SWAPCAST(Fringe News) #42 Albania's AI Minister-A National Divorce-Chicago's Pension Funds

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Hello, everyone, Welcome back to Fringe News. Mick. That's m am,
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and you were you as they say over it the
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things they don't want you to know. I guess I
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don't know whatever, but I suppose I need to start
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doing a call to action because kind of want your
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feedback on some things and maybe help us track down
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like to hear or we're not aware of, particularly our
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especially I guess are overseas across the pond, you know,
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Europe Asia. If you want to get a hold of us,
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we'll do it through email. Fringe News Podcast at gmail
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of us. And then I dare you, you know, make
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us go on socials because we are currently not on socials,
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to Apple, that is the best way we'll actually start
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making a little more money off this podcast. Not to
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sound greedy, but you know, there's a lot of upkeep
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fees and such so, but that was very Uh, it
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was really done, but expect it a little more in
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the future pods. So we're going to start pushing that
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and treat it maybe like more of a professional podcast.
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So I guess we'll get into it and you got something.
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What do we want to do there? It is.
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Well, I think the first thing I found which was
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interesting off of Armstrong Economics. September fifteenth, Albani appoints an
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AI minister.
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Yeah, this is nuts.
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So we'll just read it because it's easier, I think
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to do that and then we can talk about it.
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So Albania has appointed the world's first AI minister in
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an attempt to combat corruption, so as we've talked about
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on the show many times, or government corruptions everywhere, so
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they think this is the every government. Yeah, they think
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this is the solution for that. But the name is Danella.
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I know, it's de n E l l A. The
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female voiced AI entity will be a quote member of
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the cabinet who is present, who is not present physically
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but has been created virtually. Prime Minister Rama said, I
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think that the robot would ensure that public tenders will
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be one hundred percent free of corruption. Since current government
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employees cannot be trusted. Microsoft helped to assemble Danella, a
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red flag number one that we know all the things.
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Microsoft's into rate go gates. The robot will receive access
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to one million digital documents, including sensitive government information. That's
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great for hacking.
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Right.
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The advancements in AI are ingenious, but not sentiment sent
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Sentient sentient Danella has been programmed and therefore is prone
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to biases. The irony is that in turning to artificial intelligence,
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people are acknowledging that human government has completely failed. I
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have said before that many have proposed replacing judges, regulators,
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and even politicians with AI, as if a machine will
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somehow be impartial. The problem, of course, is not the hardware,
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but the software, who writes the code, who programs the ethics.
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If the government controls the AI, then it is nothing
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more than an automated extension of the same corruption. AI
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becomes a weaponized bureaucracy, enforcing whatever the ruling elites rule.
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Rama's Socialist Party has its eyes set on the European
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Union membership, believing it can rid its nation of corruption.
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Ahead of negotiations in twenty twenty seven. It is unclear
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if lawmakers will have the ability to vote on Danella's
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post as minister, or what whether the public will have
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an opportunity to vote for AI driven politicians. Society has
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fallen to the point that robots are trusted more than
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human beings. People do people believe that a robot can
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properly represent them or lead? The prime Minister's buffoonery cannot
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be turned into legal acts of the Albanian States, said.
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Camp.
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He said bar Barney, it's br Dhi prelimitary group lead
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of the Democrats. AI is only as honest as its programmer,
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and if Microsoft is involved, I have little hope of
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Danella's moral coding. Appointing a robot as minister is an
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extremely desperate move by the Albanian government to restore public trust.
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This is not a technological milestone, but a glaring warning
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of loss and confidence in a failing political system.
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We all yep when I first started coming across. And
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I have something to add on this too, And it's
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from Martin Armstrong. He's keeping a close eye on this.
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I had no idea. Yeah, yeah, I don't see this
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anywhere else on the internets. I mean, I'm sure it's
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out there, but not the news services really need to
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get a better aggregator. You know, it used to be
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drudge but that ship sung. But I hadn't I I
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had no idea this. This this was actually.
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Even Yeah, he had talked about it here and there
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for a while that you know, but people kept saying, oh,
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it's going to be again the end all be all,
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because it can interpret all the laws and interpret because
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some people thought, like you said in the article, that
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you can use it for judges and other things because
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they wouldn't be corrupt because they would just interpret the
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law as the law is written, nothing else. But as
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he said, it's the software site. It's written by someone.
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And we've talked about.
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That a lot. That that really is the most important
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aspect a is getting rid of biases. I mean, because
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we've seen a lot of the art early on when
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de I was huge and they were pushing it like
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these companies that there would be Like Henry the eighth
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was an African.
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We talked about that, yeah, we did, or about.
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An Asian woman, you know, when it was actually a
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king in his historical figure that we yeah, it's from
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dudes from England. Yeah, you know, but but.
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We talked about that and how because with the AI,
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it's you know, goes out and it reads articles from
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you know, the Internet, and it's basically reading the bias
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of the every everybody writing the articles and assuming it's fact,
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and all it's doing is you know, basically you know,
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meshing it all together and saying this is what the
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truth is. And it's not always the truth, no, And you.
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Know, I always I was getting freaked out by the
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art where people were having problems with six fingers always
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showing up on hands and stuff. Which, yeah, if you've
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been like paying attention to the like gen six conspiracies
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and that whole, if you're into like the paranormal podcasts
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and supernatural type you know, Bigfoot and all this, which
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a lot of us are, it's used to be kind
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of junk food for my brain used to get into it.
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But yeah, so that that that certainly used to be
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a red flag for me. I'm like, this is not
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a mistake, you know, That's how I was leaning anyhow.
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But you know, I think there is a place for it,
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and it's certainly not part of anyone's cabinet, But I
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guess I'll take it a step further and kind of
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read another article by Martin Armstrong which was the nineteenth
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so a few days newer than what M just read.
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And it's Albania's AI minister delivers speech to parliament. So
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they're really they're really getting this thing out there. I
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want everybody to see they're proud of it. Albania is
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new AI minister Delia d I e l l A.
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That's I N D.
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I got d I E l l A.
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He spelled it two times in this article.
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On regardless, that's something like that. We'll call her AI.
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She delivered her first speech to parliament on Thursday. Quote.
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I'm not here to replace people, but to help them,
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the AI entity created by Microsoft, stated in a video
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displayed before elected human officials. Prime Minister Edi Rama has
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even opened a social media platform for her where the
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the public can allegedly engage with the AI minister directly. Hello,
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I am Delia. I'm going to say thanks to my
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hard work as your assistant. I was elected Minister of
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State for Artificial Intelligence in the new government. My mission
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now is to make the government's work easier every day.
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A Facebook video presentation on her account said. The Facebook
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comments show the people's discussed quote. One user ahahaha, laughter,
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even a donkey understands what you have in mind. Meanwhile,
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the people have no work, no food, no home, no medicine.
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Healthcare is for money, or you die and you make
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fun of the people. Come on, State, Come on live
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communism and dictatorship. One user wrote, you have found a
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sheep people who do not oppose you with your crazy experiments.
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But not anymore. Our children have the right to be
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elected and to choose who they know will represent them
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and who will answer to the law. This step is madness.
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Another commented Parliament was in an upheaval after her speech.
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Opposition MPs refuse to participate in Thursday's ballot as they
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cannot take the words of a programmed AI entity seriously
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or see its presence as anything other than an utter embarrassment.
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Delia is not a vision but a virtual facade to
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hide this government's gigantic daily thefts. Opposition Democrat Party MP
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gusemant Bardy rebuked socialists. Socialist MPs did not listen to
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the Prime Minister, nor to the ministers about their concrete objectives,
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nor to the opposition that might be made to them,
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but voted like sheep, creating an unprecedented situation in these
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three decades of post communism. Traditionally, new cabinet presentations often
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last for hours. Lawmakers left the building after twenty five
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minutes and nothing was accomplished. The people are furious. Delia
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is not viewed as a step toward ending corruption, but
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as a mockery of the constitutional republic. Boom. So there's that.
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I don't know. I'd love you guys shoot us an
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email at Fringe News Podcast at gmail dot com, and
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you know, tell us what you think about it. Got
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some comments about this hit us, hit us up. I
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find it, I know, one day and it just seems
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like we're just accelerating like this tech, this tech is
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developing super fast. So how many guardrails are there? I mean,
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you know, the governments, it's like the race to the
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nuclear weapon, the nuclear age. Who gets at first? Is
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you know the king globally this is and you know
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they must they surely must be further ahead, you know
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how they I I haven't heard of you know, any
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client clandestine nuclear you know, secret nuclear facilities to power,
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you know, power plants to power like a government you
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know black budget AI. But you know they have to
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be even further ahead. They have to. They're usually a
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forty to seventy year gap between current technology and what
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black projects are, so it just reasons to believe that
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they are much further ahead. I would say, even the
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the robots and you know, all these other things, they
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are surely so far ahead. And it's and you know
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a lot of sci fi and alien people they talk
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about breakaway cultures. I think it started with like that
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Admiral Bird and Operation High Jump after World War Two
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and the suspicions that New schwaben Land was where all
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the Nazis went and they have UFO technology and all
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this crap. You know. But future futurists are always kind
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of digging into these things, and you know, often times
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are very talented and kind of it's almost like sci fi,
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you know, you know, two thousand and one Space Odyssey
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and all, and you look at Star Trek and the
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things that you know, thirty years later, what we have
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flip phones and you know, and comments like the old
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president from Skunk Work saying, you know, in the late eighties,
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early nineties, he's like, we've got we actually have the
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technology to send et home and Star Trek is like,
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we're beyond Star Trek. Yeah, And I don't know if
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that was a flex to the you know, the world,
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like it probably shouldn't be messing with us, you know,
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the military industrial complex of the United States, or you're
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going to take them for his you know, his words
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at face value. So I would say that we're way
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beyond this, and now it's just a race for the
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normal civilization to catch slowly catch up to the breakaway
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civilization a military industrial complex. Agg and you know, I
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definitely thrown in pharmaceutical companies. Yeah, but I find it
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interesting and I certainly don't I know, it's going to
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be a tool. It's probably going to be a great tool.
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Like I said, the guardrails need to be in place,
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and I don't I don't necessarily know where it's going
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to end up. I know that.
