Let’s Win Iowa, Zach Wahls — A Moderate Voter’s Letter

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Yesterday, I attended a talk by Zach Wahls at the Octopus in Cedar Falls. Zach is running for the U.S. Senate as a Democrat, and many people will recognize him from the speech about his family that first brought him into national politics.

I went in as a persuadable voter — not looking to cheer or jeer, but trying to understand how Democrats plan to win competitive general elections in places like Iowa. I agree with Zach on some important issues, especially his opposition to members of Congress trading individual stocks and his support for term limits. Those positions signal seriousness about institutional integrity, and they’re part of why I’m paying attention.

At the same time, I left with unresolved questions about strategy, coalition-building, and whether the Democratic Party is learning the right lessons from recent losses. The letter below is something I decided to write — and share publicly — because I suspect many moderate voters are wrestling with similar thoughts but don’t often articulate them clearly.

This isn’t an attack, and it isn’t an endorsement. It’s a good-faith attempt to ask whether the path Democrats are on is actually capable of winning broad support — and whether candidates inside the party see the same risks that voters outside its core increasingly do.

What follows is the letter I wrote to Zach after the event.

Zach,

I appreciated you taking the time to speak yesterday at the Octopus in Cedar Falls. I also want to say up front that this note is coming from a place of genuine engagement, not opposition. I’m thinking seriously about this race and about what it will actually take to win it.

As I listened, I kept coming back to a concern I’ve had for a while — one I’ve written about privately — which is some version of: what got us here may not get us there.

Before your presentation even began, a moment stood out to me. Right when you walked in, a question was posed from the back of the room asking why Democrats don’t simply double down on “Democratic things.” I understand the instinct behind that question, but to me it highlights a deeper strategic tension. You’re in a real conundrum: you need to demonstrate to primary voters that you’re Democrat enough, while also maintaining enough appeal to win people who don’t already identify with the party.

I was sitting right next to the person who asked that question, and I immediately asked the opposite — why Democrats don’t spend more time appealing to a broader coalition. I understand there wasn’t time to fully respond, but that exchange stuck with me because it captures a real strategic tension in this race.

That connects to a broader issue I see among moderate voters like myself. Even when intentions are good, the perception of cultural overreach — often grouped under labels like “wokeness” or DEI maximalism — has become a real barrier for a lot of people in the middle.

I do think it’s fair to say that some parts of your story and political origins are perceived as culturally radical by a meaningful share of voters — regardless of intent. Your family background and the speech that launched you into politics are powerful and authentic, but they also place you squarely inside a set of cultural debates that many moderate voters experience as polarizing. That doesn’t negate your message, but it does raise the bar on how deliberately you have to signal openness, restraint, and pluralism to people outside the Democratic base.

One book I’d genuinely recommend, if you haven’t read it, is What’s Our Problem? by Tim Urban. He’s not a radical-right figure, and the book isn’t a polemic. But he does a good job explaining why a growing number of people perceive illiberal pressure from the left — especially in cultural and institutional spaces — as a larger threat than they expected. Even if you disagree with his conclusions, I think it’s useful for understanding how that perception forms outside typical political bubbles.

Related to that, I think moderation and clarity in a few areas could meaningfully expand the Democratic coalition: credible immigration enforcement, a more serious posture toward persistent deficits, and cultural signaling that reassures voters you’re focused on governing a pluralistic society rather than enforcing ideological conformity.

I also want to be clear about areas where I strongly agree with you. Your opposition to stock picking by members of Congress and your support for term limits both genuinely resonated with me, and they’re part of why I’m taking your candidacy seriously. Those positions signal seriousness about institutional integrity, not just partisan alignment.

One final observation: while attacking Trump aligns with Democratic talking points, it hasn’t proven to be a compelling affirmative case for persuadable voters in the middle. Democrats need to seriously reckon with the fact that the party has now lost two presidential elections to Trump — arguably one of the weakest general-election candidates in modern history. In both cases, the losses weren’t just about Trump’s strength, but about Democrats running candidates selected through processes that many voters experienced as undemocratic or disconnected from broad enthusiasm. Hillary Clinton emerged from a system dominated by superdelegates when a more populist alternative clearly resonated, and Kamala Harris was ultimately elevated without a competitive primary despite widespread unpopularity. I hope this is something you can see clearly from within the party — and that you’re actively working to fix rather than repeat it.

I say all of this as a 37-year-old moderate who doesn’t feel firmly claimed by either party and who is still very much listening. I want to understand how you see the coalition that actually gets you to 50%+1 in Iowa — and how you plan to persuade people who aren’t already convinced.

Thanks again for taking the time to speak and for engaging with people who are thinking through these questions rather than cheering reflexively.

Letter to Senator and Congressperson about current Administration (Trump) Actions

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I don’t know if writing politicians really works. I’ve written a lot of letters over the years and almost always get canned, meaningless responses.

But what else are we supposed to do?

Apparently marching in the streets now risks people being shot by federal agents. Silence clearly isn’t working either. So at a minimum, I’m encouraging people to email their Senators and Congressperson and force this onto the record.

