Hello, I am chris higher ceo of indeed our mission, is to help people get jobs, and that's why we created the here to help. I cast a friend one said the best way to solve old problem is with the new lens each week we explore how both experience, strength and hope in some them to want to help others and how this is helping to shape the future of work. Listen to the latest episode wherever you get your podcasts or watch now at indeed does come forward, slash here to help klaus schwab, Lord of the world economic forum. He as described blackrock as the largest private asset managers in the world and as such a major shareholder in a voice to be reckoned with in many of the world's biggest publicly. listed companies, end quote: strew these companies, like blackrock own, about twenty percent of

All the biggest companies, not only in america, but also the world schwab has said again and again that e s g real come begun. The standard thanks to black rock. and similar companies leviathans We need to be asking ourselves right now. Some important questions. So what are we believe in What do we want our future to look like? Are we a collective or does the individual still have now they still sovereign. How did. Such a small group of investors elites see, owes gain control of our society. Why do they actively push division? How and why have they used politics to achieve this goal? his guest, his ruffled, a lot of feathers and inspired a lot of people by giving us some answers to these questions. You wanna talk about david and goliath. He is

we face to face with the three largest financial asset firms in the world, which has tens of trillions of dollars he is by all accounts in elite me as degrees from yale and harvard high level experience in big tech, biotechnology, big pharma and on his resume three little letters appear over and over again c e, o and all before the age of thirty? Seven now Unlike most elites, he doesn't make an annual trip to certain gathering of elites in a certain town in switzerland, he doesn't most videos of himself kneeling or performing. Instead, he exposes his first book woke thank inside america's corporate inside of corporate america's social justice scam. Isn't it on the woke industrial complex, and you will understand what's happening. We read that book. A month ago, he took things a little

that further by opening his own asset financial firm. Its strive I want you to know in full disclosure I invited him. This is not because strive is a sponsor of the blaze. I truly like him and have been inspired by him and I is his voice was needed to be heard, but I just wanted to disclose that strive, is put together to complete to compete with black rock in vanguard and state street. Which he refers to as an ideological cartel, He wants you to know, what's really happening in the corporate board boardrooms and on wall street today, the Glen back podcast, the vague rama, swami americans are super tired of being frustrated by stalling economy, inflation, disintegration of trusted institutions, though,

he's going in the wrong direction and millions of people feel helpless to make a difference. Today's podcast is all about that. You are not small or inconsequential, and you can make a difference. There are companies in in a new sort of almost parallel economy that still believe in america and our constitution and our future? And when we stick gather greatness, follows patriot. Mobile america's. Only christian conservative cell phone company is on the front lines fighting for the sanctity of life, religious freedom, freedom of speech, freedom to think and speak also, the second amendment also have broad nation wide coverage through multiple major networks. They give you a crystal clear coverage: minus the woke propaganda ported by the major carriers. I want you to switch to day support people who are supporting you and giving you a great service and saving you money paid

mobile dotcom, slash back, call nine, seven to patriot their plans, for any budget and there? U s based customer service team is ready to help veteran, and first responders you're going save even more so make the switch to day you see africa backing it free activation, its patriot, mobile dotcom, slash back patron Mobile dotcom, slash back nine seven to patriot. Welcome could be here good to have. You start with I've got so many think we could probably run three hours on this podcast but I want to start with e s g and I in a book about it. You ve written a book about it, so we obviously have it, but I mean people All the time I was just with a bunch of politicians

the Senate and the house of one of the states I met with them just yesterday spent a day and it's weird people, either get it and no it and they get it deeply. kind of go down a rabbit hole the sick. Response is I have not heard it and there are a little horrified by the third is the most amazing the one where they roll you're their eyes in their like this is such a ridiculous thing. That's not what this is taken from the beginning, if just heard e s g, but you don't know what it is. What is it in? You know that that once I get that third respond, sometimes to glen into one of the things I'd like to do is actually delicious start with the well intentioned version of it. Alright, let's just talk about it in the best intentioned version career as a proponent of bsg. Let's talk about what it is, and then we can see some of the editing click on sculptures so

history, movement, stakeholder capitalism that whole genre was based on the idea that we have shared global challenges. Global and money, why global climate change that governments aren't sufficiently addressing, and so it's going to require actors in the public sector and the private sector, too. together to address these challenges, that politicians have failed to address, and it don't address than we have existential challenges for the planet, we have existential challenges for inequity and if no steps up, then. Ultimately, we all fail in the end. This is, in my view, but understanding of proponents of stakeholder capitalism, the world economic forum, the Klaus schwab view the Larry think view that's what the heart of It- and I think this is something I ve talked about for a long time. I don't believe in basic me. You know the minimum income, however, mean try, saying this and conservative radio I've said

for ten years you don't understand. What's coming just because of tech K, we are going to have possible thirty percent unemployment at some point right as it all transitions. What are we going to do if you don't like that? What you gonna do no one's having a an open discussion, exactly let's open up the channel in rags. I say you know what a unified and a good deal. Let's give the best the advent of the other view, let's get other name analysing about what's wrong with the social milton friedman. You know. Our guys you're, like fifty years ago, said that ok, wheedle want private come these being co, opted into doing the governmental work of solving these societal challenges, because it's gonna make companies less effective. It's gonna make companies less

if making widgets, that means there are going to be less profitable. That means they're going to make less money. If companies make less money, then society becomes poorer as a whole, because the economic pie shrinks, so that was milton friedman's critique. I agree with much of that. I agree with most of that, actually, My issue with this whole train, I think, is more similar to your issue. Is the inverse of that It's not that I worry that this just sucks the life blood out of capitalism when you tell capitalists that they have to take care of these environmental or social or cultural concerns. It's the actually suck the life blood out of a democracy because the questions that, whether you're on the left or right, these are important questions to talk about in the open, how do we address historical inequities? How do we address if global climate change is a challenge that deserves addressing. If it's true that actually is so fundamental that we ought to be talking about it in the world? as citizens and what delegate that work to a small group of elites who dismay the answers to those questions behind closed doors. We actually said

The air out of a democracy where you're supposed to similar questions, but through free speech and open debate in the public's ways, that's my problem and that you are also not on not sucking the air out of it. You are also Creating the people uk that will lose the ability to ask logical questions. Oh yeah, you know to mean you won't be able to reason any more. You won't be able to stand back cause. You will have no models, of someone say: no wait! A minute wait, a minute that doesn't make sense to me and can can logically think things through. You have to model that and the reason you lose it you're absolutely right about that. The reason you lose it is that when you use economic forced to settle these questions, say the everyday workers at these companies. If they dont at here to the social orthodoxy, to the e g agenda, that's been pushed down their throats risk losing your job. Your wrist

you're, getting fired at risk of being denied a promotion, and I that when you force people to actually have faced the economic sword for speaking their mind openly. Then you, with a country where people have to choose between the first amendment and between the american dream and that's what perpetuates this the culture of fear in the private sector, where we lose our ability to debate questions of what you say in one issue, racial injustice or another issue, global climate change, but those are two of the big issues pushed by the east with the e- is all about the climate change agenda, the ss all about the dea and racial equity agenda. But if that's being pushed, through economic force effectively, the kind of thing that government used too can be concerned about the knots private companies pushing those same agendas using capital to do it. You're, an everyday citizen, you might be at risk of losing their job puddingfoot on the dinner table? If you dont bend the knee to that new, orthodoxy into? That's where you get this place, where we can even talk about these issues in the open, because you have an economic sword that ultimately hang over your head. If you did,

from the main orthodoxy setting out the main problem. Is it? Is it fair to say that Yes, g is just the car vocation of cancel culture, it really is. It's the gets its applying economic force too. The culture that we call cancer culture cans of culture is basically quest is is as culture. The way I do find it is called that settles political and social disagreements not through free speech and open debate wrecked, but through force. I personally think Democratic society is a democratic republic. Is a society that settles its disagreements through free speech and open debate, cancel four calls for the opposite viewpoint. That says that Question should not be settled in the open through free speech and open debate. We should use force, including economic force, to settle the question gee. What that does is it directs the flow of capital to

