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And she runs out and she says it's a cookbook. It's a cookbook to serve man

Good afternoon, Michael Malis here. Let that be your welcome for the next hour. You guys are really in for a treat. We have returning guest one of my favorite people Carol Roth her new book is out now. It's called you will own nothing. It's a reference to that famous notorious ad from the world economic forum claim.

That you will own nothing and you will be happy. Now Carol I was reading about the book and I was really excited because in the circles you and I travel in and this is by the way if pick up her previous book the war on small business. We didn't have a sort of that I read that book I enjoyed it immensely. And the thing I like about Carol is unlike so many people in this space. You actually do your homework and you bring the receipts. So instead of just fear mongering like the skies falling which sometimes it might be you're like all right. Here's the data. Here's you know where this is all coming from.

I'm curious as to you know what we were just talking briefly before we got started. You were talking about how this takes the conspiracy out of the whole conspiracy theory aspect about this because you see a lot of world economic forum.

In many cases there this right of center bogeyman and the same way that Trump is a right a left of center bogeyman and everything that is a function of Trump and they're coming for this and coming for that.

Now if I was a leftist it's not entirely untrue. I mean he what am I what I've encouraging people to do is to reply to literally anything on social media with.

I support Trump because he ended abortion and racism and I guarantee the reactions are going to be apoplectic and hilarious.

But in all seriousness if I was a leftist Trump did and rovy way that's not a minor setback for my cause.

So can you talk a bit about how this book got conceived and just how much of this is fear mongering from conservative ink and how much of this really is them showing their hand the work will economic forum.

Yes so probably like you Michael though I'm not nearly as funny on social media as you are about it you know you see these things pop up a lot of times they come from people who are not even a jar of peanut butter and you go.

I don't know that's probably not what was said it was probably taken out of context there's got to be more here.

So when you hear about the world economic forum which is basically a group that's littered with the business and political lead and you hear that they're predicting the end of private property you're like there's probably a missing piece to the story right.

And so you go and you source the video which is on the world economic forms twitter site right now at least as we're recording this and they have the top eight predictions for 2030 for the world it's from their global futures council so there's some council that weighed in on this and the number one is you'll own nothing and you'll be happy.

Oh by the way number two is the US will no longer be the world's leading superpower but nobody ever made it to number two I guess or some of the other ones in there.

But when I hear you'll own nothing and you'll be happy as somebody who's an advocate for wealth creation for people and I've been doing this for over a quarter of a century I'm a recovering investment banker you know these these are things that are sort of center of the plate.

I'm like well why would the world's elite be saying that like you wouldn't have wealth creation opportunities because I know that wealth comes from ownership you have to own assets that have the opportunity to retain or increase in value.

That's sort of the differential by you know between having income and money and having wealth that's the differential so that sounded really strange to me so after I did the very small amount of research to find that I started doing more research and I found that this was an idea that had been repackaged and repurposed there was the sort of fantastical article that came out before then there was another one that said can I rent everything in my life and be happy.

And it actually traces all the way back to 1971 when Klaus Schwab who is either like the best prototype of a bond villain if you've ever seen him he just looks like he's straight out of central casting but he's also the CEO of the World Economic Forum when he started this as the European management forum in 1971 his very first idea was around this idea of stakeholders and a stakeholder is sort of a weasel word.

Because we don't know what that means or where it comes from but it stands apart from being a shareholder being a shareholder is ownership and you have earned that ownership either through your time your blood your sweat your tears or through investing your capital and taking on risk and so since 1971 he's a persistent MF right he's been trying to get this idea of stakeholders you know within you know ingrained into sort of the culture.

And as I started thinking about all the things that we're going on you know social credit ESG Wall Street competing with you to own a house big tech renting your life back to as a subscription or a service you know CBDC's the basement of the currency you know whatever it was like I kept going there's got to be a through line here and I'm just walking one day it hits me like a lightning bolt you will own nothing.

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