April 19th • 2h 44m
Shownotes
Every new episode of No Agenda is accompanied by a comprehensive list of shownotes curated by Adam while preparing for the show. Clips played by the hosts during the show can also be found here.
01 - HORMUZ INSURANCE COMPLEX (folder: 01 Hormuz Insurance Complex)
LEAD: Day 49. Is Hormuz closed? Al Jazeera plays the radio message — no evidence of firing. Open, closed, open, closed. France24 Tehran: Revolutionary Guard announcement is a pressure lever, not a blockade. StoneX analyst: oil is the symptom, insurance is the disease. CNN-News18: this is not an IRGC plot, western insurers panic-hike, Trump will emasculate Lloyd's. Sky News takes us INSIDE Lloyd's — ships sitting, JWC listed area, traffic collapsed, premiums rising.
Rundown - 9 clips in play order (~10:55)
<b>- COLD OPEN: THE RADIO MESSAGE -</b>
01 AJ Hormuz Impasse - Radio Message No Evidence Of Firing - AlJazeera (1:21)
Al Jazeera plays actual radio transmission from strait. No evidence of firing. Garbled, illegible — that's the point. This is what the 'blockade' sounds like.
ADAM GLUE: That's the radio message. Two Indian ships tried to get through.
<b>- THE LAST TWO SHIPS -</b>
02 Col Ganyard ABC - Two Indian Ships Come Under Fire Last Two Ships That Tried - ABC (1:39)
Col Ganyard: two Indian flagged vessels fired on. Those are the last two ships that tried to get through.
ADAM GLUE: Last two ships. Now — Iran can't even find its own mines.
03 Col Ganyard ABC - Iran Unable To Find Mines It Planted In Strait - ABC (1:28)
Iran has lost track of where the mines are that they put in the Strait. They can't find their own mines.
ADAM GLUE: They can't find their own mines! Open, closed, open, closed.
04 AJ Hormuz Impasse - Open Closed Open Closed Shipping Chaos - AlJazeera (1:27)
AJ correspondent: open, closed, open, closed. Shipping in total confusion. Nobody knows the rules.
ADAM GLUE: Open closed open closed. Now — IS it closed? Ask Tehran.
<b>- TEHRAN: IT'S A LEVER, NOT A BLOCKADE -</b>
05 France24 Tehran Correspondent - Revolutionary Guard Announcement Pressure Lever Friendly States Fee Hostile States Cannot - F24 (1:33)
France24 Tehran correspondent: Revolutionary Guard made the announcement but it's a pressure lever. Friendly states pay a fee, hostile states cannot pass.
ADAM GLUE: Fee for friends, closed for enemies. Now watch what ACTUALLY determines whether ships move.
<b>- THE REAL BLOCKADE: INSURANCE -</b>
06 Catherine Runivera StoneX - Watch Lloyds Not Oil Insurance Determines Flows Oil Is Symptom Insurance Is Disease - StoneX (1:33)
StoneX analyst: watch Lloyd's, not the oil price. Insurance determines whether ships sail. Premiums went from 0.2% to 1%. VLCC costs $500K/day. $1M per cargo. Oil is the symptom, insurance is the disease.
ADAM GLUE: Oil is the symptom. Insurance is the disease. And WHO runs the insurance?
07 CNN-News18 Analyst - Not IRGC Plot Western Insurers Panic Trump Will Emasculate Lloyds - CNN18 (0:47)
CNN-News18 analyst: this is not an IRGC plot. Western insurers panic, hike the price, everyone wants the money. Trump will emasculate Lloyd's. American companies will take over.
ADAM GLUE: Emasculate Lloyd's. American companies take over. 335 years of Lloyd's — REPLACED. Now let's go inside.
<b>- INSIDE LLOYD'S -</b>
08 Sky News Inside Lloyds - Ships Sitting Joint War Committee Insurance No Longer Applies Traffic Collapsed Premiums Rise - Sky (1:07)
Sky News physically inside Lloyd's. Ships sitting since Iran threats. Joint War Committee listed the area. Insurance no longer applies for commercial transit. Traffic collapsed. Premiums rising. Trump offered to reopen via social media.
