Julius Caesar walked so Jerome Powell could run

Time to start brushing up on the fall of Rome. [Bloomberg]( This is Bloomberg Opinion Today, a mutual struggle of Bloomberg Opinion’s opinions. [Sign up here](. Today’s Agenda - The Romans [survived]( inflation. - The justices [divide]( the nation. - Europe’s [electric]( aberration. - Gen Z’s [crypto]( fixation. You Think You Just Fell Out of a Coconut Tree? A wise woman [once said](, “You exist in the context of all in which you live and what came before you.” Which reminds me — and Daniel Moss — of [the Roman Empire](, of course: “Worried that inflation is coming down too gradually? The Romans had a not-so-subtle solution: Anyone suspected of ratcheting up prices faced execution. If you’re currently anxious about declining fertility across today’s major economies, they had an answer for that, too: Celibacy was discouraged among women, Vestal Virgins excluded. Offenders might forfeit their inheritance.” So, let me get this straight: If we turned women into breeding instruments and brought back the guillotine, inflation would … I’M KIDDING!!! Obviously we cannot and should not do that. But “the bedrocks of Western Civilization saw everything, from [currency debasement]( to bank runs and primitive forms of quantitative easing,” Daniel notes. They also saw primitive forms of Paul Mescal’s [quads](, but that’s a story for [Vanity Fair](, not Bloomberg. Still, here’s a photo from Gladiator II for your enjoyment: But maybe we can learn a thing or two from the ancients without it turning gory, starting with Augustus. The emperor-turned-god [coined]( the term Festina Lente, or “[make haste slowly](” during his reign from 27 B.C. until A.D. 14. “In the context of monetary policy, it means scout for an opportunity to lower rates without rushing. Too soon, and inflation reignites. Too late, the pressure on the economy triggers recession,” Daniel explains. After Augustus, there was Tiberius. He had to deal with a credit crunch that Daniel says “required what historians consider a primordial version of QE.” Then came [Commodus]( — the poster-boy for the fall of Rome — who instituted a wealth tax on the elite (who were plotting against him, duh) to pay for “[public entertainment](.” By the time Diocletian rolled around in A.D. 301, inflation was so awful, he issued an [edict]( “that constrained the price of pretty much everything on pain of death. No item was too big or small to be covered: asparagus, bearskin, tunic dye, chariot axles and [slaves]( among them. Punishment for hoarding was even more severe,” he writes. Some criminals were [put in a sack]( with snakes and thrown into a river. Although hoarding asparagus is no longer a criminal offense, there’s plenty that hasn’t changed. It’s 2024 and we’re still debating a [wealth tax](. We’re still paying for public entertainment (i.e. spending $20 to watch [Pedro Pascal]( wear a leather skirt). And we’re still figuring out how to handle [economic challenges]( such as rapid inflation. Our solutions may be less brutal than Rome’s, but the basic bones of monetary policy are all there. Now, if only we could get our infrastructure together: Yeah, I’m Still Thinking About Rome Haha, you thought we were done with Ancient Rome?? Not by a long shot. I took Latin in high school — I could go all day! Plus, we haven’t even gotten to the guy who got assassinated during the Ides of March. Julius Caesar once [famously said](, “all Gaul is divided into three parts.” The same can be said about the ideological breakdown of the Supreme Court. “Like Gaul before Caesar, the three parts are all weakened by their mutual struggle,” Noah Feldman [argues](. But which group wears the proverbial pants in this relationship? Now that the Supreme Court’s [latest term]( has come to a close, we can see that it was the middle faction of centrist-conservatives who held all the cards. They joined the arch-conservatives to grant Trump near-total [immunity](, helped [overturn the Chevron doctrine](, struck down a ban on [bump stocks](, weakened protections against [racial gerrymandering]( and rejected an attempt to create new rights [for the homeless](. On the flip side, they helped the liberals temporarily restore [abortion access in Idaho](, urged Biden to crack down on [social media]( and [stopped Texas and Florida]( from� the free speech rights of social media platforms. Chief Justice John Roberts, along with justices Amy Coney Barrett and Brett Kavanaugh, are staging what Noah calls “a conservative constitutional revolution at the court.” Now that the US