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so first off um please join me in welcoming Ray Doo to the stage wow yeah Ray Doo Oh my God
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legit got let your winners ride Rainman David and in said we open source it to the fans and they've just gone crazy
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love you queen of K R I don't know how we got you to the stage it must have been the fact that I
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just said your name 400 times last year this guy's R yeah but I will say you were by far my Top Choice as a guest
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to have at the all- in Summit 2023 which I took advantage of because I got to produce it this year you guys have heard
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me talk about Ray's book principles for dealing with the changing World Order why Nations succeed and fail on the Pod
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a lot and I think it really um encapsulates so well why we are observing a lot of the social economic
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and political shifts that are underway in the US and around the world today increasing civil unrest divisive
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politics our desire for external conflict inflation budget and debt problems Etc they've all played out
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before as Nations have risen and Fallen Jason likes to make fun of the term declinist but I think it's more uh
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broader than that which is what is the cycle that happens with social systems that we call nation states over time
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Ray's book was my content pick of the year in 2021 and I first learned about Ray when he published uh principles as a
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PDF in 2011 you put that out for free on the internet thank you which was an internal document you Ed at
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Bridgewater and I don't know if anyone else downloaded it and read it but I was a young CEO in 2011 I read that uh that
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PDF and it made a big impact on me and how I thought about management prioritization decision- making and
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myself um as a kid growing up in Nassau New York Nassau County New York Ray earned money mowing lawns shoveling snow
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um delivering newspapers and caddying for Wall Street tycoons he later got a summer job with a Wall Street Trader
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that he caddied for and ended up starting Bridgewater two years after he got his NBA at Harvard in
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1973 make sure I get that right by 2013 Bridgewater was the largest hedge fund in the world today managing well over a
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hundred billion dollar in assets uh Ray spends much of his time sharing his analyses and thoughts today and his
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viewpoints openly and freely and for that we appreciate him and thank him and excited to welcome him here today so um
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Ray maybe you could just very briefly kind of summarize the um the cycle that you highlight in your book that I
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mentioned um and the five Great kind of drivers that you've observed and tell us
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a little bit about the the simple kind of macro picture I know you've got something you could share on it as well
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yeah sure uh first I should explain that experience I had of learning that many of the things that surprised me
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surprised me because they didn't happen in my lifetime time before but they happened many times in history the first
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time I was clerking on the floor of the New York Stock Exchange in 1971 and the United States Nixon
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defaulted on the promise to deliver gold for money because they didn't have enough money a re real money gold and it
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went down I went on the floor of the New York Stock Exchange expecting a big down
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it went up a lot that's because I never had a devaluation happen that I found that in March 1933 the exact same thing
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happened with Roosevelt on the radio same thing so I then I studied the 30s what happened in
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1938 in terms of the depression leading to the wars and so on and the interest rates hitting zero is the exact same
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thing that happened in 2008 and was because I studied that that I we were able to make a lot of money in the 2008
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financial crisis so three things started to happen in my lifetime our lifetimes that never happened before and and I
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needed therefore to study the study them in history the first is the amount of debt and money creation huge amounts of
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debt and money creation does that matter how do what is the rise and decline of a
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reserve currency how does that all work I needed to see the cycles for that the second was the amount of internal
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political conflict in particular populism of the left and populism of the right and a populist is a person who
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will not accept losing they fight with their contingency and that dysfunction and that lack of willingness to lose um
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then had January 6th came out after the book and there's a dynamic that we're going on for that and the third of
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course is the great power conflict in other words the rise of a comparable economic and military power in the form
