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their sentiment can turn very abruptly. the dollar has had incredible value over the last few years, but the season for why the demise of the dollar may have begun. is dollar has peaked against most major currencies. and also, fareed, there is a geopolitical point, which is the fact that even though america used sanctions against russia, but the way it used the sanctions by weaponizing the dollar, that i think will have long-term consequences. so many countries around the world are thinking that they can also -- even though it's irrational fear, but maybe they could face such an event. and so -- >> the only solution is, get out of dollars. >> exactly. in terms of trade directly in your own currency. >> end of big tech. people have been saying every time the tech stocks go down, people say this is the end of
time the tech stocks go down, people say this is the end of big tech. didn't prove to be the case after the crash in '99 or after the crash in '08. what makes you think this time these companies like apple, microsoft, google, that have so dominated the world, why do you think it's -- they're on the way down? >> fareed, if you look at the list of the top ten companies in the world by market value, at the beginning of each decade, and then you compare it to the subsequent decade, just a decade later, it's fascinating. nine of the top ten companies typically fall off the top ten list. that's what the creative construction element is all about. once you get so such an elevated level, that sews the seeds of your own demise. as an investor, i would not be allocating any capital -- even though one or two of them will do well and survive -- the
anymore so companies like facebook and others that relied on people staying at home are not making as much money. also when interest rates go up, tech stocks go down. so many tech stocks begin as speculative companies and rely on borrowed income. 1% interest rates it wasn't a problem. now 7, 8, 9% interest rates the venture capital is drying up. 70 to 80% dried up. the political spin-off of this is california again went from a $58 billion surplus to a $25 billion deficit. that's what they are expecting to have in 2023. you have to pay the piper eventually. the bills are coming due. not just for individual states like california and new york that spent like crazy, but also for individuals. by the way, the urban institute came out with a focus on generation z and credit card date. one in five adults between 18
500 points to the dow. boeing, apple, 3m, those are the three copies moving. twitter is down 11 percent. and why? these social media companies was we get your private data, sell it and make a lot of money on that. i don't know if you saw cook county suing fake. >> that's chicago. >> chicago. he saying you are a data mining company. >> and zuckerberg will testify. >> that's super interesting. he said strongly when talking publicly about this i don't know i'm the right spokesperson. he's the founder. he owns most of the shares. he's the ceo. who better to talk about this. >> i understand why he wouldn't want to but why he'll have to. one other thing, we're watching you twitter go down, watching tech stocks go down, tesla.