WEBVTT 00:00:00.000 --> 00:00:03.660 Welcome back to the Deep Dive. Today is Tuesday, 00:00:03.839 --> 00:00:09.240 January 20, 2026. And I feel like we need to 00:00:09.240 --> 00:00:11.359 just take a collective breath and mark this date. 00:00:11.480 --> 00:00:13.880 It's a big one, for sure. We are exactly one 00:00:13.880 --> 00:00:18.699 year in, 365 days since the inauguration of the 00:00:18.699 --> 00:00:22.960 Trump v2 .0 administration. And normally these 00:00:22.960 --> 00:00:26.160 anniversaries are about looking back, right? 00:00:26.769 --> 00:00:28.850 a critique of the first year's policy, maybe 00:00:28.850 --> 00:00:32.130 a little celebration. But looking at the sources 00:00:32.130 --> 00:00:34.329 we have today, from hedge eye to electoral vote, 00:00:34.950 --> 00:00:37.909 it feels less like an anniversary and more like 00:00:37.909 --> 00:00:40.229 we're looking at two totally different countries. 00:00:40.289 --> 00:00:42.009 That's the perfect way to put it. It's a split 00:00:42.009 --> 00:00:44.869 screen reality. and it is almost impossible to 00:00:44.869 --> 00:00:46.630 reconcile. Right, because on one hand, I'm looking 00:00:46.630 --> 00:00:48.409 at these economic deck boards you sent over, 00:00:48.750 --> 00:00:50.409 and everything's lighting up green. I mean, it's 00:00:50.409 --> 00:00:52.210 a party on Wall Street. A full -on boom. But 00:00:52.210 --> 00:00:54.250 then you just glance at the news, the headlines 00:00:54.250 --> 00:00:56.049 out of Minneapolis, or these bizarre stories 00:00:56.049 --> 00:00:58.369 about, what, buying Greenland again? Oh, we have 00:00:58.369 --> 00:01:00.899 to talk about Greenland. It's just absolute chaos. 00:01:01.520 --> 00:01:03.619 We've got troops mobilizing on American streets, 00:01:03.899 --> 00:01:06.180 diplomatic insults flying around. So I guess 00:01:06.180 --> 00:01:08.200 the mission for today is to try and make sense 00:01:08.200 --> 00:01:10.500 of these two realities. Yeah, how can that be? 00:01:10.719 --> 00:01:12.939 How can the markets be breaking out the champagne 00:01:12.939 --> 00:01:15.599 while the streets are, in some cases, literally 00:01:15.599 --> 00:01:18.099 filling with tear gas? That's the paradox of 00:01:18.099 --> 00:01:21.400 2026. It is. If you only looked at your brokerage 00:01:21.400 --> 00:01:23.659 account, you'd think we're in a new golden age. 00:01:23.950 --> 00:01:26.430 But if you looked out your window in the Twin 00:01:26.430 --> 00:01:28.769 Cities, you might think the whole thing is teetering 00:01:28.769 --> 00:01:30.890 on the edge. So we're going to dig into this 00:01:30.890 --> 00:01:32.769 Quad One economy, what's really happening with 00:01:32.769 --> 00:01:35.629 Operation Metro Surge in Minnesota, and this 00:01:35.629 --> 00:01:39.129 very, very strange new thing called the Board 00:01:39.129 --> 00:01:42.129 of Peace. That one's a doozy. Yeah. We've got 00:01:42.129 --> 00:01:44.849 hedge eye, electoral vote, and some really surprising 00:01:44.849 --> 00:01:47.069 Gallup data about what's actually keeping Americans 00:01:47.069 --> 00:01:49.129 up at night. So let's start with the money. That 00:01:49.129 --> 00:01:51.030 seems to be the glue holding this all together. 00:01:51.230 --> 00:01:53.829 Absolutely. The money explains the confidence. 00:01:53.909 --> 00:01:55.849 We have to start with the Quad One boom because 00:01:55.849 --> 00:01:59.629 that's the context for, well, for why the administration 00:01:59.629 --> 00:02:01.890 feels it can take these massive risks everywhere 00:02:01.890 --> 00:02:05.989 else. Okay, so Quad One. I see this term all 00:02:05.989 --> 00:02:08.629 over the Hedge Eye reports. Break it down for 00:02:08.629 --> 00:02:11.409 me. This is the Goldilocks scenario, right? Exactly. 