ADAM CLOSER: Joint War Committee. Remember that name.
<b>INTELLIGENCE-INSURANCE COMPLEX — Adam reads on air:</b>
Who runs the Joint War Committee? 15 unnamed underwriters in London. Advised by HERMINIUS — a private intelligence firm.
Chairman of Herminius: GENERAL SIR PATRICK SANDERS — former HEAD OF THE BRITISH ARMY. Retired June 2024.
President: DOMINIC ARMSTRONG — co-founded Aegis Defence Services, a $400M/year private military contractor in Iraq and Afghanistan. Bought out the intelligence division, rebranded as Herminius.
Partner: NICK BUSVINE OBE — 29 years UK Foreign Office. Baghdad during Iraq war. Chief of staff to EU counter-piracy mission.
The pipeline: UKMTO posts on X → Herminius assesses → JWC lists the area → Lloyd's reprices → ships stop → gas prices rise. Nobody elected any of them.
The conflict: JWC members include underwriters who SELL the war risk insurance. The people deciding which areas are dangerous are the same people selling insurance for sailing through them.
DFC $40B program = vaporware. Zero ships insured. Beazley launched $1B private consortium to fill the gap Lloyd's created.
02 - ALLBIRDS GPU BUBBLE (folder: 02 Allbirds GPU Bubble)
LEAD: A shoe company sold its brand, raised $50M, pivoted to GPU-as-a-service, renamed NewBird AI, stock ripped 700%. MSM calls it a bubble trick. But even Jensen Huang says NVIDIA should NOT be a cloud — he props up Neo Clouds that rent GPU time. The hyperscaler datacenter model is the real bubble. Token demand is sized for a number that isn't real.
Rundown - 6 clips in play order (~7:32)
<b>- THE SHOE COMPANY -</b>
01 Phil Rosen ProCap + Fox Business - Allbirds Trying To Compete With CoreWeave Tiny Budget BuzzFeed Rent Runway Gave Back All Gains Absurd - FBN (1:14)
Fox Business host: shoe company now trying to compete with CoreWeave on a tiny budget. BuzzFeed, Rent the Runway — all gave back gains. Absurd.
ADAM GLUE: A shoe company. Now listen to Wall Street.
<b>- WALL STREET DUMB TAKE -</b>
02 David Trainer New Constructs CEO - Suckers Born Every Minute Its A Trick - Schwab (1:02)
Financial analyst: wild Hail Mary. Compares to iced tea company adding blockchain. Suckers born every minute. It's a trick.
ADAM GLUE: It's a trick. Is it? Listen to Cramer.
<b>- CRAMER SEES THE BUBBLE -</b>
03 Jim Cramer CNBC - Allbirds Sells Sneakers Becomes GPU AI Cloud Provider New Bird AI This Is A Bubble Story - CNBC (1:31)
Cramer walks through: sold the brand, raised $50M, long-term vision GPU as a service, New Bird AI. That's a bubble.
ADAM GLUE: That's a bubble. Now the international panel.
<b>- INTERNATIONAL PANEL -</b>
04 CNBC International Panel - Even More Bonkers Than Crypto Shoe Company Saw Gap In AI Market Eyelets Same As GPU - CNBC (1:34)
Even more bonkers than crypto. Shoe company saw gap in AI market. Eyelets same as GPU pecking order TSMC. Sold it for billions.
ADAM GLUE: But here's the thing. Even the guy who MAKES the chips agrees.
<b>- JENSEN: THE PROOF -</b>
05 Jensen Huang NVIDIA CEO - We Should Not Be A Cloud Neo Clouds CoreWeave Convert CapEx To OpEx - Dwarkesh (0:39)
Jensen: NVIDIA deliberately chose NOT to become a hyperscaler. Supports Neo Clouds — CoreWeave — that convert CapEx to OpEx rentals.
