Matthew McConaughey on purpose

Your purpose in life is to create something that outlasts you.

~ Matthew McConaughey

 

Tho Bishop on the assassination of Charlie Kirk

Modern America has been one of constant shock: decades of war, economic turmoil, covid lockdowns, contested elections, rising political escalation, and resulting political violence. Despite this contemporary backdrop, the assassination of Charlie Kirk is a moment that stands apart in the way that singular death—with a face, a family, a story, a particular context—is always easier to process than a broader event, no matter how horrible. 

Kirk was a 31-year-old husband, a young father, and perhaps America’s leading “political influencer” of an age defined by the craft. His traditional calling card, the one that brought him to the Grand Valley State University campus, was characterized by debate and dialogue that was dismissed by enemies on the left as cheap stunts and criticized by some on the right for being corny. Regardless of one’s opinions on Kirk’s individual views, it was a throwback to the romantic notions of persuasion and conversation still holding value when so many voices advocated for political domination and conquest.

It was precisely Kirk’s desire to engage with those he disagreed with that put him in the path of a killer bullet. This event will forever shape how generations of Americans view our politicized society.

~ Tho Bishop, "The Dehumanization of Charlie Kirk Came from the Establishment," Mises Wire, September 11, 2025

 

Kevin Duffy on wars in the Middle East

Wars are the embodiment of collective delusions.  The same laws that govern bubbles apply: the madness of crowds, intolerance for dissent, promotion of false and simple narratives and a rush of euphoria that brings about an orgy of poor decisions.  The good news is that all bubbles eventually burst, reversing a long, ruinous trend and exposing the false belief that supports them.  

In the Middle East there are multiple delusions taking place.  The first is that Israel has a history of acting in self-defense.  The second is that the U.S. has long been a “global force for good.”  The third is that Donald Trump is opposed to “forever wars” and a threat to the military industrial complex.

~ Kevin Duffy, "The End of the Innocence: American Foreign Policy in the Middle East," The Coffee Can Portfolio, August 27, 2025

 

Doug McMillon on the delayed impact of tariffs

We're keeping our prices as low as we can for as long as we can. As we replenish inventory at post-tariff price levels, we've continued to see our costs increase each week, which we expect will continue into the third and fourth quarters. 

~ Doug McMillon, Walmart CEO, August 21, 2025

 

Sabrina Escobar on why the impact of tariffs has been muted so far

There’s another reason for the persistence of consumer strength: Shoppers haven’t yet felt the sting of higher prices.  That is largely because many retailers imported products ahead of spring and summer tariff implementations, allowing them to keep most of their prices unchanged, and have been willing to eat some of the higher costs. 

The reaction to earnings, however, suggests that doubts are seeping in.  Walmart stock dropped 4.5% on the day of its release, while BJ’sWholesale Club lost 6%, and Target, 6.3%, though the last had more to do with its choice of a new CEO than its business.  And those doubts largely stem from new tariffs as retailers restock inventories for the holiday season and companies are forced to pass on higher import costs to consumers to protect margins. “I don’t think you really start to feel the pinch of tariffs until the third quarter, so I think that’s the make-or-break quarter,” says Steven Shemesh, an analyst at RBC Capital Markets. 

Look no further than Walmart, whose stock has earned a premium valuation for its ability to attract shoppers with its low prices.  On Thursday, CEO Doug McMillon said the impact of tariffs has been “gradual enough that any behavioral adjustments by the customer have been somewhat muted.” But he warned that the company has seen costs increase each week as it replenishes its inventories at post-tariff price levels—a trend that McMillon expects to continue into the third and fourth quarters. And while Walmart plans to keep prices as low as possible, some increases are inevitable, especially after the company missed earnings expectations despite its superior revenue growth. 

~ Sabrina Escobar, "Walmart and Other Retailers Have Eaten the Cost of Tariffs. Now It Is the Consumer’s Turn.," Barron's, August 22, 2025

 

Jonathan Newman on Fed independence

Fed independence platitudes are like the robes worn by Supreme Court justices.  They provide the appearance of objectivity, sophistication, and sacredness.  Underneath, it’s all politics.

~ Jonathan Newman, "The Myth of Fed 'Independence'," The Misesian, July-August 2025

 

Rick Newman on socialism, Trump-style

Socialist Sen. Bernie Sanders applauded Trump’s plan to nationalize Intel and other chipmakers.  Sanders is the same guy who co-authored the Green New Deal, which would have entailed a government takeover of the transportation and energy sectors for many dubious reasons, including promoting “justice and equity” and “repairing historic oppression” of certain ethnic groups.  Trump’s motivation is obviously different, but at a certain point, socialist central planning and Trump’s attempted hostile takeover of capitalism start to look like the same thing.  Stock buyers beware. 

~ Rick Newman, "This week in Trumponomics: POTUS is on an investment spree," Yahoo!Finance, August 23, 2025