Michael Chapman (@MWChapman) header
Michael Chapman (@MWChapman) profile picture

Senior Editor, Cato Institute. https://nitter.cf/t.co/Me1jM2MnAw "The difference between a welfare state and a totalitarian state is a matter of time." (Views my own.)

East Coast
Joined August 2023
Photo by Michael Chapman (@MWChapman)Photo by Michael Chapman (@MWChapman)Photo by Michael Chapman (@MWChapman)Photo by Michael Chapman (@MWChapman)Photo by Michael Chapman (@MWChapman)Photo by Michael Chapman (@MWChapman)Photo by Michael Chapman (@MWChapman)Photo by Michael Chapman (@MWChapman)Photo by Michael Chapman (@MWChapman)Photo by Michael Chapman (@MWChapman)
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"The people making the calls are historically unqualified for the job. That makes them profoundly dangerous."
THE MOST INCOMPETENT WAR IN HISTORY: SARAH PAINE ON TRUMP’S IRAN DISASTER Dr. Sarah Paine, a leading historian of great-power conflict and strategy, delivers a blunt verdict on the Iran war. She calls it one of the most incompetent wars in human history. The decision ignored basic principles of assessment, put maximum costs on America itself, and left permanent damage to the country’s power and alliances. This is not hindsight—it is the predictable result of hubris meeting reality. THE CORE VERDICT ➡️ “The Iran war is probably one of the most incompetent wars in human history.” ➡️ A competent war puts the costs on the enemy and minimizes them for yourself. ➡️ This one did the opposite. THE COST CATASTROPHE ➡️ It trashed the US economy. ➡️ It blew the US alliance system. ➡️ Iran is hurting, but the collateral damage is taking down the world’s economy. ➡️ That transforms the United States from a partner into an annoyance—and for many, a primary adversary—because it is threatening their economies. ➡️ “That’s breathtakingly incompetent.” THE STRATEGIC BLIND SPOT ➡️ Any serious assessment looks at the enemy’s strengths and your own weaknesses, plus everyone else who might intervene. ➡️ That was absent. ➡️ The first thing Iran would do is shut Hormuz. Narrow seas close in wartime. Ukraine already showed this with the Black Sea. ➡️ Shore artillery, mines, and other tools stop traffic. There is no mystery here. ➡️ The big naval base in Bahrain becomes unreachable. The fallback is Diego Garcia, 2,500 miles away in the middle of nowhere. “That would be a mess.” THE HUBRIS THAT MADE IT POSSIBLE ➡️ The people making the calls are historically unqualified for the job. That makes them profoundly dangerous. ➡️ Type A hubris assumes all decisions that matter happen in the United States. ➡️ Type B hubris assumes being good at one thing makes you good at everything. ➡️ Half-court tennis: you only watch your own side and never study the other team. ➡️ The Iranians understand Americans far better than Americans understand them. THE UNFEASIBLE OBJECTIVE ➡️ Trying to “solve” Iran with 90 million people was never realistic. ➡️ Nazi Germany had roughly 80 million and required an occupation force of about 1.5 million just to hold it after the war—before counting everyone else. ➡️ The goal was unattainable. Pursuing it guarantees overextension and a bad ending. ➡️ The lesson the world takes is simple: get a nuke. The war incentivized proliferation. ➡️ This was a pivotal error. The choices that existed before are gone and will not return. “We will never be the trusted partner ever again. It’s done.” THE BOTTOM LINE The Iran war did not merely fail. It maximized American costs, destroyed trust with allies, and handed every rival a clearer reason to treat the United States as a threat to their own prosperity. Competence would have contained the problem at affordable cost. Hubris chose the opposite. This is what permanent strategic damage looks like. #IranWar #SarahPaine #StrategicIncompetence #HormuzDisaster #USHubris #AllianceCollapse #CatastrophicMistake HT: YouTube The Diary Of A CEO
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Michael Chapman retweeted
"Trump's tariffs fail to cut US trade deficit, IW report shows" reuters.com/business/trumps-… Also: "Efforts to bring manufacturing back have so far fallen short. Foreign ​direct investment inflows fell 8.2% to $248 billion ​in ⁠2025, 18% below the 2015–2024 average." 😮
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Our second product is called Blindsight and it will, as the name suggests, enable even those who are completely blind or have never seen to see. It is ready from an engineering standpoint. Just waiting on regulatory approval.
Neuralink’s first product is called Telepathy. It enables high-speed communication with computers or humans simply by thinking. Output bandwidth will vastly exceed the fastest human speech or typing in a few years. Read that sentence again.
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Somebody is preparing for war
At Least 10 U.S. Military Aircraft Land in Israel Within 24 Hours At least 10 U.S. military transport aircraft landed at Israeli air bases within 24 hours, according to Kan News. The airlift also reached Jordan, Saudi Arabia and Qatar. clashreport.com/defense/arti…
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American Farmers Get More “Election Candy,” Courtesy of American Taxpayers cato.org/blog/american-farme… via @CatoInstitute
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Michael Chapman retweeted
Francisco d'Anconia's speech on money in Atlas Shrugged is the most economically literate passage in twentieth-century fiction. The speech runs about 2,000 words in the novel. Francisco delivers it at a party, surrounded by parasites who just declared money the root of all evil. He corrects them with surgical precision. Money is not the root of evil. It is the tool that makes voluntary exchange possible, the ledger of honest production, the only mechanism by which you trade your mind's output for someone else's. The core claim is this: money requires production. You cannot print your way to wealth any more than you can vote yourself a harvest. Every dollar bill in your wallet represents a claim on someone's actual labor, actual material, actual time. The moment a government prints currency without corresponding production, it dilutes every existing claim. It robs you quietly, without a gun visible in the room. Francisco puts it cleanly: "Money is a tool of exchange, which can't exist unless there are goods produced and men able to produce them." That sentence alone dismantles three centuries of mercantilist confusion. Wealth is production. Currency is merely the signal that coordinates its exchange. The speech also destroys the "love of money is greed" cliché. Francisco distinguishes between those who earn money through trade and those who acquire it through force or fraud. A man who builds a railroad and charges willing passengers operates on an entirely different moral plane from a lobbyist who gets a competitor regulated out of existence. Rand drew that line in 1957. Washington D.C. has spent the intervening 69 years blurring it. What the speech predicts is decay. When a society starts treating producers as servants of non-producers, capital goes quiet. Factories don't get built. Entrepreneurs stop announcing their plans. You see this in every hyperinflationary episode, from Weimar Germany in 1923 to Zimbabwe in 2008 to Argentina today, still fighting inflation. Production retreats when the rewards of production get expropriated. Read the speech slowly. Exchange requires two parties who each gain something. Force produces one winner and one loser, and eventually the loser stops playing. The whole global economic order rests on which model you choose to enforce.
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Just buy my book either way.
Don’t buy another book until you read the last one you bought.
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"Take...the Royal Exchange in London...where the representatives of all nations meet for the benefit of mankind. There the Jew, the Mahometan, and the Christian transact together, as though they all professed the same religion, and give the name of infidel to none but bankrupts."
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As with all worthwhile activities, reading is difficult. It takes time. But it’s worth it, writes @LS_Stoneman. Read more: on.wsj.com/3U9elPX
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The tech policy and regulation conversation swirling around next week’s midterm elections can feel an order or two removed from CIOs. But they are not. Read more in today’s Morning Download newsletter wsj.com/cio-journal/enterpri… via @WSJ
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