UAE Quits OPEC + Trump & King Charles | PBD #787
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What is discussed at the start of this section?
Adam, what's your point?
The future looks bright. My handshake is better than anything I ever signed, right here.
You are a one of one? My son's right there. I don't think I've ever said this before. We don't want to be a grandpa this early. Anyways, good morning. We have some special people here with us. We have Brandon Aceto. We have Jeff Snyder. And then we have, allegedly, he's called a grumpy economist. And that was the title of a sub stack that was given to him by his kids. So who knows him better? But we have the great John Cochran here with us. Thank you for making the time for being here.
Thanks. Pleasure.
Also has four kids. You know, it's special about having four kids. Jeff, how many kids you got? Three. Three? Okay, good. Three is good because we got to be above 2.1. Yeah. But we got to be, right? As long as we're above 2.1, we're good. But we got a lot of stuff to talk about. I mean, yesterday there were shots being taken about the French language that we were supposed to speak French or, you know, because of... America, Trump made some comments about King Charles, then there were some moments where Trump brought the revolutionary. I mean, you have to see some of the things that... There was so much lobbying and gamification and, you know, posturing going on. It was great for TV. And then we saw a very, very special, monumental, emotional moment when we saw the House, Congress, Democrats getting up for a king.
And it was such a great moment that... that no King's protest went out very quickly, where they stood up for a King that quickly. They were so enamored by King. Special moment. Then on top of that, you have this place, John, I don't know if you follow it or not, this place called UAE. They're kind of a big deal, okay? And they sell a lot of oil. They would like to sell more. Right now they sell about 3.5 to 5 million barrels a day. They don't want the limitations. They want to dictate their own prices. They decided to leave OPEC And I think the day is going to be May 1st, if I'm not mistaken. So there's a lot of talks. They're not the first to leave. It's happened before. Qatar left in 2019. I think Ecuador left in 2022.
Angola left in 2024. Indonesia, I think, left, came back, left. They're kind of left now on what they're going to be doing. There's 13 members or something. And some people are saying, well, wait a minute, what does this have to do with NATO? Is this like the season two leave? Can somebody leave? Is that possible? Who knows? We'll talk about that. What is it going to do to oil prices? I know you have a lot of strong opinions on that as a senior fellow yourself at the Hoover Institute at Stanford. And at the same time, you were a former top professor, finance professor at University of Chicago Booth. And being in Stanford, the reason why that's important is because You're in an area where all these people want to tax these billionaires.
I don't know what they're trying to tax these billionaires. And they got one and a half million signatures yesterday, Snyder. It's not a tax. It's not a tax. That's what they're calling it.
But they're saying it's tax. They're saying. Well, they can call it whatever they want. It's a tax. What did Sergey Brin say? It's socialism.
But why wouldn't you want to help these poor people out? Don't you think these politicians can make better decisions than free market? No. Do you not trust politicians more than free market entrepreneurs?
Well, they're lying right now, right? The whole point of the tax is we can't afford health care unless we tax billionaires. See, so John is supposed to be the grumpy economist, but today it's Snyder.
So Snyder took it over today. Well, he's got me all fired up. All right, this is good. We're already starting off on a good note.
Working as intended. They're going to lose money, and they're going to get rid of the evil billionaires. Purify the state of California.
How does that make – I want to hear from you because I want to know what people are saying there. I want to know what not billionaires are saying, what millionaires and average people are saying where you're at.
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Chapters
8 chapters
1
What is discussed at the start of this section?
0:01–4:31
2
What are the implications of UAE leaving OPEC?
4:31–5:42
3
How does Trump's stance affect NATO discussions?
5:42–14:16
4
What are the potential outcomes of the Iran negotiations?
14:16–1:01:10
5
How do economic conditions lead to regime collapse?
1:01:10–1:01:24
6
What role do uprisings play in political change?
1:01:24–1:01:34
7
How does the U.S. economy compare to global economic challenges?
1:01:34–1:02:38
8
What are the implications of the California billionaire tax?
1:02:38–2:04:36
Speakers
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