Governments ALWAYS Tend Towards Corruption & Tyranny, Pt 1.9 – Fallible

Previously

In the previous article, here, we looked at the vast and pernicious cultural, financial, health, demographic, and criminal effects of using a fiat currency (soft money) here in the U.S. The detrimental effects of Keynesianism (Keynesian economics) have been permanent and far reaching because it has allowed the state to control huge swaths of our lives at the cost of our lives, our work, our culture, and our individual liberties.

Now, let’s delve a little deeper into one specific section of our nation’s finances which are mostly hidden but a true nation-killer – current debts and future unfunded liabilities. At the outset, I know this isn’t the most exciting topic but I promise you that if you stick with it then you’ll be just as concerned and outraged as I am at the fact that our great country’s future has been sold off for bobbles and bubblegum.

“We’re Sorry But You Have Insufficient Funds.”

Can we be brutally honest about our U.S. federal debt? ^[1]

We will never be able to repay our federal debt.

And, if we cannot ever repay our current and future liabilities (as they grow exponentially) then they are, by definition, a Ponzi scheme. ^{[2] [3] [4]}

I think any reasonable person can conclude that the U.S. has created a de facto Ponzi scheme via its debts.  There is no possible way that the U.S. can ever repay its creditors and continue its normal governmental functions, operations, and duties.  Consequently, every citizen in the U.S. has been placed in a precarious financial position by being partially obligated for these nonredeemable debts.  In other words:

It’s a great big excrement sandwich…

and we’re all going to have to take a bite.

Breaking Down Our Federal Debt

You’re probably wondering how I can be so certain that we cannot pay off our federal debts.  Let’s take a closer look at the top-level debt & liability numbers.

As it stands now, every single U.S. citizen is responsible for $107K of our federal debt and $656K for our future unfunded liabilities. ^[5] This is a combined obligation of $763K per citizen.  Using the USDebtClock data, even if we take the entire “Household Assets” ($175.T) and subtract “Total Personal Debt” ($25.7T) and then divide that by the entire U.S. population (~340M), that is only a net $443K of positive equity per citizen.  Counting only our federal debts, that leave each individual in a $352K shortfall (negative equity).  That doesn’t count our state, county, and municipal debts.

“What about economic growth?” you might ask.  “Can’t we just grow our way out of the problem?“, “Isn’t it as simple as just growing our tax basis and tax revenues faster than our debts & liabilities?“

Let’s do some basic, top-level analysis to answer that question.

According to the Federal Reserve Bank of St. Louis, our federal debt is projected to rise by 4.5% per year from 2024 to 2035. ^[6]

Current projections show our GDP (“gross domestic product“) ^[7] economic growth to be around 2%.  By definition, we’re looking at our debts growing 2.5% faster than our economy (4.5% – 2%).  And, that doesn’t include the future unfunded liabilities (which are ~$220T) ^{[8] [9]}

So, to grow our economy (GDP) faster than our debts (and liabilities), we would have to have years of economic growth greater than 4.5%.  In the entire history of our country, we have never had sustained (multiple decades) GDP growth rates greater than 4.5% in real terms (where “real” means “adjusted for inflation“).  In fact, no country has ever had sustained real GDP growth rates greater than 4.5%.

So, “No, we cannot grow our way out of the problem.“

And, even if we could, it would require a sustained multi-decade austerity program which no politician will ever agree to.  Politically and culturally speaking, asking the American people to reduce their entitlements while continuing to pay taxes is political suicide.

The Wolf Is At Our Backs… And Getting Ever-Closer

“So what?  What’s the big deal if we cannot pay our federal debts?” you might ask with incredulity.

Without going into a long and detailed explanation (but will be covered in future articles), not paying our debts (which are in the form of U.S. federal bonds) means that our credit, along with the rest of the world’s credit, will be demolished.

As an analogy, let’s take a household which has a take-home pay of $50,000 per year (after taxes and fees are taken out).  Now, let’s add $70,000 in annual spending.  That’s $20,000 in deficit or additional debt that is taken on by the end of the year.  So, not only are we not saving money for a rainy day, we’re actually taking on additional debt year after year.

