Far Right Freaks Freak Over Migrants in Spain

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In fact, Ohio is the second most affordable state to buy a home. Your move. Learn more at yourmoveohio.com. Welcome back to Pod Save the World. I'm Tommy Vitor. I'm Ben Rhodes. Ben, you're in New York City. Are there Mamdani-sponsored gangs roving the streets? Or how is it these days? Is it livable? Is Bill Ackman still even there? I think there's a noticeable absence on the Upper East Side of people who fled to Florida. Um, for the sake of their second homes. But, uh, no, it's a fairly friendly place. There's Knicks gear everywhere. It still feels like it's basketball season. It's nice. Congrats on that. People are happy. People are being kind to each other. I think the Mamdani ethos has prevailed here. I'm not as mad at the Knicks as I am at the Sixers right now because you stole Jalen Brown from my Celtics and you gave us Paul George, who has a terrible contract, and he sucks. But no one wants to hear us talk about this. Uh, so we'll move on before we have to explore my pain. Uh, we got a great show for you today, though. Uh, we're going to talk about the migration crisis that both Spain and Morocco have been dealing with over the past week or so and how it has exploded through Europe and is being weaponized by conservative politicians and conservative media. We'll update you on all the latest with Iran, where there's threats of war crimes, cyber attacks, much more, the more things change, the more they stay the same, Ben. We're going to talk about some announcements about a deal in Gaza. Consider us skeptical that those are going to come to be. It's very easy to put something out on Truth Social. It's harder to execute. Um, we're going to explain why the U.S. bought billions of dollars worth of Japanese yen and why that's pretty worrisome, actually. Uh, we'll talk about the massive scandal engulfing FIFA, yet another scandal engulfing FIFA, the good people who put on the World Cup soccer tournament. Uh, and then you're going to hear my interview with Casey Michelle about his new book, United States of Oligarchy, How America's Wealthiest Ally with Dictators Weaken the U.S. and Destroy Democracy. I think the title probably gives you a good sense of what the book is about, but it's a good book. Ben. I was going to say, like, I thought I had a subtitle. Like, that one, uh, it's good. People need to know what the book's about. That tells you what the book's about. That's right. Uh, we talk about some real close friends of the show. Your Kushners, Jared, your Witkoff, Steve. We get into the way, uh, autocrats and dictators are bribing their way to policy success. It's a very important subject, uh, I think. I know you do too, Ben. It's not just corruption is bad because it's illegal. It's like corruption is actually weakening the foundation of our democracy in some fundamental ways that Casey studies deeply. I think it's a great book and worth reading because, um, there's actually a roadmap in there for how Democrats should, uh, respond if we win back the House and, you know, inshallah, the Senate. Yeah, I mean, I think corruption is now like the system under which America and the world operates. It's not like a, you know, corruption of the system. It is actually how things are working. Case in point, Jared and Witkoff are negotiating the Iran thing that we'll talk about. FIFA we'll talk about. Like, you can't understand what's happening in the world right now. If you don't understand corruption and oligarchy, so well worth people's time. Absolutely. Stay tuned. All right, well, let's turn to Spain because if you've consumed even a few minutes of Fox News or other conservative media over the past week, you've almost certainly seen imagines of migrants flooding into the Spanish enclave of Ceuta. I'm also willing to bet that the coverage you watched on conservative media did not mention that Ceuta is not on the European continent. It's actually in Northern Africa, but I digress. So, like I said, Ceuta is a small city. It's about 84,000 people. It's about 84,000 people in Northern Africa. Spain has governed it since 1580. It's one of these two remaining small Spanish cities on the African continent, which means that the European Union actually has two land borders with Morocco. But the thing to know is that, you know, to actually get to Europe proper, migrants have to go through passport controls. You have to cross the Mediterranean. So, it's not like crossing our southern border where you're just sort of like in the Shenzhen zone and able to move around. Like, you're still on the continent of Africa. Starting on July 30th, an estimated 60 to, I think, 70,000 migrants will be able to cross the Mediterranean. That's about 2,000 migrants crossed from Morocco into Ceuta. They either cut holes in the border fence or many of them swam around the border fence in the ocean from, like, a Moroccan beach to a Spanish beach. The majority of migrants were Moroccan men. There were some families and children. Spain says that nearly all of those who crossed had not been returned, with the exception of a few thousand individuals. 88 fatalities, most by drowning. There's been some debate as to what happened. Why was there this flood of migrants all at once? We're going to explain some of that. Some likely causes, then we'll get down to the kind of, like, more likely to be disinformation causes that you're seeing on the internet. The first is economic conditions generally. So the youth unemployment in Morocco is at 37%. Per capita income in Morocco is $4,600 compared to Spain's $38,000. People are pissed at the government. The government's spending all this money on the next World Cup tournament stadiums while their lives aren't improving. But if you protest like the Gen Z protesters did in Morocco, you get the shit kicked out of you. And then there's another bucket of Spain's immigration policy under Prime Minister Pedro Sánchez, who's from the left. Back in April, Sánchez announced an amnesty program for undocumented migrants to allow certain migrants to apply for a one-year work visa and residence permit. This is mostly actually for migrants from Latin America or South and Central America who know Spanish and who got to Spain legally but just overstayed work visas. They expected about half a million applicants. They got 1.2 million, and it pissed off a lot of other countries in the EU. And then there was a ruling by the Spanish Supreme Court that was misinterpreted to mean that migrants arriving in Spain by sea could not be deported, right? And then finally, there's the role of the Moroccan government. There have been reports that the Moroccan military was waving migrants through or that there just weren't border patrol guards at the fence that separates the two areas. Then it was just very easy to kind of like walk up to the fence, climb out onto rocks, swim around the fence, and then get to Spain. There has been a history of Morocco using immigration as a tool to protect migrants. They punished Spain. In 2021, Moroccans were pissed that Spain allowed leaders of a rebel group into the country for medical treatment and then were accused of letting 10,000 migrants into Ceuta in retaliation. So that all brings us to the kind of fringy Israel did it theory. Now, there's some like context here that makes this relevant. Well, first of all, Morocco and Algeria, they don't get along. Morocco claims sovereignty over the Western Sahara while Algeria supports a rebel group called the Polisario. As part of the Abraham Accords, the Israels deal with Algeria with Morocco. The U.S. recognized Moroccan sovereignty over the Western Sahara. Algeria did not like that. Also, Spain has been a pretty vocal critic of Israel's conduct in Gaza and of the war in Iran. I've seen Israeli media and commentators have suggested that one way Israel could punish Spain is via Ceuta and migration. But, you know, this theory exploded on social media, but frankly, it's probably, that has more to do with just a lot of commentators disliking the Israeli government than anything Israel actually did here. Regardless, Ben, right-wing politicians leapt to politicize this issue. Here's a clip of President Trump and far-right Reform UK leader Nigel Farage both talking about it. You know, I saw Spain yesterday and I watched the catastrophe that took place. It looks like an invasion of a country by hundreds of thousands of people. And that same thing's going to happen to us if the Republicans don't get elected. If we're not in office, our country will be invaded economically, and our economic levels that made Spain look small-time. That's going to be a talking point for the midterms. Believe me, unless we get a reformed government, those scenes you're seeing in Spain today, many of those young men, lots of them dangerous, will be heading towards Calais and coming to our country too. Why is Farage always in the woods for no reason? Ben, sorry for the. Where is he, in the shire? Or like, where's Ben? Yeah, sorry for the long wind-up there. I want to get your sense of how potent the political issue is. I mean, it's hard not to think back to 2015 in Germany and the Syrian migrant crisis. And then the reaction you've seen by, you know, EU countries and how they're handling this. I don't know about the, this kind of, you know, it reminded me, Tommy, it reminded me of like the caravan, you know, playing the hits from the first Trump presidency before the 2018 midterms. We saw all this Fox coverage of some massive caravan that was making its way. I think that, look, there's a potency to anti-immigrant politics. There's a potency on the far right to images of migrants trying to make it into Europe. I don't doubt, and we should talk about the way in which we've already seen far right parties beyond just Trump and Farage try to take advantage of it. That said, there is a big difference from 2015, which is whatever you think about what happened in 2015, there actually were a huge influx of migrants and refugees into Europe. These people. Did not make it to mainland Spain. And so there's not like a real shift in the demographics of Europe or any countries, right? So to me, this feels much more like the caravan where it's like, this is scary. These people are coming. We have to stop them. You know, if you don't vote for us, like they'll make it here and it'll be terrible. But it's not like there actually are these people now in mainland Spain or in the Shenzhen zone of Europe where they can move around. So I kind of feel like it's more in the political stunt category of things. Now, that said, I thought what was interesting is, you know, the AFD, for instance, the European, the German far right