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of China Rising and competing with the United States which is also changing that world order those three things
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never happened in my lifetime but are big things that are affecting things when I went back in history I I said I
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needed to study how these things work sometimes we Overlook the really big things so I went back and I uh studied
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that and I saw that there were two others that had enormous impact the two others were um acts of nature in
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particular droughts floods and pandemics and they killed more people and they toppled more Empires and changed more
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World orders than anything and certainly big issue now and then number uh five is
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technological changes and how they evolve so I needed to study those five forces I um I saw that there's this
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cycle that repeats over for good cause effect relationships I don't believe in a cycle just because it repeats I
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started to understand the cause effect relationships I have a clip here if I can show you just the four minutes
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that's just a brief summary of the cycle uh can you hit it with the clip I studied the 10 most powerful Empires
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over the last 500 years and the last three reserved currencies it took me through the rise and decline of the
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Dutch Empire and the Gilder the British Empire and the pound the rise and early decline in the United States Empire and
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the dollar and The Decline and Rise of the Chinese Empire and its currencies as well as the rise and decline of the
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Spanish German French Indian Japanese Russian and ottoman Empires along with their significant
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conflicts as measured in this chart to understand China's patterns better I also studied the rise and fall of
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Chinese dynasties and their monies back to the year 600 because looking at all these
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measures at once can be confusing I'll focus on the four most important ones the Dutch dut British us and
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Chinese you'll quickly notice the pattern now let's simplify the form a bit as you can see they transpired in
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overlapping cycles that lasted about 250 years with 10 to 20e transition periods
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between them typically these transitions have been periods of great conflict because leading Powers don't decline
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without a fight so how am I measuring an Empire's power in this study I used eight metrics
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each country's measure of total power is derived by averaging them together they
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are education inventiveness and Technology development competitiveness in global markets economic output share
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of World Trade military strength the power of their financial center for Capital markets and the strength of
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their currency as a reserve currency because these powers are measurable we can see how strong each country is now
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was in the past and whether they're rising or declining by examining the sequences
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from many countries we can see how a typical cycle transpires and because the Wiggles can
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be confusing we can simplify it a bit to focus on the pattern of cause effect relationships that drive the rise and
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decline of a typical Empire as you can see better education typically leads to increased Innovation
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and Technology development and with a lag the establishment of the currency as a reserve currency you can also see that
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these forces then declined in a similar order reinforcing each other's decline let's now look at the typical
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sequence of events going going on inside a country that produces these Rises and
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declines in a nutshell the big cycle typically begins after a major conflict often a war establishes the new leading
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power and the New World Order because no one wants to challenge this power a period of peace and prosperity typically
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follows as people get used to this peace and prosperity they increasingly beted on it continuing they borrow money to do
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that which eventually leads to a financial bubble the Empire's share of trade grows and when most transactions
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are conducted in its currency it becomes a reserve currency which leads to even more Bor at the same time this increased
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Prosperity distributes wealth unevenly so the wealth Gap typically grows between the rich Haves and the poor Have
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Nots eventually the financial bu bursts which leads to the printing of money an increased internal conflict
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between the rich and the poor which leads to some form of Revolution to redistribute wealth this can happen
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peacefully or as a civil war while the Empire struggles with this internal conflict its power diminishes relative
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to external rival powers on the rise when a new Rising power gets strong enough to compete with the dominant
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power that is having domestic breakdowns external conflicts most typically Wars take place out of these internal and
