On this day:
1187
Saladin begins the Siege of Jerusalem.
1378
Cardinal Robert of Geneva, called by some the Butcher of Cesena, is elected as Avignon Pope Clement VII, beginning the Papal schism.
1519
Ferdinand Magellan sets sail from Sanlúcar de Barrameda with about 270 men on his expedition to circumnavigate the globe.
1863
American Civil War: The Battle of Chickamauga ends.
1893
Charles Duryea and his brother road-test the first American-made gasoline-powered automobile.
Saladin begins the Siege of Jerusalem.
1378
Cardinal Robert of Geneva, called by some the Butcher of Cesena, is elected as Avignon Pope Clement VII, beginning the Papal schism.
1519
Ferdinand Magellan sets sail from Sanlúcar de Barrameda with about 270 men on his expedition to circumnavigate the globe.
1863
American Civil War: The Battle of Chickamauga ends.
1893
Charles Duryea and his brother road-test the first American-made gasoline-powered automobile.
***
Maurice Hauriou complained in the beginning of this century that the French Revolution “resulted in a perpetual state of revolution, because the mobility of the written law was no longer neutralized by certain customary institutions, and because the forces of change were stronger than those of stability.” All these men realized that of which Madison had been so aware during the critical period of American history, namely, the danger of the democratic legislator’s running amok and showering the world with laws and thus creating a state of legal insecurity.--Dietze
***
Trump may be philosophy-free, but he does not make that up in political smarts. His threats to remove the licenses of some anti-Trump networks make him look authoritarian and grasping. A terrible, unnecessary error.
***
What is the difference between Mamdani's goofy city-owned groceries and Trump's taking a position in Intel and putting the government on Intel's Board?
And is Trump's planned price control of pharmaceutical prices any different from NYC's rent control?
***
The Senate voted Thursday to confirm Kimberly Guilfoyle, the former Mrs. Gavin Newsom, Fox News host and ex-fiancée of Donald Trump Jr. as President Donald Trump's Ambassador to Greece.
***
A UFC fight is planned for the White House.
***
***
A pitcher for the Washington Wild Things has been charged with assault after punching a man in a Pittsburgh club last month. The victim suffered a brain bleed.
***
SatStats
A Project Management Graduate Certificate from Harvard Extension School costs $13,760, yet the share of workers with the certificate who advanced in their field was only slightly higher than for similar workers without the credential—a difference of about 3.7 percentage points. Recipients also generally didn’t see pay improve more than they would have.
*
ETFs carry annual expenses as low as 0.03%. The typical alternative fund charges annual fees of at least 2%, roughly 70 times more. (Some charge at least 200 times more.) Why is this fund worth 70 times more than an ETF?
*
A 2025 survey found that 49 percent of respondents place themselves on the right of the political spectrum. The proportion identifying with the left stands at 31 percent, while only 19 percent consider themselves centrist.
*
A March 2025 survey by the journal Nature of more than 1,600 scientists in the U.S. found that three-quarters have considered leaving the country. Respondents specifically cited the Trump administration’s hostility to scientific research and those who practice it.
Historically, three-quarters of international students who earn a Ph.D. in the U.S. have stayed long-term. America’s ability to retain these workers has been one key to its preeminence in innovation.
The cost of desalination has fallen sharply.
*
The world’s largest private capital firms have avoided income taxes on more than $1tn in incentive fees since 2000.
*
Immigrants have started more than half (44 of 87) of America's startup companies valued at $1 billion or more.
Chile's fertility rate has plummeted 42 per cent over the past decade, reaching an average of 1.03 births per woman in 2024, according to Chile’s national statistics institute — well below the 2.1 threshold considered necessary to maintain a stable population. The drop leaves Chile’s fertility rate below Japan’s.
*
In the first half of 2025, Amazon had more than 10,000 H-1B visas approved, while Microsoft and Meta Platforms each had more than 5,000 approvals. The H-1B program offers 65,000 visas annually to employers bringing in temporary foreign workers in specialized fields, with another 20,000 visas for workers with advanced degrees.
Maurice Hauriou complained in the beginning of this century that the French Revolution “resulted in a perpetual state of revolution, because the mobility of the written law was no longer neutralized by certain customary institutions, and because the forces of change were stronger than those of stability.” All these men realized that of which Madison had been so aware during the critical period of American history, namely, the danger of the democratic legislator’s running amok and showering the world with laws and thus creating a state of legal insecurity.--Dietze
***
Trump may be philosophy-free, but he does not make that up in political smarts. His threats to remove the licenses of some anti-Trump networks make him look authoritarian and grasping. A terrible, unnecessary error.