00:02:11.530 --> 00:02:13.889 It's the sweet spot. Think of the economy in 00:02:13.889 --> 00:02:16.729 four quadrants. Quad one is where economic growth 00:02:16.729 --> 00:02:19.150 is accelerating, and at the same time, inflation 00:02:19.150 --> 00:02:21.909 is slowing down. Best of both worlds. The absolute 00:02:21.909 --> 00:02:24.110 best. But that feels a little counterintuitive. 00:02:24.210 --> 00:02:27.210 I mean, usually when growth is ripping higher... 00:02:27.229 --> 00:02:29.490 Inflation goes right along with it. It does. 00:02:29.729 --> 00:02:32.509 But that's the magic trick of this cycle. We're 00:02:32.509 --> 00:02:35.650 seeing these productivity gains, probably from 00:02:35.650 --> 00:02:39.229 tech and AI, that are keeping costs down even 00:02:39.229 --> 00:02:42.169 while output is going up. For an investor, it's 00:02:42.169 --> 00:02:44.469 paradise. OK. But here's where it gets a little 00:02:44.469 --> 00:02:46.409 strange. Look at the currency markets. Right. 00:02:46.469 --> 00:02:48.590 I was just looking at that. The US dollar is 00:02:48.590 --> 00:02:51.129 confirming a bullish trend. I mean, it's ripping 00:02:51.129 --> 00:02:54.069 higher. And historically, a super strong dollar 00:02:54.069 --> 00:02:56.840 is a wrecking ball. It's a wrecking ball. It 00:02:56.840 --> 00:02:59.800 crushes exports. It smashes risk assets like 00:02:59.800 --> 00:03:01.879 crypto and commodities. But that's not what's 00:03:01.879 --> 00:03:04.240 happening. No, it's not. And that's the anomaly. 00:03:04.699 --> 00:03:06.460 We're seeing the dollar go up, but we're also 00:03:06.460 --> 00:03:09.780 seeing Bitcoin, gold and silver trending up. 00:03:09.800 --> 00:03:11.919 Silver was up almost 12 percent week over week. 00:03:12.039 --> 00:03:13.800 That shouldn't happen. A strong dollar should 00:03:13.800 --> 00:03:16.139 make gold cheaper. So what's going on? Is it 00:03:16.139 --> 00:03:18.740 just pure hype? It's not hype, it's actually 00:03:18.740 --> 00:03:20.919 fear. But it's not fear of the US, it's what 00:03:20.919 --> 00:03:24.120 we call the cleanest dirty shirt theory. Global 00:03:24.120 --> 00:03:26.000 capital is looking at Europe, it's looking at 00:03:26.000 --> 00:03:28.740 Asia, and it's fleeing. It's flooding into US 00:03:28.740 --> 00:03:31.639 markets because despite our own chaos, we look 00:03:31.639 --> 00:03:34.340 safer than everybody else. So the chaos everywhere 00:03:34.340 --> 00:03:37.259 else is actually fueling our stock market. Precisely. 00:03:37.259 --> 00:03:40.060 And look at the VIX, the volatility index. The 00:03:40.060 --> 00:03:43.020 fear gauge. Yeah, Wall Street's fear gauge. It 00:03:43.020 --> 00:03:45.379 is sitting comfortably in what they call the 00:03:45.379 --> 00:03:48.199 investable bucket. That's low. Wall Street is 00:03:48.199 --> 00:03:50.479 not panicking. They're not worried about a crash. 00:03:51.280 --> 00:03:53.680 But wait a minute. Okay, Wall Street is happy, 00:03:53.979 --> 00:03:57.039 but the Hedge Eye Report uses the word meandering 00:03:57.039 --> 00:04:00.520 to describe the labor market. That doesn't sound 00:04:00.520 --> 00:04:02.719 like a boom for the average worker. It sounds 00:04:02.719 --> 00:04:05.099 like stagnation. Meandering is a very polite 00:04:05.099 --> 00:04:08.719 way of saying it's stable, but uninspiring. It's 00:04:08.719 --> 00:04:10.960 not overheating, which is good for inflation, 00:04:11.460 --> 00:04:13.919 but wages