05x21 - Trump tariffs

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john: welcome, welcome to

John: welcome, welcome to
"last week tonight" ."

"Last week tonight" ."
I'm john oliver.

I'm john oliver.
Thanks so much for joining us.

Thanks so much for joining us.
And we begin tonight with rudy

And we begin tonight with rudy
giuiliani, the president's

Giuiliani, the president's
lawyer, and a one-man legal

Lawyer, and a one-man legal
improv troupe.

Improv troupe.
Giuliani was on tv this morning,

Giuliani was on tv this morning,
to talk about the ongoing

To talk about the ongoing
mueller investigation, and came

Mueller investigation, and came
up with a rationale for his

Up with a rationale for his
boss's refusal to sit down with

Boss's refusal to sit down with
mueller that was, even by

Mueller that was, even by
giuliani standards, very

Giuliani standards, very
"guiliani".

"Guiliani".
When you tell me that he

When you tell me that he
should testify because he's

Should testify because he's
going to tell the truth, that he

Going to tell the truth, that he
shouldn't worry, well that's so

Shouldn't worry, well that's so
silly, because it's somebody's

Silly, because it's somebody's
version of the truth, not the

Version of the truth, not the
truth.

Truth.
He didn't have a conversation

He didn't have a conversation
about --

About --
truth is truth.

Truth is truth.
I don't mean to go, like --

I don't mean to go, like --
no, it isn't truth!

No, it isn't truth!
Truth isn't truth!

Truth isn't truth!
The president of the united

The president of the united
states says -- I didn't--

States says -- I didn't--
truth isn't truth?

Truth isn't truth?
Mr. Mayor, do you realize that--

Mr. Mayor, do you realize that--
no no, no, don't do this to

No no, no, don't do this to
me.

Me.
Don't do this to you?

Don't do this to you?
You just said "truth isn't

You just said "truth isn't
truth.

Truth.
That's not acceptable from a

That's not acceptable from a
president's lawyer.

President's lawyer.
It's barely acceptable from a

It's barely acceptable from a
sophomore philosophy major, who

Sophomore philosophy major, who
just tried molly for the first

Just tried molly for the first
time.

Time.
Truth isn't truth, and also

Truth isn't truth, and also
toes are just feet fingers.

Toes are just feet fingers.
I feel warm!

I feel warm!
And in fairness to giuliani --

And in fairness to giuliani --
the ken bone of

The ken bone of


Thing he said in the interview.

Thing he said in the interview.
Because just watch the

Because just watch the
president's lawyer -- whose job

President's lawyer -- whose job
is essentially to try and

Is essentially to try and
dismiss potentially damning

Dismiss potentially damning
evidence like the trump

Evidence like the trump
tower meeting -- basically do

Tower meeting -- basically do
the exact opposite.

The exact opposite.
The trump tower meeting

The trump tower meeting
itself is at least evidence of

Itself is at least evidence of
you better investigate.

You better investigate.
It's a --

It's a --
it's not.

It's not.
How is it not?

How is it not?
Because the meeting was

Because the meeting was
originally for the purpose of

Originally for the purpose of
getting information about

Getting information about
clinton.

Clinton.
The meeting turned into a

The meeting turned into a
meeting --

Meeting --
at colsion. Itself is an attempt

At colsion. Itself is an attempt
it's not.

It's not.
You just said it.

You just said it.
The meet was intended to get

The meet was intended to get
dirt on hillary clinton from a

Dirt on hillary clinton from a
kremlin lawyer.

Kremlin lawyer.
No, no.

No, no.
That was the intention of the

That was the intention of the
meeting.

Meeting.
You just said it.

You just said it.
John: what's rudy giuliani

John: what's rudy giuliani
doing?

Doing?
And why does the white house

And why does the white house
keep letting him go on tv?

Keep letting him go on tv?
Because at this rate, donald

Because at this rate, donald
trump is going to wind up behind

Trump is going to wind up behind
bars, with rudy giuliani

Bars, with rudy giuliani
visiting him and going, "don't

Visiting him and going, "don't
worry, donald -- prison isn't

Worry, donald -- prison isn't
prison."

Prison."
But let's not get sucked in to

But let's not get sucked in to
all that.

All that.
Instead, let's turn to

Instead, let's turn to
australia, home of every animal

Australia, home of every animal
that seems like shod

That seems like shod
already be extinct.

Already be extinct.
How is the platypus still alive?

How is the platypus still alive?
It looks like something fred

It looks like something fred
flintstone would have used as a

Flintstone would have used as a
swiss army knife.

Swiss army knife.
Australian politics this week

Australian politics this week
saw a debut speech in parliament

Saw a debut speech in parliament
from fraser anning that will

From fraser anning that will
live long in their memory.

Live long in their memory.
A crossbench senator has

A crossbench senator has
delivered a provocative first

Delivered a provocative first
speech to parliament, calling

Speech to parliament, calling
for a ban on muslims migrating

For a ban on muslims migrating
to australia.

To australia.
Fraser anning also used the term

Fraser anning also used the term
"final solution" when talking

"Final solution" when talking
abouimmigration, a phrase used

Abouimmigration, a phrase used
by hitler in n*zi germany.

By hitler in n*zi germany.
John: it's true.

John: it's true.
In a speech arguing in favor of

In a speech arguing in favor of
a return to a "white australia

A return to a "white australia
policy", anning suggested having

Policy", anning suggested having
a popular vote would be a good

A popular vote would be a good
"final solution".

"Final solution".
And that's just not a phrase you

And that's just not a phrase you
throw around for pretty obvious

Throw around for pretty obvious
reasons.

Reasons.
It's the same reasowe d't

It's the same reasowe d't
name babies adolf, have tiny

Name babies adolf, have tiny
mustaches, or call yoga retreats

Mustaches, or call yoga retreats
"concentration camps."

"Concentration camps."
We could!

We could!
But people would be

But people would be
understandably upset.

Understandably upset.
But not only did anning refuse

But not only did anning refuse
to apologize, the head of his

To apologize, the head of his
party backed him up.

Party backed him up.
Do you support fraser

Do you support fraser
anning's comments?

Anning's comments?
Absolutely, one thousand

Absolutely, one thousand
percent.

Percent.
I support everything he said.

I support everything he said.
It was a magnificent speech.

It was a magnificent speech.
It was solid gold.

It was solid gold.
And he stumbled on a bit of a

And he stumbled on a bit of a
malapropism there, and hey, he

Malapropism there, and hey, he
didn't go to university.

