Author Archive: Glenn Reynolds

OPEN THREAD: Hang on baby, Friday’s coming.

DARK MONEY: Exposing the Gun Control Industry’s Financiers: The Joyce Foundation. “Gun Rights Insights pulls back the curtain to show that the gun control agenda is nothing more than an astroturf agenda living off the funding and the backing of a few billionaires and progressive activist foundations flooding the field with waves of cash, up to $400 million annually.”

NEWS YOU PROBABLY CAN’T USE: Polynesian Wayfinding: How these sailors navigated the open Pacific with no compass or GPS. “Piailug was born in 1932 and became a master navigator, or palu, by the time he was 18. He practiced the art of wayfinding for nearly 60 years until shortly before his death in 2010. Having become concerned that the old knowledge would be lost, Pialiug worked with the Polynesian Voyaging Society to recreate lost techniques, passing on his wisdom to sailors like Thompson.”

Vikings navigated to America in similar fashion, though I haven’t heard that anyone is practicing their methods now.

LIKE THE MEASLES BREAKOUT, WHAT’S OFTEN PRESENTED AS A U.S. PHENOMENON IS ACTUALLY A GLOBAL ONE, AND WORSE ELSEWHERE: Think Treasurys Are Having a Rough Summer? It’s Even Uglier Abroad: Countries with large debt burdens—France, Italy, the U.K., Japan—have come under the heaviest pressure in recent months.

The selloff in U.S. Treasurys has captured global attention, but bond markets overseas have been getting hit even harder.

The jump in U.S. borrowing costs—and Treasury Secretary Scott Bessent’s intervention to bring them back down—has shone a spotlight not just on America’s growing debt problem but the world’s.

Global debt has surpassed $350 trillion, according to the Institute of International Finance, or about 305% of global gross domestic product. Governments in advanced economies alone are expected to borrow $18 trillion this year, according to the OECD, and are increasingly competing for buyers with stocks and bonds issued by U.S. tech companies.

While global bond yields have eased this week, they remain near their highest level in more than a decade in several countries. Countries with large debt burdens—France, Italy, the U.K., Japan—have come under the heaviest pressure in recent months.

Something that can’t go on forever, won’t.

TEACH WOMEN NOT TO RAPE! (CONT’D):

PRIZE MONEY: IT’S NOT JUST FOR HISTORICAL NAVAL FICTION ANYMORE: US Aims to Revive Civil War-Era Court to Claim Iran Oil as Prize.

The Justice Department is preparing to activate a long-dormant maritime war court to streamline military capture of Iranian oil tankers as US prizes, according to three people familiar with the plans.

Reviving prize courts, which is expected to face legal challenges, is intended to strengthen the blockade of Iran and offset the cost of the conflict.

Aaron Reitz, the Houston-based US attorney whose office is partnering with department headquarters on the initiative, confirmed DOJ is “now reviving” prize courts, which he described as an “ancient body of maritime law.”

The unfinalized plans, if adopted, would offer a faster path for federal prosecutors to claim oil and other cargo taken from enemy or neutral vessels as US property. The seized goods would then be sold with proceeds transferred to the treasury.

The anticipated revival is the second time this year the administration has turned to an obscure court system to carry out its agenda, after bringing the first-ever case before the Alien Terrorist Removal Court in July. . . .

Once a regular feature of 18th and 19th century naval combat, prize courts have gone largely unused since the Spanish-American War of 1898 and lain entirely dormant since World War II. In recent decades, the US has shifted to relying on civil forfeiture law as the mechanism for seizing ships and obtaining their assets to enforce sanctions violations.

DOJ’s planning, which has been coordinated with the Pentagon, comes as US forces have intercepted and seized multiple Iranian-owned or linked ships since imposing a blockade in April.

Does the captain still get 3/8, with smaller shares for the officers and crew?

I ALREADY LIKE THEM, YOU DON’T HAVE TO SELL ME.

21ST CENTURY RELATIONSHIPS: