Should a Japanese Buyer be Blocked From Acquiring US Steel?

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This week Joe Biden announced his opposition to Nippon Steel’s proposed purchase of US Steel, saying it was “vital” for the American steel company to remain “domestically owned and operated.”
The US House of Representatives passed a bill earlier this week that could see TikTok being banned in the United States due to Chinese ownership. On the same day, British Prime Minister Rishi Sunak laid out plans to change the law to prevent foreign states from buying British news organizations in order to block an Abu Dhabi led deal to buy The Spectator and Telegraph newspapers. To what extent should we worry about foreign ownership?
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[@PBoyle]

Head to brilliant.org/patrick/ to start your free 30-day trial and get 20% off Brilliant's annual premium subscription.

[@andreylucass]

I can't believe this woman in the thumb isn't AI

[@iPhotochop]

I like the caveat "I'm told it's..." before saying Brilliant is "6x" more effective at whatever

[@fazerider9287]

Hope you can prevent a recurrence of the strange background noise (6:37 to10:39 approx and 17:10 to 18:34) in future videos.

[@themostbestwizard]

As recently covered by the Wall Street Journal and Glenn Greenwald, the reason for the Tik Tok ban is that the Israel lobby doesn't like the fact that videos critical of Israel get far more views than the Likudnik nonsense they would prefer that people watch.

[@8383N8]

Biggety pat, your such a laughing stock dropper. 👎👎👎👎👎👎👎🚩🚩🚩🚩🚩🚩🚩💩💩💩💩✂️💩✂️I don't mean to offend any of the flying monkeys. 😂

[@TysonJensen]

When Google (temporarily) owned Motorola, to help get the purchase deal through they announced "no plans to layoff anyone, that's not what this deal is about" and then they laid off 20% of the Motorola employees inside of a year. When a company says "no layoffs are planned" what they are really saying is "you would be an imbecile to trust anything that isn't written in a binding contract."

[@backgammonbacon]

Its not possible to know exactly who to lay off before you bought the company. Lol the entire accounts department is a duplicate set of employees so of course those roles are nearly all going to it would be absurd to keep them all siting there doing no work. 20% sounds roughly like the back office staff not engineers so they were all 100% going to lose their jobs. Hint: If your company gets bought out and you are doing worker drone level back office work take voluntary redundance and get out before everyone else.

[@Jossandoval]

​@@backgammonbacon In conclusion, you are saying that when a new company say that "there will be no layoffs", they are lying, and that an employee should make plans accordingly. Glad that you agree with the thread opener.

[@FinestaGang]

Google never wanted the employees, just the patents. Google ruthlessly gutted one of the american great tech firms to boost its mobile business. Sometimes domestic takeovers are more hostile than foreign ones.

[@anywhywho]

I worked at a company where our CEO gathered a meeting and told us that even though they're are rumors, the company is not being sold. Next week they sold the company. Never trust what want Chief Executive says.

[@bipolarminddroppings]

@@Jossandoval thats actually not what they said though. There is a difference between "There are no plans" and "There will be no". When Google bought the company, they may well have had no plans to terminate employess, then they actually bought it and realised they actually "needed" to.

[@iSeeSoundsShow]

Feels so good in situations like these to live in Eastern Europe. You never feel off about investing in your home country. Because you never want to invest in your home country.

[@capitan_gorgonzolazola]

Suffering from aucces

[@weird-guy]

i´m from southern europe, our stock market is already owned by our top dogs and we only have 20 companies is not worth the risk imo

[@joseafalvel]

haha I understand you, I'm from Mexico and our stock market is also boring as fu** but at least here I have the option to invest in the USA, the securities I have from own homeland are government bonds, they offer 11% rate of interest even after taxes, not a great sign about our country our central bank needs to offer that rate to finance public activities but meh I take advantage of it

[@Peizxcv]

@@joseafalvel Guatemala? EDIT: nevermind, I read the Mexico part but thought you invested in Guatemalan government bonds

[@ilyandroid]

Not all Eastern Europe is equal. F.e. Bulgaria and Poland are not comparable

[@Boredblacksheep]

"I'd have to become a LinkedIn influencer...the worst kind of influencer". I lost it. Patrick's jokes only get better.

[@TorIverWilhelmsen]

The joke is that Microsoft apparently added AI/Copilot to LinkedIn but no one noticed since the output was indistinguishable from the vapid self-aggrandization that takes place there already.

[@JelMain]

They linked out. Their loss, not mine, talk about a cult.

[@exoticbutters2781]

I heard him say it as I read this comment LOL

[@ballinspalding11]

LinkedIn influencers are the cringiest "pick-me" I've ever seen

[@JelMain]

@@ballinspalding11 That's because they decided to focus on jobseekers, rather than the knowledgeable.

[@billybillson9831]

The sound from the gears turning in Patrick's head is quite noticable in this video

[@adam19890911]

The first half sounded like a streetmob getting closer and closer, I thought it was an ironical touch dissing tictoc.

[@Peizxcv]

Requiring citizens to invest only within the country makes as much financial sense as putting all your 401(K) in company stock. One crash and you'd be out of a job, lost all savings, and have no retirement fund

[@ellebleisch6853]

Yes but no one is suggesting that it's more the opposite of it its preventing total flight from important sectors of investing. its like saying I will sell my house to a guy who has a reputation for damaging the local housing markets. That just bad for business and trusting a person with somthing vital to local economic interests who hasn't earned the respect or even worse is trying to weaponize investing is totally foolish.

[@Peizxcv]

@@ellebleisch6853 Investing isn’t doing social justice, it’s seeking maximum return. Won’t sell to highest bidder is just HODL

[@matthewsilfer2010]

Let me know where I can invest in another planet when this one crashes

[@blaiseutube]

I want to see Philomena Cunk interview Patrick sometime.

