What would happen if the U.S. government tried to shut down the internet for two weeks? Economically, they know the devastation would be impossible to contain. Emergency services -- 911 dispatch, hospital networks, ambulance coordination -- rely on internet infrastructure. Transportation systems, from air traffic control to railway signaling to trucking logistics, would collapse. Food distribution would halt. Supply chains would disintegrate overnight. Frankly, we wouldn't go back to the 1980s; we'd go back to the 1880s. Because as I've stated before, our society no longer functions offline. Every aspect of modern life -- banking, commerce, communication, education, healthcare -- depends on digital infrastructure. And it would all come toppling down with nothing in its place to pick up the pieces. So if they pull the "internet kill switch" lever, kiss modern civilization good-bye.

US Treasuries are more hated than ever. Over the last 10 years, the S&P 500 has outperformed US Treasuries by 15 percentage points on average per year, the largest outperformance since the late 1950s. This figure includes stock dividends and interest earned on Treasuries, and is adjusted for inflation. Excluding the 1950s, this is the biggest outperformance by US stocks in financial market history. By comparison, the long-term average since the 1880s is ~5 percentage points. This comes as US Treasuries have delivered an average annual inflation-adjusted return of -3%, their worst performance since the early 1980s. Meanwhile, the S&P 500's average annual real return has been +12% over the same period. The gap between stocks and Treasuries has rarely been wider.

The first Starship flight test of 2025 flew with ambitious goals, and it served as a reminder that development testing, by definition, can be unpredictable →