Peter Thiel

It's inelastic enough that you're actually able to increase the revenues. I mean this is sort of the – The crazy thing about California is there's always sort of a right-wing or libertarian critique of California that it's such a ridiculous place. It should just collapse under its own ridiculousness. it doesn't quite happen. The macroeconomics on it are pretty good.

It's inelastic enough that you're actually able to increase the revenues. I mean this is sort of the – The crazy thing about California is there's always sort of a right-wing or libertarian critique of California that it's such a ridiculous place. It should just collapse under its own ridiculousness. it doesn't quite happen. The macroeconomics on it are pretty good.

40 million people, the GDP is around 4 trillion. It's about the same as Germany with 80 million or Japan with 125 million. Japan has three times the population of California. Same GDP means one third the per capita GDP. So there's some level on which California as a whole is working, even though it doesn't work from a governance point of view, it doesn't work for a lot of the people who live there.

40 million people, the GDP is around 4 trillion. It's about the same as Germany with 80 million or Japan with 125 million. Japan has three times the population of California. Same GDP means one third the per capita GDP. So there's some level on which California as a whole is working, even though it doesn't work from a governance point of view, it doesn't work for a lot of the people who live there.

40 million people, the GDP is around 4 trillion. It's about the same as Germany with 80 million or Japan with 125 million. Japan has three times the population of California. Same GDP means one third the per capita GDP. So there's some level on which California as a whole is working, even though it doesn't work from a governance point of view, it doesn't work for a lot of the people who live there.

And the rough model I have for how to think of California is that it's kind of like Saudi Arabia. And you have a crazy religion, wokeism in California, Wahhabism in Saudi Arabia. You know, not that many people believe it, but it distorts everything. And then you have like oil fields in Saudi Arabia, and you have the big tech companies in California. And the oil pays for everything.

And the rough model I have for how to think of California is that it's kind of like Saudi Arabia. And you have a crazy religion, wokeism in California, Wahhabism in Saudi Arabia. You know, not that many people believe it, but it distorts everything. And then you have like oil fields in Saudi Arabia, and you have the big tech companies in California. And the oil pays for everything.

And the rough model I have for how to think of California is that it's kind of like Saudi Arabia. And you have a crazy religion, wokeism in California, Wahhabism in Saudi Arabia. You know, not that many people believe it, but it distorts everything. And then you have like oil fields in Saudi Arabia, and you have the big tech companies in California. And the oil pays for everything.

And then you have a completely bloated, inefficient government sector. And you have sort of all sorts of distortions in the real estate market where people also make lots of money. And sort of the government and real estate are ways you redistribute the oil wealth or the – the big tech money in California.

And then you have a completely bloated, inefficient government sector. And you have sort of all sorts of distortions in the real estate market where people also make lots of money. And sort of the government and real estate are ways you redistribute the oil wealth or the – the big tech money in California.

And then you have a completely bloated, inefficient government sector. And you have sort of all sorts of distortions in the real estate market where people also make lots of money. And sort of the government and real estate are ways you redistribute the oil wealth or the – the big tech money in California.

And it's not the way you might want to design a system from scratch, but it's pretty stable. People have been saying Saudi Arabia is ridiculous. It's going to collapse any year now. They've been saying that for 40 or 50 years. But if you have a giant oil field, you can pay for a lot of ridiculousness. I think that's the way you have to think of California.

And it's not the way you might want to design a system from scratch, but it's pretty stable. People have been saying Saudi Arabia is ridiculous. It's going to collapse any year now. They've been saying that for 40 or 50 years. But if you have a giant oil field, you can pay for a lot of ridiculousness. I think that's the way you have to think of California.

And it's not the way you might want to design a system from scratch, but it's pretty stable. People have been saying Saudi Arabia is ridiculous. It's going to collapse any year now. They've been saying that for 40 or 50 years. But if you have a giant oil field, you can pay for a lot of ridiculousness. I think that's the way you have to think of California.

Well, the other thing is you're also- There are things about it that are ridiculous, but there's something about it that, you know, it doesn't naturally self-destruct overnight.

Well, the other thing is you're also- There are things about it that are ridiculous, but there's something about it that, you know, it doesn't naturally self-destruct overnight.

Well, the other thing is you're also- There are things about it that are ridiculous, but there's something about it that, you know, it doesn't naturally self-destruct overnight.

I think it's something like four of the eight or nine companies with market capitalizations over a trillion dollars are based in California.

I think it's something like four of the eight or nine companies with market capitalizations over a trillion dollars are based in California.

I think it's something like four of the eight or nine companies with market capitalizations over a trillion dollars are based in California.