An Inquiry into the Nature and Causes of the Wealth of Nations

by Rod Williams, Aug. 3, 2026- For a long time, I have intended to post a list of "the books that influenced my political thinking," or perhaps, "the dozen (or 15 or 20) books I wish everyone would read." Many I have not read in years, and I wanted to reread them and post a review and commentary.  I will probably never get around to it, so I am taking a shortcut and posting commentaries on works I view as important without rereading them. I am reading summaries and commentary on these great works and reacquainting myself with them. Many I have not read in decades, but they stuck with me as the most important works I ever read. 

In the era of Trump, many conservatives have abandoned the core principles that made them conservative in the first place. I wish they would reacquaint themselves with the ideas, arguments, and books that define conservatism.  One such book is The Wealth of Nations.

In the current era in which Donald Trump has imposed tariffs on the American people and in which the Trump administration is taking an ownership interest in the means of production, and in this era in which many Democrats have a favorable view of socialism and democratic socialism is on the rise in the democratic party, there is no more important work I could recommend than The Wealth of Nations by Adam Smith.

This year marks the 250th anniversary of two texts essential to the founding of America as a credal nation. One is of course, the Declaration of Independence, which is well known, and the other is Adam Smith’s The Wealth of Nations. On this anniversary of our nation's founding, it is fitting to call attention to this important work. 

Adam Smith was not an American, but he was as influential in shaping America’s understanding of liberty, markets, and government as any of the founding fathers. The founders read him closely. His books were widely circulated in the colonies, and his arguments were part of the Enlightenment atmosphere of the times. His ideas influenced how the founders thought about trade, taxation, the dangers of monopoly, and the proper limits of political power. Alexander Hamilton, James Madison, and Thomas Jefferson quoted him and read and discussed his works

From The Wealth of Nations is this famous quote with which you may be familiar and that I think is true for all times: 

It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own interest. We address ourselves, not to their humanity but to their self-love, and never talk to them of our own necessities but of their advantages. 

The importance of The Wealth of Nations cannot be overstated.  It is the foundation of modern economics and teaches that wealth acquisition is not a zero-sum game. Wealth creation does not depend on protective tariffs, colonial monopolies, and restrictions on trade. He argued these policies hindered growth by limiting markets and stifling productivity. He argued that division of labor increases output, skill, and efficiency. He argued that the economy operates as if controlled by an "invisible hand" and that supply and demand guide resources to their highest and best uses, benefiting society without central planning.  

If you have never read this foundational work, I urge you to do so. It is available on Amazon, or you can read it online for free. For the complete text of The Wealth of Nations, follow this link. 

Top Stories

O'Connell's Property Tax Shell Game

From The Pamphleteer, originally published July 24, 2026 - Mayor Freddie O'Connell probably breathed a sigh of relief after Acme Feed & Seed became the poster child for the city's property tax debacle. Tom Morales and his downhome honky tonk may be beloved by the locals, but his bill being the highlight of how the reappraisal cycle affected tax bills in Nashville distracted from O'Connell's deft maneuver to smuggle in a tax hike.

An outlier, Acme's appraised value jumped 423 percent from the previous year, resulting in a property tax bill that nearly quintupled. Acme's outsized bill, however, is not representative of most residential properties and has provided some cover for O'Connell's proclamation that he instituted the lowest property tax rate in decades, the lowest rate among the largest cities in Tennessee, and one of the lowest in the country.

The mayor deflected blame for bill increases onto the rise in home values across the city, impugning the assessor’s office. "It's complicated talking about appraisals, equalization, and the impact on tax, especially because two things are true at once," O'Connell said of his budget proposal last year.

“The median home in Davidson County is now 45 percent more valuable than it was when last appraised, and that means when we set the new tax rate, many of us will have increased costs, even as we're setting the lowest overall property tax rate in Nashville since 1972," he added.

But this isn't all as complicated as O'Connell makes it out to be. A more truthful retelling looks something like this: the Tennessee Comptroller set the lowest property tax rate in Nashville's history, and O'Connell raised it to fund the largest budget in Metro's history. (read more)

Top Stories

A Metro Council Watch Tool: Follow the money and follow the votes.

by Rod Williams, July 26, 2026 - The Pamphleteer has produced an excellent tool allowing the user to see every vote their councilmember has cast, how often they show up to meetings, what legislation they've sponsored, and who they vote with. Also, one can see who funds their councilmember.

