[00:00] Vladimir Putin, a guy who doesn't want to privatize his nation's resources. He doesn't care if Russia's stock market isn't doing all that great. The second group of power players are what you might call the sovereigns. And these are the leaders of tier one nations,
[00:14] meaning those with access to nuclear weapons. And their power comes from things like laws, borders, tariffs, and sometimes they're even willing to sacrifice their market for their sovereignty, not to lose control over industry, energy, and security. That might be someone like
[00:30] Vladimir Putin, a guy who doesn't want to privatize his nation's resources. He doesn't care if Russia's stock market isn't doing all that great. And sovereigns also don't care if the rest of the world doesn't really want to play with them. Same can be said of China's Xi Jinping. He prefers
[00:42] state control and long-term growth over access to Western capital. Same can also be said of North Korea's Kim Jong-un. Sovereign power resists globalization because they know they cannot win
[00:55] this game. And that's also why the financial industrial complex hates them so much because they're unpredictable and they are inefficient from a capital point of view.