On The Deals Shaping Our Economy
Ika here. Two men stood before monuments on the same day and told opposite stories about their nations. In South Dakota, Donald Trump craned up at four granite presidents and warned that communism now rivals the world wars as a threat to America. In Tehran, envoys from 100 nations filed past the flag-draped coffin of the supreme leader killed by American and Israeli bombs in February. One country toasting 250 years of itself. One burying the man who defined its last four decades. Then, because we all need it, a lesson from a goldfish. Let's get into it.
1. 🇺🇸 Trump's red scare
Trump used the eve of America's 250th birthday to sound an alarm. At the foot of Mount Rushmore, he warned of the "resurgence of the communist menace in our land," branding the ideology the "greatest threat" to the US, level with both world wars.
Why it matters: This is the midterm attack line, previewed. Republicans want the communist label to stick to Democrats as Democratic Socialists sweep New York primaries and gain ground elsewhere.
"America will never be a communist country and we can only lose the midterms if we allow ourselves to lose the midterms."
The big picture: He drenched the night in superlatives, calling the founding the "best and most incredible thing ever to happen on this planet by human hands, ever."
Zoom in: He spoke beneath Washington, Jefferson, Lincoln and Roosevelt. No room remains for a fifth face, though he has floated carving in his own. This term he has stamped his name on federal buildings, passports, gold coins, and a prescription-drug discount platform called TrumpRx.
The intrigue: Hours earlier, New York mayor Zohran Mamdani served the mirror image. Seated at a City Hall desk once used by Washington, ringed by newly naturalised citizens, he cast dissent itself as patriotism, calling "every act of righteous dissent" a defence of the country's promise.
Between the lines: The mood is sour. Energy prices jumped after the Iran war, inflation stays sticky, and Pew finds Americans gloomy on both the economy and the country's direction.
What's next: A record heatwave already scrapped Saturday's DC parade and shuttered the thinly attended state fair on the National Mall. Trump still plans a Mall address Saturday night, vowing "a really long speech" in the heat. "Just to show that I can do anything," he said.
2. 🇮🇷 Tehran buries its supreme leader
Iran opened six days of mourning for Ayatollah Ali Khamenei, killed in February during the US-Israeli war. Envoys from roughly 100 nations paid respects Friday as the capital locked down.
Why it matters: An era closes. Khamenei ruled for nearly four decades. The funeral is engineered as a show of strength at the precise moment Iran looks weakest.
By the numbers: Twelve parliamentary speakers and delegations from about 100 countries attended, among them China, Russia, Turkey and Oman. Pakistan sent PM Shehbaz Sharif and army chief Asim Munir. Iraq, Armenia and Tajikistan sent leaders too.
Zoom in: No Western leaders came. Gulf states struck by Iran during the war, Saudi Arabia, Qatar and Oman, sent delegations regardless. So did Egypt and Lebanon.
Representatives of the "axis of resistance," including Hizbollah and Iraq's Hashd al-Shaabi, turned out.
What we're watching: Succession is murky. Mojtaba Khamenei, the late leader's son and named heir, has not surfaced in public since the war began. Officials are expected to tap a senior Qom cleric to lead Sunday's prayers, but state media stays silent, a tell of security nerves.
The Revolutionary Guards warned against any "miscalculations" by Iran's enemies, pledging "a response more crushing than ever before."
Between the lines: The staging screams intent. A new sculpture of Khamenei's clenched fist now rises in Enghelab Square. Banners carry the slogan "We should rise up," alongside "A stronger Iran" and a call to avenge "the blood of children."
3. 🐠 Be a goldfish
The big picture: One of the sharpest mental-performance advice of the decade came from a fictional coach and one of the greatest tennis players alive. Same message: your memory is sabotaging you.
Why it matters: Everyone makes mistake. But the mistake isn't the mistake. It's the replay. Chewing on a bad call or a bad meeting drags yesterday into today.
In Ted Lasso, the coach pulls aside a freshly torched player:
"You know what the happiest animal on Earth is? It's a goldfish. You know why? Got a 10-second memory. Be a goldfish, Sam."
By the numbers: At Dartmouth's 2024 commencement, Roger Federer dropped a stat that should reset how you grade yourself. He won nearly 80% of his 1,526 singles matches, but just 54% of the points.
"When you lose every second point, on average, you learn not to dwell on every shot."
The mechanism: Treat a problem like a rope. Use it to haul yourself out, then let go. The instant it's resolved, erase it from memory.
"When you're playing a point, it is the most important thing in the world. But when it's behind you, it's behind you. This mindset is really crucial, because it frees you to fully commit to the next point."
The bottom line: Hold the lesson. Drop the memory. As Federer put it: "Negative energy is wasted energy."
This is a private newsletter, if you’d like a colleague added, please reach out with their email.
If you’d like to support the work, there are several options. Cancel anytime.