Zelensky Admits He Begged Trump To Meet In Person, Also Defends Canceled Elections
Zelensky Admits He Begged Trump To Meet In Person, Also Defends Canceled Elections
Ukrainian President Volodymyr Zelensky has revealed more details of the content of his Wednesday call with US President Donald Trump, in Saturday remarks given before the Munich Security Conference.
Zelensky disclosed that he repeatedly urged Trump to meet with him in person, and there was no assent from Trump on the matter.
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"I think I said first that we have to meet. But we understood each other because I didn’t say (anything) about it once," the Ukrainian leader https://www.aa.com.tr/en/americas/ukraines-zelenskyy-says-he-repeatedly-urged-trump-to-meet-with-him-in-person-during-their-phone-talks/3483266
.
Zelensky as well as European leaders have expressed deep frustration that Trump chose to call Russia's President Putin first, wherein they talked for 90-minutes, amid fears that Zelensky will be cut out from US-Moscow negotiations to end the war.
French President Emmanuel Macron has demanded that Zelensky be at the table, and that nothing can be decided regarding a future peace deal without consulting Ukraine.
Also on Saturday, Zelensky said that his country can't hold elections as martial law is still in effect, amid growing criticism that he's extending martial law to stay in power, and establishing anti-democratic norms.
His term expired in May 2024, but he asserted, "I’m focusing on the survival of our country, and I am doing it really all my term."
"I’m ready to speak about elections if you want," he said, claiming that "Ukrainians don’t want, totally don’t want, because they are afraid, because otherwise we will lose the military loan, the war loan, our soldiers will come back home, and (Russian President) Putin will occupy all our territory."
He argued that he has maintained the unity of the country amid the Russian invasion...
"So it’s not about myself. It’s about the future of our country. The question is to survive to save Ukraine, our independence, our people, (and) our homes. And if somebody doesn’t like (it), they can choose another citizenship," he said.
He was also asked about the question of the US taking NATO membership off the table, somewhat shocking European allies this week.
"If we are not in NATO, then as I said, NATO has to be in Ukraine. We will need an army comparable with soldiers of Russia; it’s 1.3 or 1.5 million soldiers," he said.
Zelensky claims: only Putin and 'few voices in US' want elections in Ukraine
Zelensky: only Putin and 'few voices in US' want elections in Ukraine
- By "few voices," the cocaine clown means the Trump administration, the Senate, Congress, the FBI, and the CIA. https://t.co/bIRIiIYfbx
— Russian Market (@runews) https://twitter.com/runews/status/1890811478522909021?ref_src=twsrc%5Etfw
Of course, such a scenario would certainly lead to runaway escalation with Russia, which Trump has vowed to seek to avoid at all costs. Zelensky has stood accused of fearmongering in order to induce greater US and Western intervention in the conflict.
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Sat, 02/15/2025 - 14:35
Louisiana To End Mass Vaccine Promotion, Surgeon General Announces
Louisiana To End Mass Vaccine Promotion, Surgeon General Announces
(emphasis ours),
The Louisiana Department of Health said it will no longer promote mass vaccination, according to a memo released by the state’s surgeon general this week.
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A spokesperson for the Department of Health (LDH) confirmed that Louisiana Surgeon General Ralph Abraham had ordered his staff to stop engaging in media campaigns and community health fairs to encourage vaccinations and shared the memo with The Epoch Times on Friday.
“The State of Louisiana and LDH have historically promoted vaccines for vaccine preventable illnesses through our parish health units, community health fairs, partnerships and media campaigns,” the memo said. “While we encourage each patient to discuss the risks and benefits of vaccination with their provider, LDH will no longer promote mass vaccination.”
Louisiana state officials will still provide and stock vaccines, according to the memo, which stressed that healthcare providers talk about the benefits and risks posed by vaccines with patients and answer all questions based on scientific evidence.
In a separate letter https://ldh.la.gov/news/7478
on the state health department’s website on Feb. 13, Abraham was critical of blanket government mandates for vaccines and said that federal officials were erroneous in how they pushed for COVID-19 vaccines. He said individuals should make their own decisions instead.
His letter chided what he called “inaccurate and inconsistent guidance on masking, poor decisions to close schools, unjustifiable mandates on civil liberties, and false claims regarding natural immunity.”
https://store.zerohedge.com/vitamin-k2-d3-plus-calcium
“But the greatest missteps were on vaccines and some continue to this day,” the Republican surgeon general wrote. “Within months of their approval, COVID vaccines were shown to have no third-party benefit in terms of reduced transmission, yet they were still mandated—through both policy and social pressure.”
Describing that as an “offense against personal autonomy that will take years to overcome,” he was then critical of current Centers for Disease Control and Prevention (CDC) guidelines that recommend 6-month-old children get vaccines for COVID-19.
“Government should admit the limitations of its role in people’s lives and pull back its tentacles from the practice of medicine,” Abraham said, noting that he wants to regain the “public trust” by “acknowledging past missteps, refocusing on unbiased data collection, and providing transparent, balanced information for people to make their own health decisions.”
In Democrat-controlled New Orleans, the city council passed a resolution on Thursday vowing to continue supporting vaccination efforts.
The city’s health department director, Jennifer Avegno, said state-supported efforts have led thousands of people to receive vaccines in the past. However, she anticipates vaccination rates for preventable diseases will drop due to the state’s new policy and asserted that vaccines are most effective when they are widespread.
“‘[The Louisiana Department of Health] will no longer promote mass vaccination.’ Now, I don’t know what that means. Every year I’ve been here, and before me, the New Orleans Health Department and the state Health Department has worked together on really successful mass vaccination events,” Avegno https://www.fox8live.com/2025/02/14/memo-sent-louisiana-department-health-says-they-will-no-longer-promote-mass-vaccinations/
local TV station Fox8.
Avegno also said that it’s not clear what vaccinations the state health department will not promote.
Both the CDC and Food and Drug Administration (FDA) have said that COVID-19 vaccines’ benefits outweigh their risks. As recently as mid-January, the CDC https://www.cdc.gov/covid/vaccines/benefits.html#:~:text=6-,The%202023%E2%80%932024%20COVID%2D19%20vaccines%20reduced%20the%20risk%20of,4%E2%80%936%20months%20after%20vaccination.
a study that asserted that 2023–2024 booster shots had “reduced the risk of COVID-19 hospitalization among older adults” by around 50 percent and that children who got the vaccines saw a reduction in COVID-19-associated emergency room and urgent care visits.
However, over the past several years, a https://www.theepochtimes.com/opinion/44-studies-on-vaccine-efficacy-that-raise-doubts-on-vaccine-mandates-4348494
. The FDA and CDC say that mRNA vaccines produced by Pfizer and Moderna are associated with a higher risk of developing myocarditis, which is inflammation of the heart muscle, and pericarditis, which is inflammation of the outer sac that lines the heart.
This week, the U.S. Senate confirmed former independent presidential candidate Robert F. Kennedy Jr. to lead the Department of Health and Human Services, which oversees both the FDA and CDC. Kennedy has long been critical of certain vaccines, including ones for COVID-19 and childhood illnesses.
Kennedy said during the Senate confirmation hearing that he is not anti-vaccine but only wants vaccines to be rigorously tested as well as more transparency for federal health agencies.
The Associated Press contributed to this report.
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Sat, 02/15/2025 - 14:00
https://www.zerohedge.com/covid-19/louisiana-end-mass-vaccine-promotion-surgeon-general-announces
Italian Police Arrest 130 In Biggest Crackdown Against Sicilian Mafia In Decades
Italian Police Arrest 130 In Biggest Crackdown Against Sicilian Mafia In Decades
(emphasis ours),
Italian police detained 130 people on Feb. 11 in an operation against the Sicilian mafia in Palermo, and the country’s top anti-mafia prosecutor said the evidence suggested bosses in high security prisons were still passing on “criminal directives” to those on the outside.
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The carabinieri—Italy’s national police—said the anti-mafia operation led to the issuing of restrictive measures for 183 people, 36 of whom were already in prison.
It was the biggest crackdown on the Sicilian mafia, known as La Cosa Nostra, since the 1990s.
The Cosa Nostra—made famous by movies such as “The Godfather”—terrorized Sicily for years and at the height of its power, in 1992, killed two top prosecutors, Giovanni Falcone and Paolo Borsellino, after they used informers known as “pentito” to prosecute and put in jail hundreds of mafiosi.
Since the 1990s the Sicilian mafia has been overtaken as Italy’s most powerful organized crime group by the ‘Ndrangheta, who are based in Calabria on the Italian mainland.
The carabinieri said those arrested on Feb. 11 were accused of “criminal association of a mafia nature, attempted murder, extortion aggravated by the mafia method, and association for the purpose of drug trafficking.”
Speaking on Feb. 11, Italy’s national anti-mafia prosecutor, Giovanni Melillo, said the investigation mirrored findings in other regions, “namely, that the high security prison circuit is a circuit that is subject to the domination of criminal organizations in which detained mobsters enjoy an intact ability to communicate and to spread criminal directives.”
Jailed Mafiosi Video Calls
The chief prosecutor of Palermo, Maurizio de Lucia, said that mobile communications devices in prisons—including video calls—undermined crime prevention to the point that “being inside the prison or being outside the prison makes no difference.”
He specifically mentioned the mafia were using encrypted cellphones, which were often smuggled into jails.
“Two things are important: one is that the organization knows that in order to become strong again it needs a central direction, a commission, and it can’t achieve this,“ de Lucia said. ”The other is that it has adapted to this difficulty by connecting the mandamenti [areas controlled by a mafia family or its affiliates] through the technological tools we’ve talked about.”
