5.25.26 Intelligence tests and execution, rising bond yields and data centers, and the death of Harambe

Summary

The World and Everything In It — May 25, 2026

Episode Summary: "Intelligence Tests and Execution, Rising Bond Yields and Data Centers, and the Death of Harambe"

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Episode Overview

This Memorial Day edition of The World and Everything In It, hosted by Jenny Ruff and Nick Iker, covers a range of vital topics including a Supreme Court case on the death penalty and intellectual disability, the economic repercussions of rising bond yields and the AI-driven boom in data centers, and a look back at the controversial shooting of Harambe the gorilla and its enduring cultural legacy. Regular contributors and special guests provide legal analysis, financial insights, and field reporting, all delivered in the program’s characteristically balanced and biblically-informed tone.

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Key Segments & Discussion Points

1. News Update

[01:01–06:01]

• International Affairs:

  • President Trump urges negotiators not to rush into any deal with Iran, despite reporting significant progress; issue centers on nuclear material and the reopening of the Strait of Hormuz.
    • Quote: “Time is on our side.” — President Trump [01:13]
  • Secretary of State Marco Rubio reaffirms the US red line: “Iran can never possess a nuclear weapon.” [01:54]

• Domestic Security:

  • Shooting incident near the White House: a Maryland man opened fire at a checkpoint and was subsequently shot by officers; President safe.
  • Political discourse concerns: Congressman Jeff Van Drew calls for less heated rhetoric.
    • Quote: “You can have a thorough, robust debate about ideas and about vision, but you shouldn’t be debating whether we should behave in a normal way.” — Jeff Van Drew [02:45–02:54]

• Global Health:

  • Ebola outbreak in eastern Congo triggers evacuation after a clinic is torched; 18 suspected patients missing.

• Environmental Hazard:

  • 50,000 Californians evacuated due to threat of an exploding chemical tank in Garden Grove.

• Entertainment:

  • New “Star Wars” movie tops box office, though with a comparatively weak showing when adjusted for inflation.

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2. Legal Docket: Death Penalty & Intellectual Disability

[06:01–17:15]

Background

The hosts revisit the Supreme Court’s 2002 decision in Atkins v. Virginia, which banned execution of intellectually disabled individuals on Eighth Amendment grounds.

• Notable Quote:
  • "They do not act with the level of moral culpability that characterizes the most serious adult criminal conduct." — Justice John Paul Stevens [00:11, 07:30]

Case Focus: Ham v. Smith

• Core Issue: Can a convicted murderer with multiple IQ scores above and below the cutoff be executed, and how should courts interpret a range of test scores?
• Case Facts: Joseph Smith, convicted of a brutal 1997 murder, has IQ scores between 72 and 78; defense argues for protection under Atkins.
• Legal Challenge: No clear Supreme Court guidance on how to handle multiple/test scores; states have latitude but practice varies.

Legal Expert Comments

• Capitol defense lawyer Jim Bellinger details:
  • States create their own processes for determining intellectual disability—no national standard. [09:15]
  • IQ threshold traditionally 70, but with recognition of errors/margins. [09:33]
  • Adaptive functioning crucial; school evidence may play a role.

Court Proceedings

• Justice Sonia Sotomayor highlights Alabama’s procedural misstep: state failed to argue aggregation of scores in lower court. [11:56]
  • Memorable Moment: Justice Sotomayor challenges state attorney directly:
    • “Tell me where in the trial record you argued that somehow aggregating scores ... Just show it to me, point me to the record.” [12:04–12:33]
• Supreme Court issues a “dig” (dismissed as improvidently granted) — refuses to rule due to incomplete record and lack of circuit split.
  • Justice Sotomayor’s detailed concurrence: the issue isn’t widespread or confused at the lower court level. [13:14–13:46]
  • Quote: "There has not been a split in the circuits below, and … the courts have been dealing with Atkins just fine." — Jim Bellinger [13:46]

Dissents

• Justice Clarence Thomas calls to overrule Atkins, returning 8th Amendment focus to only methods, not categories, of punishment.
• Justice Samuel Alito (joined by Thomas, Roberts, Gorsuch in part):
  • Calls for a consistent method (composite score, median, expert judgment) to avoid inconsistencies and “fudge factors.” [14:20–15:19]

Outcome

• Because of the dig, the lower court ruling (Smith is intellectually disabled and cannot be executed) stands.
  • Definitive Statement:
    • “He will not be executed.” — Jim Bellinger [16:18]

Other Supreme Court Updates [16:20]

• Havana Docks Corporation v. Royal Caribbean Cruise: American company can sue over use of property seized in Cuba.
• M&K Employee Solutions v. IAM National Pension Fund: Employers do not have to use outdated actuarial assumptions upon leaving a pension plan.