Didn't go to university.
He didn't go to university to

He didn't go to university to
learn the significance of all

Learn the significance of all
these words.

These words.
John: first, the speech was

John: first, the speech was
not "solid gold".

Not "solid gold".
And I really hope in australia,

And I really hope in australia,
you don't have to go to

You don't have to go to
university to have heard about

University to have heard about
the holocaust.

The holocaust.
Look, he bears no responsibility

Look, he bears no responsibility
for the words he uses.

For the words he uses.
He doesn't know what they mean!

He doesn't know what they mean!
If you gave 1,000 monkeys 1,000

If you gave 1,000 monkeys 1,000
typewriters, and one of them

Typewriters, and one of them
wrote "heil hitler," would you

Wrote "heil hitler," would you
get all angry with him?

Get all angry with him?
No!

No!
You'd be impressed!

You'd be impressed!
That's a solid gold monkey right

That's a solid gold monkey right
there.

There.
That man is bob katter-- head of

That man is bob katter-- head of
the selfnamed katter's

The selfnamed katter's
australian party -- who has a

Australian party -- who has a
temperament to match his face.

Temperament to match his face.
Just take a look at the hostile

Just take a look at the hostile
tone of a previous campaign ad.

Tone of a previous campaign ad.
One australian lawmaker has

One australian lawmaker has
come under fire for the bad

Come under fire for the bad
timing of his new campaign

Timing of his new campaign
video, a mock execution of his

Video, a mock execution of his
political opponents, showing him

Political opponents, showing him
blowing a smoking g*n as

Blowing a smoking g*n as
lifeless bodies lie in the

Lifeless bodies lie in the
background.

Background.
John: wow.

John: wow.
I haven't seen a commercial that

I haven't seen a commercial that
extreme since the geico gecko

Extreme since the geico gecko
slit the afflac duck's throat.

Slit the afflac duck's throat.
You went too far, you little

You went too far, you little
shit.

Shit.
But underneath his eccentric

But underneath his eccentric
personality is the heart of a

Personality is the heart of a
truly unpleasant human being.

Truly unpleasant human being.
Last year, he said --

Last year, he said --
it is imperative the people from

It is imperative the people from
the middle

The middle
east and north africa are barred

East and north africa are barred
from entering australia

From entering australia
and this week, when questioned

And this week, when questioned
about fraser anning's

About fraser anning's
comments, he said this.

Comments, he said this.
Are we r*cist?

Are we r*cist?
Well, we're australians.

Well, we're australians.
I don't know if that's r*cist or

I don't know if that's r*cist or
not, but we're not apologizing

Not, but we're not apologizing
for it to anyone.

For it to anyone.
John: you are and it is.

John: you are and it is.
And look.

And look.
I'm not saying all australians

I'm not saying all australians
are r*cist.

Are r*cist.
That would be r*cist.

That would be r*cist.
And I would never say something

And I would never say something
like that, because I'm not

Like that, because I'm not
australian.

Australian.
But in fairness to katter: he's

But in fairness to katter: he's
not just r*cist.

Not just r*cist.
He's also h*m*.

He's also h*m*.
In 2011, he said gay marriage

In 2011, he said gay marriage
should be ridiculed, and when

Should be ridiculed, and when
australia approved same-sex

Australia approved same-sex
marriage last year, he tried to

Marriage last year, he tried to
laugh it off, before doing a

Laugh it off, before doing a
hard emotional turn.

Hard emotional turn.
You know, people are entitled

You know, people are entitled
to their sexual proclivities.

To their sexual proclivities.
I mean, let there be a thousand

I mean, let there be a thousand
blossoms bloom as far as I'm

Blossoms bloom as far as I'm
concerned.

Concerned.
But I ain't spending any time on

But I ain't spending any time on
it, because in the meantime,

It, because in the meantime,
every three months, a person is

Every three months, a person is
torn to pieces by a crocodile in

Torn to pieces by a crocodile in
north queensland.

North queensland.
John: okay, you cannot

John: okay, you cannot
deflect from a question of

Deflect from a question of
civil rights with a weird animal

Civil rights with a weird animal
fact.

Fact.
People are entitled to be

People are entitled to be
worried about voter suppression,

Worried about voter suppression,
that's fine.

That's fine.
But I ain't spending antimen

But I ain't spending antimen
it when giraffes are

It when giraffes are
walking around with black

Walking around with black
tongues all day.

Tongues all day.
It's a disgrace.

It's a disgrace.
And look, I could spend all

And look, I could spend all
night showing you clips of

Night showing you clips of
katter being terrible.

Katter being terrible.
But I just want to show you one

But I just want to show you one
more.

More.
Because his objection to

Because his objection to
same-sex marriage isn't just

Same-sex marriage isn't just
that it distracts from

That it distracts from
croc-onbloke crime.

Croc-onbloke crime.
It's also because of this.

It's also because of this.
The h*m* groupings in

The h*m* groupings in
australia, they took the word

Australia, they took the word
"gay."

"Gay."
It was the most beautiful word

It was the most beautiful word
in the english language,nd

In the english language,nd
they said, "oh good!

They said, "oh good!
We'll take that word!

We'll take that word!
And we'll have it as ours!"

And we'll have it as ours!"
Called marriage, the other mob,

Called marriage, the other mob,
y'ow? Well, what else are they,

Y'ow? Well, what else are they,
gonna take?

Gonna take?
John: oh, I don't know --

John: oh, I don't know --
nothing?

Nothing?
Because they didn't take the

Because they didn't take the
words "gay" or "marriage" in the

Words "gay" or "marriage" in the
first place.

First place.
Words can evolve over time, and

Words can evolve over time, and
be used in new contexts.

Be used in new contexts.
Therare ry few exceptions to

Therare ry few exceptions to
that rule.

That rule.
Can you think of one?

Can you think of one?
I can, and if you think hard

I can, and if you think hard
enough, I'm sure you'll come up

Enough, I'm sure you'll come up
with a final solution.

With a final solution.
And now this.

And now this.
And now, the holiday local

And now, the holiday local
news teams dread.

News teams dread.
Ladies and gentlemen, if you

Ladies and gentlemen, if you
didn't know it.

Didn't know it.
It is national tell a joke day.

It is national tell a joke day.
Oh, yay, greg.

Oh, yay, greg.
Tomorrow is national joke

Tomorrow is national joke
day.

Day.
Oh, no.

Oh, no.
What kind of genes does it

What kind of genes does it
jaws where?

Jaws where?
Denim, denim.