aren't skyrocketing either. So if you're 00:04:13.919 --> 00:04:16.160 a day trader, you're loving life. If you're a 00:04:16.160 --> 00:04:18.300 regular person buying groceries, you're probably 00:04:18.300 --> 00:04:20.399 wondering where this boom is. And that's the 00:04:20.399 --> 00:04:22.939 disconnect. This economic stability, or at least 00:04:22.939 --> 00:04:25.459 the appearance of it on the stock ticker, it 00:04:25.459 --> 00:04:28.720 acts as a kind of political shield. It lets the 00:04:28.720 --> 00:04:31.000 administration pivot to things like what's happening 00:04:31.000 --> 00:04:33.680 in Minneapolis. The calculation seems to be that 00:04:33.680 --> 00:04:36.800 as long as 401ks are up, the public will tolerate 00:04:36.800 --> 00:04:39.579 a lot of social upheaval. Well, let's test that 00:04:39.579 --> 00:04:42.439 theory. Because Minneapolis isn't just upheaval. 00:04:42.839 --> 00:04:44.860 Our sources are calling it the hill the White 00:04:44.860 --> 00:04:47.610 House wants to die on. This is Operation Metro 00:04:47.610 --> 00:04:49.889 Surge. It's moved way beyond a protest. It's 00:04:49.889 --> 00:04:52.470 a standoff, a really dangerous one. You have 00:04:52.470 --> 00:04:55.209 a direct conflict between federal power, meaning 00:04:55.209 --> 00:04:58.329 IC, and state resistance from Governor Tim Walz 00:04:58.329 --> 00:05:01.209 and Mayor Jacob Frey. And the escalation is what's 00:05:01.209 --> 00:05:03.069 terrifying. I mean, the reports say the White 00:05:03.069 --> 00:05:07.209 House is preparing to send 1 ,500 regular troops. 00:05:07.850 --> 00:05:10.850 Not just agents, but actual soldiers. That is 00:05:10.850 --> 00:05:13.490 the critical red line. because Governor Walz 00:05:13.490 --> 00:05:16.610 has already mobilized the National Guard, supposedly 00:05:16.610 --> 00:05:19.209 to protect citizens from federal overreach. So 00:05:19.209 --> 00:05:21.850 you have the Guard on one side and potentially 00:05:21.850 --> 00:05:24.310 federal troops on the other. The fear is that 00:05:24.310 --> 00:05:26.029 they're trying to provoke a situation where they 00:05:26.029 --> 00:05:28.250 can invoke the Insurrection Act. I want to zoom 00:05:28.250 --> 00:05:30.529 in on the human element here, because the legal 00:05:30.529 --> 00:05:32.970 stuff can kind of sanitize what's happening on 00:05:32.970 --> 00:05:35.990 the ground. The sources mention this term, Kavanaugh 00:05:35.990 --> 00:05:39.079 stops. Right. It's a colloquial term. What does 00:05:39.079 --> 00:05:41.079 that actually mean? It comes from a Supreme Court 00:05:41.079 --> 00:05:44.620 concurrence by Justice Kavanaugh. And the argument 00:05:44.620 --> 00:05:47.220 is basically that the border isn't a line on 00:05:47.220 --> 00:05:49.779 a map anymore. The border is everywhere. Oh. 00:05:50.079 --> 00:05:53.540 So ICE should have the same power to stop and 00:05:53.540 --> 00:05:56.060 detain people in Minneapolis as they do on the 00:05:56.060 --> 00:05:58.720 Rio Grande. So stopping people without reasonable 00:05:58.720 --> 00:06:02.360 suspicion, just profiling. That's it. And the 00:06:02.360 --> 00:06:04.459 examples in the source material are. They're 00:06:04.459 --> 00:06:06.379 vivid. Did you see the incident at the church? 00:06:06.759 --> 00:06:09.180 Yeah, I read that. Protesters go into a church 00:06:09.180 --> 00:06:12.339 where an ICE officer, who's also a pastor, is 00:06:12.339 --> 00:06:14.560 preaching. Normally you get kicked out, right? 