full

Episode 365 - Examining the Entrails

In this episode we discuss:

(00:00) ep 365

(00:33) Introduction

(03:39) Victorian Election

(07:33) 3 Minutes of Sky News

(11:11) Murdoch Failure?

(14:14) Conspiracies

(18:23) Rowan Dean

(21:25) ABC

(23:25) Milton Dick

(26:29) The GGs Wife

(29:02) Jordan Peterson

(29:57) The State of Society

(37:04) Colorado Shooter

(38:51) A Missile into Poland

(42:42) Celebrities

(43:08) Elon Musk

(54:08) Protests in China

(56:30) Chips

(01:55) Venezuela

(01:02:17) Oil Price Cap

(01:05:23) The Plaza Accord

(01:08:26) Exchange Rate

(01:09:38) GDP

(01:12:37) The Yen Appreciates

(01:16:07) GDP Post Plaza Accord

(01:16:26) China Trade Comparison

(01:17:45) Final Thoughts

(01:23:53) Mr Anderson

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Transcript
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We need to talk about ideas, good ones and bad ones.

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We need to learn stuff about the world.

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We need an honest, intelligent, thought provoking, and entertaining

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review of what the hell happened on this planet in the last seven days.

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We need to sit back and listen to the Iron Fist and the Velvet Glove.

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Hello and welcome to your listener.

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Yes, this is a podcast, the Iron Fist and the Velvet Love, and we do it every

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Tuesday night, Brisbane time where we talk about news and politics and sex

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and religion, all the things that you're not supposed to talk about at a dinner.

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Consequently, people are not very good at talking about these topics,

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so we aim to remedy that here on this podcast, which we are live streaming.

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If you're in the chatroom, say hello.

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We'll try and incorporate your messages.

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I'm Trevor aka the Iron Fist with me as always.

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For some reason on your tag, you've got Badge Warrior, but

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he's in fact the tech guy.

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Joe, how are you, Joe?

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I'm good, thanks.

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And I advertised that we would have Scott the Velva Glove on, and he got

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on nice and early in preparation to try and sort out technical issues.

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It just seems that his internet connection in regional Australia McKay.

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Just isn't strong enough.

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Doesn't have the NBN there yet.

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So in the third world country of, yeah, so it's just not gonna work with Scott.

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So sorry for the false advertising in the lead up where you thought Scott

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joining us, but unfortunately just he didn't have enough power in his

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internet to, to meet the requirements.

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And he's Mackay listening to us probably.

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Hello Scott, if you are.

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So anyway look, some people might have stumbled across the podcast this

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time because I, well, on Thursday I'm gonna record a podcast which will

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be released Friday, Saturday, which some international people might hear.

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And if you're one of those international people and you thought you'd check out

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the Iron Fist and Velva Glove and see what I do here, then I just have to say this

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particular episode, we are really gonna talk about a lot of Australian stuff,

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which may not be of interest to you.

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So if you're international and you're not into Australian stuff, go to the

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previous episode, which is episode 360 4.

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Fast forward to the 53rd minute talk about money.

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And in the 59th minute I talk about Japan, Korea, and Taiwan, explaining

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why those countries got ahead when other countries have remained

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developing third world countries.

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How did they get ahead?

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It's quite an interesting, interesting story.

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So if you're one of those people, that's my recommendation.

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Otherwise, stick around for some Australian content because we basically

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we had an election, a state election here in Victoria, and the first part of

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the podcast we're gonna talk about the wash up from that state election, what

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the result means, what we can learn from it, and then we'll be getting into other

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topics related to Ukraine, bombed Poland.

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We've got Elon Musk to talk about protests in China, computer chips, sanctions.

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How that's gonna affect China.

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Taiwan US relations.

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Might poke some fun at Libertarians.

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Have a look at Venezuela with oil prices and we're time permitting

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the Japanese and the Plaza record.

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That's the sort of variety we get.

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And that's where we're heading in the chatroom is Landon.

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Hardbottom.

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Good on you land.

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And so, okay, let's kick off with Victorian election.

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So down Victoria DIC dictated, Dan won pretty much retaining the numbers

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that he had before and dictator dictated Dan won a democratic election.

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How did he that?

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Yes, indeed.

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And all the polls were showing that that would be the likely result.

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But I think we've become so gun shy of polls in recent years, Joe, that we.

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Just don't trust them.

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And you know, if you are pro Dan, you are quite fearful.

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Maybe the polls were correct, but in the end, the polls were, were accurate.

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And given that he won in a landslide last time, the liberals should have

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been able to peg back some seats, but they didn't completely failed.

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And it seemed to be a really pathetic roll up of candidates, just an, a collection

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of oddballs and religious nutts and just no hopes were presented as candidates.

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They had a leader who was uninspiring and offered nothing.

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And it was really a pretty easy run for Dan Andrews just to, what he

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offered was not being Dan Andrews.

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And everyone should have gone for that because, you know, Andrews

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is an O man who forced the poor, poor Victorians into lockdown.

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Yeah.

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So we'll get into that.

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Joe, for anyone wondering there was a party called the Angry Victorians

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party and with 65% of the vote counted, they had attracted 664 votes.

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So this person on Twitter suggests that by the next election they

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won't be the angry Victorians party.

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They'll be the furious.

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No, I think the anti lockdown all moved up here.

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I dunno, there's the cookers, something like 20,000 migrants, interstate migrants

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into Queensland to October 22, I think.

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Mm, yep.

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Yep.

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There's a lot of interstate migration from Sydney as well.

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Mm, yeah.

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Discovering what it's like.

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And even down in Melbourne last week, they had hail, cold snap.

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They turned the heaters back on.

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Joe down there.

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Crazy.

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Why would you live there, Brotman?

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What are you doing down there?

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We had a, a vendor presentation last week and one of the guys had come from Canberra

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and he said, oh, I'm glad to be up here.

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It was, there was snow in the hills around Canberra.

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Yeah.

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So anyway look, what's the takeaway?

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What can we look sort of examining the end trails of this election?

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And really the key feature of the election was the efforts by the

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mainstream media, the Murdoch Press and the Castello nine at work.

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Their efforts to.

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Just a completely biased reporting.

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And so anti Dan that it was, it was comical and laughable their efforts

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to try and paint him as a bad man.

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So that I think was a key feature.

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And it seems a key feature is just liberal party around Australia,

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including the Victorians having no idea of how they have lost connection with

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the average person that they need to.

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We're not far enough, right?

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We need to be further right indeed.

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So dear now I've got here, and I'm sorry to do this to you.

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How much Sky News do you watch Joe?

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Absolutely zero.

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Don't watch tv.

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Yeah.

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You're gonna watch three minutes more than what you normally would.

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Right?

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Look, I think this is instructive because this is a panel discussion

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held before the result was known.

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In the Sky News, there's a labor guy talking about what the issues were.

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A bunch of rabid right?

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Wingers, sky and others who just want to shout him down.

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And I think this is really instructive of where our society has got to.

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This kind of sums up the election in many ways.

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I think.

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So we'll play this one.

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What's the line?

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Let's get back to our panel.

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Stephen Conroy.

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That, that El element to this election.

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Even Andrew, Clint and I were walking after lunch today

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and someone came up to us.

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We've gotta get rid of Andrews and, and so what's your read on that?

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Because people feel much more inclined if they are opposed to him to speak up

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very forcefully against him, wasn't, I think ultimately the quiet Victorian, I

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think Lisa made the point, the majority of Victorians, they did it tough and

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they want to move on, but they supported what was done and it was bipartisan

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for most of it, almost the whole way.

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So there are a large vocal minority that, you know, wants to say Daniel

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Andrews is the devil incarnate.

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But the, is it more vocal than you've seen?

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Probably 10 days, I think when you, you get the sort of daily propaganda

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coming out of some of the media outlet.

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Yeah, you, you just don't, just the media.

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Come on.

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I'm talking mean seriously.