Denim, denim.
Why couldn't the toilet paper

Why couldn't the toilet paper
across the street?

Across the street?
He got stuck in cra.

He got stuck in cra.
Wow.

Wow.
Really going for it.

Really going for it.
Why does snoop dogg need an

Why does snoop dogg need an
umbrella?

Umbrella?
Gosh, this is like a

Gosh, this is like a
slow-moving car crash.

Slow-moving car crash.
You know the reason that

You know the reason that
snoop dogg has his umbrella

Snoop dogg has his umbrella
around.

Around.
Because?

Because?
Fo drizzle.

Fo drizzle.
Okay.

Okay.
Why did snoop dogg need an

Why did snoop dogg need an
umbrella?

Umbrella?
Fo drizzle.

Fo drizzle.
It is national tell a joke

It is national tell a joke
day.

Day.
Come is it?

Come is it?
John: moving on.

John: moving on.
Our main story tonight concerns

Our main story tonight concerns
the basic system of barter and

The basic system of barter and
exchange that you have to do

Exchange that you have to do
really carefully, or you'll

Really carefully, or you'll
end up with dwight howard.

End up with dwight howard.
Seriously, parents, talk to your

Seriously, parents, talk to your
children about trade.

Children about trade.
You don't want them going to

You don't want them going to
school witpizza lunchables and

School witpizza lunchables and
coming home with dwight howard.

Coming home with dwight howard.
You think he's going to add a

You think he's going to add a
three point

Three point
shot now?

Shot now?
Grow up.

Grow up.
Trade is a subject on which our

Trade is a subject on which our
current president considers

Current president considers
himself particularly expert.

Himself particularly expert.
Trade that's what I'm gonna

Trade that's what I'm gonna
do.

Do.
I'm gonna do

I'm gonna do
so good.

So good.
I'll take those trade deals and

I'll take those trade deals and
make them so good that's what I

Make them so good that's what I
do.

Do.
I love taking bad deals and

I love taking bad deals and
making them good.

Making them good.
I love trade.

I love trade.
You know trade's always been my

You know trade's always been my
thing.

Thing.
I could name ten different forms

I could name ten different forms
of trade.

Of trade.
I know every one of them.

I know every one of them.
Hey the wharton school offinance

Hey the wharton school offinance
right here.

Right here.
John: yeah, I can name ten

John: yeah, I can name ten
forms of trade: there's free

Forms of trade: there's free
trade, fair trade, rough trade,

Trade, fair trade, rough trade,
trader joe's.

Trader joe's.
That's what, eight?

That's what, eight?
Then there's human trafficking,

Then there's human trafficking,
that's like trading for people.

That's like trading for people.
We'll round up and call it ten.

We'll round up and call it ten.
Wharton school of finance, right

Wharton school of finance, right
here!

Here!
Trump has talked a big game on

Trump has talked a big game on
trade for decades.

Trade for decades.
And he's spent this year

And he's spent this year
slapping tariffs on products

Slapping tariffs on products
from china, canada, the e-u, and

From china, canada, the e-u, and
others, prompting them to

Others, prompting them to
retaliate with tiffs of their

Retaliate with tiffs of their
own.

Own.
And this trade w*r has escalated

And this trade w*r has escalated
fast -- from tariffs on 18

Fast -- from tariffs on 18
products at the start of the

Products at the start of the
year to now over 10,000.

Year to now over 10,000.
So things have gotten pretty

So things have gotten pretty
serious.

Serious.
And american workers are already

And american workers are already
being impacted -- particularly

Being impacted -- particularly
in agriculture

In agriculture
we're feeling a lot of pain

We're feeling a lot of pain
right now in the farm sector.

Right now in the farm sector.
It's affecting farmers in a

It's affecting farmers in a
negative way.

Negative way.
I always hope that one

I always hope that one
morning, president trump's just

Morning, president trump's just
gonna wake up and send out that

Gonna wake up and send out that


That says "tariffs are gone."

That says "tariffs are gone."
John: wow that's depressing.

John: wow that's depressing.
That guy's livelihood depends on

That guy's livelihood depends on
a tweet that says "tariffs are

A tweet that says "tariffs are
gone."

Gone."
And even if trump does end up

And even if trump does end up
doing that at 3:30 in the

Doing that at 3:30 in the
morning, you just know ill say

Morning, you just know ill say
"tarifs ape goon", and we'll all

"Tarifs ape goon", and we'll all
have to decide what he meant.

Have to decide what he meant.
So tonight, before things get

So tonight, before things get
much worse, let's look at this

Much worse, let's look at this
trade w*r.

Trade w*r.
Because it's tempting to think

Because it's tempting to think
that trump has a plan.

That trump has a plan.
After all, trade is his thing.

After all, trade is his thing.
And he's tweeted, "trade wars

And he's tweeted, "trade wars
are good and easy to win."

Are good and easy to win."
But for years, his strategy on

But for years, his strategy on
that seems to have been based

That seems to have been based
around little more than

Around little more than
tone of voic

Tone of voic
]]o easy.

]]O easy.
I'd drop a twenty-five percent

I'd drop a twenty-five percent
tax on china.

Tax on china.
And I said to somebody that it's

And I said to somebody that it's
really the messenger.

Really the messenger.
The messenger is important.

The messenger is important.
Coul have one man say, "we're

Coul have one man say, "we're
gonna tax you twenty-five

Gonna tax you twenty-five
percent."

Percent."
And I could have another say

And I could have another say
"listen you m*therf*ckers, we're

"Listen you m*therf*ckers, we're
gonna tax you twenty five

Gonna tax you twenty five
percent."

Percent."
John: oh, I see.

John: oh, I see.
So the tone's important.

So the tone's important.
If I were to say to somebody,

If I were to say to somebody,
"that's not how trade

"That's not how trade
negotiations work," that'd be

Negotiations work," that'd be
one thing.

One thing.
If I were to say, "that's not

If I were to say, "that's not
how trade negotiations work, you

How trade negotiations work, you
dumb m*therf*cker," that would

Dumb m*therf*cker," that would
be more effective.

Be more effective.
That good to know.

That good to know.
Because for all trump's

Because for all trump's
confidence, there are some very

Confidence, there are some very
basic things about economics

Basic things about economics
that he seems genuinely confused

That he seems genuinely confused
by.

By.
Take tariffs.

Take tariffs.
Trump once tweeted that if the

Trump once tweeted that if the
trade w*r doesn't end, other

Trade w*r doesn't end, other
countries "will play us vast

Countries "will play us vast
sums of money in the form of

Sums of money in the form of
tariffs.

