Adobe Digital Price Index Torpedoes Democrats' Inflationary Tariff Storm Propaganda
Adobe Digital Price Index Torpedoes Democrats' Inflationary Tariff Storm Propaganda
Ahead of Tuesday's Consumer Price Index (CPI) print—which could determine whether rate traders price in a September cut—new data from one of the most comprehensive gauges of digital inflation shows deflation in June, with no indication that tariffs are filtering through just yet. That's a far cry from the inflation apocalypse narrative pushed by leftist corporate media and https://www.zerohedge.com/markets/umich-sentiment-surges-higher-early-june-tariff-derangement-sydrome-remains
.
The https://business.adobe.com/resources/digital-price-index.html
—an Adobe Analytics–powered inflation gauge that tracks online prices, similar to the CPI but focused on digital commerce—printed at -2.09% year-over-year in June. Categories such as apparel (-7.68%), electronics (-2.66% YoY), and groceries (-2.04% YoY) all experienced deflation.
?itok=_Er15Sla
Looking at subcategories within electronics, computer prices fell 10.73% YoY in June. Given that much of the global computer supply chain is based in China, one might have expected prices to surge amid the ongoing U.S.-China trade war—but that hasn't materialized (yet).
?itok=-ItAMx_t
Meanwhile, the https://www.zerohedge.com/markets/umich-sentiment-surges-higher-early-june-tariff-derangement-sydrome-remains
of deranged Democrats...
UMich marxists will not be happy: "evidence suggests that the tariff effects look a bit smaller than we expected, other disinflationary forces have been stronger, and we suspect that the Fed leadership shares our view that tariffs will only have a one-time price level effect"-GS
— zerohedge (@zerohedge) https://twitter.com/zerohedge/status/1940232118711591047?ref_src=twsrc%5Etfw
Looking ahead, Goldman analyst Giulio Esposito expects tomorrow's CPI print around .23% month-over-month increase in June core CPI, vs consensus at +.3%, corresponding to a YoY rate of 2.93% (vs 3.% cons).
"Going forward, the team does expect tariffs to provide a somewhat larger boost to monthly inflation, expecting monthly core CPI between 0.3% and 0.4% over the next few months," Esposito noted.
Back to the Adobe data—either demand for electronics is sliding, or vendors are cutting their margins to absorb tariffs. Remember what we said earlier this month about Toyotas and Nissans (https://www.zerohedge.com/markets/japan-finally-admits-its-carmakers-have-been-paying-all-trump-tariff-costs-trade-talks
)...
https://cms.zerohedge.com/users/tyler-durden
Mon, 07/14/2025 - 18:00
Puerto Rico Faces Blackout Threat After New Fortress Halts LNG Shipment
Puerto Rico Faces Blackout Threat After New Fortress Halts LNG Shipment
Weeks after New Fortress Energy rallied on news of a temporary contract extension for LNG supply to Puerto Rico, https://www.bloomberg.com/news/articles/2025-07-14/puerto-rico-idles-power-plants-as-new-fortress-withholds-lng
now reports the island has idled temporary power plants after the company abruptly halted a critical gas shipment, raising the risk of power outages at the peak of summer demand.
Puerto Rico Energy Chief Josue Colon slammed the LNG shipment cancellation as "unjustified," disputing New Fortress's claims of being owed millions of dollars since 2020. With 10 out of 14 temporary generators offline and the rest running on expensive, dirty diesel, Colon warned the island now faces an elevated risk of blackouts.
?itok=3wtvZ7Nl
He said LNG tankers were supposed to dock in San Juan in recent days, but failed to come to port, adding that weather on Saturday would have allowed them to dock, "but suddenly, and without any valid reason, contractually, the ship was diverted."
Colon described existing power generation on the island as sufficient but with little margin for error. He warned that power outages "are a possibility ... and every megawatt that's available is necessary."
New Fortress's LNG supply contract with Puerto Rico was set to expire in June but has been temporarily extended. However, plans to award the U.S. gas producer a 15-year deal worth an estimated $20 billion were put on hold last week after a federal watchdog warned it could create a near-monopoly over the island's gas supply.
"That exclusivity was created under a contract that the oversight board approved in 2018 when it gave New Fortress exclusivity over the only port in the northern area where natural gas can be brought in," Colon told reporters late last week. "Those preexisting conditions are not this administration's responsibility."
The cancellation is the latest setback for the U.S. gas producer, which is grappling with mounting debt and shares trading at record lows, down roughly 73% since its 2019 IPO.
?itok=Tz3VSWuU
According to the latest Bloomberg data, the stock is heavily shorted, with about 58 million shares sold short, representing about 32.5% of the float.
?itok=Ko5x7exE
New Fortress has a $270 million payment due in September under a revolving credit facility, with the remainder maturing over the next two years, according to a Fitch Ratings report. An additional $510 million note is set to come due next year.
https://cms.zerohedge.com/users/tyler-durden
Mon, 07/14/2025 - 17:20
The Systematic Unraveling Of The Administrative State
The Systematic Unraveling Of The Administrative State
https://brownstone.org/articles/the-systematic-unraveling-of-the-administrative-state/
In 1883, when the Pendleton Act was passed, creating the US civil service, it must have seemed like no big deal. The forgotten Chester A. Arthur was the president. The fear of being assassinated https://brownstone.org/articles/the-origin-and-operation-of-the-us-administrative-state/
James Garfield convinced him to back the legislation. The case for passage: government needs professionals with institutional knowledge. Technicians were changing the world, so why not government too?
?itok=C2rpxwCk
Science and engineering were the rage – electricity, steel bridges, telegraphic communications, internal combustion, photography – so surely public affairs needed the same level of expertise. Who could deny that civil service could do a better job than the cousins and business partners of professional politicians?
That’s how it started. What was once called government of, by, and for the people was derided as the hopelessly corrupt “spoils system,” a phrase that reflected genius marketing. So it was overthrown in favor of “merit-based” hiring in the executive, a staff not yet permanent or huge, but the proverbial camel now had its nose under the tent.
Through two world wars and the Great Depression, and then the Cold War, what landed on the other side was something the Constitution’s Framers never imagined. We had huge governing systems in giant bureaucracies staffed by employees who could not be fired. It was left to them to implement, but really create the operational framework for the whole of civil society.
It was a state within a state, one with many layers, including that which was and is classified.
Industry and media long ago caught on that the civil service was a more reliable source of information and institutional continuity than the elected or appointed branches of government. Serving in government became a mark of credibility in industry, and so the revolving door was in constant operation. Media and the deep state, including its military and intelligence sectors, developed a mutually beneficial relationship that allowed for the manipulation of the public mind.
The best thing about the new system was that hardly anyone in public life really understood it. The schoolkids were still taught that there are three branches of government with checks and balances between them. Public life has been long dominated by elections with fierce ideological battles that eventually became more like window dressing, the results of which did not matter much for the practical affairs of state. It was the illusion of democracy.
Once the machinery was revealed, and some critical attention was applied to its legitimacy, the unraveling was inevitable. The reason is rather obvious. The entire thing is inconsistent with the idea of a people’s government. The Founders fought a war to overthrow bureaucracy, not establish one.
The Declaration of Independence plainly said: it is the right of a people to overthrow any government and establish a new one.
That idea is the most embedded postulate in the whole of American civic life. It has far more legitimacy in the public mind than the claims of the civil service or the demands that its plots and machinations must remain secret from the people.
Strangely, throughout the whole period of administrative state gains, the Supreme Court was never called upon to render a clear judgment on its legitimacy. There were small decisions along the way that shored up its functioning, but nothing that plainly said: this is or is not consistent with the law governing a free people.
This year, and mostly because the Trump administration decided to challenge the entire model, the machinery has begun to malfunction and melt away. There is a very long way to go, but we finally have the answer to the question of this fourth branch’s legitimacy. Plainly, it is not legitimate. It never has been.
(2014), which gradually set off a huge literary debate for and against, plus a growing army of podcasters who figured it out in the course of the events that followed. It was a classic case of raised consciousness: once you see it, you cannot unsee it.
The active confrontation began in Trump’s first term. He arrived in Washington, D.C., expecting to be the boss of the executive branch, probably because that’s what the Constitution says in Article 2, Section 1. He quickly found out otherwise. Everything he wanted to change was declared to be off-limits. So far as he could tell, the whole of the city agreed that the job was entirely ceremonial.
That did not sit well with him. The tradition in the deep state of ignoring the president unless he annoyed them rubbed him wrong. He finally got fed up with the plots, schemes, and attempts to undermine presidential authority – which he saw as like unto a CEO, but no one else agreed – that he decided to run a test. He fired James Comey as head of the FBI. Washington freaked out.
The man to whom the job of firing fell was Justice Department attorney Rod Rosenstein, whose sister worked at the CDC. She was Nancy Messionier, who called the first press conference on the matter of a new virus from China that she said would necessitate dramatic changes in American life. Her role was first https://brownstone.org/articles/the-totalitarian-mind-of-donald-g-mcneil/
by the New York Times reporter, who later said he was tricked.
No one at the CDC bothered to check with Trump. By the time he was asked to sign off on lockdowns, a month following the initial CDC announcement, the deed was pretty well done. He chose to get out ahead of the issue rather than be eaten alive by a media prepared to blame him for every death. He spent the next eight months issuing edicts via social media – initially bad but increasingly better – but he was almost entirely ignored by the administrative state he had unleashed.
Just before leaving office in 2020, Trump issued an executive order that would have reclassified a portion of the civil service as holding jobs subject to termination. Every venue that covered federal affairs had a meltdown of panic about what this would mean for the future of the 100-year racket they had been running.
