Notes in the Margin

The Iran war could claim a casualty far more consequential than a missile battery, an air base, or an oil tanker: the petrodollar system.

"The lesson of the Cornell controversy is that justice is not measured by whether prosecutors satisfy public anger. It is measured by whether they faithfully apply the law."

""It's not a simple story ... But I would say that I think we are in a rising term-premium environment."

The 2026 FY just ended, and we find the new annual deficit was 12% above 2025's deficit. 

In a small country like Canada, a 68K job loss is huge. The decline follows 42,000 job losses in August.

In perhaps the least shocking development of recent years, the latest “principled” conservative splinter group is pushing more taxpayer money for the State of Israel.

Naturally, the FBI claimed that it thwarted the very attack that was made possible by the FBI. 

He was a moral degenerate who supported wars of aggression and the growing surveillance state. He also sexually abused teenage boys.  

In the latest victory for the center-right in Latin America, Bolsonaro enters the runoff with an advantage over socialist Lula da Silva. 

A former employee of Howard Lutnick has died months after tipping off Congress on the commerce secretary’s Epstein ties.