You don’t need to reinvent the wheel. You can copy the message below, add your name and ZIP code, and send it. Even if it feels futile, it still matters — because the alternative is doing nothing while this keeps escalating.

if you are in Iowa here are your State Senators – https://www.senate.gov/states/IA/intro.htm

Dear Senator [Last Name] / Representative [Last Name],

I am writing as your constituent to express my deep concern and outrage over the recent fatal shooting of a Minneapolis resident by a federal immigration agent as part of the ongoing enforcement operation in that city. Recent incidents — including the deaths of Alex Pretti on January 24 and Renée Good earlier this month — have sparked national protests and raised serious questions about the use of force by federal agents. In the case of Ms. Good, the Hennepin County Medical Examiner has formally ruled her death a homicide resulting from multiple gunshot wounds by law enforcement, intensifying public concern about transparency and accountability in these operations. (opb)

These events are not isolated. They reflect an escalation in federal enforcement tactics that threaten public safety, undermine community trust, and may violate civil rights — especially when independent investigations are limited or delayed.

Americans are sick of watching President Trump break the law with impunity while Congress shrugs. We are sick of federal agents using lethal force in domestic enforcement operations with little transparency and no meaningful accountability. We are sick of investigations that stall, reports that are hidden, and responsibility that is endlessly deferred.

This administration has shown repeated contempt for the rule of law — from January 6 and the subsequent release and pardoning of those convicted for their role in it, to the sweeping use of pardons for numerous other convicted criminals, to ignoring court rulings, abusing executive authority, and politicizing federal agencies. Trump ran on transparency, yet the Epstein files remain unreleased, stonewalled, and unexplained. The public was promised truth. Instead, we got silence.

What makes this even more disturbing is that the President now openly attacks members of his own party when they show independence or principle. Representative Thomas Massie — a Republican with a long, consistent conservative voting record — has been publicly targeted simply for dissent. Even Marjorie Taylor Greene, who has shown strong past support for him, has been attacked when she deviates even slightly. This is not leadership. It is intimidation.

The same pattern extends to the Federal Reserve. President Trump is now threatening Jerome Powell — the Fed Chair he himself appointed — for failing to bend monetary policy to his political demands. Undermining the independence of the Federal Reserve is dangerous, destabilizing, and reckless.

At the same time, the President openly threatens U.S. allies — including absurd and dangerous rhetoric about invading Greenland — behavior that would have been unthinkable from any previous administration. This is not strength. It is instability, and it damages U.S. credibility and national security.

Congress was not elected to be a spectator. Your oath is to the Constitution, not to a man.

I expect you to:

  • Demand a full, independent investigation into the Minneapolis ICE shootings and related use-of-force incidents
  • Hold public hearings on ICE and DHS enforcement practices
  • Push for immediate transparency and release of the Epstein files
  • Reassert congressional authority against executive overreach and intimidation
  • Defend the independence of institutions like the Federal Reserve
  • Publicly reject threats of aggression toward U.S. allies

Silence and inaction are choices — and voters are watching. I expect you to act.

Sincerely,
[Your Name]
[City, State]
[ZIP Code]

Email To Congressperson Regarding Epstein Files

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Sent this to my Congress Representative Ashley Hinson- I hope she does the right thing.

I am writing as a concerned constituent to urge you to support the Epstein Files Transparency Act, led by Rep. Thomas Massie and Rep. Ro Khanna. This bipartisan bill would require the Department of Justice to release all unclassified records related to Jeffrey Epstein and Ghislaine Maxwell, while protecting victims’ identities. Congress has already reached the 218-signature threshold to force a vote, and the American people overwhelmingly want transparency.

Here’s why this matters:

  • Past Promises: High-profile figures in the Trump administration—including Pam Bondi, Kash Patel, and JD Vance—publicly pledged to release these files when President Biden was in office. They even held meetings and photo ops promising transparency. Why have those promises evaporated now?
  • The Hoax Narrative Doesn’t Add Up: If this is all a “Democratic hoax,” as President Trump now claims, why is Ghislaine Maxwell serving a 20-year sentence for sex trafficking minors? Her conviction was based on evidence of a real criminal conspiracy, not political theater.
  • Gaslighting the Public: President Trump is actively discouraging Republicans from supporting transparency, calling the effort a “trap” and a “hoax.” If there’s nothing to hide, why fight so hard to keep these files secret?

Please do not deflect by asking “why didn’t the Democrats release it when they were in power.” That is gaslighting. You NOW have the power to release the files and do the right thing. Be on the right side of history.

This is not about partisanship—it’s about justice and accountability. Survivors deserve answers, and the public deserves to know the truth about who enabled Epstein’s crimes. Shielding powerful individuals from embarrassment is not a valid reason to withhold information.

Please vote YES on the Epstein Files Transparency Act and stand on the side of transparency, justice, and the rule of law.

Thank you for your time and service.

The $2K Stimulus, the 50-Year Mortgage, and the Fiat Trap

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Why Americans Deserve Better — and Why Bitcoin May Be the Only Way Out

President Trump recently proposed a $2,000 payment to every American, excluding “high-income individuals.” The idea sounds generous, but it’s also a symptom of a much deeper disease: a government that spends money it doesn’t have—causing inflation in the process and actually hurting the very people who receive the payment.

The Math Behind the Madness

In 2024 alone, the U.S. government ran a $1.8 trillion deficit.
Let’s put that in perspective:

  • There are 128 million households in the United States.
  • There are 340 million individuals.

If we divided that $1.8 trillion evenly, that’s $14,000 per household or $5,294 per person.

So when politicians talk about sending you a one-time $2,000 check, remember — they’re already spending about 2.5 times that amount per person every single year.
If the government simply stopped wasting and borrowing, you’d already be thousands of dollars richer annually — without a single new program or “stimulus.”

That’s money our government already spent—above and beyond the taxes you and I pay. It wasn’t earned. It was created out of thin air by the Treasury and the Federal Reserve. Every time that happens, the dollars in your wallet become worth a little less. That’s why groceries, cars, and homes cost more every year, no matter how hard you work.

The Mirage of the 50-Year Mortgage

Now the U.S. housing authorities are exploring 50-year mortgages, following the path of Japan and even some European countries.
Japan went so far as to experiment with 100-year mortgages, often passed from parents to children. Did that make homes more affordable? No—it made them more expensive.

When you stretch the loan term, monthly payments drop slightly, but total debt rises massively. Sellers raise prices to match what buyers can “afford” on paper. The result: higher prices, higher leverage, and lifelong debt servitude.

The 50-year mortgage is not a solution. It’s an illusion. It’s another way to avoid facing the real issue: our monetary system rewards debt and punishes saving.

Where Does the Money Go?

When we spend $1.8 trillion more than we take in, where does it all go?

  • To foreign wars and endless “operations” that rarely make Americans safer.
  • To subsidies and bailouts for politically favored industries.
  • To bloated bureaucracies that exist to perpetuate themselves.
  • To interest payments on the national debt—now one of the largest single line items in the federal budget.

Meanwhile, our manufacturing jobs were shipped overseas, first to Mexico and China, now to Vietnam and India. Communities that once built real wealth are hollowed out. Young people drown in debt while imported goods fill our stores. The average American is left with higher prices, lower stability, and fewer ways to build lasting capital.

Why does this keep happening? It’s not just bad policy — it’s baked into the structure of the global financial system.
Because the U.S. dollar is the world’s reserve currency, foreign countries must hold dollars to trade internationally. That means America must constantly send dollars abroad — through trade deficits and offshored production — to supply the world with liquidity.

This is known as the Triffin Dilemma: to maintain the dollar’s global dominance, the U.S. has to export jobs, import goods, and print money. It’s a system that benefits global finance, not the American worker.

A Balanced Budget Is Not Just Accounting — It’s Freedom

If the U.S. government lived within its means, you’d instantly gain purchasing power. Prices would stabilize, wages would go further, and the value of your savings would stop eroding.
You wouldn’t need a $2,000 stimulus check—because your dollar would already be strong.

The truth is simple: either we live within our means voluntarily, or reality will force us to.

Now, to be fair, we probably can’t slash spending overnight without causing serious shock to the economy. But we don’t have to.
What if we simply froze federal spending at 2025 levels and let tax revenue grow naturally with the economy? Within a few short years, the budget would balance itself—no chaos, no default, just discipline.

That’s not austerity. That’s responsibility.
And it’s the only peaceful way to restore faith in the dollar while keeping it as the world’s reserve currency.
The other option—the one emerging whether Washington likes it or not—is Bitcoin.

Bitcoin and the End of Fiat Illusion

“I don’t believe we shall ever have a good money again before we take the thing out of the hands of government, that is, we can’t take it violently out of the hands of government, all we can do is by some sly roundabout way introduce something that they can’t stop.”
— F.A. Hayek

Some believe there’s only one peaceful way out of this cycle: a return to sound money—money that cannot be printed at will.

That’s what Bitcoin represents.
It’s not a speculative token or a tech fad—it’s a monetary rebellion against endless inflation, debt-based growth, and political manipulation of money. In a Bitcoin world, politicians can’t quietly steal your savings through inflation. They must tax you honestly or spend less.

That’s accountability.
That’s discipline.
That’s freedom.

Even some in government see this potential. Senator Cynthia Lummis has proposed that the United States create a strategic Bitcoin reserve, allowing America to hold a real, non-inflationary asset on its balance sheet.
That move alone could begin rebuilding trust in the U.S. financial system—and might be the only peaceful way out of this mess.

My Message to Congress

If you truly want to help Americans:

  • Stop using debt as a crutch for broken policy.
  • Reject gimmicks like 50-year mortgages that only inflate prices.
  • Commit to a balanced budget and an honest monetary system.
  • Bring back real production, not financial engineering.
  • End foreign interventions that waste our treasure and divide the world.
  • Support sound money legislation like Senator Lummis’ Bitcoin reserve proposal.

Let the American worker, saver, and builder rise again—on a foundation of real value, not printed promises.

My Message to Every American

Don’t wait for Washington to fix this.
I urge you to learn about the problems with fiat money—how inflation quietly steals your time, labor, and savings—and to understand why Bitcoin solves these problems at their root.

The path forward is clear: either reform the dollar through fiscal discipline, or transition to a world built on honest, decentralized money.
The choice is ours—but the clock is ticking.

Send This Letter to Your Representatives

If this message resonates with you, copy the following text and send it to your senators and congressperson. You can find their contact info at https://www.congress.gov/members.

Subject: Support Fiscal Responsibility and Sound Money

Dear Senator/Representative,

I’m writing to express my concern about the growing national debt, inflation, and the policies that continue to devalue the U.S. dollar. In 2024, the federal deficit was $1.8 trillion—equal to roughly $14,000 per household. Instead of one-time stimulus checks, we need a long-term commitment to balanced budgets and sound money.

