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okay so we are we are firmly going down because i think it's pretty it's pretty clear to me i'd be willing to make the bet that the media is on the side of vaccine mandates okay they want the top down control and the sense of theoretical safety that a vaccine mandate gives them in their own little bubble and so that's why i think they support this and i think you know blowing up ivermectin was kind of a method of many that they've undertaken to do that whether we believe in vaccine mandates or not but now it's coming it's coming in the la school district it's you know biden is trying to push this thing through the bls this is going to be a very very big deal by the way another insane statistic just sorry to erupt i saw this today i forgot someone we know tweeted this the who wants to guess the ratio of administrators to doctors in the us healthcare system 300 to one yeah i saw it 301 900 to one today oh my god and that is up from five to one in 1970 by the way think about it can i just build on what you said 900 to one your initial tweet said 300 to one and it ended in 2010 right before obamacare passed so from 300 to 900 was all obamacare yeah regulatory catch zach's shaking his head which by the way uh nothing against obamacare because i think like coming as a canadian i actually believe in subsidized health care and i think the the principle of obamacare was great but there was one fatal flaw which is it basically said okay you know what you're capped at the following margin and the minute that people said wait a minute i can only have a 20 gross margin what do you do you just jack up prices to basically jack up revenue because if you can only take 20 percent you're going to take 20 of a bigger number than a smaller number and so it completely burned the incentives for any health care company in the united states to do anything other than just basically walk prices up and it's funny because if you look at the stock prices of these companies you you would have made more money being long united healthcare than you would have been uh owning facebook google any of these other tech companies in the last decade crazy stat when afghanistan happened you know we spent two trillion dollars 2 500 american casualties 40 000 wounded and what have we gotten out of it the chinese are about to take up residence in bagram in our splendid air force base and the taliban are one of the best equipped armies in the world that's basically what our two trillion dollars got us and china is going to build a super highway right by the way did you see the thing where like the taliban were flying around in our helicopter helicopters no it was fake apparently yeah apparently the helicopters that were left behind are non-functional so let's just clear that up that's not true yeah there's more black hawks than any other army in the world except for us um i mean haven't you seen all the photos of them they're all decked out in our uniforms it's incredible yeah oh yeah they got our night vision goggles photos on the internet no no no there was reporting itemizing the inventory the cache of weapons we left behind it was gigantic all right let's get to the question now the good news bad news okay so that's that's the bad news that's what two trillion dollars of government spending got us um the the good news is i went back and i looked at how much money has been invested in the venture capital space over that same 20-year period that we were in afghanistan and it roughly tallied up to about two trillion dollars i didn't know that actually i just i added up the charts and about and most of it was in the last five years because there's actually been a huge acceleration in the amount of money coming into vc over the last several years the softbanks the tigers and so that you've had late stage funds the mega lay stage funds so the truth is for really way less than i'd say a trillion dollars of you know early stage like true venture money we've been able to create the entire technology ecosystem as we see it today i mean not entire i guess go back 20 years there's five years in the late 90s so the the the private enterprise system has accomplished so much with relatively so little money you compare the efficiency of it you almost wonder how did we squander so much money in afghanistan how's it possible it took active looting by many different forces to basically squander i mean think about like literally have to burn money every venture back company every stage in the last 20 years that's how many we spent in afghanistan i mean how much of that money went to line the pockets of private contractors and you know warlords we were paying off i mean it was a giant kleptocracy okay the ccp uh is now um moving to break up alipay's business this is after jack ma uh went on a holiday to learn how to oil paint thoughts chamaf well i think this is sort of like one other step in what we've been talking about for a while which is that china is basically becoming a completely vertically integrated government where the public and private sector has no real clear delineation and i think that that actually has a lot of implications to us because they export an enormous amount of technology and building blocks to us and we have no recourse if those guys either change their mind and this is sort of what pulls us into this next very complicated phase of uh geopolitics because for example if they decide to cut us off you know in ours they will invade taiwan i've said this before but i think that they will and we will have no choice except to deploy troops into taiwan because in the absence of the silicon that we need from tsmc and a couple of other manufacturers there we have zero capability here this is why you see intel i mean for any like any second when you guys hear an intel press release that says