# Smells Like Tee Truffle > A massive Federal Reserve liquidity injection and the Mumbai terror attacks signal a volatile transition for the Obama administration as global markets face a historic retail decline. - **Show:** [The No Agenda Show](https://search.noagendashow.net/index.md) - **Episode:** 59 - **Published:** 2008-11-28 - **Length:** 1h 26m - **Topics:** [Federal Reserve](https://search.noagendashow.net/topic/federal-reserve.md), [Mumbai attacks](https://search.noagendashow.net/topic/mumbai-attacks.md), [Damian Green](https://search.noagendashow.net/topic/damian-green.md), [Woolworths](https://search.noagendashow.net/topic/woolworths.md), Hemp seeds, Buckminster Fuller, Heil PR 40 - **Web page:** https://search.noagendashow.net/episode/59-smells-like-tee-truffle ## About this episode The Federal Reserve has injected a staggering $7.4 trillion into the economy over the last quarter while refusing to disclose the specific recipients of these funds. This massive liquidity surge coincides with President-elect Barack Obama finalizing his cabinet, including the retention of Robert Gates as Defense Secretary. The move signals a policy of continuity rather than the promised systemic change, as the administration prepares for shifting geopolitical tensions in South Asia. Recent terrorist attacks in Mumbai have sparked fears of a military confrontation between India and Pakistan. Observers note the attackers employed professional, mercenary-style tactics, such as locking hostages inside restaurants and cutting off communications, which differs from typical Al-Qaeda suicide operations. Meanwhile, in the United Kingdom, the arrest of Shadow Immigration Minister Damian Green for receiving government leaks has ignited a firestorm over parliamentary privilege and police overreach under Home Secretary Jackie Smith. Travelers are facing a new era of petty authoritarianism, exemplified by a Gatwick Airport security incident where guards performed a liquid test by spraying Chanel No. 5 into the air. In the world of entertainment, John Sargent has resigned from Strictly Come Dancing despite overwhelming public support, while the retail sector mourns the bankruptcy of the iconic Woolworths chain. The episode also highlights the superior audio quality of the Heil PR 40 microphone for digital broadcasting. ## Chapters Each chapter's transcript is at its own link. The whole transcript is at https://search.noagendashow.net/episode/59-smells-like-tee-truffle/transcript.md. ### 1. Airline Ticket Prices, Thanksgiving Travel Trends (0:01–2:15) The cost of airline tickets reached $500 for flights typically priced at $65, leading to separate Thanksgiving celebrations for the hosts. Despite news reports claiming airports were empty due to the economy, the high fares are cited as the primary reason for decreased travel. One host prepared pheasant for the holiday instead of turkey, noting the high cost of traditional travel during the economic downturn. Keywords: [thanksgiving](https://search.noagendashow.net/topic/thanksgiving.md), airline fares, [travel industry](https://search.noagendashow.net/topic/travel-industry.md), [economic collapse](https://search.noagendashow.net/topic/economic-collapse.md), [pheasant](https://search.noagendashow.net/topic/pheasant.md) [Chapter transcript](https://search.noagendashow.net/episode/59-smells-like-tee-truffle/chapter/1.md) ### 2. Truffle Market, Honduras Fungus, Luxury Dining (2:15–6:02) A recent influx of black truffles from Honduras has hit the local market at significantly lower prices than traditional French or Italian varieties. While high-end white truffles at Alan Ducasse's restaurant in New York can cost $5,000 each, these smaller Honduran truffles were sold for nine dollars. The discussion covers the aromatic nature of the fungus, the difficulty of cultivation, and the use of dogs or pigs to locate them under oak trees. Keywords: truffles, [honduras](https://search.noagendashow.net/topic/honduras.md), alan