This is the only tool in the city tracking every vote, every absence, and every alliance on the Metro Council. And it's all free.

The Pamphleteer is one of the best news sources for staying informed about the issues facing our city. The Pamphleteer is supported by the Pamphleteer Media Network, a 501(c)(3) organization where every donation is tax-deductible. I encourage you to support this organization. 

To access the Council Watch tool, follow this link.

Top Stories

Rep. Jeremy Faison Cautions Against Voting for Gubernatorial Candidate Monty Fritts

Rep. Jeremy Faison

by State Representative Jeremy Faison, Facebook, July 31, 2026 - On the Tennessee Governor’s Race

For the most part, I’ve been open about supporting Marsha and have intentionally avoided criticizing the other candidates. But after this week, I can’t stay silent any longer.

Let’s be clear about who Monty Fritts is.

I’ve seen many of my friends post that they’re planning to vote for Monty. Before you do, I want to offer a word of caution.

I’ve known Monty for about four years, and I genuinely like him. I believe he’s a good and decent man. But there are some things you should know before casting your vote.

Monty is an ideologue. During his time in the General Assembly, he has never demonstrated the ability to build consensus or effectively bring about substantial legislative change. More than anyone else in our Republican caucus, Monty has consistently voted with Tennessee Democrats. I’m not talking about the occasional disagreement with fellow Republicans that happens from time to time. I’m talking about a consistent pattern, in committee and on the House floor, where he has voted with Democrats against the Republican caucus hundreds of times.

On numerous occasions, he has sided with Justin Jones, Justin Pearson, and Gloria Johnson, (Socialist Three) even when other Democrats did not. Time and again, I watched Monty align himself with that bloc rather than with his own party.

Even putting all of that aside, his comments this week crossed a line that I won’t ignore.

Monty said he would “ban pagan religions.”

That statement reflects a view of government that is fundamentally at odds with our constitutional system. It suggests a belief that government should be guided by a particular religious doctrine rather than by the Constitution. While that idea may appeal to some Christians at first glance, history shows that mixing civil government with religious authority is beyond dangerous.

The Founders understood this well. Many came from places where government and religion were intertwined, and they deliberately established a constitutional republic that protects both religious liberty and individual conscience. The First Amendment guarantees every American the freedom to worship God according to the dictates of their own conscience; or not to worship at all. Government has no authority to compel religious belief, nor does it have the authority to prohibit peaceful religious practice.

Think about the precedent that would be set if government were allowed to ban one religion because those in power disapproved of it. What happens when someone with very different beliefs holds office? What if an atheist becomes governor? A Muslim? A Mormon? Or a Christian whose interpretation of Scripture differs from yours? The principle cuts both ways. Once government claims the power to decide which religions are acceptable, everyone’s liberty is at risk.

I’m supporting Marsha, and I understand why some people may choose to support John. But I hope you’ll carefully consider the implications of supporting a candidate who appears willing to ignore constitutional protections to his own religious convictions.

We may strongly disagree on matters of faith, theology, or philosophy. That’s part of living in a free society. But I will always fight to protect your right to self-governance, to follow your own conscience, and to enjoy the religious liberty guaranteed by the Constitution.

Top Stories

Monty Fritts Fringe Christian Nationalist Views are Getting More Exposure

by Rod Williams, July 230, 2026 - Christian Nationalist Monty Fritts' view of the Constitution and his other extremist views are getting more and more scrutiny.  He has been saying the same thing since he started his campaign for the Republican nomination for governor, but now more news outlets are reporting on his views. His views are far outside the mainstream.

I have already voted in the Republican primary and voted for John Rose, not that I am that thrilled with his kiss-ass attitude toward Trump and the tone of his ads, but the choice is between Marsha Blackburn and John Rose and I simply think John Rose would make a better governor.

 I did not even consider voting for Monty Fritts. There is no circumstance that I can imagine in which he would get my vote.  He is much to the right of other candidates on gun rights, opposes school choice, and advocates a ban on the practice of Islam, Buddhism, Hinduism, or "other pagan religions" in the state of Tennessee. He has also said he would criminalize sexual acts between consenting adults of the same sex. He opposes allowing rape victims access to the morning-after pill. He advocates the death penalty for women who get an abortion, and he has called for the execution of the parents of trans children who allow their child to undergo hormone therapy.  Now, that is extreme.

