less energy and we've got 5 years to sort it energy and we've got 5 years to sort it energy and we've got 5 years to sort it out and prices will climb to give us out and prices will climb to give us out and prices will climb to give us that's fine." Um, the destination that's fine." Um, the destination that's fine." Um, the destination doesn't bother me. We'll sort it out. doesn't bother me. We'll sort it out. doesn't bother me. We'll sort it out. But it's the pace of change that gets But it's the pace of change that gets But it's the pace of change that gets you, right? And so if we just slam into you, right? And so if we just slam into you, right? And so if we just slam into this and oil or gasoline suddenly goes this and oil or gasoline suddenly goes this and oil or gasoline suddenly goes from 5 to 15 or whatever it's going to from 5 to 15 or whatever it's going to from 5 to 15 or whatever it's going to do suddenly, um, that's where the shock do suddenly, um, that's where the shock do suddenly, um, that's where the shock happens. That's where the damage happens. That's where the damage happens. That's where the damage happens. That's where the uncontrolled happens. That's where the uncontrolled happens. That's where the uncontrolled things happen. And this is why I I things happen. And this is why I I things happen. And this is why I I research and I look at neither of these research and I look at neither of these research and I look at neither of these two things independently. I always look two things independently. I always look two things independently. I always look at energy and the economy. And so here's at energy and the economy. And so here's at energy and the economy. And so here's what we have to understand. Uh the what we have to understand. Uh the what we have to understand. Uh the United States in 1973 had some debt, not United States in 1973 had some debt, not United States in 1973 had some debt, not 39 trillion of debt, right? With a 39 trillion of debt, right? With a 39 trillion of debt, right? With a structural deficit of 2 to 3 trillion structural deficit of 2 to 3 trillion structural deficit of 2 to 3 trillion per year for the next 10 years, right?

per year for the next 10 years, right? per year for the next 10 years, right? Just by law. Nothing we can do about Just by law. Nothing we can do about Just by law. Nothing we can do about that. It's all baked in the cake. that. It's all baked in the cake. that. It's all baked in the cake. with derivatives uh numbering 1 to two with derivatives uh numbering 1 to two with derivatives uh numbering 1 to two quadrillion depending on how you count quadrillion depending on how you count quadrillion depending on how you count these things. Nobody knows what they these things. Nobody knows what they these things. Nobody knows what they are. Don't ask me. But literally nobody are. Don't ask me. But literally nobody are. Don't ask me. But literally nobody understands how the how things operates. understands how the how things operates. understands how the how things operates. But what they do is they provide But what they do is they provide But what they do is they provide insurance Tucker at a moment when um you insurance Tucker at a moment when um you insurance Tucker at a moment when um you don't really need it, you know, but but don't really need it, you know, but but don't really need it, you know, but but if things get a little out of parameter, if things get a little out of parameter, if things get a little out of parameter, as they say, like if you know, interest as they say, like if you know, interest as they say, like if you know, interest rates suddenly do something really crazy rates suddenly do something really crazy rates suddenly do something really crazy like they did in the long-term capital like they did in the long-term capital like they did in the long-term capital management. um they had all these fancy management. um they had all these fancy management. um they had all these fancy derivatives and all of a sudden oops, derivatives and all of a sudden oops, derivatives and all of a sudden oops, you know, Russian bonds went a little you know, Russian bonds went a little you know, Russian bonds went a little further than they thought in the wrong further than they thought in the wrong further than they thought in the wrong direction and boom, six billion out the direction and boom, six billion out the direction and boom, six billion out the window and Allen Greenspan had to fix window and Allen Greenspan had to fix window and Allen Greenspan had to fix it, you know. Um if these derivative it, you know. Um if these derivative it, you know. Um if these derivative markets freeze up, what we're going to markets freeze up, what we're going to markets freeze up, what we're going to see is the complete freezing of our see is the complete freezing of our see is the complete freezing of our financial system and markets. And that'd financial system and markets. And that'd financial system and markets. And that'd be very bad. Um and you know, sort of my be very bad. Um and you know, sort of my be very bad. Um and you know, sort of my darkhor candidate for kicking all this darkhor candidate for kicking all this darkhor candidate for kicking all this off is going to be Japan. Their yen is off is going to be Japan. Their yen is off is going to be Japan. Their yen is weakening really a lot right now and weakening really a lot right now and weakening really a lot right now and they're trying hard to make that not they're trying hard to make that not they're trying hard to make that not happen. and also they've lost control of happen. and also they've lost control of happen. and also they've lost control of their bonds and the yields are spiking their bonds and the yields are spiking their bonds and the yields are spiking higher. And that's a very rare higher. And that's a very rare higher. And that's a very rare combination.

combination. combination. >> So you lose control of both the price of >> So you lose control of both the price of >> So you lose control of both the price of your money and and and your interest your money and and and your interest your money and and and your interest rates. Uh you know that's um so that rates. Uh you know that's um so that rates. Uh you know that's um so that could be a situation where if that could be a situation where if that could be a situation where if that really starts to spiral out of control, really starts to spiral out of control, really starts to spiral out of control, they're going to have to do something they're going to have to do something they're going to have to do something and that would mean closing markets, and that would mean closing markets, and that would mean closing markets, shutting things down, you know, and what shutting things down, you know, and what shutting things down, you know, and what would that look like? You know, we'll would that look like? You know, we'll would that look like? You know, we'll wake up one day and they'll say, "Oh, wake up one day and they'll say, "Oh, wake up one day and they'll say, "Oh, you know, terrible things happened at you know, terrible things happened at you know, terrible things happened at Nomura Bank, but don't worry, it's very Nomura Bank, but don't worry, it's very Nomura Bank, but don't worry, it's very temporary. Oh, actually, Japan's going temporary. Oh, actually, Japan's going temporary. Oh, actually, Japan's going to have to shut their NIK down for just to have to shut their NIK down for just to have to shut their NIK down for just a couple days. Actually, hang on. We're a couple days. Actually, hang on. We're a couple days. Actually, hang on. We're going to have to shut down one of our going to have to shut down one of our going to have to shut down one of our banks over here for a little while, and banks over here for a little while, and banks over here for a little while, and then it'll be Wednesday, and they'll be then it'll be Wednesday, and they'll be then it'll be Wednesday, and they'll be like, "We can't open it." This is how like, "We can't open it." This is how like, "We can't open it." This is how this is going to sort of play out at this is going to sort of play out at this is going to sort of play out at some point. But that's because we some point. But that's because we some point. But that's because we allowed, you know, we had the great allowed, you know, we had the great allowed, you know, we had the great financial crisis, and they're like, "Oh, financial crisis, and they're like, "Oh, financial crisis, and they're like, "Oh, that was a terrible idea. We had all that was a terrible idea. We had all that was a terrible idea. We had all these collateralized debt obligations these collateralized debt obligations these collateralized debt obligations and, you know, all that stuff. We and, you know, all that stuff. We and, you know, all that stuff. We shouldn't have done that." So, learned shouldn't have done that." So, learned shouldn't have done that." So, learned our lesson. Today, derivatives exactly our lesson. Today, derivatives exactly our lesson. Today, derivatives exactly like that are still saturated through like that are still saturated through like that are still saturated through the market. They're twice as large as the market. They're twice as large as the market. They're twice as large as they were back then. No lessons learned, they were back then. No lessons learned, they were back then. No lessons learned, except they did write some laws that if except they did write some laws that if except they did write some laws that if the banks get in trouble, they're going the banks get in trouble, they're going the banks get in trouble, they're going to take your bank account uh to help to take your bank account uh to help to take your bank account uh to help make them whole again. They did they did make them whole again. They did they did make them whole again. They did they did write some laws. So, they got that done.

write some laws. So, they got that done. write some laws. So, they got that done. >> It's it's of course theft at scale. Let >> It's it's of course theft at scale. Let >> It's it's of course theft at scale. Let me just ask though. I mean, Japan is the me just ask though. I mean, Japan is the me just ask though. I mean, Japan is the biggest or one of the biggest holders of biggest or one of the biggest holders of biggest or one of the biggest holders of US treasuries. So, what effect does that US treasuries. So, what effect does that US treasuries. So, what effect does that have on treasuries? have on treasuries? have on treasuries? >> Well, it has a lot. So, Japan is going >> Well, it has a lot. So, Japan is going >> Well, it has a lot. So, Japan is going to have to sell those treasuries just to to have to sell those treasuries just to to have to sell those treasuries just to begin defending its currency. Um, begin defending its currency. Um, begin defending its currency. Um, because they're going to need to that because they're going to need to that because they're going to need to that that would be part one. But part two is that would be part one. But part two is that would be part one. But part two is >> Japan imports 100% of its hydrocarbons. >> Japan imports 100% of its hydrocarbons. >> Japan imports 100% of its hydrocarbons. It has no domestic reserves. So, as the It has no domestic reserves. So, as the It has no domestic reserves. So, as the price of oil goes up and oil products price of oil goes up and oil products price of oil goes up and oil products goes up, they're going to have to buy goes up, they're going to have to buy goes up, they're going to have to buy those at higher and higher and higher those at higher and higher and higher those at higher and higher and higher yen costs. So, so the poor people of yen costs. So, so the poor people of yen costs. So, so the poor people of Japan are getting hit with a double Japan are getting hit with a double Japan are getting hit with a double whammy, right? First, their yen is whammy, right? First, their yen is whammy, right? First, their yen is weakening. that imports inflation. weakening. that imports inflation. weakening. that imports inflation. Second, when they have to buy oil that's Second, when they have to buy oil that's Second, when they have to buy oil that's also going up in price, it's with a also going up in price, it's with a also going up in price, it's with a weaker currency. So, they're going to be weaker currency. So, they're going to be weaker currency. So, they're going to be feeling it um sort of at a 2x rate of feeling it um sort of at a 2x rate of feeling it um sort of at a 2x rate of speed and that creates social unrest uh speed and that creates social unrest uh speed and that creates social unrest uh political problems. It's it's going to political problems. It's it's going to political problems. It's it's going to create a lot of pressure to do create a lot of pressure to do create a lot of pressure to do something. Um and unfortunately, there's something. Um and unfortunately, there's something. Um and unfortunately, there's not a lot that can be done for as long not a lot that can be done for as long not a lot that can be done for as long as the straight of her moves remains as the straight of her moves remains as the straight of her moves remains closed.

