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Glenn: Welcome back with professor Richard Wolff to discuss economic fury, the economic weaponization of the US campaign against Iran. How do you assess this effort, given the mix of oil sanctions, open markets for oil, and port blockades? Wolff: I’ll be blunt: I don’t know how to answer cleanly because the statements keep flipping on/off and have become “herky jerky.” The steps are inconsistent, sometimes increasing supply of oil and pushing down prices, other times constraining it. It’s not clear which way any given move will go, and the sequence is hard to parse. He notes that Gulf states are pressing for dollar swaps—foreign central banks can access dollars via swaps rather than buying them on markets. These swaps have shifted from weekly to daily, signaling worry about dollar access. The Gulf states—UAE and others—allege they depend on dollar-denominated oil revenues to service debts incurred through investments abroad. If dollars tighten due to strait closures and sanctions, they may be forced to sell assets in the US, including Treasury securities, which would lower bond prices and raise interest rates, potentially triggering a US recession. They could also sell holdings in the American stock market, affecting prices. Wolff emphasizes this as a surface manifestation of a broader global liquidity and debt dilemma tied to the Persian Gulf and the dollar’s role in the world economy. Glenn: So essentially the petrodollar is being unraveled because if Gulf states price and sell oil in dollars, but if they’re not exporting and not receiving dollars, they can’t pay debts or roll them over. They might sell treasuries or assets to cover shortfalls. How far can the US hold this position? Wolff: I don’t have a crystal ball, but I think the likely scenario is a political and economic squeeze. Trump has lost parts of his base—issues like the Epstein file and the economy’s inflation and job market. He relies on a narrative of victory; his base may be shrinking, while the wealthier 10% who own stock might be more supportive as the stock market stays buoyant. If the Gulf states must exchange dollars for debt relief or to cover losses, the government may have to grant more dollar swaps to prevent a spike in interest rates and a stock sell-off. Steven Bannon has warned that war could cost Trump the election, so the administration may shore up swaps to protect markets. Wolff suggests this is a desperate regime trying to exit a bad position with minimal damage. Glenn: You describe a broader pattern: the petrodollar’s decline, and the US dollar’s dwindling centrality in global reserves. How does this fit into the larger arc of American empire and capitalism? Wolff: It fits as part of the decline of the American empire and the corresponding decline of American capitalism. BRICS, China’s rise, and the shift away from dollar-dominated trade illuminate a trend toward reduced dollar dominance. Sanctions in Ukraine exposed the limits of that model, and there’s growing acceptance of payments outside the dollar for oil. The United States remains influential, but the dollar’s dominance is waning, and there’s no clear strategy to reverse that trend. Manufacturing has moved to other countries, notably China, which maintains low inflation and large-scale production. The world is moving toward multipolar arrangements, and the dollar’s preeminence is no longer assured. Glenn: Given this trajectory, is there any viable way to salvage the petrodollar, or is it beyond rescue? Wolff: I don’t predict the future with certainty, but I view the larger context as a decline in American hegemony and an erosion of dollar dominance. The war in Iran, like the war in Ukraine, demonstrates the limits of sanctions and the unintended consequences of aggressive confrontation. The dollar’s global reserve role is shrinking, and other powers are willing to transact outside it. He emphasizes this as a systemic shift, not a temporary setback. Glenn: Any final thoughts on how history and memory shape current policy? Wolff: History often gets reframed to fit current aims. There’s a tendency to present “victories” regardless of outcome, especially in wartime rhetoric. The dialogue in Europe and the US reflects a mix of nostalgia for past dominance and struggle to adapt to a changing global order. The conversation ends with questions about how Europe and the US should reorient foreign policy toward a multipolar world, where old assumptions no longer hold.

A speaker emphasizes shifting focus away from Saudi Arabia and toward Venezuela, stating that the country has more oil, infinite potential, and will open markets. The plan is to privatize all industry and move government operations out of the old sector. The speaker highlights Venezuela’s huge resources—oil, gas, minerals, land, technology—and notes its strategic location relative to the United States. The message asserts that American companies are in a “super strategic position to invest,” and that Venezuela will be “the brightest opportunity for investment of American companies, of good people that are going to make a lot of money.”

Speaker 1 argues that Cuba should make a deal and asks what that deal would entail and what Cuba should do. He describes Cuba as currently a failed nation, noting that they “don’t even have jet fuel to get for airplanes to take off” and that they are “plugging up their runway.” He says that the United States is talking to Cuba and to Marco Rubio, and asserts that Cuba should absolutely make a deal because it is a humanitarian threat. He emphasizes that many Cuban Americans will be very happy when they can return to greet their relatives and do things that they should have been allowed to do for a long time. He states his interest in the people who were “treated so badly by Castro and the Cuban authorities” and notes that they “have been treated horribly,” adding that they will see how it all turns out as “Cuba and us, we are talking.” Speaker 0 asks whether that would be a good deal. Speaker 1 responds by outlining the current situation: there is an embargo, there is no oil, there is no money, and there is “no anything.” He then asks rhetorically whether, if a deal isn’t made, the United States would consider an operation like the one in Venezuela. He says he doesn’t want to answer that, suggesting it would not be a very tough operation if he did answer, but states he does not think such an operation will be necessary. He concludes with “Mister president.”

