I was sitting upstairs in that restaurant on the boardwalk at Put-in-Bay, looking out over the water while the Teams calls kept coming in. The view pulls you in if you’ve been there. There’s the big central park, the U-shaped stretch of bars and shops wrapped around it, and then the thick forest of masts and hulls filling the harbor in front of it. From the second story you can pick out the bigger boats if you know who owns them. I had a bowl of shrimp and ice water in front of me and the restaurant’s Wi-Fi was solid enough that I could answer questions from people who wanted me on their advisory boards for twenty minutes at a stretch. Manufacturing people mostly. Plastic bottles one day, ship parts another. They all want to know the same basic things: how do you use capital, how do you hire the people who will build something the market actually needs, and how do you keep the whole machine from coming apart when the rules keep changing under your feet.

I told the woman who seated me I needed a quiet corner with good reception because I had a couple of these calls to get through before I could rejoin my family. She set me up where I could still see the bay. Between questions I kept glancing left at those boats and thinking about the men I know who keep them there. A slip and a vessel in that harbor is not a cheap hobby. You’re talking real money, the kind of money that used to stay inside a company so the owners could make payroll and renegotiate supply contracts when things got tight. A lot of those boats are paid for by people who once sat in the CFO chair of companies that no longer belong to the families who built them.

It put me in mind of an old bakery owner I used to deal with years ago when I was younger and still learning how the world actually worked. Transactions did not always go my way. When they didn’t, he would look at me with that half-amused, half-hard expression and say the line I have never forgotten: who owns the gold rules. It was a ruthless statement and a true one. I lived by it, learned from it, and used it for a long time. Gold meant control. Gold meant the ability to set terms. Gold meant you could decide who got paid and who got squeezed. In that older economy it was still possible for a privately held company to own its own gold, to keep its own books, and to weather a rough season without selling the whole enterprise to strangers.

That economy is gone. The currency changed. The Federal Reserve prints money at a scale that would have been unthinkable when I was dealing with that baker, and that printed money does not stay neutral. It floods into investment channels that then go looking for hard assets—companies, homes, anything that can absorb the excess liquidity and launder it into legitimate ownership. After the COVID disruption the process accelerated. Supply chains seized up. Costs for materials and labor jumped. Minimum-wage pressures and regulatory layers that had been building for years suddenly became impossible to absorb on the old margins. A lot of long-standing private companies found themselves carrying debt loads they never would have taken on in a tighter money environment, or they found their CFOs more interested in the lifestyle the easy capital could buy than in protecting the cash flow that kept the doors open.

I know seven different CFOs who keep boats in that same harbor at Put-in-Bay. They are not moral monsters. They are shortsighted in the particular way the new rules reward. When the money was flowing they took what the system offered. Some of them sold the companies out from under the owners who had built them. Others loaded the balance sheets with leverage that looked smart on paper until the interest rates and the inventory costs and the slower collections all hit at once. The blood in the water brought the sharks. Private equity and institutional capital showed up with the printed money and the patience to wait out the distressed sellers. The old privately held firms that had lasted decades suddenly could not hold. Bankruptcy or forced sale became the only remaining moves that preserved anything at all.

The numbers back up what I have been watching on the ground. Since 2000 the count of private-equity-backed companies in the United States has climbed from roughly two thousand to more than eleven thousand five hundred, and by late 2025 the figure was approaching thirteen thousand. Over the same stretch the number of publicly listed companies on the major exchanges fell by about thirty-five percent, from around seven thousand to roughly forty-five hundred. Private equity did not invent the pressures that hollowed out traditional ownership, but it has been the primary vehicle that absorbed the wreckage. Business bankruptcy filings, which dropped to historic lows in the immediate post-stimulus years, have been climbing steadily again. In the twelve months ending in mid-2025 they were up more than eleven percent year over year, with business filings themselves rising into the twenty-three to twenty-four thousand range. That is still below the peaks of earlier crises, yet the direction is unmistakable and the casualties are concentrated among the mid-sized and long-private firms that once formed the backbone of local manufacturing and distribution. 

The people who call me for advice are trying to figure out how to survive inside this new arrangement. They still think in the old terms. They believe that if they can just get enough gold—enough capital, enough line of credit, enough valuation—they will be able to rule the way the bakery owner once ruled. I tell them the truth as I see it from that restaurant window. Gold is still useful, but knowledge has become the scarcer and more powerful resource. The man who understands how to turn knowledge into something the market will pay for can acquire gold whenever he needs it. The man who only knows how to hold gold, or how to extract it from someone else’s balance sheet, is playing a game that is already being rewritten around him.

A lot of the capital washing through these deals is not patient industrial capital. It is money that needs a home after the Federal Reserve expanded the money supply at rates that had not been seen in modern times. M2 grew by roughly forty percent in the two years after the pandemic began. That liquidity had to go somewhere. It went into private equity funds, into real-estate investment vehicles, into every channel that could convert paper claims into ownership of real productive assets. The result is a quiet transfer. Private ownership is not outlawed. It is simply made more expensive, more leveraged, and more vulnerable to the next policy shock until the original owners are forced to sell or fold. What replaces them is often a portfolio company whose ultimate decision-makers sit in New York or London or some other distant place and whose primary obligation is to the limited partners who supplied the capital, not to the community that once depended on the firm. 

