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Brixton Metals Corporation (TSX-V: BBB, OTCQB: BBBXF) (the ‘Company’ or ‘Brixton’) is pleased to announce the results from its regional prospecting soil and rock sampling program and the remaining drill results from its 2025 field season at the wholly owned Thorn Project, located in northwest British Columbia, Canada. The company provides a corporate and project update.

Highlights

  • Soil and rock geochemical sampling conducted within the Camp Creek Corridor has resulted in the identification of multiple new exploration targets. Notably, at the Cirque East Target, porphyry-style mineralization was identified hosted in a monzonite intrusive unit, with assays returning up to 2.16% copper and 39 g/t silver.
  • At the 95th South Target, high-grade silver mineralization was found in veins, yielding up to 642 g/t silver, 1.47% copper, 3.56% lead, and 1.97% zinc.
  • At Brixton’s Annual General and Special Meeting held on February 4th, 2026, shareholders have approved, among other items, a ten for one share consolidation, subject to the approval of the TSX Venture Exchange, which will result in a new post consolidation share count of 71.3 million shares outstanding. The Company believes the current strong metals market, a tight float, and with all four of its gold, silver and copper projects being drilled this year will provide a greater opportunity for share price appreciation.

Chairman, CEO, Gary R. Thompson stated, ‘The definition of new exploration targets through geochemical sampling with boots on the ground has been an effective approach at the Thorn Project as we continue to identify new areas of mineralization. 2026 is shaping up to be an exciting year for Brixton as we unlock potential at Thorn by drilling this year. Meanwhile current drilling at the Langis Silver Project is progressing well. Ivanhoe Electric is drilling at Brixton’s Hog Heaven copper-gold porphyry Project under the Earn-in Agreement and Eldorado Gold plans to drill Brixton’s Atlin Goldfields Project under the Option Agreement. This year will be the first time ever that all four of our projects will be drilled in the same year, so it’s super exciting. Assays from Langis are anticipated in the coming weeks and months.’

Figure 1. Brixton Metals Project Locations.

Fig 1 _NR_05Feb2026 projects

Figure 2. Location of Targets at the Thorn Project.

Fig 2 _NR_05Feb2026 targets

Discussion

During the 2025 exploration season at the Thorn Project, Brixton Metals conducted an extensive regional prospecting program, collecting 770 soil samples and 195 rock samples across multiple target zones. Geochemical analysis of these samples identified several new porphyry exploration targets within the Camp Creek Corridor, including the Cirque East target. In addition, high-grade silver veins at the 95th South Target were mapped and sampled. Drilling activities for the season comprised 3,223 meters at Camp Creek, 6,272 meters at Trapper, 2,670 meters at Catalyst, and 601 meters at Tempest. This news release presents the remaining drillhole results for the Thorn Project at the Camp Creek and Trapper Targets.

Camp Creek Corridor Overview

The Camp Creek Corridor is a northwest-trending zone hosting multiple centers of porphyry-style mineralization. This corridor is interpreted to be perpendicular to the Camp Creek Fault, which may have served as a conduit for porphyry intrusions into both the Stuhini volcanic rocks and the granitic units of the Thorn Stock. Key mineralized systems within the corridor include the Camp Creek Cu-Mo-Au porphyry, along with the recently identified Catalyst Cu-Au (see News Release, dated October 30, 2025) and Tempest Cu-Au (see News Release, dated December 1, 2025) porphyries (Figure 3).

In 2025, soil and rock sampling expanded the surface footprint of the Catalyst and Tempest Targets and delineated additional porphyry-style prospects. Of particular note is the Cirque Target, drilled in 2024, which revealed copper mineralization associated with intrusive breccias (see News Release, dated September 17, 2024). Recent mapping and sampling east of the drilled area have confirmed porphyry-style alteration and outlined a footprint coincident with a one-kilometre-long leach cap. Rock-chip samples from this area returned up to 2.16% copper and 39 g/t silver (sample B137847; see Table 1). Intrusive rocks at Cirque-East are characterized by fine-grained monzonites hosting chalcopyrite and molybdenite within quartz veins. The observed Cu-Ag-Mo mineralization, together with granitic intrusive phases and the development of a leach cap, is typical of porphyry deposits. Ongoing work will focus on refining these field results and evaluating the area for potential drilling in the 2026 campaign.

Figure 3. Map illustrating exploration targets within the Camp Creek Corridor, including locations of historical and 2025 drill holes, copper distribution in soils from both recent and past geochemical surveys, and IP-chargeability polygons delineated during the 2025 field season.

Fig 3 _NR_05Feb2026 Camp Crk

About the 95th South Target

The 95th South Target (see Figure 2 for general location of this target) consists of a series of nearly parallel veins ranging from 30 cm to 2 meters in width, striking ENE-WSE (see Figure 4). These veins are composed of quartz-feldspar with variable amounts of galena, sphalerite, chalcopyrite, bornite and pyrite. Sampling has returned notable values, including up to 642 g/t silver, 1.47% copper, 3.56% lead, and 1.97% zinc (sample B137851), as well as 414 g/t silver (sample B137859). These polymetallic veins intrude a Triassic quartz-diorite, and in some instances, are accompanied by meter-wide alteration halos characterized by quartz-carbonate and localized sulphide mineralization. Further fieldwork in this area will focus on continuous sampling of these mineralized veins and on testing similar structures.

Figure 4. Map illustrating the principal mapped polymetallic veins and locations of rock samples collected from the 95th South Target.

Fig 4_NR_05Feb2026 95th South_V2

Table 1. Selected rock samples from the 2025 field campaign at the Cirque East and 95th South Targets.

Sample Target Sample Type Ag
(g/t)
Cu (ppm) Mo (ppm) Pb (ppm) Zn (ppm)
B137827 Cirque East Chip 1.67 1020 48 17 69
B137837 Cirque East Chip 2.96 1530 21 20 73
B137838 Cirque East Grab 2.43 622 564 27 59
B137843 Cirque East Chip 2.42 1640 7 26 86
B137847 Cirque East Chip 39.30 21600 1 24 136
B137851 95th South Grab 642.00 14700 10 35600 19700
B137856 95th South Grab 172.00 14800 16 2180 16350
B137857 95th South Chip 21.60 2090 42 431 188
B137858 95th South Chip 31.80 5050 56 217 409
B137859 95th South Chip 414.00 741 91 1540 76

The collected rocks are selected chip or grab samples of mineralized outcrops within each target area and do not represent the entire target.