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3. Monday Money Beat: Markets, Bond Yields, and Data Centers

[18:12–27:55]

Bond Yields & Economic Context [18:12–21:22]

• Interview with financial analyst David Bonson
  • Recent spike in long-term bond yields—levels unseen since before the 2008 crisis.
    • Quote: “A higher bond yield means that risk assets’ valuations have to come down.” — David Bonson [18:55]
  • The uptick seen as more connected to rising oil prices than to fundamental economic strength.
  • “The 10-year [T-bond] is the most important price in the world...almost every asset … is priced off of the 10-year bond.” [19:50]
  • Watch for future movement: falling yields could signal economic weakness.

Data Centers, Infrastructure, and AI: The NIMBY Effect [21:22–23:59]

• As AI expands, so too does the demand for data centers, raising local opposition over resource use, aesthetics, and zoning—comparable to “Not In My Backyard” resistance faced by pipelines and nuclear plants.
  • Quote:
    • “I’m not a NIMBY guy whatsoever. If the only hostility to data centers were that I am old and retired and don't want this thing around me, well, that's not good enough.” — David Bonson [22:48]
  • Distinction between resistance to the infrastructure itself vs. fears over artificial intelligence.

SpaceX IPO: Old School Meets New School [23:59–27:55]

• Upcoming SpaceX IPO poised to be the largest in history by market cap, but with minimal public float, setting up high demand and limited access.
  • Most shares going to large institutions; Musk keeps control via special voting shares.
  • New twists: merger with xAI, control of Starlink, Texas incorporation (vs. Tesla's Delaware).
  • Quote:
    • “At the end of the day, investors either want to own Elon’s conglomerate of companies or they don’t.” — David Bonson [27:53]

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4. World History Book: The Death of Harambe

[28:37–35:29]

The Incident: May 28, 2016 [29:16–31:18]

• 3-year-old Isaiah Dickerson falls into the gorilla exhibit at Cincinnati Zoo.
• Harambe, a 450-pound silverback gorilla, pulls the child through the moat; after 10 tense minutes, zookeepers fatally shoot Harambe.
• Zoo director and other experts defend the split-second decision, citing the child’s immediate risk.
  • Quote:
    • “You can't take a risk with a silverback.” — Zoo director Thane Maynard [31:44]
    • “If that was your child or grandchild, would you want to wait for tranquilizer with a 450, 500 pound gorilla? No.” — Jack Hanna [32:48]

Aftermath and Outrage [32:00–34:05]

• Animal rights groups and public protest follow, with activists arguing Harambe should not have been killed and citing the incident as proof against captive animal displays.
• National conversation erupts about zoo safety; the enclosure’s barrier is rebuilt and security increased.
• Prosecutors review, but decline to charge the boy’s mother with negligence.

Harambe's Cultural Legacy [34:05–35:29]

• The incident becomes a viral meme, symbolizing internet culture’s ability to create lasting “jokes” from tragedy.
  • Quote: “Want to feel old? The Harambe kid is now a teenager.” [34:50]
• Ongoing discussion about animal rights, sanctity of human life, and the role of zoos; Cincinnati Zoo introduces new gorillas to the exhibit after Harambe's death.

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Notable Quotes & Memorable Moments (with Timestamps)

• Justice John Paul Stevens:
  • “They do not act with the level of moral culpability that characterizes the most serious adult criminal conduct.” [00:11, 07:30]
• Justice Sonia Sotomayor:
  • “Tell me where in the trial record you argued that somehow aggregating scores … Just show it to me, point me to the record.” [12:04–12:33]
• Jack Hanna:
  • “If that was your child or grandchild, would you want to wait for tranquilizer with a 450, 500 pound gorilla?” [32:48]
• David Bonson, on data centers:
  • “If the only hostility to data center were that I am old and retired and don't want this thing around me, well, that's not good enough.” [22:48]
• David Bonson, on markets:
  • “At the end of the day, investors either want to own Elon’s conglomerate of companies or they don’t.” [27:53]
• On Harambe’s enduring meme legacy:
  • “Want to feel old? The Harambe kid is now a teenager.” [34:50]

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Timestamps for Key Segments

• News Roundup: 01:01–06:01
• Legal Docket – Death Penalty & IQ Tests: 06:01–17:15
• Monday Money Beat – Bond Yields, Data Centers, IPOs:
  • Bond Yields: 18:12–21:22
  • Data Centers & NIMBY: 21:22–23:59
  • SpaceX IPO: 23:59–27:55
• World History Book – Harambe: 28:37–35:29

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Conclusion

This episode provides a thoughtful examination of major legal, economic, and cultural stories, exploring how scientific measures, economics, and ethics intersect with law and public debate. Particularly compelling are the nuanced legal discussion of the death penalty and disability, the granular look at the AI-fueled data center boom, and the retrospective on Harambe—whose tragic death still echoes in digital culture and public consciousness a decade later.