[@joofbing]

“What do you do with immature bonds? Do you have to break up with them?” -- Philomena probably

[@FuckYourSelf99]

She's currently busy as a policy consultant to the Tories.

[@walkingstick6655]

Excellent idea. I would want Patrick to deadpan right back at her, though, with equally obtuse answers. I think he could beat her at her own game.

[@fracturedlife1393]

Cunk would break him. He 100% would break out in a rap.

[@jadeswormfarm]

😂😂😂😂😂😂😂😂

[@diestormlie]

I fully expected the "That fell into my newsfeed this week" to segue into a Ground News Sponsership read. Damnit, KZbin has trained me too well.

[@r0z3d]

Sh1t I always thought it's spelt segway

[@Real-Name..Maqavoy]

Not (well) Enough.

[@malloc7108]

clearly you didn't look for the pinned ad comment to know what to be on the look out for

[@riledmouse4677]

Me too, 100%

[@sangomasmith]

The funny thing is that, at least at a white-collar level, French workers are amazingly productive. They do this by actually doing their work and not sitting around the office at all hours sending emails to each other and trying to look busy. Honestly, the French and Germans (Euros in general, really) have the right idea: holidays are sacred, lunch breaks are sacred and if you still need to work outside your paid hours to get the job done then either you're an idiot or something has gone terribly wrong.

[@seneca983]

While productivity in France is fairly high, it's still behind that of e.g. Germany, the Netherlands, and the US.

[@seneca983]

@@nono99136 Hmm, I don't quite understand what you're asking.

[@scootergirl3662]

He is talking to/making fun of the companies perception of French workers I agree with quality over quantity, and Patrick Boyle may as well too for all we know. He is more so making a multi-layer joke I think

[@aarondavis8943]

Most union labour has high levels of productivity, if the relationship between government, business and the union is based on reasonable expectations. In any case, French workers protect their own interests in a way that is objectively sensible. Any worker would be an idiot to do otherwise.

[@TriNguyen-he7xk]

France and Germany on a per hour basis have a lower labor productivity than the Americans. en.m.wikipedia.org/wiki/List_of_countries_by_labour_productivity No surprise considering that nearly 50% of German GDP is government expenditure and over 50% for France making it arguably a command economy

[@thefoolishhiker3103]

Patrick becoming a TikTok financial rapper would be the one thing that could convince me to install the app 😂

[@scene2much]

I think you can teach AI to rap, and Patrick already looks like a CGI verisimilitude of his IRL personage, so this is GOING TO HAPPEN!. All he has to do is hand ChatGPT-Infinity a theme and a few hook lines, and stand back. So looking forward to his RAZZLEKHAN Dis tracks!

[@scene2much]

Gotta take part of that back... this new camera angle really makes Patrick look NOT like CGI.

[@ddhurry4168]

An interesting case for canadian pensions was when Alberta forced the takeover of the Alberta teachers pension fund into the broader Alberta public employee fund. The teachers fund was far more diversified and had 15-20% growth, the broader Alberta fund had been closer to 5% growth and was over 50% in energy. Considering so much of Alberta real-estate is also dependant on energy jobs its crazy they would diversify that little

[@jeanpaulgrech6540]

That's horrible. Did they give an excuse for the forced change?

[@ddhurry4168]

They said it was to save redundant administrative costs

[@silvertone1]

@@jeanpaulgrech6540 Alberta continues to try these things, their citizens keep rejecting. Its our most conservative province by far.

[@Tracey66]

Albertan here - I am, no kidding, convinced that our provincial government actively hates Albertans, and is working to destroy us. This was one of many steps to do that.

[@ddhurry4168]

@silvertone1 I feel like we've got a few different types of conservative provinces (govs anyway). We've got alberta, social and political conservative. Ontario, corporate welfare conservative. And Quebec, immigration / cultural conservative. Then we still have Saskatchewan....and NB...really most of the provinces are some shade of conservative....but bottom line is our pension funds are way too big to be sunk mostly into canadian assets, whether energy, REITs, or banking.

[@topsecret2232]

I appreciate you using the lettuce as a stand in for Liz Truss

[@Hundredthldiot]

Good to see Patrick broadcasting from his jacks.

[@PeejWan]

Patrick's sarcasm keeps me watching his videos even though I am not that financially literate. Thanks for what you do!

[@harveyhutsby7697]

oddly large amount of background noise in this video

[@colin-nekritz]

Dishes being washed, reindeer going through, Patrick’s life is a journey for sure.

[@sharkboi7555]

It is very annoying and kept me from watching the video. 😢

[@malcolmyoung7866]

😂😂😂

[@JonM-ts7os]

Hows the autism going?

[@icantfinditdammit]

He has lots of audio issues. Not sure if it's where he shooting or whoever is doing the postprocessing on his stuff. Wish he would sort it out.

[@MrMillefail]

Hey! As a french, i work 35 hours a week, and only have 7.5 weeks of PTO a year. I used to have 11, but the salary was way lower.

[@Lvl18Meep]

That is an incredible amount of PTO. Don't come to the US if you think 7.5 weeks is a small amount.

[@michaelmoses8745]

If you consider 7.5 weeks low, Don't come to the United States of America. 3 weeks is generous in the states.

[@fracturedlife1393]

Most I had in UK was 7 weeks which public holidays come out of. Currently at 5 weeks 😢

[@CJBroonie]

Two weeks is the norm in the U.S. with a 40 hour workweek for most non-exempt workers.