Trapper Gold Target

Gold mineralization at Trapper is structurally controlled, trending northwest-southeast and dipping moderately to the north within the main drilling area. Mineralization is preferentially developed along the contact between Cretaceous (85.2 ± 1.2 Ma) quartz diorite and Triassic lapilli tuffs, with broad gold intervals largely hosted along these faulted contacts. Gold is associated with silver and base metal veins containing pyrite, galena, sphalerite, and locally chalcopyrite and bornite. During the 2025 field season, drilling at Trapper comprised 6,272 meters across 30 holes. Notably, drillhole THN25-348 was collared from the same pad as previously reported holes THN25-358 and THN25-359 (see News Release, dated December 16, 2025), with mineralized intervals detailed in Table 2.

Drilling at the Camp Creek High Sulfidation Target

The final drillholes completed in 2025 at the Camp Creek high-sulfidation target include THN25-367, THN25-368, THN25-369, and THN25-370 (see Table 2). These holes intersected mineralized sections ranging from meters to tens of meters, associated with polymetallic veins interpreted as the shallow, high-sulfidation expression of the deeper Camp Creek porphyry system. Drilling at Camp Creek covered 3,223 meters across 19 holes and successfully identified high-sulfidation polymetallic veins. Future drilling in this area will focus on further testing the extent and grade of these high-sulfidation veins and on evaluating similar interpreted structures.

Table 2. Select Assay Intervals in Holes THN25-348 at Trapper and holes THN25-367, THN25-368, THN25-369 and THN25-370 at Camp Creek.

Hole ID From To Interval Gold Silver Copper
meter meter meter g/t g/t %
THN25-348 111.00 115.30 4.30 1.39 2.01
  288.00 292.00 4.00 2.58 8.07
  313.50 314.00 0.50 5.30 27.60
             
THN25-367 98.00 108.00 10.00 0.90 102.21 0.86
including 100.35 105.80 5.45 1.42 159.50 1.38
THN25-368 128.00 137.70 9.70 0.33 12.52 0.15
including 134.50 135.60 1.10 0.82 64.90 0.90
THN25-369 174.60 175.20 0.60 0.54 57.40 0.88
  209.00 213.92 4.92 0.59 14.11 0.03
THN25-370 263.60 264.64 1.04 0.20 19.95

Assay values are weighted averages. Reported intervals are drilling length, and the true width of the mineralized intervals has not yet been determined

Table 3. Collar location for reported drillholes

Hole ID Location Easting
(m)
Northing
(m)
Elevation
(m)
Azimuth Dip Depth
(m)
 
 
THN25-348 Trapper 630519 6485400 1226 2 -45 324  
THN25-367 Camp Creek 628166 6491808 773 140 -70 143  
THN25-368 Camp Creek 628257 6492382 859 340 -60 194  
THN25-369 Camp Creek 628257 6492382 859 60 -60 251  
THN25-370 Camp Creek 628257 6492382 859 90 -60 299  

Quality Assurance & Quality Control

Brixton Metals has established rigorous quality assurance and quality control procedures for both drill core and surface sampling. Core samples were typically collected at 1.5-meter intervals, with high-grade intervals sampled at 0.5 meters. Blank, duplicate (lab pulp), and certified reference materials were inserted at a combined rate of up to 15 percent. Core samples were split, bagged, secured, and sent directly to ALS Minerals preparation facilities in Whitehorse, Yukon or Langley, British Columbia, depending on laboratory availability. Rock samples, collected as grab or chip samples, followed similar protocols prior to laboratory analysis. ALS Minerals Laboratories is accredited to ISO 9001:2008 and ISO 17025 standards for laboratory procedures. Gold analyses were performed at ALS Laboratory Facilities in North Vancouver, British Columbia, using fire assay with atomic absorption finish, while silver, lead, copper, zinc, and 48 additional elements were analyzed by four acid digestion with ICP-MS finish. Overlimit gold values were determined by fire assay and gravimetric finish. Certified reference materials were sourced from CDN Resource Laboratories Ltd. in Langley, British Columbia, with standards inserted based on the type and abundance of mineralization observed. Non-mineralized siliceous landscaping rock was used as blank material. The Company’s QAQC protocols are available on its website.

Update on Thorn Project

Drilling at Brixton’s Thorn Project is expected to commence in May 2026. Drill results will be released as they become available.

Update on Drilling at Langis Silver Project

Brixton Metals is actively drilling its wholly owned high-grade Langis Silver Project, situated in the renowned, silver-rich Cobalt Camp of Ontario, roughly 500 kilometers north of Toronto. Thus far, in 2026, the Company has completed 3,000 meters of drilling across eight holes, with assay results pending. Results will be released as they are made available.

Update on Hog Heaven and Atlin Projects 

Brixton’s Hog Heaven Project, in Montana, is under an Earn-in Option to Ivanhoe Electric and as the operator, Ivanhoe Electric has commenced drilling, in search of the causative copper-gold porphyry system. Brixton’s Atlin Goldfields Project in British Columbia is under Option to Eldorado Gold where they plan to start drilling orogenic gold targets in May 2026. Drill results will be released as they become available. 

Qualified Person (QP)

Ms. Madeline Berry, P.Geo., is a Project Geologist for the Company who is a Qualified Person as defined by National Instrument 43-101. Ms. Berry has verified the referenced data and analytical results disclosed in this press release and has approved the technical information presented herein.

Corporate Update

The Company held its Annual General and Special Meeting February 4, 2026. All matters were approved at the Meeting by shareholders. New directors, Ryan Goodman and Kevin Chen, were elected to the Board of Directors and incumbent directors, Ian Ball, Cale Moodie and Gary Thompson, were re-elected to the Board of Directors. A share consolidation was approved by shareholders resulting in a ten for one share consolidation, subject to the approval of the TSX Venture Exchange, which will result in a new share count of 71,323,542 post consolidation. An amendment of the Company’s articles was approved to provide directors with more flexibility regarding amending the Company’s authorized share capital. Shareholders also re-approved the Company’s Stock Option Plan for the ensuing year.

The exercise price and the number of shares issuable under the Company’s outstanding warrants and stock options will be proportionately adjusted to reflect the consolidation in accordance with the respective terms thereof. Fractional common shares will not be issued, and no cash will be paid in lieu of fractional post-consolidation common shares. The number of post-consolidation common shares to be received by a shareholder will be rounded down to the nearest whole common share. This proposed consolidation does not change a shareholder’s proportionate ownership interest in the Company.

The proposed consolidation has been approved and authorized by the Company’s board of directors. The consolidation is subject to approval by the TSX Venture Exchange. In particular, the Company will be required to meet the Exchange’s continued listing requirements upon completion of a consolidation. There is no guarantee that Exchange acceptance of a consolidation will be given or that the Company will meet the Exchange’s continued listing requirements upon completion.

A further news release will be issued announcing the effective date for the consolidation and a letter of transmittal will be mailed to the Company’s registered shareholders, which shareholders can use to exchange their current share certificates for certificates representing the consolidated number of shares. No action will be required to effect consolidation of beneficially held securities by non-registered shareholders, who hold securities of the Company through an intermediary.