The order was quickly repealed by the new president upon taking the oath of office – an action that set up the great battle of the future: permanent Washington vs. the public.
After four years in exile, Trump and his team plotted their revenge. It was clear to everyone that this issue was fundamental. He would have to risk it all by putting the question to the Supreme Court. He did this by issuing a record number of executive orders that pertained to the executive branch, all of which would presume that he could act like a president.
Trump’s team had predicted a flurry of lawsuits followed by injunctions, very much like what had happened in 2019-2020. This time, however, they would lawyer up and drive the question to the top. It was a huge gamble but it has turned out well. They knew that the structure of the status quo was completely indefensible from a Constitutional point of view.
The most recent blow to the administrative state gets to the heart of the issue.
In https://www.supremecourt.gov/opinions/24pdf/24a1174_h3ci.pdf
(July 8, 2025), the Supreme Court backed the right of the president to engage in mass firings of federal employees.
There was only one dissenting vote from Justice Ketanji Brown Jackson, the judge who had reversed other Trump orders when she was a DC district judge.
Jackson’s dissent tries to make sense of the 4th branch of government.
“Under our Constitution, Congress has the power to establish administrative agencies and detail their functions,” she wrote. “Thus, over the past century, Presidents who have attempted to reorganize the Federal Government have first obtained authorization from Congress to do so.”
Lacking such authorization, she says, the Court should embrace the “harm-reducing preservation of the status quo.”
After all, she warns, “This executive action promises mass employee terminations, widespread cancellation of federal programs and services, and the dismantling of much of the Federal Government as Congress has created it.” “What one person (or President) might call bureaucratic bloat is a farmer’s prospect for a healthy crop, a coal miner’s chance to breathe free from black lung, or a preschooler’s opportunity to learn in a safe environment.”
There we go: the very core of the central-planning beast is at risk. At least she does understand the stakes.
This latest ruling – with many more likely to follow – comes on the heels of a flurry of similar decisions including: https://www.supremecourt.gov/opinions/23pdf/22-451_7m58.pdf
(March 4, 2025), which narrowed the EPA’s regulatory scope.
This has all happened with remarkable speed – in the course of one year. The regime of one hundred years has suddenly fundamentally changed to fit more precisely with what the Framers designed. It amounts to a counter-coup against the tyranny of experts and the convoluted systems of compulsion and control they had carefully constructed. Even if we do not yet feel the effects, the ground has shifted beneath our feet.
It’s a myth that courts are merely looking at the law and ruling cases on their merits. They are subject to the pressures of public opinion and have proven deferential to the ethos of the times. That ethos has changed, suddenly and dramatically, and why?
From 2020 to 2023, with continued fallout today, the administrative state that had long ruled out of the public eye reached deep into the private affairs of every American. It closed the schools, churches, and businesses. It issued stay-at-home orders. It kidnapped family members into medical institutions, allowing no contact with family. It then mandated the injection of multitudes with an experimental shot that achieved nothing but left many harmed and others dead.
It is a measure of the arrogance and perceived hegemony of this machine – which extends from agencies to corporations to academia and the nonprofit sector – that so many within its ranks believe they could get away with all these outrages without consequence. Public rage followed, expressing itself in every possible way and demanding change. That change has begun. The conditions are in place for a much more dramatic change, which could happen later or possibly sooner.
The intricate networks of influence, graft, and quid pro quo, and surreptitious pillaging of the people’s resources and power, believed itself to be invulnerable, somewhat like the rulers of the old Soviet empire in the months before it fell apart. Every old regime has believed itself to be secure up to the moments when its leaders seek sanctuary and its minions flee to the hills.
With the Covid response, the administrative state got over its skis, bit off more than it could chew, jumped the shark, pulled out the wrong Jenga block, or whatever other cliche you want to choose. It is the precipitating event, the event that exposed the whole. One is reminded of Mikhail Gorbachev’s war on vodka, which did more than Glasnost or Perestroika to end the regime and undermine the last shred of credibility of the party’s rule.
We’ve wondered for many years what the revolution would look like when it came home. We got a glimpse of this last week, when iPhone cameras recorded thousands of State Department employees carrying their belongings out in bankers’ boxes out the front doors of the palace that had long been their home. Live by administrative edicts; die by them.
https://cms.zerohedge.com/users/tyler-durden
Mon, 07/14/2025 - 17:00
https://www.zerohedge.com/markets/systematic-unraveling-administrative-state
Summer Storms
Summer Storms
https://www.kunstler.com/p/summer-storms
“It’s dark on the Left now. They’ve reached that predictable moment where inflicting pain is all they have left.“
- Sasha Stone
Theories on the Epstein mess fly around like a murmuration of starlings wheeling across an angry summer sky. The birds are just birds. They are not the storm clouds in the background. Mark the difference.
?itok=QnaWt_se
You can rightly say that Mr. Trump has handled this Epstein business rather awkwardly - especially last Wednesday’s little show of vexation in the cabinet meeting, barking, nothing to see. . . just move along. What?
You’ve been watching the Epstein psychodrama unspool for nearly twenty years, so how can it possibly come to this?
Looks like Pam Bondi fumbled badly in those early days on the job, promising things she was less than fully informed about. The public was already convinced that the entire power structure of the nation — of all Western Civ, actually — was a convocation of perverts, and that a vast trove of evidence was sitting there waiting to be laid on them. And then Mr. Trump slammed the door shut. Mssers. Patel and Bongino at the FBI got caught flat-footed, and “Danny Boombatz” especially freaked, seeing his reputation as a truth-teller likely to shred all over cable TV. Most unfortunate, the whole appalling episode.
But then, Sunday, the president suggested on his social media that the Epstein business had become a Democratic Party op. He did not elaborate. And maybe it sounds suspiciously spurious. But, is it not worth considering? Consider also: In all of Epstein’s dark activities there was surely a there there. He did run a concerted blackmail enterprise for some combo of Israel’s Mossad, the CIA, and the UK’s MI6 intel outfit. And, since blackmail requires documentation, there was a ton of it, eventually scooped out of his various domiciles by the FBI.
The key is: had become a Democratic Party op. Didn’t start out that way, but might have turned into one. Consider: The Democratic Party was up to its eyeballs in ops against Mr. Trump since he rode down that fabled escalator in 2015. The “intel community” was the chief player in these operations. The intel community ran rings around Mr. Trump with all manner of fabricated nonsense during the election campaign of 2016 and throughout his first term. You could say — and I believe the DOJ under Ms. Bondi will say in cases waiting to be brought — that these many operations amounted to one continuous seditious conspiracy to overthrow a president. It ran from the Steele dossier, through the Mueller Investigation, through the Norm Eisen / Adam Schiff engineered impeachment No 1, through the gamed election of 2020, through the J-6 committee, and through all the nefarious lawfare gambits against Mr. Trump during the “Joe Biden” fake presidency.
Why wouldn’t the Epstein files now turn out to be an extension of these same operations? The DOJ first moved against Epstein in 2005. The case culminated in 2008 with a plea deal on some Mickey Mouse state prostitution charges and a non-prosecution agreement with the feds under US Attorney for the Southern District of Florida, Alex Acosta — who was reported later saying that Epstein “belonged to intelligence,” and that the case was therefore “beyond my pay-grade” to prosecute.
Between 2008 and 2019, Epstein returned to his international swashbuckling ways.
Strangely, he was finally busted on June 6, 2019, by then-AG William Barr, whose father, Donald Barr, had been headmaster of New York City’s Dalton prep school, where Jeffrey Epstein, age twenty-one, was hired to teach math and physics in 1974, though he lacked a college degree.
All that may just be coincidental, of course.
A little more than a month after his arrest on sex trafficking charges in the summer of 2019, Epstein died in the Manhattan federal lockup under mysterious circumstances.
The outstanding question even afterward was: trafficking with-and-to whom?
And the general assumption among the public was: trafficking teenage girls to a long list of public officials, movie stars, financial bigshots, and miscellaneous celebs such as Prince Andrew of the British royal family.
Astoundingly little was learned from the prosecution of Ghislaine Maxwell in 2021-22, which was led by Maurene Comey, daughter of former FBI Director James Comey (fired in 2017). Small world. The case only covered Ms. Maxwell’s activities between 1994 and 2004. Why only that period? Never explained. Rumors of a “client list” being among the evidence have never been substantiated, and were repudiated last week by AG Pam Bondi and President Trump.
Okay, all very well, such as it is. But consider: all the evidence, in all the cases against Jeffrey Epstein and his associate Ghislaine Maxwell, has been in the possession of the FBI and the DOJ since at least the first Epstein case in 2005-08.
If there was any evidence of Donald Trump caught in some indecent act, why did it not get leaked during the campaign of 2016, or any time since then? His political adversaries tried virtually everything else to knock him out of the arena, up to even assassination — but not that?
The DOJ and FBI were arguably in their most roguish phase as weaponized agencies during the “Joe Biden” years. All the Epstein evidence resided in the New York City field office of the FBI. These were also the years when the apparatus of the Democratic Party — and its rank-and-file — fell into a fugue of vicious, psychotic animus against Mr. Trump and the populist movement he led, not just in the USA, but spreading throughout Western Civ.
Do you suppose that the FBI might have worked some hoodoo with those Epstein evidence files, especially to set the table for the 2026 mid-term elections, when knocking a few Republicans out of office might flip the House and Senate back to the Democratic Party? I would suppose it’s not just a thing; I think it’s the thing.
