Economists Uncut

‘Insane’ Tariffs To ‘Destroy’ Living Standards, Trigger ‘Real Crisis (Uncut) 02-04-2025

‘Insane’ Tariffs To ‘Destroy’ Living Standards, Trigger ‘Real Crisis | Doug Casey

But they should be very, very worried. The point to remember is that as stupid and unnecessary and destructive as this trade war is, it doesn’t cause inflation. What this trade war is going to do is something a little bit different that is confused with inflation.

 

We might have a real crisis building up. It depends on whether Trump and other politicians abroad decide to play a really serious game of chicken. The U.S. is now engaged in a three-front trade war with China, Mexico, and Canada.

 

On Saturday, February 1st, the White House announced that effective Tuesday, there will be 25 percent tariffs on Canada and Mexico, along with 10 percent tariffs on China. Now, since the time of this particular recording, which was at 2 p.m. Eastern on Monday, February 3rd, Canada and the U.S. have since reached an agreement to pause tariffs for 30 days. Prime Minister Justin Trudeau of Canada and President Trump have agreed that Canada will put almost 10,000 personnel at the border and Canada will spend $1.3 billion to secure the border.

 

Additionally, Canada will also designate Mexican cartels as terrorist organizations and will appoint a fentanyl star. The Trump administration has since also announced that Mexico will be exempt from tariffs for a month after Mexico’s President, Claudia Steinbaum, agreed to provide 10,000 troops to the southern border. Economists predicted that this will cause significant price increases for consumer items should these tariffs actually be implemented.

 

So how will these tariffs impact not just U.S. consumers, but the entire global economy? Well, our next guest believes that the entire global economy is at stake. Doug Casey joins us today. He is the author of the bestselling book Crisis Investing and the founder of the Crisis Investing newsletter.

 

You’ll notice, of course, that I’m in a different location, have a different background. That’s because I’m traveling currently in Asia. I’m in Taiwan.

 

Doug, it’s good to see you. It’s good to see you from Taiwan. Welcome to the show.

 

It’s a pleasure to see you, David. And it’s absolutely amazing that you’re in Taiwan and I’m in Uruguay and we could be next door. That is one of the the wonders of globalization, that people are able to communicate and trade with each other and do business with each other across the globe, seemingly virtually now.

 

But the end of globalization, perhaps, is the theme of our conversation today, which is what I prefaced in my introduction. I prefaced the introduction of the trade war. So let’s take a listen to what Donald Trump has just announced this weekend.

 

Take a listen to this recording and then we’ll respond together. Doug. Mr. President, is there anything China, Canada and Mexico can do tonight to forestall your implementation of tariffs tomorrow? No, nothing.

 

Not right now. No. Not a negotiating tool? No, it’s not.

 

No, it’s a pure economic. We have big deficits with, as you know, with all three of them. And in one case, they’re sending massive amounts of fentanyl, killing hundreds of thousands of people a year with the fentanyl.

 

And in the other two cases, they’re making it possible for this poison to get in. Number one. And number two, we have big deficits and it’s something we’re doing and we’ll we’ll possibly very substantially increase it or not.

 

We’ll see how it is. He might substantially increase it or not. We’ll see.

 

Take a listen to what the premier or the prime minister of Canada, Justin Trudeau, has to say in response to this. Our response will also be far reaching and include everyday items such as American beer, wine and bourbon, fruits and fruit juices, including orange juice, along with vegetables, perfume, clothing and shoes. It’ll include major consumer products like household appliances, furniture and sports equipment and materials like lumber and plastics, along with much, much more.

 

That’s pretty much everything. Canada and the US, two of the biggest trading partners in the world, now engaged in a trade war. And of course, Claudia Steinbaum, president of Mexico, has announced similar retaliatory measures.

 

What is happening, Doug? What is your read on the situation? Should Americans and Canadians and Mexicans alike be worried about massive inflation? Oh, they should be very, very worried. But the point to remember is that it’s stupid and unnecessary and destructive as this trade war is. It doesn’t cause inflation.

 

What causes inflation is printing money. What this trade war is going to do is something a little bit different that is confused with inflation. The prices of some things are going to go up, yes, of course, some things, but the general price level won’t go up.

 

What’s going to happen is we’re going to see a significant drop in the standard of living. That’s what these people are doing. And I’ve got to say that, look, I have been a fan of Trump simply because he’s not a Jacobin Democrat.