party that we've talked about. This was kind of tailor made in a laboratory for them because they got to say, this is the influx of migrants that is coming. Israel's behind it. You know, so there's this kind of hidden hand of great, great replacement theory kind of to a T, right? Is I'm sure Tucker Carlson will make some hay of this. Like somehow Israel is facilitating a migrant invasion. The Jews want to replace us with the brown people. Like, so I do worry that this is going to kind of live on in the darker recesses of far right politics in Europe. But the facts are just not what anybody's saying. Like Trump said hundreds of thousands. That's not true. They're suggesting these people are like walking around Madrid when they're actually in like a Spanish enclave of North Africa. And most of them have been returned to Morocco. Already, I do think that, you know, look, I don't know that the Israeli government had anything to do with this. It probably didn't. It is the case that Spain is this kind of whipping boy for Trump and Netanyahu and conservative politicians. Yeah. Yeah. Because of the positions they've taken on Palestine, because of the positions they've taken on immigration. So I think it's also like the juiciest target imaginable because it's Spain. You know, if it was Italy, they probably wouldn't be making as much noise. But yeah, I think that the facts actually matter in the sense that part of what led to some backlash after 2015 is there actually were millions of Syrian refugees and other refugees from Africa and Asia coming into Europe. Like that's not happening here. Yeah. So their ability to continue to freak people out, they'll be able to motivate their own people. But I don't think that this is going to be like a, you know, a swing issue for people in the middle because there's no new people there. Yeah. No, I meant more like kind of the media political reaction for it felt like 2015. But you're right on the merits. I mean, from January to June, illegal immigration to Spain is down over 32% from that same period the previous year. And we're talking about like small totals. That's like a total of 12,000 people in six months, which I think shows you how much of an outlier actually the Ceuta situation was where you had, you know, 60,000, 70,000 people flooding across a border in, you know, like a week. What's really happening is. Spain and Italy are mostly dealing with the arrivals of boats from Africa. And it's sort of a continent wide problem. And again, you know, I think a lot of these European countries were mad about this amnesty program because they thought it might draw more people to Europe generally because they're trying to get to Spain. But again, it was supposed to be for like overstays of visas for workers from Latin America. You are seeing a reaction, though. I mean, you know, the Italians were pretty hard out of the gate, like essentially saying they're going to cut off, you know, certain ties with Spain. And France started increasing checks on the Spanish border. I mean, it's just interesting. Like in Italy, you have Georgia Maloney, who is a far right leader who's worried about an even further far right party challenging her. And then the rest of the year, about like the Social Democratic Party, she thinks that they exist anymore. Or like Macron, the kind of squishy middle parties are all flipped out about the far right winning future elections. So they all reacted pretty strongly. Although over time, I think the kind of political response from Europe evolved. I mean, I think the kind of political response from Spain was a little bit more conservative and a little bit more, you know, even more conservative than what we've seen in the last couple of years, you know, in the last couple of years. But I think the kind of political response from Spain was a little bit more conservative than what we've seen in the last couple of years. There's also a lot of Russian disinformation, I think, we're pushing kind of narratives around this issue. And I think that freaked out some people in Europe, some European leaders. It did, because it can get out of control really fast. But it's also a reason why you shouldn't have Israeli political figures musing on television that they're going to punish Spain. I mean, that's something that happened, right? So, people can find these clips of these commentators in Israel, you know, talking about how they need to punish Sanchez in Spain for its recognition of Palestine. And then Yai Hussein was talking about it. Like, yeah, it's not a, it was not like a totally fringe thing. Like, there was some, there was some smoke. It was, it wasn't without, like, some basis in, like, I don't know, videos people can watch. Yes. Doesn't mean that it happened that way, though. Yes. You know, and, but I think that, like, punishing Spain for being progressive is clearly a part of some of the motivation. It's clearly a part of some of the motivation of some of the people involved in this, like Trump, right? Yes, for sure. Like, I don't think he'd be doing this if it was Italy. Well, it was because Spain opposed the war in Iran. It's more than anything for him. Yeah. They opposed the war in Iran. They wouldn't let the U.S. use bases. Neither, by the way, would Italy. You know, they've obviously been outspoken on Palestine. You know, I guess they won the World Cup. That seemed to be something they loved. Well, speaking of the World Cup, like, it was not long ago that all of Spain was cheering on a player named Nico Williams, whose parents walked 3,000 kilometers across the Sahara to a, similar but different city where they climbed a border fence, lied and said they were a Liberian to seek asylum. And then, you know, decades later, they have two kids, actually, who are playing professional soccer in Spain, one of whom was a star on the Spanish national team that just won the World Cup. So, you know, a reminder that we like immigration in certain contexts, Spain and everybody else. But one reason, Ben, you know, I think all of us are, we watched Trump's comments there. We're not, I don't feel great about the way he or the State Department is going to handle this. One other. Another reason to give you pause. So, there was a recent conference in Rio. It was called the AIDS 2026 Conference. It was a guy named Jeff Graham, who's the head of PEPFAR, the President's Emergency Plan for AIDS Relief Program, displayed a map of Africa highlighting six countries, all of which were misplaced on the continent. Nigeria was landlocked. The Ivory Coast was on Africa's east coast. Mozambique was in the Horn of Africa for some reason. So, just, you know, shout out to OpenAI, which clearly generated this map, but also shout out to Marco Rubio. The State Department for, like, you know, really being, the attention to detail is there. It could work. The thing about this is this was like a stupid era. And these aren't hard countries to identify. Like, even if you couldn't identify every single country in Africa, like, you know, Nigeria, because these are not difficult. But the reason it hits harder is there's a history here of Trump calling Africa shithole countries, of Trump letting in white South Africans and saying there's a white genocide happening in South Africa, of Trump boycotting the G20 in South Africa because of the alleged white genocide that's not happening, of zeroing out USAID, of basically just relentlessly indicating you don't give a shit about Africa while demonizing any migrants that come from there. So these things land harder. In a normal administration, it'd be like, what a dumb fucking thing. In this one, it's like, what a proof point that these people are racist assholes. Yeah, that's like, oh yeah, these dumb racist idiots literally don't care about us. And yeah, it is in fact true. Positive World is brought to you by Headline. For HIMS, ED is more common than guys talk about. The good news is that getting real treatment is simple. Through HIMS, it's 100% online. 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And the Iranian economy has been ground to a halt by a blockade and sanctions for a long time. They can weather that. The Iranians have a pretty sophisticated cyber capability. So the idea, and the Iranians are very reciprocal. So the idea that if you bomb our water supply in Iran, we're going to launch cyber attacks to disrupt your water supply in the United States, I believe that. And so what the Iranians keep demonstrating is, like, escalation. There's not some level of escalation that the United States can reach that isn't going to end up hurting the United States more than the Iranians. Because we just have more to lose than they do. And our friends and partners and allies, whatever you want to call them in the Middle East, have more to lose than the Iranians do. So every time this thing ratchets back up, it's worse for us than it is for the Iranians. And there's just not some magic list of targets here. There's not something we can hit in Iran that we haven't, like, I mean, we hit everything on the target list. Yeah, if there was a list, we would have hit it. I mean, that's why. Yeah, we hit it. So what are we doing now? The only thing left is war crimes. Or hitting the same ship we've already hit. Yeah. Yeah. That, I think, is a lot of what we've been doing with these airstrikes. And I do want to say, like, and I've said this before, but, like, there's this kind of reflexive thing where we're like, well, the military is doing a great job. It's just, I don't, I'm not, I don't know that, I'm sure that men and women that are, like, told to do difficult things are doing a great job executing orders. But, like, I don't know what the fuck CENTCOM's strategy is in this war. There's a thing called the Joint Chiefs of Staff. Their job is war planning. I'm sure CENTCOM is very much in on that game, too, when it comes to it. If you're doing a no bad ideas and a brainstorm all staff email for, like, yo, how do we win the Iran war? It does suggest that the planning wasn't quite as good as it might have been or you would have wanted it to be. Yeah, you should have done that before. And to be, now, to be sympathetic, they don't know what their mission is, Tommy. Like, they're told, hey, destroy as much of the Iranian nuclear program from the air as you can. Well, they've done that. Yeah. They bombed all the targets. I mean, maybe they haven't bombed this mountain where they maybe. They haven't, like, predictably moved all this stuff. Like, but, I mean, they've emptied the kit on the nuclear program. They were told to topple the Iranian government. Well, you can't do that with airstrikes. Now they're being told, well, like, reopen the Strait of Hormuz when Iran is right next to