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March 12, 2025

Welcome to The Lighthouse ([link removed]) , the weekly email newsletter of the Independent Institute covering politics, economics, current events, and everything in between.

Dear Readers,

International equity markets have not responded kindly to recent policy uncertainty, with stock indices volatile in the face of renewed trade tensions. The reimposition of tariffs has unsettled investors and institutions, raising concerns about higher import prices, supply chain disruption, and sluggish economic growth. The current administration frames these actions as a source of political leverage, but the market response suggests growing concern about their longer-term consequences. Allen Gindler discusses these impacts, from tariffs to inflationary pressure, while K. Lloyd Billingsley writes how California's pandemic-era spending spree continues while evidence mounts that the system was racked with fraud.

On energy policy, Scott Semet points out the delicate balance between national energy security and American liquefied natural gas (LNG) exports. Paige Lambermont covers how rising power needs from AI and other industries are powering new investments in gas plants.

Beyond policy, Daniel B. Klein turns to C.S. Lewis for a timeless meditation on The Four Loves and the value of healthy patriotism.

Read more about these topics in the latest issue of Independent Weekly!

Jonathan Hofer
Managing Editor

Top picks this week
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** Trump’s Economic Outlook: Policy Shifts and Early Impact ([link removed])
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** by Allen Gindler
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Tariffs have revived trade tensions without tackling the trade deficit’s root causes, while inflation faces new pressures from rising import costs.
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** California Keeps the COVID Gravy Train Running ([link removed])
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** by K. Lloyd Billingsley
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The scale of known pandemic relief fraud is growing as pandemic payouts are still going on in California.
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** The Dilemma of LNG Exports and U.S. Energy Security ([link removed])
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** by Scott Semet
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Increasing exports of abundant, inexpensive U.S. hydrocarbons is a clear economic win that should be free from government interference. At the same time, unnecessary regulations and restrictions on U.S. gas production must be removed to ensure domestic prices remain low, allowing market forces to drive economic growth.
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** Plans To Build Gas Plants Respond To Increased Power Demand ([link removed])
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** Energy companies respond to surging AI demand with behind-the-meter solutions. ([link removed])
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** by Paige Lambermont
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As power demand continues to rise from AI and other sources, we are likely to see a continued buildout of new natural gas plants.
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** C. S. Lewis on Patriotism ([link removed])
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** by Daniel B. Klein
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Lewis helps us recognize the claims of patriotism and other lower loves, so that they may better coexist.
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** FEATURED BIBLIOGRAPHY
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** Recommended Readings on Free Trade Versus Protectionism ([link removed])
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** Everything You Need to Know About Open Markets, Comparative Advantage, and Globalization ([link removed])
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** Compiled by Williamson M. Evers
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People, farms, firms, and factories in America should be able to trade freely with people, farms, firms, and factories across international boundaries. These days, that’s quite a controversial statement … but it shouldn’t be. Become an articulate proponent of free trade and defend the rights of consumers and businesses using this annotated reading list, expertly compiled by Senior Fellow and Director of the Center on Educational Excellence Williamson Evers.

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