The Haystack and the Empire: Jack Bogle, the Big Three, and the Shape of Capital: from Code And Council

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The Haystack and the Empire: Jack Bogle, the Big Three, and the Shape of Capital:

42 minutes Posted Aug 11, 2025 at 9:00 am.

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From the muddy fields of medieval serfdom to the algorithmic boardrooms of the Big Three, this two-hundred–minute conversation traces the long arc of how wealth and power concentrate, fracture, and reassemble. Jerry and Rachel chart the rise and fall of empires, the command economies of China and Russia, and the global market order that emerged from their collapse and restructuring. At its center is Jack Bogle’s haystack — the index fund that promised ordinary investors a fair shake — and the empire it inadvertently helped build: Vanguard, BlackRock, and State Street as “universal owners” of the modern world. Along the way, they the ripple effects of Soviet collapse, the crypto rebellion, and the looming role of AI in shaping capital itself. It’s a history lesson, a cautionary tale, and a question: can governance ever win against gravity. Music:https://www.youtube.com/watch?v=HekQxhqktKoWork Sited 2017-2021.state.gov

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