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Episode 466 - Tariffs - America shoots itself in the foot

Topics:

Episode 466: Tariffs, Trade, and Political Missteps

In this episode, Trevor (the Iron Fist), Scott (the Velvet Glove), and Joe (the Tech Guy) return from a brief hiatus to discuss a variety of current affairs. The primary focus is on President Trump's controversial tariffs, the economic implications, and the historical context of tariffs in the U.S. The conversation also delves into the trade deficits and the flawed logic behind Trump's tariff policies, the sale and potential reacquisition of the Port of Darwin by the Australian government, and domestic political maneuvers such as the public service work-from-home policy backflip by Peter Dutton. The hosts also discuss financial markets, touching on gold investments and personal financial strategies amidst market volatility. The episode provides critical insights into global trade dynamics, political strategies, and economic policies.

00:00 Introduction and Welcome Back

01:13 Podcast Agenda Overview

01:26 Discussion on Tariffs and Trade

04:46 Impact of Tariffs on the Economy

07:16 Trump's Trade Policies and Consequences

20:10 Financial Market Reactions

21:15 Speculations and Conspiracy Theories

28:52 Global Trade Dynamics

29:58 Global Defense Shifts: Countries Canceling Orders

31:18 Australia's Defense Dilemma

33:24 Trump's Tariff Tactics

36:25 Tariff Miscalculations and Their Impact

41:58 Russia's Exemption and Its Implications

44:57 China's Trade Policies and Global Reactions

49:44 The Port of Darwin Controversy

55:32 Public Service Work-from-Home Debate

58:31 Election Predictions and Political Strategies

01:01:56 Conclusion and Farewell

To financially support the Podcast you can make:

We Livestream every Monday night at 7:30 pm Brisbane time. Follow us on Facebook or YouTube. Watch us live and join the discussion in the chat room.

We have a website. www.ironfistvelvetglove.com.au

You can email us. The address is trevor@ironfistvelvetglove.com.au



Transcript
Morgan:

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

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We need to learn stuff about the world.

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We need an honest, intelligent,

thought provoking, and entertaining

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review of what the hell happened on

this planet in the last seven days.

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We need to sit back and listen to

the iron fist and the velvet glove.

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Trevor: Welcome back, dear listener.

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Yes, we had two weeks off, but we are

back as this humble podcast gradually

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drags its ass towards episode 500,

at which time it may not continue.

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We're up to 4 66 and I'm

Trevor, AKA, the iron fist.

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Coming all the way from

regional Queensland.

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Scott, the velvet glove.

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How are you Scott?

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Good, thanks Trevor.

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Scott: Good day, Trevor.

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Good day, Joe.

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Good day listeners.

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I hope everyone's doing well.

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Trevor: And direct from Peter

Dutton's electorate on the

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outskirts of the north of Brisbane.

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Yeah, Joe, the tech guy.

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Yeah.

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Yes.

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We're back for another episode.

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Sorry about last week.

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I forget what happened.

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But anyway, what's on the agenda

for this show this evening?

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Well, a little bit of local stuff.

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We'll talk about the Port of

Darwin and working from home,

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sort of local election issues.

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And then of course we have to talk

about Trump and those tariffs and

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what the hell is going on with

those, what does it all mean?

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And um, and see where we

end up after all that.

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'cause it's quite an extraordinary

thing to crash the stock market

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and uh, and piss off pretty much

every other country on the planet.

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Um.

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He certainly knows how to

annoy a large number of people.

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Scott, he's not

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Scott: gonna have any friends before.

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Too long doesn't Oh,

did he have any before?

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No, he probably didn't have any

friends, but it's just, you know,

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if you actually look at the history

of tariffs, they've had three,

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they've had three attempts at it.

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Yes.

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They're about a hundred years apart.

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Yeah.

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And what was the, what was

the result in all in in those

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first two great depressions?

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Well, do they honestly believe they're

gonna end up being wealthy this time?

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Trevor: I think you're forgetting the

very first one, like when they founded

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the Republic, there was tariffs that were

probably quite successful at the time in

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protecting, well, they probably were in

the American industry from the British.

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Scott: Yeah, but that was before

when they had infant, you had infant

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industry arguments and everything else.

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Yes.

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That was probably a reasonable time

for them to exercise protective

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barriers and that sort of stuff.

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Scott, however,

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Trevor: yes.

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Put a, you go ahead.

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No, I was gonna say we, we don't

go into Taras, but why not?

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Let's just keep going.

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Going, sorry,

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Scott: keep

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Trevor: going.

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Yep.

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Scott: No, because you.

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It was probably a reasonable argument

for them to have, you know, they had

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infinite industries and that sort

of stuff that needed to be protected

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from the British and the Europeans.

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Yes, I had absolutely

no problem with that.

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However,

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to argue that America would be better off

reverting back to a time when they used to

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stitch their own t-shirts is just garbage.

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You know, they can get t-shirts made

in Vietnam for less than 10% of what it

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would cost them to make them themselves.

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Mm-hmm.

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You know, it's just, it's a crazy

infantile argument that you can reinvent

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a mass manufacturing market and that

sort of stuff in the United States

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because the average worker and that

sort of stuff over there has enjoyed

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higher wages for a very long time.

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And I don't know what you're going

to do with these people that.

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Aren't bright or anything like that.

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I've got no doubt about that.

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It's one of those things that

I think has been a failing of

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my side of politics for sure.

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That actually do want liberalized trade.

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Which side of which,

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Trevor: which, 'cause you've

chopped and changed a few times.

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Yeah, I know that.

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Anyway.

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Did you say yours in the past?

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Which one?

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One, one.

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Scott: In the past when you were a card

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Trevor: carrying liberal.

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Is that the one or

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Scott: No, I was a card carrying liberal.

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That's right.

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Because we were very much into

free trade and that type of thing.

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Trevor: Yes.

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Scott: Now even the Labor party

these days is into free trade.

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Yeah.

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Now the probably the only ones that

are opposed to free trade on the right.

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It'd be um, uh, probably the

trumpets of Patriots also, um,

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Pauline Hansen's one nation party.

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Yes.

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And then the left, you've got the greens

are probably opposed to free trade.

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Yes.

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So you've probably got that sort of thing.

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However, the, the lion's share of

the politic politics in this country

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accepted that free trade was a good idea.

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Okay, now we have lost a car

industry because of that.

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No doubts there.

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It's just one of those things.

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We've got to find a way

to reemploy those people.

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Now, I would've thought that if they

were still unemployed, we would've

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been hearing, hearing stories all

over the media about all those people

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that they still can't find work.

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'cause how long has it been since you

manufactured cars in this country?

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Quite a while.

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It's gotta be what?

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It's gotta be at least

10 years, doesn't it?

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Mm-hmm.

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Yeah.

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So anyway, it's been a very long time

and if we still had people that were

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unemployed from 10 years ago, I think we

would've heard about it, but we haven't

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been hearing a hell of a lot about it.

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So I assume that most of

them are working again now.

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Now as to how much they're earning.

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I dare say it's a hell of a lot

less than what they used to earn on

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the working on the factory floors,

but they're earning something.

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Now,

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Trevor: it depends.

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If they're a real estate agent,

they'll be doing all right.

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Yeah, absolutely.

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Scott: Yeah.

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Because, and I just dunno what you're

gonna do with people that have worked

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on a factory floor all their lives.

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Reskill, you know, you've gotta say again

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Joe: so you can reskill them.

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Scott: Yeah, I know.

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But doing what?

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Hmm.

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See, it's all right for the three

of us, because we've used, we've

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used that in set of different

set of muscles, which we've used.

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The muscles lie between our ears.

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So we are Right.

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We can be re-skilled in a whole lot of

things, but if you've never used the

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muscles between your ears, then you could

actually have some difficulty reskilling.

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We reskill 'em into

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Joe: the building trade.

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Scott: Yeah.

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You could always reskill

them into building trade.

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Joe: Yeah.

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Bring the prices down.

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A building.

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Trevor: It depends on the

skills that you've, sometimes

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you get lucky and unlucky.

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Mm-hmm.

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Like, um, what is it, radiographers

reading, sort of ultrasounds or other

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stuff, you know, a lot of, uh, AI and

stuff does that a lot better now, like

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Scott: mm-hmm.

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Trevor: Things like that.

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Um, you know Sure.

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Which is interpreters are probably

gonna become out of date, obsolete.

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Mm-hmm.

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And I mean, they've been using their

gray matter just got unlucky in the

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field that they decided to do it.

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People doing coding for example, like a

lot of no joke coding's still essential.

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Oh

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Joe: no,

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Trevor: no, no.

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Losing ai,

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Joe: um, AI makes up some wonderful

code that'll keep a, a, a programmer

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employed for months fixing it.

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Trevor: Right.

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Joe: Okay.

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There you go.

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Trevor: In the chat room.

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Alison's here.

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Hello Alison.

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Look, let's, uh, put some structure

to this conversation, Scott.

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So, Donald Trump, um, has basically

trashed the World trade system.

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He claims that the America's trade

deficit is caused by the rest

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of the world ripping off the us.

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And he says things like, over the decades

they ripped us off, like no country

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has ever been ripped off in history.

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And he blames the rest of the

world for America's deficit.

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Joe: He blames the rest of the world

for America, deliberately making itself

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the world's standard for trading and

forcing its dollar up high so that

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they had cheap stuff to buy and makes

their stuff ex relatively expensive.

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Trevor: He's, he's blaming the

rest of the world because American

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consumers bought overseas products.

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Mm-hmm.

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Nobody held a gun to their

head for that particular thing.

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No.

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They might've had their, might've had a

gun held to their head for other things,

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Joe: but, but, but they bought things

from overseas 'cause they were cheap.

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And they were cheap because America

became the backbone of the financial

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market because everyone traded in US

dollars, which made US dollars expensive.

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America

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Trevor: de-industrialized.

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They sent there that they outsourced.

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Making stuff to cheap, low wage,

um, countries, but it was American

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companies that went over there mm-hmm.

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And started up factories.

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The Chinese were smart and said to the

any foreign investor, you just can't come

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here and have a hundred percent owned

factory making cheap stuff and selling it.