00:06:14.759 --> 00:06:18.819 Fine. Maybe. But here... The DOJ is launching 00:06:18.819 --> 00:06:21.740 a full civil rights investigation against the 00:06:21.740 --> 00:06:24.040 protesters. The entire weight of the federal 00:06:24.040 --> 00:06:25.980 government. And it's not just protesters. Don 00:06:25.980 --> 00:06:28.740 Lemon, the journalist, he was arrested just covering 00:06:28.740 --> 00:06:31.000 it. That's a signal. It's a huge signal. You're 00:06:31.000 --> 00:06:33.680 telling any witnesses, look away. But the story 00:06:33.680 --> 00:06:35.819 that really got me the one that was just physically 00:06:35.819 --> 00:06:38.939 uncomfortable to read was the case of Abkhadir 00:06:38.939 --> 00:06:42.899 Noor. That was a harrowing read. Can you walk 00:06:42.899 --> 00:06:44.819 us through that one? Because I think people need 00:06:44.819 --> 00:06:47.240 to visualize what this actually looks like. OK, 00:06:47.279 --> 00:06:50.019 so you have to picture it. It's January in Minnesota. 00:06:50.139 --> 00:06:53.720 It is freezing. Abkhadir Noor is an American 00:06:53.720 --> 00:06:56.180 citizen of Somali descent. He's driving with 00:06:56.180 --> 00:06:59.899 his kids in the car. OK. He sees icy agents dragging 00:06:59.899 --> 00:07:02.319 two Latino men out of a car on the side of the 00:07:02.319 --> 00:07:04.920 road. His instinct is to witness. He pulls over. 00:07:04.939 --> 00:07:07.879 He gets out. He has no weapon. He's telling everyone 00:07:07.879 --> 00:07:10.620 to remain calm, just trying to deescalate. And 00:07:10.620 --> 00:07:13.339 for doing that... For that, they threw him onto 00:07:13.339 --> 00:07:16.639 the frozen asphalt. They shackled him. And while 00:07:16.639 --> 00:07:18.879 he's on the ground in front of his family, they 00:07:18.879 --> 00:07:22.100 taunted him. The transcript quotes them using 00:07:22.100 --> 00:07:24.879 slurs, saying Somali should go back home. And 00:07:24.879 --> 00:07:27.480 he was released with no charges. Hours later, 00:07:28.279 --> 00:07:31.550 no charges. It's not law enforcement, it's intimidation. 00:07:31.629 --> 00:07:34.709 It sounds like a gang. It does. And legally, 00:07:34.910 --> 00:07:37.790 they're actually hitting a wall. A judge, Catherine 00:07:37.790 --> 00:07:40.509 Menendez, issued an injunction saying you cannot 00:07:40.509 --> 00:07:43.370 retaliate against peaceful observers. The response 00:07:43.370 --> 00:07:46.709 is to send 1 ,500 troops. It feels like they 00:07:46.709 --> 00:07:48.589 just don't care about the courts. The analysis 00:07:48.589 --> 00:07:50.589 suggests they might actually want a confrontation. 00:07:50.870 --> 00:07:53.910 If one federal agent gets hurt, that's the justification 00:07:53.910 --> 00:07:56.009 they need for the Insurrection Act. To override 00:07:56.009 --> 00:07:58.509 the governor, the courts, everything. Everything. 00:07:59.029 --> 00:08:01.329 But the resistance in Minneapolis is getting 00:08:01.329 --> 00:08:03.850 smarter. They're becoming incredibly disciplined. 00:08:03.930 --> 00:08:06.410 They use code words like calling, tailing ICE 00:08:06.410 --> 00:08:09.790 agents commuting. They organize cop watch shifts. 00:08:09.990 --> 00:08:12.970 It's like the whole city is mobilized. It's incredible 00:08:12.970 --> 00:08:16.610 resilience, but it just creates this insane split 00:08:16.610 --> 00:08:20.250 screen stock market at all time highs and a major 00:08:20.250 --> 00:08:23.250 American city under what the mayor calls an occupying 00:08:23.250 --> 00:08:26.430 force. And speaking of that split screen, let's 00:08:26.430 --> 00:08:29.069 talk about who is profiting. Because the economy 00:08:29.069 --> 00:08:31.629 might be quad one, but there's this section in 00:08:31.629 --> 00:08:34.529 our sources called the grift report Yeah, and 00:08:34.529 --> 00:08:36.470 it suggests the lines between public service 00:08:36.470 --> 00:08:39.629 and private profit have just been erased. This 00:08:39.629 --> 00:08:41.649 is where the lack of oversight is just glaring. 