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I'm talking about front page after front page after front page, which

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has been an attempt at a character.

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But you said influence.

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It's completely failed.

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Any, if any of that was half true, why wouldn't have people felt the same way

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about the Western Australian Premier.

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I mean, that's political spending, all night political people who blame the

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media insult the intelligence of voters.

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Steven insult the intelligence of insults to Victorian voters in

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the campaign by the Herald son.

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That has been the insult to Victorian voters.

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Are you saying voters can't make up their own mind?

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They have made up their own mind and they've rejected the, the about

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two steps about car accidents and they're going reject it tonight.

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It's clearly.

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Probably 40% of the population who are very unhappy with Dan Andrews.

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Let's not talk just about the breadth.

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It's the depth of feeling.

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Don't you feel that?

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I mean, that's the real challenge.

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A strong vocal, passionately vocal anti Dan.

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Yeah.

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Yeah, I said that.

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But the vast majority, the majority not the strong vocal minority.

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The majority.

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Majority.

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Maybe not majority.

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We'll find out tonight.

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The quiet Victorians are voting for dance.

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Hang on.

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That's our line.

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You can't steal the quiet.

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I'm sorry.

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The quiet Victorians are voting for Dan have, I think that's right.

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I think that, I mean, John Major was right.

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He was, the labor guy is absolutely spot on with what happened.

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He's living in the real world.

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Those other characters are just in a fantasy land of denial.

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Yeah.

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Between, between Murdoch and the cookers.

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Yep.

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But otherwise, no, just, they're just in complete denial and fantasy land.

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So, you know, one thing I'll take up against what he said was he said

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it was Murdoch press was failed.

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This, this campaign failed.

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And I would say it had a couple of successes.

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Every vote above 5% for the liberals was actually a win.

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Like, same with the last federal election.

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When everyone said, oh, isn't it just shows that Murdoch lost?

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Well, I know with the last, I dunno the Victorian opposition particularly

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well, but I knew the liberal government very well, the Morrison government.

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Mm-hmm.

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. And that more than 5% of the population would vote for him

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was a win for the Murdoch press.

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In that election.

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And I think probably the same here, that why 5%?

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Because there's, cause there's, there's always 5% crazies, like Yeah, yeah.

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But then there's also 30% rusted on liberal voters, maybe 40%.

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Just to pluck a figure.

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I just think that, you know, if, if they were running it properly, certainly in the

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last federal election, you know, nobody except Scott and his mother would've

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voted for the Morrison government.

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So they had a win that way in that it wasn't as bad as it should have been.

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And the second one was, the other part that really wasn't a failure,

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that was a win, was this generation of hate against Dan Andrews.

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I mean, that's what they tried to do, and they did succeed in splitting the

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community at least 70 30 or whatever.

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Where they really did create a vocal minority who were rabid

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in their dislike of Dan Andrews.

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So they succeeded in convincing a certain number, a significant number

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of people to that way of thinking.

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So didn't fail entirely, but part marks for the mainstream media.

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I would say . I I think you are seeing the people who vote liberal every

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time and aren't ever gonna change.

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Yeah.

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I think in terms of success in the sway able voters, probably not.

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Malcolm Turnbull said in a tweet, he said, at the heart of the liberal party defeat

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in the Victorian election is the paradox that in this, the most small l liberal

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state in Australia, the liberal party has been taken over by the hard right.

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and is therefore add odds with the electorate whose support it seeks.

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That's true, that's true of the Australia the liberal party across the country.

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Indeed it is.

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So he says it.

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And look I've got a little bit more Sky News for you in a clip as well.

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Yeah.

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Given the result in their sad faces on instead of Sky News,

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they've become crime news.

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So I'll just find this one here because this has got one of my

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favorites who of course is Rowan Dean.

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So, oh no, actually I think I've got I think I've got this one of Kroger first.

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I'll do, I'll do this one with Kroger because you know, we had this issue

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with the stairs that Dan fell down and the media painting it as some sort of.

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Conspiracy without saying what they thought the story was, but they

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just weren't accepting that he fell down these stairs and hurt himself.

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But they couldn't provide an alternative story.

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The same with the car crash that his wife was involved with when she was driving.

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You know, they kept talking about it without offering some alternative,

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but just waving smoke around and saying, sounds a bit smokey.

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Yes, exactly.

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And Michael Kroger is here in this one.

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He's Michael Kroger is, let me just give you his credentials.

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So former Australian lawyer.

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He was president of the Victorian Liberal Party from 87 to 92 and from

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2015 to 2018, and he's considered a member of the conservative faction.

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So he's, he was the president of the liberal party 2015 to 2018.

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And you'll see in this clip that he's actually.

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Supporting this conspiracy theory in some way or not denying it or, anyway,

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you have a look and be the judge.

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Something improper or illegal running.

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Ongoing stories about two steps.

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Okay.

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Is a joke.

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Yeah.

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There is nothing there.

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No.

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All the crazy.

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And there have been some crazy conspiracy theories being fueled by idiot stories.

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About two steps.

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Okay.

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Inviting people to want believe the crazy conspiracy story.

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Where had Andrew, that's what's been going on.

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Where had been, where had Andrew's been the night before?

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I have no idea.

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Okay.

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I have no idea.

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And no one has ever come forward and suggested anything.

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Why hasn't he?

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You're ready to get, why hasn't he explain what happened?

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The car accident.

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A tragic, no, he didn't.

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A tragic incident.

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Everyone knows what happened.

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Well filly in Michael.

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Cause I don't, well, because the people I've asked lots of the people

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who were there, people were there with Andrews in the night before and not

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refuse to talk about what happened.

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You know, one that

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I told Michael accountable.

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But, you know, this is a, these are conspiracy theories.

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They're absolutely conspiracy theories.

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And, and if you wanna have a look at you know, put aside what happened during the

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pandemic and how media dealt with it.

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I mean, Daniel did stand up off two, two and a half hours.

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I stood there for one of them.

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The question usually stupid and well, let's, they had the opportunity,

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they, half it turned up on the hook.

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But you know, if you have a look since the 1st of November, so if you look at

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the Harold Son's stories that have been negative and conspiratorial against

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Daniel, it's 131 negatives, 16 positives in terms of the lives, seven negatives.

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And 35.

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This isn't any these by complaining, but I'm just saying

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mean and nasty lot.

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They are same.

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These people crazy.

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Great answer to Where was he the night before?

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Was at your mum's

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Ah.

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Cause you know you can't prove otherwise.

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Yeah, yeah.

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Like this is high up former president, the liberal party.

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Where's the shame?

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They've gone completely crazy.

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Just nutts.

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Anyway, that's the state of the liberal party in Victoria.

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Yeah.

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You didn't see the night before.

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Who cares?

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Yeah.

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Is it relevant?

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Mm-hmm.

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according to Laurie Oaks liberal party is starting to look like Jonestown.

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I think that's right.

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So, well as long as they drink the Kool-Aid.

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Yeah.

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Yep.

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So, which apparently is a really good bit of propaganda because it wasn't

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Kool-Aid, it was some other manufacturer.

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Yes, I think that's right.

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And they managed to persuade everyone that it was Kool-Aid and it wasn't.

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Yeah, yeah.

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True.

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Um, see, alright, and I will play, actually I should have played

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this Ryan Dean one as well, just to finish off with crazy clips.

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Yeah, we'll just play a bit of Roween because I've got him here

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and with Rita Benini, I'm really gathering all the crazies for you.

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Here we go.

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They literally had no conservative policies.

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Not even one.

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That's right.

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And that's why they lost.

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That's the whole point.

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If you don't stand for your, what you take Australia.

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Well, they're idiots, aren't they?

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If you were the conservative party in Australia, the party of Mensies, and you

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don't stand for solid conservative values, absolutely for and front, and you are

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gonna lose Peter Dutton, listen and watch.

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You don't, and you'll lose.

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We've seen it in every single election.

