Unf*cking The Republic

This week we tore apart The Heritage Foundation’s spin on the Venezuela oil deal—the “world’s gas station” line slogan, the math on what Venezuela gets back is embarrassing, and what’s really happening is a century-old colonial playbook dressed up in PR language. Then we looked at a Pew chart: global favorability of the U.S. just dropped below China’s for the first time. That’s where dollar dominance eventually ends—not in the bond market, but in reputation. And we’re burning through ours fast.

Chapters

Intro: 00:00:38

Quick Takes: 00:01:43

Max Notes: 00:06:13

Killer Left Take of the Week: 00:20:47

Chart of the Week: 00:22:17

Outro: 00:24:20

Resources

NBC News: Far-right commentator Milo Yiannopoulos detained by ICE at New Orleans airport

The New York Times: Milo Yiannopoulos, Right-Wing Agitator, Deported Home to U.K.

U.S. Democratic Socialists: Angie Nixon DESTROYS Laura Loomer After Disgusting Comments!

The Omission: 78 Days

NBC News: Kalshi permanently bans George Santos after he secretly bet on himself

WGRZ-TV: Seneca nation President reacts to Lake Ontario name change

The Progressive: The Long Con of John Roberts

CNN: Google Maps changes Lake Ontario to ‘Lake America’ in US searches

Bloomberg Podcasts: Venezuela Oil Deal Raises Questions Over US Role

PBS News: What we know about Trump’s deal giving U.S. access to vast oil reserves in Venezuela

The Heritage Foundation: Why American Energy Dominance Is a Strategic Imperative

Reuters: Venezuela PDVSA’s 2011 net profit rises 42 pct

El País: Venezuela’s economic crisis fueled by looting of its state-owned oil company

The Heritage Foundation: Fighting a Just War in Iraq

ConocoPhillips: International Arbitration Tribunal Orders Venezuela to Pay ConocoPhillips $8.7 Billion for Unlawful Expropriation of Company’s Oil Investments

Al Jazeera: ‘Profoundly pro-American’: Machado outlines a vision for Venezuela’s future

CNBC: Venezuela’s interim president says U.S. energy deal will last 25 years

Marketplace: Earnings show why big oil isn’t eager to go all-in on Venezuela

Council on Foreign Relations: The U.S. Took Over Venezuela’s Oil Industry. Where Has All the Money Gone?

Vox: How success in Venezuela set Trump up for disaster in Iran

Brittany Page: The Exact Moment Darline Graham Fumbled Her Campaign

Pew Research Center: Views of China have turned more positive – and views of the U.S. more negative – across 20 countries

UNFTR Resources

Video: On The Record 09-01-26 (The Real Story Behind the ‘Great’ Venezuela Oil Deal.)

Essay: Iraqezuela.

Video: Did Reagan Destroy the American Dream?

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Max and 99 are back for another round of Omnibus. They hit headlines on John Roberts’ 40-year project to kill the Voting Rights Act and Spirit Airlines selling decades of flight attendant data to Google to train AI. Then they tackle listener emails on wage labor as a central issue, whether UNFTR is a GRU op (lol), and tech bros engineering technocratic feudalism. Enjoy!

Chapters

Intro: 00:00:40

Headlines: 00:07:38

Emails: 00:31:04

Memberships: 00:59:34

Outro: 01:00:33

Resources

Frazier Chorus: Dream Kitchen

Wired: Spirit Airlines Wants to Sell Its Data to Google. Former Flight Attendants Are Freaked Out

The Progressive: The Long Con of John Roberts

FiftyPlusOne: We tracked every candidate in the 2026 primaries. Here’s who voters are nominating.

UNFTR Resources

Video: On The Record 08-25-26 (Scott Bessent is a Loser Who Wants to be President.)

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If you like #UNFTR, please leave us a rating and review on Apple Podcasts and Spotify: unftr.com/rate and follow us on Facebook, Bluesky, and Instagram at @UNFTRpod. Visit us online at unftr.com.

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Visit our bookshop.org page at bookshop.org/shop/UNFTRpod to find the full UNFTR book list, and find book recommendations from our Unf*ckers at bookshop.org/lists/unf-cker-book-recommendations.