Please support policies that:

  • Freeze federal spending at 2025 levels until tax revenue naturally balances the budget.
  • End inflationary monetary expansion that hurts working Americans.
  • Reject 50-year mortgages and other short-term “fixes” that only inflate asset prices.
  • Support legislation like Senator Cynthia Lummis’s proposal for a Bitcoin strategic reserve, ensuring the United States has a sound, non-inflationary store of value.

Fiscal responsibility and sound money aren’t partisan issues—they’re American values.

Sincerely,
[Your Name]
[Your City, State]

Spain’s Silver, Japan’s Bonds, America’s Deficits: Why Easy Money Kills Real Work And Hollows Out The Middle Class

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(inspired by this episode of Bitcoin for Millennials)

Big idea: Spain found a mountain of silver in Bolivia, spent like crazy, stopped building real industries—and the bill came due. The same thing is happening today, just with money printers instead of mines.

1) The mountain

In 1545, Spanish explorers struck the richest silver deposit in history: Cerro Rico, “the rich mountain,” in what’s now Bolivia.
A city called Potosí exploded out of the rock. At its height, it was larger than London or Paris.
For two centuries, roughly two-thirds of the world’s silver came from that one mountain. Spain looked unstoppable.

2) Easy money, hard problems

So much silver poured into Europe that prices began rising year after year.
For nearly a thousand years, prices in Europe had been flat. Then suddenly, everything—from bread to rent—started costing more.
Historians call it the Price Revolution.

Spain thought it was getting richer. In reality, its silver was just buying less and less.

3) The addiction loop

Spain borrowed against future silver shipments, funded endless wars, and built palaces to show off its power.
Sound familiar? Borrowing against your future is exactly what modern governments do when they run deficits every single year—financing today’s comfort with tomorrow’s labor and taxes.
And those “endless wars”? Spain fought them across Europe. The U.S. fights them across the globe. Different century, same playbook.

4) “Free” silver, “free” money

The silver was basically free to Spain—mined with forced labor that cost almost nothing.
That “free” flow of money metal fueled reckless spending and inflation.

Today, printing money is even freer. No mines, no ships, no workers—just a digital entry at the central bank.
But the result is the same: more money chasing the same goods, rising prices, and wealth concentrating in financial assets instead of productive work.

5) The wage spiral

When silver poured into Spain, mining and trade paid far more than farming or manufacturing.
Workers chased the high wages, and everyone else demanded raises to keep up.
That wage inflation pushed up local costs across the board.

It soon became cheaper to buy foreign goods than to make them at home.
English and Dutch craftsmen could undersell Spanish products even after shipping them across the sea.
Local factories and farms couldn’t compete. Spain’s economy drifted from production to consumption—spending instead of building.

You can see the same thing happening today.
Money printing and easy credit inflate salaries in finance, tech, and government while driving up housing, energy, and labor costs everywhere else.
Manufacturing can’t keep up, so we import the difference.
The result? A strong currency, cheap goods, and a shrinking middle class.

6) The next chapter — Japan

What if the next Spain isn’t America yet—but Japan?
As this interview with macro analyst Roberto Rios explains, Japan is further down the same path:
zero interest rates, quantitative easing, and government debt so large that the central bank must choose between saving its currency or saving its bond market.

For decades, Japan has printed money to prop up its financial system, even buying stocks outright to keep prices from falling.
That free liquidity created an illusion of stability—until inflation returned and the yen began collapsing.
Now Japan faces the impossible choice every over-leveraged empire eventually faces:
protect the currency and crash the system, or print the money and destroy the currency.

It’s the same dilemma America is approaching, just delayed by our global reserve-currency privilege.
The “free silver” of the 1500s became “free paper” in the 1900s and “free digital dollars” in the 2000s. The pattern never changed—only the technology did.

7) The simple lesson

Resources aren’t wealth. Printing money isn’t wealth. Making things is wealth.
When prosperity feels “free,” it’s usually borrowed from the future.

8) Today’s echo

Easy credit. Quantitative easing. Deficit spending.
Each promises painless prosperity—more liquidity, more growth, no trade-offs.
But it’s the same story Spain wrote 500 years ago: short-term abundance, long-term decay.

Spain’s “free” silver built an empire that rotted from within.
Japan’s “free” money is imploding quietly.
And America’s “free” dollar is next in line—just with better branding and digital ink instead of metal.

9) Bitcoin and the Dollar Endgame

What if Japan’s collapsing bond market isn’t just a regional crisis but a preview of America’s financial future?

In the Bitcoin for Millennials episode, host Bram talks with macro analyst Roberto Rios (“Peruvian Bool”), who has been tracking this “dollar endgame” for years.
While most people fixate on Bitcoin’s short-term price swings, Rios zooms out to the structural problem: every central bank is trapped between saving its currency or saving its bond market. Japan is simply the first to hit the wall.

He calls this dynamic financial gravity—the idea that once debt and money creation expand far enough, gravity pulls everything toward a neutral asset that can’t be printed.

Rios’s core argument:

  • The global monetary system has reached a point where debt can never shrink; it can only be monetized.
  • Central banks will print until confidence breaks.
  • When trust in both sides of the fiat balance sheet—bonds and currencies—collapses, capital will flee into something outside the system entirely.