[@solalflechelles1216]

@@CJBroonie Yeah, because we fought for those rights. In 1936 and 1968 there were massive, national, month-long strikes that eventually forced the government and businesses to grant reasonable PTO to all employees. There's nothing keeping Americans from enjoying the same, except being too lazy to fight for what you're owed, and a lack of solidarity and trust between workers.

[@xkidmidnightx]

“Famously productive French employees” 😂

[@melmaciandissenter2324]

7th largest economy in the World (out of 192). Not bad for the Frenchies who work 35h/week with 9 weeks of paid leave per year. I'm somewhat jealous. And 3 of the Countries ahead are illegitimate dictatorships where governments don't understand the concept of fair trade and fair elections : India, China and USA ...

[@iampiyushsingh7544]

@@melmaciandissenter2324 lmao cope. "Illegitimate dictatorship" for 2 biggest democracies itw : usa and India

[@karoma7898]

No one except an American or an Indian would believe they're democracies

[@PBoyle]

Thanks to our growing list of Patreon Sponsors and Channel Members for supporting the channel. www.patreon.com/PatrickBoyleOnFinance : Paul Rohrbaugh, Douglas Caldwell, Greg Blake, Michal Lacko, Dougald Middleton, David O'Connor, Douglas Caldwell, Carsten Baukrowitz, hyunjung Kim, Robert Wave, Jason Young, Ness Jung, Ben Brown, yourcheapdate, Dorothy Watson, Michael A Mayo, Chris Deister, Fredrick Saupe, Winston Wolfe, Adrian, Aaron Rose, Greg Thatcher, Chris Nicholls, Stephen, Joshua Rosenthal, Corgi, Adi, maRiano polidoRi, Joe Del Vicario, Marcio Andreazzi, Stefan Alexander, Stefan Penner, Scott Guthery, Peter Bočan, Luis Carmona, Keith Elkin, Claire Walsh, Marek Novák, Richard Stagg, Stephen Mortimer, Heinrich, Edgar De Sola, Sprite_tm, Wade Hobbs, Julie, Gregory Mahoney, Tom, Andre Michel, MrLuigi1138, sugarfrosted, Justin Sublette, Stephen Walker, Daniel Soderberg, John Tran, Noel Kurth, Alex Do, Simon Crosby, Gary Yrag, Mattia Midali, Dominique Buri, Sebastian, Charles, C.J. Christie, Daniel, David Schirrmacher, Ultramagic, Tim Jamison, Deborah R. Moore, Sam Freed,Mike Farmwald, DaFlesh, Michael Wilson, Peter Weiden, Adam Stickney, Agatha DeStories, Suzy Maclay, scott johnson, Brian K Lee, Jonathan Metter, freebird, Alexander E F, Forrest Mobley, Matthew Colter, lee beville, Fernanda Alario, William j Murphy, Atanas Atanasov, Maximiliano Rios, WhiskeyTuesday, Callum McLean, Christopher Lesner, Ivo Stoicov, William Ching, Georgios Kontogiannis, Arvid, Dru Hill, Todd Gross, D F CICU, michael briggs, JAG, Pjotr Bekkering, Jason Harner, Nesh Hassan, Brainless, Ziad Azam, Ed, Artiom Casapu, Eric Holloman, ML, Meee, Carlos Arellano, Paul McCourt, Simon Bone, Richard Hagen, joel köykkä, Alan Medina, Chris Rock, Vik, Fly Girl, james brummel, Jessie Chiu, M G, Olivier Goemans, Martin Dráb, Boris Badinoff, eliott, Bill Walsh, Stephen Fotos, Brian McCullough, Sarah, Jonathan Horn, steel, Izidor Vetrih, Brian W Bush, James Hoctor, Eduardo, Jay T, Claude Chevroulet, Davíð Örn Jóhannesson, storm, Janusz Wieczorek, D Vidot, Christopher Boersma, Stephan Prinz, Norman A. Letterman, georgejr, Keanu Thierolf, Jeffrey, Matthew Berry, pawel irisik, Daniel Ralea, Chris Davey, Michael Jones, Alfred, Ekaterina Lukyanets, Scott Gardner, Viktor Nilsson, Martin Esser, Paul Hilscher, Eric, Larry, Nam Nguyen, Lukas Braszus, hyeora,Swain Gant, Kirk Naylor-Vane, Earnest Williams, Subliminal Transformation, Kurt Mueller, KoolJBlack, MrDietsam, Saaientist, Shaun Alexander, Angelo Rauseo, Bo Grünberger, Henk S, Okke, Michael Chow, TheGabornator, Andrew Backer, Olivia Ney, Zachary Tu, Andrew Price, Alexandre Mah, Jean-Philippe Lemoussu, Gautham Chandra, Heather Meeker, John Martin, Daniel Taylor, Nishil, Nigel Knight, gavin, Arjun K.S, Louis Görtz, Jordan Millar, Molly Carr,Joshua, Shaun Deanesh, Eric Bowden, Felix Goroncy, helter_seltzer, Zhngy, lazypikachu23, Compuart, Tom Eccles, AT, Adgn, STEPHEN INGRAM, Jeremy King, Clement Schoepfer, M, A M, waziam, Deb-Deb, Dave Jones, Julien Leveille, Piotr Kłos, Chan Mun Kay, Kirandeep Kaur, Jacob Warbrick, David Kavanagh, Kalimero, Omer Secer, Yura Vladimirovich, Alexander List, korede oguntuga, Thomas Foster, Zoe Nolan, Mihai, Bolutife Ogunsuyi, Hong Phuc Luong, Old Ulysses, Kerry McClain Paye Mann, Rolf-Are Åbotsvik, Erik Johansson, Nay Lin Tun, Genji, Tom Sinnott, Sean Wheeler, Tom, Артем Мельников, Matthew Loos, Jaroslav Tupý, The Collier Report, Sola F, Rick Thor, Denis R, jugakalpa das, vicco55, vasan krish, DataLog, Johanes Sugiharto, Mark Pascarella, Gregory Gleason, Browning Mank, lulu minator, Mario Stemmann, Christopher Leigh, Michael Bascom, heathen99, Taivo Hiielaid, TheLunarBear, Scott Guthery, Irmantas Joksas, Leopoldo Silva, Henri Morse, Tiger, Angie at Work, francois meunier, Greg Thatcher, justine waje, Chris Deister, Peng Kuan Soh, Justin Subtle, John Spenceley, Gary Manotoc, Mauricio Villalobos B, Max Kaye, Serene Cynic, Yan Babitski, faraz arabi, Marcos Cuellar, Jay Hart, Petteri Korhonen, Safira Wibawa, Matthew Twomey, Adi Shafir, Dablo Escobud, Vivian Pang, Ian Sinclair, doug ritchie, Rod Whelan, Bob Wang, George O, Zephyral, Stefano Angioletti, Sam Searle, Travis Glanzer, Hazman Elias, Alex Sss, saylesma, Jennifer Settle, Anh Minh, Dan Sellers, David H Heinrich, Chris Chia, David Hay, Sandro, Leona, Yan Dubin, Genji, Brian Shaw, neil mclure, Francis Torok, Jeff Page, Stephen Heiner, Peter, Tadas Šubonis, Adam, Antonio, Patrick Alexander, Greg L, Paul Roland Carlos Garcia Cabral, NotThatDan, Diarmuid Kelly, Juanita Lantini, hb, Martin, Julius Schulte, Yixuan Zheng, Greater Fool, Katja K, neosama, Shivani N, HoneyBadger, Hamish Ivey-Law, Ed, Richárd Nagyfi, griffll8, First & Last, Oliver Sun, Soumnek, Neilinnz, Justyna Kolniak, Vasil Papadhimitri and Yoshinao Kumaga