I would imagine that this is exactly what Mr. Trump was hinting at the other day when he referred to this business as yet another Democratic Party op.
He knows the mainstream media will never investigate it or report it.
And the alt-media is too momentarily disconcerted to entertain the idea.
So, he just slammed the door shut.
Nobody likes it, but it may be necessary. Other storms are brewing: financial gales, geopolitical thunderheads, and apparently — we are officially informed — the coming cases against John Brennan, James Comey, and other figures who initiated the coup, which is a much bigger deal than who might have been having sex with whom sixteen years ago.
https://cms.zerohedge.com/users/tyler-durden
Mon, 07/14/2025 - 16:20
What Seinfeld Teaches Us About Memecoins
What Seinfeld Teaches Us About Memecoins
https://omid-malekan.medium.com/what-seinfeld-teaches-about-memecoins-afbe80f8b62b
The 90s TV show Seinfeld — which is widely considered one of the greatest comedies of all time — was famously “a show about nothing.” Unlike most other sitcoms of that era, there was no overarching story across 9 seasons. It wasn’t about friendship or love or family, and the characters never grew or changed. This was such a core part of the show that it became one of the few continuous plotlines as a show within the show.
?itok=9cZdG4VP
Being about nothing was a great setup to highlight the absurdities of daily life and an effective way of questioning social mores. This is also why it’s one of the most quotable shows of all time.
Memecoins, to me, are “an asset class about nothing.” Unlike Bitcoin, which is a powerful form of https://omid-malekan.medium.com/bitcoin-has-plenty-of-utility-a-rebuttal-to-the-the-distributional-consequences-of-bitcoin-by-42b9672c7fa1
, or the native coins of PoS chains, which secure a smart contract platform, or DePIN utility coins, which empower a useful service, or DeFi governance coins, which underwrite a financial product, memecoins have no purpose other than being a thing to buy and sell.
They are speculation for speculation’s sake.
Speculation is also part of the appeal of every other kind of cryptocoin, not to mention stocks, bonds, land, and countless other financial products. But speculation in those assets has a point: it enables price discovery and capital formation in the hope of someday achieving utility. If a chain like Ethereum hopes to one day become the global settlement layer — which I think it can — then we need speculation in ETH. The more valuable ETH becomes, the more secure the underlying platform, so the more activity it can attract, speculative and otherwise.
Speculation in every other kind of asset has a north star. There are still scams, booms and busts, and asset-specific controversies, but the market will ultimately reward the people who ignore the shenanigans — as opposed to the ones who embrace them. The people who bought Bitcoin a decade ago and simply held know this. As do the ones who bought Nvidia and didn’t get shaken out by the Covid crash, or anyone who bought a house in Austin in 2009.
Memecoins have no north star. Their supporters talk about “tokenizing attention” and “a new way to monetize content” but this is nonsense. Attention is by definition fleeting, particularly on the internet, and specifically for memes. Remember Peanut the Squirrel? Its memecoin is down 90% from peak.
The content claim is also comical, because the unit economics of content has always been low — your Instagram feed is borderline worthless. Memecoins have almost no content, they are often just a name and a picture. People create all sorts of content to manipulate the price higher, but content that exists to pump a coin is very different from content that is in and of itself useful. It’s self-referential bullshit whose entertainment value is tied to the value of a coin that will likely end up worthless.
Like Seinfeld, part of the appeal of memecoins is as a form of satire. Memecoins are effective at highlighting the rest of crypto’s tendency to overpromise and underdeliver. They are a nice contrast to the vapid seriousness of the hard-money-Bitcoin-will-cure-cancer crowd (not to mention most of Wall Street, which has its own hypocrisies). Memecoins are often funny, and in my essay attempting to steelman them I covered how comedy is society’s way of preparing itself for change. (Seinfeld was https://en.wikipedia.org/wiki/The_Outing
at this).
So it would be one thing if memecoins were just random assets that went benignly up and down, with some people making money while others lost. Then they’d just be like a casino, or fantasy football. Part gambling, part community, part fun. I think I wrote a blog post somewhere many years ago explaining Dogecoin as just that. But there is a sinister side to memecoins.
Due to the openness and censorship-resistance of public blockchains, creating new memecoins is trivially easy and cheap. Not surprisingly, people create memecoins for no other reason than to extract a few hundred bucks from unsuspecting noobs before it goes to zero. They create websites and social media profiles to pretend like they are launching a new meme, one they’ll work to promote and “grow the community around”, but they have no intention of doing any of that. They’ll take the money and run.
When you have an asset class about nothing, it’s impossible to tell the difference between these disingenuous coins and the real ones — whatever that even means. I’m confident this type of industrial extraction is now the majority of meme activity. I’ve met people who do it for a living and VCs have shared tales of being pitched this as a business.
Next, new memecoins are prime targets for what crypto people call “sandwich attacks” and Wall Street calls front-running. This is a criminal activity that is easier to do on public blockchains, because everyone is pseudonymous, and best directed at memecoins, because they have no point. If I’m trying to buy land or a stock — or ETH — then I’m going to care where I buy it and how much I have to pay. Having a point means there’s a ceiling above which any asset is not worth owning.
But memecoins are pointless, so you could justify buying one that’s already doubled because you think it’ll quadruple. This helps explain why some can gain astronomical valuations in the short term. But that “I’ll pay anything” attitude makes memecoin traders more vulnerable to front-running.
Lastly, there are groups of people who routinely coordinate to execute pump and dump schemes on specific memecoins. They time their buys and sells, “paint” and “bang” the tape, and bribe influencers to promote their coin. Everyone in crypto knows people who do this (but shamefully look the other way).
This is criminal activity, and what I mean when I refer to the organized crime syndicates who really drive memecoin prices. If you don’t believe me, just listen to this https://www.youtube.com/watch?v=EqizJTbxAEM
crazy profits from clearly disingenuous behavior.
This kind of illicit behavior is possible for any asset. People front-run stock trades and collusion to manipulate land prices is as old as time. But neither activity mattered to the long-term owners of Nvidia stock or Austin real estate because those investments had a point. Memecoins don’t, so they attract the worst kind of market participants. Tellingly, it’s often hard to tell the difference between the crooks and the idiots.
What, pray tell, does a good memecoin trader look like?
About the only thing that wasn’t universally beloved about Seinfeld was the ending. Spoiler alert, but the show ends with the protagonists being sent to jail for being bad people. Putting them literally on trial was mostly a device to bring back old characters and revisit previous hijinx, but it fell flat, possibly because it tried to give a moral ending to a show intended to not have any.
Memecoins receded to the background after the back-to-back embarrassments of the Trump coins and the Libra https://www.trmlabs.com/resources/blog/the-libra-affair-tracking-the-memecoin-that-launched-a-scandal-in-argentina
but are now back in focus because Pump.fun, the most popular memecoin launch and trading platform, is about to issue its own token. Why? To cash out, drive more activity, and let others profit from the grift.
To me, this is a bit like the mob going public with a chain of fronts that cover up its illegal casino games. It’s bad form and — like the Seinfeld ending — contrary to what this whole movement was meant to present.
https://cms.zerohedge.com/users/tyler-durden
Mon, 07/14/2025 - 15:05
https://www.zerohedge.com/crypto/what-seinfeld-teaches-us-about-memecoins
The Pentagon Just Took An Equity Stake In A Goldman Idea Dinner "Consensus Short"
The Pentagon Just Took An Equity Stake In A Goldman Idea Dinner "Consensus Short"
Not that long ago, when looking at the stock most likely to benefit from the US government's transition to realpolitik statecraft, we listed two companies as most likely to be on the receiving end of Trump admin's generosity, largely due to their critical position in the rare earth element supply chain: MP Materials (MP) and USA Rare Earth (USAR).
Or just invest $10BN in MP and USAR to kick start US rare earth production. https://t.co/ZTluZnotTn
— zerohedge (@zerohedge) https://twitter.com/zerohedge/status/1933264079172276327?ref_src=twsrc%5Etfw
Then just to underscore how vast the bullish case in the name is, we showed that the short interest in (the very illiquid) MP is a whopping 21% of the float...
21% of MP float is short https://t.co/haptIKUYJs
— zerohedge (@zerohedge) https://twitter.com/zerohedge/status/1933251341666619687?ref_src=twsrc%5Etfw
... and the piece de resistance, was our lengthy report for subscribers "https://www.zerohedge.com/markets/coming-rare-earth-revolution-and-how-profit-all-you-need-know-about-ex-china-supply-chain
" detailing why MP stood to substantially outperform in the coming months and years as the critical rare earth supply chain was shifted domestically to exclude China, and to benefit domestic miners and producers such as MP.
?itok=ra9e4WV4
As luck would have it, literally hours later the US announced that in an extremely rare transaction, the Pentagon US State Department had taken a 15% stake in our sector favorite, MP Materials, making the US government the largest investor in MP.
MP Materials Shares Surge 50% As Pentagon To Become Largest Shareholder https://t.co/qltUY1sHL3
— zerohedge (@zerohedge) https://twitter.com/zerohedge/status/1943315563540783171?ref_src=twsrc%5Etfw
The stock promptly soared 50% as it shot up to top spot in best performing names in the mining sector in 2025, and covering the subscription cost for our premium readers many decades over.
That was great news. But it was even better news that among those short were Goldman's hedge fund clients who, for months, had plotted and schemed how to short the name during the bank's various idea dinner events. Here is an excerpt from Goldman energy and natural resources specialist Adam Wijaya:
Rare Earths… how high… biggest move in the space yesterday came from Rare Earths complex… led by MP +51%... have hosted several Metals idea dinners over the last few weeks and this name has been a consensus short… pain yesterday was real...
