It’s Tuesday, December 30. This is The Front Page, your daily window into the world of The Free Press—and our take on the world at large. Today: Tyler Cowen on a flashing warning light for the economy. Jed Rubenfeld on how Donald Trump’s recent loss in the Supreme Court could end up being a win for the president in the long term. Philanthropist Sigrid Rausing on why she pulled funding from some human rights organizations. And more.
But first: our 2025 heroes.
The problem with heroes is that they only appear when you have the misfortune of truly needing them. They are the people who show up when things have gone sideways. They save people, help people, or stand up for life and liberty despite sometimes terrible costs.
It should come as some relief that there are too many such people to count this year. But as 2025 comes to a close, we wanted to celebrate just a few that moved us.
So, without further ado, we bring you our non-exhaustive list of a few of this year’s heroes. Some are well known. Others are not. But they all did something great this year, and for that, we at The Free Press thank them.
Still, not every story we published this year deserves applause. Even the greats miss the mark from time to time, and that includes our roster of Free Press columnists.
As we take a long, hard look back at 2025, we’re publishing a brief exercise in accountability to keep ourselves honest, reflect on the times when we got it wrong, and even invite you to point and laugh as you see fit. Today, we admit to the takes we would like to take back. Read Niall Ferguson, Tyler Cowen, Nellie Bowles, Joe Nocera, Suzy Weiss, and other Free Press writers on what they got wrong this year.
—The Editors
Silver and gold prices are rising—and it should worry us all, writes Tyler Cowen. Why? Because their surging value has little to do with precious metals—and everything to do with the U.S. dollars purchasing them. Read Tyler on the worrying trends behind the price of precious metals, and what can be done about them.
Last week, the Supreme Court blocked President Trump’s attempt to deploy the National Guard in Chicago. But while some Trump critics are celebrating this ruling as a win, it might actually tempt the president to escalate his crusade against crime in blue cities. In his latest column, Jed Rubenfeld explains how Trump v. Illinois could push Trump to invoke the Insurrection Act—and impose martial rule on American soil.
How is it that organizations founded to protect human rights came to sympathize with terrorists? That is the question on the mind of Sigrid Rausing, one of the most important philanthropists in the United Kingdom, who supports a wide range of human rights causes around the world. In the wake of October 7, 2023, her foundation had to cut grants to organizations that mixed calls for social justice with apologies for terrorism. Today, Rausing writes about that decision, the fallout that ensued, and the cadre of activists who perverted the meaning of “human rights.”
China launched military exercises around Taiwan, mobilizing naval, air, ground, and missile forces. The live-fire exercises come after the Trump administration proposed a $11 billion arms deal with Taiwan earlier this month.
While meeting with Israeli prime minister Benjamin Netanyahu at Mar-a-Lago, President Trump said if Iran tried to rebuild its nuclear capabilities, “we’ll knock the hell out of them.” Trump also said if Hamas did not disarm quickly to pave the way for the next phase of his peace plan, “there’ll be hell to pay for them.”
The Justice Department is using a law meant to punish businesses that cheat the government to investigate companies like Google and Verizon that it believes are still using diversity initiatives in hiring and promotion. The department is asserting that holding a federal contract while maintaining diversity, equity, and inclusion (DEI) programs constitutes fraud.
The U.S. will contribute $2 billion to United Nations humanitarian aid, the most of any country but down from $17 billion in 2022. “Individual UN agencies will need to adapt, shrink, or die,” the State Department said.
After meeting with Donald Trump at Mar-a-Lago on Sunday, Ukrainian Volodymyr Zelensky said that the two presidents were “90 percent agreed” on a revised 20-point peace plan and “100 percent agreed” on security guarantees. Trump and Russian president Vladimir Putin had a “positive call” on Monday, White House press secretary Karoline Leavitt said.
The U.S. conducted its first land strike against Venezuela in its counternarcotics efforts last week, President Trump confirmed. “They load the boats up with drugs, so we hit all the boats, and now we hit the area,” the president said Monday.
Protests erupted across Tehran as Iran’s currency hit a record low against the dollar. The protests highlight how sanctions and soaring inflation have weighed down Iran’s economy, particularly since negotiations for sanctions relief ended after the U.S. and Israel struck Iran’s nuclear sites in June.
Beyoncé is now a billionaire, Forbes reported. The 44-year-old pop megastar is the fifth musician to cross the three comma threshold, joining her husband, Jay-Z, as well as Taylor Swift, Bruce Springsteen, and Rihanna.
Nick Shirley.
More reporting done with a list and an iPhone than all of TFP and CBS - or any media.
We need some serious coverage about Fraud. Minneapolis is the tip of the iceberg. We need whistleblowers and on the ground journalists. Free Press, please make it happen! I am sick of the rampant fraud, useless congressional hearings and practically non-existent coverage by the media. And this is not only about the fraudsters, but also the enablers inside governments. Expose these people!