E131: 2024 Fantasy President picks, debt ceiling agreement, Dollar dominance & more

Storytime with Freeburg

In this section, the speaker tells a story about an argument he had with a bouncer at a club in Las Vegas over bringing food inside.

Argument with Bouncer

• The speaker and his friend Freeburg were waiting in line to go to The Encore Beach Club to see Kaigo and Kygo.

• The bouncer told the speaker that no food was allowed in the club, but the speaker argued that it was just a bag of pistachios for personal consumption.

• Freeburg took a stand and refused to enter the club after the bouncer confiscated his pistachios.

• The speaker fell in love with Freeburg's carefree attitude during their weekend together in Las Vegas.

Delilah Joint Restaurant

In this section, the speaker gives a shoutout to Delilah Joint restaurant and comments on its loud atmosphere.

Delilah Joint Restaurant

• The speaker praises Delilah Joint as one of the best new restaurants he has been to recently.

• He comments that it was too loud for his liking and wishes they would lower the volume by one notch.

Weekend in Vegas

In this section, the speakers discuss their recent trip to Las Vegas where they played cards and had fun.

Playing Craps

• The speaker talks about how he got into playing craps during their weekend trip.

• He describes how exciting it is when you hit hard ways or feature bets while playing craps.

• The table went crazy when the speaker hit Aces for the max bet.

Political Giving

In this section, the speakers discuss the press coverage of David Sacks' political giving and his donation strategy.

Donating to Both Sides

• The speaker explains that he supports RFK Jr. for the Democratic party nomination and Ron DeSantis on the Republican side.

• He clarifies that he has already explained his political giving strategy on previous podcasts and puts his money where his mouth is.

Trump DeSantis and Biden Kennedy Races

In this section, the speaker discusses the current political races between Trump and DeSantis, as well as Biden and Kennedy. The speaker also mentions an upcoming event for Bobby Kennedy that he and Chamoth are hosting.

Concerns about Joe Biden's Mental Acuity

• The speaker expresses concern about Joe Biden's mental acuity.

• He believes it is important for the American public to have a chance to re-underwrite his mental acuity.

• The fairest way to do that is to have a candidate who can be on the debate stage with him and go toe-to-toe on critical issues.

• This will allow the American electorate to decide for themselves where this issue lands.

Shadow Government Running the Country

• The speaker mentions a sensation that there's a shadow government running the country.

• He believes it is important to acknowledge that other presidents have typically seen turnover in the highest ranks of government every two years or so.

• There has been incredible consistency in this administration, which could lead to more vibrancy in government.

Importance of Presidential Mental Acuity

• The speaker emphasizes how important it is for the American public to know whether Joe Biden is mentally sharp enough for another four years in office.

• He worries that there may be people running the government who were not elected by anyone.

• He supports Bobby Kennedy partly because someone needs to put Joe Biden's mental acuity construct to test.

Lack of Direct Communication from Joe Biden

• The speaker notes that Joe Biden has had very few news conferences, which fuels perception of cognitive decline.

• Republicans love making images of him confused on stage, but it's unclear if those are being selectively edited or not.

• If Joe Biden doesn't debate anybody, we won't be able to take the cognitive measure by seeing how quick he is on his feet.

• The speaker finds it truly scary that if Joe Biden can't make it through debates or news conferences, then who is running the country?

Global Instability and Concerns about Biden's Fitness

In this section, the speakers discuss global instability and express concerns about Joe Biden's fitness to be president.

Escalating Global Instability

• The situation between Kosovo and Serbia is escalating, leading to concerns about a potential European land war.

Concerns About Biden's Fitness

• The speakers argue that it is important for the President of the United States to be on top of their game.

• They compare the demands placed on NBA players to those placed on the President, noting that NBA players are measured in every dimension of their lives.

• They criticize MSNBC for giving Joe Biden interview questions in advance.

• They note that Trump was not given questions in advance during press conferences.

• They express concern about a lack of turnover in the White House and want assurance that Biden is making decisions day-to-day rather than being controlled by a shadow government.

Importance of Debates

• The speakers argue that it is important for Joe Biden to participate in debates so that voters can see him live on stage and assess his fitness for office.

• They criticize the Democratic party for not wanting to hold debates and suggest that ignoring candidates like Bobby Kennedy could do real damage to the party.

Health Perspective

• The speakers note that from a health perspective, Joe Biden has some advantages such as being a teetotaler his whole life which may help him avoid health issues associated with aging.