the Strait of Hormuz. And so there's just not some military option that we're going to pull out of a hat, like, six months into the war that's going to make Iran come out and capitulate. Everybody knows that. And that's why, you know, when Trump says the Iranians are desperate to talk, that means Trump is desperate to talk. When Trump says we're only talking to the Omanis, well, that means he's talking to the Omanis who are talking to the Iranians. Like, he's just gaslighting and lying his way through this thing. Right. And hoping that enough people who watch Fox News, like, believe that it's the Iranians that are begging for talks. That's clearly not what's happening. And I think one of the things we have to get acclimated to is that there may never be a deal. Because the Iranians may just decide, like, we don't need a deal. I mean, you know, maybe there'll be some deal, like, where they essentially are making a toll on the Strait of Hormuz. But even if that doesn't happen, I think the Iranians are like, well, we're going to find a way to extract some revenue from that Strait. And the Americans will move on and, you know, maybe invade some other country. And that's it. The Americans lost this war. Trump has lost this war. It is not going well. Speaking of war, it's not going well. Let's turn to Gaza. Last week, Trump posted the following, quote, Today, the Board of Peace reached a historic agreement for the complete disarmament of Hamas and other armed groups in Gaza. This is a monumental step towards lasting peace and security. The agreement will be carried out in a careful, as disarmament is completed, Israeli forces will withdraw, and the International Stabilization Force will work with a new Palestinian police force to take responsibility for Gaza being safe for its residents and its neighbors, end quote. So as with all Trump announcements or claims generally of progress in Gaza, we are quite skeptical. Here's a couple reasons for that skepticism. First, a member of the Hamas negotiating team told the Wall Street Journal the following, quote, So other than that, Mr. Trump, the accurate statement, that same negotiator told CNN that the weapons would not be decommissioned or destroyed. Rather, the plan is to put them in storage supervised by this technocratic national committee for the administration of Gaza. However, that committee has been blocked from entering Gaza by Israel and remains just like they're sitting in Cairo or somewhere in Egypt. There's also this dynamic where the Israelis want Hamas to go first. Hamas wants the Israelis to go first. So Hamas, Hamas wants Israel to withdraw from parts of Gaza that it is currently occupying and then let more aid into Gaza before they will disarm. But no one expects Netanyahu to do any of that before his October election. So the most likely outcome is just kind of the status quo. Then you have, you know, Netanyahu being pretty silent about this deal while the far right attacks it. We know that historically Netanyahu always attacks right when he is in political distress. And then we should say, like, the IDF has been pounding Gaza. I mean, there's been like thousand plus people killed since the quote unquote ceasefire that everyone celebrated. There are 30 people have been killed since this just new deal was announced. So like, it doesn't, you know, not a very, not a lot of ceasing to fire. There's a lot of firing happening by the IDF. So, Ben, big picture, like life is hell for people in Gaza. You have millions of people living in tents. Israel restricts the entry of the most basic things you would need to do reconstruction. The water systems are broken. You know, people, people are getting sick from drinking just basic water. Medical infrastructure is decimated and in short supply and still getting bombed. There are disease outbreaks. You know, I'm sure you've seen the photos I have of just babies with like chicken pox, like just like horrendous stuff. And so you're in this weird place where obviously we want this ceasefire to work. We want things to improve for people living in Gaza and for Hamas threat from Hamas to just to not exist for Israelis. But it just feels like this entire kind of board of, peace process is distracting everyone from doing the actual work that is needed to make life better for people or push the process forward. And instead, we're just kind of stuck. I mean, this announcement kind of came out of nowhere. And look, it's just a factual point that I, I would not stake anything on this happening. I mean, immediately you have Hamas in Israel backtracking from this announcement that they didn't really make. Like Trump announced it. Trump announced it on True Social and like the Board of Peace put out a statement. And so if neither party that actually has to take action says that they're willing to take that action, then what the fuck are we actually announcing here? Right. And like, what's the point of doing it now? Other than the fact that the Board of Peace has done precisely nothing since it was inaugurated. So I'd be very, unfortunately, skeptical that this is going to happen because Hamas is not going to disarm if Israel doesn't withdraw. And Israel's not going to withdraw. And so I, I don't really know what we're talking about here. I will say something interesting, Tommy, which is people are on to this now. You know, if you think about it, the first time there was an announcement of the Gaza ceasefire, like everybody in the world showed up for the photo op with Trump in Egypt, remember? And you add all these European leaders there sucking up to Trump. For some reason, I think you add Infantino that had a FIFA was there. I think he was actually. And, and, you know, credulous press coverage. Remember the 60 minutes, you know, Puff piece on Jared and would cost diplomatic breakthrough. Well, what have people seen? They've seen that there've been like thousands of Israeli airstrikes on Gaza. There's been no disarmament of Hamas. There's been not the amount of aid getting in that was supposed to get in. We've all seen Netanyahu tell the IDF to take more territory in Gaza, to take over 70%. So I do think there's something interesting about the fact that nobody took this seriously. I mean, except I saw AIPAC. Put out a statement demanding that we all welcome it. But I mean, like there's, there's not like a credulous media or international diplomatic response to this. And I do think that shows that Trump's kind of smoke and mirrors true social announced something before anything is agreed and get all the credit doesn't work anymore. Like we are, we were one place in, because I think that Gaza ceasefire was about one year ago. It was like political standing has plummeted. Yeah. His political standing in the world. His political standing in the world is plummeted. And that's important. Like this, this game doesn't work. Maybe it works on Fox News. Maybe it works with Jesse Watters and the five or whatever, but like it, it, it no longer travels in the world. And, and I, you know, as much as I wish that what he's posting was true, I think that's healthy. That like, he can no longer be this kind of wizard of Oz, like conducting how everybody acts and everybody's pretending like he solved problems that he hasn't. Yep. This podcast is sponsored by Squarespace. Squarespace is the all-in-one website platform designed to elevate your online presence and drive your success. Squarespace gives you the tools to claim your domain, build a professional website, expand your brand and facilitate payments all in one place. 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That's squarespace.com slash world. This episode is sponsored by BetterHelp. BetterHelp has an average live therapy session rating of 4.9 out of 5 based on over 1.7 million client session reviews. The feedback from real people who have actually used the service speak for itself. More than 6 million people have used BetterHelp globally. BetterHelp therapists have at least three years and 1,000 hours of hands-on experience. They also hold all required education, training, and certifications across a range of mental health specialties, meaning the perfect therapist for you could be a few clicks away. BetterHelp makes it easy to get started. You just answer a few questions and you get matched with a therapist based on your needs, and switch therapists at any time if it's not the right fit for you. Like everybody's going through something, whether it's work, whether it's family, whether it's just the world. You need someone to talk to. You need to get some things off your chest. You will feel better. You'll feel a sense of relief. It makes a progress towards a goal. It'll improve your relationship at home. Give it a shot. See the reviews. See what stands out, and see if BetterHelp is right for you. Visit betterhelp.com slash crookedworld. That's betterhelp.com slash crookedworld. Let's talk about Japan and the Japanese yen for a bit. We can talk about a fallout from the Iran war here. You guys might have seen a Reuters photo from last week of Treasury Secretary Scott Besson's unusual to-do list. This is from Friday. It said, to-do, buy Japanese yen, 5 to 10 bill, billion. It's a little different than my to-do list, Ben. It turns out that what this was referencing is the U.S. and Tokyo, worked together to buy tens of billions of dollars worth of Japanese currency, the yen, which recently hit its weakest level against the dollar since the mid-1980s. Now, you might be wondering, why on earth would the United States do that? A couple of reasons. First of all, Japan owns nearly $1.2 trillion worth of U.S. Treasury bills. They also own like billions of stocks and other U.S. assets. If Japan starts dumping U.S. Treasury bills to raise money to buy yen, then it would increase the yield on U.S. Treasuries and make it more expensive for the U.S. government to borrow money. So that's one reason. There'd be other ripple effects too. Japan recently had to increase its interest rates because they're worried about inflation thanks to the war in Iran. Japan increased rates to 1%, which is very low, but is still the highest they've been at in 31 years. Japan has had near zero interest rates for decades now because it has been stuck in this deflationary cycle where prices just won't go up, which ironically is actually a very bad thing because it can lead to a spiral where people stop spending because you're like, well, the price might go down, so why buy now? You'll have businesses cutting back and stopping to grow, and you'll have debts become harder to pay off because of deflation. So one side effect of Japan's low interest rates were it also popularized an investment strategy called the yen carry trade. That was