abide by one indirect political spectrums years? That's one form of force. Capital is form a force. As you say, money doesn't talk at screams. Will, at the end of the day there screaming we're money on me. Of one end of the political spectrum views. That's what the Gee movement represents to do so I just want to states it first at the building blocks of what it is a people understand, so let talk about four, instance. Why prices truly are so high, yet it they're blamed on the war in russia on Putin. on just average inflation and the president says he's doing everything he can, and I make this our politics. I want to make about what the system is. That is being built, that's right, so it turns out

american people have a pretty good system of constitutional governance that determines how we hold political leaders accountable gay. So if we don't like the policies passed by the battle administration, we can vote him out. If we don't like the policies passed by congress, we can vote them. That's the way our democratic system works. Well, what the boy, administration has managed to do, though, is and not just the vitamin nutrition. Many of the forum is this. This is, this is global, says global. This is trail national. This is trans partisan, even right in many ways, deals have build back. Better was the slogan for the election, for the japanese prime minister for Boris Johnson and england Hodel all over the world totally. So this is. This is not a it's too parochial, and I think this is the u s issue, but what they realized is that you know what the cool process is inconvenient democracies inconvenient, because the people may not let us get done. The things we need to get done so we're gonna do is to delegate work to the private sector instead the green new deal, we can never get that pass through congress. Ah, here's a different idea: let's instead

have people sign the climate pledge instead to John Kerry, has done he's the self climate changes are in the This government he's too many of the major banks across the country and have them sign the climate pledge which says that ok, it's legal, to drill for more oil in places like the arctic circle. Arctic drilling is legal and we couldn't pass a law that bandit, because there's this inconvenient think up political accountability did vote as long as we do that. But here's what you could do you inside of pledges a bank just to say that you will lend to any of those projects. and you get every major bank decide that and you get to an entire alaskan drilling crisis where people were of great natural resources that companies yet drill into because they can't be financed, as every major financial institution has signed, that climate play and, in their obvious point, to make, as these are charitable institutions right. Banks are self interested institutions, so water they getting in return for the question of signing that climb puts they voluntarily,

it's a new form of crony capitalism, where, instead of crony capitalism. One point out before the await financial crisis. I got my first job in finance in new york city. Before the oil crisis, I mean I've seen how this game is played, that's private, directors effectively bribing government officials to gain a competitive favours. This is the reverse its govern actors effectively bribing private actors to do through the back door, what they couldn't get done through the front door through a constitutional democratic process I know the answer to this, but I want you to make it very clear here, because what people will say to me is this: the private sector, those banks- can do whatever they want to do where for a free market they're making the choices. Individual banks- yes, so this is this is so in order to really understand this, we're talking about the building blocks here, I think we've got to go back to the two thousand and eight financial crisis. I think

that's when a lot of this began worthy duped, both liberals and conservatives mission with their own slogan sophia. So what happened after the await financial crisis was that occupy Street was on streets doorstep, ok and if you straight. You dont, like occupy wall street, very much take money money than those wealthy woman Van gets and registry, to poor people to help poor people agree or not. That's what the old left had to second looking, but I'd around. That time was the birth of this new e g movement. The new three letter, acronym movement, broadly D, I see as our corporate social responsibility is g environment, social governance factors in right. The time what wall street said was ok, you know we can get on board with that. that's a little easier. We get a point some token minorities to our boards weaken muse about the racially disparate impact of climate change. We'll talk about it eric racism. All you want don't talk about systemic financial risk valiantly to the new left. We expect you look the other way as long as you leave us alone, with the old occupy wall street left, getting defend,

so the way they defend the old left was to say that you know what we will use our corporate power to act, it's your agendas even more effectively than governments advancing their agendas, but we do it for free. We effectively expect that you look the other way when it comes to leaving our corporate power intact, which is the thing you wanted to attack now, that's how they do left the way they took the right those they said that you don't want you I have always been in favour of big business. You ve always been in of the free market. These are just pray, companies making decisions, then you all have supported. A long set of both sides got duke indecision levels forgot their scepticism of corporate power because they live The causes that these corporations and input, including austrian financial institutions, are pushing but concern we're doing this omission because they were told will you have the floor I can give you won't. We memorize that back in nineteen eighty and since its there was a new rise of this new outs, a hybrid months of government power and state power that is far more powerful than usual. Lad happened with occupy wall street in the corporations, but

here's an answer: I dont have how Where did the government coming cause it all this money? Remember they were too big to fail. which lead you to say: ok, so they're going to punish the big banks, break them up into smaller entities, but they didn't they made those corporations larger and gave bigger teeth to eat us with, but with strings attached and the strings attached are ok. This does come for free you effectively going to get done. What government could not get done, because the people would have never allowed the government to do with the backstop of their vote? You in the private sector, or not back, doktor by a vote, so you can get done what we never could have gotten done politically. So we ask the birth of this story. Well. It is man a remarkable summer time to celebrate rovers wade being overturned and it has been a long slow, but it's not over. In fact, the fight

is getting nastier. Rovers wade was responsible for the slaughter of over sixty three million babies but now decision to abort the child will be left in the hands of states and abortion is going to continue in probably half the states least liberal states. the past sixteen years. Pre born has position there, clinics in the top abortion cities, where fish percent of abortions, take place well, those cities are usually in those, though big blue states and Those states are now trying to put them out of business and they are being targeted not only by the state but also by radical groups, pre bourns work of saving babies is a sacred, a sacred ernie for these people, their fight to plan, plan parenthood and and then to defend their own said centres from the radical hate groups. This is,

thing they feel called on to do, and they are not afraid and they are in business, but we really need. Your help pro lifers would you consider a gift to this remarkable grew? an organisation that is on the actual front lines, ten dollars. Fifty a hundred thousand whatever you have could be dollar all sir tax deductible of a gold towards saving babies, lives and helping key pre born centres safe, so they can continue their lifesaving work to donate just dial pound to fifty pound. To fifty say the keyword baby power. Two fifty keyword baby or go to pre born dot com, slashed Glenn. I know somebody who was in the basement of the fad. With Paulson the week before it was a? It was a sunday night, They first laid tart

and he was with a bank that didn't need the bail out, and he said Take it he was the cfo we don't need. It pulse and said to him you don't stand you're all taking. This is an offer. You can't refuse his godfathers. Don't know he said it was. It was like the mob. No one is leaving this room until every signature in this room is on this document, and I personally believe we are still paying for the sins by the way. Under a republican administration, we are young for those sins today correct that began this new merger of effectively gov, in power in close by thanking the fruit, what george bush say we have to vital

the free market, to save the free market yeah! That's right! That's why we're in the avatar says what that's created. A new situation were: actually we have to save capitalism from this new corporatist monster than is actually the true. Capitalism is long forgotten gun, and this idea that what we see today is the free market is an illusion, and citizens, as happens in the free market, cannot fix what it is not free to fix. It's not free to fix it. If government is effectively granting competitive favours now for, like blackrock right. Look at how many blackrock alumni staff, the Biden administration look at who gets to administer the covert nineteen stimulus packages and get charged a fee for doing it to places where see in this most are both on wall street and in silicon valley in both places, the name of the game is that guy it is using private parties do its dirty work to do through the back door. What government

not get done through the front door under the constitution in silicon valley. It's censorship of content, censoring content, the first amendment we just saw that this week right what happened to Alex Berenson you're you're, effectively seeing gov directing private actors to take down constitutionally protected speech that government could not take out on its own is because the founding fathers never imagined a fourth branch of government outside the system of checks and balances that silicon valley and then with large asset managers and with large financial institutions. What you're seeing is using the power or of capital flows in the name of e g, to be able to implement, through economic force policies on everyday americans that as voters most of those everyday americans would have never accepted, but there told that just the free market, delivering that around when it's the invisible hand of the market. Invisible fist of government effectively guiding those outcomes, and the charade than having bothers me, the most where, if ever the americans can see what's going on with clear eyes, they would never tolerate it. But

each side is duped into submission by the slogans they themselves have memorize. Liberals have totally been lulled into submission, forgetting about citizens united in two thousand ten. They were sceptical about the aggregation of corporations influencing our polish. Whatever happened to that well, if there really advancing diversity, equity inclusion and fighting shared challenges like global climate change, maybe I'm ok with them. Having got much power, conservatives are even more frustrating to meeting with signing these slogans. We memorized in nineteen eighty we might say, to toto it's not nineteen. Eighty three right, but I didn't actually of a free market. Don't you think that that is changing with the younger conservatives, if you will I understand the world has changed. I meet older conservative, specially republicans and they'll be the first to recite that crap, you and, I think,

