Transcript [00:00] So, one of the issues that has garnered [00:01] a lot of attention about this memorandum [00:03] of understanding is the reports that [00:07] Iran will be receiving $300 [00:10] billion as part of this deal. [00:12] And uh it's a bit misunderstood, and [00:14] what I want to do is go into what this [00:17] clause in the deal actually is and what [00:19] it isn't and where it stands and what to [00:21] expect from this issue [00:24] as we uh as we move forward with this [00:27] thing. So, just to understand the $300 [00:29] billion thing. So, and we're going to [00:30] use [00:31] we're going to use principally two [00:32] articles that we're going to go through. [00:34] Uh but but to tee us up, let's take a [00:37] look at what J.D. Vance said when he was [00:39] asked in his press conference yesterday [00:41] who would be funding this. Here's J.D. [00:45] >> Exactly is funding that $300 billion. [00:47] >> Oh, I I I see. So, So, what's [00:49] interesting about this is there is a [00:52] great desire from the Arab world and [00:55] from outside the Arab world to actually [00:58] get involved in Iran if they behave [01:01] properly. So, for example, let's say the [01:03] United Arab Emirates who have been a [01:04] great ally over the last not just a few [01:06] months, but over the last many years, [01:08] let's say that they would like to invest [01:09] in building a power plant. That actually [01:11] is impossible right now because of the [01:13] way that US sanctions work. And so, what [01:15] we're saying is that if you behave and [01:18] if the Emirates themselves want to build [01:20] a power plant, then we will do the [01:22] sanctions relief necessary to make that [01:24] possible. The good thing about that is [01:26] that it actually creates integration, [01:28] which is leverage. A world where the [01:31] Gulf Coast coalition has greater [01:33] leverage into the Iranian economy is a [01:36] world where the Iranians are going to be [01:38] heavily prevented from misbehaving. So, [01:41] it's a lot of the Gulf Coast coalition, [01:42] again, they see that Iran is weakened, [01:44] they see there's an opportunity to build [01:46] a new relationship there, and they're [01:47] saying if they behave and if the United [01:50] States is willing to allow this to [01:51] happen, then absolutely we want to [01:53] change our relationship with Iran. [01:57] No, well, I mean, I I assume that in the [01:59] United Arab Emirates there would be [02:00] private money and so forth it would that [02:01] would be part of this but again this is [02:03] so far in advance because it assumes a [02:06] transformation in Iranian behavior. Sir. [02:10] >> Okay. [02:11] There's actually a lot in that clip. [02:13] There's a lot in there. [02:15] Let me just unpack what he said. He [02:16] first of all uh [02:18] said that [02:20] it's not exact you know [02:22] Let's do it this way. Let's start by [02:24] reading the clause [02:26] in the memorandum of understanding that [02:28] talks about 300 billion and then compare [02:30] it to what JD Vance just said. It's .6. [02:33] The United States of America undertakes [02:35] with regional partners [02:37] to develop [02:39] a definitive mutually agreed plan [02:44] with at least 300 billion dollars for [02:46] the reconstruction and economic [02:48] development of the Islamic Republic of [02:49] Iran. [02:51] Okay, let's just compare that to what JD [02:53] Vance just said. He said that [02:56] well, what it really is is that [02:59] there is it I think his exact words were [03:01] there is a great desire in the Arab [03:03] world in that area [03:05] that to invest in Iran. [03:10] And you can't right now because of the [03:13] way US sanctions work so the US is going [03:15] to make that possible [03:17] and sort of like grant wave sanction [03:19] waivers to allow this investment to flow [03:22] in. [03:24] That sounds very different from [03:27] that the US undertakes [03:29] to develop [03:31] a plan with at least 300 billion dollars [03:34] for reconstruction and economic [03:35] development. But okay. [03:37] The mechanism of for the implementation [03:39] of this plan will be finalized as part [03:43] of a final deal within 60 days. [03:47] And then it says all required licenses [03:49] waivers and permissions needed for the [03:50] relevant financial transactions will be [03:52] granted by the United States of America. [03:55] Um [03:56] and that's the end of that paragraph. [03:57] Now, at the end of the MOU [04:00] it it singles out it there are 14 [04:03] points. In