Now, let’s add the fact that this debt has 2.5% in interest.  That is $500 in interest being added to the debt on top of what we already owe.  And, next year, we’ll repeat that.

In order to service the debt, our hypothetical household will have to pay $500 just in interest alone to keep from defaulting on the debt.

“What’s the big deal??  What if we just keep paying the interest on the debt?  Wouldn’t that be enough to keep our household finances going?“

That sounds good, in theory…  But, the next year, the debts will rise from $20K to $40K.  And, the interest on the debt will go from $500 to $1,000.  If we thought paying $500 in interest payments was difficult, then paying $1,000 will be impossible.  This happens year after year until the total amount owed to the creditors (the credit card company) is $360K which means interest payments of $10K per year.

Eventually, the credit card companies will simply tell this virtual household that they’ve reached their credit limit because one of three things has happened:

• The home owner has skipped paying for the interest on the credit cards.
• The credit card company knows that the home owner will not be able to take on more debt safely.
• The credit card company has run out of money to lend.

Thus, no more credit for you!

If this household were already running its finances on credit cards and they have their credit cards cutoff (and no one will issue you a new one) then they’re sunk.  They will no longer be able to operate (pay their basic bills) nor will they be able to secure a new credit card.

Let’s breakdown the analogy in relation to our federal government:

• The take home pay ($50K) is like U.S. Federal Revenues (~$5T)
• The annual spending ($70K) is like U.S. Federal Spending (~$7T)
• The household deficit ($20K) is similar to the U.S. Federal Deficit (~$2T)
• Household debt ($360K) is analogous to U.S. National Debt (~$36T)
• The interest on the credit cards ($10K) is just like the Interest On Debt (~$1T)

In short, the debt is represented by our U.S. federal bonds and the interest on the debt is the interest payments on the bonds to the bond holders.

Eventually, just like our household analogy, the overall bond market (where we fund our debts) will simply tell us, “No more credit for you!” because:

• The federal government cannot keep up with the interest payments.
• The lenders know the gov’t will not be able to keep up with the interest payments in the future.
• They just don’t have any more money to lend!

Not only are millions of American households facing this but our federal government has been running in this exact same fashion for decades.  For those who are interested, this is called “deficit spending“. ^[10]

In the cases of both our theoretical household and federal government, we’re facing the dual threat of rising debts and rising interest payments.  The only difference is scale (magnitude).  In both cases, there is no easy way out, there is no “silver bullet” to remedy the situation.

Eventually, much like the credit card companies in our hypothetical situation, the world will stop buying our bonds and no longer extend credit our way.  The wolf is at our backs… and getting ever-closer.

Fiscal Note:  For as bad as our finances are, the U.S. has some of the relatively strongest finances in the world. There are other countries which are actually much worse than us.  They will fail sooner than we will and their debt failures will affect us badly, too.

Centrally Controlled

Some of you may not believe that the U.S. federal government truly has central control of the money supply (both in its quantity and use) and creation of federal debt.  So, let’s take a brief look at two key areas:  The U.S. Treasury Department ^[11] and federal law 26 USC Section 6011 ^[12]

As you can see from the summary in the end notes, the Treasury Department can greatly affect our money supply, finances, and interest rates, both in changing the money supply ad hoc as well as working directly with the Federal Reserve to bail out institutions (but not private citizens) capriciously.  Even the additional powers of implementing economic policies have given the Treasury Dept. wide latitude in dictating how the American economy should operate (including how private citizens may and may not use their own money).  Most importantly, erratically increasing the money supply (which always results in harmful inflation for the citizenry) and issuing debt (which the people are responsible for repaying, not the state).

As for the USC 26, Section 6011, this makes the IRS the enforcement arm of the Treasury Department and Congress.  It allows the IRS the ability to peer directly into your private financial lives and force you to be fully accountable to the state.  Ironically, there is zero financial accountability by the politicians, bureaucrats, and administrators to the citizenry. ^{[13] [14]}

This unaccountable central control has allowed the state to operate with impunity for decades (and, some would say centuries).

Can We Agree…?

Based on what we’ve looked above (and in the previous articles), I think it’s completely reasonable to ask these fundamental questions, “Can we agree that…?“:

• The federal government has completely mismanaged its finances
• Our federal government is broken
• Our monetary system is broken
• Centralization of our money is a recipe for disaster
• Inflation is legalized theft

After all of this evidence and analysis, if we agree on the above, then I’d like to present a salient and possibly earth-shaking question:

Have we allowed money, that ultimate tool for transmitting economic and metaphysical value, to be centrally controlled for too long?

Prompting The Question…

From all of the poking, prodding, and pontificating, I think we can finally ask the most important question:

Is it time for the separation of… state and money?

Said another way:

Should the creation, control, composition, classification, characteristics, and quality of money be permanently taken out of the hands of the state?

The rest of this series (in fact, the entirety of this blog) will deal with this fundamental and decisive question. 

I realize that this seems a little vague, maybe even Pollyanna ^[15] to ask this question, but I think we can only solve these sorts of questions by asking fundamental questions which push ourselves to challenge established orders. You would be completely justified in thinking that I am a little off my rocker for even asking the question!

Thus, my off-the-wall question to you, “In the entirety of human history, when has there ever been a time when the state consistently had to maintain a solid monetary standard, to live within its means, respect its citizens’ time and work, and do all of this in perpetuity for the entire lifetime of the nation?“

I think we can all comfortably and resoundingly answer, “Never.“

And, that’s the whole point.  Governments always corrupt the money.  Governments always cut corners.  Governments always subordinate the philosophy, the values, and the will of the people to the will of (those within) the state.

Next Steps

Let’s take a look at instances of governments corrupting the money throughout history in Part 2 of the series, “Monetary Revolutions“, found < here >.

Donations

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End Notes, References, & Citations

[1] Federal debt levels

www.USDebtClock.org

Fiscal Note: As of early 2025, the federal debt is ~$36.5T

[2] Ponzi Scheme

“Ponzi Scheme“

• “A Ponzi scheme (/ˈpɒnzi/, Italian: [ˈpontsi]) is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors.[1] Named after Italian businessman Charles Ponzi, this type of scheme misleads investors by either falsely suggesting that profits are derived from legitimate business activities (whereas the business activities are non-existent), or by exaggerating the extent and profitability of the legitimate business activities, leveraging new investments to fabricate or supplement these profits. A Ponzi scheme can maintain the illusion of a sustainable business as long as investors continue to contribute new funds, and as long as most of the investors do not demand full repayment or lose faith in the non-existent assets they are purported to own.“

“Ponzi Scheme“

• “A Ponzi scheme is an investment fraud that pays existing investors with funds collected from new investors. Ponzi scheme organizers often promise to invest your money and generate high returns with little or no risk. But in many Ponzi schemes, the fraudsters do not invest the money. Instead, they use it to pay those who invested earlier and may keep some for themselves.“
• “With little or no legitimate earnings, Ponzi schemes require a constant flow of new money to survive. When it becomes hard to recruit new investors, or when large numbers of existing investors cash out, these schemes tend to collapse.“
• “Ponzi schemes are named after Charles Ponzi, who duped investors in the 1920s with a postage stamp speculation scheme.“

[3] Future unfunded liabilities

Brave search engine summary “future unfunded liabilities”

“Future Unfunded Liabilities

Based on the provided search results, here is a comprehensive answer to the query “future unfunded liabilities”:

Definition: Unfunded liabilities refer to debt or obligations that a government, corporation, or individual has promised to pay in the future, but lacks the necessary funds to fulfill those commitments. In the context of pension plans, unfunded liabilities arise when the present value of promised benefits exceeds the current value of assets set aside to fund those benefits.

