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Strategic Asymmetry: The Unified Theory and Practice of Risk Reversal Strategies
Executive Summary The architecture of modern risk management—whether applied to the volatile surfaces of financial derivatives or the psychological friction of commercial transactions—rests upon a single, pivotal concept: the Risk Reversal. In its purest form, a risk reversal is a mechanism of asymmetry. It is a strategic construct designed to decouple the cost of participation […]
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From Prof. Jack Goldsmith (Harvard) on the Tariff Decision
An excerpt from his Executive Functions post today; note that his and Curtis Bradley’s Foreign Affairs, Nondelegation, and the Major Questions Doctrine, 172 U. Pa. L. Rev. 1743 (2004) was heavily cited both by Justice Gorsuch’s concurrence and Justice Kavanaugh’s dissent: A very significant aspect of the Chief Justice’s [Major Questions Doctrne] analysis is that three […]
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Gorsuch Blasts Thomas, Alito, and Kavanaugh for Favoring Trump’s Illegal Tariffs
Six of the nine justices who currently serve on the U.S. Supreme Court were appointed by Republican presidents. Today, in its landmark decision invalidating the unilateral tariff regime imposed by President Donald Trump, those six jurists split right down the middle, with three holding Trump’s tariffs to be unlawful while the other three dissented in […]
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No More Tariffs on Asian Olympic Dragons!
Robby Soave and Jason Russell unpack the Supreme Court’s blockbuster tariff ruling—what it means for executive power, trade policy, and the 2026 midterms—before shifting gears into a lively detour through their glory days as high school athletes in Michigan. Along the way, they riff on the cultural pull of the Winter Olympics, the fantasy politics […]
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Judge Orders Takeover of Arizona Prison Health Care Following Years of Barbaric Medical Neglect
A federal judge on Thursday ordered the Arizona state prison system’s health care services to be put under the control of a court-appointed receiver after finding it was still subjecting incarcerated people to unconstitutional medical neglect, despite a decade-old lawsuit settlement to fix the problems. Judge Roslyn Silver of the U.S. District Court for the […]
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A Note on Tariff Refunds
Since we prevailed in our tariff case at the Supreme Court today, and even before, I have gotten many questions about tariff refunds. US importers who paid illegally collected IEEPA tariffs are eligible for up to $175 billion in refunds. As I see it, justice requires repayment of every penny – with interest! Administration claims […]
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Short Circuit: An inexhaustive weekly compendium of rulings from the federal courts of appeal
Please enjoy the latest edition of Short Circuit, a weekly feature written by a bunch of people at the Institute for Justice. Registration is ongoing for IJ’s upcoming conference “The Other Declarations of 1776.” As part of the nationwide celebration of 250 Years of America, we’re partnering with the Liberty & Law Center at Scalia Law School for […]
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U.S. Dividend Taxes for Expats in 2025: How Much Will You Owe?
Everything Americans abroad need to know about withholding, qualified dividends, and avoiding double taxation For Americans living overseas, U.S. dividends are a common source of income, whether from stock investments, ETFs, or retirement accounts. But how much tax you actually owe in 2025 depends on your citizenship status, where you live, and whether your dividends […]
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