That’s where Bitcoin enters the picture.

While central banks and institutions still view gold as the “neutral” reserve, Rios argues Bitcoin is the superior version of gold:

  • Fixed supply, instantly verifiable, infinitely divisible.
  • Borderless and digital—no vaults, shipping, or intermediaries.
  • Immune to political capture or forced demand (“fiat” in the literal let-there-be sense).

As he puts it, the Japanese bond crisis could actually trigger the biggest Bitcoin bull run ever.
Once Japan’s carry trade unwinds and the yen weakens further, global liquidity shocks will push central banks to print again—reviving the same inflation loop that began with Spain’s silver.
Each cycle of monetary rescue drives more people to seek an exit from the system itself.

From silver to paper to code:
Spain’s “free” silver created Europe’s first inflation.
Japan’s “free” money is collapsing under its own weight.
Bitcoin is the gravity well everything eventually falls into.

Tracking the “Political ETFs” — My Ongoing Experiment

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Members of Congress have long faced accusations of trading on insider information — buying and selling stocks in companies they help regulate.
It’s a bipartisan problem: Republicans and Democrats alike have profited from privileged access and timing the rest of the public could never match.

That’s not just bad optics — it’s corruption.
It undermines faith in both the markets and the integrity of government.

To highlight how deep this problem goes, I’ve started an experiment tracking three ETFs:

  • NANC — the Unusual Whales Subversive Democratic Trading ETF, built around stocks traded by Democratic lawmakers.
  • GOP — the Unusual Whales Subversive Republican Trading ETF, reflecting trades made by Republican lawmakers.
  • SPY — the SPDR S&P 500 ETF Trust, serving as a neutral market benchmark.

My goal isn’t to glorify these funds — it’s to show in real numbers how political trading compares to the broad market, and to call out why this system needs reform.

Policy Context

This issue connects directly to Senator Josh Hawley’s proposal to ban individual stock trading by members of Congress.
His bill wouldn’t ban investing altogether — lawmakers could still own broad mutual funds or ETFs, just not trade individual stocks that might be affected by their votes.

That distinction matters. It allows long-term wealth building without the appearance or reality of insider trading.
📎 Read Hawley’s bill here

Performance Snapshot (Feb 10 2023 → Oct 27 2025)

SymbolETF NameDescriptionStarting Price*Current PriceTotal Return
NANCUnusual Whales Subversive Democratic Trading ETFTracks stocks favored by Democratic members of Congress$24.69$46.15+86.9%
GOPUnusual Whales Subversive Republican Trading ETFTracks stocks favored by Republican members of Congress$24.96$37.20+49.0%
SPYSPDR S&P 500 ETF TrustBaseline for overall U.S. market$408$685+67.9%

*Starting prices from Google Finance (Feb 10 2023, ETF inception date). Current prices as of Oct 27 2025.

The Takeaway

Both “political ETFs” have gained since launch, but that doesn’t justify congressional trading.
When lawmakers can personally profit from decisions they influence, public trust erodes — no matter how well the market performs.

This experiment is my small way to expose how close politics and profit have become — and to advocate for a system where leadership means stewardship, not stock tips.

The Earmark Era: How Washington Rewards Spending, Not Stewardship — and Why the Federal Budget Keeps Breaking

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Earlier in 2024, I read a local article about Washington’s senior senator proudly announcing how much federal money she had brought home to the state. Her list ran dozens of pages — hundreds of millions in Congressionally Directed Spending, better known as earmarks.

She’s not alone. Nearly every senator submits earmark requests, which you can browse on the Senate Appropriations Committee’s official list. Each item sounds worthy enough: a wastewater upgrade, a community arts incubator, a “therapeutic court.” But taken together, these line items add up fast.

According to the Peter G. Peterson Foundation, Congress approved 8,098 earmark projects costing $14.6 billion in FY 2024—about the same as FY 2023—and still under one percent of total discretionary spending. In context, that’s roughly 0.2 percent of total federal outlays.

It’s easy to shrug and say, “So what? That’s peanuts in a $6.8 trillion budget.”
But the issue isn’t the size. It’s the signal.

The Round-Trip Problem

When money takes the round trip — federal tax → congressional politics → earmark → local grantee — it leaks. Every stop adds overhead, lobbying, and political friction.

If a project’s benefits are local, fund it locally. Save federal dollars for truly national needs—and make any remaining federal grants competitive and audited.

That’s not ideological; it’s basic hygiene. Less leakage, less pork, more accountability.

The GAO’s Quiet Crusade

The Government Accountability Office (GAO) has spent over a decade documenting federal overlap, duplication, and inefficiency. Between 2011 and 2023, its recommendations produced about $667 billion in cumulative savings—roughly $51 billion a year.

That sounds impressive… until you set it beside annual deficits averaging $1.2 trillion over the same period. Even if every GAO fix were implemented perfectly, it would only offset a few cents of every deficit dollar. We celebrate small wins while ignoring the structural math.