ADAM GLUE: Even Jensen doesn't want to be a hyperscaler. Now the punchline.
<b>- THE REAL BUBBLE -</b>
06 CNBC - Token Demand Is What Entire AI Investment Built On Infrastructure Sized For Number That Isnt Real Overinvestment - CNBC (1:32)
Token demand is what the entire AI investment is built on. Infrastructure sized for a number that isn't real. Overinvestment. The one that didn't.
ADAM CLOSER: The hyperscaler datacenter build-out is the bubble. GPU-as-a-service — what WE use every day with Together.ai — is the future. CNBC says suckers born every minute. The suckers are the ones who think you need a trillion-dollar datacenter.
03 - PREDICTION MARKETS (folder: 03 Prediction Markets)
LEAD: Chris Christie on CNBC. Republican admin wants a federal gaming board for prediction markets. Polymarket violating laws in all 50 states — too bad, you're getting it anyway. Then: Don Jr advises BOTH Polymarket AND Kalshi. Inconsistent with deregulation.
Rundown - 2 clips in play order (~2:30)
01 Chris Christie - Republican Admin Wants Federal Gaming Board Polymarket Violating Laws All 50 States Too Bad Youre Getting It - CNBC
Christie walks through states' rights argument. Polymarket violating laws in all 50 states. Too bad, you're going to get it anyway.
ADAM GLUE: Now the conflict of interest.
02 Chris Christie - Don Jr Advises Polymarket AND Kalshi Inconsistent With Deregulation - CNBC (1:10)
Don Jr advises both Polymarket and Kalshi. Everyone can read why. Inconsistent at this point.
ADAM CLOSER: Christie — Republican governor, Trump's former ally — calling it out on CNBC.
04 - GLP1 LIBIDO (folder: 04 GLP1 Libido)
LEAD: Dr Ali on the Isiah Factor. GLP1 Ozempic kills your sex drive. Same brain receptors for appetite and desire. Dopamine reward pathway. Erectile dysfunction.
01 Dr Ali Isiah Factor - GLP1 Ozempic Sexual Changes Sex Drive Decreased Dopamine Reward Pathway - Local (1:16)
Dr Ali: GLP1 drugs hit the same brain receptors that control appetite AND sexual desire. Dopamine reward pathway affected. Sex drive decreased. Erectile dysfunction reported.
ADAM CLOSER: Ozempic kills your appetite AND your libido. Same receptor. Big Pharma.
05 - SWALWELL COMPLETE (folder: 05 Swalwell Complete)
LEAD: $17 million in congressional sexual assault payouts — Congress voted to bury the names. Swalwell resigned to dodge Ethics. Then the origin story: Mrs Frazzled, an ordinary woman who organized via group chat. DC accused them of being Roger Stone plants. She didn't even know who Roger Stone was. Independent sources, messages, receipts, medical info from a sitting congressperson. Hubris on 11.
Rundown - 5 clips in play order (~5:04)
<b>- THE SLUSH FUND -</b>
01 Michael Singleton CNN - $17 Million In Congressional Sexual Assault Payouts Congress Voted To Bury Names - CNN (1:26)
$17 million in payouts from Congress on both sides. Nancy Mace tried to disclose names — voted down. Taxpayer dollars covering up atrocious behavior. Falls below despicable.
ADAM GLUE: Seventeen million dollars. Your money. Now the history.
02 COURIER - Congressional Slush Fund $18M 300 Disputes Since 1995 Names Never Disclosed - COURIER (1:10)
Newsweek investigation. Congressional slush fund. 300 disputes settled. Names never disclosed. Since 1995.
ADAM GLUE: Since 1995. Now — how did Swalwell actually get caught? Listen to this.
<b>- THE ORIGIN STORY -</b>
<b>ADAM INTRO: This is a woman who goes by Mrs Frazzled online. She's one of the people who organized the takedown. This is from an independent show called Meteor.</b>
03 Mrs Frazzled - How I Got Involved Just An Accident Warned Not Safe Person - Meteor (0:39)
Got involved by accident. Was warned Swalwell not a safe person. Done bad things to people she cares about.