closed. closed. I predict a bailout by China thereby I predict a bailout by China thereby I predict a bailout by China thereby neutralizing the Japan problem which is neutralizing the Japan problem which is neutralizing the Japan problem which is one of China's biggest problems and one of China's biggest problems and one of China's biggest problems and there you know obviously historically um there you know obviously historically um there you know obviously historically um Japan occupied a huge part of China for Japan occupied a huge part of China for Japan occupied a huge part of China for a long time and Chinese haven't a long time and Chinese haven't a long time and Chinese haven't forgotten it and they're concerned about forgotten it and they're concerned about forgotten it and they're concerned about Japan they don't want American troops in Japan they don't want American troops in Japan they don't want American troops in Japan they don't want Japan to have a Japan they don't want Japan to have a Japan they don't want Japan to have a nuclear weapon and a desperate Japan nuclear weapon and a desperate Japan nuclear weapon and a desperate Japan is good for China that's just my guess is good for China that's just my guess is good for China that's just my guess >> to me let me ask you about um and I hate >> to me let me ask you about um and I hate >> to me let me ask you about um and I hate I don't want to get too dark with this, I don't want to get too dark with this, I don't want to get too dark with this, but like the hope of the US economy at but like the hope of the US economy at but like the hope of the US economy at this point. The entire future of the this point. The entire future of the this point. The entire future of the state of California is all predicated on state of California is all predicated on state of California is all predicated on the success of AI. And AI doesn't the success of AI. And AI doesn't the success of AI. And AI doesn't famously produce anything. It doesn't, famously produce anything. It doesn't, famously produce anything. It doesn't, you know, you don't make anything with you know, you don't make anything with you know, you don't make anything with AI. You really just consume energy. And AI. You really just consume energy. And AI. You really just consume energy. And AI, like Bitcoin mining, is just a AI, like Bitcoin mining, is just a AI, like Bitcoin mining, is just a function of of energy. Like what's the function of of energy. Like what's the function of of energy. Like what's the price of energy? price of energy? price of energy? How in the world are you going to How in the world are you going to How in the world are you going to transform our economy from a transform our economy from a transform our economy from a manufacturing economy to an AI manufacturing economy to an AI manufacturing economy to an AI cryptocurrency economy with energy cryptocurrency economy with energy cryptocurrency economy with energy prices like this? How does that work?

prices like this? How does that work? prices like this? How does that work? This is the one of these big sour notes. This is the one of these big sour notes. This is the one of these big sour notes. I can't figure this one out, Tucker. Um I can't figure this one out, Tucker. Um I can't figure this one out, Tucker. Um so, [snorts] but I I just wrote a huge so, [snorts] but I I just wrote a huge so, [snorts] but I I just wrote a huge report on AI. Um my most recent one, I report on AI. Um my most recent one, I report on AI. Um my most recent one, I call it the Renaissance report, which is call it the Renaissance report, which is call it the Renaissance report, which is overselling myself. I just have overselling myself. I just have overselling myself. I just have unmanaged adult ADHD. Um this is unmanaged adult ADHD. Um this is unmanaged adult ADHD. Um this is >> Yeah. >> Yeah. >> Yeah. But AI itself is very concerning because But AI itself is very concerning because But AI itself is very concerning because we've thrown trillions of dollars of we've thrown trillions of dollars of we've thrown trillions of dollars of capex at this. So it's kind of all in. capex at this. So it's kind of all in. capex at this. So it's kind of all in. We have to beat China, right? Okay, We have to beat China, right? Okay, We have to beat China, right? Okay, that's the story. Um, but if we were that's the story. Um, but if we were that's the story. Um, but if we were really serious about this, let's say really serious about this, let's say really serious about this, let's say we've got some idea that what we're we've got some idea that what we're we've got some idea that what we're going to do is we're going to get God in going to do is we're going to get God in going to do is we're going to get God in a box, right? And we have to get we have a box, right? And we have to get we have a box, right? And we have to get we have to get God in a box first and then we'll to get God in a box first and then we'll to get God in a box first and then we'll be able to run this whole thing. But the be able to run this whole thing. But the be able to run this whole thing. But the implicit assumption baked in there is implicit assumption baked in there is implicit assumption baked in there is we're going to have these data centers we're going to have these data centers we're going to have these data centers and they're now permanent part of our and they're now permanent part of our and they're now permanent part of our architecture going forward. All right. architecture going forward. All right. architecture going forward. All right. They take a lot of energy, right? I call They take a lot of energy, right? I call They take a lot of energy, right? I call them toasters that don't make toast. You them toasters that don't make toast. You them toasters that don't make toast. You know, they make cat videos, but they know, they make cat videos, but they know, they make cat videos, but they just just just >> they just basically just turn natural >> they just basically just turn natural >> they just basically just turn natural gas into waste heat. You know, that's gas into waste heat. You know, that's gas into waste heat. You know, that's what they do. what they do. what they do. >> Um, and so you would think if you had a >> Um, and so you would think if you had a >> Um, and so you would think if you had a comprehensive, beautiful 5-year plan of comprehensive, beautiful 5-year plan of comprehensive, beautiful 5-year plan of energy strategy, somebody would be energy strategy, somebody would be energy strategy, somebody would be going, "Where's the energy for that going, "Where's the energy for that going, "Where's the energy for that coming from?" Well, now wander with me coming from?" Well, now wander with me coming from?" Well, now wander with me over to the world where actually our own over to the world where actually our own over to the world where actually our own energy information agency energy information agency energy information agency administration, the EIA says we're kind administration, the EIA says we're kind administration, the EIA says we're kind of at peak oil right now. The the shale of at peak oil right now. The the shale of at peak oil right now. The the shale beds have all sort of they've done what beds have all sort of they've done what beds have all sort of they've done what they can. They don't go to tomorrow, you they can. They don't go to tomorrow, you they can. They don't go to tomorrow, you know, zero by Tuesday, but there's we're know, zero by Tuesday, but there's we're know, zero by Tuesday, but there's we're not going to be putting more on going not going to be putting more on going not going to be putting more on going forward. And similarly, natural gas, forward. And similarly, natural gas, forward. And similarly, natural gas, there's a lot there, but it's kind of, there's a lot there, but it's kind of, there's a lot there, but it's kind of, wouldn't, you know, it's kind of bumping wouldn't, you know, it's kind of bumping wouldn't, you know, it's kind of bumping along and okay, so you would think along and okay, so you would think along and okay, so you would think somebody would be saying, look, we need somebody would be saying, look, we need somebody would be saying, look, we need these boxes permanently. This going to

these boxes permanently. This going to these boxes permanently. This going to be part of our control grid. It's how we be part of our control grid. It's how we be part of our control grid. It's how we conduct business. It's going to be woven conduct business. It's going to be woven conduct business. It's going to be woven into everything. We're all going to have into everything. We're all going to have into everything. We're all going to have digital IDs and and if the if this AI digital IDs and and if the if this AI digital IDs and and if the if this AI system goes down, wow, we're really system goes down, wow, we're really system goes down, wow, we're really screwed. We won't know how to get people screwed. We won't know how to get people screwed. We won't know how to get people on flights. We won't know how to on flights. We won't know how to on flights. We won't know how to distribute, you know, lorries to distribute, you know, lorries to distribute, you know, lorries to Walmart. Everything breaks, right? So, Walmart. Everything breaks, right? So, Walmart. Everything breaks, right? So, you'd think, wow, we should have a you'd think, wow, we should have a you'd think, wow, we should have a comprehensive plan. Well, first, we comprehensive plan. Well, first, we comprehensive plan. Well, first, we we're not going to have natural gas we're not going to have natural gas we're not going to have natural gas forever. It all too, like all good forever. It all too, like all good forever. It all too, like all good things, runs out. So, you we would be things, runs out. So, you we would be things, runs out. So, you we would be doing something smart. We would be, you doing something smart. We would be, you doing something smart. We would be, you would know that they were serious about would know that they were serious about would know that they were serious about this if they were slapping in small this if they were slapping in small this if they were slapping in small modular nukes and and nuclear plants all modular nukes and and nuclear plants all modular nukes and and nuclear plants all over the place because that's the answer over the place because that's the answer over the place because that's the answer for that. Nukes make beautiful for that. Nukes make beautiful for that. Nukes make beautiful electricity, a big fan of them, but electricity, a big fan of them, but electricity, a big fan of them, but we're not doing that, right? Not at we're not doing that, right? Not at we're not doing that, right? Not at scale. And we haven't even figured out scale. And we haven't even figured out scale. And we haven't even figured out where we're going to get the uranium where we're going to get the uranium where we're going to get the uranium from to continue operating our own. So, from to continue operating our own. So, from to continue operating our own. So, it's it's almost it's this very it's it's almost it's this very it's it's almost it's this very unserious thing, Tucker, which I can't unserious thing, Tucker, which I can't unserious thing, Tucker, which I can't figure out. It feels like they don't figure out. It feels like they don't figure out. It feels like they don't care about the future. They just there's care about the future. They just there's care about the future. They just there's some goal line they're trying to just some goal line they're trying to just some goal line they're trying to just like furiously cross over with the with like furiously cross over with the with like furiously cross over with the with the football. I don't the football. I don't the football. I don't >> I feel that way too. I felt that way >> I feel that way too. I felt that way >> I feel that way too. I felt that way since really since Trump's inauguration since really since Trump's inauguration since really since Trump's inauguration and I then I realized the goal line was and I then I realized the goal line was and I then I realized the goal line was the Iran regime change effort. Like the Iran regime change effort. Like the Iran regime change effort. Like that's everything in retrospect about that's everything in retrospect about that's everything in retrospect about the staffing of the administration, the the staffing of the administration, the the staffing of the administration, the transition, all of it was designed to transition, all of it was designed to transition, all of it was designed to make February 28th possible. [snorts] make February 28th possible. [snorts] make February 28th possible. [snorts] But what I haven't figured out is what But what I haven't figured out is what But what I haven't figured out is what the point of that was.

