Jonathan V. Last

And this is the insanity of the Trump administration. Even I hate to take it seriously because none of it deserves to being taken seriously. But the serious version of the tariffs is, well, it is important to American national security to get some certain types of manufacturing bases back in America. This is like the Gretchen Whitmer trying to steel man the thing, right? But to do that.

You need stable, consistent, predictable business environments so that people can make investments. And none of any of this has been stable or predictable. So you can't even steel man this to the degree to make it look rational on any level.

You need stable, consistent, predictable business environments so that people can make investments. And none of any of this has been stable or predictable. So you can't even steel man this to the degree to make it look rational on any level.

You need stable, consistent, predictable business environments so that people can make investments. And none of any of this has been stable or predictable. So you can't even steel man this to the degree to make it look rational on any level.

Tim, do you know who the five largest holders of American debt are?

Tim, do you know who the five largest holders of American debt are?

Tim, do you know who the five largest holders of American debt are?

Japan with $1.1 trillion.

Japan with $1.1 trillion.

Japan with $1.1 trillion.

I prepared for the podcast, Timothy. Japan at $1.1 trillion. China at just under $800 billion. The United Kingdom right behind them at about $720 billion. Then Luxembourg just around $400 billion. And then Canada at about $380 billion. Mark Carney coming to the White House. So we have actively worked to piss off and go to war against four of the five biggest. Well, I guess three or more.

I prepared for the podcast, Timothy. Japan at $1.1 trillion. China at just under $800 billion. The United Kingdom right behind them at about $720 billion. Then Luxembourg just around $400 billion. And then Canada at about $380 billion. Mark Carney coming to the White House. So we have actively worked to piss off and go to war against four of the five biggest. Well, I guess three or more.

I prepared for the podcast, Timothy. Japan at $1.1 trillion. China at just under $800 billion. The United Kingdom right behind them at about $720 billion. Then Luxembourg just around $400 billion. And then Canada at about $380 billion. Mark Carney coming to the White House. So we have actively worked to piss off and go to war against four of the five biggest. Well, I guess three or more.

I'm just saying. Not active, but we have actively gone after Canada by threatening to annex them militarily, China by starting a trade war with them, and Japan by doing all of the trade war stuff that we've done against them. If these countries begin to weaponize that debt by selling off, which would drive the prices down on T-bills, that would create enormous pressure On the American budget.

I'm just saying. Not active, but we have actively gone after Canada by threatening to annex them militarily, China by starting a trade war with them, and Japan by doing all of the trade war stuff that we've done against them. If these countries begin to weaponize that debt by selling off, which would drive the prices down on T-bills, that would create enormous pressure On the American budget.

I'm just saying. Not active, but we have actively gone after Canada by threatening to annex them militarily, China by starting a trade war with them, and Japan by doing all of the trade war stuff that we've done against them. If these countries begin to weaponize that debt by selling off, which would drive the prices down on T-bills, that would create enormous pressure On the American budget.

Because then we would need to sell even more debt because the debt's worth less to finance things. And if that happens, here's me catastrophizing.

Because then we would need to sell even more debt because the debt's worth less to finance things. And if that happens, here's me catastrophizing.

Because then we would need to sell even more debt because the debt's worth less to finance things. And if that happens, here's me catastrophizing.

Those aren't predictions. I'm just telling you what's going to happen, Tim. Donald Trump... What is his move, right? Because we understand now that he runs the economy the way he runs his businesses, basically. Yeah, declare bankruptcy. His move is declaring bankruptcy and to renegotiate his debts. Yeah. And he's already said, like, well, maybe we'd have to renegotiate our debts.