Jamie Dimon for President?

In this section, the speaker discusses the possibility of Jamie Dimon running for president and ranks him among other potential candidates.

Potential Presidential Candidates

• The speaker suggests that cognitive tests should be required for presidential candidates.

• The media's job is to be fundamentally antagonistic with people in power, not to cooperate with them.

• JPMorgan Chase CEO Jamie Dimon has hinted at running for office. Bill Ackman tweeted his support for Diamond running as a Dem against Biden.

• Diamond is politically centrist, pro-business, and supportive of well-designed social programs and rational tax policies. He is highly respected by right, left, and center.

• The speaker ranks Trump, DeSantis, Biden, and Dimon as potential candidates. He ranks Dimon first followed by DeSantis. Trump and Biden are tied.

Changing the Constitution

In this section, the speaker discusses changing the Constitution to allow people who have been in the country for 25+ years to run for president.

Allowing Long-Term Residents to Run for President

• The speaker suggests changing the Constitution so that people who have been in the country for 25+ years can run for president.

• Citizen journalism could help chip away at how establishment picks candidates over time.

• Two-thirds of Americans say they are uninspired by having a repeat of the same choice as four years ago.

Fantasy Drafting Presidential Candidates

In this section, the speaker discusses the idea of "fantasy drafting" presidential candidates and why it may not be effective.

The Problem with Fantasy Drafting

• In order to win the presidency, a candidate must get the nomination of a major party.

• Drafting people who are anathema to the party they are trying to get nominated from is problematic.

• Bloomberg spent $100 million on his campaign but was unable to get the Democratic Party's nomination.

Banking Crisis and Presidential Candidates

In this section, the speakers discuss the ongoing banking crisis and the possibility of a banker running for president. They also touch on the idea of allowing non-nationals to run for president.

Possibility of a Banker Running for President

• The speakers discuss the possibility of a banker running for president.

• They mention Ross Perot's 19% popular vote in the past and how it is not unprecedented.

• One speaker suggests drafting Jamie Dimon as an independent candidate.

• The other speaker notes that there is no movement to draft him.

Allowing Non-Nationals to Run for President

• The speakers discuss whether non-nationals should be allowed to run for president.

• One speaker argues that if someone has lived in America for most of their life and contributed significantly, they should be able to run regardless of where they were born.

• The other speaker notes that changing the Constitution would be difficult but suggests he would rather have a balanced budget amendment or line-item veto power.

Competence of Potential Presidential Candidates

• The speakers discuss who would be the most competent person to run the country right now.

• One speaker suggests DeSantis as being more competent than Jamie Dimon.

Ron DeSantis vs Donald Trump

In this section, the speakers discuss Ron DeSantis and his qualifications compared to Donald Trump. They also touch on Trump's performance as president during the COVID-19 pandemic.

Qualifications of Ron DeSantis

• Florida's economy was great under DeSantis' leadership.

• Being tested in a political realm is an important qualification for being effective politically.

• Trump had no political experience before becoming president.

Trump's Performance During COVID-19 Pandemic

• The country is in a mess because we keep listening to fake experts who are wrong about everything, including COVID-19.

• The speakers disagree on whether or not Trump did a good job as president during the pandemic.

• One of Trump's Achilles heels was that he listened to Fauci too much during the pandemic.

Debt Ceiling Agreement and U.S. Debt

In this section, the speakers discuss the debt ceiling agreement passed by the House and its potential impact on U.S. debt.

Debt Ceiling Agreement Highlights

• The House overwhelmingly passed the debt ceiling agreement.

• The bill would reduce budget deficits by 1.5 trillion over the next decade.

• Some Republicans think that the spending didn't go far enough.

U.S. Debt Statistics

• The national debt is getting close to 32 trillion dollars.

• Interest payments on debt cause more debt, leading to an insurmountable tipping point.

• The government accountability office provides an outlook on the fiscal condition of the federal government.

The Impact of Interest Payments on the Federal Debt

In this section, the speaker discusses how interest payments on the federal debt are hindering the government's ability to fund programs such as Social Security and Medicare.

Interest Payments vs. Defense Spending

• The federal government is spending more on interest payments on the federal debt than they are on National Defense.

• This trend threatens our ability to fund major cost outlays for the federal government, including social security and medicare.

Debt Deal Cuts

• The recent debt deal cuts 2.1 trillion dollars in spending over six years, which is a five percent impact to start.