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When liberals move to the left, when liberals become liberal light

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or lidos liberals in name only won liberals burning and liberals brag,

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liberals, you will lose Sharma.

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Liberals, you will lose Zimmerman liberals, you will

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lose Wake up liberal party.

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Sit up and go, okay, we want to be a conservative party and kick out.

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Every single member that will not espouse to liberal core liberal values.

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Otherwise you are finished.

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Because no one wants, no one wants a left-leaning liberal work party.

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Nobody thank Who's the idiot?

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Well, not, not one to go Godwin there, but his arm gesturing reminded me

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awfully of Hitler at his rallies.

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So shouty these people on sky.

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So shouty.

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But there you go.

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Like the advice is that the liberal opposition was just not right wing enough.

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Enough.

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Absolutely.

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Peter Dub full of pay attention full of left woke chaos.

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You should be, you should be goose stepping into every press conference

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and you'll win the majority vote.

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Yeah.

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So, you know, I mean, saying it for years that here in Australia we've

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been adopting, the liberal party has been adopting the Republican.

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Playbook the Christians have taken over, contaminated them.

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We've certainly got the media class the same as the crazy sort

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of Fox News and whatever in the us.

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And there was that quote I found you, wasn't there?

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Yeah.

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Barry Goldwater.

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Yes.

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Yeah.

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Where was that one?

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Goldwater I'll play.

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Where he said, mark my word if and when these preachers get

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control, this is from 50 years ago Goldwater said this mark my word.

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If and when these preachers get control of the Republican party and

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they're sure trying to do so, it's gonna be a terrible damn problem.

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Frankly, these people frighten me.

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Politics and governing demand compromise.

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But these Christians believe they're acting in the name of God, so

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they can't and won't compromise.

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I know, I've tried to deal with them.

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So very prescient.

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Yeah.

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It was for 50 years ago.

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Mm-hmm.

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. Indeed.

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He was so, you know, um, abc not much better because the ABC just

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repeats stuff they hear in the other media, which is the burdock media.

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So they'll be criticized for being left leaning.

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Yeah.

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And so you've got saw this tweet.

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It was referring to a Johanna Nicholson, who is a reporter on abc,

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and it just gave the intro of some of her questions to Dan Andrews.

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And some of her questions were, why has your government allowed

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the health system to get so bad?

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Why hasn't it been funded properly?

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Why haven't we seen as much of you.

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Opinion on you in Victoria is personally very divided.

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He's a very leading questions, framing everything in a negative light.

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You wouldn't call them neutral questions in any sense.

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So that's typical of, you know, what we see on the abc.

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Mm-hmm.

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, they're not that much better.

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There we go.

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So that's Victorian election.

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In a nutshell, it looks terrible for liberal party in Victoria and it

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looks terrible for them nationally.

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I was gonna say it's not wa What do you mean?

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It's not wa Well, after the Trancing, the liberals got in wa Yes.

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Victoria's probably breathing a sigh of relief.

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It wasn't as bad.

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Yeah, exactly.

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Yeah.

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So, Ah, it's amazing.

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It's, I still maintain it's the liberal party's heading for a split

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and Christians all maintain control and sort of te like people within the

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party will split off eventually form their own teal party of some sort.

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That's my prediction.

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Um, but the Labor Party has its own Christian Nutts, Joe and I see the

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Rational, rational Society has been very active in trying to get prayers

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in parliament removed in various councils and state parliament and

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obviously the Federal Parliament.

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So I wonder what their chances are in the Federal Parliament

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with the speaker Milton Dick.

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And if you are wondering as well, then after this clip,

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you won't be left wondering.

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I was gonna say, it sounds like it's sexually transmitted infection.

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Milton Dick.

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Yes, it does.

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And here he is at some breakfast or whatever.

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This is the current speaker of the House of Representatives

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in in our federal parliament.

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In times of difficulty and in times of need, God, here's our prayers,

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and particularly during the pandemic where there were people feeling

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isolated, alone, scared, God heard those prayers and guided our nation.

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So it was very important for me as a Christian, but also as a person of

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faith, to make sure that as a leader we never forget who we're representing,

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how we're representing them, and why we're representing them, and

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make sure those prayers are heard.

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We're in a time of great division in the world.

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How do you think that prayer can be a unifying act?

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Well, I think by praying it reminds us or how small we are and just

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how important those prayers are, particularly at this difficult time.

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For the world and some of the challenges that our country is facing, and God

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is the great unifier and you only need to look in this room where you've seen

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people from around the country who've traveled far to join us in prayer today.

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People from different political beliefs and values from across our parliaments and

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Senate to make sure that as a country we unify and make sure that those prayers for

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those in need for those, as the Governor General said, for those who are doing it

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particularly difficult, now more than ever are country needs to be unified and those

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prayers that will be in this room and outside this room and across Australia,

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God will listen and God will provide.

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Thank you very much, speaker.

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Yep.

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Everyone should be unified behind one God, but it has to be the right God.

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This podcast does get depressing at times, doesn't it?

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When we.

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Demonstrate what doesn't do a prayer breakfast, could see a vote in it.

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He's a nonbeliever.

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Well, no, he claims to be Christian, I'm sure.

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Does he?

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I think so.

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I thought, I thought he was a non-believer.

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No, I think he would have a, I thought he just towed the party.

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Lie.

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He wouldn't be as overt as the others, so, oh my goodness me.

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He said, where are the grownups?

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Where are they?

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They're not in the Governor General's house.

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Joe . No.

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We've mentioned before about the Governor General's wife and one of her claim

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to fame was that she reads the Bible while hula hooping in the morning.

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I remember talking about this ages ago, and apparently she's got quite a thing

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for singing at Government house functions.

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So much so that the department of Foreign Affairs now warns all visitors

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to say sorry, but be prepared.

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The Governor General's wife will undoubtedly start a singing session and

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it's just nothing we can do about it.

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You'll probably be asked to sing.

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You Are My Sunshine.

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That's her favorite song.

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Okay, . The thing about you are My Sunshine Joe, is

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that the chorus is lovely.

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Mm-hmm.

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, but the actual verses in you are my sunshine.

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A terrible, very depressing, like psychopathic sort of,

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treatment of, of a, of a partner.

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Like not good at all.

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So she, she avoids those and just repeats the, the chorus endlessly, right?

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So.

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I think might be better.

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Anyway, if you do get your listener an invite to Parliament House for sure.

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This is some of the sort of stuff you'll be treated to.

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We'll meet again when it's over.

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We'll hug.

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Hug and kiss, shake hands.

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We're all in these together, so let's so hand.

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We miss the human touch.

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We like to see our friends.

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The world celebrate when this ends.

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It was very unfair.

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There was no content warning.

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. That's right.

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Yeah.

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I think we're gonna have London vomiting again.

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. Look, it's so good.

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I've got on the soundboard now.

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So in future,

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I just need to pull that out.

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It could be useful.

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It's depressing anyway.

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At least her husband's doing a good job.

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I mean, it's not like he's swearing in Scott Morrison on multiple

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ministries and not telling anybody.

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No.

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Oops.

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Yeah.

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So, still on federal Parliament, they had a visitor this week.

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Jordan Peterson, great man.

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Spoke to the usual suspects, Scotty, Matt Canavan, all the people you could imagine

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or basically liberal and national party.

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Complete nutts and had them entranced.

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So that was Jordan Peterson in our national par.

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And they were just lapping it up.

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And good luck to anybody who thinks that the liberal party is turning

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around in a direction they need to, they're just going harder.

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They also spout nonsense and like the sound of their own voice.

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So Yeah.

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Makes sense that he fits in with them.

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Yeah.

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And he's got a bit of a preacher sort of style to him as well.

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Yeah.

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So, so yeah, that was, that was federal parliament.

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I wrote you some thoughts on the state of our, of where we're at.

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Bit of a summary.

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I'll run through it.

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We have allowed psychopaths to take control of our vital institutions.