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This week we staged an intervention for Scott Bessent—the failed hedge fund manager who lost 90% of his assets during the greatest bull run in history and is now the most interventionist Treasury Secretary in decades, scoring own goals in the bond market, undermining the new Fed chair, and threatening Iran with sanctions while refusing to answer a single question about China. Then we checked in on the Trump family stablecoin, which has quietly doubled in market cap. It’s a reminder that the most corrupt president in American history is building the most powerful personal wealth machine in the world, and Congress is about to hand him the legislation to run it.

Chapters

Intro: 00:00:38

Quick Takes: 00:01:28

Max Notes: 00:10:28

Killer Left Take of the Week: 00:21:28

Chart of the Week: 00:23:05

Outro: 00:24:19

Resources

Jimmy Carter Presidential Library: Economic Sanctions of Iran

Associated Press: Bush Prods Allies for Tougher Stance on Iran

American Rhetoric: Barack Obama - On United Nations Sanctions Against Iran

C-SPAN: President Trump announces sanctions on Iranian National Bank

Bloomberg Podcasts: US to End Dollar Access to Those Laundering Iran Money Says Bessent

The New York Times: Jeffries and Kushner Meet Privately as Midterm Attacks Fly

The New York Times: Court Allows Trump to Pursue Mail Voting Limits, for Now

Politico: Trump votes by mail again in his home state of Florida

Financial Times: Natalie Harp, the devoted ‘human printer’ in Trump’s entourage

PBS NewsHour: The potential economic fallout of Trump’s trade war with Canada

Charles Booker for U.S. Senate

Daily Kos: Sean Duffy afraid Harvard will ‘corrupt’ daughter’s brain

Mother Jones: It Just Got Way Easier to Sue Fossil Fuel Companies Over Climate Change

Bloomberg: Bessent Becomes Most Interventionist Treasury Chief in Decades

Fortune: Scott Bessent is using moves from his hedge fund days to prop up Japan’s yen—and America’s $40 trillion national debt

The New York Times: He Helped ‘Break’ the Bank of England. Now He May Run the U.S. Treasury.

The Bulwark: How Trump’s Treasury Secretary Crashed His Own Hedge Fund (w/ Marshall Brandt)

Bloomberg: Will Bessent’s Old Trump Jokes Make His Treasury Job Tricky?

Bloomberg: Bessent Is Stealing a Playbook He Didn’t Even Like

AlterNet: Trump Treasury secretary torn apart for leaving out ‘to-do’ list ‘on-purpose’

Reuters: US will do ‘whatever it takes’ to support Japan after yen intervention, Bessent says

CNBC: Bessent’s efforts in the Treasury market so far haven’t worked. Here’s what else he can try

The Hill: Federal Reserve shifts away from forward guidance under new chief Kevin Warsh

Politico: Bessent’s ‘economic D-Day’ against Iran begins with a ‘warning shot’

Straight White American Jesus: Christian Nationalists and Tech Lords: Derek Chauvin Should Go Free & George Floyd Wasn’t Murdered

Reuters: Trump’s stablecoin chosen for $2 billion Abu Dhabi investment in Binance, co-founder says

CoinGecko: USD1

UNFTR Resources

Video: On The Record 08-25-26 (Scott Bessent is a Loser Who Wants to be President.)

Essay: President Scott Bessent.

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If you like #UNFTR, please leave us a rating and review on Apple Podcasts and Spotify: unftr.com/rate and follow us on Facebook, Bluesky, and Instagram at @UNFTRpod. Visit us online at unftr.com.

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Buy yourself some Unf*cking Coffee at shop.unftr.com.

Visit our bookshop.org page at bookshop.org/shop/UNFTRpod to find the full UNFTR book list, and find book recommendations from our Unf*ckers at bookshop.org/lists/unf-cker-book-recommendations.

Access the UNFTR Musicless feed by following the instructions at unftr.com/accessibility

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Billionaires are easy to hate. And there are several efforts underway to get them to pay their “fair share.” In this episode, Max argues that focusing on taxing billionaires is the wrong discussion and distracts from attaining the tax policy we truly need. Instead of focusing on the individual billionaires, focus on preventing individuals from becoming billionaires. The real story is corporate taxes.

Resources

Legal Information Institute: Tax Cuts and Jobs Act of 2017 (TCJA)

Center on Budget and Policy Priorities: The 2017 Trump Tax Law Was Skewed to the Rich, Expensive, and Failed to Deliver on Its Promises

Tax Policy Center: What is the TCJA repatriation tax and how does it work?