people who are thinking or young, so they haven't been. You know, cemented into that mindset. I know I I'm I'm completely different conservative than I was twenty five years ago, because I use be yeah. You know what I don't want to be the world's policeman, but send them in now. I'm like not even don't ever do that. It's the worst thing we could learn. You learn, watch and learn right yeah and I used to look at things like blade runner and go. Oh the corporations after him, and I use to think that could never happen. You know corporation is just you know the government well we are that now. That's all we end and it's so frustrating to me that our son it doesn't get it of mice. It doesn't get it and then the they laughed. You

well cared about freedom. You used to use you as an insult. So that's that's the way. I think that it's it's, this new cynical force that actually is just about the aggregation of power. It's in my mileage book what it called the woke industrial complexes, no matter what you call it, it's a new leviathan that is far more powerful that what thomas hobbes envision four years, it is fine, more powerful than what our founding fathers envisioned, but it's me goal, isn't even to advance a particular agenda? It is the aggregation of power to ultimately make decisions for how to settle societal questions as a whole. We fought a revolution in this country in seventeen. Seventy six. This is what is at stake today, I think, is we ve got a revolution in seventeen. Seventy six, not region, look in the Democrats, but between a system of citizens engaging in self governance for better or for worse? Sometimes we might together make the wrong decisions. Sometimes we might meadow make the right decisions, but it

We know we live in a society where we make those decisions together were everyone's voice and vote counts equally in settling those political questions period one evolution weed, seventy, seventy six, and as long as you're, not trying to force anybody else, you're able to live there, the decision is exactly what we want to be. A part of that deadline has ever it's part of what I want to live in a free country which was different world europe will, let you know for better or worse that we will. Get to the right answers with a smile all group of enlightened elites deciding behind closed doors, what the asked model is for the rest of society at large? labour leaders, business leaders, church leaders and governmental leaders get together behind closed doors and they decide what's right for anybody else are Javert s accepts that I'm not for them this discussion. I mean you and I and bleed red white blue. So what about when the americans? I do this so be it, but as I'm too, driving it here, I'm not saying one of those systems is better or worse.

Then the other system, but in seventeen seventy six we ve got a revolution here on this side of the ocean. Right saying that we reject that old world european model and weak. Yep the model of self governance of citizens counting equally in their voice in determining how our society is shaped right. That is what is at issue today in the year two thousand twenty two. It is not publican versus Democrat. It is not a black versus white issue, it is a fund No question of self governance of citizens were everyone's voice and vote counts. Equally. Is that the society we want and need? Maybe we will get to the right answer, and maybe we won't get to the right answer of what that means for carbon emissions, but you know what we live in a society where everyone's voice and vote counts equally and that we're free to live in the way that we want, because that's the society we chose it society that I want to live in a society that our founding fathers created for us two hundred fifty years later or do we go back to the monarchical society where a small group of self up

when did enlightened, enlightened and airports are elites, decide and suddenly answers to those questions at large and use The flow of capital to enforced that orthodox on the rest of society. That's the issue was at stake in seventeen. Seventy six, I think, is the is the very issue. That's reared its head again today in the it teens all the way into two thousand twenty two and that's what I think Republicans democrats both would do well to wake up to so I just I I dunno now this by me, but I collect american history and I am trying to preserve it and protect it from just being erased. I just recently now it's kind of the american story freely. I just bought an enigma machine and that's from obviously nazi germany, and that was that gave us artificial and tell the idea of artificial intelligence and computers. And we move forward and then we got the atomic bomb and eisenhower gave

farewell speech, and he said we were and against the the industrially military industrial complex. But also warned against the educational, industrial, yeah, yeah yeah, that's a good memory area, and so that, I think, is the model of where we start to the where this problem comes from is at that point he said this. Is such a big problem, and it can happen in Eighteen minutes to have a missile fly to the other side. We have to fundamentally change, but people have to pay attention or it will get out of control where we didn't attention and now I think, the nuclear weapon that they are trying to protect us from air quotes. Is not climate change. It is

hey, I it is digitization. What are your businesses supply chain challenges too much inventorying too many disruptions. If you have a vision for improved meant fastened on pan taylor solution help you get there from automated that monitor your inventory. Twenty four seven defending devices that lets you control and track the products that keep your business running. That's an order. The ability and experience to help your supply chain to see how they do it. Go too fast in all dotcom, slash spotify they know the world is going to change so much. They know that everything it will happen so rapidly that they believe that the old system of a reply. Blake and democracy to swell to address. Sit and fix it, and we're not

capable of making decisions for ourselves. You know what I mean exactly I write about that. You are doing a good job of airing. What I think is the authentic concern, the other side pushing this agenda, and my side too, I'm concerned about exactly this. We said we ought to be aware to be talking about it. I think I think the The funny thing is, if you look through the arc of history every time this debate has presented itself the dangers of self governance and a republican or democratic form of governance right seemed every bit as clear and present in old world europe as they do to do tat every time people think they re living amongst its where this is the first time which israelis actually different today that this time is different price turns up. People have felt that way, every I'm real die away every time you know what I say for better or worse: are our citizens in a democratic society gonna get it wrong, sometimes if their free to make their own decisions, if they each get the vote to be able to absolutely destroying it

What you learn exactly yeah, you learn from those mistakes and you get better and you encounter hardships, but guess what hardship isn't the same thing as victimhood, especially if you are the person who gave yourself that hardship, you can learn from it and strengthen yourself from it individuals and as a society. That's where I come out, but that's not unique to today. Today, it's ai before it was the telephone another day before it was, it was transatlantic travel, whatever all the way from Elvis he thinks you know it's gonna rod our culture, and I mean it's. It's over and over again, and that's where principles come in to play. Do you believe in individual and if the individual is paramount and sacred and sovereign, then you cannot make decisions for the collective. That's right. You have to have the individual and we're not. We are

addressing any of the core issues that are real true concerns, and I dont think that technology or did you digitization or I changes that fundamental question doesn't into question. Our human nature makes it more of our human history makes it essential. It makes it more important at the moment, but we wish take exception to the view that we would have taken a hundred years ago or that we would have taken years ago, but the nature of of hugh an agency, that's the question right now listening this podcast as the sun climbs high into the morning sky, there's a guy in texas check in his fourth or fifth oil rig of the day, making sure the machinery is in proper working order. You know just in case they start them up again and feeling that son beat down on his knees. thousand miles away, and I there's a farmer is, life is digging in the garden she planted behind. The house is pulling bright,

red tomatoes right off the vine and over in florida. There's a guy walkin the unclouded morning, beaches waving a metal detector and sir if treasures unknown Why do all of these people have in common? They are americans well beyond that there also walkin around in really comfortable american made socks. You know it's really amazing when you know our thee industry starts to work. When you look at socks, you think that's easy. It's not easy to make him in america lost art lost machinery. They saw are made here in amerika grip. Six, and if you want socks, it'll keep your feet cool in the summer, warm in the winter socks made with the latest and wool technology and made right here in the: u S, you don't have to any further than grip. Six, I, where am I enjoy, am I think you will to put your true and hard earned money in a company that does it here in amerika grip six, dot com, slash back, that's grip, six

calm, slash back. the declaration of independence and the constitution are called. The old, outdated dusty documents that related to a different era. Note because they are pretty simple, exactly their universal, eternal principles now maybe the document, the constitution now needs to be updated, because we live in a new world where no one saw the government, the branches seeding all of their power to one branch. Nobody saw corporate never in history? Did we we think a corporation could be more powerful than them Powerful country on earth so We didn't see that that document is not made for a group of people who are nefarious. That's right who end uninformed or detached electorate that they,

will stand for a government making end runs, has all of stuff is just an android, your privacy, fourth amendment can't they write but facebook, and that's right when I say I like I, like your we're approach to looking at history, to sort of remove ourselves from the korea home and to remind ourselves of these principles was actually give a couple cases that have nothing to do with the moment worrying, but that just ring all the way through the echo into the moment were in today, but somehow was where people remove himself in the present. They can see things more clearly. So, let's take a key the fourth amendment, so there is actually a case Remember the name of the quantum call hansen, but it was the case involving the the drug searches cases in the war on drugs and the government. to do at random, search, bob and to be able to see people if they had drugs on them are not the right way to war on drugs that we had to fight. Unfortunately, business peacekeeping called the fourth amendment that stop them from doing it. So what they do is they. They passed a law