Yes it was, and it will only get worse as all the sticky shorts realize they are now on the other side from the quite literally the one investor who prints money. Good luck to them. As for Wijaya, who clearly did not push back against this "consensus" bearishness and was thus fielding some very angry client phone calls, he offers the following tidbits to ease the shorts pain:
will there be continued follow through?… announcement from the AM clearly one of the biggest for the space, but if you blow out the MP model to 2030… have been hearing the stock trades at a very healthy premium to other base metals / precious / niche metals… is it warranted? Bulls saying yes if you comp to a uranium mining company – but isn’t uranium a structurally different story? There are still general questions around the supply chain for this space and “how this actually works”… there is clearly some work to be done on this theme / space – but after the run yesterday – what makes folks enter? (full note here for pro subs).
Well, Adam, what makes folks enter is the fact that now that the Pentagon is in, it won't leave and the US government will no do everything in its power to hand the company not only resources and infrastructure but also capital on a silver platter. And next time, maybe skim our twitter timeline to get some non-consensus actionable ideas, instead of drowning in the echo chamber of self-reinforcing "idea dinner" mediocrity.
https://cms.zerohedge.com/users/tyler-durden
Mon, 07/14/2025 - 14:45
Inflection Time?
Inflection Time?
https://www.russell-clark.com/p/inflection-time
A well spent youth travelling around the world in my early 20s meant that I was very old to join UBS as a graduate trainee at the age of 25. I was even older to start as a fund management research analyst at the age of 27. I was extremely hungry for success, and I would spend all my time studying what the successful fund managers at my firm were doing. At the time the most successful manager at my firm as a chap called Andrew Green. He came to work maybe two or three days a week, and when asked about his investment ideas or philosophy, his answers were positively cryptic. He was the first, and probably truly most successful “contrarian” investor I have ever seen. Below chart is taken from an article announcing his https://citywire.com/new-model-adviser/news/gam-veteran-andrew-green-to-retire-from-funds/a1058200
.
?itok=a0wgrEcA
What you should notice is that he really began to outperform during the dot com bust, after underperforming during the dot com boom. Assets under management collapsed during the dot com boom, but as soon as the bubble burst, his style took off. He never really spoke to me (why would you speak to young analyst working for a different team), but I got on well with his analyst, and I asked him how did Andrew found his investment ideas? He told me looked for assets that were basing out of long bear market in either relative or nominal basis, and would take a small position, and then ramp it up as they began to outperform. It was this line of thinking that led him to be long gold miner DeepRoot Durban in 2000.
?itok=BWiF-tPJ
It was also this type of thinking that led him to be long Thailand, and particularly Thai banks in 2000. These were very deep contrarian ideas at the time.
?itok=91n89tGR
For me, I started to think about capital flows and asset markets (the title of this substack). Did the capital flows out of the US due to the bursting of the dot com bubble drive gold and Thai outperformance? Or was the improving outlook for Asia and commodities cause capital to be attracted to these assets? Or was the Truth somewhere in between? I never really got a definitive answer, but I do pay a lot respect to inflections are extreme points. It is why I put so much emphasis in the potential inflection of gold versus the S&P 500, which would be similar to an inflection 1929, 1970 and 2000.
?itok=wHUha_pF
Getting away from gold, it is hard not see inflection points everywhere. Michael Hartnett from BoA has shown that we have suddenly reached a new high in European equities versus bonds.
?itok=ob6GTKN6
To go along with a similar move in Japan. From 1989 to 2013, you made more money in JGBs than you did in Japanese equities. 24 years of basically the complete opposite of modern money management theory.
?itok=9lVNt64C
This may seem to imply that it is time to get long bonds and short equity - as Andrew Green used to do, but that type of thinking would have made you bearish in 2016, 2020, and this year on US equities.
?itok=Fjgy5ix1
But it is hard to not get the feeling that equities have become extremely expensive versus bonds. The problem here is that I still rather like the look of gold versus US bonds. Or in other words, I don’t really like bonds here either.
?itok=HbRmq_PK
And this is inline with a new cycle high in 10 year JGBS.
?itok=0lDhcywJ
The most obvious story here is that makes sense to me is that government finances are in a mess - but the public will not accept any austerity. So at some point taxes on corporates and wealth or tariffs become the only option. And this creates a steady flow out of equities into gold, as we shift from wealth creation to wealth preservation. This seems inline with the Swiss Franc closing in on all time highs versus the US dollar. This graph is log scale.
?itok=34KU9ttE
That makes sense to me - but the question is what level of bond yield causes this political change? At what point do governments bow to the inevitable and move back from regressive taxation to progressive taxation? I find it odd to be a contrarian when record asset prices and record government deficits seem to scream out for some sort of progressive tax regime. I think this is what gold and Swiss Franc are telling you. Time will tell.
https://cms.zerohedge.com/users/tyler-durden
Mon, 07/14/2025 - 14:25
Pounce! Democrats Suddenly Care About Epstein Files, Move To Force Disclosure
Pounce! Democrats Suddenly Care About Epstein Files, Move To Force Disclosure
And just like that, Democrats suddenly care about the Jeffrey Epstein... with House reps. preparing to introduce measures this week aimed at mandating the release of documents related to the late financier and convicted sex offender Jeffrey Epstein. The effort follows a recent Department of Justice memo claiming no official “ client list” of powerful individuals tied to Epstein exists - a statement the Trump administration appears https://www.zerohedge.com/political/trump-calls-epstein-list-democrat-psyop-tells-maga-not-waste-time-and-energy
.
?itok=_0DXdilx
Rep. Ro Khanna (D-CA) announced Saturday he plans to introduce an amendment requiring a House vote on making the Epstein files fully public. The measure is intended to compel Speaker Mike Johnson (R-LA) to bring the issue to the floor, forcing lawmakers to take a public position on the transparency initiative tied to Epstein’s network.
Why are the Epstein files still hidden? Who are the rich & powerful being protected?
On Tuesday, I'm introducing an amendment to force a vote demanding the FULL Epstein files be released to the public. The Speaker must call a vote & put every Congress member on record.
— Ro Khanna (@RoKhanna) https://twitter.com/RoKhanna/status/1944243029981770104?ref_src=twsrc%5Etfw
"Why are the Epstein files still hidden? Who are the rich & powerful being protected?” Khanna asked in his announcement.
Rep. Marc Veasey (D-TX) has also joined the push, announcing Saturday that he intends to introduce a parallel resolution aimed at securing the release of the documents.
“Either [Trump] and his acolytes fueled the rumors of the significance of these Epstein files to help his campaign, or something is there!” Veasey said. “That’s why on Monday, I’ll introduce a resolution demanding the Trump Administration release all files related to the Epstein case. Put up or shut up!”
Either https://twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw
— Rep. Marc Veasey (@RepVeasey) https://twitter.com/RepVeasey/status/1944406645414519141?ref_src=twsrc%5Etfw
Of course, the Democrats are seeking the release of the documents to fracture the MAGA movement. If not, Democrats would have pushed for the release during President Joe Biden's tenure.
The renewed scrutiny follows the release of a joint Department of Justice and FBI memo this week that declared an “exhaustive review” of evidence surrounding Epstein’s death at the Metropolitan Correctional Center in New York ruled out foul play.
“After a thorough investigation, FBI investigators concluded that Jeffrey Epstein committed suicide in his cell at the Metropolitan Correctional Center in New York City on August 10, 2019,” the https://www.zerohedge.com/political/jeffrey-epsteins-brother-breaks-silence-bombshell-fbi-memo
reads.
The agencies also denied the existence of a “client list” tied to Epstein—contradicting earlier comments made by former Attorney General Pam Bondi, who previously suggested on Fox News that such a list was “sitting on my desk,” fueling speculation about potential blackmail involving prominent global figures.
The memo’s release has ignited backlash from parts of Trump’s base. Conservative activist Laura Loomer https://www.zerohedge.com/political/jeffrey-epsteins-brother-breaks-silence-bombshell-fbi-memo
Bondi, calling for her resignation and accusing her of undermining the credibility of the Trump-aligned DOJ.
“How come Blondi didn’t sign her name to her own memo about the Epstein Files? She needs to resign. This is going to suppress the vote in 2026,” Loomer wrote on X. “The American people and MAGA base will not tolerate being lied to. I hope President Trump fires Pam Blondi if she lacks the SHAME to resign. I called for her resignation the day of Binder Gate.”
Tucker Carlson issued an https://www.zerohedge.com/political/jeffrey-epsteins-brother-breaks-silence-bombshell-fbi-memo
of his own, calling the government’s handling of the Epstein case “very dangerous” and warning it could provoke civil unrest.
“That is so crazy. This is like—this is honestly one of the craziest things I’ve ever seen in my entire life. And I just think it’s very dangerous to play around with this stuff,” Carlson said on his show. “Like, very dangerous. I don’t want a revolution, but if you wanted a revolution this is how you would act.”
Last Tuesday, President Donald Trump https://www.zerohedge.com/political/trump-calls-epstein-list-democrat-psyop-tells-maga-not-waste-time-and-energy
questions about Epstein during a Cabinet meeting press exchange.
“Are you still talking about Jeffrey Epstein? This guy’s been talked about for years,” Trump said. “You’re asking—we have Texas, we have this, we have all of the things, and are people still talking about this guy? This creep? That is unbelievable. I mean, I can’t believe you’re asking a question on Epstein at a time like this, where we’re having some of the greatest success and also tragedy with what happened in Texas. It just seems like a desecration.”
