 This stream, this video that we're doing, and it's just to let you know for those of you coming on live I'm also recording this on a camcorder with a little lapel mic I don't have the lapel mic on me right now because this is sort of sort of an experiment that we're doing, sort of by request that people mentioned that they would love to have Sort of a book club going here So I thought it was a fantastic idea as you know, I've recommended a lot of books in the past Comics books us book aside. We've done some readings. I've recommended some books and whatnot. So I thought we'd start our little book club going and What we're going to do we're just gonna discuss the introduction to skin in the game by Nicholas Taleb, okay, and With the introduction, it's not just a couple of pages This book has the longest introduction. I've ever read of any book, right? It's about a 50 page introduction for you know 200 250 page book Hello, fast car. How are you doing? Welcome to the stream So basically, that's what we're gonna do today. I've It's a fantastic book really and We're gonna sort of take this apart what I've read so far some of the places Some of the things that I read I really went down a little bit Went down a rabbit hole a little bit because some of the stuff was new to me I didn't know he gets he gets into philosophy and history and Greek mythology and Mathematics and stuff so we jump around a lot. Hello, blueberry. How are you doing? Doing well, man. I've been looking forward to this really been looking forward to this. Um, I From we'll get into it. We'll give everyone about 10 minutes to sort of drop in but Just just a dedication page of this book got me excited But we'll get into it. Okay, so this is what we're going to do today game. We're going to talk about skin in the game by Nicholas Talib. Okay Nassim Nicholas Talib. Okay, and all I've done so far is just gone through the introduction first 50 pages or so But regarding books one of the first things that happened to me back in 2008 2009 When I started uploading math videos was people started asking me about book recommendations. Okay And two of the first videos I put out after I finish the first series for language and mathematics I put out a couple of videos for the second series of Book recommendations that I had might have been towards the end of the first series. Okay So I've been talking about books a fair bit and as you know, you know, I've shown you showing you some of the books in my library I've talked about some of the books we've read We did a how-to study video where we brought out a math book, physics books, Richard Feynman's book. We brought out Linear algebra book and we brought out Chris Hedges days of Chris Hedges and Joe Sacco's days of destruction Days of revolt and I put out of an hour and a half video or hour 15 minute video just showing you guys Sort of a how-to video on how to read a textbook, right? And this book Nassim's book skin in the game is more along the lines of Chris Hedges book days of destruction days of the world. I've been marking this baby up, right? Like Like seriously, right? I'm making a lot of notes. I'm pausing. I'm underlining. I'm highlighting. I'm starring and What I'm ending up doing is because some of the terminology here some of the words some of the historical people that he's referencing I'm not familiar with so some of them what I am some of not some of the math terms. I'm not somebody uses Latin a lot some terminology Latin and I look those up and go down the rabbit hole, right? So this book is along the for reading wise that the way I'm approaching it is along the same lines as Chris Hedges and Joe Sacco's days of destruction days of revolt the book reading that we did on how to study Just to let you know how I'm approaching this thing, right? And just last month, I guess a couple of streams ago or a few streams ago Last couple of months. Someone mentioned that it'd be great if we start up a book club Book reading club work with share information on what I'm reading and give you my reviews and stuff Well, you know, I'm jumping around the fair bit. I'm reading graphic novels. Obviously comic books I'm reading stuff that's related to politics economics geopolitics business finance And all that jazz because I believe we're in a serious transition period and There's a lot of disruptive innovation coming. So I want to be informed on that, right? And I'm also reading a lot of not a lot as much as I can Distributing it out between all these genres, right? Science fiction and fantasy as well, right? As you know, I mentioned that was I just finished Actually, I meant I gave you guys a review of Rift Wars saga by Feist right and we did a reading of the Rift Wars saga a couple of videos ago on YouTube that we loaded up of Their time travel how they time travel and stuff like this and Another thing I'm gonna do with feis work The work or saga I've already started it up But we're gonna do a little ASMR math video related to their time travel and you know, try to take that and overlay it on Sort of an exponential function, right just Not really analyze it too deeply but just talk about how exponential functions relate to that little passage that we ended up reading Okay So before we get into this because this is officially Gonna be our book club first book club reading discussion, right? What I've ended up doing I've created a playlist Let me provide the link to The playlist, okay, that's a playlist on YouTube. I haven't started creating playlist on bitch shoot yet Okay, so that's a playlist on YouTube and I believe that contains right now all the videos We've done regarding books, okay May they be book recommendations me showing you guys putting up this bookshelf and Loading it up with my math books and whatnot showing you guys my math book collection the how to read a textbook video and Other things a couple of other readings. We've done. We've done readings of Krishnamurti's education and significance of life We've done reading of Raymond feis riff or saga, right? And we did a reading of or is a racket by General Smetley Butler, right? So this video is going to be long in that playlist as well Aside from that that should be plenty of time for anyone that wants to be here for Nassim's book skin in the game This is what we're going to talk about a little bit right now. I want to read you some of the stuff that I've Highlighted, okay as for Let me give you the link to Nassim's Website Okay, if you're curious to find out Who this is and I'm gonna read you the description of this Nassim's website, okay, so Nassim Nicholas Talib's homepage, right about the author So I'm quote, okay about Author of it in Inserto, okay, and inserto is I believe it's a Latin or it might be Greek I believe it might be Greek and it's basically uncertainty, right? So inserto means uncertainty and this is sort of a series of books that he's creating Regarding uncertainty, but I'm just going to read and I'll explain things to you and it's It encompasses many things, right? So quote, sorry if I keep on interrupting my quotes, but quote about Author of inserto, a philosophical and practical essay on uncertainty Skin in the game Anti-fragile, the black swan, fooled by randomness and the bed of Procrustus, okay, and I have to look that up what that was, right, but we won't get into that Back to the quote So far, five volume and what Nassim has done right now He's quoting someone else that has written a review of the book from Amazon, okay, so Nassim's tendency is he doesn't like book reviewers. I don't blame him I don't like movie reviewers to a certain degree. I read reviews of Unknown people, people who've seen the movies. I don't pay any attention to Anyone that's writing a movie review or a book review really in newspapers because they're usually paid off or not usually paid off I don't want to trash talk anyone that's for the legit But I go to websites where they do movie rankings and I read reviews of you know, I'm DB people's Personal reviews of the books or movies or books, okay? So he's quoting someone else right now a five-volume investigation of Opacity, luck, uncertainty, probability, human error, risk and decision-making When we don't understand the world expressed in the form of a personal essay with autobiographical sections, stories, parables and philosophical, historical and scientific discussions in No Non-overlapping volumes that can be assessed in any order, okay? and this book right here is the fifth book in this Philosophical discussion of uncertainty which encompasses many other things, right? And I haven't read the previous Four volumes, okay the previous four books. I haven't read excerpts from them I have watched lectures of At least two of the books, okay, and I've watched other interviews and lectures and I've read some other stuff by Nassim Nicholas Taleb, okay? So that's his website you can find additional information about him, okay, and here's a little Penguin Random House if you want it's basically You know a little summary of each book I haven't read, read them I read, I think one of them just to see what the summary was So that's where we are that's where I'm coming from in regards to this book, okay, and For me, I'm not sure if any of you guys have read this book Okay, I Believe you read in a previous video. I read the description, you know Nassim is and whatnot but basically what Got like the first thing that got me excited about this book was The dedication that Nassim has done for the book, right? And this is the dedication and this is the notes that I took It's not sort of copied down Because I didn't want to track down the Twitter info