point 13, it singles out [04:06] that points 1, 4, 5, 10, and 11 [04:10] 1, 4, 5, 10, and 11 are phase one and [04:13] they're what's supposed to be [04:14] implemented right away. This is not one [04:16] of those. This is point six and it says [04:19] specifically that the mechanism for [04:20] implementation of this $300 billion plan [04:23] will be finalized as part of a final [04:26] deal, meaning it's it's it's [04:29] in terms of where things fit in on the [04:30] timeline, the the MOU is not written in [04:33] chronological order. [04:36] And that's why at the end of it you have [04:38] these five clauses that are supposed to [04:39] be implemented immediately, but this [04:41] clause specifically says that it comes [04:43] all the way at the end. So, let's keep [04:44] that in mind as we read. [04:46] Now, [04:48] how the reconstruction fund for Iran [04:50] will work. [04:53] And the countries that will give the [04:55] $300 billion. [04:57] And this is this is from Ynet in Israel [05:00] and it's and they pulled from Reuters. [05:03] Okay, this is based on a Reuters story. [05:05] They often do this where they take a [05:06] Reuters story or some other wire service [05:08] story and they rerun it, but they add in [05:10] their own comment. A $300 billion [05:12] private fund designed to trigger [05:15] investment into into Iran is outlined in [05:17] the US-Iran framework. [05:19] And more than half that sum has already [05:21] been committed, a source with direct [05:24] knowledge of the deal told Reuters. [05:26] Interesting. The fund is designed to [05:27] give both sides an economic incentive to [05:30] conclude a final deal, said the source, [05:33] who spoke [05:39] who spoke on condition of anonymity [05:41] because the plan has not yet been [05:42] announced [05:44] as Washington and Tehran prepare prepare [05:46] to sign Friday. We know that that's been [05:48] delayed. US and Iranian officials said [05:50] on Sunday they had agreed on a framework [05:52] to end their war. Okay, very nice. [05:55] The new fund is a private investment [05:57] vehicle. [05:58] Private investment vehicle. Let's keep [06:00] this in mind. That's the first fact that [06:01] we learn about it cuz J.D. Vance didn't [06:02] really answer the question that well. He [06:04] was asked who's going to fund this? And [06:06] his answer was [06:07] well, there's a lot of interest in the [06:09] Gulf states in investing in Iran. [06:12] It's a big It's a big uh It's a big [06:13] market, right? It's a big economy. [06:15] So, we're going to make that possible. [06:17] Implying that the Gulf states were going [06:18] to do it. But it says here that the new [06:20] front fund is a private investment [06:21] vehicle. [06:22] Not a reconstruction or reparations [06:25] program. [06:28] And will not include any government [06:30] money or grants, the source said. Okay, [06:32] so what does this mean? It's a private [06:34] investment vehicle, not a reconstruction [06:36] reparations program. Meaning they're not [06:38] laying out a program for reparations. [06:40] They're not assessing the damage and [06:42] saying this is your compensation. This [06:44] is the reparations. They're not paying [06:45] reparations. [06:47] And it's not a reconstruction plan. It's [06:49] a private investment vehicle. Think of [06:51] it as a fund. [06:52] People are putting money into or or [06:55] people It's a vehicle for people to [06:56] invest privately. Like Like J.D. Vance [06:58] said, let's say [07:00] you know, someone in the you know, in [07:01] the Emirates they want to build a power [07:03] plant in Iran. [07:05] It's a vehicle to make that happen. [07:07] Adding that companies based in the US, [07:09] the Gulf Arab states, Asia, South [07:10] America, Africa have agreed to commit [07:12] financing. So, companies. These are [07:14] These are companies that have agreed, [07:15] not governments. [07:17] Investments pledged span energy, [07:19] logistics, manufacturing, and transport, [07:21] the source said. [07:24] Okay. [07:26] And then it quotes the document. [07:29] A senior Iranian source told Reuters [07:31] that Tehran had originally thought [07:33] sought 400 billion [07:35] for war damages, but Washington said it [07:37] would not provide it. [07:40] And the fund is supposed to be called [07:41] the reconstruction and development fund. [07:43] The mechanism envisages regional [07:46] countries contributing in various ways. [07:49] So now it says countries. The Iranian [07:51] source said that's what the Iranians [07:53] said. These include