Good evening. The show begins tonight in the markets. The VIX, which is a measure of anxiety,

dropped 20 points from the highest I've ever seen it, 50 to 30, which is the highest I've ever seen it.

I'm not sure where it was during the financial crisis of 0-8-09, maybe this zone, but given that the fear is all perspective, it is odd.

We're all wired together.

Drop 20 points.

Brett Breakthrough Glass Arons was here reporting from the road saying that it looks like we're closer to the

end than we are to the beginning. That's a comforting thought, but I'm getting into the flow of it.

I think day 12 was predictable. Day 13 might become routine. Iran, the FDD, I speak to Andrea Stricker, but she and her colleagues worked up a list of

what must be demanded of Iran if there is to be talks and a settlement between Washington and

Tehran. What must happen? Verifiable inspection, destruction of nuclear weapons, anything weaponizing, anything suspect of the uranium ore piles that are processed to 60% of the missile program, of the space program, which masquerades, the missile program, drones, other depredations of the region must stop.

In other words, sure looks like a whole lot like regime change.

Maximilist demands.

Then a conversation about the market distortions and imbalance that were witnessing in the stock market, thanks to China.

When I joined the WTO, it was presumed that it would obey the rules. It has not obeyed the rules.

I'm not even sure that it ever meant to, but right now it

does not. And the trade war between the United States and China has to do with regular order,

riding the ship, correcting the imbalance and distortions. Populism, left and right in Europe, too.

Peter Berkowitz is here to talk about the populist rise in Germany and Britain and France and Italy

and the Netherlands and Spain, in Argentina, in the United States.

Why is it the pendulum?

I asked Peter about that.

Then turning to the cursed salient and the Russian information war accusing Keefe of bad acting in the curse salient in the same fashion that Keefe accused Moscow of bad acting when the invasion first

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