The Company does not intend to change its name or current trading symbol in connection with the proposed consolidation.

About Brixton Metals Corporation

Brixton Metals is a Canadian exploration company focused on the advancement of its mining projects. Brixton wholly owns four exploration projects: Brixton’s flagship Thorn copper-gold-silver-molybdenum Project, the Hog Heaven copper-silver-gold Project in NW Montana, USA, which is optioned to Ivanhoe Electric Inc., the Langis and HudBay silver Projects in Ontario and the Atlin Goldfields Project located in northwest BC, which is optioned to Eldorado Gold Corporation. Brixton Metals Corporation shares trade on the TSX-V under the ticker symbol BBB, and on the OTCQB under the ticker symbol BBBXF. For more information about Brixton, please visit our website at www.brixtonmetals.com.

On Behalf of the Board of Directors

Mr. Gary R. Thompson, Chairman and CEO
info@brixtonmetals.com

For Investor Relations inquiries please contact: Mr. Michael Rapsch, Vice President Investor Relations. email: michael.rapsch@brixtonmetals.com or call Tel: 604-630-9707

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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as ‘anticipate’, ‘believe’, ‘plan’, ‘estimate’, ‘expect’, and ‘intend’, statements that an action or event ‘may’, ‘might’, ‘could’, ‘should’, or ‘will’ be taken or occur, including statements that address potential quantity and/or grade of minerals, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans, or other similar expressions. All statements, other than statements of historical fact included herein including, without limitation, statements regarding the use of proceeds. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; operational risks associated with mineral exploration; fluctuations in commodity prices; title matters; and the additional risks identified in the annual information form of the Company or other reports and filings with the TSXV and applicable Canadian securities regulators. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements. 

Links:

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Oreterra Metals Corp. (TSXV: OTMC,OTC:RMIOD) (OTCID: OTMCF) (FSE: D4R0) (‘Oreterra’ or the ‘Company’ formerly ‘Romios Gold Resources Inc.’) is pleased to announce that it has retained Generation IACP Inc. (‘GIACP’) to trade the common shares of the Company with the objective of contributing to market liquidity. The agreement remains subject to approval by the TSX Venture Exchange (‘TSXV’) and the services will be provided in compliance with the policies and guidelines of the TSXV, and applicable legislation.

Under the agreement, GIACP will receive a fee of C$8,500 plus applicable taxes per month. The initial term of the agreement is six months and the agreement will automatically renew for additional six-month periods unless Oreterra provides GIACP with written notice of termination at least 30 days prior to the end of the term or a renewal term. Commencing on the first anniversary of the agreement, the fee payable to GIACP will automatically increase annually by 3.0%. No stock options are being granted and no compensation other than as stated above is payable in connection with the engagement. GIACP will be responsible for the costs it incurs in buying and selling the Company’s shares, and no third party will be providing funds or securities for the market making activities. GIACP and the Company are unrelated and unaffiliated entities and at the time of the agreement, neither GIACP nor its principals have an interest, directly or indirectly, in the securities of the Company. GIACP and its clients may acquire and hold a direct or indirect interest in the securities of Oreterra from time to time.

GIACP, established in 1998, is a Toronto-based, independently owned investment dealer providing innovative solutions for institutional, corporate and individual clients in Canada and abroad. GIACP is a registered broker and a member of the Canadian Investment Regulatory Organization, the TSX Venture Exchange, the Canadian Securities Exchange, and Cboe Canada, and is a Participating Organization as such term is defined in the rules and policies of the Toronto Stock Exchange.

About Oreterra Metals Corp.

Oreterra Metals Corp. (formerly ‘Romios Gold Resources Inc.’) is a TSXV-listed mineral exploration company focused primarily on gold, copper and silver. The Company has crafted an ambitious business plan to advance Oreterra, primarily by refocusing its efforts on achieving discoveries through the drill bit. The Company holds several wholly-owned porphyry copper-gold prospects in British Columbia’s Golden Triangle, the most significant of which is the Trek South prospect, upon which a range of geosciences applied to it in the period since 2022 including mapping, sampling, magnetic, IP and MT geophysical surveys, have delivered high-order, complementary results that all vector to the same conclusion: that the target area offers high discovery potential. A drill permit is in place and an updated NI 43-101 with plan and budget was released on January 22, 2026. Trek South is located adjacent to Teck-Newmont’s Galore Creek deposits, presently undergoing pre-feasibility studies, and is bisected by the road right-of-way thereto. First-ever drilling of Trek South is planned for the 2026 field season.

Additional wholly-owned interests include two former producers in Nevada: the Kinkaid claims in the Walker Lane trend covering numerous shallow Au-Ag-Cu workings over what is believed to be one or more porphyry centres (source: J. Biczok, P.Geo, June 2025, Kinkaid Gold-Copper-Silver Project, www.oreterra.com), and the Scossa mine property in the Sleeper trend which is a former high-grade gold producer (source: J. Biczok, P.Geo, July 2025, Scossa Historic Gold Mine Property, www.oreterra.com). The Company also holds a 100% interest in the large-scale Lundmark-Akow Lake Au-Cu property adjacent to the northwest of the Musselwhite Mine, where drilling by the Company has produced highly encouraging, broad VMS-style Au-Cu intersections. Oreterra also retains an ongoing interest in several properties including a 2% NSR on McEwen Mining’s Hislop gold property in Ontario and a 2% NSR on Enduro Metals’ Newmont Lake Au-Cu-Ag property in BC.

For further information visit www.oreterra.com or contact:

Kevin M. Keough  Stephen Burega
Chief Executive Officer  President
Tel: 613 622-1916  Tel: 647 515-3734
Email: kkeough@oreterra.com  Email: sburega@oreterra.com

 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding Forward-Looking Information

This news release includes certain ‘forward-looking statements’ which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as ‘believes’, ‘anticipates’, ‘expects’, ‘estimates’, ‘may’, ‘could’, ‘would’, ‘will’, or ‘plan’. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

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The US Census Bureau just released state population data for mid-year 2025, along with updates for all previous years back to the 2020 Census. The Census estimates population growth with data on births, deaths, international migration, and “domestic migration” (among states and territories of the US). I always enjoy looking at the domestic migration data because they tell us a lot about where Americans prefer to live.

Freedom predicts net domestic migration fairly well. A lot of people have been pointing out the fact that Americans tend to move from “blue” to “red” states. The driving factor is not partisanship itself, but the different policies offered to residents of these states. The federal level has long been more complicated, but at the state level, Republican-led states still tend to enact “Reaganite” policies of limited government and free enterprise, while Democrat-led states tend to enact special-interest-oriented regulations and spending programs.