securing loans, [07:55] establishing credit lines, or directly [07:57] financing the reconstruction of sites [08:00] damaged in the war, including facilities [08:03] such as the Mobarakeh Steel Complex, [08:06] refineries, [08:07] airports, and more broadly [08:09] infrastructure affected by the conflict. [08:14] Uh Iran, one of the Middle East's most [08:16] largest economies, has attracted almost [08:18] no significant foreign direct investment [08:20] the past four decades because of [08:22] sanctions and been able to. [08:25] And the country has the world's second [08:27] largest natural gas reserves and the [08:29] fourth largest oil reserves. It also has [08:31] a young, educated population of more [08:33] than 92 million people, a diversified [08:36] industrial base, significant untapped [08:39] potential. In other words, it's saying [08:40] that it actually there is what to invest [08:42] in. [08:43] The investment fund is entirely separate [08:45] from a parallel negotiating track over [08:47] the lifting of US sanctions and release [08:50] of Iranian assets abroad that are [08:52] frozen. So the $300 billion is totally [08:55] separate from the whole issue of [08:57] releasing assets [08:58] and them getting money in other ways. [09:01] And lifting of sanctions. The fund will [09:03] not be created or become operational [09:05] until a final and satisfactory deal is [09:07] concluded. [09:09] The memorandum of understanding, once [09:10] signed, is intended to structure the [09:12] process over the next 60 days. [09:15] It'll only be created once the final [09:17] deal is signed, the source said. [09:22] Uh okay. [09:24] And and that's why J.D. Vance always [09:26] stresses the compliance, right? In an [09:28] interview with CBS, J.D. Vance said that [09:30] Iran could gain access to the $300 [09:33] billion reconstruction fund backed by [09:35] Gulf states if it complies with an [09:36] agreement with Washington [09:38] including dismantling its nuclear [09:40] program, eliminating its stockpile of [09:42] enriched material, and accepting a [09:44] stringent inspection and enforcement [09:45] regime. Of course, no mention of the [09:46] proxy network or anything else. [09:49] That's a separate issue. [09:52] The source named companies from South [09:54] Korea, Japan, Singapore, Malaysia, and [09:56] the United States among those that have [09:57] made commitments, but declined to [09:59] provide a comprehensive list. Okay. [10:03] What does this all mean? [10:04] So, let's understand what the $300 [10:06] billion is. [10:07] First of all, according to what we're [10:09] reading here, the $300 billion is [10:10] probably never going to [10:13] come into existence. This fund will [10:15] never happen. It's kind of like the [10:16] board of peace in Gaza. [10:18] Okay, it's a night It's the This is the [10:20] framework that we are driving for, but [10:22] of course, the framework's never going [10:23] to come into play because we're never [10:24] going to we're never going to get past [10:26] phase one. [10:30] So, like all the Gaza reconstruction and [10:32] the international stabilization force [10:34] and how investment is going to flow in [10:35] and the technocrats who are going to run [10:37] Gaza post Hamas, all of that is nonsense [10:40] because no one's getting rid of Hamas. [10:42] Same thing here. [10:43] This is all at the end when we've dealt [10:45] with all of the nuclear stuff and Iran [10:47] is behaving themselves and I it's all in [10:49] place. Then, we're going to facilitate [10:51] this $300 billion fund that's going to [10:53] invest in infrastructure projects and [10:55] all kinds of reconstruction and [10:57] in there. This is probably never going [10:59] to happen. So, what what is it? [11:03] The Iranians want money. [11:06] They are [11:07] desperate desperate desperate for money. [11:10] $300 billion is close to what their [11:12] entire economy is. [11:15] And what this is doing, the whole point [11:17] of this $300 billion. [11:20] Everyone's looking at it like, "Oh my [11:21] gosh, this is crazy. Not only are we [11:22] signing this MOU, we're giving them $300 [11:24] billion." A lot of people are outraged [11:25] over it. Don't be outraged over this. [11:27] There's other things to be outraged over [11:29] in this MOU. [11:32] Don't be outraged over the 300 billion. [11:36] Because [11:37] it is a carrot that is being dangled at [11:40] the end of this process to try to get [11:42] the Iranians to behave themselves [11:45] because they'll be licking their chops [11:47] at the possibility