Mario and John discuss the potential Venezuelan regime change and the broader implications of U.S. policy. - If a coup proceeds, the first step in the plan would be to remove Maduro. There are reports that Maduro sought amnesty from the U.S. to step down, and Trump reportedly refused amnesty. - John notes that when the U.S. government is serious about attacking a country, naval movements are a key indicator he learned at the CIA. He observes that the U.S. recently sent the USS Gerald R. Ford and its 11 accompanying battleships and supply ships, signaling seriousness about action. - The CIA’s alleged use of drugs to weaken other countries is mentioned. John asserts that drugs in Venezuela are not Venezuelan; they originate in Colombia and Ecuador and transit Venezuela en route to West Africa, ultimately to Europe. - In considering what would happen in Venezuela if Maduro steps down, the expectation is chaos. The discussion notes that the narrative around Venezuela has shifted alongside discussions of Iran, Russia, Ukraine, and China, and asks what the initial reaction would be when seeing this narrative shift. - John reiterates the naval-movement heuristic for assessing U.S. seriousness about regime change, noting the presence of carrier groups as a sign of intent. He questions the upside for the U.S. in removing Maduro, given that the U.S. excludes Venezuelan oil from purchase and refining and there seems to be no clear upside. He adds that the U.S. would ideally want to strengthen Venezuela’s economy to reduce immigration, but that is not reflected in current policy. He also discusses drugs, reaffirming that Venezuelan drug flows are primarily transiting to Europe, not the U.S., and adds that China’s five-year-ago decision to build a Caribbean refinery is a factor, arguing that the refinery shift is a strategic move opposed by the U.S. - Mario notes Maduro’s offer of full access for U.S. oil, but John emphasizes regime survival as Maduro’s main concern and questions whether Maduro’s offer would be a valid solution. He points out that China is expanding and becoming a major trading partner in Latin America, but he does not see this as a direct solution to regime change. - The conversation touches on the possibility that naval movements could be a bluff to force Maduro to withdraw. John says such moves happen in the South China Sea and could lead to Maduro fleeing, but they would create a power vacuum with pro-M Maduro factions within the military and without regional support from Colombia, Brazil, or Mexico, complicating U.S. aims. - They discuss the possibility of the U.S. offering Maduro safe passage rather than an outright coup. John suggests that a large-scale ground invasion is unlikely, given public opinion and the country’s size and terrain. He compares potential post-regime outcomes to Libya, warning that U.S. attempts to impose a peace post-regime change often fail, leaving chaos and long-term instability. - The dialogue turns to the opposition figure Maria Machado, with John stating that she does not command armies and is not clearly more viable than Juan Guaidó; he suggests the next leader, if Maduro leaves, might be a senior military officer. - They consider the long-term consequences of regime change, including the risk of chaotic transitions and a military-based government. John shares a cautionary Libyan analogy about a constitutions project that never materialized into stable governance. He recalls a 2003 Iraqi intervention example to illustrate misjudgments that history often repeats. - The discussion closes with references to Hezbollah and Iran connections in Venezuela and the hope to avoid another Libya-like outcome, emphasizing the potential heartbreak for Venezuela and the complexity of foreign involvement.

The speaker questions the common narrative that Trump is an idiot and suggests a counterintuitive plan: what if losing the war in Iran is the point, aimed at accelerating the collapse of the American empire and the global economy, in order to rebuild power for the United States? Key claims and sequence: - The media portrays Trump as destroying America, waging an unwinnable war in Iran, threatening to invade with ground troops, angering NATO by threatening Greenland, and clashing with multiple countries; JPMorgan warns the world will run out of oil by mid-April; the global economy is described as on the brink of collapse; Trump is labeled as the worst president or a buffoon—yet this could be intentional. - The hypothetical strategy: what if Trump wants to lose the war in Iran to cause a broader decline of the American empire and the global economy, thereby gaining a strategic genius status. - Oil dependence highlights: currently, the world relies heavily on Middle East oil for major regions (20% of the world, 75% for Japan, 60% for Europe, etc.). Oil is not scarce worldwide; major reserves exist in Venezuela, Canada, and the United States. - Claim that Trump “took over Venezuela in January” and has threatened to take over Canada, implying moves toward controlling North American resources. - If Iran conflict closes the Strait of Hormuz, Middle East oil would be cut off, while North American production continues; thus Europe, China, Japan, and South Korea would become dependent on American oil and fertilizer (nitrogen for food) from the U.S./North American region. - Consequence: nations that hold U.S. debt—Japan, China, Taiwan, South Korea, Europe (UK, France, Belgium, Luxembourg)—need Middle East oil and now need American energy and resources; they cannot abandon the dollar due to this energy dependence. - The claim that Trump has transformed America’s debt into a potential weapon by forcing global dependence on North American energy, rather than allowing a debt-driven collapse. - Parallel to Russia: Putin’s Ukraine strategy is cited as proof that a war footing can restructure an economy around defense production (drones, munitions, military manufacturing); Russia moved from importing Iranian drones to making them domestically and exporting to Iran. - The proposed “Greater North America” concept: Greenland for rare earth minerals, Canada for oil and resources, Venezuela for oil reserves, Mexico for manufacturing, Panama Canal for trade control. The idea is to build a self-sufficient North American fortress while the rest of the world burns. - Outcome framing: Trump may appear reckless, but if the objective is to end the American empire’s current form and rebuild it for Americans by making the world dependent on U.S. resources, he could be remembered as a transformative, potentially greatest American president in history. - Closing: the “new world order” is deemed dead, replaced by a “Trump world order,” with a prompt to follow for more content.

Donald Trump has argued that the US interest in Venezuela, including ships off its coast, is driven by drugs and smuggling, but there may be another factor at play: oil. The speaker notes that US oil production has surged thanks to shale and fracking, pushing the US past Saudi Arabia in output and leaving Venezuela as a much smaller producer (now around the 20th largest). Despite this boom, the US still relies heavily on imports. Crude oil comes in different types, notably by density. Light crude—often described as a “smoothie” or even clear when it comes out of the ground—dominates American shale oil production today. In contrast, heavy crude is gloopy and viscous. Refineries, particularly in the US, were built to process heavy oil into gasoline and other products. There are over 100 refineries in the US, with many located in Texas, Louisiana, and around California. Historically, California processed heavier oil, and key refineries in California, Texas, and Louisiana were designed to handle heavy crude. The shift to light shale oil has changed the feedstock mix for US refineries. Even with record oil production, the US imports remain high because the refineries still demand heavy crude. The share of heavy crude in US imports rose dramatically: it used to be about 12% of imports, but now it’s around 70%. Major sources of this heavy crude include Canada and Venezuela, with Canada’s share of US oil imports rising from around 15% to about 61%. Venezuela, once a larger supplier, has fallen to a comparatively small role in US oil imports. The geography of heavy oil matters because the world’s oil reserves are unevenly distributed by type. Venezuela tops the list of oil reserves, and the heavy, tar-like oil it holds is particularly relevant to those refineries optimized for heavy crude. The other significant sources of heavy oil include Canada and Russia. The speaker emphasizes that the type of oil a country needs matters for geopolitics, since heavy oil from Venezuela (and Canada) has been integral to feeding US refineries that were built for heavy crude, even as US production has become light and shale-driven. In short, while US shale has boosted domestic output, the reliance on heavy crude imports—especially from Canada and Venezuela—remains structurally important due to refinery configurations and the nature of available crude, making Venezuela’s oil context geopolitically significant beyond just drug-related concerns.