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external Wars come new winners and losers then the winners get together to create the New World Order and the cycle
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begins again the book's amazing and the amount of work you put into this is extraordinary and it's just really great
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intellectually I'm curious when we look at those four groups since you wrote the
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book China I think we'd all agree has changed significantly uh perhaps I think best described maybe being in decline in
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many ways and disconnecting from the west and it's also I believe when you look at the countries you studied uh
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perhaps one of the only modern authoritarian countries to um you know perhaps have an ability to take the
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Crown if um they were to continue so two-park question what do you how does everything you've learned and studied
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impact your thinking when one person an authoritarian xiin ping is running China
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and disconnecting it from the rest of the world in terms of their ability um and then do you consider this if they
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did succeed in becoming the dominant power in the world what do you think that does for
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Humanity there are a bunch of questions in there so I I'll I I'll I'll try to remember them and take them uh one once
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at a time um I think China's going to be a big Power for the foreseeable future I think
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the basic picture in China uh the United States the emergence of India and so on
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is going the world order is going to change in a very profound way we can't say who's going to be the winner and the
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loser of this game but I think we do know that um this conflict is going to be with us and it's totally changing the
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world order when you're asking like who's going to be the winner of this game um like I I'll tell you
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history in the history of democracy as uh Plato described in the uh in the Republic there's a cycle and one of the
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great vulnerabilities of democracies is the disorderliness the Anarchy that comes
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from a conflict and and so you're asking me to compare democracy and um also what I'll call
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capitalism with uh authoritarianism and um let's say let's call it communism that version of it or
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or quasi capitalism maybe but we know what we mean yeah okay so um so when um the risk of of C of
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capitalism is when you have the wealth Gap CL clash and the opportunity Gap clash and
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the risk and that produces uh risk for democracy so in the 30s four major democracies because of that Dynamic
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chose to be their parliaments chose to be autocracies that happened in Germany Italy Spain and Japan so the risk both
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have risks I came from and I've been we've all been blessed with this amazing environment
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that equal opportunity the ability to be creative or rule of law civility but if we risk those things in
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both of those then we have a great risk so on this War I think it depends more on how we are with our circumstances to
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be strong and capable and relative to them it certainly is going to be a test of the
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systems yeah so in a way us focusing inward on what we do here in America with our democracy and
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making it high function is as important as managing our relationship with China and if you were to look at China India
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and those two countries specifically um and you were to handicap them as you are
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uniquely qualified to do maybe you could just broadly handicap India versus China
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for us because this is a topic we've been talking about jamath and I and and the other besties on the show a whole
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bunch and it's now the largest population in the world I guess people don't realize that that they've uh and
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they're continuing to grow and the birth rate is in decline in China so maybe a little bit on India and how you look at
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it and I should emphasize that every every conclusion that I have is a function of of measuring statistics and
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having them as leading indicators and we have 10-year growth rate estimates for uh China uh excuse me India and all the
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countries top 22 countries and you could see it online if you want country by country and the reasons for it India has
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the highest potential growth rate I think India um is where China was when I started to go I started to go in 1984 so
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if you look at the complexion the per capita income and I think um Modi is a Deng shell ping so that you have a um a
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ma massive uh reform development creativity all those elements there are of course issues risk issues uh but
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India is is very uh very important now of course there's is a religious internal issue having to do with the