Scale of the Problem: The search results highlight the enormity of future unfunded liabilities in the United States:

• $210 trillion: According to some estimates, the US federal government’s unfunded liabilities in net present value exceed $210 trillion, equivalent to about 10 times the country’s annual GDP.
• $93.1 trillion: The federal government’s unfunded liabilities, including Social Security and Medicare, amount to $93.1 trillion, or nearly 400% of annual GDP.
• $1.3 trillion: State and local pension plans in the US face a cumulative funding gap of approximately $1.3 trillion.

Causes: The growth of unfunded liabilities can be attributed to various factors, including:

• Deferred contributions: Many states and local governments have delayed contributions to pension systems during economic downturns, exacerbating the funding gap.
• Lower-than-expected investment returns: Pension funds have struggled to achieve projected investment returns, leading to reduced asset values and increased unfunded liabilities.
• Expanded but unfinanced benefits: Some pension plans have increased benefits without corresponding increases in contributions or investments, widening the funding gap.
• Demographic changes: The retirement of baby boomers and declining birth rates have contributed to increased pension liabilities.

Consequences: The accumulation of unfunded liabilities poses significant risks to governments, corporations, and individuals, including:

• Increased taxes: Future generations may face higher taxes to fund these liabilities.
• Reduced benefits: Pension recipients may face reduced benefits or delayed payments.
• Default or debt restructuring: Governments or corporations may default on their obligations or restructure debt to alleviate the burden.
• Economic instability: The strain on government finances and the potential for debt crises can undermine economic stability and growth.

Mitigation Strategies: To address future unfunded liabilities, governments, corporations, and individuals can consider:

• Increased contributions: Regularly increasing contributions to pension funds can help reduce the funding gap.
• Investment strategies: Implementing more conservative investment strategies or diversifying portfolios can improve returns and reduce risk.
• Benefit adjustments: Adjusting benefit formulas or increasing the retirement age can help reduce liabilities.
• Structural reforms: Implementing pension reform legislation or transitioning to hybrid pension plans can help address the funding gap.

In conclusion, future unfunded liabilities pose a significant challenge for governments, corporations, and individuals. Understanding the scale and causes of these liabilities is crucial for developing effective mitigation strategies to ensure long-term financial sustainability.“

“Federal Unfunded Liabilities Are Growing More Rapidly Than Public Debt“

• “The financial hole is actually deeper than these numbers reveal because they exclude the dramatic effects of Social Security and Medicare, which is regrettable because American workers fully expect the government to honor the benefits they are earning with their payroll taxes. Indeed, a major reason reforming these programs is so challenging is that political leaders mostly agree with workers that these programs represent a social contract that deserves a special and protected status in the political process. While Congress retains the right to adjust benefits under these programs at any time, the reality is that voters enforce a more restricted view of what elected leaders can change.“

“What Are Unfunded Liabilities?“

• “Unfunded liabilities are debt obligations that do not have sufficient funds set aside to pay them. These liabilities generally refer to the U.S. government’s debts or pension plans and their impact on savings and investment securities. Unfunded liabilities can have a significant negative impact on the general economic health of a nation or corporation.“

[4] The Strategic Bitcoin Reserve

Financial Note:  I acknowledge (and greatly appreciate!) that President Trump has a plan to use bitcoin both as a strategic reserve asset (much like our “Strategic Petroleum Reserve“, or “SPR“) to strengthen our federal finances and as a means for paying down the debt.  In my humble opinion, both of them cannot happen simultaneously because our “future unfunded liabilities” ^{[3] [1]} will become “current debts” faster than our ability to pay them with federal revenues.

Add to that the fact that the only way that the federal government will only be able to purchase bitcoin on the open market is through the issuance of more debt and / or more printed dollars, both of which are now debt instruments. 

This is due to the fact that we have non-discretionary budget line items that legally require that we spend particular amounts of money (which we call “future unfunded liabilities“).  This includes Medicaid, Medicare, Social Security, government pension plans and retirement plans, and a slew of other entitlement programs.  The future unfunded liabilities are a type of liability where we have not spent the money already but we know we will have to pay money out sometime in the future (when it will then become a debt) and we do not have any assets (especially cash) to cover those expenditures.  The reason why this is important is because there is essentially no ability to cover those future payouts.  Hence the term “unfunded“.  The people who are owed those future funds will not receive their money.  For anyone who has paid into a federal pension plan then there is a very high probability that it will go broke and they will not receive their full benefits and payouts because it is a Ponzi scheme.

