The Weekly Wrap: 9/11, Bessent, Biden, and Coins of the Realm
Welcome to Friday. Today marks the 25th anniversary of 9/11 and coincidentally, it seems like CPI has finalized some sort of rate hike from the Federal Reserve.
This week has certainly been packed. There was an interview with the Treasury Secretary in Washington, and the Republicans hosted a midterm convention in Texas. Former President Trump made a rather bold promise of $5,000 to those who help re-elect Republican majorities. Then, there’s Hunter Biden—who just launched a memecoin that crashed almost instantly. As for consumer sentiment, it took quite a hit, particularly among Republicans. And core inflation? Yeah, it came in higher than anticipated, likely putting a rate hike on the table for next week.
So, let’s dive in.
The 9/11 Coin
The U.S. Mint has decided to honor those lost during the 9/11 attacks with a new half-dollar coin that features the date of the tragedy along with the inscription “NEVER FORGET.”
This seems quite appropriate, especially for the anniversary. Plus, it serves as a practical reminder that it’s not a quarter. Historically, people have confused half-dollars with quarters, which can be problematic. But I think if you have a coin that commemorates 9/11, it’s pretty clear that it isn’t easily mistaken for a quarter.
“As we approach the 25th anniversary of September 11, we honor the memory of those we lost and the courage of those who risked their lives to save their fellow Americans,” stated Secretary of the Treasury Scott Bessent. “A quarter century later, our promise to the victims and their families remains the same: we will never forget.”
The Hunter Biden Meme Coin Launches, Crashes
This week also brought us Hunter Biden’s launch of a memecoin called $LAPTOP. It’s kind of a play on his infamous laptop that has caused a lot of controversy surrounding the Biden administration. You remember how Twitter shut down the New York Post’s account over posts regarding it? That incident highlighted how much control the Democratic Party wielded over social media back then.
“The symbol they used to try to end me is now a symbol of resilience, redemption, and recovery,” Hunter mentioned on X.com—yeah, that’s Twitter now, under the new era.
Unfortunately, the coin wasn’t exactly resilient; it plummeted 95 percent within just hours of its debut.
And just to clarify, the laptop wasn’t really a symbol of Hunter’s downfall—it was a genuine laptop, not some metaphorical contraption. Most people were pretty indifferent to what it revealed about him; the real intrigue lay in what it unveiled about the broader Biden circumstances.
President Trump Promises a $5,000 Dividend
For over a year, economists have suggested that U.S. consumers bear the brunt of the tariffs that former President Trump imposed. The more candid experts suggest that while it’s technically importers footing the bill—some might be U.S. companies—most will claim these costs are eventually passed on to consumers.
So, understandably, economists might have felt a wave of excitement when Trump announced at the GOP convention that there’d be a plan to return revenue from the tariffs in the form of a $5,000 per adult “dividend,” should the Republicans maintain control in the midterms. It’s like he’s giving the money back to the very people who “paid” those tariffs, right?
But, there’s a catch; it’s worth noting that the total expense of this universal dividend would far exceed what the tariffs would generate in any given year. Some estimates suggest around $1.3 trillion for the dividend versus $300 billion for the current tariff revenue.
Then, oddly enough, some began to voice concerns about the dividends leading to inflation. It’s a little puzzling. So, taking money from consumers via tariffs is inflationary, but handing it back is too? It almost feels like whatever Trump does gets tagged with the “inflation” label.
In terms of reality, tariffs usually have a disinflationary effect because they act as a tax. Government taking money from the economy reduces inflation (although the spending afterward often creates inflationary pressure). If foreign manufacturers shoulder these costs, prices might drop. If U.S. importers bear them, economic activity could stall. And if consumers take the hit, they may cut back on spending. So, while the dividend may cause inflation, it could balance out current tariff impacts and rising gas prices.
Scott Bessent Saves the World
This week, Breitbart News hosted a policy event with Treasury Secretary Scott Bessent. You can find numerous articles covering our discussions with him.
We had planned to highlight our favorite moments, but it’s tough to choose favorites when all our interactions feel significant. However, Bessent’s remarks on AI and China were especially noteworthy.
“Beating China—there is no day after tomorrow if China wins at this. Like everything—a trillion-and-a-half-dollar defense budget, the Iron Dome—if they were to pull ahead on this, then nothing else matters,” Bessent said.
Consumer Sentiment Crashes
Consumer sentiment took a nosedive in early September, hitting one of the lowest points since Reagan’s presidency. A significant factor in this drop was the declining sentiment among Republicans, reaching its lowest since November 2024, only to rebound later with optimism about Trump. The downturn in GOP sentiment primarily came from a bleak economic outlook, falling from 86.9 in August to 73.2 in September—marking the worst figure since October 2024.
I’d say this signals that Republicans are seriously anxious about the midterm elections and the potential consequences of a Democrat majority in one or both congressional houses.
BBD History: 9/11—The Day We Fought Back
To honor the 25th anniversary of 9/11, we thought it would be fitting to bring back something we wrote for the New York Sun years ago. This was from the very first review published for the film United 93:
I have heard it said that the 21st century began on September 11, and I would go so far as to say it began on United Flight 93. When the passengers reach loved ones on air phones and learn for the first time that the hijacked planes are being turned into murder machines, something changes. “United 93” refuses to mythologize this moment, and the shift is subtle. “This is a suicide mission,” one of the passengers says. The next thing that happens needs no mythologizing at all — among a small group of men, this realization transforms their fear into resolve. They don’t intend to die, and they don’t intend to be used as fodder for the terrorists’ plan.
As we honor the memories of the lives lost and those who sacrificed themselves to help during the tragedies, let’s ensure we never forget the brave individuals who stood their ground on that fateful day. September 11, 2001, wasn’t just when we were attacked; it was also when we stood up and fought back.
