All-In with Chamath, Jason, Sacks & Friedberg
ICE Chaos in Minneapolis, Clawdbot Takeover, Why the Dollar is Dropping
30 Jan 2026
Chapter 1: What were the key highlights from the Davos recap?
All right, everybody, welcome back to the all in podcast, your favorite podcast, podcasters favorite podcast. With me again, the original quartet is here. Shamath Palihapitiya in just an absolutely fabulous winter sweater, January. Looking great. Look at the size of those buttons. Huge buttons. How many rhinos died to provide those buttons?
Zero. How many rhinos?
Zero rhinos.
Chapter 2: What caused the ICE chaos in Minneapolis?
I'm a simple man. I live by simple means. Okay. Beautiful. Beautiful. And... You're Sultan of Science. David Friedberg. What's the background here? Is that a Melancholy and Infinite Sadness background? I'm trying to figure it out.
Jake, we don't talk about my backgrounds. Thank you.
It looks like Melancholy and Infinite Sadness by the double album by the amazing band Smashing Pumpkins. Am I close? Or is it the original artwork of that?
Don't talk about my backgrounds.
You don't talk about your backgrounds. I don't talk about your background. Wow, give me so much... Giving me so much to work with here. Luckily, I have my straight man, my brother in arms, my Davos party crashing partner, David Sachs.
I got you your first invite to something elite and exclusive.
I mean, I got invited to go 25 years ago. They just wanted 50 dimes. But we had a fun time. Yeah, we had a good time. We had a good time. Uh, any, uh, post Davos W E F impressions. We had a lot of interesting meetings. So most of which I don't think we can talk about on air, but, um, yeah, it was, it was an interesting, uh, interesting event.
We were staying in a log cabin that was like 300 years old. The ceilings were like six feet high and the door frames were like five feet high. So bumped our heads a couple of times. Yeah.
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Chapter 3: What were the reactions to the recent deaths in Minneapolis?
It was pretty crazy.
It was brutal.
I mean, yeah.
It looked good on the web. The photos of the place looked amazing.
The Airbnb photos look great.
Yeah. But I think you need to be inside the circle. You need to be inside the thick of it, not driving in every day. But it was a distinctly different Davos. We've mocked Davos here for many years. But this one was a business takeover and a Trump takeover.
Correct.
Chamath, you would have loved it. It was 1.5 days of everybody hand-wringing of what Donald Trump would say when daddy got there. Then for the 75 minutes daddy gave his talk, the entire city shut down. Everybody ran to a television set. Then for the next 1.5 days, everybody talked about what Trump said.
Basically. I think there are two really big differences with Estavas, based on what I heard, because this is the first time I've attended. One is it was much more business-centric. And then second, there were a lot more Americans there, a much bigger American presence. And I think that that owes to the fact that President Trump gave a major speech there.
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Chapter 4: What factors are contributing to the de-dollarization trend?
And he wanted to get President Trump there. And I think he's pushed for them to be a little bit more business centric. And it feels like they're catering a little bit less to kind of boutique European political issues, although that's clearly a big part of it.
I would say in terms of memorable moments, a big one was, I'm only going to talk about this because I think it was publicly reported, otherwise I wouldn't bring it up, but there was this opening night dinner. And so Larry Fink calls on like five people to give little speeches. And the last one he called on was Howard Ludnick, our Secretary of Commerce.
And Howard just goes up there and he just starts dropping truth bombs on them. And again, he said all of this on the record in his remarks at Davos, I think either that day or the next day. So again, I'm not talking out of school.
Chapter 5: What are the implications of the California governor race?
It was all stuff that he said. But basically, he said to like all the Europeans, he said, look, I've been coming here for 30 years and you guys have completely failed. You've wrecked your economies with all this net zero stuff and climate change and energy. And he just started blasting on that. And then all the open border stuff. He really let them have it. I mean, he was really the truth.
And then there was this uncomfortable like rustling in the audience, you know, as he was like gathering steam. And then it's been reported Al Gore started booing at the end. Drunk on chardonnay.
Is that true?
I can't verify that it was Al Gore, but I definitely heard somebody and I think it was Al Gore who was.
It's like the two guys from the Muppets in the balcony, Statler and whoever. Yeah. And it's just like shaking his fist.
Waldorf and Statler. Well, look, I mean.
Yeah, Waldorf and Statler.
This whole climate change thing was Al Gore's big hoax going back to the 90s.
Yeah. Well, didn't he win an Oscar? He won an Oscar, right?
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Chapter 6: How could the California governor race affect future elections?
We're just going to have to band together and create commerce. And we saw China and Canada do a big deal. And I think that's them just trying to say, hey, we have some sovereignty here. We're going to do a partnership with Canada and bring BYD cars in here. And hey, they'll be our big trading partner. So, you know, that's the reaction, I think, on the other side.
but they don't.
They don't what?
They don't have as many degrees of freedom as they think they do, because great powers define the international system, not mid-tier powers. And a bunch of second or third tier powers cannot redefine the international system, even if they band together. And I think at the end of the day, the Europeans, they understand the importance of the United States.
And specifically, they want to keep the US in Europe. I mean, they're desperate to keep NATO together and to keep the US interested And present in Europe. Because just remember, European history, before the Americans were there, it's like hundreds of years of wars and constantly fighting each other. Exactly. Culminating in World War I, World War II, basically the total self-destruction of Europe.
and the most peaceful period they've ever experienced has been post-1945 when the Americans are there as the great pacifier. So they do not want us leaving, and I think they're willing to make large concessions to the U.S. to ensure that we stay there, even though they'll probably grumble about it. But I think that to that end, I think that
what President Trump was saying is, look, you guys got to share in the burden here. We've been paying for this whole thing.
Yeah, no, it makes total sense. And they got their spending up to 3% for NATO, and they're going to go to 5%. So mission accomplished on that.
Yes. And on Greenland, he's like, look, you know, we... That was the best part of the speech.
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