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population has 240 million um Muslims and I don't think that any of these issues is going to stop India I also in
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history the countries that were the neutral countries did the best so in other words better than the winners in
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Wars so as we have this conflict between the United States and China and its allies Russia and so on as we see that
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line up countries that are in the middle like India are going to be net beneficiaries Middle East yeah Middle
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East is again there's so there are two big epicenters where things are happening fast and quick um and getting
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better one of them is um well let let's say three there's the acon countries and
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we can say that Singapore and essentially is a hub but the acon countries which is you know Indonesia
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Philippines Vietnam and all of that that's going to be a good great area the Middle East in terms of particularly the
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gulf countries the amount of money and they're and they're making Talent magnets they're attracting people that's
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you look at how the change in wealth has take place um that's certainly it and India Ray can we can I just ask back on
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China you know Chinese leadership you've spoken and had relations there for many
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years can you share with us your point of view on how they think about their position in the world and how you
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understand their intentions yes I'll give you I give you my thoughts I'm not making judgments I'm just passing along
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okay um they they think there are two different systems two different approaches they would think that an
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autocratic and a uh an autocratic system they used to have a committee that would
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make it but they would say it would be very much like a company if you had a company you have a board you have the
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executive committee and so on and so forth and you make make sure you get the leadership and then they would say U
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that the world should have a competition and that uh throughout history there are
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these competitions in all the various ways we talk about and there's an emergence of that
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and that there's an inevitability and I think we say that there's an inevitability for a um a a
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conf uh conflict because there's a containment and then there's a desire to expand and it's like almost keeping a a
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lid on a Boiling Pot that's the type of situation I can go on at length about the particulars of their thing there
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they have a very good historical perspective because their history's been literally 5,000 years like we we think
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of ours they remember the particulars and all the leaders study that and there is a cycle that they're very conscious
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about so for example the big risk that they believe is instability so she says um that the big
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um the big storm on the horizon he keeps referring to the big storm on the horizon and that relates to the conflict
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with in the world that we're talking about but it also relates to the fact that they've got a debt problem they have a
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debt restructuring problem and their Instinct through history The Learning of history is that during such periods of
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time internal conflict is a big threat and therefore autocracy strong controls are the things
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to have okay now we can explore the relative merits of that internal conflict and so on but that's basically
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their perspective one of the um things that I'm struck by is if you look in the past a lot of these conflicts were
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started because it's about Commerce or some form of capital or some critical resource and then it just kind of like
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escalates and then you have these like large R Transformations and reallocations of
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power but in a world where we are now sort of almost on the precipice closer than we've ever been to this sort of
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form of abundance whether it's quasi less energy whether it's food that's available to be printed or made or what
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have you what do we fight over in this next great conflict like what is worth fighting over um okay so let let me
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first deal with the productivity thing throughout history productivity has been the greatest and so if you take the 20s
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we had the productivity most inventions most patents and so on in the 20s you also had a debt problem and you also had
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a wealth Gap problem um so um I believe that in terms of the new technology we're going to really see new
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technologies now they could be used for weapons or they can be used for productivity but we're going to have to
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have a reorganization of how will we going to redistribute the wealth and opportunities and so on so if we come
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back I think we just have to look at what are we fighting for now what's going on and I think that um of course
