In yesterday’s commentary, which was prepared earlier in the week, I proposed looking at the estimated tariff shock as equivalent to a new $2/gallon gas tax.
As new tariff announcements have been made through this week, however, that estimate now appears to be too low.
I am traveling to Leen’s Lodge for Camp Kotok next week. I paused yesterday in Bucksport, Maine, looking across the water at Fort Knox (a Civil War-era fort), to comment on the evolving tariff shock in a Kotok Quick Take.
In plain language Bill Nelson offers a primer on Fed policy and the Fed’s floor system, its balance sheet size, and his view of a perpetual “Minsky Moment.”
The 2026 Ebola outbreak in the Democratic Republic of the Congo and Uganda is a reminder that infectious disease threats do not stay neatly inside national borders.
We eradicated the screwworm scourge a half century ago. Thanks to the new policy led by the co-author of Project 2025, the screwworms have returned and will cost Texas and all of American ranchers billions while threatening citizens with a fatal infection that they don’t know about and are not prepared for.
In this Part 2 of this series, we examine the period leading up to the founding of the State of Israel.
David would love to hear from you. Please Feel free to reach out and send an email.