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You've gotta enter into a joint venture

partnership with somebody local.

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So they were really smart to Chinese

in forcing that, but essentially

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they just shifted the manufacturing

capacity overseas and, um, and left

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America with a, a finance and service

industry, um, and nothing else.

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And for, for Trump to blame these

other countries for America, buying

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stuff from 'em, um, ludicrous.

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I could be insane.

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Joe: Well, the other example is he was

complaining about Germany with their cars.

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Scott: Mm-hmm.

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Joe: And given a choice between

a German car and an American

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car, which would you buy?

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I'd take a

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Scott: German car.

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Joe: Most, most people would.

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So, so, yeah, it's like, um,

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Scott: there was, but why aren't

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Joe: the Germans buying

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Scott: American cars?

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'cause they're basically

shit cars compared to what?

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The, what?

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The Germans actually.

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Well, exactly.

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Yeah.

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It's like, um, I saw something very

amusing the other day that, uh, Steven

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Fre was defending, um, El Elon Musk.

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He said, no, Musk isn't a Nazi.

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The Nazis made decent automobiles.

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Right.

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Trevor: Uh, that's a good one.

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Yeah.

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Joe: So, well, I heard he was a

Nazi because the Nazis were building

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rockets that went into space.

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Ah,

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Trevor: well there you go.

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There is there is that so, yeah.

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Yeah.

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Um, right.

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Tower theory, generally, as you mentioned,

Scott, um, kind of, you are alluding to.

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Tariffs as a temporary measure

to nurture an infant sector is

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a perfectly legitimate practice.

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Makes sense that you, that you put

in tariffs, make imports expensive

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so people support the local

industry until it gets on its feet.

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In fact, it's potentially, almost likely

impossible for an infant sector to get

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on its feet without tariffs, which is

what America has understood through

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the IMF and the World Bank for decades,

where it has forced, um, poor developing

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countries that one of the conditions for

getting loans is they must open up their

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economies to foreign investors and they

must, um, not introduce any tariffs.

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And that's why so many

countries have been unable to.

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Build a industrial sort of sector

because the IMF and the World Bank

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through the Americans wouldn't let

them, wouldn't let them put up tariffs.

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So, um, so that's the first part of

tariffs as a measure to protect sectors

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that are in the national interest.

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Like after Covid, when, you know, we

couldn't, we needed respirators and we

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couldn't build them, you might decide,

you know what, we need some sort of

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light manufacture capacity in this

country and we're gonna put in tariffs

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just so that we've got a sector that's

uncompetitive, but is really handy

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to have in emergencies of some sort.

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And again, that would be perfectly fine

practice to sort of come up with that.

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That makes sense.

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Scott: But

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Trevor: in both of

those, you've got a plan.

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With Trump, what he's doing is

overnight putting in these tariffs.

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Supposedly because overnight America will

produce the products that were previously

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being imported and that is impossible.

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Joe: Well, what he says and

what he actually wants to

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do are two different things.

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Mm.

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He wants to slash income tax because

income tax hit his rich mates.

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Mm-hmm.

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And tariffs, uh, are a regressive tax.

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They affect poor people

much more than rich people.

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Mm-hmm.

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So he wants to get rid of

income tax and replace it with

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a tax on goods and services.

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Trevor: Mm-hmm.

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What people haven't mentioned is, I

mean, if this does proceed for any

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length of time, they're gonna collect

a huge amount of money in tariffs.

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Scott: Yeah, they are.

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And then he's planning on giving that,

he's gonna give that all back to his

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rich mates by extending the tax cuts.

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Trevor: Yeah.

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So if he was planning to take all that

money and give it to the poor, maybe it

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would be a good, you know, if he said,

I'm gonna put all these tariffs in, I'm

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gonna create some sort of, um, proper.

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Um, social welfare net.

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Yeah.

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Yeah.

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Then you go, okay, that, that's a plan.

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But the idea to sell people that,

uh, these people have been ripping

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us off and now we are going to

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Scott: rip them off,

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Trevor: punish them, but

he's actually of, as we know,

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punishing the American consumer.

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Mm-hmm.

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Prices are gonna go up

and they have no chance.

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Even on simple things like, um, beef,

you know, overnight, the price goes up.

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Um, they can't just raise a cow overnight.

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It does take time, even if

you've got the land to actually

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pro produce the replacements.

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So, um, and the idea that they

are, that anybody would invest in

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factories, uh, with this incomp

compete in charge, um, ludicrous.

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So.

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Mm-hmm.

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So it's just going to

add to the cost of stuff.

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So in America,

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Joe: if, if we were to run a hypothetical.

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Hmm.

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And say that the Soviet Union managed

to get an agent placed at the top

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of the American political system and

wanted the, this agent to split up

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NATO and to destroy America's economy.

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What do you think they would do?

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Yeah.

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Trevor: Yeah.

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So, um,

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Joe: I mean, I'm not saying

that he is, but Yeah.

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Bloody hell.

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He's acting like it isn't.

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I think he's

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Scott: actually a Russian plant.

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Yeah,

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Trevor: yeah.

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Julius has have these Paris tariffs past

Congress, yet they don't need to pass.

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Congress don't need to.

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Correct.

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Yeah.

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And this is the reason why he's

doing this as one of his big things

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is because he doesn't have to

negotiate with, um, with Congress.

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Congress over it.

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So in theory, Congress could

pass a law to try and prevent him

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from doing it, but um, but then

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Joe: it would go to the Supreme Court.

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Yeah.

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Who like the unitary executive.

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Yeah.

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In other words, the

president has ultimate power.

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Yeah.

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Um, it's interesting that Republican

politicians are no longer doing town

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halls because every town hall that

they turn up to, they get berated.

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Scott: Yeah.

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Yeah.

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It's one of those things, I can't

wait for the midterms just to find out

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how many of them are left standing.

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Trevor: Yeah.

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Maybe a surprising numbers

still are, like they're ISTs.

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They could say to Americans, look, we're

gonna chop your leg off in the short

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term, it's gonna hurt, but in the long

term, it's gonna be better off for you.

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And a fair number of them would

actually, we would actually

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believe it, it would seem, yeah.

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Scott: Hmm.

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Trevor: So, yes.

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Um, so yeah, there's no program

to nurture a domestic industry.

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Uh, so it would take years

to build factories and train

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the workers, et cetera.

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So in the short term prices

in the USA will increase.

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So overall USA demand will fall as

consumers don't have enough money.

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So we, for example, sell America beef.

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It's gonna be more expensive.

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For that reason, Americans are just gonna

buy less of it because there's gonna be

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a whole range of things that they just

can't buy anymore at the same price.

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So that that demand from that

country is going to reduce.

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But lots of countries are, are,

are basically going to implement

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their own tariffs against America.

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So America, for example, exports beef to

Japan, China, South Korea, Canada, Mexico.

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So all those countries quite likely will

put in tariffs against America and beef.

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Scott: Mm-hmm.

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Trevor: And they're gonna be

turning around going, uh, well,

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American beef is now expensive.

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Um, where can we get some, oh,

those Australians, they've got some

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extra now that they don't need.

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Um, and you know, so what we

lose in selling to America,

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Scott: we will pick up by

selling to other countries.

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We,

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Trevor: depending on what it is,

uh, there might be a good chance

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of selling it somewhere else.

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Um,

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Joe: uh, have you heard, Veka has

said, actually this is gonna work.

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This will basically devalue the

dollar and will make a difference

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to America's, um, a competitiveness.

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Trevor: Right.

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Joe: So he, he argues that actually it

seems stupid on the front of it, but

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it, it, moving to the mid to long term.

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Nothing to do with America,

uh, protecting their trade.

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It's all about devaluing the dollar.

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Trevor: Right.

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There must have been easy

ways to devalue the dollar.

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Well, I would've thought so.

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Um, in terms of just artificially, um.

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Doing things in the bond

market and the interest rates.

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Yeah.

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And

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Joe: they, they don't wanna

devalue the dollar too much because

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then it doesn't become tradable.

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Trevor: Right.

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Yeah.

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It's a, it's a hard way to go about

devaluing your dollar to, to, to do that.

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But maybe, I mean, uh, knows, I don't

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:

Scott: even think Trump wants to do, wants

the value, the dollar to be devalued.

406

:

Does it?

407

:

He's made all sorts of public statements.

408

:

Joe: No, no.

409

:

Apparently, um, not him

particularly, but people behind

410

:

him actually have some smarts.

411

:

They're saying if we devalue

the dollar by the right amount,

412

:

it makes us more competitive

and therefore we can sell more.

413

:

Mm-hmm.

414

:

Okay.

415

:

Trevor: Yeah.

416

:

So, you know, Trump, of course, he just

doesn't care, um, about the reality.

417

:

It's just the, it's just the headline.

418

:

He, he, he sees surplus countries

as winners and the USA as a

419

:

loser if it's in a trade deficit.

420

:

So he just sees the world as.

421

:

Winners and losers.

422

:

Joe: But, but also, um, he's

slapping tariffs on Ireland because,

423

:

uh, they have a deficit of goods.

424

:

Yes.

425

:

But the US has a deficit

of, of, um, services.

426

:

Trevor: We will get into the

calculation errors momentarily, Joe.

427

:

Oh, right, okay.

428

:

Yeah.

429

:

Um, but just the motivation of the guy

is he wants to be a seller, not a buyer.

430

:

Mm-hmm.

431

:

So he sees a relationship as a

deficit, as an overall buyer,

432

:

which he just, um, sees as losers.

433

:

So, um, the other thing of course, is

he's not taking into account that a

434

:

very large share of US imports are from

foreign affiliates of American firms.

435

:

Scott: Yeah.

436

:

Trevor: Uh, so when he sees that America

as a trade is in deficit with a country,

437

:

he's not taking it into account.

438

:

And in fact, a lot of the dollars

flowing out of America to that country

439

:

in Vietnam or wherever it may be, are

quite possibly going to American firms.

440

:

In Vietnam, places like that.

441

:

So, but he doesn't care 'cause he

doesn't own one of those firms,

442

:

so he just doesn't give a shit.

443

:

It's all about,

444

:

Scott: it's one of those things like under

Trump one, he would never have actually

445

:

continued it for this long because he was

actually very aware of the stock market.