for the railroads of this country. That said that you know what we're not gonna as government come onto your real cars and search people randomly as to whether or not their carrying drugs. What what we'll, pass a really simple law, the zoo immunity from any liability you can't be sued in state courts or anything else. If you the railroad operators search, passengers and search your workers, All we're saying is you can't be sued, we're passing a federal law that says you can't be sued, but you guys do it. That's the private sector doing it and you don't have to do it. You don't have to do with yeah, but but but but by the way, we're also going to give you some threats through the backdoor and in the air. We might regulate you a little more heavily. If you don't take on this shared challenge of vine, the war on drugs, the supreme court, stepped in and said not so fast, you can't use inducements as the government to get private parties to do through the back door,

what they couldn't get done through the front door under the constitution, so in a certain sense, yeah you're right that our framers didn't necessarily expected, but they set up a three port system of government, including the supreme court that was interpreted in applying the constitution. That correctly found that you could. use, this railroad immunity statute to get railroad companies to do it. The government could do directly eat them you see the ties but section to turning is exactly doing the same thing for technology companies today giving case this is the so called bantam books. Ok, I've ever remember the case medications pennsylvania case. Where there's a book door owner that was selling the book that the local prosecutor didn't like very much that I'd like for you to stop selling them the bookstores has not. This is my private shop. Thank you very much. I will continue selling the book because I'm a private citizen running my business socio lighter sugared schools. During your way out prosecutor comes back and says you know what I discovered. You did a little something else over here and I'm gonna bring a case against you in to prosecute you, you take down that book. Bookstore ok now, you got

it takes down the book. Somebody wants to buy the book, they said: hey, bookstore owner, you gotta, send me the books. Donors has never like. I can't say you the book and normally you would say, hey that's the decision of a private party reductions in the free market, well that that I took the case all the way to the supreme court and civil commotion or buyer or the buyer, the buyer buyer, so it takes the case in the supreme court, says, actually gonna a state action in bookstore owners decision, even though the bookstore decided not to, We sell the book, actually that wasn't the bookstore owner deciding it. That was the government making that decision, because they used a threat to the private party to do with the private party. Otherwise, wouldn't have done sorry and sometimes these days we have to make a right to make people remember things. So might the rhyme I've kind of coin on this is if it is so action in disguise than the Institutions still applies. Recent actually government can't use of private come party to do too back to what it can do through the front door. So

it is about those cases. When you talk about a bookstore owner from the seventies in pennsylvania, railroad cars were in the war on drugs. This is something that we can take off our partisan jerseys and republicans Democrats, it's oh yeah! No! I agree that was definitely the right decision. The supreme court made in the railroad case. That was definitely right decision supreme court made in the bookstore owner case. Well, guess what wake what's happening now. Ok, if the governments making those same threats to a financial institution for being able to lend to drill or or fossil fuel producer. Maybe have same problem. If making threats to a social media company to take down misinformation or hate speech, as the government defines it, when the private company is ultimately,

when acting in their they're, the ones clicking the button correct. But if there's a different force lurking behind the scenes, maybe wake up and say that it was railroad companies back then it was bookstore companies, bad and today's tech companies in finance companies, but the same principles have to apply as I'll love going through our history. Where every moment we think we are the first generation encountering right. A unique challenge we presented itself turns out most of our history, we will get to fifty years. We had this far still that were still the groves nation on earth. I think, with figures and things out along the way We just have to realize that we have to apply them. We have to have to fly them. So looks: let's go back to the the basics, because we've talked a lot about it about how the government is colluding with industry and they think they're smart enough to make the decision. So we see with global climate change. There have said fossil fuels and leave included

nuclear energy, free summaries and natural gas natural gas. They ve said we would. This is not the future, and so Governments have all decided that and then, because they decided that this is the friendly version of the because they decided that the The banks know well. If the governments of the world are saying this than I can really give loans to these big energy companies or the car companies unless they're going in another direction, because I know the laws are going to be there yet. So I'm going to give you I'm going to give you an example here, Glenn that you excuse you re rescued. Excuse me for the complexity of it. It's not acted. complicated, it reveals the charade at the heart of that claim: ok, good! What yours you're right, you nailed it could

I'm at risk is investment risk. So when blackrock will say, for example, is that the reason we're not investing behind companies that are participating to green energy transition? Isn't because we want effect to it a social agenda it because we're capitalists any any capitalist worth the salt would know. This is the way the world is going, The laws are going to get past that if companies don't doubt that way, we dont use our corporate power as a shelter to make companies behave that way if we don't call exxon and shove round to cut oil production we're gonna go the way of the dodo. That's exactly larry things, language! Well, there's a couple problems with that. First of all, you have to do look actually blackhawks own role in driving that government policy amateur their alumni. Arter this administration driving up all that's the most obvious critique, but but but I think I you, you dig a little deeper and you see the farce at the heart of it. Okay, so, in order to believe that climate risk is investment risk which, by the way, if you, if you decide with that in capital markets. Today, you're a pariah, someone has fired from hsbc forgiving,

presentation that said the climate risk is not a serious investment risk he's not even denying climate change anything else. You just said climate risk is not as big of an investment risk. As you say it is. He was fired. Okay, but Oh yes, I talked to him you two shortly after that. It had a conversation. See you know, does if he was good fit for strive, but and what do they say? He was a guy in the uk since they put about administrative leave foreseen. Something so preposterous as making a claim that climate, may not be as big of an investment risk as people claim it s. So that's the scope of how, where we ve gotten not even talking about the climate change issue itself, but even denying that it's an investment risk is the new form of denial ism anyway, back to the point making is that ok, Would they say is that climate risk as investment risk? The laws are going to change and invest, we need to take that into account and accordingly Al Gore and Larry. Thank you. be violating your fiduciary duty. If don't take those climate risks into account. Ok hold that thought those same institutions was tabled,

brok, for example, are advocating for investments into chinese company. Larry thinks, as china's the possibly greatest growth area for investment over the next decade. here's, a fun fact that a lot of people don't know ok when people by a share of ali baba or hence sent these- are some of the biggest technology companies in the world of chinese companies and an american buys, though, shares lace. Think they own alibaba Tenzin monsieur some do they don't work actually own is came and shell company, that has the name alibaba, intense and attached to it that it's contractual arrangement with the real alibaba intention to get a picture of the profits why's that There's a line. China that says that you can. be a non chinese person who owns I need: technology, company or chinese companies, many other sectors, illegal per chinese law to own? That's all they create, a disease came and shell companies that have

entitlement to a profit stream, and then they seldom do U s. Investors saying that pay you actually buying alibaba ten cent basically and they market the heck out of it. That way bring that might bring that question up and why, I mean this is this is going to be like people could lose a lot of money in the next four years of china invades china and china, John they're, going to say that you know we don't recognize those contracts anymore because they were always illegal under our law which has done the meantime is there are enforcing that occasionally I have enforced it actually so when yahoo tried to get some a claim on an an ownership out of an asset that it had that sat under alibaba chinese courts actually said actually you're a piece of paper's worthless because under chinese law we don't recognize foreign owners of these chinese companies, so they do selectively enforce it, but most of the time china's look the other way because they said okay, let's showing, but two trillion dollars worth of market capitalization in the united states of these chinese listed stocks and whose stock markets could be wiped out now? Why do I bring that up in the context of the climate discussion we had? It shows that policy? Wouldn't you knew what I say: china risk

actually is investment risk yeah it that there's some law- that's gonna be passed in the future that these companies might not be aligned with present law under chinese lot. Today it is literally illegal for an american to own a chinese tech stock and we ve created these cockamamie phantom came an island vehicles zenda what trade on the new york stock exchange and yet black? what say a word about that which is it you're in present investment risk today, china investment risk, but make up this myth that climate risk. Investment risk, even though they don't say a word about the china resign today that the laws will change. Twenty years from now, we're so sure about that, while we ignore the laws that exists today, that great does you followed, say say: oh I absolutely do. Can I can I kind of shift gears a little as I just read the chair I pulled China, stocks out of the stock market. Now is that only text stocks that this law