The Trillions That Run on Autopilot

To understand that math, look at the 2024 federal budget as a whole (data from the Congressional Budget Office’s Budget and Economic Outlook: 2024–2034):

  • Total Outlays (FY 2024): ≈ $6.8 trillion
  • Total Revenues: ≈ $4.9 trillion
  • Mandatory Spending: ≈ $4.1 trillion (60%) — Social Security, Medicare, Medicaid, and other entitlements
  • Discretionary Spending: ≈ $1.8 trillion (26%) — defense, education, housing, infrastructure, research
  • Net Interest: ≈ $0.9 trillion (13%) — the fastest-growing line item in the budget

Source: Congressional Budget Office, “Budget and Economic Outlook: 2024–2034.”

All the fights over earmarks, audits, and waste reports happen inside that discretionary slice, the part Congress actually votes on each year.
The other 70 percent runs on autopilot — driven by demographics, healthcare inflation, and debt.

So yes, we have a trillions problem, not a billions problem.
But pretending the billions don’t matter ensures the trillions never get fixed.

The Cultural Incentive to Spend

Politicians are rewarded for bringing money home. A senator who resists earmarks looks “ineffective.”
That same incentive—spend now, borrow later—is what prevents any real reform on the mandatory side.

If Congress can’t resist handing out $14 billion in earmarks to score headlines, how will it ever take on the hard reforms that actually matter?

The Real Problem

The problem isn’t that earmarks alone bankrupt the country — they don’t.
The problem is that they reveal a mindset: Washington still rewards politicians for spending, not stewardship.

Every senator gets praised for what they bring home, not for what they turn down.
That’s the same mindset that makes real entitlement reform politically impossible and deficit reduction unthinkable.

Earmarks aren’t bankrupting the U.S., but they show why the U.S. can’t stop bankrupting itself.

Until that incentive changes — in Congress, in media, and among voters — the numbers will keep getting bigger, and the excuses will too.

✅ Sources:

2024 Congressional Pig Book Summary
32nd “TheBook Washington Doesn’t WantYou to Read”
CITIZENS AGAINST GOVERNMENT WASTE

The Congressional Pig Book is CAGW’s annual compilation of earmarks in the appropriations bills and the database contains every earmark since it was first published in 1991. All items in the Congressional Pig Book meet at least one of CAGW’s seven criteria that were developed by CAGW and the Congressional Porkbusters Coalition:

  • Requested by only one chamber of Congress;
  • Not specifically authorized;
  • Not competitively awarded;
  • Not requested by the President;
  • Greatly exceeds the President’s budget request or the previous year’s funding;
  • Not the subject of congressional hearings; or,
  • Serves only a local or special interest.

The Politics of Envy: How Bernie Sanders Uses Billionaires to Distract from Washington’s Failures — and Keep People Angry

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Blaming billionaires is easy. Fixing bad policy, broken incentives, and decades of fiscal irresponsibility isn’t — so Bernie Sanders keeps the outrage machine running instead.

A lot of people — Bernie Sanders in particular — hate billionaires because they assume billionaires stole their wealth.
But that belief comes from misunderstanding how value is actually created.

💵 Creation vs. Printing

Bernie and the government “create money” by printing it — literally out of thin air — which steals purchasing power from everyone who already has dollars.
That’s not value creation. It’s value redistribution by dilution.

So when that’s your frame of reference, you start to believe that everyone who gets rich must have taken something from someone else. Because that’s how you create “money” in politics — you print it or tax it away.

But wealth in a free market isn’t created by decree. It’s created by building, coordinating, and innovating — by making something others voluntarily trade for.

📈 Value Creation Is Not Theft

Larry Ellison, for example. One day Oracle stock went up, and his net worth jumped by $100 billion. Bernie acts like Larry ran around stealing $100 billion from working people.
But that’s not what happened. That value didn’t exist before — it was created.

Wealth in the market represents new value built through skill, innovation, and coordination, not theft.
If you’re stranded on an island with a billion dollars, it’s worthless. You need resources, tools, and knowledge to turn that “money” into something useful.

The problem is, people who’ve never built or created real value assume no one else can either.
So they see wealth as theft instead of creation. That’s the confusion at the heart of modern politics.

⚠️ Bernie’s Game: Blame, Not Solutions

And that’s where Bernie Sanders comes in.
He isn’t actually helping working people by pointing to billionaires as evil — he’s manipulating them.

By giving people a villain to hate, he distracts from the real causes of economic pain — bad money, wasteful government, and decades of inflation that quietly rob savers and workers.
He rallies frustration around a scapegoat instead of a fix.

If Bernie genuinely wanted to help, he’d talk about restoring fiscal discipline, reducing waste, and making it easier for regular people to build wealth — not demonizing those who already have.
But he doesn’t. Because blaming billionaires is politically easy.
Fixing the system would mean questioning the very machine that gives him power.

So instead of solving problems, he feeds resentment — keeping people angry, divided, and dependent on him to express that anger.

🧮 The Fantasy of the “Billionaire Tax”

In a recent Time article titled “I’m a Millionaire. No One Needs More Than $30 Million”, the author argues that a Billionaire Income Tax could raise $557 billion over ten years and “jump-start a permanent safety net.”

That sounds impressive — until you look at the math.

The U.S. government currently runs a $2 trillion annual deficit.
That’s $20 trillion in overspending every decade.
So this “transformative” billionaire tax covers less than 3 % of the hole. It’s fiscal rounding error.

The problem isn’t a lack of billionaire money — it’s a lack of discipline and accountability.