• While it is progress, chipping away at spending doesn't quite get us there.

Refinancing and Long-Term Solutions

• The speaker suggests refinancing the debt on a long arc (50-year or 100-year bond).

• To provide necessary fiscal security for the federal government, bipartisan unity around reducing overall debt and interest payment obligations is needed.

Interest Rates and Government Debt

In this section, the speaker discusses interest rates and government debt. He explains that when interest rates were close to zero, countries could have charged negative interest rates. He also talks about how foreign governments are becoming less interested in holding US treasuries.

Interest Rates Close to Zero

• When interest rates were close to zero, countries could have charged negative interest rates.

• This is because they would have effectively been charging third world developing countries and even First World countries that wanted a protective mechanism against currency volatility.

• Today, you can get BOJ debt that's negative yielding.

Foreign Governments and US Treasuries

• Foreign governments are becoming less interested in holding US treasuries.

• This is demonstrated by looking at the foreign reserves of these countries or sovereigns.

• The anchor currency for governments and central banks has been, will be, and will likely be in the future the United States dollar.

Cutting Revenue vs. Cutting Expenses

In this section, the speaker discusses whether it's better to cut revenue or expenses. He argues that cutting revenue is simpler because politicians cannot cut expenses.

Cutting Revenue vs. Cutting Expenses

• The speaker advocates for cutting revenue because he thinks it's the simplest way to force people since he doesn't think it's possible for politicians to cut expenses.

• The next time they go through these machinations and all this theater around a debt ceiling they'll just have less revenue to play with.

• Meanwhile, he thinks you have to take these 24 or 30 trillion dollars and refinance them well out into the future.

Long Tail Sigma Events

In this section, the speaker talks about long tail sigma events and why he doesn't spend time thinking about them.

Long Tail Sigma Events

• The speaker doesn't give an iota of breath to a long tail five sigma outcome because it's a waste of time.

• It occupies his mind share which takes away from him figuring out how to make money and win on the field today.

• He tries to think about the belly of the probable and compartmentalize these dumb long tail sigma events because it distracts him from making money and winning.

Status of US Treasuries

In this section, the speaker discusses the status of US treasuries. He talks about how total foreign treasury holdings as a percentage of marketable Treasury securities have gone down since 2008-2009.

Total Foreign Treasury Holdings

• Total foreign treasury holdings as percent of marketable Treasury securities have gone down from mid 50s to low 30s since 2008-2009.

The Global Economy and De-Dollarization

In this section, the speaker discusses the relationship between China and the United States during the unipolar moment. He explains how China would sell goods to the US, take those dollars, and use them to buy raw materials like energy. He also talks about how China would take their surplus dollars and buy US assets mainly US treasuries.

The Trading Relationship with China

• During the unipolar moment, China sold goods to the US, had huge trade surpluses, took those dollars and used them to buy raw materials like energy.

• Instead of repatriating at home, they converted that money into RMB and brought it home. They bought U.S assets mainly U.S treasuries.

• A huge part of that trade surplus was used to finance U.S deficits in debt.

De-Dollarization

• China is trying not to do its business in dollars if they don't have to. They are already trying to do as many transactions as they can buying oil for example or energy in RMB.

• Gradually, Brics countries are trying to create a trading block that is not dependent on the US dollar.

• However, it's not going to happen because China is in a demographic time bomb that will dominate everything else.

The Future of De-Dollarization

In this section, the speaker continues discussing de-dollarization. He mentions how headlines about BRICS countries getting together and starting to transact in currencies other than dollars are cherry-picked. He also talks about how China is trying to create a trading block that is not dependent on the US dollar.

De-Dollarization and BRICS Countries

• Headlines about BRICS countries getting together and starting to transact in currencies other than dollars are cherry-picked.

• China and the BRICS countries more generally are trying to create a trading block that is not dependent on the US dollar gradually.

The Future of De-Dollarization

• It's not going to happen because China is in a demographic time bomb that will dominate everything else.

• Saudi UAE and the entire voting Block in the Middle East are shipping their money West, not East.

China's Problems and the Trend of Diversifying off the Dollar

In this section, the speakers discuss China's problems and the trend of diversifying off the dollar. They also debate whether China is trying to do as many transactions as possible off of the dollar.

China's Problems

• China has real problems such as demographic problems, banking system issues, and a real estate bubble.

• The leadership in China is turning away from capitalism that got them to this point.

• China does not want to hold treasuries like they did 10 or 15 years ago.