The seemingly banal topic of “discretionary versus non-discretionary” (also called “discretionary vs. mandatory“) spending in our federal government is actually fascinating.  I would encourage anyone who has even a tiny amount of interest in it to look into it.  There are quite a few articles and videos which explain what they are and why understanding them are so important to the health of our nation.  (The U.S. Debt Clock (www.USDebtClock.org) is a great resource and I encourage everyone to refer to it throughout the year.)  In summary, we have legislated our way into mandatory bankruptcy.

[5] Debt per citizen

Note & Disclaimer:  All metrics in USDebtClock are good-faith approximations that are subject to change as updated information becomes available.  I have attempted to use the most up-to-date numbers as a fair and accurate representation of our nation’s financial situation.

• “DEBT PER CITIZEN” metric in the upper-left section of the page near “US NATIONAL DEBT“
• “LIABILITY PER CITIZEN” metric in the lower-right section of the page near “US UNFUNDED LIABILITIES“
• “HOUSEHOLD ASSETS” metric in the lower-left section of the page
• “TOTAL PERSONAL DEBT” metric is near the middle of the page
• “US POPULATION” metric near the middle of the page

Calculations:

• Total Federal Obligation Per Citizen = Debt Per Citizen + Liability Per Citizen
• Total Federal Obligation Per Citizen = $107K + $665K = $763K
• Personal Equity Per Citizen = (Household Assets – Personal Debts) / US Population
• Personal Equity Per Citizen = ($175.T – $25.7T) / 340M = + $411K
• Net Federal Equity Per Citizen = Personal Equity Per Citizen – Total Federal Obligations Per Citizen
• Net Federal Equity Per Citizen = $411K – $763K = $352K

[6] Federal debt growth rate

Brave search engine summary “federal debt growth percentage per year us“

“US Federal Debt Growth Rate

“Based on the provided search results, here are some key findings on federal debt growth percentage per year in the United States:

• Debt-to-GDP ratio: According to the Federal Reserve Bank of St. Louis, the federal debt held by the public as a percentage of GDP is projected to rise from 99% in 2024 to 116% in 2034, and potentially reach 172% by 2054 (Source: Congressional Budget Office, February 2024).
• Annual growth rate: The Congressional Budget Office (CBO) estimates that the federal debt held by the public will grow at an average annual rate of 4.5% from 2024 to 2034, driven by increasing interest costs and mandatory spending (Source: CBO, February 2024).
• Historical context: The CBO reports that the federal debt held by the public increased from 34.7% of GDP in 2000 to 67.7% in 2011, and has continued to rise since then (Source: CBO).
• Long-term projections: The CBO’s Long-Term Budget Outlook (2019) projects that the federal debt held by the public will reach 144% of GDP by 2049, assuming current laws remain unchanged (Source: CBO, 2019).
• Interest costs: The CBO estimates that interest costs on the federal debt will increase from 8.5% of GDP in 2024 to 12.5% in 2034, and potentially reach 15.5% by 2054 (Source: CBO, February 2024).

To summarize, the federal debt growth percentage per year in the United States is projected to:

• Rise from 99% of GDP in 2024 to 116% in 2034
• Grow at an average annual rate of 4.5% from 2024 to 2034
• Reach 144% of GDP by 2049, assuming current laws remain unchanged
• Increase interest costs from 8.5% of GDP in 2024 to 12.5% in 2034 and potentially 15.5% by 2054

Please note that these projections are subject to changes based on various factors, including economic conditions, policy decisions, and demographic trends.“

“U.S. National Debt by Year“

“U.S. National Debt by Year“

[7] U.S. GDP projected growth rate

Brave search engine summery “us gdp projected growth rate“

“US GDP Projected Growth Rate

US GDP Projected Growth Rate: The United States’ GDP growth rate is a key indicator of the country’s economic performance.