Transcript

[Jenny Ruff]

Good morning. Two decades ago, the Supreme Court banned the death penalty for the intellectually disabled.

[Justice John Paul Stevens]

They do not act with the level of moral culpability that characterizes the most serious adult criminal conduct.

[Nick Iker]

That's ahead today on Legal Docket. Also today, the Monday Money beat. How the AI boom may run into an old American problem. Not in my backyard and the world history book. Ten years ago, the shooting of a gorilla in a zoo sparked an online outrage.

[Kent Covington]

If that was your child or grandchild,

[David Bonson]

would you want to wait for tranquilizer with a 450, 500 pound gorilla?

[Jenny Ruff]

It's Memorial Day 2026. This is the world and everything in it. From listener supported World Radio, I'm Jenny Ruff.

[Nick Iker]

And I'm Nick Iker. Good morning.

[Jenny Ruff]

Up next, Kent Covington with today's news.

[Kent Covington]

President Trump is telling his negotiators not to rush into any potential peace deal with Iran. Trump posted Sunday that, quote, time is on our side. That added a note of caution to his earlier weekend declaration that an agreement had been, in his words, largely negotiated. And it also came shortly after Secretary of State Marco Rubio told reporters in

[David Bonson]

India some progress has been made. Significant progress, although not final progress has been made.

[Kent Covington]

Regional officials say the potential deal would reopen the Strait of Hormuz and require Iran to give up its highly enriched uranium. In exchange, the US Would lift its blockade of Iranian ports and provide sanctions relief. But Iran is pushing back. Publicly, Tehran says the strait stays under its control and nuclear issues aren't even on the table. But Secretary Rubio, while meeting with his Indian counterpart, reiterated President Trump's red line. Iran can never possess a nuclear weapon.

[David Bonson]

The president has been clear about that. They will never possess a nuclear weapon, certainly not a long as Donald Trump is president of the United States.

[Kent Covington]

A ceasefire in the conflict has largely held up since early April, though President Trump last week warned that time is running out for Iran to strike a deal before bombs start falling. Once again, the Secret Service is investigating its second shooting near President Trump in just a month. A 21 year old Maryland man opened fire at a White House checkpoint Saturday evening before officers fatally shot him. The president was safely inside the White House and was never in danger. But the gunfire wounded a bystander who was reportedly in serious condition, though stable. Republican Congressman Jeff Van Drew said following a string of political violence incidents that this is one more reminder that it's time to cool it with overheated political rhetoric.

[Jim Bellinger]

You can have a thorough, robust debate

[David Bonson]

about ideas and about vision, but you

[Jim Bellinger]

shouldn't be debating whether we should behave

[David Bonson]

in a normal way.

[Kent Covington]

The shooter, identified as Nasir Best, was arrested last year for trying to push past another White House checkpoint. He had a history of mental health issues and at least one online post about harming the president. Eighteen suspected Ebola patients are missing in eastern Congo this morning after an angry crowd torched their treatment center. The arson attack at the clinic in Mangualu was the second such attack in just a week. The patients fled in the chaos and have not been seen since. The Ebola outbreak has killed at least 175 people with by some estimates nearly 1,000 suspected cases. The World Health Organization issued a new warning over the weekend. Director General Tedros Gabriesis.

[David Bonson]

We are now revising our risk assessment to very high at the national level, high at the regional level and low at global level.

[Kent Covington]

There is no vaccine for the particular strain of the disease now spreading in Africa. The Trump administration has restricted visas for travelers from the affected countries. Some 50,000 people in southern California are still away from their homes this Memorial Day. They were forced to evacuate as a damaged chemical tank in the LA area threatened to explode. Residents in Garden Grove have been evacuated since Thursday when the tank at an aerospace parts plant started overheating. Interim Orange County Fire Chief T.J. mcGovern. Your protection, your life, safety is our paramount responsibility right now.

[David Bonson]

We know you're out of your homes. We want to get you back, but we cannot do that until it's deemed safe.

[Kent Covington]

The damaged tank contains methyl methacrylate, a flammable chemical that is also toxic if inhaled. Crews evaluating the tank on Sunday spotted the possible crack, which could be relieving some pressure inside. California Governor Gavin Newsom has declared a state of emergency. If the tank does fail. Fire officials say their hope is for a slow leak rather than an explosion at the weekend box office. Star wars is back in theaters once again.

[Jim Bellinger]

I can use some information. Whoa.