I’ve also seen a lot of people ranking states by total number of net domestic migrations (interstate moves in or out). Obviously, bigger states are going to dominate the top and bottom end of these rankings. Net domestic migrants over a period, as a percentage of the initial population, is much more useful. To make comparisons across periods of different lengths (as reported data often differ), divide by the number of years to yield an estimated average annual rate of net domestic migration.

Table 1 ranks the top and bottom ten states on average annual net migration rate for the April 2020 to July 2025 period, encompassing virtually all of the pandemic.

RankStateRateRankStateRate
1Idaho1.52%41Rhode Island–0.18%
2South Carolina1.48%42Maryland–0.44%
3Montana1.10%43New Jersey–0.48%
4Delaware1.08%44Massachusetts–0.52%
5North Carolina0.91%45Louisiana–0.62%
6Tennessee0.85%46Alaska–0.66%
7Maine0.83%47Illinois–0.71%
8Florida0.83%48Hawaii–0.82%
9Arizona0.79%49California–0.86%
10Nevada0.62%50New York–1.09%

Table 1: State Average Annual Net Domestic Migration Rates, 2020–2025

Some of these rates are quite large! New York, for example, is losing fully one percent of its population to other states every year, on average. At the other extreme, Idaho, South Carolina, Montana, and Delaware are growing by more than one percent of their population moving in from other states, on average per year. 

The only Democratic-leaning states in the top 10 are Delaware and Maine, and the only Republican-leaning states in the bottom 10 are Louisiana and Alaska. When we look at these exceptions, unusual levels of freedom stand out. Louisiana is quite low on freedom for its region, #31 overall according to the Ruger-Sorens index of economic and personal freedom. The only Deep South state worse than Louisiana is its neighbor, Mississippi (#40). Mississippi, not coincidentally, was the only other Deep South state to experience net domestic out-migration over that five-year period (–0.15 percent per year).

While Delaware and Maine score low on freedom (#44 and #43, respectively), both were much higher on freedom relatively recently, and even now they score a lot better than New Jersey (#47), California (#48), Hawaii (#49), and New York (#50). Delaware was #15 on freedom as recently as 2001 and only fell consistently into the bottom 10 from 2017 on. Maine fell into the bottom 10 for the very first time in 2020 and is still #3 on personal freedom alone.

More sophisticated evidence from our study suggests that both economic and personal freedom independently drive in-migration.

Paul Krugman once criticized our findings on the grounds that housing costs supposedly explain migration better than freedom. (The lefty Center for Budget and Policy Priorities more recently made a similar claim.) But that’s wrong. Now, housing costs certainly do help explain state-to-state migration, and migration in turn affects housing costs, but our results stand up even when we control for overall state-level cost of living (the lion’s share of which reflects housing costs).

How else do you explain why Louisiana and Mississippi do so poorly? Their housing costs are low. And the parts of New York that have had the most out-migration are upstate New York, where housing costs are also low. New York City and Long Island have held up better. Illinois isn’t super-expensive either, and the affordable low-freedom states of New Mexico, Minnesota, and Nebraska are also losing people.

The strongest evidence might be from changes over time. West Virginia has had one of the biggest increases in freedom in recent years as a result of its partisan shift from heavily Democratic to heavily Republican. As its freedom has risen, it’s flipped from a net out-migration state to a net in-migration state (Figure 1).

Figure 1: Freedom and Net Migration in West Virginia Over Time

I also checked out Wisconsin, the #1 state for increase in freedom since 2010, largely as a result of Scott Walker’s governorship and the transformative changes Republicans made to the first state to adopt an income tax. Lo and behold, the same pattern emerges (Figure 2). Wisconsin’s big increase in freedom has been followed by a turnaround in its migration fortunes.

Figure 2: Freedom and Net Migration in Wisconsin Over Time

It’s a similar story with New Hampshire. New Hampshire’s always been high on freedom, unlike West Virginia and Wisconsin, but it’s also increased a great deal in recent years because of the efforts of the Free State Project. While the FSP has been around for a long time, people who moved to New Hampshire for the movement first took office in significant numbers in 2011 after the 2010 wave election. And their influence really built after about 2017, with the election of Chris Sununu as governor. Thus, New Hampshire’s increase in freedom has been plausibly a result of an exogenous political change, like the revolutions that have happened in West Virginia and Wisconsin. And we see a similar result (Figure 3). Again, New Hampshire always had a lot of freedom and was a state people wanted to move to, but those differences have strongly reasserted themselves in the 2020s.

Figure 3: Freedom and Net Migration in New Hampshire Over Time

What about states that have gone the other way and become less free as a result of exogenous political changes? Colorado and Virginia come to mind as states that have moved from the Republicans toward the Democrats, but Virginia did elect a Republican governor recently, and Colorado and Virginia merely had slightly lower than average increases in freedom between 2010 and 2020. Still, their migration rates fell off historic norms, with Virginia actually losing population on net to other states since 2020.

The two states that lost the most freedom between 2010 and 2020 were Hawaii and Oregon. We’ve already seen that these states have poor migration records. Figure 4 shows how freedom and migration have changed over time in Oregon.

Figure 4: Freedom and Net Migration in Oregon Over Time

The relationship isn’t perfect, because people moved to Oregon in greater numbers in the 2010s even after freedom had fallen. But by the 2020s, people had noticed – or so I would surmise. Freedom kept falling, and Oregon’s usual flood of in-migrants not only slowed to a trickle, but actually reversed to an outflow. It’s noteworthy that this happened even as the state of Oregon and the city of Portland made substantial reforms to increase the supply and reduce the cost of housing – reforms I support, but which are not enough to turn a state around economically from damaging taxes and regulation.

The latest Census data confirm what most of us knew all along: state policy regimes matter, and Americans prefer to live in states that offer more economic and personal freedom. Legislatures and governors, take notice!

The Republican National Committee is upping its social media presence and following President Donald Trump’s lead by officially launching a TikTok account, marking a strategic shift for the party as it continues to look to connect with younger voters.

The RNC’s plan to make an impact on the digital front lines involves the official launch of @Republicans on TikTok, which is designed to engage a critical demographic, voters under 30 who may not follow traditional political news but rely heavily on social media for information.

The move comes at the same time polling from Pew Research shows that 63% of Americans aged 18-29 use TikTok. The platform has become an essential battleground for reaching the next generation of voters.

Trump has credited TikTok with being a key part of his election victory in 2024.

‘I wasn’t a fan of TikTok, and then I got to use it,’ Trump said last fall. ‘And I became a fan, and it helped me win the election in a landslide.’

The data shows that TikTok was a valuable tool for Trump and his administration. Reuters reported he amassed roughly 3 million followers in just 24 hours after joining the platform and quickly began drawing tens of millions of views. 