ducasse, [fungus](https://search.noagendashow.net/topic/fungus.md), [luxury food](https://search.noagendashow.net/topic/luxury-food.md) [Chapter transcript](https://search.noagendashow.net/episode/59-smells-like-tee-truffle/chapter/2.md) ### 3. Hemp Seeds, Health Benefits, Industrial Hemp Propaganda (6:02–8:49) Hemp seeds are discussed as a nutty, healthy salad topping available at supermarkets like Sainsbury's. These seeds are de-shelled and guaranteed to contain no THC (tetrahydrocannabinol). The conversation shifts to the historical use of hemp for rope and paper, criticizing government propaganda that prevents the crop from being grown widely despite its low psychoactive content. Keywords: hemp seeds, [thc](https://search.noagendashow.net/topic/thc.md), [nutrition](https://search.noagendashow.net/topic/nutrition.md), [industrial hemp](https://search.noagendashow.net/topic/industrial-hemp.md), [propaganda](https://search.noagendashow.net/topic/propaganda.md) [Chapter transcript](https://search.noagendashow.net/episode/59-smells-like-tee-truffle/chapter/3.md) ### 4. Steve Allen, Late-Night Television History, Bill Dana Erasure (8:50–13:26) A PBS special on the history of late-night television is criticized for omitting comedian Bill Dana and his character Jose Jimenez from the "Man on the Street" sketches. While other regulars like Don Knotts and Louis Nye were featured, Dana was allegedly suppressed due to past controversies with anti-defamation groups. The discussion compares this to Bill Cosby's reported efforts to buy and destroy copies of "Amos 'n' Andy" to prevent them from being viewed. Keywords: steve allen, bill dana, jose jimenez, late-night tv, [pbs](https://search.noagendashow.net/topic/pbs.md) [Chapter transcript](https://search.noagendashow.net/episode/59-smells-like-tee-truffle/chapter/4.md) ### 5. Federal Reserve Printing, Obama Economic Team, Robert Gates (13:28–15:29) The Federal Reserve has reportedly pumped $7.4 trillion into the economy over three months while refusing to disclose the recipients of the funds. President-elect Barack Obama's financial and defense teams are analyzed, specifically the retention of Robert Gates as Defense Secretary. The bipartisan support for Gates is noted as a sign of continuity rather than the "change" promised during the campaign. Keywords: [federal reserve](https://search.noagendashow.net/topic/federal-reserve.md), [barack obama](https://search.noagendashow.net/topic/barack-obama.md), [robert gates](https://search.noagendashow.net/topic/robert-gates.md), [larry summers](https://search.noagendashow.net/topic/larry-summers.md), [timothy geithner](https://search.noagendashow.net/topic/timothy-geithner.md) [Chapter transcript](https://search.noagendashow.net/episode/59-smells-like-tee-truffle/chapter/5.md) ### 6. Mumbai Attacks, Pakistan Border Tension, Geopolitical Strategy (15:30–18:40) The recent terrorist attacks in Mumbai (formerly Bombay) are viewed as a potential pretext for military action against Pakistan. Observations are made regarding the professional, mercenary-like nature of the attackers, which differs from typical Al-Qaeda suicide bombing tactics. The proximity of Afghanistan to both Pakistan and Iran suggests a strategic troop buildup in the region following the Indian Prime Minister's accusations against Pakistan. Keywords: [mumbai](https://search.noagendashow.net/topic/mumbai.md), bombay, [pakistan](https://search.noagendashow.net/topic/pakistan.md), [afghanistan](https://search.noagendashow.net/topic/afghanistan.md), [terrorism](https://search.noagendashow.net/topic/terrorism.md) [Chapter transcript](https://search.noagendashow.net/episode/59-smells-like-tee-truffle/chapter/6.md) ### 7. Mumbai Hostage Tactics, Media Reporting, Deccan Mujahideen (18:41–22:57) Reporting on the Mumbai attacks highlights the unusual tactic of locking hostages inside restaurants and cutting off communications. Multi-millionaire Andreas Liveris was reportedly killed shortly after speaking with the BBC from inside a locked room. Skepticism is