00:08:42.049 --> 00:08:44.129 The sources highlight Donald Trump's financial 00:08:44.129 --> 00:08:46.570 disclosures for 2025. He's been busy trading. 00:08:46.970 --> 00:08:49.309 Extremely busy. One hundred and ninety one transactions. 00:08:49.429 --> 00:08:51.970 That's a trade almost every other day. But it's 00:08:51.970 --> 00:08:54.950 not the volume, it's the timing. He bought millions 00:08:54.950 --> 00:08:57.610 in stock in Warner Bros, Discovery and Netflix. 00:08:57.690 --> 00:08:59.889 Right before a massive merger that needs his 00:08:59.889 --> 00:09:01.990 administration's approval to go through. I mean, 00:09:02.110 --> 00:09:04.210 if a CEO did that, it would be insider trading. 00:09:04.549 --> 00:09:06.429 If a Democrat did that, the source points out 00:09:06.429 --> 00:09:08.669 the reaction would be apocalyptic. impeachment 00:09:08.669 --> 00:09:11.309 earrings, everything. But now, it's just another 00:09:11.309 --> 00:09:14.210 Tuesday. But even that, it kind of pales in comparison 00:09:14.210 --> 00:09:16.029 to this thing called the Board of Peace. This 00:09:16.029 --> 00:09:17.909 sounds like it's from a movie. It really does. 00:09:17.970 --> 00:09:20.570 It's a proposed body to oversee Gaza for the 00:09:20.570 --> 00:09:22.850 next three years. And the key detail is they'll 00:09:22.850 --> 00:09:25.029 govern the region without any Palestinian input. 00:09:25.350 --> 00:09:28.679 None. Zero. And the list of members is wild. 00:09:28.799 --> 00:09:31.139 You've got Tony Blair, Javier Malé from Argentina, 00:09:31.419 --> 00:09:34.440 Jared Kushner and the billionaire Mark Rowan. 00:09:34.679 --> 00:09:37.200 A very strange mix. But the detail that really 00:09:37.200 --> 00:09:40.259 made my jaw drop is the buy -in, the entry fee. 00:09:40.279 --> 00:09:42.720 What is it? The sources claim that for any nation 00:09:42.720 --> 00:09:45.139 that wasn't invited but wants a seat at the table, 00:09:45.840 --> 00:09:50.259 the fee is one billion dollars. A billion dollars 00:09:50.259 --> 00:09:54.720 to sit on a board overseeing a war zone. Where 00:09:54.720 --> 00:09:57.340 does that money go? That's the question. Does 00:09:57.340 --> 00:10:00.100 it go to humanitarian aid? Yeah. Or does it go 00:10:00.100 --> 00:10:02.600 to what the source cynically calls the Trump 00:10:02.600 --> 00:10:05.419 International Resort, Gaza? It's pay to play 00:10:05.419 --> 00:10:08.299 on a geopolitical scale. Exactly. It frames foreign 00:10:08.299 --> 00:10:10.720 policy as a transaction. And when you see it 00:10:10.720 --> 00:10:12.679 like that, that everything is just real estate, 00:10:12.879 --> 00:10:15.320 the next story makes a lot more sense. We have 00:10:15.320 --> 00:10:17.460 to talk about Greenland. Part two of the Greenland 00:10:17.460 --> 00:10:20.419 saga. I thought this was a meme from 2019. I 00:10:20.419 --> 00:10:23.100 thought it was a joke. He's back at it. And this 00:10:23.100 --> 00:10:25.980 time, it's in writing, an open letter to the 00:10:25.980 --> 00:10:28.159 Norwegian prime minister. And he calls him Dear 00:10:28.159 --> 00:10:31.120 Jonas. Dear Jonas. And in the letter, he claims 00:10:31.120 --> 00:10:34.480 to have stopped eight wars plus arrests, all 00:10:34.480 --> 00:10:37.840 caps, and basically demands that NATO do something 00:10:37.840 --> 00:10:40.960 for the US by facilitating the transfer of Greenland. 