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You know the days when you want to throw up our hands and scream? That’s me today. I’m sorry in advance.
Look: Today’s edition isn’t sexy. It’s not end-of-the-world stuff. It’s just the mundane corruption and insanity which this country has decided to accept as routine. And even the rest for the world doesn’t care, I feel like I have to try to take stock of it anyway.
I make two promises to you every day: I always tell you what I really think. And I try to help you see around corners. Even when it’s not sexy; even when it makes me want to scream.
Worst sales-pitch ever, right?
Even so, if you find value in this, I hope you’ll hit the like button and share with others who you think would also get something from it.
Or maybe upgrade to Bulwark+.
Today’s edition is unlocked but you can give Bulwark+ a try for the next 30 days—FREE. I think you’ll see the Bulwark community is unique: They me make you smarter and help keep me sane. And they’ll do the same for you.
—JVL
LOL Nothing Matters 🫠
Inflation is back. The government is nationalizing one private company and blackmailing another. But no one cares because . . .
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1. Here’s Your Inflation, Bitches
Remember back in 2024 when Americans had to vote for the insurrectionist felon because there had been 14 months of inflation in 2021–22?
Yeah, well inflation is back now.
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US inflation climbed to 2.7 per cent in June, surpassing expectations and signalling that Donald Trump’s tariffs are hitting prices. Tuesday’s annual consumer price index figure was up from 2.4 per cent in May and above expectations of 2.6 per cent among analysts surveyed by Bloomberg.
How upset are voters about this? They are a solid “Meh.” Trump remains at only -7 net approval, which is a huge improvement from where he was in late April.
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Why am I feeling nihilistic today? It’s not just the voters; it’s the markets. We got a bad inflation report this morning and then the markets reacted by . . . betting that the Fed is going to cut rates in September.
Which is, you know, the opposite of what you’d expect in an environment where tariffs are pushing prices higher. Are the markets betting on TACO? Or preparing for Fed Chairman Kevin Hassett? Or going full-nihilist, too?
But wait, there’s more . . .
2. Socialism + Corruption
Here is another thing that doesn’t seem to matter: Democrats are freaked out because their nominee for mayor in New York City wants to run a pilot program with five municipal-owned grocery stores, which is “socialism” or something.
Meanwhile, last week the U.S. government became the largest shareholder in the mining company MP Materials. Which is, you know, kind of like socialism?
Now maybe in the case of rare-earth materials this is a wise move. I’m open to that idea. If you wanted to make the case, you’d say something like:
The rare-earth magnets that MP Materials mines are a vital strategic resource for America and the U.S. government had to ensure some measure of control over the supply. Buying a $400 million stake in the company achieves that goal while still keeping