 

He’s not Kamala Harris. So he’s vastly better than she would have been. But he’s an economic ignoramus.

 

And putting on these tariffs is just asking for huge, huge trouble. I mean, we can break down what he said in particular in his speech. He said, well, you’re shipping in fentanyl to the U.S. Well, the problem isn’t that fentanyl is a perfectly legitimate medical drug.

 

I mean, it’s a form of opium that’s used for for killing pain, but some people use it recreationally. So the real problem we have is a psychological and a moral problem in the U.S. that people feel the need to bury themselves in opiates. That’s the real problem.

 

But if the Donald wanted to end the illegal import of fentanyl into the U.S., he needs to legalize drugs that would take the profit out of illegal imports of all drugs, frankly. And that would end the problem with the cartels, which is one of the things that he holds against the Mexicans, these cartels. In fact, he’s looking at a military operation, a special military operation to use the Russian term against the cartels.

 

So the answer to the question is drugs should be legalized. It’s up to changing the culture of the country so people don’t want to do drugs. And as far as the trade deficits are concerned, if the Donald wants to get rid of U.S. trade deficits, what needs to happen is U.S. taxes and regulations need to be eliminated.

 

That would reduce the cost of production in the U.S. and people would come to the U.S. instead of running away from the U.S. because of the huge amount of regulations and taxes that we have here. So answer to the question, I don’t mean to go on so long, David, but that’s fine. The problem starts in the U.S. It’s not caused by Canada or Mexico or China in all cases.

 

OK, well, let’s talk about what this means for the U.S. and Americans in particular. So Trump said that while he said on his truth social platform, this will be the golden age of America. Will there be some pain? Yes, maybe and maybe not.

 

So what is this pain that he’s referring to? What is this some pain that Americans will feel before the golden age of America finally is realized? OK, so what does the U.S. get from Canada other than maple syrup, the cost of which is going to go up considerably, gets a lot of lumber and it gets a lot of oil. Of course, the U.S. has plenty of lumber and oil itself, but it makes more sense to import it from from Canada for the same reason. Look, on these tariffs, maybe the Donald will say we have a deficit, a trade deficit with Guatemala.

 

We import a lot more bananas than we export things to them. And maybe the Guatemalans are going to say, you know, we don’t have a car industry. We should be making Cadillacs here instead of importing it from the U.S. So what are these idiots going to do? They’re each going to put on tariffs and the Americans won’t get bananas and the Guatemalans won’t get cars because they cost a lot more.

 

In other words. Tariffs destroy the standard of living of the people in the country. And in effect, the Donald is punishing Americans because he’s got this idea in his head that the Canadians shouldn’t be shipping these things.

 

It’s it’s it’s absolutely insane. They can get out of control. I’m sorry, there is a misconception, I think, that China or Canada or Mexico will be paying for these tariffs when, in fact, Americans will be paying for these tariffs indirectly, of course.

 

Can you explain how that works? Well, typically, the way it works is that tariffs are assessed when the boat hits the dock by the importer so that an American importer is basically paying the tariffs. And generally what it means is, well, is is the is the Chinese or Canadian company going to drop prices so that they don’t lose volumes? Maybe, maybe not. Probably they’ll just ship their goods elsewhere.

 

But the Americans pay the tariffs, not the foreigners. They’re assessed at the dock and paid by Americans, frankly. Now, the whole idea is stupid and it’s nationalistic.

 

And what happens is with these political people is that just as just as Trump has attempted to punish Canada, Trudeau, beating on his chest like a big monkey. Thinks that he can now punish Americans. And what are the Americans, what’s Trump likely to do? Say, well, you punish me, I’ll punish you more.

 

And there won’t be any trade between America and Canada if these two idiots keep it up. Or any other country. Look, tariffs are just a form of taxation and the name of the game should be denying revenue to the state, whether it’s the Canadian state or the Chinese state or the American state, because it goes from the consumer’s pocket into the pockets of the government.

 

And then the government renders it away on what it wants, not what the consumers want. But how does this come back to Canada and Mexico and China here in Canada, for example? Well, I’m currently traveling in Taiwan, but, you know, I was based in Canada up until yesterday. The Bank of Canada is projecting that the entire country will fall into recession because of these 25 percent broad based tariffs.

 

How? Well, a lot of what Canada produces, it ships to other countries because the Canadians produce things better and cheaper in some areas, for instance, wood and oil are two areas. But if they can’t sell those things abroad, the companies that. That that produce the trees and the oil will have to lay off people, lose money, maybe they’ll go out of business if it gets serious enough.