On Saturday, Trump https://www.zerohedge.com/political/trump-calls-epstein-list-democrat-psyop-tells-maga-not-waste-time-and-energy
to the topic on Truth Social, seeking to minimize the controversy and refocus attention on his administration’s record.
"We have a PERFECT Administration, THE TALK OF THE WORLD, and ‘selfish people’ are trying to hurt it, all over a guy who never dies, Jeffrey Epstein. For years, it’s Epstein, over and over again," Trump wrote.
Trump went on to cast doubt on the authenticity of the Epstein files, likening them to the Steele dossier and suggesting they were politically motivated.
"Why are we giving publicity to Files written by Obama, Crooked Hillary, Comey, Brennan, and the Losers and Criminals of the Biden Administration, who conned the World with the Russia, Russia, Russia Hoax, 51 ‘Intelligence’ Agents, ‘THE LAPTOP FROM HELL,’ and more?" Trump wrote. "They created the Epstein Files, just like they created the FAKE Hillary Clinton/Christopher Steele Dossier that they used on me, and now my so-called ‘friends’ are playing right into their hands," adding, "Why didn’t these Radical Left Lunatics release the Epstein Files? If there was ANYTHING in there that could have hurt the MAGA Movement, why didn’t they use it?"
Trump also called on the FBI to redirect its focus to election security and criminal enforcement.
"The FBI should be arresting Thugs and Criminals, instead of spending month after month looking at nothing but the same old, Radical Left inspired Documents on Jeffrey Epstein," the president wrote. "One year ago our Country was DEAD, now it’s the ‘HOTTEST’ Country anywhere in the World. Let’s keep it that way, and not waste Time and Energy on Jeffrey Epstein, somebody that nobody cares about."
https://cms.zerohedge.com/users/tyler-durden
Mon, 07/14/2025 - 14:05
Relative Returns Or Absolute. What's More Important?
Relative Returns Or Absolute. What's More Important?
https://realinvestmentadvice.com/resources/blog/relative-returns-or-absolute-whats-more-important/
A couple of years ago, I wrote about absolute versus relative returns. Given the latest market run, I am getting a lot of questions about chasing returns, and individuals comparing themselves to the S&P 500 index. Historically, trying to beat a benchmark index leads to poor outcomes. However, understanding absolute and relative returns can help solve this issue. Notably, while most investors say they want relative returns, they want absolute returns. The problem, as we discussed in https://realinvestmentadvice.com/resources/blog/benchmarking-your-portfolio-may-have-more-risk-than-you-think/
is that investors are often unaware of how much risk they are taking. To wit:
“There are many reasons why you shouldn’t chase an index over time and why you see statistics such as ‘80% of all funds underperform the S&P 500’ in any given year. The impact of share buybacks, substitutions, lack of taxes, no trading costs, and replacement all contribute to the index’s outperformance over those investing real dollars who do not receive the same advantages. More importantly, any portfolio allocated differently than the benchmark to provide for lower volatility, income, or long-term financial planning and capital preservation will also underperform the index. Therefore, comparing your portfolio to the S&P 500 is inherently ‘apples to oranges’ and will always lead to disappointing outcomes.“
But here is the only question that matters in the relative versus absolute returns debate:
“What’s more important – matching an index during a bull cycle, or protecting capital during a bear cycle?”
You can’t have both.
I have had many discussions with clients, prospects, and listeners about “absolute returns” in portfolio management versus “relative returns.” The most common response to the debate generally begins with:
“I understood the part up to where you started speaking.”
Kidding aside, the importance of the concept of absolute returns should not be dismissed. This is particularly true since Wall Street has trained most investors to believe that relative performance is all that matters.
Relative performance is the comparison of your portfolio’s returns to those of some benchmark index.
Absolute performance is the return of the portfolio itself on a year-over-year basis.
Wall Street wants you to focus on “relative returns” because Wall Street needs you to continually “comparison shop.”
?itok=DPDjh-_b
Why Wall Street Wants You To Compare
If comparing absolute vs. relative returns, consider the following: “Comparison is the root cause of more unhappiness in the world than anything else.”
Perhaps it is inevitable that human beings, given that we are social animals, have an urge to compare ourselves with one another. Such is particularly the case since the rise of social media, where we are constantly bombarded by images of how well “everyone” else seems to be doing. Here is an example.
Assume your boss gave you a new Mercedes as a yearly bonus. You would be thrilled until you learned everyone in the office got two. Now you are upset because on a “relative” basis, you got less than everyone else. However, are you deprived on an absolute basis by getting a Mercedes?
Comparison-created unhappiness and insecurity are pervasive. Social media is full of images of people showing off their lavish lifestyles, giving you something to compare to. As noted, it is unsurprising that social media users are terminally unhappy.
The flaw of human nature is that whatever we have is enough, until we see someone else who has more.
Comparison in financial markets can lead to awful decisions, so investors have trouble being patient and letting whatever process they have work for them.
For example, you should be pleased if you made 12% on your investments but only needed 6%. However, you feel disappointed when you find out everyone else made 14%. But why? Does it make any difference?
Here is an ugly truth. Comparison-related unhappiness is for Wall Street’s benefit.
The financial services industry is predicated on upsetting people so they will move money around in a frenzy. Money in motion creates fees and commissions. Creating more benchmarks, products, and style boxes is nothing more than creating more things to compare with. The end result is that investors remain in a perpetual state of outrage.
Goal-Based Investing
Here’s an essential perspective on absolute vs. relative returns. Changing your view from “relative performance” to an “absolute” investment strategy can significantly increase your long-term results. This is because https://realinvestmentadvice.com/resources/blog/behavioral-traits-that-are-killing-your-portfolio-returns/
are controlled, leading to fewer emotionally driven investment decisions.
The first thing we do with every client is establish their investing goals. Often, investors have no idea what their money is supposed to be doing for them. Mostly, they think that if they buy stocks, those investments will ultimately increase and make them wealthy. However, without clear goals, investors tend to take on excessive risk, as investment decisions become based on emotions rather than a strategy.
The most significant contributor to long-term problems is comparing one’s portfolio to an all-equity index. This is hugely flawed, as there are https://realinvestmentadvice.com/resources/blog/here-is-why-you-shouldnt-benchmark-your-portfolio/
.
The index contains no cash.
Indices have no life expectancy requirements, but you do.
An Index does not have to compensate for distributions to meet living requirements.
To match, much less beat, an index, you must take on an equivalent, or more, risk than the index.
Indexes have no taxes, costs, or other expenses associated with them.
An index can substitute at no penalty; you can’t.
Here is the point.
If you want to be happy, you first must eliminate what makes you unhappy, which is all of the comparisons.
Graphical Representation
Clients who have learned the wisdom of “enough” are significantly happier. Their benchmark is not an artificial one, but one based on their own goals and risk tolerance. They are comfortable that the risk they accept is within the range they can emotionally withstand. Crucially, they understand the game plan for getting from Point A (where they are now) to Point B (retirement, or wherever they want to get to). With that understanding, investing becomes a process to obtain their goals with as little risk as possible.
Let’s look at an example of what we are talking about. In the chart below, we look at some historical returns for the S&P 500 to predict what the next 20 years might look like. As you can see, there are quite a few up years and some down years.
?itok=NtiWD5Uw
What is essential for you to look at here is what the “Absolute Return” matrix looks like. We purposely made sure that in every up year the absolute return matrix underperformed the index, but in down years the absolute return model outperformed by not losing as much as the index. Were there down years in an absolute return portfolio – you bet! (https://realinvestmentadvice.com/resources/blog/technically-speaking-the-8020-rule-of-investing/
)
Slightly Better Than Average – Wins
Look at the return matrix chart above. Assume that we invested $1000 in the Random Index Return Matrix and $1000 in the Absolute Return Matrix.
After the first year, most of you would be told that you need to move your money to another manager because he underperformed the index. The same is true in year two. However, in year three, you are feeling pretty good, but in every up year, you lag, so you chase another fund that beats the pants off the index the year before.
?itok=HgRINRoC
Here is another problem with relative return performance. In good years, you are happy because you are beating some index. However, when that index declines by 20%, and you are down 19%, Wall Street says you should be happy because you still beat the index.
I haven’t personally met anyone who was happy with that, have you? Just remember how you felt in March and April of this year during the “Liberation Day” sell-off.
The 7th Deadly Sin
The lesson we want to drive home here is the danger of following Wall Street’s advice of beating some arbitrary index from one year to the next. Most investors are taught to measure portfolio performance over a twelve-month period. However, that is absolutely the worst thing you can do. It is the same as going on a diet and weighing yourself every day. (Read https://realinvestmentadvice.com/resources/blog/the-anchoring-problem-and-how-to-solve-it/
for a better solution.)
If you could see the whole future in front of you, as in the chart above, it is very easy to make an investment decision knowing your eventual outcome. However, we don’t have that luxury. Instead, Wall Street suggests that if your fund manager lags in one year, you should move your money elsewhere. This forces you to chase performance, creating fees and commissions for Wall Street, not better outcomes for you.
We chase performance because we all suffer from the 7th deadly sin – Greed.
The problem with greed is that we can garner all the rewards without regard for the consequences. Instead, we should learn to “love what is enough.”
Absolute return investing can beat average market returns with less risk and volatility over time. Why? You can utilize the power of compounding returns by not losing your principal investment in down years. The problem with market benchmarking, and what financial advisors won’t tell you, is that you compound losses when there are back-to-back losing years. When contemplating absolute vs. relative returns, consider that.