they're investing 90 [ __ ] billion dollars do you not think where does intel come up with 90 billion dollars right this is a pull through from u.s government because it allows us to start to rebuild an enormous amount of critical infrastructure that we've left to other people so you know china is systematically decomposing and basically destabilizing all the china internet companies they're going to control and inbound all of the critical resources and we're going to have to have these really hard conversations unless this is again why i go back to i don't believe what you said entrepreneurs are not enough of the solution we need the government to step in with intelligence not with anything other than that they don't need laws necessarily they just need to understand the problem and then or get out of the way in some cases or step in and for example like you know allow the regulator regulatory capture to be disrupted but they won't do it because special interests and by the way special interest what do they spend you know if you try to donate to a [ __ ] congressman four thousand dollars two thousand five hundred dollars like these people aren't spending eighty million dollars to defend an eighty billion dollar business they're spending eighty thousand dollars and that's why we can't have progress that's crazy to me what do you think about decentralized crypto you know finance uh in america should we should we allow it should we taxation clearly we should clearly allow it because um the this whole crypto stack this whole decentralized finance stack that's being built could very well be the future of finance and we certainly want to be ahead of that curve maybe there's some bubbles in here in that but i think what's really interesting there's certainly a lot of really smart engineers coders entrepreneurs who are going to that area and so i think it'd be a mistake just to discount it i think we want america to be on the forefront of that technology wave just like every other technology wave i'll make a prediction my prediction is in the next 20 years the d5 movement will catalyze a movement against the open internet and it is because state actors will compete with private actors for this battle between centralized institutional state-based control systems like i want to have a know your customer if you want to buy crypto in the u.s versus all of these offshore places where i can go and sign up get a bunch of money and trade forever and never pay the irs a cent and live my life in the ether and the open internet will start to get threatened we've seen this in the past where proxy servers and dns servers got you know requests from the doj and take down notices and if that starts to happen where all the servers and all the fiber lines that are running in and out of the us and elsewhere start to get kind of tackled like china has a closed internet um you could start to see this become a really ugly battle that that starts to play out and i think we're not too far i mean i don't know if you guys agree but i think the open internet is kind of going to be the great battleground to resolve this well the original battle was over information and now it's over money and the dollar well i think there's a really interesting point there which is you know i remember the late 90s early 2000s where the big technology investing wave was all about connecting people and goods into seamless global networks and that's where all the investment went today and and behind that was sort of this utopian idea that the internet was going to break down barriers and tribalism and remove geographic borders and create a single connected world well what what exactly is the bet on crypto today it's a bet that fiat currencies are going to collapse and deteriorate be undermined by money printing the us dollar will or stopping the world's reserve currency most likely that uh individuals need to be protected against the rise of the authoritarian state these are the big themes of crypto and if you think of major technology investing waves as essentially a prediction market on what smart people think the future is going to look like it's pretty scary that we're going from a utopian technology investing wave to a very dystopian it technology investors destroys capitalism you know if you think about what capitalism is it's not just a return on investment but it's the tonnage of dollars right so anyone who's a big investor here um i'll pick out yon because he's done an incredible job you know you're putting more and more dollars in for more and more dollars out that's the pressure brad you know these guys are under enormous pressure to get tonnage of dollars through the system in a productive way and so you know these guys are at the forefront um but when you look at you know most of the projects on solana they're seeded with a few million dollars and these are 60 80 billion dollar market cap projects and so i don't know how capitalism survives in that world number one number two governance goes completely out the window because you're essentially replacing um a set of norms that we've all agreed to about what a company is it's an llc or it's a c corp that is incorporated with laws there is recourse for you you can go to these places and sue them now it's a dao it's a bunch of rules written in a blockchain here's how it all works here's how i make my hr decisions here's this here's that here's the other thing um and then you basically decompose everything into a service where it's recursive you cannot build with me unless you make yourself buildable to others okay so when you add all these three things together i think to me it's the most incredibly positively disruptive force i have seen i think it will destroy wealth i frankly couldn't give a [ __ ] um and i think it's better for the world you
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