All-In with Chamath, Jason, Sacks & Friedberg

(0:00) Friedberg Introduces Ray Dalio
(1:29) 5 Forces That Will Decide America's Future
(7:26) Why Government Reform Is Nearly Impossible
(11:19) Gold vs. Bitcoin
(28:16) What Economists Got Wrong About Tariffs
(41:11) Is America Heading Towards Collapse?
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Ray Dalio joins the All-In Podcast for the third time to break down why America's debt crisis is worse than most people realize, and what comes next.
Dalio covers the five forces reshaping the global order, why DOGE faced structural limits, what's driving gold to all-time highs while Bitcoin stumbles, the real story behind tariffs and trade deficits, and why he believes the US might be approaching a collapse.
Follow Ray Dalio:
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https://x.com/Jason
https://x.com/DavidSacks
https://x.com/friedberg
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Intro Music Credit:
https://rb.gy/tppkzl
https://x.com/yung_spielburg

(0:00) Bestie intros
(1:22) Claude's hit list, SaaS crash, and Citrini's AI letter
(30:39) Why Doomer narratives are more popular, valuable new AI jobs
(40:19) Understanding the Rate Payer Protection Pledge, what's behind datacenter opposition?
(52:13) State of the Union reactions
(1:03:58) Science Corner: Cure for blindness via Yamanaka Factors?
(1:10:17) SCOTUS strikes down tariffs, Trump pivots
Apply for Liquidity:
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Follow the besties:
https://x.com/chamath
https://x.com/Jason
https://x.com/DavidSacks
https://x.com/friedberg
Follow on X:
https://x.com/theallinpod
Follow on Instagram:
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Follow on TikTok:
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Follow on LinkedIn:
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Intro Music Credit:
https://rb.gy/tppkzl
https://x.com/yung_spielburg
Intro Video Credit:
https://x.com/TheZachEffect
Referenced in the show:
https://www.investing.com/news/stock-market-news/wolters-kluwer-relx-shares-slip-after-anthropic-unveils-aienhanced-legal-tool-4481124
https://www.barrons.com/articles/ibm-stock-had-worst-day-in-25-years-ai-disruption-fears-5f632d6c
https://www.forbes.com/sites/daniellechemtob/2026/02/24/forbes-daily-ibm-suffers-its-worst-day-since-the-dot-com-bubble
https://x.com/chamath/status/2027077786503164260
https://www.citriniresearch.com/p/2028gic
https://thedefiant.io/news/tradfi-and-fintech/credit-card-stocks-fall-after-citrini-ai-report
https://x.com/TurnerNovak/status/2026332990914101699
https://x.com/anistotle_/status/2026306126674108788
https://www.notyourtypicalfinancebro.com/p/vibe-laundering-pt-2-citrini-the
https://www.goodreads.com/quotes/457097-nobody-knows-anything-not-one-person-in-the-entire-motion
https://www.derekthompson.org/p/nobody-knows-anything
https://x.com/kalshi/status/2027040345419129166
https://x.com/StockMarketNerd/status/2019837212515528730
https://www.citadelsecurities.com/news-and-insights/2026-global-intelligence-crisis/
https://x.com/DavidSacks/status/2027087693327237251
https://x.com/levie/status/2026885050411745491
https://x.com/typesfast/status/2026998028222013679
https://x.com/cboyack/status/2021647373571862952
https://x.com/chamath/status/2025369318696124859
https://x.com/pat_hedger/status/2026742424471560636
https://x.com/SemiAnalysis_/status/2026719180284666046
https://x.com/WesternLensman/status/2024661247296172486
https://www.bloomberg.com/opinion/articles/2026-02-20/supreme-court-s-tariffs-ruling-finally-holds-trump-accountable
https://polymarket.com/event/will-the-court-force-trump-to-refund-tariffs-2026-06-30
https://polymarket.com/event/will-congress-pass-any-tariffs-by-march-31

