Dear Reader,

THE GOVERNMENT JUST PUBLISHED ITS REPORT CARD FOR 2026. The U.S. ran a $1.992 trillion deficit last fiscal year. They took in $5.4 trillion. They spent $7.4 trillion. The difference is $2 trillion they borrowed from your future.

Reuters called it “the largest budget shortfall in five years.” CNBC called it “the third-highest annual deficit in U.S. history.” Washington called it a Tuesday.

Inside today’s issue:

• The Number They Buried: A $2 trillion deficit in a “strong economy” is not a budget problem. It’s a math problem. And the math doesn’t lie.
• Who Pays the Tab: The government collected record receipts. It still spent $2 trillion more. Guess who covers that gap.
• The History Lesson Nobody Teaches: Every empire that printed its way out of debt ended the same way. Every one.
• Larry Benedict — Oil Skimming: Larry Benedict just released a new presentation on a strategy called “Oil Skimming.” It’s worth a look. (Brownstone Research)

THE NUMBER THEY BURIED

Let me show you what the Treasury Department published on October 16, 2026.

Total receipts: $5.40 trillion. A record. Highest in U.S. history.

Total outlays: $7.40 trillion. Also a record. Also highest in U.S. history.

Difference: $1.992 trillion. Borrowed. Added to the pile. Gone.

The financial press reported this the same way they report the weather. Matter-of-fact. No outrage. CNBC noted it was “about 12% higher than the $1.775 trillion deficit in the prior fiscal year.” They moved on to Tesla and Netflix within the hour.

WHO PAYS THE TAB

Here is what they are not saying.

That $2 trillion has to come from somewhere. It comes from you.

Not through taxes. Not directly. Through inflation. The Fed holds rates at 3.75%. The government borrows $2 trillion anyway. The dollar absorbs the damage. Your grocery bill absorbs the damage. Your savings absorb the damage.

The Tax Foundation says tariffs alone are costing the average American household $820 in 2026. Add that to the inflation tax from a $2 trillion deficit. Add that to interest on $40 trillion in debt now consuming nearly a trillion dollars a year to service.

The middle class is being taxed from three directions at once. And none of them show up on your W-2.

THE HISTORY LESSON NOBODY TEACHES

I have been studying monetary history for 50 years.

I watched Nixon close the gold window in 1971. I watched Volcker hike rates to 20% to break the inflation that followed. I watched Japan build a debt mountain in the 1990s and lose an entire decade.

The pattern is always the same:

1. Government spends more than it earns.

2. Government borrows to cover the gap.

3. Debt grows faster than the economy.

4. Currency loses value. Prices rise.

5. Those who held hard assets survived. Those who held paper got wiped out.

“Total receipts for fiscal 2026 were a record $5.40 trillion, up $169 billion, or 3%, from $5.24 trillion in fiscal 2025. Fiscal 2026 outlays also were a record at $7.40 trillion, up $386 billion, or 6%, from $7.01 trillion in the prior fiscal year.”

Receipts up 3%. Outlays up 6%. Every year, the gap widens.

That is not an accident. That is a system designed to run hot. They need inflation. They need deficit spending. The whole machine depends on it.

The question is not whether this ends badly. The question is: are you positioned for when it does?

Gold is near $4,200. Silver is near $58. Both are telling you something the deficit report confirms.

But the real question is not what gold costs today. There is something happening right now with the dollar itself that I want to show you. It is bigger than a bad budget number. And most people will not hear about it until it is too late.

But first — our friend Whitney Tilson has been tracking something big. Take a look:

A new kind of civil war is coming after election day?

Across America, there's been violence, protests, lawsuits, cancelled projects, and campaigns to impose statewide moratoria to stop AI's impact on cities and small towns across the nation. And Whitney Tilson believes these frustrations are only going to get worse. In fact, at midnight on November 4th, the day after our upcoming midterm elections, he believes it's all going to come to a head. And it will have huge implications on your portfolio.

He's sharing his full analysis free, here.

WHAT YOU CAN DO ABOUT IT

I am not telling you to panic. I am telling you to pay attention.

My rich dad taught me one rule for times like this: own the assets that governments cannot print.

Gold. Silver. Real estate with real cash flow. Bitcoin, if you understand it.

NOT paper. NOT savings accounts yielding less than inflation. NOT retirement funds parked in a currency that loses 6% purchasing power every time Washington spends more than it earns.

A $2 trillion deficit in a “strong economy” is what they call a baseline. What happens in the next recession? What happens when debt service hits $1.5 trillion a year?

They have been saying the dollar is fine for 50 years. It has lost 98% of its value since 1971. Do the math.

To your freedom,
Robert Kiyosaki
Author, Rich Dad Poor Dad

P.S. Trump Is Replacing The U.S. Dollar. The last time America reset its money, it created 1,300 millionaires every day. Porter Stansberry says this one could be bigger — and he has five stocks to own before it happens. Get the full story here.