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Well, it's just sad because, like like the article goes
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and says, you know, people have all over the world
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are so just disenfranchised with yeah, for sure, with their
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politicians and the fact that they're only about themselves and
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not about the people, that they have to turn to
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this as an alternative, thinking that because it's a computer,
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it won't be corrupt. But they again have to remember
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it's the coding that makes it corrupt, you know. I mean,
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with the examples we've already given, you can see that,
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you know. And again, and you have to worry about
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who's the ruling party at the time, Right, they'll hire
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a programmer instead of hiring somebody to be their treasury secretary.
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This that all the you know, all the basically the
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cabinet positions that are like, if we're talking us, they're
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hired by the president. They're going to hire the coder, right,
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who's going to code the laws this time? Who's going
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to do this? That will be like the one of
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the more powerful positions, because it'll be like, now we're
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gonna put our agenda in and we'll make these the laws,
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and the computer will have to tell you yes no.
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And so that's the that's the issue you have to
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worry about. Also with judges and if they say let's
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replace because we know judges are corrupt here in the
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US and probably everwhere through the world. But if you say,
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we're gonna just put this computer program in and it's
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going to do it for us, then we'll be without
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any corruption. Again, you know, I mean if you programmed
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it that would only read the law and interpret the law,
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and there's no level of escaping that that and then
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you won't let anybody adjust the code. Possibly, but that
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would be black and white. Like so if like a
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simple example is like speeding right, if you were over
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the speed limit, black and white would be okay, you
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speed limits fifty you were going fifty to fifty one.
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You were speeding right. But then you know you have
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that care Yeah.
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Because I was even going to say before you said that,
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I was going to say, what happens when it's in
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law enforcement. Yeah, it's a great point because it's it's
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medically it could be just a miracle for science. And
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you know, if it's used again, we were going to
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get to like what is it called Skynet or whatever,
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the terminator. We got to be careful because again, futurists
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talk about these things, you know, and how again you
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know Star Trek in two thousand and one Space Odyssey
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and all this. You know, comic books that are you know,
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sci fi orient and they kind of prognosticate and it
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comes they win the bets. It's kind of you have
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to be weary, Yeah, And so my examples, they be
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very careful if the law was just, hey.
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We programming exactly what it is. So if you were
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going fifty.
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One, oh, you voted Republican or you voted Democrat. You know,
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And that's things I worry about too, because Trump's doing
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I mean, the technocrats are all common to him. He
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seems to be like working with all the techie people, right,
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the big shots.
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But my point was, so if you're going fifty one
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and then you just interpret the law exactly as it is, right,
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so you would be getting a ticket, but a cop
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of poopols you over would be like, they're only going
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a couple miles over. I'm gonna let him go, right.
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So those are those are those descriptive. Those are the
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things that you have between common sense and what would
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be dictated right fully based on what it reads.
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So you could definitely hit hit your quotas. Yeah, the paperwork,
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the tickets will be written up instantaneously. It will already be
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written up by the time they give it to you.
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I guess they're just going to take it out of
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your bank account when everything.
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Yeah, so I don't know, there's some things to consider
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here and can't be nonchalant or cavalier with this stuff.
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And this is just yeah, as you said, they're the
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people do not trust their government at all. I just
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that's so so odd. It really is who's in power
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when this stuff? You know, it's just it's just bad
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for everybody. I think. Yeah, the bias you'd need like
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a vulcan star trek again, you know code this just
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totally neutral, not emotional, none of that, just straight up
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facts and science. And yeah, you're just never going to
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eliminate the human factor. It's just impossible.
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So yeah, so it'll be interesting for everybody. Should just
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be watching the events here and see what happens. I mean, yeah,
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it's probably pretty highly guaranteed you're not going to see
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a change in corruption because again, you know who wrote
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the code, Microsoft helped, So you're probably not going to
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see any any improvement.
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And you know, I often think, you know, we save
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it for another time. But so post Charlie Kirk assassination,
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you know, so many people around the world have been affected,
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and evidently has been more orial service people are coming
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from around the world. I just read, But how's it
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affecting our politics here in the States. There's another article
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a national divorce. Excuse me, a national divorce. And this firebrand,
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you know, I don't necessarily always agree with this Rep.
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It's Rep. Marjorie Taylor Green voiced a harsh truth. America's
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divide is a divided nation. These differences appear irri in
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reckless Oh my god, irreble ah got you too. And
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Green is proposing a peaceful national divorce, which state will
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DeFi will file the papers first. This is pretty interesting
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because there's been so much talk about not until intellectual
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civil war. People have been talking like Tim Poole's been
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talking about it, a lot of the these other commentator
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political commentators that are social media you know, superstars, super
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super smart people. But they're saying, I mean, we're about
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to go kinetic in this country. And I do think
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and no pun Intendant Charlie kirk. Kirk's assassination is a
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turning point. And I'm not trying to be cute when
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I say that. But let's say it's a spike. If
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you look at a timeline, right, there's always spikes, could
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be civil unrest, could be financial breakdowns, whatever in a
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political uh well, a country's timeline, and to me, this
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is one of those spikes. I mean, and I worry
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a bit. There's a lot of angry people both sides
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of the aisle, and I do not think that we're
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that close to kinetic civil war. Eight years ago, six
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years ago, ten years ago, I thought the probability was higher,
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and not because Trump was elected, you know, in sixteen
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or I just thought the probability was higher. But now
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they're obviously talking about it because this is a civil war.
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It's the breaking up of a country, and it could
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just be you know, paperwork, and it's just that no
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shots fired. But the computer, this is Armstrong's computer system.
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Computer System warned long ago that the United States would
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not remain as one country indefinitely. The cycle of political
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disintegration is in motion. The question is not if, but
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when history repeats. Because human nature never changes. People assume
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the United States will last forever because it has existed
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for nearly two hundred and fifty years. But no empire,
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no republic, no government in history has ever escaped the
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cycle of political disintegration. Rome divided, the British Empire collapsed,
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the Soviet Union disintegrated. The United States will not will
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be no different. Decisive politics have created a crack in
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the union that cannot be united. Each side believes the
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other wants to dictate how they must live, and therefore
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each side believes that the other is a danger to democracy.
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The unified culture that was once the United States has
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vanished as extreme beliefs on both sides cannot coexist. Civil
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unrest has turned it in to a looming civil war.
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Each state has its unique culture and customs. We cannot
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compare Washington state to Texas, or Florida to Colorado. California
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believes it is already its own country. Make sure do
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you act like it. The law varies drastically from state
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to state, and those policies are now coming to a head.
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The Supreme Court no longer reigns, as it starts to
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interpret rulings independently. The founding fathers never created a democracy.
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They created a republic where the states were sovereign and
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the federal government was a creation of the states. That
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balance has been destroyed. Washington has usurped the role of
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the states and nearly every matter taxation, regulation, trade, health care,
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and even education. This erosion of states' rights is precisely
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what lies what lays the groundwork for separatism. Decentralization has begun.
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Our economic confidence model has targeted twenty thirty two as
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the final political collapse of confidence in government. This is
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not limited to the United States. The European Union is
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destined to fail, as are other governments throughout the world
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that are propped up on perpetual debt and in decisive politics.
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The total loss of confidence in government will be a
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global event that will not begin in America, but once
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it spreads like age in two America, we will see
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states demand secession as they fight against federal power. Green
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believes this can be done in a peaceful manner, yet
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history says otherwise. So and he states he's discussed this
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matter in depth in the report How Empires and Nations Divide,
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which is perhaps one of the most fascinating pieces I
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have penned. That's Martin Armstrong.
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Now, and that's so true. I mean, because again, when
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you've talked about this in your Civil War buff you know,
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we know, yes, slavery was an issue of the Civil War,
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but it wasn't the only issue, and it was states'
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rights that was the really big factor in that Civil war.
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And he's stating that again, you know, and you see
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it you see certain states who are more aggressive and
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pushing back against the federal government overreach and they're like, no,
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no more, you can't do that. And as he said, yes,
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they've taken over. And that's why we had the Department
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of Education that he's the props trying to get rid of. Right.
404
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I mean, that's a new construct too. I think it's
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like nineteen seventy nine, yes, something like that, But that's
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a federal zone and it's like one of the most
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funded black holes in our our government.
408
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Yeah, but it's a federalization of education, which it used
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to be at the state level. So that's what you said.
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So all these powers of the state are being usurped
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by the federal government, right, you know, and then it's
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going to lead further and further to this discontent among
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the states.
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I mean, how do you see it. I mean, we're Ohioans,
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and I think even in states, the regions, obviously, city
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centers are totally different than people who live in rural communities.
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Absolutely.
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I mean it's night and dale.
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I mean when you look at those election maps and
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you'll see like even like like like you can look
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at Illinois, which is close to us, right, it's only
422
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Chicago that's basically was blue. The rest of the was ready.
423
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And you have similar things in New York, right, So yeah,
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you have this this divide like.
425
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Pennsylvania East and West are totally different, Yes, totally yeah.
426
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So you're so, I mean, and you and again you
427
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see it with all of this ever since Charlie Kirk.
428
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It's I mean, it's been going on for a long time,
429
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but it's it's getting more heated, I guess. And then
430
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the other side, I mean, just like we noted on
431
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the last show where that representative said I'm not going
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to take it anymore. So people on the right are
433
00:30:31.799 --> 00:30:35.559
saying not taken it anymore. You know, you've been beating
434
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us up and lying about us for so long, but
435
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now is the time. I'm done. And so that divide,
436
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So now that the other side is more willing to
437
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fight back and stand up, that's going to even increase
438
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these tensions. There's less likely to be let's sit, let's
439
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get to the table and discuss and try to figure
440
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out a common commonality here. It's just going to be
441
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like nope, as that guy did said, I've given up.
442
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I've tried for ten years. I'm done there's no more trying.
443
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So that means the left hasn't been trying now the
444
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rights saying I'm not going to try. So that means
445
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that the divide is going to increase as we head
446
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further in time, in my opinion.
447
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Yeah, and I think this is part of the reason
448
00:31:18.240 --> 00:31:22.839
the founding Fathers wanted more than two political parties. Yeah,
449
00:31:23.319 --> 00:31:35.079
means obvious. Unfortunately, you know, America is split into team
450
00:31:35.160 --> 00:31:40.400
sports right now between these two parties. And you know,
451
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sometimes I even fall for it, like, yeah, we got
452
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them that time, and I'm not really a Republican. It's
453
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just you know, they align more with what I believe, Yeah,
454
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some of them, But I think that's part of it.