Conclusion
If you want to win at the long-term investing game, Financial Resource Corporation sums it up best;
“For those who are not satisfied with simply beating the average over any given period, consider this: if an investor can consistently achieve slightly better than average returns each year over a 10-15 year period, then cumulatively over the full period they are likely to do better than roughly 80% or more of their peers. They may never have discovered a fund that ranked #1 over a subsequent one or three-year period. That ‘failure,’ however, is more than offset by their having avoided options that dramatically underperformed. Avoiding short-term under-performance is the key to long-term out-performance.
For those that are looking to find a new method of discerning the top ten funds for 2002, this study will prove frustrating. There are no magic short-cut solutions, and we urge our readers to abandon the illusive and ultimately counterproductive search for them. For those who are willing to restrain their short-term passions, embrace the virtue of being only slightly better than average, and wait for the benefits of this approach to compound into something much better…”
If you want to be a better investor, do what most investors don’t:
Look for stable returns, not the highest returns
Invest for a reasonable annual return to help you reach your investment goal.
Don’t compare yourself to some anomalous index.
Save, Save, Save!
Manage your money – after all, it is your money.
It’s not as hard as you think.
https://cms.zerohedge.com/users/tyler-durden
Mon, 07/14/2025 - 13:05
https://www.zerohedge.com/personal-finance/relative-returns-or-absolute-whats-more-important
Next Auto Revolution: Tesla Integrates Grok AI Chatbot In Vehicles
Next Auto Revolution: Tesla Integrates Grok AI Chatbot In Vehicles
Elon Musk's xAI team recently unveiled its latest Grok model—one Musk called both "https://www.zerohedge.com/ai/xai-launches-remarkable-terrifying-grok-4-model-musk-says-ai-could-discover-new-physics
"—as AI chatbot development accelerates into hyperdrive. Musk also announced that Grok will soon be integrated into Tesla vehicles, with the rollout expected as early as next week.
On Saturday, Tesla released a short video showcasing a vehicle running the new software update (2025.26), highlighting the evolution of the car into a 'smart' machine powered by a natural-language model that enables a hands-free experience for the driver.
?itok=0bbH2aGx
Rather than focusing on features like conversational navigation, real-time diagnostics, or productivity tools such as voice-to-text messaging, the video primarily demonstrated the broader capabilities of the AI bot.
To enable & use Grok, tap App Launcher > Grok
Or press & hold voice button on your steering wheel
— Tesla (@Tesla) https://twitter.com/Tesla/status/1944059551478952354?ref_src=twsrc%5Etfw
"Grok (Beta) (US, AMD) @Grok now available directly in your Tesla. Requires Premium Connectivity or a WiFi connection. Grok is currently in Beta & does not issue commands to your car – existing voice commands remain unchanged," Tesla wrote in a blog post on X last week.
?itok=-mFLqb8o
Tesla has updated their website...
?itok=I-aQKqAv
Tesla's vertical integration of Grok AI and FSD hardware is setting a new benchmark for the automotive industry—one that will pressure legacy OEMs and EV competitors to accelerate their own AI programs. This is the next evolutionary leap for cars.
However, as ZeroHedge readers fully understand, there are serious drawbacks here. These intelligent machines could one day be tied to social credit systems or dystopian surveillance programs run by intelligence agencies and Big Tech—monitoring your every move. That's why keeping an unintelligent backup vehicle, like a 1970s Mercedes 240D with zero microchips, might be an 'insurance against' a future where the government or tech giants can lock you out of your own car for mean tweeting.
?itok=Xwa73Gwl
Do you have an unintelligent backup vehicle?
https://cms.zerohedge.com/users/tyler-durden
Mon, 07/14/2025 - 12:05
https://www.zerohedge.com/ai/next-auto-revolution-tesla-integrates-grok-ai-chatbot-vehicles
The King Of Fedsailles
The King Of Fedsailles
By Bas van Geffen, Senior Macro Strategist at Rabobank
Team Trump has not lessened their attacks on Fed Chair Powell. Last week, the Director of the Office of Management and Budget berated Powell for what he considers to be “too lavish” of a renovation of the Federal Reserve building – or in Vought’s own words, “Versailles on the National Mall.” Speaking on CNBC, the OMB director spoke about “https://public-eur.mkt.dynamics.com/api/orgs/285245b1-7c6f-ef11-a66d-000d3a4b6c6a/r/LQkm4QKPzk-XfwQQuP8AAAEAAAA?target=%7B%22TargetUrl%22%3A%22https%253A%252F%252Fwww.cnbc.com%252Fvideo%252F2025%252F07%252F11%252Fombs-russell-vought-powell-has-fundamentally-mismanaged-the-federal-reserve.html%22%2C%22RedirectOptions%22%3A%7B%225%22%3Anull%2C%221%22%3Anull%2C%222%22%3A%7B%22utm_medium%22%3A%22email%22%2C%22utm_term%22%3A%22N%2FA%22%2C%22utm_source%22%3A%22dynamics-rr%22%2C%22utm_campaign%22%3A%221%22%7D%7D%7D&digest=7VhvmivLDz%2Fvpb50%2Fm0e3U38HJCRT%2BYErJZPOpqMUmQ%3D&secretVersion=7c13c22c20aa46a1b2fc8b71fde4d19a
” at the Fed.
?itok=fmOqig1D
National Economic Council Director Hassett, tipped to maybe replace Fed Chair Powell, said: “https://public-eur.mkt.dynamics.com/api/orgs/285245b1-7c6f-ef11-a66d-000d3a4b6c6a/r/LQkm4QKPzk-XfwQQuP8AAAIAAAA?target=%7B%22TargetUrl%22%3A%22https%253A%252F%252Fwww.cnbc.com%252F2025%252F07%252F13%252Ftrump-can-fire-powell-if-theres-cause-hassett.html%22%2C%22RedirectOptions%22%3A%7B%225%22%3Anull%2C%221%22%3Anull%2C%222%22%3A%7B%22utm_medium%22%3A%22email%22%2C%22utm_term%22%3A%22N%2FA%22%2C%22utm_source%22%3A%22dynamics-rr%22%2C%22utm_campaign%22%3A%221%22%7D%7D%7D&digest=ug6fNTgjQZ4dkdisHZxSO7x7hYdoTFbn%2FggLsleGIJ8%3D&secretVersion=7c13c22c20aa46a1b2fc8b71fde4d19a
to fire Powell, Trump has the authority to do so”, as another candidate Warsh and Vice President Vance joined in on the attack – which looks coordinated.
Is the Trump administration creating another bit of pre-text for firing Powell? Because it’s not like Powell is the new Sun King, its just that rates aren’t sinking. Yet, despite all the criticism, Trump still insists he will not fire Powell. Does he just want to have a scapegoat?
Meanwhile, the word “walls” must have come up during the discussions of the US’ own Versailles, and Trump knows exactly who should pay for those. Over the weekend, the US president threatened to slap a 30% tariff on Mexican goods. However, if exceptions continue to apply for goods that comply with the USMCA trade agreement, the impact of this tariff hike will be fairly limited.
The European Union will also be subject to a 30% tariff, unless the two sides can reach another agreement in the next two weeks. Arguably, that’s progress? I mean, it’s less than the 50% Trump had threatened to impose when trade negotiations did not progress as quickly as he likes. (But the rate is still higher than the 20% Trump unveiled on Liberation Day, and higher than the level Europe would be willing to accept.)
That also seems to be the Brussel’s interpretation of events: it’s Trump’s negotiating style to put more pressure on the other side in the final stages before a deal is reached. And, as one official put it, Trump will never go through with this, because https://public-eur.mkt.dynamics.com/api/orgs/285245b1-7c6f-ef11-a66d-000d3a4b6c6a/r/LQkm4QKPzk-XfwQQuP8AAAMAAAA?target=%7B%22TargetUrl%22%3A%22https%253A%252F%252Fwww.ft.com%252Fcontent%252Fdedd4efb-79e9-46bf-9e98-ebab20da2a0e%22%2C%22RedirectOptions%22%3A%7B%225%22%3Anull%2C%221%22%3Anull%2C%222%22%3A%7B%22utm_medium%22%3A%22email%22%2C%22utm_term%22%3A%22N%2FA%22%2C%22utm_source%22%3A%22dynamics-rr%22%2C%22utm_campaign%22%3A%221%22%7D%7D%7D&digest=GikLA6%2FI5vI5e8gxLAoDmXEpKldPiaGyHNKC%2FwCoWko%3D&secretVersion=7c13c22c20aa46a1b2fc8b71fde4d19a
.
European equity markets will undoubtedly trade heavy on the back of these tariff announcements, and the EUR has dropped below 1.1660 at the time of writing.
And so, European leaders have decided to once again postpone the rebalancing tariffs that have been pending ever since the US raised tariffs on steel and aluminium imports – hoping that they can still clinch a compromise that is acceptable to both sides. Trade Commissioner Sefcovic will speak with his American counterparts later today.