Short-term projection: The GDP Growth Rate in the United States is expected to be 1.70 percent by the end of this quarter.

Long-term projection: In the long-term, the United States GDP Growth Rate is projected to trend around 2.00 percent in 2025.

Alternative projection: Another source projects the US GDP growth rate to be around 2.8 percent in 2024.

Forecast range: The forecasted GDP growth rate ranges from 1.9% to 2.1% between 2027 and 2029.“

“Real gross domestic product (GDP) growth rate in the United States from 2019 to 2029“

“The Economic Outlook for 2023 to 2033 in 16 Charts“

[8] U.S. federal future unfunded liabilities trackers

“Our Debt Clock“

“Unfunded Liabilities: Are We Borrowing From Future Generations?“

Brave search engine summary “federal future unfunded liabilities tracker“

“Federal Unfunded Liabilities

The U.S. federal government faces significant future unfunded liabilities, primarily stemming from Social Security, Medicare, and Medicaid obligations. According to recent reports, the present value of these unfunded liabilities has grown substantially over the past two decades. In 2021, the combined unfunded liabilities for Social Security and Medicare were estimated at $93.1 trillion, or nearly 400% of annual GDP, compared to $11.1 trillion (105% of GDP) in 2001.

Specifically, Social Security alone faces a long-term unfunded liability of approximately $63 trillion as of the 2024 Old-Age, Survivors, Disability Insurance (OASDI) trustees report.

For Medicare, the unfunded liability is estimated at around $38.2 trillion.

These figures reflect the gap between projected future benefits and the dedicated tax revenues expected to fund these programs.

The Government Accountability Office (GAO) and the Treasury Department have consistently warned about the growing fiscal pressures from these unfunded obligations, noting that without policy changes, future taxpayers will face increased burdens through higher taxes or reduced benefits.”

Historical Note: www.USDebtClock.org used to have a metric for “Future Unfunded Liabilities”.  As of late (06/2025), I cannot find that tracked on that website anymore. I have reached out to owners / operators of the site to ask if that metric will be put back onto the site. I have not heard anything back, yet, other than an acknowledgement of receipt of my email.

[9] Unfunded liabilities are growing faster than our public debt

“Federal Unfunded Liabilities Are Growing More Rapidly Than Public Debt“

[10] deficit spending

Brave search engine summary “what is deficit spending“

• “Deficit spending refers to the situation where a government, business, or individual spends more than it earns, leading to a financial shortfall. In governmental contexts, this occurs when expenditures on public services—such as education, healthcare, and defense—outstrip revenues from taxes and other sources. The deficit is the annual difference between government spending and government revenue. Within the budgetary process, deficit spending is the amount by which spending exceeds revenue over a particular period of time, also called simply deficit, or budget deficit. Deficit spending occurs whenever a government’s expenditures exceed its revenues over a fiscal period.”

“Deficit Spending: Overview“

“Debt vs. Deficits: What’s the Difference?“

“Deficit Spending“

[11] U.S. Treasury Department

Brave search engine summary: “what does the u.s. treasury do“

“U.S. Treasury Function

Based on the provided search results, here is a comprehensive overview of what the U.S. Treasury does:

Primary Functions:

• Managing Federal Finances: The U.S. Treasury is responsible for collecting taxes, paying bills, and managing the government’s cash flow.
• Issuing Securities: The Treasury issues Treasury bonds, notes, and bills to finance the government’s activities and refinance existing debt.
• Regulating and Supervising Financial Institutions: The Treasury enforces finance and tax laws, and works with other agencies to ensure the stability and integrity of the financial system.

Additional Responsibilities:

• Minting Coins and Printing Currency: The Treasury’s Bureau of Engraving and Printing produces U.S. currency, and the U.S. Mint produces coins.
• Fort Knox Management: The Treasury is responsible for the management and security of the Fort Knox gold reserves.
• Community Development and Engagement: The Treasurer serves as a senior advisor to the Secretary on community development and engagement, and coordinates Tribal relations across the Department.
• Economic Policy Formulation: The Treasury advises the President on domestic and international economic issues and implements the administration’s economic policies.