[Kent Covington]

For this price, I'll tell you whatever you want.

[Jim Bellinger]

I'm looking for a hut close for the night.

[David Bonson]

Thank you.

[Kent Covington]

The Mandalorian and Grogu debuts in the top spot. The big screen adaptation of the Disney series will haul in an estimated $102 million domestically for the holiday weekend. Box office analysts, though, are mixed on whether that qualifies as a success. Anything over 100 million is obviously a big debut. But on the other hand, it is a four day weekend estimate and adjusted for inflation, it is the weakest wide release for a Star wars film ever. I'm Kent Covington. And coming up, the Supreme Court changes its mind about tackling a thorny capital punishment question. Plus the Monday Money beat with David Bonson. This Is the World and Everything In It.

[Jenny Ruff]

It's Monday, 25th May. Glad to have you along for today's edition of the World and Everything In It. Good morning. I'm Jenny Ruff.

[Nick Iker]

And I'm Nick Iker. Time now for Legal docket. It is opinion season at the Supreme Court. The the justices have 30 decisions still to hand down before they wrap up the merits cases from the current term that covers everything from women's sports to gun restrictions.

[Jenny Ruff]

But today, we start with a fundamental question about the death penalty. Does the government have the right to execute a convicted murderer who lacks normal intelligence? The current legal landscape dates back almost 25 years. In 2002, the Supreme Court ruled that executing an intellectually disabled person violates the constitution, specifically the 8th amendment prohibition on cruel and unusual punishment.

[Nick Iker]

Here is the late Supreme Court Justice John Paul Stevens announcing the decision in Atkins v. Virginia. You will hear Justice Stevens using a term that has since fallen out of common use.

[Justice John Paul Stevens]

We now hold that the Eighth Amendment prohibition against cruel and unusual punishment categorically forbids the execution of the mentally retarded.

[Nick Iker]

In deciding this case, the Court agreed

[Justice John Paul Stevens]

with this notion that the imposition of the sentence of death upon a criminal defendant who has the mental age of a child between the ages of 9 and 12 is excessive.

[Nick Iker]

Justice Stevens explained why it's excessive because

[Justice John Paul Stevens]

of their disabilities in areas of reasoning, judgment, and control of their impulses. However, they do not act with the level of moral culpability that characterizes the most serious adult criminal conduct.

[Nick Iker]

He noted that the states were in broad agreement.

[Justice John Paul Stevens]

Today our society views mentally retarded offenders as categorically less culpable than the average criminal.

[Jenny Ruff]

And that brings us to today's case, Ham v. Smith, a case out of Alabama. Joseph Smith is a state inmate whose lawyers claim his low IQ should spare his life under the Atkins ruling. But look at what Smith is convicted of having done. Back in 1997, he killed a man by beating him to death with a hammer and power saw.

[Nick Iker]

And that's the stark conflict. Smith's mind may operate at a deficit, but his crime required brutal capability. Alabama points to his horrific actions and demands the death sentence be carried out. But because of the timing of the case, the law left a massive knot.

[Jim Bellinger]

The thing about this case was that the defendant, when he was originally sentenced Atkins, had not yet been decided. So Atkins came into play, and it was a significant change in the law.

[Jenny Ruff]

Jim Bellinger is a Capitol defense lawyer he didn't participate in Smith's case.

[Jim Bellinger]

But I have been lead counsel in 19 death penalty cases since 1991. I have nobody on death row.

[Jenny Ruff]

Bellinger says there's a couple of important things to know about the Atkins case. First, the Supreme Court did not write a uniform rule for the whole country. Local officials have the final say on deciding a defendant's intellectual.

[Jim Bellinger]

And that's a state court process. We're going to let the states develop their own processes. And frankly, they have, and there hasn't been much in the way of controversy.

[Jenny Ruff]

Second, an intellectual disability historically means an IQ of 70 or below subsequent to

[Jim Bellinger]

Atkins, when 70 really has been. I don't want to say it's a bright line rule, but it's a bright line consideration.

[Nick Iker]

In the years since, the Supreme Court has refined Atkins. In one case, it held that states must account for a marginal of error, which could swing an IQ score up or down by as many as five points. And states also must consider adaptive functioning. That means a defendant's ability to navigate the demands of everyday life. In other words, if a defendant cannot prove an IQ of 70 or below, but can prove intellectual disability by other factors, he cannot be executed.

[Jim Bellinger]

I had a case recently where the school records showed that this individual couldn't tie his shoes, really. Spelling tests, for example, you know, could spell, spelled kat K a T. And then if it got to be a four letter word, I can't do this. That were his records. Right. So that's corroborating effort and information that some state statutes allow you to bring in to support a finding of intellectual disability.