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Anthony Albanese is not a psychopath, but he is not in control.

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He wants to get rid of the tax breaks for the rich, but he can't,

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he doesn't want Australia to send submarines into the South China

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Sea to launch missiles of China.

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That is what his government is trying to buy.

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He can't control the military industrial complex.

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He is a victim of the Murdoch press.

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He can't stop it.

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He wants Julian Assange out of Belmar Prison probably, I think,

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but he can't openly call for it.

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He cannot control the Labor Party.

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He can only influence its faction.

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It could be worse, it could be trying to do things from within the liberal party.

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So the liberal party of Australia is undergoing a Trump-like reformation.

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Highly motivated evangelical Christians are ruthlessly branch stacking their

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way to complete control of the party.

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Oli Garic liberals don't care as they know they can cut neoliberal

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deals with the evangelicals, like young children, progressive liberals

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clinging to the fairy tales, spunned by the how Thatcher and Reagan years.

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They have swallowed the libertarian mantra of small government and

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individual freedom at all costs.

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, but they don't wanna mix it with Bronze Age morality.

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They look on with bewilderment as the evangelicals take over.

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Ironically, they dismiss the value of collective action by watching Pentecostals

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win out by virtue of superior teamwork.

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Many progressive liberals are nice people.

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Unfortunately, they naively believe what is written in Murdoch papers.

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They are too trusting.

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Remove their access to right wing media and give them a dose of

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cynicism and they will vote left.

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If that doesn't work, then just wait a while as they transition

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from middle to lower class.

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That might do it.

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The Murdoch media purposefully gave up on humanity a long time ago,

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but it has now been joined by the nine Castello Press, which dropped

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its pants and exposed its bias.

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In the recent Victorian election campaign.

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The ABC has declined dramatically.

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It's now staffed by two types.

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The first type are Murdoch rejects, who enjoy parroting right wing talking points.

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The second type are lightweights stenographers who don't understand complex

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issues and don't want to be found out.

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They consequently resort to repeating right wing themes.

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Say for the knowledge that by swimming with the mainstream narrative, the

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ignorance is less likely to be exposed.

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So with no effective media surveillance, powerful interests

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get away with rotting our society.

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Ordinary people dunno how effectively they are being screwed.

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The capitalist model relies on growth that cannot be sustained.

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America has run out of opportunities to exploit.

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The low hanging fruit has gone.

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China will repel America and America will not accept defeat.

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It can't, it cannot afford.

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America's allies and enemies will abandon it.

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The US dollar will lose its status and suddenly the US economy will

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be compared to a banana republic whose specialty is making weapons.

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The only question is how much America will lash out at foreign friends

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and enemies before succumbing.

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So the coming collapse and hardship is avoidable.

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The solutions are obvious, but our species has not evolved to

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deal with the society we exist in.

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We are hardwired to self-regulate in a village of 150.

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We need new tools to overcome the oligarchs.

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The answer must surely include education and knowledge.

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Extreme hardship will eventually lead to revolution and change,

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but as time passes, the oligos will also eventually regain power.

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They will hide the truth and leave no time for knowledge seeking, and

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we will be back to where we are now.

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Is there a solution to this cycle?

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I have a suggestion next time when the system collapses.

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The workers, the proletariat must be ready to implement a

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working class shock doctrine.

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They must be ready to entrench pro-social laws in constitutional reform.

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They must resolve the ideas now do all the arguing and get the paperwork ready.

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So that's how I see it.

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It's all quite depressing, . But that's a summary of my study of

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society as I see it at the moment.

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Any disagreement, Joe or not as bleak?

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I don't know.

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I mean, sure you'll get revolution, but generally you don't get

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a utopia after a revolution.

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You get military governments, dictatorships.

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Not always.

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Sometimes you get rarely.

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. Yeah.

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If you're allowed to.

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And I don't know that, I suppose, yeah, if you're doing a shock doctrine

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and forcing it through, whilst the world is in turmoil, maybe you'll

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get but vested, the vested interests will be fighting hard against that.

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Yeah.

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As an example, we should have had been ready in a financial crisis.

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If the banks are gonna go bust, then nationalize them.

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Exactly.

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Same with Qantas, you know, national emergency.

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If, if Qantas is gonna go bust, then the government takes control,

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the shareholders lose out.

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And we should make that decision now so that when it happens, we

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just take it, bounce it, go do it rather than arguing about it later.

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So we should foresee some of these events and.

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And have the arguments ready to go.

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I think that's the sort of thing we could be doing by the shares at market price.

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Yeah.

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And if the company's completely collapsed, that might be zero.

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Mm-hmm.

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. Yep.

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And investors in banks and these large corporations, I mean, you

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supposed, you're supposed to be rewarded for risk, but there's often

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just no risk with these people.

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They get bailed out, so.

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Mm-hmm.

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So that's the sort of thing that decide in advance.

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Yes.

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Too big to fail.

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We should have, we should pass now a too big to file act mm-hmm.

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so that when one happens it, the nationalization

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just happens automatically.

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Yeah.

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If it's too big to fail, it gets nationalized and the

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shareholders get a nominal value.

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Right.

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Okay.

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I've played too many clips.

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I'm not gonna play this one.

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I'll play that for another day.

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Um, you would've heard in America about the, the guy who, the Colorado shooter and

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when they interviewed his, who, who the right wingers alleged he was non-binary.

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He used they them, and therefore it couldn't have been hate crime because

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they, that's a whole other question.

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Should we be using the term hate crime?

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Or is a crime a crime, whether it's driven by whatever motivation anyways

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alleged that this person was not anti-gay because they were non-binary.

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Yes.

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And apparently that was a load of bullshit.

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Yes.

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Did you see the interview with his father?

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I did.

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So the father was worried, or at least I saw the quote,

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Well, I, I saw the interviews.

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His father was worried because his son had actually his father mumbles a lot.

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It's not great video, but essentially he was worried that his son was

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gay cuz he was in a gay bar.

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And when he was, when he realized he was there to shoot people,

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he was actually relieved.

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Mm-hmm.

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that was okay.

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At least he wasn't gay.

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Cause we don't do the gay was his words.

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That is where things have reached.

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It's like fiction, isn't it?

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It's dystopian.

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It's, it's, yeah.

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Yeah.

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I, I'd rather my son was a mass murderer than gay.

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Yeah.

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That's where we're at.

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Mm-hmm.

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, if you wrote this stuff, people were just saying it's just

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all too fanciful post law.

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What was law was, oh, you.

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Parody a creationist.

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Right?

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Because any, anything stupid you make up, they've already said yes.

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Yep.

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So, okay.

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Ukraine well a bomb landed in Poland.

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Well, it was a missile.

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Yes.

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Missile.

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Yes.

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And initial talk was that it had come from Russia.

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Well, that was the initial report from the Associated Press.

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And that of course turned out to be incorrect and became clear that in

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fact, it had come from the Ukrainians.

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Rather than From the Russians.

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Yeah.

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It was an, it was anti missile Missile.

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An anti-aircraft missile, yes.

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That had gone off course.

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Yes.

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Killed a farmer and his helper.

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I think it was.

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But unhelpfully, the Associated Press had reported that it had

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come from the Russians and the reporter responsible has been fired.

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And in the sort of examination of what went on in the communication room

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for Associated Press I'll just read a bit of an extract from this article.

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LA Porter was the, the La Porter is the reporter who was

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responsible and got sacked.

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La Porter shared the US officials tip in an electronic message around

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1:30 PM Eastern Time, an editor immediately asked if AP Associated

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Press should issue an alert on this tip or quote, would we need confirmation

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from another source and or Poland?

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After further discussion, a second editor in the Sasha Press office said she would

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vote for publishing that it had happened.

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Adding, I can't imagine a US Intelligence official would be wrong

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on this cuz that was where the source came from, a US intelligent official

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and this editor of a newspaper said, I can't imagine a US Intelligence

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official would be wrong on this.

