Jason Calacanis

As much as people want to talk about Iran, Iran, Iran, I think as I explained last week, I think this is about China, China, China.

And you have to remember, at the end of this month, he has a pivotal three days with Xi Jinping in China.

This is going to be an absolutely historic convening of the two superpowers,

that run the world, one which is us, we are the established, and one which is China who wants to be re-ascended.

And I would bet dollars to donuts that there is going to be an enormous incentive for Xi to negotiate a grand bargain in those three days and do something historic for himself

And I think that the president will use that if he thinks that it creates leverage.

Chamath, you want to follow up?

All roads lead to China.

I think that you're going to see Xi offer up a grand bargain.

And I think it's up to the president to decide whether he wants to take it and see what he wants to add to it to get something done.

But I just don't see them meeting and coming out with nothing.

I think I see them going in and coming out with something that's historic.

And I think that all of this, Venezuela and Iran together, is all about China.

Because they need him.

They need the oil.

20% of their entire domestic consumption is oil from Venezuela and Iran.

20%, but it's not 20% because it's literally 100% of anything that's feedstock, anything that's transport, cars, buses, planes.

They are in an enormous world of hurt.

Now, they have a strategic petroleum reserve as well, and it's quite robust, but it's not robust enough to sustain five or six months of this.

It's not that robust.