Trend of Diversifying off the Dollar

• There is a major trend in the world right now where countries are looking to diversify off of the dollar.

• The BRICS countries (Brazil, Russia, India, China, South Africa), Saudi Arabia, and other countries are trying to do as many transactions as they can off of the dollar.

• Even if you settle a trade in Yuan, it is still pegged to the US dollar. To decouple from it, you first have to let this currency free float.

Middle East Cash and Westernization

In this section, speakers discuss how Middle East cash is being invested in western technology. They also talk about how there has been a giant realignment with Middle Eastern countries becoming more westernized.

Middle East Cash

• The Middle East has a lot of cash that they want to put towards investing in western technology.

• If they decide what to do with their cash, they will appease China to have a solid relationship to ship oil there.

• The Middle East is becoming westernized and moving towards being an investor in the West in technology.

Realignment

• There has been a giant realignment with Middle Eastern countries becoming more westernized and being accepted in the West.

• The Chinese just negotiated or approached law between Saudi Arabia and Iran.

The Role of the US Dollar in Global Trade

In this section, the speaker discusses how the US dollar is a dominant currency in global trade and how it has been weaponized by the United States.

The Saudi Real and China's Currency Market

• The Saudi real is pegged to the US dollar since the mid-80s.

• China's currency market is opaque and manipulated, with a fixed dollar-yuan spread.

• Both currencies are proxies for the US dollar.

Geopolitical Implications

• The US has imposed sanctions on over 40 countries, including freezing foreign reserves and seizing property of oligarchs.

• Oligarchs in the Middle East may want to diversify their money away from dollars due to its politicization.

• There is no currency ready to replace the US dollar as a global reserve currency.

Diversification Options

• CIOs may look to diversify their money into gold or other currencies.

• China proposes paying for oil in RMB and allowing countries to buy Chinese products with it.

• Belt and Road loans given by China are serviced in US dollars despite being denominated in yuan.

Multilateral Trade Programs

In this section, speakers discuss Brazil's move towards settling trades in local currencies instead of relying on the US dollar.

Brazil-China Trade Agreements

• Brazil signed $10 billion worth of trade agreements with China that were meant to settle in yuan.

• Brazil plans to start settling trades in local currencies instead of relying on USD.

Multilateral Trade Programs

• Countries globally are moving towards multilateral trade programs where they transact using local currencies instead of USD.

The End of Dollar Dominance

In this section, the speaker discusses how the world is becoming more multipolar and how this affects the dominance of the US dollar.

Multipolarity and Transactions in Multiple Currencies

• Governments and business leaders are open to doing transactions in multiple currencies due to lack of a safe haven.

• Transactions in other currencies are becoming more common, which marks the beginning of the end for dollar dominance.

• The rise of trade blocks with multi-polarity is leading to a decrease in global free trade.

Economic Status of the US

• The US has an extraordinary deficit and debt spiral problem that makes other countries protective of their currencies and assets.

• The economic status of the US is declining due to its spending habits and federal government operations.

Weaponizing the Dollar

• The US is weaponizing its financial system by imposing sanctions, engaging in geopolitical fights, and weaponizing Swift.

• This contradicts with running massive deficits and debts as it makes it difficult for debt holders to participate.

Need for Bipartisan Recognition

• There needs to be bipartisan recognition that this issue is severe enough to require solving.

• Fiscal affairs need to be put in order before social or policy issues can be addressed.

Conclusion

• While it may not be the end of dollar dominance yet, there is no doubt that we are moving towards a more multipolar world.

The US is Winning in Innovation

In this section, the speakers discuss how the US is winning in innovation and entrepreneurship despite its problems with government spending and culture wars.

The US's Winning Position

• The Middle East is investing capital in the West in space energy cars AI chips basic materials batteries.

• The US is currently in a winning position as a country.

• Despite problems with government spending and culture wars, the US is winning on almost every dimension.

Problems with Government Spending

• The federal government has unsustainable fiscal deficits.

• Adding two trillion to the debt in peace time a year makes no sense.

• We need to get spending under control.

Differences between Federal Government and Innovation

• There's a difference between the federal government and U.S. innovation.

• The federal government spends money that it doesn't have, while U.S. innovation dominates electronics, chips, biotech, etc.

• U.S. dominance in entrepreneurship will pull us out of our current situation.

Late Stage Empire Behavior

• The United States is behaving like a late stage empire separate from the system that got us here.

