The Institutional Risk Analyst

One of the original members of the House Freedom Caucus has made his decision on who to support in 2028 after Republicans' historic losses in Tuesday night's midterms. Representative Marlin Stutzman, R-Ind., told Fox News Digital "I am all in" for Secretary of State Marco Rubio and called on fellow Republicans to begin thinking about how to rebuild in the wake of their election losses. "He can be a unifier," Stutzman said.

One of the largest single acts of government expropriation of wealth in human history occurred in 1933 under the Democrats led by Franklin Delano Roosevelt. The gold taken from American citizens and the member banks of the Fed at the behest of FDR sits today in Ft Knox, KY, the biggest gold hoard in the world. President Herbert Hoover famously remarked: “We have gold because we cannot trust governments.”

Ponder the fate of Anthropic, for example, which just dropped its weighty S-1 with the SEC and promptly saw the market value of its public comps plummet. The god of AI does have a sense of humor. The prospective initial public offering (IPO) valuation of Anthropic has fallen by roughly $500 billion (a 25% drop) over the past week, according to US News and World Report.

As expected, the Federal Open Market Committee took no action on interest rates in a 10-2 vote. Warsh gave a rambling statement at the Fed’s October 28 press conference and announced that the FOMC would hold fewer policy related meetings in 2027 and 2028. Warsh is apparently making the same mistake as Paul Volker in 1980, delaying actions to fight inflation to serve the political needs of the White House.