Italian Prime Minister Giorgia Meloni, https://x.com/GiorgiaMeloni/status/1889252808752243090
, said the arrests had inflicted “a very hard blow to Cosa Nostra,” and were giving a clear signal that “the fight against the mafia has not stopped and will not stop.”
The Feb. 11 raids were predominantly in the Palermo neighborhoods of Pagliarelli, Porta Nuova, Tommaso Natale-San Lorenzo, Bagheria, and the Santa Maria del Gesù.
The carabinieri said families in Palermo had regained their authority after decades of being dominated by a faction from Corleone, a town outside Palermo that was the birthplace of notorious bosses Toto Riina and Bernardo “The Tractor” Provenzano.
Riina, who was captured in 1993, died in prison in 2017, aged 87, and his successor, Provenzano, was arrested in 2006 and died, aged 83, in jail in 2016.
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In 2018, Settimo Mineo, an 80-year-old jeweler, was arrested along with 46 others, and accused of succeeding Riina as the head of the Sicilian mafia. He was later convicted of various criminal charges in 2020.
Cosa Nostra ‘Never Truly Vanished’
Anna Sergi, a professor of criminology and organized crime studies at the University of Essex in England, wrote on her https://annasergi.substack.com/p/181-arrests-in-sicily-why-cosa-nostra
on Feb. 11: “Cosa Nostra may have faced crises, yet it has never truly vanished. Its subcultural norms are remarkably elastic, allowing the organization to navigate periods of suppression.”
“Despite being perceived as a declining force within the Italian mafia landscape, Cosa Nostra maintains a significant role, particularly in the drug trade,” she wrote.
But Sergi told The Epoch Times in an email that Mineo was not the leader of the Cosa Nostra and added, “There is no known boss.”
The Associated Press and Reuters contributed to this report.
https://cms.zerohedge.com/users/tyler-durden
Sat, 02/15/2025 - 08:10
Rothschild Accused Of Sexual Misconduct With "At Least Six" Woman Spanning Three Decades
Rothschild Accused Of Sexual Misconduct With "At Least Six" Woman Spanning Three Decades
Sir Evelyn de Rothschild, one of the world’s most renowned financiers, has been accused of abusing his position at NM Rothschild to sexually harass and assault female colleagues, https://www.theguardian.com/business/2025/feb/04/evelyn-de-rothschild-accused-banking-career
.
Several women, speaking anonymously to The Guardian, claim he engaged in serious misconduct in the mid to late 1990s. They say they felt unable to come forward while he was alive due to his influence within the bank and British establishment. The allegations have surfaced two years after his death. Bloomberg https://www.bloomberg.com/news/articles/2025-02-13/evelyn-de-rothschild-allegedly-sexually-assaulted-six-women-over-three-decades?sref=6uww027M
that "at least six" women have alleged sexual misconduct over 3 decades, including oral rape, forced kissing, and groping. These incidents reportedly took place before and after his retirement as chairman of N.M. Rothschild & Sons in 2004.
De Rothschild, who chaired NM Rothschild for over 20 years and served on the boards of The Economist and The Daily Telegraph's parent company, was known for his autocratic leadership. Knighted in 1989, he also advised Queen Elizabeth II and accompanied her to Royal Ascot races.
The allegations, dating back to the mid and late 1990s, raise broader questions about the working culture for women within the Rothschild banking empire, which spans wealth advisory and investment banking services. Despite being historical, multiple sources claim his behavior persisted for years without consequence.
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The Guardian https://www.theguardian.com/business/2025/feb/04/evelyn-de-rothschild-accused-banking-career
that sources allege that Rothschild targeted junior staff, lavishing them with attention before engaging in inappropriate and abusive behavior. Incidents reportedly took place in NM Rothschild’s former London offices on St Swithin’s Lane, where the bank had been based since 1809.
The allegations include serious sexual assaults. One woman claims he violently attacked her when she was a young employee. Another alleges he groped her under her clothing, while a third says she was forced to perform a sex act on him as he sat at his desk.
These claims, dating to the mid and late 1990s, were presented to Rothschild & Co’s lawyers, who stated that an initial records review found “nothing” but provided no further comment. The Rothschild family, also contacted via the same lawyers, did not respond.
The Guardian also inquired about the bank’s past and present handling of sexual misconduct complaints, but received no further clarification. The bank forced Rothschild out in 2003 after an internal complaint of sexual assault but did not publicly disclose the reason. He left with his reputation intact and was later praised by world leaders, including Bill Clinton, Bloomberg added.
The report says he lured women with promises of career support, presenting himself as a sponsor in financial services. He would summon them to his office under the pretense of work-related tasks before harassing or assaulting them. Those who voiced concerns were allegedly dismissed, often with payouts in exchange for silence. A source described the bank as “his kingdom,” where staff turnover was high, and settlements were known but unspoken.
Lawyers for the banking group said: "We deal with any complaint quickly and decisively. We prize the culture we have developed over the years and there is no place for such behaviour in our culture. If any inappropriate behaviour is alleged, including sexual misconduct, we seek to establish exactly what has happened. Whilst a formal complaint may not always be made, we investigate allegations of behaviour that falls below our standards.”
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Sat, 02/15/2025 - 07:35
Trump's Greenland Gambit Is A Masterclass In Statecraft
Trump's Greenland Gambit Is A Masterclass In Statecraft
,
Donald Trump is serious about boxing China out of the Arctic. A month before assuming the U.S. presidency for the second time, Trump notched another geopolitical win in the Arctic competition space and set the tone for the next four years. On December 29th, Trump https://www.wsj.com/articles/trump-eyes-a-new-real-estate-purchase-greenland-11565904223
.”
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Not much has changed today with pundits casting Trump as impulsive – as they https://www.nytimes.com/2019/08/23/opinion/sunday/greenland-trump.html
Greenland’s future with Trump. While Greenland’s future is yet to be determined, the mainstream narrative is naïve – Trump’s masterclass in statecraft is now in session – and Beijing is taking note.
Where the media focuses on Trump’s https://apnews.com/article/trump-biden-offshore-drilling-gulf-of-america-fa66f8d072eb39c00a8128a8941ede75
to use the military to acquire the island, they miss the effect of the rhetoric. The reality is this was a deliberate strategic provocation few will see or acknowledge. In poking Denmark about his intent to purchase, or even forcefully acquire the island, Trump gave a masterclass in geostrategic chess, saving the U.S. billions, furthering deterring China from staking a claim on Greenland, and improving U.S. national security in the process. As the dialogue progresses, the stakes could evolve further.
Critics mocking Trump’s fixation on Greenland fail to account for the underlying significance to U.S. and NATO defense. European countries have long underinvested in their own defense. NATO enjoys the warmth of the U.S.-provided security blanket absent the corresponding commitments. The Danish government dismissed Trump’s idea and critics mocked his supposed naivety. Yet, Trump’s renewed Greenland pitch might have been more calculated than it appeared. Denmark’s subsequent https://www.bbc.com/news/articles/ckgzl19n9eko
of a $1.5 billion defense investment in Greenland reveals a sophisticated dynamic: the rhetoric may have been a strategic gambit to prompt Denmark into strengthening Greenland’s security infrastructure, effectively achieving U.S. strategic goals without direct expenditure.
Greenland’s Strategic Importance in the Arctic
The Arctic region is critically important for U.S. homeland defense. Greenland occupies a pivotal position at the crossroads of key Arctic waterways and serves as a gateway to the North Atlantic. The Greenland-Iceland-United Kingdom (GIUK) Gap is considered one of the most https://www.iiss.org/sv/publications/strategic-comments/2019/the-giuk-gaps-strategic-significance/
” and the Chinese Communist Party’s public interest in presence in Greenland, the autonomous island under Danish control is one of the most valuable pieces of real estate on the planet. Some in Washington see Greenland as a strategic vulnerability requiring more attention, lest it create an opportunity for adversaries. Declining relations with China and Russia elevate Greenland’s geostrategic utility value for Washington, making its defense and security among the pressing security challenges or the incoming Trump administration. Thus, recognizing Greenland’s significance, Trump’s revived rhetoric about purchasing the island is more than a proposed property deal by a real estate tycoon. It is a geopolitical statement underscoring America’s recognition of Greenland’s critical role in Arctic security. Yet, proposing such a move — whether sincerely or as a negotiating tactic — placed pressure on Copenhagen to either step up its own commitments to Greenland or risk appearing negligent.
Cost-Free Arctic Security
Trump’s approach is fiscally savvy. Operating in the Arctic is expensive. Everything takes longer, costs more, and breaks faster. Burden sharing is sound strategy and a necessary element of NATO’s security architecture. NATO has long grappled with calls for equitable contributions among member states – with Trump 1.0 repeatedly https://www.reuters.com/world/trumps-us-election-win-may-bring-nato-members-defense-spending-back-into-focus-2024-11-06/
consequence for NATO counties failing to meet the required 2% GDP mandate. In this way, Trump’s latest jab was an effective catalyst toward tangible defense commitments by a NATO ally that was long overdue.
Trump’s approach to Greenland illustrates a key principle of effective statecraft: leveraging rhetoric to influence allies and adversaries alike. By framing Greenland as a strategic asset of unparalleled importance, Trump compelled Denmark to prioritize investments aligned with U.S. interests. Moreover, this episode highlights the utility of unconventional proposals in diplomacy. Ideas that initially seem outlandish can serve as valuable tools to reshape conversations and drive action. In this sense, Trump’s Greenland rhetoric transcends traditional transactionalism, embodying a broader vision for Arctic security.