455
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You know, we don't think we don't read enough my news.
456
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I think you know, the internet's kind of flinging us
457
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all at an uncontrollable rate towards the end of this country.
458
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Yeah, I mean.
459
00:32:14.960 --> 00:32:17.559
It can people don't spend time well.
460
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Because people just look at the news, the news bites
461
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right those real quick thirty second and they don't dive
462
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into it. And then and especially if you are leading
463
00:32:26.799 --> 00:32:28.799
in one direction or another, of course, you're going to
464
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tend to watch or listen to the things that are
465
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closer close and more closely aligned to you. Yes, Chambers, Yeah,
466
00:32:36.240 --> 00:32:37.799
but then if you're only going to listen to a
467
00:32:38.279 --> 00:32:41.000
sound bite and then not actually take the time and
468
00:32:41.039 --> 00:32:44.319
dig in and try to figure out, you know, both
469
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sides of the store. Because again, like they say, every
470
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argument is is basically takes two to tango. Right, You're
471
00:32:49.759 --> 00:32:51.680
not going to have an argument with yourself, you know,
472
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have somebody you know, so you both have something driving
473
00:32:55.799 --> 00:32:59.279
your belief system, and both could have things that are
474
00:32:59.279 --> 00:33:01.920
incorrect on you on both of their sides, right, So,
475
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but then they're not willing to back down and say no,
476
00:33:04.400 --> 00:33:06.519
I'm right. But then maybe you need to listen to
477
00:33:06.519 --> 00:33:09.160
the other side because we might have missed something along
478
00:33:09.200 --> 00:33:14.920
the way. But yeah, you're not seeing that. People are
479
00:33:14.960 --> 00:33:17.319
just saying nope, it's my way or the highway, and
480
00:33:18.440 --> 00:33:20.119
either you accept it or you don't. Right.
481
00:33:24.000 --> 00:33:28.440
Yeah, it's a lot of hijacking of ideology, but a
482
00:33:28.519 --> 00:33:34.039
lot of words that people really don't know the meanings,
483
00:33:34.279 --> 00:33:41.880
like fascist, you know the biggest one. They don't understand fascism.
484
00:33:42.039 --> 00:33:45.279
And you don't go don't go to freaking Wikipedia. Yeah,
485
00:33:45.599 --> 00:33:49.559
please look up the source. I can't remember the Italian's name,
486
00:33:49.680 --> 00:33:55.480
but that's the most academic he created the term fascism.
487
00:33:56.200 --> 00:33:59.400
So you might want to go read his papers on this,
488
00:33:59.799 --> 00:34:06.359
his writings, because that's the he's created the little literal definition. Yeah,
489
00:34:07.440 --> 00:34:14.639
so there, put yourself a favor, you know, up up next?
490
00:34:18.039 --> 00:34:22.239
Are you you all right? Yeah? Am I babbling too much?
491
00:34:22.599 --> 00:34:24.039
Am I own a coffee rush?
492
00:34:24.360 --> 00:34:24.519
Yeah?
493
00:34:24.679 --> 00:34:25.280
Okay?
494
00:34:25.360 --> 00:34:25.599
Maybe?
495
00:34:25.719 --> 00:34:33.000
Oh screw you? How dare you all right? Fine? Let's
496
00:34:33.079 --> 00:34:35.719
hit Chicago's pension funds nearly insolvent.
497
00:34:37.360 --> 00:34:41.559
Okay, yeah, we saw this again on Armstrong Economics. It
498
00:34:41.599 --> 00:34:46.599
was September nineteenth. Chicago's pension funds are nearly insolvent in
499
00:34:46.679 --> 00:34:52.159
coming twenty eight million bailout, so he said. Chicago's money
500
00:34:52.199 --> 00:34:55.599
trees are shredding or shedding their autumn leaves. With the
501
00:34:55.639 --> 00:34:59.960
new multi million dollar government payout package for unfunded pension
502
00:35:00.480 --> 00:35:04.760
public pensions. City officials approved a short term bailout of
503
00:35:04.800 --> 00:35:07.559
the Fireman's Annuity and Benefit Fund in the tune of
504
00:35:07.599 --> 00:35:12.199
twenty eight million to avoid forced asset sales. That's merely
505
00:35:12.239 --> 00:35:14.679
the tip of the iceberg at Chicago's pension debt has
506
00:35:14.760 --> 00:35:18.519
risen fifteen percent in the past five years and to
507
00:35:18.760 --> 00:35:24.480
utterly unsustainable thirty six billion. Property taxes currently fund eighty
508
00:35:24.559 --> 00:35:29.079
percent of the pension the city's pension fund, but they
509
00:35:29.119 --> 00:35:32.639
are not enough to sufficiently meet payouts. The average pension
510
00:35:32.719 --> 00:35:36.800
fund ideally has a funding level around seventy percent. Funding
511
00:35:37.119 --> 00:35:42.159
beneath forty percent is considered nearly insolvent. In Chicago, the
512
00:35:42.239 --> 00:35:47.239
top four public pension funds, the fire, police, Municipal and Laborers,
513
00:35:47.519 --> 00:35:50.800
along with the teacher's pension fund, have a backing ratio
514
00:35:50.880 --> 00:35:54.800
between twenty four and forty three percent. With the combined
515
00:35:54.880 --> 00:35:58.679
debt now exceeding fifty three billion, all of Chicago's public
516
00:35:58.719 --> 00:36:03.360
pension funds have gone Reform measures have been bypassed for
517
00:36:03.480 --> 00:36:06.960
years to the point of new return. Chicago's pension system
518
00:36:07.039 --> 00:36:11.119
carries a debt larger than forty four states in this country.
519
00:36:11.320 --> 00:36:13.840
There's only fifty man exactly.
520
00:36:14.159 --> 00:36:18.000
Seven Chicago area pension funds are among the top ten
521
00:36:18.159 --> 00:36:22.920
worst funded plans in the country. The city already allocates
522
00:36:23.320 --> 00:36:26.519
up to twenty percent of its annual budget towards the pension.
523
00:36:28.760 --> 00:36:33.400
Taxpayers are expected to meet all shortfalls, but again, the
524
00:36:33.480 --> 00:36:36.239
current level of taxation is not enough to cover the gap.
525
00:36:36.960 --> 00:36:40.679
Lawmakers claim there was a mere system error. Property tax
526
00:36:40.679 --> 00:36:42.719
bills were expected to be sent out in June, but
527
00:36:42.920 --> 00:36:47.239
will not reach taxpayers until October. The twenty eight million
528
00:36:47.880 --> 00:36:52.039
is intended to act as a temporary bail band aid Sorry,
529
00:36:52.079 --> 00:36:55.559
but the city's almost guaranteed to ask for additional loans
530
00:36:55.559 --> 00:36:59.039
and bailouts because the frozen funds are not the problem.
531
00:37:00.039 --> 00:37:03.000
Uns are a Ponzi scheme, robbing Peter to pay Paul,
532
00:37:03.920 --> 00:37:06.840
but the jig is up. Mummakers recently passed a bill
533
00:37:06.960 --> 00:37:11.480
to provide additional pay to Chicago's retired firefighters and police officers.
534
00:37:12.039 --> 00:37:16.079
Politicians are permitted to pass bills to secure votes without
535
00:37:16.159 --> 00:37:19.320
actually having a plan in place. The city's pension bill
536
00:37:19.360 --> 00:37:22.760
will rise by two point seven six billion by twenty
537
00:37:22.800 --> 00:37:28.320
twenty six. There is no money for other public services.
538
00:37:28.800 --> 00:37:32.440
Chicago has lost bill its ability to remain competitive as
539
00:37:32.559 --> 00:37:40.519
capital is fleeing increased levies. Chicago's overall property tax levee
540
00:37:40.760 --> 00:37:44.000
more than doubled in a decade, expanding from eight hundred
541
00:37:44.000 --> 00:37:46.480
and sixty million in twenty fourteen to one point seven
542
00:37:46.519 --> 00:37:49.679
to seven billion in twenty twenty four. Pension costs directly
543
00:37:49.760 --> 00:37:52.880
have risen sixfold over the past ten year span, from
544
00:37:52.880 --> 00:37:56.039
four hundred seventy eight million and twenty fourteen to two
545
00:37:56.079 --> 00:37:59.320
point seven billion seventy five billion in twenty twenty four.
546
00:37:59.760 --> 00:38:04.239
The city has redirected every penny collected from property tax
547
00:38:04.400 --> 00:38:08.119
since twenty fourteen into these failing funds. Wow, but the
548
00:38:08.199 --> 00:38:11.880
pension obligation has surpassed one hundred and sixty percent of
549
00:38:11.920 --> 00:38:14.679
the annual property tax income one hundred and sixty percent.
550
00:38:15.119 --> 00:38:18.559
So you can't tax people more than what their property's worth.
551
00:38:18.639 --> 00:38:21.119
But that's what they that's where their obligations lie one
552
00:38:21.199 --> 00:38:24.840
hundred and sixty percent of the tax revenue. The blame
553
00:38:24.920 --> 00:38:28.480
falls on the people rather than the failed politicians. Mayor
554
00:38:28.519 --> 00:38:32.840
Brandon Johnson proposed increased property taxes by three hundred million
555
00:38:32.880 --> 00:38:35.960
for the current fiscal year, which will marked the largest
556
00:38:36.000 --> 00:38:39.679
spike in property tax in the city's history. The measure
557
00:38:39.800 --> 00:38:42.920
was shot down by the city Council, who instead plans
558
00:38:42.920 --> 00:38:44.920
to generate one hundred and sixty five point five million
559
00:38:44.960 --> 00:38:49.159
with addiction additional taxes and fees in other domains.
560
00:38:49.519 --> 00:38:55.239
Yeah. Yeah, look who you've been electing. Yeah, people get
561
00:38:55.519 --> 00:38:56.679
the government they deserve.
562
00:38:56.880 --> 00:39:00.400
Yeah. In twenty twenty one, Mayor LORI like eight Foot.
563
00:39:00.440 --> 00:39:05.800
Remember her demanded n binks. Yeah, remember she demanded ninety
564
00:39:05.800 --> 00:39:08.920
three point nine million increase in property taxes. Johnson actually
565
00:39:09.000 --> 00:39:13.679
campaigned against the measure fun and Lightfoot was pressured to
566
00:39:13.800 --> 00:39:16.920
drop the tax hike to forty two point seven million.