• We have unsustainable fiscal deficits, an uncontrolled Southern border, cities are declining, hundreds of thousands of people living on streets making us look like a third world country.

• We're meddling in countries all over the world engaging in wars or proxy wars.

China's Demographic Problem

• China has a huge demographic problem that will diminish them economically due to zero immigration and no solution for it.

• Europe isn't doing well either; India is firing on all cylinders but still needs infrastructure to scale up.

Cutting Politicians' Revenues

The speaker believes that politicians are incapable of cutting expenses and suggests cutting their revenues instead.

Cutting Politicians' Revenues

• The speaker believes that politicians are unable to cut expenses.

• Instead, the speaker suggests cutting politicians' revenues.

Book Banning and Cultural Wars

This section discusses book banning and cultural wars.

Nuances of Book Banning

• Books are not exactly being banned; it's a much more granular and nuanced issue.

• A bill was passed in Florida stating that parents should get to see what's being put into classrooms.

• Each school district makes its own decisions about what is put in the school library, which can lead to different constituents banning books that maybe shouldn't be banned.

• Parents can buy any book they want for their kids in Florida.

Removing Classic Books from Curriculum

• Important classic books like "To Kill a Mockingbird" or "Huck Finn" are being removed from the curriculum for political reasons, mainly in California.

• Some books are being accused of being racist even though the whole point of those books is to call out racism.

• There are instances of books that shouldn't be banned being banned and instances of books that we'd all agree on but it is not exactly book banning.

Rewriting Books Posthumously

• Ian Fleming's James Bond books and Roald Dahl's books are being posthumously edited because they're accused of sexism or other issues.

• Books are literally being rewritten in a way that their authors never intended, which is positively Orwellian.

End of US Dollar as Global Reserve?

This section discusses whether the US dollar will remain the global reserve currency.

End of US Dollar as Global Reserve?

• The speaker predicts that if the Saudi-China trade happens and oil is sold in one currency, it's the beginning of the end of the assumption that the US dollar is a global reserve.

• The speaker believes that if this happens, it will be the end of the US dollar as a global reserve.

• Another person disagrees and thinks that the US dollar will remain the global reserve for our lifetime.

DeSantis Book Banning Hoax

This section discusses a hoax about book banning in Florida.

DeSantis Book Banning Hoax

• A story was going around that there was a book of poetry being banned in Florida by DeSantis.

• As it turns out, this decision was made at individual schools' levels and not by DeSantis himself.

• The book of poetry was moved from an elementary school library to a middle school library.

Parents' Rights to Determine School Curriculum

In this section, the speakers discuss the ongoing debate about parents' rights to determine what their children are exposed to in school libraries. They also touch on the issue of censorship and the removal of certain books from school curriculums.

Parents' Right to Decide What's in School Libraries

• Parents have the right to decide what their children are exposed to in school libraries.

• Some books by people of color and critical race theory books have been banned, but so have other books like James Bond novels.

• Allowing parents a say in their schools may be slightly imperfect, but it is better than allowing government bureaucrats to dictate what kids can see or access.

Censorship vs Parental Rights

• While there is no censorship going on, some argue that there is censorship happening as government bureaucrats try to dictate what kids can see or access.

• Removing certain books from school curriculums does not necessarily mean censorship; rather, it allows for parental rights and local control over education.

Importance of Classic Literature

• Some classic literature has been removed from school curriculums due to offensive language or themes, such as Lord of the Flies being removed because of its labeling of a character as "fat piggy." However, these books are still important and impactful for students.

• It is better for classic literature like Lord of the Flies to be removed from a library than edited because editing changes the author's original intent and can lead to mind control.

Nvidia's Grace Hopper Superchip

In this section, the speakers discuss Nvidia's new GPU CPU Superchip called Grace Hopper and its potential impact on the tech industry.

Nvidia's New Superchip

• Nvidia has unveiled a new GPU CPU Superchip called Grace Hopper, which is essentially a massive system on chip that includes a GPU, CPU, memory, and interconnects.

• The Grace Hopper design includes 72 ARM newer version V2 CPU cores and can deliver up to 370 score on a spec crate 2017 in base.

Potential Impact on Tech Industry

• Nvidia's move towards vertical integration with the Grace Hopper design could create an absolute monopoly in the tech industry.

• If these rigs become the most capable for learning and have their SDK Cuda as the de facto software layer for writing to them, it could lead to lock-in for hyperscalers like Amazon, Google, and Microsoft.