Tariffs.
We win either way."

We win either way."
But that's notow tiffs work.

But that's notow tiffs work.
Tariffs will make our country

Tariffs will make our country
much richer than it is today.

Much richer than it is today.
Otherountries don't pay us

Otherountries don't pay us
tariffs, importers do when they

Tariffs, importers do when they
receive the goods, and they pass

Receive the goods, and they pass
that along to the consumer.

That along to the consumer.
You are probably going to pay

You are probably going to pay
more for it.

More for it.
As reporters have been trying to

As reporters have been trying to
explain, in the most literal way

Explain, in the most literal way
possible.

Possible.
Here in the kitchen, made in

Here in the kitchen, made in
china utensils and appliances

China utensils and appliances
like stoves are being targeted.

Like stoves are being targeted.
Upstairs in the bathroom,

Upstairs in the bathroom,
everyday items like shampoo,

Everyday items like shampoo,
nail clippers, makeup and

Nail clippers, makeup and
towels.

Towels.
It could mean higher prices

It could mean higher prices
for things like instant coffee

For things like instant coffee
and this harley davidson

And this harley davidson
motorcycle.

Motorcycle.
Everyday items like the ipad

Everyday items like the ipad
could be hit.

Could be hit.
The tablet has a chip from

The tablet has a chip from
intel, which could be a target.

Intel, which could be a target.
E-scooters have taken off this

E-scooters have taken off this
year.

Year.
Now they face a 25 percent

Now they face a 25 percent
tariff.

Tariff.
John: okay, I have to admit,

John: okay, I have to admit,
if one of the key casualties of

If one of the key casualties of
this trade w*r is e-scooters, I

This trade w*r is e-scooters, I
think I'm fine with that.

Think I'm fine with that.
They're basically if

They're basically if
dane cook somehow became

Dane cook somehow became
transportation.

Transportation.
And it's not just tariffs that

And it's not just tariffs that
trump seems to misunderstand.

Trump seems to misunderstand.
There's also our trade deficit.

There's also our trade deficit.
Basically, the number that

Basically, the number that
expresses how much more we buy

Expresses how much more we buy
from other countries, than they

From other countries, than they
buy fr us.

Buy fr us.
Trump talks about it all the

Trump talks about it all the
time, usually like this.

Time, usually like this.
Our trade deficit ballooned

Our trade deficit ballooned
to $817 billion dollars.

To $817 billion dollars.
Think of that.

Think of that.
We lost $817 billion dollars a

We lost $817 billion dollars a
year over the last number of

Year over the last number of
years.

Years.
In trade.

In trade.
In other words, if we didn't

In other words, if we didn't
trade, we'd save a hell of a lot

Trade, we'd save a hell of a lot
ofoney

Ofoney
john: okay, there's a lot to

John: okay, there's a lot to
unpack there.

Unpack there.
First, our trade deficit is

First, our trade deficit is
actually about $552 billion.

Actually about $552 billion.
So he was off by a

So he was off by a
quarter-trillion dollars --

Quarter-trillion dollars --
wharton school of finance, right

Wharton school of finance, right
there!

There!
Trade deficits aren'tctuay

Trade deficits aren'tctuay
always bad.

Always bad.
And many economists believe --

And many economists believe --
for very complex reasons

For very complex reasons
involving savings rates and

Involving savings rates and
the dollar's special status as

The dollar's special status as
the world's reserve currency --

The world's reserve currency --
america's trade balance

America's trade balance
might be more or less where it

Might be more or less where it
should be.

Should be.
And finally -- and this is

And finally -- and this is
important -- when we

Important -- when we
have a trade deficit, we don't

Have a trade deficit, we don't
"lose money."

"Lose money."
It's not a big pile of cash that

It's not a big pile of cash that
we handed over.

We handed over.
We bought things, that we

We bought things, that we
received.

Received.
And I'm not saying it was all

And I'm not saying it was all
valuable -- does anyone really

Valuable -- does anyone really
need the "pony up daddy saddle,"

Need the "pony up daddy saddle,"
which allows your child to

Which allows your child to
symbolize their new-found

Symbolize their new-found
dominance over your life?

Dominance over your life?
No, I didn't need it, but I

No, I didn't need it, but I
"wanted" it, and honestly, it's

"Wanted" it, and honestly, it's
brought my dad and me closer

Brought my dad and me closer
together.

Together.
And even the world leaders

And even the world leaders
trump's been fighting with seem

Trump's been fighting with seem
alarmed by how little he

Alarmed by how little he
understands trade.

Understands trade.
Jean-claude juncker reportedly

Jean-claude juncker reportedly
met trump armed with a series of

Met trump armed with a series of
colorful, simple flash cards to

Colorful, simple flash cards to
explain the trade w*r.

Explain the trade w*r.
And the word that really gets me

And the word that really gets me
there is "colorful."

There is "colorful."
Because that means they had

Because that means they had
some simple flash cardand

Some simple flash cardand
thought "too wonky.

Thought "too wonky.
Let's get some big fun baby

Let's get some big fun baby
colors on those things."

Colors on those things."
And angela merkel struggled to

And angela merkel struggled to
explain something even more

Explain something even more
basic.

Basic.
The independent newspaper citing

The independent newspaper citing
an unnamed senior german

An unnamed senior german
official, tenimesrump asked

Official, tenimesrump asked
ms. Merkel if he could negotiate

Ms. Merkel if he could negotiate
a trade deal with germany.

A trade deal with germany.
Every time she

Every time she
replied, "you can't do a trade

Replied, "you can't do a trade
deal with germany.

Deal with germany.
Only the e.u.

Only the e.u.
On the eleventh refusal, trump

On the eleventh refusal, trump
finally got the message.

Finally got the message.
"Oh, we'llo a al with europe

"Oh, we'llo a al with europe
then."

Then."
John: he understood, but only

John: he understood, but only
after the eleventh refusal!

After the eleventh refusal!
Just listen to what that sounds

Just listen to what that sounds
like.

Like.
Huh?

Huh?
Huh?

Huh?
Huh?

Huh?
Huh?

Huh?
Huh?

Huh?
Huh?

Huh?
Deal with europe.

Deal with europe.
Huh?

Huh?
Deal with europe.

Deal with europe.
Huh?

Huh?
Deal with europe.

Deal with europe.
Okay, I'll deal with europe.