when investors were borrowing money in yen because it's cheap, right? The interest rate is really low. And then you use that money to invest in something else with a better return. So, you know, the kind of the safest version is you borrow in yen, you buy Treasury bills, and you pocket the difference in the yield. You could also buy something riskier like stocks. But when yen prices go up or the interest rates in Japan go up, Japanese banks ask for more collateral, which can force those investors to dump assets, to buy more yen, and it can trigger this like vicious economic crisis that can spiral. So long story short, it is very much in the U.S. interest for Japan's economy to stabilize, which is why you saw this weird thing where the Federal Reserve Bank of New York sold a bunch of its holdings of euros to buy yen, on behalf of the Treasury Department. So this intervention seems to have worked for now. It sort of stabilized things for now. But some smart kind of Wall Street folks I know said to me, the fact that the Treasury is involved in the first place and is this worried should make you very worried, right? Because they know, I mean, the systemic risk here. This isn't like America doing this out of the goodness of our hearts. This is America intervening to prevent the fourth biggest economy in the world and the largest holder of U.S. Treasury, from going into some sort of like financial doom spiral and pulling the world down with it. The other thing to worry about is that high oil prices or energy prices have been really hurting Japanese consumers lately and kind of creating all this friction in the Japanese economy and leading to inflation and leading to their banks to raise interest rates, their central bank to raise interest rates. And obviously, as we discussed earlier, like there is no end in sight to the war. So, you know, they're all kind of like spinning plates trying to like manage the economy in Japan. And the global fallout from interest rates and the war and everything else. But like, you know, every action you take has other consequences and you just sort of don't know where we're going to end up. So, Ben, very interesting story. Pretty worrisome story. I kind of feel like it's not the end of this one. But what did you make of this? And, you know, fucking Besant's to-do list. I feel like you could have been a little more vague on that thing, buddy, unless maybe the goal was for everyone to see that to-do list and that to become the story. Because really, like the Treasury Department didn't really buy it. They didn't buy that much in aggregate of yen. But like the symbol of us doing it with Japan was a big deal. It was a big message to the markets. Yeah, I'll do this callback to another Trump first-term thing. It's like when John Bolton had like that briefing. Yes. He was Trump's national security advisor and he had like 5,000 troops to Colombia on like a to-do list that he was like showing. Well, it was very strange. Anyway, this is a really important story. I implore worldos to pay attention to this because it's going to matter to you. And there are a couple of things that jumped out to me. First, on the impact of the war. To put this in like perspective for people, Japan does not have domestic sources of oil and gas. They import almost 100% of their fossil fuel energy, almost all of that from the Middle East. And to be specific, there are some estimates when I was like looking into this that they get up to like, you know, 90% of their crude oil through the Strait of Hormuz, right? And so you can imagine what, the disruptions of the Iran war are doing to an already strained Japanese economy that has depended on these low interest rates but is now obviously dealing with inflation because of the diminished supply. And so one, it's just a case in point. We've heard about how this is impacting poorer economies that are having to ration energy. Well, this is like a rich country that is like teetering on the edge of a financial crisis in part because of the war in Iran. I think the second thing that is, even more worrying, is the reason the U.S. did this, as you pointed out, Tommy, is because they own over a trillion dollars in U.S. treasuries. And again, people may not follow this, but the basic reason that you're allowed to have the standard of living that you do if you're American is that we can just borrow infinite amounts of money set against the value of U.S. treasuries. It essentially, you know, our debt, our treasuries are worth it for, you know, people to go to a stable financial instrument. They're by allowing us to spend far more money than we have here in the United States. And if the bottom starts to fall out of that, you know, if there starts to be instability in treasuries, like the whole system under which our economy operates and the global economy operates could be pretty fucked. And the thing that worries me about this, Tommy, and like why I think it's important we cover stuff like this, is that there's like a lot of, you know, I remember when I was in the Obama campaign in 2007, I drew the short, let's draw in like, I don't know when it was. It was like the spring of, actually it was 08. It was the beginning of 08. I had to write this speech about financial regulation. That's a real fun one. I had to talk to all these nerds like Austin Goolsbee, who was advising me. He's a great nerd. You gotta talk to a nerd. There are all these warning signs. He's a funny nerd. And a very funny nerd, great guy. And they're like, well, yeah, there are all these warning signs, you know, like the housing market's like showing some bubble and the numbers kind of don't add up and nobody's minding the store. And it, it kind of stuck in my head because I didn't pay much attention to those things. And a few months later, we had like the financial crisis where the bottom fell out. Well, between like bailing out the Japanese yen, this kind of AI bubble that the stock market exists on, where essentially a few companies are spending extraordinary amounts of capital, building like data centers, and that's like propping up the economy, but who's really getting enriched. It's kind of like the few people who run those companies and maybe some shareholders, but like none of that wealth is actually reaching people. It feels a pyramid schemey-ish, you know, like we're betting that this technology is going to make all this growth without knowing how it's going to do that. That seems kind of worrisome to me. Like inflation, you know, the need to use interest rates to tame inflation set against the imperative of maintaining growth. Like the numbers, I'm not like some financial wizard here. As a relative, you know, novice at this stuff, I can tell you that there's a lot of numbers that aren't adding up and there are a lot of warning signs out there. Yeah, look, I mean, the 10-year yield is now at 4.64%, which is pretty high for the 10-year. Like the Fed can try to control rates, but ultimately they don't control interest rates. They control treasury bills, but then the markets take over and they control the price and the yield on these things. And so, yeah, you're right. There's like a lot of warning signs. There's this, there's what's happening, in Japan and Japan is coming at the end of like a 30 year experiment in financial engineering and zero interest rates to deal with, you know, the fact that their population is shrinking and all these sort of systemic issues. You have this AI bubble that kind of keeps partly popping, but then getting reinflated because of all this enthusiasm around a couple of companies. You have just the instability of the war. And I'm with you, like, who knows, maybe we'll bump along for another five, six years and, you know, America doesn't care about bubbles anymore and it is what it is. But there's just, you know, we've seen, you know, real small things like, remember Silicon Valley Bank? Remember, you know, this bank, like one bank in Silicon Valley starts to unwind and presents a systemic risk to the entire economy to the point where the Biden administration had to step in and rescue it. And so God knows what will happen as a result of these pretty remarkable steps to step in by the New York Fed and the Treasury to rescue Japan. Like there is going to be some sort of second order, third order, fourth order reaction to this. And it's going to be unpredictable and, you know, hopefully nothing bad, but we just don't know. Yeah. And last thing I'll say about this is, first of all, the war's role, like if there ends up being a financial crisis, like file away the war is one of the things that was like, you know, that last piece of strain on a global economy that was already running on a bunch of fumes. But then the other thing I just tell people is that if you've watched since the beginning, I remember when Trump did Liberation Day, right? The markets kind of dealt with it. Like it crashed and then came back. It's the people dealing with Treasuries. It's the long-term yields people that have been more the reality check on some of the Trump economic moves or some of the seeming, you know, contradictions in the global economy. So the people in the markets or the futures, like they're the people at the casino. Like they're the people just trying to like win one more hand. Like I'm on a roll at the tables and I'm going to keep playing until I lose. Keep your eye on these more structured, structural pieces of the global economy, including Treasuries, including interest rates. Yeah, watch the bond markets. Sometimes they're kind of the canary in the coal mine for this stuff while everyone over on Wall Street is punch drunk. And also, worrisomely, a lot of them are buying with leveraged, you know, they're working with leverage. They're taking out loans. They're buying with money they don't have. That's pretty scary. There's a lot of that going on. One of the things on our corruption watch, Ben, so you and I celebrated the hell out of kind of the great side of international soccer and the world. Cup tournament, the FIFA World Cup. Now we're going to talk about the dark side of FIFA, the corruption and the brazen self-dealing. So fans, players, international football associations were all outraged last week when FIFA president Gianni Infantino announced a plan to privatize spinoff and sell to private investors a piece of the kind of the most lucrative financial parts of its tournament. Specifically, he wanted to create a subsidiary called FIFA Forward Enterprise or FFE that would handle. The broadcast rights, the sponsorships, the licensing and the ticket operations, all the big money stuff, and then sell shares of it. Kind of like a startup raising an investment round. And the kicker was that the lead