What Do Surging Interest Rates Mean?

Today, John Cochrane unpacks what rising long-term interest rates could be telling us. Andrew Roberts reflects on Churchill’s view of liberty. And the hosts of Free Speech Unmuted welcome a special guest to discuss the latest chapter in the ongoing dispute between ABC and the Federal Communications Commission.

The Economy

What Surging Interest Rates Are Telling Us

In this week’s Grumpy Economist Weekly Rant, Senior Fellow John H. Cochrane considers what may be driving the global surge in long-term interest rates. He says that higher rates could reflect persistent inflation, expectations of future Federal Reserve tightening, or simply a return to historically normal real interest rates after two decades of uncharacteristically low lending rates. Watch his rant here.

Revitalizing History

What Churchill Knew About Preserving Freedom

Distinguished Visiting Fellow Andrew Roberts, bestselling author of Churchill: Walking with Destiny, examines Winston Churchill’s commitment to freedom and how the great statesman framed the struggle to uphold it. To Churchill, liberty was a foundational value of Western civilization but could not be seen as a mere abstract principle. Freedom had to be held up against its costs, Roberts writes, and the costs of losing it. In some of the 20th century’s most compelling language, Churchill expressed to the British people the need for patience, sacrifice, and moral clarity—even as he personified the unifying ingredient: decisive leadership. “Liberty survived not simply because people wanted and valued it but because they were willing to endure hardship, recognize threats clearly, act decisively, and remain committed to their principles even when victory appeared distant,” Roberts writes. Read more here.

Freedom Frequency

Revisiting Greenland’s Shrinking Ice

Senior Fellow Steven E. Koonin follows up on the story of shrinking ice in Greenland, an issue where cries of “climate catastrophe” have run ahead of the data. Koonin pointed out six years ago that the pace of the Greenland ice melt appeared to show natural variability for more than a century—and he was accused of falsehood. New evidence confirms Koonin’s conclusions about variability and shows how easy it is to take a simplistic view of climate and weather phenomena. “The ongoing effort to promote a sense of climate catastrophe often exploits such selective framing to obscure natural variability and imply an ever‑worsening trend,” he concludes. Read more here.

Revitalizing American Institutions

The Process Is the Punishment: ABC v. FCC, with Stuart Benjamin

On the latest episode of Free Speech Unmuted, hosts Senior Fellow Eugene Volokh and Jane Bambauer speak with Duke law professor Stuart M. Benjamin about the ABC network’s decision to sue the Federal Communications Commission. ABC contends that the FCC is using its licensing authority to punish the network for its coverage and political viewpoint.

The Big Idea: Whatever the merits of the new lawsuit, the mere intrusion into the business affairs of ABC can create a chilling effect for broadcasters. Watch here.