 

So, yes, of course. And of course, if they go out of business and their workers are unemployed, then there’s a daisy chain where the people they buy from and sell to. So it’s it’s it’s tariffs are completely insane.

 

They reduce the amount of buying and selling and production. Like like I said, it’s the next step will be the Americans decide we can grow bananas here. We don’t need to buy them from Guatemalans and both sides lose.

 

What about energy supply to the US by Canada, which is, by the way, something that the Canadian officials are considering cutting off? So take a look at this document, for example, NAFTA, the petroleum economy. During the NAFTA years, energy exports to the US increased five hundred twenty seven percent, making Canada the US’s largest supplier of crude oil. Now, from from the import side, I mean, I know obviously through shale, America produces a lot of petroleum, but not all of it is is heavy crude that can be refined.

 

But anyway, take a listen to or take a look at this, for example, the Champlain Hudson project or Power Express from Quebec is supposedly able to provide New York City 20 percent of its power. Suppose. Canada were to cut off power to the eastern seaboard, either in the form of electricity or just cut off the energy oil, petroleum exports.

 

What would that do in the short term and longer term? Significantly reduce the profits of American businesses that rely on that power, significantly reduce the standard of living of Americans, but also significantly reduce the standard of living of Canadians that would otherwise be selling those things to the US. So it’s really quite stupid on both sides. That’s why the greatest enemy that we as individuals face is, frankly, our own governments who do these things to us.

 

Yes, well, I’ve also read the idea that if Canada were to reduce its energy exports to the US, they’re actually just hurting themselves, the Canadians, that is because the Americans could, in the intermediate term, find another partner, another solution to the energy needs, thus cutting off the need to export or import energy from Canada forever. And so Canada would just lose a trading partner forever. I mean, is that does that does that make sense to you? Well, nothing nothing is forever.

 

But the fact is that relative to the US, Canada is something of a sinking ship. A couple of generations ago, the Canadian dollar was actually worth more than the US dollar, and the Canadian standard of living was comparable to that of the US. But now the Canadian standard of living is only about two thirds of the US and rated by GDP per capita.

 

Actually, it’s the same thing with Europe. Europe used to be on a par with the US and it’s falling behind, too. And why would this be OK? Are Canadians or Europeans less intelligent than Americans are? No, they’re much higher taxed and they’re much higher regulated than Americans are.

 

Not to say that America is a haven. Things are not great in America. This is why, frankly, I’m a fan of the Orient and actually China, especially the special economic zones in China, which, to my knowledge, anyway, are actually the freest places in the world, tax wise, regulation wise.

 

And they’re expanding tremendously. So the West is really shooting itself in the foot by doing these things. It’s not just between Canada and America.

 

It’s it’s all of the West is subject to this stupid intellectual disease. They all suffer from it. So market impacts.

 

Take a look at the heat map from the S&P 500 today. The tech sector is selling off dramatically. And then other than that, financials are taking a hit as well.

 

Health care is doing OK. Communications are doing OK. Industrials taking a big hit.

 

Caterpillar, for example, down two and a half percent. Auto stocks are down as well. Basic materials are kind of flat.

 

I wonder which sectors will be most impacted by these tariffs, which American sectors, that is, and whether or not these particular sectors will see a sustained market impact. Well, it’s no secret that we’ve had a huge bubble in the tech sector for years, quite frankly, and there’s an old saying in the market, high tech, big wreck, because technology has been advancing at. At the rate of Moore’s law, actually, since the dawn of the Industrial Revolution two centuries ago, and now the curve has gone hyperbolic so that any company that looks like it’s going to dominate will be overwhelmed by another breakthrough, by another company from out of nowhere.

 

Nobody heard of Nvidia 10 years ago, but it became the largest company in the world, market cap wise, very quickly. And the chap, I understand, correct me if I’m wrong, but the guy that is responsible for the development of DeepStake, DeepStake, which has upset the artificial intelligence world, he didn’t go to an American university. He’s purely a product of Chinese culture, Chinese university.

 

And he’s done this all by himself. And somebody is going to upset DeepStake and it’ll get even better in the future. This is a wonderful thing.