[@danielclawson2099]

This should be pinned. By not being pinned, it's floating near the bottom of your comments.

[@malcolmyoung7866]

The ‘makes no sense’ at the end caught me by surprise… Great video once again Patrick.

[@GT-tj1qg]

Some very weird sound from 6:40 - 10:39

[@Ninjachicken206]

21:15 When you get out of the pool and your ear gets unblocked

[@pizzagogo6151]

Thanks Patrick, for a reasoned & intelligent ( rather than just emotive or racist) discussion on this. I feel much better informed.

[@barth0lomew]

Some sound quality issues in the second half. A very distracting whirring sound

[@bmill7353]

It's a tad late for Sunak on UK newspapers given the Evening Standard is majority owned by the Lebedev family with an ex KGB senior agent writing some editorials. And giving Lebedev junior a seat in the Lords.

[@djsmithe]

Canadian business leaders I was offended by that picture. There wasn't a hockey player or curler among them. Patrick has a black belt in sarcasm.

[@GaryARahn]

Very non-inclusive for the mooses too.

[@djsmithe]

@@GaryARahn And beavers.

[@GaryARahn]

@@djsmithe mmmm beavers

[@silvertone1]

@mercx007 Or maybe he should put a bunch of unhealthy poor whiney white boys as that is what Canada has somehow become this latest generation or two.

[@BearMeOut]

​@mercx007 low effort racist bait comment Oh no brown people, Dem buying house in my town and stealing job, while I completely ignoring the real job statistics and zoning laws that jack up the housing market. Good thing there's a simple explanation to every problem that I face. economic and history is hard, better ignore it.

[@Buzz2261]

Thanks Patrick, out of all of the globally recognised and hyper cool rappers that I follow you are definitely the most informative. The subtleness of your bling is more than compensated with your global economic evaluations so please keep it up you boujee mo-fo. 🤘😎

[@privacyhelp]

Imagine all countries forcing apple and google to sell their shares or be banned. Also forcing toyota and honda to sell their shares or they can't sell their cars. Beautiful.. 🌟

[@MS-ql8ek]

Apple, Google, Toyota, Honda is not owned by any government, Tiktok is, if tiktok is not owned by the Chinese government then why are they so mad about the ban? Chinese government is going nuts over this ban but yet almost every US or western social media app and youtube is banned in china and the US government doesn't even care. Tiktok is even banned in China and they have another app in its place that is watered down and only shows what it wants it's people to see

[@antonomaseapophasis5142]

Where were all these protectors of national security when a shady foreign investor from Australia bought up media in the US & UK? In the US this shady operator started off by bribing the Speaker of the House to circumvent established restrictions on concentration of ownership.

[@greebj]

Cuz Murdick helped them just like his propaganda outlets unashamedly help the conservatives here in Australia. Who help him back. They gutted the national optic fibre rollout plan (that would have made Foxtel's coax cabling worthless) into a "multi technology mix" that now uses a lot of that cabling - and the century old copper cables - when retiring rotting analog infrastructure was the whole point of the NBN. If it makes you feel any better we fuggen hate him here too

[@yourcheapdate4564]

Happy Patrick's day Mr. Boyle!

[@silentwilly2983]

Their is nothing intrinsically wrong with regulating the market and keeping certain strategic businesses and knowledge within your own borders. The problem I have with most of those cases is that they tend to be inconsistent and very opportunistic. In most cases it seems to be about politically profiling and/or about financial interests rather than true strategic considerations. A more correct approach would be to create a consistent policy. Define what is strategic and make regulations that ensure that strategic requirements are met. That may be as simple as raising import tariffs if domestic production doesn't meet strategic requirements.

[@macicoinc9363]

Thought tariffs never worked? That’s at least what globalists like Patrick were telling me mom-stop 7 years ago

[@DirkusTurkess]

You're thinking too clearly and logically, that has no place in government.

[@Leto2ndAtreides]

There’s the question of whether it serves the collective good. But you’re also losing international competitiveness and adaptability. If your local industries are less effective, stuff costs more, and that will hurt the competitiveness of your economy as a whole. Some things may deserve to be considered national security / resilience issues. But in general, you don’t want corruption and inferior stuff inflicted upon your people. Of course, if you had something like a cheap labor force, the harm from inefficiency might not be as high. But…

[@silentwilly2983]

@@Leto2ndAtreides Like dependency on 3rd countries is efficient... Sure, if everything goes dandy there are no issues, but the moment disruptions occur damages may be disproportional and eat up marginal efficiency benefits of many years. The moment other countries are capable of blackmailing you because of dependencies, let alone cut you off when it is really crucial all gains of your efficiency and more are wiped out in no time. Obviously, full independence is in the modern world virtually impossible, but that is no reason to wave it away for short term benefits. For long term prosperity and survival you need control, dependence on a country that can overnight cripple you, or worse, by cutting supply lines is the opposite. Above that, that things are more expensive.... who cares? That may be relevant for poor countries, rich western countries have plenty, there is no need for economic growth. Above that, long term countries can only consume what they produce unless they leach off other countries. Large economies like US, EU, China are big enough to house all knowledge and skills required for an independent economy.

[@williamcarson1038]

there

[@alecubudulecu]

The crazy part is folks thinking American companies would NOT lay people off.

[@plwiza]

Professor Doyle you are the finance professor that I know I wish I had in my MBA program and as I pursue my PhD I pray I can emulate as well.

[@НиколайКошмар-ь7б]

I agree, but he is Boyle.

[@ivan200804]

MBA are scum of the earth, after lawyers. The only thing they come up with is how to rip off workers. No value was ever generated by MBAs.

[@mattanderson6672]

Thanks Patrick!! Awesome!!

[@MrShaunG]

lol “32 hours a week with as little as 9 weeks of paid holiday “ good stuff

[@philippegirard9876]

Only school teachers have those benefits, this is not the average at all

[@ColeTrainStudio]

​@@philippegirard9876 there's not a single teacher that works only 32 hours a week. They might only get paid for that many, but things like grading and lessons plan development have to happen, but aren't paid for.

[@legbert123]

SPIT MY DRINK!

[@the0ne809]

​​@@philippegirard9876their pay doesn't increase. It happens is that the same salary gets divided by 52 weeks so they make less through the year to compensate for the summer. Also, teachers work more than 40 hours a week. They work at home too.

[@gogogadget1855]

​@@philippegirard9876 So you're saying it's possible.

[@yogikarl]

I would truly appreciate , if your slides are not flashed just 1.6 seconds but at least 3 seconds . thanks in advance

[@zacheray]

You can have 1.8 take it or leave it

[@yogikarl]

@@zacheray must be French or Italian - from a German perspective : wishy wooshy - Hektik breathless

[@normamimosa5991]

"With as little as nine weeks a year of paid holiday." LOL!

[@Andrew-rc3vh]

He forgot the two-hour lunch break.

[@4-SeasonNature]

This is too obvious to influence anyone who actually listens or watches this video.

[@BTMOvie78]

​@@Andrew-rc3vhImpossible to digest correctly bread and wine with your friends without these 1h30 lunch breaks my friend !

[@Andrew-rc3vh]

@@BTMOvie78 A good friend of mine lives there. It's all true.

[@AnimatedStoriesWorldwide]

@@Andrew-rc3vhyeh, your friend is lying to you...

[@niveaulimbo6101]

Forcing pensions into domestoc stocks is pretty much using pension contributions to subsidize the corporate sector.

[@gror7849]

In Canada our economic system is an oligopoly, with all economic sectors split between a select number of players and heavy regularized. The further downside to this static system is that companies cannot compete with each other at all as they providing the same products in their respective lanes with none having any competitive advantage, with almost identical prices which are higher than the equivalents in competing eonomies and not offering a real incentive for customers to choose, and most importantly this means they cannot grow anymore than their current size due to the imposed limitations of our system. So the only way to get some extra profit is by getting some fresh investments to help their stock increase a bit and get those diivdends out to all stakeholders. Its pure and simple quarterly capitalism and I am personally happy that the pension funds have given them the cold shoulder. Pensions funds in Canada are autonomous from any political interference and are some of the best performing pension investment funds in the world, actually being most profitable in 2021. So there you have it!

[@SinclairSound]

Don't worry we have an oligarchy here in the US too (in most sectors). Pretty much the trend of markets.

[@Muljinn]

True, but in Canada , it’s a legally created and *enforced* oligopoly.

[@gror7849]

Yes you are correct it is a legal one and kept in check by regularization ...@@Muljinn

[@backgammonbacon]

No layoffs for 2 years is a meaningless statement as that's the amount of time it will take to work out what layoffs to make. People will be layed off even if its just the accounts department, no need for duplicate roles like these.

[@nickjohnson398]

Patrick I would personally love to witness your “LinkedIn influencer” era 😂😂

[@slincolne]

Ha - at 1:51 the group shop of 'Canadian Business Leaders' - Patrick kills me ! And then there's the French Government at 9:25 (is nothing sacred ?)

[@mickeyFickey]

“I’ll be forced to become a LinkedIn influencer, the worst kind of influencer”

[@johnburger1320]

Another great overview of a very complex subject.

[@naswinger]

i hope we will get a rap video on april 1st!

[@Griffintheelder]

Top class Patrick, thanks for this eposiode.