flies to what this is it. This is part of a broader trends. So what you probably saw recently was petra china and sign. Oh patty s agree to de list from the new york decided to deal from the new york stock exchange magically after an anti policy. Taiwan right robust thinks she's done in her, Life has escalated. Official, if you ask me, but anyway there what what What this means is that so if this is a long story, but their voluntarily delisting, this emphasis, it has brought to you by the keeping kid safe by from safeguarding your child, while in the water to safety measures in the home at school and even online keeping kid safe is upon cast by parents for parents and shares the tools. Parents need to keep the little one safe and themselves sane featuring experts lively precision and real life stories, it's your number one resource for your child's emotional, physical and social, well being and keeping kid safe on spotify or wherever you get your package

now. What they're saying is the reason there. Delisting is because they are being asked to abide, by the same disclosure standards as american companies, which for years they got it right so so blackrock. This goes back. The blackrock story, blackrock actually quietly lobbied for china companies to have lower listing standards in the united states. That was part of a mutual brat. Back scratching, with this easy be for getting a licence to be an asset manager in China, which is a great growth opportunities for black. Well, the! U s is woke up to that of the ok at the end of the day, if it there's company list on the new york stock exchange and it's the chinese company. Why should they get a special pass relative to either company listed on new york stock exchange? We're going to ask you over three years, phase in a disclosure regime that matches the? U S, standards so of the Chinese, when he's dead, as they said that no, we don't want to disclose information

or have you s, auditors have the ability to audit the financials of our companies, so we're going to deal is from the new york stock exchange, but they also did in a politically convenient moment where they make the c c p their real daddy happy because anti pelosi visited taiwan. The ccp is not happy about that. So petrochina and sinopec bend the knee to natty and say that actually we're going to stick it to the? U s and say that we're going to criticize the? U s, for acquiring these equivalent disclosures and chinese companies and deal S so that we're starting to see now what I worry about for the industry american investor perspective is that so many investors even in the funds they own, we'll have exposure to these chinese stocks, and every time is a chinese doktor put them in airports quotes because they're, not in many cases actual stocks, especially for tech companies in certain industries in china, where they don't allow foreign owners Let's say they d list water pieces of paper are going to be work, nothing in china. Nothing is the answer now in

good times when trying to do is have good relations with china will say we honour that they look the other way. It's like the equivalent of government deciding to not enforce its own rules. We have at the moment that China, in the u S, have em geopolitical tension on issue they care about, like taiwan is weapon for them to say is active two trillion dollars a value that traders new york, stock exchange, trade in american markets, we're just gonna wipeout and see what zero, because our law along said that there couldn't be a foreign owner of a chinese company, and you are the best part about this, get to the global aspect of this, the judge You two yo at that time, mark my words when this happens will say that actually technical right the world trade organisation, because you know what we can't in force as the w tito a contract that was actually illegal under chinese law, so are americans buying up shares of chinese companies that actually weren't even shares of the companies, but will shares of came an island corporations that chinese login recognizes legal because financial institutions, like blackrock, have been pushing it. The whole time

not at all highlighting, goes risk of picking up the figment of imagination of of climate risk as investment risk, because supposedly the laws are going to change forty years from now. That's how ridiculous the farces, so in most parts of the country, everybody has gone back to school. The kids are out I'd like to ask you to help do good. kids, who are facing hunger and food insecurity, and that's a lot of kids. Now, good ranchers is on emission right now to donate a hundred thousand high Quality meals to young children who often go unfed or end up malnourished from poor access to nutritious food, even this campaign by ordering a box of one hundred percent american meet every order contributes meals to the cause and makes a huge difference in their lives in the minds of these kids. So If you didn't know, good ranchers is a

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educated got what I respect the hell. I thank you. but I was called an imbecile in two thousand six and seven when I was saying none, Stuff that the banks are doing makes any sense. It will collapse. You start to have higher energy prices. People will not be able to afford these mortgages that they should have that in the first place. That's right- and everyone said to me all of the ex it's because living in new york city the time, you don't understand. We have systems for this and I got to the before the crash of saying to them. You don't understand you over educated, arrogant, boob, all you to do is have something go wrong with the system. That's right, so we have made so many things now. You ever I hear this one more time from these educated boobs, where they are saying saying to me: glenn yeah.

the dollar's bad and we ve got problems with debt and everything else, but we're the best currency out there, and I said to them you, our building your entire life around the fact that you don't think anyone in the world will. you know what this has gone down. The crap can we're already down the crap. Can we need something new and they'll, do like what bric countries are doing right now, putting together a new, global reserve currency- You are either an idiot or so arrogant or there is something else going on, because everything we were just talking about. The china stocks You know that yet China. We are headed towards confrontation, god forbid with china that

is going to adding in plan that is, investment, risk writers, investment risk right. How can you acting you with in good conscience? Tell Eric and investors that climate risk is investment risk because, twenty years from now the laws are going to have to change by the way, because we're the people pushing for those laws to change bright white. Look them in the eye and say that we're going to sell you chinese income stocks, even though we know there's a collision course coming. That could make the value of those zero. What's the reason why I think a lot of this comes down to incentives right the people at the top do not have a line incentives with the people who their marketing too. At the end of the day, the people who there in charge of leading their incentives are completely detached from one of the even a lot of those bankers that might have laughed at you in new york city. There not dumb you know what they were doing, their bonuses get paid out in cash at the end of year wreck. Ok, you put that in a house in the main own, or you put that into a plain that they own that's hard asset, that even if the star market crash, is afterwards that I still have heart assets that I basically right, cached out

right when times are good? So I think I think a lot of this starts with just raw insane failures for the people at the top. At the end of the debate, Brok generates a fee from the assets they manage, including in china. They only get to generate that feed. They keep this easy, be happy. They only keep the be happy. If they shut up the kinds of risks that this is doesn't want. American investors dear about so half story, I think comes down to incentives helping them. half of the story, though Glenn comes from the everyday citizens over the last ten years, having pointers on and what things I love about bears have started more recently since you and I began talking to actual, isn't your program a lot more now. Knowledge is power right, and I agree with you. The empowerment from having your as open. Once you see, you can't unseen, have to see it the first time, and I think we got caught up in this cultural moment, somerset limited to sort of my generation, millennium generation and younger? But I've been

it's true of all generations, america, right now where we were so. Hungry for a cause and purpose and meaning an identity. At a moment when the kinds of things that used to fill that hunger for causing her move right pick, your favorite want faith, patriotism, hard work. avnet family, whatever it might have. Given you purpose and meaning we lived in and is also in the aftermath of the oil crisis. Right on that same pyramids, cultural trinity country, where we have this hunger purpose that we use to fill with these other things that we lost We have this vacuum and we were so hungry for a cause and purpose and meaning an identity that we'll I watched onto yes whenever it whatever it was that we had to us. So then you look at the incentives for half the story. The guy on the top have an incentive to create. the global climate catastrophe or whatever, whatever the religious narrative it ray. Is and then to sell that to you, but

were we missing. We as a people latched onto it, because there was this vacuum at the heart of an entire generation. It is the reason why it's the reason why I pulled back from the tea party, because that he party was becoming not about principles. You know if it is Inside does it then it's okay you'll pay attention to it. That's wrong! That's right! It's it agree with you. I've been on the airs of television since two thousand and six. I've never had an american flag is part of my set logo or anything because in two thousand six. I could see everybody is love in the american flag? It's no longer just a little representation of prey. Suppose it's becoming party and a movement that is essential yes and care to be about that. I agree with you, and I think that that is that the human need is human need is worth thinking about

we are taking an earlier about financial human nature were free agents in the world, and that's that's the beautiful side of our autonomy as individual human beings. but we also have a frailty as human beings and in what one of our he says, we need to believe in something higher and greener than ourselves and the equally it's an in its nature, its make it any better. What are you thinking process in human history recognise? is that basic human needs? We all have an independent uses, have the kinds of things that can be have created to fill that, neither there are time tested religion think this description the national identity description, but that's why? That's there's uprising, all around the world, because the loss of national identity, yes, the loss of national aid, only save that's, not good These aims are religion too, by the way right, but you know exactly so and so easily knows that allows their new religion to fill that void, erect imperious.