00:10:41.080 --> 00:10:44.559 True. Not by. Just hand it over. And Stephen 00:10:44.559 --> 00:10:46.919 Miller went on TV to justify this. He says it's 00:10:46.919 --> 00:10:49.779 about polar competition. His argument is that 00:10:49.779 --> 00:10:52.059 if you don't inhabit and defend a territory, 00:10:52.240 --> 00:10:54.960 you forfeit it. He claims Denmark isn't, so the 00:10:54.960 --> 00:10:56.940 US should take it. It's like Manifest Destiny 00:10:56.940 --> 00:10:59.720 for the Arctic. Yeah. And Ted Cruz is on TV comparing 00:10:59.720 --> 00:11:01.899 it to the Louisiana Purchase. Which is just a 00:11:01.899 --> 00:11:04.279 historically illiterate comparison. France wanted 00:11:04.279 --> 00:11:07.179 to sell. Denmark has said very loudly it is not 00:11:07.179 --> 00:11:09.139 for sale. The source quotes Francis Fukuyama 00:11:09.139 --> 00:11:11.139 on this, the political scientist. Yes, and he 00:11:11.139 --> 00:11:13.309 had a very strong warning. He said, this isn't 00:11:13.309 --> 00:11:16.549 a real estate deal, it's imperialism. And appeasement 00:11:16.549 --> 00:11:18.809 won't work. If Europe gives him a little piece 00:11:18.809 --> 00:11:21.389 of land, he'll just come back for more. He made 00:11:21.389 --> 00:11:24.009 an interesting point about modern warfare too. 00:11:24.190 --> 00:11:26.570 A fascinating point. He says, you can't just 00:11:26.570 --> 00:11:28.929 buy a country anymore because resistance is too 00:11:28.929 --> 00:11:32.190 easy. He mentions suitcase nukes. You can't just 00:11:32.190 --> 00:11:35.009 plant a flag and say mine when the locals have 00:11:35.009 --> 00:11:38.389 modern technology. OK, so let's just pause. We 00:11:38.389 --> 00:11:42.269 have. Deep unrest in an American city. A board 00:11:42.269 --> 00:11:45.129 of peace that costs a billion dollars to join. 00:11:45.610 --> 00:11:48.169 A diplomatic crisis over Greenland. And yet, 00:11:48.649 --> 00:11:51.830 the Dow is up. The VIX is down. Which brings 00:11:51.830 --> 00:11:54.690 us back to the American voter. With all this 00:11:54.690 --> 00:11:57.049 happening, what are people actually afraid of? 00:11:57.129 --> 00:11:59.230 This was the Gallup data. And for me, this was 00:11:59.230 --> 00:12:01.789 the biggest aha moment. Yeah. Because the old 00:12:01.789 --> 00:12:04.149 story is Republicans hate big government. Democrats 00:12:04.149 --> 00:12:06.659 hate big business. Right. But that script has 00:12:06.659 --> 00:12:09.200 completely flipped. For decades, the number one 00:12:09.200 --> 00:12:11.519 threat for Americans was big government. That's 00:12:11.519 --> 00:12:13.820 changing. Drastically. Fear of big government 00:12:13.820 --> 00:12:16.659 has dropped 15 points. At the same time, fear 00:12:16.659 --> 00:12:19.460 of big business has surged by 16 points. That 00:12:19.460 --> 00:12:22.220 is a massive swing. It is. And when you add big 00:12:22.220 --> 00:12:24.679 tech as an option, 32 % of people say that is 00:12:24.679 --> 00:12:26.440 the biggest threat, and it crosses party lines. 00:12:26.700 --> 00:12:28.919 So the populist right and the left are actually 00:12:28.919 --> 00:12:31.700 meeting in the middle on this. Exactly. So even 00:12:31.700 --> 00:12:34.879 with a Quad One market, the average person is— 00:12:34.799 --> 00:12:37.799 at the Warner Bros. deal or the Board of Peace 00:12:37.799 --> 00:12:40.100 buy -ins and thinking the problem isn't just 00:12:40.100 --> 00:12:42.940 government, it's that government and corporations 00:12:42.940 --> 00:12:45.820 are the same thing now. which connects directly 00:12:45.820 --> 00:12:48.080 to the Free America Walkout happening today. 