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And as this article in the John UE blog says, can you imagine

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not being able to imagine a US intelligence official being wrong?

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This would be an unacceptable position for any educated adult to hold much less

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a journalist, still less an editor and still less an editor on one of the most

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influential news agencies on Earth there.

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These are people who publish the news reports.

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We.

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Find out what's happening in the world.

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This is the baby brained level of thinking.

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These people are serving a public interest with.

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I think I might retitle this episode, Joe.

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A baby brained, baby brained level of thinking.

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Yeah.

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I mean there's been arguments that journalism is not what

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it was 30, 40 years ago.

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No, they are underfunded, overworked, don't have time to think.

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Nope, don't have time to check sources.

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Gotta get it out.

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There was a headline in the Washington Post.

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Vaccinated people now make up a majority of covid deaths.

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They have been all along.

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Yeah.

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, it's.

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So, you know, this isn't the Timbuktu rag, like this is the Washington

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Post vaccinated people now make up a majority of covid deaths.

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Well, of course they will because, but but literally that's an

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argument that's been going for at least a year, a year and a half.

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Yeah.

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It's not news.

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Yeah.

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Vaccinated people make up the majority of the population in the

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segment that are likely to die.

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Elderly.

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Of course.

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They're the majority of people.

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It's just a nonsensical use of the statistic.

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Yeah.

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Well, the Washington Post haven't exactly showed themselves

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in glory in the recent past.

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No.

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I like this one.

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I saw this in an article somewhere.

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There have been other changes in the world of celebrity interviews in the 22

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years since I started at The Guardian.

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Back then, people largely laughed at celebrities when

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they made political statements.

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now they yell at them if they don't.

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So they ly plaster their Instagram pages with their thoughts about social justice.

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Mm-hmm.

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. Good point.

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Mm.

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Joe got any thoughts on Elon Musk?

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Have you ever held any strong opinions about him in any way, shape, or form?

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I thought that was a quote that people are realizing now that he's very

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good at writing his own biography.

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Mm.

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And he's not the genius engineer that he was selling himself as.

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Indeed.

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So now this sounds like a YouTube channel.

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You would subscribe to Joe called Common Sense Skeptic.

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You ever heard of them?

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Don't know if I've ever watched them.

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Pretty good.

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Seemingly so.

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They've done a series of exposes on Elon Musk, and there'll be

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a link in the show notes to it.

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And I was watching two of them.

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First one dealt with his involvement in Tesla and it really demonstrated how there

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were some really smart people involved in Tesla way before Elon Musk got involved.

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And his involvement was really to add expensive, unnecessary

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modifications to what they were doing.

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Oh, it's the Homer.

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The what?

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There's an episode of The Simpsons where he finds his long lost

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brother who's in Detroit Right.

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And gets invited to make a car.

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And the car he makes is just so fanciful that the, the Homer, as

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it's called, is totally unsuccessful.

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Right.

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Okay.

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Well, in this case, Tesla was a success despite Elon Musk.

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And it's quite a forensic, sort of look at how that played out with

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reference to court documents and other things and really showing him out

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to be a really nasty piece of work.

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But totally saw, and I dunno if it was in this or elsewhere, I saw he

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has rewritten the history of Tesla.

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Yes.

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And in the court documents, in his settlements with

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these early founders mm-hmm.

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, the people who founded it.

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Yep.

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He, as part of his settlement, insisted that he be allowed to write

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the history of Tesla so that he could put himself down as a founder.

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Yeah.

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So, and there's reference to the court documents.

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So it's a really damning display of, of how little he contributed.

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And in fact, What difficulties he actually contributed.

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And then secondly, it then goes into the current valuation of Tesla

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and how it's completely insane.

Speaker:

Mm-hmm.

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the, it makes absolutely no sense at all.

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If you look at the normal multiples of price, earnings and whatever

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to reach valuation for a company.

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It's completely beyond anything that's, no, it's all about, it's,

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it's another.com bubble, isn't it?

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Yes.

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So Joe, you know, I initially was looking at all his Twitter stuff

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with Inland Musk and thinking, well, the guy must be a smart guy.

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Probably a ruthless, no, almost certainly a ruthless psychopath,

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but probably seemingly able to drive people to make great products in

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a sort of Steve Jobs sort of way.

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It's, it's not shaping up that way at all.

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And he, you know, if he collapses Twitter, if it all just turns to shed,

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which seems now more likely than not, advertisers aren't gonna go back to it.

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It's gonna run out of money.

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He's in a feud with Apple at the moment.

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Yes.

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Because apparently they've pulled all their advertising.

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Yes.

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And so yeah, he's, he's not happy with Apple and Apple's

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saying, well, we don't have to.

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Mm-hmm.

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. In fact, I saw this great screenshot where Elon Musk was complaining that

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Apple had pulled its advertising and this person said, well, they don't have to.

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You're doing it for him.

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And the screenshot was one of Elon's tweets and it's got his

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tweet and then it's got Twitter on iPhone or something like that.

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as part of the subscript at the end of each tweet.

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So every tweet that Elon does demonstrates that he's doing it from an iPhone.

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Yes.

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Why bother advertising?

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Well, yeah.

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Yeah.

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So I think there's a high chance that, that that will run out of money.

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And at some point there's a high chance that the whole Tesla empire will collapse.

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That's where all of his money is.

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And if he has, you know, borrowed because of its valuation and the valuation

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collapses to where it should be, it'll all come down very, very quickly.

Speaker:

It'd be interesting to see in five or 10 years time where Elon Musk is having

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heard people looking at electric cars.

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They've said basically the Tesla is an American car.

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It it, it's badly built.

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The quality control is not there and there are Korean cars that are

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just as good, possibly even better.

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And they're built with Korean qa.

Speaker:

Mm-hmm.

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and just why would you buy a Tesla?

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But I've met a couple of people who have Teslas and they love it and they're almost

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evangelical in their recommending of it.

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So why I think it, it's different from normal cars, but then I think

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if you jumped into, have they compared any other electric card?

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I dunno.

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It is.

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Is it just an electric car that is so different?

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Maybe?

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I think it's another one of these hype.

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It's a status symbol, isn't it?

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A Tesla?

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Whereas if you turn up in a high Hyundai, everyone goes, it's a high Hyundai.

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Yeah.

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All these friends of mine, they just love it.

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And I think it's.

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I think it's brilliant.

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So, well, look, I, I think if I could afford one, I'd very

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happily have an electric car.

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Mm-hmm.

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. Yep.

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So anyway, Musk has really cultivated, it seems a right wing in cell

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following the think he's the mess.

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Messiah.

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He moved to Texas, didn't he?

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From California?

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I don't know, because Texas labor laws were a lot, a lot looser.

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Right.

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And therefore he could union bust, which California being much more left wing.

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Hmm.

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He, he basically, he runs the place like a dictatorship in

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California wouldn't let him.

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Mm-hmm.

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. Yep.

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So I'll just I'll just play, here's Musk talking about sex and procreation and, and

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see if this inspires you to consider him.

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As brilliant in any way.

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11 children.

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So massive amount of thinking, like truly stupendous amount of thinking

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has gone into sex without purpose, without pro, without procreation.

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Which, which is actually quite a silly action in the absence of procreation.

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How you doing it?

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Because makes the limit system happy.

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That's why.

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That's why.

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But it's pretty absurd, really.

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. But I mean, this is, a lot of computation has gone into, how can I do more of that?

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With procreation not even being a factor.

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It really is like a bond villain.

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The name aneurysms, the craziness, he, he bears no real cost to having children.

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Yes.

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Money is no object.

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If, if he, if he was to bear cost of having children, if it impacted his

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life in any way, in any meaningful way, I dunno that he would be so cavalier.

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Yeah.

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I don't know.

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I mean, one of his children has disowned him.

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I mean, you grow up the beneficiary of an Emerald Empire in an apartheid

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state and you sound a bit odd.

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Seems thought.