Board of Governors of the Federal Reserve System: U.S. Corporations’ Repatriation of Offshore Profits: Evidence from 2018

The White House: White House Office of Management and Budget’s Office of Information and Regulatory Affairs Releases End of Year Deregulatory Stats: Showing the Trump Administration Has Best Deregulation Year in History

The Washington Times: Impact of Trump’s 646 deregulatory actions diluted by tariffs, executive orders

Federal Reserve Bank of New York: Who Is Paying for the 2025 U.S. Tariffs?

Elizabeth Warren: Warren Pushes Giant Corporations to Give Billions in Tariff Refunds Back to Consumers

npr: Companies are getting tariff refunds of up to $2 billion from the Trump administration

CNN: Corporate America got billions of dollars in tariff refunds. Where’s your cut?

Congressional Budget Office: Monthly Budget Review: February 2026

Wall Street Journal: Tariff Revenue Exceeded Corporate Taxes as 2025 Ended

npr: Proposed California wealth tax sparks debate: Will billionaires leave the state?

The New York Times: Founders Wade Into the Wealth Tax Debate

Democratic Socialists of America

Democracy: A Journal of Ideas: Why Corporations Must Pay More

UNFTR Resources

Video: Why Taxing Billionaires Won’t Save Us.

Essay: Don’t Tax the Rich. Cut Them Off.

Episode: Updated Tax Evasion Figures.

Video: On The Record 8-17-26 (The AI Bubble is About to Burst | Corporate Control of Trump.)

5 Non-Negotiables

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If you like #UNFTR, please leave us a rating and review on Apple Podcasts and Spotify: unftr.com/rate and follow us on Facebook, Bluesky, and Instagram at @UNFTRpod. Visit us online at unftr.com.

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Buy yourself some Unf*cking Coffee at shop.unftr.com.

Visit our bookshop.org page at bookshop.org/shop/UNFTRpod to find the full UNFTR book list, and find book recommendations from our Unf*ckers at bookshop.org/lists/unf-cker-book-recommendations.

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Max and 99 are back for another Omnibus. They hit headlines on Tether, the $200 billion crypto company nobody can see inside, and a food safety traceability rule that’s stalled for 15 years. Then they tackle listener emails on Flock cameras doing far more than license plate reading, whether the broligarchy can dump the economic damage on the next Democratic president, and what happens to the dollar if it loses reserve currency status. Enjoy!

Chapters

Intro: 00:00:19

Headlines: 00:16:07

Emails: 00:36:11

Beyond the Bullshit: 01:10:54

Memberships: 01:13:51

Outro: 01:14:13

Resources

Arizona Sky: China Crisis

The Guardian: US law to investigate foodborne illness outbreaks has been delayed for 15 years

ICIJ: The $200 billion company you can’t look inside

Scientific American: Major COVID study that fueled vaccine skepticism retracted over ‘misinformation’

Book Love

Michael Grunwald: The New New Deal: The Hidden Story of Change in the Obama Era

Michael Grunwald: We Are Eating the Earth: The Race to Fix Our Food System and Save Our Climate

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If you like #UNFTR, please leave us a rating and review on Apple Podcasts and Spotify: unftr.com/rate and follow us on Facebook, Bluesky, and Instagram at @UNFTRpod. Visit us online at unftr.com.

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Buy yourself some Unf*cking Coffee at shop.unftr.com.

Visit our bookshop.org page at bookshop.org/shop/UNFTRpod to find the full UNFTR book list, and find book recommendations from our Unf*ckers at bookshop.org/lists/unf-cker-book-recommendations.

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This week we named what’s actually happening to the American economy—Corporate Colonialism, the full realization of the Powell Memo’s 50-year project to hand the keys of democracy to the boardroom—and made the case that the real fight isn’t Trump, it’s the day after Trump. Then we got into the AI financing structures that are starting to look uncomfortably familiar: shell companies, off-balance-sheet guarantees, and phantom liabilities that only become real when everything goes wrong at once. If you get 2007 vibes, you’re paying attention.