(0:00) David Sacks introduces Saagar Enjeti and Michael Tracey
(1:04) Reacting to the arrest of Prince Andrew in the UK, Epstein's global finance network
(11:24) Who was Jeffrey Epstein, and what is this story really about?
(34:10) Michael Tracey explains "Epstein Mythology"
(1:14:23) Kevin Bass joins to discuss Reid Hoffman's history with Epstein
(1:32:52) Michael Tracey responds to criticism
Follow Saagar:
https://x.com/esaagar
Follow Michael:
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Follow Kevin:
https://x.com/kevinnbass
Follow the besties:
https://x.com/chamath
https://x.com/Jason
https://x.com/DavidSacks
https://x.com/friedberg
Follow on X:
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Follow on Instagram:
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Follow on TikTok:
https://www.tiktok.com/@theallinpod
Follow on LinkedIn:
https://www.linkedin.com/company/allinpod
Intro Music Credit:
https://rb.gy/tppkzl
https://x.com/yung_spielburg
Intro Video Credit:
https://x.com/TheZachEffect
Referenced in the show:
https://x.com/kevinnbass/status/2024276079888732649
https://www.nytimes.com/live/2026/02/19/world/uk-prince-andrew-arrest-epstein
https://signalohio.org/les-wexner-deposed-by-house-oversight-committee-over-epstein-ties
https://www.nytimes.com/2025/12/16/magazine/jeffrey-epstein-money-scams-investigation.html
https://www.axios.com/2019/09/12/reid-hoffman-jeffrey-epstein-mit-donations
https://x.com/kevinnbass/status/2023941188588290502
https://x.com/kevinnbass/status/2024276084401828260
https://x.com/kevinnbass/status/2023941213951512966
https://x.com/presentwitness_/status/2024522531542356447

(0:00) Bestie intros
(0:23) AI updates: On-prem comeback, token budgets surpass salaries
(19:19) Prediction markets: Super Bowl insider trading, how to police?
(28:44) All-In Liquidity: The ultimate investor conference
(32:48) CBO report: Death spiral, growth opportunity, or golden age?
(48:06) State of the economy and US jobs
(1:03:22) Ferrari's fully electric car goes viral
Apply for Liquidity:
https://allinliquidity.com
Follow the besties:
https://x.com/chamath
https://x.com/Jason
https://x.com/DavidSacks
https://x.com/friedberg
Follow on X:
https://x.com/theallinpod
Follow on Instagram:
https://www.instagram.com/theallinpod
Follow on TikTok:
https://www.tiktok.com/@theallinpod
Follow on LinkedIn:
https://www.linkedin.com/company/allinpod
Intro Music Credit:
https://rb.gy/tppkzl
https://x.com/yung_spielburg
Intro Video Credit:
https://x.com/TheZachEffect
Referenced in the show:
https://hbr.org/2026/02/ai-doesnt-reduce-work-it-intensifies-it?ab=HP-latest-text-3
https://x.com/mattshumer_/status/2021256989876109403
https://x.com/Jason/status/2021272988100984862
https://x.com/chamath/status/2022009107964899755
https://x.com/chamath/status/2021991383327027322
https://lobstertank.co/?v=1
https://www.cbo.gov/system/files/2026-02/61882-Executive-Summary.pdf
https://www.covers.com/industry/prediction-markets-sportsbooks-super-bowl-nevadabetting-handle-february-2026
https://defirate.com/news/insider-trading-claims-hit-super-bowl-prediction-markets/
https://www.wsj.com/world/middle-east/israeli-soldiers-accused-of-using-polymarket-to-bet-on-strikes-72d53012
https://www.youtube.com/watch?v=SzuvVcH2amc
https://www.cbo.gov/system/files/2026-02/61882-Executive-Summary.pdf
https://fred.stlouisfed.org/series/FYONGDA188S
https://fred.stlouisfed.org/series/FYFRGDA188S
https://x.com/RealEJAntoni/status/2021608233866027065
https://www.ice.gov/news/releases/asplundh-tree-experts-co-pays-largest-civil-settlement-agreement-ever-levied-ice
https://www.justice.gov/usao-edpa/pr/asplundh-tree-expert-co-charged-recruiting-hiring-and-employing-unauthorized-aliens
https://www.nbcnews.com/news/us-news/tree-company-pay-record-fine-immigration-practices-n805756
https://www.kff.org/racial-equity-and-health-policy/kff-la-times-survey-of-immigrants/#d53efe98-31a4-48f1-944f-b1b1aff36c06

(0:00) From China to Canada
(6:13) CZ's Early Career: Shockingly Normal
(17:39) First Company in Shanghai
(23:08) Discovering Bitcoin
(30:11) Going All-In on Crypto
(41:27) Founding Binance
(1:03:57) The FTX Story: SBF Relationship and Collapse
(1:09:46) Facing Biden's Anti-Crypto DOJ
(1:25:25) Inside Federal Prison
(1:40:10) Life After Binance and New Ventures
Follow CZ:
https://x.com/cz_binance
Follow the besties:
https://x.com/chamath
https://x.com/Jason
https://x.com/DavidSacks
https://x.com/friedberg
Follow on X:
https://x.com/theallinpod
Follow on Instagram:
https://www.instagram.com/theallinpod
Follow on TikTok:
https://www.tiktok.com/@theallinpod
Follow on LinkedIn:
https://www.linkedin.com/company/allinpod
Intro Music Credit:
https://rb.gy/tppkzl
https://x.com/yung_spielburg
Intro Video Credit:
https://x.com/TheZachEffect