The discussion centers on the Venezuelan political crisis, U.S. involvement, and historical precedents of regime change in the region. The speakers contrast current military buildup around Venezuela with past Latin American coups, and they assess domestic support, international dynamics, and potential outcomes. - Venezuela under Maduro: Speaker 0 notes a broader deployment of military infrastructure than in recent Latin American coups, implying heightened risk or intensity of any intervention. Speaker 1 counters that domestically there is a “rally around the flag” effect in response to U.S. threats, with about 20% of Venezuelans supporting U.S. military intervention and over 55% opposing it. - Regime-change calculus: The conversation asks for the value of regime change when Maduro is willing to open the Venezuelan market to the U.S. Speaker 1 responds that there is no clear political or economic value to regime change; the predicted consequences would include a massive migration wave, civil war, and higher oil prices. They discuss the implications of implementing a regime-change strategy in the Venezuelan context. - Cartel of the Suns: The Cartel of the Suns is discussed as a U.S.-designated terrorist group. Speaker 1 explains that the designation emerged from a DOJ/intelligence collaboration during the Trump era, with William Barr involved in pursuing Maduro. The term traces back to the Reagan era, when the CIA and DEA allegedly allowed drug trafficking through Venezuela to monitor routes, revealing a long history of U.S. involvement in narco-trafficking networks as a tool of influence. Ramon Guillen Davia is named as a Venezuelan National Guard contact, with broader exposure through media such as a 60 Minutes segment and a New York Times expose by Tim Weiner. The cartel’s earlier existence and its resurfacing in U.S. legal actions are tied to broader U.S. efforts to delegitimize Maduro’s government. - Venezuelan political history since Chavez: Speaker 1 outlines Chavez’s rise and popularity (e.g., reducing extreme poverty by 60% before sanctions), the 2002 coup attempt led by opposition figures including Leopoldo Lopez, and the subsequent public support for Chavez when the people protested to restore him. They describe “La Salida” in 2004–2014 as an opposition strategy funded by U.S. entities (NED, USAID) to depose Chavez, with various protests and riots that damaged the economy. After Chavez, Maduro faced U.S. sanctions and a narrative of illegitimacy framed by the opposition’s efforts to install Guaidó as a parallel government in 2019, enabling asset seizures and embargos on Venezuela’s Sitco assets. - 2019 events and aftermath: The 2019 U.S.-backed attempt to install Juan Guaido as interim president is described, including the staged “humanitarian aid” convoy at the Colombia border which failed; Guaidó’s association with Las Bratas (the Las Frastrojos cartel members) is cited as a public-relations embarrassment, corroborated by major outlets. Leopoldo Lopez is described as a persistent organizer of opposition efforts, connected to a broader U.S.-funded framework through the CIA’s ecosystem (Canvas, Einstein Institute), and by extension to regime-change policy. The possibility of Maduro arresting Guaido is discussed as strategically unwise for Maduro to avoid bolstering U.S. claims of repression. - Opposition fragmentation and polling: The panel debates whether the opposition has broad support. Speaker 1 says a November poll by Datanalysis shows Maria Carina Machado at roughly 14–15% and Maduro around 20%, with most voters undecided and younger voters leaning toward external media narratives. Older, rural, and poor Venezuelans—Chavista base—remain a significant portion of the population. Young people are described as more influenced by social media and potentially more susceptible to pro-U.S. messaging but not broadly supportive of the radical opposition. - External actors and drug-trafficking links: The dialogue links narco-trafficking networks to geopolitical strategy, arguing that the U.S. has used or tolerates narcotics channels to fund political aims in Latin America. The discussion covers broader examples, including Ecuador and the Balkans, and references to U.S. figures and policies (e.g., regime-change agendas, naval movements, sanctions, and strategic partnerships) to illustrate how narcotics intersects with geopolitics. - Geopolitical trajectory and outcomes: The speakers speculate on possible futures: (1) a negotiated deal between Trump and Maduro or U.S. diplomacy (with the oil sector’s re-entry and debt relief) being preferable to open intervention; (2) a decapitation strike leading to destabilization and civil war with severe humanitarian and migration consequences; (3) ongoing sanctions and coercive measures as a long-term strategy. They caution that a direct, large-scale military invasion seems unlikely due to political and logistical risks, including American public opinion and potential backlash if U.S. troops are lost. - Global context and strategy: The broader international framework is discussed, including the U.S. strategic doctrine shifting toward a multipolar world and hemispheric dominance concerns. The conversation touches on how U.S. policy toward Venezuela fits into wider ambitions regarding Russia, China, and regional partners, as well as potential domestic political changes in the U.S. that could influence future approaches to Venezuela and Latin America. - Concluding note: The discussion closes with reflections on the complexity of regime-change ambitions, the difficulty of predicting outcomes, and the possibility that diplomacy or limited, targeted pressure may emerge as more viable paths than broad invasion or decapitation strategies. The participants acknowledge the influence of regional personalities and U.S. domestic politics on policy direction.

In a wide-ranging discussion about the January 3 operation in Venezuela, the speakers explore initial reactions, possible motives, and the broader geopolitical implications. - Initial reaction and early concerns: The exchange begins with the worry that the events marked the start of a full amphibious assault or a new war. Speaker 1 recalls staying up late and being shocked by the “sheer gangsterism” of Maduro’s kidnapping, noting that Maduro was flown out of the country with little resistance. He models several theories around how such an operation could occur with minimal opposition and suggests the possibility of a negotiated exit that would keep the Chavista structure in place through a successor like Delsy Rodriguez. - The “deal” theory and who might be involved: Speaker 1 explains a theory that Donald Trump and Marco Rubio wanted a negotiated exit for Maduro that would allow the Pesuv (Chavista) structure to remain and enable the installation of a figure like Delsy Rodriguez to work within Chavismo to secure resource contracts for Trump’s allies. He cites sources close to negotiations and references coverage in the New York Times supporting elements of this narrative. He also notes Trump’s public dismissal of Maria Carina Machado as lacking support to rule, a point he says he predicted on a livestream. - The military stand-down hypothesis: The conversation delves into why no strikes targeted the helicopters, positing a stand-down order. Speaker 0 asks who would authorize such a stand-down and cites Ian Bremmer’s assessment as a possibility but unlikely due to the risk. Speaker 1 acknowledges the plausibility of many theories, including the idea that a stand-down could spare the country from greater U.S. violence, reminiscent of past operations in Baghdad or Raqqa, and emphasizes that the question of who issued any stand-down order remains unresolved. He mentions Delsy Rodriguez’s potential self-protection concerns and notes Diosdado Cabello’s visible signaling alongside military figures after Maduro’s abduction. - Delsy Rodriguez and potential motivations: The interlocutors discuss Rodriguez’s political stature, her management of Venezuela’s COVID response, and the perception she could pose a more direct challenge to U.S. interests due to her economic stabilization efforts and heavy ties to China. Speaker 1 underscores that Rodriguez stabilized the economy and was central to a revival that included substantial China-driven oil exports, a point supported by a New York Times profile. He clarifies that he did not speculate Rodriguez was the U.S. mole but stresses she would be asked by interviewers about such questions. - Maduro’s leadership and the economic crisis: The participants debate Maduro’s competence, acknowledging corruption and structural issues within a petro-state framework but arguing that the decline in living standards and oil production has deep roots, including U.S. sanctions and geopolitical pressure. Speaker 1 contends that while Maduro was not a “stupid” leader, Chavez-era and post-Chavez mismanagement, together with U.S. financial sanctions and regime-change tactics, contributed to Venezuela’s economic collapse. He insists the regime’s persistence does not hinge on one leader and cautions against simplistic characterizations of Maduro or Chavez as solely responsible for ruin. - Economic dynamics and sanctions: The discussion emphasizes that Venezuela’s economic trajectory has been shaped by sanctions and counter-sanctions, with Speaker 1 asserting that U.S. maximum-pressure campaigns and the theft of assets (including Sitco and gold reserves) severely impacted the economy. He argues the sanctions constitute financial terrorism and compares U.S. policy to broader imperial dynamics centered on dollar dominance and oil leverage. - Regime change prospects and future leadership: The speakers speculate about possible future leadership within the Pesuv or an alternative power structure, including the potential grooming of a candidate from within the regime or the return of Maria Carina Machado if conditions align. They note that a political shift would require military backing, and they discuss whether an eventual election could be staged or delayed to a more favorable time for U.S. interests. They emphasize that, absent military support, it would be difficult for any non-Maduro leadership to emerge. - China, Russia, and global signaling: The conversation covers the Chinese envoy’s presence in Caracas before the operation and the broader implications for China’s role in Venezuela. Speaker 1 argues the operation sent a global message to rivals (China, Russia, Iran) that the U.S. can seize leadership and resources, while also suggesting that China could be leveraged to avoid deeper conflict by permitting continued oil exports. The dialogue also touches on potential retaliatory moves by Russia or China and the broader geopolitical chessboard, including implications for Greenland and other strategic theaters. - Legal proceedings and comparisons to other regime changes: Maduro’s indictment in the Southern District of New York is discussed, with reflections on its weaknesses and how it compares to similar prosecutions (e.g., Juan Orlando Hernandez). The discussion concludes with a sense that Venezuela will likely face a prolonged, complex confrontation, with lingering questions about who will govern next and under what terms.