Saying Islam is not a religion and it can be banned is just nuts. Since he also wants to ban Buddhism, Hinduism, and "other pagan religions," I assume he thinks they are not religions either. I don't know how he feels about Mormons and the Church of Scientology and the Unity Church. I think those and some other religious groups are kind of weird, but they are religions. They are protected by the First Amendment. 

In addition to claiming some religions are not really religions, he argues that the First Amendment does not even apply to state governments, claiming that its language — “Congress shall make no law respecting an establishment of religion” — limits only Congress’s power, not state governments.’ 

At one point in our history, Fritts would have had a point, but the 14th Amendment changed all of that. The 14th Amendment has this clause, "No State shall make or enforce any law which shall abridge the privileges or immunities of citizens of the United States; nor shall any State deprive any person of life, liberty, or property, without due process of law." This is clear: the rights of a citizen of the United States cannot be abrogated by a State. One has all of the rights of a citizen of the United States no matter in which state one lives.  Is Fritts that dumb that he doesn't know that? I assume his supporters are, and that is scary. As with so many on the right who wrap themselves in the Constitution, he seems ignorant of it. 

Thankfully, Monty Fritts is only polling about 9% in the most recent polls, however, he has a loud and active following who agree with him and post a lot in my Facebook feed. 

I agree with what my friend W. H. Berstein said about Monty Fritts: 

All religions are protected in this country, regardless of whether someone ignorantly thinks they're "pagan" or not. Monty Fritts is an enemy of the Constitution and anti-American. His candidacy needs to be stomped into the pavement and swept away to the trash heap of history.

Below is an interview with Monty Fritts where he expresses his unorthodox views. The first ten minutes are softball questions, and Fritts' views are well within the mainstream. At timestamp 10:28 he gets into the more controversial stuff. Unfortunately, the interviewer does not get into Fritts ' views regarding the death penalty for women who have abortions and some of his other extremist views.  

Top Stories

Senator Bill Hagerty is Guest Speaker for the Aug. 1st Bellevue Breakfast Club

From Lonnie Spivak:

Greetings Breakfast Club Members,

Please join us for the next Bellevue Breakfast Club on Saturday, August 1st at 8:30 a.m. at Plantation Pub. Our guest speaker will be our United States Senator Bill Hagerty.

Saturday, August 1at 8:30 a.m.
Plantation Pub
8321 Sawyer Brown Rd.
Nashville, TN 37221

Bill Hagerty

United States Senator Bill Hagerty was elected to the U.S. Senate in 2020 and is currently serving his first term representing the state of Tennessee. His committee assignments include: U.S. Senate Committee on Banking, Housing, & Urban Affairs; U.S. Senate Committee on Foreign Relations; U.S. Senate Committee on Appropriations; and the U.S. Senate Committee on Rules & Administration. 

Prior to his election to the U.S. Senate, Hagerty served as the U.S. Ambassador to Japan, the world’s third largest economy and America’s closest ally in the region.

Hagerty is a life-long businessman. He started his business career with the Boston Consulting Group, where his work took him to five continents, including three years based in Tokyo, Japan. He later became a venture capital and private equity investor where he invested in and served as an executive and board member of a wide range of companies, including ones listed on the New York Stock Exchange and NASDAQ. 

From 2011 to 2014, Hagerty took leave from his business career to serve as a member of the Governor’s Cabinet and Commissioner of the Tennessee Department of Economic and Community Development. During his tenure as commissioner, Hagerty reorganized the department, eliminating over 40 percent of the positions and saving millions of taxpayer dollars. At the same time, the new approach helped spur the strongest economic transformation seen — taking Tennessee from an unemployment rate higher than the national average when he arrived to become the number one state in the nation for jobs created through foreign investment and being named State of the Year for Economic Development an unprecedented two years in a row during his tenure.

Hagerty, an Eagle Scout, is originally from Sumner County, Tennessee. Today, he and his wife Chrissy are both active volunteers in several community and civic organizations, and live in Davidson County, Tennessee. They are the parents of four children.

Top Stories

Memphis at Bottom in Study of US’s Safest Big Cities

 News Channel 3, Memphis, July 28, 2026-  Memphis ranked last in a recent study by SmartAsset on the safest cities in the U.S., while Nashville also ranked near the bottom. ... 

... SmartAsset limited its review to cities with a population of 250,000 or more. It then scored each city based on its rates of violent crimes, property crimes and auto fatalities, as well as its natural disaster risk. .

