Clif Bate

[The All-In Podcast @theallinpod]

David Friedberg: It's not rich vs poor, it's makers vs takers.

@friedberg:

“ The great lie is that there are two sides to society, that is the rich and the poor.

And the great truth is that there are two sides that are the makers and the takers.

The lie is that the rich are unfairly rich and the poor are unfairly poor, and therefore, the poor must take from the rich.

But the truth is that it's the takers that tell you that lie, that the real truth is that artists, plumbers, electricians, woodworkers, computer scientists, people that build, people that make from all walks of life, all income levels, all wealth brackets, are the makers.

And the takers are what Sacks calls this intelligentsia, the analysts, the espousers, the armchair mechanics, the critics, the commentators, the politicians. They are the takers.

They are the people that watch the rest of society make stuff, build stuff, specifically doing things that create value for other people in society. That's what a maker is.”

[Clif Bate @clifbate]

We are staying at a VRBO with no reception desk, so courier delivery requires phone contact.
Please urgently escalate with FCO baggage operations.

[Clif Bate @clifbate]

@British_Airways

@British_Airways
Day 3 in Rome without luggage. PIR FCOBA39068.
AirTag shows bags stationary at Via della Magliana 1335C but no response from Aviapartner or baggage support. Please urgently escalate with FCO baggage operations.

[Clif Bate @clifbate]

@vassallo Great article! I loved hearing about the journey, the 🔥, and the mindset!

[Clif Bate @clifbate]

@JayaGup10 Brilliant analysis and clearly explained!

[Clif Bate @clifbate]

@Heyrohanislam Need

[Clif Bate @clifbate]

@Maxwell_Coder AI

[Roshun Patel @roshunpatel]

Citadel elegantly murders the Citrini post here https://t.co/Y1MSGMzNKI

[Clif Bate @clifbate]

@nicbstme Great article with clear strategic insights.

[Connor Boyack 📚 @cboyack]

https://t.co/4SMw7birVU

[Clif Bate @clifbate]

@jvisserlabs @GavinSBaker @grok how does this AI Bear Case potentially impact companies like ServiceNow or Salesforce which rapidly integrating AI into their offerings, with ServiceNow claiming to be “AI Native” with their platform?

[Clif Bate @clifbate]

@Alberta_HODL @jvisserlabs @GavinSBaker @grok @grok what is the impact of the BMS on companies like ServiceNow and Salesforce?

[david friedberg @friedberg]

why not just raise income tax rates?

because your real intent is not to just “provide healthcare”.

you’re masking that you are proposing the creation of, for the first time in the 250 years of this American republic, an organized government seizure of private property from citizens.

you’re calling it a “wealth tax” or a “billionaires tax” or “millionaires tax” or whatever nom du jour polls well. but at the end of the day, it’s the seizure of private property from citizens by the government. citizens that earned money, paid their fair taxes on those earnings (53% if they live in California) and are now being told they need to hand over after-tax assets because the government has failed to provide promised services with the revenue it’s collected, and are now re-casting their own failure to be a socio-economic inequity that must be justly resolved... a slippery slope that has never gone anywhere good (see economic effects in USSR, Cuba, Venezuela, France and Norway wealth tax etc.)

the American founders fled tyranny in Europe and this amazing nation was populated by immigrants (myself and your parents) from around the world not just looking for a “better life” but for a place where they could have freedom from tyrannical governments that can take what they want from private citizens. a great nation borne of property rights, the rule of law, and endowed freedoms to believe, speak, or act. these principles led to the greatest run of innovations, successes, and widespread increase in prosperity, for all citizens, ever seen.

the citizens, the individuals, not the institutions, delivered this progress. those who invented, who toiled, who bled, who sacrificed, who took risk and persevered, who led, and who changed the world, are not charlatans, kleptocrats, or oligarchs. they’re what made us all better off. prosperity is a measure of america’s success, not its failure.

it is your principle that is so offensive, as evidenced by the broad disdain for your flippant flirtation with the darkest of human fantasy - socialism. you and other neo-socialists have led so many of us to reflect on America’s history and what it is becoming. that now leads so many to consider, so unnecessarily, leaving their homes for a place where everyone stands up to shout down the principle you suggest. because if your ideas are now considered moderate, it’s clear this titanic is sinking.