567
00:39:16.960 --> 00:39:19.920
In twenty twenty three. Johnson was elected over Lightfoot for
568
00:39:20.199 --> 00:39:23.880
pretending to care about constituents and promising the lower tax burden.
569
00:39:24.159 --> 00:39:28.320
Ah their approach has failed. Forty one percent of property
570
00:39:28.360 --> 00:39:31.719
taxes were injected into these broken pension funds in twenty fourteen,
571
00:39:32.000 --> 00:39:35.440
and that's increased to eighty percent in twenty twenty four
572
00:39:37.440 --> 00:39:41.199
Property taxes more than doubled in that timeframe, but is
573
00:39:41.239 --> 00:39:44.440
now nowhere near enough to cover the To solve this crisis,
574
00:39:44.840 --> 00:39:48.960
politicians will continue to rob the people with excessive levies
575
00:39:49.000 --> 00:39:51.559
to maintain the Ponzi scheme for as long as possible.
576
00:39:51.920 --> 00:39:53.719
It is only a matter of time before the city
577
00:39:53.880 --> 00:39:58.159
is unable to pay retirees. The Illinois constitution does not
578
00:39:58.280 --> 00:40:01.079
permit cities to file for Chapter or nine bankruptcy.
579
00:40:01.199 --> 00:40:01.440
Wow.
580
00:40:01.840 --> 00:40:06.440
The state has historically blocked any cuts to payouts regardless
581
00:40:06.440 --> 00:40:09.840
of liquidity. The city may one day be forced to
582
00:40:09.880 --> 00:40:13.519
beg for a federal bailout, which will force all Americans
583
00:40:13.559 --> 00:40:18.320
to pay for decades of recklessness management by financially illiterate politicians.
584
00:40:19.320 --> 00:40:21.360
Figure out, No, I mean.
585
00:40:21.199 --> 00:40:24.519
This, Martin Armstrong's been talking about this for like a deck.
586
00:40:24.519 --> 00:40:26.199
I've been reading it for so long, and he's been
587
00:40:26.280 --> 00:40:29.000
warning about this and saying, you know it's coming, it's coming.
588
00:40:29.119 --> 00:40:32.119
People aren't paying attention, and nor do they care because again,
589
00:40:32.159 --> 00:40:36.719
no politician wants that. They don't have the guts to
590
00:40:37.559 --> 00:40:40.119
overhaul the system because it would make them unpopular and
591
00:40:40.480 --> 00:40:43.039
they wouldn't be re elected. But so they just could
592
00:40:43.400 --> 00:40:46.639
continue to kick the can down the road. But they
593
00:40:46.679 --> 00:40:49.360
know and they they're just hoping and praying that it
594
00:40:49.400 --> 00:40:52.280
doesn't blow up during their term. It'll be the next
595
00:40:52.480 --> 00:40:56.639
guy's or girls turn. Right. But as he said, it's
596
00:40:57.159 --> 00:40:59.800
it's been coming to a heading. We know, population is
597
00:40:59.840 --> 00:41:03.159
just fleeing out of Chicago, so that makes it worse.
598
00:41:03.159 --> 00:41:06.119
So they're losing those tax dollars, which you know, but
599
00:41:06.199 --> 00:41:08.880
they are also unable to fund these pensions. And that's
600
00:41:08.960 --> 00:41:11.559
you've mentioned in the past. But most people don't understand
601
00:41:12.000 --> 00:41:14.000
is that this is not only in the US, but
602
00:41:14.039 --> 00:41:17.039
it's globally a lot in Europe as well, because of.
603
00:41:16.960 --> 00:41:19.280
The socialist programs. Right, well that.
604
00:41:19.320 --> 00:41:21.679
Is a socialist kind of program ring, but I mean no,
605
00:41:21.719 --> 00:41:24.679
but it's it's just the methodology of how they are
606
00:41:24.679 --> 00:41:28.239
funding it, right. Most of them are required in Europe
607
00:41:28.239 --> 00:41:32.480
to require most countries by by government regulation. Here, I
608
00:41:32.519 --> 00:41:34.920
don't know if it's necessarily required, but it's just they
609
00:41:34.960 --> 00:41:40.639
consider imprudent to invest in what they called safe investments, right,
610
00:41:40.679 --> 00:41:43.079
so that would be government bonds. Because here in the
611
00:41:43.199 --> 00:41:45.840
US it's you're backed by the full faith and credited
612
00:41:45.840 --> 00:41:48.440
the United States government. So they consider like all the
613
00:41:48.519 --> 00:41:52.920
rating agencies like standard or powers, say the S S
614
00:41:52.960 --> 00:41:57.960
and P Moody's, Fitch, those guys will rate investments, right,
615
00:41:57.960 --> 00:42:00.239
they give them a rating, and so the govern it
616
00:42:00.920 --> 00:42:04.840
debts usually higher rated. So then the pension funds feel safe, like, oh,
617
00:42:04.880 --> 00:42:09.000
I'm investing in a secure investment. But so that's why
618
00:42:09.000 --> 00:42:12.840
they're heavily invested in government bonds Europe as well. In Europe,
619
00:42:12.840 --> 00:42:15.320
I think they're required, like I think seventy eighty percent
620
00:42:15.360 --> 00:42:18.320
of their pensions have to be in government debt. But
621
00:42:18.320 --> 00:42:20.599
then if you go back a little bit in time,
622
00:42:20.639 --> 00:42:24.199
remember when we had zero percent interest rates, So these
623
00:42:25.199 --> 00:42:29.320
bonds were paying nothing. So these all these pension funds
624
00:42:29.639 --> 00:42:34.039
have money invested somewhere that's giving them zero return. So
625
00:42:34.559 --> 00:42:36.559
they would have had years ago, would have had people
626
00:42:36.599 --> 00:42:38.760
trying to project how much money would be in there
627
00:42:38.840 --> 00:42:42.360
versus how many people need it. But most of them
628
00:42:42.480 --> 00:42:46.400
had a actual had tables essentially that said they would
629
00:42:46.400 --> 00:42:50.039
get an eight percent per year return. They went over
630
00:42:50.159 --> 00:42:52.920
a decade with zero what.
631
00:42:53.400 --> 00:42:56.559
So the negative was over in Europe?
632
00:42:56.599 --> 00:42:58.800
Right, it was, but they weren't going to pay you negative.
633
00:42:58.840 --> 00:43:01.159
It's just in the market to show the rates for negative.
634
00:43:01.159 --> 00:43:03.280
But you had to like, that's why banks were forcing
635
00:43:03.320 --> 00:43:06.239
companies to spend their money because otherwise you would have
636
00:43:06.280 --> 00:43:08.039
you'd be paying the bank for keeping your money in
637
00:43:08.079 --> 00:43:09.960
the bank. Right, So it was a way for them
638
00:43:09.960 --> 00:43:13.960
to keep the economy going by saying okay, because then
639
00:43:13.960 --> 00:43:16.199
people are like, I'm not going to pay money to
640
00:43:16.280 --> 00:43:18.159
keep my money in the bank, so they would decide
641
00:43:18.239 --> 00:43:20.079
other things to do with it, right, and they're pay
642
00:43:20.119 --> 00:43:27.239
down debt, invest whatever. But the whole issue that I'm
643
00:43:27.280 --> 00:43:28.960
trying to mention here is the fact that it's okay.
644
00:43:29.000 --> 00:43:31.599
So they were expecting eight percent a year for over
645
00:43:31.639 --> 00:43:34.920
a decade and they got zero, so the money wasn't growing.
646
00:43:35.159 --> 00:43:38.920
Well, the analysts are going, Okay, historically this is what
647
00:43:39.039 --> 00:43:41.920
we can look forward to, and that's conservative. Yeah, but
648
00:43:42.119 --> 00:43:44.199
it was so far the other direction that.
649
00:43:44.719 --> 00:43:47.559
Yeah. So then every so if you had a whatever
650
00:43:47.599 --> 00:43:50.800
a million dollars in your pension fund for your local city,
651
00:43:50.880 --> 00:43:53.360
it's still it was less than a million dollars ten
652
00:43:53.440 --> 00:43:56.880
years from now because you were withdrawing from it. Every year.
653
00:43:56.920 --> 00:44:00.920
You're paying out the current retirees, and the money you
654
00:44:00.960 --> 00:44:04.519
had sitting there is making nothing because the hope would
655
00:44:04.519 --> 00:44:06.440
be like, Okay, as I pay out, I'm making interest
656
00:44:06.480 --> 00:44:08.960
that plus I'm getting additional receipts.
657
00:44:09.280 --> 00:44:14.480
So we're covering our pensioneers people that are currently getting pensions,
658
00:44:14.519 --> 00:44:17.840
and we're still increasing because of the ground the value,
659
00:44:18.000 --> 00:44:20.840
so we can cover the ones that are going to
660
00:44:21.000 --> 00:44:22.199
hit the books next year.
661
00:44:22.199 --> 00:44:25.559
In the year obviously there's still is money being deposited.
662
00:44:25.000 --> 00:44:27.079
Every of active members.
663
00:44:27.199 --> 00:44:29.920
Yeah, but it just is not enough because you know,
664
00:44:30.039 --> 00:44:33.159
one example I heard Armstrong give in an interview years ago,
665
00:44:33.320 --> 00:44:36.440
and it's I think it's the cleanest, easiest example. He's
666
00:44:36.480 --> 00:44:39.320
like he's like, it's third grade math, right, so that
667
00:44:39.360 --> 00:44:41.719
he calls it a Ponzi scheme, because by definition, a
668
00:44:41.719 --> 00:44:45.480
Ponzi scheme is taking money from somebody like a new investor.
669
00:44:45.599 --> 00:44:48.000
Like if I was running the pension and I said, hey,
670
00:44:48.119 --> 00:44:50.599
I'm giving you know, I have twenty percent returns, he'd
671
00:44:50.599 --> 00:44:53.760
be like, that's great, So you give me whatever, one
672
00:44:53.760 --> 00:44:55.840
thousand dollars and I go, I take it. I'm like,
673
00:44:55.880 --> 00:44:57.440
I'm going to invest that. But then I take that
674
00:44:57.519 --> 00:44:59.679
money and I give a portion of somebody who's already
675
00:44:59.679 --> 00:45:00.639
given me the money.