Meanwhile, the EU also wants to cooperate with other nations that are hit by US tariffs – to do what exactly? The UK seems resigned to the fact that Trump’s baseline tariffs are https://public-eur.mkt.dynamics.com/api/orgs/285245b1-7c6f-ef11-a66d-000d3a4b6c6a/r/LQkm4QKPzk-XfwQQuP8AAAQAAAA?target=%7B%22TargetUrl%22%3A%22https%253A%252F%252Fwww.theguardian.com%252Fus-news%252F2025%252Fjul%252F12%252Ftrumps-10-tariff-on-most-uk-goods-here-to-stay-says-lord-mandelson%22%2C%22RedirectOptions%22%3A%7B%225%22%3Anull%2C%221%22%3Anull%2C%222%22%3A%7B%22utm_medium%22%3A%22email%22%2C%22utm_term%22%3A%22N%2FA%22%2C%22utm_source%22%3A%22dynamics-rr%22%2C%22utm_campaign%22%3A%221%22%7D%7D%7D&digest=sQYLoDIQiGYGxuNfkJXHzWvpzUo9q%2B8QkG%2FaA9W3eUI%3D&secretVersion=7c13c22c20aa46a1b2fc8b71fde4d19a
.
The EU may seek to reduce its dependence on the US. Japan and the EU plan to create a joint military satellite network, and to start joint development of weapons systems. But none of that is ready overnight, as Germany’s minister of Defence is telling the weapons industry to https://public-eur.mkt.dynamics.com/api/orgs/285245b1-7c6f-ef11-a66d-000d3a4b6c6a/r/LQkm4QKPzk-XfwQQuP8AAAUAAAA?target=%7B%22TargetUrl%22%3A%22https%253A%252F%252Fwww.ft.com%252Fcontent%252Fa9c8d754-bea4-4f5a-887c-b2898b5d0dd3%22%2C%22RedirectOptions%22%3A%7B%225%22%3Anull%2C%221%22%3Anull%2C%222%22%3A%7B%22utm_medium%22%3A%22email%22%2C%22utm_term%22%3A%22N%2FA%22%2C%22utm_source%22%3A%22dynamics-rr%22%2C%22utm_campaign%22%3A%221%22%7D%7D%7D&digest=KdarfQ1AA6MIAYCTjDn1KuIc1NMV7Qws0iqwELZCbPs%3D&secretVersion=7c13c22c20aa46a1b2fc8b71fde4d19a
without further delays. (Or what?)
So, for the time being, Europe remains very much dependent on the Americans. President Trump is due to make an announcement on Russia today. According to Axios’ sources, the president will provide Ukraine with sophisticated military equipment – and https://public-eur.mkt.dynamics.com/api/orgs/285245b1-7c6f-ef11-a66d-000d3a4b6c6a/r/LQkm4QKPzk-XfwQQuP8AAAYAAAA?target=%7B%22TargetUrl%22%3A%22https%253A%252F%252Fwww.axios.com%252F2025%252F07%252F14%252Ftrump-ukraine-weapons-missiles-russia%22%2C%22RedirectOptions%22%3A%7B%225%22%3Anull%2C%221%22%3Anull%2C%222%22%3A%7B%22utm_medium%22%3A%22email%22%2C%22utm_term%22%3A%22N%2FA%22%2C%22utm_source%22%3A%22dynamics-rr%22%2C%22utm_campaign%22%3A%221%22%7D%7D%7D&digest=ewdMxManodC5%2BnWHyeqVh5No0e3AMHLcar5tO%2FTsKxg%3D&secretVersion=7c13c22c20aa46a1b2fc8b71fde4d19a
, but also long-range missiles that could reach targets deep inside Russian territory. And these will be paid for by the EU.
None of this will be cheap, as an FT op-ed underscores the urgent need to https://public-eur.mkt.dynamics.com/api/orgs/285245b1-7c6f-ef11-a66d-000d3a4b6c6a/r/LQkm4QKPzk-XfwQQuP8AAAcAAAA?target=%7B%22TargetUrl%22%3A%22https%253A%252F%252Fwww.ft.com%252Fcontent%252F408ab79c-08dd-4f87-9618-211482f10b9d%22%2C%22RedirectOptions%22%3A%7B%225%22%3Anull%2C%221%22%3Anull%2C%222%22%3A%7B%22utm_medium%22%3A%22email%22%2C%22utm_term%22%3A%22N%2FA%22%2C%22utm_source%22%3A%22dynamics-rr%22%2C%22utm_campaign%22%3A%221%22%7D%7D%7D&digest=sV17EbV6IJXCxF5KCTaTxTdzq6wDpFZMQneSp1xU70g%3D&secretVersion=7c13c22c20aa46a1b2fc8b71fde4d19a
let the national broadcaster know it sees taxes need to rise and that not enough houses will be built.
on Australia’s future position on a war between its security shield, the US, and its top export partner, China. But Australia is shocked the US might not commit to its defence; will we see higher tariffs on Australia, or will the US squeeze them in other ways?
https://cms.zerohedge.com/users/tyler-durden
Mon, 07/14/2025 - 11:45
'Big' Announcement On Russia More TACO: Oil Tumbles As Trump 'Delays' Sanctions Threat Against Putin
'Big' Announcement On Russia More TACO: Oil Tumbles As Trump 'Delays' Sanctions Threat Against Putin
Update(1130ET): The big Monday announcement by President Trump... just the threat of more secondary tariffs on Russia? And venting a little more frustration at no peace progress.
TRUMP: SEVERE TARIFFS ON RUSSIA IF NO DEAL IN 50 DAYS
TRUMP THREATENS TO IMPOSE 'SECONDARY' TARIFFS ON RUSSIA
TRUMP REITERATES VERY UNHAPPY WITH RUSSIA
TRUMP: MADE DEAL TODAY TO SEND WEAPONS TO UKRAINE
TRUMP: IT'S ALL TALK THEN MISSILES GO INTO KYIV AND KILL
TRUMP: UKRAINE WILL TAKE THE MILITARY EQUIPMENT FROM NATO
TRUMP SUGGESTS MORE DYING IN UKRAINE WAR THAN PUBLICLY KNOWN
TRUMP: SECONDARY TARIFFS VERY POWERFUL
If this is "it"... the "major announcement" on Russia that was planned, then we will say it could have been a lot worse in terms of escalation (such as ramping up more offensive weapons deliveries to Kiev), but amid Trump perhaps poorly managing expectations, people will be asking: that was it? Even RT is chiming in with some light mockery...
Trump's 'BIG' Russia announcement — he threatens 100% 'secondary tariffs' on Russia and her trade partners if 'no deal' on Ukraine within 50 days https://t.co/JnnERyNM6m
— RT (@RT_com) https://twitter.com/RT_com/status/1944779304551780542?ref_src=twsrc%5Etfw
Given markets were expecting something more 'huge' - oil prices pushed lower on the news of another lengthy timeline of "if no deal in 50 days"...
?itok=rCqZcPPz
And yes, there will be some more weapons sent to Ukraine, Trump stated, but they will come via NATO allies, primarily.
Monthly US imports from Russia
?itok=thND1pkS
* * *
As if the Big Beautiful Bill's spending increases, the bombing of Iran, mixed signals on immigration and the suppression of the Epstein files weren't enough to infuriate Trump voters, now comes news that President Trump is going to announce what a top DC warmonger calls an "aggressive" transfer of offensive weapons to Ukraine. Under the novel arrangement, European countries are supposedly going to foot the bill.
Last week, the administration https://www.zerohedge.com/geopolitical/trump-makes-arms-ukraine-u-turn-days-after-pentagon-halts-delivery
about the depletion of America's own arsenal were being given a hasty green light after all. Trump broke the news on Monday after last week's "disappointing" phone call with President Putin, telling reporters he would send “more weapons” to Ukraine. Critically, Trump had emphasized that these would be "defensive weapons primarily."
The CIA Director smirks and exhales like a man watching his plan fall perfectly into place as Trump rolls out yet another round of weapons for Ukraine.
John Ratcliffe’s face says it all,this was the plan all along.
The Deep State hasn’t lost an ounce of control, and Trump is… https://t.co/DMwQ7HYBLz
— Richard (@ricwe123) https://twitter.com/ricwe123/status/1942621732939972995?ref_src=twsrc%5Etfw
Now, two sources tell https://www.axios.com/2025/07/14/trump-ukraine-weapons-missiles-russia
.
While MAGA nation and libertarian-minded Trump voters will be disgusted, it's like a second Christmas in a month for Graham. First delighted by Trump's decision to engage the US military in Israel's war on Iran, long-time Ukraine-meddler Graham is now enthusing over Trump's new escalation. "The game...is about to change," said Graham in a Sunday appearance on Face the Nation. "I expect in the coming days you will see weapons flowing at a record level...[and] there will be tariffs and sanction available to President Trump he's never had before."
Lindsey Graham says in the coming days, Trump will unleash weapons to Ukraine "at a record level," along with enacting unprecedented sanctions against Russia https://t.co/gJfr7669WC
— Michael Tracey (@mtracey) https://twitter.com/mtracey/status/1944459267869720627?ref_src=twsrc%5Etfw
The transaction is expected to be announced Monday when Trump meets with NATO Secretary General Mark Rutte. This time around, European countries are expected to pay for American weapons bound for Ukraine. "Basically, we are going to send them various pieces of very sophisticated military [equipment]. They're going to pay us 100% for them," Trump told reporters on Sunday. "As we send equipment, they're going to reimburse us."
The new arrangement sprang from a suggestion made by Ukrainian President Volodymyr Zelensky at a NATO summit in late June. Striking an exceedingly Trump-like tone, an unnamed US official told Axios, "Zelensky came like a normal human being, not crazy, and was dressed like a somebody that should be at NATO. He had a group of people with him that also seemed not crazy. So they had a good conversation."