that Nassim had given regarding this dedication, right? But basically the dedication is this He's dedicated the book to two men of courage The first one is Ron Paul and he calls him a Roman among Greeks Okay, and I had to look that up and I'm gonna explain to you what Roman among Greeks is, okay? and the other person that is dedicated this to is Ralph Nader and He referenced he he calls him a Greco Phoenician saint right and I I Don't know what Gekko round and I don't know what Gekko Phoenician is I tried looking it up and I couldn't make heads or tails out of it So I'm gonna look this up more later Okay, but for those of you who don't know who Ralph Nader is Ralph Nader is One of the most important People You know, I don't want to build it up too much, but he is One of the most important people on this planet that has Taken Some action that has benefited humanity more than Top of my head has been trying to think about this for a lot for for all of today trying to think about if there's anyone else that has benefited has Got some things Rolling right Decided to do certain things that has benefited humanity more and I haven't been able to think of anyone if you can Please let me know if you don't know who Ralph Nader is Ralph Nader basically is a person that really Instigated consumer protection right took corporations governments to court help bring about legislation that has prevented I Don't know how many millions tens of millions of deaths injuries and has held You know has changed the law to hold corporations accountable for their crimes or for their transgressions and This was basically brought up on the United States and the model has been has Rolled out in many other countries as well, right? I don't know if Ralph Nader was following the footsteps of someone else I'm pretty sure he was but I don't know that person and in regards to Ralph Nader and again One thing I'll mention. I agree with much of a lot of what Nassim Tell up that I've read from him so far and I've watched his lectures and stuff like this But I don't agree with everything he says right and just on that note Regarding Ralph Nader. I know Nassim looks very Fully of Nader, right? I've seen it in his lectures and stuff like this, but I found a little foot in footnote Right because some of the things that Nassim was saying are Contradict some of the things Nader stands for however Nader is authentic genuine so is Nassim So I'm pretty sure they have full respect for each other as I was gladly Gladly found out that He dedicated the book to him as well along with Ron Paul Just fast car impressive for a man who got only 2% in the 2000 presidential elections. Hello, buddy. Hello tragedy. How are you doing? Yeah, and that's the kicker right If people knew in the united states Who Ralph Nader was and what he has done for The citizens of the united states forget about what he's done Globally for citizens of the united states They would grab every president for last Three decades and throw them in the trash right relative to what he has You know done for citizens of the united states Okay, your voice is so nice New family so much. Awesome. I'm glad to have you joker seven joker Okay Here's what Nassim has to say regarding Ralph Nader. Okay, and I'm going to read Just a paragraph up here and then I'm going to read the footnote, right? And He's referring to common law and he was getting into common law and stuff like this and just to let you know the first 50 pages of this 47 pages of this are basically introduction to this book skin in the game And they basically sort of recap some of the information main information from the previous four books Okay, but here's what he has to say Oh, cool. Adolf. I'm pretty sure Grecoflation means from both Greece and Phoenicia Phoenicia, Phoenicia. I need to look up Greco. Is that what it means? So Greco, Phoenicia What did he say? Saint right and saint You can get more regarding saint And I'll actually I'll show you a table after we read this little paragraph. Thank you very much, Adolf I gotta look up what I'm gonna look this up While we're at it That way I'm filling up my own gaps at the same time Phoenicia was a fellow Crassus ancient Semitic civilization that originated in eastern Mediterranean. Oh, that's because Ralph Nader I believe he's Lebanese Nader. Let me see what Ralph Nader. Let's see what his origin is. Thank you very much for that, Adolf. I think this is Born Connecticut. Is he or Nassim is Lebanese? No, so is here we go. Here's Ralph Nader Just I don't I use wiki but I use wiki for the most general basic stuff I don't use wikipedia for too much politics economics History of Or crimes of leaders of powerful governments and stuff like this because Wikipedia is filtered censored propaganda if you're going non technical Non-mathmatic space, right? So math wikipedia is good Basic general info of the origin of certain people and stuff is good Some stuff for comic books is good. Some stuff is horrendous. There's contradictions and stuff like this Just letting you know, right? So take everything from wikipedia with a grain of salt But here's Ralph Nader early life and education Ralph Nader was born in Winstead, Connecticut To Nathra and Rosa Nader both of whom were immigrants from Lebanon. Okay, so that could be the Greco Phoenician so the Semitic race from that area today was Carl's Day. Today was Carl Sagan's birthday I didn't know that man. Awesome. Happy birthday Carl Sagan. What a greatest human beings that ever lived Thanks Miles. Devatras you made. I'm here for the insane banter. Awesome. You're gonna get some crazy banter brother Not just from me, but from That's a serious crazy banter. You're awesome banter. What are your opinions that Animate thighs. Animate thighs. The question of everyone's mind Oh animation. We'll have to talk later brother. Bring it up during a comic book stream. I will talk about animation. Okay So let me read you this. Okay Uh If a big core, I want to read the the two paragraphs leading up to my odd nader's footnote, right? If a big corporation polluters If a big corporation pollutes your neighborhood, you can get together with your neighbor and sue the hell out of it Some greedy lawyer will have the proper paperwork ready The enemies of the corporations will be glad to help And the potential costs of settlement would be enough of a deterrent for the corporation to behave, right? And this is sort of common law. I believe it's tort law or whatever it is. The common law were punitive damages and stuff like this, right? This doesn't mean one should never regulate at all. Okay some somatic Uh systemic Effects may require a regulation say hidden tail risks of environmental ruin that show up too late If you can't effectively sue Regulate right and nasi is Not pro-regulation at all, right? Ralph nader prefers more regulation than nasi and at the end of that sentence, right? If you can't effectively sue Regulate and he's got a little asterisk on there is taking us to a footnote, right? So I'm going to read the footnote to you The Ralph nader to whom I dedicate this book is the Ralph nader who helped establish The legal mechanism to protect consumers and citizens from Predator predators less so the Ralph nader who occasionally makes some Calls to regulate Right, so it's fantastic Seeing two people who disagree on one issue Complementing each other and dedicating each other A tremendous amount of time and energy put in there, right? So that's the dedication to Ralph nader. Oh, yeah And when he refers to him, so now thanks to Adolf's Mentioning what it means Greco Greco Greco finici and saint. Okay, so grec Greco meaning Greek finician meaning people of that region. So Ralph nader's from Lebanon Lebanese Greek Lebanese background sort of a Greek thought as well Expand on that and the same part Will connect up to this which is on page by the way If you have this book that the footnote I was reading was on page 32, right? And now I'm going to go to the appendix on page 47 and that's It's a table that he has. Okay, this table that he has here and Basically a cemeteries in life and things and he's got three columns here a cemeteries in society Where we left off in antifragile and antifragile was a previous book that he wrote, right? So basically he's broken this up into Two Three columns, right? This column here the leftmost column is people that don't have skin in the game So he titles it no skin in the game The center column is skin in the game and that rightmost column is skin in the game Of others or soul in the game, right? So this book is mainly about skin in the game, but he also talks about soul in the game when you put everything on the line Right and his definition of this is this no skin in the game. I'm going to give you some examples, right? Uh, no skin in the game Keeps upside transfers downside to others owns a hidden option at someone else's expense So just to let you know who are some of the people he lists as having no skin in the game That means they're not accountable to anything They risk everything without paying the consequences and we'll get into that a little bit, okay? But since we're talking about Ralph Nader, I want to show you where Ralph Nader belongs on his scale System that he's established right now where he calls him a saint, right? So people corporations or entities with no skin in the game Uh, bureaucrats policy policy wonks, right? consultants, uh Sufiets large corporations with access to the state Corporate executives with suits Scientists who play the system Theologians and centralized governments Journalists who analyze and predict Politicians bankers. So and these are some