In 2025, the White House joined TikTok and quickly gained traction, racking up 5 million followers and 80 million-plus likes as of early January. In addition to launching its own account, the RNC is encouraging Republican candidates across the country to follow its lead and join the platform to engage with voters and level the playing field in a space where Democrats have historically dominated. 

‘President Trump proved how powerful TikTok can be and took decisive action to secure this platform for American users,’ RNC Chair Joe Gruters told Fox News Digital. 

‘Our new account will deliver America First content directly to younger voters who get their news online, and we’re encouraging Republican candidates nationwide to do the same now that the platform is safe.’

Earlier this year, TikTok announced it reached a historic deal to launch a majority American-owned joint venture, a move guided by Trump and aimed at averting a potential U.S. ban on the popular social media app and hoping to alleviate concerns about China’s ability to influence Americans on the app.

‘I am so happy to have helped in saving TikTok! It will now be owned by a group of Great American Patriots and Investors, the Biggest in the World, and will be an important Voice,’ Trump said in a post on Truth Social.

Gains by Trump and Republicans in courting younger voters helped the GOP win back the White House and the Senate and hold their House majority in last year’s elections.

RNC Chair Gruters optimistic Republicans ‘have a great opportunity to defy history’

Republicans will be hoping to repeat that success in the upcoming midterms as they attempt to hold onto a razor-thin majority in the House of Representatives and a three-seat majority in the Senate despite historical trends suggesting Democrats have the advantage.

‘I think the President of the United States is our secret weapon. … He’s laser focused,’ Gruters said in a national digital exclusive sit-down interview with Fox News last month.

Pointing to Trump’s unprecedented agenda during his first year back in the White House, Gruters argued, ‘I think it’s going to pay huge dividends across the board, whether you’re running for governor, Senate, House or whether you’re running for a local seat.’

Fox News Digital’s Paul Steinhauser contributed to this report.


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As indirect talks between the U.S. and Iran started on Friday in Oman, remarks from Vice President JD Vance earlier in the week questioning the absence of the Supreme Leader Ali Khamenei from talks have raised a core dilemma for Washington — the person with ultimate authority in Tehran is not sitting at the negotiating table.

In the interview, Vance said, ‘It’s a very weird country to conduct diplomacy with, when you can’t even talk to the person who’s in charge of the country. That makes all of this much more complicated… It is bizarre that we can’t just talk to the actual leadership of the country. It really makes diplomacy very, very difficult,’ he said on Megyn Kelly’s podcast.

The Supreme Leader has no equals

Ayatollah Ali Khamenei, 86, has served as Iran’s supreme leader since 1989 and remains the country’s highest political and religious authority, with ultimate control over military, security and strategic decisions. That concentration of power means any diplomatic outcome must ultimately pass through him.

Sina Azodi, the director of the Middle East Studies Program at George Washington University, told Fox News Digital that Khamenei’s authority stems from direct control over Iran’s core power centers. ‘He is very powerful because he is the commander in chief of the armed forces and appoints the heads of the IRGC, the Artesh (conventional military), the judiciary and other important institutions.’

Azodi added that protocol and hierarchy also explain Khamenei’s absence from negotiations. ‘Iranians are very adamant about diplomatic protocols — that since other countries don’t have the equivalent rank, he does not participate in any negotiations because his ‘equal’ rank does not exist,’ Azodi said. ‘Even when foreign heads of state visit him, there is only the Iranian flag, and foreign flags are not allowed.’

Iranian sources familiar with internal discussions described Khamenei as operating from a legacy mindset at this stage of his life. ‘The supreme leader sees the confrontation with Washington as defining his historical role and believes Iran can retaliate against U.S. interests in the region. Khamenei is not focused on personal risk and views strategic confrontation as part of preserving his legacy,’ a Middle Eastern source speaking on the condition of anonymity told Fox News Digital.

Behnam Ben Taleblu, a senior fellow at the Foundation for Defense of Democracies, told Fox News Digital that Khamenei remains the decisive figure in Iran’s system even as the regime faces pressure at home and abroad.

‘He wields great influence in Iran but also exercises the greatest veto in Iran’s political hierarchy’

‘He wields great influence in Iran but also exercises the greatest veto in Iran’s political hierarchy,’ Ben Taleblu said.

He added, ‘The Iranian strategy… is to raise the cost of war in the thinking of the adversary,’ he said, describing a system that signals willingness to talk while simultaneously preparing for confrontation.

He warned that ‘regimes that are afraid and lethal and weak can still be dangerous,’ and said Tehran may believe threatening U.S. assets could deter a broader war even if such escalation risks triggering a stronger American response.

‘Very difficult to say what Khamenei’s mindset is, but I think that he, along with other senior officials, think that the current conflict is not an isolated phenomenon but rather the continuation of the June 2025 conflict and the recent protests, which he called ‘an American coup,’’ Azodi told Fox News Digital.

‘I think that he thinks that the U.S. is definitely after a regime change and that needs to be resisted at all costs,’ he added.

Inside Iran, frustration with Khamenei has become increasingly visible, according to a journalist reporting from within the country.

‘What people want more than anything else is for Khamenei to die… I hear it every day, everywhere I go — why doesn’t he die?’ the journalist told Fox News Digital.

‘He is perceived as God’s representative, while leaders of enemy states are viewed as representatives of Satan, which is why he never meets with them.’

‘You just open the Twitter of Iranians… the tweet is, why don’t you die? And everybody knows who we are talking about. So a nation is waiting for him to die.’

The journalist said many Iranians no longer believe political reform is possible and instead see generational change as the only turning point.

Iranian journalist in exile, Mehdi Ghadimi, told Fox News Digital that, ‘The Islamic government considers itself obligated to enforce Islamic law across the entire world. They harbor hatred toward Iranians and Jews, whom they regard as enemies of Islam,’ he explained, ‘In such a structure, the leader is seen as more than a political ruler; he is perceived as God’s representative, while leaders of enemy states are viewed as representatives of Satan, which is why he never meets with them. If dialogue or compromise were to take place, his sacred image would collapse in the eyes of his supporters.’

He continued, ‘For this reason, groups labeled as ‘moderate,’ ‘reformist,’ or ‘pro-Western’ are created so that the West can negotiate with them,’ Ghadimi added. ‘No one within the structure of the Islamic Republic thinks about anything other than defeating the Western world and establishing Islamic dominance globally. The diplomats presented to Western politicians as moderates are tasked with using diplomacy to buy time for Khamenei.’

The negotiations come amid heightened regional tensions, U.S. military deployments and unresolved disputes over Iran’s nuclear program and missile capabilities.

Regional analysts say that for the U.S., the central challenge remains unchanged. Diplomats can negotiate, but the final decision rests with one man — a leader shaped by decades of confrontation with the United States, focused on regime survival and determined to preserve his legacy even as Iran enters a new round of talks.