Okay, I'll deal with europe.
John: honestly, I'm just

John: honestly, I'm just
amazed that after the fifth

Amazed that after the fifth
time, angela merkel didn't turn

Time, angela merkel didn't turn
to the translator and say

To the translator and say
"okay, you're fired, you can't

"Okay, you're fired, you can't
possibly be translating this

Possibly be translating this
right."

Right."
And I'm not saying it's easy to

And I'm not saying it's easy to
understand trade.

Understand trade.
It is one of the most

It is one of the most
complicated issues there is --

Complicated issues there is --
technically, politically, and

Technically, politically, and
emotionally.

Emotionally.
Over the years, free trade been

Over the years, free trade been
criticized from all sides.

Criticized from all sides.
People argue that unfettered

People argue that unfettered
trade can reward the worst

Trade can reward the worst
behavior of multinational

Behavior of multinational
companies, and exploit countries

Companies, and exploit countries
with fewer protections for

With fewer protections for
labor, and that has

Labor, and that has
unquestionably happened.

Unquestionably happened.
But trump generally confines

But trump generally confines
himself to arguing that trade is

Himself to arguing that trade is
responsible for the death of

Responsible for the death of
u.s. Manufacturing jobs.

U.s. Manufacturing jobs.
And while there is some truth in

And while there is some truth in
that, automation is the far

That, automation is the far
bigger culprit.

Bigger culprit.
We actually still make a lot of

We actually still make a lot of
things in

Things in
america.

America.
U.s. Factories now manufacture

U.s. Factories now manufacture
twice as much as they did in

Twice as much as they did in


But they do it with one-third

But they do it with one-third
fewer workers.

Fewer workers.
And the overwhelming consensus

And the overwhelming consensus
among economists is that trade

Among economists is that trade
between countries, generally

Between countries, generally
speaking, can create jobs, lower

Speaking, can create jobs, lower
costs, and be a net benefit to

Costs, and be a net benefit to
both nations.

Both nations.
Essentially, think of trade like

Essentially, think of trade like
sex.

Sex.
If you're doinit rht, it can

If you're doinit rht, it can
be good for both partners,

Be good for both partners,
though the odds of that

Though the odds of that
happening plummet as soon as

Happening plummet as soon as
donald trump gets involved.

Donald trump gets involved.
And the problem with trump not

And the problem with trump not
understanding trade is that he

Understanding trade is that he
doesn't understand its

Doesn't understand its
consequences.

Consequences.
For instance, one of the first

For instance, one of the first
major sh*ts he fired in this

Major sh*ts he fired in this
trade w*r was putting tariffs on

Trade w*r was putting tariffs on
steel and aluminum.

Steel and aluminum.
That was great news for the

That was great news for the
people workingn those specific

People workingn those specific
industries, like this worker

Industries, like this worker
in a missouri aluminum plant.

In a missouri aluminum plant.
You -- you think that his

You -- you think that his
policies are kinda why you have

Policies are kinda why you have
a job today?

A job today?
I know it is.

I know it is.
You know it is?

You know it is?
Yeah, I wouldn't of had this

Yeah, I wouldn't of had this
job if i— if I didn't happen.

Job if i— if I didn't happen.
Wish I could meet him.

Wish I could meet him.
I'd give him a big old hug.

I'd give him a big old hug.
You know?

You know?
John: I do know.

John: I do know.
And I honestly get why he wants

And I honestly get why he wants
to hug him.

To hug him.
Trump got him his job back.

Trump got him his job back.
It's one of two possible

It's one of two possible
explanations for that man

Explanations for that man
wanting to hug donald trump.

Wanting to hug donald trump.
The other, of course, being,

The other, of course, being,
that if, during the early stages

That if, during the early stages
of the campaign, trump and

Of the campaign, trump and
melania were in car, seen

Melania were in car, seen
through rain-covered

Through rain-covered
windshield, driving thrgh

Windshield, driving thrgh
missouri on a stormy night

Missouri on a stormy night
and their car broke down.

And their car broke down.
Donald's not getting out, so

Donald's not getting out, so
melania ends up climbing out

Melania ends up climbing out
into the rain and opening the

Into the rain and opening the
hood as that aluminum worker

Hood as that aluminum worker
comes driving down the highway.

Comes driving down the highway.
He rolls down his window and

He rolls down his window and
asks if he can help, to which

Asks if he can help, to which
melania gratefully asks,

Melania gratefully asks,
and just as the aluminum worker

And just as the aluminum worker
is handing the flashlight over,

Is handing the flashlight over,
it gets struck by lightning and

It gets struck by lightning and
they switch bodies.

They switch bodies.
So now donald is living in the

So now donald is living in the
white house with an aluminum

White house with an aluminum
worker who feels understandably

Worker who feels understandably
weird about holding his hand,

Weird about holding his hand,
while melania is forced to pine

While melania is forced to pine
after her husband from the

After her husband from the
factory floor, her heart aching

Factory floor, her heart aching
for him every second of every

For him every second of every
day, knowing full well that

Day, knowing full well that
revealing her true identity

Revealing her true identity
would just complicate things for

Would just complicate things for
everyone.

Everyone.
But that's bullshit, melania!

But that's bullshit, melania!
You go to him!

You go to him!
The world will accept your love!

The world will accept your love!
That aluminum worker clearly

That aluminum worker clearly
isn't in love with him!

Isn't in love with him!
Everyone can see it!

Everyone can see it!
It explains so much!

It explains so much!
[Cheers and applause]

[Cheers and applause]
the point is, for that

The point is, for that
individual guy, in that

Individual guy, in that
individual job, things have

Individual job, things have
improved.

Improved.
But when it comes to trade,

But when it comes to trade,
nothing happens in isolation.

Nothing happens in isolation.
And therare wnstream effects

And therare wnstream effects
to those tariffs.

To those tariffs.
Not too far from where he works,

Not too far from where he works,
there's a nail factory which

There's a nail factory which
suffered.

Suffered.
Because, thanks to trump's steel

Because, thanks to trump's steel
material skyrocketed. Their raw

Material skyrocketed. Their raw
sales dropped in half, and

Sales dropped in half, and
they've laid off over 100

They've laid off over 100
workers, and those who remain

Workers, and those who remain
are worried.

Are worried.
Some of these people, this is

Some of these people, this is
the only income they got.

The only income they got.
Just like me.

Just like me.
This is the only income I got.

This is the only income I got.
And I gotta put another daughter

And I gotta put another daughter
through school.

Through school.
You know, it's gonna be hard.

You know, it's gonna be hard.
John: yeah, it is.

John: yeah, it is.
That's the problem.

