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Almost-but-not-quite-billionaires Adam and Jeff consider whether a national wealth tax on billionaires would be a good way to balance the federal budget. After considering the extent to which the $38 trillion national debt is compounding upon itself and the limited supply of billionaires, they are not optimistic that such an approach will work. They also point out that the fundamental problem is not a lack of tax revenue with tax collections totaling $5 trillion per year but persistent overspending which is now in excess of $7 trillion per year. So even if you tax every billionaire into abject poverty, it will only be a drop in the bucket and the annual shortfalls will continue to compound. Jeff offers the radical idea that maybe, just maybe, the solution might be that we spend no more than we receive in tax revenues each year. Adam pointed out that Jeff was suffering from a high fever and probably needed to go home until his hallucinations went away.

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Global strategists Adam and Jeff ponder the historical cycles that have seen empires in the past decline when their commitments exceed their ability to project economic and military power. Jeff talks about the rise and fall of the British Empire and marvels that such a small island with such poor food choices and regrettable dental hygiene was able to assert control over much of the known world when colonization was all the rage. Adam and Jeff bemoan the structural deficits that are adding $2 trillion dollars per year to the national debt even though almost all of the $38 trillion debt has accrued in the past 4 decades. Of course this was at a time in which the United States was not threatened by another power; instead it has been a structural deficits fueled by increased entitlement spending. Adam points out that in a few years the entire budget will be consumed by spending on Medicare, Medicaid, Social Security and interest on the debt. In other words, all other spending including government subsidies to the Omaha Bugle will be crowded out. However, Adam and Jeff agree that in the event the dollars become tight, the Fed can always starting running another printing press 24/7.

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Adam and Jeff discuss the state of Russia's 4-year misadventure in the Ukraine and point out that this conflict has lasted longer than Russia's involvement in World War II. Jeff points out that Russia has suffered about 1.2 million military casualties. This conflict has taken a toll on the Russian economy because there is a severe shortage of young workers to man the factories. The war has also exposed the poor state of the Russian military and highlighted the "fight to the death" mentality of the Ukrainians. Jeff points out that Ukraine's tenacity is rooted in part in Russia's repeated invasions and engineered famines of Ukraine over the centuries. Adam and Jeff also discuss the fact that Texas-sized Ukraine is the second largest country in Europe and should not have been viewed as a low-risk high-reward adventure like Putin's previous outings in Georgia and the Crimea. Ukraine's historical animosity toward Russia has fueled unprecedented nationalism and drained Russia's military capacity while also causing both Sweden and Finland to join NATO. Even though Russia may end up occupying a strip of territory on Ukraine's eastern frontier indefinitely, it is hard to see how this conflict has helped Russia in any way, particularly as it has become ever-more reliant on its "eternal friend" China.