- The discussion opens with the possibility of a coup in Venezuela, with Speaker 0 suggesting the first step would be to “take out Maduro.” Speaker 1 notes reports that Maduro sought amnesty from the US to step down, which Trump allegedly refused. - A recurring theme is the idea of watching naval movements to gauge US willingness to attack a country. Speaker 2 emphasizes that an aircraft carrier battle group signals seriousness, citing the USS Gerald R. Ford and 11 associated ships as the indicator that the US is “serious.” He also questions any upside for the US in regime change in Venezuela, noting the US has avoided buying or refining Venezuelan oil and arguing that the policy lacks a clear benefit. - On drugs, Speaker 2 asserts that the drugs in Venezuela are not Venezuelan but come from Colombia and Ecuador, transiting Venezuela to West Africa and then to Europe, with the claim that Europe is the primary market and the US a smaller one. He argues this reflects broader flaws in US foreign policy. - The speakers discuss the potential consequences if Maduro steps down, predicting chaos, and reflect on the broader narrative shift from Iran, Russia, and Ukraine to Venezuela. They discuss whether the military and regional powers would support intervention. Speaker 2 argues that regional powers (Colombia, Brazil, Mexico) are opposed to American intervention, complicating any possible regime-change effort. - The issue of amnesty is revisited. Speaker 2 speculates Trump might want a “scalp” as a symbol of seriousness on drugs, drawing a parallel to Manuel Noriega’s capture, while noting that a post-overthrow stability plan is often missing in US operations. - The conversation touches on China’s role. Speaker 2 suggests China’s refinery investments in the Caribbean represent a strategic shift away from US-dominated refining, arguing that this creates incentives for China and reduces the US’s influence, with Maduro’s regime survival as a central concern. - On whether Maduro would offer US full access to Venezuelan oil, Speaker 2 says he can’t see it changing the strategic calculus, and argues China’s expanding influence makes regime change less sensible for the US. - They discuss the plausibility of using naval movements as a bluff to force Maduro to depart, noting such tactics are used in the South China Sea. However, Speaker 2 cautions that removing Maduro would create a power vacuum, and the military’s stance remains uncertain since the region’s powers oppose intervention. - Regarding the opposition, Speaker 2 downplays Maria Machado’s prospects, suggesting she lacks military backing and that a senior military officer might be the likely successor if Maduro leaves. The Juan Guaido episode is cited to illustrate the fragility and divisiveness of Venezuelan opposition movements. - The feasibility of decapitation-style strikes against Maduro is debated. Speaker 2 stresses Maduro is the internationally recognized president and emphasizes that any coup would require ground forces and a day-two plan, which historically has been lacking in US interventions. - They compare potential outcomes to Libya’s post-overthrow chaos and caution that US-imposed peace rarely lasts. The risk of a renewed crisis in Venezuela, including possible Hezbollah or Iranian connections, is acknowledged as a troubling possibility. - The discussion ends with a somber note that even seasoned policymakers may overestimate the success of regime change, and a reminder of historical lessons about coup outcomes and long-term stability.

Speaker 0 and Speaker 1 discuss Venezuela policy and leadership. Speaker 0 asks if "secretary Hagsef and Rubio are going to be running Venezuela" and whether US military troops will be sent in. Speaker 1 responds that they are "working with the people of Venezuela to make sure that we have Venezuela" and questions who would take over if the US left, noting there is "a vice president who's been appointed by Maduro" who "was sworn as president just a little while ago." She had a long conversation with Marco and said, "we'll do whatever you need," though she "really doesn't have a choice." Speaker 1 asserts they will "have this done right" and "not gonna just do this with Maduro then leave like everybody else" or let it "go to hell." If the US left, it would have "zero chance of ever coming back." They will "run it properly," with "the greatest oil companies in the world" investing "billions and billions of dollars" and using that money "in Venezuela." The biggest beneficiary, per Speaker 1, will be "the people of Venice."

Military is so amazing. I rebuilt the military my first term. I didn't know I'd use it so much because then you also have Venezuela, which they say was one of the most lethal, incredible attacks in the history of military period, not just our military. It was a strong country, strong military. If you've ever been to Venezuela, they have soldiers all over everybody has a soldiers uniform on. They have tough soldiers, but, it was all done in forty five minutes. The entire war was won in forty five minutes. We set a record. That's like a fighter gets knocked out in the first three seconds. And now we're working with Venezuela, and we're we've taken in many times the cost of the attack, many, many times. And we're working with them. I it's like a joint venture, and we have tremendous amounts of oil. And we could do that with Iran very easily. We could just take their oil, but, know, I'm not sure that the people in our country have the patience to do that, which is unfortunate. You know, they wanna see it end. If we stayed there, I'd, you know, I'd prefer just to take the oil. We could do it so easily. I would prefer that. But people in the country sort of say, just win. You're winning so big. Just win. Come home. And I'm okay with that too because we have a lot of oil between Venezuela and our oil.