examples of people who don't have skin in the game, right? Here are people who have skin in the game Citizens, merchants, businessmen, artists, entrepreneurs laboratory and field experimenters Government of city-states. So when you go federal government centralized government huge No skin in the game local communities You know, if you want to call them garments, but they're more on a local level There are more sort of people getting together deciding to govern themselves, right? So localized governments Writers speculators have skin in the game, right? Activists hedge fund traders, he says they have skin in the game And skin in the game of others or souls in the game, okay? And the first thing he mentions is saints Knights warriors soldiers, right? And these are people who have Soul in the game. They have the skin of other people in the game, right? Or skin in the game for others of others, right? So that's where he fits Ralph Nader And you know, he has a few people he's listed here, you know profits Mavericks Minis municipal governments Real writers real journalists, right? Who take risks to expose themselves to get to the truth and whatnot Okay entrepreneurs dissidents revolutionaries Okay Highest even only war and death So and one thing he mentions here, right? Regarding people with no skin in the game and regarding people with skin in the game, right? people with Skin in the game he left blank because that really depends on What it is they consider to be skin in the game People with no skin in the game. This is what he's written in the last Rule, right? As their reward Seeks seeks awards prizes honors Ceremonies medals tea with the queen of England Membership in academia handshake with Obama, right? These are people who have no skin in the game The people who have skin in the game of others or sold in the game One of them being Ralph Nader that mentions as being a saint Okay, the highest reward, right? The highest Even only award is death for one's ideas or positions Socrates Jesus St. Catherine Hypatia Joan of Arc and He called Ralph Nader saint and Ralph Nader would belong in that cause, okay? I know we haven't even gone past the dedication page Got to love it, got to love it, okay? As far as Ron Paul goes What he called Ron Paul was a Roman among Greeks, right? And Didn't understand what he was referring to. I thought about it I know a little, you know, a little bit of my Roman history, a little bit of my Greek history And all that jazz and I couldn't figure out what in the world this meant, right? So I did a little looking up and I found Twitter Post tweets, Nassim had done, okay? So I'm just going to read Nassim's tweets, a couple of tweets that he did, right? The real difference in politics isn't the right versus left Graduation, but rather Greek versus Roman, right? And this is what he says Greek is what Greek means Greek equals puts theory above practice Roman equals puts practice above Theory, right? So Greek puts theory above practice Roman puts practice Above theory. So when he goes along and calls Roman among Greeks He's saying that Ron Paul is putting practice above theory where a lot of these bureaucrats and politicians Uh, lobbyists and all these, well lobbyists like pretty sure they know what the game is about, right? But these politicians and these people in centralized power, they're Greeks, they're academics, they're theories, right? Ron Paul is saying What's working in practice, right? And he continues on, he mentions a couple more things The Romans judged their political system by asking not whether it made sense, but whether it worked, right? And this one he's Declare minded Tom Holland, he was coding Tom Holland, right? And I looked up with Tom Holland Which is why I am and then he continues Nassim, which is why I am calling Ron Paul or Roman among Greeks upon on the dedication of the black swan to Be no Mandelbot, right? So he did, I guess I don't have black swan But I guess he did a dedication to Mandelbot, the person who came up with fractals and mathematics, right? Fantastic, right? Which is a pun on The dedication he made in black swan for Mandelbot calling, I'm assuming he called Mandelbot a Greek among Romans Which is super cool, which is super cool Okay So that's the dedication page. That's where Nassim is coming from Okay, greetings Dr. P. How are you doing? I have the chat open here. So if there's any additional information you guys have or if you've read this, you've got any additional commentary Please let me know I'll definitely like for example Adolf just explained to us what the dedication of Nader really meant which is where he came from and we connected up with what he wrote in the footnotes And the table that he created regarding saints, right? What's what is definition of saints? Now as for this book Now if you've seen the video I put out with Let me find it again where I put out Where I put out an hour now It's hour and 20 minutes of how to read a textbook, right? And I shortened that up into a 20 minute video as well because I wanted to load that up into The language of mathematics series as well, right? On 420 math and math and real-life website, but I'm going to give you the link here to The video the long cut. Okay Now if you recall In this video if you've seen this video Okay, I mentioned that for me the two of the most important parts of the book Hands down the two most important parts of any book you pick up Is the table of contents and the index Okay, and I'm very happy to say you're very happy to say that The table of contents for this book Is The other top you actually Is nice and long He's breaking it down sub categories subfolders basically right So he's got How many pages one two three four five six Seven pages of table of contents and the first 40 pages is basically what we end up reading Is the introduction which is broken down into three books, right book one, which is Untwist Wacked right Apologies about the pronunciations part two is it's basically the introduction is a prologue, right? So part one of the prologue is Untwist Wacked part two of the prologue is a brief tour of cemetery Okay, and part three of the prologue is the ribs of Insertor which is his whole philosophical discussion on uncertainty right and that Takes us to page 47 and the index for this thing. I really haven't used the index yet, but it's a nice index Right, that's a great index. Take a look at this He's referencing a lot of stuff. He's got direct Directly going to where he's discussing Some of the issues some of the key points, so I'm pretty sure after I finish reading this book Like look at this thing so much so much index. I love a good index. You gotta love a good index So glad I catch this stream again, especially in a enlightened mindset. Oh nice Yeah, it's uh This thing if you're in an enlightened mindset Uh You might get lost in a page and then go down rabbit holes, right and just to let you know if we don't We'll take a look at some of the stuff some of the things I've highlighted But this thing jumps around a fair bit and presents a lot of ideas and each one is You know, it's fantastic, right So I'm just gonna read you some Either sentences paragraphs or quotes and stuff like this and if you want to if you feel like discussing this further We can discuss it further or if I if you think I have the wrong take on it Please let me know, right as Nassim has mentioned here Let me see if I can find it Let me find this okay because this is related to What The reading reading reading I swear I highlighted it so I could read it to you guys Real estate But basically in this book he also mentions that You if you're looking to seek information if you're looking to love Not as often reading a thing. I love a good index too. I love a good index too For sure for sure What are the things he mentions in this book where I was trying to find you read it, right? Read it to you, but I'll paraphrase he mentions that If you're in the process of educating yourself, right You Learn more if you reread a good book Right then reading two books Right because in the second read you're going to pick up a lot more from that book And this is one of those books now for me. I'm a slow reader. That's why I've read Some books over again. I may be a couple of books over again But it's rare for me to read a book over again because it takes me so much time That's why I tend to mark up and write up write in books a lot, okay So that said, let me read you just the second paragraph on page Three is the first page of the Prologue book one the introduction, right? And what is what is he calling this? The less obvious aspects of skin in the game, right? Okay Skin in the game and he's this is what nassim is saying what the book is about, right? Skin in the game is both four topics in one a Uncertainty and the reliability of knowledge Okay, both practical and scientific assuming there is a difference Or in less polite words Bullshit detection Okay, and he doesn't like writing out Shit, he stars it so bull asterisks asterisks asterisks t with bullshit detection And Oh, where are we be Cemetery in human affairs that is fairness justice responsibility and Reciprocity, okay see information sharing in transactions Okay, and the Rationality in complex systems and in the real world That these four cannot be Decentangled is something that is obvious when one has skin in the game. Okay, and For skin in the game. He has a little As you know Apostrophe the star and he takes those to the footnote So I'm going to read your footnotes because this is very much related to ethics as well. Okay So for skin in the game, you had a little note reference into the