Luke

I think...

Exactly what Richard said, the contradictions.

I mean, I received texts from institutional clients around the country.

One of them said they should have called this speech stuck.

Another one said this could have been an email.

But I think why the markets ultimately freaked out and then carried through on that freak out is what he said about the Strait of Hormuz and the contradiction therein, which is,

He said something along the lines that it'll open up on its own eventually, naturally, maybe our allies will help us.

And the contradiction within that is... Well, not really our allies will help us.

Yeah, I think that's right.

And...

There's a huge contradiction therein.

We're the greatest military in the world.

We are the reserve currency issuer.

Our job is to use our deep blue water navy to maintain freedom of navigation for the world.

That is why the world, there's a big reason why the world uses the dollar as the reserve currency.

And so if we say, hey, this isn't our problem, number one, that starts to raise serious questions about why am I paying the Americans for weapons?

Why am I paying the Americans to hold dollars?

And then also,

on a more fundamental level, if we're winning, why can't we open the Strait of Hormuz?

If their Navy has been devastated, if their Air Force is devastated, if their offensive capabilities have been devastated, why can no ships sail through there?