Collaboration with the Federal Reserve:

• Overlapping Responsibilities: The Treasury and Federal Reserve work together to provide a stable U.S. economy, borrowing money when the government needs to raise cash, and fighting recessions and bailing out institutions when necessary.
• Gold Storage: The Treasury stores most of the nation’s gold supply in a vault at the New York Fed, demonstrating the overlap between the two institutions.

Historical Context:

• Establishment: The U.S. Treasury was formally established as an executive department in 1789, with Alexander Hamilton as its first Secretary.
• Evolution: Over time, the Treasury’s responsibilities have expanded to include managing government revenue, regulating financial institutions, and implementing economic policies.

In summary, the U.S. Treasury plays a critical role in managing federal finances, issuing securities, regulating financial institutions, and implementing economic policies, while also collaborating with the Federal Reserve to maintain a stable economy.”  [emphasis added by Brave search engine]

[12] Federal law Title 16, Section 6011

Brave search engine summary:  “federal law title 26 6011“

“26 U.S. Code Section 6011

Federal Law Title 26 Section 6011: General Requirement of Return, Statement, or List

According to the Internal Revenue Code (IRC), Title 26, Section 6011, the general requirement of return, statement, or list is as follows:

• (a) In General: Every person made liable for any tax imposed by this title, or with respect to the collection thereof, shall make a return or statement according to the forms and regulations prescribed by the Secretary.
• (b) Information Required: Every person required to make a return or statement shall include therein the information required by such forms or regulations.
• (c) Returns, etc., of DISCS and former DISCS and former FSC’s: For taxable years beginning after December 31, 1986, a DISC (Domestic International Sales Corporation), former DISC, or former FSC (Foreign Sales Corporation) shall make a return for the first taxable year in which it is required to deduct and withhold tax under section 3402(q) and for each subsequent taxable year, whether or not income is derived from sources without the United States.
• (d) Returns, etc., of Employers: Every employer required to deduct and withhold tax under section 3402 shall make a return for the first calendar quarter in which it is required to deduct and withhold such tax and for each subsequent calendar quarter, whether or not wages are paid therein.
• (e) Final Returns: Every person required to make a return under this section shall file a final return when the person ceases to be liable for any tax imposed by this title.
• (f) Penalty for Failure to File: Any person required to make a return under this section who fails to file such return at the time and in the manner prescribed by regulations shall be liable for a penalty.
• (g) Regulations: The Secretary shall prescribe regulations under this section, including the forms and information required to be included in returns and statements.

In summary, Section 6011 of the Internal Revenue Code requires individuals and businesses to file returns, statements, or lists with the Internal Revenue Service (IRS) when they are liable for taxes or have withholding obligations. The section outlines the general requirements for filing, including the information to be included, the timing, and the penalties for non-compliance.”  [emphasis added by Brave search engine]

[13] Nancy Pelosi’s portfolio performance

Brave search engine summary “nancy pelosi insider trading“

“Nancy Pelosi Insider Trading

Nancy Pelosi, as a member of Congress, is subject to the STOCK Act of 2012, which prohibits trading based on nonpublic information derived from her position.

Despite this, there have been discussions and debates regarding her stock trades. Some argue that her trades may appear suspicious but are likely vetted by legal counsel to ensure compliance with the law.

Recent disclosures show that Pelosi has engaged in various stock transactions. For example, she bought shares in companies like Alphabet Inc. (GOOGL), Amazon.com Inc. (AMZN), and TEMPUS AI INC (TEM) on January 14, 2025, and sold shares in Apple Inc. (AAPL) and NVIDIA Corporation (NVDA) in late December 2024.

These trades were reported within the required time frames, which can sometimes lead to delays in public disclosure.

Critics and supporters have debated the implications of these trades. Some argue that even if legal, such trading creates an appearance of impropriety and that members of Congress should be prohibited from trading stocks altogether.