investor for this scheme was called Thrive Eternal, which is a big investment company run by, wait for it, Jared Kushner's brother, Josh Kushner. I wonder how he got access to this deal, Ben. So Thrive's plan was to buy 20%, a 20% stake. It was like 4.1 or 2 billion at a, 20 billion dollar valuation. Now, this became public and most of these like 211 FIFA member nations and like all the football associations that govern them learned about the deal in the press and they were fucking pissed. UEFA, which is the association that represents the 55 European clubs, said they would boycott the next World Cup. So you would have had the winners of the World Cup, Spain, boycotting the World Cup. The North American and Asian associations also voiced opposition. I think only the African Football Association was sort of like silent on it because, I don't know, they were, they're trying to get more player development money out of Infantino. Infantino also spreads money around. Yes, yes. That's how we got the job. So it also was clear that like this was just Infantino's pet project. He had not really read anybody into it. There was no buy-in on it. It was just like a thing he cooked up on his own and just announced. And the Times, the newspaper in the UK, the Times reported that Infantino wanted a $30 million salary and bonuses to run the sport. And so they did. And so they did. And so they did. And so they did. So this was just a cash grab for him. So within days, this thing is getting pilloried. Infantino retreats. He kills this plan. But now his blood is in the water. And Wales, England, Serbia, and Sweden say they no longer support Infantino's re-election for a new term as president of FIFA. So this guy just went from riding high, like everyone's saying this is the best World Cup of all time. I think it made $9 billion, some crazy amount like that, to a bunch of really important member states saying, we want you out of here. The New York Post reported that Infantino had tried to call Trump and Marco Rubio to get some sort of public backing. I get why he would do that. Those are his, you know, probably the highest profile people in his call log or his contact book. But also, like, Infantino's relationship with Trump and the Flo Balligan red card situation is probably part of what got Infantino in such hot water with these European clubs. So the next election to be head of FIFA is until 2027. Currently, Infantino doesn't have any real competition. But I think the hope is to use this moment, the backlash, the outrage, to get new candidates to enter and declare their candidacy before the November 18th deadline. It's just crazy, Ben, that FIFA is a non-profit. Like, why would you need to get investment capital after you just have the most profitable World Cup of all time? It's just like, it's so brazen and shameless, the level of grift. And the fact that, you know, there was literally a Kushner involved on the other side of the transaction is just like, it just shows you these people have no shame. Yeah, this is a really important story, I think, because it ties into like your interview too, and said, like, Infantino is like a walking advertisement for the corruption in the world today, right? Like, he doesn't try to hide it. You know, everything that guy does is about him trying to self-aggrandize, self-enrich. As like a Kushner, he's most comfortable with like Trump and, you know, Gulf monarchs and, you know, people like that, and has no time for, you know, democratically elected leaders other than Donald Trump, you know. And, and you could just sense the corruption, like it just oozes off the guy, you know. And, and if you look at what's happened here, this has clearly pissed off the Europeans for some time now. If you're the Europeans, if you're UEFA, the European Football Association, you're also probably thinking, well, wait a second. So we saw this guy in the middle of the World Cup potentially affect the play, and I'm going to go there, by like reinstating Balogun, the U.S. striker, who had a red card, because Trump asked him to. And then on the back end of that, he's giving Jared Kushner's brother, like, the stake in this investment where he's monetizing, you know, the, the global game for his own personal benefit. Like, those things connect, you know, to, if you're European, that like, we're being cut out of this for this own guy's self-aggrandizement. And who knows, this may end up impacting the play. You don't need Inspector the Connection either. It's like literally a Kushner getting paid here. You know, Jared's getting a fucking fee off it too. Yeah. And, and so how can we trust that our teams are going to, you know, be on a level playing field that, you know, he's, he's, he's going to be putting his thumb on the scale for different teams. Like that, that's how corrupt this guy is. And so they're pretty, I think they're like, this is the blood in the water. We got to get rid of this guy now. And the way in which Infantino operates, it's like a page out of the Ken Martin DNC book where can I bring together the PSA and PSTW? You can, although the only way I'd poke holes in this is Mr. Infantino can raise money. Mr. Martin cannot. But like in the same way that it was kind of weird that like Ken Martin was like, as someone who's just a passive observer of that, I'm not as deep in it as you guys. I saw he was like giving like far more money, like per capita to like Guam and, you know, places like, no offense to the territories, but it felt like he was, you know, making people who could vote for him happy. Well, Infantino has done that with some of these smaller countries and some of these smaller football federations at the same time that he has a lot of goodwill with like Qatar, who got his back. They're one of the few people that got his back because, you know, when people were doing podcasts with names like World Corrupt around the World Cup in Qatar, remember he gave that speech like today I'm a Qatari and all this stuff. So like he has like his base, but his base is shrinking. It's like the federations of smaller countries where he's trying to spread some money the Gulf that he's rewarded with the Qatari World Cup and the Saudis have one coming. But the Europeans realized in a way like this is what's interesting is, is this going to be a predicate for geopolitics too? Because the Europeans realized, well, if we all get together and we act as one and we say we're not playing in the World Cup, there is no World Cup. You can't have a World Cup without European football teams. So I think that like question one is, do they succeed in essentially throwing him overboard? Feels like that's possible. And I really mean this, like, are they going to draw a lesson from this? That like, maybe we should apply this theory to other realms of geopolitics. If all of Europe acts together, wow, we actually have some power. Yeah. One would hope. I mean, FIFA is just a hopelessly corrupt organization. I mean, the last president was prosecuted, banned from football for, you know, however many years. Infantino was the guy brought in that's supposed to clean up the much money sloshing around um I think it attracts some terrible people, and it really does. It just sucks. There's all these fans. There's all these players. To have to watch this terrible parent organization that no one should have to know about or give a shit about kind of ruin the reputation of the sport is so maddening. I mean, you're watching these World Cup games, and they're, like, contractually obligated to cut to Gianni Infantino's ugly face with some, you know, annoying VIP three times a game. It's like, what are we doing here? This is stupid. Imagine—can we just have, like, better-run institutions? I mean— I know. Imagine there's, like, just some good person running FIFA that you felt good about. I mean, like, please, like, just anywhere. Can we just put someone good in charge of an institution somewhere? Yeah, that would be nice. Like Rick Grinnell at the Kennedy Center. You know, like, that, I think, is the model for good governance. Yeah, exactly. That would be a good model. Finally, Ben—I'm not sure how this one got on the rundown—a Spider-Man screening in Cartagena, Colombia. It ended abruptly after what the New York Post described as an uncontrollable bout of rotten flatch. Have you heard about this story? No. Are you a Spider-Man guy? Are you a fan of Marvel films? Interesting thing, Tommy, about me is that as a kid, as a huge Spider-Man, I collected the comic books. But I kind of never got that deep into the—you know, I was there for the Tobey Maguire, the Tom Holland era. Like, I like—it's not a knock on Tom Holland. I just kind of—I lost interest in the Marvelverse at a certain point. It's a big summer for Tom Holland, though, we say. Maybe it ended in Cartagena. I don't know. Yeah. Well, we'll see. I mean, this is your classic New York Post story. It has great captions on the photos. Like, an aghast audience member covers her mouth and nose. Another one I liked was filmgoers, including a Spider-Man cosplayer, stand in the lobby following the mid-film fart attack. So what happened was all these fans had to flee the theater into the hallway. Check out this footage that someone took of an absolutely jacked Spider-Man or man dressed in a Spider-Man costume who himself had to flee from the odor. The idea of wearing a Spider-Man outfit to a movie is an odd thing as an adult. Now, there's some debate, Ben, over whether this was a stink bomb or someone in some, you know, dire gastrointestinal states. Many couldn't take this tension left. Some true Marvel heads headed back into the film, to the theater to finish out the movie. The real hero here is journalist Ben Kost of the New York Post who managed to make this into a 350-word article about a story about a fart that smelled bad and got us to cover it. To paraphrase Michelle Obama. When we go high, we also go low. And usually it's the last story of the segment, which I guess we fit in because it happened abroad. Someone farted abroad and it got on our brand out. I didn't see this on the outline. No, it wasn't on there. But just to once again try to cross stories, is Bobby Kennedy now in charge of the, you know, food management, lettuce management in Columbia? Are you talking about his like only kimchi diet? Oh, no, you're talking about the explosive. Apparently he's like only eating. No, I'm talking about the explosive diarrhea that's… That's infected our country. Yeah, that's not fun. Maybe that's become contagious. I don't know. Yeah, maybe they're serving lettuce at this film. Anyway, that's all we have to say about that. I guess go see… I don't really care if you see Spider-Man. I guess Michael got us to talk about it. Yep, yep. He wins. We lose. We are going to take a quick break. And when you come back, you're going to hear my interview with Casey Michelle about his new book, United States of Oligarchy. Stick around for that. It's a very important conversation about like all the American oligarchs, the way they're perverting our democracy. And then what the hell? Democrats. Democrats in Congress could actually do about it. So check it out. Pod Save the World is brought to you by Select Quote. 