00:12:48.500 --> 00:12:52.820 Right. January 20th, 2 .000 p .m. local time. 00:12:53.120 --> 00:12:55.419 And the sources are realistic. They don't expect 00:12:55.419 --> 00:12:58.019 millions of people. But they make an interesting 00:12:58.019 --> 00:13:00.379 point about the regularization of resistance. 00:13:00.720 --> 00:13:03.379 Yes. Dana Fisher, the expert on protest movements, 00:13:03.460 --> 00:13:06.159 she says this is a marathon, not a sprint. The 00:13:06.159 --> 00:13:08.279 fact that these things are planned, that Minneapolis 00:13:08.279 --> 00:13:11.379 has these cop watch networks, it shows resistance 00:13:11.379 --> 00:13:13.600 is becoming part of daily life. It's not just 00:13:13.600 --> 00:13:16.460 a one day No, it's becoming a lifestyle for a 00:13:16.460 --> 00:13:19.600 lot of people. So let's try to tie this all together. 00:13:19.940 --> 00:13:23.440 One year in, we have a booming economy that is 00:13:23.440 --> 00:13:26.360 masking this deep, deep structural instability. 00:13:26.659 --> 00:13:28.940 And we're seeing a test of two different systems. 00:13:29.299 --> 00:13:31.519 The source has made a really sharp comparison 00:13:31.519 --> 00:13:33.059 to China. How about how they handle descent? 00:13:33.320 --> 00:13:35.879 Right. In China, the government controls everything. 00:13:36.120 --> 00:13:39.659 The courts, the police, the media. They can stifle 00:13:39.659 --> 00:13:42.220 dissent very efficiently because the apparatus 00:13:42.220 --> 00:13:45.419 is competent in total. OK. The Trump administration 00:13:45.419 --> 00:13:48.169 seems to want that level of control. sending 00:13:48.169 --> 00:13:51.250 troops, demanding Greenland, ignoring conflicts 00:13:51.250 --> 00:13:52.909 of interest. But they don't have the system to 00:13:52.909 --> 00:13:55.110 back it up. Exactly. They don't have the competence 00:13:55.110 --> 00:13:57.509 or the total control that someone like Xi Jinping 00:13:57.509 --> 00:14:00.450 has. They have Judge Menendez blocking them in 00:14:00.450 --> 00:14:03.490 court. They have decentralized protesters. And 00:14:03.490 --> 00:14:06.129 they have a public that is more and more skeptical 00:14:06.129 --> 00:14:09.549 of corporate power. So what we're left with is 00:14:09.549 --> 00:14:13.960 this messy chaotic attempt at authoritarianism 00:14:13.960 --> 00:14:16.220 clashing with a very resilient civil society. 00:14:16.659 --> 00:14:19.039 And the trillion -dollar question is this. Will 00:14:19.039 --> 00:14:21.340 the Quad One money be enough to keep the lid 00:14:21.340 --> 00:14:24.600 on it? Can you buy peace with a high stock market 00:14:24.600 --> 00:14:27.039 while you break democratic norms? The Gallup 00:14:27.039 --> 00:14:29.799 data suggests that maybe the answer is no. That 00:14:29.799 --> 00:14:32.820 as people get more afraid of big business, that 00:14:32.820 --> 00:14:34.799 economic shield starts to crack. It is going 00:14:34.799 --> 00:14:36.879 to be a very long year. Well, we will be here 00:14:36.879 --> 00:14:39.179 to track it. Thank you for unpacking this with 00:14:39.179 --> 00:14:41.480 us. It's a lot to process from the ticker tape 00:14:41.480 --> 00:14:43.419 to the police tape. Always a pleasure to connect 00:14:43.419 --> 00:14:45.519 the dots, even when the picture is a little frightening. 00:14:46.159 --> 00:14:49.080 And to you listening, thanks for joining this 00:14:49.080 --> 00:14:52.220 deep dive. Keep your eyes on the VIX and keep 00:14:52.220 --> 00:14:54.379 watching Minneapolis. We'll see you next time.