That's the problem.
Protecting steel helps steel,

Protecting steel helps steel,
but it hurts anything made from

But it hurts anything made from
it.

It.
And you have to balance those

And you have to balance those
consequences.

Consequences.
By one estimate, trump's tariffs

By one estimate, trump's tariffs
may create 26,000 jobs in steel

May create 26,000 jobs in steel
and aluminum, but could cost

And aluminum, but could cost
over 400,000 jobs across the

Over 400,000 jobs across the
rest of the economy.

Rest of the economy.
So if trump's trying to create

So if trump's trying to create
jobs, almost anything would be a

Jobs, almost anything would be a
better idea than tariffs.

Better idea than tariffs.
He'd be better off dressing a

He'd be better off dressing a
turtle up like david bowie and

Turtle up like david bowie and
throwing him into a pool full of

Throwing him into a pool full of
milk.

Milk.
Will that create jobs?

Will that create jobs?
No.

No.
But it won't actively lose

But it won't actively lose
hundreds of thousands of them,

Hundreds of thousands of them,
plus it'd be the highlight

Plus it'd be the highlight
of ziggy shelldust's life.

Of ziggy shelldust's life.
And we're only scratching the

And we're only scratching the
surface of how complicated this

Surface of how complicated this
is.

Is.
Because distinguishing between a

Because distinguishing between a
foreign product and an american

Foreign product and an american
job can be trickier than you'd

Job can be trickier than you'd
think.

Think.
Take se of tru's favorite

Take se of tru's favorite
villains when it comes to

Villains when it comes to
foreign companies.

Foreign companies.
They sell mercedes and

They sell mercedes and
bmw and the cars come in by the

Bmw and the cars come in by the
millions.

Millions.
And we hardly tax them at all.

And we hardly tax them at all.
We can't do this stuff anymore.

We can't do this stuff anymore.
We protect germany.

We protect germany.
Germany, who doesn't have a

Germany, who doesn't have a
bmw?

Bmw?
We're gonna tax mercedes-benz,

We're gonna tax mercedes-benz,
we're gonna tax bmw.

We're gonna tax bmw.
We're gonna tax all of those

We're gonna tax all of those
beautiful mercedes benzes that

Beautiful mercedes benzes that
are coming in, and we're gonna

Are coming in, and we're gonna
tax bmws that are coming in.

Tax bmws that are coming in.
John: yeah, trump is furious

John: yeah, trump is furious
with german cars.

With german cars.
Here's the thing about that.

Here's the thing about that.
In the clip where he said, "who

In the clip where he said, "who
doesn't have a bmw?"

Doesn't have a bmw?"
To the crowd, in his classic

To the crowd, in his classic
man-of-the people way, trump is

Man-of-the people way, trump is
in north augusta, south

In north augusta, south
carolina, and just two

Carolina, and just two
hours away is a place called

Hours away is a place called
spartanburg county, well-known

Spartanburg county, well-known
for this.

For this.
Srtanbu is home to the

Srtanbu is home to the
largest bmw plant in the world.

Largest bmw plant in the world.
Last year they made more than

Last year they made more than
three hundred seventy thousand

Three hundred seventy thousand
luxury suv's, employing ten

Luxury suv's, employing ten
thousand people, pumping

Thousand people, pumping
billions into the state's

Billions into the state's
economy.

Economy.
Yes.

Yes.
It seems trump didn't know that.

It seems trump didn't know that.
And look.

And look.
Everyone knows he doesn't know a

Everyone knows he doesn't know a
lot of things.

Lot of things.
But occasionally it's important

But occasionally it's important
to remember that he also doesn't

To remember that he also doesn't
know anything.

Know anything.
It's true.

It's true.
Everyone close your eyes and

Everyone close your eyes and
think of something.

Think of something.
That thing you're thinking of?

That thing you're thinking of?
He doesn't know that.

He doesn't know that.
And since the trade w*r began,

And since the trade w*r began,
spartanburg county is

Spartanburg county is
double-f*cked.

Double-f*cked.
Because they'll be affected by

Because they'll be affected by
higher costs for the steel they

Higher costs for the steel they
use to build the cars, and

Use to build the cars, and
when they try to ship them to

When they try to ship them to
china, they'll be hit by chinese

China, they'll be hit by chinese
tariffs.

Tariffs.
So they're in trouble.

So they're in trouble.
Or as trumpight put it,

Or as trumpight put it,
"listen you m*therf*ckers,

"Listen you m*therf*ckers,
you're getting taxed twice."

You're getting taxed twice."
So, if a trade w*r could be this

So, if a trade w*r could be this
disruptive, and the net

Disruptive, and the net
benefits are likely to be

Benefits are likely to be
negative, why is trump doing

Negative, why is trump doing
this?

This?
Especially because members of

Especially because members of
his own economic team seem

His own economic team seem
against it?

Against it?
Gary cohn portly left over

Gary cohn portly left over
the proposed tariffs and

The proposed tariffs and
treasury secretary and

Treasury secretary and
white-hot sex b*mb -- has tried

White-hot sex b*mb -- has tried
to do damage control by claiming

To do damage control by claiming
we'rnot actually in a trade

We'rnot actually in a trade
w*r at all.

w*r at all.
This has been a trade

This has been a trade
dispute all along.

Dispute all along.
It never was a trade w*r.

It never was a trade w*r.
It's a trade dispute.

It's a trade dispute.
Oh!

Oh!
It's not a w*r -- it's a

It's not a w*r -- it's a
dispute!

Dispute!
I almost bought that bullshit,

I almost bought that bullshit,
because I was so distracted by

Because I was so distracted by
this lava-rich sex volcano's

This lava-rich sex volcano's
looks.

Looks.
He's hypnotic.

He's hypnotic.
I must have a bad case of the

I must have a bad case of the
mnuchies right now, because he

Mnuchies right now, because he
is looking like an absolute

Is looking like an absolute
"snack."

"Snack."
So who is telling the president

So who is telling the president
this is a good idea?

This is a good idea?
Well, by most accounts, the

Well, by most accounts, the
driving force is peter navarro

Driving force is peter navarro
-- head of the office of trade

-- Head of the office of trade
and manufacturing policy.

And manufacturing policy.
He's trump's trade guy.

He's trump's trade guy.
Isn't that right, peter?

Isn't that right, peter?
I'm the trade guy.

I'm the trade guy.
John: thanks, pete.