446

:

Mm-hmm.

447

:

Now, the stock market's been in

free fall lately, and I would know,

448

:

because I watch it every day and

I've seen, you know, I've seen my own

449

:

theoretical wealth, not evaporate,

but has gone down substantially.

450

:

Mm-hmm.

451

:

Like, I've lost probably

$20,000 on the share market.

452

:

I would've lost probably

$40,000 on my superannuation.

453

:

You know, now you only lose if

you sell, which I've got, no.

454

:

Mm-hmm.

455

:

I've got no plans on selling, but it's

just, I, I just cannot believe that this

456

:

dickhead is sitting there watching this

happen, and he's got to understand that

457

:

it's his fault, but he just doesn't care.

458

:

No.

459

:

Joe: The guardrails have been taken off.

460

:

Scott: Exactly.

461

:

And it's just one of those things

like at least last time there

462

:

were some adults in the room.

463

:

You had that this time he, he's

surrounded himself by s offense.

464

:

Trevor: Ju Julia in the chat room

says he and his family sold the

465

:

shares before the announcement.

466

:

He'll buy in again at the bottom.

467

:

Scott: That really wouldn't surprise me.

468

:

Yeah.

469

:

And in fact it really

wouldn't surprise me at all.

470

:

In fact, Brian said exactly the same

conspiracy theory too, that he would've

471

:

sold his shares and he'd been prepared to

go in and buy them at the bottom of the

472

:

Joe: market talk.

473

:

Talking of such things.

474

:

Did anyone see, I can't remember.

475

:

Somebody is advertising at the moment

on Facebook that Dutton sold share

476

:

just before something happened.

477

:

Trevor: Right.

478

:

Um, I dun sold that was

to do with banks when he

479

:

Scott: bought some shares, he bought

some bank shares and that sort of stuff.

480

:

At the financial crisis.

481

:

Same time.

482

:

Yeah.

483

:

Global financial crisis.

484

:

And it was when the labor government

announced that they were going to prop

485

:

up the banks and the shares shot up,

um, on that, um, on that announcement.

486

:

Now I didn't think that Dutton actually

knew what was happening then because

487

:

he wasn't, he was in the opposition.

488

:

It really wouldn't surprise me

that he could have been involved

489

:

in meetings and that sort of stuff

where they would've actually said to

490

:

him, this is what we're going to do.

491

:

But I don't know that he

was actually guilty of it.

492

:

All right.

493

:

I makes for a very good story.

494

:

Joe: I was gonna say, I was

interested that somebody is paying

495

:

lots of money to smear that around.

496

:

Scott: Mm-hmm.

497

:

Yeah.

498

:

I do think that look, it smells, but

I just don't think he was actually.

499

:

In the right position to

actually make any money.

500

:

I think he was in

501

:

Trevor: opposition at the time.

502

:

I think he was in opposition, yeah.

503

:

Mm-hmm.

504

:

Yeah.

505

:

Scott: So I don't think that he would

been in on those meetings unless one

506

:

of his mates was in on those meetings

and they, his mates came out and said

507

:

to, Hey Pete, you might wanna go and

buy some Commonwealth Bank shares.

508

:

Trevor: Mm-hmm.

509

:

I couldn't tell you.

510

:

I'm patting myself on the back.

511

:

Mm.

512

:

Dear gentlemen.

513

:

Yeah.

514

:

Dear listener.

515

:

'cause a week ago, I said to my wife

about eight days ago, you know, I

516

:

think it's all gonna go to shit.

517

:

Just think, I think this market's ready

to go to shit when you are the super.

518

:

Went into the super and put

it all into super conservative

519

:

allocation, hardly any shares.

520

:

Boy, am I popular with the wife right now.

521

:

Scott: You would be, yeah.

522

:

It is just one of those

things, like, I don't,

523

:

Trevor: I'm not a trader, but I

just had a feeling in my water.

524

:

Scott: You probably had a, you

probably had a gut feeling that

525

:

it wasn't going, you know, it's

just one of those things like.

526

:

I accept that the share markets

goes up and down like a,

527

:

well, I better not say that.

528

:

It does go up and down a fair bit.

529

:

So I was expecting that it would

go down at some point because

530

:

what goes up must come down.

531

:

Mm-hmm.

532

:

It's, I just never expected it would be

such by such a deliberate, ridiculous,

533

:

bloody thing that's been done.

534

:

So when gonna

535

:

Joe: buy in?

536

:

Trevor: Say again?

537

:

Good, good question.

538

:

I reckon it's gonna trundle along.

539

:

Uh, dear listener, this is not

a podcast that gives financial

540

:

advice and if you do take financial

advice, telling you my, what I'm

541

:

doing, I'm not suggesting anything

about the same, what you should do.

542

:

It's a bit late now anyway,

so, so, uh, I don't know.

543

:

I'm happy just to sit on

it for a little while.

544

:

Right.

545

:

But, um, my other one, because I

don't trade at all except I did

546

:

one other thing three years ago and

bought just a little punt on gold.

547

:

Scott: Mm-hmm.

548

:

Trevor: Uh, I think it was two and

a half years, maybe three years ago.

549

:

It is running at.

550

:

30% per annum sense of

water, like unbelievable.

551

:

And that was because I've been talking

on this podcast about, uh, the Chinese

552

:

are selling us bonds and they're,

they're buying gold as hard as they can.

553

:

And I thought, oh shit, I should

probably buy some gold myself.

554

:

So, um, yeah.

555

:

So anyway, that's the only

two little financial things.

556

:

I got lucky if I'd got unlucky, I probably

wouldn't tell you, but, um, no, I'm got an

557

:

ounce of gold happy with those two punts.

558

:

Yeah.

559

:

Scott: I've got an ounce of gold

that my mum left me when she died.

560

:

Yeah.

561

:

Uh,

562

:

Trevor: Julia says, yeah, but everything

Trump has done so far was flagged

563

:

by him during the election campaign.

564

:

Why did people not take him at his word?

565

:

It's true.

566

:

Scott: Like it is very true.

567

:

He's doing exactly what he said

he was going to do because,

568

:

Joe: because he blustered last

time round, he was chopped off.

569

:

And also, 'cause he says

so many different things.

570

:

Yes.

571

:

You, you can't tell sure you, you

know, hindsight is:

572

:

opposing things on two different days.

573

:

Which one do you take 'cause of gospel?

574

:

Trevor: True.

575

:

But last time when he was in, he

didn't understand how it worked

576

:

and people told him he couldn't do

things and he kind of believed them.

577

:

He spent four years stewing over it

thinking, when I get in next time I'm

578

:

not listening to these people who tell me

I can't do stuff, I'm just gonna do it.

579

:

Joe: Well, also he managed to get

three people into a Supreme Court.

580

:

Justices Yes.

581

:

Who, uh, believe that the

president has the ultimate power

582

:

to make any decision he wants.

583

:

Trevor: Yes.

584

:

Joe: So,

585

:

Trevor: um, yeah, I mean, including

anybody looking, including his

586

:

Joe: political rivals,

587

:

Trevor: nobody could look at this and

go shock, I would never have expected

588

:

Donald Trump to do this sort of thing.

589

:

Like, this is clearly the sort of

thing that you could expect from him.

590

:

So, um mm-hmm.

591

:

Yeah.

592

:

So, well,

593

:

Scott: it's one of those things

like, you know, I cannot believe

594

:

that people actually read all

the reports on Project:

595

:

Trevor: mm-hmm.

596

:

Joe: And

597

:

Scott: said, oh, that's my man,

598

:

Joe: you know?

599

:

Mm.

600

:

Well, no, but he said he wasn't

involved, so they believed him.

601

:

Yeah, I know.

602

:

Trevor: It's just.

603

:

Alright, gentlemen.

604

:

Mm.

605

:

How long until it gets reversed?

606

:

Substantially.

607

:

About that long.

608

:

Joe, on the screen indicated

a very small gap, it seems.

609

:

Anyone want to guess, you know, let's,

let's put down the, an Nostradamus

610

:

hat, but say, okay, there might be a

few exceptions here and there, but the

611

:

majority of this site is gonna disappear.

612

:

At what point do you think he's gonna

say, eh, I've had discussions probably six

613

:

Joe: months time.

614

:

I, I reckon after he's lost the midterms,

615

:

Trevor: right?

616

:

Mm, yeah.

617

:

When the due to take effect

sometime in April, aren't they?

618

:

Joe: Uh, yeah.

619

:

It was, it was the second,

well, it was basically

620

:

Scott: starting now, aren't they?

621

:

It was the second I think.

622

:

Trevor: Right.

623

:

Yeah.

624

:

It's what he said.

625

:

Scott: You know, it's like in the,

the, um, announcement about Australian

626

:

tariffs and that sort of stuff.

627

:

He says, I love Australians, I love

them, blah, blah, blah, blah, blah.

628

:

But you know, they don't take any of their

beef, so we're not gonna take any of this.

629

:

Trevor: Yeah.

630

:

I, I'm, I'm with you, Joe.

631

:

I reckon four to six weeks and a

lot of it will have been reversed.

632

:

Yeah.

633

:

But, um, who knows Crazier

things have happened.

634

:

I, I

635

:

Joe: think he's gonna bluster

through, he doesn't care until it

636

:

starts hurting him politically.

637

:

Trevor: Mm-hmm.

638

:

And well, given that he can't

run for election again, well,

639

:

Joe: well, he is

640

:

Trevor: actually looking into it.

641

:

Joe: Yeah, exactly.

642

:

Never say never.

643

:

Trevor: You would think, how can things

harm him politically if he can't run

644

:

again, what have you got to lose?

645

:

But he is hinting that he has

some possibility of something.

646

:

Oh, making a third term.

647

:

Joe: Yeah.

648

:

I mean, don't forget he's got a

Supreme Court that's in his pocket.

649

:

Trevor: Yeah.

650

:

Joe: So they just have to find some

excuse that he can run for a third term.

651

:

Trevor: Mm.

652

:

One of them is that JD Vance

would run as president.

653

:

Oh.

654

:

Having got Oh, for day.

655

:

Yes, yes.