of this 300 billion [11:49] dollars. [11:51] I don't think anyone's ever investing in [11:52] Iran. It is certainly not so long as [11:54] these guys Ghalibaf and and [11:56] and Araghchi, the guys who are in [11:58] charge. These neighboring countries [12:00] aren't going to invest and that's what [12:02] this next story is about. [12:03] Take a look at this one. And there's a [12:05] lot in this story and we're going to go [12:07] through it. [12:08] Gulf states hesitant to fund 300 billion [12:11] dollar Iran reconstruction worried of [12:13] reinforcing regional rival. Duh. [12:18] Duh. Gulf states will likely be [12:20] reluctant to contribute the minimum 300 [12:22] billion promised to Iran for [12:24] reconstruction in the memorandum of [12:26] understanding after months of unprovoked [12:28] attacks, regional experts told the [12:30] Jerusalem Post on Thursday. [12:32] Okay, let's jump down to what matters. [12:33] Such a commitment would not be easily [12:36] accepted by Gulf states, Bahraini [12:38] analyst Dr. Ahmed Al-Khuzai, a managing [12:40] partner at Khuzai Associates, told the [12:43] Jerusalem Post. [12:44] While Gulf states were likely relieved [12:46] by what they see as a tactical pause, [12:48] meaning they're happy that the war is on [12:50] pause, there is an obvious fear that the [12:52] financial terms of the agreement would [12:54] allow Iran to further destabilize the [12:56] region. [12:57] The pause, which has allowed energy [12:58] exports to finally continue after months [13:01] of disruption, [13:02] welcomes a deeper unease, he explained. [13:05] There is a well-founded fear that the [13:07] release of frozen Iranian funds and the [13:10] lifting of sanctions could empower [13:12] Tehran's regional networks of militias [13:14] and proxies, reinforcing the very [13:16] threats the MOU was meant to contain. [13:19] This is the most obvious thing in the [13:21] world. The meaning, let's read between [13:23] the lines. This isn't just about the 300 [13:25] billion. It's about the frozen assets. [13:28] The lifting of sanctions, meaning there [13:30] is a Bahraini business expert guy, [13:33] analyst, [13:36] who [13:37] is saying, "Look, we're all [13:39] saying nice things about this cuz we're [13:41] happy that the war is, you know, is on [13:44] pause. [13:45] We're good with that, but [13:49] but having cash flow back to this regime [13:52] and in Tehran [13:54] is just going to empower all their [13:55] proxies and cause more destabilization [13:57] of the of the region." [14:01] Meaning they're very uneasy about this [14:02] whole thing. [14:05] 300 billion in funds freeze resources [14:08] for militias in Iraq, Syria, Lebanon, [14:09] Yemen. Though the funds would [14:10] undoubtedly help stabilize Iran's [14:13] failing economy, which is actually a bad [14:16] thing because [14:17] how else do you bring a regime to its [14:20] knees? But we don't want to, right? We [14:21] don't want regime change. Anyway, even [14:23] though they would undoubtedly help [14:24] stabilize Iran's economy, he explained [14:26] that it would also free resources in [14:28] Iran to invest in its militias in Iraq, [14:30] Syria, Lebanon, and Yemen [14:32] that directly threaten Gulf security. [14:35] This is why Gulf leaders frame the MOU [14:37] as fragile, [14:39] he said. While they welcome a ceasefire [14:42] and reopening of Hormuz, they fear the [14:43] agreement may empower Iran rather than [14:46] restrain it. [14:47] After suffering months of attacks from [14:49] Iran, the American commitment raises the [14:50] uncomfortable question of whether Gulf [14:53] states would indirectly contribute to [14:55] rebuilding the very adversary that [14:58] targeted their infrastructure. [15:00] He noted, adding that Saudi Arabia and [15:02] the UAE and Bahrain all feel that the [15:04] fund risks rewarding aggression and [15:07] undermining deterrence. That's the [15:09] that's another huge issue with this [15:11] fund. [15:13] It The message it sends. [15:15] That Iran Iran [15:17] attacks everybody and is a regional [15:20] aggressor, and then [15:22] in the aftermath of it gets a massive [15:24] payout. [15:26] Even Oman and Qatar, the lowest [15:29] advocates for mediation. These are the [15:31] guys who are Iran's friends relative to [15:34] the others, [15:35] would also struggle to justify financial [15:37] participation when public opinion [15:39] remains raw from the damage inflicted on [15:41] energy facilities, ports, and civilian [15:43] infrastructure. [15:45] Let me cut through all the fog