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Proceeds to be used to Accelerate Procurement and Component Assembly for Demonstration Facility Deployment in Iceland

Syntholene Energy CORP. (TSXV: ESAF,OTC:SYNTF) (FSE: 3DD0) (OTCQB: SYNTF) (the ‘Company’ or ‘Syntholene’) announces that it intends to complete a non-brokered private placement of up to $2.0 million (the ‘Financing’).

The Financing is expected to consist of the issuance of units of the Company (the ‘Units’) at a price of $0.45 per Unit, with each Unit comprising one common share of the Company (a ‘Common Share’) and one non-transferable common share purchase warrant (each whole warrant, a ‘Warrant’). Each whole Warrant will entitle the holder to purchase one additional Common Share at an exercise price of $0.63 for a period of two years from the date of issuance, subject to an acceleration provision in accordance with the terms of the Financing.

Gross proceeds from the Financing are expected to be used as follows: up to approximately $1.5 million toward the procurement and assembly of components for the Company’s planned demonstration facility in Iceland, and up to approximately $0.5 million toward corporate marketing initiatives, investor relations and working capital.

The Company expects that insiders of the Company may participate in the Financing. The extent of insider participation, if any, has not been determined at this time. Any insider participation will be disclosed in accordance with the policies of the TSX Venture Exchange and applicable securities laws.

Finder’s fees may be payable in connection with the Financing, subject to compliance with applicable securities laws and the policies of the TSX Venture Exchange.

All securities issued pursuant to the Financing will be subject to a statutory hold period of four months and one day from the date of issuance, in accordance with applicable securities laws. Completion of the Financing remains subject to the receipt of all required regulatory approvals, including approval of the TSX Venture Exchange.

The securities offered pursuant to the Financing have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or a solicitation of an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Syntholene

Syntholene is actively commercializing its novel Hybrid Thermal Production System for low-cost clean fuel synthesis. The target output is ultrapure synthetic jet fuel, manufactured at 70% lower cost than the nearest competing technology today. The company’s mission is to deliver the world’s first truly high-performance, low-cost, and carbon-neutral synthetic fuel at an industrial scale, unlocking the potential to produce clean synthetic fuel at lower cost than fossil fuels, for the first time.

Syntholene’s power-to-liquid strategy harnesses thermal energy to power proprietary integrations of hydrogen production and fuel synthesis. Syntholene has secured 20MW of dedicated energy to support the Company’s upcoming demonstration facility and commercial scale-up.

Founded by experienced operators across advanced energy infrastructure, nuclear technology, low-emissions steel refining, process engineering, and capital markets, Syntholene aims to be the first team to deliver a scalable modular production platform for cost-competitive synthetic fuel, thus accelerating the commercialization of carbon-neutral eFuels across global markets.

For further information, please contact:
Dan Sutton, CEO
comms@syntholene.com
www.syntholene.com
+1 608-305-4835

Investor Relations
KIN Communications Inc.
604-684-6730
ESAF@kincommunications.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of applicable securities laws. The use of any of the words ‘expect’, ‘anticipate’, ‘aims’, ‘continue’, ‘estimate’, ‘objective’, ‘may’, ‘will’, ‘project’, ‘should’, ‘believe’, ‘plans’, ‘intends’ and similar expressions are intended to identify forward-looking information or statements. All statements, other than statements of historical fact, including but not limited to statements regarding the completion of the Financing, the proposed use of proceeds of the Financing, TSXV approval, development of the test facility, commercial scalability, technical and economic viability, anticipated geothermal power availability, anticipated benefit of eFuel, and future commercial opportunities, are forward-looking statements.

The forward-looking statements and information are based on certain key expectations and assumptions made by the Company, including without limitation the assumption that the Company will be able to complete the Financing on the proposed terms or at all, that the TSXV will approve the Financing, the Company will be able to execute its business plan, including that it will use the Proceeds of the Financing, if any, as described herein, that the Company will be able to advance its planned test facility, that the eFuel will have its expected benefits, that there will be market adoption, and that the Company will be able to access financing as needed to fund its business plan. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature, they involve inherent risks and uncertainties.

The forward-looking statements and information are based on certain key expectations and assumptions made by the Company, including without limitation the assumption that the Company will be able to execute its business plan, that the eFuel will have its expected benefits, that there will be market adoption, and that the Company will be able to access financing as needed to fund its business plan. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature, they involve inherent risks and uncertainties.

Actual results could differ materially from those currently anticipated due to a number of factors and risks, including, without limitation, Syntholene’s ability to meet production targets, realize projected economic benefits, overcome technical challenges, secure financing, maintain regulatory compliance, manage geopolitical risks, and successfully negotiate definitive terms. Syntholene does not undertake any obligation to update or revise these forward-looking statements, except as required by applicable securities laws.

Readers are advised to exercise caution and not to place undue reliance on these forward-looking statements.

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/282924

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The film ‘Melania,’ a documentary about First Lady Melania Trump, made nearly $8 million on its opening weekend, making it the highest-grossing documentary in a decade. It’s a huge win for the first lady and a crushing defeat for those rooting against her.

The director of ‘Melania,’ Brett Ratner, has previously helmed Hollywood blockbusters such as ‘Rush Hour’ and ‘X-Men: The Last Stand.’ The fact that Ratner is already an established brand in Hollywood is noteworthy. During the first Trump term, it would have been unlikely that a Hollywood director would take a chance on a documentary about Melania Trump. Ratner still took a risk making the film, because Hollywood is traditionally lockstep on politics and quick to cut off anyone who steps outside the line. It’s easier to make a film like this in 2026 than it was in 2017, but only marginally so.

The film is a soft-focus look at Melania Trump’s life as first lady, offering a glossy, feel-good glance into what people normally don’t get to see inside the private first lady’s life. Still, it wouldn’t have mattered what was in the film — the media would have hated it anyway.

The reviews in the mainstream press aren’t so much scathing as personal. Variety called the film a ‘cheeseball infomercial of staggering inertia,’ while The Guardian noted it was ‘dispiriting, deadly and unrevealing’ and ‘unredeemable.’

In the film, it’s true we see Melania in her beautiful outfits and flawless makeup, but we also see her as the woman behind the man.

In one scene in the film, Melania advises the president to include the word ‘unifier’ in his inaugural speech. On Jan. 20, as he said the words, ‘My proudest legacy will be that of a peacemaker and unifier. That’s what I want to be: a peacemaker and a unifier,’ the president turned around to look at his wife. Of course, Melania wants her husband to be both a peacemaker and a unifier. She is rooting for him to succeed because it helps us all. A vicious media refuses to concede that she may want what is best for the country.