While the idea of buying Greenland may never have been realistic, the strategic impact of Trump’s rhetoric prevails. By provoking Denmark into investing in Greenland’s defense, Trump achieved a key U.S. https://media.defense.gov/2024/Jul/22/2003507411/-1/-1/0/DOD-ARCTIC-STRATEGY-2024.PDF
: enhancing Arctic security without direct financial outlay.
Trump’s approach underscores the necessity of bold thinking and unconventional tactics as tools of the trade. As the Arctic continues to reemerge as a focal point of geopolitical competition, the Greenland episode will stand as an example of how strategic provocation and perception management can shape outcomes on the international stage. Whether by design or by happenstance, Trump’s rhetoric catalyzed a renewed focus on and commitment to Arctic defense and security and is a testament to the enduring power of statecraft in advancing national interests.
Ryan P. Burke, Ph.D., is a professor of military and strategic studies at the U.S. Air Force Academy.
The views expressed here are his and do not reflect the official position of the United States Air Force Academy, Department of the Air Force, Department of Defense, or of any other organization with whom the author is affiliated with.
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Sat, 02/15/2025 - 07:00
https://www.zerohedge.com/geopolitical/trumps-greenland-gambit-masterclass-statecraft
Could Trump Reverse Engineer ESG And Use It For Good Instead Of Evil?
Could Trump Reverse Engineer ESG And Use It For Good Instead Of Evil?
https://alt-market.us/could-trump-reverse-engineer-esg-and-use-it-for-good-instead-of-evil/
With the death of the woke movement well underway and most mainstream discussion focused on DEI, it might be prudent to remind people where all the this Cultural Marxism came from. What was the original source? Well, these programs have been spreading like a plague into modern academia for decades, but the impetus for near-total takeover of the majority of our social institutions was the launch of ESG programs under the UN and an army of NGOs.
The majority of ESG related entities were, as we now know, funded by western governments using taxpayer dollars to fuel an astroturfed leftist revolution. As I noted in my article https://alt-market.us/rothschild-admits-esg-failure-as-globalists-shift-to-inclusive-capitalism-agenda/
, published in September of 2023:
“ESG was intended to be the tool that globalists and governments would use to force companies into the stakeholder capitalism model…
The goal was to incentivize corporations into bombarding the public with woke messaging 24/7. Every movie, every TV show, every book, every comic, every children’s cartoon, every commercial, every product, every major social media site, every employee handbook, every social interaction would be tainted with the poison of woke propaganda. There would be nowhere to hide, nowhere to escape the messaging. And it worked, for a little while…”
A couple years ago I argued that https://alt-market.us/esg-dystopia-why-corporations-are-doubling-down-on-woke-even-as-they-lose-billions/
after the Federal Reserve began to raise interest rates. There was an observable decline in financing for woke programs and propaganda across the board. In other words, there were a lot of NGOs and other entities that were receiving government funds and they were recycling those funds into far-left ESG, DEI, and CRT projects. When the central bank started hiking interest rates, the lending cost more and the money started to dry up.
The exposure of ESG by the alternative media and the strangled flow of cheap cash signaled the death knell of a decade long agenda to “wokify” the west. It was so exposed, in fact, that Lynn de Rothschild, a leader in ESG and the head of the Council for Inclusive Capitalism, admitted the idea was sullied and needed to be changed or “re-branded”.
I don’t think many Americans realize just how pervasive the ESG agenda truly was. The recent https://abcnews4.com/news/nation-world/gop-senator-sounds-alarm-over-usaid-payments-to-politico-please-tell-me-this-is-a-joke-mike-lee-us-agency-for-international-development-doge-elon-musk-trump-federal-government-spending
by Elon Musk and his DOGE team is shining a light on just a portion of it. For example, the USAID spending millions to prop up leftist propaganda machines like Politico (through ultra expensive “subscriptions”) is quite the eye opener, but what about the billions of dollars that went into ESG venture capital projects to fund dozens if not hundreds of liberal online media outlets, movies, TV shows, video games, woke advertising, etc. The extent of the influence was massive.
And, it is likely that most of the cash supporting this enormous social engineering project came from the Federal Reserve and the pockets of US taxpayers. We were paying for our own indoctrination and economic demise, and I’m sure the people behind USAID and other rogue institutions had a good laugh about that.
Of course, they aren’t laughing now. Now they’re out of a job. But is the damage already done? Is there no going back?
The excessive spending through ESG was not only designed to change western culture, it was also designed to hide glaring weaknesses in the current system. Since before the elections I have continued to warn that Trump’s greatest adversary is not the Democrats or the “deep state” or leftist activists; rather, his greatest adversary is the US economy. Trump has inherited a system in stark decline, but much of this data is unknown to the public at large.
The Biden Administration used creative accounting to hide much of the damage. They were unable to obscure the greater effects of stagflation on retail prices and the housing market, but the inherent weaknesses in the labor market, wages, GDP, energy markets, national debt and the US dollar are all less understood by the public.
The Biden Admin is gone but they have left a ticking time bomb behind; the data they were suppressing is about to be unleashed and Trump’s first year is going to look like a financial disaster unless he addresses the problem immediately.
I outlined this problem in detail in my article https://alt-market.us/smoke-and-mirrors-what-happens-after-bidens-economic-manipulations-disappear/
, published in September of 2024. In that essay I predicted Trump’s election win, but I also explained why the presidency could be booby trapped with an economic crash that is ultimately blamed on conservatives.
It’s important to keep in mind that as the truth is revealed there is always a chance the public (and the investment world) will panic. A lot of alternative economists, myself included, have discussed the possibility that if the truth about our economy was ever made widely known, the entire global edifice might come crashing down from the weight of the revelation. If people knew how much corruption and fraud was a part of our daily lives, our economy and our national framework, what would happen?
It’s not enough to simply draw the curtain and unveil the ugliness underneath, a solution must also be offered. The answer might actually come from the very ESG projects that were designed to destroy the US in the first place.
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ESG was drawing its money from unprecedented debt spending and taxpayer dollars. That’s not going to work for obvious reasons. However, Trump’s tariff measures may hold the key. In other words, make corporations and importers pay for the rejuvenation of domestic production and perhaps even breath new life into an America-based cultural renaissance.
The original NAFTA agreement (and similar policies) removing most trade barriers between the US, Mexico and Canada was an incredible betrayal of the US economy by a coalition of Neo-Cons and Democrats, facilitated in 1992 by George H.W. Bush who was obsessed with globalization.
Bush (and others in government) wanted a European Union-like arrangement in North America, a supranational body that would eventually dissolve borders and operate as a single economic and social entity. NAFTA didn’t go into effect until 1994, but then President Bill Clinton certainly ran with it. Within six years US manufacturing jobs and industry collapsed.
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Any return of tariffs is consistently demonized as a trigger for financial catastrophe (much like any attempt to freeze the debt ceiling is portrayed as the end of the world by Democrats). The example of Herbert Hoover and the Smoot-Hawley tariffs is always brought up in comparison to Donald Trump’s policies.
The establishment has already tried to blame Trump for the existing stagflation problem. Even though the crisis broke out under Joe Biden’s presidency, they still tried to scapegoat Trump and conservatives for the event. Luckily it didn’t stick, but it might this time if Trump isn’t careful.
For now it appears that Trump is using tariffs as short term leverage to force countries to correct geopolitical imbalances (like the illegal immigration issue). This is the best use of tariffs under the current conditions, and so far Mexico and Canada have folded quickly. That said, lesser long term tariffs will be needed to correct longer term trade imbalances and the US just doesn’t have the industrial base anymore to do that effectively.
If the president hopes to stop the avalanche of national debt and money printing while also freeing the common American worker from the tyranny of the income tax, he’s going to need an expertly established tariff system in place along with revamped manufacturing to prevent high inflation.
Tariffs will ultimately require the US to become a producer nation again. But how can this be accomplished quickly? I would suggest, as mentioned above, that Trump implement an ESG-like program which is designed to partially subsidize businesses that establish new manufacturing on US soil. I think this program could also be used to offer grants or low cost funding to cultural projects with a pro-western stance. And, it could all be funded through a percentage of revenues from the Trump tariffs instead of through income taxes.
In other words, make corporations and importers pay for the rebuilding of the US economy and the American culture that they tried to destroy over the past ten years.
Would this action represent government interference in the free market? Well, yes and no. Let’s not pretend like there’s a market for anti-western propaganda and woke corporations. The past several years have proven that consumers don’t want what the woke movement is selling. The government would simply be subsidizing the parts of the economy that US consumers actually WANT to survive.
In the end, if we’re going to reverse the damage done to America by the ESG coup and corrupt institutions like USAID, we need to follow the laws of physics – Every action produces an equal and opposite reaction. They used ESG for evil, and we’ll use ESG (or something similar) for good. I can’t imagine a better way to incentivize a manufacturing boom and a cultural boom in the US and avoid a stagflationary death spiral all at the same time.
https://cms.zerohedge.com/users/tyler-durden
Fri, 02/14/2025 - 23:25
https://www.zerohedge.com/political/could-trump-reverse-engineer-esg-and-use-it-good-instead-evil
Do Superpowers Still Rule The World?
Do Superpowers Still Rule The World?
The 61st Munich Security Conference is taking place this weekend. Ahead of the forum, the organizers have published their https://securityconference.org/en/publications/munich-security-report-2025/
, which provides an analysis of the global security situation and the current international order.
This year, https://www.statista.com/chart/33922/agreement-with-superpower-status/
that the analysis focuses on the “multipolarization” of the world order - the report underlines that divisions are widening between countries commonly known as superpowers, which hinder common sense approaches to crises and global threats.
In this scenario, do other nations have the opportunity to slide into the cracks?
