@ChelseaIndia Back in 2006, we used to have our own Chelsea India group on Orkut. We formed a group and played FPL against other club orkut clubs. Scoring used to be manual. Made a few friends back then, who have lost connection. But was great fun.
In 1992, a 32-year-old historian became Prime Minister of Estonia.
He had read exactly one book on economics: Milton Friedman's Free to Choose.
He used it as a policy manual. Western advisors and Estonian economists told him it would fail. 🧵
Andrew Jackson destroyed the Second Bank of the United States in 1836, delivering the single greatest blow to financial tyranny in American history. You won't hear this story told correctly in any economics textbook, because it reveals how central banking works: as a government-sponsored cartel that redistributes wealth from productive citizens to politically connected bankers.
The Second Bank held a 20-year federal charter starting in 1816. It controlled the money supply, issued currency, and held government deposits. Sound familiar? Nicholas Biddle, the bank's president, wielded more economic power than any elected official. He could trigger financial panics at will by restricting credit. He bought newspapers and bribed congressmen. When Jackson opposed recharter in 1832, Biddle deliberately crashed the economy to punish him.
Jackson called it "a hydra of corruption" and he was right. The bank created artificial booms through credit expansion, then triggered busts when politically convenient. Biddle openly bragged about manipulating markets. Free market economists and Jackson both recognized the core insight: this was legalized counterfeiting with government backing, not free market banking.
The political establishment united against Jackson. Henry Clay, Daniel Webster, and the entire Whig Party defended the bank. Biddle spent millions buying influence. The press attacked Jackson as an economic ignoramus. Every "respectable" voice supported recharter. Jackson stood alone with the American people.
After Jackson killed the bank, the country experienced the strongest economic growth in its history. From 1837 to 1862, America operated without a central bank. Industry flourished. Wages rose. Innovation exploded. This wasn't coincidence. When you stop subsidizing financial speculation and let productive capital find its natural home, prosperity follows.
Central banks don't stabilize economies: they destabilize them for private gain.
Milton Friedman's greatest regret.
The federal government discovered the perfect crime in 1943: make employers collect taxes before workers ever see their paychecks. You think you earn $60,000 per year, but you actually earn $75,000 and hand over $15,000 to politicians without ever touching it. The psychological difference is enormous.
Before payroll withholding, Americans wrote quarterly checks directly to the Treasury. Picture yourself sitting at your kitchen table, writing a $3,750 check to the IRS every three months. The pain was immediate and visceral. Politicians faced constant pressure to justify every dollar because citizens felt the extraction in real time.
Withholding transforms this concrete loss into an abstract accounting entry. Your employer becomes an unpaid tax collector, and you never experience the actual cost of government. Worse, most people celebrate their tax refunds as government generosity rather than recognizing them as interest-free loans they provided to politicians. The Treasury collects your money throughout the year, spends it immediately, then returns your own cash and receives gratitude.
This system enables the explosion in government spending you witness today. Defense contractors billing $640 for toilet seats, agricultural subsidies for corn syrup, and congressional salaries for 535 people who rarely show up to work. When taxation feels painless, voters stop demanding accountability for how their money gets spent.
Milton Friedman helped design withholding as a wartime emergency measure and later called it his greatest regret. Free market economists recognized that the psychological pain of direct taxation creates political pressure for fiscal restraint. The temporary always becomes permanent in government hands, and the emergency justification disappears while the extraction mechanism remains forever.
A 24-year-old Polish tennis player arrived in Paris last week ranked 114th in the world, with no sponsors, no guaranteed income, and no certainty she could even pay for her hotel room.
She had to win three qualifying matches just to enter the French Open main draw. Prize money is only paid at the end of the tournament, so a Polish sports drink brand quietly stepped in and covered her hotel bill.
Her name is Maja Chwalinska. And today, she plays in the French Open final.
Before this tournament, she had won exactly one Grand Slam main draw match in her entire career. She had battled depression so severe that in 2021 she couldn't get out of bed. She underwent knee surgery in 2022. She spent years grinding through small tournaments across Europe just to stay afloat.
Then she arrived in Paris, won three qualifiers, and kept winning. Zheng Qinwen. Elise Mertens. Maria Sakkari. Diana Shnaider. Nine straight matches. One set dropped.
She is now the first qualifier in French Open history to reach the final. The last time a qualifier reached a Grand Slam final, it was Emma Raducanu at the 2021 US Open. Raducanu won.
By simply making the final, Chwalinska has earned more prize money than her entire career combined. The runner-up cheque alone is $1.6 million. If she wins today, she takes home $3.25 million.
One week ago she couldn't pay for her hotel room.