Source: Ludwig von Mises Institute
by Vladyslav Manzyuk
“A state works when its formal institutions align with and reinforce the informal order beneath it. It fails when it overrides that order. Yugoslavia assembled populations whose informal institutions — Austro-Hungarian civil law in Slovenia and Croatia, historically distinct legal traditions further east, shaped by Ottoman frameworks, distinct religious frameworks governing commercial obligation — had long created high transaction costs across the same lines the state tried to erase. Iraq assembled three distinct Ottoman administrative provinces. Borders do not erase gradients. These are not failures of tolerance or political will — and it is worth noting that no amount of well-intentioned, constitution-drafting has ever repealed an institutional gradient. They are the predictable outcome of a constructed order imposed on an incompatible spontaneous one, which pushes back through informal markets, parallel institutions, and eventually political fragmentation.” (06/06/26)
“The price that the U.S. government has to pay to borrow money for 30 years has already punched through 5 percent a year, its highest level since the financial crisis of 2007. For 10-year money, the annual price is 4.6 percent and climbing. Amid all the noise about the rise of artificial intelligence and the booming space economy, something far more significant is happening in the financial markets. The cost of borrowing is being reset. And that raises some intriguing questions. Could the politics of deficit reduction stage a comeback? And are voters in any mood to pay attention if it does?” (06/05/26)
“As schools across the United States let out for summer vacation, more parents and policymakers are trying to make sure kids can get out there and just be kids – by stepping away from screens, playing in the open air, or biking to a friend’s house or the local store. And, they say, kids should be allowed to do all of this without a parent hovering over them – or that parent being held liable for not doing so. In May, the U.S. House introduced a bipartisan bill to promote ‘childhood independence and protect parents who allow their children to play outside unsupervised, get off screens, and develop social skills.’ Earlier this year, Indiana became the 13th state to pass a measure shielding parents from child neglect allegations for certain unsupervised activities.” (06/05/26)
“Progress and technological development brought the atom bomb and death camps, too. To some extent the mid-century crisis led to an expansion of liberalism under the umbrella of U.S. global hegemony. The question of the 1940s Civil Rights Movement — ‘How can we fight for human equality overseas and then return home to Jim Crow?’ — became the philosophical underpinning for massively expanded access to the liberal project. The universal message of human dignity was on the march, literally and figuratively. It extended its reach across lines of race, religion, sex, and sexuality in ways that would have been practically unimaginable a generation before. But even as liberalism expanded it was being undercut. In response to both the perverted turn of modernity and the creeping spread of a postmodern nihilism, traditionalism grew, and people began to give up on progress and retreat into pre-modern bubbles of ritual, isolated community, and centralized authority.” (06/05/26)
“I’m sorry, folks. I really, truly wish I could be an optimist. I wish I could write positive articles, telling us that America’s golden days are yet to come, that a bright and shining tomorrow awaits our nation, and the reasons are A, B, C, X, Y, Z. I sincerely wish I could do that. But I’m a historian, and as much as that, a student of the Bible. I have degrees in both subjects, have taught both for literally half a century, and have written thousands of articles in each field. I confess, such tends to make me cynical. But maybe, just maybe, America’s best days do still lie ahead of her; I’m a historian, not a prophet. Yet, to be perfectly honest with you, I don’t have a lot of hope, and history is the reason why.” (06/06/26)
“The next time you sign a mortgage, finance a car, or open a credit-card statement and wonder why the number keeps creeping upward, here is your answer: you are paying a tax that no one in Washington had the nerve to call a tax. Here is how the bill reaches you: the bond market — the millions of investors who lend the federal government its money — is getting nervous about lending to a government this deep in the red. When they get nervous, they demand higher interest, and the yield on the 10-year Treasury note climbs. That single number quietly sets what you pay on your mortgage, your auto loan, and your credit card. You never saw a ballot. You never got a vote. But the borrowing gets charged to your account all the same.” (06/05/26)
“The corporate press has a new obsession, the so-called K-shaped economy. This metaphor is meant to describe a system in which one group of people, represented by the top, inclining line of the K, watches their fortunes rise as the other group’s fortunes fall. The idea is that Americans who are already doing well financially are doing better, while conditions worsen for those already struggling to make ends meet. The problem is that when we use this letter K shorthand, we lose almost all of the information that’s important to analyzing the broader problem, and we therefore help an extremely concentrated ruling class hide the truth of what has happened.” (06/05/26)
“The International Energy Agency has made its May report free to download, and the news is not good for the second and third quarters of this year, i.e. April-September. The IEA hopes things will look up in the fourth quarter, but premises that expectation on an early end to the US conflict with Iran and a reopening of the Strait of Hormuz. At the moment (June 5, 2026), there does not seem much movement on that front, and in fact the US and Iran are not only skirmishing with one another but Iran is making good its threat to hurt US allies like Bahrain and Kuwait every time the US hurts Iran. One was killed and dozens injured in Kuwait on Wednesday by Iranian Shahed drone barrages that also damaged the airport. Kuwait Airlines shut down briefly but is now flying from a different terminal; it is the only carrier flying from Kuwait.” (06/05/26)
“If Zohran Mamdani intended to come across as an Ayn Rand villain when he pledged to ‘“replace the frigidity of rugged individualism with the warmth of collectivism,’ he succeeded. Unfortunately, socialism continues to appeal to young people on the left, as both parties jettison free market principles. If there is one author who has inspired young people to think differently about these big ideas, it is Ayn Rand, who is remembered as the author of Atlas Shrugged and The Fountainhead. While the philosophical system she created, Objectivism, remains at the fringe of culture and academia, her moral defence of capitalism has inspired figures such as former Speaker Paul Ryan and former Federal Reserve Chair Alan Greenspan. Yet one of her lesser-known books, We the Living, deserves more attention than it gets.” (06/05/26)
“Man, Nietzsche wrote, is ‘the unfinished animal.’ He meant that nature goes only so far in shaping human beings. We become who we are through the distinctively human capacity to produce and understand speech. That’s why Aristotle called us the animal that possesses logos, whose meanings include everything from word to speech, thought to reason, order to logic, proportion to account. This extraordinary semantic richness tries to capture the manifold articulate intelligence that makes us human — an intelligence that, in the first instance, answers to the nature and shape of things as they present themselves to our minds. But today, logos — and therefore our humanity — is under intellectual, political, technological attack. It’s not that people have stopped talking. Rather, the difference between speech and what Aristotle called ‘voice’ (phōnē) — the verbal expression not of reason, thought, and judgment, but emotion — is rapidly being effaced.” (06/05/26)