expressed regarding the "Deccan Mujahideen" group that claimed responsibility, citing a confusing phone call to Sky News where the spokesperson seemed unaware of their own demands. Keywords: andreas liveris, [bbc](https://search.noagendashow.net/topic/bbc.md), deccan mujahideen, [sky news](https://search.noagendashow.net/topic/sky-news.md), [hostages](https://search.noagendashow.net/topic/hostages.md) [Chapter transcript](https://search.noagendashow.net/episode/59-smells-like-tee-truffle/chapter/7.md) ### 8. UK Shadow Government, Damian Green Arrest, Whistleblower Leaks (22:58–25:52) Conservative Shadow Immigration Minister Damian Green was arrested and interrogated for nine hours following leaks of sensitive government information to the press. The leaks involved illegal immigrants working in sensitive government jobs and the Home Secretary Jackie Smith's prior knowledge of these security breaches. The police search of Green's homes in London and Kent is characterized as an outrageous overreach against a member of Parliament. Keywords: [damian green](https://search.noagendashow.net/topic/damian-green.md), [jackie smith](https://search.noagendashow.net/topic/jackie-smith.md), [house of commons](https://search.noagendashow.net/topic/house-of-commons.md), [whistleblowers](https://search.noagendashow.net/topic/whistleblowers.md), [immigration](https://search.noagendashow.net/topic/immigration.md) [Chapter transcript](https://search.noagendashow.net/episode/59-smells-like-tee-truffle/chapter/8.md) ### 9. Strictly Come Dancing, John Sargent Resignation, Reality TV Voting (25:52–29:37) Journalist John Sargent resigned from the British television show "Strictly Come Dancing" despite being a fan favorite. Although judges gave him failing scores for his poor dancing, the public repeatedly voted to keep him on the show for entertainment value. The situation is compared to Dutch talent shows where judges attempt to remove popular but "unmarketable" contestants to protect the show's brand and ratings. Keywords: john sargent, strictly come dancing, [bbc](https://search.noagendashow.net/topic/bbc.md), [reality tv](https://search.noagendashow.net/topic/reality-tv.md), [voting](https://search.noagendashow.net/topic/voting.md) [Chapter transcript](https://search.noagendashow.net/episode/59-smells-like-tee-truffle/chapter/9.md) ### 10. Airport Security Harassment, Chanel No. 5 Liquid Test (29:38–33:52) A traveler at Gatwick Airport was forced to exit security and wait in a 20-minute line to obtain a plastic bag for a small tube of toothpaste and Chanel No. 5 perfume. Upon returning, security personnel performed a "liquid test" by spraying the perfume into the air to sniff it. This incident is cited as an example of petty authoritarianism and harassment within the modern aviation security apparatus. Keywords: [gatwick airport](https://search.noagendashow.net/topic/gatwick-airport.md), [easyjet](https://search.noagendashow.net/topic/easyjet.md), [airport security](https://search.noagendashow.net/topic/airport-security.md), [liquid ban](https://search.noagendashow.net/topic/liquid-ban.md), [chanel](https://search.noagendashow.net/topic/chanel.md) [Chapter transcript](https://search.noagendashow.net/episode/59-smells-like-tee-truffle/chapter/10.md) ### 11. UK Lap Dancing Clubs, Playboy License, Benefit Concerts (33:52–37:16) A visit to a nightclub complex in Surrey reveals that UK lap dancing clubs allow performers to be fully nude, a distinction from many US establishments. The club owner is currently seeking a license to open Playboy clubs in the United Kingdom. Additionally, a benefit concert for starving children is mentioned, featuring a 65-piece orchestra and a violin performance by an 84-year-old musician. Keywords: [surrey](https://search.noagendashow.net/topic/surrey.md), playboy club, lap dancing, [christina curry](https://search.noagendashow.net/topic/christina-curry.md), [benefit concert](https://search.noagendashow.net/topic/benefit-concert.md) [Chapter