 

This improves the standard of living of the world when these things happen, but it does upset people that are invested in dinosaur industries, not saying Nvidia is a dinosaur, but it’s fallen behind. Are you suggesting that American industry is falling behind overall and is going to be the most impacted by tariffs? The way to prosper in the world is by creating and innovating. And tariffs make that harder.

 

I mean, if Steve Jobs had not been able to manufacture his iPhones in China, they might have cost twice what they did. And everybody wouldn’t have an iPhone today the way they do. It was a great, it was a great coordination between Apple and Chinese industry.

 

If it hadn’t happened, the Chinese would have lost, Apple would have lost, and consumers worldwide would have lost. So yeah, I’m afraid of tariffs, making combinations like that impossible. This is what Jamie Dimon, CEO of JP Morgan, had to say about the implementation of tariffs this weekend.

 

Take a listen. He was talking about national security. Trump talked about tariffs just yesterday.

 

Mary Erdos, your colleague, was on stage talking about how your firm has created a quote unquote war room that’s looking at each of these executive orders as they come in, trying to assess what they mean for the bank and I imagine for your clients. So we always, I mean, war room may be a bad word, but we always, this is a real time, full thing, analyzing for clients, for communities, for a bank, and we get a million questions, stuff like that. Look, I look at tariffs, they are an economic tool.

 

That’s it. They’re an economic weapon, you know, depending on how you use it and why you use it and stuff like that. And, you know, people are, is it inflationary and non-inflationary? I would put in perspective, if it’s a little inflationary, but it’s good for national security, so be it.

 

I mean, get over it. National security trumps a little bit more inflation, but I think it really, the question is how they get used. Can they get, be used to bring people to the table? Yes.

 

Is there some unfair trade? Yes. Is there some state-owned subsidies? Yes. You know, is the president used that way in his team? Yeah.

 

Maybe, can you comment on that? Maybe Trump’s on to something. Maybe he’s playing chess and long-term, this is better for national security. Okay.

 

No. And, and almost everything that Jamie Dimon said was ridiculous in addition. Okay.

 

Look, what he’s talking about is, yeah, maybe you can use tariffs to get a few things done, like Trump recently threatened the Colombians with taxes, 25% or 50%, whatever he was threatening them. The Colombians export nothing to the U.S. but flowers and coffee. So he would have punished American coffee drinkers and flower, flower buyers.

 

Because why was, why was he doing this? Because he didn’t want to see Colombia use as a way station for people coming to the U.S. Well, is that Colombia’s problem that people jump off from Colombia to the U.S.? No. The problem is with the U.S. that, A, it doesn’t defend its own borders. And worse than that, that there are so many benefits for people that come to the U.S. They get free medical.

 

They get free food. They get free hotel rooms. Of course, any poor person in the world would want to come to the U.S. and live off the fat of the land.

 

So it’s, it’s, it’s not a reason to publish, to punish Colombia. And once again, as I said before, tariffs don’t increase inflation. What increases inflation, inflation, general, the general price level, is an increase in the money supply.

 

What inflation, what, what tariffs do is they increase the prices of individual items, not the general price level, but individual items. And people can buy less of those items and they can use their money to buy something else. So, no, I’m afraid Diamond actually has only a marginally better grip of economics than the Trump regime does.

 

So it’s not better for national security whatsoever. Well, look, forget about this whole national security thing anyway. Trade is between individuals and companies.

 

It’s like Trump, in the clip that you played earlier, is planning on denying Canadians oranges and fresh fruits, which come from Florida and, and California. You can get them from Brazil too. But it’s more costly to ship them all the way from Brazil.

 

So national security, what does that, what does that mean? Incidentally, national security, it’s, it’s, it’s a chimera. It’s, well, I mean, is Trump defending, is, is Trump defending the US from some kind of a threat from Canada or from Mexico or for that matter, even from China, which, of course, is a growing military power. But frankly, you know, it’s always been said when goods stop crossing more borders, soldiers start crossing borders.

 

And it’s a bad idea. It creates antagonism, not only between the government officials and the governments, but between the people of the individual companies, countries who are told by their governments to blame those terrible foreigners. It’s their fault that you don’t have this, not our fault.

 

So this security idea makes, makes no sense. How do you think, for instance, in the case of Canada, how does putting on tariffs to American goods increase Canadian national security? I mean, have you thought about that? I’m just asking. I mean, I mean, neither you or I are doing these things.