ADAM GLUE: Not a safe person. Now listen to how they organized.
04 Mrs Frazzled - Group Chat Paul Revere Roger Stone - Meteor (1:19)
Cheyenne came forward. Ran around house like won the Super Bowl. Group chat Paul Revere. DC said Roger Stone financed them. Girl, who IS Roger Stone? They were ordinary women.
ADAM GLUE: Who is Roger Stone? They didn't even know. Regular people. With receipts.
05 Mrs Frazzled - Independent Sources Receipts Hubris On 11 - Meteor (0:30)
Independent sources. Messages. Receipts. Medical information from a sitting congressperson and chief of staff. The hubris was absolutely on 11.
ADAM CLOSER: Independent sources. Messages. Receipts. Medical information. From a sitting congressperson. Hubris on 11. And seventeen million dollars of YOUR money paid to keep it all quiet.
06 - FISA 702 (folder: 06 FISA 702)
LEAD: FISA Section 702 expires tomorrow April 20. House tried 5-year reauthorization at 11:30 PM on the back of a napkin — failed 197-228. Emergency 2-week extension kicks it to April 30. Then Wyden on the Senate floor: jaw-dropping abuses. FBI searches of Americans tripled. Sensitive searches targeting elected officials and journalists. FBI is literally buying Americans' location data with a credit card.
Rundown - 2 clips in play order (~3:19)
<b>- THE VOTE -</b>
01 House Floor - Are You Kidding Me Who Runs This Place FISA Back Of Napkin 1130 At Night Vote Fails 197-228 - CSPAN (1:29)
Congressman on the floor: Are you kidding me? Who runs this place? Thrown together on back of napkin at 11:30 at night. Bill changed minutes ago. Nobody read it. Vote fails 197-228.
ADAM GLUE: Failed. But they passed a 2-week emergency extension to April 30. Now listen to what they're actually doing with 702.
<b>- THE ABUSES -</b>
02 Sen Ron Wyden Senate Floor - Jaw Dropping Abuses FBI Searches Tripled FBI Buying Americans Location Data - Senate (1:50)
Wyden: jaw-dropping abuses. BLM donors searched. Federal judge searched. Backdoor loophole. FBI searches of Americans up 35%. Sensitive searches targeting elected officials and journalists more than tripled — FBI refuses to say why. Kash Patel confirmed FBI is buying Americans' location data.
ADAM CLOSER: Buying your location data. With a credit card. No warrant. And they want to renew this for five years.
<b>THE REAL NUMBERS — Adam reads on air:</b>
2021: FBI ran 3.4 MILLION warrantless searches of Americans in 702 data.
2024: Officially 5,518 — but FBI used 'advanced filter function' that ran searches they didn't count. DOJ review couldn't determine actual number.
2025: 7,400 — 35% increase over the fake-low 2024 number.
The drop from 3.4 million to 5,518 wasn't reform. It was reclassification. They stopped counting.
07 - UK MANDELSON STARMER (folder: 07 UK Mandelson Starmer)
LEAD: UK in crisis. Mandelson failed national security vetting over Epstein ties. Starmer told Parliament he didn't know — documents show he lied. Badenoch: position untenable. PMQs: Did vetting mention Epstein? YES IT DID. Channel 4 MP: evidence he lied before. Now the special relationship is on the brink — can UK deploy King Charles as the Trump card?
Rundown - 4 clips in play order (~4:22)
<b>- THE CASE -</b>
01 Kemi Badenoch - Starmer Position Untenable Misled Parliament Mandelson Failed Vetting - UK (1:41)
Badenoch: Starmer's position is untenable. Misled Parliament. Mandelson failed national security vetting. PM is either lying or incompetent.
ADAM GLUE: Untenable. Now watch PMQs.