The film portrays a marriage where the first lady cares about her husband, worrying about his security on Inauguration Day and expressing relief when festivities are moved indoors. This portrayal flies in the face of the frequent commentary claiming the marriage is in name only. Why would the first lady care about her husband’s safety if she’s only in the union for glory or money? The New York Times counted how many days Melania has spent in the White House during this term, and Trump biographer Michael Wolff has claimed, without evidence, that they are separated. This film answers those accusations and rumors directly, in Melania’s own words.

In a 2018 interview with ABC, Melania was asked about her marriage and said, ‘I know people like to speculate and media like to speculate about our marriage. It’s not always pleasant, of course. But I know what is right and what is wrong and what is true or not true.’

She does, and she shows it in this film.

On the review site Rotten Tomatoes, the film ‘Melania’ is setting another kind of record: the largest discrepancy between the scores of film reviewers and filmgoers in the site’s history. It makes sense, since most of the reviewers went into the film with a rating in mind, whether or not they actually enjoyed the movie. The people who spent their money to go watch their first lady on the screen were going to be more honest, even if some were swayed by their enthusiasm for their president.

Producer Marc Beckman on

The media has three more years of the Trump administration and Melania Trump. They can stop having outbursts about the first lady and give her a fair hearing — something more than half the country would commend. Or they can continue to descend into irrelevance, as everyone knows even their panning of a film will be political. The choice is theirs.


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War Secretary Pete Hegseth said Thursday that some cartel drug traffickers operating in the U.S. Southern Command area of responsibility have halted narcotics activity following recent U.S. military strikes in the Caribbean.

‘WINNING: Some top cartel drug-traffickers in the @SOUTHCOM AOR have decided to cease all narcotics operations INDEFINITELY due to recent (highly effective) kinetic strikes in the Caribbean,’ Hegsth wrote in a post on X.

Hegseth credited President Donald Trump with directing the military actions, calling the effort a lifesaving deterrent.

‘This is deterrence through strength. @POTUS is SAVING American lives,’ he wrote.

Republican Sen. Lindsey Graham of South Carolina praised the military action, writing on X, ‘Well done @SecWar and to all under your command. We must continue to verify and monitor. We can’t trust drug cartels.’

The Trump administration has been pursuing a policy of conducting deadly attacks against vessels of alleged ‘narco-terrorists.’

SOUTHCOM announced a strike that killed two on Thursday.

‘On Feb. 5, at the direction of #SOUTHCOM Commander Gen. Francis L. Donovan, Joint Task Force Southern Spear conducted a lethal kinetic strike on a vessel operated by Designated Terrorist Organizations. Intelligence confirmed the vessel was transiting along known narco-trafficking routes in the Eastern Pacific and was engaged in narco-trafficking operations. Two narco-terrorists were killed during this action. No U.S. military forces were harmed,’ Southern Command noted in a post on X.


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Towards the end of last year, Pope Leo XIV released his first Apostolic Exhortation, titled Dilexi Te (Latin for “I have loved you”). Many of the major themes of this exhortation closely carried over from the themes developed by Francis in his papacy. 

Included in this is a specific ethical focus on economic actions and economic systems. The exhortation spans nearly 20,000 words, covers significant ground, and maintains a central focus on God’s love for the poor. The pope argues that the dignity of the poor is central both in scripture and in the history of the Roman Catholic Church. 

I agree with much of what Leo has to say throughout the exhortation, so I will focus most of my comments on the area where I would differ most sharply from him — on the economic system. 

Paragraph 92 in particular addresses economic policy. Leo says: 

We must continue, then, to denounce the “dictatorship of an economy that kills,” and to recognize that “while the earnings of a minority are growing exponentially, so too is the gap separating the majority from the prosperity enjoyed by those happy few. This imbalance is the result of ideologies that defend the absolute autonomy of the marketplace and financial speculation. Consequently, they reject the right of states, charged with vigilance for the common good, to exercise any form of control. A new tyranny is being born, invisible and often virtual, which unilaterally and relentlessly imposes its own laws and rules.” There is no shortage of theories attempting to justify the present state of affairs or to explain that economic thinking requires us to wait for invisible market forces to resolve everything. Nevertheless, the dignity of every human person must be respected today, not tomorrow, and the extreme poverty of all those to whom this dignity is denied should constantly weigh upon our consciences. 

When reading this, I felt mostly surprised by the characterization of our current situation. A significant chunk of this involves a quote from Pope Francis’ Evangelii Gaudium, wherein he claims inequality has bred ideologies that defend absolute autonomy of the marketplace against state regulation. 

The difficulty I find here is that, insofar as these ideologies have been bred (which I’m unsure of), they appear not to have been very successful. Regulation and regulatory agencies continue to outpace market freedom in the West. While measuring this isn’t easy, we have some indications. The Fraser Institute’s Economic Freedom of the World Report shows the current economic freedom score of the US is 8.1 out of 10. This is the fifth-lowest score since The Fraser Institute started keeping annual data in 2000.

Another indicator is that government spending is 36.3 percent of GDP, according to the International Monetary Fund. Excluding outlier events like World War II and the Great Depression, this is a higher level than nearly any time in American history. How could we say the government’s “right” to exercise control over markets is too limited at a time when it commands a larger share of resources than at any time in the country’s history? 

The pope isn’t writing only about America, but many of the notable trends in America are also unfolding elsewhere. Europe’s regulatory ramp-up has been even more pronounced with the exhaustive bureaucratic standards that permeate the EU.

What about outside the West? Well, over the decades, economic freedom has tended to increase throughout the developing world, and importantly, increasing economic freedom has corresponded with a rise in the standard of living. Economically free countries tend to be richer and healthier than economically unfree countries. 

Does the Invisible Hand Fix Everything? 

The exhortation seems to anticipate this kind of response, saying, “there is no shortage of theories attempting to justify the present state of affairs or to explain that economic thinking requires us to wait for invisible market forces to resolve everything.” 

My difficulty with this statement is that I’m unsure of anybody who argues that we are required to wait for invisible market forces to resolve everything. Champions of free markets tend to be very open about the fact that some problems are not solved by the market, and defer to the importance of individual responsibility, private charity, and formal and informal institutions to handle some problems. 

This section seems to rebuff the belief that “the invisible hand” is the only way for things to get better. But this has never been claimed by anyone. Rather, supporters of markets argue that the invisible hand is a solution to some significant problems, and we inhibit this force at the peril of the poor. Claiming descriptively that the market is important for helping people escape poverty is far from identical to claiming that no one should be allowed to help anyone in any other manner. 

We could imagine a society where the cultural bias is to believe only impersonal market forces should solve problems, but I think it would be mistaken to believe that our society has that bias. Rather if we have a bias, it is that any time there is a problem, it demands a top-down, political solution. 

On a similar note, the pope argues, “At times, pseudo-scientific data are invoked to support the claim that a free market economy will automatically solve the problem of poverty.” I’m not sure what data he’s referring to, but I think it’s reasonable to argue that, at times, some economists, focused on the mere models of economics, have put the “automatic equilibrium adjustment” of the market in the foreground. 