>> Do you have the thought? I I wrestle >> Do you have the thought? I I wrestle with this all the time. You know, it's with this all the time. You know, it's with this all the time. You know, it's Yeah. What do you do? You pick. It's Yeah. What do you do? You pick. It's Yeah. What do you do? You pick. It's either really rank incompetence either really rank incompetence either really rank incompetence >> or it's malevolence. >> or it's malevolence. >> or it's malevolence. But malevolence on a scale that doesn't But malevolence on a scale that doesn't But malevolence on a scale that doesn't have a lot of precedent in history. I have a lot of precedent in history. I have a lot of precedent in history. I mean that we know of. I mean a lot of mean that we know of. I mean a lot of mean that we know of. I mean a lot of history most of history is unrecorded history most of history is unrecorded history most of history is unrecorded but to the extent that we know what but to the extent that we know what but to the extent that we know what previous previous previous empires did and why like nothing like empires did and why like nothing like empires did and why like nothing like this has ever happened at this scale this has ever happened at this scale this has ever happened at this scale including in the 20th century where you including in the 20th century where you including in the 20th century where you clearly the US government or elements clearly the US government or elements clearly the US government or elements within the US government are trying to within the US government are trying to within the US government are trying to destroy global energy markets which as destroy global energy markets which as destroy global energy markets which as you said at the very outset is one to you said at the very outset is one to you said at the very outset is one to one correlation to the strength of the one correlation to the strength of the one correlation to the strength of the economy GDP. like economy GDP. like economy GDP. like >> why would you why would you wipe out >> why would you why would you wipe out >> why would you why would you wipe out civilization? Why are you trying to do civilization? Why are you trying to do civilization? Why are you trying to do that? Like what is this? that? Like what is this? that? Like what is this? >> All right. Well, for what it's worth, my >> All right. Well, for what it's worth, my >> All right. Well, for what it's worth, my ponderings and and I'm I I reserve the ponderings and and I'm I I reserve the ponderings and and I'm I I reserve the right to change this in 10 minutes, but right to change this in 10 minutes, but right to change this in 10 minutes, but here's what I came up with. So, back in here's what I came up with. So, back in here's what I came up with. So, back in 2016, there was this cheesy little WF 2016, there was this cheesy little WF 2016, there was this cheesy little WF video, right? And the first thing was video, right? And the first thing was video, right? And the first thing was you'll own nothing and be happy. And and you'll own nothing and be happy. And and you'll own nothing and be happy. And and that got a [clears throat] lot of air that got a [clears throat] lot of air that got a [clears throat] lot of air time.

time. time. >> Famous. Yes. >> Famous. Yes. >> Famous. Yes. >> Yeah. Number four was you'll eat less >> Yeah. Number four was you'll eat less >> Yeah. Number four was you'll eat less meat, you know, and here we are with meat, you know, and here we are with meat, you know, and here we are with like, you know, alpha gal ticks running like, you know, alpha gal ticks running like, you know, alpha gal ticks running around and, you know, hamburger at seven around and, you know, hamburger at seven around and, you know, hamburger at seven a pound. a pound. a pound. >> And then, but number eight was the one >> And then, but number eight was the one >> And then, but number eight was the one that caught me the most cuz this one that caught me the most cuz this one that caught me the most cuz this one really bothered me. And number eight was really bothered me. And number eight was really bothered me. And number eight was by 2030, Western values will have been by 2030, Western values will have been by 2030, Western values will have been tested to the breaking point. tested to the breaking point. tested to the breaking point. Now, why Western values? Why not Chinese Now, why Western values? Why not Chinese Now, why Western values? Why not Chinese values? Why not African values? You values? Why not African values? You values? Why not African values? You know, and ever since then, I've had this know, and ever since then, I've had this know, and ever since then, I've had this strong sense that my country is under strong sense that my country is under strong sense that my country is under attack, right? Kids don't know. Oh, they attack, right? Kids don't know. Oh, they attack, right? Kids don't know. Oh, they they're confused about gender. We don't they're confused about gender. We don't they're confused about gender. We don't even have a border anymore. Um the even have a border anymore. Um the even have a border anymore. Um the pillars of of everything like morality, pillars of of everything like morality, pillars of of everything like morality, like you have Pete Hex saying it's like you have Pete Hex saying it's like you have Pete Hex saying it's totally okay to take boats in the totally okay to take boats in the totally okay to take boats in the Caribbean as long as we suspect they're Caribbean as long as we suspect they're Caribbean as long as we suspect they're running drugs. Just summarily execute running drugs. Just summarily execute running drugs. Just summarily execute them. These are not Christian values. them. These are not Christian values. them. These are not Christian values. They're not my Western values. They're not my Western values. They're not my Western values. >> They're not Western values. We only >> They're not Western values. We only >> They're not Western values. We only punish the guilty. Period. I mean, punish the guilty. Period. I mean, punish the guilty. Period. I mean, that's the essence of Western values. that's the essence of Western values. that's the essence of Western values. You punish the guilty, you spare the You punish the guilty, you spare the You punish the guilty, you spare the innocent. You don't kill innocent innocent. You don't kill innocent innocent. You don't kill innocent people. That's why we're different from people. That's why we're different from people. That's why we're different from Stalin's Russia and from the Mongols. Stalin's Russia and from the Mongols. Stalin's Russia and from the Mongols. And like that is that is the west. It's And like that is that is the west. It's And like that is that is the west. It's why we're different from Israel which is why we're different from Israel which is why we're different from Israel which is not part of the west.

not part of the west. not part of the west. >> So yeah that's that's I've never heard >> So yeah that's that's I've never heard >> So yeah that's that's I've never heard that before. Can you restate that? In that before. Can you restate that? In that before. Can you restate that? In the w world economic forum 2016 the w world economic forum 2016 the w world economic forum 2016 >> they put this video out. >> they put this video out. >> they put this video out. >> Yep. And it's western values will be >> Yep. And it's western values will be >> Yep. And it's western values will be tested to the breaking point. tested to the breaking point. tested to the breaking point. >> Mhm. >> Mhm. >> Mhm. >> And so people's, you know, I'm this kind >> And so people's, you know, I'm this kind >> And so people's, you know, I'm this kind of a guy. If somebody says they're going of a guy. If somebody says they're going of a guy. If somebody says they're going to do something and then it happens, I'm to do something and then it happens, I'm to do something and then it happens, I'm thinking maybe they did it, you know, thinking maybe they did it, you know, thinking maybe they did it, you know, it's just how how I'm constructed in it's just how how I'm constructed in it's just how how I'm constructed in this story. So, so this story. So, so this story. So, so >> that's a legal. >> that's a legal. >> that's a legal. >> Yeah. [laughter] >> Yeah. [laughter] >> Yeah. [laughter] >> Well, it's it's something I live by. >> Well, it's it's something I live by. >> Well, it's it's something I live by. But, um, it this has been, you know, But, um, it this has been, you know, But, um, it this has been, you know, just watching this unfold. So, on the just watching this unfold. So, on the just watching this unfold. So, on the one hand, this is all just errors of one hand, this is all just errors of one hand, this is all just errors of judgment and late stage empire and judgment and late stage empire and judgment and late stage empire and things rot and fall apart. Okay. Um, on things rot and fall apart. Okay. Um, on things rot and fall apart. Okay. Um, on the other hand, you say it's just too the other hand, you say it's just too the other hand, you say it's just too deliberate. So, so, um, you know, in my deliberate. So, so, um, you know, in my deliberate. So, so, um, you know, in my community at Peak Prosperity, we have a community at Peak Prosperity, we have a community at Peak Prosperity, we have a framework we use. We call it the easy framework we use. We call it the easy framework we use. We call it the easy hard framework, right? Developed by one hard framework, right? Developed by one hard framework, right? Developed by one of my one of my, um, uh, subscribers. of my one of my, um, uh, subscribers. of my one of my, um, uh, subscribers. And, and so, here it goes like this. If And, and so, here it goes like this. If And, and so, here it goes like this. If something's easy, well, the elites want something's easy, well, the elites want something's easy, well, the elites want it. And if it's hard, they don't really it. And if it's hard, they don't really it. And if it's hard, they don't really want it. So, I've been astonished at how want it. So, I've been astonished at how want it. So, I've been astonished at how easy it was for these flock cameras to easy it was for these flock cameras to easy it was for these flock cameras to suddenly appear everywhere. You know, suddenly appear everywhere. You know, suddenly appear everywhere. You know, 100,000 of them, every one of them 100,000 of them, every one of them 100,000 of them, every one of them requiring municipal decisions. I'm I requiring municipal decisions. I'm I requiring municipal decisions. I'm I work on in the local town offices down work on in the local town offices down work on in the local town offices down here in my my spare time. Um nothing's here in my my spare time. Um nothing's here in my my spare time. Um nothing's easy at this level, but somehow 100,000 easy at this level, but somehow 100,000 easy at this level, but somehow 100,000 cameras went up and that's all about cameras went up and that's all about cameras went up and that's all about invading our right to privacy, right?