has completed its transformation into what can only be called late Justice Antonin Scalia’s fever dream — a world without [Roe v. Wade](, [affirmative action]( or [Chevron deference]( — the conservative centrists want to pause and take stock. But for the arch-conservatives, decisions that inflame [gun violence](, encourage [religious coaches]( and provoke [immune presidents]( are just the beginning. “As the conservative revolution crests, it begins to be possible to imagine what is going to be on the other side of it. Whoever becomes the next president could tip the balance of the court in one direction — or the other,” Noah notes. “If Trump is elected in November, he will probably get to replace the 76-year-old Thomas and the 74-year-old Alito, consolidating conservative control for the long term … However, if a Democrat is elected in 2024, that person might just get to replace two conservatives, too, which would result in a court with five liberals.” Read [the whole thing](. Bonus Supreme Court Reading: - Since when was the Supreme Court competent enough to [keep our water clean](? Oh wait, it’s not. — Mark Gongloff - Now [elected lawmakers]( in Congress, not bureaucrats at the regulatory agencies, can make the rules. — Matt Levine - The Chevron doctrine ruling should [depoliticize appointments]( and market regulation. — Aaron Brown - Prosecuting Trump [is harder]( after this week’s ruling. But lawyers still have a lot to work with. — Barbara L. McQuade Telltale Charts Yikes: On June 25, a computer failure cost traders and companies millions of euros when it caused power prices to spike by 3,000% in Germany. “It was the most dramatic impact of 24 hours of turmoil in the European electricity market; a sort of flash crash that sent prices simultaneously spiking in Germany and crashing in France in just a few minutes,” Javier Blas [writes](. “Clearly, the trading infrastructure that underpins the market is weak, with single points of failure; the market and the exchanges are lightly regulated, and many policymakers have a poor grasp about how power trading works.” Gen Z is nearly 60% more likely to have had some education in basic financial principals in school compared with millennials, and 150% more likely than Gen Xers. But for all that knowledge, they’re still making some awful investment choices. “Whatever effort is being made in school is being drowned out by the lure of day-trading apps and advice from YouTube,” Allison Schrager [argues](. “An alarming 19% of Gen Z investors are only in crypto, instead of stocks or any other kind of marketable asset. About 41% own individual stocks, while only 35% buy mutual funds. It all adds up to a very risky, potentially volatile portfolio.” Further Reading Macron’s failure to [convince voters]( to stay the course carries a high price. — Bloomberg’s editorial board Presidents have kept [health secrets]( throughout history. Voters deserve more transparency. — F.D. Flam The current [axis of autocracy]( might be more powerful than the one that started World War II. — Hal Brands President Biden can’t dispel [the existential doubt]( he has sown about NATO. — Andreas Kluth Betting and bond markets deliver cold, [harsh truths]( about the odds of Trump 2.0. — John Authers The next UK government can do more to support [the EV market]( without diluting sales. — Chris Bryant Good news for diabetes patients: A world [without insulin shots]( is looking like less of a fantasy. — Lisa Jarvis Wait, can Shari Redstone do any sort of [Paramount deal]( without being sued? — Chris Hughes ICYMI Biden is “absolutely not” [dropping out](. The [phrase of the day]( is “[coconut-pilled](.” Meta’s Threads celebrates its [first birthday](. Kickers Who is buying this $398 [ketchup packet]( purse? [Jimmy Nardellos]( are the new shishito peppers. The Gwyneth Paltrow [pooper]( is revealed. Notes: Please send Jimmy Nardellos and feedback to Jessica Karl at jkarl9@bloomberg.net. [Sign up here]( and follow us on [Threads](, [TikTok](, [Twitter](, [Instagram]( and [Facebook](. Follow Us Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. Before it’s here, it’s on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. [Learn more](. Want to sponsor this newsletter? [Get in touch here](. You received this message because you are subscribed to Bloomberg's Opinion Today newsletter. If a friend forwarded you this message, [sign up here]( to get it in your inbox. [Unsubscribe]( [Bloomberg.com]( [Contact Us]( Bloomberg L.P. 731 Lexington Avenue, New York, NY 10022 [Ads Powered By Liveintent]( [Ad Choices](