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December 4, 2025

Welcome to The Lighthouse, the weekly email newsletter of the Independent Institute covering politics, economics, current events, and everything in between.

Dear Readers,

The latest headlines are dominated by new revelations about the fatal attacks on civilian boats off the coast of South America—particularly the orders given by Secretary of War Peter Hegseth. This week’s articles use the occasion to delve deep into American foreign policy and the economy.

First, Ivan Eland writes about President Donald Trump’s threat to court-martial Senator Mark Kelly and investigate other veteran members of Congress … merely for publicly reminding military personnel of their constitutional oath to refuse illegal orders. The controversy began when Kelly posted about the Venezuelan boats on social media.

Alex Tokarev writes that Trump’s hyperactive foreign policy is a revival of the Monroe Doctrine centered on Venezuela—in a bad way.

Allen Gindler writes about the failed promise of rent control, a debate reignited by the New York City mayoral race.

Craig Eyermann discusses the disaster that is the national debt.

And finally, Scott Beyer discusses the perverse incentives that keep inflation flowing.

Happy reading.

Jonathan Hofer
Managing Editor

Top picks this week
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** Trump Threatens Mark Kelly for Reiterating the Military’s Obligation to the Constitution ([link removed])
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** Senator Mark Kelly’s warning underscores the crisis of unlawful presidential directives. ([link removed])
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** by Ivan Eland
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European monarchs regularly waged war for personal gain, burdening their people with death, destruction, and high taxes. That’s largely why the Constitution grants Congress—not the President—the power to initiate war.
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** Rent Control: A Policy Recipe for Shortages and Decay ([link removed])
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** by Allen Gindler
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Just as you can’t defy gravity, you can’t ignore economic reality—but that doesn’t mean politicians will stop trying.
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** How Will the U.S. Government Pay the National Debt? ([link removed])
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** by Craig Eyermann
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Politicians have already had the opportunity to reduce federal government spending and they haven’t taken it. So inflation it is.
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** The Monroe Doctrine, Redux ([link removed])
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** by Alex Tokarev
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Is this the triumphant revival of the Monroe Doctrine, or just another episode of “What in the Geopolitical Hell Is Happening?”
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** Should Interest Rates Go Up or Down? ([link removed])
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** by Scott Beyer
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The Fed, itself run by older, wealthier Americans, may not intend to redistribute wealth upward—but the effect is unmistakable.
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** FEATURED BOOK
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** Beyond Homeless ([link removed])
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** Good Intentions, Bad Outcomes, Transformative Solutions ([link removed])
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** Edited by Mary L. G. Theroux, Lawrence J. McQuillan, and Adam B. Summers
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“With an impressive array of scholars and data, Beyond Homeless should be essential reading for those curious about how to change course on homelessness.”

—Judge Glock, Director of Research and Senior Fellow at the

Manhattan Institute; contributing editor of City Journal
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