676
00:45:00.719 --> 00:45:00.920
Yeah.
677
00:45:01.119 --> 00:45:04.400
Right, So they think they're getting this twenty percent return
678
00:45:04.480 --> 00:45:06.519
because I'm giving them their one thousand dollars and an
679
00:45:06.519 --> 00:45:08.920
extra twenty percent. But all I'm doing is taking money
680
00:45:08.920 --> 00:45:11.079
from a new investor and giving it to an old investor.
681
00:45:11.679 --> 00:45:14.159
And that's essentially the way most of these pension funds run.
682
00:45:14.400 --> 00:45:17.519
I mean, you put money in every month or whatever
683
00:45:17.639 --> 00:45:22.280
whoever the cadence is, and then when you go to retire,
684
00:45:22.320 --> 00:45:25.320
you start taking money out. But the problem with it
685
00:45:25.360 --> 00:45:28.320
is his example was, let's say you have your small
686
00:45:28.360 --> 00:45:31.159
town and you have a fire department and a police
687
00:45:31.159 --> 00:45:34.280
department that employs ten people, and then all of a sudden,
688
00:45:34.280 --> 00:45:37.519
you fast forward like ten years and five of them
689
00:45:37.679 --> 00:45:40.320
want to retire, and then you're like, okay, well I
690
00:45:40.360 --> 00:45:44.760
can't run my city on five people between the police
691
00:45:44.760 --> 00:45:47.159
and fire department. I need ten. So you end up
692
00:45:47.199 --> 00:45:50.800
having to replace those five with another five. But although
693
00:45:50.840 --> 00:45:53.440
here in the US you don't get one hundred percent
694
00:45:53.440 --> 00:45:55.639
of your income when you retire, you do get a
695
00:45:55.639 --> 00:45:57.599
good amount. But just to keep it simple, let's say
696
00:45:57.599 --> 00:45:59.199
you do. You get one hundred percent of your income
697
00:45:59.199 --> 00:46:01.360
and you get full better fits. So it's just like
698
00:46:01.400 --> 00:46:05.320
having a full time employee. So essentially what they have
699
00:46:05.440 --> 00:46:08.400
is ten years later they have fifteen employees instead of ten,
700
00:46:09.360 --> 00:46:10.920
and it goes and then you fast forward another ten
701
00:46:11.000 --> 00:46:13.559
years and the other five that's were the original ten
702
00:46:13.840 --> 00:46:17.000
they retire, So now you have twenty employees and your
703
00:46:17.079 --> 00:46:22.880
tax base supports ten. And that's what happens because and
704
00:46:22.920 --> 00:46:25.480
then people are living longer, so they're paying have to
705
00:46:25.480 --> 00:46:28.280
pay pensions out longer. You have all these factors that
706
00:46:28.320 --> 00:46:33.480
are coming into play. But then you're you're exponentially growing
707
00:46:33.960 --> 00:46:38.519
your staff full time employees because they no longer work.
708
00:46:38.559 --> 00:46:41.000
They're retired, but they get the benefits and pay as
709
00:46:41.000 --> 00:46:43.239
if they're a full time employee. Now maybe it's not
710
00:46:43.280 --> 00:46:44.559
one hundred percent full time.
711
00:46:44.639 --> 00:46:46.920
Or one hundred percent. But yeah, I understand.
712
00:46:47.199 --> 00:46:50.159
So that's why he's saying this eventually is like that
713
00:46:50.280 --> 00:46:53.559
classic and that there's a hockey stick curve where things
714
00:46:53.599 --> 00:46:57.840
grow exponentially and they'll double in a week, then double
715
00:46:57.880 --> 00:47:00.360
in one day, and then double in hours. You know
716
00:47:00.400 --> 00:47:00.679
what I mean.
717
00:47:00.719 --> 00:47:01.760
So just speeding up.
718
00:47:01.880 --> 00:47:03.519
Yes, it starts speeding up because you get to that
719
00:47:03.599 --> 00:47:06.239
point where and we're getting there. And that's why he's
720
00:47:06.280 --> 00:47:10.480
saying historically, because of the way these things are set up,
721
00:47:10.519 --> 00:47:13.760
and again the length of number of people retiring versus
722
00:47:13.760 --> 00:47:16.119
maybe people coming in. Plus you've got to remember, the
723
00:47:16.159 --> 00:47:18.679
younger people coming in to replace the older people leaving
724
00:47:19.039 --> 00:47:22.960
make less money, so they're also depositing less into the fund.
725
00:47:24.119 --> 00:47:27.360
So that's why again it's it's basically a Ponzi scheme.
726
00:47:27.400 --> 00:47:29.599
And that's not just here, it's globally, you.
727
00:47:29.559 --> 00:47:32.480
Know, And that's maybe some of the reason we see
728
00:47:32.840 --> 00:47:36.679
Europe rattling sabers wanting to get war going.
729
00:47:36.880 --> 00:47:39.159
Well, yeah, because how would you, as a politician tell.
730
00:47:39.199 --> 00:47:42.280
All a macro level. Yeah, just just expand it to
731
00:47:42.400 --> 00:47:43.239
a macro.
732
00:47:43.039 --> 00:47:45.719
Level, That's what he was saying, because it makes logical sense,
733
00:47:45.760 --> 00:47:48.239
because are you going to go, as the prime minister
734
00:47:48.280 --> 00:47:51.199
of the UK or any country go, you know what, sorry,
735
00:47:51.320 --> 00:47:55.840
we just mismanage pensions. You get nothing, right to all
736
00:47:55.880 --> 00:47:58.679
the retired people and the younger people that are paying
737
00:47:58.719 --> 00:48:02.440
into the pension scheme. Now you're basically saying you get nothing.
738
00:48:02.960 --> 00:48:05.840
And we've historically seen that happen. Like used to tell
739
00:48:05.880 --> 00:48:07.679
me about the veterans, I don't know if it was
740
00:48:07.679 --> 00:48:11.440
after World War One, Yeah, where our government actually slaughtered
741
00:48:11.440 --> 00:48:13.719
a bunch of them because they were marching on Washington
742
00:48:14.039 --> 00:48:16.119
demanding their pensions that they never got.
743
00:48:16.280 --> 00:48:18.920
Yeah they were promised them and yeah, yeah, yep, and
744
00:48:18.960 --> 00:48:22.199
they opened fire on the citizens, they pulled out the
745
00:48:22.280 --> 00:48:25.800
army or whatever. But that's what he's saying. So if again,
746
00:48:26.280 --> 00:48:29.119
knowing that we have this worldwide pension crisis and a
747
00:48:29.159 --> 00:48:31.280
debt crisis basically a dead crisis.
748
00:48:30.960 --> 00:48:34.559
Right, but it's just a portion of yeah, all the
749
00:48:34.639 --> 00:48:38.039
bad things that are happening in economics around the world
750
00:48:38.079 --> 00:48:39.760
right now as far as governments go.
751
00:48:39.920 --> 00:48:44.719
So he's saying, which I strongly believe that you know,
752
00:48:45.559 --> 00:48:47.039
no one's going to say, hey, we don't have your
753
00:48:47.039 --> 00:48:48.679
pensions anymore. So what they're going to do is if
754
00:48:48.719 --> 00:48:49.880
you go to war, you're going to be like, we
755
00:48:49.920 --> 00:48:52.119
have bigger things to worry about, you know.
756
00:48:52.280 --> 00:48:53.920
Yeah, rally around the flag.
757
00:48:54.039 --> 00:48:56.000
Yeah it sucks you're not getting your pension, but we
758
00:48:56.039 --> 00:48:58.559
have bigger things. But here in the States, so we're
759
00:48:58.599 --> 00:49:01.960
talking here in just a city in Illinois, right, but here,
760
00:49:02.239 --> 00:49:06.639
and the way our structure works, like you know, cities
761
00:49:06.679 --> 00:49:09.559
and states can only they can impose taxes, and that's
762
00:49:09.559 --> 00:49:13.079
why it's property taxes, right. They can impose income taxes
763
00:49:13.079 --> 00:49:16.639
as well. But you know, and they do issue they
764
00:49:16.639 --> 00:49:20.000
can't issue debt like as they're called muni bonds at
765
00:49:20.000 --> 00:49:22.599
the city level. Right. But if you're looking at the
766
00:49:22.599 --> 00:49:24.800
city of Chicago and you're an investor, are you gonna
767
00:49:25.000 --> 00:49:27.719
want to buy ammuni bond from the city of Chicago
768
00:49:27.760 --> 00:49:30.119
that's got this kind of money problems? You wouldn't, right,
769
00:49:30.800 --> 00:49:34.639
So there so there's less and less options to raise
770
00:49:34.719 --> 00:49:37.400
money because people are looking at it going, oh, I'm
771
00:49:37.440 --> 00:49:40.000
not buying Chicago debt. So then they can't raise money.
772
00:49:40.000 --> 00:49:42.480
So the only thing they can do is raise taxes
773
00:49:43.280 --> 00:49:44.800
and they're not going to be over raised them to
774
00:49:44.840 --> 00:49:47.320
a level where there again you saw that it was
775
00:49:47.360 --> 00:49:50.599
one hundred and sixty percent, right, So you can't raise
776
00:49:50.599 --> 00:49:53.800
it that high, you know, everybody will leave the city.
777
00:49:54.159 --> 00:49:57.000
So is that a factor when we talk about what
778
00:49:57.079 --> 00:50:00.519
Europe's been doing for so long with the refuge I
779
00:50:00.559 --> 00:50:03.840
guess we'll call them. Were they expecting some sort of
780
00:50:03.960 --> 00:50:06.519
It didn't work out quite the way they thought, but
781
00:50:06.559 --> 00:50:11.079
they were expecting some sort of financial increase from these
782
00:50:11.760 --> 00:50:15.239
potential taxpayers that are actually the opposite. Yeah, because of
783
00:50:15.280 --> 00:50:18.159
their social programs. They don't work, they don't I don't.
784
00:50:17.960 --> 00:50:20.760
Know about everybody, but I think some pension or some
785
00:50:21.119 --> 00:50:24.719
politicians did think that because they because just like America,
786
00:50:24.840 --> 00:50:28.119
just like Europe, we had any like Japan's pretty one
787
00:50:28.119 --> 00:50:31.599
of the worst. But demographic wise, there's less you know,
788
00:50:31.760 --> 00:50:37.039
not having babies, Yeah, there's less new taxpayers. Yeah, So
789
00:50:37.039 --> 00:50:38.760
so they thought, yeah, we can have an influx of
790
00:50:38.800 --> 00:50:41.800
these foreigners coming in to become a new tax base.
