E68: Trudeau invokes emergency powers, Bitcoin vs. government, Tiger Global's new strategy and more

E68: Trudeau invokes emergency powers, Bitcoin vs. government, Tiger Global's new strategy and more

All-In PodcastFeb 19, 20221h 29m

Chamath Palihapitiya (host), Jason Calacanis (host), David Friedberg (host), David Sacks (host), Narrator, Guest (guest), Narrator, Guest (guest)

Trudeau’s invocation of the Emergencies Act and freezing of protestors’ bank/crypto accountsCivil liberties, due process, and the precedent of financial deplatforming by the stateBitcoin and crypto as hedges against centralized financial controlBacklash to woke politics: San Francisco school board recall and DA Chesa BoudinThe role of parents, Asian-American voters, and teachers’ unions in education politicsVenture market reset: SaaS multiple compression and Tiger Global’s move earlier-stageFounder–VC dynamics: governance, board roles, and the value (or harm) of “value-add” investorsScientific advances in HIV treatment via stem cells and gene editing (CCR5 mutation)

In this episode of All-In Podcast, featuring Chamath Palihapitiya and Jason Calacanis, E68: Trudeau invokes emergency powers, Bitcoin vs. government, Tiger Global's new strategy and more explores trudeau’s emergency powers, Bitcoin’s role, and woke politics backlash The hosts debate Justin Trudeau’s use of Canada’s Emergencies Act against the trucker protests, focusing on civil liberties, due process, and whether freezing bank and crypto accounts crosses a democratic red line.

Trudeau’s emergency powers, Bitcoin’s role, and woke politics backlash

The hosts debate Justin Trudeau’s use of Canada’s Emergencies Act against the trucker protests, focusing on civil liberties, due process, and whether freezing bank and crypto accounts crosses a democratic red line.

They argue this incident accelerates the long-anticipated conflict between state financial control and decentralized crypto, highlighting why citizens may want assets outside government reach.

The conversation shifts to U.S. domestic politics: the San Francisco school board recall and looming DA recall as evidence of voter backlash against excesses of woke politics, soft-on-crime policies, and teacher-union power.

They close with venture capital and startup market dynamics, discussing Tiger Global’s strategic pivot, governance versus passive capital in early-stage investing, and a brief science segment on HIV cures via stem-cell and gene-editing approaches.

Key Takeaways

Emergency financial powers risk normalizing extreme state control over dissent.

Using wartime-level emergency law to freeze accounts of nonviolent protestors and small donors sets a low bar for future governments to bypass normal legal processes when confronting political opposition.

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Financial deplatforming will drive more people to Bitcoin and decentralized assets.

Seeing a Western democracy arbitrarily freeze banking access reinforces the core crypto thesis: keeping part of one’s net worth in non-custodial, state-resistant systems as protection from political or administrative overreach.

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Voters across party lines will punish perceived woke overreach on schools and crime.

The San Francisco school board recall and likely DA recall reflect a broad, bipartisan demand for safety, merit-based education, and competence over ideological symbolism, especially among Asian-American parents.

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Teacher unions’ and progressive officials’ priorities are clashing with parents’ expectations.

Extended school closures, attacks on merit programs, and focus on renaming schools rather than reopening them have created a political opening for reformers who emphasize student outcomes over adult-centric agendas.

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Startup founders must prepare for harsh valuation resets and conserve cash.

With SaaS multiples compressing ~80% in months and late-stage capital pulling back, growth-stage companies face down rounds or painful IPOs; extending runway, reducing burn, and resetting expectations are now survival moves.

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Passive mega-funds can win early-stage deals by promising money with minimal interference.

Large crossover investors like Tiger can attract some founders by offering sizable checks without board seats or heavy governance, though this can leave first-time founders under-supported on strategy, recruiting, and scaling.

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Gene-editing and stem-cell therapies hint at eventual functional cures for chronic diseases.

Experimental bone marrow transplants using CCR5-mutated stem cells have effectively cured HIV in a few cancer patients, foreshadowing future autologous stem-cell and gene-editing treatments that could reprogram immunity and address cancer and aging.

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Notable Quotes

Why invoke this get-out-of-jail-free card where you can behave without any checks and balances?

Chamath Palihapitiya (on Trudeau’s Emergencies Act decision)

You can’t conflate having an enemy with having a different view.

Chamath Palihapitiya

Inevitably crypto is the threat to the state.

David Friedberg

If your kids cannot get a quality education and you cannot be safe in your community, nothing else matters.

David Sacks

The pendulum went too fast, too far, and there are boundary effects that are causing recourse right now.

David Friedberg (on woke politics and criminal justice reforms)

Questions Answered in This Episode

Where should democracies draw the line between maintaining public order and respecting financial and civil rights during protests?

The hosts debate Justin Trudeau’s use of Canada’s Emergencies Act against the trucker protests, focusing on civil liberties, due process, and whether freezing bank and crypto accounts crosses a democratic red line.

Get the full analysis with uListen AI

Does the Canadian trucker episode prove that ordinary citizens should hold some wealth in decentralized crypto, or does it simply justify better regulation?