656

:

And having got elected would then

resign and Trump as vice president,

657

:

would then become president again.

658

:

That's sort of one of the things.

659

:

But, uh, Trump has hinted that there's

lots of ways that it could happen.

660

:

So, um,

661

:

Joe: be a shame if all those

burgers caused him to his heart

662

:

to explode in the meantime.

663

:

Yes.

664

:

Trevor: So, um,

665

:

Scott: it's one of those things I just

think to myself that, you know, because

666

:

they've put tariffs on Australian beef

and that sort of stuff, they reckon the

667

:

price of Big Max's gonna go further roof.

668

:

Trevor: Um, so he doesn't care.

669

:

We've just gotta remember that the

rest of the world is just gonna

670

:

trade between and amongst themselves.

671

:

Yeah.

672

:

As much as they ever have.

673

:

Yep.

674

:

And more.

675

:

Yeah.

676

:

I've actually heard that.

677

:

I heard that this morning and more.

678

:

So all, all, all of that trade, it's so,

okay, we sell stuff to China and maybe

679

:

China's gonna be depressed a little

because they're not gonna be selling

680

:

as much to America because Americans

just won't have as much to spend.

681

:

But, um.

682

:

Uh, but you know, they've been

focusing on other markets.

683

:

The importance of the American consumer

to the world economy has been decreasing.

684

:

So, um, in the same way that countries

don't need what America produces unless

685

:

they're Israel and they're into buying

bombs, then, um, uh, it's also in terms

686

:

of the American consumer, um, less

important than they were 20 years ago.

687

:

Scott: Well, I just think it's absolutely

hysterical that, you know, their closest

688

:

neighbor and that sort of stuff, Canada's

actually signed a deal to buy, um,

689

:

their, or whatever you call it, you

know, that radar system from Australia?

690

:

Trevor: Have they?

691

:

Yeah.

692

:

We, we sell a radar system.

693

:

Joe: Yeah.

694

:

And, um, I think they're looking

at, uh, a couple of countries

695

:

have canceled their audio.

696

:

Um, their orders buy 35 orders orders.

697

:

Yeah.

698

:

The joint stroke fighter.

699

:

Yes.

700

:

So they're gonna buy, buy,

be very hard at the Saab.

701

:

Scott: Yeah.

702

:

Which is from Sweden, isn't it?

703

:

Yeah.

704

:

Yeah, it's one of those things, like, I

just think to myself that the Yanks have

705

:

probably really shot themselves in the

foot here because the F 30 five's gotta be

706

:

serviced by them and that sort of thing.

707

:

Mm-hmm.

708

:

So I just think to myself, they're

probably the western countries

709

:

are gonna be looking for, because

America has now proven themselves

710

:

to be a completely unreliable ally.

711

:

Mm-hmm.

712

:

I just think to myself that, you know,

do the French still make the mirage yet?

713

:

Joe: Uh, I think they

make an updated one maybe.

714

:

Scott: Yeah.

715

:

They probably do make an updated mirage.

716

:

It's just, I just think that, um,

the French and the Swedes are gonna

717

:

be the real beneficiaries of this.

718

:

Joe: Well, and who,

who are the big German?

719

:

Um, I couldn't tell you.

720

:

I, I can, I can't remember the name.

721

:

It's on the tip of my tongue.

722

:

Anyway.

723

:

Uh, lots of people are looking at

buying their artillery systems.

724

:

Mm-hmm.

725

:

Of course.

726

:

They just don't, all the Americans

arms, nobody's trusting the Americans.

727

:

Even if you bought them, when

you've got a, a friendly regime.

728

:

You get another Trump and you

shit outta luck for spares.

729

:

Exactly.

730

:

There's one

731

:

Trevor: country that's

still trusting them.

732

:

Joe.

733

:

Yeah.

734

:

Australia.

735

:

Australia.

736

:

Joe: Oh, fucking hopeless.

737

:

Australian politicians.

738

:

It

739

:

Scott: is absolutely insane.

740

:

You know, because Jackie Lamber

thought hit the nail right on

741

:

the head where she said, there's

time we tell them to piss off.

742

:

Out of, out of, um, what's

the name of the secret?

743

:

Basic No.

744

:

Trevor: Oh, pine Gap.

745

:

Scott: Pine Gap, yeah.

746

:

So tell 'em to piss off, out to Pine Gap.

747

:

And I think she all, then she might

have whispered under her breath.

748

:

I think it's time where she'd tell them to

shove their submarines up their ass too.

749

:

Trevor: Well, a perfect opportunity.

750

:

Peter Dutton.

751

:

It's,

752

:

Scott: it's a perfect opportunity

for us to actually say to them,

753

:

we are not gonna give you any more

money because we don't trust you.

754

:

Trevor: Peter Dutton suggested that

our defense relationship should be

755

:

used as a tool to negotiate with

the US and what did our labor.

756

:

Oh, is he, uh, defense minister

Richard Miles say he came out and

757

:

said Peter Dutton has been reckless

with his suggestion that our defense

758

:

relationship should be used as a tool

to negotiate with the us even former

759

:

liberal pm John Howard thinks so.

760

:

It's a dangerous assertion, and Peter

Dutton is dangerous, don't risk Dutton.

761

:

So we've just got the most manic

USA loving defense minister

762

:

and he's inner labor government.

763

:

And even when a liberal opposition

leader is hinting, yeah, maybe we

764

:

should start looking at defense

as a, you know, a bargaining chip.

765

:

No, no, no, no, no.

766

:

You can't do that.

767

:

That's outrageous.

768

:

That is in the, the duopoly

that we've got here.

769

:

When it comes to, uh, our defense

force with these two, this mm-hmm.

770

:

Labor has gone more to the right than.

771

:

Than the liberals in some sense.

772

:

Incredible.

773

:

If you wouldn't think it's

possible, it's absolutely stupid.

774

:

Um, but that's where we're at.

775

:

Vote Green if you don't like that.

776

:

Hmm.

777

:

Yeah.

778

:

So, um, back to you mentioned,

um, Joe, the calculation.

779

:

So Trump was quick to

produce kind of a chart.

780

:

Mm.

781

:

Showing the, the tariffs

being charged to the USA.

782

:

And he would say things like,

China is charging 67% European

783

:

Union, 39%, Vietnam 90%.

784

:

And what he was doing was saying,

we are being quite generous.

785

:

We are only gonna charge half

of what they're charging us.

786

:

So China charges 67, we'll only charge 34.

787

:

European Union charges

39, we'll only charge 20.

788

:

Vietnam 90, we'll only charge 46.

789

:

So those awful other countries that are

ripping off America by charging a high

790

:

tariff on their own citizens, according

to Trump, he's being generous by only

791

:

imposing a tariff of half that amount.

792

:

One problem the most

figures, most of these

793

:

Scott: countries don't charge

those tariffs, but figures that

794

:

Trevor: he works quoting

are completely bogus.

795

:

Hmm.

796

:

These countries are not

charging the tariffs That No.

797

:

Says that apparently

798

:

Joe: it, it's the total trade

balance divided by their deficit.

799

:

Trevor: Yes.

800

:

Joe: It, it's, it's basically

the amount of outstanding balance

801

:

between the two countries.

802

:

Trevor: They took the trade

deficit of the country and divided

803

:

it by the country's exports.

804

:

Joe: Right?

805

:

Trevor: That's how they, that's what

they did, um, when calculating these.

806

:

So they didn't look at the actual

tariff structure that might be in place.

807

:

So to give an example, um, uh,

Indonesia and America, 17.9

808

:

billion trade deficit with Indonesia.

809

:

So it exports to America 28 billion.

810

:

Um, and the deficit is 17.

811

:

So 17 divided by 28 is 64%.

812

:

So Trump says that ratio is

actually the tariff rate and it's

813

:

nothing to do with the tariff rate.

814

:

Joe: Correct.

815

:

And also, apparently they've

pulled this from the world fact.

816

:

Uh, CIA World Fact book or whatever it is.

817

:

Yes.

818

:

Because Norfolk Island, it's, it's

apparently for some shoes that Norfolk

819

:

Island never made and was misattributed

by somebody in some ledger somewhere.

820

:

And the same with Herd

and McDonald Island.

821

:

Yes.

822

:

Again, was a misattribution.

823

:

Trevor: So, so territories

of Australia got charged.

824

:

Yes.

825

:

Different rates.

826

:

Yes.

827

:

And in doing that calculation, not only

is it just a crazy calculation, but they

828

:

did it only for goods and not services.

829

:

Yeah.

830

:

So in some cases, these countries might

be, might have a surplus with America

831

:

when it comes to trading in goods, but

they might be in deficit when it comes to

832

:

services and might be overall in a deficit

and like that they're being penalized.

833

:

Yeah.

834

:

As a result.

835

:

So it's a completely um.

836

:

Joe: And now is a good time to be

selling services into America because you

837

:

don't have to pay any tariffs on them.

838

:

Yeah.

839

:

Trevor: So, um, so yeah,

that's the sort of thing.

840

:

Um, the EU was an example where

goods were, um, high one way

841

:

services high the other way.

842

:

Pretty much line ball Trump's

ignored that in his calculations.

843

:

So, so, so the idea of just taking a

ratio of, uh, and saying that is the, the

844

:

tariff that these countries are imposing

on American goods is just ludicrous.

845

:

But that's where we're at in the world,

just completely ludicrous, made up shit.

846

:

Mm-hmm.

847

:

And, uh,

848

:

um, that's where we're at.

849

:

So of course, and just even for some

countries where there is a, uh, you

850

:

know, they're in surplus with America.

851

:

Um.

852

:

That's one example here.

853

:

Um, take the example of Lesotho.

854

:

Is that how you pronounce it?

855

:

Latu.

856

:

Thank you.

857

:

One of the poorest countries

in Africa struck with a 50%

858

:

tariff under the Trump plan.

859

:

It's a member of the South African

Customs Union and applies the

860

:

common external tariff structure

established by this trading block.

861

:

So there's five countries, um,

South Africa, uh, Namibia, Botswana,

862

:

Tini, and how do you pronounce it?

863

:

Joe Les Tu Latu two.

864

:

They're all part of the same

block changing, charging the

865

:

same tariffs in actual fact.