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there's a fight over money if you have a downturn if you have a debt problem and
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I think there's good reason to believe we will we we can get into that in a minute but um they fight over money and
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they fight over differences in values in other words the differences in values like um how do you educate your children
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what is um transgender issues and education issues and those types of things and so I think you're seeing
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those things to fight over you're seeing plenty to fight over and let's say we don't fight let's pray we don't fight
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let's what we need is to come together but um if let's say we don't fight you're still going to have to deal with
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how do you redistribute not only money but how do you redistribute opportunities and that's going to take
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figuring it out right and there's going to be an argument over how they how they
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do that no I think this is really interesting because I think you're saying if you don't fight over the
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historic area battlefields right if we're not fighting over resources we are going to fight over social issues or
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social constructs or social beliefs so I I I but but I'm also saying you're going
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to fight over resources like we have debt and it and we operate as though it doesn't matter and we'll continue to
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have the pile if you look at history and we can get into why it is it is not that
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that goes on a while and you can't continue to increase your living standards by borrowing more than your uh
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spending you know you can't keep accumulating your debt because it has to matter so these types of things as they
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build up as the debt builds up as the wealth gaps builds up and we are the values gaps build up and then there's
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difference in reaction to controls some people so you see the movement we will have things to fight over at the same
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time as we hopefully will have a productivity miracle I think that in the next 5
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years let I think year by year we're going to go through a Time Warp you're going to see
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radical disorder in the next 5 years as each one of those things comes to path first with the elections as we have then
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we have the conflict with the geopolitical conflict then we have um the climate issue which by the way is a
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very expensive issue we should talk about how how costly that issue is and then we're going to have um this issue
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of technology which can provide the greatest Miracle but also is a is is a weapon just frame for us your thoughts
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on debt for a second how do you think about debt as an absolute construct or a relative construct especially sovereign
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debt you know the there is a US debt but then there are also every other 182 countries who have a ton of debt and so
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how do you think about debt debt to GDP relatively and in absolute terms for any
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country and quite often many countries because they go through the cycle together as they did
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in the 30s um what happens is debt rise is relative to incomes and what that means
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mechanistically is that Debt Service payments rise relative to incomes and um and so it squeezes out consumption as
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this compounds and what happens is there's a realization that they have to print money so I think you're going to
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see in the next downturn another move to print money there are certain things that are going on now that means that
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the big risk comes when they don't want to hold those bonds anymore okay because
00:25:05
the supply demand think about that Supply demand has a deficit it has to borrow and so it sells its bonds who are the
00:25:14
buyers of the bonds why do they buy the buyers of the bonds buy because there's an attractive return not only do you
00:25:22
have to sell those amounts of bonds but when they start to realize that I'm not getting good Returns on those bonds they
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can sell those bonds they're are 31 trillion dollar of bond they own instead um they always own um uh uh
00:25:39
tangible things and those things can also be it could be equities it could be other many other
00:25:46
things it could be gold okay gold has always been um accepted as a money because it's nobody else is there's a
00:25:55
saying gold is the only asset you can have that not somebody else's liability in other words you're dependent on
00:26:00
getting paid you can have that at intrinsic value and for a long period of time it's been valued and you can move
00:26:05
it between countries but also um different countries Prosper so you'll see the countries some of the countries
00:26:12
that we mentioned they will prosper through that the United States made most of its money because it didn't enter the
00:26:19
war it was before on World War 2 in World War I the United States became the richest country because of the money it
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made before it entered the war so those countries will prosper and in those countries then certain real estate of
00:26:34
prop hard assets but where you have that is very very important there's um something about
00:26:40
