Ex-Treasury Secretary Compared US to Third World Countries
Ex-Treasury Secretary Compared US to Third World Countries
Notes From the Field By James Hickman (Simon Black) January 19, 2026
Former Fed Chair and ex-Treasury Secretary Janet Yellen finally told the truth.
In recent remarks at the American Economic Association, she told the audience that US finances are in worse shape than most third-world countries. She said specifically that America's “needed belt tightening is significant—larger than in most programs supported by the International Monetary Fund."
Let that sink in for a minute. Remember, the International Monetary Fund provides emergency bailout funding for countries who are on the verge of bankruptcy. And naturally this IMF funding comes with strings attached: recipient countries are required to cut spending and tighten their belts.
Why The Biggest “Threat To Democracy” Is The US National Debt
Why The Biggest “Threat To Democracy” Is The US National Debt
Notes From the Field By James Hickman (Simon Black) January 12 2026
On September 1, 1575, a royal courier from King Philip II of Spain arrived to the banking house of Niccolò de Grimaldi in Genoa. The Grimaldi bank had loaned Philip quite a sum of money, and the Italian bankers already knew that the king’s finances were on shaky ground. So when they opened the royal letter, it probably wasn’t much of a surprise: King Philip II of Spain was suspending all debt payments. Effective immediately.
Amazingly, this was Philip’s third bankruptcy in less than two decades—he’d already defaulted in 1557 and 1560.
Some Clear Thinking About This Weekend’s Strike In Venezuela
Some Clear Thinking About This Weekend’s Strike In Venezuela
Notes From the Field By James Hickman (Simon Black) January 5, 2026
It’s hard to imagine America being intimidated by a guy named “Little Turtle”. And yet, in the year 1790, he was about as terrifying as it could get.
Little Turtle was the war chief of the Miami nation, one of the Algonquian-speaking tribes in the Great Lakes region, and he had made a name for himself fighting against the United States during the Revolutionary War.
Why A Desperate America May Soon Annex Its 51st State
Why A Desperate America May Soon Annex Its 51st State
Notes From The Field By James Hickman (Simon Black) December 22, 2025
Today we’re continuing our look back at past articles that foresaw today’s headlines years in advance. Last week, we highlighted three early pieces tracing the decline of US credibility—its unsustainable debt path, the erosion of reserve currency privilege, and the rising global demand for real assets like gold.
Today we look back at this podcast I recorded on March 31, 2023. I laid out a theory that Venezuela—sitting on the world’s largest oil reserves—might one day be absorbed into the US sphere of influence, not through war, but through corporate proxies.
Flashback: $2,000 Gold Is Just The Beginning Here’s What Might Happen Next–
Flashback: $2,000 Gold Is Just The Beginning Here’s What Might Happen Next–
Notes From the Field By James Hickman (Simon Black) December 17, 2025
Today we’ll continue to look back at past articles that have become especially relevant, as many of the trends we warned about are now playing out in real time.
Yesterday we talked about how, back in 2022, we encouraged readers to move into real assets at a time when the dollar was irrationally strong. Gold was cheap, interest rates were near zero, and most people were still drinking the Kool-Aid.
It was one of those rare moments when the writing was on the wall, but the price tags hadn’t caught up yet.
Then in November 2023, gold crossed $2,000 for the first time. And we said: this is just the beginning.
Flashback: The US Dollar Is Irrationally Strong Right Now
Flashback: The US Dollar Is Irrationally Strong Right Now
Notes From the Field By James Hickman (Simon Black) December 16, 2025
As we wind down 2025, we’ve been reflecting on some of the biggest long-term shifts that defined the year.
Last week, we highlighted three: First, Charlie Kirk’s assassination —
Second, 2025 marked the start gun for the US debt crisis—with the refusal to cut the deficit, central banks rushing to dump US Treasurys for gold, and signs of stagflation.
Some Thoughts on Silver’s All Time High
Some Thoughts on Silver’s All Time High
Notes From the Field By James Hickman (Simon Black) December 3, 2025
The ancient people of Uruk— who lived in modern-day southern Iraq more than 5,000 years ago— didn’t seem terribly interested in bequeathing colorful stories of their civilization to history.
Rather than memorialize abundant tales of their immense works, or chisel countless tablets embellishing stories of their military victories, the main artifacts they left behind to modern historians are rather mundane market accounts and grain prices.
Meet the Guy Keeping Gold Above $4,000
Meet the Guy Keeping Gold Above $4,000
Notes From the Field By James Hickman (Simon Black) November 19, 2025
When you think of hyperinflation, you might picture Zimbabwe’s trillion-dollar bills, or wheelbarrows full of cash in the streets of 1920s Weimar Germany.
More recently, Venezuela’s currency collapsed under the weight of runaway printing, and Argentina has spent decades lurching from one inflation crisis to another. Throughout history, inflation isn’t an exception—it’s the norm.
“Oops! We’re a Major Silver Producer Now”
“Oops! We’re a Major Silver Producer Now”
Notes From the Field By James Hickman (Simon Black) November 20, 2025
When mining superintendent Marcus Daly arrived in Butte, Montana in the late 1870s to evaluate a cluster of silver prospects, it was a mundane business trip— the mad western gold rush was over by then.
The area was known for its patchy silver veins, and Daly’s job was to decide whether there were still any mines worth buying. All the ‘experts’ thought the boom was over. Gold and silver had fallen out of favor... and mines were selling for less than the value of the dirt.
Record High Debt = Record High Gold Price
Record High Debt = Record High Gold Price
Notes From the Field By James Hickman (Simon Black) November 11, 2025
Barrick Mining Corporation—one of the world’s largest and most established gold producers—just reported its third quarter earnings yesterday— and it was an absolute blowout.
The company reported third quarter profit of $1.3 billion, nearly triple last year’s Q3 earnings.
And for the first nine months of 2025, Earnings per Share is up a whopping 132% over the same period last year. Free Cash Flow is up an astonishing 176%.
Podcast: These three Central Banks are SELLING Gold
Podcast: These three Central Banks are SELLING Gold
Notes From the Field By James Hickman (Simon Black) November 12, 2025
We sincerely hope the House of Representatives can pull itself together and get the government back open this week.
Not because we love federal bureaucracy—but because this shutdown is embarrassing, and it continues to chip away at the rapidly declining confidence that foreign governments and central banks have in the United States.
This matters. Foreign governments and central banks collectively own $10+ trillion of US government bonds and other agency securities.