The Bulwark Podcast: Jason Calacanis on Anarcho Capitalism
Release Date: August 13, 2025

Introduction to Guests and Podcast
Timestamp: [03:00]

In this episode of The Bulwark Podcast, host Tim Miller welcomes back esteemed guests David Sacks and Jason Calacanis to discuss the intersection of politics, business, and technology. David Friedberg also makes an appearance. The conversation delves into the current political climate, regulatory impacts on business, immigration policies, and the evolving landscape of AI and cryptocurrency.

Business Climate Under the Current Administration
Timestamp: [10:07]

Antitrust and Regulation
David Sacks provides a critical analysis of Lina Khan’s antitrust initiatives under the current administration. He acknowledges some positive outcomes while critiquing others:

"When she did actually do a good job, I'll give her credit, is she went after things like dark patterns... and bundling of software, which Microsoft has a really great ability to do."
(10:07)

Sacks argues that while some regulations under Lina Khan were beneficial, others were excessively restrictive, hindering mergers and acquisitions necessary for innovation.

Economic Policies
Sacks contrasts the business-friendly environment of the current administration with the previous Biden-Kamala administration, highlighting reduced regulatory roadblocks and a more fluid M&A market:

"Entrepreneurs create jobs in this country. Innovation has got us where we are. And you need to have a very fluid M and A market."
(12:41)

He credits the current administration’s approach for revitalizing the stock market and fostering a more conducive environment for startups and large corporations alike.

Immigration Policies
Timestamp: [41:10]

The discussion shifts to the administration’s immigration stance, particularly the goal of achieving net negative migration:

"In 2025 we will have the first net negative immigration number in about 50 or 60 years in the United States."
(41:10)

Tim Miller expresses concern over these policies, questioning their long-term viability and ethical implications. Sacks counters by suggesting that the administration's actions are largely performative and unlikely to result in massive deportations:

"I think they're going to be sitting here in three, four years... You'll see Trump dialing that back."
(47:09)

Sacks emphasizes the economic necessity of immigration for maintaining workforce levels and economic growth, proposing ambitious plans to attract skilled immigrants:

"When I run for president, my position is going to be our stated goal should be to build five new high functioning tech cities in the United States and become the most populous country in the world."
(45:22)

Management Styles
Timestamp: [26:52]

Tim Miller critiques the administration’s management style, highlighting erratic decision-making and lack of consistency:

"The fact that they can't get these numbers correct and that they're lollygagging around getting them, they need to have a better system."
(16:11)

Sacks describes the administration’s approach as "narco capitalism," a hybrid that straddles authoritarian and capitalist elements, creating an unstable business environment:

"It's a narco capitalism. A narco capitalism? Yeah. So I think we're between a socialist kleptocracy and a narco capitalism."
(29:17)

He advocates for a balanced approach that fosters both business growth and regulatory oversight without tipping into extremes.

AI and Cryptocurrency Concerns
Timestamp: [50:09]

Tim Miller raises alarms about the rapid advancements in AI, fearing job displacement and societal impacts:

"The LLMs have me freaked. And I guess this does kind of relate to policy because a big trump policy that you are touting and others touting is that like they're not getting the government really too involved in regulation of this stuff."
(50:09)

David Sacks offers a nuanced view, distinguishing between Artificial General Intelligence (AGI) and superintelligence. He acknowledges the potential for massive job displacement due to AI advancements:

"There's a very easy framing with two terms that people use interoperably but are in fact very different, AGI and superintelligence."
(52:30)

Regarding cryptocurrency, Sacks is cautiously optimistic about regulatory measures that could stabilize the market and prevent fraudulent activities:

"More regulation and more onshoring is better for crypto. Much better for everybody."
(62:13)

However, he warns against overinvestment and emphasizes the importance of only allocating a small portion of one's portfolio to crypto:

"Only invest what you can afford to lose in this sector and keep it to low single digits."
(62:52)

Final Thoughts and Future Episodes
Timestamp: [68:22]

As the episode winds down, Tim and David reflect on the broader implications of current policies and their personal stances. They express mutual respect despite disagreements, and hint at future discussions on foreign policy with upcoming guest Michael Weiss.

Sacks concludes with a forward-looking statement on immigration and economic growth, underscoring the necessity of balancing regulatory measures with proactive talent acquisition.

Notable Quotes

• Tim Miller:
  "I want to make sure we are mixing it up in the show on Wednesdays. Bringing in experts some weeks, bringing in people that disagree with me from my left on a topic, hashing that out."
  (01:30)

• David Sacks:
  "Entrepreneurs create jobs in this country. Innovation has got us where we are. And you need to have a very fluid M and A market."
  (12:41)

• David Sacks:
  "I think what you'll see is massive investigations of this when Trump's out of office."
  (65:21)

Conclusion

This episode of The Bulwark Podcast offers a deep dive into the current political and economic landscape, highlighting the tensions between regulatory oversight and business innovation. David Sacks provides insightful commentary on the administration’s policies, advocating for a balanced approach that fosters growth while maintaining necessary regulations. The conversation also touches on the future of AI and cryptocurrency, acknowledging both the opportunities and challenges they present.

For listeners seeking a comprehensive analysis of contemporary political and economic issues from a business-centric perspective, this episode serves as a valuable resource.

Note: Timestamps correspond to the provided transcript and are indicative of where the quotes and topics occur within the episode.