John: thanks, pete.
So, for the record, let's all

So, for the record, let's all
get our trump

Get our trump
administration roles straight:

Administration roles straight:
we've got trade guy,

We've got trade guy,
liar lady, nothing boy, jesus

Liar lady, nothing boy, jesus
pleaser, word ghoul, crime

Pleaser, word ghoul, crime
nymph, drunk grandpa, and

Nymph, drunk grandpa, and
daughter wife.

Daughter wife.
It's a well-oiled machine.

It's a well-oiled machine.
Navarro is the author of a

Navarro is the author of a
series of navarro books,

Series of navarro books,
get-rich investment books, and

Get-rich investment books, and
like trump, he's obsessed with

Like trump, he's obsessed with
trade deficits in general,

Trade deficits in general,
and china in particular, saying

And china in particular, saying
tradwith china is a

Tradwith china is a
"zero-sum game," meaning one

"Zero-sum game," meaning one
country can only win if the

Country can only win if the
other country loses.

Other country loses.
And it is hard to overstate just

And it is hard to overstate just
how rare his views are among

How rare his views are among
economists.

Economists.
When the new yorker profiled

When the new yorker profiled
him, they asked navarro

Him, they asked navarro
to help them find even one

To help them find even one
colleague who agreed with him.

Colleague who agreed with him.
He gave them two names.

He gave them two names.
One was peter morici, a

One was peter morici, a
university of maryland

University of maryland
professor who said of navarro,

Professor who said of navarro,
he "has a rather severe

He "has a rather severe
position.

Position.
That zerosum statement, I have a

That zerosum statement, I have a
problem with that.

Problem with that.
Where's his proof?"

Where's his proof?"
And the other was a blogger

And the other was a blogger
named alan tonelson, who navarro

Named alan tonelson, who navarro
described as "a fine economist,"

Described as "a fine economist,"
to whichonelson

To whichonelson
replied, "I do not hold an

Replied, "I do not hold an
economics degree."

Economics degree."
I'm guessing he also doesn't

I'm guessing he also doesn't
hold a degree in web design,

Hold a degree in web design,
because this is the photo on the

Because this is the photo on the
"about" page of his blog.

"About" page of his blog.
So if you're wondering at this

So if you're wondering at this
point, "then how on earth did

Point, "then how on earth did
navarro get a job at the

Navarro get a job at the
white house?"

White house?"
Well, it's way dumber than

Well, it's way dumber than
you're thinking.

You're thinking.
Apparently, jared kushner was

Apparently, jared kushner was
tasked with finding trump

Tasked with finding trump
experts on chinese trade, and

Experts on chinese trade, and
this is how he went about it.

This is how he went about it.
So jared went on amazon. He

So jared went on amazon. He
fired up his computer and he

Fired up his computer and he
found some of peter navarro's

Found some of peter navarro's
bos d he asked him to come

Bos d he asked him to come
to the white house.

To the white house.
That's how peter navarro

That's how peter navarro
ended up in the white house.

Ended up in the white house.
John: yes, jared looked for

John: yes, jared looked for
experts on amazon.

Experts on amazon.
That was his rigorous process.

That was his rigorous process.
So when jeff sessions gets

So when jeff sessions gets
fired, be prepared for him

Fired, be prepared for him
to be replaced by crystal

To be replaced by crystal
kaswell, author of the erotic

Kaswell, author of the erotic
fiction novel, "dangerous rock:

Fiction novel, "dangerous rock:
a dangerous noise novel."

A dangerous noise novel."
Because, for whatever reason,

Because, for whatever reason,
that's honestly the first thing

That's honestly the first thing
that came up when we typed

That came up when we typed
"good law person, parentheses

"Good law person, parentheses
'smart'" into

'Smart'" into
amazon.

Amazon.
The navarro book that jared

The navarro book that jared
found was "death by china",

Found was "death by china",
which paints the u.s.-

Which paints the u.s.-
Chinese trade relationship in

Chinese trade relationship in
apocalyptic terms.

Apocalyptic terms.
Because while there are some

Because while there are some
legitimate complaints about

Legitimate complaints about
china's unfair practices --

China's unfair practices --
they've deliberately depressed

They've deliberately depressed
their currency, they violate

Their currency, they violate
intellectual property

Intellectual property
rights, and arguably skirt wto

Rights, and arguably skirt wto
rules, this book goes way

Rules, this book goes way
further, with chapter titles

Further, with chapter titles
featuring phrases like

Featuring phrases like
"shanghaiing the gene pool."

"Shanghaiing the gene pool."
And "look ma, there's a death

And "look ma, there's a death
star pointing at chicago."

Star pointing at chicago."
Navarro actually turned the book

Navarro actually turned the book
into a movie that one critic

Into a movie that one critic
called

Called
"the documentary equivalent of

"The documentary equivalent of
a raving street-corner

A raving street-corner
derelict."

Derelict."
Which seems harsh, until you see

Which seems harsh, until you see
how the movie begins.

How the movie begins.
The film you're about to see

The film you're about to see
addresses one of the most urgent

Addresses one of the most urgent
problems facing america: it's

Problems facing america: it's
increasingly destructive trade

Increasingly destructive trade
relationship with a rapiy

Relationship with a rapiy
rising china.

Rising china.
John: it starts like that.

John: it starts like that.
Its warmup is a literal knife

Its warmup is a literal knife
being stabbed

Being stabbed
into the heart of america.

Into the heart of america.
And if you're worried that

And if you're worried that
leaves it with

Leaves it with
nowhere to go, don't be.

Nowhere to go, don't be.
Because there are even

Because there are even
less-subtle animations to come,

Less-subtle animations to come,
which depict china's trade

Which depict china's trade
practices as g*ns and bombs that

Practices as g*ns and bombs that
blow up american factories, and

Blow up american factories, and
stunningly deceptive momen

Stunningly deceptive momen
like this.

Like this.
China has stolen thousands of

China has stolen thousands of
our factories and millions of

Our factories and millions of
our jobs.

Our jobs.
Multinational corporation

Multinational corporation
profits are soaring and we now

Profits are soaring and we now
owe over three trillion dollars

Owe over three trillion dollars
to the world's largest communist

To the world's largest communist
nation.

Nation.
John: and look.

John: and look.
That large ball is very

That large ball is very
convincing, but our trade

Convincing, but our trade
deficit isn't the same as "what

Deficit isn't the same as "what
we owe to china" -those are

We owe to china" -those are
two different numbers.

Two different numbers.
And neither of them is anywhere

And neither of them is anywhere
close to 3 trillion.