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Have you seen the interviews with his father?

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No.

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, he's a character.

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Right.

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I've got detox after the Sky News ones that I do gotta take a break after every

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Dean clip that I record and upload.

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There's definitely been behind the bastards episodes about Elon Musk.

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Right.

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But I'm not sure if it was that, that I heard the interviews, saw the interviews.

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I've definitely seen somebody talking to his father, who I think also

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was heavily into the procreation.

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Okay.

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So I definitely recommend go to YouTube, look up common sense

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skeptic, look at the one about Tesla.

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And, and then there's another one where they talk about how

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he made his money from PayPal.

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And that was again, another case where he really didn't contribute much.

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It was more that he forced his way in to something that was already

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existing and drove useful people out.

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And his contribution to that is not inspiring.

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So interested in Elon Musk's story.

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Have a look at both of those and see what you think about him afterwards,

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I would say in the chatroom, Tom, the warehouse guy is there,

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and Allison's made it as well.

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Tom says hypothetical question, what do you think would've happened if it

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turned out the missile was from Russia?

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So what would've happened?

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I guess Russia would've said, sorry, whoops.

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Mistakes happen and didn't mean that one.

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Yeah.

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I if it was an act of war on nato, then all NATO countries are forced

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to go in to defend the country.

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However, I can see a lot of negotiation going on.

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Yeah.

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And I could see Russia saying, well, that was a mistake.

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Americans don't want to fight in Ukraine.

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The, the Americans want to fight this war to the last Ukrainian,

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they don't wanna do it themselves.

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So nothing wrong with the good proxy war, I think they would've been happy

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to just go, well, that was a mistake, but here's some more money in missiles

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and new Ukrainians keep fighting.

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I think it's probably, I can very much see them going, here you go

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as a sanction against Russia, we're gonna give more arms to Ukraine.

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Yes.

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So I think that would be my best guess on the warehouse going, so.

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Alright.

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That was Elon Musk, um, protest in China, Joe, and depending what media

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source you read these protests seem to be protests about lockdown conditions.

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Yes.

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Where, and it, it's the zero covid approach and they disagree with that.

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Yes.

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So, fair enough.

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It's pretty draconian.

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And guess what?

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China wouldn't be the first country to have civilians protesting and having some

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fairly nasty confrontations with police.

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Mm-hmm.

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. And well, maybe they can get the magic death ray out that they used in

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Canberra and give them all sun burn.

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Is that what the cookers used?

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Oh, didn't you hear about that?

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They had a death raid.

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Did they?

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The the police had a Oh, they were saying the police were doing it.

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Yeah.

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Yeah.

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They had an audio, basically they had the high powered speakers

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that they used to Oh, okay.

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Upset people's eardrums.

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Right.

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But they didn't turn them on.

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Mm-hmm.

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. And then some of the cookers got sunburn and went, oh, they must have been

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using microwave radiation to attack us.

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And it turned and, and they just got sunburn.

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Hear stories of shopping centers who want to get rid of kids who are

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skateboarding, whatever, playing really high frequency hours.

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Yes.

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No playing things like Bing Crosby or a sort of old style musical music.

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Yeah.

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So, you know, all they could have done in Canberra was just set up some

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speakers and just played a, a little bit of, well, maybe, maybe she could

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have gone out and sung to them in person

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In the end, be okay.

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That would've done the trick.

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There is a use the general's after all.

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Anyway, Joe, at least it's sure.

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He finds that she has a use.

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Mm-hmm.

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, I'd like this tweet usual suspects and enforce on social media telling us in one

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breath that China is an evil dictatorship that crushes free speech and protests.

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and in the next breath, claiming there are widespread protests across China, so least

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it does demonstrate that there is some level of civil de disobedience allowed.

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Mm.

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Right.

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Um, I have mentioned about the computer chips, semiconductors, all that sort

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of stuff, where USA has tried to impose sanctions on the supply of,

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of the really top end computer chip manufacturing equipment to China to

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try and prevent them from having that.

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And what's become apparent in recent weeks is that the US is bringing in

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loads of Taiwan's top semiconductor engineers to build the next generation

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chip manufacturing lab in Arizona.

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That there's a classic quote.

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Some Americans saying we'll win the war against China because our

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Chinese will beat their Chinese.

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Our Chinese.

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Right, okay.

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Because there was such a brain drain, right?

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Probably of Taiwanese.

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Yeah.

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But if you go to Silicon Valley most of the CXOs are actually Indian.

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Right.

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And there are a lot of Asian engineers, I wouldn't necessarily say

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Chinese, but lots and lots of Asians.

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Yes.

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So I had a theory that was that China will just ramp up getting really good at making

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computer chips so it doesn't have to rely on supply from other sources that might

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be told by the USA to stop supplying.

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And as a result, plural, Taiwan will find itself without an industry and

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will almost be asking to join China.

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Once their industry collapses and I forgot about the Americans because

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of, you know, it's now apparent that the Americans are doing the same thing

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where they're just going to take the Taiwanese brains, set up factories in

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America, and then the poor Taiwanese are gonna turn around no longer with

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their manufacturing niche that they had.

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And they will just be well they were cheap and I don't think they're cheap anymore.

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Right.

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In Taiwan.

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Yeah.

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It was cheap labor.

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And then I thought they went to Malaysia.

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There was a lot of manufacturing going on in Malaysia in the

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nineties because again, cheap labor.

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Yeah.

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But they still retain ownership and the complicated stuff in Taiwan and

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export or, or contract out some of the more menial tasks to cheaper countries.

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So yeah, I forgot about Taiwan.

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It, the problem is not China invading them.

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It is China starting up its own chip manufacturing in competition and also

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America stealing it and Taiwan being left without anything of significance.

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So, just on what you were saying, Joe, about Silicon Valley a little

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bit from an article here, which was China has submitted the most research

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papers accepted at a prestigious international academic conference focused

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on semiconductors, underscoring the country's growing presence in the field,

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and it bumped the US into second place.

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So research papers at a big semiconductor conference, and it's the

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first time that China has taken the top spot in papers accepted by the.

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International solid state circuits conference, which is considered the

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Olympics of the semiconductor sector.

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There you go.

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All bad news for Taiwan.

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Mind you Taiwanese living and working in China.

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Many Americans and foreigners don't realize how comfortable

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Taiwanese feel in mainland China.

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Half a million Taiwanese, about 20% of Taiwan's highly educated workforce

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work in China, they don't feel oppressed or discriminated against.

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In fact, the Taiwanese government is actively trying to stop this brain drain.

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For example, new laws prevent Taiwan recruiting sites from

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posting jobs in mainland China.

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So there you go.

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Rain drain from Taiwan to China as well.

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The Taiwanese trying to stop it.

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Good luck.

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Mm.

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Oh, the money's there.

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Mm, indeed.

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I'll skip over a couple here.

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Quick one on Venice Waer, I think I've mentioned previously, but I'll

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mention it again in case I didn't.

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The US I think I mentioned actually that France Macron saddle up to Maduro at Egypt

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and said, mate, , where have you been?

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Arms around him.

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And we want to do business.

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Now the US is poised to grant a license to Chevron, to pump oil in Venezuela.

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A policy shift that would ease years long sanctions and could open the doors

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for other companies to do the same.

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And the new license is contingent on the Venezuelan government and its

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political opponents implementing the.

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A US 3 billion humanitarian program.

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But guess what?

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They're gonna use Venezuelan funds un frozen by the us.

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So, so the US has said, oh, we'll let you do this, but you've gotta spend

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3 billion on a humanitarian program.

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And Venezuela has obviously said, well, you better start on freezing

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assets and give it, give it to us.

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So there go a thawing of relations between the US and Venezuela.

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Cause guess what?

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US needs some oil.

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And we'd previously also mentioned about the oil price cap, where the different

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European countries G 20, I think.

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Were basically deciding that they were gonna impose an oil

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a price cap on Russian oil.