invading our right to privacy, right? invading our right to privacy, right? Our our our sense of privacy, Fourth Our our our sense of privacy, Fourth Our our our sense of privacy, Fourth Amendment, you know, just to be secure Amendment, you know, just to be secure Amendment, you know, just to be secure in my persons from searches and seizures in my persons from searches and seizures in my persons from searches and seizures and uh and somehow that was easy. Now, and uh and somehow that was easy. Now, and uh and somehow that was easy. Now, if on my farm I wanted to dig a pond if on my farm I wanted to dig a pond if on my farm I wanted to dig a pond which would support life and if you dig which would support life and if you dig which would support life and if you dig a hole in the ground and water goes in a hole in the ground and water goes in a hole in the ground and water goes in it, everything shows up magically, that it, everything shows up magically, that it, everything shows up magically, that would be very hard. [laughter] would be very hard. [laughter] would be very hard. [laughter] super hard, right? You know, if I wanted super hard, right? You know, if I wanted super hard, right? You know, if I wanted to do that, that'd be very hard. But if to do that, that'd be very hard. But if to do that, that'd be very hard. But if I wanted to go down to Home Depot and I wanted to go down to Home Depot and I wanted to go down to Home Depot and buy pesticides and spray them all over buy pesticides and spray them all over buy pesticides and spray them all over my property, go for it. How much you my property, go for it. How much you my property, go for it. How much you have at it? So, I kind of feel like this have at it? So, I kind of feel like this have at it? So, I kind of feel like this easy hard framework when I start looking easy hard framework when I start looking easy hard framework when I start looking at this way, the easy stuff is the stuff at this way, the easy stuff is the stuff at this way, the easy stuff is the stuff that's not affirming of of life, that's not affirming of of life, that's not affirming of of life, liberty, pursuit of happiness, liberty, pursuit of happiness, liberty, pursuit of happiness, everything I hold dear. And the hard everything I hold dear. And the hard everything I hold dear. And the hard stuff is stuff that actually makes life stuff is stuff that actually makes life stuff is stuff that actually makes life better. Right? I was in the co thing. I better. Right? I was in the co thing. I better. Right? I was in the co thing. I was full-on warrior. You know, I worked was full-on warrior. You know, I worked was full-on warrior. You know, I worked with with Pierre Corey and Paul Merrick with with Pierre Corey and Paul Merrick with with Pierre Corey and Paul Merrick and the FLCCC and I I I'm still on the and the FLCCC and I I I'm still on the and the FLCCC and I I I'm still on the board at the IMA and and the people are board at the IMA and and the people are board at the IMA and and the people are just like, look, can I just use this just like, look, can I just use this just like, look, can I just use this repurposed cheap very safe drug like repurposed cheap very safe drug like repurposed cheap very safe drug like doctors have always used? If they choose doctors have always used? If they choose doctors have always used? If they choose to use something off patent, fine. And to use something off patent, fine. And to use something off patent, fine. And that was very hard. I mean, the whole that was very hard. I mean, the whole that was very hard. I mean, the whole weight of the system came down on them.

weight of the system came down on them. weight of the system came down on them. Oh, you want to put people on Oh, you want to put people on Oh, you want to put people on ventilators and give them ries with a ventilators and give them ries with a ventilators and give them ries with a upwards of 85% kill rate? Easy. upwards of 85% kill rate? Easy. upwards of 85% kill rate? Easy. rewarded. And so you just notice this rewarded. And so you just notice this rewarded. And so you just notice this over and over again. And then you over and over again. And then you over and over again. And then you finally get to I think the last great finally get to I think the last great finally get to I think the last great thing to skewer here is that we have thing to skewer here is that we have thing to skewer here is that we have markets. They're free. They're fair. markets. They're free. They're fair. markets. They're free. They're fair. They're trustworthy. Maybe imperfect, They're trustworthy. Maybe imperfect, They're trustworthy. Maybe imperfect, but they they're where honest but they they're where honest but they they're where honest participants come to set prices um participants come to set prices um participants come to set prices um amongst each other in a fair and open amongst each other in a fair and open amongst each other in a fair and open way. And that's just not the case way. And that's just not the case way. And that's just not the case anymore. And it hasn't been for a while. anymore. And it hasn't been for a while. anymore. And it hasn't been for a while. >> That's the final black pill for me. I >> That's the final black pill for me. I >> That's the final black pill for me. I mean, it was one thing to discover that, mean, it was one thing to discover that, mean, it was one thing to discover that, you know, building seven probably didn't you know, building seven probably didn't you know, building seven probably didn't just fall in on itself because it had just fall in on itself because it had just fall in on itself because it had >> Yeah. >> Yeah. >> Yeah. >> airplane parts on the roof or that >> airplane parts on the roof or that >> airplane parts on the roof or that multiple people were involved in the multiple people were involved in the multiple people were involved in the Kennedy assassination. Okay. You know, Kennedy assassination. Okay. You know, Kennedy assassination. Okay. You know, those those truths dawned gradually for those those truths dawned gradually for those those truths dawned gradually for me. But markets, I mean, markets take me. But markets, I mean, markets take me. But markets, I mean, markets take place on the basis of the most simple place on the basis of the most simple place on the basis of the most simple and self-evident principle in life. It's and self-evident principle in life. It's and self-evident principle in life. It's almost like a principle of nature, almost like a principle of nature, almost like a principle of nature, supply and demand. and they take place supply and demand. and they take place supply and demand. and they take place transparently or so I thought. I mean transparently or so I thought. I mean transparently or so I thought. I mean it's it's really hard as an American to it's it's really hard as an American to it's it's really hard as an American to accept the fact that markets and I think accept the fact that markets and I think accept the fact that markets and I think I speak for many when I say this are I speak for many when I say this are I speak for many when I say this are fake. Mhm.

fake. Mhm. fake. Mhm. I would agree. I would agree. You I would agree. I would agree. You I would agree. I would agree. You [snorts] want to think of something [snorts] want to think of something [snorts] want to think of something that's hard? You know what's hard? that's hard? You know what's hard? that's hard? You know what's hard? Getting the gold at Fort Knox audited. Getting the gold at Fort Knox audited. Getting the gold at Fort Knox audited. Oh my gosh, that's so hard. Oh my gosh, that's so hard. Oh my gosh, that's so hard. >> Yeah. I wonder why that is. So >> Yeah. I wonder why that is. So >> Yeah. I wonder why that is. So [laughter] [laughter] [laughter] because it's not there. But um my last because it's not there. But um my last because it's not there. But um my last question to you is what question to you is what question to you is what counsel would you give? If people have counsel would you give? If people have counsel would you give? If people have made it this far into the conversation, made it this far into the conversation, made it this far into the conversation, they I'm certain agree with the way that they I'm certain agree with the way that they I'm certain agree with the way that you think. you think. you think. >> Um you know, putting truth at the center >> Um you know, putting truth at the center >> Um you know, putting truth at the center of your decisions. It's the only way to of your decisions. It's the only way to of your decisions. It's the only way to think. Uh what advice would you give to think. Uh what advice would you give to think. Uh what advice would you give to people about their personal finances in people about their personal finances in people about their personal finances in a moment of turmoil like this? [snorts] a moment of turmoil like this? [snorts] a moment of turmoil like this? [snorts] >> Well, this is the um >> Well, this is the um >> Well, this is the um >> Excuse me. Woo! Woo! Gaze, I got a >> Excuse me. Woo! Woo! Gaze, I got a >> Excuse me. Woo! Woo! Gaze, I got a little cold. Sorry. [laughter] little cold. Sorry. [laughter] little cold. Sorry. [laughter] >> Good to get those out. Just let them go. >> Good to get those out. Just let them go. >> Good to get those out. Just let them go. Um, well, this is this is so I don't do Um, well, this is this is so I don't do Um, well, this is this is so I don't do what I do, Tucker, so that I can like what I do, Tucker, so that I can like what I do, Tucker, so that I can like make people feel anxious. I don't like make people feel anxious. I don't like make people feel anxious. I don't like stirring things up. I I really don't stirring things up. I I really don't stirring things up. I I really don't like that at all. I what I want to do is like that at all. I what I want to do is like that at all. I what I want to do is find enough truth where I go, look, if find enough truth where I go, look, if find enough truth where I go, look, if we put these dots in a row, what we put these dots in a row, what we put these dots in a row, what conclusions do you come to? And conclusions do you come to? And conclusions do you come to? And sometimes they're not easy conclusions.

sometimes they're not easy conclusions. sometimes they're not easy conclusions. And I understand I'm not really in the And I understand I'm not really in the And I understand I'm not really in the data business. I'm in the belief data business. I'm in the belief data business. I'm in the belief challenging business. So, you mentioned challenging business. So, you mentioned challenging business. So, you mentioned the red pilling, right? the red pilling, right? the red pilling, right? >> Yeah. So when I say like you know the >> Yeah. So when I say like you know the >> Yeah. So when I say like you know the whole thing that happened with co is whole thing that happened with co is whole thing that happened with co is kind of like oh you know look there's kind of like oh you know look there's kind of like oh you know look there's this really awkward stuff that's this really awkward stuff that's this really awkward stuff that's happening but for people to accept that happening but for people to accept that happening but for people to accept that they had to give up some really they had to give up some really they had to give up some really important things maybe like faith and important things maybe like faith and important things maybe like faith and authority right a belief that the authority right a belief that the authority right a belief that the medical system is there to help them medical system is there to help them medical system is there to help them they're like powerful beliefs and that's they're like powerful beliefs and that's they're like powerful beliefs and that's a an emotional process so I understand I a an emotional process so I understand I a an emotional process so I understand I I I put up pretty hard information for I I put up pretty hard information for I I put up pretty hard information for people because it challenges big beliefs people because it challenges big beliefs people because it challenges big beliefs but I've gotten very good at it and and but I've gotten very good at it and and but I've gotten very good at it and and if you can get through that then you get if you can get through that then you get if you can get through that then you get to some conclusions which is like oh to some conclusions which is like oh to some conclusions which is like oh Maybe I should be a little bit more Maybe I should be a little bit more Maybe I should be a little bit more responsible for my own outcomes in the responsible for my own outcomes in the responsible for my own outcomes in the future, right? Maybe I should grow a future, right? Maybe I should grow a future, right? Maybe I should grow a little bit of my own food. Not 100%. But little bit of my own food. Not 100%. But little bit of my own food. Not 100%. But maybe 3%. And you know, going from 3% to maybe 3%. And you know, going from 3% to maybe 3%. And you know, going from 3% to more is easier than going from zero, more is easier than going from zero, more is easier than going from zero, right? Zero is a hard place to start right? Zero is a hard place to start right? Zero is a hard place to start from. from. from. >> Uh maybe I should be responsible for my >> Uh maybe I should be responsible for my >> Uh maybe I should be responsible for my own safety and security. Uh maybe once I own safety and security. Uh maybe once I own safety and security. Uh maybe once I understand how the markets actually work understand how the markets actually work understand how the markets actually work that that that >> in fact, you everybody should understand >> in fact, you everybody should understand >> in fact, you everybody should understand completely how the money system works, completely how the money system works, completely how the money system works, right? I got an NBA. They taught me how right? I got an NBA. They taught me how right? I got an NBA. They taught me how to compete for dollars. I was in the to compete for dollars. I was in the to compete for dollars. I was in the arena and then finally I read Creature arena and then finally I read Creature arena and then finally I read Creature from Jackalion and I was like from Jackalion and I was like from Jackalion and I was like >> that can't be true how money is made and >> that can't be true how money is made and >> that can't be true how money is made and you find out banks make money out of you find out banks make money out of you find out banks make money out of thin air. That's what they do.

