The Blueprint: James Madison’s Advice

We call the process nullification, and James Madison gave us the blueprint for stopping federal overreach before the Constitution was even ratified. Madison acknowledged anti-federalist fears that the new general government would try to exercise undelegated powers. And he assured them that the power of the states could keep the tendency in check in Federalist 46.

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Incorporation: A Fool’s Game

Meet Bob, the owner and editor of a struggling newspaper.

Circulation and interest in his publication remains pretty stable, but advertising revenue dropped precipitously over the last several months. He’s on the verge of shutting down the presses when a very wealthy businessman comes and offers to underwrite the entire venture. He woos Bob with a passionate speech about his commitment to news. He tells Bob he values hard hitting reporting and talks about “speaking truth to power.” He even expresses a willingness to take a loss for the sake of keeping journalism alive in their town.

The businessman comes to the table with just one condition: he gets to make the final decision on all content.

Understandably, Bob feels somewhat reluctant initially.

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