Snapshot · All-In with Chamath, Jason, Sacks & Friedberg
Friedberg noted the Social Security Trust Fund currently holds just one asset — a special US Treasury certificate representing a $4 trillion IOU from the federal government — and proposes converting it to equity ownership.
Where this was said
At 46:00 · chapter starts 37:59
Sacks says he'd support taking equity from public benefit corporations that train for free on public data and gatekeep output. Jason calls AI CEOs 'capitalist cucks' for inviting regulation [1] — David Sacks "Sacks is a capitalist. He hates confiscation. But when AI companies train for free on all of humanity's knowledge, promise 50% job losses, …" 49:50 .
Senator Bernie Sanders published a New York Times op-ed proposing a one-time 50% tax on the stock of the largest AI companies to fund a sovereign wealth fund.
Bernie Sanders published a NYT op-ed proposing a one-time 50% stock tax on the biggest AI companies. Sacks hates it as confiscation — but understands the logic: AI CEOs trained on everyone's knowledge, promised to put half of America out of work, and now gatekeep the output. If that's your pitch, don't be surprised when people want a cut.
The May jobs report showed 172,000 new jobs — more than double what economists expected — with unemployment at a near-record low of 4.3%.
The Social Security Trust Fund holds exactly one asset: a $4 trillion IOU from the US government. Friedberg wants to blow it up, convert it into individual equity accounts, and use the capital to buy stocks in transformative American companies — including AI. This is the right way to let citizens participate in the AI boom without confiscation.
AI doesn't destroy jobs — it multiplies what each person can produce. The real story is on the revenue side: one engineer can now do what 100 used to do, creating more products, more companies, more opportunity. Friedberg's own company is hiring aggressively because of AI. The apocalypse narrative has been disproven by every single jobs report.
Sacks is a capitalist. He hates confiscation. But when AI companies train for free on all of humanity's knowledge, promise 50% job losses, then gatekeep the output from competitors — at some point you've invited the political response you're getting. He doesn't endorse Bernie's plan. He just understands it.
A total of 8 states have filed lawsuits against social media platforms, including an ongoing case in Tennessee, using product liability and public nuisance theories to seek accountability.
France built 56 nuclear plants in the 1970s and now has the cheapest energy in Europe, making it independent of Russian or Middle Eastern energy geopolitics.
Estonia has a single tax form, a law preventing the government from asking citizens for the same information twice, and a flat rate of tax — enabling competitive taxation.
Portugal's Lisbon, once a city with a major heroin problem, legalised drugs and redirected enforcement spending into rehabilitation and housing, dramatically reducing crime.
The first Boland Amendment banning CIA and Defense Department funds for the Contras passed the House unanimously — yet the Reagan administration ignored it.
Over just two years, Saudi Arabia alone donated $32 million to the Contra rebels, giving loosely affiliated factions millions they had no way to spend on arms.
The National Endowment for the Preservation of Liberty raised $6.3 million for the Contras but only $3.3 million reached them — a shockingly low 52% program expense rate.
Richard Secord and Albert Hakim marked up their arms shipments to the Contras by as much as 300%, making enormous personal profits from the covert operation.
Lieutenant Colonel Oliver North, tapped to run the entire covert Contra support operation, had no prior experience in covert operations whatsoever — he was learning as he went.
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