Chapters

Intro: 00:00:38

Housekeeping: 00:01:28

Quick Takes: 00:02:31

Max Notes: 00:06:33

Killer Left Take of the Week: 00:15:17

Chart of the Week: 00:16:57

Outro: 00:22:47

Resources

Reuters: US retail sales slump unexpectedly and sharply after a summer tax-refund boost fades

AARP: July 2026 Employment Data Digest

The Guardian: US navy veterans and military health experts express concern over USS Abraham Lincoln sailors

CNBC: AOC says she’s been saving up to freeze her eggs. Here’s how much the procedure can cost

npr: ICE plans to outfit officers with electric shock gloves

Truthout: Jeffries Says He Opposes Medicare for All — Which Would Save 114k Lives Yearly

Great Memos: The Powell Memorandum

More Perfect Union: We Tracked the Private Jets Your Insurance Premium Paid For

Bloomberg: Bond Traders Are Agonizing Over $70 Billion of Shadow Credit Backstops For AI Companies

UNFTR Resources

Video: On The Record 08-18-26 (The AI Bubble is About to Burst | Corporate Control of Trump.)

Essay: Trump’s Corporate Masters.

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If you like #UNFTR, please leave us a rating and review on Apple Podcasts and Spotify: unftr.com/rate and follow us on Facebook, Bluesky, and Instagram at @UNFTRpod. Visit us online at unftr.com.

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Buy yourself some Unf*cking Coffee at shop.unftr.com.

Visit our bookshop.org page at bookshop.org/shop/UNFTRpod to find the full UNFTR book list, and find book recommendations from our Unf*ckers at bookshop.org/lists/unf-cker-book-recommendations.

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Max and 99 are back in action, (though IRL, Max is still on vacay!). They hit headlines on MAHA’s fault lines, Flock cameras tracking cars, the world’s most prolific Wikipedia editor, and OpenAI flying influencers to a luxury nature retreat. Then they tackle listener emails on the difference between socialism/communism/and fascism, and an Elon musk sycophant. Enjoy!

Chapters

Intro: 00:00:33

Headlines: 00:18:18

Emails: 01:07:48

Feature: 01:26:43

Memberships: 01:35:32

Outro: 01:36:30

Resources

Mark Curry: Sorry About The Weather

The Independent: Women’s historic pro baseball game anthem goes viral for all the wrong reasons

The Baffler: Overmedicalization and Its Discontents

Business Insider: Flock cameras are everywhere. Here’s how they track cars.

404 Media: Cops Used Flock to Track a Man Across State Lines to Create Pretext to Search His Car for Weed

404 Media: LAPD Regularly Pulled Over Innocent People Because License Plate Readers Flagged Their Cars As Stolen

404 Media: Cops Keep Getting Arrested for Using Flock to Stalk People

404 Media: Wildlife Conservation Police Are Searching Thousands of Flock Cameras for ICE

404 Media: Cop Used Flock to Wrongfully Accuse a Woman Then Refused to Look at Evidence That Exonerated Her, Body Camera Shows

404 Media: Cops Used Flock to Monitor No Kings Protests Around the Country

New Yorker: The Accidental Architect of the Internet’s Brain

Fast Company: Influencers are being dragged for indulging in a luxury New York nature retreat on OpenAI’s dime

The Wall Street Journal: Google Was a Lifeline for Publishers. Now Some Are Thinking of Cutting It Off.

Social Media Today: Meta still has widest social media reach

Inc.: 55 Percent of Leaders Regret AI Layoffs—and a Major Hiring Reversal Has Begun

Book Love

Cory Doctorow: Enshittification: Why Everything Suddenly Got Worse and What to Do About It

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If you like #UNFTR, please leave us a rating and review on Apple Podcasts and Spotify: unftr.com/rate and follow us on Facebook, Bluesky, and Instagram at @UNFTRpod. Visit us online at unftr.com.

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Buy yourself some Unf*cking Coffee at shop.unftr.com.

Visit our bookshop.org page at bookshop.org/shop/UNFTRpod to find the full UNFTR book list, and find book recommendations from our Unf*ckers at bookshop.org/lists/unf-cker-book-recommendations.

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The AI trade might have found its canary in the coal mine. Leopold Aschenbrenner—a 25-year-old former OpenAI researcher built Situational Awareness into one of the hottest funds on Wall Street by betting long on the construction and infrastructure side of AI (Micron, CoreWeave) and short on the chips and software everyone else was chasing (Nvidia, Broadcom, Oracle). Then July happened, prime brokers made margin calls, and his entire public stock book got liquidated overnight in a single block trade.

