• The D.C. ‘PayPal Mafia’ Goes Beyond Elon Musk. A Guide to Silicon Valley’s Hostile Takeover. As Elon Musk dominates Washington, there’s another wave of tech appointments still to come. They’ll influence policy around cryptocurrencies, healthcare, China, and more. (Barron’s)
• A Modest Stagflation Shock But Not a Recession: There are often adjustment costs associated with changing policies. Laying off government workers puts upward pressure on unemployment, and imposing tariffs increases prices and lowers demand for foreign goods. How significant the impact of these policies will be on the economy depends on the magnitude and duration of each policy. (Apollo)
• We’re Turning Down Free Money by Firing IRS Workers: Increased tax enforcement more than pays for itself. Republicans’ opposition to it is a signal that they don’t truly care about closing the deficit. (Bloomberg)
• Rich People Are Firing a Cash Cannon at the US Economy—But at What Cost? Industries get recalibrated, economic signals get crossed, and the social fabric begins to fray. (Businessweek)
• Elon Musk’s Internet: So Based, Much Wow. So Cringe? Mr. Musk uses online slang to marshal his 200 million social media followers in support of his efforts to gut the federal government. But he might be reaching his limits. (New York Times)
• The Price of Russian Victory: Why Letting Putin Win Would Cost America More Than Supporting Ukraine. (Foreign Affairs)
• An Effective Treatment for Opioid Addiction Exists. Why Isn’t It Used More? A drug called buprenorphine may be the best tool doctors have to fight the fentanyl crisis. Why hasn’t it been more widely adopted? (New York Times)
• Edward Sard: The Rise of the Permanent War Economy: The war industry has become a permanent fixture of US capitalism, channeling massive public subsidies to private corporations. The first writer to analyze this “Permanent War Economy” was Edward Sard, a brilliant Marxist economist working in the 1940s. (Jacobin)
• RFK Jr., America’s Leading Advocate for Getting Measles: Contrary to what the health secretary says, the outbreak of disease in Texas is, in fact, unusual. (The Atlantic) see also The Texas Measles Outbreak Is Even Scarier Than It Looks: Overall, the vaccine is highly effective and the rare breakthrough cases — a few in a thousand exposures — tend to be mild. The Centers for Disease Control and Prevention warns, however, that those cases can be vectors for the illness. (New York Times)
• Winners of the 2025 World Nature Photography Awards: Winners of the 2025 World Nature Photography Awards (The Atlantic)
Be sure to check out our Masters in Business interview this weekend with Melissa Smith of J.P. Morgan, where she is co-head of commercial banking. Previously, she was co-Head of Innovation Economy and Head of Specialized Industries,. She has been with JPM Chase for more than 20 years, working with founders, entrepreneurs and startups.
US Imports from China, by Category
Source: Apollo
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