Close to 3 trillion.
And when something that central

And when something that central
to your movie has something that

To your movie has something that
wrong with I yousually have

Wrong with I yousually have
to replace it with christopher

To replace it with christopher
plummer.

Plummer.
So navarro is not someone who

So navarro is not someone who
any legitimate economist takes

Any legitimate economist takes
seriously.

Seriously.
And yet, he seems to be the only

And yet, he seems to be the only
person the president is

Person the president is
listening to.

Listening to.
Trump has called "death by

Trump has called "death by
china"

China"
"right on."

"Right on."
And lauded it's facts, figures,

And lauded it's facts, figures,
and insight.

And insight.
And navarro returns the

And navarro returns the
compliment, saying of his own

Compliment, saying of his own
job,hat y function, really,

Job,hat y function, really,
as an economist is to try to

As an economist is to try to
provide the underlying analytics

Provide the underlying analytics
that confirm trump's intuition."

That confirm trump's intuition."
And his intuition is always

And his intuition is always
right."

Right."
And that's terrifying.

And that's terrifying.
Because an economist shouldn't

Because an economist shouldn't
be finng ws to confirm the

Be finng ws to confirm the
intuitions of someone who

Intuitions of someone who
doesn't know what they're

Doesn't know what they're
talking about.

Talking about.
It's like a builder working for

It's like a builder working for
a child, saying, "my job is

A child, saying, "my job is
to build this house he designed,

To build this house he designed,
which is shaped like a

Which is shaped like a
ice-cream cone, with a window

Ice-cream cone, with a window
that is also a door, and the

That is also a door, and the
size of the sun, and a dog.

Size of the sun, and a dog.
His intuition's always right."

His intuition's always right."
No it isn't!

No it isn't!
You need to stop that child

You need to stop that child
before someone gets hurt.

Before someone gets hurt.
In fact, if you want to get a

In fact, if you want to get a
sense of just how little navarro

Sense of just how little navarro
understands the game he's

Understands the game he's
playing, consider this.

Playing, consider this.
Since the trade w*r began, china

Since the trade w*r began, china
has imposed $37 billion of

Has imposed $37 billion of
tariffs on the u.s.

Tariffs on the u.s.
Now, take a look at what he said

Now, take a look at what he said
back in march.

Back in march.
Are you expecting china

Are you expecting china
to come back with retaliation?

To come back with retaliation?
I don't believe any

I don't believe any
country in the world is going to

Country in the world is going to
retaliate for the simple reason

Retaliate for the simple reason
that we are the most lucrative

That we are the most lucrative
and biggest market in the world.

And biggest market in the world.
They know they're cheating us

They know they're cheating us
and all we're doing is standing

And all we're doing is standing
up for ourselves.

Up for ourselves.
John: it's breathtaking to

John: it's breathtaking to
see someone be that confident

See someone be that confident
and that wrong.

And that wrong.
He was basically leonardo

He was basically leonardo
dicaprio in "titanic" yelling

Dicaprio in "titanic" yelling
"I'm the king of the world."

"I'm the king of the world."
You're not, leo.

You're not, leo.
You're just an amateur sketch

You're just an amateur sketch
artist who's about to be

Artist who's about to be
m*rder*d by ice.

m*rder*d by ice.
When you put all this together,

When you put all this together,
what you're left with is this:

What you're left with is this:
we're engaged in an escalating

We're engaged in an escalating
trade w*r that almost no

Trade w*r that almost no
legitimate economist supports,

Legitimate economist supports,
led by a man who honestly

Led by a man who honestly
doesn't seem to fully

Doesn't seem to fully
understand the mechanics of what

Understand the mechanics of what
he's doing, getting advice from

He's doing, getting advice from
the human equivalent of an

The human equivalent of an
all-caps email from your uncle.

All-caps email from your uncle.
The crazy thing is, the effect

The crazy thing is, the effect
of this is the opposite of what

Of this is the opposite of what
trump says he wants.

Trump says he wants.
Because if you want to create

Because if you want to create
jobs, you don't do that by

Jobs, you don't do that by
cutting off american coanie

Cutting off american coanie
markets and suppliers.

Markets and suppliers.
And if you want to curb the

And if you want to curb the
abuses of countries like china,

Abuses of countries like china,
you don't do that by pissing off

You don't do that by pissing off
the leaders of every other

The leaders of every other
nation on earth.

Nation on earth.
And I know none of what I'm

And I know none of what I'm
saying will get through to

Saying will get through to
trp.

Trp.
So maybe it's time to take a

So maybe it's time to take a
page from the one person he

Page from the one person he
listens to, and give him some

Listens to, and give him some
basic economic lessons in the

Basic economic lessons in the
only language he understands.

Only language he understands.
Hello there, I'm john oliver and

Hello there, I'm john oliver and
the film you are about to see

The film you are about to see
addresses one of the --

Addresses one of the --
stupidity.

Stupidity.
And of the consequences of it

And of the consequences of it
could be disastrous.

Could be disastrous.
So let's review a few

So let's review a few
fundamental facts.

Fundamental facts.
First, a trade deficit isn't a

First, a trade deficit isn't a
giant pool of money that you

Giant pool of money that you
have lost it to another country.

Have lost it to another country.
That's idiotic.

That's idiotic.
And if you think you can use

And if you think you can use
tariffs as a w*apon, you should

Tariffs as a w*apon, you should
understand a tariff isn't

Understand a tariff isn't
something other countries play

Something other countries play
you.

You.
It is a tax you are forcing your

It is a tax you are forcing your
other people to pay, which might

Other people to pay, which might
end up hurting them a lot less

End up hurting them a lot less
than it hurts you.

Than it hurts you.
And third, our economy is

And third, our economy is
massively interconnected, and

Massively interconnected, and
you can't just tamper with one

You can't just tamper with one
ing without considering what

Ing without considering what
the wider consequences could be.

The wider consequences could be.
Unfortunately, basic knowledge

Unfortunately, basic knowledge
is shrinking.

Is shrinking.
And the result is stupidity is

And the result is stupidity is
increasing at an unsustainable

Increasing at an unsustainable
rate.

Rate.
Economics is extremely

Economics is extremely
complicated, and at the very

Complicated, and at the very
least, you should not find your

Least, you should not find your
key advisor on f*cking amazon

Key advisor on f*cking amazon
becausa bullshit could end

Becausa bullshit could end
up seriously hurting us all.

Up seriously hurting us all.
[Cheers and applause]

[Cheers and applause]
john: we are all forhe

John: we are all forhe
next couple of weeks.

Next couple of weeks.
See you then.

See you then.
Good night.