This episode uses that blowup as the lens for a much bigger story: how a three-quarters-of-a-trillion-dollar hyperscaler spending pledge is propping up U.S. GDP growth, why OpenAI just quietly cut prices as “tokenmaxxing” dies and Chinese labs undercut on cost, why Mark Zuckerberg picked a fight with OpenAI and Anthropic, how overleveraged Oracle has become, how the most profitable companies in the world are posting negative free cash flow, why hyperscaler bonds are going undersubscribed, and why the length of this year’s tech bond issuance is starting to crowd out the rest of the corporate debt market.

It closes with the 2008 parallel: mortgage-backed securities stacked into CDOs stacked into synthetic swaps, and how today’s version runs through corporate bonds, CLOs, hedge fund leverage, and private credit—with Treasuries as the eventual exit ramp when the unwind accelerates.

Resources

Analysis Atlas: Hyperscaler AI Capex 2026: The $710 Billion Year Inside the Four Spenders

J.P. Morgan Asset Management: How AI demand and capex shape investing in tech stocks

New York Times: U.S. Economy Slows as Inflation Bites

U.S. Bureau of Economic Analysis (BEA): GDP (Advance Estimate), 2nd Quarter 2026

CNBC: OpenAI cuts prices for two of its GPT-5.6 AI models as companies grow sensitive to costs

Business Insider: The All-You-Can-Eat AI Era Is Over. It’s Time to Count Calories

CNBC: Chinese AI models are gaining ground with U.S. companies as OpenAI, Anthropic costs surge

The New York Times: Even China’s A.I. Powerhouses Can’t Figure Out How to Profit Off A.I.

CNBC: Meta’s flurry of AI initiatives this month hasn’t helped lift the stock. What will?

The Hill: Zuckerberg knocks AI development centralization, control

Buttondown: D.A.D.: Zuckerberg Blasts Anthropic and OpenAI for “Centralizing” AI Power

Reuters: AI investment boom puts Big Tech’s free cash flow under pressure

CNBC: Bets against SpaceX grow to 32% of float as Elon Musk warns short sellers won’t survive

Yahoo! Finance: NVIDIA’s rising CDS the talk of Wall Street amid circular financing fears

Bloomberg: Big Tech Debt Flood Is Taking Over Risk In Market: Credit Weekly

CNBC: Fed meeting recap: Warsh says Fed won’t hesitate to stop inflation, but bond market has doubts

CNN: AI investor Leopold Aschenbrenner forced to unwind all public stock positions after steep losses, sources say

Yahoo! Finance: Hyperscalers Hit $700 Billion in 2026 AI Spending Plans - 24/7 Wall St.

Global Finance Magazine: AI’s Financial Circle Game

Reuters: Hyperscaler debt binge pushes yields up as investor demand cools

UNFTR Resources

Video: Situational Awareness: How a 25-Year-Old's Hedge Fund Exposed the Entire AI Bubble.

Essay: The Great Unwind.

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If you like #UNFTR, please leave us a rating and review on Apple Podcasts and Spotify: unftr.com/rate and follow us on Facebook, Bluesky, and Instagram at @UNFTRpod. Visit us online at unftr.com.

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This is one of those, get it off the chest episodes. A straightforward conversation about three slow moving disasters that threaten our way of life. Climate change, artificial intelligence and the Democratic Party. Obviously, that last one requires a bit of an explanation. This is that explanation.

Resources

United States Courts: Bankruptcies Rise 12.2 Percent

Book Love

Abdul El-Sayed + Micah Johnson: Medicare for All: A Citizen's Guide

UNFTR Resources

Video: Climate Change, AI and The DNC | Man-Made Disasters.

Essay: Slow Moving Disasters.

Episode: Climate Action.

Episode: The Montreal Protocol.

Progressive Spotlight: Abdul El-Sayed.

Episode: Medicare for All.

Series: The Clinton Years.

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If you like #UNFTR, please leave us a rating and review on Apple Podcasts and Spotify: unftr.com/rate and follow us on Facebook, Bluesky, and Instagram at @UNFTRpod. Visit us online at unftr.com.