[Jenny Ruff]

Back to the current case. Lawyers for the convicted killer Joseph Smith argue his low IQ means his death sentence must be to out. Lower courts agreed. But Alabama appealed, insisting Smith does not qualify for protection.

[Nick Iker]

The debate comes down to a numbers game. Over the years, Smith took five separate IQ tests and his scores fell between 72 and 78. Past Supreme Court rulings dealt only with a single test score. This case is different in that it forces the justices to look at a whole range of scores.

[Jenny Ruff]

And that brings us to the core issue.

[Jim Bellinger]

How do we actually apply Atkins when there are multiple IQ tests, for example? Right. And so that's the first time it's been in front of the court.

[Jenny Ruff]

The justices heard oral arguments in the case last December. Alabama's lawyer argued that Smith did not come close to proving an IQ score of 70 or below. He said states have the power to handle multiple test scores however they want, for example, by averaging them or by giving more weight to the highest score.

[Nick Iker]

But during oral argument, Justice Sonia Sotomayor pointed out a procedural flaw. She noted Alabama never actually raised that specific argument in the lower courts. Here she is questioning Alabama's attorney.

[David Bonson]

I'm having a really hard time with

[Jim Bellinger]

this case because I don't think you're wrong.

[David Bonson]

States can define this the way they want. The problem here is you didn't argue this below. Tell me where in the trial record you argued that somehow aggregating scores that somehow medium scores, that somehow there was one perfect IQ score that states could require. Just show it to me, point me to the record.

[Jenny Ruff]

That's key because in the end, even though the Court accepted this case this term, it declined to decide it. Last week it issued a dig. An acronym for dismissed is improvidently granted. In the legal context. It means the Court believes it should never have agreed to hear the case in the first place. Here's Bellinger.

[Jim Bellinger]

Again, improvidently granted means that they granted review. But then on further consideration, they decided for, for whatever reasons that it wasn't ripe to be decided. It was. The issues weren't fully developed. So they can make that decision at any point prior to issuing a full decision on the merits.

[Jenny Ruff]

Usually when the court digs a case, it issues a one sentence order without stating a reason. But this case was different. Justice Sotomayor spent 22 pages laying out her agreement. Justice Ketanji Brown Jackson joined that concurrence.

[Nick Iker]

In it, Justice Sotomayor homed in on two points. First, the lack of an evidentiary record about how to analyze multiple IQ scores. Second, she noted, there is no circuit split here. Lower courts have not expressed any confusion about what to do in situations like these.

[Jim Bellinger]

I agree with Justice Sotomayor that there has not been a split in the circuits below, and therefore the question isn't something that circuit courts have felt like we need further guidance on since Atkins was decided 20 years ago. Plus or minus. The courts have been dealing with Atkins just fine.

[Jenny Ruff]

Even so, the Court brought out two strong dissents. Justice Clarence Thomas wrote a solo dissent where he argued that Atkins should be overruled. He believes the Eighth Amendment's original meaning is only about methods of punishment.

[Nick Iker]

Finally, Justice Samuel alito wrote a 24 page dissent in which Justice Thomas joined in full and Chief Justice John Roberts and Justice Neil Gorsuch joined largely in part. Alito does believe the lower courts need a clear rule on how to assess multiple IQ scores. He highlighted three approaches states could take. One, a composite score, two, the median value of the scores, or three, have an expert witness make a judgment call.

[Jim Bellinger]

I understand what Alito's saying in the sense of it would be great to have an objective test like we can figure out whether you're a B negative or O positive blood wise. Right. So if you're AB negative, you should never get the death penalty.

[David Bonson]

Right.

[Jim Bellinger]

Well, that's easily verifiable. IQ is a relatively accurate test, but there is a margin of error.

[Jenny Ruff]

Because IQ tests have a margin of error, states ought to allow defendants to introduce evidence about their background. But Alito doubted that.

[Jim Bellinger]

What Alito doesn't want is what he would consider to be fudge factors. You can't use that to get somebody's IQ below 71, 70, if in fact their test scores don't show that.

[Jenny Ruff]

Bellinger says Alito might also be wary of the slippery slope.

[Jim Bellinger]

Atkins theoretically opened the door for other intellectual disabilities, for example autism. So I think what Alito is afraid of is that there are other mental syndromes that are physically based, like autism, that will now open the door to more ineligible death penalties.

[Nick Iker]

Where does this leave things? Because it's a dig. The court has not decided the merits. It sets no precedent. The justice's writings are purely illustrative and there is no need for lower courts to follow anything that is said.

[Jenny Ruff]

Right. So that means the case is done. The lower court's decision that Smith is intellectually disabled stands.

[Jim Bellinger]

He will not be executed.

