DINARRECAPS8 3/7/26 DINARRECAPS8 3/7/26

The Precipice

Notes From the Field By James Hickman (Simon Black) March 2, 2026

“OK, so now I just want a bunker,” a close friend of mine texted over the weekend. And I get it. Fear, apprehension, unease… these are completely normal feelings right now.

Google Trends shows that searches for “WW3” and “nuclear war” spiked over the weekend. Similar hashtags on social media (#WW3, etc.) also surged.

It doesn’t help that much of the legacy media has been stoking these fears, as they almost always do.

DINARRECAPS8 3/2/26 DINARRECAPS8 3/2/26

Any Takers For The Taliban’s New Investment Visa?

Notes From the Field By James Hickman (Simon Black) February 23, 2026

Just imagine how tranquil your retirement could be in... sunny Afghanistan! You could wake up in the morning to the pleasant sound of celebratory gunfire... then artfully dodge landmines left behind by not one, but two different superpower invasions on your way to witness the day’s beheading.

You could cap off the afternoon spelunking through mountain caves where you might bump into actual jihadists, then end the day with a stroll through a war-torn city’s desperate poverty.

DINARRECAPS8 2/26/26 DINARRECAPS8 2/26/26

The 92% Tax Rate That Nobody Ever Paid

The 92% Tax Rate That Nobody Ever Paid

Notes From the Field By James Hickman (Simon Black) February 26, 2026

In 1954, Frank Sinatra was on top of the world. He'd just won the Academy Award for Best Supporting Actor in From Here to Eternity — a comeback role that rescued his career after years of decline and a voice hemorrhage that nearly ended it all.

Hollywood was paying him handsomely again. But there was a problem. The top marginal income tax rate was 92%, and Sinatra was about to watch most of his comeback earnings disappear before a single penny ever hit his bank account.

DINARRECAPS8 2/25/26 DINARRECAPS8 2/25/26

The Luddites Were Wrong In 1811 The AI Doomsayers Will Be Wrong Today

The Luddites Were Wrong In 1811. The AI Doomsayers Will Be Wrong Today

Notes From the Field By James Hickman (Simon Black) Sovereign Man February 24, 2026

In 1779, in a textile workshop in the English village of Anstey, a young apprentice named Ned Ludd was put to work on a knitting machine — one of the large mechanical frames that wove thread into stockings. He was too slow. His master had him whipped for it.

So Ned grabbed a hammer and smashed the machine to pieces.

DINARRECAPS8 2/16/26 DINARRECAPS8 2/16/26

Another “Temporary” Spending Bill That Still Costs Americans 93 Years Later

Another “Temporary” Spending Bill That Still Costs Americans 93 Years Later

Notes From the Field By James Hickman (Simon Black) February 16, 2026

In January 1933, a farmer named Wallace Kramp was about to lose everything. A lender in Wood County, Ohio was foreclosing on his farm over an $800 mortgage he couldn't pay.

Kramp wasn't a bad farmer. It was actually the government’s fault: during World War I, the US government had urged farmers to plant as much as they could to feed the troops and war-torn Europe.

DINARRECAPS8 2/14/26 DINARRECAPS8 2/14/26

Why Firing 9% of the Federal Workforce Didn't Move the Needle

Why Firing 9% of the Federal Workforce Didn't Move the Needle

Notes From the Field By James Hickman (Simon Black) February 13, 2026

In January 2025, the federal government employed about 3 million people. By November, that number had fallen by roughly 270,000 workers — a reduction of about 9%. According to the Cato Institute, that was the largest peacetime federal workforce reduction EVER.

More than 150,000 employees took the "Fork in the Road" buyout offer to resign or retire. Tens of thousands more were laid off outright. Entire offices were emptied. Agencies that had been growing for decades shrank to staffing levels not seen since 2014. And yet, despite historic federal layoffs, government spending went UP last year.

DINARRECAPS8 2/12/26 DINARRECAPS8 2/12/26

It’s Crazy That India is More Fiscally Responsible Than America

Notes From the Field By James Hickman (Simon Black) February 12, 2026

Remember when Pete Buttigieg, as Secretary of Transportation, was handed over a TRILLION dollars by Congress to spend improving America’s infrastructure?

“The main thing I’m thinking about,” he said, “is how do we make sure we take all this money— you know it’s $1.2 trillion— and actually deliver $1.2 trillion dollars worth of value. . .”

Ah yes, the classic investment strategy— shoot for a 0% return on investment.

DINARRECAPS8 2/10/26 DINARRECAPS8 2/10/26

When Government Subsidies Stopped, Doritos Got 15% Cheaper

Notes From the Field By James Hickman (Simon Black) February 10, 2026

PepsiCo spent $2.8 million last year lobbying to keep junk food eligible for food stamps.

But last week— after Health and Human Services Secretary Robert F. Kennedy Jr. got 18 states to ban SNAP purchases of products like soda, candy, and processed snacks— PepsiCo announced price cuts of up to 15% on Doritos, Lay's, Tostitos, and other Frito-Lay products. The company's official explanation was "affordability." CEO Ramon Laguarta cited low-income consumers are switching to store brands.

But the timing tells the real story.

DINARRECAPS8 2/2/26 DINARRECAPS8 2/2/26

So... Is The Gold Boom Over?

Notes From the Field By James Hickman (Simon Black) February 2, 2026

It wasn’t until somewhat recent history that the price of gold was less than $1,000 per troy ounce. Now (as you probably know), the price of gold has just dropped by $1,000 in only a matter of days. Silver's decline was even more violent.

Much ink has already been spilled over this, suggesting that “the gold bubble has burst”. Naturally we have a different view. It started on Thursday when the White House announced that Kevin Warsh would be nominated as the next Federal Reserve Chairman.

DINARRECAPS8 1/27/26 DINARRECAPS8 1/27/26

What’s Next After $5,000 Gold?

Notes From the Field By James Hickman (Simon Black) January 27, 2026

In the year 578 AD, a Korean immigrant named Shigemitsu Kongo arrived in Japan at the invitation of the royal family. Buddhism was flourishing, and the Japanese needed someone who knew how to build temples. Kongo was their man.

He founded a construction company—Kongō Gumi—that would go on to build some of Japan's most iconic Buddhist temples. And, somewhat miraculously, the company stayed within the same family for over fourteen centuries.

That's roughly 40 generations. The company lived through the rise and fall of the samurai, the Meiji Restoration, two World Wars, and the atomic bomb.

But in 2006, after 1,428 years of continuous operation, Kongō Gumi went bankrupt.

DINARRECAPS8 1/22/26 DINARRECAPS8 1/22/26

Taxing Everything That’s Nailed Down

Taxing Everything That’s Nailed Down

Notes From the Field By James Hickman (Simon Black) January 22, 2026

In the ancient town of Casinum—modern-day Cassino, Italy—parts of a Roman amphitheater still stand after nearly 2,000 years. Carved into the stone, in Latin, is an inscription that translates to: "Ummidia Quadratilla, daughter of Caius, built the amphitheatre and temple for the people of Casinum at her expense."

Ummidia Quadratilla was a wealthy Roman businesswoman who funded multiple public works, all out of her own pocket. Her name was carved in stone for eternity. When she died, she was respected enough that the younger Pliny wrote admiringly about her.