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Buy yourself some Unf*cking Coffee at shop.unftr.com.

Visit our bookshop.org page at bookshop.org/shop/UNFTRpod to find the full UNFTR book list, and find book recommendations from our Unf*ckers at bookshop.org/lists/unf-cker-book-recommendations.

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This week we went deep on debt—all $72 trillion of it—and made the case that the bond market is the real economy, that the Fed has already lost control of the entire curve, and that when the AI trade unwinds, the flood into Treasuries won’t save anyone the way the textbook says it should. Then we watched Japan demonstrate in real time what happens when you don’t have the exorbitant privilege of issuing the world’s reserve currency. A 40-year low for the yen, Japan spending $87 billion in two days trying to hold it together, and the U.S. quietly intervening not out of friendship, but because Japan’s dumping Treasuries would torch our bond market at the worst possible moment.

Chapters

Intro: 00:00:38

Quick Takes: 00:01:33

Max Notes: 00:07:34

Killer Left Take of the Week: 00:24:44

Chart of the Week: 00:27:02

Headlines: 00:30:56

Outro: 00:32:23

Resources

Fox News: Carville vows to FLEE Dem Party over Hasan Piker: ‘Out of here’

Forbes Breaking News: Trump Gives Update On Talks With Iran

Forbes Breaking News: Sparks Fly When RFK Jr. Is Pressed On Vaccines, Pandemic Prevention During CNN Interview

NBC News: Trump: Jeanine Pirro ‘made a mistake’ dropping Reflecting Pool vandalism case

The Thomas Crown Affair

CNBC: AI investor Leopold Aschenbrenner forced to unwind all public stock positions after steep losses, sources say

Federal Reserve Bank of New York: Household Debt and Credit Report (Q1 2026)

Board of Governors of the Federal Reserve System: Financial Accounts of the United States - Z.1

FiscalData: What is the national debt?

SIFMA: US Treasury Securities Statistics

Fortune: U.S. national debt officially hits $39 trillion—adding approximately $5 billion a day since October

Nippon: Japan Govt Worsens Debt-to-GDP Ratio Estimate for FY 2026

Financial Stability Board: Report on Vulnerabilities in Private Credit

Board of Governors of the Federal Reserve System: Implementation Note issued June 17, 2026

U.S. Department of the Treasury: Daily Treasury Rates

TFTC: Treasury Sells $139B in Polar-Opposite Auctions: 2Y Soars, 5Y Craters

MS Now: ‘Don’t be surprised when this gets kind of ugly’: El-Sayed on hotly contested MI Senate primary

Bloomberg Television: Trump Revives Hopes for Iran Deal, Oil Sinks | Insight with Haslinda Amin 8/03/2026

Bloomberg: Why Japan Is Propping Up the Yen With US Help

Bloomberg: BOJ Data Point to $34 Billion Japan FX Intervention Friday

MacroMicro: World - Major Economies’ Holdings of US Debt

The Japan Times: Yen carry trade is a ‘ticking time bomb,’ warns BCA research

Forever Wars: The Markets Matter For War—You Don’t

The American Prospect: The AI Bailout Could Be Baked Into the AI Bubble

Jacobin: Centrist Democrats Keep Making Awful Health Reform Proposals

UNFTR Resources

Video: On The Record 08-04-26 (The Yen Bailout, RFK Jr. Fail, and the $72 Trillion Debt.)

Essay: The $72 Trillion Debt Problem.

Video: Situational Awareness: How a 25-Year-Old’s Hedge Fund Exposed the Entire AI Bubble.

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If you like #UNFTR, please leave us a rating and review on Apple Podcasts and Spotify: unftr.com/rate and follow us on Facebook, Bluesky, and Instagram at @UNFTRpod. Visit us online at unftr.com.

Become a member at unftr.com/memberships.

Buy yourself some Unf*cking Coffee at shop.unftr.com.

Visit our bookshop.org page at bookshop.org/shop/UNFTRpod to find the full UNFTR book list, and find book recommendations from our Unf*ckers at bookshop.org/lists/unf-cker-book-recommendations.

Access the UNFTR Musicless feed by following the instructions at unftr.com/accessibility

Support the show: https://www.unftr.com/memberships

See omnystudio.com/listener for privacy information.