Mario: Let's start with Venezuela. Do you think this is a strategy by Trump? Larry: I saw something similar back in 1988. The CIA was involved with trying to provoke Manuel Noriega into taking some action, so we could say we had to respond to set the stage for a military invasion, which I believe that in 2018, Donald Trump signed a finding authorizing a covert CIA action to get rid of Maduro. That attempt failed. And now the objective is to get control of the oil. That's the number one priority, with an eye toward the risk of a renewed Iran conflict and the prospect of shutdown of the Persian Gulf, and the need to have an alternative supplier. Ukraine defeating Russia was the plan, and Russia’s military is now around 1,500,000. Mario: What’s your initial reaction to Venezuela? I talked to John Kuriaki who said to read naval movements to gauge what the military plans. The buildup on the coast of Venezuela is significant. They’ve got 14, 12 warships, including the Gerald Ford. Do you think they are bluffing or this is a Trump strategy? Larry: It could be a bluff. I saw something similar in 1988. I was in the Central America branch, and the CIA’s analytical thrust was to provoke Noriega into taking action to justify a response and invasion. That happened in 1988. But that time there were US bases in Panama; Quarry Heights was full. Southern Command was there. Now Southern Command has moved to Miami, just near Southcom. Another issue: within the military, the concept of supported and supporting commands means the special operations command (SOCOM) would normally be the supporting commander, but here Southern Command would be subordinate to SOCOM, which is problematic because SOCOM cannot fight a conventional war. Delta Force, SEAL Team Six, and others are light infantry for raids, not mass warfare. So launching shells or sending ground forces won’t solve Venezuela; terrain is rugged and favors ambushes. If US troops ashore, body bags would likely exceed those from Iraq and Afghanistan. Venezuelans will fight, and insurgents from Brazil and Colombia could join. Decapitation strikes against Maduro could provoke an insurgency that the US would struggle to pacify. Mario: Could we see a decapitation strike like Israel against Hezbollah and Iran? Larry: Decapitating Maduro would still leave loyalists and other actors with weapons; an insurgency could erupt, and the US would be unable to pacify it. The real objective here is unclear. The State Department’s INL/INSCR programs have long documented Venezuela as a transit point for drugs; Trump claimed fentanyl is the issue, but most cocaine also goes to Europe. The 2018 Trump era mentioned the Trendy Aragua as a pretext to justify covert actions; I believe Trump signed a finding authorizing a CIA operation to remove Maduro, leading to Guaidó, but that failed. The broader agenda appears to be regaining oil influence and countering Russia, China, and Iran’s influence in Venezuela. Mario: Elaborate the agenda and strategy behind these strikes on boats out of Venezuela and Trump’s public acknowledgement of a CIA covert operation. What’s the strategy and intention? Larry: The objective is to restore oil control in Venezuela and reduce adversary influence. Maduro once aligned with the CIA, and Chavez/Maduro have maintained cordial relations with Moscow and Beijing. The US aims to curtail BRICS and reduce Venezuelan ties to Russia, China, and Iran, potentially moving Venezuela away from the dollar-based system. The theory that this is a message to Putin circulates, but if that were the aim, it’s a poor strategy given the broader geopolitical dynamics in Syria, Iran, and the Palestinian-Israeli arena. The US previously overpromised in the Red Sea and failed to secure freedom of navigation, signaling limited military capacity for large-scale campaigns. The objective of any Venezuela action must be concrete, otherwise it risks entanglement in an insurgency. Mario: Turning to general foreign policy under Trump. What about the national security strategy? Europe’s criticisms, and Trump’s approach to Ukraine—Witkoff and Kushner meeting Putin? Larry: The 2025 national security strategy signals change, but these documents are not blueprints; they’re guidelines. Europe is being asked to step up, while the US distances itself, arguing Europe’s resources and industrial capacity have diminished while Russia and China shift. Europe’s censorship and defense spending are under scrutiny. The US–UK intelligence relationship still lingers, but overall the West’s ability to project force is questioned. Russia and China’s relationship is deep and mutually reinforcing; the Rand Corporation’s earlier ideas that Ukraine would defeat Russia to force Moscow to join the West have not materialized. Ukraine’s fight has forced Russia to mobilize and shift front lines; casualty counts are contested, but Russia’s front has expanded with a larger force and higher attrition. Mario: What about Ukraine negotiations and Putin’s terms? Larry: Putin’s terms (as stated on 06/14/2024) are: Crimea, Zaporizhzhia, Kherson, Donetsk, and Luhansk permanently part of Russia; Ukraine must withdraw forces from those territories before negotiations begin. An election must be held in Ukraine with a legitimately elected president, potentially replacing Zelenskyy, and Russia would then talk to Ukraine. Russia’s stance treats these territories as non-negotiable; freezing lines is not acceptable to Russia. If negotiations fail, Russia is likely to maintain control over large parts of Donbas and southern Ukraine, potentially extending into Kharkiv and Odessa. Western military support is insufficient in scale to match Russia’s production; Russia’s oil revenue remains a significant portion of GDP, and the global south is pivoting toward BRICS, with Modi’s meeting signaling stronger ties with Russia and China. The strategic trend is a shift away from Western dominance toward a multipolar order. Mario: Larry, appreciate your time. Larry: Pleasure as always, Mario.

Speaker 0 argues that despite claims that the United States kidnapped Maduro in Venezuela to seize oil resources, the true motive was to counter China. China, according to the speaker, has tools and weapons that could destabilize the U.S. dollar, which would impact civil markets. At the start of the year, China announced it would restrict exports of its silver, and since China dominates the silver market, this caused the price of silver to surge. The speaker asserts that if the United States embargoed China's oil, China could dump its U.S. Treasuries and cause financial havoc, potentially destroying both nations. A central metaphor is presented: a ladder over an abyss, with both China and the United States attempting to climb it together. The United States supposedly insists on remaining higher than China; if the U.S. goes too far and falls behind, the latter destabilizes and both fall into the abyss. Conversely, if China overtakes and climbs too far, they both fall. The speaker contends that the American financial industry currently lacks the capacity to self-correct, and a market collapse could pull the entire economy down. Another major problem cited is over-financialization. Regarding silver, the speaker asserts that China needs silver, but in the United States it is used for speculation, describing silver as “really just paper silver.” They claim that some companies, such as JPMorgan, are significantly overleveraged—“300 to one”—so every ounce of silver they hold is promised 300 on paper. The speaker then shifts to a geopolitical forecast: “This war will be settled in Odessa.” NATO, they claim, will commit to defending Odessa; Russia will encircle and blockade, and NATO will be unable to hold on. Europeans would be forced to be conscripted to fight in Odessa, would refuse, and civil war would ensue across Europe. The timeframe is given as five to ten years, with a note that it would be a slow death for Europe, and that some aspects are expected to unfold “this year.”