footnote quote To figure out why ethics Moral obligations and skills cannot be easily separable in real life Consider the following when you tell someone in the position of responsibility Say your bookkeeper. I trust you Do you mean that one? You trust his ethics. He will not divert money to Panama to You trust his accounting A precision or three both The entire point of the book is that in the real world It is hard to disentangle ethics On one hand from knowledge and competence on the other Okay, which really relates back to some of the discussion that we've had on ethics, but this is really Taking a discussion in a From a different avenue a different perspective, which is fantastic, right? And he ethics comes up a fair bit even in the introduction of this, right? So I'm going to reference this for ethics. I might be rereading some of the stuff regarding ethics. I've been highlighting the Ethics and whenever sometimes what I do is flip through a book and when I'm searching for a word I look up I scan for that word and I read what I've highlighted regarding that topic All right, so skin in the game is basically cemetery for Nassim and The last the less so I'm just going to read some sentences some paragraphs. Okay The less obvious aspects of skin in the game as the title Subtitle right quote A more correct Though more awkward title of the book would have been the less obvious And italics or quotation marks, right the less obvious aspects of skin in the game Those hidden asymmetries and their consequences Okay So it's basically I like to This title better simpler But to this author skin in the game and this is page Six right now top paragraph sentence really but to this author to himself Quote skin in the game is mostly about justice honor and sacrifice things that are Things that are existential for humans Okay And for me I for myself. I just put risk sharing as a definition of that right so Quote but to this author skin in the game is mostly about justice honor and sacrifice Things that are that are existential for humans But for me that means risk sharing And this I liked I didn't know this was Let me read you this and we're in part one right now Untwist whacked prologue. Okay page seven uh The abrasion of your skin guide Your skin guide your learning and discovery, right? So when you cut yourself you hurt yourself physically physically you're growing up you Learn you grow touch fire you get burnt. You don't touch fire again, right? A mechanism of organic signaling The abrasion so I'll quote again instead of interrupting his sentences, right? So quote The abrasion of your skin guide your learning and discovery A mechanism of organic signaling What the greek called? Pathimata matimata and quote What that word what that phrase means in english is God you're learning through pain if you want to For me if I think about that is You learn more from your mistakes than you do from things you've done right in your life Especially if you're doing business if you make a mistake in business That you're doing One silly mistake might destroy the company Might destroy your project you could do many right things And the project might not Grow exponentially or grow at the pace you want it to grow, right? And then one Couple of good things you do right starts growing you see the fruits of your labor, right? But if you do one wrong thing you might kill it in one shot, right? God you're learning through pain in greek Pathimata matimata I like it because good math Let me read you something that is written about And this is you know that was page Seven eight. This is page nine and now he's gone into war and interventionist, right? Intervening in other countries business and he's When he talks about libya here a fair bit and for anyone that's been following politics geopolitics and stuff like this History would look upon the day that the western powers Destroyed libya as one of the greatest catastrophes in human History in our civilization That's my take, right? Unbelievable and It'll look upon us the citizens of the west that allowed our governments to do this as someone more selfish ignorant caring on Unempathetic people in history really, right? And nasim understands this he doesn't go too deep into it But he doesn't just bring up that I believe he either brought it up here or he brought it up during lectures that I've seen where You know, he mentions that there's open slave markets in libya right now as compared to what libya was before the western governments Bombed it which was libya was the country with the highest standard of living in africa country with the highest standard living in africa in five years six years destroyed by western powers to have open slave markets Wow, right and this is what nasim has to say regarding this mindset Right and I'm going to read You know just a couple paragraphs maybe three paragraphs two and a half paragraphs from page nine Okay, and he's just gone into talking about interventionalists those people who went Who told us they went to libya to? Get rid of a dictator or whatever it is any thoughts or tips on staying calm and confined in an audition or interview type situation Own your audition I guess I've never done interviews I've done for sure job interviews and stuff like this Go go in there with confidence do your homework. You have to do your homework. Hopefully it's not your first interview and if it is Just be calm realize that wherever You're interviewing for whoever you're auditioning for Is looking for the best person for what they have in mind. So really pay attention to what they're asking you Right really pay attention to what they want. Don't automatically try to interpret what they want really rapidly into What you think That means right because the odds are they've thought about that for a long time and they've already covered some of the angles that you might Instinctly start thinking about right so just listen to what they're asking you look at their body posture Try to figure out if that's a really important question that they're asking you it's not like You know, do you like to drink coffee or tea or stuff like this? That might be important to them but more of the intricate question and Before you speak Pause chew your words and then reply Okay Maybe maybe let me read you two and a half paragraphs And don't give up on logic intellect and education because tight but higher order logical reasoning would show that Unless one finds some way to reject all empirical evidence advocating regime changes implies also advocating slavery or Advocating slavery or some similar degradation of the country Since these have been typical outcomes So the intervention into intervention list tasks Not only lack practical sense and never learn from history But they even fail at pure reasoning which they drown in elaborate semi semi abstract buzzword buzzword laden discourse There are three flaws One, they think statistics not dynamics Two, they think in low not high Not high dimensions Three, they think in terms of action never interaction Okay, we will see in more depth Throughout the book this This default Defect of mental reasoning by educated or rather semi educated fools I I can flesh out the three Defects for now, right and then he goes into detail talking about what the three defects of intervention lists are when they go and wage war on behalf of Whatever it is that they are doing right You're welcome to trap it. You're welcome to trap it. You've got something major highlighting here. So let me read you this right The principle of intervention Like that of healers is so do Is first do no harm prima non Nancri, I guess that's latin or greek Right Like the healer so the principle of intervention Like that of the that of healers is first do no harm Even more we will argue Those who don't take risks should never be involved in decisions in making decisions Right and one of the things uh, nasim has mentioned continuously mentions is politicians Right now have no skin in the game they go wage war without Paying the price for it, right? There are numerous leaders in the western world who have committed war crimes wars of aggression line blatant name line All of that has come out And what happened in 2008 with obama coming to power? He turned around and turned to the world and said war crimes have been committed But let's move on forget about the war crimes that were committed Okay, it's no it's no use going and Dealing with all these difficult choices that The people that came to the power before him or warrant the power or the heads the talking heads that were making Waging war, right? It's no use prosecuting them for war crimes, right? That's what one of the major things that do obama administration that so they uh They normalized war crimes Right crimes against humanity, which is one of the reasons we're seeing everything that's happening right now, right? Those who don't take risk and I highlighted this those who don't take risk have skin in the game should never Be involved in making decisions That's fantastic, which is one of the reasons nasim leaves in The draft when a nation goes to war The draft must be in play because everyone has equal chance of going to war. It's not just those who Have no out, right? They have no job prospects. They have no No prospects of going to the cost or too high or they haven't jumped through the right hoops to go into some kind of Higher education or whatnot or academic education. I don't want to say higher education because there's plenty of education to be had living life, right Just something else I've highlighted regarding sub-header Warlords are still around, right? The idea