Tuesday Morning Online Reading Summary

PROJECT SYNDICATE - -Benn Steil, Director of International Economics at the Council on Foreign Relations and one of the leading scholars of international monetary history and global governance, argues that rules-based international systems are inherently limited because they eventually encounter problems their own rules cannot resolve.

Steil draws on the ideas presented in Douglas Hofstadter's Gödel, Escher, Bach to explain why every sufficiently complex system contains internal contradictions.

He argues that, after the Cold War, the United States mistakenly assumed that the liberal international order had become self-sustaining and no longer depended on active political leadership or a favorable balance of power.

Instead, institutions such as international trade regimes, security alliances and multilateral organizations ultimately rely on the continued willingness of major powers to interpret, defend and occasionally adapt their own rules.

As geopolitical competition has intensified, particularly with the rise of China and renewed great-power rivalry, those assumptions have been exposed as increasingly fragile. - - CRAMER’S MAD MONEY - -No update - - WOMEN’S WEAR DAILY - - Reformation, a sustainable fashion brand, is poised for an IPO amid fierce competition for investor attention, especially against major tech players like SpaceX, Anthropic, and OpenAI.

As it prepares to enter the market, questions arise about whether fashion can maintain investor interest in light of booming AI sectors.

The success of Reformation's IPO—along with others like Tailored Brands and Authentic Brands Group —will depend on market conditions and brand familiarity.

Observers note that IPOs have become more accessible, yet fashion brands must win over cautious investors, especially after previous IPO disappointments.

David Shiffman from Solomon Partners highlights that Reformation could serve as a critical indicator for other retail brands seeking market entry, contingent on their growth and profitability. - - DIGITIMES - -Asia Neo Tech has entered into a significant 15-year technology licensing agreement with Brooks Automation, a US-based company, focusing on collaboration in the area of front-opening unified pod (FOUP) cleaning equipment.

This partnership aims to enhance Asia Neo Tech's presence in global markets.

The formal signing ceremony for the agreement was recently conducted, highlighting the commitment of both companies to innovate and improve cleaning technology in the semiconductor industry.

This collaboration is expected to leverage Brooks Automation's expertise in automation and technology, alongside Asia Neo Tech's capabilities, to deliver advanced cleaning solutions that meet the growing demands of the semiconductor manufacturing sector. - - TECHCRUNCH - -AI-related job loss concerns have intensified alongside layoffs, with nearly 90,000 job cuts linked to AI by May 2026.

Projections suggest up to 15% of U.S. jobs could be eliminated by AI within five years.

However, a report from Ramp and Revelio Labs indicates a counter-narrative: companies investing heavily in AI are actually increasing headcounts, particularly in entry-level roles, with "high-intensity adopters" experiencing a 10.2% headcount rise.

The growth spans various functions, especially within tech sectors.

Despite this, the data is skewed towards fast-growing tech firms, raising questions about the causal relationship between AI spending and job creation.

While AI has reportedly led to net job losses, particularly affecting Gen Z and entry-level workers, tech-forward firms have seen a 12% increase in entry-level roles.

The report suggests that rather than leading to job replacement, AI may facilitate firm expansion by lowering production costs.

However, companies that merely experiment with AI without substantial investment do not see gains, potentially widening the gap between resource-rich firms actively leveraging AI and those that struggle to keep pace. - - TALKING POINTS MEMO - -The Supreme Court's recent rulings significantly weaken the protections of independent agencies, allowing the president to fire at-will civil servants intended to remain insulated from political influence.

However, the Federal Reserve has been granted an exception.

This split decision in Trump v.

Slaughter and Trump v.

Cook emphasizes the Court's willingness to diminish regulatory bodies while protecting the Fed from potential presidential overreach.

The ruling marks a significant victory for the unitary executive theory, significantly enhancing presidential power and undermining a 1935 precedent, Humphrey’s Executor.

Justice Sonia Sotomayor, in her dissent, criticizes this shift as a departure from democratic principles and warns of the implications for presidential authority beyond constitutional bounds. - - PUNCHBOWL NEWS - -Speaker Mike Johnson is likened to a triage nurse, attempting to stabilize issues within the House Republican Conference.

His recent maneuver to attach the SAVE America Act to the annual defense policy authorization bill (NDAA) is a strategic move, aimed at keeping the floor open, though it doesn't resolve broader internal conflicts among House Republicans.

This version of the SAVE America Act differs from President Trump's demands, lacking provisions on mail-in voting and transgender sports issues.

Some Republicans, including Rep.

Anna Paulina Luna, express skepticism about Johnson's approach.

Critics, including Rep.

Jim McGovern, argue that this attachment will not change the Senate's position, as they prefer their own NDAA framework without these provisions.

The House is also set to discuss various fiscal bills amid uncertainty about Republican unity moving forward. - - THE HILL - -Republican senators consider the Iran conflict and Vice President Vance's peace negotiations critical for the 2028 presidential primary, with Vance and Secretary of State Marco Rubio as leading candidates.

The Iran deal to reopen the Strait of Hormu