<b>- THE KILL SHOT -</b>
02 PMQs Badenoch Asks Starmer - Did Vetting Mention Epstein YES IT DID He Lied - GBNews (0:54)
PMQs. Badenoch asks Starmer directly: did the vetting mention Epstein? YES IT DID. He lied throughout the process.
ADAM GLUE: Yes it did. He lied. Channel 4 has an MP who spells it out.
03 Channel 4 Opposition MP - Documents Show He Lied Evidence He Lied Before - Ch4 (1:08)
Opposition MP: asked Starmer about Mandelson Epstein, he said no. Documents show he lied. Evidence he lied before.
ADAM GLUE: Lied before. Now the bigger picture — the special relationship.
<b>- THE SPECIAL RELATIONSHIP -</b>
04 On Demand News - Can UK Deploy King Charles As Trump Card Special Relationship On Brink - ODN (0:39)
Special relationship on the brink. Can UK deploy King Charles as the Trump card? Hormuz fuel prices. Starmer's credibility gone.
ADAM CLOSER: King Charles as the Trump card. The special relationship is over until Starmer is gone.
08 - TRUMP ROGAN PSYCHEDELICS (folder: 08 Trump Rogan Psychedelics)
LEAD: Trump signs EO accelerating psychedelic drug access for veterans. 21 times more veteran suicides than battlefield deaths since 9/11. Rogan called, Trump called Bobby and Oz, uniform support. Why wait 10 years? Then Rogan at the White House podium: ibogaine, 80 percent free from addiction in one dose, texted Trump 'sounds great,' Nixon 1970 Act targeted civil rights.
Rundown - 2 clips in play order (~2:33)
<b>- THE EXECUTIVE ORDER -</b>
01 Trump White House - Today Historic Reforms Psychedelic Drugs Veterans Rogan Called 21 Times More Suicide Why Wait - WH (1:24)
Trump: Today I'm pleased to announce historic reforms. Psychedelic drugs. Veterans having tremendous hard time. Got a call from Joe Rogan. Called Bobby, Oz, Marty, Jay — uniform support. Why wait 10 years? 21 times more veteran suicides than battlefield. Big reduction in that number.
ADAM GLUE: 21 times more. Now Rogan at the podium.
<b>- ROGAN AT THE PODIUM -</b>
02 Joe Rogan White House - Ibogaine 80 Percent Free Addiction One Dose Sounds Great Nixon 1970 Act Civil Rights - WH (1:09)
Rogan: sent Trump info on ibogaine. 80 percent free from addiction in one dose. Texted back 'sounds great.' Nixon's 1970 Controlled Substances Act targeted civil rights movement.
ADAM CLOSER: Joe Rogan at the White House podium. Ibogaine. One dose. Nixon targeted civil rights with the drug war. And Trump just signed it.
09 - MISSING SCIENTISTS (folder: 09 Missing Scientists)
LEAD: White House confirms FBI investigating missing scientists. Nuclear, space, UAP. Trump calls it pretty serious stuff. Ex-FBI espionage chief: targeted Los Alamos, not normal, mysteriously disappeared. Crenshaw from Intel Committee: releasing files, classified version more detailed, equally disappointing, anomalous behavior they cannot explain, highly verified.
Rundown - 3 clips in play order (~2:53)
<b>- THE ANNOUNCEMENT -</b>
01 Fox News Anchor - White House FBI Investigating Missing Scientists Nuclear Space UAP Pretty Serious Stuff - FOX (0:33)
Fox anchor: White House confirms FBI investigating missing scientists. Nuclear, space, UAP fields. Trump called it pretty serious stuff.
ADAM GLUE: Pretty serious stuff. Now the ex-FBI guy.
<b>- THE ESPIONAGE ANGLE -</b>
02 Chris Swecker Ex-FBI - Sensitive Technology China Russia Espionage Targeted Los Alamos Mysteriously Disappeared - FOX (1:24)
Swecker: sensitive technology. China, Russia espionage cat and mouse. Targeted Los Alamos. Rep Burleson says not normal. Important people for national security all mysteriously disappeared.