[Nick Iker]

All right, quickly. The Supreme Court issued decisions in two cases last week. First, Havana Docks Corporation versus Royal Caribbean Cruise. This case involves an American business that operated docks in Cuba until the Communist takeover when the regime seized the property.

[Jenny Ruff]

The cruise lines later used those same docks without paying the original company. In an 8 to 1 decision, the court held that Havana Docks can move forward. Forward with a lawsuit against the cruise lines under federal law.

[Nick Iker]

Second, M&K Employee Solutions versus Trustees of IAM National Pension Fund. It was a unanimous decision and the court sided with an employer in a dispute over pension fund math. The justices held that when a company pulls out of a multi employer pension plan, the law does not force them to use outdated financial assumptions to to calculate what they owe.

[Jenny Ruff]

And that's this week's legal docket.

[Kent Covington]

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[Jenny Ruff]

Coming up next on the World and everything in it, the Monday Money beat.

[Nick Iker]

Time now to talk business markets and the economy with financial analyst and advisor David Bonson. David heads up the wealth management firm the Bonson Group and he is here now. Good morning to you, David.

[David Bonson]

Well, good morning Nick. Good to be with you.

[Nick Iker]

Well David, stocks seemed pretty optimistic or did as we went into the holiday week. But you know, at the same time there was a story last week I wanted to get your thoughts on long term bond yields and the fact that they have climbed to levels we have not really seen since before the financial crisis. Can you talk about the significance of that story?

[David Bonson]

Well, it's a big deal for investors if it were to stay just in the sense that a higher bond yield means that risk assets valuation have to come down. The reason why there's a lot of reason to believe these higher bond yields are not going to hold is that risk assets have not been dropping, they've been going higher. So that's very different than what you historically see and it gives at least some prima facie evidence that the more likely reason bond yields are moving higher is the short term phenomena of higher oil prices. Bond yields and oil prices have been very, very correlated directionally for the last two two and a half months. We don't issue 30 year bonds anymore. So these are all kind of older. There's a lot, lot less volume of the 30 year to get kind of a market Signal from the 10 year is the most important price in the world. I mean basically almost every asset on earth globally and domestically is priced off of the 10 year bond. It is the number that I think indicates expectations for nominal GDP growth in the US the 10 years moved up, it's at 4 and a half, but it's been above 4 and a half four different times in the last few years. 4 and a half is a very minimal number. It's around the level I'd like to see. I'd like to see inflation down to 1 1/2 to 2% and I'd like to see real growth at 2 1/2 to 3%. So those two put together would get to about 4 1/2. But yeah, before the war started it was a little over four and it moved up to about four and a quarter. And then in the last couple weeks it's gone from four and a quarter to four and a half. But we, we have a lot of data coming in the months ahead and some of this is Good, Nick, in that the employment data has been a little bit better than expected. If you get bond yields dropping, that is a much bigger question and it usually means that there's an economic weakening. Right now, I don't think bond yields are going higher because of economic strengthening. I think they're going higher because of oil prices. So we need that's a more short term phenomena, presumably around the Strait of Hormuz, and therefore we need a little more time to digest this.

[Nick Iker]

All right, David, your Dividend Cafe this week it really turned data centers into an infrastructure story and away from simply a technology story. Communities all over the country are starting to push back and push back really hard against these projects. And I wonder whether there's a risk that AI development is going to start running into the same sort of, not in my backyard, NIMBY resistance that we have seen to oil pipelines or even to things like nuclear power plants.

[David Bonson]

Well, there's two different things there, Nick, so forgive me, but I want to parse this out the right way for our listeners because people could resist data centers for stuff that has nothing to do with AI at all. It could literally be about the data center. And I think so far the resistance to data centers has almost entirely been immaterial to what is happening inside the data center. That's mostly that people don't want the power depletion that it represents, the water resources and then the eyesore of a massive, what is essentially a digital warehouse, you know, a huge physical facility that has a lot of digital infrastructure inside of it. There may end up being though a second tier which is people resisting data centers because they're resisting AI and what AI could end up doing to jobs or what AI is doing in terms of deep fakes and other kind of sinister activity. I would love to say that all of this can be tackled all at once, but I don't think it can be. I think each community has to deal with what they want their relationship to be to huge new warehouse facilities independently around their own zoning laws, their own entitlement, their own voter preferences. What I do not want, Nick, is the federal government to come in and intervene as to what different cities, counties and localities ought to be doing. And I also think that the data center convo and the AI convo need to be separate because if we end up getting a fair acceptance, you know, I'm not a NIMBY guy whatsoever. If the only hostility to data center were that I am old and retired and don't want this thing around me, well, that's not good enough. So it's all going so fast that I don't feel like society is wrestling with it the right way. The political side of it is totally confused. We need to kind of go about this one step at a time with first principles. And that should be attached to data center as much as it should be attached to AI technology.

