“Until recently the question of who pays tariffs wasn’t controversial among economists. The overwhelming consensus was that under normal circumstances tariffs — taxes on imported goods — are passed on to consumers in the form of higher prices. There are caveats and exceptions to this consensus, but these caveats are well understood and for the most part don’t apply to the tariffs imposed by the Trump 47 administration. Once tariffs became a centerpiece of Trump’s economic policy, however, views about their impact became politicized, and Trump supporters were obliged to echo his claim that foreigners, not U.S. consumers, bear the tariff burden.” (02/15/26)
Source: Foundation for Economic Education
by Kimberlee Josephson
“Spring school picture day arrives with predictable rituals — the combing of hair, the practicing of smiles, and the filling out of order forms that get crumpled up in backpacks. This year, it brings something else: scrutiny. America’s largest school photography company, Lifetouch, has landed in the headlines this month after newly surfaced Epstein-related ownership-chain disclosures triggered parental anger. The facts remain contested, but the reaction is revealing. For many families, the controversy isn’t just about one vendor. It’s about the uneasy feeling that they never had a choice to begin with. Regardless of order form submission, pictures are typically taken anyway.” (02/15/26)
“Among the nine people Donald Trump named to his Board of Peace to run Gaza – which holds its first meeting in Washington DC February 19 – is billionaire private equity operator Marc Rowan. The board’s stated tasks include establishing financial controls and managing the reconstruction of a Gaza. You might think a savvy financier would bring solid credentials to such a job. You would be wrong. Let’s start with the obvious: this ‘Board’ is little more than a colonial operation—a modern day version of the British East India Company. And Marc Rowan is a perfect avatar for such an operation. Rowan runs Apollo Global Management, one of the world’s largest private equity firms, not with prudent stewardship but via a financial scheme that bears the hallmarks of two of history’s most infamous frauds: the accounting chicanery of Enron and the Ponzi dynamics of Bernie Madoff.” (02/15/26)
“Since voting is purely ceremonial affirmation of our masters’ authority over us, I don’t see that adding a card-flashing element to the liturgy makes much difference. I am, however, glad to see Trump once again reaffirming Office of Management and Budget director Russell Vought’s 2022 observation that ‘we are in a post constitutional moment in our country.’ Vought says that like it’s a bad thing, calling on his audience to become ‘radical constitutionalists.’ His version of ‘radical constitutionalism,’ though, can’t be found anywhere in the actual Constitution. Instead of the mere functionary described in the Constitution, whose job is to ‘take Care that the Laws be faithfully executed,’ Vought envisions the president as Kim Jong Un on the Potomac. Which brings me back to voter ID.” (02/14/26)
“The Trump administration has announced that it is abandoning its ‘surge’ — you’ll remember that term from the Iraq War — in Minneapolis. Other than two dead Americans, millions and millions of dollars in economic losses, and the further erosion of trust in armed federal agencies, what exactly has been accomplished? … at least one observer who had been very skeptical about the wisdom of so-called sanctuary city policies is now a little more sympathetic to those arrangements — and surely I am not the only one.” (02/13/26)
“Covid-19 gave everyone a harsh lesson in the power of exponentials, and that memory haunts any analysis of artificial intelligence. Sure, everything looks fine — now. But then, everything also looked fine in early March 2020. By the end of the month, we were locked in our houses with our strategic reserves of toilet paper. In a viral essay on X this week, Otherside AI founder Matt Shumer draws the parallel explicitly. ‘I think we’re in the ‘this seems overblown’ phase of something much, much bigger than Covid,’ he writes, before launching into a description of what’s already here for coders: AI agents building ‘usually perfect’ software from a plain-English description. He’s predicting a world soon in which AI blows up software development and moves on to every other profession.” (02/13/26)
“The general public’s awareness of Epstein’s heinous crimes came with political baggage. However at this point, the question we all should wonder is: How does redacting the names of the men who helped fund Epstein’s operation benefit either political party? It may be good for the rich and powerful men trying to avoid accountability, but it’s not exactly a campaign platform. … We have seen Congress kept out of session to avoid voting on the release of the Epstein files; we have heard equivocation about whether Epstein was a pedophile. We know Epstein’s island was a place where evil resided. The investigation, or lack of investigation, into Epstein’s fellow abusers should not be seen by anyone as a political quandary in which the object of the game is to keep your party in power.” (02/14/26)
“The latest critique of capitalism from Jason Hickel and Yanis Varoufakis …. ‘Capitalists are the ones who determine what to produce, how to use our labour and who gets to benefit. The rest of us – the people who are actually doing the production – do not get a say.’ This is simply factually wrong because markets. Capitalists might try to direct our labour into the production of things that we out here, we consumers, might not want. The Ford Edsel, say. But when we don’t want it then the capitalists stop so directing our labour into the production of what we do not want. For if they don’t they then go bust — as the death of four out of five new attempts at capitalism show. … This is not a complicated logical proposition but it’s one that seems to entirely escape two university professors here.” (02/14/26)
“The rumors of discussions on Russia’s return to the dollar system sparked speculation about the strength of the financial alternatives deployed to bypass sanctions. While the central bank denies being involved in such talks, the Kremlin clarified that Russia never left the dollar: it was excluded.” (02/15/26)
“‘American Independence was then & there born. John Adams wasn’t talking about July 4, 1776, and the Declaration of Independence. He was referring to the beginning of the real American Revolution that kicked off years earlier in February 1761. That’s when James Otis Jr delivered a fiery 5-hour speech railing against the writs of assistance. While the Declaration of Independence was a seminal moment in the Revolution, it was the culmination of more than 15 years of radical changes in the minds and hearts of the people that started with Otis’s speech.” (02/13/26)