of skin in the game is woven into history Historically all warlords and war mongers were warriors themselves and with a few curious exceptions Societies were one run by risk take risk takers Not risk transfers and that's one phrase that he uses risk transfer, which is politicians now Corporations now they transfer risk on to others on to citizens on to us, right? They are not held accountable okay, and That sort of plays on with What it was mentioning regarding interventionists and stuff like this One thing he keeps on referring to is the Reuben trade and the Reuben trade is basically um, I think he was the head of Golden sacks or something like this and basically was just a scam, right? They knew they created a bubble in the early 2000s And they didn't let the cat out of the bag until they had their full positions buying them insurance, right? And then they let that Let the whole thing drop, right with bank runs and stuff like this and and then they Came out and said basically what the book black swan was about Two books before this I believe which came out in 2007 a year before everything went down the toilet regarding wall street, right? When basically veil Was lifted and one realized oh my god. They knew they were in a bubble. They pulled the scam They sold all this bad debt to people as triple a and then they bought insurance To make sure they made a lot of money when they pulled the rug out when everybody pensions, you know Tens of millions of people lost their pensions lost their jobs Tremendous turmoil, right? And you know and then they gave money to the same people that did this thing and then those people put You know played the accounting game and they formed corporations put them on wall street and they start buying All this land and assets and stuff like this and have created another bubble Same as the cycle that keeps on repeating So this is what he has to say regarding bureaucracy bureaucracy is a construction By which a person is conveniently separated from the consequences of his or her actions right and one thing he does with the book is he's got sort of italics sort of Embedded stuff here. That's sort of you could regard those as laws right his rules his Stuff that stands out some stuff, you know, it's basically something we talked about in the video Where we talked about how to read a textbook when things are highlighted by the author read them Right, even if you're a speed reading read them slow down Okay Decent Decentralization this is what his take is on decentralization Decentralization is based on the simple notion that it is easier for macro bullshit Then it is easier to macro bullshit than micro bullshit, right? So it's easier to bring up the big brush and Make general statements all the time, right? Which is what our politicians do is talking points Instead of focusing in and talking about the intricate right the micro, right? So I'll read that again Decentralization is based on the simple notion that it's easier to macro bullshit than micro bullshit Decentralization reduces large structural asymmetries. So you can for now read think about asymmetries as asymmetries as People that don't have any skin in the game, right? People who make decisions and don't pay the consequences when Things go crazy. Okay Hello next. How are you doing? Welcome to the stream and a recording session? Wow, we're an hour On page 13 of that same book, right? And I'm skipping some of the highlights stuff I've been reading bankers The master risk transfers. Oh, yeah, let me read you this. I highlighted this. I'm reading these things and if I like it I'm gonna read you this thing. Okay. What is your thoughts on string theory? I like string theory I like string theory Serving elegant universe. This book is Have I read any other books on string theory? I might have read another book on string theory I can't remember but this is my quintessential book on string theory This was I knew about string theory by the way back in the 1980s Uh, I knew someone that actually did some of the mathematics gonna wall with some of the mathematics Regarding string theory. So I got introduced. I've been reading little excerpts of string theory articles and stuff on string theory Since the 1980s, but this is the book that I've read that was Fantastic brian greens elegant universe. I'd recommend This thing came out in late 1990s, I believe I read it back in 2000 2001 or so I'm just gonna read another Index one of my biggest pet peeves with tally He uses post-modern definitions of risk to describe pre-modern cultural developments risk and insurance were Were uh technologies developed in the 17th century by spanish Mariners the idea of risk as we understand it today simply did not exist Uncertainly was a product of fortuna not a series of Potentialities potentialities Contingencies potentialities and contingencies so let me read that again The idea of risk as we understood it today simply did not exist Uncertainly was a product of fortuna not a series of potentialities and contingencies. So he's using so index is saying that Nasim is not really using risk in a proper definition of the origin of the word that it was used for Possibly I caught I've caught nasim seen a couple of things one of the lectures By the way, there was a lecture that was put out by nasim Just it just came out here. Let me find it. It came out yesterday. Just coincidence Let me find it Yeah, there it is So this lecture i'm just gonna It was just put out November 8. Yeah, so that's yesterday on google talks, right? and It's worth watching right and in previously I've watched interviews with nasim and Lectures with nasim and he mentions that he's more He's a writer. He's not a lecturer. So he's he jumps around. He's chaotic, right? He's if it wasn't sitting in a classroom right now in a present current education system in canada united states They call them they say he had severe add and they would give him a few pills to pop and say be quiet, right? Thankfully he Is not in a current education system right now, right? So he jumps around a lot. It's a nice talk. I like it I sort of have those tendencies as well. So I like it but just in in regards to what index says where nasim is not using the word risk In the true definition when he came out through the spaniards in the 17th century and stuff like this he's He's Bring out his brushstroke. He's making some of the mistakes. He's referring to us while obviously but in that lecture He talks he puts out a Sort of an image of a peacock, right and then he mentions In a silly kind of way. He mentions that the big peacock tail is useless, right? Now, if you know animal history and stuff like this, you know, it's not because it it's used as You know attracting females and it's also used as protection and defense because you make yourself bigger With animals you can make yourself bigger in nature if you ever if you ever get attacked by a bear A cougar or cougar tracking you you'll pay attention when you're in the woods A cougar just doesn't randomly attack you bears If they don't track humans, right the only reason a bear would attack you in canada anyone I know this because like the geophysicists work, right? The only reason that a bear will attack you is if you all of a sudden Surprised them right or if you get between their cubs And the mother right the bear bear will feel threatened and they will attack you. Okay Mountain lions cougars are different. They'll hunch. They'll hunt you. They'll track you cats. That's what they do So in the woods you make noise to let the bears know That someone's there and you also keep an eye out in the woods In the periphery just to make sure a cougar is not tracking you, right? So If you're familiar with animals, they have defense mechanisms stuff like this But in the lecture he mentions that the peacock tail is useless And then doing a q&a this person gets up during the go talk this person gets up because he asks them a question He challenges or he makes a statement more than anything With nasim and then he mentions to nasim. By the way, you mentioned that a peacock tail is useless as a Evolutionary biologist or something like this. He mentions I want to Make sure that people appreciate that a peacock tail is not useless, right? So he calls nasim Being too general just mentioning that a peacock tail is useless. So that's along the same lines of what index was saying Sorry about the long-winded Link there. Have you seen jpb 12 rules for life jpb? I don't know who jpb is I saw your names. That's not nice No, no, that's okay. It might not be his type of ASMR. That's okay QC warrior, okay, uh, he's allowed to say he doesn't like No, bro, this guy's chilling me out. Okay. Good. Good. We're working for some. We're working for some They actually call him a pop academic Actually a term I hate his ideas are Valuable, but most scholars argue he could be a little more Intellectually careful. Oh, yeah, he has a bone to pick with intellectuals as well with academics as well 100% So I can see why academics would Would not like nasim I'd say I could take a bear in a fight You don't want to take a bear in a fight. The best thing to do is Make sure you never Get in a fight with a bear not a good idea I would agree because he tends to ignore existing research to make his points. Yeah, he does make You know, I don't agree with everything nasim. He's a great writer. I like the ideas The seeds that he plants and the ideas that he throws you on, right? How is this asmr? It's just chill conversation about a book right an important book So let me read you this thing about bankers Okay, uh, but but not to worry If we do not decentralize and