This clip discusses the history of the New Year's Eve holiday and describes the different ways that the holiday is celebrated across different religions and cultures. It states that the original new year was around the Spring Equinox and was changed numerous times throughout history. In 1582, Pope Gregory XIII introduced the Gregorian calendar, which we still use today, which restored January 1 as New Year's Day for much of the world.
Jerry is showing Elaine a T-shirt he's had for six years that he calls "Golden Boy." It's his go-to shirt, it's always first out of the dryer, and it he wears it for playing every game. Yet Golden Boy is wearing out and fraying at the collar. Elaine responds that she has to go meet a famous author, and Jerry replies "You want to wear Golden Boy?" (making the t-shirt look more like a tool than a consumer good). At the end of the show, Golden Boy is gone, having died in the dryer. But Jerry replaced his capital with a new shirt, "Baby Blue."