***
What is the difference between Mamdani's goofy city-owned groceries and Trump's taking a position in Intel and putting the government on Intel's Board?
And is Trump's planned price control of pharmaceutical prices any different from NYC's rent control?
***
***
A UFC fight is planned for the White House.
***
Hayes is out in Cincinnati with his back pain.
A pitcher for the Washington Wild Things has been charged with assault after punching a man in a Pittsburgh club last month. The victim suffered a brain bleed.
***
The street demonstrators are beginning to spell "Fascist" correctly.
***
***
SatStats
A Project Management Graduate Certificate from Harvard Extension School costs $13,760, yet the share of workers with the certificate who advanced in their field was only slightly higher than for similar workers without the credential—a difference of about 3.7 percentage points. Recipients also generally didn’t see pay improve more than they would have.
*
ETFs carry annual expenses as low as 0.03%. The typical alternative fund charges annual fees of at least 2%, roughly 70 times more. (Some charge at least 200 times more.) Why is this fund worth 70 times more than an ETF?
*
A 2025 survey found that 49 percent of respondents place themselves on the right of the political spectrum. The proportion identifying with the left stands at 31 percent, while only 19 percent consider themselves centrist.
*
A March 2025 survey by the journal Nature of more than 1,600 scientists in the U.S. found that three-quarters have considered leaving the country. Respondents specifically cited the Trump administration’s hostility to scientific research and those who practice it.
Historically, three-quarters of international students who earn a Ph.D. in the U.S. have stayed long-term. America’s ability to retain these workers has been one key to its preeminence in innovation.
*
Vitol, the world's largest independent oil trading company, has made more money in the last 3 years ($32 billion total) than during the past 30 years combined. That's ~$71 million each on average for its 450 trader-shareholders.
*
About 156,000 Italians left the country last year for Germany, Spain, the UK and elsewhere, a 36.5 per cent increase over the number who emigrated in 2023.
At just under 191,000, the total number of people who left Italy in 2024 — including 35,000 long-term foreign residents, mainly Romanians returning home — was at the highest level in a quarter of a century, according to Italy’s official statistics agency, Istat.
Italy’s population decline is among the most acute in Europe, after decades of plummeting birth rates. At present, about a quarter of Italy’s 59mn people are over the age of 65, while just 12 per cent of the population are children aged 14 and under. The working-age population is forecast to drop by another 5mn people by 2040.
*
As of June 30, the total market value of the S&P 500 was $52.5 trillion.
*
One recent analysis from American University found that a 25% cut to public research-and-development spending would eventually reduce U.S. GDP by 3.8% a year—a drop on par with the Great Recession.
*
Vitol, the world's largest independent oil trading company, has made more money in the last 3 years ($32 billion total) than during the past 30 years combined. That's ~$71 million each on average for its 450 trader-shareholders.
*
About 156,000 Italians left the country last year for Germany, Spain, the UK and elsewhere, a 36.5 per cent increase over the number who emigrated in 2023.
At just under 191,000, the total number of people who left Italy in 2024 — including 35,000 long-term foreign residents, mainly Romanians returning home — was at the highest level in a quarter of a century, according to Italy’s official statistics agency, Istat.
Italy’s population decline is among the most acute in Europe, after decades of plummeting birth rates. At present, about a quarter of Italy’s 59mn people are over the age of 65, while just 12 per cent of the population are children aged 14 and under. The working-age population is forecast to drop by another 5mn people by 2040.
*
As of June 30, the total market value of the S&P 500 was $52.5 trillion.
*
One recent analysis from American University found that a 25% cut to public research-and-development spending would eventually reduce U.S. GDP by 3.8% a year—a drop on par with the Great Recession.
The cost of desalination has fallen sharply.
*
The world’s largest private capital firms have avoided income taxes on more than $1tn in incentive fees since 2000.
*
Immigrants have started more than half (44 of 87) of America's startup companies valued at $1 billion or more.
*
Chile's fertility rate has plummeted 42 per cent over the past decade, reaching an average of 1.03 births per woman in 2024, according to Chile’s national statistics institute — well below the 2.1 threshold considered necessary to maintain a stable population. The drop leaves Chile’s fertility rate below Japan’s.
*
In the first half of 2025, Amazon had more than 10,000 H-1B visas approved, while Microsoft and Meta Platforms each had more than 5,000 approvals. The H-1B program offers 65,000 visas annually to employers bringing in temporary foreign workers in specialized fields, with another 20,000 visas for workers with advanced degrees.
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