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Regular followers of mine know I'm the first to say our current system of capitalism has in numerous cases strayed from its pure & most successful free market form Call the current incarnation whatever you want: crony capitalism, corporatism, elite capture, etc But I *strongly* advocate the solution to that drift is fixing its current impurities & returning to the fundamentals that make capitalism so superior to other models Turning away from capitalism, is a grave, likely fatal mistake. ESPECIALLY turning to politico-economic models like socialism/communism that have a 100% failure rate throughout history. Even our current impure version of capitalism is far better than those doomed models. Though I agree, we should fight -- hard -- to return it to its freest, purist form. Abandoning capitalism for doomed models is exactly like peeing your pants as winter's cold arrives. For a brief, fleeting moment, you feel a little better. Then you quickly realize you're in WAY worse condition to face the future than you were before. Let's focus the fight where it matters: on repairing the best model to its best state.

This speech has created more billionaires than any school ever could

In 1913, Congress handed a cartel of private banks the legal monopoly to manufacture money. The Fed creates dollars through a ledger entry, buys Treasury bonds with those dollars, and the Treasury spends the proceeds into the economy. New money, conjured from nothing, chasing the same goods you were already buying. Prices rise. You get poorer. Nobody voted for this. Nixon finished the job on August 15, 1971, severing the last link between the dollar and gold. At that moment, the U.S. government unilaterally defaulted on its Bretton Woods obligations, simply announcing to the world that the rules had changed. Nixon called it a "temporary" measure. Fifty-five years later, temporary is still in effect. When the Fed expands the money supply, the new money flows first to banks, financial institutions, and government contractors. Those early recipients spend it before prices adjust. By the time the money reaches you, wages and savings have already lost ground. This is the Cantillon effect, named after Richard Cantillon, who described it in 1730. Wealth transfers silently from savers to asset-holders. From you to them. Sound money advocates have documented this exhaustively. The data is not ambiguous. The dollar has lost over 97% of its purchasing power since 1913. Savings punish you. Debt rewards you. The entire incentive structure tilts toward spending today, borrowing recklessly, and holding real assets. This system is designed to fund unlimited government spending through monetary expansion rather than honest taxation.

Past: Education was apprenticeship in wisdom & virtue and it happened in the home, the trade, the church, the community. Present: We invented the industrial classroom 150 years ago and started calling that normal. Homeschooling isn't the innovation. It's the recovery.

6-19-26 The Fed Wants Markets To Stop Listening To The Fed For nearly two decades, markets have been trained to obsess over every word from the Federal Reserve. Investors parse economic projections, study dot plots, and try to front-run future rate decisions. But that era may be starting to end under Kevin Warsh. The biggest takeaway from Warsh's recent comments wasn't about rates. It was about the Fed's growing desire to step away from forward guidance altogether. Forward guidance became a cornerstone of Fed policy after the 2008 financial crisis under Ben Bernanke. The goal was greater transparency through economic forecasts, policy projections, and the now-famous dot plot. But over time, markets became increasingly dependent on those signals. Instead of trading on earnings, growth, inflation, and economic fundamentals, investors began trading on what they thought the Fed might do next. Warsh appears to believe that dependence has become a problem. Long-range economic forecasts are notoriously unreliable. A projection for growth or inflation two years from now can be rendered meaningless by a recession, a boom, a geopolitical event, or a productivity surge. Yet markets often react more to these forecasts than to actual economic data. The dot plot creates a similar issue. Investors spend enormous amounts of time trying to decode whether policymakers are leaning toward rate hikes or cuts, turning Fed meetings into the dominant driver of market sentiment. Warsh's solution may be simple: stop telling markets so much. The deeper reason is that the Fed relies on market prices as an important source of information. Bond yields, stocks, credit spreads, and other market signals help policymakers understand economic conditions. But if markets are trading primarily on Fed guidance, those signals become distorted. The Fed ends up reacting to market behavior that was influenced by its own messaging. By reducing forward guidance, scaling back projections, or even eventually eliminating tools like the dot plot, the Fed could allow markets to return to trading on fundamentals rather than policy speculation. Check out our comprehensive "15 Trading Rules" guide ▶️realinvestmentadvice.com/res… This guide includes practical rules for managing positions, taking profits, controlling risk, and avoiding the emotional mistakes that often hurt returns during major market corrections.

The writing is on the wall. #Gold 🔥🎯

The thing nobody tells you about exponential change is that it feels like nothing is happening right up until the moment everything happens at once.

The 10-year Treasury yield is perhaps the most important financial benchmark in the global fiat system, as it drives valuations and market trends worldwide. It is widely—and erroneously—regarded as the risk-free rate of return. The 10-year Treasury yield can be thought of as a key barometer of the US dollar-based fiat system—a critical measure akin to its beating heart. Bond yields move inversely to bond prices. When bond prices fall, bond yields rise. A rising 10-year Treasury yield signals trouble for the US dollar because it means investors are selling Treasuries, which pushes up the US government’s borrowing costs. That is why the 10-year Treasury yield is a major pain point for the US government. The 10-year Treasury yield was 3.97% when the war started. Now it is around 4.60%, an increase of roughly 63 basis points. I expect the 10-year Treasury yield to keep climbing over the coming weeks and months—until it forces the Fed’s hand. At that point, the intervention will be sold as “stability,” but the mechanism will be familiar: suppress yields by debasing the currency. At today’s debt levels, every 1 basis point increase in the government’s average borrowing cost adds roughly $3.9 billion in annual interest expense. So a 63 bps rise is not trivial—it translates to nearly $250 billion in additional yearly interest costs, materially widening a 2025 budget deficit that was already around $1.8 trillion. Higher yields mean the US government must pay tens or even hundreds of billions more in interest on its debt. At the same time, the global economy faces even greater added costs because Treasury rates serve as the benchmark for borrowing worldwide. That is not an insignificant move. However, given all the headwinds I have discussed, I suspect the 10-year Treasury yield is headed much higher because investors will demand higher yields to compensate for rising inflation. Further, if Hormuz remains closed, drastically higher oil prices are all but certain. Higher energy prices mean higher prices across the economy and higher official inflation rates, which means investors will demand still higher yields to compensate. The problem is that interest on the federal debt is already over $1.2 trillion and is now the second-largest item in the budget. The US government cannot afford yields going much higher because the interest expense would push it toward bankruptcy. I am not sure how—or even if—the US government can manage this situation. Something has to give, and we will not have to wait long to find out what. The Iran war may prove to be more than another foreign policy disaster. It could be the trigger that exposes the fragility of the entire dollar-based financial system.