791
00:50:41.840 --> 00:50:44.159
And then they're having more children on average than the
792
00:50:44.360 --> 00:50:48.440
local natives. So then those are future taxpayers that we
793
00:50:48.519 --> 00:50:51.519
can then, you know, drain. But the problem is, like
794
00:50:52.039 --> 00:50:55.039
you said, a lot of them aren't working. They're just
795
00:50:55.199 --> 00:50:59.559
taking and yeah, they still might be paying taxes because
796
00:50:59.599 --> 00:51:01.920
if you go like here in the USU sales taxes
797
00:51:01.960 --> 00:51:05.719
things like that. So they pay some taxes, but they're
798
00:51:05.760 --> 00:51:08.400
also drawing. They're probably drawing more from the system than
799
00:51:08.400 --> 00:51:12.960
they're paying in taxes. So you know, you're making it worse.
800
00:51:13.119 --> 00:51:16.159
I mean, because we all hear about replacement theory, and
801
00:51:16.239 --> 00:51:18.039
it's got to be a number of factors, just not
802
00:51:18.280 --> 00:51:25.559
for voters, you know, just not it's all these things voters, taxes,
803
00:51:25.960 --> 00:51:31.119
they think, population taxes again, yeah, you know, all these things,
804
00:51:31.159 --> 00:51:35.159
economic engine Yeah, they're making money, they're spending money.
805
00:51:36.800 --> 00:51:39.559
But you know, but again one of the big things
806
00:51:39.599 --> 00:51:43.920
too is like why it's going to be probably worse
807
00:51:44.000 --> 00:51:47.360
on a state and local level than federal is because
808
00:51:47.920 --> 00:51:50.559
the federal government here at leased in the US can
809
00:51:50.880 --> 00:51:54.199
print money. Yeah, so they can print money to pay
810
00:51:54.239 --> 00:51:55.639
their debt. I mean, it's not going to be good
811
00:51:55.639 --> 00:51:58.039
for the economy because it will cause inflation and hyper
812
00:51:58.039 --> 00:52:00.920
inflation if they print too much for the debt, because
813
00:52:00.960 --> 00:52:04.440
no one will buy the new debt. But local and
814
00:52:04.519 --> 00:52:06.760
state cannot do that. So the only thing they can
815
00:52:06.800 --> 00:52:10.079
do is raise your taxes. And you see it all
816
00:52:10.079 --> 00:52:12.199
over the country and you're going to continue to see
817
00:52:12.239 --> 00:52:14.880
it because they are bankrupt, and as he said, nobody's
818
00:52:14.960 --> 00:52:19.840
taken the initiative to make the changes necessary when they
819
00:52:19.880 --> 00:52:23.599
had the time to do it, and they didn't pay
820
00:52:23.719 --> 00:52:26.239
enough attention to the low interest rates and what it
821
00:52:26.280 --> 00:52:28.559
was going to do, and the demographics and the high
822
00:52:28.639 --> 00:52:35.199
population or basically an uneven scale, right, more retirees than workers,
823
00:52:35.280 --> 00:52:38.559
and the retirees pulling out more than the lower level
824
00:52:38.679 --> 00:52:43.840
entry workers putting in. So you know, that's why these
825
00:52:43.880 --> 00:52:46.639
you know, that's why socialism doesn't work. Like Margaret Thatcher said,
826
00:52:46.719 --> 00:52:49.880
eventually you run run out of other people's money. So
827
00:52:50.000 --> 00:52:52.719
as the end of this article noted, you know, they
828
00:52:52.719 --> 00:52:56.000
may then beg for a federal bailout, which means we
829
00:52:56.760 --> 00:52:59.320
Ohio and we live in Ohio. As you said, why
830
00:52:59.360 --> 00:53:01.559
should I pay the pension of somebody that lived in
831
00:53:01.639 --> 00:53:04.760
Chicago because they're going to increase my taxes to cover that.
832
00:53:05.519 --> 00:53:07.920
You know, well, you saw what they You know, we're
833
00:53:08.000 --> 00:53:14.480
covering the pensions of workers in Ukraine, which is ridiculous.
834
00:53:14.679 --> 00:53:16.239
I don't know if we're doing that or just a
835
00:53:16.239 --> 00:53:19.320
way that it wasn't. That was an excuse they say,
836
00:53:19.320 --> 00:53:22.280
we're sending money to cover the pension of the people
837
00:53:22.320 --> 00:53:25.039
in Ukraine or they just money laundering it somewhere.
838
00:53:25.519 --> 00:53:27.679
I probably believe the latter, but you have to take
839
00:53:27.679 --> 00:53:31.880
it on face face value, especially the uninformed voter that's
840
00:53:31.960 --> 00:53:37.199
not jaded and suspicious. Yeah, you know, so either way,
841
00:53:39.639 --> 00:53:44.400
it's ridiculous.
842
00:53:42.800 --> 00:53:46.920
I know. So, I mean, so this is again all
843
00:53:47.159 --> 00:53:49.280
everything comes down, like they say, follow the money, and
844
00:53:49.320 --> 00:53:53.440
this is following the money from a you know, state, local,
845
00:53:53.559 --> 00:53:56.760
federal level, because again we have this contagion everywhere. We
846
00:53:56.840 --> 00:53:59.320
have it all over because of the amount of debt
847
00:53:59.360 --> 00:54:02.840
we have and because of these long dated you know.
848
00:54:02.920 --> 00:54:05.599
I mean, like you said, look at the Department of Education,
849
00:54:05.719 --> 00:54:08.119
they had the biggest budget because they have all these
850
00:54:08.159 --> 00:54:10.280
pensions and different things they're paying for as well as
851
00:54:10.320 --> 00:54:12.760
just other things as well. But that is a large
852
00:54:13.039 --> 00:54:15.480
because people don't talk about it. But there's between there's
853
00:54:15.480 --> 00:54:20.519
a difference between funded and unfunded liabilities. The unfunded meaning pensions.
854
00:54:20.960 --> 00:54:23.239
I know I have to pay this in the future,
855
00:54:23.239 --> 00:54:26.199
but I don't have the money right now. It's unfunded.
856
00:54:27.280 --> 00:54:29.480
Is the is the elephant in the room. You know,
857
00:54:29.679 --> 00:54:32.159
nobody talks about it and you always ask, like I
858
00:54:32.199 --> 00:54:35.119
always say, well, what's what's your amount of unfunded liabilities.
859
00:54:35.159 --> 00:54:37.599
How much do you have to pay? They won't tell you.
860
00:54:37.599 --> 00:54:39.960
You know, they're hoping they can make it work, or
861
00:54:40.000 --> 00:54:42.039
maybe the interest rates will come back up, or something's
862
00:54:42.079 --> 00:54:44.159
going to happen to make it all work out. But
863
00:54:44.199 --> 00:54:44.719
it's just not.
864
00:54:45.199 --> 00:54:48.119
And so we've already like discussed replacement theory. We're getting
865
00:54:48.119 --> 00:54:52.239
into some conspiratorial grounds, I guess Gray. So when we
866
00:54:52.280 --> 00:54:56.360
talk baby boomers in this country, you know, post World
867
00:54:56.440 --> 00:55:01.760
World two, World War two berths some of the largest booms.
868
00:55:01.760 --> 00:55:03.599
That's why they're called the baby boomer. It was a
869
00:55:03.639 --> 00:55:10.239
booming population. So we know, you hear people when they die,
870
00:55:10.360 --> 00:55:14.000
things will get better because of a lot of these
871
00:55:14.000 --> 00:55:21.400
factors we've just discussed now. And we talk about vaccinations,
872
00:55:21.639 --> 00:55:26.519
then we talk about pharmaceuticals, and we talk about comorbidities
873
00:55:26.719 --> 00:55:29.400
and all these crazy meds you have to take. You
874
00:55:29.519 --> 00:55:30.920
take one pill and then all of a sudden, you
875
00:55:30.960 --> 00:55:35.840
gotta take two. Yeah, diabetics need to take insulin than
876
00:55:35.880 --> 00:55:37.559
a pill that's like a I don't know if it's
877
00:55:37.559 --> 00:55:40.400
a blood pressure pill or cholesterol pill that helps protect
878
00:55:40.440 --> 00:55:46.599
their organs from the harshness of insulin. So it just expands,
879
00:55:47.800 --> 00:55:52.400
And are we trying to kill them quicker, eat processed food,
880
00:55:52.840 --> 00:55:56.239
you know, poorly every day, have a McDonald's three times
881
00:55:56.440 --> 00:56:00.400
a day. I mean, it's a conspiracy.
882
00:56:00.039 --> 00:56:05.960
Out, but people are living longer and they're saying that,
883
00:56:06.639 --> 00:56:08.320
you know, I mean, not only are they draw on
884
00:56:08.360 --> 00:56:11.719
that sold security system, they're drawing Medicare. You know, that's
885
00:56:11.800 --> 00:56:15.880
Medicare as well, right for healthcare. So we're paying so
886
00:56:16.079 --> 00:56:20.000
much out And I'm not saying I mean, they paid
887
00:56:20.000 --> 00:56:23.039
into it and they deserve their money. But the problem
888
00:56:23.119 --> 00:56:25.519
is that they put their trust in these people that
889
00:56:25.559 --> 00:56:27.840
don't know how to management. Because Armstrong has always said
890
00:56:27.840 --> 00:56:30.199
that because you know, you look at the people in politics,
891
00:56:30.400 --> 00:56:33.719
a lot of them have degrees in law and most
892
00:56:33.719 --> 00:56:36.159
of them have never worked in the real world. So
893
00:56:36.679 --> 00:56:39.960
and you see it everywhere, like but you see it
894
00:56:39.960 --> 00:56:43.079
everywhere when somebody runs for politician, like usually their wife's
895
00:56:43.119 --> 00:56:47.239
their treasurer or usually this or a family member that
896
00:56:47.239 --> 00:56:49.480
doesn't just because they're your family member doesn't mean they're
897
00:56:49.559 --> 00:56:52.639
qualified to run these things. So if you had a
898
00:56:52.679 --> 00:56:57.920
professional money manager managing this money and these pensions, then
899
00:56:58.960 --> 00:57:00.880
they would be like, you know, this is not making
900
00:57:00.920 --> 00:57:02.400
me any money. I got to put it money in
901
00:57:02.480 --> 00:57:05.559
a different investment, right, But then when laws require you
902
00:57:05.639 --> 00:57:08.679
to invest in the government in government debt because it
903
00:57:08.719 --> 00:57:10.280
has to be triple A rated because it's hard to
904
00:57:10.360 --> 00:57:13.800
find triple A rated companies, so that means your alternative
905
00:57:13.920 --> 00:57:20.000
is government debt. So basically they're basically forcing pensioners to
906
00:57:20.559 --> 00:57:23.719
fund to support the government and get no return for it.