thin air. That's what they do. thin air. That's what they do. >> Yes, they do. >> Yes, they do. >> Yes, they do. >> And there's no limit on it. And when you >> And there's no limit on it. And when you >> And there's no limit on it. And when you figure out, wow, humans with no limits figure out, wow, humans with no limits figure out, wow, humans with no limits and in perverse incentives, we're going and in perverse incentives, we're going and in perverse incentives, we're going to get more money printing. So I'm like, to get more money printing. So I'm like, to get more money printing. So I'm like, great. What do you do with that great. What do you do with that great. What do you do with that conclusion? Nothing I can do about that. conclusion? Nothing I can do about that. conclusion? Nothing I can do about that. Oh, well, I can hold some gold, some Oh, well, I can hold some gold, some Oh, well, I can hold some gold, some silver, land, like things that that silver, land, like things that that silver, land, like things that that stand the test of printing over and over stand the test of printing over and over stand the test of printing over and over again in history. Um, and so my counsel again in history. Um, and so my counsel again in history. Um, and so my counsel to people is, you know, get really get to people is, you know, get really get to people is, you know, get really get in as much context as you need and no in as much context as you need and no in as much context as you need and no more to begin to figure out if you have more to begin to figure out if you have more to begin to figure out if you have to make some changes in your life, to make some changes in your life, to make some changes in your life, right? And for a lot of people, they right? And for a lot of people, they right? And for a lot of people, they come to conclusions like, oh, I should come to conclusions like, oh, I should come to conclusions like, oh, I should safeguard my wealth a little bit more, safeguard my wealth a little bit more, safeguard my wealth a little bit more, which means you have to actually which means you have to actually which means you have to actually understand what wealth is, hint, it's understand what wealth is, hint, it's understand what wealth is, hint, it's not dollar bills. Um, and so once you not dollar bills. Um, and so once you not dollar bills. Um, and so once you figure that out where where wealth figure that out where where wealth figure that out where where wealth originates from, you can start to make originates from, you can start to make originates from, you can start to make different decisions. And the way I think different decisions. And the way I think different decisions. And the way I think about it is there's primary wealth. So about it is there's primary wealth. So about it is there's primary wealth. So if you live on a rocky stretch of New if you live on a rocky stretch of New if you live on a rocky stretch of New Mexico desert, you got very little Mexico desert, you got very little Mexico desert, you got very little primary wealth. But if you're on a, you primary wealth. But if you're on a, you primary wealth. But if you're on a, you know, 18 ft of Iowa top soil, you got a know, 18 ft of Iowa top soil, you got a know, 18 ft of Iowa top soil, you got a lot of wealth, right? So the primary lot of wealth, right? So the primary lot of wealth, right? So the primary wealth is is in the land itself, right? wealth is is in the land itself, right? wealth is is in the land itself, right? Oil in the ground, coal, all that stuff. Oil in the ground, coal, all that stuff. Oil in the ground, coal, all that stuff. Secondary wealth is what happens when Secondary wealth is what happens when Secondary wealth is what happens when humans bring that stuff to market, humans bring that stuff to market, humans bring that stuff to market, right? So trees become lumber, fish get right? So trees become lumber, fish get right? So trees become lumber, fish get to market. So secondary wealth is is the to market. So secondary wealth is is the to market. So secondary wealth is is the means of production. And then tertiary means of production. And then tertiary means of production. And then tertiary wealth is dollars, stuff. It's wealth is dollars, stuff. It's wealth is dollars, stuff. It's representations that that point to that.

representations that that point to that. representations that that point to that. But money itself, currency has no value But money itself, currency has no value But money itself, currency has no value if you can't buy something with it, you if you can't buy something with it, you if you can't buy something with it, you know. So know. So know. So >> what do you do with it? Like you know, >> what do you do with it? Like you know, >> what do you do with it? Like you know, and so I tell people almost everybody's and so I tell people almost everybody's and so I tell people almost everybody's been marketed to incessantly that they been marketed to incessantly that they been marketed to incessantly that they have to have all their money in this have to have all their money in this have to have all their money in this little tertiary system. All has to be little tertiary system. All has to be little tertiary system. All has to be here. You should have stocks and bonds, here. You should have stocks and bonds, here. You should have stocks and bonds, diversified currency, big bank accounts. diversified currency, big bank accounts. diversified currency, big bank accounts. But if you don't have a lot of stuff But if you don't have a lot of stuff But if you don't have a lot of stuff underneath that, I submit you have very underneath that, I submit you have very underneath that, I submit you have very little actual wealth. because this stuff little actual wealth. because this stuff little actual wealth. because this stuff is a claim on wealth, right? It's like is a claim on wealth, right? It's like is a claim on wealth, right? It's like what what do you do with dollar bills on what what do you do with dollar bills on what what do you do with dollar bills on a deserted island, you know, start a a deserted island, you know, start a a deserted island, you know, start a fire with them, I guess, you know? But fire with them, I guess, you know? But fire with them, I guess, you know? But um so once we start to understand where um so once we start to understand where um so once we start to understand where real wealth comes from, this is how I real wealth comes from, this is how I real wealth comes from, this is how I think people protect themselves. You think people protect themselves. You think people protect themselves. You move if you're 100% exposed in tertiary, move if you're 100% exposed in tertiary, move if you're 100% exposed in tertiary, get down into primary, secondary wealth get down into primary, secondary wealth get down into primary, secondary wealth forms as much as you can. Um for me, forms as much as you can. Um for me, forms as much as you can. Um for me, that's meant, you know, I live on a that's meant, you know, I live on a that's meant, you know, I live on a farm. Um I know not everybody can do farm. Um I know not everybody can do farm. Um I know not everybody can do that. uh and I have a lot of the ability that. uh and I have a lot of the ability that. uh and I have a lot of the ability to sort of attend to my own energy, to sort of attend to my own energy, to sort of attend to my own energy, food, water needs here. Not all of them, food, water needs here. Not all of them, food, water needs here. Not all of them, but significant proportion. And because but significant proportion. And because but significant proportion. And because of that, I've built a a buffer in my of that, I've built a a buffer in my of that, I've built a a buffer in my life. And so that's what I tell people life. And so that's what I tell people life. And so that's what I tell people to start building buffers. Not crazy to start building buffers. Not crazy to start building buffers. Not crazy bunker Idaho guy who's going to like bunker Idaho guy who's going to like bunker Idaho guy who's going to like survive forever on his own wits and survive forever on his own wits and survive forever on his own wits and skills and beans, right? Um nobody can skills and beans, right? Um nobody can skills and beans, right? Um nobody can do that. But again, remember the pace of do that. But again, remember the pace of do that. But again, remember the pace of change. If big shocks are coming, and change. If big shocks are coming, and change. If big shocks are coming, and I'm convinced they are, you want to have I'm convinced they are, you want to have I'm convinced they are, you want to have as many buffers out there in your system as many buffers out there in your system as many buffers out there in your system as you can so that you can absorb that as you can so that you can absorb that as you can so that you can absorb that shock as much as you can. I think that shock as much as you can. I think that shock as much as you can. I think that makes for a happier life. And um and I makes for a happier life. And um and I makes for a happier life. And um and I started all this cuz I was a little started all this cuz I was a little started all this cuz I was a little worried that things could break apart in

worried that things could break apart in worried that things could break apart in any moment. Turns out they're more any moment. Turns out they're more any moment. Turns out they're more durable than I thought. But now that I'm durable than I thought. But now that I'm durable than I thought. But now that I'm here, Tucker, I I realize this is such a here, Tucker, I I realize this is such a here, Tucker, I I realize this is such a >> this is how I was meant to be living >> this is how I was meant to be living >> this is how I was meant to be living anyway, and much more close connection anyway, and much more close connection anyway, and much more close connection with nature, you know, and um feet on with nature, you know, and um feet on with nature, you know, and um feet on the ground and the ground and the ground and >> having real relationships >> having real relationships >> having real relationships [clears throat] with our cows and our [clears throat] with our cows and our [clears throat] with our cows and our chickens and all that other stuff. And chickens and all that other stuff. And chickens and all that other stuff. And also deeper relationships with my also deeper relationships with my also deeper relationships with my neighbors and so a everything's going to neighbors and so a everything's going to neighbors and so a everything's going to get local, right? B, you're going to not get local, right? B, you're going to not get local, right? B, you're going to not have to do everything, but you're going have to do everything, but you're going have to do everything, but you're going to have to find out what you're good at to have to find out what you're good at to have to find out what you're good at and and bring that to your community. C and and bring that to your community. C and and bring that to your community. C um I just If I could counsel, this is um I just If I could counsel, this is um I just If I could counsel, this is the deepest thing I want to counsel is the deepest thing I want to counsel is the deepest thing I want to counsel is whatever we're about to go through. I whatever we're about to go through. I whatever we're about to go through. I don't want the people I love to have to don't want the people I love to have to don't want the people I love to have to accidentally lose their humanity. >> Hard decisions are probably going to >> Hard decisions are probably going to have to be made at some point in in this have to be made at some point in in this have to be made at some point in in this particular story. And I feel like particular story. And I feel like particular story. And I feel like everything that my culture is pushing everything that my culture is pushing everything that my culture is pushing towards is asking us me to be towards is asking us me to be towards is asking us me to be inauthentic, disconnected from self um inauthentic, disconnected from self um inauthentic, disconnected from self um and capable of doing really horrible and capable of doing really horrible and capable of doing really horrible things. Um I I just you know this has things. Um I I just you know this has things. Um I I just you know this has become I didn't start out this become I didn't start out this become I didn't start out this this was crazy Tucker. It was actually a this was crazy Tucker. It was actually a this was crazy Tucker. It was actually a tweet that did it for me. Um grew up tweet that did it for me. Um grew up tweet that did it for me. Um grew up Protestant. I think uh uh church was uh Protestant. I think uh uh church was uh Protestant. I think uh uh church was uh Easter, Sunday, and Christmas. That that Easter, Sunday, and Christmas. That that Easter, Sunday, and Christmas. That that was the whole whole game.