... At the bottom of SmartAsset’s overall list is Memphis, Tennessee, largely driven by its high crime and auto death rates, which were the worst across the list. Fellow Tennessee city Nashville also ranked in the bottom 10:

83. Memphis, Tennessee

82. Houston, Texas

81. St. Louis, Missouri

80. San Francisco, California

79. Kansas City, Missouri

78. Albuquerque, New Mexico

77. Oakland, California

76. Nashville, Tennessee

75. Philadelphia, Pennsylvania

74. Detroit, Michigan

(link)

Top Stories

Is it Time for the State Comptroller to Take Control of Shelby County?

by Rod Williams, July 29, 2026- Shelby County Government plans to borrow $125 million to make payroll for its 4,600 employees. There is nothing inherently wrong with a local government borrowing money for large capital improvement projects, but when a government borrows money to meet payroll, that is a serious problem. This borrowing marks the second time in seven months that the Shelby County Commission has borrowed money to meet payroll for county workers. It says the government has not maintained sufficient fund balances to fund the government until tax revenues are received. This represents poor fiscal management. 

The borrowing is expected to cost taxpayers between $2 million and $3 million in interest and fees. The State has to approve this borrowing by Shelby County. Without the loan, projections show the county could face a cash negative position of over $15 million by August 2026 and a deficit exceeding $100 million by November 2026.  The budget of Shelby County is $1.6 billion. 

Shelby County Mayor Harris issued a statement that said, this is normal, nothing to see here, no problem:

A tax anticipatory note is not long-term debt to fund new spending. It’s a common financial tool used to bridge the gap as we await property tax revenues, which always come in later in the calendar year. While we manage the rebuild of our reserves, we have passed a balanced budget every year and have emphasized following that adopted budget.

County Technical Assistance Service (CTAS) says this about tax anticipatory notes:

 Whenever cash flow is not sufficient to meet current expenses, which usually occurs as a result of inadequate accumulated fund balances, the county may issue revenue anticipation notes, subject to the approval of the state director of local finance. An important point: These notes must be paid off by June 30th of the fiscal year in which they are issued. This requirement insures against the approval of a deficit budget. T.C.A. §§ 9-21-801 through 9-21-803.

If this was the first time this had happened and Shelby County had a plan to get back on track, I would think this is no big deal. However, that is not the case. Is it time for the State Comptroller to take control of Shelby County?  Shelby County needs to get its financial House in order. 

 

 

Top Stories

How Marsha Blackburn and John Rose Differ on the Issues in the Tennessee Governor’s Race

by Rod Williams, July 28, 2026- Tennessee voters will determine the Republican nominee for governor next week, and it will either be Senator Marsha Blackburn or Congressman John Rose. The actual general election will be a big yawn as the Democrat does not stand a chance.

The Banner recently asked each candidate 30 policy questions ahead of the primary. The questions are good. However, while the questions are good, the answers are so similar that one does not gain much insight. There are minor differences in the answers of the two candidates, but most are a matter of emphasis

They both are both against raising the minimum wage, both supportive of Second Amendment rights, both would continue executions if elected, both want the state to take over the function of the federal Department of Education, both approve of Tennessee's school voucher program, and both believe the state should crack down on immigration, including restricting undocumented children’s access to school.  Both support Tennessee's abortion ban and Tennessee's ban on marijuana. 

One difference is the use of Flock cameras. Blackburn appears more favorable, and Rose is more concerned and says, "We should not support a system for tracking the daily movements of law-abiding Tennesseans. Data collected should be retained only for a limited period, access should be restricted and audited, searches should require a legitimate law-enforcement purpose, and information should not be sold or shared indiscriminately.”  I like the Rose answer.

White Nationalist nut-job Monty Fritts who is running a distant third in the Republican primary chose not to respond to the survey. 

To read the article, follow this link.

Top Stories

 

Top Stories

Is Trump Trying to Lose the Midterms

by Rod Williams, July 28, 2026- I continue to be amazed that President Trump acts as if he doesn't care if Republicans win the midterms. Not that I am disappointed; I am just amazed. I am actually hoping Dems do win the midterms. Congress needs to provide oversight, and they just don't want to do it. There needs to be hearings about the Trump corruption, the Constitutional transgression, the out-of-control ICE, which continues to murder people on the streets of American cities, the Epstein files, the weaponization of the Justice Department, and much more. 

Republicans fall into two bad camps regarding Trump: they either are true believers and support the authoritarian agenda or they are cowards who will not dare cross him. We need to elect Democrats in order to stop Trump. Even some Republicans who I suspect are pre-Trump traditional conservatives will not do what they know is the right thing to do, so they are useless.