Nvidia's Dominance in AI Hardware

In this section, the speakers discuss Nvidia's dominance in the AI hardware market and the potential for competitors to challenge their monopoly.

Nvidia's Monopoly in AI Hardware

• Nvidia is currently dominating the AI hardware market, with no other company coming close to challenging their position.

• The price-to-earnings ratio of Nvidia is yielding at around 2-2.5%, which is less than half of a typical two-year bond.

• In order to maintain such a low yield, Nvidia needs to continue generating massive profits. However, this could lead to competitors trying to take some of that profit away from them.

• If AMD, Facebook, Google, Microsoft and Amazon don't announce something substantive within the next two quarters, there's a good chance that Nvidia will run away with the market.

Competitors Challenging Nvidia

• While some believe that Nvidia will continue its dominance in the market due to its importance, others think that it would be derelict of these hyperscalers to just give the whole market to them.

• Vendor diversity is important for everyone except for Nvidia and its shareholders. Therefore, it is expected that other companies will start taking action within the next two quarters.

• Lisa Sue needs to act decisively here and build something or buy something if AMD wants to compete with Nvidia in this space.

Efficiency Improvements in Language Models

In this section, the speakers discuss efficiency improvements in language models and how they could impact demand for GPUs.

Efficiency Improvements

• There are massive inefficiencies in language models, and people are making narrower models that take less GPU but get better results.

• The atomization of these models is happening even faster than before. What took $2-3 million last year now takes $200,000 due to software improvements and code improvements.

• People are starting to build cloud-independent models so that they can run inference on small machines cheaply and quickly. This could change the applications for AI technology.

Conclusion

In this section, the speakers conclude their discussion by talking about how demand for AI technology will continue to grow non-linearly.

Demand for AI Technology

• As performance improves and cost declines, there will be new ways to apply this technology.

• Demand for AI technology is only going to go non-linear as time goes on.

Political Candidates and Waves

In this section, the speakers discuss political candidates and waves in both the left and right blocks. They also talk about establishment candidates and their influence on the outcome of elections.

Potential Democratic Candidates

• The speakers discuss potential Democratic candidates if Biden drops out of the race. RFK Jr is mentioned as a preferred candidate by one speaker.

• If Biden drops out, there may be a flood of establishment Democrat candidates in the race such as Newsom, JB Pritzker, or Harris.

• There is a sentiment among voters in both left and right blocks that they do not fundamentally like these establishment candidates.

Outsiders Have a Chance

• The speakers believe that more outsiders have a chance through the nomination process to get into politics.

• However, they also mention that the military party may stop it from happening since they shut down Bernie Sanders during his run against Hillary Clinton.

Trump Voters

• Being seen as a coastal elite drives out Trump voters in a massive way.

• One speaker predicted over a year ago that the 2024 election would be between Newsome and DeSantis with a 10 to 20 percent chance of it happening.

Joe Manchin and RFK Jr

In this section, the speakers discuss Joe Manchin's potential candidacy for president. They also talk about why one speaker likes RFK Jr as a candidate.

Joe Manchin

• One speaker mentions having had dinner with Joe Manchin recently and describes him as charming.

• When asked if he would jump into politics if Biden wasn't running, another speaker says he thinks he's fabulous but doesn't want to speculate further.

Why RFK Jr?

• One speaker likes RFK Jr because he deviates from democratic party orthodoxies in favor of free speech, civil liberties, and against the massive surveillance state.

• RFK Jr also wants to end all the crazy wars and understands the situation in Ukraine deeply.

Jared Kushner on Ukraine and Foreign Policy

In this section, Joe Rogan discusses Jared Kushner's understanding of the situation in Ukraine and his foreign policy views.

Jared Kushner's Understanding of Ukraine

• Eight months ago, Jared Kushner discussed the situation in Ukraine with Trump.

• Bringing Ukraine into NATO was a red line for Russia, so they armed Ukraine but were careful not to make any statements about it.

• Jared understood the situation better than most foreign policy elites who don't understand how their actions could be perceived as provocative by the other side.

Biden's Foreign Policy

• Biden has alienated the Saudis so much that they've gone to China.

• Meeting with foreign leaders is not a reward or endorsement of their actions; it's an opportunity to build common ground and make progress.

• Joe Rogan believes in meeting with as many people as possible as often as possible to avoid going to war.

All-In Summit Speaker Lineup

• Joe Rogan quickly goes through a list of speakers at the upcoming All-In Summit.