Wokingham climate changes them whatever, whatever your scientism, which is the same thing as science filling that void, and so it was this two part thing going on where they had the incentives to do it top down, but they had a system. double population that was vulnerable to being sold this new woman of psychological snake oil teach an entire generation of this is the whole Bertha world capitalism was. This is half the story. You did your entire generation that you can fill your moral hunger by going to bed and jerry's in order in the cup of ice cream with a morality on the side without realising that you don't really satisfy a moral hunger with fast food. We were hungry for more substantial, fair, but we fell for it because we were living in this generational moment where we lack that sense of common purpose, a meaning I did so for getting part of this is dismantling a top down, but but it has to be filling that vacuum with something more meaningful that we miss. That's it that's the way I look at the soul. Is this why we have a lack of you know what we

as conservatives, I want to preserve our history, the true history, bad and good, but I'm looking to return to that exact, a I'm looking to go forward with workable principles that can unite all of us, and there is so I am I'm. An option stick catastrophism UK I like that they should go, and I I I am of emma wanna be futurists. I look at technology, I m fascinated by it thrilled by it, but I am also terrified that nobody seems to be looking at the big ethical questions and are talking about them with human beings at this point, because it's just gonna in our face. Many people just go that you know wranglers, not good, and there are these. big things that we can look at in say because I said the book your

If at twenty thirty five forget about ball, the e g and everything else, let's just say that the things were saying, and the free market ruled gay and the constitution. We had a rule of law, capitalism, democracy or back run. You or the life that is coming through technology is completely unrecognisable from today, and that doesn't have to be a scary thing. It's just the just the industrial revolution jam packed into the next ten years. You're gonna go from a farmer to living in a city. You know that a change and exciting. I think we can will solve cancer. We can solve all these questions that have plagued humankind No one is talking about that in an inspirational place. I agree with you Glenn. I think that I think the damn this

separate than the topics you know usually talk. What s really interesting to me is so I will do couple rules for the road that prepares for that future. Were able to harness the power of, and I think this point, inevitable revolution if the technology, though, I'd never that unlocks both promise and medicine and other spheres of our lives from from the daily convenience, to the way we're able to live our daily lives and get more out of a day, great but where the risks of theirs there's a couple rules of the road that no one is talking about it. I think we ought to be talking about more. One. Is the distinction between kids in adults One of the things we're missing is a generation of fully formed citizens. There are no longer vulnerable to have their their weak points raid upon by advertisers, but also by technology itself, so I'm gonna become, could have never imagine these words coming out of my mouth ten years ago, I'm coming around to the view that you know if we say you can't smokers cigarette until your eighteen years old, yeah yeah,

but really shouldn't be able to use addictive social media till you're eighteen years old, either. Now, when you're an adult your fully formed citizens, we have, we should We, the cultural institution, civic institutions, education, family institutions, that base clicking a fully form citizen that isn't vulnerable to be preyed upon, but what social media companies Entire model is built upon. The algorithms underlying them is to pay. on psychic insecurities the cause you to click on this, not this more quickly in that what the eu works on is really. Brilliance of modern day. I is in part the ability to gain a window indeed or so that I could not possibly have sole individual lauded you elected at individual level that you don't even have to you that I have into my own. So that's it algorithms do. But I think that if we have fully formed confident a country's citizens that makes I think a moralism automatic aliens is less problematic in it'll fund,

experts, but it's it's a different. It's a different problem when we're starting with an entire generation of kids, who themselves been shaped by the algorithm, so not just that the algerians better it selling you something or getting kicked addicted to tiktok when a kid seas Tik tok video. The way the kid behaves in the real world. inform us by tick toxic bs at the tick tock world we see on liars becomes the way those kids act out. Their reality. Remember that is ai working you're mentally. I dunno. How old are you I'm thirty, six, I'm thirty, seven and thirty seven just imperative. So I remember the early days of mtv and v. The question then was is I'm tv, because they had the little social group. Remember that is it reflecting the world or is it making that were harangues exactly it's right, defending divested of our time? I think that is answered, though, now you don't you

It's answered, because the algorithms do something fundamentally different, yes, because because at tbs atlanta a little time, but but this does it in a it- is such an iterative microbial time millisecond moment and then they're actually shaping those social rule of the road one anyway, you said we should be talking about this agriculture. Talking about the open it is, some conservatives might pay for this, some liberals might shape. Is I don't care? I might? I would have chafed at this ten years ago, but I think draw hard distinction between the way we think about the interface between kids in technology and the way we about the interface between adults and fully formed citizens into because part of its living in a free world, but even in a free world you want, the autonomous citizens. We all recognise that a ten year old is not yet a free, autonomous citizen needs to be a into society into society before he's able to live as a free and citizen. Don't think drawing that distinction is not the first one, Second one. I think this is really important. I mean with the rise of the meadow verse again: facebooks rebranding itself to meditate, etc. The rise of the metaphors is: we need to be in a position to draw boundaries between

the physical universe and the digital universe in digital universe,. Empowers us to live our lives in the physical universe. More effectively, more helpfully ganz, overcoming other medical conditions to the genomics revolution, hadn't the convenience of food deliver to our door. If we want it at a time when we would have had to go thirty minutes to be able to That's thirty minutes. We can spend doing something else, that's great, but I think that where we lose the risk is when the boundary between them. Physical world the world is dissolved. That is why the promise of the metaverse is all about. Is it the end? the day we require this space as a sanctuary from otherwise you ever expanding digital world that we create yes, so the way I think about this is is we need, certain points Apple's rules of the road for the brave new world were entering and so long as we're able to erect those boundaries. The boundary reading the physical world and the digital world the bounds,

is between adulthood and try. It then, We are able to at least still be the people who are in charge as the autonomous, aided her leverage, the power and the promise in the inspiration that come from technological revolution. Yes, we should find the inspiration in it, but we we find the inspiration if we can ultimately protect ourselves from otherwise the ever expensive force that it It was it's not that hard, so we got to be able to talk about whom we go. Can we go a step further and didn't plan on talking about any of this and it can go? Could I ask you to consider a step farther on this? I am you know they can already. Just by the way they rank result They can change the way you out absolutely eighty or ninety percent change. The way to already do you they do yeah I am one of the only people that I think believes that the third amendment quartering soldiers is, I all that

old time. He added, I think that's happening right now. I think, with the governor involvement with these big tech companies, these tech company, these are holding our papers. You know, there's think they're collecting all of the information, much more than a soldier would if they are to be standing there in the house, because you would have guard up yet gay their gathering all of this information. They know what we think they know what buttons to push I mean this is really kind of a nefarious thing, but it's already happening lie some level interesting. I think I've thought about this in the context of the first and fourth amendments: deeply. and also in terms of the even article one and article two in terms of lawmaking in the enforcement has a right and balances system that you can't evade by actively doubly passengers loss. I have none yet thought about it in the form of the third amendment real time just reacting to you. I think I find that especially compelling when you

smoke out the lurking state action. Yes, behind the signal that tech company could actually it's not. Some new problem arises the old problem, correct disguise and modern clothing christ, so so, in a certain sense, what you just described as is really was. It was actually in a regional take, but actually you'll have to be that imaginative now to get there really just hiding in the veneer non integrity school soldier. If they are in matters is it is, it is a state. Actor is right, it is on the verge of it is a soldier right, decent ized in virtual claret bright. So it's so to take that step, further what I'm concerned about. I mean we all You know, edward bernay was the ok. He was the guy who they called it at the time I'm in the nineteen twenties or nineteen tens. He was the really the birth He was the father of modern advertising. Ok when he started it, he named it propaganda hackett after the second world war, they just

clearly said: all of it is advertising, but he went in and how do we deliver subtle messages? How do we do this? How do we bend people here? In his words, how do we take a mare a country that is is totally centred on. Needs and make them centre on wants. Okay, now his transition very interesting study, his his cousin was freud. Is there I tell ya, while he runs in the family or reality is phenomenal, the impact, so I gotta learn about this guy frequent, de the africa We signalled that capitalism Would be the perfect system for organizing any societies affairs I describe as the least imperfect system, but I would describe as the perfect system for organizing societies affairs

so long as our wants match our needs? Yes, and to the extent that you're gonna find something wrong with contemporary capitalism, it can be explained. I would posit one hundred percent by the dell between I wants and needs that yeah light is What allows the social media companies to pick at the racket? If you wanted what you needed, there was no gap space to pick her wreck, but it's it's. The extent to which are as human beings are wants diverge from our ne correct that that you're able to see the failures of capitalism by creating opportunity for someone to pick up the difference and the difference between the two. I have a word for that. It's it's a crude or it's rough, it's a rough word. We called a virtue

the different wants and needs, and the incidence of virtue to me as a precondition for capitalism to work outside of capital is yes, it is a precondition for capitalism with what would just released orally discussion that idea of faith or patriotism or whatever that was the lads were black, simpler, try it out of Adam smith, and really people forget decide about ensnare. Actually, people forget the sad events within the been abused. Him never read moral sentiment histories industry delivers us these coincidence is seventeen. Seventy six was the here of both the wealth of nations and the deck nation of independence. It wasn't just one of them. Both of them are america's parents, and I think that I think that a vote She'll capitalism without virtue is something that I have worked on the self fulfilling be for each itself from within, but virtue as a precondition for capitalism. That's what we're that that that's there? That's the missing element missing shade of is a main export outside of the missing shade of red.