transcript](https://search.noagendashow.net/episode/59-smells-like-tee-truffle/chapter/11.md) ### 12. Radio Industry Decline, Sirius XM Stocks, HD Radio (37:17–42:35) Traditional and satellite radio stocks have plummeted, with many companies trading under one dollar per share. Sirius and XM are facing massive losses despite their merger, as consumers increasingly switch to podcasts and iPods in vehicles. The failure of HD Radio and the historical flop of AM Stereo are discussed as examples of broadcast technologies that failed to gain public traction against more versatile digital formats. Keywords: [sirius xm](https://search.noagendashow.net/topic/sirius-xm.md), cbs radio, [clear channel](https://search.noagendashow.net/topic/clear-channel.md), hd radio, am stereo [Chapter transcript](https://search.noagendashow.net/episode/59-smells-like-tee-truffle/chapter/12.md) ### 13. Podcast Advertising Models, Transactional Campaigns, Jaguar Financial Issues (42:35–45:31) Podcast advertising is proving successful through transactional campaigns using specific promo codes for services like GoDaddy and Budget.com. Meanwhile, the luxury car market is struggling, with Jaguar dealers reportedly refusing to buy back vehicles due to a lack of financing and floor plan capital. Major automakers including Nissan, Toyota, and Bentley have requested government bailouts similar to the "Big Three" in the United States. Keywords: [godaddy](https://search.noagendashow.net/topic/godaddy.md), [eharmony](https://search.noagendashow.net/topic/eharmony.md), [budget](https://search.noagendashow.net/topic/budget.md), [jaguar](https://search.noagendashow.net/topic/jaguar.md), [automotive industry](https://search.noagendashow.net/topic/automotive-industry.md) [Chapter transcript](https://search.noagendashow.net/episode/59-smells-like-tee-truffle/chapter/13.md) ### 14. UK National ID Cards, Electronic Child Dossier, Biometric Data (45:32–50:34) The UK government is moving forward with National ID cards for foreign nationals and those married to EU citizens, requiring fingerprints and other biometric data. In the Netherlands, a controversy has emerged regarding the "Electronic Child Dossier," a database for tracking children from birth. Critics highlight invasive data fields in the Dutch system, including specific physical developmental markers tracked into puberty. Keywords: [national id](https://search.noagendashow.net/topic/national-id.md), [biometric data](https://search.noagendashow.net/topic/biometric-data.md), [netherlands](https://search.noagendashow.net/topic/netherlands.md), child dossier, [privacy](https://search.noagendashow.net/topic/privacy.md) [Chapter transcript](https://search.noagendashow.net/episode/59-smells-like-tee-truffle/chapter/14.md) ### 15. Microphone Reviews, Heil PR 40, Countryman Microphones (50:34–53:36) The Heil PR 40 is praised for its condenser-like sound quality despite being a dynamic microphone. While it produces superior audio for podcasting, its large size makes it difficult to transport through airport security. The Countryman microphone is discussed as a lightweight alternative for travel that offers comparable sound quality without the bulk of traditional radio microphones. Keywords: heil pr 40, [m-audio](https://search.noagendashow.net/topic/m-audio.md), electro-voice, countryman, [microphones](https://search.noagendashow.net/topic/microphones.md) [Chapter transcript](https://search.noagendashow.net/episode/59-smells-like-tee-truffle/chapter/15.md) ### 16. Travel Etiquette, Luggage Management, International Packing Habits (53:36–56:41) Observations on travelers at Oakland and Heathrow airports highlight the inefficiency of carrying excessive luggage. The discussion criticizes travelers who bring giant bottles of shampoo or 15 pairs of shoes for short trips. A contrast is drawn between light travelers and those from Mumbai who arrive with enormous crates, often leading to delays at customs and immigration. Keywords: [luggage](https://search.noagendashow.net/topic/luggage.md), [packing](https://search.noagendashow.net/topic/packing.md), [heathrow](https://search.noagendashow.net/topic/heathrow.md), [travel tips](https://search.noagendashow.net/topic/travel-tips.md), [airport](https://search.noagendashow.net/topic/airport.md) [Chapter transcript](https://search.noagendashow.net/episode/59-smells-like-tee-truffle/chapter/16.md) ### 17. Woolworths Bankruptcy, Five and Dime History, Retail Evolution (56:42–59:31) The bankruptcy of Woolworths in the United Kingdom marks a significant cultural shift, as the "five and dime" store model has been largely replaced by big-box retailers. Originally an American concept from 1908, Woolworths became a staple for music and household goods in the UK. The decline of similar chains like Kresge and Zayre's in the US is noted as part of the transition to modern discount department stores. Keywords: [woolworths](https://search.noagendashow.net/topic/woolworths.md), [retail](https://search.noagendashow.net/topic/retail.md), five and dime, kresge, zayre [Chapter transcript](https://search.noagendashow.net/episode/59-smells-like-tee-truffle/chapter/17.md) ### 18. Target Business Model, H&M Designer Collaborations, Primark (59:31–1:03:28) Target's retail success is attributed to its efficient checkout process and collaborations with high-end designers for affordable product lines. This strategy mirrors H&M's successful partnerships with designers like Karl Lagerfeld and celebrities like Madonna. In the UK, Primark has dominated the youth market by producing rapid, low-cost knockoffs of high-fashion trends, likely sourced from Asian factories. Keywords: [target](https://search.noagendashow.net/topic/target.md), h&m, primark, karl lagerfeld, [fashion](https://search.noagendashow.net/topic/fashion.md) [Chapter transcript](https://search.noagendashow.net/episode/59-smells-like-tee-truffle/chapter/18.md) ### 19. Font Copyright Law, Fashion Industry Intellectual Property (1:03:29–1:05:46) Intellectual property in the font and fashion industries relies more on trademarks than copyrights. While the design of a font like Helvetica can be legally imitated, the name itself is trademarked. Similarly, the fashion industry thrives on a model where high-end designs are constantly "stolen" and reproduced for the mass market, an argument often used by critics of strict patent and copyright laws. Keywords: helvetica, [copyright](https://search.noagendashow.net/topic/copyright.md), [trademark](https://search.noagendashow.net/topic/trademark.md), fonts, fashion law [Chapter transcript](https://search.noagendashow.net/episode/59-smells-like-tee-truffle/chapter/19.md) ### 20. Fashion Manufacturing Cycles, Color Trends, Dye Industry (1:05:46–1:08:58) The fashion industry operates on a six-to-nine-month lead time, with color palettes determined by ink and dye manufacturers long before clothes hit the runway. Designers like Karl Lagerfeld select from pre-manufactured fabrics that already incorporate these seasonal colors. Discrepancies between European and American fashion markets are noted, where certain bold color trends fail to cross the Atlantic. Keywords: fashion cycle, textile dyes, [manufacturing](https://search.noagendashow.net/topic/manufacturing.md), seasonal trends, [europe](https://search.noagendashow.net/topic/europe.md) [Chapter transcript](https://search.noagendashow.net/episode/59-smells-like-tee-truffle/chapter/20.md) ### 21. Buckminster Fuller, Geodesic Domes, Dymaxion Car (1:08:59–1:14:50) The work of inventor Buckminster Fuller is examined, including his concepts of "Spaceship Earth" and the "Dymaxion" car. Fuller's theories on 2012 as humanity's "final exam" and his rejection of the terms "up" and "down" in favor of "in" and "out" are discussed. While his geodesic domes are structurally sound, they are criticized for their aesthetic appearance, often likened to living in Epcot. Keywords: buckminster fuller, geodesic dome, dymaxion, spaceship earth, [2012](https://search.noagendashow.net/topic/2012.md) [Chapter