was the whole whole game. was the whole whole game. >> Been there. >> Been there. >> Been there. >> Um and hadn't read the Bible at all. And >> Um and hadn't read the Bible at all. And >> Um and hadn't read the Bible at all. And I saw this tweet that said, "I've turned I saw this tweet that said, "I've turned I saw this tweet that said, "I've turned to God not because he spoke to me, but to God not because he spoke to me, but to God not because he spoke to me, but because evil made itself known." because evil made itself known." because evil made itself known." >> Exactly. >> Exactly. >> Exactly. >> And man, it landed on me and I said got >> And man, it landed on me and I said got >> And man, it landed on me and I said got goosebumps. I was like, "Oh, that's goosebumps. I was like, "Oh, that's goosebumps. I was like, "Oh, that's that's kind of true, isn't it?" And that's kind of true, isn't it?" And that's kind of true, isn't it?" And that's my that's the organizing that's my that's the organizing that's my that's the organizing principle that that everything fits in principle that that everything fits in principle that that everything fits in right now. And because to me, what's right now. And because to me, what's right now. And because to me, what's evil? That's a short word, but it means evil? That's a short word, but it means evil? That's a short word, but it means something that revels in and promotes something that revels in and promotes something that revels in and promotes death, destruction, debauchery, death, destruction, debauchery, death, destruction, debauchery, demoralization, decay, just demoralization, decay, just demoralization, decay, just >> anything that it can do like that. And >> anything that it can do like that. And >> anything that it can do like that. And so the number one way that evil has its so the number one way that evil has its so the number one way that evil has its way, of course, is by distracting us and way, of course, is by distracting us and way, of course, is by distracting us and keeping us hopelessly, endlessly keeping us hopelessly, endlessly keeping us hopelessly, endlessly distracted with things. Yeah. And um if distracted with things. Yeah. And um if distracted with things. Yeah. And um if the other side of that is good, well, the other side of that is good, well, the other side of that is good, well, good's hard, right? You know, good takes good's hard, right? You know, good takes good's hard, right? You know, good takes conscious decision-making and and you conscious decision-making and and you conscious decision-making and and you have to keep practicing it and you fail have to keep practicing it and you fail have to keep practicing it and you fail at it. And so that's when I first at it. And so that's when I first at it. And so that's when I first started reading the Bible was just a few started reading the Bible was just a few started reading the Bible was just a few years ago. It was just such a page turn. years ago. It was just such a page turn. years ago. It was just such a page turn. I'm reading it out to my wife Eevee. I'm I'm reading it out to my wife Eevee. I'm I'm reading it out to my wife Eevee. I'm like, "Hey, humans have done this like, "Hey, humans have done this like, "Hey, humans have done this before. Look at this Romans." You know, before. Look at this Romans." You know, before. Look at this Romans." You know, >> exactly [laughter] >> exactly [laughter] >> exactly [laughter] what there's nothing new under the sun.

what there's nothing new under the sun. what there's nothing new under the sun. And and and so I honestly truly believe And and and so I honestly truly believe And and and so I honestly truly believe that this AI thing, this is our tower of that this AI thing, this is our tower of that this AI thing, this is our tower of babble. It's a device by which we've babble. It's a device by which we've babble. It's a device by which we've convinced ourselves we can finally get convinced ourselves we can finally get convinced ourselves we can finally get that exalted seat next to God even that exalted seat next to God even that exalted seat next to God even parody we are God now we can be one of parody we are God now we can be one of parody we are God now we can be one of the team you know and and of course that the team you know and and of course that the team you know and and of course that uh lack of humility that pride um that uh lack of humility that pride um that uh lack of humility that pride um that arrogance has always backfired and I'm arrogance has always backfired and I'm arrogance has always backfired and I'm convinced it's going to backfire again convinced it's going to backfire again convinced it's going to backfire again and I just while that backfiring is and I just while that backfiring is and I just while that backfiring is happening I don't want the people I love happening I don't want the people I love happening I don't want the people I love to have to lose their humanity um which to have to lose their humanity um which to have to lose their humanity um which means engage in the destruction as it means engage in the destruction as it means engage in the destruction as it unfolds around them. unfolds around them. unfolds around them. >> I couldn't agree more. I had a a path so >> I couldn't agree more. I had a a path so >> I couldn't agree more. I had a a path so similar it's almost identical. But it similar it's almost identical. But it similar it's almost identical. But it was, you know, seeing evil that drove me was, you know, seeing evil that drove me was, you know, seeing evil that drove me to God to God to God >> and and to the Bible and to the >> and and to the Bible and to the >> and and to the Bible and to the realization that we've done this before. realization that we've done this before. realization that we've done this before. In fact, it's on a loop and the root of In fact, it's on a loop and the root of In fact, it's on a loop and the root of it is man's desire to be God, which is a it is man's desire to be God, which is a it is man's desire to be God, which is a evil but but also fruitless evil but but also fruitless evil but but also fruitless quest. I mean, it's, you know, it quest. I mean, it's, you know, it quest. I mean, it's, you know, it results in the Tower of Babel. I results in the Tower of Babel. I results in the Tower of Babel. I couldn't agree more.

couldn't agree more. couldn't agree more. >> So, but but when you say lose their >> So, but but when you say lose their >> So, but but when you say lose their humanity, what do you mean participate humanity, what do you mean participate humanity, what do you mean participate in a system that strips them of their in a system that strips them of their in a system that strips them of their humanity? humanity? humanity? >> Yeah. Yeah. I feel like it like pretty >> Yeah. Yeah. I feel like it like pretty >> Yeah. Yeah. I feel like it like pretty much every everything that's easy that's much every everything that's easy that's much every everything that's easy that's arrayed around us um are just arrayed around us um are just arrayed around us um are just invitations to begin losing our our invitations to begin losing our our invitations to begin losing our our morality. They're they're invitations to morality. They're they're invitations to morality. They're they're invitations to um betray ourselves and and our sense of um betray ourselves and and our sense of um betray ourselves and and our sense of integrity. And because they never just integrity. And because they never just integrity. And because they never just ask you one day to just line up and ask you one day to just line up and ask you one day to just line up and shoot somebody in the back of the head shoot somebody in the back of the head shoot somebody in the back of the head and push them in a ditch, right? There's and push them in a ditch, right? There's and push them in a ditch, right? There's a long series of mini usurppations along a long series of mini usurppations along a long series of mini usurppations along the way. And it all begins with the the way. And it all begins with the the way. And it all begins with the small things and that's where they small things and that's where they small things and that's where they start. And so I've completely changed my start. And so I've completely changed my start. And so I've completely changed my opinion about all kinds of things. You opinion about all kinds of things. You opinion about all kinds of things. You know, pornography and how easy that is, know, pornography and how easy that is, know, pornography and how easy that is, right? And um you know, you're only 5 right? And um you know, you're only 5 right? And um you know, you're only 5 minutes away from an alcohol store in minutes away from an alcohol store in minutes away from an alcohol store in any community, you know. Um it just any community, you know. Um it just any community, you know. Um it just everything that's easy is just something everything that's easy is just something everything that's easy is just something that's I think designed to pull us off that's I think designed to pull us off that's I think designed to pull us off of our game. And our game is it's a of our game. And our game is it's a of our game. And our game is it's a short life. You know, we're all here for short life. You know, we're all here for short life. You know, we're all here for a reason. And I think the reason is to a reason. And I think the reason is to a reason. And I think the reason is to find out what you're really good at and find out what you're really good at and find out what you're really good at and bring that to other people and um to bring that to other people and um to bring that to other people and um to make everything around you better. Um make everything around you better. Um make everything around you better. Um and and honestly, I'm I'm here talking and and honestly, I'm I'm here talking and and honestly, I'm I'm here talking to you. Long story, but um the thing to you. Long story, but um the thing to you. Long story, but um the thing that gives me the most grief is that I that gives me the most grief is that I that gives me the most grief is that I can open a window now on a July night, can open a window now on a July night, can open a window now on a July night, leave a light on, and in the morning leave a light on, and in the morning leave a light on, and in the morning there'll be one little dulttery white there'll be one little dulttery white there'll be one little dulttery white moth flapping about. And when I was a moth flapping about. And when I was a moth flapping about. And when I was a kid, kid, kid, if I had done that, it would have been if I had done that, it would have been if I had done that, it would have been this frightening menagery of rhinoceros this frightening menagery of rhinoceros this frightening menagery of rhinoceros beetles and luna moths and giant walking beetles and luna moths and giant walking beetles and luna moths and giant walking sticks. And it's all gone. It It's gone.

sticks. And it's all gone. It It's gone. sticks. And it's all gone. It It's gone. We are destroying life. And I'm really We are destroying life. And I'm really We are destroying life. And I'm really clear about this. We're here to shepherd clear about this. We're here to shepherd clear about this. We're here to shepherd this. And it's not just about humans. If this. And it's not just about humans. If this. And it's not just about humans. If we improve life for everything around we improve life for everything around we improve life for everything around us, humans are part of that. And and I us, humans are part of that. And and I us, humans are part of that. And and I think it's our job to be conscious of think it's our job to be conscious of think it's our job to be conscious of that and and treat that as well as we that and and treat that as well as we that and and treat that as well as we can. And and we're just we're just not. can. And and we're just we're just not. can. And and we're just we're just not. Um, and that's Um, and that's Um, and that's >> yeah, >> yeah, >> yeah, >> though I have to say I I cleaned bugs >> though I have to say I I cleaned bugs >> though I have to say I I cleaned bugs off window sills this morning. Um, off window sills this morning. Um, off window sills this morning. Um, fortunately and unfortunately that's not fortunately and unfortunately that's not fortunately and unfortunately that's not true where I live. [laughter] We still true where I live. [laughter] We still true where I live. [laughter] We still have a lot of insects. Let me ask you have a lot of insects. Let me ask you have a lot of insects. Let me ask you one final specific question about one final specific question about one final specific question about markets and it's about the gold market markets and it's about the gold market markets and it's about the gold market as measured by the as measured by the as measured by the >> the famous spot price that you pull up >> the famous spot price that you pull up >> the famous spot price that you pull up on your phone. on your phone. on your phone. Beginning with the 2022 Ukraine war, it Beginning with the 2022 Ukraine war, it Beginning with the 2022 Ukraine war, it was really clear to me that the US was really clear to me that the US was really clear to me that the US dollar was on a course toward dollar was on a course toward dollar was on a course toward irrelevance and that we would lose our irrelevance and that we would lose our irrelevance and that we would lose our status um as the holder of the world's status um as the holder of the world's status um as the holder of the world's reserve currency. I was just very reserve currency. I was just very reserve currency. I was just very obvious based on what the B obvious based on what the B obvious based on what the B administration did. I think it was going administration did. I think it was going administration did. I think it was going to happen anyway, but it was accelerated to happen anyway, but it was accelerated to happen anyway, but it was accelerated with that uh with kicking rush out of with that uh with kicking rush out of with that uh with kicking rush out of Swift. That was my opinion. So, I Swift. That was my opinion. So, I Swift. That was my opinion. So, I started buying gold and I saw it go up started buying gold and I saw it go up started buying gold and I saw it go up up up and up. This war starts in up up and up. This war starts in up up and up. This war starts in February. It goes up over five grand an February. It goes up over five grand an February. It goes up over five grand an ounce and then it drops.