distribute Responsibility it will happen by itself the hard way Assistant that does not have a mechanism a mechanism of skin in the game with a build-up With a build-up of imbalances will eventually blow up and self-repair that way If it survives, right? For instance bank blow-ups came in in 2008 because of the accumulation of hidden and asymmetric risks in the system Bankers bankers masters of risk transfer Okay, that's his comment regarding the 2008 financial the scam Hello visa Super engaging writing style and interesting ideas. So yeah, love is writing stuff. I haven't read too many books written in this way And this is exactly the way I like like to read these types of books, right stuff that makes you pause and highlight and take notes and look things up right Systems learn by removing right? Let me read you this as well because this is uh This is uh related to something that I learned when it came to writing when I was writing When I got into writing I learned how to write right. I didn't learn how to write in High school or university. I learned how to write by blogging in the mid 2000s So it was early 30s where we're mid 30 early mid 30s. I guess when I started really Put the time in for myself to learn how to write and something that a friend of mine Told me that was she was editing my work, right? She told me that she said chicho You know, you're done editing your work when you don't have anything else to take out right, so When you're writing and that's the way I I if I have the time I put into it When I'm writing usually and even editing video, right when I'm editing my own work Usually what I do I go through it enough times when I'm tired about tired of going through it, right? And if I can't find anything else that I can take out then I know I'm done. I release it. Okay So this is what he says regarding again subtitle systems learned by removing So quote now if you're going to highlight only one single section From this book. Here is the one The interventionist intervention lista Case is central to our story Because it shows how absence of skin in the game has both ethical and Epidemiological effects related to knowledge, right? I had to look that up before but he's actually Put it in brackets as well, right? Epidemiological related to knowledge We saw that interventionists as Don't learn because they are not the victims of their mistakes and we hinted at with Pathima Matter right what we talked about which is god you're learning through pain Okay, the same mechanisms of transferring risk Again, he's highlighted. This is his He's put in italics, right? This the same mechanisms of transferring risk Also impede learning, right? So if we're transferring risk to other people We're not learning, right? Which is what happened in 2008 when obama came to power and said we're not going to Look into what happened with the war crimes that were committed in afghanistan Iraq torture around the globe with black sites and stuff like this We're not going to look into that, right? Nothing was learned The same mechanisms of transferring risk also impede learning, right? More practically, you will never fully convince someone that he is wrong Only reality can Okay, actually to be precise, reality doesn't care about winning arguments Survival is what matters For again italics The curse of modernity is that we are Increasingly populated by a class of people who are better at explaining than understanding Right? Or better at explaining than doing So learning isn't quite what we teach inmates inside the high security prison called schools Right? I like the sky Really I've mentioned this before when we're talking about education But so learning isn't quite what we teach inmates inside the high security prisons called schools Which is the way I look at our present centralized education system, right? One of the hardest things I have to do when Just to let you know, by the way, you know, just going out and teaching mathematics and stuff like this And interacting with students and I interact with parents a lot because I do private I do group and private lessons and stuff like this either for people who want to learn the material really fast They want to get it over with and move on to whatever it is that they're doing And on the other extreme sense with people who have the system has completely Failed, right? And they don't understand mathematics. They don't understand physics and They need to get through this stuff, right? One of the hardest things I have to do when I'm teaching Mathematics when I'm interacting with students and parents is this I have to turn to them and say listen, I'm not here to defend our current education system Right? Not even close I'm here to tell you that I regard our centralized education system to be complete garbage It's useless If anything, it is By the youth, by kids right now that have access to the internet that can on a Click of a button Find anything they want For them to be forced into buildings To sit into Sitting in desks, which are extremely uncomfortable Bad for the body, bad for the mind Right? For them to be forced to do this five days a week Six to seven hours a day is equivalent to putting them in prison Right? You cannot Expect them to react Well to that, right? It's not a good place to learn It's not if anything it's a place to unlearn Right? So This sentence So learning isn't quite what we teach inmates inside the high security prisons called schools Okay, let me continue reading a couple more sentences In biology, learning is something that through the filter of intergenerational selection gets imprinted at the cellular level Skin in the game, I insist is more filter than deterrence Evolution can only happen if risk of extinction is present Further, there is no evolution without skin in the game So we don't learn without skin in the game A couple of the things he's mentioned here is Systems learned by removing parts via negatep Negativa Right? So editing You know you're not editing by If you don't have anything else to remove Right? Skin in the game keeps human hubris in check Now we're in And everything we talked about so far Well, this is prologue one That was just part one Prologue Up to page 15 Right? And we're into the second part Prologue part two A brief tour of cemetery Evolution of moral cemeteries C table one Let me see where table one is Yeah, this one He's got a table on page 19 Evolution of moral cemeteries And he goes through and he starts talking about Some of the philosophy, some of the ways people Introduced skin in the game or talked about cemeteries Right? Talk about sort of holding people Accountable, right? And for example In this table And table one page 19 Okay Evolution of moral cemeteries Hammurabi Lex Talanya Talinais Hammunabi I had to look this up It was a King Where was it? I had to look up a few things So I'm meshing up the different people I looked up But basically he was a king or something During ancient times And he mentioned This person came out with the law An eye for an eye, a tooth for a tooth That was sort of the justice system That was prevalent But some people take that literally Nassim says You shouldn't take that literally Because an eye for an eye, a tooth for a tooth Then if a blind person kills someone else Or takes out an eye You can't remove an eye from a blind person Right? So there are imperfections in that mindset In that law system, right? And then he has another column that says 15th law of wholeness and justice Quotation work Love your neighbor as yourself Right? And this one is He's got the page numbers here What they're referencing and stuff like this And he's got something called the silver rule And I'll read you what the silver rule is And he's got something called the golden rule Golden rule says this Do unto others As you would have them do unto you Right? That's the golden rule I didn't know about the silver rule I like the silver rule Better as does Nassim And he makes a very good point Of why the silver rule is better Right? For and then he's got the last column He's got formula of the law Of the universal law Act only in accordance with that maxim Through which you can at the same time Will that it will become a universal law That's like grand scale Right? Let me read you the silver rule though Okay? Just after we read the indexes comment here In 1992, Hewlett-Bach argued that Modernity was developing into a Risk society Unlike Tali He argued that Techno-ecological developments Produced a global society That makes risk spreading Or risk transference impossible Ecological risk and ecological disaster Become a shared experience He sums it up well In his famous phrase Poverty is Iarctic Smog is democratic Haha, that's cool I can see where he's coming from But I think index for me Risk transference is definitely there But risk transference is there On a shorter term scale I think Which is something that Nassim I think is For me where he comes from Because he's a trader Or he used to be a trader, right? So for me, it sounds like what Yurek Beck is saying I would agree with if he's talking longer term Yeah, that's what I would think Because whatever's happening Happening environmentally Whatever's happening technologically Whatever's happening to the water supply To the air quality To society in general Is going to affect all of humanity But if people are selfish, right? And we have a lot of selfish, self-centered people In our society right now Who are running things Cree ordering society And Nassim definitely overlaps with Jonathan Nitzan, right? For those people They only have a shorter timeframe in mind As far as I can tell, right? They're