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So check it out at crookedcon.com and get your tickets now. See you in D.C. My guest today is the author of the excellent new book, United States of Oligarchy, How America's Wealthiest Ally with Dictators Weaken the U.S. It seems like you have a take on this oligarchy thing. Casey Michelle, welcome to the show. Welcome back to the show, I should say. Tommy, thank you so much for having me. It is great to see you. This is a subject near and dear to my heart, to the show's heart. And I think, honestly, one of the most important things that we should be talking about because corruption is so endemic to this administration and harming our government and harming our democracy that we need to put more focus on it. So I'm glad you wrote the book. I want to start with a hobby horse of mine, a person in the Trump administration, sort of, who annoys me the most. Jared Kushner. You might have heard of him. Jared, as folks know, first term fancied himself the shadow secretary of state. He used that position to build relationships in the Middle East and then left and cashed out hard, getting billions from the Saudis and others in the Gulf. Now he's back as sort of this outside advisor, unofficial advisor, ostensibly working on Gaza, but also Iran, but also the war in Ukraine. He's solved a lot of conflicts, things that are going really well, like Iran and Ukraine. Can you talk about how the Gulf states cultivated their relationships with Kushner and how you believe they now have leverage over him? Yeah, look, I mean, Tommy, I mean, I'll begin by saying, I frankly can't imagine what it's been like for you watching the rise of Kushner. It's one thing to watch this from the outside. It's one thing to watch this from, you know, certainly my vantage about concerns about corruption, its impact on foreign policy, et cetera, et cetera. But for someone like you, who was, you know, right there in the thick of it, to see someone like Kushner then come in and be at the center of everything from Israel and Gaza to Ukraine and Russia to Iran, I'm sure you have some thoughts probably very similar to how you feel about it. He's earned it, you know. That's what I think, meritocracy at its best. That's why I've written so extensively about him in the new book, too. I applaud all of these well-earned positions and now billions of dollars that he has attached to his name. I mean, look, the cultivation of Kushner goes back to the first term, goes back to Donald Trump's first term when Kushner was brought in again with no regional expertise, no familiarity with local histories or dynamics, certainly didn't speak any of the local languages, and yet was nonetheless appointed to oversee Donald Trump's Middle Eastern portfolio in Trump's very first term, which of course now seems like a thousand years ago. And it was almost there from the very beginning. That regimes in places like Saudi Arabia, the UAE and Qatar were at least interested in seeing what they could do to bring Kushner over to their side. And they did not have to wait long. They're in Trump's very first term, first year as president back in 2017. You already had Jared building up relationships with Mohammed bin Salman and MBS over in Saudi Arabia. Frankly, it even goes to right after the election in late 2024, even before he was in the White House, who had figures like MBZ, the still ruler of the United Arab Emirates. Canceling lunch plans with President Obama to secretly meet with Jared Kushner again, because he and MBS and a number of other figures in the region and later eventually around the world realized just how easy it would be to buy favors effectively from Jared Kushner to invest in either his properties or pledge things down the road. And of course, when Jared Kushner left the White House in early 2021, it was in a matter of days that he was not only setting up his new investment organization, Affinity Partners, but of course, going around the world. Going around, kind of hat in hand to the Saudis, to the Emiratis, to the Qataris and others and saying, hey, I'd love to see what kind of arrangements we can set up if you help finance new Affinity Partners. And, you know, some people looked at it and said, maybe not now. There are some Saudi officials who actually declined to invest, but MBS came and overruled them saying we need to maintain this relationship. You never know where it's going to go. And of course, here we are watching where it's going. In the first term, Jared had to disclose his finances, right? There's financial documents, there's ethical restrictions on him. Now that he's an outside advisor without an official role, does he have to disclose anything? What do we know about his business relationships, his finances, et cetera? So as he would say, no, he doesn't have to disclose any of it. As he has said, he's just doing his patriotic duty, representing the United States of America, again, in what just so happened to be the most inflamed geopolitical hotspots around the world, Israel, Gaza, Ukraine, Russia, and of course, Iran. Iran, that's what he says. he has not disclosed how much money he or his firm are taking in, what they're doing with that money, what is bringing them the greatest amounts of profit. There were some figures like Senator Ron Wyden, Jamie Raskin in the House who tried to get some insights into Kushner's finances even before Trump's reelection in 2024. And they got some information, but not all. We know that there was a whole world of details and financial arrangements that we still do not have insight into. Now, the trick is, though, Trump has still declared him as a special envoy, I believe, envoy for peace, if I remember correctly, which should theoretically require him to make those disclosures within either a 30- or a 60-day window. And we're long past that. So, again, this is, I think, a ripe question for, let's say, congressional Democrats. If they take the House and potentially the Senate, Jared Kushner is sitting there front and center for some potential hearings down the line to get more insight. Yeah, I mean, I can't overstate how important that is to me in this show, and I will scream at anyone who does not prioritize it as well. So, let's say Democrats take the House, and God willing, we take the Senate, too. But they could, what? They could subpoena documents directly from Jared. They could get them from banks. Could they subpoena from Affinity? Like, we need to get on this fast, right? As long as they are the ranking member of the, or the ranking members of a committee, then yes, they have subpoena power. Of course, if you're in the minority, you can still try to subpoena, but no one really has to comply with that. But yes, if they get the House and potentially the Senate, we're talking about what could look at either high level or maybe even select committee hearings into Jared Kushner. I want that to be the first thing some of these committees do. I hope staffers for members of Congress are listening. I also want to ask you about Steve Witkoff, who's Jared's kind of dumb partner in crime. He's the, Witkoff is the golf buddy turned envoy for everything. Witkoff is now this roving diplomat. He meets with Putin all the time. Sometimes he goes by himself. He doesn't bring anyone from the State Department. He doesn't get briefings from the CIA. He just kind of wings it. He's doing stuff in Gaza. He's just sort of everywhere. Witkoff's son is running the Trump family crypto business. What do you make of Witkoff's role in the kind of Trump family kleptocracy? And can you give us your sense of how crypto fits into all of this? Well, look, Witkoff has only credentials, again, for any of this, whether it's in the Middle East, whether it's in the United States, whether it's in the United States, whether it's in the United States, whether it's in the United States, whether it's in the United States, whether it's in the United States, years and years in the New York real estate scene. He doesn't have any expertise. He doesn't have any other kind of credentials for this. And by all appearances, he is perhaps the single most gullible figure American diplomacy or an American president has ever produced. I just imagine him going into these meetings with Putin and some of these others with wide eyes. And he's kind of this puppy dog look and willing to lap up anything and everything Putin is saying, because that's, by all appearances, everything that has happened. Um, and look, there's plenty to criticize Witkoff for, and there's certainly plenty that I've criticized him for, but it is, I'm very happy he brought up the role of his son, Zach, who is in many ways very similar to the Trump children, riding on the coattails of his father, and by all appearances, more than happy to monetize as many of these relationships as he possibly can. You know, Zach Witkoff, you know, he was a relative unknown, even more than Steve coming into Trump's second administration. But because of the crypto industry, uh, the Witkoff, um, the younger Witkoff was able to catapult himself to significant wealth. And again, this is a broader story about how crypto has enmeshed itself with Trump, with the Trump family, with the Trump administration. On the one hand, it's kind of a story as old as, you know, industry versus regulation. The industry wants to see any and all regulation demolished. But of course, with crypto, you have, what we're talking about is the ease of financial maneuvering and financial movement with a click of a button, without any kind of regulation, any kind of transparency, which is in many ways, a money launderer's dream, or maybe even the dream of a foreign regime that is looking to directly bankroll a sitting American president and his family. We have never seen a tool like this in terms of the ease of access, the speed, and of course, just how high up it goes in the administration, which is again, why the crypto industry has been so happy with president Trump and those he's appointed around him. Yeah. And it goes a couple of different ways. I mean, there's the money they're making off of the crypto industry and the products and the way they're kind of bilking investors. There's a story I read last week about Justin