I do not pretend this is a conspiracy theory that requires secret handshakes. The mechanisms are public. Monetary policy that treats inflation as a temporary inconvenience while asset prices soar. Regulatory and wage policies that raise the fixed costs of running a small or mid-sized operation. A financial culture that rewards the extraction of value over the patient creation of it. And a political culture that has grown comfortable talking about “stakeholders” and “public interest” while the actual private owners who built the companies are being squeezed out. Whether you call the endpoint socialism or simply the financialization of everything, the practical effect is the same: fewer people who own the means of production in any meaningful sense, and more people who work for capital that answers to no local loyalty.

I keep taking the advisory calls because the people on the other end still need answers faster than the next book or the next documentary will deliver them. I tell them what I told the people on those Teams sessions while I watched the boats bob in the harbor. The old rule still has force, but the gold itself has changed. Knowledge that can be turned into products people actually want is the only form of capital that cannot be printed into existence by a central bank or diluted by the next round of leverage. The companies that survive the current slaughter will be the ones that treat knowledge as the real scarce resource and that refuse to let short-term extraction destroy the long-term ability to create value.

Private ownership of productive enterprises is not a nostalgic preference. It is the practical foundation of a free economy. When that foundation erodes far enough, the language of free markets remains but the substance is gone. I have watched enough of it happen in the last several years, including a long-standing company not far from my own house, to know the pattern is not accidental and not temporary. The people who still believe they can simply steal or leverage their way to the gold and then rule forever are the ones who have not yet noticed that the rules themselves have shifted under them. Knowledge compounds. Printed money does not. That difference is going to decide more than most of the current players seem to understand.

I give the advice away freely because the window for acting on it is already narrower than most people realize. The next decade will not look like the last one, and the companies that still answer to actual owners rather than to distant capital will be rarer still unless enough people decide that knowledge is the only gold worth owning.

Notes

1.  Citizens Bank analysis drawing on industry data shows the private-equity-backed company count in the United States rising from approximately 2,000 in 2000 to more than 11,500 in recent years, a gain exceeding 400 percent, while the number of companies listed on the NYSE and NASDAQ fell from roughly 7,000 to about 4,500. PitchBook data for Q3 2025 places the number of U.S. PE-backed companies near 12,900.

2.  Administrative Office of the U.S. Courts data show business bankruptcy filings rising from 18,926 in the year ending December 2023 to 23,107 in the year ending December 2024 (a 22 percent increase), with further elevation into 2025. Total bankruptcy filings for the twelve months ending June 2025 reached 542,529, an 11.5 percent increase over the prior period.

3.  Federal Reserve data and analyses from the St. Louis Fed and other sources document the rapid expansion of M2 money supply during 2020–2022, with year-over-year growth rates exceeding 25 percent at peak and cumulative increases on the order of 40 percent from early 2020 levels, contributing to the inflationary and asset-price pressures that followed.

Bibliography

Citizens Bank. “The Public to Private Equity Pivot Continues.” Capital Markets & Advisory insights, December 2024.

PitchBook. Data on U.S. private-equity-backed company counts and holding periods, various releases through 2025–2026.

Administrative Office of the U.S. Courts. Bankruptcy Statistics, twelve-month periods ending 2023–2025.

Federal Reserve Bank of St. Louis. “The Rise and Fall of M2.” On the Economy, May 2023, and subsequent H.6 Money Stock Measures releases.

Davis, Steven J., et al. “The Economic Effects of Private Equity Buyouts.” NBER Working Paper 26371 (and related Chicago Booth / BFI versions).

McKinsey & Company. Global Private Markets Report 2026.

S&P Global Market Intelligence. Reports on private-equity portfolio company bankruptcies and corporate distress, 2024–2025.

U.S. Small Business Administration, Office of Advocacy. Frequently Asked Questions About Small Business, 2024–2025 editions, for context on the continuing dominance of small private firms even as mid-market ownership concentrates.

Rich Hoffman

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About the Author: Rich Hoffman

Rich Hoffman is an author, political consultant, and strategic advisor based in Cincinnati, Ohio, and the creator of The Politics of Heaven—a unique framework that connects biblical theology, ancient history, and modern power structures to explain how moral alignment and spiritual forces shape global events. Blending real-world political experience with deep research into archaeology, UFO phenomena, and suppressed historical narratives, Hoffman offers compelling commentary on topics ranging from ancient civilizations and the Dead Sea Scrolls to modern populist movements, paranormal continuity, and leadership strategy in chaotic environments. As the author of The Gunfighter’s Guide to Business and the forthcoming Politics of Heaven, he brings a grounded yet provocative voice to media discussions, supported by firsthand experiences and a cross-disciplinary approach that bridges science, history, and theology. For interviews, speaking engagements, or expert analysis, visit richhoffmanbooks.com or contact directly via phone at 513-307-5815 or email at rhoffman@richhoffmanbooks.com.  If you’ve seen the movie, Disclosure Day and want to talk about it and the implications of Presidnet Trump’s UAP disclosures, let me know and we can bring some color to your coverage. https://richhoffmanbooks.com/media-inquiries-broadcast-topics-and-contact-info/?frame-nonce=ad51e7ecba I do have a firsthand UFO encounter to discuss.