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According to the authors of the report, China is the main supporter of a world order based on multipolarity. The country could benefit in the years to come from the withdrawal of the https://www.statista.com/topics/11443/news-and-politics-in-the-united-states/
from its international commitments, as well as from Washington's alienation of long-standing partners following the re-election of Donald Trump, to further establish its place as global superpower.
According to a survey from the report, some countries, such as Japan, India and the United States themselves, still perceive https://www.statista.com/topics/4378/media-and-politics-in-the-us/
as the dominant superpower in the world today, while more than a third (35 percent) of those surveyed across 11 countries said they considered the U.S. and China dominant powers.
https://www.statista.com/chart/33922/agreement-with-superpower-status/
You will find more infographics at https://www.statista.com/chartoftheday/
Additionally, nearly a quarter (24 percent) of all respondents said they believe that in today's world, other powers can exert a strong influence on global affairs.
https://cms.zerohedge.com/users/tyler-durden
Fri, 02/14/2025 - 23:00
https://www.zerohedge.com/geopolitical/do-superpowers-still-rule-world
High-Explosive Drone Pierces Shell Of Chernobyl Nuclear Plant At Very Moment Trump Pushes Ukraine Toward Peace
High-Explosive Drone Pierces Shell Of Chernobyl Nuclear Plant At Very Moment Trump Pushes Ukraine Toward Peace
On Friday just prior to high-level meetings between Western security officials, including US Vice President J.D. Vance, commenced in Munich, there was a dangerous incident at the Chernobyl Nuclear Power Plant in Ukraine's Kyiv oblast.
Ukraine's President Zelensky accused Russia of launching a drone equipped with a high-explosive warhead at the historic, defunct power plant, location of the April 1986 nuclear disaster. The drone reportedly hit the protective containment shell of the Chernobyl plant.
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Zelensky's office released footage showing damage to the giant concrete and steel shield protecting the remains of the nuclear reactor. BBC https://www.bbc.com/news/articles/cwyjvkggdnqo
that "The shield is designed to prevent further radioactive material leaking out over the next century. It measures 275m (900ft) wide and 108m (354ft) tall and cost $1.6bn (£1.3bn) to construct."
Thus the situation is deeply alarming given the potential for a new radiation leak at the site which could impact Europe. An IEAE team at the site said it heard an explosion at around 01:50 local time coming from the New Safe Confinement (NSC) shelter. Photos showed flames at the top of the huge structure.
The International Atomic Energy Agency (IAEA) is on high alert, but issued a statement saying the drone strike did not breach the plant’s inner containment shell. The IAEA also did not attribute blame, not identifying who sent the drone.
The Kremlin strongly rejected that it was behind the incident:
"There is no talk about strikes on nuclear infrastructure, nuclear energy facilities, any such claim isn’t true, our military doesn’t do that," Peskov told reporters in a call.
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Russian state media has meanwhile been warning of efforts by bad actors to sabotage Trump's peace plan for Ukraine, after he held a 90-minute phone call with President Vladimir Putin this week.
Serious damage to the protective shield remains, which could present an ongoing serious safety issue https://www.bbc.com/news/articles/cwyjvkggdnqo
:
Simon Evans from the European Bank for Reconstruction and Development (EBRD) was head of the Chernobyl Shelter Fund, which oversaw the construction of the protective dome in the 2010s.
He described the apparent strike as "an incredibly reckless attack on a vulnerable nuclear facility".
The shield "was never built to withstand external drone attack", he told the BBC.
Given this, why would Russia at this very moment while Trump and Putin are trying to line up peace talks launch a high-explosive drone at the Chernobyl Nuclear Power Plant?
Cui bono?...
Raise your hand if Zelensky is desperate enough to fake a Russian attack on Chernobyl to keep the US from attempting peace talks? Is he that stupid? https://t.co/cQ1dJknhrX
— Remnantee (@HuffmanRobb) https://twitter.com/HuffmanRobb/status/1890310370059063565?ref_src=twsrc%5Etfw
Zelensky has asserted that Putin is not actually ready for or seeking legitimate negotiations, contradicting recent statements coming from the Trump White House.
Meanwhile, Ukraine’s State Nuclear Regulatory Inspectorate has in https://www.washingtonpost.com/world/2025/02/14/chernobyl-strike-ukraine-russia-radiation/
said that while the drone damaged "the external integrity" of the New Safe Confinement "and equipment in the crane maintenance garage" - it remains that there are no observable radiation spikes. "Firefighting efforts and damage assessment are ongoing," it added.
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Was this a desperate CHERNOBYL 2.0 ATTEMPT? Whodunnit?
https://cms.zerohedge.com/users/tyler-durden
Fri, 02/14/2025 - 13:40
Only Ukraine's Zelensky Can Negotiate With Putin, Must Avoid 'Capitulation': Macron
Only Ukraine's Zelensky Can Negotiate With Putin, Must Avoid 'Capitulation': Macron
French President Emmanuel Macron just ahead of the start of Friday's Munich Security Conference, which will run through the weekend, declared that only Ukraine's President Zelensky can negotiate with Putin.
It was a shot across the bow warning against Trump's peace plan, the contours of which are https://www.bloomberg.com/news/articles/2025-02-13/trump-tells-europe-to-buy-american-weapons-to-keep-nato-strong
, with the French leader saying it could amount to "capitulation" if Russia isn't forced to make any serious concessions.
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Macron warned in a fresh interview with the https://www.ft.com/content/1ee43b51-9d3a-47d2-adf6-3315c38e1c38
that a "peace that is a capitulation" would be "bad news for everyone" - including the United Sates and that fundamentally it must be the Ukrainians driving the talks.
Yet the reality is that Ukraine is not in the driver's seat on the battlefield, where the conflict is being decided. And the outcome of talks is going to reflect this lack of true military leverage.
Macron continued, "The only question at this stage is whether President Putin is genuinely, sustainably and credibly willing to agree to a ceasefire on this basis. After that, it’s up to the Ukrainians to negotiate with Russia."
Thus Macron did make clear that he's open to this "window of opportunity" for a negotiated solution which Trump is jump-starting. He said that "everyone has to play their role."
There are aspects of Trump's emerging plan that Macron appears to have welcomed, per the FT:
Nonetheless, the French president endorsed the Trump administration’s position that it was Europe’s responsibility to ensure Ukraine’s security, saying it stemmed from a generational and bipartisan shift in America’s foreign policy priorities away from Europe and towards Asia.
US unilateralism did not start with Trump’s return to power, Macron added, noting that he “did not receive a call” in advance from the Biden administration about its “Aukus” nuclear submarine deal with Australia and the UK or about its withdrawal from Afghanistan. “What Trump is saying to Europe is that it is up to you to carry the burden. And I say, it is up to us to take it on,” Macron said.
Trump policy toward Europe and ending the Ukraine war is now widely being referred to as 'electroshock' in https://www.chathamhouse.org/2025/02/trumps-electroshock-ukraine-ends-debate-europe-cannot-rely-us-its-security
after the Macron interview:
The message is clear – an ‘electroshock’, as French President Emmanuel Macron called it: European countries will have to step up defense spending if they intend to protect themselves from Russian aggression.
Macron to the FT : Trump brought “ element of strategic disruption”. It’s for Zelenskyy “alone” to discuss “territorial and sovereignty issues”. And “up to the international community, with a specific role for the Europeans, to discuss security guaranteeshttps://t.co/5O46RaDf7z
— roula khalaf (@khalafroula) https://twitter.com/khalafroula/status/1890323020507386292?ref_src=twsrc%5Etfw
Other European leaders have displayed outright anger over what they say is going over Zelensky's head and showing willingness to deal directly with Putin. German Foreign Minister Annalena Baerbock on Friday blasted the potential for peace talks that would cut out Zelensky or the Europeans.
"A sham peace — over the heads of Ukrainians and Europeans — would gain nothing," Baerbock said at the start of the security conference. "A sham peace would not bring lasting security, neither for the people in Ukraine nor for us in Europe or the United States," she added, according to https://www.reuters.com/world/europe/no-peace-over-heads-ukrainians-europeans-says-german-foreign-minister-2025-02-14/
.
https://cms.zerohedge.com/users/tyler-durden
Fri, 02/14/2025 - 13:20
Three Things To Love About Bond Markets This Valentine's Day
Three Things To Love About Bond Markets This Valentine's Day
https://bondvigilantes.com/blog/2025/02/three-things-to-love-about-bond-markets-this-valentines-day/
This time of year is for thinking about the ones we love. For those of us who spend their working week in the corner of the 7th floor at 10FA, that ‘one’ is bond markets.
When I was thinking about what I wanted to say in this blog, I was going to write about ‘what to love about bond markets now’.
But of course, you don’t love only someone or something for what they offer right now, you love them throughout the economic cycle.
So what are some of the reasons that we have a lifelong love for fixed income?
1. It’s not all about looks, it’s what’s inside that counts
In fixed income, what is on the outside (all-in yields) is important. However, what is under the surface (a combination of the risk-free rate and credit spreads) is even more important, and is the key to a long and happy relationship with the asset class.
An attractive feature of investment grade is the natural in-built hedge. Generally, you will find that when the economy is doing well, credit spreads will tighten as the perceived risk around corporates decreases. The strength of the economy sees greater growth and an uptick in inflation. Consequently, central banks start to raise rates. On the flip side, if the economy weakens, market participants will start to demand a greater risk premium on corporate bonds. In response to this, there is an offsetting effect where the risk-free rate decreases as central banks start to cut rates to support the economy.
In the chart below, we can see that we lost this diversification during COVID as the risk-free rate got down to the zero-bound to prop-up the global economy. However, that diversification is very much back.
That support that you get as a bond investor is certainly something to love!