[Nick Iker]

You know, David, there was another story last week that caught my attention and it had to do with the coming SpaceX IPO. And, you know, for all of the futuristic techniques, technology involved in something like this, I was struck in the Wall Street Journal story about how the actual process of an initial public offering really sounds very old school. You know, bankers on phones deciding who gets shares and who does not. Could you take this opportunity with that coming, you know, sometime in June with SpaceX? Walk us through how an IPO works and what it says about how markets really function.

[David Bonson]

Well, there are a lot of things about this that will be similar to other IPOs, because they have to be. But there's plenty that's very, very different. For one thing, this will be the largest size of an IPO in history and the smallest amount being given to the public in history. So it's set up in a way to really create an imbalance between supply and demand, which makes prices jump higher and unfortunately leave some people holding the bag. I think that when you're talking about a company that they want to value total value between one and a half and two trillion dollars and they're going to bring to market 50 to 70 billion, there's just going to be a very limited float is what it's called, the amount that is available for the public to buy. So with very high demand and very low supply, it pushes the numbers up. And I think that this is not always going to be the most sophisticated buyers dealing with that supply, demand imbalance. That said, you're certainly right. Investment bankers have to get on the phone and secure orders because even if the percentage of the float is very, very small, 50 to 70. Remember when Amazon went public, they brought $25 million with an M. Okay, now that was a long time ago, but the largest IPO in history was Saudi Arabia bringing Aramco, their basic national oil company. And it was a fraction of this. And that's now going to be the second biggest. I mean, a typical IPO is usually dealing with a billion dollars, not 70 billion, 50 billion. So this is. You're going to have big hedge funds, big institutional investors having to take a lot of the size down. And that requires A lot of bankers. This is not just one company that's leading it. You're going to have almost every investment bank on Wall street talking to a lot of investors and not just U.S. investors. There's going to be heavy foreign ownership of this as well. So it's going to be a big elaborate process. I should disclose, just for the sake of disclosure that I am a shareholder and have been for a number of years and a lot of our clients are. And yet my opinion on the process is that it's Elon doing it the way he wishes he had done Tesla to begin with. He's going to be fully in charge of everything. Anyone buying in the IPO is not going to have any of the traditional shareholder rights. He's going to have 10 times voting shares. He can't be fired. There's all kinds of stuff they're doing, but that's fully disclosed. Any investor buying it will know that. And of course they've incorporated in Texas, which is a little different than what Tesla was in Delaware. And let's remember, SpaceX is no longer just SpaceX. They merged with Xai. And so you have basically Twitter and Grok and SpaceX all together. And SpaceX itself owns Starlink, which is where really most of the revenues come from. So you have kind of a telecom, satellite, social media, AI data center in space, rocket ship, play, all merge together. And at the end of the day, investors either want to own Elon's conglomerate of companies or they don't.

[Nick Iker]

All right, David Bonson is founder, managing partner and chief investment officer of the Bonson Group. He [e-mail] and at World Opinions. And I hope you have a great, great holiday shortened week. David, thanks so much.

[David Bonson]

Nick.

[Jenny Ruff]

Good morning. This is the world and everything in it from listener supported World Radio. I'm Jenny Ruff.

[Nick Iker]

And I'm Nick Iker. Coming up next, the world history book. Ten years ago, a toddler fell into the gorilla exhibit at the Cincinnati Zoo. Cell phone cameras captured the ordeal in a video that soon went mega viral, bringing international attention to zoo safety, animal rights, and one 450 pound silverback gorilla who quickly became a household name.

[Jenny Ruff]

The death of Harambe soon turned into that strange Internet phenomenon, a meme world's Maria Bayer reports.

[Maria Bayer]

It's nearly 4pm at the Cincinnati Zoo on Saturday, May 28, 2016. The sunny day has brought one of the biggest crowds of the year to the zoo. Visitors are oohing and ahhing at the western lowland gorillas. Their open exhibit sits at the bottom of a steep slope bordered by a three foot railing and a few cables. Suddenly, a woman screams. A three year old boy has scrambled over the short barrier and into the exhibit. Isaiah Dickerson stumbles through a small copse of bushes and then falls roughly 15ft into the moat that winds through the gorilla habitat. In seconds, the gorilla troops dominant male, a 450 pound silverback named Harambe approaches the boy. In a video that will soon go viral, Harambe is seen dragging Dickerson by the ankle through the stream. Mommy's right here. The boy doesn't cry out, but his mother watching from above does. Quickly, nearby zookeepers blast a special call to lure the gorillas back into their inner enclosure. The females comply immediately, but Harambe, distracted and agitated by Dick Dickerson and the yells of the crowd does not. Zookeepers call the fire department and a

[David Bonson]

three year old child has fallen into the gorilla cage.