The speaker stated, “How about we’re buying oil from Venezuela? When I left, Venezuela was ready to collapse. We would have taken it over. We would have gotten all that oil. It would have been right next door.” The claim centers on the idea that external action could have enabled acquiring Venezuelan oil by seizing control as the country was described as near collapse.

Syed Mohamed Marandi discusses the collapse of the Islamabad negotiations and the wider implications of the current U.S.-Iran confrontation. - On what happened in Islamabad: Iran participated despite low expectations, aiming to show willingness to resolve the crisis if Americans are reasonable and to ensure the world sees Iran’s efforts. The Iranians believed the United States lacked will to make progress. During talks there was some progress on various issues, but near the end the United States shifted to a hard line on the nuclear program and the status of the Strait of Hormuz. Vance claimed Iran wanted to build a nuclear weapon, a claim Marandi notes was contradicted by former counterintelligence official Joe Kent’s resignation letter. Netanyahu reportedly maintains direct influence, with Vance reporting to Netanyahu daily, which Iran views as undermining an agreement. Netanyahu’s insistence on control and “being the boss” is presented as a central obstacle to any deal. The ceasefire in Lebanon was touted as failing, with Netanyahu and Trump accused of conspiring to wreck it, and Iran’s actions after the ceasefire aligned with this view. The Iranian delegation flew back by land after the flight to Tehran was diverted, reflecting the perceived danger and the Washington Post piece calling for the murder of negotiators. Iran’s approach is framed as attempting to resolve the problem while signaling willingness to negotiate if U.S. policy becomes reasonable. - On the blockade and its consequences: The U.S. blockade on Iranian ports has just begun and will likely worsen the global economic crisis, pushing more countries to oppose the United States. China is angry as Washington dictates terms against oil and trade in the region. The blockade could be used to strangle China’s energy supplies, creating a double-edged impact by simultaneously worsening the global crisis and pressuring U.S. allies. Iran says it may respond by striking ships in the Red Sea and blocking the Red Sea and the Gulf of Oman if the blockade continues. Iran notes it has substantial financial resilience from oil sales at higher prices without middlemen, with about 100 million barrels left to sell after selling half of its declared oil stock, and it views energy shortages as likely to trigger broader economic disruption, including shortages of helium, LNG, and fertilizers. - On war readiness and possible outcomes: Iran anticipates a major assault and is preparing defenses and offensive capabilities. Iran argues negotiations were not taken seriously by the United States and believes the U.S. is buying time. Iran would view victories as having the United States back down, preserving Iran’s rights, and protecting its regional allies, with a long-term ceasefire. Iran contends it should control the Strait of Hormuz to prevent future aggression and seeks compensation for damages caused by the conflict, emphasizing sovereignty over Hormuz and peace for Lebanon, Gaza, Iraq, and Yemen. Iran states that if the U.S. and its regional proxies strike, Iran would respond by targeting energy and infrastructure in the Persian Gulf. - On broader geopolitical shifts and regional dynamics: Marandi argues the current crisis accelerates a move toward a multipolar world, with the United States’ hegemonic position eroding. The UAE is portrayed as pushing for war, while other Gulf states are increasingly wary. He predicts a possible land invasion of Iran, but emphasizes Iran’s long-term preparedness and resilience. Weather and terrain are cited as factors likely to complicate a potential U.S. invasion, particularly in the hot summer conditions of the region. - On potential definitions of “victory”: Iran’s victory would involve U.S. backing down, Iran preserving its rights, a long-term ceasefire, and sovereignty over the Strait of Hormuz. A broader victory would see the end of supremacism in Palestine and the end of genocidal actions in Lebanon, with peace across the region as a key objective. The discussion ends with the notion that a shift toward an American focus on its republic, rather than empire, would benefit global stability.

Speaker 0, Speaker 1, and Speaker 2 discuss the evolving confrontation between the United States and Iran and its broader economic and strategic implications. Speaker 0 highlights three predictions: (1) Trump would win, (2) he would start a war with Iran, and (3) the US would lose that war, asking if these predictions are still valid. Speaker 1 characterizes the current phase as a war of attrition between the United States and Iran, noting that Iranians have been preparing for twenty years and now possess “a pretty good strategy of how to weaken and ultimately destroy the American empire.” He asserts that Iran is waging war against the global economy by striking Gulf Cooperation Council (GCC) countries and targeting critical energy infrastructure and waterways such as the Baghdad channel and the Hormuz Strait, and eventually water desalination plants, which are vital to Gulf nations. He emphasizes that the Gulf States are the linchpin of the American economy because they sell petrodollars, which are recycled into the American economy through investments, including in the stock market. He claims the American economy is sustained by AI investments in data centers, much of which come from the Gulf States. If the Gulf States cease oil sales and finance AI, he predicts the AI bubble in the United States would burst, collapsing the broader American economy, described as a financial “ponzi scheme.” Speaker 2 notes a concrete example: an Amazon data center was hit in the UAE. He also mentions the United States racing to complete its Iran mission before munitions run out. Speaker 1 expands on the military dynamic, arguing that the United States military is not designed for a twenty-first-century war. He attributes this to the post–World War II military-industrial complex, which was built for the Cold War and its goals of technological superiority. He explains that American military strategy relies on highly sophisticated, expensive technology—the air defense system—leading to an asymmetry in the current conflict: million-dollar missiles attempting to shoot down $50,000 drones. He suggests this gap is unsustainable in the long term and describes it as the puncturing of the aura of invincibility that has sustained American hegemony for the past twenty years.