David, whom they talk about the missing shade of blue. Was this experiment for how he would talked about induction and how we are able to learn things from from prior knowledge we having so he had different shades of colours and his experiment is a missing shade of blue eye calling the missing shade of red talking about today's conservative movement missing this affirmative alternative vision. Yes, a virtue that shade of red we're really good and taken a hammer to the poison less. It actually feeling that port voyages something more meaningful. I just had we ve gotten the question on the other. We are weak. Go days, but just had a conversation with somebody about that and I used it is the idea that martin Luther king had you have to be a disciplined virtuous, spiritual being human life. Yes, you have to do that, and I talk these christians, in their like yeah, but we gotta go in and fight we like yeah, you stay for his right. What's right, but you do

it violate your principles to know what you're fighting for and not an agent there's a way around that you become deputized as a mercenary for someone who battle without even knowing that you got deputized right into that. I think This is where this is where I think the conservative movement needs to go to greece to go from here. Is it about owning the libs or is it about standing for some sort of thing from it in future vision? we on the lips and an enormous twenty twenty four it's worth equipment is. Is there a leader who is going to step? I don't know, I'm is a bit isn't even in politics, before you, even for culture and its even beyond conservatism, is the revival of an american movement. Are going to have. Are we going have leaders indifferent spheres of our lives, educational, cultural, political in the market court.

to fill that void in that vacuum, with something more rich and meaningful that dilutes the poisoned irrelevance, or are we going to remain obsessed with our addiction to just taken the hammer to the poison one at a time, because it's a game, no one's going to be new poison that fills it as soon as we take a take a whack, a mole to the and poison instead, and and that's what we myself included here, seven good. We need to do a better job on that we have forgotten that just because we can doesn't mean we should yeah. You know domain gag only well. We we strangest part of virtue is at times as well here s yes, standing up and at being restrained, you know- and I think that is actually in the commitment. I actually think that is the best way to fight. It is u tv, if you're, either fighting against a bottle if you're fighting against a bottle of poison unity, jackhammer to it, the poison still spilled on the table. You might have felt like a defeated it.

diluted to irrelevance, with win gallons worth of actual what I called true, but hellenes worth of actual substance of you affirmatively care about stand for you dilute the boys at your irrelevancy, are also doing. If you hit it with a hammer you will. Continue to do what the left is doing now, that's right and that's that's only making people stronger and smaller, you know they'll they'll shut up. I want to know the clansmen is on my in my neighborhood. You know I mean I want to know who they are, but they'll they'll, I hope they'll clam up you are, you are so right about the so this is my when I spike when I speak to left, leaning audiences, one of the things I I've try to be as careful as I can see that there are so few people today who are able to see to audiences youse, I know there are coherence I travelled to country after relocating and then went of campuses window. Universities with women left, leaning audiences, and I don't care about the politics of it.

one of the things that one thinks it: A point out as well psychological analogy for any psychologist worth his salt and lets it a patient who comes in whose first from latent anxiety, but but he's long over it. It's like mostly gone, and he just come for a check up, visit, yell a decade later, The last thing you want to do, as we cannot legislate is scolding and yell at him. Don't be anxious, don't be anxious, don't be anxious. Cause you're gonna, ultimately take that last burning ember and throw kerosene on it. Can I think that's what the left has done in this country to the it's, what you call the super, you goin freudian terms, throwing kerosene on the last burning, embers of say, pick your favorite or we're racism, pick your favouritism. Ok, it was quite We just burning the last time and sorting embers adjust burning it s out, yelled somebody

don't be racist, don't be racist, don't be racist and if you are we're coming for you, you'd just stolen kerosene, yes and creating a new wave of not just the anti white racism from anti from the anti racist movement, but creating now a new wave of anti black racism that existed if it weren't for the gestapo approach that we took to smoke it out, so So what does this mean for us? Or would we can't fall prey to the same problem. In reverse, because you inflame the very thing you thought you would extinguishing right, you have to fill it with some other more rich and meaningful. To fill that voted some some of their sense of more rich and meaningful purpose and substance. That's what I'm saying that what they there's the lack of leadership, who is Who is going to step up elon musk is the as one of the only people that I know that is doing this. That will step up like John. Kennedy and say that HU. We are that's where we're going to go and and not through force, but

have some truly has yes such an aspirational vision that we can all go. That's that's why we won are indeed It is not because of anything other than we hold these truths to be self evident. That's right that was such and still is such an. aspirational goal that had never been uttered before now. We just think that's the way it is when it's not exactly totally insane retrospectively, always see last, where regional, who how do we get people to understand? We gotta start Looking forward and that's why I'm not particularly optimist, about our politics as the mechanism for delivering that leadership, and we were so ossified in the system- is built of that right now, that's not gonna come out of our politics. We're optimistic other free spheres of our lives like to welcome you bought it, but I feel I must mean a heat, I loved what he was on the cusp of doing it will see how the story ends with respect to twitter. Yes,

now now comes a pragmatist in me. Ok is say that, yes, that's the way to do this. Let's do it by picking places where we can actually deliver victories. And then use those victories to deliver more victories. something more meaningful that galvanizing that gets people to understand we're doing fulfilling a fundamental human need together? And that's what I started with the energy sector, because villans challenge at twitter is that I don't really care about that too. I mean I do the twitter thing. He is you're talking about you know, I'm talking about going to mars beyond the planetary, because this is where do we need to go to, and I think the same thing with respect to innovation in amelia, energy, absolute nuclear power, whatever the kings lily. Now that smokes out social, where there is no like that discussions, its smokes out some the poison that you might not otherwise seek. As you take the opposition to nuclear energy right now, right

supposedly there's a climate crisis which needs to have energy sources that we need to sort rely on that don't emit carbon dioxide in the atmosphere. Okay, we can do. We can debate that till the faces are blue, but let's, let's, if we take that as a premise for now: okay, well, great nuclear energy is actually one the most promising ways to have a sustainable form of energy, that's carbon, neutral and yet very opponents of fossil fuels? Are many of them at least are opposed some new nuclear energy. So what going on there? What the problem with nuclear? and I think, towards seeing this gives its representative of other discussions we would have to on other subjects but the problem of nuclear energy is that it's too effective at solving the egi crisis, which means that you can't load in a bunch of other poisonous agendas in the veneer of solving the energy crisis, because the energy crisis that you kept packing all of those other he does it's almost what tesla was told by. I think astor at the time when way way way way way: free energy knoweth,