🏛 The Real Problem Isn’t “Too Much Money” — It’s How It’s Used

The Time article goes on to argue that wealth beyond $30 million stops being about living well and becomes about wielding power — influencing elections, buying media outlets, and suppressing competition.

That part isn’t entirely wrong. Money can corrupt politics.
But the author’s solution — capping wealth — misses the point completely.

If the issue is that money manipulates the system, then the answer is to make the system harder to manipulate, not to confiscate wealth after the fact.

We should make elections harder to buy, not success harder to earn.
Reform campaign finance, close regulatory loopholes, stop insider lobbying — that’s how you stop abuse.

The same goes for the “buy, borrow, die” loophole that allows the ultra-wealthy to avoid realizing gains.
If that’s the concern, close the loopholes directly — don’t destroy the entire structure of value creation to fix a tax code glitch.

And even then, no system will ever be perfect.
Smart, ambitious people will always find new ways to optimize around the rules — that’s part of what makes them successful.
Every time you close one loophole, innovation and adaptation create another.
The goal shouldn’t be to eliminate advantage; it should be to keep the playing field open and the incentives productive.

And far from “locking others out,” large pools of wealth are what fund the next generation of builders.
People don’t lose the chance to innovate because billionaires exist — they lose it when regulation, bureaucracy, and bad policy make it impossible to start or scale.
Just look at Europe: it leads the world in regulation, but none of the world’s biggest or most dynamic companies are European.
They’ve made it harder to fail, but also impossible to truly win.
Capital isn’t a finite pie being hoarded; it’s the byproduct of trust, savings, and productive investment.
Destroy that, and you destroy the fuel for future innovation.

Blaming “too much money” is a lazy shortcut that lets broken institutions off the hook.

💥 What Happens If You Actually Take It

Let’s pretend we go full Bernie and seize every dollar of billionaire wealth in America — all $6 trillion of it.

Here’s what happens:

  1. That covers just three years of deficit spending at current rates. Then what? You’re out of billionaires, and the deficit keeps growing.
  2. Most of that wealth isn’t cash. It’s ownership stakes in companies — Tesla, Oracle, Amazon, Microsoft, etc.
  3. If the government forces liquidation, prices collapse. No one can buy trillions in stock without tanking the market.
    • Even a 50 % drop cuts the haul to $3 trillion — barely 18 months of deficits.
  4. Who buys the assets? The next-richest class. Inequality reshuffles briefly, then reforms.
  5. Meanwhile, innovation stalls. Investment dries up. Everyone gets poorer.

You can’t fund a government by destroying the productive capital that funds everything else.

⚙️ The Real Issue Isn’t Wealth, It’s Value

Wealth isn’t evil — it’s a signal that someone created something valuable enough for millions of people to trade their time or money for it.
That’s fundamentally different from printing dollars and calling it “stimulus.”

If we want a stronger, fairer economy, the solution isn’t confiscation — it’s creation.
Encourage building, innovation, and hard work, and you’ll raise living standards for everyone.
Punish them, and you’ll end up with equality through shared decline.

🧭 Final Thought

Bernie isn’t fighting for the working class. He’s fighting to stay relevant to it.
You don’t fix inequality by burning down the factory.
You fix it by letting more people build factories of their own.

What to Buy in 2025? My Thoughts on Global Investing

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Quick Take:
International markets are finally outperforming the U.S. in 2025, with VXUS up 25% versus the S&P 500’s 13%. But much of that gain is tied to a weakening dollar and global money printing — not just fundamentals. I also see potential in small-cap value stocks and India as a long-term growth story. – Not financial advice!

I was replying with a long comment to a YouTube video about investing, and it turned into something worth sharing here. I’ve cleaned it up a bit to make it flow like a proper post — but the ideas are the same: how I’m thinking about markets right now and where opportunities might lie.

When people ask me what to buy, I always start with one key principle:
focus on total return, not dividends.

Dividends are nice, but they’re just one piece of the puzzle. What really matters is total return — the combination of price growth plus dividends. That’s what grows your wealth over time.

International Markets Are Finally Waking Up

In November 2024 a friend told me what a dog his internationl stocks were and said he was going to sell them adn buy all S&P 500 I mentioned to him the idea of reversion to the mean While I was rewarded quickly, after years of underperformance, international markets have been on an absolute tear in 2025.

  • VXUS — the total international ETF (about 25% emerging markets) — is up roughly 25% year to date.
  • VWO, which tracks only emerging markets, is up around 21%.
  • Meanwhile, the S&P 500 (VOO) is up just 13% this year.

It’s been a long time since we’ve seen this kind of outperformance from non-U.S. stocks. But before we get too excited, it’s worth asking why.

Factors Driving International Resurgence

Several factors have driven the recent resurgence in international markets.
Concerns about the U.S. trade war and tariffs have pushed investor attention abroad, while a weaker U.S. dollar has amplified gains for dollar-based investors holding foreign assets.

The U.S. Dollar Index has declined roughly 9% this year, giving a lift to unhedged international equities.

That currency impact is easy to see when comparing VXUS to hedged strategies.
For example:

  • Xtrackers MSCI EAFE Hedged Equity ETF (DBEF) and
  • iShares Currency Hedged MSCI EAFE ETF (HEFA)

are both up about 11.4% this year — solid returns, but well below the 25% gains seen in unhedged funds like VXUS.

In other words, a large portion of the international rally is being driven by the decline in the U.S. dollar, not just by improving fundamentals abroad.