Sun, who's this kind of like sketchy crypto billionaire who bought into World Liberty Financial and got screwed by them and is now taking them to court. It's worth reading. It's interesting. But then there's also the fact that half of the Trump family crypto business was secretly purchased by this Emirati-backed firm, investment firm. I think, was it before the Trump administration even started? It was either right before or right at the beginning. And again, as you said, it was secret. No one knew about this for months, and months afterward. Unbelievable. And look, I mean, this is, again, a case study, not only in terms of how easy it was to set up something like this, but now we're talking about real national security concerns, because all this was happening simultaneous to Trump overruling all of his national security experts, that he still does have a few of them at least around, and saying, while we are receiving millions, tens of millions, hundreds of millions, if not billions of dollars from Emirati sources via crypto, we're also going to be sending them all of these high-end chips that only the closest American allies have access to, despite all of the concerns about the Emiratis then doing whatever they want with those chips, whether it's domestic, using it with their own Chinese partners, the list goes on and on. I mean, look, this is, what's the phrase, right? There's so much smoke around this, you could choke on it. This is, in any other administration, the single biggest scandal that we're talking about. And you and I, Tommy, we've talked about whether it's the Qatari jet, you know, this case with the Emiratis, it's this kind of outbidding of regimes for Trump's affection, one after another, after another. And I have no idea, where it's going to end, because it's already been a disaster where we are right now. God only knows what we don't know. Before we go on to some other American oligarchs, can you give us your definition of what an oligarch is and talk about sort of oligarchs through history? Because a lot of listeners might be aware of Russian oligarchs, because they have been talked about a lot in the media, but not aware of others in other countries, either today and historically speaking. So, look, one of the reasons that I wrote the book is because, as I discovered, the term oligarchy, it's a pretty contested term. It's a little slippery. We have Aristotle to thank for that. He was the first one that popularized the term thousands of years ago. So, shout out to Aristotle for that. As he said, I mean, look, the root of the term literally means the rule of the few. And he said, yes, that's all fine and true. It is the rule of the few. It's when just a few number of individuals are overseeing a, you know, a country or a state or an empire. But again, it's not just, as he said, about the number of people. Tommy, if it was you and the rest of the Pod Save crew running the United States of America, that's not necessarily an oligarchy. Your lips are God's ears, my friend. At some point, 2028 is right around the corner. But as Aristotle pointed out, you also had to have those few be the wealthiest of any given nation, any given state, any given empire. So, again, what Aristotle laid out, it's not just the literal definition, rule of the few. You also have to have the wealthiest there, which I think certainly on my end helped clarify things. Because again, you know, oligarchy, you think, oh, is it just a couple of people here and there running something? No, they have to be the wealthiest. So, in the American context, the thing that comes to clear is going back to the Gilded Age, when you had all of these so-called tycoons or robber barons who were by any other name oligarchs themselves, the Vanderbilts and the Carnegies and the Rockefellers and so on. And that was perfectly true. They used their wealth to, again, they weren't presidents themselves, but steer presidencies, steer American politics for their own personal benefit. And of course, that is the era that most resembles what we are going through right now. The thing that really came through in putting this book together is, yes, even though it is the Gilded Age and the Rockefellers, Carnegies, Vanderbilts that most resemble the Musks, the Zuckerbergs, the Bezos, the Trumps of now, we're really talking about magnitude's difference in terms of total wealth for those oligarchs in the 21st century compared to what those oligarchs in the late 19th century had, and the total amount of wealth inequality. So, yes, there was an oligarchy in the Gilded Age, but right now it makes it look like pocket change, right? Rockefeller died with the equivalent of $30 billion. To his name, which is, I mean, look, that's plenty of money. I'm not going to sell enough books to make that money. Not yet, at least. But we're talking about Musk. Just a few weeks ago, the world's first trillionaire, which is, again, magnitude's more. So, yes, we've seen oligarchies in the past, including the United States of America. But right now, there has been nothing like what we're going through in the 2020s. Yeah, from the Gilded Age to the Gilded Age with Jared Kushner. Let's talk about Elon Musk. You mentioned a minute ago. He seems like the textbook definition of an oligarch. He controls major industries. He has enormous influence in government. He gleefully tries to buy elections. Can you talk us through your reporting on Musk and how reliant he is on Chinese manufacturing and how that might color his decision-making? So, look, you're exactly right. He's typifying what oligarchy looks like right now. And because of his wealth, he's kind of standing head and shoulders above the rest of them. And there's been some absolutely fantastic, fantastic, fantastic, fantastic, fantastic, fantastic, fantastic reporting on Musk. There was that recent Muskism book that came out a few weeks ago. And, of course, some phenomenal work from reporters and scholars on wealth inequality. So, I didn't really want to necessarily reinvent the wheel there. What I tried to do with this book is look at the intersection of American oligarchy and national security. Because it's not just that these oligarchs and wealth inequality is a threat to American democracy right now. It's now increasingly a threat to national security itself. And Musk enters the picture because of one thing that has been underreported in his career and how he has built out a reliance on not just domestic sources of his wealth, but even foreign sources of his wealth, most especially in China. His relationship with Beijing and most especially with his company, Tesla, is something that I don't think, either then or even now, has seen enough scrutiny and has seen enough concern. And there's plenty more details in the book itself about how he set up this joint venture with the Chinese Communist Party, how he built out the world's biggest Tesla production plants in China itself, and of course, what that meant for his relationship and the kind of leverage that Beijing was able to build over him and how they saw, there was some reporting about this in 2025, how they saw him and that leverage in the White House after Donald Trump returned to the presidency. And look, this isn't even talking about all the truly horrible things he said about what Beijing is doing to Uyghurs in Xinjiang and trying to play down, you know, the ongoing human rights abuses and even genocide that's happening there. But it really is all about the kind of economic leverage that foreign countries, whether it's the Saudis and the Emiratis with Kushner, whether it's a number of others with Trump, or in this case, China with Musk, what that means for those foreign regimes that see these oligarchs as their way into implementing and affecting American policy, including American foreign policy. And this leverage China had was really hammered home when there was this moment early in the beginning of the Trump second term, when all of a sudden there was this breaking news report that the Pentagon was preparing to, for some reason, read Elon Musk into the secret war plan against China. And I think Trump actually himself freaked out and was like, what the fuck are we doing here? And put a stop to it. But Pete Hegseth was just preparing to do this for some reason, despite all this anxiety that was well known within the intelligence community, in government, from people like you who focus on this stuff, that China controls Elon Musk's future in a lot of ways because of their ability to mess with his manufacturing. Yeah. And this is already after the reporting that we saw, Musk having these back channel conversations with Putin as well, right? Putin doesn't have as much economic leverage over, over Musk, but Musk was granting Russians access to Starlink for years. It was only in the last few months that he finally cut that off, right? It's not like these relationships that Musk had with foreign dictators, including American adversaries weren't, weren't known. And no, I mean, I don't want to ever give Trump any more credit than I ever have to, but yes, even Trump looked at this and said, absolutely not. Why would we give a businessman with these kinds of ties to China access to these secrets? So as far as we know, he didn't gain access to this, but he still did. Of course, the book goes into more detail about this, still did plenty that aided Beijing, not least through Doge and cutting off all of these pro-democracy work that the United States was supporting in and around China as well. Bonkers. The Wall Street Journal recently ran a report on Trump's fundraising operation. And really it's just like old school bribery. It's kind of like a mob shakedown. I want to read you a couple of details. So SoftBank donated $50 million to the Trump presidential library. Apple gave $25 million to the ballroom. Microsoft gave $10 million to the ballroom. Amazon gave $5 million to the ballroom. Meta gave $10 million to a Trump-aligned PAC, a multi-million dollar ballroom donation. And then there was a $22 million payment to the Trump presidential library. Which of those tech oligarchs have most thoroughly bent the knee in your opinion? I mean, tell me, how, how, how can I choose? How can I select just one? And look, I, you know, let me hop off my little moral horse for a second and say, if I was in their shoes and looking at the incentive structure, the way that this administration has set things up, it's so clear, it's clear as day that it is an open air bribery racket. It's an open air auction for American policy. And if you're not willing to pay, that's fine. That's okay. Maybe there'll be an investigation. Maybe they'll be in prosecution. You know, who's to say what the future holds. You can make