Many defenders of economics have, however, labored to demonstrate that the process is not automatic, but rather, is the result of individuals endowed with creativity, opportunity, and grit attempting to add value in previously unforeseen ways. On this, consider FA Hayek’s piece The Meaning of Competition

Perhaps the “automatic” aspect bothers some people, as economists assert that markets can improve the lot of the poor regardless of the intention of the market participants. While we would certainly prefer people to want to improve the lot of the poor, I see it as a Common Grace that there could be a system that does not depend on that intentionally. 

Importantly, markets do not require good intentions, but do not prevent them, and, I’d argue, the humanizing aspects of markets even encourage good intentions. 

The Dignity of the Least of These 

Pope Leo continues by arguing that the current economic system emphasizes self-reliance and success, and asks based on this: 

Does this mean that the less gifted are not human beings? Or that the weak do not have the same dignity as ourselves? Are those born with fewer opportunities of lesser value as human beings? Should they limit themselves merely to surviving? 

In this, I have no problem agreeing with the pope. I don’t believe a person’s dignity is contingent on their ability. If we accept this, though, the necessary next step is to ask how do we best ensure the dignity of the poor? A state, even one charged with the upholding of the common good, may be constrained by incomplete knowledge or perverse incentives such that its intervention will only harm the dignity of the poor more. 

While it is unwise to outsource responsibilities to impersonal invisible forces and hope improvement trickles down, the same is true of relying on impersonal central forces.

To Leo’s credit, he seems to recognize this issue as well, though it seems to be more in the background. He argues, citing Francis, that welfare projects are, at best, provisional responses until deeper structural issues are resolved. He also acknowledges that solutions do not necessarily come from above: 

One structural issue that cannot realistically be resolved from above and needs to be addressed as quickly as possible has to do with the locations, neighborhoods, homes and cities where the poor live and spend their time. 

He echoes this sentiment later and critiques those who say, “ it is the government’s job to care for them, or that it would be better not to lift them out of their poverty but simply to teach them to work.” 

Here, I think we find the key to Leo’s argument and my central area of agreement. Pope Leo argues that our responsibility to care for the poor cannot be simply outsourced to some external process (whether government, market, spiritual or otherwise). 

While I tend to think the exhortation overstates the zeal of defenders of free markets and the extent to which we live in a world dominated by markets (rather than regulation), the message that moral responsibility for the poor cannot be outsourced to “someone else” is a valuable one.

Prediction markets seem to be everywhere these days. Now you can bet not only on the outcomes of sporting events, but also elections, wars, and natural disasters. Yet many people react to these markets with disgust. For instance, in a recent article in Jacobin, political commentator David Moscrop calls them “demented” and “grotesque.”

The main moral objection to prediction markets seems to be that it’s wrong to profit from someone’s misfortune. And intuitively there does seem to be something immoral about raking in thousands of dollars because you correctly predicted that a hurricane would hit a particular city or a particular war would break out, resulting in tremendous amounts of suffering. As Moscrop puts it, “Bettors will hold financial stakes in particular outcomes, including some of the most heinous events imaginable. It’s a fundamentally cynical and dehumanizing turn.” But as natural as the gut-level unease with prediction markets is, we shouldn’t trust it. Prediction markets are both useful and morally benign.

Prediction markets are useful precisely because they incentivize accurate forecasting. The prospect of making or losing money gives participants a strong reason to seek out new information and to process that information in an unbiased way. Think about sports betting. When you don’t have any money on the line, you probably indulge in wishful thinking that your favorite team is going to win this week, even though they’re 14 point underdogs. But if you suddenly stood to lose $1,000 if you turn out to be wrong, you’ll quickly start to think more rationally about the team’s chances.

In short, prediction markets tend to deliver accurate forecasts for the simple reason that they reward accuracy and punish inaccuracy. And at the risk of making an obvious point, accurate forecasts are useful because people plan their lives around expectations about what the future holds. For instance, if you live in an area where a hurricane will hit or a war will start, that’s important information for you to know. It could quite literally be lifesaving. 

This point also helps explain why you shouldn’t accept the objection that prediction markets are morally bad because they enable people to profit from catastrophes. As the ethicists Jason Brennan and Peter Jaworski have noted, many people routinely make money by accurately predicting bad things will happen without the use of prediction markets, and no one finds them immoral. Meteorologists make money forecasting hurricanes, epidemiologists make money forecasting disease outbreaks, political analysts make money forecasting electoral outcomes and wars, and so on.

The reason why no one thinks that these forecasters are doing something morally wrong is because, as already mentioned, accurately predicting bad events is actually beneficial; accurate predictions of bad events help people prepare for the bad events. (This should go without saying, but the fact that someone earns money by being right about something bad happening doesn’t mean they caused it or wanted it to happen.) Maybe the action of the bettor feels different than the action of the meteorologist, but morally, it’s the same. Someone who correctly predicts hurricanes and profits by getting a job with the Weather Channel “makes money from a catastrophe” just as much as someone who correctly predicts hurricanes and profits by placing bets on Kalshi.

You might worry that prediction markets incentivize what is in effect insider trading—they reward people for acting on information others don’t have. But that’s a feature, not a bug. If you see someone place a huge bet on an outcome that seems highly unlikely, that suggests that the outcome is more likely than you thought; maybe someone has inside information that makes them confident it’s going to happen. You don’t have to act on this signal, of course, but at least you have it in case you want to.

Critics of prediction markets also overlook the possibility that the money bettors earn can be used to mitigate the harms of the very disasters they predict. Suppose someone correctly predicts that a hurricane will make landfall and profits from a prediction market as a result. They now have additional resources that can be used to mitigate the suffering caused by the hurricane. They can donate to emergency relief, help fund rebuilding efforts, support local clinics, or contribute to flood mitigation projects. So if you’re concerned that a catastrophe is likely to occur, making an accurate prediction and allocating your winnings to help those harmed by the catastrophe is far more productive than simply watching it unfold.

Lastly, consider the objection that using prediction markets isn’t immoral, but self-destructive. These markets allow people to make risky bets that they might lose and, in turn, put them in serious financial straits.

Note, though, that it doesn’t follow from the fact that prediction markets enable people to take unwise financial risks that government officials should ban them. Suppose your neighbor asks you to make a large investment in her startup producing perpetual motion machines. That investment would be an unwise financial risk to say the least. Nevertheless, government officials shouldn’t intervene because you have the right to take that risk. It’s your money after all.

Prediction markets don’t cause or celebrate disasters, nor do they force people to gamble recklessly. Instead, they allow people to test their predictions in a system that rewards them for being right and penalizes them for being wrong. The result is accurate information that others can use to help plan their lives. If anything, that’s a positive moral good.