Ever Wonder Where $7 TRILLION Goes? So Does the Government
Ever Wonder Where $7 TRILLION Goes? So Does the Government
Notes From the Field By James Hickman (Simon Black) March 17, 2026
On March 10, a nonpartisan Washington think tank called the Committee for a Responsible Federal Budget published a report called: "Break Glass: A Plan for the Next Economic Shock."
It points out that the United States has never entered an economic downturn as indebted as it is today— meaning there is essentially zero fiscal space to respond to the next crisis. When the financial crisis hit in 2008, national debt stood at roughly 35% of GDP. By the time it was over, debt had ballooned to about 70%.
Why I have doubts about the supposed “next Global Financial Crisis”
Why I have doubts about the supposed “next Global Financial Crisis”
Notes From the Field By James Hickman (Simon Black) March 11, 2026
It was the early 2000s, and poor Monty was down on his luck.
An aging, out-of-work game hunter and security guard, Monty had been unemployed for quite some time. Fortunately, he was getting by, but living off the generosity of a family in southern California who had taken him in. Without them Monty would have almost certainly been living on the street.
But things started to change for Monty on a fateful day when his host family received a letter in the mail from a local bank-- addressed to Monty. They eagerly ripped open the letter to find that the bank had pre-approved old Monty for a substantial line of credit!
The Precipice
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.
Any Takers For The Taliban’s New Investment Visa?
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.
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.
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.
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.
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.
It’s Crazy That India is More Fiscally Responsible Than America
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.
When Government Subsidies Stopped, Doritos Got 15% Cheaper
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.
So... Is The Gold Boom Over?
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.