The US has to refinance roughly $10 trillion in the next year — and the biggest foreign buyer of its debt is selling at the worst possible moment, while AI infrastructure spending drains what's left of global liquidity. Tom breaks down why that math forces a choice between crushing interest rates and the money printer, and why the "invisible tax" of printing is the thing nobody in Washington will say out loud. Plus: the truth about the Iran "deal," the push to tax capital gains like income, the SPLC indictment, the UK's under-16 social media ban and the digital-ID backdoor behind it, China's mosquito-sized surveillance drone, and what private equity buying Pizza Hut and Domino's says about the economy. Thanks to our sponsor: PlaudAI: Get up to 20% off with code IMPACT at https://plaud.ai/impact Timestamps below.