Bessent said ‘I am the house.’ The bond market disagreed
Bessent declared himself master of the bond market. Then bond yields soared to the highest levels since 2002. His tough talk seems to have vanished.
Javier Milei Is Still Obsessed with the Falkland Islands
Milei praised “Trump for saying Washington could reconsider its neutral stance on the islands’ sovereignty” and threatened to “not wait” for a peaceful solution through the UN.
The Folly of AI Pre-Approval
The European Union’s Artificial Intelligence Act requires developers to obtain government permission before releasing many AI models. Similar licensing and pre-approval regimes are spreading in other jurisdictions. Supporters claim these rules will make AI safer. In reality, mandatory pre-approval is epistemically impossible, destroys the entrepreneurial discovery process that generates both innovation and genuine safety knowledge, and systematically favors large incumbents.
Is Quong Wrong?
[Political Philosophy: The Problem of Legitimate Injustice by Jonathan Quong (Princeton, 2026; 204 pp.)]
Conservatives: Was Ronald Reagan a Coward and Traitor?
Government Failure Is Still Failure
Introductory economics textbooks devote considerable attention to market failure: monopoly power, externalities, public goods and asymmetric information. However, government failure deserves the same scrutiny.
Markets are made up of imperfect human beings and so are governments. Legislators, regulators, and civil servants possess limited knowledge, imperfect foresight and incentives of their own. Evidence of market failure is not evidence that government intervention will improve the outcome. The relevant comparison is between feasible alternatives.
Conservatives: Was Ronald Reagan a Coward and Traitor?
“In the weeks immediately after the bombing [in Lebanon], I believed the last thing that we should do was turn tail and leave. Yet the irrationality of Middle East politics forced us to rethink our policy there. If there would be some rethinking of policy before our men die, we would be a lot better off.” — Ronald Reagan, An American Life, pp. 466-467
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