866

:

But, um, they're all getting

different tariffs rates from the us.

867

:

Um, south Africa's 30% the MI year, 21%.

868

:

That's one of 37.

869

:

Tini 10%.

870

:

So even though they're part of

the same trading block or the same

871

:

terrace, they're being treated

differently because their actual

872

:

trade proportion ratio is different.

873

:

Joe: So they just need to

export through the cheapest one.

874

:

Yes.

875

:

Trevor: Yes.

876

:

In bypass.

877

:

Yeah.

878

:

It's so ludicrous.

879

:

Um, and, you know, uh, Latu, uh, it

basically imports two 36 million in

880

:

goods and services in goods while

exporting, um, 7 million worth of, um,

881

:

no, America only exports $7 million

worth to Latu, because guess what?

882

:

This poor African country can't

afford fancy American products,

883

:

whereas the Americans buy the

diamonds that Latu produces.

884

:

So,

885

:

Joe: I was gonna say, most of the

American goods that will be given

886

:

to these countries will be given.

887

:

Right will be, will be charity.

888

:

Trevor: Yes.

889

:

So there we go.

890

:

It an unbelievably stupid idea.

891

:

If your reason is because, well in

Trump's mind, these countries are

892

:

evil and have been taking advantage

of America for selling Americans.

893

:

Good.

894

:

But you know,

895

:

Joe: he's been saying

this since the eighties.

896

:

Yes,

897

:

Trevor: yes.

898

:

There was some tape of him,

Joe, um, talking similar.

899

:

Joe: He, he put, uh, he took out

newspaper adverts complaining about how

900

:

Japan was taking advantage of America.

901

:

Trevor: Yeah,

902

:

Scott: yeah,

903

:

Trevor: yeah.

904

:

You've been piddling

905

:

Scott: the same bullshit for years.

906

:

Trevor: Mm-hmm.

907

:

Yeah.

908

:

And as you mentioned, uh, um, well,

Australia has been given a rate

909

:

of 10%, uh, Norfolk Island, 58%.

910

:

Yeah.

911

:

Oh, oh.

912

:

Well, it's, it's claimed that

there's a deficit of 58%.

913

:

Or it, it's that Norfolk

Island is imposing a 58%.

914

:

Yeah, exactly.

915

:

Tariff on America.

916

:

This, despite being

917

:

Joe: part of Australia.

918

:

Trevor: So he's charging

Norfolk Island:

919

:

Joe: 1800 people.

920

:

Trevor: Yes.

921

:

So don't go running.

922

:

That's,

923

:

Joe: that's a huge

impact on their markets.

924

:

Trevor: Yeah.

925

:

So don't go running your export business

through Norfolk Island 'cause you'll

926

:

Joe: be charged or

herdon McDonald Islands.

927

:

Yes.

928

:

Trevor: With the, with,

929

:

Joe: with a permanent population

of several thousand penguins.

930

:

Trevor: Yes.

931

:

They're at least, um, got a

10%, um, same as Australia.

932

:

Joe: Okay.

933

:

Trevor: Um, 10%

934

:

Joe: was the minimum.

935

:

Trevor: Yes.

936

:

But it's just a bunch of penguins.

937

:

Yeah.

938

:

Like to actually list it as

a, um, as a different item on

939

:

the spreadsheet is ludicrous.

940

:

Joe: Apparently an island of

941

:

Trevor: penguins.

942

:

Joe: Apparently there are fisheries

out of herd and McDonald Islands

943

:

that do sell into America.

944

:

Trevor: Ah, okay.

945

:

Joe: And it's a premium fish.

946

:

Right.

947

:

Okay.

948

:

But, but the, uh, deficit wasn't

calculated on that because

949

:

they're all sold from Australia.

950

:

Of course, it was just a screw up on

somebody's accounting spreadsheet that

951

:

went, oh yes, these came from here.

952

:

And they didn't.

953

:

Trevor: There we go.

954

:

Ah, there was one country left off the

list in terms of being hit with tariffs.

955

:

Joe, one guess, uh,

956

:

Joe: Russia.

957

:

Yes.

958

:

Trevor: I

959

:

Joe: wonder why.

960

:

Trevor: So what was that

theory you had earlier if you

961

:

had installed a secret agent?

962

:

Yeah.

963

:

What ideally would you get him to do?

964

:

Joe: Well, exactly.

965

:

How, how would you get him to isolate

America from the rest of the world?

966

:

Break up nato.

967

:

Trevor: Yes.

968

:

Help Russia in a war against Ukraine.

969

:

Joe: Yep.

970

:

Trevor: Yep.

971

:

And yeah.

972

:

And as you are scheming with him.

973

:

And you're saying, look, go and

impose all these tariffs on everybody.

974

:

Mm.

975

:

And by the way, don't

impose any on Russia.

976

:

He'd be go, oh, come on.

977

:

I've gotta at least put some on Russia.

978

:

No, not, not, not one.

979

:

So for all of this, for all these

980

:

Joe: countries that have received special

tariffs, well only can't trade with Russia

981

:

anyway 'cause there's sanctions on Russia.

982

:

Trevor: Well, but I know that's

the argument, the argument from the

983

:

press secretary was Russia was left

off because US sanctions already

984

:

preclude any meaningful trade.

985

:

However, the US still trades more

with Russia than with countries

986

:

like Mauritius or Bruna that

did make Trump's tariffs list.

987

:

Joe: And he's talking

about relaxing tariffs.

988

:

Anyway.

989

:

Trevor: Yeah.

990

:

So, um, so quite remarkable that

of all the countries in the world.

991

:

Mm-hmm.

992

:

To be left off the list for

tariffs, it had to be Russia.

993

:

Of course.

994

:

Joe: Yeah.

995

:

He doesn't wanna upset Daddy, daddy, Vlad.

996

:

Trevor: Mm-hmm.

997

:

You know, imposing the sanctions

on Russia, which it's done for a

998

:

long time now, actually worked in

Russia's favor because, um, it allowed

999

:

Russia to develop in industries that

otherwise couldn't get off the ground.

:

00:43:58,020 --> 00:44:05,940

And, um, that's why now Russia is, is

not really feeling the pain from US

:

00:44:05,940 --> 00:44:11,010

sanctions anymore because they've had the

time to develop the infant industries.

:

00:44:11,340 --> 00:44:19,380

It's as if they put in tariffs

themselves to, to protect infant

:

00:44:19,380 --> 00:44:24,000

industries, which would've been against

World Bank IMF sort of guidelines.

:

00:44:25,050 --> 00:44:27,420

But it was imposed

externally by sanctions.

:

00:44:27,450 --> 00:44:31,770

So it's worked well for Russia in

that sense because they took the time.

:

00:44:32,145 --> 00:44:34,695

To go, you know, what the rest of

the world hates us and gonna get is

:

00:44:34,695 --> 00:44:36,735

gonna keep imposing sanctions on us.

:

00:44:37,035 --> 00:44:41,115

We better learn to make cheese and

other stuff that we need rather than

:

00:44:41,115 --> 00:44:42,555

importing it like we used to be.

:

00:44:42,705 --> 00:44:47,025

So, um, so that's what they

did as, uh, a heavy sanction

:

00:44:47,025 --> 00:44:48,585

regime was put on the Russians.

:

00:44:49,815 --> 00:44:50,205

There you go.

:

00:44:51,765 --> 00:44:52,275

Yeah.

:

00:44:53,085 --> 00:44:54,465

Ah, what else have we got here?

:

00:44:57,255 --> 00:45:05,955

Um, ah, and, um, what did

Senator, um, Marco Rubio say?

:

00:45:07,395 --> 00:45:10,095

Um, it's not that complicated.

:

00:45:10,365 --> 00:45:14,415

China threatens our security and

prosperity at today's meeting

:

00:45:14,415 --> 00:45:15,675

with Indo-Pacific Partners.

:

00:45:15,675 --> 00:45:19,635

We agreed the region needs to

be free from China's coercive

:

00:45:19,635 --> 00:45:21,435

and unfair trade policies.

:

00:45:21,585 --> 00:45:22,935

Our security depends on it.

:

00:45:24,315 --> 00:45:30,495

So, um, so Trump imposes sky high

tariffs and countries around the world.

:

00:45:30,990 --> 00:45:32,070

Threaten cuts off fade.

:

00:45:32,460 --> 00:45:32,880

What's that?

:

00:45:33,240 --> 00:45:34,200

Joe: And cuts off fade.

:

00:45:34,440 --> 00:45:34,800

Yeah.

:

00:45:35,009 --> 00:45:37,590

Trevor: Threatens to cause a

severe crisis in many economies.

:

00:45:38,040 --> 00:45:41,430

And Marco Rubio claims China

is the one engaging in coercive

:

00:45:41,430 --> 00:45:42,870

and unfair trade policies.

:

00:45:43,440 --> 00:45:43,950

Of course,

:

00:45:44,880 --> 00:45:46,110

Scott: they're a pack of idiots.

:

00:45:46,529 --> 00:45:47,070

Trevor: Yeah.

:

00:45:47,250 --> 00:45:52,380

So, um, actually I did have one clip from

JD Vance explaining what's happening.

:

00:45:52,680 --> 00:45:54,270

Um, we borrow

:

00:45:54,270 --> 00:45:57,480

Scott: money from Chinese

peasants to buy the things those

:

00:46:03,570 --> 00:46:06,420

Trevor: you guys get that it seems to

cut off with me when I play these clips.

:

00:46:06,425 --> 00:46:06,840

Yeah, yeah,

:

00:46:06,840 --> 00:46:07,140

Joe: it does.

:

00:46:07,140 --> 00:46:08,550

It jumps six seconds usually.

:

00:46:08,880 --> 00:46:09,180

Yeah.

:

00:46:09,180 --> 00:46:09,660

But on the

:

00:46:09,660 --> 00:46:12,390

Trevor: actual, what people

hear out there seems to be okay.

:

00:46:12,415 --> 00:46:13,020

Joe: Oh, okay.

:

00:46:13,529 --> 00:46:13,890

Trevor: Yeah.

:

00:46:14,130 --> 00:46:18,390

So, um, what did he say, uh, Vance?