only thinking 10, 20, 30 years ahead Maybe 40 years ahead They're not thinking 100 years ahead So they don't care if that risk tolerance If that damage, the repercussions of that Is going to play out for them They're either going to be dead and long gone Or they're going to use all their money That they're making off this disaster To buy their properties Wherever they're buying their properties And live in their private cities I think it concerns the severity of the risk Yeah, I guess so Yeah, that would make sense Severity of the risk For instance, a small market crash Versus a 2008 crash Which affects everyone in the market or not I would say the 2008 crash didn't affect everyone It affected some people in a very positive manner Those same scumbags that caused the 2008 crash And the same scumbags that gave them safe harbor And we know who those people are They made out like bandits The general public didn't The general public got burned hard They threw a couple of people to the walls Just made examples of them One of them being Geez, throughout the last couple of decades Martha Stewart, they threw in jail Like seriously Martha Stewart Yeah, I continued that stuff And I saw definitely read that I'm curious You look back So what are we talking about? Brief history of cemetery Skin in the game style of cemetery Risk transfers blow up with systems Risk transfers blow up Let's see, what are we doing? Wow, we've been at this for an hour and a half We're in part two only Let me see where I can find Ralph Nader I've got another point for Ralph Nader Let me read the other thing of highlighted regarding Ralph Nader Go ahead One central thing This established cemetery between Let me read this one too No, no, let me just read the Ralph Nader The well-known Ralph Nader will impose some penalty Oh, no, this is connected to what we read before Let me read you this Because it sort of relates to what he's That seems saying I'm not that literal More practically, some economists have been trying to Blame me for warning Of wanting to reverse the bankruptcy protection offered in modern times Some even accuse me of wanting to bring back the Aguting for bankers I am not that literal It is just a matter of inflicting some penalty Just enough to make the bar room and trade less attractive And protect the public So index this sort of connects up to what we're talking about He's not being that literal He's he's He's got Greek in him He's a Mediterranean in him Lebanese in him Or he was born in Lebanon, I believe But he's Greek He's Greek and he's lived in the United States He's an American citizen, right? But he talks in extremes, right? But the Bob Rubin trade Let me explain what the Bob Rubin trade is Or Black Swan The two books before this Basically Black Swan And that seemed as As he mentioned he was he became a trader And as a hobby he got into mathematics And learned the mathematics And just took off on the mathematics And did a whole bunch of analysis I don't know if I would consider him a mathematician I really don't know, right? Where he stands in academia, right? But one thing he did with the Black Swan From just a summary of everything he's read And Rubin trade He says our present system Economic system, political system Is based on everything working out fine Working out fine Working out fine Sort of like a Gaussian A normal distribution, right? And then in the tails There are extreme events that happen And they're rare, right? And the Rubin trade is this The Rubin trade is As soon as something happens on the extremes In the normal distribution, right? Something happens, you know A hundred year flood Or a thousand year flood happens People like The work for bankers Central banks and stuff like this Or Goldman Sachs And large banks, right? What they do, they come on and say Oh, that was an extreme event We couldn't predict it, right? And because they say we couldn't predict it That was the markets doing this thing Or it was a star You know, exploding in extremely light years away Or asteroid going past the earth Or something like this They say there's no way we could predict this So we should be held liable For what took place, right? That's what happened in 2008 Index is just replying A big enough crash affects Even those who are not active participants in the market It affects even those who try to isolate themselves From market effects Through non-market linked assets Where as a simple trade gone wrong Will not affect the product Oh, okay, cool But you're absolutely right Any market, fair or otherwise Creates opportunities at the expense of others There will always be someone who benefits From others' misery, yeah And if there's a lot of people that are miserable Being miserable And only few people benefiting from that misery Then power is becoming more and more centralized Which is what we've been seeing Taking place Oh yeah Here's the golden rule and the silver rule Okay, this I really like I really highlighted this, right Silver beats gold And this is what he talks about We rapidly go through the rules to the right of Hammurabi Levecces is a sweetening of Hammurabi's rule The golden rule The golden rule wants you, and I'm quoting here So the golden rule wants you to treat others The way you would like them to treat you The more robust silver rule says Do not treat others the way you would not like them to treat you I love that More robust, how? Why is the silver rule more robust? He's asking those questions, right? And then he gets into it Quote First, it tells you to mind your own business And not decide what is good for others So let's read the golden rule and silver rule again That way we know what this paragraph is talking about So the golden rule is this Treat others the way you would like them to treat you Silver rule says this Do not treat others the way you would not like them to treat you So so golden rule says treat other people the way you want them to treat you Silver rule says don't treat others Don't treat others the way you don't want to be treated Right? Golden rule imposes Silver rule says hey, back off Do not treat others the way you do not like to be treated To me, anyway, that's my interpretation My understanding Or the way I'm implementing it Right? First, it tells you to mind your own muscle Silver rule is more robust than the golden rule Reasons being this First, it tells you to mind your own business And not decide what is good for others You know with much more clarity We know with much more clarity What is bad than what is good The silver rule can be seen as the negative golden rule And as I am shown by my Calibries and Calibry speaking Barber, it's Barber, he's referring to a character He's come up with earlier Okay Barber, every three weeks via negativa Acting by removing is more powerful and less error prone Than via positiva acting by adding And this again connects up to what I mentioned What I understand regarding editing May it be editing your writing or editing my videos Right? I follow the rule as my friend recommended Acting by removing Right? That's better than acting by adding Right? So the silver rule is acting by removing It's not adding Right? Saying don't instead of do to a certain degree And then he's got a little footnote on acting by adding And I'm going to read you the footnote as well Scalable equals fractal, that's what I've made in notes myself Johnny Andrews, does everyone asleep? I'm not yet But I'm definitely going to chill out through the stream Okay, so here's a footnote regarding acting by adding Or the sentence that we read Right? Acting, so I'll read that again Acting by removing is more powerful and less error prone Than acting by adding And the footnote is this Do not do unto others what you would not have them do unto you Isocrates, Heller, the Elder Something other name What is hateful to you do not do to your fellow This is the whole Torah The rest is that explanation Go and learn Right? So that's a quote from the Torah Rabbi or that's a quote from Rabbi Helvila the Elder Drawing on the Latvias 1918 Do nothing to others which is Which if done to you would cause you pain This is the essence of morality Right? So there are historically Other disciplines that are saying the same thing as the silver rule Right? Thanks, Neat Neat, more Torah Big glad you're enjoying the stream man Thank you And a great book Another nice book Censorship I made a little look at all the highlights I got here Censorship, censorship Let's read the stuff that calls censorship Let me have a sip of dashi I'm going to pop a little muffin Okay? You're enjoying a lot of life lessons A lot of things that you can implement Right? Way of being which is fantastic That was a nice sip of tea It's a really nice sticky muffin It's got blueberries and honey in it Let's read censorship And he's got a little thing on the thing Because I want to read you guys two paragraphs Okay? A sentence of two paragraphs Quote Deal with weaker states as you think It's appropriate for stronger states to deal with you Nobody embodies the notion of cemetery Better than isocrates Who lived more than a century and made Significant contributions when he was in his 90s He even managed and I don't know this person I'm going to look this up He even managed a rare dynamic version of the golden rule Conduct yourself towards your parents As you would have your children Conduct themselves towards you We had to wait for the great baseball coach Yogi Berra to get another such dynamic role For symmetric relations I go to other people's funerals So they come to mind More effective, of course, is the reverse direction To treat one's children the way one wished