Others point out that proving insider trading requires demonstrating that the information used was nonpublic and directly linked to her official duties, which is a high bar to meet.

In summary, while there have been allegations and discussions surrounding Nancy Pelosi’s stock trades, there is no concrete evidence presented in the provided context that she has violated the law. The debate continues over whether the current regulations are sufficient or if a complete ban on stock trading by members of Congress is necessary.“

List of trackers of Nancy Pelosi’s trading activities:

• https://www.quiverquant.com/congresstrading/politician/Nancy%20Pelosi-P000197
• https://valueinvesting.io/nancy-pelosi-stock-trades-tracker
• https://twitter.com/NancyTrackerz
• https://twitter.com/congresstrading

[14] Book: “Throw Them All Out”

“Throw Them All Out: How Politicians and Their Friends Get Rich Off Insider Stock Tips, Land Deals, and Cronyism That Would Send the Rest of us to Prison“

“THE BOOK WASHINGTON DOES NOT WANT YOU TO READ

How is it that politicians often enter office with relatively modest assets, but then, as investors, regularly beat the stock market and sometimes beat the most rapacious hedge funds? How did some members of Congress know to dump their stock holdings just in time to escape the effects of the 2008 financial meltdown? And how is it that billionaires and hedge fund managers often make well-timed investment decisions that anticipate events in Washington?

In this powerfully argued book, Peter Schweizer blows the lid off Washington’s epidemic of ‘honest graft.’ He exposes a secret world where members of Congress insert earmarks into bills to improve their own real-estate holdings, and campaign contributors receive billions in federal grants. Nobody goes to jail. Throw Them All Out casts light into the darkest corners of the political system — and offers ways to clean house.

“Throw Them All Out is filled with stories of petty theft and so-called ‘honest graft‘ . . . Unsparingly bipartisan in [its] criticism of Washington . . . Mr. Schweizer has performed a valuable service to his country.” — Washington Times

[15] Pollyanna

Brave search engine summary: “Pollyanna meaning“

“Pollyanna meaning

According to various sources, a Pollyanna is a person characterized by:

• Irrepressible optimism
• A tendency to find good in everything
• Blindly or excessively optimistic

This term originates from Eleanor H. Porter’s 1913 novel “Pollyanna,” which tells the story of an orphan with an unjustifiably optimistic attitude. Over time, the term has evolved to describe individuals who consistently expect good outcomes and focus on the positive aspects of situations, even when faced with adversity.

Examples

• “I’m no Pollyanna, but I do think some good will come out of this.” (Merriam-Webster)
• “Pollyanna meaning: someone who thinks good things will always happen and finds something good in everything.” (Various dictionaries)

Key Takeaways

• A Pollyanna is someone who maintains an unwaveringly optimistic outlook, often to the point of being perceived as excessively or blindly optimistic.
• This trait can be both a strength, inspiring positivity and hope in others, and a weakness, potentially leading to unrealistic expectations or a lack of preparedness for potential challenges.
• The term Pollyanna is often used to describe someone who is overly optimistic, but it can also be seen as a compliment, acknowledging their ability to find the silver lining in difficult situations.“

“Pollyanna“

• “Pollyanna is a 1913 novel by American author Eleanor H. Porter, considered a classic of children’s literature. The book’s success led to Porter soon writing a sequel, Pollyanna Grows Up (1915). Eleven more Pollyanna sequels, known as “Glad Books”, were later published, most of them written by Elizabeth Borton or Harriet Lummis Smith. Further sequels followed, including Pollyanna Plays the Game by Colleen L. Reece, published in 1997. Due to the book’s fame, “Pollyanna” has become a byword for someone who, like the title character, has an unfailingly optimistic outlook;[1] a subconscious bias towards the positive is often described as the Pollyanna principle. Despite the current common use of the term to mean “excessively cheerful”, Pollyanna and her father played the glad game as a method of coping with the real difficulties and sorrows that, along with luck and joy, shape every life.“