:

00:46:18,390 --> 00:46:21,035

He said, uh, we borrowed money.

:

00:46:21,035 --> 00:46:23,730

He bought money from the Chinese

to buy peasants Chinese goods.

:

00:46:23,850 --> 00:46:24,750

Yes, yes.

:

00:46:24,840 --> 00:46:27,000

To buy things at Chinese

peasants manufacturer.

:

00:46:27,180 --> 00:46:30,035

So, um, that's what he's doing there.

:

00:46:31,605 --> 00:46:32,355

Joe: All right.

:

00:46:32,895 --> 00:46:37,995

Or is it that because there's a balance

of US dollars and the Americans don't

:

00:46:37,995 --> 00:46:44,805

want to sell US dollars 'cause that

deflates their value, they then get forced

:

00:46:44,805 --> 00:46:49,605

to basically invest them in Russian,

uh, in, sorry, in American, uh, bonds,

:

00:46:51,800 --> 00:46:53,685

Trevor: uh, who invests in American bonds.

:

00:46:54,405 --> 00:46:57,345

Joe: So say I'm selling goods into America

:

00:46:57,975 --> 00:46:58,215

Trevor: Yep.

:

00:46:59,355 --> 00:47:01,635

Joe: And I get lots of

American dollars back.

:

00:47:01,905 --> 00:47:01,995

Trevor: Mm-hmm.

:

00:47:02,325 --> 00:47:05,115

Joe: I can't cash that

out into anything useful.

:

00:47:05,565 --> 00:47:05,985

Trevor: Mm-hmm.

:

00:47:06,495 --> 00:47:10,515

Joe: All I can do is buy American

bonds as a place to park those dollars.

:

00:47:10,695 --> 00:47:11,115

Trevor: Yes.

:

00:47:11,115 --> 00:47:11,116

Joe: Yes.

:

00:47:11,325 --> 00:47:17,205

So we are borrowing money from the

Chinese peasants is basically the

:

00:47:17,205 --> 00:47:20,445

money that we won't let the Chinese

peasants take away, because that's

:

00:47:20,445 --> 00:47:23,685

the, the value from all our deals Yes.

:

00:47:24,135 --> 00:47:28,035

Is paying for the American

government to get a very good rate

:

00:47:28,035 --> 00:47:29,295

of interest on their borrowing.

:

00:47:29,955 --> 00:47:30,404

Trevor: Correct.

:

00:47:30,525 --> 00:47:37,424

So, uh, just going back to the, um,

the Saudis and, uh, I've said it before

:

00:47:37,424 --> 00:47:38,835

a few times, but I'll say it again.

:

00:47:38,835 --> 00:47:47,265

When the, when the dollar was decoupled,

um, from gold and basically they said

:

00:47:47,265 --> 00:47:54,134

to the Saudis, uh, go on, go around the

world selling your oil, but you must sell

:

00:47:54,134 --> 00:47:59,895

it in US dollars, and you of course are

gonna accumulate a lot of US dollars.

:

00:48:00,435 --> 00:48:05,025

And that doesn't mean you can take

those US dollars and buy lots of

:

00:48:05,025 --> 00:48:09,165

businesses in America and lots of

property will restrict what you can

:

00:48:09,225 --> 00:48:11,595

actually use those US dollars for.

:

00:48:12,134 --> 00:48:16,095

Um, but you'll be able to buy

treasury bonds, which is basically

:

00:48:16,095 --> 00:48:18,525

meaning lend the money back to us.

:

00:48:18,735 --> 00:48:22,935

And they did the same to China and

other, and other, uh, countries.

:

00:48:22,935 --> 00:48:26,205

So that's what created a

demand for the US dollar.

:

00:48:26,970 --> 00:48:31,980

Which has kept the US dollar quite

high, even though the Americans, in

:

00:48:31,980 --> 00:48:37,710

one sense, a Banana Republic that's

just spending more money than they earn

:

00:48:37,920 --> 00:48:39,990

and are running deficits all the time.

:

00:48:40,560 --> 00:48:46,320

And the Chinese who had accumulated

a lot of US treasury bonds under

:

00:48:46,320 --> 00:48:52,320

that system, uh, for many years now,

have been increasingly getting rid

:

00:48:52,320 --> 00:48:59,220

of them wherever they can and buying

gold instead, uh, and other things.

:

00:48:59,280 --> 00:49:04,170

And that's why they did the Belt and

Road Initiative as a place to spend

:

00:49:04,170 --> 00:49:10,800

their money, uh, on infrastructure

projects because they get stopped from

:

00:49:11,130 --> 00:49:20,280

buying stuff like, uh, infrastructure

in the Panama Canal or ports in Darwin.

:

00:49:21,015 --> 00:49:23,595

Where maybe they are allowed to

buy them at one point, then they're

:

00:49:23,595 --> 00:49:25,065

told they can't buy 'em anymore.

:

00:49:25,095 --> 00:49:27,885

So that's one of the reasons for the

Belgium Road initiative was they're

:

00:49:27,885 --> 00:49:31,575

sitting on a lot of US dollars and

they gotta start spending them.

:

00:49:31,875 --> 00:49:36,255

And they can't buy companies

and traditional assets.

:

00:49:36,255 --> 00:49:40,815

They have to build these things,

um, in order to acquire them.

:

00:49:41,055 --> 00:49:44,295

So that's kind of how all that happened.

:

00:49:44,805 --> 00:49:49,905

But, um, that allows me, Scott, to circle

back to the first item on the agenda,

:

00:49:50,025 --> 00:49:53,385

which was, um, the Port of Darwin.

:

00:49:54,465 --> 00:49:59,205

Both parties say they want it back

for national security reasons.

:

00:50:01,755 --> 00:50:06,195

So we have at the moment, dear

listener, a, a Chinese company,

:

00:50:06,615 --> 00:50:10,395

whether it's controlled by the

Chinese government or not, who cares?

:

00:50:12,075 --> 00:50:18,045

And they own, or they've leased on the

long term lease port of Darwin and.

:

00:50:18,540 --> 00:50:22,650

Uh, both parties are saying as part

of their election pledges, we are

:

00:50:22,650 --> 00:50:25,170

going to end that in the Labor's case.

:

00:50:25,620 --> 00:50:27,300

We are gonna buy it back from them.

:

00:50:28,050 --> 00:50:32,160

Um, the company itself has said, well,

nobody's talked to us about a price,

:

00:50:32,220 --> 00:50:33,540

so I dunno what you're talking about.

:

00:50:34,200 --> 00:50:39,840

But, um, the whole idea that

this is some risk to our national

:

00:50:39,840 --> 00:50:42,780

security is complete bollocks.

:

00:50:43,080 --> 00:50:43,170

Mm-hmm.

:

00:50:44,250 --> 00:50:47,790

Because what is the worst case scenario?

:

00:50:48,780 --> 00:50:56,040

We go all out war with China

and they own the Port of Darwin

:

00:50:56,850 --> 00:50:57,150

Scott: deal.

:

00:50:57,150 --> 00:50:59,430

Then eventually just

it, we just nationalize

:

00:50:59,430 --> 00:50:59,520

Trevor: it.

:

00:50:59,525 --> 00:51:02,670

It's, and we say, well, we're

gonna take over the port.

:

00:51:02,670 --> 00:51:03,455

We don't care.

:

00:51:03,750 --> 00:51:07,740

Of course that you own it and we're

going to not let your naval vessels in.

:

00:51:07,740 --> 00:51:12,330

Like, it's, the risk is all China's by.

:

00:51:13,440 --> 00:51:16,620

But this whole Belt and road

initiative is China's risk.

:

00:51:16,650 --> 00:51:20,009

'cause it's building assets in

other countries and taking the risk.

:

00:51:20,069 --> 00:51:23,220

Those other countries would get

pissed off with them and reclaim them.

:

00:51:23,220 --> 00:51:23,520

They're unhappy.

:

00:51:23,995 --> 00:51:24,674

There's a bigger risk

:

00:51:25,174 --> 00:51:25,595

Joe: mm-hmm.

:

00:51:25,680 --> 00:51:30,930

In that all the infrastructure, because

it's all computerized, uh, they could in

:

00:51:30,930 --> 00:51:34,440

theory break and you would need to come

in and put your own infrastructure in.

:

00:51:35,339 --> 00:51:35,670

Well, yeah,

:

00:51:35,819 --> 00:51:40,020

Scott: but that's, that's something

that, you know, you'd probably have

:

00:51:40,020 --> 00:51:44,160

to do anyway, you know, because if

you go, if you go, if you've got a,

:

00:51:45,150 --> 00:51:50,790

if you've got a what tr in Trevor's,

uh, in Trevor's story, you've got a

:

00:51:51,089 --> 00:51:55,680

country that was, did own the port and

has become an enemy combatant country.

:

00:51:56,009 --> 00:51:58,740

So you'd actually have to go in

there and put in new infrastructure.

:

00:51:58,799 --> 00:52:01,740

You'd have to go and rip out all

their old computers and everything

:

00:52:01,740 --> 00:52:03,029

else and put your own computers in

:

00:52:03,029 --> 00:52:03,120

Joe: there.

:

00:52:03,420 --> 00:52:03,540

Yeah.

:

00:52:03,540 --> 00:52:06,509

I mean, if it was done cranes, it

would be a fairly simple thing.

:

00:52:06,509 --> 00:52:08,220

But because it's all computerized.

:

00:52:08,535 --> 00:52:09,480

Yeah, there's a, I don't

:

00:52:09,480 --> 00:52:11,535

Trevor: know, I don't know

how computerized the Port

:

00:52:11,535 --> 00:52:13,515

of Darwin is, uh, from what

:

00:52:13,515 --> 00:52:16,095

Joe: I've heard of other ports,

and I'm assuming that the

:

00:52:16,095 --> 00:52:17,625

Port of Darwin is the same.

:

00:52:17,805 --> 00:52:18,075

Trevor: Mm.

:

00:52:18,135 --> 00:52:18,975

Joe: That yeah, they are.

:

00:52:18,975 --> 00:52:20,835

Because just efficiencies.

:

00:52:21,405 --> 00:52:24,915

Trevor: I can't imagine that many

containers go through the Port of Darwin.