To be treated by one's parents The idea behind the First Amendment Of the Constitution of the United States Is to establish a silver rule style cemetery You can practice your freedom of religion So long as you allow me to practice mine You have the right to contradict me So long as I have the right to contradict you Effectively, there is no democracy Without such an unconstitutional cemetery In the right to express yourself And the gravest threat in the slippery slope In the attempts to limit speech On grounds that some of it may hurt someone's feelings Such restrictions do not necessarily Come from the state itself Rather from the forceful establishment Of an intellectual monoculture By overactive thought police In the media and cultural life That paragraph right there Applies in our present world This should be something that is written And plastered on walls On billboards everywhere Because right now from what I'm seeing anyway Everybody is trying to censor everybody else Right? May it be platforms, may it be people May it be groups, may it be schools May it be theaters, may it be movie, film It's crazy, it's crazy People are self-censoring I am myself self-censoring I know one seller on eBay That I've bought comic books from And he's a local seller And when I buy books from him I go pick up the books from the store And he used to really leave comments That were funny, hilarious And you know one of the comments would be Payment was faster than a monkey Jumping off a blah blah blah Something like that A few months ago I went in And I showed you guys that comic book A few months ago I went in And I was talking with him And I said, you changed your feedback on eBay He goes, I stopped using the word monkey And I'm like, what? I like it, it was funny He goes, no, no In these times you can't use the word monkey I don't know what the repercussions of that could be And I was like, what? And all of a sudden I'm like, oh wow So self-censorship has reached the level Where an eBay seller, which has got 100% positive feedback writing Is scared of using the word monkey in a feedback In a sentence that was very humorous And he would change it up a lot And he mentioned that he calls his kids, hey little monkey Right? So that's where it's playing out Where is that little footnote? I've highlighted the footnote But I can't find where the footnote is from But I'm going to read you Oh yeah, this is the one So here's a little footnote that he had regarding To treat one's children the way one wishes To be treated by one's parents Right? That was really accurate And you got a little footnote on here A stance against violation of symmetry Appears in the parable of unforgiving servant In the New Testament, Matthew 12, 21 to 31 A servant who has his huge debt Waved by a compassionate lender Subsequently punishes another servant Who owed him a much smaller amount For most commentators seem to miss That the true message is dynamic cemetery Not forgiveness So I like that interpretation He's taken a sort of a message that's in the New Testament Showing that you should forgive debt and stuff like this But he's reanalyzing that and saying That message is not about forgiveness That message is about cemetery If someone else has forgiven your debt Then you should forgive down the line Right? Which is fantastic I like it I like the way he's doing some of the stuff Hmm Here's another sentence I highlighted Behave as if your action can be generalized to the behavior of everyone in all places Under all conditions The actual text is more challenging Act only in accordance with the maxim through which You can at the same time Will that it will become universal law And that was from the table that we read Right? From evolution and moral cemetery in the previous table And I'll read the re-wording of that Behave as if your action can be generalized to the behavior of everyone in all places Under all conditions Which is okay Act in such a way that you treat humanity Whether in your own person Or in the person of any other Never merely as a means to an end But always as the same time as an end Wise words And I think that's Kent He's quoting Formulation Kent as it gets Universal behavior is great on paper Disasterous in practice So I'm going to read your paragraph Coding or a couple paragraphs Maybe we'll see where it takes us Okay Why? So he's asking a question Universal behavior is great on paper Disasterous in practice Why? As we will Be labor at nozom Nozom in this book We are local and practical animals Sensitive to scale The small is not the large The tangible is not the abstract The emotional is not the logical Just as we argue that micro works better than macro It is best to avoid going to the very general When saying hello to your garage attendant We should focus on our immediate environment We need simple practical rules Even worse The general and the abstract Tend to attract self-righteous psychopaths Similar to the interventionists Of part one of the prologue In other words, Kent did not get the notion of scaling Yet many of us are victims of Kent's universalism As we saw modernity likes the abstract over the practical Practic Particular Let me read that again As we saw modernity likes the abstract over the particular Social injustice warriors have been accused of treating people as categories Not individuals Few outside of religion Religion really got the notion of scaling Before the great political thinker Eleanor Ostrom About whom a bit in chapter one Okay In fact, the deep message of this book Is that the danger of universalism Taken two or three steps too far Conflating the micro and the macro Likewise, the crucifix of the idea of the black swan Was platonification Missing central but hidden elements Of a thing in the process of transforming Into an abstract construct Then causing a blow up dangers of universalism Right? So the dangers of universalism So he's basically saying things have to be We have to Everything is not scalable So there are situations where we have to treat a certain system Only with local rules and those local rules Cannot be extrapolated to universal rules From cat to fat Tony And fat Tony is another character that he has that he talks about What does fat Tony say? In New Jersey here, let us move to the present To the transactional, highly transactional present In New Jersey, cemetery can simply mean in fat Tony's terms Don't give crap Don't give crap, don't take crap Right? Don't give crap, don't take crap His more practical approach is Start by being nice to every person you meet But if someone tries to exercise power over you Exercise power over them Hello, chaotic tool Gijo, sleepy waves, how are you doing? Welcome to another stream Regulation risk, options trading How we do it for time Up time Oh wow, we're almost at two hours We're almost at two We're halfway through what I wanted to get done We're on page 23, 22, 23 of a 47 page election part System's yet smart by elimination What should we do? What should we do? We throw cats And I have so much more stuff highlighted here What are we talking about today? We're talking about Nicholas Talibs Nicholas Talibs Nassim Nicholas Talibs skin in the game Right? We've been doing some meetings, discussions, highlights What should we do? As you can tell, my throat's getting a little raw Reading this And that felt great Oh, my pleasure, index I think we're gonna call it a stream I think so So we got to page 22, 23 Thanks for being here, index, by the way And all the info, fantastic, fantastic And who was the person you mentioned? I guess should I scroll up? Where was he? Ulik Bek Ulik Bek, you've mentioned him before I like that guy, Ulik Bek, actually, I think I look them up, I'll look them up again Sexual Yeah, I don't know Looks like we're getting horrid trolls coming in, maybe I hope you guys are reading this Better than trolling, I'm telling you I'm telling you, I'm telling you This book will troll the crap out of you Okay, if you can take it If you can take it, if you can take it So that's sort of the intro to this book Half the intro, anyway, there's another 47 pages What I'm gonna do is I'm going to Because we're recording this And I think the sound is still going okay Cool So I think what I'll end up doing is We'll leave it there If you guys end up reading this book I hope you give it a shot If you find anything that I've skipped over Or I misinterpreted Let me know We might come back and I might do another stream Continue from page 22 And most likely those streams Probably in a couple of days I'm gonna do another announcement Of when the next streams are gonna come up They're most likely gonna be coming up on Wednesday, Thursday, maybe Thursday But I might do a stream Wednesday, Thursday, Friday I might do three days back to back Maybe we'll continue with this to read a little bit more And I do have some ASMR math found out to do A little comic books planned out to do I have some stuff related to our Raymond Feisriff or Saga plan to do We'll see if we can do it or not Okay Beard, very massive It's a good beard Ah, that's what it means maybe Maybe, no, beard, very nice I mean, no What you reading? No You came late brother We've been going two hours on this This is what we're reading Highly recommended Highly recommended Okay I provided links at the beginning of the stream to Nassim Nicholas Talop's book Skin in the Game Challenging read Very good read Very educational read Aside from that gang Thank you very much for being here And I hope you enjoyed it And I hope you have many many Happy happy hours of reading to do Okay I'll see you guys in the next stream And the next video Bye for now