[@JonJon-kx6xl]

Background noise is terrible in this video ngl

[@frankb1]

Thanks Patrick. I'm having trouble understanding why anyone would be upset about losing TikTok. KZbin, Facebook, and maybe other platforms offer the same product.

[@greebj]

At first they came for Tiktok, but because I didn't use Tiktok, I said nothing .......

[@AschKris]

The thing with China, is that they technically don't ban western social media apps, the apps just decide that they don't want to comply with Chinese laws and so they don't operate in China. This is similar to how some websites don't work on the EU because they don't want to comply with GDPR. The US on the other hand just wants to ban apps based on the country where they are from, even if otherwise they're compliant with US laws. If the US wanted to protect its citizens they would pass a data protection and privacy act for all companies and then ban them according to that, but that would also affect companies such as Facebook and Google, which is why they won't. Rules for thee but not for me.

[@ravanpee1325]

NSA spies via Facebook, Google, Microsoft already..

[@hansonlee5847]

That's a pretty good point. Not a fan of the CCP, but that does make a lot of sense

[@billygoatgruff3536]

The Chinese do explicitly ban Western apps. Facebook, Snapchat and KZbin (but not Google) are all banned. Where did you hear otherwise?

[@silentdrew7636]

TikTok isnt compliant with US laws though.

[@AschKris]

@@silentdrew7636 if that were true then a bill targeting them specifically wouldn't be needed and it would be in the hands of the courts

[@Fleezblarp]

When are they going to fix the ai not blinking bug?

[@personzorz]

Too many insects in the training data

[@andriusandrau]

They fixed the last part "makes no sense" being louder than usual.

[@bigboi1004]

​@@andriusandraulmao I read this comment right before that happened. *makes no sense*

[@MarkvanBuskirk]

Thank you for the excellent coverage as usual

[@dendostar5436]

I remember learning in school that America had a history of being protectionist when it shouldn’t have been.

[@phoenixmetazoa]

Great video as always. It's important to look at these protectionist measures as strategic, not economical. If they were purely economic decisions, than more globalism would be the obvious choice as it benefits both large corporations and consumers. These moves are more in the direction of gearing up for large scale conflict What the Russia - Ukraine conflict showed the world more than anything is that some players are willing to risk their economy to reach political goals, throwing out the shortsighted idea that wars in advanced nations were a thing of the past. If this is the case, than many so called advanced nations are completely unprepared and vulnerable to attack. For example, the US gets 92% of its advanced chips from Taiwan. If China and the US were to get into a conflict, than China would easily cut off TSMC, crippling many different industries at once and ultimately crashing the stock market over night. China also depends on these chips, so they would risk collapsing their own economy, especially if the US and allies shut down Chinese shipping routes. The reason this is a threat is because China does not view a strong economy with the same gleam in the eyes as western nations. They view it as a tool to gain power. If their economy collapsed, China wouldnt just survive, the CCP would get stronger. They have more leverage in a country where their population is more dependent. The US system on the other hand would completely collapse if the economy was in disrepair. Tomorrow's losers are the ones who play yesterday's game today. We are in the era of war games

[@Jinkypigs]

Not even strategic as that implies some coherency and benefit for the nation. It is pure selfish tribal politics

[@phoenixmetazoa]

​@@JinkypigsI'm not implying it. I'm saying it. Protectionism enforces national security which is clearly a benefit to you and everyone you know. Tribal politics is unselfish by nature. It would be more selfish to sell access to the highest bidder and expand beyond your borders. Tribalism is just propaganda that the people prefer over the truth, which is that your leaders can no longer compete in critical ways, and need to withdraw to avoid being taken over. Nationalists have nothing to say about industries they are globally competent in. There is a pattern if you look for it. They are not banning random companies. You might not agree with war, but you have to respect the importance it plays on every level

[@elninomelosso5027]

Top tier content as always.

[@KamiInValhalla]

The issue I have with the TicTok case is that why should a foreign company invest and create a company in the US under the threat that if your business becomes successful, you might then be forced to sell it to a local.

[@greebj]

Or they could operate as if they were an actual US company instead of a Chinese government puppet Look at the Mueller report, what a handful of Ruskis were able to accomplish from St Petersburg with just some Facebook data mining. Now imagine what scale of manipulation the actually competent Chinese government with a real time hook into a social media platform could achieve

[@lembitmoislane.]

Both sides of the political/economic issue have very valid concerns, and both need to understand and cooperate with the other. For the political side, political informed people understand that letting the market run wild is asking to have soft influence pour into your country. By letting foreign companies come into your State, you are enabling the real risk of foreign economic domination, which allows for your country to be at much greater risk of foreign influence, suffer from international economic problems, and make it much harder for Governments to function as strong States. As for calling everything "national security", it's because the amount of components needed for a society to function as a normal, developed place is vast. For example, letting foreign phone and telecommunication companies run wild means that the State has lost control over communications that are vital for the existence of the modern State. Another example with Steel, is that it's one the most important Bread and Butter for any Industrialised State, without Steel being domestically dominated, you risk either becoming an economic puppet of others or even becoming an de-industrialised State. For the economic side, it is clear by the success of international trade across history that it enables societies to become wealthier. You get access to a greater variance of goods, business opportunities, larger markets, etc. It is hard to deny the great economic improvements world wide since the end of the second world war, with poverty at it's lowest levels, the rise of poor States into wealthy ones thanks to foreign investment, States that have focused on exporting goods aboard, etc. Hence to abandon this understanding is to risk societies having greater limits on their own current and future wealth. So when one side or the other brings up their points, don't dismiss them because they can both be correct. In my own personal view, I think it's fine to mandate a portion of investment to be domestic as it can generate greater internal wealth and prosperity, with less foreign risk, however it shouldn't develop into an "all eggs in one basket" as then when the country's economy stuggles, then the hit to people's stocks will be worse. States should both encourage foreign investment, and allow them to have a share of the market, however never to the extend that they risk dominating sectors of the economy. It must be ok for individual companies to fail or be brought out, but never to the extend that societies risk de facto loss of sectors of their economy.