:

00:52:25,755 --> 00:52:26,205

Joe: No,

:

00:52:26,895 --> 00:52:27,075

Scott: I'd

:

00:52:27,075 --> 00:52:27,195

Joe: be

:

00:52:27,195 --> 00:52:27,675

Scott: extremely

:

00:52:27,675 --> 00:52:28,125

Joe: surprised.

:

00:52:28,395 --> 00:52:29,745

There's an awful lot of beef.

:

00:52:30,495 --> 00:52:30,615

Yeah,

:

00:52:30,900 --> 00:52:33,135

Trevor: it could, it could

go through another port if

:

00:52:33,135 --> 00:52:36,435

it had to in, in any event.

:

00:52:36,555 --> 00:52:36,855

Mm.

:

00:52:37,095 --> 00:52:41,805

A full defense department security

sment was done on the deal in:

:

00:52:42,525 --> 00:52:49,995

The department head, Dennis Richardson,

and um, and he gave testimony,

:

00:52:50,000 --> 00:52:52,515

basically it's a simple, concrete thing.

:

00:52:52,575 --> 00:52:56,175

He appeared before a parliamentary

inquiry to give a detailed explanation

:

00:52:56,175 --> 00:53:01,455

of how defense considered the

implications of the lease in the runup

:

00:53:01,785 --> 00:53:06,075

to the decision to advise treasury that

defense had no objection to the move.

:

00:53:06,135 --> 00:53:07,785

This is the original decision.

:

00:53:08,279 --> 00:53:12,120

To sell the lease to the Chinese,

that the defense Department

:

00:53:12,120 --> 00:53:14,790

looked at it and said, no problem.

:

00:53:15,690 --> 00:53:20,520

And, um, he said, defense assess

the risks of a shutdown or sabotage

:

00:53:20,520 --> 00:53:24,120

cyber attacks, the port being

used for intelligence gathering

:

00:53:24,360 --> 00:53:26,160

or stealing intellectual property.

:

00:53:26,910 --> 00:53:30,750

We did our due diligence very carefully

over an extended period of time.

:

00:53:31,380 --> 00:53:33,630

Nothing has been said since

the announcement that has

:

00:53:33,630 --> 00:53:35,190

given us pause for thought.

:

00:53:36,029 --> 00:53:39,840

And he, he mentioned that he

ordered a special review of the

:

00:53:39,840 --> 00:53:44,460

deal after security experts in

Australia raised espionage concerns.

:

00:53:45,210 --> 00:53:47,430

He says, after a couple of weeks

of it, I personally thought,

:

00:53:47,430 --> 00:53:48,750

gee, have we missed something?

:

00:53:48,930 --> 00:53:51,630

He said Intelligence agencies

backed his initial assessment.

:

00:53:52,080 --> 00:53:55,170

The written advice I received on that

was that there was no significant

:

00:53:55,170 --> 00:53:57,660

implications and it was fine.

:

00:53:58,290 --> 00:54:03,420

So, um, he rubbished concerns from

security analysts that the deal could

:

00:54:03,420 --> 00:54:05,700

give the Chinese Navy access to the port.

:

00:54:05,985 --> 00:54:11,535

As alarmist nonsense and simply

absurd and, um, no, but it's there.

:

00:54:11,535 --> 00:54:12,105

We winner.

:

00:54:12,615 --> 00:54:12,765

Yeah.

:

00:54:12,825 --> 00:54:16,365

So it's not a vote winner for me.

:

00:54:17,715 --> 00:54:19,215

I'm just going you idiots.

:

00:54:20,745 --> 00:54:25,995

And Dutton Dutton was the defense minister

who voted for the sale of Darwin Port.

:

00:54:26,715 --> 00:54:31,935

He and Turnbull flogged it, and the trade

minister Andrew Rob, got a six figure

:

00:54:31,935 --> 00:54:33,674

job with the same company thereafter.

:

00:54:34,305 --> 00:54:34,665

Yep.

:

00:54:37,245 --> 00:54:37,785

It's,

:

00:54:40,215 --> 00:54:44,235

and, and labor spineless gutless, stupid

:

00:54:47,415 --> 00:54:51,585

idiots as a major platform

of the election are going.

:

00:54:51,585 --> 00:54:51,884

Oh, yeah.

:

00:54:51,884 --> 00:54:53,415

Well, we'll, uh, we'll take it back.

:

00:54:53,775 --> 00:54:59,025

Joe: Uh, I, I did see a lovely, uh,

article that was saying that Trump has

:

00:54:59,025 --> 00:55:04,815

weed Dutton, because he's trying to.

:

00:55:05,295 --> 00:55:10,635

Appease the trumpet of Patriot voters

to try and get them into his party.

:

00:55:10,875 --> 00:55:11,145

Scott: Mm-hmm.

:

00:55:11,685 --> 00:55:15,555

Joe: Whilst trying not to upset

the mainstream liberal voters who

:

00:55:15,555 --> 00:55:17,355

don't want a bar of Trump tariffs.

:

00:55:17,355 --> 00:55:22,935

They don't want the doge, they don't

want, um, uh, kicking all the illegals

:

00:55:22,935 --> 00:55:24,795

out because he is gonna work in the fields

:

00:55:25,665 --> 00:55:26,805

Trevor: and, and guess what?

:

00:55:27,195 --> 00:55:30,075

The average Aussie wants to work

from home a fair bit as well.

:

00:55:30,225 --> 00:55:30,375

Yeah.

:

00:55:31,185 --> 00:55:31,875

Joe: Strange though.

:

00:55:32,775 --> 00:55:37,995

Trevor: So Scott, um, you, did

you hear about the black flip?

:

00:55:38,445 --> 00:55:39,765

Scott: Yeah, I've read about it, yeah.

:

00:55:39,765 --> 00:55:40,515

This afternoon.

:

00:55:40,965 --> 00:55:43,310

Trevor: So, you know, again, one of, it's

:

00:55:43,310 --> 00:55:44,205

Scott: just one of those things.

:

00:55:44,205 --> 00:55:46,515

They've got this obsession

with the public service.

:

00:55:46,515 --> 00:55:47,805

They reckon it's fat and bloated.

:

00:55:47,805 --> 00:55:48,945

It's not fat and bloated.

:

00:55:48,945 --> 00:55:49,215

It's

:

00:55:49,935 --> 00:55:54,375

Joe: just so, um, there is a certain

government department that I was

:

00:55:54,375 --> 00:56:01,065

aware of that went to future ways of

working, which was, we don't have enough

:

00:56:01,065 --> 00:56:03,015

desks in the office for everybody.

:

00:56:03,390 --> 00:56:03,660

Ooh.

:

00:56:03,660 --> 00:56:08,190

Because we know that some people will

be on leave, some people will be sick,

:

00:56:08,790 --> 00:56:10,560

and, and some people can work from home.

:

00:56:11,220 --> 00:56:15,180

And so actually we are only gonna

have 50% of the original floor space.

:

00:56:15,180 --> 00:56:18,030

We used to, we're gonna pay

less rent, we're gonna have less

:

00:56:18,030 --> 00:56:20,490

infrastructure, we've got less cooling.

:

00:56:20,490 --> 00:56:21,630

Scott: Mm-hmm.

:

00:56:21,636 --> 00:56:21,795

You

:

00:56:22,230 --> 00:56:25,230

Joe: know, got huge savings by

having people work from home.

:

00:56:26,370 --> 00:56:30,840

But people who are forced to go and do

our work, you know, work in a factory or

:

00:56:30,840 --> 00:56:35,880

whatever, are resentful of that, despite

the fact that their commutes are less

:

00:56:36,210 --> 00:56:37,770

because there's less people on the road.

:

00:56:38,280 --> 00:56:38,520

Scott: Mm-hmm.

:

00:56:38,615 --> 00:56:39,990

Joe: Uh, and so there is a,

:

00:56:42,030 --> 00:56:46,200

a, a feeling that they're

getting away with doing nothing.

:

00:56:46,620 --> 00:56:46,740

Mm-hmm.

:

00:56:46,740 --> 00:56:49,680

And actually, I think the, the

reports are back, most people are

:

00:56:49,680 --> 00:56:50,910

more efficient working from home.

:

00:56:51,450 --> 00:56:54,270

They are the odd shier, but most

people are actually more efficient.

:

00:56:54,840 --> 00:56:55,380

Trevor: Yeah.

:

00:56:55,620 --> 00:56:59,850

So anyway, it was one of their few

policies that they come out with was,

:

00:57:00,150 --> 00:57:02,280

we're gonna force all public servants to.

:

00:57:03,225 --> 00:57:04,215

Uh, work from home.

:

00:57:04,845 --> 00:57:09,945

And so that meant a, that anyone who's

a public servant who enjoys working

:

00:57:09,945 --> 00:57:12,795

from home wasn't gonna vote for the LAP.

:

00:57:13,455 --> 00:57:18,435

And it also meant people who are in

the private sector began to worry that

:

00:57:18,435 --> 00:57:20,025

this was a thin edge of the wedge.

:

00:57:20,595 --> 00:57:24,915

And this would encourage their

companies to adopt similar

:

00:57:24,915 --> 00:57:27,465

policies in the private sector.

:

00:57:27,735 --> 00:57:31,605

And, uh, so people really

didn't like this idea.

:

00:57:32,115 --> 00:57:39,195

And, um, and so Dutton has done a back

flip and gone, uh, we listened to the

:

00:57:39,195 --> 00:57:43,305

people and, um, uh, we have got it wrong.

:

00:57:43,305 --> 00:57:44,625

We've apologized for it.

:

00:57:44,685 --> 00:57:47,205

We support flexible

workplace arrangements.

:

00:57:47,295 --> 00:57:48,375

He told reporters,

:

00:57:50,895 --> 00:57:53,265

yeah, these guys are just so amateurish.

:

00:57:53,295 --> 00:57:53,715

Honestly.

:

00:57:53,715 --> 00:58:00,435

They're, they are, there's no way

they are at ready to run a government.

:

00:58:00,720 --> 00:58:00,779

Um,

:

00:58:01,290 --> 00:58:02,430

Scott: no, exactly.