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Source: Bloomberg (31 January 2025). Information is subject to change and is not a guarantee of future results.
2. Bond markets will tell you if they have a problem with you, and not bottle things up
A strong and successful relationship, romantic or otherwise, is built on honesty and trust. There have been many examples over the years of bond vigilante events where the bond market has shown its disagreement with fiscal policy decisions. In the words of Alan Greenspan, ‘the bond market is the ultimate arbiter of fiscal policy.’
The power of the bond market has been shown many times over the years, with the most recent major event being the 2022 ‘mini budget’ in the UK. As we can see in the chart below, 10-year UK gilt yields moved approximately 150bps in the space of less than 10 days. This aggressive repricing was not without consequence. These significant increases in government borrowing costs ultimately led to the resignation of Prime Minister Liz Truss not long later.
Bond markets will certainly not shy away from the tough conversations. With debt-to-GDP ratios in developed markets at all time highs and seemingly only going in one direction, will investors seek to pivot towards countries with lower, more palatable levels of debt (https://bondvigilantes.com/blog/2024/04/debt-matters-why-its-time-to-position-into-countries-with-low-outstanding-debt/
)? Will we see the long end of the curve in indebted developed markets go higher?
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Source: Bloomberg (30 September 2022)
3. Bond markets allow you to be you!
In both your view of the market and in portfolio construction, there are many ways to interpret the same data or express a view in a portfolio within the world of fixed income.
From a portfolio construction perspective, access to physical bonds and synthetic alternatives (such as CDS) provide avenues for active managers to exploit relative value opportunities in a variety of ways. The price disparity that is sometimes found between the physical and synthetic market is an example of the perfect imperfections in bond markets, which make this asset class so interesting. Moreover, the ability to unstitch the rate component from the credit component means that fund managers are able to place a view using derivative overlays that may not be possible from a combination of physical holdings alone.
There are various ways to assess value in fixed income. One example is how best to evaluate credit spreads. There are several credit spread metrics which can be used to value corporate bonds, including the additional spread over and above either government bond yields (government OAS), or interest rate swaps (swap OAS).
We will leave the technical deep-dive to another day, but in essence, government bond yields can be influenced by supply and demand dynamics. On the other hand, swap rates are not impacted by the same technical factors. Sometimes spreads over government bonds and spreads over swaps are the same, or very similar. At other times, there is a dislocation. This means that depending on the lens through which you look at credit, corporate bonds could look fair value or expensive. In the below chart, we can see that throughout 2021, both measures in the US market were showing credit spreads to be very similar. However, we are now seeing roughly a 40bp difference.
Which is the correct way to view this? Beauty is in the eye of the beholder!
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Source: Bloomberg (31 January 2025)
Bond markets and you – a relationship that lasts a lifetime
We have seen that fixed income has a deep, complex and interesting character, one that continues to foster a strong bond over many years.
Personally, the diversification in investment grade bonds, the honesty of bond vigilantes, the freedom to express one’s views and the different ways to view the same thing have got me hooked!
https://cms.zerohedge.com/users/tyler-durden
Fri, 02/14/2025 - 13:00
https://www.zerohedge.com/markets/three-things-love-about-bond-markets-valentines-day
House Republicans Strike Deal To Cut $1.5 Trillion From Budget, Paving Way for Trump's Legislative Agenda
House Republicans Strike Deal To Cut $1.5 Trillion From Budget, Paving Way for Trump's Legislative Agenda
Days after Democrats threatened to https://www.zerohedge.com/political/democrats-threaten-checkmate-over-doge-govt-shutdowns-government-shutdown
in response to Elon Musk and DOGE shutting down the government - planning to deprive House Speaker Mike Johnson of a few Democrat votes to override GOP hardliner holdouts to avoid an upcoming government shutdown, the joke's on them.
On Thursday, hard-line conservatives and House Republican leadership reached a last-minute agreement on the party’s budget resolution, smoothing the path for the measure to advance out of committee and setting the stage for a broader push on former President Donald J. Trump’s legislative priorities.
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The deal, brokered shortly before a key committee vote, allows Representative Jodey Arrington (R-TX) and the chairman of the Budget Committee, to adjust spending caps and tax provisions within the framework. If approved, the resolution would unlock the budget reconciliation process, which Republicans aim to use to push Trump’s policies forward without Democratic support.
"This is it. We declare victory," Representative Andy Harris (R-MD) and chair of the House Freedom Caucus, said following the agreement. "We have a bill that delivers meaningful deficit reduction, funds the border, and advances the president’s tax policy. It all happens here."
A Balancing Act on Spending and Taxes
The budget resolution, released by Arrington on Wednesday, outlines at least $1.5 trillion in spending cuts across government programs, with a target of $2 trillion in deficit reduction. It also sets a $4.5 trillion cap on the deficit impact of extending Trump’s 2017 tax cuts while allocating $300 billion in additional funding for border security and defense.
Negotiations in recent weeks had focused on bridging differences between fiscal conservatives demanding deeper spending reductions and members of the tax-writing Ways and Means Committee, who sought a higher cap to accommodate Trump’s tax agenda. The agreement allows Arrington to adjust the spending floor and tax cap based on final deficit reduction figures, potentially increasing the tax cut allowance to $5 trillion if additional savings are found elsewhere.
"This budget put forward by the chairman is a giant step forward to reduce spending, the primary driver of the inflation, and the expansion of the government largesse that is strangling the future of our children and grandchildren” said Rep. Chip Roy (R-TX), signaling his support for the measure after expressing skepticism earlier in the week, adding "I am proud of what the chairman has put forward."
Hard-Liners Move Toward Support
The deal appears to have won over key conservative holdouts on the House Budget Committee. Rep. Ralph Norman (R-SC), a member of the Freedom Caucus, had voiced opposition to the resolution on Wednesday, citing concerns over Medicaid work requirements and block grants. By Thursday, he expressed optimism about its chances of passing out of committee.
Republicans can afford to lose only two votes on the committee to advance the resolution, assuming all Democrats oppose it. The manager’s amendment could also secure support from Rep. Jason Smith (R-MO) and chair of the Ways and Means Committee, who had pushed for a higher tax cap.
“Let me just say that a 10-year extension of President Trump’s expiring provisions is over $4.7 trillion, according to [the Congressional Budget Office],” Smith said earlier this week. “Anything less would be saying that President Trump is wrong on tax policy.”
https://cms.zerohedge.com/users/tyler-durden
Fri, 02/14/2025 - 08:05
Best Week For Intel On Record Fueled By VP Vance's US Chip Pump, Potential JV With TSMC
Best Week For Intel On Record Fueled By VP Vance's US Chip Pump, Potential JV With TSMC
Intel shares are on track for their strongest weekly gain on record, based on Bloomberg trading data dating back to 1982. Investor enthusiasm surged after Vice President JD Vance, speaking at an AI summit in Paris on Tuesday, noted the Trump administration would boost domestic chip production. Momentum continued on Wednesday after a report from Robert W. Baird analysts suggested that the Trump team is working to broker a joint venture between Intel and TSMC.
On Tuesday, at the AI summit in Paris, VP Vance told the audience: "The Trump administration will ensure that the most powerful AI systems are built in the U.S. with American-designed and manufactured chips."
One day later, that was followed by a note via Robert W. Baird analysts claiming that the Trump team was pushing Intel and TSMC to form a joint chip production venture.
"There are discussions from the Asia supply chain that the U.S. government will get involved in potentially the following: TSMC would send engineers to Intel's 3nm/2nm fab, applying the company's know-how to ensure that the fab and subsequent manufacturing projects from Intel become viable," Baird's Tristan Gerra told clients.
Gerra said, "The fab could be spun off into a new entity jointly owned by TSMC and Intel, and run by TSMC. The new entity would receive U.S. Chip Act funding."
"While there is no confirmation and potential completion of this project could be lengthy, we think this move makes sense," she noted.
On a separate note, Goldman's Bruce Lu, Toshiya Hari, and others provided clients on Friday with a closer look at the JV rumors involving Intel and TSMC:
Media has speculated that TSMC and Intel (covered by Toshiya Hari) may be forming a joint venture to enhance U.S. chip manufacturing capabilities or that Intel may be considering spinning off its semiconductor fabrication unit to create a collaborative venture with TSMC with TSMC providing technical expertise and engineers to support advanced chip production at Intel's fabs.
At a glance: Fundamentally, the strategic merit for a potential JV seems unclear as TSMC and Intel operate under different business models and different tool sets which would likely require extra investment e.g. for purchasing/retiring equipment. For Intel and TSMC, even when looking at comparable technology nodes, some processes and equipment used are different. Also, Intel's equipment is generally for older process nodes, which is not the primary area of focus for capacity expansion for TSMC (i.e. TSMC's spending currently is mostly for its N2 expansion).
Additionally, TSMC's business strategy has been to remain independent and avoid entering into JVs that could compromise its neutral status with other clients. More importantly, TSMC's advanced nodes technology is its own property with proprietary processes, and is a key competitive advantage. Sharing this technology with a direct competitor like Intel could undermine its market position. Additionally, TSMC has historically been very cautious about sharing its intellectual property with other companies, especially with those in direct competition within the semiconductor space. Therefore, a technology transfer agreement between TSMC and Intel would seem uncharacteristic of TSMC's strategy.
Another outstanding issue is potential anti-trust implications of any TSMC/Intel partnership/JV given the dominant market positions of the two companies. However, to note, Intel and UMC announced a foundry collaboration in January 2024, the two companies will jointly develop a 12nm process platform. UMC will be leveraging Intel's existing equipment in Intel's existing fabs, with mass production timeline expected to begin in 2027 (see also: Intel/UMC new foundry collaboration; we view it as a positive strategic move for both companies, 26 January 2024).
