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I try to make it a practice never to give investment advice in this newsletter, but just this once I’m going to make an exception. I’m putting all my money into chisels. The final inspiration came to me when I learned that Trump has considered trying to affix his name to another structure; this time it’s Ford’s Theatre, the playhouse where Abraham Lincoln was assassinated in 1865. Yeah, when this is over, we’re gonna need a lot of chisels. But while we can cheer ourselves with visions of happily scraping off Ts, Rs, and Ps, chipping away gold-plated adornments, and de-Corinthianing some columns, I’m less confident that we can quickly piece back together the alliances that Trump has taken a wrecking ball to, in a demolition that makes the East Wing job look like it was a small, weekend DIY project.
+ As the NYT (Gift Article) reports, “The podium of the United Nations was an unusual setting for the leader of a global superpower to threaten to ‘annihilate the Islamic republic’ of Iran or to declare that, in another conflict, ‘to the victor belong the spoils.’” These words, which fly in the face of why the UN was set up in the first place, jack-hammered home the new, destructive leadership America represents among its allies. We’re looking a lot less like victors, and what has been spoiled is America’s role in a world order it has led since WWII. And while America may one day (with enough time and chisels) forgive itself for Trump, it’s less certain that our allies will forgive us. The Atlantic (Gift Article): America’s Allies Are No Longer Waiting for Trump to Leave. “Nations that were once firmly in the American orbit are concluding that they cannot rely on the U.S. to provide the same leadership, markets, technology, and military protection that it has for decades. And that, foreign officials told me, is true no matter who wins the presidency in 2028. The shift may be the most consequential legacy of Trump’s foreign policy.” After years of threatening countries like Canada and Greenland, while cozying up to dictators and tyrants, it’s not going to be easy to convince our allies that we’ve gone back to being the country they believed would stick with them through thick and thin. Maybe I should have invested in Super Glue.
+ During his own UN speech, Prime Minister Mark Carney of Canada didn’t threaten to annihilate anyone. But he sure seemed to take note of what was already dead. “Put simply: we’re in a position where we need to pursue calibrated alliances, integrating deeply with those countries who share our values, remaining open-eyed with those who do not.” At U.N., Carney Lays Out a Broad Plan for a Divided World.
2
Heal Thyself
“The Trump administration has ejected more than 750,000 enrollees from the Affordable Care Act insurance marketplaces, Vice President JD Vance announced on Tuesday, claiming that many were receiving premium subsidies they did not qualify for and that some were not real people.” (Affordability is a hoax. Apparently, so is illness. This is definitely the weirdest midterms messaging of all time.)
3
Kash Cache Crash and Grab
“’We have compromised the FBI,’ the group said in a message posted online that was addressed to the F.B.I. director, Kash Patel, and Brett Leatherman, who oversees the bureau’s cybersecurity division. ‘We hold very sensitive data on almost ALL FBI Agents and individuals who filed an application with the FBI for a job.’ In its message, ShinyHunters said it had targeted the F.B.I. as retribution for a public advisory the bureau issued in the spring warning about the group’s tactics.” Hackers Say They Stole Thousands of Sensitive F.B.I. Personnel Records.
4
Xi Gets What Xi Wants
“Throughout his 14 years in power, China’s president has acted deliberately and consistently to undermine the United States. His two-day trip to Washington now seems perfectly timed to exploit the weakness of his host and main strategic rival, lately enfeebled by rising domestic prices, plummeting approval ratings, and a costly ongoing war in Iran. This timing makes the spectacle of the purported leader of the free world fawning over a Communist dictator more than just embarrassing.” Michael Schuman in The Atlantic (Gift Article): The Chinese president has neutralized Trump.
+ Bloomberg (Gift Article): The US Is Badly Losing Its Trade War With China.
+ The US is heatedly debating data centers. China isn’t. BBC: Huge data centers rise at ‘China speed’ to power its AI ambitions.
+ If you think Trump is fawning during this visit, just wait until December. Putin Invited to G-20 Summit at Trump’s Florida Resort, Rubio Says.
5
Extra, Extra
Strait Talk: Away from the speeches, Iran and US have held talks on sidelines of UN summit. And away from the summit, Iranian advisers helped Houthis seize Yemen’s Red Sea coast in less than 48 hours.
+ Wedding Crashers: “If you were a Russian intelligence operative trying to penetrate the American president’s inner circle, you could hardly have done much better than Umar Kremlev did last May. Kremlev, a boxing promoter from outside Moscow, rented a private island in the Bahamas for Donald Trump Jr. to host his uber-luxe wedding celebration. Four of President Trump’s children, along with their spouses, were sequestered with Kremlev and a gaggle of other Russians during a party that went on for three days.” The Atlantic (Gift Article): Don Jr.’s Wedding Trap. (It’s not a trap if you consider Russia to be a close ally, like the happy couple probably does.)
+ Aging Like (and With) Fine Wine: From the business news to the cultural section, we’ve seen many stories explaining that people are drinking a lot less than they used to. But “not all Americans are following the trend. Drinking among those ages 50-64 is still higher than before the pandemic; the group’s overall alcohol consumption is up by almost 4 percent and heavy drinking increased by 36 percent between 2018 and 2024.” (With age comes wisdom.)
+ Hot as Cell: “In his order, U.S. District Judge Robert Pitman found that conditions in Texas prisons without air conditioning violate the Eighth Amendment — which protects against cruel and unusual punishment.” Federal judge orders Texas to air condition all prisons by the end of 2029. (Of course, Texas is appealing.)
+ Guna Be Sorry: “My father dedicated his life to studying the Guna people of Panama, and they may soon allow unprecedented development through their land. I went on a trek through the jungle to find out why.” NYT Magazine (Gift Article): They Kept Outsiders Away for 500 Years. (I tried the same thing with my social life, and it was pretty nice while it lasted.)
+ When the Cows Come Home: “Bars of artisanal butter have become an unlikely status souvenir, supplanting Ladurée macarons and drugstore skin care as the thing to bring home from one of the most visited cities in the world—despite the logistical challenges. The obsession mostly centers on one address: La Grande Épicerie de Paris, the LVMH-owned luxury food hall attached to Le Bon Marché. Tourists treat a trip to the dairy aisle with the same reverence they might reserve for the Louvre.” WSJ(Gift Article): The High-Stakes Pursuit of Smuggling Butter Home From Paris.