I can't invest unless I can put a meter on it yeah. You know what I mean: it's the same kind of thing. If I can't get my agenda through. That's right, that's right! This ends, and so that's that's, but that's another side benefit of the model you just laid out, which is let's be supervision and end and go together. The two issues to a shared future that we can all get behind this free citizens. If we want to work, but then to be for who may not be, there are many reasons why people may not want to go into given direction, but It'S- folks out here those reasons that otherwise rioting by the surface because of nuclear energy or was supposedly we were, we opposed it because it was not effective at solving energy crisis. Actually, if you look at the facts, it is the Suppose it is that it might be too good at actually failing us from doing the thing that we were going to do by capping fossil fuels which deliver equity between the developed world in the developing world, we routers actually the real agenda, which is to say that actually we make western nations stop burning fossil fuels, maybe their growth rates electric actually around. We can even things out so nuclear energy in similar ways that math, let me ask, as I think you can prove,

to be right or wrong about two thousand and seven. I remember I was on the air and I don't know what we are talking about. But I remember having this: like light bulb, went off and I wait, wait a minute. If you really want to, you know me sure that there's equity, then what to happen, is you you ve already tried to bring the world up to american standards and you can do that. It's just going to take a long time, If you don't want to spend all that time, just bring america down. That's right, that's where everybody in that's what's happening. Now. That's exactly this debate right. So so that was, that was what the goal was disguised as addressing climate agenda by reducing emissions. By this proportionally reducing those emissions by reducing production and utilization in place like united states comes along a different solution like nuclear energy. That says, you know what we don't have to actually

do that if we actually able to fill our energy needs as well and supplement the through nuclear energy, but wait a minute. If we do that, then we lose our vehicle for, and seeing the global equity agenda, because that doesn't bring maeotid states or the west down actually allows them to continue growing and prospering in the way they have the source of some people's opposition to it now, for others you would say after you might change their minds and say that actually know what, if that does of the problem? I will get on board with them so that that I think that's the way. That's the promise of affirmative solution is that on one hand, you'll bring along people who was one of them has brought along, and you smoke out the hypocrisy at the heart of what was really the opposition to the forward the agenda in the first place. So let me let me switch to a positive solution. and that is what you ve done- was strive and de r l l explain and tell me how it's gonna make a difference.

This is where I got disillusioned with politics. I say: let's solve these problems through the actual market itself right. So I founded strive earlier this year to compete with blackrock, say that you know what the world's largest asset managers are using trillions of dollars of other people's money? Your money, our money, the money of people who were watching this too best in american companies, but to mandate that those companies adopt social and political agendas but not only that americans disagree with right, not only that, but they are taking. Many people's retirement funds and then forcing these companies to do something that blackrock will say. Will you We're gonna have to take a hit for ten years yet, but it's the future, no wait a minute. That's my retirement exactly exactly incense answer that I think is, I don't use the word lightly and I think that is the largest financial scam of the twenty first century. It is, if do sheree breach is lord,

scale, multi million dollar, breach of trust and the press. Glens nobody stepped up to the table to solve it. So I don't think I can actually be doing this, I thought I was done. I'm an artist had a successful biotech business. The multi billion company got some drugs approve great. I thought I was writing books and moving on to look at different rates of my career business but if anyone wendy s management industry, so that would ceos of other large asset managers, I want. An image is critical of particularly shameful experience. It my my opinion, where I sit down with him, and he says that I agree with everything you're saying I can't say it publicly, because helpers and state of new york pull their money in their big clients and now look at his statements and though the that same statements, indistinguishable from what let me think would be on a given. This spreads spreads where the market in fixing this for

a whole bunch of structural reasons. You know what I said is: ok, well, if you're beholden by your legacy, clients and by their they do a lot of business in china to this other asset manager. I'm talking about so, if you're doing business in china and china want you to behave in a certain way in california and new york demand that you behave a certain way. Guess what I don't have those legacy commitments Let me start a new asset management by the way called strive, and not going to do business in china, because I want actually serve american clients in their own best interests, and I can be a fiduciary to you. If I see but see precisely these boot on my neck and what drives going to do is going to invest, in those same markets? The black box patron vanguard, are in this format of funds index funds that that just track the market or cracking given sector passively managed funds, but with a key difference we deliver a mandate as a shareholder. This isn't an ask this, isn't it suggestion this is a mandate as a shareholder that you the companies behave exclusively according to what allows you to deliver excellent

products and services to your customers over any other gender social agenda political agenda. I dont care, that's it! and you maximize shareholder value that way no urgent and not a right wing agenda loved muddling agenda, a product good customer centric agenda. We believe we have to actually demand that from companies. Now we do because the cause of the EU s g movement, I now show called on the economy. The irony is, what would it it obvious became a contrary, an opportunity, so you so you use. Do you actually have talked to ceos of these large energy companies scrapped absolute land? What do they say so so? This is why so, so we started with just strive as an animator accompany the blackout between our first fund that we launched on the new york stock exchange was the? U s energy fund, and I civically knew this? Was the right place to start This was the sector most damaged by the demands of the yes g move, so when black can states to and vanguard, voted in favour of scope. Three emissions caps at chevron,

requires chevron to take responsibility for the fuel emitted by an amazon prime truck delivering fully your house shiver bored recommended against it when they put the climate Davis directors onto excellens board x on board had first said: no, no, we don't want these climate actress, important. They voted in favour anyway, so what I saw what, with oil and gas sector with energy sector as these aren't the employees of twitter We actually wanted this new shareholder mandate. So it's not like we're going to have to bring a shareholder mandate and change the behavior of employees. They're waiting for a white knight to show up and deliver them the post, sg mandate. I gave a speech. To the inner conference in denver earlier this month, I got a standing ovation at the end of the speech from a roomful of oil and gas executives, because they're hungry for a new shareholder to make to behave this way, and that was the power of what we saw with the launch of drill. I mean it was their duty. or drill deirdre, lay our allows. That was the first such fund. We list and in your stock exchange weep

It had over one hundred million dollars in the first week, we're well on track to making it past two hundred million dollars. As of the second week, you told me at one point: if you could get up to a billion dollars by the, I think you said the end of the year. It would send some shock. It would seem shy, would turn heads in capital markets it would. It would send shockwaves through the boardrooms of the? U s energy industry because proxy was energy index monetary matters, because you'd expects only about two point: one billion dollars so this new first time has it manager is able to harnessed the voice of the everyday citizens to deliver this new mandate. The echo is the energy industry are saying you know what that's where the power is going guys, that's how we're going to behave. Thank you very much. Sg will put that in the rearview mirror and then the beauty of it gun. One of the things I loved about our first couple of weeks was the average trade size and when Dear l, l trades in europe, and I can change the average trade for us. in the first week. It was something like less than five thousand dollars compared to the he tf that they got to over a hundred million dollars in the first weeks of those big ones in it. We had over undermine first because well, they were like me.

Of dollars on average comparison and to meet them the power of what we can do through the market is really this this positive uprising. I mean in the positive sense the awakening of everyday citizens, who able to say you know what I don't have to just vote every november. I vote every with my dollars and I use, my own dollars to. only make industries more valuable, which hopefully allows all of us to make more money in the long run as an economy, but also to deliver the voice that matches my values to corporate amerika and my values for many americans is to tell energy it used to be great energy companies to say that if you're, an american oil company, you should drill for an american gas company, you should frack, you should do whatever allows you to be most successful over the long run without regard to Klaus, schwab's or Larry, thinks environmentalist agenda or cultural agenda or social agenda, and it's a free country. You want to deliver that message or capital great you go to. Bed rocking go somewhere else. It's

free country, I'm nuts and people should be free to do that with their own money, but for everybody else that wasn't an option, and I think that's what we wanted to bring to the table, and I am optimistic. If we can change the energy sector that way, we can do it to every sector of the economy and hopefully go beyond partisanship, to reawaken the true problem of both american capitalism and america. democracy, one more. thing, I just want to get a comment from you on this yesterday saudi arabia, kind of good on the e s, orgy xxix just invested about for what was a four hundred and fifty million dollars in do blackrock de I saw this, I saw this announcement in blackrock etc, but it's really is really interesting to me how it's sort of yes g for the and the rest of the world. For me, private couple had consummately fine, saudi arabia. At this point

I don't mind: crippling america: oh yeah! It's your market share because you as apply the market right so soon, the more than eighty shortage there is. If american aren't you gonna, be lambs filling the void its outer eva china and russia, but the good news is going at least as of now. I don't think it's too late. Everyday citizens are empowered to be able to do it in it's a great for my business or whatever authority, to have to get a lot of money, sure about there's better ways to make money and was even in the face of my life, what this was a priority for me, this about actually empowering the voice of the everyday citizens through the market which is going to I believe a much bigger difference for our culture, then our power, it takes and d r l was just the first step of that journey, so you are inspiring earned back at you brother, I mean I thank you for having me today bears a lot of fun. just a reminder

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