by Jim Rickards, Daily Reckoning:

There’s been so much happening over the past 24 hours that it’s hard to keep up. The Supreme Court has been releasing several key rulings that will have a major impact on American politics.

Just this morning, they overturned the so-called Chevron deference that’s been in operation since the 1980s. Chevron handed the federal bureaucracy extensive authority to interpret statutes as it sees fit. It largely removed judicial oversight of the administrative state, which was a license for rampant bureaucratic abuse.