[@timebroua]

Great video, watched till the end!

[@drmed1134]

Nice channel. You should more vids about basic micro and macroeconomics

[@keiththorpe9571]

Actually, US Steel falls under the national security umbrella insofar as foreign ownership and control is concerned. For most nations whose steel production is a significant sector of their economy, it's a strategic industry, thus bringing it under a protectionist posture.

[@diestormlie]

It's also one of those things where if, suddenly, you're in a World War and global trade begins to do an oopsie-collapsey, having your own Steel Production becomes VITAL for the production, of, say... Most Military Hardware.

[@g1y3]

No the strategic value isn't much related to share of economy but rather use of steel in military hardware, in times of war a foreign owned steel plant can cause problems.

[@the0ne809]

People are screaming about tiktok while the biggest oil refinery in the western hemisphere was allowed to be sold to the Saudis by the trump administration. That seems to be a bigger threat.

[@g1y3]

@user-hz6fj9xy4y still it won't be as seemless as domestically owned , it will also give japan an extra leverage many situations.

[@justgeneric2876]

It’s because most UK infrastructure is privitised so it’s hard to relate

[@christophermund5977]

The upholstered ottoman as a symbol on your map was beautiful.

[@eljanrimsa5843]

an early example of the current business trend to place sofas on streets which ended badly for global trade relations

[@maifantasia3650]

That Ottoman was definitely blocking the trade route.

[@martinrowland2593]

I liked the three UK prime ministers picture. with the cabbage in the middle Female cabbage me thinks

[@jeffhay1395]

Thank you Patrick

[@mriz]

8:00 can't wait to enjoy your first rap song, i am all in

[@antoniovillanueva308]

It is like my old pappy used to say, "you cannot de-worm a puppy with an axe".

[@michaelbernard6220]

Not to mention that the UK had no problem with Japan's Nikkei purchasing the very previously UK Pearson owned FT in 2015....

[@clarencetripathi]

My takeaway from the video: Europeans don't understand tech and pay more attention to cash flow (or EPS). It seems to me that they are more conservative than the US.

[@UncleJoeLITE]

CCP claims of "unfair" brought real tears to my eyes. True. =)

[@matttran7161]

I love this dry humor so much. "...LinkedIn Influencer, the worst kind of influencer..." I was so glad I wasn't taking a sip of my coffee at that bit.

[@wetwingnut]

This kind of protectionism assumes that the money that is paid for a product is more valuable tham the product itself - which is nonsensical. Otherwise, we would see laws restricting goods that a country produces be kept for sale only at home. Everybody wants to SELL globally, they just want to restrict their neighbors to have to BUY locally.

[@alexandersetuain3919]

The ottoman image for the Ottoman empire had me dying 😂😂😂

[@fracturedlife1393]

OMG when the white noise/tumble dryer stops @10:35 ❤❤❤

[@bikeomatic8005]

Dont worry Patrick in Ireland all is well no questions asked where the monies come from as long as they keep coming 😂

[@johnappleseed6422]

You bring me laughs out loud like nobody else. Love your humor and knowledge keep it up!

[@DistrustHumanz]

If all countries ended foreign ownership of businesses, the entire U.S. economy would collapse.

[@mattsch21]

The economy would collapse and startups would have a hard time raising money are not the same thing. I'm really struggling to think of any reason why the economy would collapse if the owners of businesses changed hands. It quite simply doesn't make any sense in any capacity.

[@timothyharshaw2347]

Not to mention the UK's financial services economy which basically survives entirely on aiding and abetting global money laundering schemes.😮

[@HAMILTONPROVIDEO]

B. S.

[@juanjoseph]

​@@mattsch21 How would american enterprises expand beyond the US?

[@incremental_failure]

UK equities have a stamp tax, a complete idiocy. Most retail trade CFDs and many foreigners are banned from trading CFDs by their own countries. UK is being punished for its own bad decisions.

[@leonblythe3194]

It ain’t Patrick’s day! It is saint patricks day I’m not listening to this anymore I’m getting hammered!

[@DanielHowarth00]

Australia tried something similar to blocking foreign ownership too with our largest energy utility. The government pulled the 'energy security' card as a reason to block

[@wetwingnut]

Think about how poor we would all be if we restricted our trade to only the people who live on our block, or even to people within 10, or even fifty, miles of us... There wss a time in human history when people risked their lives to trade more broadly. Now we are blessed with the ability to trade world-wide, and we consider it a curse.

[@jasonmaguire7552]

Good argument, ignore all the nuance, don't address any counter arguments, just claim its an unadulterated good.

[@greebj]

Fail. Topic is not foreign trade; it's foreign control of the 'trader'

[@psoltan]

Oh snap! Did Patrick just give a backhanded compliment to French workers? 🤣🤣🤣

[@nbonasoro]

Theres also something foolish about not taking into account the typical person's ROI, in Engand for example, from investing at home and improving infrastructure, the NHS or whatever else. To so narrowly interpret ROI of the investments as the return the individual sees accrue to their portfolio is to incorrectly allocate savers funds and egregiously miss the full benefit they experience from their investments improving their living standards.