that a “simple tax” of taking assets that have been earned, through toil and tribulation, rightly taxed, and preserved, should now be unjustly seized, is your solution to a problem of obvious government mismanagement and outright fraud, tells us that your true motivation lies not in giving people healthcare but in cutting down success and deleting the system of prosperity and opportunity for all.

i don’t care, and neither should anyone else, what the sum total market value of a private citizens private assets might be. it is none of my business and should be none of yours. because, again, once you open that pandora’s box, we might as well study Lord of the Flies … there is literally nothing stopping 51% of citizens demanding that their government go out and seize 100% of the private property of the 49%.

want to give healthcare to people in need? do your job and fix healthcare. make it affordable. want to be lazy about it? then do your job lazily and raise income taxes.

want to take private property from private citizens who have paid their fair share of taxes and legally earned their property, then honestly declare that it is envy, not inequity, that you strive to resolve…

[Clif Bate @clifbate]

@calcsam Book

[The All-In Podcast @theallinpod]

David Friedberg Explains The Slow Spiral of Socialism

“Government programs create an anchor. They are a shackle.”

“This is the spiral of socialism.”

“The government programs that are meant to provide support to people require an increase in taxation. That revenue has to come from somewhere.”

“That taxation ultimately leads to an attrition of economic value in that region.”

“Then you have to increase taxation more, and you end up in the spiral.”

“And we're seeing this now, not just in New York where Mamdani’s proposing to increase taxes, but across the entire West Coast.”

“We talked about the 5% billionaire tax. So yes, that's a problem for rich people. Great. No one gives a sh*t about us.”

“But where does this go?”

“In the proposed billionaire tax, it actually gives power and authority to the California State Legislature that they can actually redo this wealth tax at a different level and a different rate in the future.”

“Think about what that does. It now gives property seizure rights to the California State Legislature to set a value level, so anyone now that's got over $100M net worth, and then it becomes over $10M, and then anyone with $1M net worth, and the state can take 5% of your assets every year.”

“Very quickly it becomes the process by which socialism and the socialization of assets that get seized by the government is realized.”

“Once you're hooked on the government for some sort of benefit, it's very hard to unhook yourself.”

“And it definitionally becomes a spiral. That's what leads to socialism.”

“And we have seen it time and again. It's not a big revolution. Socialism emerges slowly.”

“Gavin Newsom yesterday on stage at DealBook, talked about redistributing wealth. Ro Khanna is talking about redistributing wealth.”

“This is becoming the Democrat party line, and they're going to end up trying to seize this moment to take these socialist principles.”

[Elon Musk @elonmusk]

🇺🇸

[Gad Saad @GadSaad]

Cultures are neither equal nor indistinguishable. Cultural relativism (a parasitic idea) coupled with suicidal empathy eradicates this obvious reality. It is a form of lobotomy that immobilizes people from stating that they do not wish to host people who hail from cultures that are antithetical to their foundational values. This simple reality is destroying the West.

[VraserX e/acc @VraserX]

Jeff Bezos just explained the “AI bubble” better than anyone.

At Italian Tech Week 2025, Bezos didn’t deny the hype, he embraced it.

“Yes, there’s a bubble. But AI is real and it’s going to transform every single industry.”

He called it an industrial bubble, not a financial one.
That’s a crucial difference:
•A financial bubble (like 2008) destroys value and leaves nothing behind.
•An industrial bubble (like AI, the internet, or fiber optics) creates massive value, even if investors get crushed.

“Even when those companies went bankrupt, the fiber stayed in the ground. Society got the infrastructure. That’s what we’ll see with AI.”

Bezos says right now we’re in the “chaotic, beautiful” phase of overfunding, where every wild idea gets money.
Investors can’t tell the good ideas from the bad ones.
But that’s exactly how big shifts happen.

He compared it to Amazon’s early days:

“Our stock went from $113 to $6, while every internal metric improved. The market and the reality had completely diverged.”

His point: bubbles distort prices, not progress.
AI valuations might crash, but the technology won’t.

“This is not a mirage. This is a horizontal technology, like electricity and it will touch everything.”

Bezos isn’t predicting an apocalypse.
He’s predicting a reset, where the hype burns off, and the real builders remain.

AI isn’t a bubble, it’s a boom disguised as one.

[Clif Bate @clifbate]

@gregisenberg A lot to absorb

[Clif Bate @clifbate]

@ClashofClans Thanks for the loot. When will we have meaningful things to update besides spring traps? I’m wasting builder and hero potions waiting for a bug update.