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.
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Seul souci :
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Ce n'est PAS comme ça que le SEO devrait marcher en 2026.
C'est la différence entre un tableur et un consultant qui connaît vraiment ton site. Tu connectes ta Search Console en 30 secondes, tu demandes ce que tu veux, tu obtiens un plan priorisé basé sur TES données.
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Strategy has acquired 34,164 BTC for ~$2.54 billion at ~$74,395 per bitcoin and has achieved BTC Yield of 9.5% YTD 2026. As of 4/19/2026, we hodl 815,061 $BTC acquired for ~$61.56 billion at ~$75,527 per bitcoin. $MSTR $STRC https://t.co/ifGXjMeIZH
Strategy has acquired 22,337 BTC for ~$1.57 billion at ~$70,194 per bitcoin. As of 3/15/2026, we hodl 761,068 $BTC acquired for ~$57.61 billion at ~$75,696 per bitcoin. $MSTR $STRC https://t.co/6hv6PjzOKQ
There was a recent conversation between @saylor and @_DannyKnowles that is bringing up a bit of notice because of Saylor’s presumed anger. I’ll comment.
Any affect, other than a sigh, from Saylor is so notable only because he normally does such a good job of keeping cool in the face intense attacks by media. This was very different for him so it stands out.
People are assuming that this was an overflow of feelings on his part, that somehow his affect breached his control. It is possible that he was having a bad day but I think it much more likely that this was deliberate and calculated.
The background is that Danny has a very important bitcoin platform and is good friends with @_Checkmatey_ who he frequently has on and mentions to other guests. They have both been critical of Bitcoin treasury companies and used the term “Ponzi adjacent”.
Saylor has faced many people more powerful than himself in both New York and DC. He has put his retirement on hold for an advance to humanity that he sees as important. One could say that, of course, he’s going to benefit from his own efforts, but to be truthful, six years ago before he bought his first bitcoin, he had enough to live the rest of his life in any way he chose without putting out another second of effort on behalf of anyone else. Instead, he saw a better future for humanity and has dedicated himself to advancing bitcoin for everyone.
I think this was a calculated wake up call to all those people involved with bitcoin who maintain a fiat mindset, such that the immediate price matters more than the long-term advance, that the greatest critics are finally moving our way while they themselves are sniping at people who are working for our future.
It is common in human relations for people to be more angry with and more critical of people with positions close, but not identical, to their own then they are with people whose positions are quite opposite to theirs. I think he is aware that he gets more criticism from bitcoiners than from tradfi.
Now one might ask why Saylor would choose to go off when he has held his temper in so many more adversarial interviews. Partly, I think it is because it was so shocking and got our attention. Another reason is that he’s reminding us he’s home. You argue more vociferously with your brother than you do with your adversary at work. You let your guard down among family. Partly because they are close, partly because you care. While this was a public interview, I think he let his guard down and showed us an aspect of reality he doesn’t usually show the public to remind us that we are all in this together and we are home.
If Danny knew it was coming, that would be terrific and if he didn’t, he did an outstanding job handling it. What Danny does on a weekly basis is wonderful and what Michael has built is incredible. Most people on this app do not remember the days when someone such as my mother could have her retirement funds in a safe place earning 7% and be provided enough for life with dignity. Most people here have grown up in a very low interest rate environment, and don’t realize on a daily basis the loss of human dignity that has come from the last few decades of monetary policy in this country. In reestablishing a widely available credit market backed by a hard money, Mike is providing people who will never be able to handle a seed phrase with the benefits of bitcoin and a life they would not otherwise have. I applaud him for what he has built and thank him for his continued efforts.
I dictated most of this so please accept my apologies for any misspellings or non-Sequiturs. I hope everyone has a good day.
Hearing people cry out, “Lahat kayo ninakawan… tapos pinroprotektahan niniyo ang mag-nanakaw??” broke me. It’s not just fury, it’s heartbreak. We are screaming into a system that never listen, while it shields the very ones who rob us blind.
Lyn Alden just dropped a 2-hour masterclass with Tom Bilyeu to his 4.5M+ subscribers.
If you don’t understand what’s happening to money right now, you’ll wake up on the wrong side of history.
Here are 10 insights on where the system is breaking—and what comes next. 🧵👇
How you respond to "The Big Print" will be one of the most important decisions of your life.
Lawrence Lepard masterfully frames the problem and the solution (and it's not as complicated as you think)
Understanding this will change the financial course of your bloodline🧵
History shows us that having too much debt during an economic downturn leads to a classic, self-reinforcing cycle where:
1) The empire can no longer borrow the money to repay its debts
2) It prints a lot of new money, which devalues the currency and raises inflation
3) Living standards decline, leading to the rise of political extremism
4) Turbulent economic conditions undermine productivity and there is conflict about how to divide the shrinking resources
5) Populist leaders emerge pledging to take control and bring about order
#principles #raydalio #history #debt