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Basically refuse to buy it above a certain capped rate.

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Of course, what will happen is Russia will say, well, here is our

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price and you're gonna pay it, or we're just not gonna supply you.

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And we'll supply India, or we'll supply China, or will

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supply Turkey or anywhere else.

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So this price cap is a ludicrous idea.

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In any event, they're squabbling over it.

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So price cap which diplomats said could be as high as $70 a barrel

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at the and they're, they're arguing about where the price cap should be.

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So the European Commission was considering a price between 65 and $70 US a.

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At the moment or the time of writing this article it was $85 a barrel.

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So the market rate was 85, and they're proposing to cap at, let's say 70.

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Poland wanted the capita be at $20 US per barrel.

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But it said at one point on Wednesday afternoon, Poland's EU ambassador warned

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that Warsaw wouldn't sign off on a plan with a price cap as high as $70.

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Malta's ambassador reported by saying his country wouldn't agree

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to a cap below $70 per barrel.

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Obviously, the Malta Ambassador is a realist.

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Poland was backed by Lavia, Estonia and Lithonia.

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Malta was backed by Greece and Cypress, so some of them wanting $20

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a barrel, some of which ones, but up against Russia and which ones do.

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Yeah.

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Yeah.

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So, it's just dreaming like

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Holland, where you gonna get your oil from?

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Like, Russia just will not sell it for us.

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$20 a barrel.

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No, but they wanna see a Russia crippled.

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They don't want a strong Russia on their doorstep.

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Yeah, well Russia's just gonna sell it to you.

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India, Turkey, China, no problem selling it to someone, they're gonna sell it

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to the UK because the stories of how, you know, the UK is supposed to be not

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buying Russian oil, but there's all these ships that are meeting in the middle

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of the ocean and running pipes between each other and they're, and they're

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just transferring oil in the middle of the ocean just going on all the time.

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So, so anyway, that's around the world on those issues.

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Where are we up to at the moment?

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8 38.

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I'm just gonna quickly I think Jack is in a time warp.

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Okay.

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What is Jack saying specifically?

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We bailed them out.

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Dunno what that's about.

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Well, I think he was talking about nationalizing industries

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that are going bust.

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Oh, okay.

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And now he's talking about Elon.

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Well, he is probably watching the live stream in his drag,

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the timeline, timeline back.

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So I'd say that's what he's doing.

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So yes, that's what I meant.

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Yeah.

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Here's a time.

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Okay.

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I quite enjoyed my little explanation of how Japan, Korea, and Taiwan got ahead.

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I found all that quite interesting myself.

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Hope you did.

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Dear listener, nobody sent me any positive feedback, so feel free

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to do so now in the chat room.

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I can shame you into it.

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Trevor wants his ego stroke to people.

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Come on.

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I just occasionally, just occasionally.

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Would like a little ego strike.

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Yeah, I would.

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So, let me just quickly as a follow up to that talk about by Ken the James says he

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loved, I knew you were James, I thought you were a candidate for liking that one.

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So, let's get some stuff up on the screen and to just do with the Plaza record.

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So as you recall, dear listener from last week essentially 1850s American

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ships' role into what is now Tokyo's port and said, you need to open up

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your economy to us forth with Japan.

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Looked at what had happened in China and said, Crikey, we

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don't want that to happen to.

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they got really active in industrializing, went around the world, finding out the

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best ways to organize themselves to get up to speed with these powerful westerners.

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And by the end of the century, were defeating the Russian Navy in a

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battle at the end of the century.

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And then moving on to post Second World War, we had the situation

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where America wanted to make sure that there was a strong presence to

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work against those nasty communists.

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So, contrary to what they've done around the rest of the world, they actually

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worked really hard to bolster up Japan and allowed its industries lots of good

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breaks that allowed them to develop.

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And the fact that Japan was unlucky in that it was facing a communist threat.

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And it didn't have any natural resources, so it could only rely on its people.

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It developed a strong manufacturing sort of ethos and and yeah, and then

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America allowed them to create the industries and to retain ownership of

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them, which was completely contrary to what they'd done in the global

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south and in particular Latin America.

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So, all going really well for Japan, really, really well post-war.

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And until we get to the plaza record, 1985.

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So, this came from a guy on Twitter and it seemed to be well referenced,

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and I did look up alternative sources that seemed to confirm this story.

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So let's run with the story, somebody and tell me if I got wrong at some point.

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But It's impossible to understand the current threat that the US

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feels from China without first understanding what happened to Japan.

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And this is the story of the Plaza record.

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So Japan emerged after World War ii, as I said, did well, and what

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what the Americans did was they pegged currencies to the US dollar.

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And the US dollar was pegged to gold, and that established the dollar

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as the global reserve currency.

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So, as a concession, US allowed Japan to peg the yen to the dollar

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at a very, very favorable rate of 360 yen to one US dollar.

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And that really buoyed the.

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Japanese export economy.

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So a really favorable exchange rate that meant that the Japanese

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yen was undervalued and therefore they could make stuff a lot cheaper

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than American factories could, for example, is a, was a huge boost

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for Japan to be able to do that.

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So, so, while initially tolerable the rapid post world growth of Japan's

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export industry quickly allowed them to outcompete US manufacturing by

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producing similar quality goods.

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At one third, the price.

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This led to significant anti Japan reaction in the us,

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particularly amongst auto workers.

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So, as a result of this growth, experts began predicting in the seventies that

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Japan could overtake the US as the world's largest economy by the centuries end.

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And this only accelerated when the 1973 oil embar goes well happening.

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So in the seventies it looked like Japan was gonna overtake the US

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as the world's largest economy.

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So there's a chart on the screen which says gdp.

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And as you can see, Japan was really going very well.

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And that's a graph you'd like to see as they were catching up to the United

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States on track at some point to overtake them or going swimmingly well for Japan.

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And but of course, money's flowing into US dollars are flowing into Japan.

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And with Japan as now a primary debt holder, the US needed to

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throw a wrench in the engine driving Japan's growing leverage.

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So, you know, us couldn't.

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Put up with this, essentially US was buying heaps of stuff from Japan.

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Lots of US dollars were going to Japan.

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Those US dollars were returning back to America to buy treasury bonds.

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So the US was owing and land well, they weren't some land, but there were a lot

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of restrictions started to be placed.

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They couldn't buy corporations and there were restrictions in terms of

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buying industrial assets and stuff.

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So a lot of what they were forced to buy, they might have been able

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to buy some land, but America certainly posed restrictions on them.

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And the Saudis, where they were not allowed to buy shares in major

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companies a lot of it had to be funneled into just US treasury bonds.

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So, into the Plaza record.

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So, we had leaders from the top five economies.

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This is in 1985, and they were at a hotel, I think called the

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Plaza or something like that.

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And it was designed to boost US manufacturing and agricultural

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exports and to lower the value of US treasury instruments.

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So, so it was all about America saying, we're uncompetitive with

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this dollar, we need to do things.

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So the plan had two parts.

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The first part was to decrease the value of the US dollar, and the second

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part was to deregulate Japan's economy, loosen monetary policy, liberalize

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markets, and cut government spending.

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So until that time, banking in Japan was still quite

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conservative and there's a lot of.

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Deep interrelationships between the banks and it was a sort of

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a conservative lending scenario.

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And what we find was that there was a period where I can show you a graph on

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the screen where after the plaza record the, the value of the yen in comparison

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the US dollar dropped in value compared to the yen and it was a significant drop.

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Like the plaza record worked essentially Germany.

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Germany sold a lot of treasury bonds.

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The market was told we're dropping the value of the US dollar,

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and that was enough to drop it.

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So that's what happened.

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And other currencies, especially the Japanese currency,

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increased in value enormously.

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And combined with all this, the reaction from the Japanese then was, geez, we're

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having a real time, hard time selling stuff now into the US In order to prop

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up our, our markets, we need to lower interest rates in order to incentivize

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and boost our corporations because they're having a hard time exporting.

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So, because our dollar is so, our yen now is so, is less

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competitive it's, it's too strong.

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Will lower our interest rates and at the same time they've been forced

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to loosen banking requirements.

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So the normal conservative lending that had taken place before

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that sort of atmosphere stopped.

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Gee, dear listener, just looking back on Australian experience in the last

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few years, what happens to asset prices when money becomes really, really cheap?

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And the answer is you get a bubble and you get a bubble in asset prices.

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So the deregulation that followed also led to foreign capital flowing

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into Japan like a fire hose.

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Tokyo stock market index rose 49% in the year after the accords, like stock

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market rose, 49% in the year after.

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By 1989 it had risen 300%.

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Japan stocks comprised almost half the world's equity market capitalization,

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so got a huge amount of cheap credit.

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It's all piled into Japan's real estate sector as well, massive price bubble.

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And at the same, a couple of years later, in 87, no Washington piled

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on a whole bunch of tariffs, a hundred percent tariffs on imports

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from Japan, really effectively blocking trade from Japan to the usa.

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So eventually Japan's financialized frenzy had to end on the eve of 1990.

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It only took five years.

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The real estate and stock market bubbles popped, resulting in

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widespread collapse and sustained stagnation of Japan's economic growth.

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And began a period known as the lost decades.

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And for you, remember the graph I showed you where GDP and Japan was on track to

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eventually overtake the United States?

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Here's an update of that graph and what happened, and you can see that it

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completely crashed in compared to the us.

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And there you go.

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Dear listener.

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That's what China does not want to happen.

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Oh, and actually there's another one here.

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So another graph.

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Yes.

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So, the light blue line shows Japan's percentage of imports into the usa peaked

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with the plaza record and then plummeted.

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And you can see the dark blue line is China.

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And China has now reached the stage that Japan was once at, and the USA

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would love to do to China, what it did to Japan via the Plaza record.

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But it can't because China just won't let it.

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So one of the other theories in this article, getting the full show notes,

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kind of revolves around the control that America had over the Japanese

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parliament and political system because kind of like Japan knew this was

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gonna happen, but they did it anyway.

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And lots of sort of, allegations in Skullduggery about CIA involvement

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and corruption and control of.

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Japanese parliament.

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So great.

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Where you do it is you sail a gumbo up the yank or force 'em to buy opium.

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Yes indeed.

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When you have a great deficit.

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Exactly the old fashioned way.

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Mm.

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Yeah.

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So I find that all quite fascinating.

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Hate that you do.

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Allison, Allison says, positive feedback, always, I guess in

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relation to my plea for feedback.

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So thank you time And James, I knew James would like that sort of stuff.

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So that was interesting.

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Joe, we'll start looking at books cuz I don't think a lot's

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happening news wise in Australia.

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This Morrison government is far too sensible and Morrison government's gone.

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Not Morrison.

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Yes.

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Albanese, thank you for that.

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The Morrison government, Albanese government I was, you know, with

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this whole master on Fed verse stuff.

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Mm-hmm.

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, I saw that there was a, a social network site for books, which is kind of like

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good reads, but in a fatty verse type of system where you can list the books

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that you read, you've read and you can share with people, blah, blah, blah.

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Anyway, I tried to use it and it was pretty poor, but that

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went on to the good read site.

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I thought this is really good.

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So I've actually loaded up nearly all of my books that I've read in

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the last seven years onto Good Reads and I think as little project we're

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gonna start working our way on that.

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So I will put a link on the show notes and the website to my Good Reads

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list of books and start talking about some of the big ideas that are in.

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Like in those books, I think.

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But the whole point of good reads is you friend people Yes.

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And swap notes.

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Yes.

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So I'm going to sort of advertise what my link is and you can friend

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me and swap notes and mm-hmm.

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start working our way through some of these books and I was able to categorize

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'em, Joe, and like, I think, yeah, in the last seven years I entered

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about 107 books that I've read mm-hmm.

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and and able to categorize 'em and at least 30 of 'em, the biggest subject

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was actually economics seemed to me.

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So I just discovered, so I professor Nuts Drugs Without the Hot Air.

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Mm-hmm.

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, which is, he was UK advisor.

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He was the head of the panel, the, the government scientific advisory

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panel on drug regulation in the uk and got fired because he said we're

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not having a evidence based discussion about drugs, we're, we are villainizing

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it far more than the evidence shows.

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Mm-hmm.

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Anyway, the book is really sensible and it starts off with the probably most

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harmful drug of all, which is alcohol.

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Mm-hmm.

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. And, and there's a discussion of the risks and benefits of all sorts of drugs.

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Mm-hmm.

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. And he said the thing that inspired this book was a book called climates

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renewable Energy Without the Hot Air.

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Right.

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Okay.

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And that is actually, it's a website.

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The book is available in print form, but if you are happy to read an

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ebook, it's available for free on the website or you can read it as

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the website and it is an apolitical.

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Alright, what are our physical limits to generating renewable energy?

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So what are the best solar panels?

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How much land can we dedicate to them making these assumptions?

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How much of our current utilization of energy can we make with solar?

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How much can we make with biomass?

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And, and it's literally just a comparison of all the different energy types.

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Mm-hmm.

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, and a discussion of how feasible it is.

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There's, there's zero costs involved.

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He's just going do we have the resources in the space?

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Do we have the resources?

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So if we go nuclear, What sort of nuclear, if we use this technology,

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there's this amount of a available, which at our current rates of utilization

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would last a six number of years.

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Yes.

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So, it's a good discussion on the physical limits of all the different energy types.

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One of the interesting things was forgiven unit of energy.

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An electric car I think was four times more more economical than an

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internal combustion engine, right?

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So even outsourcing your energy generation to a, a power plant and all the losses

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inherent in that using an electric car is just four times more efficient.

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So you are using a quarter of the energy.

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Yep.

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The question is, do we have enough lithium or whatever in the world?

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Well, and and that's a different question again.

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Yes.

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And then you have to make an assumption.

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Are you gonna let every Chinese family and every African family mm-hmm.

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have an electric car or just the Western Indian family, or is it

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just gonna be the Western family?

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There's, there's lots of questions in there.

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Again, it, it stays away from the political, but he does initially

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talk about the energy inequality that has happened historically.

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You know, we've become modern societies by becoming, yeah.

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By being propagate with energy.

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We've, we've used a hell of a lot historically.

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And therefore per capita, should India and China be allowed

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to be, be equally as pro Mm.

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Until they reach our standard of living.

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So I, he doesn't argue pro or con.

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He merely points out that this is the case.

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Mm, yeah.

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Okay.

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Well that and other big issues, I think is where we're heading over the

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next few months as sort of day to day politics, really just not a lot happened.

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So time for some bigger ideas, I think.

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All right.

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That's the plan.

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That's an hour 30.

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And thank you in the chat room and talk to you next week, quite an hour.

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That is a good night from him.

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As you can see, we've had our eye on you for some time now, Mr.

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Anderson, it seems that you've been living two lives.

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One of these lives has a future, and one of them does not.

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I'm going to be as forthcoming as I can be.

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Mr.

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Anderson, you're here because we need your help.

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My colleagues believe that I'm wasting my time with you, but I believe

Speaker:

you wish to do the right thing.

Speaker:

We're willing to wipe the slate clean, give you a fresh start.

Speaker:

All that we're asking in return is your cooperation in a simple

Speaker:

donation of $1 per episode.

Speaker:

Wow, that sounds like a really good deal, but I think I got a better one.

Speaker:

How about I give you the finger

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and you give me my free podcast?

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Oh, Mr.

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Anderson.

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You disappoint me.

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You can't scare me with this gustapo crap.

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I know my rights.

Speaker:

I want my free podcast.

Speaker:

Tell me, Mr.

Speaker:

Anderson, what good is it podcast if you're unable to hear.

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The Iron Fist and the Velvet Glove
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