All of the above being said, there are limits to how far I can go in supporting Democrats. While I would gladly welcome Chaz Molder's defeat of Andy Ogles, I could not vote for Aftyn Behn, however. In that recent 7th Congressional District race, I voted for Matt Van Eppes. I will not vote for a Socialist. To vote for a DSA is jumping out of the frying pan into the fire. I know sometimes it is a tough choice to make, and anyone concerned about Trump's authoritarian agenda has to make the decision of where to draw the line for themselves. 

Back to the subject of this post. It seems Trump is doing all he can to ensure Republicans lose the midterm. The war in Iran is going badly, and gas prices are elevated and fluctuate day to day. With the election less than 100 days away, and people doing summer traveling, and gas prices being something people care about and are aware of, gas prices do not bode well for a Republican victory. If Trump had built support for the war among Congress and our allies and sold the need for this war to the American people, people might be more forgiving of the pain caused by the war and see it as a necessary sacrifice, but Trump went it alone and did not bring the country along with him. He alone will get the blame for the rising gas prices.

Also, Trump will not stay on message and tout the good things, or arguably good things, Republicans are doing, such as some things in the Big Beautiful Bill or the recently passed Housing Bill.  He can't brag about the Housing bill because he refused to sign it. It passed despite Trump. I had reservations about that bill myself, but it could be bragging rights for Republicans if Trump had championed it.  Instead of talking about economic issues, he can't stop talking about the "stolen" 2020 elections or engaging in his insult humor, attacking critics and reporters. Maybe it's just me, because I never did like it, but I think his schtick is getting old. Even if the base eats it up, when he is talking about the stolen election or insulting reporters, he is not focused on the economy. Also, when Trump's name is not on the ballot, many people who voted for Trump don't vote. He should be trying to make sure those people make it to the polls. He isn't. 

The worst way Trump is sabotaging the GOP before the midterms is by going on another tariff rampage. While the diehard Trumpinistas believe anything Trump says even if it makes no sense, most Americans know that a tariff is paid for by the consumers. A tariff is the equivalent of a sales tax, and most Americans know it.

Here is what National Review had to say on the topic:

Trump Sabotages the Economy, Right Before the Midterms

by Jim Geraghty, National Review, July 28, 2026 - ...  By obsessively hiking tariffs at every opportunity, President Trump has put every Republican running for office this year in a much tougher spot than they had to be — to say nothing of how his policies have made all kinds of goods more expensive than they had to be. It is one of the most astonishingly self-destructive moves any president has ever made in economic policy, and no matter how much the evidence piles up, the president insists the tariffs are working great, and that America is enjoying a “golden age.”

Incumbent Republicans, you could have been running for reelection in a roaring economy, but a president addicted to tariffs wouldn’t let you. ... 60 percent of U.S. adults say Trump’s policies have made the economy worse, while just 20 percent say Trump’s policies have made the economy better. ... 

... Since taking office, the Trump administration has collected $445 billion in tariff revenue, according to the Bipartisan Policy Center. Where do you think all that money is coming from? If you said, “foreign countries,” you’re wrong.

... The New York Fed found “about three-quarters of businesses facing tariff-induced cost increases in both the manufacturing and service sectors passed along at least some of these higher costs to their customers by raising prices. Almost a third of manufacturers and about 45 percent of service firms reported fully passing along all tariff-related cost increases, while 45 percent of manufacturers and a third of service firms said they passed along some but not all of the cost increase.”

...  tariffs are a big factor in the cost of living, which is a big factor in Americans’ perceptions of the economy, which are a big reason why Trump’s job approval rating is around 40 percent, which is a big reason why Republicans are in trouble in the upcoming midterm elections. (read it all)

 

Top Stories

Former Gov. Bill Haslam Endorses Hatcher in 5th District Republican Primary

Bill Haslam

The Williamson Herald, July 18, 2026 -  Former Tennessee Gov. Bill Haslam has endorsed Charlie Hatcher in the Republican primary for Tennessee's 5th Congressional District, giving the former state agriculture commissioner the backing of one of the state's best-known Republican leaders.

Haslam announced his endorsement this week, praising Hatcher's leadership and approach to public service.

"Charlie Hatcher is authentic and will be a leader on day one in Congress," Haslam said in a statement. "His commonsense approach to getting back to the basics of what made our country great is refreshing. I am honored to stand with Charlie Hatcher." (link)

Top Stories