[@duncanhw]

No, you need to look at the marginal case. Sure, the sum of everyone investing locally helps the citizens, but an individual citizen investing abroad instead would lower their own external benefit by not even a millionth

[@vernedavis]

excellent work,sir. Q

[@wetwingnut]

I work in the construction industry. Federal projects require materials and equipment to be sourced domestically. Many states have similar requirements requiring in-state sourcing for their projects. The most obvious result that I see is government buildings that take longer to build, are more expensive, and lless efficient to operate. It would be like me deciding that the best use of my money would be to buy the materials and skilled labor for my new home exclusively from immediate family members. Such a home would be unliveable.

[@jermunitz3020]

That’s kind of the point though, to create industry that wasn’t really there in the first place and they know you wouldn’t do it without being forced to.

[@DKNguyen3.1415]

@@jermunitz3020 But remember it's probably the same people wanting domestic investment who then also complain about government projects being slow and expensive.

[@scottd7761]

“Famously productive French workers.” Great vid overall, but that portion of it was the best. 😂

[@landi2244]

You are a better news source than all major biased channels. May I suggest P Trick as your rap name? Thank you.

[@normamimosa5991]

Forcing home investing, especially in a country such as Canada, with so few choices, is an extremely bad idea. More to the point would be to pass legislation to inspire, innovate and motivate Canadian business. Doing business in Canada (compared to the US) is like pulling teeth. Balance is necessary. The financialization of real-estate is creating a massive, unaffordable-home crisis in Canada, courtesy of left and right politicians, who can't see, or don't want to see, the destruction of private equity cornering the residential markets and think wasting tax funds on social housing is the answer, as millions of illegal migrants and immigrants pour into the country each year.

[@Muljinn]

But, but diversity is our strength and the budget will balance itself…

[@anivicuno9473]

Millions of illegal migrants? Neither the US nor the Canadian populations grow by millions each year. As for why there's a housing crisis in Canada, it's because leaving construction in private hands means that the market constructs at the profit maximizing rate, not the socially optimal rate. As a result, there's been a consistent deficit in housing vs pop growth over the last decade. That's what's driving housing prices, not some foreign boogeymen.

[@normamimosa5991]

@@anivicuno9473 Legal immigration in Canada is over one million per year. Illegal immigration is growing. Check out Toronto street and park encampments. Trudeau proposes to cap continuous annual legal immigration at 500,000. What do you think will happen to Canada by the sheer numbers alone, let alone clashing cultures and imbalanced classes? Social and economic implosion, just like the countries from which the migrants and immigrants are escaping. The housing crisis in Canada has very little, if anything, to do with supply and demand. It is a pricing issue, driven by private-equity players loyal to their investors, not tenants or homeowners. The population growth is mainly at the lower-end of the scale. Many of them live in tax-funded housing. The more affluent immigrants are saddled with far-too-high rental prices and interest rates, just like middle-class Canadians.

[@walkingstick6655]

In the end, I think that some reasonable level of national security and interest has to take a lead over international free-trade and foreign investments. I remember when, during the 70s "energy crisis", the west was up-in-arms concerned that the Saudis were going to take over America, then it was the Japanese, etc. At the time, I remember someone writing a piece that laid out which foreign countries own, in just property terms, the most in America. Age old trading companies, like the Brits and the Dutch, had far much more invested in the US than countries like Saudi Arabia. Facts are so important in these situations, of course. That noted, things like TikTok are a bit different, in that they have a less tangible element than real estate, crossing national boundaries, posing much greater threats of access and use of data and, most importantly, subversive societal influence. It seems increasingly clear that if anyone is going to have such influence, then let it be the US. Frankly, China has had such a stranglehold over its own society for ages, why should we be letting a country like China have such influence and access? It borders on the insanely reckless, nearly suicidal.

[@LaddDentalGroup]

Best channel on the Tube!!

[@TheGIGACapitalist]

Let's see if Stelco from Canada is allowed to buy US Steel. It would be ironic if they blocked that too considering US Steel was allowed to buy Stelco a decade ago.

[@blindlemonjello]

I love your commitment to educate. Okay people you just have to have a balanced portfolio and it makes even better sense if its global think about it...

[@origanami]

Is that a water feature running in the background?

[@tonycrabtree3416]

He’s working on competing with “Calm”.

[@lostsince76]

Recorded from mr. Boyle's bunker. 24/7 hiphop, Cristal and a 3 star Michelin cook.

[@michaele.strasser9641]

Moment please. Is it possible to buy shares of Bytedance? Or are we talking about pseudo ADR Cayman Islands worthless paper?

[@veselekov]

So much for the “free market”

[@IllIl]

You're doing God's work man. One of my favourite channels on KZbin! Always learn something and maybe more importantly, get to take a look at events with a level-headed perspective that is sorely lacking in modern media.

[@Jake-Day]

Yes

[@danyreshod3045]

Anything that anyone from the government says about how they want to protect the American steel industry will forever ring untrue. Source: I grew up in Birmingham, AL, which was at one point known for its steel production. That wasn't providing enough kickbacks, however...

[@allan7850]

I love your videos but for some reason there is a lot of background noise in this video. Issue with your mic? 🤔

[@VoiceBootcampInc]

I do you hear any background noise. Most of his video are clear as it can be from my side fyi

[@funguy398]

I don't hear it

[@VoiceBootcampInc]

Never mind I spoke too soon. I can hear some background noise close to halfway

[@billyb6001]

There is still a US Steel?

[@silentdrew7636]

Yes, and it's mainly done by robots.

[@jamesparker4782]

Profister bolye.x your lectures have changed life.

[@vinesauceobscurities]

0:08 Side note, but RIP Spitting Image revival. Taken too soon.

[@buffalopanic]

I almost did a spit take when I saw that ottoman graphic pop up. LOL.

[@leanneelliott4753]

I agree. LinkedIn is the worst