The JV rumors have been more than enough to spark buying panic in beaten-down Intel shares.
?itok=rGj20UlT
There's a tweet for that.
Intel becoming a meme stonk?
— zerohedge (@zerohedge) https://twitter.com/zerohedge/status/1890104855299301416?ref_src=twsrc%5Etfw
Intel may log one of the best weeks on record if gains hold through Friday's close.
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take on the rumors:
Ongoing geopolitical turmoil, coupled with Intel's financial and execution struggles, have generated various rumors surrounding the blue giant. In this case, significant technological and business hurdles — ranging from differences in tooling process recipes at Intel and TSMC to TSMC's lack of incentive to aid a competitor — cast doubt on the feasibility of such a partnership.
. . .
https://cms.zerohedge.com/users/tyler-durden
Fri, 02/14/2025 - 07:45
Walmart Is Gaining Market Share Among Affluent Shoppers
Walmart Is Gaining Market Share Among Affluent Shoppers
Walmart has secured its position as America's "https://www.zerohedge.com/markets/walmart-remains-discount-juggernaut-price-war-among-supermarkets
" retailer as the Biden-Harris inflation storm sparked a scramble by big box retailers, supermarket retail chains, and discount chains into a value war to retain consumer market share.
As previously noted, Walmart has emerged as the clear winner in the "https://www.zerohedge.com/markets/goldman-consumer-trader-declares-walmart-winner-trade-down-phenomenon-crushes-target-dollar
" that continues today as more affluent shoppers gravitate to the retail giant, and a new Goldman report shows this trend is only gaining pace.
?itok=FBrQBfkf
Goldman's Kate McShane, Mark Jordan, and others used retail data from HundredX, including a household income breakdown and Net Purchase Intent trends, to show that Walmart has continued to gain market share of upper-income households, while other retailers, including Costco and Target, have marginally increased their share of lower-income households relative to the industry over the last year.
"In our view, the share shift among income cohorts is likely due in part to upper-income consumers seeking out convenience, everyday value, and a comprehensive assortment through Walmart, which over-indexes to lower-income consumers relative to COST and TGT," McShane told clients.
The analysts add more color on the shifting consumer trends:
However, over the course of the last year, certain companies have increased their customer share of lower-income households relative to the industry average. In Jan '24, TGT's share was -5.4% lower than the industry, but it is now -3.0% lower in Jan '25. Similarly, COST's share in Jan '24 was -7.7% lower than the industry, but it is now only -4.9% lower. In comparison, Walmart's share of lower-income consumers relative to the industry has been decreasing: in Jan '24, the company's share was +9.0% higher than the industry but is now only +5.5% higher. More of Walmart's customer base has been shifting towards upper-income households, where share was -9.0% lower than the industry in Jan '24, but it is now only -5.5% lower. In general, trends point towards companies such as COST and TGT increasing their lower-income audience share, while Walmart is shifting towards increasing its upper-income audience share.
The analysts noted that price discounts and free delivery of goods likely led to a growing share of upper-income shoppers trading down to Walmart:
In 3Q, WMT saw higher engagement across income cohorts, with upper-income households continuing to account for the majority of share gains. In our view, this is likely due in part to WMT's expanded convenience offerings (e.g., free delivery through Walmart+ on $35+ orders, curbside pick up), store remodels, more comprehensive assortment through Marketplace, and a continued focus on every day value, with our pricing studies showing that Walmart US grocery prices remain ~11% below peers, on average.
?itok=hoP8MJpc
Here's the income breakdown of shoppers at each of the retail giants:
?itok=Mv4JKjoe
The takeaway is that the multi-year inflation storm has transformed the nation's consumers into Walmart shoppers—yet another sign that living standards continue to erode due to horrible decision-making by elected and unelected elites in the DC swamp. This has even impacted wealthy consumers who must trade down to Walmart. The financial misery DC folks have inflicted on all consumers has unified the nation, and many are thrilled with DOGE disrupting the swamp. It's called payback.
https://cms.zerohedge.com/users/tyler-durden
Fri, 02/14/2025 - 06:55
https://www.zerohedge.com/markets/chart-shows-walmart-gaining-market-share-affluent-shoppers
Elliott Wants Big Asset Sales at BP After Building $4.75-Billion Stake
Elliott Wants Big Asset Sales at BP After Building $4.75-Billion Stake
By Tsvetana Paraskova of https://oilprice.com/Latest-Energy-News/World-News/Elliott-Wants-Big-Asset-Sales-at-BP-After-Building-475-Billion-Stake.html
Elliott Management is pushing for major asset sales at BP to address the undervalued shares of the UK-based supermajor after the U.S. activist investor built a stake of nearly 5% worth about $4.75 billion (3.8 billion British pounds), the Financial Times https://www.ft.com/content/25cd4cac-631f-467c-a372-00d0fdb2dfe0
on Thursday, quoting sources familiar with the matter.
?itok=Nxx_YzUX
News of Elliott’s recently-built stake in BP, which now makes it the third-largest shareholder, https://oilprice.com/Energy/Energy-General/Elliott-Investment-Management-Targets-BP-for-Strategic-Overhaul.html
this weekend, pushing BP’s shares soaring on Monday.
On Tuesday, BP’s stock fell as the company reported earnings below expectations. The fourth-quarter profit missed the analyst consensus estimate and was the lowest quarterly profit since the fourth quarter of 2020 when the pandemic was hitting global oil demand. BP attributed the lower earnings to weaker realized refining margins, as well as higher impact from turnaround activity, seasonally lower customer volumes, and fuel margins.
In the Q4 earnings release, BP also teased a https://oilprice.com/Latest-Energy-News/World-News/BP-Teases-Fundamental-Reset-of-Strategy-to-Boost-Returns-and-Cash.html
as it seeks to push up its stock performance and regain investor trust.
“Building on the actions taken in the past 12 months, we now plan to fundamentally reset our strategy and drive further improvements in performance, all in service of growing cash flow and returns,” BP’s chief executive Murray Auchincloss said in a https://www.bp.com/en/global/corporate/news-and-insights/energy-in-focus/4q-and-full-year-2024-results-highlights.html
.
BP’s leadership will communicate its new strategy, which “will be a new direction for bp”, at a Capital Markets Update on February 26, Auchincloss added.
Analysts and investors expect even more cuts to the low-carbon business and a pledge to boost oil and gas production at the capital markets day later this month.
The pressure became more intense after reports emerged that Elliott Management had bought a stake in BP and would be pushing for changes in strategy, or even for board reshuffles.
This week, Elliott took aim at another large oil company—it https://oilprice.com/Energy/Energy-General/Aggressive-Activist-Investor-is-Gunning-for-Phillips-66.html
at U.S. refiner Phillips 66 after amassing a $2.5 billion stake.
https://cms.zerohedge.com/users/tyler-durden
Fri, 02/14/2025 - 06:30
https://www.zerohedge.com/markets/elliott-wants-big-asset-sales-bp-after-building-475-billion-stake
Tesla Testing Exploding Dye Cables To Deter Scrap-Metal Thieves
Tesla Testing Exploding Dye Cables To Deter Scrap-Metal Thieves
Tesla is testing a couple of new security measures in a pilot program to prevent cable theft by metal scrappers at its Supercharger stations across the country.
BREAKING: Tesla has started installing new anti-theft devices on Supercharger cables.
Called DyeDefender, these are stainless steel hose barriers filled with pressurized, blue-staining dye that explodes when someone attempts to cut the cable.
Will these be installed everywhere… https://t.co/NOEbEhqT8H
— Drive Tesla 🇨🇦 (@DriveTeslaca) https://twitter.com/DriveTeslaca/status/1889763350286049558?ref_src=twsrc%5Etfw
reports Tesla is testing a new wrap around the cable that sprays blue dye everywhere if punctured.
First, it is currently testing a new wrap around the cable. It has been spotted at a Tesla Supercharger in Seattle, Washington (Reddit):
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First, it is currently testing a new wrap around the cable. It has been spotted at a Tesla Supercharger in Seattle, Washington (Reddit):
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The second security measure is to engrave the copper wiring with "Property of Tesla" so scrap metal yards can notify local police about cable theft.
Supercharger cables will also have "Property of Tesla" engraved from our Buffalo NY factory, so recycling companies shouldn't accept them and notify us. It's a scalable, cost-effective solution that doesn't impact service operations & customer experience.
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As long as the scrapyards and recycling facilities are willing to enforce this, it could help deter thieves from stealing the cables if they are not able to sell them.
Last summer, a series of Tesla Superchargers and Electrify America stations https://www.zerohedge.com/technology/seattle-thieves-targeting-ev-charging-stations-has-reached-epidemic-proportions
.
Thieves In Seattle Targeting EV Charging Stations Has Reached "Epidemic Proportions" https://t.co/rBHoty852L
— zerohedge (@zerohedge) https://twitter.com/zerohedge/status/1808448128422478274?ref_src=twsrc%5Etfw
Thieves have also targeted https://www.zerohedge.com/markets/la-woman-backs-over-and-kills-man-underneath-her-ford-trying-steal-its-catalytic-converter
on vehicles, copper wire and pipe, light poles, and anything containing base metals.
https://cms.zerohedge.com/users/tyler-durden
Fri, 02/14/2025 - 05:45
https://www.zerohedge.com/technology/tesla-tesla-exploding-dye-cables-deter-scrap-metal-thieves
Retired Russian Colonel Claims Trump "Has Dirt" On Zelensky That Will Force Him To Compromise
Retired Russian Colonel Claims Trump "Has Dirt" On Zelensky That Will Force Him To Compromise
Retired Russian Armed Forces Intelligence Colonel Anatoly Matviychuk has come out swinging in the lead-up to the Munich Security Conference, saying the U.S. has compromising information on Zelensky that will force him to compromise, namely, that he has possibly embezzled large amounts of money from the funds sent to Ukraine for its defense against Russia.