Mario: Let's start with Venezuela. Do you think this is a strategy by Trump? Larry: I saw something similar back in 1988. The CIA was involved with trying to provoke Manuel Noriega into taking some sort of action. They could say, oh, well, we gotta go respond to this to set the stage for our military invasion, which I believe that in 2018, Donald Trump signed a finding authorizing a covert action by the CIA to get rid of Maduro. That attempt failed. And now the objective, get control of the oil. That's the number one priority. And I think it's being done with an eye looking forward, recognizing the potential risk. If conflict is renewed with Iran, prospect of the shutdown of Persian Gulf— Mario: Ukraine defeated Russia. Larry: Yeah. That was the plan. Russia's military is now around 1,500,000. Mario: Let’s talk Venezuela. What’s your initial reaction? When John Kuriaki suggested the best indicator is naval movements, and the buildup off Venezuela is significant. I’ve heard they have 14, twelve warships, including the Gerald Ford. Do you think they are bluffing? Is this Trump strategy? Larry: It could be a bluff. I saw something similar in 1988. I was in the CIA’s Central America branch. They tried to provoke Noriega into action to justify invasion, which happened in December 1988. What’s different now is the base infrastructure. In Panama, Quarry Heights was full; Southern Command was there. Southern Command has moved to Miami. The weaponization of the idea of a “supported vs. supporting” commander is reversed here: Southern Command would be subordinate to Special Operations Command. SOCOM cannot fight a conventional war; they’re light infantry, raids, hostage rescue. So the question is: what will the ships actually do? Shells into Venezuela won’t defeat Venezuela. Ground forces would require mass, and Venezuela is three times the size of Vietnam with rugged terrain that favors ambushes. If US troops ashore, you’d stack body bags far beyond Iraq and Afghanistan. Mario: Do Venezuelans have the will to fight Maduro? Larry: Yes. It will rally insurgents from Brazil and Colombia. If we decapitate Maduro, there are loyalists with weapons; an insurgency could follow, and the US would be hard-pressed to pacify it. The State Department’s INL/INSCR reports on narcotics note Venezuela as a transit point for marijuana and some cocaine, with fentanyl less central than claimed by Trump. The 2018 emphasis on Trendy Aragua looked CIA-driven. Trump reportedly signed a covert action finding in 2018 to remove Maduro, leading to the Guaidó fiasco; that covert action included some public diplomacy via USAID. The objective now, as you asked, is oil control and curtailing Russia, China, and Iran’s influence, with an eye toward BRICS. Mario: Could there be a decapitation strike on Maduro, and would someone like Maria take over? Larry: A decapitation strike could spark insurgency; the US would not be able to pacify it. The broader agenda seems to include a strategy to seize oil and reduce regional influence by Russia and China. Venezuela’s role as a transit point and possible BRICS alignment complicates any straightforward regime-change scenario. Mario: Moving to general foreign policy under Trump. The national security strategy (NSS) for 2025 signals a shift, but you question how binding NSS papers are. What did you make of it, and how does it relate to Ukraine? You’ve noted Trump isn’t serious about peace in Ukraine on some occasions. Larry: The NSS is a set of guidelines, not a blueprint. Europe is being asked to step up, the US distancing itself from Europe, and the strategic relationship with Europe is damaged by the perception of long-term reliability and sanctions. The document highlights China as an economic rival rather than an enemy; it criticizes Europe’s defense spending and censorship, and it frames Russia as less of a direct threat than before, though the reality is nuanced. The US-EU relationship is strained, and the US wants Europe to shoulder more of the burden in Ukraine while maintaining strategic pressure. Mario: What about Ukraine? Zelensky’s negotiation posture, security guarantees, and the Moscow terms? Larry: Putin spoke on 06/14/2024 with five Russian demands: Crimea, Zaporizhzhia, Kherson, Donetsk, and Luhansk are permanently part of Russia; Ukraine must withdraw its forces from those republics; there must be an election in Ukraine with a legitimately elected president (the Russians argue Zelensky is illegitimate for not holding elections); they suggest a successor to Zelensky and elections within 90 days. Freezing lines in Donbas is not accepted by Russia; the Russians claim further territory may be annexed with referenda. If peace talks fail, Russia is likely to push to occupy Kharkiv, Sumy, Mykolaiv, and Odessa, potentially Kyiv. Western support is insufficient to alter that trajectory, given Russia’s large artillery and drone production. The US and Europe cannot match Russia’s drone and shell output; even if they supply Tomahawks, escalation risks, including nuclear considerations, grow. Russia’s economy and war capacity remain robust, and the BRICS poles are strengthening as Western leverage wanes. Mario: What about sanctions strategy and Russia’s oil revenues? Larry: Oil remains a significant but not decisive portion of Russia’s GDP. The West’s sanctions are not enough to force collapse; Russia has endured the 1990s and remains resilient. BRICS cooperation and the shift to the Global South are changing the global order, with Russia and China deepening ties and reducing Western influence. The war in Ukraine has not produced a decisive Western victory, and the global south is moving away from Western-led sanctions, reshaping geopolitical alignments. Mario, it’s been a pleasure.

Max Blumenthal explains that the January 3 operation in Caracas appeared to be a terrorist assault on Caracas, involving the kidnapping of Nicolas Maduro and his wife Celia Flores. He notes Maduro’s presidential guard was massacred, 32 Cuban officers were killed, and many civilians died, with no US casualties reported. He suggests the operation reflected a long-prepared plan by the US, with initials of a “hay a halo” style high-altitude entry into Miraflores Palace. He cites Venezuelan official Diosdado Cabello stating that Flores demanded to accompany Maduro and may have saved his life, and he questions whether there was a betrayal or widespread military collapse on the Venezuelan side. He interviewed former Venezuelan foreign minister Jorge Arreaza, who denied insider deals or betrayals and supported Maduro’s view, though Blumenthal notes there is backroom dealmaking with the US occurring under Maduro. Ariasso is said to have reported that communication systems were taken out, bases bombed, and key communication towers destroyed, with drones still in Venezuelan airspace; thus, Blumenthal questions whether an order not to scramble Sukhoi jets prevented an escalation. He describes the episode as a “staggering failure of intelligence, counterintelligence, military,” while observing the resilience of the Chavista movement: Delsy Rodriguez as acting president committed to sovereignty, and officials like Cabello and Vladimir Padrino López remaining in place, with collectivos in the streets. He argues Trump must contend with the Chavista movement because they control institutions. He notes Venezuela announced the release of “political prisoners,” arguing many were linked to US-backed opposition efforts, but he cannot provide names. Blumenthal cites Rick Grinnell, Trump’s envoy to Venezuela, who reportedly negotiated directly with Maduro for a deal involving Chevron’s drilling license in exchange for deported Venezuelan migrants; Grinnell implied the opposition, led by Maria Corina Machado, resisted allowing Maduro or Venezuela to strike a deal and instead aimed to delegitimize Maduro. He accuses Rubio of aiding移 deportations of Venezuelan migrants to Nayib Bukele’s El Salvador, where detainees were publicly humiliated and tortured; he claims these actions were designed to prevent deals that would allow Maduro to gain revenue or preserve ties. He argues Maduro was open to a deal, but not one controlled by Trump. Blumenthal asserts Trump’s larger aim is regime change to control Venezuela’s oil and cut ties with Russia and China, pressing Maduro to run Venezuela under US orders, potentially to funnel oil proceeds offshore to avoid US accountability. He claims Trump seeks a 30–50 million barrel oil deal, with revenue used to buy American products, but offshore holdings would enable plunder by Trump Incorporated, and the operation signals a broader Monroe Doctrine-esque strategy. He argues this has implications for multipolar states and regional stability, noting Russia and China’s positions, including Xi’s visit to Miraflores before Maduro’s kidnapping and possible retaliation against Venezuela’s Belt and Road interests. In discussing legality, Blumenthal says kidnapping a head of state and trying him in New York would violate international law; under ICJ precedent, a national court cannot try a head of state without an ICC indictment and transfer to The Hague. He contends the Maduro indictment’s narcoterrorism claim is a fraud; he traces its origins to CIA-linked drug networks from the Reagan era, including “cartel of the Suns.” He discusses Hugo Carvajal (El Pollo) and his cooperation with the US, including a secret plea deal and testimony alleging Maduro’s regime involvement, including a claim that Venezuela’s Smartmatic allegations could be used to convict Maduro. He notes a DOJ superseding indictment calling the cartel a “loose network” rather than a formal cartel, and mentions a DC-9 flight (Cocaine One) allegedly connected to CIA-backed operations, potentially exposing CIA involvement, which Judge Hellerstein did not allow in court. Blumenthal concludes by calling the operation a mafia-like show—“gangsterism”—and suggests the Maduro case could challenge international law; he references prior interviews where he argued the “Cartel de los Soles” was not a real organization, a point later echoed by Washington Post and France 24. He closes acknowledging time constraints.

