On this day:
1520
Spanish conquistadors led by Hernán Cortés fight their way out of Tenochtitlan.
1559
King Henry II of France is mortally wounded in a jousting match against Gabriel de Montgomery.
1688
The Immortal Seven issue the Invitation to William (continuing the English rebellion from Rome), which would culminate in the Glorious Revolution.
1905
Albert Einstein publishes the article On the Electrodynamics of Moving Bodies, in which he introduces special relativity.
1908
The Tunguska event occurs in remote Siberia.
1934
The Night of the Long Knives, Adolf Hitler’s violent purge of his political rivals in Germany, takes place.
1971
The crew of the Soviet Soyuz 11 spacecraft was killed when their air supply escapes through a faulty valve.
1997
The United Kingdom transfers sovereignty over Hong Kong to the People’s Republic of China.
***
"IRAN HAS REQUESTED A MEETING. IT WILL TAKE PLACE TOMORROW IN DOHA!” Trump said in screaming caps in a social media post on Monday morning.
Buuuuttt.....
Qatar’s foreign ministry says US envoys Jared Kushner and Steve Witkoff are in Doha, but that no meeting is currently scheduled with Iranian officials.
Iran may be the first to win a fight after being knocked out.
***
Roberto Serrano, who is the Harrison S. Kravis University Professor of Economics at Brown University, has detected a massive fraud in one of the classes he teaches, ECON 1170, an advanced undergraduate course in mathematical economics. He has conclusive evidence that at least 50 students cheated on the March midterm exam, making it the biggest known scandal at Brown and in the entire Ivy League.
The agent was AI.
***
How is a chronic defect in a program theoretically unreasonable and mathematically flawed--like Social Security-- suddenly an 'urgent' problem?
Veronique de Rugy writes that the chief problem with government officials investing taxpayer dollars isn’t the inevitable economic inefficiency of such ‘investments’; it’s their moral corruption.
The problem is not merely that the government makes for a lousy investor. Government investing changes the moral relationship between risk, reward, and accountability.
In markets, investment is disciplined by consequences. Private investors deploy capital that belongs to them or that’s voluntarily entrusted to them. If they make bad bets, they lose money, reputation, clients, and sometimes even their careers. Prices communicate information. Profits reward value creation. Losses punish mistakes.
This discipline is central to what makes markets work. Government, however, invests under entirely different rules – rules that virtually eliminate discipline.
Government officials allocate resources extracted through taxation or borrowing backed by taxpayers. If projects fail, these officials rarely bear meaningful personal consequences. The losses, spread among unwilling taxpayers throughout the state, are socialized. The incentives, instead, are political. Success is often measured not by financial returns but by press releases, ribbon cuttings, strategic narratives, or vague, untestable claims about resilience, competitiveness, and national greatness.