[Maria Bayer]

For 10 minutes, Harambe violently drags Dickerson around the exhibit. Responders begin ushering onlookers out of the area. When the zoo's dangerous animal response team arrives, they make what will prove to be a deeply controversial decision.

[David Bonson]

A zoo under fire for shooting and killing an endangered gorilla instead of tranquilizing him after the animal dragged a child around. It's a closure.

[Maria Bayer]

Zoo officials shoot and kill Harambe with a shotgun, reasoning that a tranquilizer dart would have taken too long to kick in and might have agitated him further. Rescue workers retrieve Dickerson. He's taken to a nearby hospital where he's diagnosed with a concussion before being sent home that night with his family. The next day, zoo director Thane Maynard defends the decision that child's life was in danger.

[Justice John Paul Stevens]

And people who question that or are Monday morning quarterbacks or second guessers don't understand that you can't take a risk with a silverback.

[David Bonson]

We're talking about an animal with one hand that I've seen take a coconut and crunch it.

[Maria Bayer]

Animal rights groups are outraged. PETA releases a statement suggesting Harambe was actually protecting the child, quote the same way any they say the incident proves animals shouldn't be kept in zoos. Dozens of people gathered here on the

[David Bonson]

street corner near the entrance to the

[Maria Bayer]

Cincinnati Zoo in remembrance of Harambe, who they said died too soon. The tension highlights the worldview differences between those who believe animals have the same moral value and should have the same rights as humans and those who believe in the unique sanctity of human life. Jane Goodall, the world's foremost primate expert, says it's possible Harambe was protecting the child but she defends the zoo's decision to kill the gorilla. So does Jack Hanna, director emeritus of the nearby Columbus Zoo.

[David Bonson]

Ask anybody that's viewing this right now,

[Kent Covington]

if that was your child or grandchild,

[David Bonson]

would you want to wait for tranquilizer with a 450, 500 pound gorilla? No.

[Maria Bayer]

Soon, the national media picks up the story.

[Jenny Ruff]

Visited by more than a million people during his lifetime, Harambe's name is now

[Jim Bellinger]

known around the world.

[Jenny Ruff]

After video of his final moments, this dramatic encounter with a toddler exploded online.

[Maria Bayer]

The women of the view weigh in and blame spreads.

[David Bonson]

I'm sorry. You know, when you have animals, there should not be a way for a kid to climb up and over, slide in and under. There just should not be a way.

[Maria Bayer]

Commentators and protesters begin criticizing the zoo's low barrier to the gorilla exhibit. The U.S. department of Agriculture sends inspectors. They declare the barrier around Harambe's exhibit outdated and inadequate. So the zoo tears it down and builds a new, taller one. They also install security cameras. The exhibit reopens 10 days after the incident.

[David Bonson]

And of course, today's a big day.

[Justice John Paul Stevens]

Cincinnati's ready to see gorillas again.

[Maria Bayer]

Meanwhile, backlash also mounts against Dickerson's mother. The local county prosecutor announces an investigation into whether she was criminally negligent after a home visit from Children's Services Services. The investigation is short lived.

[Justice John Paul Stevens]

After total review of the evidence witness

[Nick Iker]

statements, we have concluded that no charges will be filed against the mother.

[Maria Bayer]

In the summer following the incident, Harambe's death becomes a catalyst of change for online discourse. Intense disagreement over the incident turns the whole thing into one of the earliest examples of a meme that's a viral incident that becomes an ironic shorthand on social media and the subject of countless jokes and song parodies. Ten years later, the meme survives with at least one TikTok user recently posting. Want to feel old? The Harambe kid is now a teenager. Experts estimate there are 175,000 western lowland gorillas left in the world, with around 765 living in zoos. Before Harambe died, he was being groomed to breed. But in 2023, the Cincinnati Zoo announced it had brought three more male gorillas into its habitat, hoping they'll take up the mantle. That's this week's world history book. I'm Maria Baer.

[Nick Iker]

Tomorrow, the US Turns up the heat on Cuba. Will have a report and how rapid bird population decline is motivating action by conservationists and ordinary people. That and more tomorrow. I'm Nick Eicher.

[Jenny Ruff]

And I'm Jenny ruff the world and everything in it comes to you from World Radio. World's mission is biblically objective journalism that informs, educates and inspires. The Bible says, how much better to get wisdom than gold. To get understanding is to be chosen rather than silver. Verse 16 of Proverbs 16 Go now in grace and peace.