Pepe and Mario discuss a broad set of geopolitical developments, focusing on Venezuela, Iran, and broader U.S.-led actions, with insights on Russia, China, and other regional players. - Venezuela developments and U.S. involvement - Venezuela is described as a “desperate move related to the demise of the petrodollar,” with multiple overlapping headlines about backers maneuvering for profit and power in Latin America, and about the U.S. declaring “this is my backyard.” Delcy Rodríguez, the daughter of a slain revolutionary killed by the CIA, leads a new government, described as old-school Chavista with strong negotiation skills, who prioritizes Venezuela’s interests over U.S. interests. - The operation is criticized as having no clear strategy or forward planning for reorganizing the Venezuelan oil industry to serve U.S. interests. Estimates from Chinese experts suggest it would take five years to recondition Venezuela’s energy ecosystem for American needs and sixteen years to reach around 3 million barrels per day, requiring approximately $183 billion in investment—investment that U.S. CEOs are reportedly unwilling to provide without total guarantees. - There is debate about the extent of U.S. influence within Maduro’s circle. Some Venezuelan sources note that the head of security for the president, previously aligned with the regime, was demoted (not arrested), and there is discussion of possible U.S. ties with individuals around Maduro’s inner circle, though the regime remains headed by Maduro with key loyalists like the defense minister (Padrino) and the interior minister (Cabello) still in place. - The narrative around regime change is viewed as a two-edged story: the U.S. sought to replace Maduro with a pliant leadership, yet the regime remains and regional power structures (including BRICS dynamics) persist. Delcy Rodríguez is portrayed as capable of negotiating with the U.S., including conversations with Marco Rubio before the coup and ongoing discussions with U.S. actors, while maintaining Venezuela’s sovereignty and memory of the revolution. - The broader regional reaction to U.S. actions in Venezuela has included criticism from neighboring countries like Colombia and Mexico, with a sense in Latin America that the U.S. should not intrude in sovereign affairs. Brazil (a major BRICS member) is highlighted as a key actor whose stance can influence Venezuela’s BRICS prospects; Lula’s position is described as cautious, with Brazil’s foreign ministry reportedly vetoing Venezuela’s BRICS membership despite Lula’s personal views. - The sanctions regime is cited as a principal reason for Venezuela’s economic stagnation, with the suggestion that lifting sanctions would be a prerequisite for meaningful economic recovery. Delcy Rodríguez is characterized as a skilled negotiator who could potentially improve Venezuela’s standing if sanctions are removed. - Public opinion in Venezuela is described as broadly supportive of the regime, with the U.S. action provoking anti-American sentiment across the hemisphere. The discussion notes that a large majority of Venezuelans (over 90%) reportedly view Delcy Rodríguez favorably, and that the perception of U.S. intervention as a violation of sovereignty influences regional attitudes. - Iran: protests, economy, and foreign influence - Iran is facing significant protests that are described as the most severe since 2022, driven largely by economic issues, inflation, and the cost of living under four decades of sanctions. Real inflation is suggested to be 35–40%, with currency and purchasing power severely eroded. - Foreign influence is discussed as a factor hijacking domestic protests in Iran, described as a “color revolution” playbook echoed by past experiences in Hong Kong and other theaters. Iranian authorities reportedly remain skeptical of Western actors, while acknowledging the regime’s vulnerability to sanctions and mismanagement. - Iranians emphasize the long-term, multi-faceted nature of their political system, including the Shiite theology underpinning governance, and the resilience of movements like Hezbollah and Yemeni factions. Iran’s leadership stresses long-term strategic ties with Russia and China, as well as BRICS engagement, with practical cooperation including repair of the Iranian electrical grid in the wake of Israeli attacks during the twelve-day war and port infrastructure developments linked to an international transportation corridor, including Indian and Chinese involvement. - The discussion notes that while sanctions have damaged Iran economically, Iranians maintain a strong domestic intellectual and grassroots culture, including debates in universities and cafes, and are not easily toppled. The regime’s ability to survive is framed in terms of internal legitimacy, external alliances (Russia, China), and the capacity to negotiate under external pressure. - Russia, China, and the U.S. strategic landscape - The conversation contrasts the apparent U.S. “bordello circus” with the more sophisticated military-diplomatic practices of Iran, Russia, and China. Russia emphasizes actions over rhetoric, citing NATO attacks on its nuclear triad and the Novgorod residence attack as evidence of deterrence concerns. China pursues long-term plans (five-year plans through 2035) and aims to elevate trade with a yuan-centric global south, seeking to reduce dollar reliance without emitting a formal de-dollarization policy. - The discussion frames U.S. policy as volatile and unpredictable (the Nixon “madman theory” analog), while Russia, China, and Iran respond with measured, long-term strategies. The potential for a prolonged Ukraine conflict is acknowledged if European leaders pursue extended confrontation, with economic strains anticipated across Europe. - In Venezuela, Iran, and broader geopolitics, the panel emphasizes the complexity of regime stability, the role of sanctions, BRICS dynamics, and the long game of global power shifts that may redefine alliances and economic arrangements over the coming years.