UAE Quits OPEC + Trump & King Charles | PBD #787

**Patrick Bet-David** (0:11)
The future looks bright.

**SPEAKER_2** (0:13)
My handshake is better than anything I ever saw.

**Donald Trump** (0:20)
I think I've ever said this before.

**Patrick Bet-David** (0:26)
It's your time, we don't want to be a grandpa this early. Anyways, good morning. We have some special people here with us. We have Brandon Aceto, we have Jeff Snider, and then we have, allegedly, he's called a grumpy economist. And that was the title of a sub stack that was given to him by his kids. So who knows him better, but we have the great John Cochrane here with us. Thank you for making the time for being here.

**John Cochrane** (0:46)
Thanks, pleasure.

**Patrick Bet-David** (0:48)
Also has four kids, you know, it's special about having four kids. Jeff, how many kids do you got?

**Jeff Snider** (0:51)
Three.

**Patrick Bet-David** (0:52)
Three? Okay, good. Three is good, because we got to be above 2.1.

**Jeff Snider** (0:54)
Yeah.

**Patrick Bet-David** (0:55)
Well, we got to be, right? As long as we're above 2.1, we're good. But we got a lot of stuff to talk about. I mean, yesterday there were shots being taken about the French language that we were supposed to speak French or, you know, because of America, Trump made some comments about King Charles. Then there was some moments where Trump brought the Revolutionary. I mean, you have to see some of the things that, there was so much lobbying and gamification and, you know, posturing going on. It was great for TV.
And then we saw a very, very special monumental emotional moment when we saw the House, Congress, Democrats getting up for a king. And it was such a great moment that no king's protest went out very quickly where they stood up for a king that quickly. They were so enamored by a king. Special moment. Then on top of that, you have this place, John, I don't know if you follow it or not, this place called UAE. They're kind of a big deal, okay? And they sell a lot of oil. They would like to sell more. Right now they sell about 3.5 to 5 million barrels a day. They don't want the limitations. They want to dictate their own prices. They decided to leave OPEC. And I think the day is going to be May 1st, if I'm not mistaken. So there's a lot of talks. They're not the first to leave. It's happened before. Qatar left in 2019 I think Ecuador left in 2022
Angola left in 2024 Indonesia, I think, left, came back, left. They're kind of left now on what they're going to be doing. There's 13 members or something.
And some people are saying, well, wait a minute. What does this have to do with NATO? Is this like the season to leave? Can somebody leave? You know, is that possible? Who knows? We'll talk about that. What is it going to do to oil prices? I know you have a lot of strong opinions on that as a senior fellow yourself and at the Hoover Institute at Stanford. And at the same time, you were former top professor, finance professor at University of Chicago Booth. And being in Stanford, the reason why that's important is because you're in an area where all these people want to tax these billionaires. I don't know what they're trying to tax these billionaires. And they got one and a half million signatures yesterday, Snider.

**Jeff Snider** (2:53)
It's not a tax. It's not a tax.

**Patrick Bet-David** (2:55)
That's what they're calling it. But they're saying it's tax. They're saying...

**Jeff Snider** (2:58)
Well, they can call it whatever they want. It's a tax. Look, what does Sergey Brin say? It's socialism.

**Patrick Bet-David** (3:02)
But why wouldn't you want to help these poor people out? Don't you think these politicians can make better decisions than free markets?

**SPEAKER_6** (3:09)
No.

**Patrick Bet-David** (3:09)
Do you not trust politicians more than free markets?

**Jeff Snider** (3:12)
They're lying right now, right? The whole point of the tax is we can't afford health care unless we tax billionaires.

**SPEAKER_6** (3:17)
See?

**Patrick Bet-David** (3:18)
So John is supposed to be the grumpy economist, but today it's Snider. So Snider took it over today. Well, he got me all fired up. All right. This is good. We're already starting off on a good note.

**John Cochrane** (3:26)
They're working as intended. They're going to lose money and they're going to get rid of the evil billionaires and purify the city of California.

**Patrick Bet-David** (3:32)
How does that make—I want to hear from you because I want to know what people are saying there. I want to know what not billionaires are saying, what millionaires and average people are saying, where you're at. And then aside from that, Fed's meeting today, I think Powell's got a meeting at 2.30. You know, the whole FOMC, I think, is like 13 members, 11 members, whatever the number is, they're meeting today to make a decision. They met yesterday and today, so today's their second meeting, so I'm curious to know what you guys think is going to happen. Comey got indicted, I think, for the second time. This was for the Todd Blanche, the 86-47. Took about a year, but they went after him. Who knows what's going to happen? Some people are saying this could actually turn into something. You know, but we'll see. We'll see what's going to happen there. We'll talk about the billionaire attacks. Sam Altman, right? Elon Musk. The stuff Elon said yesterday. I don't know if you guys read this. He flat out said, this guy's a liar. And so, yeah, we have Brandon, you said early this morning with your buddy that you never see, but you guys live together, Humberto, that, what's it called? That you think Chad GPT is going to be gone in five years. So done in five years. That's a massive statement to say, but I'm curious how you're going to defend your position. And so Sam Altman's been having a rough week, although there was a lawsuit that didn't go through with his sister, which kind of maybe that's good news for him a little bit. Then you have FCC, Brandon Carr to call on Disney Stations for early license review in wake of Kimmel saga. Good idea, bad idea? Are you almost empowering the next administration to come in? What are those guys going to be doing? I don't know if this is a good idea.