here, [15:47] okay? [15:48] Cuz in the Middle East, no one ever [15:49] talks directly. Everyone always talks in [15:52] these word salads and obfuscation to try [15:54] to sound polite and nice and peaceful. [15:56] That's the way it goes. The bottom line [15:58] of this story is that this $300 billion [16:00] fund ain't ever happening. [16:04] It's one of these wit coffee and clauses [16:07] in a deal [16:08] where if there's something that you're [16:10] not really sure how it's going to work [16:11] out, just leave it vague and we'll work [16:13] it out later. [16:15] So, we want to have a $300 billion [16:17] carrot in the deal dangling in front of [16:20] the Iranians as a prize that they get if [16:22] they're if they behave themselves [16:25] to try to get them to play ball for 60 [16:27] days. [16:30] But, it actually doesn't say who's going [16:33] to put up the money. [16:35] Right? The United States is adamant that [16:37] not a dime is going to come from [16:38] American taxpayers. Trump says, "Oh, [16:39] yeah, we're going to get other people to [16:41] invest." J.D. Vance says, "Yeah, lots of [16:42] people lots of lots What did J.D. Vance [16:45] say? There's a great desire in the Arab [16:47] world to invest in Iran." [16:49] And then when I read this article, I'm [16:50] like, "Well, actually, there's not such [16:51] a great desire to invest in Iran." [16:55] Saudi Foreign Minister Prince Faisal bin [16:56] Farhan told Arabia, this is my favorite [16:58] line in this whole piece. [17:00] The Saudi Foreign Minister told [17:03] Al Arabiya, that's the Saudi official [17:06] news outlet, [17:07] that he had no details on the fund or [17:10] the concept behind it. [17:14] What? Hold on a second. Whoa. whoa, [17:16] whoa. [17:18] >> [laughter] [17:18] >> So, here are the Americans going around [17:21] saying there's a $300 billion fund that [17:23] we're going to we're going to pull [17:24] together. What what was the language [17:25] here? [17:26] The United States of America undertakes [17:28] with regional partners. I assume that's [17:30] Saudi Arabia, right? [17:32] To develop a definitive mutually agreed [17:34] upon plan blah blah blah blah blah blah. [17:37] And then here's the Saudi foreign [17:38] minister. Foreign minister, not just [17:40] like I mean this is he he should know, [17:42] right? And he said he has no details or [17:45] the on the fund or the concept behind [17:47] it. [17:50] And he admitted that there was a [17:51] significant loss of trust in Iran. Oh, [17:53] really? You mean cuz they were bombing [17:55] you? Which was only just beginning to [17:57] recover after the Beijing agreement in [17:59] 2023. He asserted that trust would need [18:02] to be rebuilt before financial invest- [18:04] investments could be addressed. Meaning [18:05] like we're He's basically saying we're [18:07] nowhere near investing in Iran yet. We [18:10] still have a lot of trust that we need [18:12] to rebuild. [18:14] With that mentality shared by regional [18:16] leaders, Al Jubeir said that there has [18:18] been a push to see the fund tied to [18:20] verifiable limits on Iran's regional [18:23] interference and nuclear ambitions. [18:25] Regional interference means the proxies. [18:28] You see, J.D. Vance didn't say a word [18:31] about the proxies. [18:33] He said that it's all tied to their [18:35] uh [18:36] to their nuclear ambitions. The nuclear [18:38] ambitions is not the number one priority [18:40] for the Gulf states, folks. They're not [18:42] worried about being nuked. [18:44] They're worried about Iran being Iran. [18:51] Without such safeguards, Gulf capitals [18:53] worry that today's truce could become [18:54] tomorrow's strategic miscalculation, [18:57] leaving them to face a far more [18:58] resilient a a more resilient and [19:00] emboldened adversary. [19:03] Practically, there are also apparent [19:04] limitations that need to be addressed. [19:07] Investments, [19:08] he noted, require conditions that Iran [19:11] cannot yet meet. [19:13] Such as the aforementioned trust, legal [19:14] protections, political stability. [19:17] You're not going to invest in Iran the [19:19] Saudis and Emirati businessmen are going [19:21] to invest in Iran which is like a state [19:24] run by these fanatic [19:26] enemies of theirs. And and and there's [19:28] what legal protections do they have? [19:30] What trust do they have? How can they [19:31] trust there's going to be political [19:32] stability? [19:34] Quote, "Between enemy states this [19:35] mechanism simply cannot function." [19:38] Investment is not