907
00:57:25.440 --> 00:57:28.400
You know, because if we were allowed because I think
908
00:57:28.400 --> 00:57:30.559
who was it, I think it was Bush Junior or
909
00:57:30.559 --> 00:57:33.400
whatever was pushing for like individual retirement accounts, and I
910
00:57:33.440 --> 00:57:35.000
was off for it and to try to talk to
911
00:57:35.039 --> 00:57:37.000
people to get hey, we should do this because I
912
00:57:37.039 --> 00:57:39.840
know sold security is going to be broke. But we
913
00:57:39.840 --> 00:57:42.119
were supposed to get individual accounts where we could then
914
00:57:42.199 --> 00:57:45.400
direct our investments. But he even Armstrong has talked about
915
00:57:45.400 --> 00:57:47.280
it numerous times on his site. He goes, look at
916
00:57:47.280 --> 00:57:49.480
the way the stock market has gone up since the eighties.
917
00:57:49.719 --> 00:57:52.719
It's like the straight line up essentially. Right, if you
918
00:57:52.760 --> 00:57:55.360
were to put all the pension money in the stock market,
919
00:57:55.480 --> 00:57:58.440
we would not have a problem today, no problem, because
920
00:57:58.480 --> 00:58:03.480
it grew faster then the withdrawal rate and everything else,
921
00:58:03.639 --> 00:58:06.039
and our pensions would be fully funded. But we weren't
922
00:58:06.079 --> 00:58:10.519
allowed to take advantage of capitalism. We had to stick
923
00:58:10.519 --> 00:58:13.239
with socialism, and we also had to stick with They
924
00:58:13.360 --> 00:58:17.480
forced the pensions to buy government debt, which then funded
925
00:58:17.480 --> 00:58:19.920
our government for another year, but it funded this corruption.
926
00:58:20.280 --> 00:58:23.000
Right if we weren't, if we didn't have to fund
927
00:58:23.000 --> 00:58:26.599
the government, then you know, maybe we'd have less of
928
00:58:26.599 --> 00:58:30.760
the problem. We would definitely have less spending because they
929
00:58:31.119 --> 00:58:32.960
think they had this endless money train. We'll just keep
930
00:58:33.000 --> 00:58:36.880
issuing new debt, and the social security will keep buying it, right,
931
00:58:36.920 --> 00:58:40.719
and other things will keep buying it. So if you
932
00:58:40.800 --> 00:58:43.119
had to compete fairly and say I'm going to buy
933
00:58:43.159 --> 00:58:45.400
a government bond versus I'm gonna buy a stock, and
934
00:58:45.440 --> 00:58:47.159
you look at the two and say, which one's gonna
935
00:58:47.159 --> 00:58:49.280
give me a better return. If you're buying stock and
936
00:58:49.320 --> 00:58:51.519
you had the choice, the government would have to be
937
00:58:51.559 --> 00:58:54.360
a little more conservative because they knew they wouldn't get
938
00:58:54.360 --> 00:58:54.920
the fund they have.
939
00:58:55.079 --> 00:58:57.000
Just imagine if they just dumped it all on Apple
940
00:58:57.599 --> 00:58:58.239
in the eighties.
941
00:58:59.159 --> 00:59:02.239
Yeah, I know, that's what I'm saying. That's what you said.
942
00:59:02.320 --> 00:59:05.679
So if you had that option, it would be fully funded.
943
00:59:05.679 --> 00:59:08.239
We would not be in the position we are in today.
944
00:59:08.519 --> 00:59:11.320
But we weren't. Given that, we weren't allowed to do that.
945
00:59:12.960 --> 00:59:15.440
So and again that's what because of the thing I
946
00:59:15.480 --> 00:59:17.519
was telling you about about the ten employees, now you'
947
00:59:17.519 --> 00:59:19.519
all of a sudden have twenty. That makes so much
948
00:59:19.519 --> 00:59:23.039
sense and so but people don't understand that. It's so basic.
949
00:59:23.480 --> 00:59:24.920
Z nstood.
950
00:59:25.000 --> 00:59:27.320
Yeah. When I first heard it, I'm like, wow, I
951
00:59:27.400 --> 00:59:29.880
never thought about it that way. But you are totally right,
952
00:59:30.039 --> 00:59:32.639
and that's the way things are, and most people don't
953
00:59:32.679 --> 00:59:35.800
know that. And because again it's it's so simplistic. You
954
00:59:35.920 --> 00:59:38.719
just don't think it's that simple, but it is, so
955
00:59:38.880 --> 00:59:41.639
don't provide. That's why in the private sector they got
956
00:59:41.679 --> 00:59:44.159
rid of pensions a long long time. In the eighties
957
00:59:44.559 --> 00:59:45.559
they got rid of pensions.
958
00:59:45.639 --> 00:59:49.000
Yeah, I was going to say, pensions are rare nowadays.
959
00:59:48.519 --> 00:59:52.320
Like I mean, remember it took down several airline companies
960
00:59:52.639 --> 00:59:55.519
in the eighties because their pensions were so big and
961
00:59:55.559 --> 00:59:57.800
they had to fund it. And back then, I think
962
00:59:58.599 --> 01:00:01.039
I may be wrong, but I'm pretty su sure the
963
01:00:01.840 --> 01:00:05.880
companies ran their pensions themselves and they paid for it
964
01:00:05.920 --> 01:00:08.360
and they managed it. But they did the same thing
965
01:00:08.440 --> 01:00:11.239
the government's doing here is they didn't they mismanaged and
966
01:00:11.280 --> 01:00:13.880
they weren't paying enough attention, it was underfunded, and then
967
01:00:13.880 --> 01:00:16.079
when they when it came time to pay the piper,
968
01:00:16.239 --> 01:00:18.880
or they had more people withdrawing than they had money
969
01:00:18.920 --> 01:00:21.880
coming in, they couldn't do it. So then laws and
970
01:00:22.079 --> 01:00:25.519
laws changed. So that's why most pension funds in companies,
971
01:00:25.559 --> 01:00:29.480
private companies, not government run. They have to source it
972
01:00:29.519 --> 01:00:32.039
out to a third party. So when they say, hey,
973
01:00:32.400 --> 01:00:34.320
I've given you a match on your four oh one K,
974
01:00:35.440 --> 01:00:37.960
like the company doesn't hold it anymore. They give it
975
01:00:38.000 --> 01:00:40.360
to the third party because that's where you decided to
976
01:00:40.400 --> 01:00:42.639
put your investment or where you decided to put your money,
977
01:00:42.840 --> 01:00:45.599
because they are not allowed to have it because of
978
01:00:45.599 --> 01:00:47.039
these other problems that happened in the world.
979
01:00:47.119 --> 01:00:50.880
So I guess next question. I mean, somebody would have
980
01:00:50.960 --> 01:00:53.519
to do this. But if we get away from the
981
01:00:53.599 --> 01:00:56.119
soak like you were bringing up, if we went into
982
01:00:56.280 --> 01:01:06.559
capitalistic philosophy with government pensions, the city pensions, like every
983
01:01:06.599 --> 01:01:11.440
all these entities, social security, and we grab like the
984
01:01:11.480 --> 01:01:16.719
biggest hot shot off Wall Street fund manager, pay this
985
01:01:16.800 --> 01:01:19.440
dude to run this stuff. I mean, would we be
986
01:01:19.480 --> 01:01:23.000
able to recoup I mean, it depends on the markets
987
01:01:23.039 --> 01:01:24.719
and the decisions, but.
988
01:01:25.280 --> 01:01:28.000
Yeah, you could. But you could also just make the
989
01:01:28.039 --> 01:01:29.719
public the public.
990
01:01:29.400 --> 01:01:30.880
Mind, you could get a Bernie Maddow.
991
01:01:31.199 --> 01:01:34.480
Yeah, you can make the public follow the public pensions
992
01:01:34.519 --> 01:01:36.800
follow the private pensions mean like a four to one K.
993
01:01:37.239 --> 01:01:40.239
So if I work for exercise company. Yeah, if I
994
01:01:40.280 --> 01:01:43.159
work ex fight z company and they say I'll give
995
01:01:43.199 --> 01:01:46.559
you three percent of your salary into the pension whatever
996
01:01:46.599 --> 01:01:49.760
it is then or six percent whatever they do. Then
997
01:01:49.800 --> 01:01:51.599
they take that every month and they take it from
998
01:01:51.599 --> 01:01:54.239
your paycheck and they give it they put it into whatever.
999
01:01:54.480 --> 01:01:57.199
You know, the third party provider is right the same
1000
01:01:57.239 --> 01:01:59.480
way here. If the governments just run it like a
1001
01:01:59.519 --> 01:02:02.239
four to one. Yeah, they just say, you work for
1002
01:02:02.239 --> 01:02:05.239
the city of XYZ. I say I'm gonna give you
1003
01:02:05.800 --> 01:02:09.079
a retirement. It's no longer a pension. It's retirement. Just
1004
01:02:09.119 --> 01:02:12.239
like the private sector. I'll give you six percent of
1005
01:02:12.280 --> 01:02:15.599
your pay every paycheck into x y Z fund. Now
1006
01:02:15.679 --> 01:02:17.440
you can decide what to do with that money. Like
1007
01:02:17.440 --> 01:02:18.960
you if you want to be safe and say I
1008
01:02:18.960 --> 01:02:20.320
don't want to deal with it, I just want to
1009
01:02:20.320 --> 01:02:22.679
put it in bonds, then put it in bonds and
1010
01:02:22.719 --> 01:02:26.880
they'll buy maybe government bonds or company bonds, whatever it is. Right,
1011
01:02:26.960 --> 01:02:29.400
you make that choice. And then but they've they've made
1012
01:02:29.519 --> 01:02:30.559
emerging markets.
