“A major consequence of the American Revolution was the preservation of the free-market realities engendered by the long tradition of salutary neglect, threatened by the remnants of England’s monarchical leviathan. The American colonists proved to be an exception to English constitutionalism, having no direct representation in Parliament and being at the whim of royal prerogative as a colonial venture under the executive authority of foreign policy. The colonies ended up being outside English polity and thus subject to the whims of mercantilism rather than allowed to continue prospering under the spontaneous capitalism of the mother country. And so, the people revolted.” (10/01/26)
“Florida Attorney General James Uthmeier on Thursday filed a lawsuit against Pfizer and its CEO, Albert Bourla, accusing the drugmaker of misleading consumers about the safety and effectiveness of its COVID-19 vaccine. … Uthmeier filed the lawsuit in state court, alleging that Pfizer told consumers its COVID-19 vaccine was safe while failing to disclose potential risks, including heart inflammation and other adverse events. Pfizer, according to the lawsuit, urged people to get the shot to protect others, even though the company never tested whether the vaccine stopped the virus from spreading. … Pfizer said in a statement the state’s allegations have no merit and that it would respond to the suit in due course.” [editor’s note: While Uthmeier is a grandstanding pol with a history of frivolous publicity-seeking and political corruption, there does seem to be a case here; the discovery phase should prove quite interesting – TLK] (10/01/26)
“Forbes recently dropped its 2026 Forbes 400 list: The 400 richest Americans today are worth a combined $8 trillion. Elon Musk, at the tip-top of the list, is worth an estimated $908 billion. If you spend your life thinking about taxes, as I do, a list like this naturally raises the wealth-tax question. One might think such a list would make an argument in favor of wealth taxation. If you think hard about the numbers, however, it actually shows how bad some arguments are in its favor.” (10/01/26)
“The Supreme Court announced Thursday it will decide the legality of President Trump’s mandatory detention policy, putting one of his banner immigration programs on the justices’ docket for their upcoming term. The Trump administration argues it can detain people without bond if they’re found to be in the country unlawfully, even if they have been living on U.S. soil for years. It’s a significant expansion of the government’s immigration powers. The push has fueled thousands of cases claiming the policy exceeds federal law, creating an avalanche of work for judges across the country, who are racing to keep up. The case marks another major confrontation between the Trump administration and the conservative-majority court. However, the justices opted against taking up a broader legal question of whether Trump’s policy violates constitutional due process protections. As of now, the court will only decide if the policy follows federal law.” [editor’s note: Under the “supreme” federal law — the US Constitution — it’s literally impossible to “be in the country unlawfully” – TLK] (10/01/260
“There is no greater myth regarding American exceptionalism than the view that only the United States has always seen the promotion of ‘liberal democracy’ as part of its national identity. In actual fact, the United States pledges itself to ‘liberal democracy’ the world over only when its military designs are compromised or stymied. The model was President Woodrow Wilson’s ‘war to end all wars’ during World War I. When Wilson asked Congress for a declaration of war against Germany in 1917, he famously stated that the ‘world must be made safe for democracy.’ Wilson understood that the American people were not interested in a conflict as part of a larger geopolitical battle, but would rally around the idea of a moral crusade to permanently eliminate militarism and establish a lasting global peace.” (10/01/26)
“The Labor Department reported Thursday that seasonally adjusted initial jobless claims fell by 1,000 to 197,000 for the week ending September 26, the lowest reading since mid-July. The prior week’s figure was revised up by 1,000, from 197,000 to 198,000. The four-week moving average of claims slipped 2,500 to land at 200,000, a level that irons out the noise of weekly fluctuations. That figure was also revised up by 250 from the prior week, to 202,500. Continuing claims — a measure of insured unemployment and a proxy for the number of people currently receiving benefits — fell by 11,000 to a seasonally adjusted 1.701 million for the week ending September 19, the lowest since March 2023, according to Bloomberg. The insured unemployment rate held at 1.1%.” (10/01/260
Source: Cato Institute
by Ryan Bourne & Nathan Miller
“The 10-year Treasury yield exceeded 5.3 percent yesterday—its highest intraday level since 2002. It has risen by roughly half a percentage point this month. Given the scale of the US debt that needs refinancing and projections for ongoing annual federal deficits, such a surge in government borrowing costs could be a big deal for US interest spending levels and, ultimately, the path of the debt itself.” (10/01/26)
“France and Britain are abandoning a landmark migration deal that allowed the British to return migrants who crossed the English Channel illegally in exchange for those who applied to enter via official means. The deal, known as ‘one in, one out,’ struck in the summer of 2025, was intended to deter dangerous illegal crossings of the channel, which have roiled politics in Britain and raised tensions between London and Paris. The original deal was struck for one year and was extended by a month, until Oct. 1, but will not be renewed. France pulled the plug despite entreaties from London to keep it in place, according to officials in both countries, in part because the French government wants Britain to strike a broader deportation deal with the 27 countries of the European Union.” (10/01/26)