 

One might, yeah, one might make the argument, although it’s a bit farfetched, that some critical minerals or metals or steel or things like of that nature, industrial products shipped to the US or another, another country that may be considered an adversary would assist in their competing industries or their militaries and thus become a national security. So you would restrict access to those things. Chips, for example, semiconductor chips.

 

But I don’t know. I’m just, you know, but I’m just kind of putting myself in their shoes. Yeah.

 

But look what’s happening with China. The US cuts off various technological items, chips, machines that make them whatever to China. What happens? I mean, the Chinese aren’t dumb and they’re not poor.

 

So they create their own industry and obviate the need to buy anything from the US. So it’s the US shooting itself in the foot. It seems smart in the short run.

 

It’s really stupid in the long run. In addition, when you put on tariffs, that creates a class of smugglers. Now, I don’t have any.

 

There’s nothing wrong with smugglers. They’re simply people that are avoiding tariffs. That’s what smuggling is all about.

 

But when you have a lot of people that are smuggling, you’ve got a lot of people that are evading the law and getting in trouble with the law. And and maybe you create a cartel to smuggle. Oh, I know, like like cocaine coming up from Mexico.

 

So you’ve so tariffs on cocaine, if you would, have created a. A mafia of Mexican smugglers, what does Trump want ultimately his end game? I mean, it’s not just it’s not just fentanyl, it’s it’s something else that he wants and he’s going to use this as a negotiating chip. Yeah, well. You know, I’m afraid that Trump is living in the past.

 

There was a time when America ruled the world. And it was the most powerful country in the world. But at this point.

 

All that America does or not all that America does, but a lot of America does is consume and it consumes by shipping out dollars to foreign countries who give us real goods in return. So we have a time bomb of nobody knows, actually, but it’s a twenty, thirty trillion dollars that are outside the U.S. that at some point that. We’ve sent we’ve sent foreigners who have accepted these dollars and they’ve shipped us really good things that have increased the standard of living in the U.S. OK, but at some point, because of all this type of all these things that Trump is doing, maybe people won’t want to accept dollars anymore.

 

They see that it’s dangerous accepting dollars. The Russians found how dangerous it was dealing with dollars. If the U.S. decides it doesn’t want you, it embargoes you and maybe steals all your all your funds that are in dollars.

 

So nobody wants to use dollars anymore. That’s what the bricks are all about, frankly. So it’s doing a lot of tariffs, which is which is what’s on Trump.

 

Once again, he’s shooting himself in the foot. It’s another reason not to trade with the U.S. if possible, and it is possible and not to use the dollar, which will greatly reduce the standard of living in the U.S., which is artificially high because we’ve been exporting fiat paper money and getting real goods in return. I don’t know if I answered the question or or not.

 

The dollar, the dollar shot up today. The DXY spiked on the news. So do you think this dollar strength is going to continue? Well, every currency in the world is a fiat currency.

 

They’re all backed by nothing, quite frankly. I don’t know. And from day to day, who knows why traders buy or sell a currency? There can be many, many factors.

 

But the long term trend of the dollar is down. Why do I say that? Because the U.S. government is running at least a two trillion dollar per year deficit. And it finances that deficit by selling.

 

Bonds and bills to the Federal Reserve and the Federal Reserve pays for it by printing up Federal Reserve notes that accredits the U.S. government for in commercial banks, and that increases the money supply. So I’m afraid that inflation is not going away. And it’s wonderful what Elon Musk is trying to do by cutting government waste.

 

Look, I don’t want to see the government become more efficient. If it becomes more efficient, it becomes more dangerous. What do you mean by dangerous? Well, they may become more efficient at pursuing you for what they think they owe you in taxes.

 

They may become more efficient. In stopping smugglers that are bringing things that Americans want into the country, but politicians don’t want brought into the country. What I what I’m very happy about Musk doing is cutting waste where trillions of U.S. dollars that the government spends are basically given given to political cronies and NGOs and all kinds of people that do nothing for that money.

 

Wealth that’s basically stolen from the American populace. So government efficiency, not so good. Government waste on things that I like I just described.

 

Sure, you want to get rid of that. On that note, actually, this is a post from the Department of Government Efficiency’s official ex account. Doge is saving the federal government approximately one billion dollars a day, mostly from stopping the hiring of people into unnecessary positions, deletion of DEI and stopping improper payments to foreign organizations, all consistent with the president’s executive orders.