transcript](https://search.noagendashow.net/episode/59-smells-like-tee-truffle/chapter/21.md) ### 22. Obama Cabinet Education, London School of Economics, Ivy League (1:14:51–1:17:24) The educational backgrounds of Barack Obama's cabinet appointees show a high representation from the London School of Economics (LSE) and Harvard. Figures like Peter Orszag and Pete Rouse are LSE graduates, signaling a shift from the Yale-dominated Bush administration. The lack of West Coast representation from schools like Berkeley or Caltech in the federal government is highlighted as a continuing trend of Ivy League elitism. Keywords: lse, [harvard](https://search.noagendashow.net/topic/harvard.md), [yale](https://search.noagendashow.net/topic/yale.md), [barack obama](https://search.noagendashow.net/topic/barack-obama.md), [rahm emanuel](https://search.noagendashow.net/topic/rahm-emanuel.md) [Chapter transcript](https://search.noagendashow.net/episode/59-smells-like-tee-truffle/chapter/22.md) ### 23. Obama Public Perception, Currency Fluctuations, Gold Sales (1:17:24–1:20:20) Public enthusiasm for Barack Obama appears to be waning, with talk show audiences reportedly going silent at mentions of the President-elect. In the financial markets, the US dollar has seen a sharp rise against the British pound and Canadian dollar, potentially due to the Federal Reserve selling gold. Iran has reportedly purchased $75 billion in gold, a move viewed as a hedge against currency manipulation. Keywords: [barack obama](https://search.noagendashow.net/topic/barack-obama.md), [exchange rates](https://search.noagendashow.net/topic/exchange-rates.md), [gold](https://search.noagendashow.net/topic/gold.md), [federal reserve](https://search.noagendashow.net/topic/federal-reserve.md), [iran](https://search.noagendashow.net/topic/iran.md) [Chapter transcript](https://search.noagendashow.net/episode/59-smells-like-tee-truffle/chapter/23.md) ### 24. Oil Price Collapse, Middle East Bankruptcy, Natural Gas (1:20:20–1:23:46) Oil prices have plummeted from a high of $147 to approximately $50 per barrel, a move some analysts believe is intended to bankrupt Middle Eastern producers. Despite previous predictions from Goldman Sachs that oil would reach $200, the sudden drop has undermined green energy projects that require high oil prices to be profitable. Meanwhile, Shell has suspended liquid natural gas production in Nigeria, which may cause heating costs in Europe to rise. Keywords: [oil prices](https://search.noagendashow.net/topic/oil-prices.md), [goldman sachs](https://search.noagendashow.net/topic/goldman-sachs.md), [shell](https://search.noagendashow.net/topic/shell.md), [nigeria](https://search.noagendashow.net/topic/nigeria.md), [natural gas](https://search.noagendashow.net/topic/natural-gas.md) [Chapter transcript](https://search.noagendashow.net/episode/59-smells-like-tee-truffle/chapter/24.md) ### 25. Cyber Monday Predictions, Black Friday Sales, Outro (1:23:47–1:26:02) The show concludes with predictions for Black Friday and Cyber Monday retail performance. Estimates for the sales drop range from 5% to 25% compared to the previous year, marking a potential historic decline. Listeners are encouraged to use promo codes for Budget.com as the hosts sign off from "Gitmo Nation East" and "Gitmo West." Keywords: [cyber monday](https://search.noagendashow.net/topic/cyber-monday.md), [black friday](https://search.noagendashow.net/topic/black-friday.md), [retail sales](https://search.noagendashow.net/topic/retail-sales.md), budget.com, [gitmo nation](https://search.noagendashow.net/topic/gitmo-nation.md) [Chapter transcript](https://search.noagendashow.net/episode/59-smells-like-tee-truffle/chapter/25.md) - [Previous episode](https://search.noagendashow.net/episode/58-cork-grows-on-trees.md) - [Next episode](https://search.noagendashow.net/episode/60-we-re-celebrities-get-us-out-of-here.md) --- This is the markdown version of a page on The No Agenda Show for AI agents. 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