In Defense of Freedom
Capitalism isn’t perfect—but it’s better than the alternatives. Critics blame the free market for today’s problems, yet most issues stem from overregulation, not capitalism. Freedom works, even if it’s messy. As Churchill said of democracy, capitalism is the worst system—except for all the others.
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A Dark Cloud and a Silver Lining
All the best stuff happens on Fridays. After a rather quiet summer, potential market-moving news hit us two Fridays in a row. First, on Aug. 29, the U.S. Court of Appeals for the Federal Circuit ruled that the president does not have the authority to issue to so-called reciprocal tariffs. Then, on Sept. 5, we received a weak jobs report.
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Second Quarter 2025
Freedom is under fire—from both sides of the aisle. Critics say the free market isn’t working, yet their examples—housing, healthcare, education—are all heavily regulated. The problem isn’t the market; it’s the lack of one. As Friedman warned, skepticism of markets often masks a deeper discomfort with freedom itself.
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