just financial, it's [19:40] also a vote of confidence in the host [19:42] country's future. In the case of Iran [19:44] the situation is even more stark. Forget [19:46] you know forget everything else we've [19:47] said. [19:49] Even if you love Iran, even if the [19:51] Saudis think hey you know we're fine [19:52] with the regime now. The regime is [19:54] teetering. The people are are [19:57] this regime could fall. Why would you [19:59] invest in Iran? So when J.D. Vance [20:01] stands up there and says oh yeah there's [20:03] lots of interest in investing in Iran [20:05] and all the Arab states. And now we're [20:07] you think about it you're like well no [20:08] there isn't. [20:10] Sanctions, opaque regulations, and the [20:13] ever-present risk of conflict make Iran [20:15] an unattractive destination for foreign [20:17] investment. [20:18] For Gulf states that have suffered [20:20] direct attacks the idea of channeling [20:22] funds into Iran's reconstruction is not [20:25] only politically implausible [20:27] but economically irrational as it would [20:29] expose investors to heightened risks [20:32] while strengthening a state that's still [20:33] perceived as a strategic adversary. [20:39] Hello. [20:43] And then they quote this other expert [20:44] here talking about how the Arab states [20:46] were relieved that the war was over but [20:48] they don't want to face off against a [20:50] trigger-happy Tehran. [20:54] While not willing to risk the agreement [20:56] by openly rejecting the promised fund, [20:59] Mahmoudian stressed that the US made a [21:01] sizable commitment on behalf of its [21:03] allies. Meaning that Arab states can [21:05] maintain distance with the simple [21:07] explanation that it was never their [21:08] initiative. [21:09] I love this. In other words, [21:12] just like the United States in clause [21:13] one, committed Israel to not attack in [21:16] Lebanon, and Israel said, "Uh-uh, we're [21:17] not part of this deal." [21:19] So, now, [21:20] in this clause, he's saying, [21:23] uh [21:24] the United States Look, look, what does [21:26] it say in this clause? The United States [21:27] of America undertakes with regional [21:29] partners to develop to develop this $300 [21:31] billion fund, and the regional partners [21:33] are saying, "Um we were never part of [21:35] that conversation." You saw the Saudi [21:36] foreign minister says, "I don't know [21:37] what he's talking about." [21:39] So, they have this plausible [21:40] deniability. They're like, "This isn't [21:41] our plan, and we're not part of this, [21:43] and we don't really trust these people, [21:44] and we have no real interest in [21:45] investing here." [21:46] Where's the $300 billion going to come [21:48] from? If J.D. Vance's best answer was [21:51] was the Arab states, and the Arab states [21:53] are not interested, hello, [21:56] this thing ain't happening. [22:00] Um [22:01] >> [laughter] [22:02] >> anyway, [22:03] so, that's what I [22:04] So, this is my bottom line. Okay, [22:06] listen, we we have a picture now. This [22:08] is one of those things like [22:10] this is why we have to relax about this [22:12] MOU. Okay? [22:15] These agreements are never what they [22:16] appear [22:17] on paper. [22:19] Sometimes that's good, sometimes that's [22:20] bad. [22:21] So, like when the Gaza 20-point plan [22:23] comes out, everyone starts reading it [22:24] and go, "Oh, this is what's going to [22:25] happen, and this is what's going to [22:26] happen, and we're going to get rid of [22:27] Hamas, and and and and we're going to [22:29] move" No. [22:31] Because the things that are left vague, [22:34] and the things I mean, in this case, [22:35] it's just so laughable. The Americans [22:37] put stuff in there saying that their [22:38] allies and their partners are going to [22:40] be a part of it. And we're going to set [22:41] up a fund, and the and the Emiratis and [22:43] the Qataris and the and the and the [22:45] Saudis, they're all going to invest in [22:46] it. Except only one problem, they never [22:49] talked to them about it. [22:52] This stuff's never going to happen. [22:53] Okay? So, stop talking about the 300 [22:55] billion. [22:56] The 300 billion is never going to [22:58] happen. That's the bottom line here. All [23:00] right. With that, I'm going to sign off [23:01] for the week. Have a great Shabbat. Have [23:03] a great weekend, everyone. And [23:05] keep a level head, okay? The sky is not [23:07] falling. [23:09] Things are good. [23:11] There's bumps in the road. [23:13] We'll be okay. God bless.