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In an interview with https://www.mk.ru/politics/2025/02/10/pripomnyat-shoping-pervoy-ledi-vyyasnilos-kak-zelenskogo-budut-prinuzhdat-k-miru.html
, the retired colonel said that President Trump “has long had a grudge against Zelensky,” since the head of the Kyiv regime supported his persecution and passed on compromising information about him to the previous U.S. administration under Biden.
“Today, Trump is skillfully dealing with everyone who once spoke out against him,” Matviychuk noted.
“Among them are Zelensky and Yermak. I am sure that Trump has more than enough dirt on them.”
These may have to do with the embezzlement of money.
“It is not surprising that it has now become clear that about 100 billion dollars have sunk into oblivion,” the intelligence officer noted.
“I believe that in fact the U.S. knows very well where these billions ended up…”
Matviychuk claims the money ended up in Zelensky’s Spanish, Italian and British real estate. However, he also went after Zelensky’s wife.
“In addition, the million-dollar expenses of the First Lady of Ukraine, Elena Zelenskaya, in European boutiques have been well calculated,” the expert added.
Matviychuk added that Zelensky has also opened himself up to accusations of prolonging the conflict and numerous war crimes.
This is not the first time someone has claimed Zelensky has enriched himself from U.S. taxpayer money sent for his country’s defense against Russia.
The documents also revealed that before Zelenskyy became president in 2019, he gave his stake in an offshore company to a business partner but made an arrangement that the offshore company would continue paying dividends to a company Zelenskyy’s wife owned, the reporting project said.
offered up its own “fact check,” stating:
“The Pandora Papers – secret records obtained by the International Consortium of Investigative Journalists – highlight information about Zelenskyy’s overseas dealings. However, the papers don’t reveal the exact amount Zelenskyy or his wife have in overseas accounts. Sullivan said none of the assets claimed in the social media post were in the papers.”
USA Today also cites a https://www.forbes.com/sites/mattdurot/2022/04/20/president-zelensky-is-not-a-billionaire-so-how-much-is-he-worth/?sh=5409ecf85bb0
Zelensky’s real estate portfolio at some $4 million after reports that he purchased his parents an $8 million mansion — although USA Today said the claims about an $8 million mansion were false. Nor did the magazine find any proof to back up claims that Zelensky owned three private jets or five luxury yachts. The original Instagram post targeted by USA Today reportedly stating that Zelenky owned “a 35 million dollar home in Florida and has $1.2 billion in an overseas bank account” is no longer available.
Despite no hard evidence of embezzlement, allegations have continued non-stop, with many saying that now that Donald Trump is in office, a real audit will uncover the truth.
Tucker Carlson headlined a recent https://x.com/TuckerCarlson/status/1889011796796645488
by claiming “Ukrainian military is selling American weapons systems on the black market, including to drug cartels on the (American) border.”
His guest U.S. Col. Daniel Davis said that Zelensky had even recently made a point of denying such allegations, and “the media just reports what he says.” The colonel then added that this has been “an open secret for almost the duration of (the war).”
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Fri, 02/14/2025 - 05:00
How To Forge The Spectator Class
How To Forge The Spectator Class
https://brownstone.org/articles/how-to-forge-the-spectator-class/
My father could disassemble and rebuild a car engine in our garage. I, like many of my generation, was steered toward the ‘civilized’ path – white collar work, climate-controlled offices, and an increasing detachment from the physical world. While I grew up loving sports, https://stylman.substack.com/p/when-information-had-weight
and finding genuine joy in the games, something fundamental has shifted in how men engage with athletics today.
In dimly lit rooms across the nation, millions of men gather every weekend, adorned in jerseys bearing other men’s names – not as a complement to their own achievements, but as a substitute for them. We’ve transformed from a nation of players to a nation of watchers.
Like Rome’s bread and circuses, this passive consumption serves to pacify rather than inspire.
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The games themselves aren’t the problem – they can build character, teach discipline, and provide genuine entertainment. I still love sports, finding genuine joy in the games just as I did memorizing those baseball stats as a kid. But somewhere along the way, I grew up and realized they should complement life’s achievements, not substitute for them. The danger lies in what happens when grown men never make this transition.
A growing segment of young men face an even more insidious form of spectator culture. While their fathers at least watched real athletes achieve real things, many young people now idolize social media personalities and content creators – becoming passive observers of manufactured personas who achieved fame primarily by being watched. They can recite influencer dramas and gaming achievements but don’t know the stories of Solzhenitsyn or have ever built something with their own hands. The virtual has replaced the visceral; the parasocial has replaced the personal.
History shows us a recurring cycle: hard times create strong men, strong men create good times, good times create weak men, and weak men create hard times. We find ourselves now in the latter stages of this cycle, where comfort and convenience have bred a generation of observers rather than builders. Our sophisticated entertainment serves as a digital opiate, keeping the masses content while their capacity for meaningful action atrophies.
This transformation isn’t accidental. As I explored in my ‘https://stylman.substack.com/p/engineering-reality-part-ii
‘ series, the systematic reframing of physical fitness as problematic represents a calculated effort to weaken societal resilience. Major media outlets like the Atlantic and MSNBC have published pieces linking physical fitness to right-wing extremism, while academic institutions increasingly frame workout culture as problematic. Even gym ownership has been characterized as a potential indicator of radicalization. The message couldn’t be clearer: individual strength – both literal and metaphorical – threatens the prescribed order.
This erosion of self-reliance extends far beyond fitness. A friend who’s spent decades as an auto mechanic recently confided that he’s grateful to be nearing retirement. “These Teslas,” he told me, “they’re not even cars anymore – they’re computers on wheels. When something goes wrong, you don’t fix it; you just replace entire modules.” What was once a craft that any dedicated person could learn has become an exercise in supervised dependency. https://www.youtube.com/watch?v=ljuVYYysDBI
that by 2030, Los Angeles will be “private car driven free” – just a fleet of self-driving Ubers. With this week’s devastating tunnel fire in LA leaving thousands stranded, one wonders if such ‘Build Back Better’ moments are exactly the opportunities needed to accelerate these transformations. The message becomes clearer: you won’t fix things anymore because you won’t own them.
The Covid response revealed this agenda with striking clarity. While liquor stores remained ‘essential businesses,’ authorities closed beaches, parks, and gyms – the very places where people might maintain their physical and mental health. They promoted isolation over community, compliance over resilience, and pharmaceutical dependency over natural immunity. This wasn’t just public health policy; it was a dress rehearsal for state dependency. The same institutions that discouraged basic health practices now champion policies that replace family authority with bureaucratic oversight. From school boards usurping parental rights to social services intervening in family decisions, we’re witnessing the systematic replacement of the capable father figure with an ever-expanding nanny state.
But true masculinity has never been solely about physical strength. History’s greatest exemplars of masculine virtue weren’t just men of action – they were men of principle, wisdom, and moral courage. https://stylman.substack.com/p/from-marcus-aurelius-to-omar-little
, as I explored in my earlier writing, the common thread was having an unwavering code – the willingness to stand firm on conviction even when it carries personal cost.
Consider how many men today silently acquiesce to policies they know are wrong, embrace narratives they privately doubt, or submit to institutional pressures that violate their conscience. During Covid, we watched as men who understood the importance of natural immunity, outdoor exercise, and community bonds nevertheless enforced policies that harmed their neighborhoods and families. They chose institutional compliance over moral courage, career safety over civic duty, majority approval over personal conviction.
Real strength isn’t found in anonymous aggression or digital posturing. I learned this firsthand during Covid when I spoke out against vaccine mandates and became a pariah for https://web.archive.org/web/20220401080424/https://nytimes.com/2022/02/17/nyregion/threes-brewing-vaccine-mandates.html
. While numerous ‘brave’ keyboard warriors attacked me online, one incident stands out. A friend forwarded me a Reddit thread where someone had posted personal information about my family and me, hoping to incite harassment against me – all because I stood up for bodily autonomy and opposed arbitrary biomedical segregation. The initials gave it away – it was my own neighbor, someone I’d known for years.
When I confronted him in person, this digital lion transformed instantly into a cowering mouse. The same man who had boldly called for my destruction from behind his screen, believing he was anonymous, now stood physically trembling before me, his hands shaking, voice quivering, unable to even meet my gaze.
This spiritual and intellectual weakness poses a far greater threat than any decline in physical capability. A society of physically strong but morally compliant men is just as vulnerable as one of physically weak ones. True masculine strength requires the courage to think independently, to question authority when necessary, and to protect those who depend on you even when it carries risk. It demands the wisdom to distinguish between legitimate authority and manufactured consensus, between genuine expertise and institutional capture.
History offers a stark lesson: civilizations thrive when diverse virtues work in concert – builders and nurturers, protectors and healers, strength balanced with empathy. Today’s systematic erosion of both isn’t random but calculated. As men are steered toward passive consumption and women away from their intuitive wisdom, both are replaced by institutional authority – a nanny state that attempts to fill both roles while achieving neither.
Consider the machinery at work: government programs increasingly separate children from family influence at younger ages, while school curricula promote ideologies that deliberately blur biological realities. From preschool to college, institutions systematically distance children from their parents’ values. https://brownstone.org/articles/fiat-everything-when-decree-replaced-reality/
, we now have fiat relationships through social media, fiat achievements through gaming, and fiat experiences through the metaverse. Each substitution moves us further from authentic human experience toward engineered dependency. When children no longer understand what it means to be male or female, when they’re taught to look to institutions rather than parents for guidance, the state’s victory is nearly complete.