:

00:58:03,509 --> 00:58:05,850

Trevor: Just a handful of policies.

:

00:58:06,779 --> 00:58:13,169

Um, one of them, like this one have just

back flipped on others, like reclaiming

:

00:58:13,169 --> 00:58:16,140

the Port of Darwin, uh, equally stupid.

:

00:58:16,140 --> 00:58:16,845

It's just populist shit, isn't it?

:

00:58:17,145 --> 00:58:17,365

Yes.

:

00:58:18,234 --> 00:58:20,129

Just populist shit.

:

00:58:20,879 --> 00:58:23,399

So, well,

:

00:58:23,819 --> 00:58:27,359

Scott: they've gotta actually do

something that stops people thinking

:

00:58:27,359 --> 00:58:28,379

about their nuclear article.

:

00:58:28,859 --> 00:58:29,189

Trevor: Mm-hmm.

:

00:58:29,910 --> 00:58:30,240

Yeah.

:

00:58:30,240 --> 00:58:30,241

Yeah.

:

00:58:31,080 --> 00:58:33,959

Having said that, I still think

I'm still gonna go with my

:

00:58:33,959 --> 00:58:36,480

prediction of a Dutton victory.

:

00:58:37,200 --> 00:58:37,799

Scott: I don't think so.

:

00:58:38,609 --> 00:58:40,605

Trevor: I hang around a lot of

boomers down here on the coast.

:

00:58:40,754 --> 00:58:41,325

Scott: Yeah, I know.

:

00:58:41,325 --> 00:58:45,180

But the boomers are actually

a, uh, a smaller voting block.

:

00:58:45,600 --> 00:58:50,279

Joe: I'm, I'm just hoping that Ellie

gets enough votes to get rid of them.

:

00:58:50,279 --> 00:58:50,339

Yeah.

:

00:58:51,509 --> 00:58:54,270

Trevor: I know they're Scott,

but I just see there's a lot,

:

00:58:54,270 --> 00:58:57,240

Scott: a lot of them still, I know there

are still a lot of them, but they're

:

00:58:57,240 --> 00:58:59,100

not, they're not in the majority anymore.

:

00:58:59,564 --> 00:59:01,935

Trevor: I, but Scott,

I, here's my argument.

:

00:59:01,935 --> 00:59:06,375

I said before, everyone who voted

for Scott Morrison in his most recent

:

00:59:06,375 --> 00:59:09,464

victory, they're ready to vote for Dutton.

:

00:59:10,995 --> 00:59:11,399

Joe: So there's good news.

:

00:59:11,399 --> 00:59:12,254

If you're prepared to vote for

:

00:59:12,254 --> 00:59:13,575

Trevor: Morrison, you'll vote for Dutton.

:

00:59:14,024 --> 00:59:16,125

Joe: Apparently there's gonna

be a heavy flu season this year.

:

00:59:17,504 --> 00:59:17,895

Trevor: Is there?

:

00:59:18,285 --> 00:59:18,555

Joe: Yeah.

:

00:59:19,935 --> 00:59:21,584

Trevor: You think that

might affect some things?

:

00:59:21,674 --> 00:59:24,104

Joe: That might take out some

boomers, there'll be less of a vote,

:

00:59:24,464 --> 00:59:24,705

Trevor: right?

:

00:59:25,515 --> 00:59:27,794

Uh, election's not far off.

:

00:59:28,004 --> 00:59:28,694

Joe: Yeah, that's true.

:

00:59:28,935 --> 00:59:29,325

Trevor: Yeah.

:

00:59:29,415 --> 00:59:31,154

How's that independent

going in your elector?

:

00:59:31,154 --> 00:59:31,935

Is she busy?

:

00:59:32,924 --> 00:59:38,294

Joe: I saw a group of people

on bicycles with placards at

:

00:59:38,294 --> 00:59:39,854

the weekend, cycling around.

:

00:59:39,975 --> 00:59:40,395

Mm-hmm.

:

00:59:40,634 --> 00:59:40,694

Yeah.

:

00:59:40,964 --> 00:59:42,495

Showing her green credentials.

:

00:59:42,765 --> 00:59:42,854

Mm-hmm.

:

00:59:43,274 --> 00:59:44,444

I had a look at her website.

:

00:59:44,444 --> 00:59:45,524

It's all very vague.

:

00:59:45,674 --> 00:59:50,084

I mean, there's lots of pro green

energy, and aside from that, everything

:

00:59:50,084 --> 00:59:54,015

else is incredibly vague and I can't

tell which side of politics she's on.

:

00:59:54,435 --> 00:59:54,734

Right.

:

00:59:54,765 --> 00:59:57,044

I assume she's a liberal.

:

00:59:57,524 --> 00:59:57,615

Scott: Mm-hmm.

:

00:59:58,665 --> 01:00:05,025

Joe: It's given that the LMP, uh, uh,

haven't lost the seat in 20 years.

:

01:00:05,415 --> 01:00:05,505

Mm-hmm.

:

01:00:06,165 --> 01:00:08,055

I assume that she's a liberal light.

:

01:00:08,835 --> 01:00:09,045

Mm-hmm.

:

01:00:09,975 --> 01:00:16,575

Scott: It's one of those things I, um, I

was actually looking at the, um, change in

:

01:00:16,575 --> 01:00:19,005

dutton's placards and that sort of stuff.

:

01:00:19,035 --> 01:00:19,125

Mm-hmm.

:

01:00:19,125 --> 01:00:23,295

Has gone from saying, you know, whatever

it was, you know, you'll be better

:

01:00:23,295 --> 01:00:27,855

off under the LNP to now he's actually

quoting her and that saying I'm a greenie.

:

01:00:28,485 --> 01:00:28,575

Mm-hmm.

:

01:00:29,355 --> 01:00:31,964

You know, so they're obviously

panicked about her because

:

01:00:31,964 --> 01:00:33,105

they've started to attack her.

:

01:00:33,795 --> 01:00:34,095

Mm-hmm.

:

01:00:34,904 --> 01:00:38,235

Trevor: Obviously hearing something where

I think one of his lines is, are you

:

01:00:38,235 --> 01:00:40,245

better off than you were ago when Mr.

:

01:00:40,339 --> 01:00:41,581

Albanese was election

years ago, four years ago?

:

01:00:41,685 --> 01:00:42,015

Yeah.

:

01:00:42,015 --> 01:00:42,705

Something like that.

:

01:00:43,214 --> 01:00:46,845

And his psychological sort of

tactic that's quite effective.

:

01:00:46,845 --> 01:00:46,935

Mm-hmm.

:

01:00:47,384 --> 01:00:53,444

Because psychologically people

are reluctant to admit that they

:

01:00:53,444 --> 01:00:55,035

are better off and then mentally.

:

01:00:55,845 --> 01:00:58,725

Think of the things that are bad

rather than the things that are good.

:

01:00:59,295 --> 01:01:06,135

And so if you frame it that way, people

would often say, no, I don't think I'm

:

01:01:06,135 --> 01:01:09,285

better off than I was, uh, four years ago.

:

01:01:10,125 --> 01:01:15,225

But if you said to them, have you

ever felt like you are gonna lose

:

01:01:15,225 --> 01:01:17,145

your job, that you're at risk?

:

01:01:17,235 --> 01:01:20,055

Or have you felt you're not gonna

be able to pay your bills or these

:

01:01:20,055 --> 01:01:22,335

things people are going, no, no.

:

01:01:22,755 --> 01:01:26,115

And um, and some other sort

of questions like that.

:

01:01:26,625 --> 01:01:29,745

So it's just an interesting way of

framing it is to say, are you better

:

01:01:29,745 --> 01:01:32,205

off than, do you feel you're better off

than you were three or four years ago?

:

01:01:32,205 --> 01:01:33,705

And, um, can't you buy eggs?

:

01:01:33,945 --> 01:01:34,275

Yeah.

:

01:01:34,275 --> 01:01:37,245

And it, it just, it works

at a psychological level.

:

01:01:37,275 --> 01:01:40,245

So Scott's losing his connection.

:

01:01:40,335 --> 01:01:45,705

But that's okay, Scott, because mind,

um, we, uh, have made it to the hour.

:

01:01:46,485 --> 01:01:49,425

Scott is, Aw, no, Scott's

with us next week.

:

01:01:49,575 --> 01:01:50,595

So I'm here next.

:

01:01:51,495 --> 01:01:52,035

I'm here next

:

01:01:52,035 --> 01:01:52,485

Scott: week.

:

01:01:52,695 --> 01:01:52,875

Trevor: Yep.

:

01:01:53,415 --> 01:01:53,565

Then

:

01:01:53,565 --> 01:01:54,165

Scott: away for a couple of

:

01:01:54,165 --> 01:01:54,465

Trevor: weeks.

:

01:01:54,840 --> 01:01:55,080

Scott: Yeah.

:

01:01:55,680 --> 01:01:56,010

Trevor: Yeah.

:

01:01:56,340 --> 01:02:00,450

So, um, so anyway, not sure what

next week will bring, but uh,

:

01:02:00,480 --> 01:02:01,650

we'll be back with something.

:

01:02:01,680 --> 01:02:06,210

Thank you for the people in the

chat room, Alex and Landon, and,

:

01:02:06,210 --> 01:02:08,670

uh, Andrew and Julia in particular.

:

01:02:08,670 --> 01:02:09,930

And Alison was there earlier.

:

01:02:09,930 --> 01:02:10,530

Good on you.

:

01:02:11,130 --> 01:02:12,930

We will be back next week.

:

01:02:13,230 --> 01:02:13,980

Bye for now.

:

01:02:17,040 --> 01:02:18,090

Joe: And it's a good night from him.

:

01:02:20,370 --> 01:02:21,300

Trevor: He couldn't hear, I don't think.

:

01:02:21,360 --> 01:02:22,380

I think his Internet's gone.

:

01:02:22,530 --> 01:02:24,150

Joe: No, it looks like very frozen.

:

01:02:24,420 --> 01:02:24,840

Trevor: Yeah.

:

01:02:25,530 --> 01:02:26,280

I'll end this.

:

01:02:26,340 --> 01:02:26,730

Bye.

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