A signal is only informative if it’s costly enough that it can’t be faked. The logic runs through Spence’s job market model, through deterrence theory, through free speech doctrine, through protest and repression, through campaign finance. Posts under this tag are about situations where the cost of the message is the message — and what happens when the cost structure changes.
Here is what today looks like. The ceasefire, which was originally set to expire Tuesday evening Eastern time, will now expire Wednesday evening Eastern time — the deadline has slipped by roughly twenty-four hours, which is about the time it takes to fly from Washington to Islamabad. Vice President Vance is reportedly departing today for … Read more
A dispatch from the road, later than usual. The week covered the launch of the junk drawer series, a USPS post whose central mechanism acquired a fuel surcharge while the post was still fresh, a Supreme Court case in which the drawer breaks, and a Friday post on Iran that staked a prediction now counting … Read more
Here are two statements about the same agreement, issued within twenty-four hours of each other, by officials who were present at its creation. Donald Trump, April 8, 2026: “There will be no enrichment of Uranium, and the United States will, working with Iran, dig up and remove all of the deeply buried Nuclear ‘Dust.’” Iran’s … Read more
A week that started with three posts on prediction markets and ended with a ceasefire that may or may not be one. Plus: a poll you took, a court hearing nobody is watching, and a new series beginning next week that Ed. did not see coming. In the News Total and Complete Victory (Fragile Truce … Read more
This is the third of three posts this week on prediction markets. Monday was about information — the signal that travels before the message. Wednesday was about jurisdiction — the classification question that reproduces itself at every level you try to answer it. Today is about something prior to both: whether the classification of a … Read more
This is the first of three posts this week on prediction markets. They can be read independently, but they build. Today’s question is about information. Wednesday’s is about jurisdiction. Friday’s is about ontology, which sounds worse than it is. Start with a fact pattern. In the weeks surrounding the Iran nuclear negotiations, large futures positions … Read more
The Financial Times ran a piece last week reporting that Senegal — yes, that Senegal — had borrowed €650 million through instruments it had not disclosed to the IMF, to its existing bondholders, or apparently to anyone who might have objected. Which, it turns out, is everyone. I clicked on it because it was about … Read more
A new recurring feature, starting this week. A few items from the news — sometimes updates to arguments this blog has already made, sometimes new events the existing framework illuminates without quite rising to a full post — followed by a couple of things we’re watching that haven’t ripened yet. Everything here is shorter than … Read more
On March 5, at 4:52 p.m. Mountain Time, Kurt Alme filed to run for the United States Senate in Montana. At 4:55 p.m., incumbent Senator Steve Daines withdrew from the same race. At 5:00 p.m., the filing deadline closed. At 5:02 p.m., Daines endorsed Alme. Jon Tester, Brian Schweitzer, Steve Bullock — none of them … Read more
Bismarck is credited with the observation that laws are like sausages: it is better not to see them being made. The remark is probably apocryphal, which is itself somehow on-brand for a quote about the virtues of not looking too closely at things. Either way, the folk wisdom it encodes is real and ancient: what … Read more