ounce and then it drops. ounce and then it drops. And I've never understood why that And I've never understood why that And I've never understood why that happened. It doesn't make any sense to happened. It doesn't make any sense to happened. It doesn't make any sense to me. I'm I'm still a gold buyer. We have me. I'm I'm still a gold buyer. We have me. I'm I'm still a gold buyer. We have a gold company. I mean, I believe in it. a gold company. I mean, I believe in it. a gold company. I mean, I believe in it. A non-scammy gold company. I mean, I'm A non-scammy gold company. I mean, I'm A non-scammy gold company. I mean, I'm >> I still buy gold, but I don't understand >> I still buy gold, but I don't understand >> I still buy gold, but I don't understand its movement. Do you? its movement. Do you? its movement. Do you? >> I don't think anybody actually really >> I don't think anybody actually really >> I don't think anybody actually really does. Um but there even before 2022 does. Um but there even before 2022 does. Um but there even before 2022 there was this giant tectonic there was this giant tectonic there was this giant tectonic thing that was happening where gold was thing that was happening where gold was thing that was happening where gold was really just going from west to east really just going from west to east really just going from west to east right so I used to track very very right so I used to track very very right so I used to track very very carefully um some of the big Swiss carefully um some of the big Swiss carefully um some of the big Swiss refiners right they would just report refiners right they would just report refiners right they would just report like how many kilo bars and where are like how many kilo bars and where are like how many kilo bars and where are they going they were all headed east they going they were all headed east they going they were all headed east they're all headed to China and this is they're all headed to China and this is they're all headed to China and this is way before 2022 which is why well why I way before 2022 which is why well why I way before 2022 which is why well why I wonder how much gold actually sits you wonder how much gold actually sits you wonder how much gold actually sits you know in London or in New York um and so know in London or in New York um and so know in London or in New York um and so so for a long time I was like oh nobody so for a long time I was like oh nobody so for a long time I was like oh nobody cares right because gold at that time cares right because gold at that time cares right because gold at that time was you know thousand 2,000 an ounce or was you know thousand 2,000 an ounce or was you know thousand 2,000 an ounce or something like that right so nobody something like that right so nobody something like that right so nobody cared so then the war happens and cared so then the war happens and cared so then the war happens and obviously what should have happened was obviously what should have happened was obviously what should have happened was gold should have just absolutely sky on gold should have just absolutely sky on gold should have just absolutely sky on all that uncertainty right um and and all that uncertainty right um and and all that uncertainty right um and and silver as well and oil and all that the silver as well and oil and all that the silver as well and oil and all that the exact opposite all those things happen exact opposite all those things happen exact opposite all those things happen so markets right but our trade data just so markets right but our trade data just so markets right but our trade data just came out and so for January and February came out and so for January and February came out and so for January and February and for March we've never exported more and for March we've never exported more and for March we've never exported more gold ever in our history um probably gold ever in our history um probably gold ever in our history um probably representing 10 to 11 million ounces representing 10 to 11 million ounces representing 10 to 11 million ounces depending on how you score the spot depending on how you score the spot depending on how you score the spot price during that period price during that period price during that period >> and that's a huge number.

>> and that's a huge number. >> and that's a huge number. >> Yeah. >> Yeah. >> Yeah. >> And where did that go? That was actually >> And where did that go? That was actually >> And where did that go? That was actually our number one export even more than our number one export even more than our number one export even more than oil, right? Like it's a pretty big deal. oil, right? Like it's a pretty big deal. oil, right? Like it's a pretty big deal. >> So, um, we're hemorrhaging our gold as >> So, um, we're hemorrhaging our gold as >> So, um, we're hemorrhaging our gold as if we don't care and I you get back to if we don't care and I you get back to if we don't care and I you get back to China. I wonder if that wasn't the quid China. I wonder if that wasn't the quid China. I wonder if that wasn't the quid proquo. Hey, you know, you're going to proquo. Hey, you know, you're going to proquo. Hey, you know, you're going to do this war thing. We'll help you, but do this war thing. We'll help you, but do this war thing. We'll help you, but we don't want to pay 5,000 an ounce for we don't want to pay 5,000 an ounce for we don't want to pay 5,000 an ounce for your gold. We'll give you four or your gold. We'll give you four or your gold. We'll give you four or something like that. That could be part something like that. That could be part something like that. That could be part of the deal. of the deal. of the deal. >> So, this is gold held by the federal >> So, this is gold held by the federal >> So, this is gold held by the federal government. government. government. This is called non-monetary gold. Um, This is called non-monetary gold. Um, This is called non-monetary gold. Um, and so that's something non-monetary and so that's something non-monetary and so that's something non-monetary gold's held in comics, for instance. gold's held in comics, for instance. gold's held in comics, for instance. It's not the stuff held at the Federal It's not the stuff held at the Federal It's not the stuff held at the Federal Reserve. We think I'd also love an audit Reserve. We think I'd also love an audit Reserve. We think I'd also love an audit of the Fed. Can we get one of those? Um, of the Fed. Can we get one of those? Um, of the Fed. Can we get one of those? Um, that would be a fine thing to see what's that would be a fine thing to see what's that would be a fine thing to see what's going on there. But I the flow of gold going on there. But I the flow of gold going on there. But I the flow of gold around the world, it's kind of it's a around the world, it's kind of it's a around the world, it's kind of it's a funny thing. If you really want to get funny thing. If you really want to get funny thing. If you really want to get into gold statistics is very hard into gold statistics is very hard into gold statistics is very hard because they're super opaque and they because they're super opaque and they because they're super opaque and they just they tell you it's a barbarous just they tell you it's a barbarous just they tell you it's a barbarous relic. It's not important, but no, you relic. It's not important, but no, you relic. It's not important, but no, you can't see any of this data, right? the can't see any of this data, right? the can't see any of this data, right? the the London data is really hard to get. the London data is really hard to get. the London data is really hard to get. Um, you can you can more easily find Um, you can you can more easily find Um, you can you can more easily find instructions on how to build nuclear instructions on how to build nuclear instructions on how to build nuclear devices, right, on the internet. It's devices, right, on the internet. It's devices, right, on the internet. It's just like it's this weird thing. So, I just like it's this weird thing. So, I just like it's this weird thing. So, I know it's important because they won't know it's important because they won't know it's important because they won't tell me how much we have. They won't let tell me how much we have. They won't let tell me how much we have. They won't let me see the statistics, you know, but me see the statistics, you know, but me see the statistics, you know, but they say it's not that important. So, we they say it's not that important. So, we they say it's not that important. So, we know it's important. And we also know know it's important. And we also know know it's important. And we also know that central banks around the world have that central banks around the world have that central banks around the world have been accumulating to the point now that been accumulating to the point now that been accumulating to the point now that gold is actually a larger holding in gold is actually a larger holding in gold is actually a larger holding in central banks around the world than central banks around the world than central banks around the world than treasuries. Big crossover moment there.

treasuries. Big crossover moment there. treasuries. Big crossover moment there. So, my sense of gold is somebody's So, my sense of gold is somebody's So, my sense of gold is somebody's working extra hard to just keep it working extra hard to just keep it working extra hard to just keep it tamped down because it would be really tamped down because it would be really tamped down because it would be really awkward right now if it went up in price awkward right now if it went up in price awkward right now if it went up in price and signaled something inappropriate. and signaled something inappropriate. and signaled something inappropriate. And so, that's what I've learned about And so, that's what I've learned about And so, that's what I've learned about our markets. They're actually signaling our markets. They're actually signaling our markets. They're actually signaling devices. They're not legitimate places devices. They're not legitimate places devices. They're not legitimate places of inquiry and price discovery between of inquiry and price discovery between of inquiry and price discovery between honest buyers and sellers. They're often honest buyers and sellers. They're often honest buyers and sellers. They're often used to set prices. So, do I have time? used to set prices. So, do I have time? used to set prices. So, do I have time? >> So, they're like cable news that way. I >> So, they're like cable news that way. I >> So, they're like cable news that way. I mean, they don't mean, they don't mean, they don't >> they're not there to tell you the news. >> they're not there to tell you the news. >> they're not there to tell you the news. They're there to shape your opinion They're there to shape your opinion They're there to shape your opinion about the news. Yeah. about the news. Yeah. about the news. Yeah. >> Yeah. Of course. Please tell me a story. >> Yeah. Of course. Please tell me a story. >> Yeah. Of course. Please tell me a story. I would love it. I would love it. I would love it. >> This is a great story. So, so, um, gold >> This is a great story. So, so, um, gold >> This is a great story. So, so, um, gold was illegal from 1933 to 1973, right? was illegal from 1933 to 1973, right? was illegal from 1933 to 1973, right? And then, okay. So, there was a lot of And then, okay. So, there was a lot of And then, okay. So, there was a lot of concern. They're going to make it legal concern. They're going to make it legal concern. They're going to make it legal for US citizens to own it again. So, for US citizens to own it again. So, for US citizens to own it again. So, they're very concerned that it was going they're very concerned that it was going they're very concerned that it was going to go up in price, maybe a lot, and that to go up in price, maybe a lot, and that to go up in price, maybe a lot, and that would send the wrong signal. And of would send the wrong signal. And of would send the wrong signal. And of course they just spent 1968-69 when the course they just spent 1968-69 when the course they just spent 1968-69 when the London gold pool surreptitiously batten London gold pool surreptitiously batten London gold pool surreptitiously batten all the you know London and New York all the you know London and New York all the you know London and New York just working extra hard to keep the just working extra hard to keep the just working extra hard to keep the price of gold down for reasons. Um and price of gold down for reasons. Um and price of gold down for reasons. Um and so all of this was going to be very so all of this was going to be very so all of this was going to be very awkward. They just didn't want gold awkward. They just didn't want gold awkward. They just didn't want gold going up in price. So we have because of going up in price. So we have because of going up in price. So we have because of Wikileaks a cable that went between New Wikileaks a cable that went between New Wikileaks a cable that went between New York and London and they said hey here's York and London and they said hey here's York and London and they said hey here's our plan. Um the primary gold dealers our plan. Um the primary gold dealers our plan. Um the primary gold dealers tell us that if we start this thing tell us that if we start this thing tell us that if we start this thing called futures for gold, we can so called futures for gold, we can so called futures for gold, we can so overwhelm the actual real price of gold overwhelm the actual real price of gold overwhelm the actual real price of gold with this paper price that we will with this paper price that we will with this paper price that we will create enough volatility and that people create enough volatility and that people create enough volatility and that people will lose interest in it and and not not will lose interest in it and and not not will lose interest in it and and not not we can we can diminish their desire.

we can we can diminish their desire. we can we can diminish their desire. They said to hoard gold. So they just They said to hoard gold. So they just They said to hoard gold. So they just they conceived it right away. They're they conceived it right away. They're they conceived it right away. They're like look if we can make this paper like look if we can make this paper like look if we can make this paper price thing, we can wang the price price thing, we can wang the price price thing, we can wang the price around until people get frustrated or around until people get frustrated or around until people get frustrated or lose interest and and that that's how we lose interest and and that that's how we lose interest and and that that's how we can control this. So that's how it can control this. So that's how it can control this. So that's how it started. Think of a bake light phone, started. Think of a bake light phone, started. Think of a bake light phone, you know, the phone connected to the you know, the phone connected to the you know, the phone connected to the curly cord in 1973. Think how much more curly cord in 1973. Think how much more curly cord in 1973. Think how much more sophisticated sophisticated sophisticated the application of these uh algorithms the application of these uh algorithms the application of these uh algorithms are today to manage prices. And they did are today to manage prices. And they did are today to manage prices. And they did that for optics. They did that for that for optics. They did that for that for optics. They did that for political reasons. Is it any less political reasons. Is it any less political reasons. Is it any less important today? No, of course not. important today? No, of course not. important today? No, of course not. Spiking price of gold signals a loss of Spiking price of gold signals a loss of Spiking price of gold signals a loss of confidence in our fiat debt-based money, confidence in our fiat debt-based money, confidence in our fiat debt-based money, which is fundamentally a faith-based which is fundamentally a faith-based which is fundamentally a faith-based currency. You can't have something currency. You can't have something currency. You can't have something poking needles at your faith. poking needles at your faith. poking needles at your faith. But one faith that's never dimmed is in But one faith that's never dimmed is in But one faith that's never dimmed is in gold. So the Chinese believe in it, the gold. So the Chinese believe in it, the gold. So the Chinese believe in it, the Brits believe in it, we believe in it, Brits believe in it, we believe in it, Brits believe in it, we believe in it, the Germans, I mean, everyone believes the Germans, I mean, everyone believes the Germans, I mean, everyone believes in it. in it. in it. >> That's interesting to me. So as uh as a >> That's interesting to me. So as uh as a >> That's interesting to me. So as uh as a store of value for like the average store of value for like the average store of value for like the average American family, because the price is American family, because the price is American family, because the price is down relative to what I think it ought down relative to what I think it ought down relative to what I think it ought to be or what it was six weeks ago, is to be or what it was six weeks ago, is to be or what it was six weeks ago, is it a good time to buy it now?

it a good time to buy it now? it a good time to buy it now? I've I've been a consistent buyer of I've I've been a consistent buyer of I've I've been a consistent buyer of gold for [clears throat] 25 years now. gold for [clears throat] 25 years now. gold for [clears throat] 25 years now. Um, and I'll tell you this, every time Um, and I'll tell you this, every time Um, and I'll tell you this, every time I've bought it, it it's hard. It was I've bought it, it it's hard. It was I've bought it, it it's hard. It was really hard when I first bought it at really hard when I first bought it at really hard when I first bought it at 300, and 500 was extra hard. 800 was 300, and 500 was extra hard. 800 was 300, and 500 was extra hard. 800 was super hard. It's always been a hard uh super hard. It's always been a hard uh super hard. It's always been a hard uh decision, but over over the long haul, decision, but over over the long haul, decision, but over over the long haul, um, you know, gold has performed better um, you know, gold has performed better um, you know, gold has performed better than the stock market over that entire than the stock market over that entire than the stock market over that entire period by a wide margin. Um, and I can I period by a wide margin. Um, and I can I period by a wide margin. Um, and I can I it will continue to do so because it will continue to do so because it will continue to do so because we're going to print and we're going to we're going to print and we're going to we're going to print and we're going to print more money and we're going to print more money and we're going to print more money and we're going to print a lot of it coming up. The Fed's print a lot of it coming up. The Fed's print a lot of it coming up. The Fed's already printing money right now, $200 already printing money right now, $200 already printing money right now, $200 billion over the last 6 months. Um, you billion over the last 6 months. Um, you billion over the last 6 months. Um, you know, the US government effectively know, the US government effectively know, the US government effectively prints because we spend out send out prints because we spend out send out prints because we spend out send out right now $1.2 trillion of interest right now $1.2 trillion of interest right now $1.2 trillion of interest payments, which is cash that goes back payments, which is cash that goes back payments, which is cash that goes back to the market that we have to then to the market that we have to then to the market that we have to then borrow more, which the Fed enables. So, borrow more, which the Fed enables. So, borrow more, which the Fed enables. So, so this is all we're just going to print so this is all we're just going to print so this is all we're just going to print and print more and and that's the game. and print more and and that's the game. and print more and and that's the game. And to put a a story on this, you know, And to put a a story on this, you know, And to put a a story on this, you know, the United States, it took all the way the United States, it took all the way the United States, it took all the way to 1990 to 1990 to 1990 before we accumulated our first three before we accumulated our first three before we accumulated our first three and a half trillion dollars of federal and a half trillion dollars of federal and a half trillion dollars of federal debt. [snorts] So from the founding of debt. [snorts] So from the founding of debt. [snorts] So from the founding of the country to 1990 took Yeah. three and the country to 1990 took Yeah. three and the country to 1990 took Yeah. three and a half, you know, what did we do with a half, you know, what did we do with a half, you know, what did we do with that first three and a half trillion?

that first three and a half trillion? that first three and a half trillion? Well, we built interstate road systems Well, we built interstate road systems Well, we built interstate road systems and, you know, every bridge, school, and, you know, every bridge, school, and, you know, every bridge, school, house, you know, we did a lot. We uh the house, you know, we did a lot. We uh the house, you know, we did a lot. We uh the US government's tacked on $3.5 trillion US government's tacked on $3.5 trillion US government's tacked on $3.5 trillion dollars of debt in the last 12 months. dollars of debt in the last 12 months. dollars of debt in the last 12 months. And what did do we build a lot of And what did do we build a lot of And what did do we build a lot of interstate highway systems and new interstate highway systems and new interstate highway systems and new schools? schools? schools? [laughter] [laughter] [laughter] >> I can't name one thing to be honest. >> I can't name one thing to be honest. >> I can't name one thing to be honest. >> Howard Lutnik. Yeah. Right. >> Howard Lutnik. Yeah. Right. >> Howard Lutnik. Yeah. Right. >> Yeah. And and foreign wars and and uh >> Yeah. And and foreign wars and and uh >> Yeah. And and foreign wars and and uh Yeah. It's just Yeah. It's just Yeah. It's just that that's the thing. But you know that that that's the thing. But you know that that that's the thing. But you know that on that basis though that's going to be on that basis though that's going to be on that basis though that's going to be three and a half trillion every six three and a half trillion every six three and a half trillion every six months and someday we'll wake up it's months and someday we'll wake up it's months and someday we'll wake up it's every one month and then it's three and every one month and then it's three and every one month and then it's three and a half trillion every week. And this is a half trillion every week. And this is a half trillion every week. And this is just how this story of fiat money has just how this story of fiat money has just how this story of fiat money has gone literally hundreds of times gone literally hundreds of times gone literally hundreds of times throughout history is best of throughout history is best of throughout history is best of intentions, but you lose the brakes. We intentions, but you lose the brakes. We intentions, but you lose the brakes. We lost our brakes in August 15th, 1971 lost our brakes in August 15th, 1971 lost our brakes in August 15th, 1971 when we severed from the gold standard. when we severed from the gold standard. when we severed from the gold standard. And ever since then, it's been sort of And ever since then, it's been sort of And ever since then, it's been sort of like Dick Cheney growling at us that like Dick Cheney growling at us that like Dick Cheney growling at us that debts don't matter, you know, but they debts don't matter, you know, but they debts don't matter, you know, but they do and they will. Yeah. do and they will. Yeah. do and they will. Yeah. >> Chris Martinsson, thank you for that, >> Chris Martinsson, thank you for that, >> Chris Martinsson, thank you for that, for the clarity and the honesty um and for the clarity and the honesty um and for the clarity and the honesty um and the wisdom. I appreciate it. I hope you the wisdom. I appreciate it. I hope you the wisdom. I appreciate it. I hope you come back.

come back. come back. Thank you. Me, too. Thank you. Me, too. Thank you. Me, too. >> That's it for us tonight. We will see >> That's it for us tonight. We will see >> That's it for us tonight. We will see you tomorrow you tomorrow you tomorrow and next Wednesday, 6 p.m. Thanks.