that choice. But if you, you should know doing that, that your competitor down the street is going to make a different choice. They're going to be the ones funding 10 millions of dollars or $10 million for the, for the library or for the inauguration or whatever it might be. So yes, you can choose to not play the game, but you are only in the long run losing out because of the way that Trump, and of course the kind of legal architecture of American campaign finance in this country is, is set up, right? The phrase that keeps coming to mind is legalized bribery. Because again, the question is, are any of these companies actually committing any crimes? And if so, of course, who's going to be enforcing it and who's going to be prosecuting it? No one in this the beauty and the curse of the Trump administration and Donald Trump himself is that he just makes all of this inescapable, right? He puts it all, like you've talked about this, he puts it all front and center and forces you to look at it and stare at it day in and day out. And look, the opportunity is there for Democrats to also put this front and center, all this anti-corruption, of course, anti-oligarchy as well for the midterms and ideally for the presidency in 2028. The opportunity is there. They just have to take it. He literally has a model of the Qatari jet bribe sitting on the coffee table next to the couch in the Oval Office. You're right, like quite literally front and center, Casey. Let's talk about solutions. You write in the book about some good things the Biden administration did to deal with oligarchy, to deal with corruption. Can you give us like kind of like the gist of what they did and then what has been rolled back by the Trump administration? So look, they did some great things. You know, I wanted to make sure to give them their plot. It's here. One of the things, again, rhetorically is they placed anti-corruption efforts and corruption itself clearly as a national security prerogative. They declared corruption was now just like, you know, communism during the Cold War. This is a key national security threat. We have to do something about it. So they unveiled this, you know, 3840 page strategy on combating corruption, which was fantastic, had a lot of very good stuff. And they also set up all these task forces at DOJ and elsewhere specifically to go after these foreign kleptocrats abroad that we know were trying to use their wealth to interfere in American politics. The IRS, because again, we haven't really talked about it in this conversation, but there is a domestic taxation component to this, right? Republicans have been trying to gut the IRS for years and years. And the Biden administration said, we're going to rectify that. We're going to reverse that. It's going to be a lot of funding going to the IRS and specifically this anti-oligarchy task force we're going to put there to investigate ultra high net worth individuals in the U.S. It was step forward after step forward after step forward. Look, I had a lot of issues with President Biden and things ended, but I wanted to also write in his closing address. He was the very first one to use the term oligarchy as a as a president. His closing message talked about the threat of these oligarchic forces in the U.S. It's no surprise to you or to any listeners that Trump came in and undid all of that. Those task forces have been demolished. The IRS funding has been demolished. All of the enforcement of actual laws on the books, anti-bribery, anti-corruption statutes, those are just not even being enforced anymore. They haven't been formally repealed, but Trump says we're just not going to enforce these. Who cares what a law says? If I say it's a bad law, then I'm not going to prosecute anyone. Well, Todd Blanchett is a straight shooter. He'll take care of it, I'm sure. Right, yes. Yes, our beloved future attorney general. Yes, I'm sure that that slush fund, as he says, is definitely dead in the water. I don't know if you saw Trump on Friday was like, I mean, I don't want it to be dead. He said, sir, go along with a lie until we get him confirmed. That's what we're going for. Just don't put it in writing. That's what we've learned from Blanchett. It's just verbal. It doesn't matter. I mean, look, Trump has been far and away the most corrupt. I'm not saying anything new. The most corrupt president we've ever seen in American history and the most corrupt administration we've ever seen. And he hasn't been shy about it, right? He is not hiding any of this. He is not putting any of this on the back burner. He is putting all of this front and center for the kind of the legislative stuff he's not enforcing. And of course, just opening him and his family and their pocketbooks up to now make, I don't know what the latest estimate was, $3 billion, $4 billion that he and his family have made over the last year and a half. I just. Continues climbing and finding new ways to monetize all of this. Mind-boggling sums. Okay. Last question for you. So let's say 2028 Hopeful is listening to this. They come to you and they say, help us. Help us write our policy platform and help us think about how to talk about it, not only in terms of what will be effective and really like root out the problem, but also what will be politically persuasive, right? Because we have to convince people that this stuff really matters. I mean, look, there's all kinds of technical things you can do. Of course, the final chapter, like any good book, has all these policy run-throughs. You know, you got to go back and reinstate everything the Biden administration had. You have to go back and reinstate and reinforce and fund all of the investigators and enforcement mechanisms that we have on the anti-bribery and anti-corruption landscape. We have a lot of great stuff that was still there that took decades to build out that Trump has tried to demolish, but is still there. And this is including things like the new shell company registry that the U.S. finally began implementing in the last year or two. One of the things, though, that you have to do is you can't just go back and hope to have the same tools, prevent another future Trump administration or Vant administration, whatever it might be. You have to expand. You have to think creatively. And that includes things like creating a brand new bureau or a brand new agency specifically dedicated toward coordinating anti-corruption efforts. And even beyond that, and again, it's not just DOJ, it's not just Treasury, it's not just IRS or SEC. You also have to link it to campaign finance reform because you can't tackle corruption in this country without campaign finance reform. And that's things like Citizens United. That's things like beefing up the FEC. And again, making sure to have this kind of overarching coordinating body to make sure that everyone's on the same page and they're all moving in the same direction. Because at the end of the day, some of these things have been very scattered in the past. The right hand doesn't know what the left hand is doing. The opportunity, again, is there. And you have to have high-level investigations. And if the evidence points in that direction, you got to have high-level prosecutions. And I would say starting with the children, right? Kushner and Trump Jr. and Erica, You know, they haven't been shy about some of these things. And I don't. think, maybe I'm wrong. I just, I don't think there are a lot of Americans who are supportive of the kids, uh, making all of these billions of dollars off of the backs of their, of their parents, which gets to the messaging. The thing that I have had other conversations with others about, and that I've found at least on my end, most persuasive is that when we're talking about corruption, it's not just these technical elements of what is a, what is a bribe, who is an actor, blah, blah, blah. It's about fairness. It is simply unfair that the Trump family, that the Kushners, that the Bezos and Zuckerbergs and Musks of the world, as well as all of these other oligarchic and deep pocketed figures have access to all of this wealth and all of this power simply because of all of their wealth. It is not fair to you or me or anyone else who has to work for a living that this small number of individuals, and especially that second generation, that kind of aristocracy in the making is able to use all of their money to gain all of that power, to overtake this democracy, this democratic, experiment that we're now 250 years in, that is trying to recreate the kind of aristocracy that we thought we threw off 250 years ago, right? It's about fairness and making sure the American people have a fair deal. That is what anti-corruption efforts are about. Really, really well said. Again, the book is United States of Oligarchy, How America's Wealthiest Ally with Dictators and Weaken the U.S. Casey Michelle, everyone buy the book because what would piss Donald Trump off more than this book being on the bestseller list, right? Feels like that would really send us. That's right. That's right. Great. Buy the book. Thank you for your work on this. It's so, so, so important. And I know there's a lot of very rich people trying to stop you from being successful. So thank you, Casey. Thanks so much, Tommy. Thanks again to Casey Michelle for joining the show. And thanks to everyone who's not farting in crowded theaters. We salute you. Pod Save the World is a Crooked Media production. Our show is produced by Alona Minkowski, Michael Goldsmith, and Anisha Banerjee. Our team includes Matt DeGroat, Ben Hethcote, Jordan Cantor, and Michael Goldsmith. Kenny Moffitt, David Tolles, and Ryan Young. Our staff is proudly unionized with the Writers Guild of America East. CrookedCon is right after the midterms, and it is going to be the first time we come together to hash it out in person and kick off the 2028. We just posted a ton more info about what to expect from the big event from November 5th to 7th. Because to us, owning a home in your 30s, working in tech without the traffic, and not being able to get a job, we're not going to get a job. So we're not going to work twice as hard. And still being able to make it to your kid's soccer game? Sounds pretty good. Your move? Hey, it's Ryan Seacrest for Albertsons and Tom Thumb. It's time to stock up and save now through October 27th. Get $10 off when you spend $25 or more on participating items. Just look for participating item tags to earn on eligible items from brands like Bubbler, Ghost Energy, Lindor, Halo Top, Vital Farms, Kellogg's, Campbell's, and Heinz. Clip once and save through October 27th every time you shop. Grab these hot deals before they're gone. Restrictions apply. See website for full terms and conditions.