wealth inequality that I just wanted to get your thoughts on as well which is I saw a chart in The Economist recently
00:26:47
that showed um on a you know purchasing price parody basis um normalized across all the Western countries that us median
00:26:56
income so median so not thinking about means um is now 45 almost $447,000 doing much better than Britain most of
00:27:05
Continental Europe etc etc so on a functional purchasing power parody basis a lot of Americans are doing much
00:27:13
much better there was like a ups renegotiation for their labor contracts drivers can now make 180 Grand a year I
00:27:20
mean just there's a lot of money to be made but then there's this real but also Al hyper perceived
00:27:30
imbalance and I just want to get your sense of how much of this is the social media phenomenon of just never having
00:27:37
enough and how much of it is true when you look at data like that uh the there's a there's there's a huge um
00:27:47
wealth Gap um and the nature of our our economy is producing this so I can rattle up a bunch of Statistics what
00:27:54
happened um as happens in with these Cycles is that when you have uh the type of situation we have the government will
00:28:03
take on the debt and it'll send out the money so the mechanics of that were that
00:28:09
there was more checks and more money sent than there was uh loss of income by a lot so a lot of money went out and as
00:28:19
a result of that the financial conditions of the household sector improved generally speaking while the
00:28:27
fincial conditions of the government sector uh the the government got into a lot more debt that's very classic at the
00:28:34
end of the cycle because there's a an imbalance between demand and purchases of bonds there is the Central Bank
00:28:42
buying those bonds that monetization okay so now that's what the wealth Gap looks like and also that also creates
00:28:50
more of the inflation right because the household sector buying large benefits but when you look at the the the
00:28:57
difference is um I can I'll tell you a personal case uh so that I can understand I live in Connecticut and um
00:29:05
Connecticut's usually one two or three in the richest states in the country 22% of the high school students in
00:29:12
Connecticut either have dropped out of high school or are failing classes with absentee rates are greater than
00:29:20
25% the $600 million a year goes to um incarcerations there is a um a a level below which no
00:29:31
human beings should be allowed to let alone raising kids and families um I I live in Greenwich Connecticut a wealthy
00:29:40
place I think um my number won't be up to date maybe 5 years old per capita um students in high school cost would be uh
00:29:49
24,000 a person in Bridgeport Connecticut up the road $114,000 a person there was 60 ,000 kids in
00:29:59
Connecticut that didn't have computers how were they going to get education the state wasn't going to pay for it we had
00:30:06
we philanthropically bought them if there so now we don't create a bottom an acceptable bottom and the idea of equal
00:30:15
opportunity I mean I I was blessed with it I think we probably all were blessed with equal opportunity all you need is
00:30:22
parents will take care of you go to a public school come out to a world of equal opport unity and leared civility
00:30:29
if you have those things so if you take all those measures and so on the gaps in
00:30:34
those things are greater than they have ever been right SE let me ask um so Ray I think I fundly agree with your
00:30:41
critique that America is looking more and more like a late stage Empire like a late stage Roman Empire we have this
00:30:48
massive dead and we're debasing our currency like the Roman Empire we have all these you know far-flung uh military
00:30:56
Wars which we lose you know all over the world uh were're racked by internal division so I think I agree with with
00:31:03
that part of it at the same time we do seem to be really good still at technological innovation you know in the
00:31:10
last year we've had this breakthrough with you know AI with large language models I'm wondering is that well first
00:31:16
of all is is that a mirage or do you agree with that and then if you do agree that we're still really good at
00:31:21
technology is there anything in the historical pattern that's like that where you have a you know an Empire
00:31:27
that's declining in every visible way except for the one that really underg guards our power which is technology
00:31:34
well the late 20s in the United States was such a good classic example we had more Innovations more techn you know all
00:31:42
of these Cycles if I was to go back to the Industrial Revolution late um 1800s and then you turn then you create a that
00:31:51
when there's a lot of debt and a big wealth Gap you had the 1907 you have the panic panic of of 1907 boom you have the
00:31:59
Civil this uh you have this internal conflict and you had the first world war in the 20s you had the same kind of late
00:32:07
20s it was an era of great inventiveness the other things matter so just because we're really
00:32:13
great at Innovation isn't going to save us if all these other things are broken it's a wonderful thing but ultimately
00:32:20
our we as a society in aggregate are spending a lot more money then we're earning so if if we're doing such a good
00:32:32
job on that technology whatever it why is that happening okay we're still so now when you look at the debt do you
00:32:40
want to own the debt do you want to own that when those who don't want to own it
00:32:45
then you have a financial problem when you have a financial problem at the same time as you have a
00:32:51
wealth Gap and populism that's a dangerous combination at the same time as you have an external so it's a very
00:32:58
risky you know I'm with you but what me follow up there so you mentioned populism um I mean I think I
00:33:07
have a slightly different definition I don't want to debate semantics with you I think populism is a reaction to the
00:33:11
failure of elite so all the people managing our fiscal situation and our foreign policy who've gotten us into all
00:33:18
these inary conflicts who've debased our currency I see populism as people rising
00:33:23
up to reject their leadership now it's a bad thing yes that that they're not willing to
00:33:28
accept the results I agree with your definition I agree with your definition and then also at the same time that
00:33:35
that's happening um they'll win at all cost they'll they won't compromise they will win they will
00:33:43
fight for that side and win okay fair enough and that's not good but I mean I guess my question is why don't you have
