Qualified Opinions

Horseshoe Theory at the FTC: Regulation, Mergers, and the Future of Antitrust

Host Veronique De Rugy is joined by Jessica Melugin, Director of the Center for Technology and Innovation at the Competitive Enterprise Institute, for a deep dive into the shifting landscape of the Federal Trade Commission (FTC). The conversation explores: * The Legacy of Lina Khan: How the Biden-era FTC expanded merger filing rules (HSR Act) to increase compliance burdens, and why a Texas federal court recently struck them down. * The Horseshoe (or "Shoe Horse"?) Theory: A discussion on the surprising ideological overlap between the populist left and populist right, specifically regarding "America First" antitrust policies and increased government intervention. * A Changing Commission: An analysis of current FTC Chair Ferguson, his ties to Vice President JD Vance, and the agency's unprecedented level of direct White House influence. Constitutional Shifts: The impact of recent Supreme Court decisions like Loper Bright (overturning Chevron deference) and the ongoing debate over the President's power to fire independent agency commissioners at will.

Recovering the Soul of Liberalism

Vero is joined by colleagues Rebecca Lowe, a political philosopher, and Henry Oliver, a literary critic, to discuss their new project, The Pursuit of Liberalism. While the liberal order—built on free markets, free speech, and the rule of law—has delivered more for human flourishing than any other system, many feel it is currently "losing the argument". The trio explores whether this is because the defense of liberalism has been narrowed down to economics and legal theory, neglecting the deeper questions of meaning, dignity, and the human soul. Key topics discussed include: * The "Vibe Contest": Why liberalism often sounds "stuffy and old-fashioned" compared to the rising influence of post-liberal and "New Right" movements. * The Legacy of Adam Smith: A debate on whether Smith was a better economist or philosopher, and how his original breadth of thought (covering everything from astronomy to moral sentiments) has been lost to modern academic specialization. * Specialists vs. Generalists: The costs of over-specialization in economics and why we need more thinkers who can bridge the gap between policy and culture. * Pluralism and Choice: Drawing on Isaiah Berlin's idea that there are many "good" ways to live and that liberalism's true value lies in the freedom to choose between them. * The Future of Freedom: Why politics is downstream of culture and the challenge of passing liberal values on to a new generation. About the Guests: Rebecca Lowe is a political philosopher and Henry Oliver is a literary critic. Both are based at the Mercatus Center and are the founders of the Substack project, The Pursuit of Liberalism.

Navigating Trade, National Security, and the Real Costs of Protectionism

In this episode, Vero De Rugy sits down with Paul Mueller and Dave Hebert, senior research fellows at AIER, to discuss trade and national security. The conversation dives deep into the complex—and often manipulated—tension between market efficiency and national defense. While free traders acknowledge legitimate security exceptions, the trio explores how "national security" is frequently used as a pretext for protectionist policies that come with a steep, often hidden, economic price tag. Key highlights of the discussion include: * Vigilante Justice on the World Stage: Paul and Dave discuss their "Batman" analogy for current trade policy—exploring the consequences of bypassing international norms like the WTO to "dole out justice" through unilateral tariffs. * The China Dilemma: A look at whether "decoupling" from the Chinese economy is a realistic goal or a demographic and logistical impossibility. * The Net Assessment of the Current Administration: Vero proposes a provocative theory: Could the "background" wins in energy deregulation, AI framework, and crypto policy outweigh the "foreground" chaos of trade wars and market uncertainty? * The Cost of Credibility: Why market uncertainty and capricious policy shifts might be more damaging to long-term growth than the actual tariffs themselves. Whether you are interested in the granular details of the WTO enforcement mechanisms or the broader philosophical questions of individualism versus the new collectivism, this episode offers a candid look at the trade-offs required for American prosperity in a globalized world.

The Social Security "Lockbox" Myth with Romina Boccia

As Social Security approaches its 90th anniversary, the program faces a looming identity crisis and a massive fiscal deadline. In this episode, host Veronique De Rugy sits down with Romina Boccia, Director of Budget and Entitlement Policy at the Cato Institute and co-author of Reimagining Social Security: Global Lessons for Retirement Policy Changes. Together, they dismantle the most persistent myths surrounding the U.S. retirement system, from the "lockbox" illusion to the reality of the 2032 trust fund depletion. Romina explains why a program designed in the era of the Great Depression is struggling to keep pace with modern capital markets and 21st-century life expectancy. Key topics discussed in this episode include: * The Pay-As-You-Go Reality: Why 1 in 4 Americans believe they have a personal account, and the truth about intergovernmental IOUs. * The 2032 Deadline: How recent legislative changes have accelerated the timeline for automatic benefit cuts. * Lessons from Abroad: How countries like Sweden and Canada successfully modernized their systems by leaning into private accounts and flexible savings. * Universal Savings Accounts (USAs): A proposal to fix the "double taxation" on savings and empower lower-income workers without the sting of early withdrawal penalties. This conversation offers a candid look at how we can move beyond "tweaks" to build a more secure financial future.

Modern Diplomacy and French Political Thought with Luke Foster

In this episode, Veronique de Rugy and Luke Foster peel back the layers of the "French political soul," and explore the intellectual roots of the Franco-American relationship. Foster, a professor and co-founder of Academia Tocqueville, argues that Tocqueville's emphasis on civil society as a check on central power remains the ultimate diagnostic tool for modern governance. De Rugy and Foster also discuss the high stakes of 21st-century geopolitics, centered on Foster's recent critique of the NATO alliance, "We Need Friends, Not Flatterers." They dissect the Gaullist concept of strategic autonomy, questioning whether the American security umbrella has inadvertently stunted European state capacity and led to a "crowding out" of defense spending by the welfare state. From France's nuclear grid to the surprising efficiency of its fiscal bureaucracy, De Rugy and Foster challenge the assumption that the American model is always more efficient, ultimately calling for a partnership built on honest realism rather than convenient dependence.