 

If this is indeed true, Doug, is this going to be a significant cost savings for the government and therefore reduce the need to print more money and increase the money supply? Yes, it’s a positive thing. Getting rid of waste and stupidity is always a good thing. Getting rid of people that do nothing to earn that money.

 

Sure, it’s a wonderful thing. I think they just ought to re-title Musk’s agency instead of government efficiency, government waste or government theft, if you would, because, you know, there are billions and billions of dollars, which Musk is starting to point out, that the U.S. government transfers to all kinds of NGOs. And a lot of that money from the NGOs goes God knows where, but a lot of it’s been used to subsidize the importing of millions of people from the third world.

 

OK, so finally, Doug, as a speculator and you’ve specialized in speculating during crises, hence the book Crisis Investing, what’s opportunities lie for investors in this particular crisis today? Well, we might have a real crisis building up. It depends on whether Trump and other politicians abroad decide to play a really serious game of chicken or whether they back up, back off before they crash their cars into each other. So how can we profit from this as individuals, I guess, is the question.

 

And it’s tough. It’s tough when companies across the board are being hurt. Workers across the board are being hurt.

 

Incomes are going to drop. Standard of living is dropping. People won’t be able to service their huge debts as this compounds.

 

It’s it’s really tough to profit in a deflationary environment, which this may cause where people can’t pay their debts because income goes down so much. What can you do? I guess the best thing that you can do is make sure that you keep what you have. And I’ve been buying gold for many years.

 

I’ve continued to buy it. Gold is reasonably priced right now, in my opinion, relative to everything else, relative to cars, houses, food. It’s reasonably priced.

 

It’s not a speculative bargain anymore. But you should buy it because it’s the only financial asset that’s not simultaneously somebody else’s liability. And with the kind of financial and economic catastrophe which we could be on the edge of, you want a financial asset that’s not somebody else’s liability.

 

So that’s one thing I’m doing. Second thing I’m doing is in the markets right now, the most underpriced sector now, and it’s been this way for goodness, at least five years more, actually, has have been small resource companies, the ones that mine and drill for oil and gas and copper and gold and nickel and what have you. They’re historically extraordinarily cheap.

 

Everybody hates them for lots of reasons we could talk about. So that’s where I’m going right now. I’m certainly not going into tech stocks, which are in a deflating bubble.

 

I think it’s a deflating bubble at this point. Good. Well, thank you for updating us and breaking down today’s news.

 

Lots to discuss next time. Where can we follow your work, Doug? Well, internationalman.com is a free blog where I write and a bunch of other really good people write, like David Stockman is one of our guys. And also I have a podcast myself called Doug Casey’s Take on YouTube.

 

So yes, both actually. Yeah, we’ll put the link there to your podcast, to your newsletter as well. Crisis Investing.

 

We’ll put all the links. So make sure to check those out. If you want to follow Doug’s work.

 

Thank you very much for coming on the show. You know, possibly, David, the next time we talk, I’ll look at the book that’s been an albatross around my back for some, around my neck for some time. Is this the new, the new, it’s part of the Charles Knight series? Is the next book in the series? No, those would be novels.

 

This is a nonfiction book that explains exactly what a young man should do in stead of misallocating four years of time and a whole bunch of money going to college. And it gives precisely what you should be doing and learning and going and everything else. So, uh, we’re not going to spoil it for the audience, so you don’t have to give us the answer here, but maybe explain why you wrote the book.

 

Let me, what’s in a minute or less, what is wrong with the education system such that you felt compelled to write a solution? College has almost become a rite of passage in the U.S. Almost 40 percent of young people march off to college just because they think it’s something they’re supposed to do. And most of them think that the object of going to college is to get a diploma and to get a degree. But the fact is that after you got out into the world, nobody cares about your degree.

 

They care about the knowledge in your head and the skills in your hands. And college doesn’t train you in any way to be an entrepreneur, to start a business. At best, it trains you to be a drone.

 

It fills your head with useless information in many cases and information that’s actually negative and destructive, especially today. The kind of things that you saw in this recent scandal with Claudine Gay, who was the president of Harvard. So it’s become a giant, expensive fraud, a waste of time, a waste of money.

 

And there are a lot better things you can do doing for the best years of your life to qualify yourself for the rest of your life. So that’s it in a nutshell, David. All right, well, we’ll follow up next time and talk about your book.

 

The book might be there, right? It might exist, but yeah. Well, thank you very much and see you next time. And thank you for watching.

 

Thank you. Thank you. Thank you for watching.

 

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