1013
01:02:30.599 --> 01:02:32.719
You could go blue chips, you can go just like
1014
01:02:32.719 --> 01:02:34.079
your normal for a one.
1015
01:02:34.000 --> 01:02:36.599
K yeah menu, and they make them easy too. Now
1016
01:02:36.639 --> 01:02:39.039
where they say, oh they have plans or basically on
1017
01:02:39.079 --> 01:02:41.079
your year, they'll be like, I've got a twenty to
1018
01:02:41.119 --> 01:02:43.760
fifty plan, and it's basically saying, based on your age,
1019
01:02:43.760 --> 01:02:46.920
you'll tire around twenty fifty, and they'll they'll do the
1020
01:02:46.960 --> 01:02:50.599
allocation of how much is bonds or stocks or whatever.
1021
01:02:50.679 --> 01:02:51.960
So you could do that if you don't want to,
1022
01:02:52.119 --> 01:02:54.800
if you don't want to pay attention, right, But then
1023
01:02:55.480 --> 01:02:58.679
your money, well, there's a well, I mean, yes, you
1024
01:02:58.679 --> 01:03:01.880
can always have at defaults, and you can have stock
1025
01:03:01.920 --> 01:03:04.760
market crashes and all these things. But the theory is
1026
01:03:04.800 --> 01:03:07.440
as you get closer retirement, you go to safer investments,
1027
01:03:07.519 --> 01:03:11.039
less risky. So but there's a higher probability you're going
1028
01:03:11.079 --> 01:03:12.760
to have your money than if you put it in
1029
01:03:12.960 --> 01:03:14.400
let the government run it for you.
1030
01:03:14.480 --> 01:03:17.800
Yeah, for sure, I mean that. I mean, I hope
1031
01:03:17.840 --> 01:03:20.039
it's not too late, and maybe somebody will do something
1032
01:03:20.079 --> 01:03:24.519
about it. It sits too late, because that's government, you know,
1033
01:03:24.559 --> 01:03:27.559
they're just not they would be happening. There's going to
1034
01:03:27.559 --> 01:03:30.679
be a vote all these things, while the politicians get
1035
01:03:30.719 --> 01:03:33.480
the golden parachute and they get the best healthcare.
1036
01:03:33.159 --> 01:03:35.039
Well, and also to most of these people that like
1037
01:03:35.039 --> 01:03:37.800
if you think about it, mayors and you know, all
1038
01:03:37.800 --> 01:03:41.440
the politicians that are running either at state, local, whatever level,
1039
01:03:41.880 --> 01:03:46.119
they are also participating in these pensions. So they don't
1040
01:03:46.159 --> 01:03:49.239
want to cut them short or shy because when they leave,
1041
01:03:49.480 --> 01:03:52.400
because they get what do they call it the golden parachute, right,
1042
01:03:52.400 --> 01:03:55.639
they get everything they get. That's why, like when Obamacare passed,
1043
01:03:56.079 --> 01:03:59.400
the politicians didn't give a crap about how crappy it
1044
01:03:59.519 --> 01:04:02.519
was because they had their own health care plan that
1045
01:04:02.639 --> 01:04:06.480
was separate. They didn't have to engage in Obamacare. We did, right,
1046
01:04:07.719 --> 01:04:11.800
So they didn't care. So you know, that's another thing
1047
01:04:11.840 --> 01:04:12.559
they had.
1048
01:04:12.599 --> 01:04:14.880
And they get the insider trade and they get to
1049
01:04:14.880 --> 01:04:16.599
do this, and then they're just.
1050
01:04:16.840 --> 01:04:20.239
So whatever they vote for for us should apply to
1051
01:04:20.280 --> 01:04:20.840
them as well.
1052
01:04:20.880 --> 01:04:22.920
Yeah, they should at least get some shitty healthcare and
1053
01:04:22.960 --> 01:04:24.039
they have to pay for it.
1054
01:04:24.480 --> 01:04:26.880
Yeah, but they you know, but yeah, I think in
1055
01:04:26.920 --> 01:04:30.039
many cases it is too far down the road. I mean,
1056
01:04:31.280 --> 01:04:33.840
like with anything, it's kind of like a company going bankrupt.
1057
01:04:33.920 --> 01:04:36.840
Even if we could just right now, go like that
1058
01:04:37.079 --> 01:04:39.559
and switch it all over. It's too far down the road.
1059
01:04:39.679 --> 01:04:42.360
Well, I mean at least, but it's kind of like bankruptcy.
1060
01:04:41.880 --> 01:04:43.760
Because the politics of it, they're just not going to
1061
01:04:43.840 --> 01:04:44.840
let They're not going to do it.
1062
01:04:44.920 --> 01:04:46.599
Well, they won't do it, and nobody has the.
1063
01:04:47.039 --> 01:04:49.079
If a Republican comes up with the dams are going
1064
01:04:49.119 --> 01:04:51.360
to be like nope. If a dam comes up with it,
1065
01:04:51.400 --> 01:04:54.119
the Republicans are going to be like, nope, it does.
1066
01:04:54.119 --> 01:04:58.679
You know, medical will for it. But I think like,
1067
01:04:58.719 --> 01:05:00.960
if anything, you can still do it. Just like a
1068
01:05:01.000 --> 01:05:03.880
company going bankrupt. Are you at the point of getting
1069
01:05:04.119 --> 01:05:06.679
two cents for every dollar or are you at the
1070
01:05:06.679 --> 01:05:09.440
point of getting fifty cents per every dollar? So if
1071
01:05:09.440 --> 01:05:11.599
you're at the point of getting fifty cents per every dollar,
1072
01:05:11.679 --> 01:05:14.360
at least you can salvage half of your investments. If
1073
01:05:14.400 --> 01:05:17.960
you make it wise choices, you can you can maybe
1074
01:05:17.960 --> 01:05:21.400
grow it back right, yeah, but if you just but
1075
01:05:21.440 --> 01:05:23.320
if you they're going to all get to the point
1076
01:05:23.360 --> 01:05:25.559
where it's like one cent for every dollar because they're
1077
01:05:25.559 --> 01:05:27.480
going to run it out so it's nothing. And then
1078
01:05:27.679 --> 01:05:29.719
what sucks is they're not going to be honest with
1079
01:05:29.800 --> 01:05:32.960
the current pensioners. So all those people that are relying
1080
01:05:33.039 --> 01:05:36.480
on this because they you know, paid into it for
1081
01:05:36.519 --> 01:05:39.320
how many decades and now they're sitting there in retirement
1082
01:05:39.360 --> 01:05:41.519
and they're like, sorry, we're broke. You have no money,
1083
01:05:41.599 --> 01:05:43.960
you have no health care, and you have you know.
1084
01:05:44.000 --> 01:05:46.280
I mean yes, once you get here in this country,
1085
01:05:46.320 --> 01:05:49.119
once you get sixty five, you can get Medicare, but
1086
01:05:50.559 --> 01:05:53.039
you know, and they maybe then provide the supplement to
1087
01:05:53.079 --> 01:05:56.360
it because it's like eighty percent coverage. But regardless, but
1088
01:05:56.440 --> 01:05:59.280
the pension part that pays your if you still have
1089
01:05:59.280 --> 01:06:02.119
a mortgage or even if not, you're paying your utilities
1090
01:06:02.159 --> 01:06:05.119
and for your car and your food every month. If
1091
01:06:05.119 --> 01:06:06.559
that went away, how are you going to do that?
1092
01:06:07.000 --> 01:06:10.920
You know, that is your only source of you know, retirement.
1093
01:06:12.159 --> 01:06:14.320
I mean yes, most people still do get soul security,
1094
01:06:14.320 --> 01:06:17.920
but we know that's nothing pretty much. It's not enough
1095
01:06:17.960 --> 01:06:20.840
to live on, so you need this other thing. But
1096
01:06:20.920 --> 01:06:23.639
a lot of people that work for government, they don't
1097
01:06:23.639 --> 01:06:26.679
get soul security. Some of them may not because they
1098
01:06:26.719 --> 01:06:30.119
already have a plan. Yeah, so they don't give you
1099
01:06:30.159 --> 01:06:30.880
two plans.
1100
01:06:32.039 --> 01:06:36.360
So I guess we'll leave. It's such a interesting thing
1101
01:06:36.440 --> 01:06:40.639
to dive into because from when we were taking first
1102
01:06:40.639 --> 01:06:44.400
discussing the micro, then you expand it out to the
1103
01:06:44.440 --> 01:06:49.519
macro and globally. It's kind of the same thing. And
1104
01:06:49.559 --> 01:06:55.519
then you're talking about geopolitics as opposed to local politics
1105
01:06:55.519 --> 01:07:00.519
and national politics. It's just another cog in the wheel
1106
01:07:00.639 --> 01:07:06.400
of I guess war right now pushing forward anyhow. But yeah,
1107
01:07:06.599 --> 01:07:08.960
pretty interesting subject. You can do a whole show on it,
1108
01:07:09.000 --> 01:07:14.079
I guess. All right, Well everyone, that is the show
1109
01:07:14.159 --> 01:07:17.880
for today. M is taking off. She's out of the studio,
1110
01:07:18.199 --> 01:07:22.599
she says, goodbye. But hey, if you're listening to this
1111
01:07:23.400 --> 01:07:30.480
Fringe News on a swapcast with some other affiliated affiliated podcast,
1112
01:07:31.199 --> 01:07:35.280
come over here and check us out, you know, and
1113
01:07:35.360 --> 01:07:38.440
give us a rate and review. That would be super
1114
01:07:38.480 --> 01:07:47.440
helpful on your podchasers, podcatchers, whatever, Apple and hit us
1115
01:07:47.519 --> 01:07:54.639
up at Fringe News News podcast at gmail dot com.
1116
01:07:55.679 --> 01:07:59.480
It's been a crazy day for crazy people. We love
1117
01:07:59.519 --> 01:08:01.599
You'll talk to you next time.
1118
01:08:26.840 --> 01:08:31.640
It is.
1119
01:08:37.199 --> 01:09:41.079
As it is about the way Lady isa
1120
01:10:00.199 --> 01:10:00.239
U