They argue this incident accelerates the long-anticipated conflict between state financial control and decentralized crypto, highlighting why citizens may want assets outside government reach.

Get the full analysis with uListen AI

How can policymakers pursue racial and social justice in schools without undermining merit-based education and parental trust?

The conversation shifts to U. ...

Get the full analysis with uListen AI

What governance model best balances founder autonomy with the strategic and ethical oversight investors say they provide?

They close with venture capital and startup market dynamics, discussing Tiger Global’s strategic pivot, governance versus passive capital in early-stage investing, and a brief science segment on HIV cures via stem-cell and gene-editing approaches.

Get the full analysis with uListen AI

As gene-editing and stem-cell therapies advance, how should societies regulate these powerful tools while ensuring fair access to life-changing treatments?

Get the full analysis with uListen AI

Transcript Preview

Chamath Palihapitiya

So, Sax, are we gonna talk with each other today? Or, you know, or...

Jason Calacanis

He's a, ISO player. He turned into an ISO player. He's like the Carmelo Anthony of this (beep) squad.

David Friedberg

He's the Carmelo Anthony of the All-In pod. Sax, you wanna pass the ball? Or y- you just wanna... You wanna clank it off the rim?

Jason Calacanis

Rain man! Clank! (laughs)

Chamath Palihapitiya

I think we should have a focus on having a dialogue with each other today, several points in the thing, as opposed to all standing up, saying our piece, and then hopping off-

Jason Calacanis

Yeah. Sax, w- we lost a little bit of the fiber of this team here. There's three people playing as a team, and then there's like-

Chamath Palihapitiya

Sax, I would love to ask you questions, and I would love for you to ask me questions.

David Sacks

It's not my job to pass the ball, J-Cal. You're the (beep) guard, you pass the ball. I'm supposed to score.

Jason Calacanis

Oh, really?

Chamath Palihapitiya

(laughs)

David Sacks

Remember what, uh, Shaq used to say when he wasn't getting the ball? He gets really unhappy. He said, "Pass the ball to the big dog, he'll score."

Jason Calacanis

Yeah, okay. Sure.

David Sacks

I'm Shaq. You're... No, you're not Kobe.

Jason Calacanis

No.

David Sacks

Who is the, the shitty little, like, off guard-

Chamath Palihapitiya

(laughs) Derek Fisher?

David Sacks

Yeah, you're Derek Fisher.

Chamath Palihapitiya

(laughs)

Jason Calacanis

Um-

David Sacks

Make sure the big dog gets the ball, there won't be any problems.

Jason Calacanis

N- I'm Bob Cousy, okay? I'm Gary Payton in this (beep) interview here, okay?

David Sacks

(laughs)

Narrator

Let your winners ride. Rain man, David Sax. Going all in. And I said- We open source it to the fans, and they've just gone crazy with it. Love you besties. Queen of quinoa. Going all in.

Jason Calacanis

Hey, everybody. Welcome to the All-In podcast, where three besties talk about a range of talkem- topics-

Chamath Palihapitiya

(laughs)

Jason Calacanis

... and one monologues about Biden derangement syndrome.

Chamath Palihapitiya

(laughs)

Jason Calacanis

With you again this week, the sultan of science and the dictator, Chamath Palihapitiya-

David Friedberg

(laughs)

Jason Calacanis

... David Friedberg-

David Sacks

(laughs)

Jason Calacanis

... and playing ISO ball somewhere in the wing is, uh-

Chamath Palihapitiya

(laughs)

Jason Calacanis

... your political commentator-

David Friedberg

Carmelo Anthony.

Jason Calacanis

... Tucker Junior.

David Sacks

You're, you're engaged in an active projection.

Jason Calacanis

Rain man, David Sax.

David Sacks

It's an active projection.

Jason Calacanis

All right, in our first story, which-

Chamath Palihapitiya

(laughs)

Jason Calacanis

... Sax is gonna lose his mind over. He's got two monologues prepared.

David Sacks

(laughs)

Chamath Palihapitiya

(laughs)

Jason Calacanis

Justin Trudeau has invoked an emergency order to freeze bank accounts linked to trucker protests in Canada. On Monday, Trudeau invoked an emergency law that requires financial institutions in Canada-

David Friedberg

(laughs)

Jason Calacanis

... to examine customer records and take action against people involved with or aiding in the protest. Here's, uh, Trudeau's tweet from yesterday, if you're watching on the video streams, "Illegal blockades and occupations are not peaceful protests. They are a threat to jobs and communities, and they cannot continue." In the House of Commons earlier today, I joined members of the Parliament to speak about that and about the need to invoke the Emergencies Act. The Counter Signal, which is a right-leaning Canadian digital publication, reported that 34 different crypto wallets were also being targeted by Canadian officials. This law grants the government extraordinary powers, like the right to ban public assembly in certain locations. The Canadian Civil Liberties Association said it planned to challenge the government's decision in court. Uh, remember, Sax wrote a piece on financial deplatforming for Bari Weiss's Common Sense about a year ago. The piece was about the private sector financial platforms deplatforming folks. Uh, so your thoughts? Sax, you have 90 seconds on the uninterrupted clock.

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