00:33:49
more criticism for our Elites who are running all these institutions who are making these decisions I do I I mean it
00:33:56
depends what your I I I I I wrote a piece about four four years ago which says why and how
00:34:04
capitalism needs to be reformed and I believe that on these issues of equal opportunity and that
00:34:12
we've got a big structural problem and that um everything needs to be reformed I'm not against capitalism but it needs
00:34:19
to be reformed and part of the big problem just analytically mechanically is that um it's it's The Profit system
00:34:28
alone does not direct resources adequately let's say if we take climate for example um there was costs terrible
00:34:39
costs that come from climate it's not built into the system education look at the gaps in education this the
00:34:47
structural system means that the central government uh the state government controls education then you get to the
00:34:54
town and at the Town level it's the town that controls the education how much they pay and so then you create wealth
00:35:01
gaps with rich people being able to take care of their kids in a way that other people can't take care of their kids and
00:35:08
that creates an opportunity Gap that's a structural problem it has to be taken on
00:35:13
full looked at reformed and we in order to pull this thing off we have to do it together okay we cannot do it with one
00:35:23
side fighting the other side and and with irreconcilable differ Ray um before we run out of time I amazingly well said
00:35:31
um and what an amazing conversation if we were to get prescriptive here in the last uh couple of minutes we have if
00:35:38
America wants to uh continue to be the leader uh or you know at least in a lead position here in the Free World um what
00:35:46
should we focus on what would you say of the top three things let me let me add one question to that and it connects
00:35:52
these two is there a political solution in the US to avoid the end of Empire or is it a function of physics and I think
00:36:02
this is a big part of like Sax's point of view that there's a solution we need to change these people or are there too
00:36:08
many call it conflating forces social forces economic forces that all kind of Rise and Fall together that and it
00:36:15
becomes an inevitability that there's a cycling um there are pre-existing conditions
00:36:23
that represent challenges so for example the amount of debt that we're in represents a you can't pretend it it
00:36:32
exists so it represents a challenge there are a lot of these challenges but it is not inevitable what is needed is
00:36:42
first of all a strong middle okay to bring the country together in terms of rather than to have this fighting
00:36:49
because if if we continue the way we will we're going to have a conflict and then there needs to be a good
00:36:55
engineering EXP exercise that's going to produce but has to be bipartisan has to
00:37:00
be bipartisan with that strong middle taking control of the ex extremes because neither side's going to win a
00:37:09
great Reformation so and that Reformation has I think should take the form of like if if I was President of
00:37:16
the United States what I would do is I'd have bipartisan cabinet I'm not I'm not
00:37:21
running for president but but but a b an cabinet bipartisan cabinet and uh and then have an
00:37:32
engineering exercise much like the Manhattan Project in which those bipartisan people get together and
00:37:40
properly engineer important changes that need to be made they have to be structural we
00:37:47
will not agree with each other ever we're going to kill each other fighting over these things so structural changes
00:37:54
have to be made and you need to have the country as a whole do those things do you guys think that's naive or is it
00:38:01
feasible I I think that the way politics works is that you don't somehow come together in the middle I think one side
00:38:08
has to win in the eyes of Voters voters have to choose a path and um and so and that's I'm with you that's what's going
00:38:16
to happen and we've had we're going to have an interesting two years between where we
00:38:23
are now yeah and let's say almost three years and let's say Early N uh 2025 okay and and not just interesting
00:38:35
because we're going to have unbelievable elections and we'll see whether how power how we can come together we're
00:38:41
going to have an interesting on how China us relations are we're going to have an interesting Financial conflict
00:38:49
and we're going to have radical technology changes plus climate's going to be an issue so Ray you've um Mr Doo
00:38:58
you've accomplished uh more than anybody could ever expect in life uh financially with
00:39:04
your company uh and intellectually obviously you've given this a tremendous amount of thought and you said you're
00:39:12
not running for president I wonder there's not much time left you should maybe consider running for
00:39:20
president and why not do it why not why what's the argument to be so so successful so rich so intellectually
00:39:29
curious and not do what the country needs you to do is get in the arena we need you Mr doio get in the arena who
00:39:40
wants him in the arena let's go thank you this this is the same speech has very compl a very nice nice and generous
00:39:52
compliment thank you very much why seriously on a personal level take me through it well
00:39:58
okay Mario uh I would give up my life for the country okay okay but um Mario dragi in Italy if you know the
00:40:09
story um he knows the system and how it works and that if you don't have United and and operating in that way um
00:40:21
everybody's going to be torn apart and so I think whatever thoughts have if these are helpful thoughts I I think my
00:40:29
best role is to pass along whatever helpful thoughts I have and then the population as a whole deals with those
00:40:36
thoughts so I'm making my best contribution that I can I feel that's my best capacity and then it's up to the
00:40:44
people you're so vibrant people please join me in thanking Rio for his contribution amazing give it
00:40:51
up that was incredible thank you Mr Inc wow look at this standing out first one first standing
00:41:03
[Music] of Rainman David and instead we open sources it to the fans and they've just gone crazy
00:41:16
with it love queen of best are that's my dog taking driveway oh man my will meet me we
00:41:36
should all just get a room and just have one big huge orgy cuz they're all this useless it's like this like sexual
00:41:41
tension that they just need to release we need to get [Music] mer I'm going all [Music]
00:42:02
in