ADAM GLUE: Mysteriously disappeared. Now Crenshaw — he's on the Intel Committee, he's seen the classified version.
<b>- THE FILES -</b>
03 Dan Crenshaw Intel Committee - Releasing Files Classified Version Equally Disappointing Anomalous Behavior Highly Verified - FOX (0:56)
Crenshaw: releasing the files. Classified version is more detailed but equally disappointing. Anomalous behavior they cannot explain. Highly verified.
ADAM CLOSER: Highly verified anomalous behavior they cannot explain. The scientists who could explain it have mysteriously disappeared.
10 - TRUMP NETANYAHU (folder: 10 Trump Netanyahu)
LEAD: Ro Khanna on ABC This Week. Escalate to de-escalate. 40 Senate Democrats voted to halt weapons sales to Israel. Then the Fuentes vs Kasperian supercut — the MAGA base split on Israel. Then Khanna lands it: Israel has lost the hearts and minds of the US.
Rundown - 4 clips in play order (~7:23)
<b>- THE DEMOCRAT POSITION -</b>
01 Ro Khanna - Escalate To De-Escalate - ABC (1:48)
Khanna on ABC: escalate to de-escalate. Adamantly opposed to the approach.
ADAM GLUE: 40 Senators.
02 Ro Khanna - Israel Losing Support 40 Senators Voted To Halt Sales - ABC (0:59)
40 Senate Democrats voted to halt military equipment sales to Israel.
ADAM GLUE: It's not just Democrats. Listen to the MAGA base.
<b>- THE MAGA SPLIT -</b>
03 Fuentes vs Kasperian - koshercockney supercut - X (2:45)
Supercut montage. The MAGA base is split on Israel. Fuentes vs Kasperian.
ADAM GLUE: That's the base. Now Khanna lands it.
<b>- THE LANDING -</b>
04 Ro Khanna - Israel Has Lost The Hearts And Minds Of The US - ABC (1:51)
Israel has lost the hearts and minds of the United States. No more bulldozers.
ADAM GLUE: Hearts and minds. Now the thesis.
<b>- THE THESIS -</b>
05 Promethean Action - Netanyahu NEEDED Iran Permanent Threat Trump Took Leverage Away Opposites - Promethean (0:48)
Netanyahu NEEDED Iran as a permanent threat. Kept Likud in power. Funded Hamas. Trump took the leverage away. Those are opposites.
ADAM CLOSER: Those are opposites. Netanyahu needed the threat. Trump removed it.
12 - CHARLIE KIRK TRIAL (folder: 12 Charlie Kirk Trial)
LEAD: Prosecution reveals UVU surveillance cameras captured Tyler Robinson. Returns in disguise — different hat, shirt, pants, but same Converse shoes. Limping because there's a rifle down his pants. Makes his way to rooftop sniper perch, takes the shot, drops off building, runs into woods. All on video. Defense accuses prosecutors of conflict of interest — attorney's daughter was in the crowd.
01 Prosecution - UVU Cameras Captured Robinson Disguise Same Shoes Rifle Down Pants Rooftop Shot All On Video - X (1:01)
Surveillance captures Robinson returning in disguise. Same Converse shoes. Limping — rifle down his pants. Rooftop. Takes the shot. Runs. All captured on video.
ADAM GLUE: Same shoes. Rifle down his pants. Now the courtroom.
02 Court Report - Robinson Stoic Shackles Defense Conflict Of Interest - ABC (1:34)
Robinson stoic in shackles. Defense accuses prosecutors of conflict of interest — fellow attorney's daughter was in the crowd at UVU when Kirk was shot.
ADAM CLOSER: Conflict of interest. Attorney's daughter in the crowd. This trial is going to be something.
Articles
Clip Sources
01 Hormuz Insurance Complex
02 Allbirds GPU Bubble
03 Prediction Markets
04 GLP1 Libido
01 Dr Ali - Isiah Factor (Local)
05 Swalwell Complete
06 FISA 702
07 UK Mandelson Starmer
01 Kemi Badenoch - UK Parliament