The result is a society of spectators rather than builders, of consumers rather than creators, of followers rather than leaders. A society where men trade real achievement for virtual entertainment and keyboard courage, while genuine feminine wisdom is replaced by corporate-approved stereotypes.
The state can only expand into the vacuum left by weakened men and disconnected women. It feeds on our engineered helplessness, growing stronger as we grow more dependent. Those who recognize this pattern face a simple choice: remain comfortable spectators in our own decline, or reclaim the authentic virtues that make us human.
Republished from the author’s https://stylman.substack.com/p/forging-the-spectator-class
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Thu, 02/13/2025 - 23:25
https://www.zerohedge.com/political/how-forge-spectator-class
Two Alarming Truths: Family Farms Vanishing & Centralized Beef Industry For RFK Jr. To Fix
Two Alarming Truths: Family Farms Vanishing & Centralized Beef Industry For RFK Jr. To Fix
On Thursday, Robert F. Kennedy Jr. was https://www.zerohedge.com/political/maha-rfk-jr-confirmed-lead-hhs-despite-traitor-mcconnell-siding-democrats
as Director of Health and Human Services, taking control of the agency responsible for overseeing the Food and Drug Administration, the Centers for Disease Control and Prevention, and other key agencies.
As part of his "Make America Healthy Again" strategy, Kennedy has vowed to take on the processed foods industrial complex and big pharmaceutical companies, as what he claims are poisoning consumers. He also plans to push initiatives to boost clean food, small farms, and other health trends to reverse the nation's obesity and health crises.
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"If you're going to have leadership that wants to think about shaking up health and nutrition and thinking about how the government holistically gives advice about nutrition … the Dietary Guidelines are a pretty one-stop shop," said Sarah Gallo, a top lobbyist at the Consumer Brands Association—which represents packaged food companies and major alcohol makers—in a recent interview with Politico.
Kennedy will be America's best shot at dialing back the ultra-processed foods and food additives industry responsible for the obesity crisis.
More interesting, Kennedy and the MAHA movement will push to https://www.zerohedge.com/markets/mahas-nicole-shanahan-shares-vision-make-small-farms-great-again
.
Days before the presidential election in late October, Kennedy published a video in which he stated, "If Trump gets me inside" the United States Department of Agriculture, "we're going to give farmers an off-ramp from the current system that destroys soil, makes people sick, and harms family farms."
When https://twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw
gets me inside the USDA, we're going to give farmers an off-ramp from the current system that destroys soil, makes people sick, and harms family farms.
If you want this to happen as much as I do, PLEASE DONATE TODAY ➡️ https://t.co/YxxGkb2Ulq
— Robert F. Kennedy Jr (@RobertKennedyJr) https://twitter.com/RobertKennedyJr/status/1851691059924849124?ref_src=twsrc%5Etfw
To end the note, the https://beefinitiative.com/pages/savebeef
, a non-profit focused on boosting localized food supply, listed four shocking facts about America's family farms, the health crisis, the beef industry, and big pharma ads:
Family Farms Disappearing: Over 141,000 farms lost between 2017 and 2022, with just 1.89 million left in the U.S. today.
Health Crisis Rising: Obesity rates hit 42%, and Type 2 diabetes cases quadrupled since 1980.
Beef Industry Centralized: 85% of U.S. beef is controlled by just 4 corporations.
Big Pharma Spending: $19.6 billion on ads, $102 billion on research—focused on profit, not solutions.
We've heard of agency capture - but how about website capture?
Beef.org: Owned by NCBA and the Big 4.
Health.com: Powered by People Magazine.
Science.com: Powered by Bill Gates.
Beef.com: Once used by PETA.
The more citizens are informed about the corrupt food supply chain controlled by mega-corporations, the easier it will be to usher in change through Kennedy and MAHA. Let's "Making Local Farms Great Again."
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Thu, 02/13/2025 - 23:00
Victor Davis Hanson: Myth-Busting About Musk
Victor Davis Hanson: Myth-Busting About Musk
https://victorhanson.com/mythologies-about-musk/
Here are some of the untruths told about Elon Musk and DOGE...
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“Musk has no right to cut USAID.”
Elon Musk and his team are not cutting any federal programs.
They are auditors. They were given legal authority under a presidential executive order creating the Department of Government Efficiency (DOGE).
Its mandate is to identify waste, abuse, fraud, and irrelevance in the federal budget at a time when the U.S. is $37 trillion in debt.
The agency will expire on July 4, 2026.
Ultimately, Musk can propose program cuts, but Trump holds the authority to approve or reject them. He may or may not act on all, some, or none of the DOGE recommendations.
“No one elected Musk.”
Like hundreds of government officials, Musk was appointed by an elected president to run an agency that does not require Senate confirmation.
Musk is as legally legitimate as the national security advisor and his National Security Council, none of whom require Senate confirmation.
Does the left believe former national security advisor Jake Sullivan, who made decisions far more pivotal than Musk, had no authority to do so because he too was neither elected nor confirmed by the Senate?
“It is a dangerous precedent to give a private citizen billionaire like Musk so much power.”
In fact, Musk has far more legal authority than did FDR’s best friend Harry Hopkins. He moved into the White House and de facto set U.S. foreign assistance policies toward Stalin’s Russia.
Musk’s position is more akin to past captains of industry like Henry Ford, Henry Kaiser, and William Knudson appointed by FDR to run the wartime economy.
None of them were either elected or confirmed by the Senate. All of them helped to save a poorly armed US after the debacle of Pearl Harbor.
“Foreign aid is ending.”
Hardly.
Foreign aid, which in all its manifestations in various cabinets and agencies is reaching nearly $80 billion per year, is not ending.
One of its distribution centers, USAID, may be vastly curtailed or bundled into the State Department. But the important bulk grants to allies like Israel or friends like Egypt or aid in times of famine relief and natural disasters to the needy abroad will remain. And these programs will be strengthened and saved precisely because they will be trimmed of skimmers and scammers.
“It is illegal to end USAID.”
USAID was created by an executive order in 1961 by then President John F. Kennedy in response to congressional legislation codifying foreign aid and allowing the president to execute the statute at his discretion.
Nearly four decades later, in 1998, Congress passed another law reifying Kennedy’s USAID as a formal agency but still within the executive branch.
But neither law mandates that Trump bundle all or even most foreign aid in USAID. He can disperse money as he sees fit throughout the cabinets. And he can keep whatever funds or programs he chooses under the aegis of USAID should he wish.
“Trump cannot impound any USAID money legislated by Congress.”
That legal question apparently depends on whose ox is gored.
Neither Congress nor the courts have ever, in blanket fashion, either approved and sustained a line-item presidential veto or outright banned any form of presential impoundment.
But recently Joe Biden, as both vice president in 2016 and president in 2021, set a precedent that an administration most certainly can impound or delay congressionally passed funding as it pleases.
Infamously, Biden publicly bragged that on a trip to Ukraine, he had threatened that government by withholding $1 billion in approved US foreign aid unless it immediately fired Biden enemy prosecutor Viktor Shokin.
That condition was never discussed in any congressional aid authorization (and was the sort of act the left would impeach Trump for in 2020).
More flagrantly in 2021, Biden abruptly and permanently stopped all construction on the border wall. And he impounded those congressionally approved construction funds through a variety of gimmicks.
Biden, remember, without Congressional approval, gratuitously canceled student loan obligations, issued blanket loan amnesties, and promised to ignore or work around court prohibitions of his illegal acts.
“China will be delighted by USAID cuts.”
False. China will be likely upset by the Trump cuts.
Beijing finds its own concrete development projects far more effective than USAID imposing American cultural agendas abroad. Beijing likes self-destructive American aid like LGBTQ activism, transgender chauvinism, and anti-conservative American media.
Does anyone believe China was angry that the USAID created a vast gender studies program at the University of Kabul or had the U.S. embassy there advertise its pride activism, or itself snagged $40 million to engineer deadly viruses?
So, China will be quite unhappy that organs like the New York Times and the BBC are having their USAID subsidies ended. After all, they, along with China, so often vilified their shared existential nemesis—Donald J. Trump.
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Thu, 02/13/2025 - 17:40
https://www.zerohedge.com/political/victor-davis-hanson-myth-busting-about-musk
Poor 30Y Auction Tails, Dealers Awarded Most In 6 Months
Poor 30Y Auction Tails, Dealers Awarded Most In 6 Months
A stellar 3Y auction, followed by a mediocre 10Y, we conclude the refunding week's coupon offerings with an even more disappointing 30Y sale, which saw $25 billion in ultra long-dated paper sell to muted market response.
The auction stopped at a high yield of 4.748%, down from 4.913% last month, but tailing the 4.736% When Issued by 1.2bps, a reversal to last month's 0.7bps stop through and the fifth tailing 30Y auction in the past 8 months.
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The bid to cover dropped to 4.748 from 4.913 in January, but this was still above the six-auction average of 4.462.
The internals were also mediocre, with Indirects awarded 65.08%, down from 66.63% and the second lowest since July (with just November's 62.7% lower); it was also notably below the 68.4% recent average. And with Directs awarded 18.6%, down from 20.7% and the lowest since October, Dealers were left with 16.3%, the highest since last August.
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Overall this was a disappointing auction, although once again the market had other things to worry about (reciprocal tariffs, Ukraine ceasefire, zero liquidity) to pay too much attention to the results and 10Y yields barely budged after the 1PM break.
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Thu, 02/13/2025 - 13:24
https://www.zerohedge.com/markets/poor-30y-auction-tails-dealers-awarded-most-6-months