👉 You can read more about this dynamic in a recent ETF.com article here:
“VXUS Tops $100B as ETF Investors Embrace International Stocks”

Inflation, Money Printing, and “Bigger” Returns

I suspect that in the future, the stock market’s returns might look higher than historical averages — not necessarily because companies are more productive, but because money printing and inflation are inflating nominal returns.

Historically, the S&P 500 returned about 11% per year, with maybe 3% of that driven by inflation and monetary expansion.
If we enter a world where inflation runs closer to 7%, then even if the real return stays about the same (around 8%), the headline number could look like 15% annual returns.

Obviously, that’s not guaranteed — just a thought experiment. But it’s a good reminder that higher nominal returns don’t always mean higher real returns.

Be Greedy When Others Are Fearful

Warren Buffett’s old rule still applies:

“Be fearful when others are greedy, and greedy when others are fearful.”

So what are investors fearful of right now?
Small-cap stocks.

  • VIOV (small-cap value ETF) is up only 2% this year.
  • VB (small-cap blend) is up around 6.5% year to date, and about 52% over the past 5 years.
  • The S&P 500, by comparison, is up 90% over that same period.

Historically, small caps have outperformed large caps over the long term — and markets tend to revert to the mean. That doesn’t mean small caps will outperform next year, but it might be time to start paying attention to them again.

A Closer Look at India

One specific market I’ve been watching is India, through the INDA ETF. I’ve personally allocated about 1% of my portfolio there. While it is actually -1% for the year that adds to it’s intregue! As I noted you want to consider buying the losers as they will likely revert to their mean higher returns.

I’ve traveled to India and work with suppliers there who produce castings and tubing. The country reminds me a lot of where China was a couple of decades ago — rapid growth, huge labor pool, and rising industrial capacity.

Here’s a quick comparison:

  • Average income in India: about $2,000 per year
  • Average income in China: about $15,000 per year

India also has another advantage — it’s a democracy, politically more aligned with the U.S., and open to global capital and trade. That combination of low base income (meaning huge growth potential) and political stability makes India a fascinating market to watch over the next decade.

Wrapping It Up

So, what should you buy?
That depends on your goals — but here are the themes I’m watching:

  • International markets, especially emerging economies
  • Small-cap value stocks that have been left behind
  • And long-term growth plays like India

Just remember — higher returns on paper may reflect inflation, not real productivity. Always think in terms of real value creation, not just nominal gains.

And, of course, this isn’t financial advice — just my perspective on how I’m thinking about global investing in 2025.

What do you think? Are you adding international exposure or doubling down on U.S. stocks?
Share your thoughts below — I love reading different perspectives on where people see opportunity.

My Bitcoin Presentation

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Here’s an AI summary of the bitcoin presentaiton I’ve given 2x now and am set to give agian in the future. You can find the video here.

1. The Problem: Broken Money

  • Money is supposed to store value from your labor, but inflation erodes that value over time.
  • Fiat money used to be backed by gold until 1971; now it’s backed by government trust and military power (“money backed by bombs”).
  • Governments print trillions, causing inflation and currency devaluation.
  • Inflation isn’t caused by parties or policies — it’s caused by money printing.
  • History (Roman Empire, etc.) shows debasing currency leads to collapse.

2. The Solution: Bitcoin

  • Fixed supply: 21 million coins — no one can print more.
  • Divisible: Each Bitcoin has 100 million satoshis (smallest unit).
  • Scarcity = preserved value.
  • Blockchain: Decentralized public ledger validating transactions without banks.
  • Mining: Miners verify transactions, earn fees, and newly unlocked Bitcoin (currently 3.125 BTC every ~10 minutes).

3. Why Bitcoin Is Unique

  • Fair launch: No pre-mine or early insider advantage; Satoshi mined alongside others.
  • Other coins (altcoins): Often pre-mined, centrally controlled, and solve fake problems — more like unregistered securities.
  • Bitcoin solves one problem — store of value.

4. How to Buy Bitcoin

  • Easiest: Through Bitcoin ETFs on Fidelity, Schwab (not Vanguard).
  • Direct ownership: Strike, River, or Cash App (low fees, only Bitcoin).
  • Avoid: Apps like Robinhood, PayPal, Coinbase — too many distracting altcoins.

5. Future Potential & Valuation

  • Total global assets ≈ $750 trillion; “monetary premium” (store-of-value demand) ≈ $273 trillion.
  • If Bitcoin absorbs that, price = ~$13 million per BTC.
  • At $100,000 today, even small investments could have massive upside (e.g., $10k → $1.3M).
  • Volatile, but long-term risk/reward is asymmetric.

6. Adoption Trends

  • Governments adopting: El Salvador (legal tender), Bhutan, Pakistan, some U.S. states (Texas, NH, Arizona).
  • Companies holding Bitcoin: Strategy (formerly MicroStrategy), Tesla, Block, Marathon, Coinbase, etc.
  • U.S. forming a “Bitcoin strategic reserve.”

7. Final Takeaways

  • Fiat money causes many global problems; Bitcoin fixes the root issue — sound money.
  • Start small, invest what you can afford to lose.
  • Learn more and grow your understanding — treat dips as opportunities.
  • Key message: Broken money → broken world. Bitcoin → fixed money → potential for a better system.