Trump says the US will spend nothing on upcoming weapons for Ukraine
'The European Union is paying for it... as it should’ve been'
'We’re not paying anything for it' https://t.co/CVMolBZFeR
— RT (@RT_com) https://twitter.com/RT_com/status/1944637360601239644?ref_src=twsrc%5Etfw
Trump was reportedly angered by his July 3 phone call with Putin, in which the Russian president made clear his intention to escalate the war. Sure enough, that very night Russia launched an apparently record-setting https://www.zerohedge.com/geopolitical/russian-drones-missiles-rained-down-kyiv-one-wars-most-devastating-attacks-yet
on Ukraine - said to be among the largest since the war began.
According to the new report, Western and Ukrainian officials are hoping an infusion of weapons will alter Putin's calculus about his war aims and terms for a ceasefire if not an end to it.
?itok=68p296Vy
During his 2024 campaign, https://www.cnn.com/2025/04/25/politics/fact-check-trump-ukraine-war
, variously claiming that he would get it "settled before I even become president" or, at worst, "within 24 hours" of doing so. Now, nearly 6 months into his term, Trump is about to pour more weapons into the 3 1/2-year old war.
In doing so, Trump gives us yet another illustration of https://x.com/ThomasEWoods/status/851074315047063554
' Law #3: "No matter whom you vote for, you always wind up getting John McCain."
Trump just keeps saying "FUCK MAGA"
- No Epstein files
- Amnesty proposed
- Ukraine Weapons continue
- Higher spending
LOLOLOL What else?
— Conservative (@Conservative1AZ) https://twitter.com/Conservative1AZ/status/1942401983102738565?ref_src=twsrc%5Etfw
https://cms.zerohedge.com/users/tyler-durden
Mon, 07/14/2025 - 11:30
https://www.zerohedge.com/geopolitical/trump-announce-aggressive-us-arms-transfer-ukraine
'Cascade Of Preventable Failures' Contributed To Trump Assassination Attempt: Senate Report
'Cascade Of Preventable Failures' Contributed To Trump Assassination Attempt: Senate Report
The Senate released a report on July 13 detailing the critical missteps that allowed a gunman to climb a building and open fire on President Donald Trump during a rally in Butler, Pennsylvania, in 2024, and faulted the Secret Service for its discipline and “pattern of denials, mismanagement, and missed warning signs.”
?itok=TVxK17sh
, released by Sen. Rand Paul (R-Ky.), chairman of the Senate Homeland Security and Governmental Affairs Committee, investigated the events leading up to and after July 13, 2024, when a 20-year-old gunman climbed onto the roof of the American Glass Research building during a Trump campaign rally at the Butler Farm Show and opened fire on Trump, who was running for president at the time.
The man fired eight shots and struck four people, including Trump.
One of the rallygoers—Corey Comperatore, a former fire chief—died while shielding his family from the bullets. Two others were injured but survived.
“This was not a single error,” the report states. “It was a cascade of preventable failures that nearly cost President Trump his life.”
The report culminated from a yearlong bipartisan investigation that conducted 17 transcribed interviews with Secret Service personnel and reviewed more than 75,000 pages of documents from federal, state, and local law enforcement entities.
The Secret Service’s “disturbing pattern of communication failures and negligence” was faulted for the shooting, according to the report.
For example, the failed assassin was able to evade detection by Secret Service personnel for 45 minutes, despite civilians reporting his presence on the building rooftop to Secret Service 25 minutes before he fired any shots.
The Secret Service was also faulted for denying multiple requests for additional staff, assets, and resources to protect Trump during his campaign.
The agency did not fire anyone involved in the planning and execution of the Butler rally, the report states, highlighting that only six personnel were formally disciplined, and as recently as this month.
The report criticizes former Secret Service Director Kimberly Cheatle for falsely telling Congress that no asset requests had been denied for the Butler rally by the Secret Service. It also faults the agency for giving agents in advance roles “ill-defined responsibilities.”
Agents failed to communicate critical information about the shooter to Trump’s shift detail, who could have stopped the presidential candidate from stepping onto the stage, according to the report.
There was also a “severe lack of coordination and communication” between agents and state and local law enforcement throughout the event and during its planning, the report states.
“The United States Secret Service failed to act on credible intelligence, failed to coordinate with local law enforcement, and failed to prevent an attack that nearly took the life of a then-former president,” Paul said in a https://www.hsgac.senate.gov/media/reps/chairman-rand-paul-releases-final-report-detailing-secret-service-failures-in-attempted-assassination-of-president-donald-j-trump/
.
“Despite those failures, no one has been fired. And we only know what little discipline was handed out because I issued a subpoena. That’s unacceptable. This was not a single lapse in judgment. It was a complete breakdown of security at every level—fueled by bureaucratic indifference, a lack of clear protocols, and a shocking refusal to act on direct threats.”
Paul said the Senate must hold the Secret Service accountable and ensure that reforms are fully implemented so that the events of July 13, 2024, do not happen again.
The Secret Service is tasked with protecting both current and former presidents and their families, as well as visiting foreign leaders, some other senior officials, and leading candidates in presidential elections.
In a statement to The Epoch Times, current Secret Service Director Sean Curran said the agency has seen the report and will continue “working cooperatively with the committee as [the agency moves] forward with [its] mission.”
“Following the events of July 13, the Secret Service took a serious look at our operations and implemented substantive reforms to address the failures that occurred that day,” Curran said.
“The Secret Service appreciates the continued support of President Trump, Congress, and our federal and local partners who have been instrumental in providing crucial resources needed to support the agency’s efforts.”
The agency also referred to its one-year https://www.secretservice.gov/newsroom/releases/2025/07/us-secret-service-one-year-update-following-july-13-2024-attempted
on the July 13, 2024, Trump assassination attempt. Released last week, the update includes a list of recommendations from Congress, reforms the Secret Service has implemented in response, and a summary of the disciplinary actions taken.
https://cms.zerohedge.com/users/tyler-durden
Mon, 07/14/2025 - 11:05
Russia Blasts Report It Backed Zero Enrichment Iran Nuclear Deal As 'Smear'
Russia Blasts Report It Backed Zero Enrichment Iran Nuclear Deal As 'Smear'
The Russian Foreign Ministry on Sunday blasted an Axios report claiming that President Vladimir Putin told Iranian officials he supports a nuclear agreement that would prohibit Iran from enriching uranium. The report claimed the Kremlin now https://www.zerohedge.com/geopolitical/putin-shifts-iran-stance-now-reports-supports-zero-enrichment-plan-backed-us
for Tehran as a basis for resuming talks.
The report also alleged that Putin conveyed the same stance in talks President Trump and French President Emmanuel Macron. The Iranians themselves were the first to say nothing like this was conveyed to them by Russia.
Russia’s Foreign Ministry called the claims "part of a new political smear campaign" aimed at increasing tensions over Iran's nuclear energy activities.
?itok=SIWgmkHX
"Invariably and repeatedly, we have emphasized the necessity of resolving the crisis concerning Iran's nuclear program exclusively through political and diplomatic means, and expressed our willingness to help find mutually acceptable solutions," the statement read.
Iran’s Tasnim news agency has also cited a top official who said that Tehran had received no communication from Moscow about any proposed deal barring uranium enrichment.
Trump has previously threatened that another strike on Iran remains possible if it resumed its enrichment program.
The Wall Street Journal has also reported that Trump's support for additional Israeli action could be triggered if Iran is perceived to be progressing toward a nuclear weapon - and yet still there's no firm evidence that Tehran is pursuing one.
Both Washington and Tel Aviv have long simply expected the world to 'trust' them when it comes to assertions that Tehran is bent on achieving a bomb.
And yet, the Western public would do well to remember the last time both capitals touted that an Mideast regime possessed WMD and thus posed an 'imminent threat'.
The recent 12-day war involved the US once again using WMD allegations as a pretext to attack a Middle East country, which it should be noted happens to border the other two countries also attacked by Washington: Iraq and Afghanistan.
Meanwhile, Iranian officials insist that negotiations must be accompanied by concrete guarantees that neither the US nor Israel will attack during the diplomatic process; but the reality is that the June surprise attacks happened just as a 'good-faith' negotiating process was unfolding, so Iran will have extreme difficulty trusting Washington ever again.
https://cms.zerohedge.com/users/tyler-durden
Mon, 07/14/2025 - 10:45
Musk Says Tesla Shareholders Will Vote On Investment In xAI At November Meeting
Musk Says Tesla Shareholders Will Vote On Investment In xAI At November Meeting
Elon Musk is urging Tesla shareholders to approve an investment in his AI startup, xAI, marking a move to bring his latest venture under the umbrella of his cash-rich EV company, according to https://fortune.com/2025/07/14/elon-musk-promises-tesla-shareholders-vote-buying-equity-grok-startup-xai/
.
“If it was up to me, Tesla would have invested in xAI long ago,” Musk posted Sunday. “We will have a shareholder vote on the matter.” That vote is expected at Tesla’s long-delayed annual meeting, now set for November.
Musk’s push comes as xAI ramps up spending to compete with OpenAI and Anthropic in the race for artificial general intelligence (AGI). Last week, Musk unveiled the fourth version of xAI’s chatbot, Grok, now being integrated into Tesla vehicles.
Tesla isn’t the first of Musk’s ventures to back xAI. Over the weekend, the Wall Street Journal reported that SpaceX, another Musk-led company, invested $2 billion into xAI, despite limited commercial synergy. Sources said Grok is only used for minor customer support functions at Starlink. Musk appeared to confirm the report.
?itok=2aZq2r-3
Musk has floated a Tesla investment in xAI for months. In July, following Tesla’s previous annual meeting, he ran a social media poll asking if Tesla should invest $5 billion “assuming the valuation is set by several credible outside investors.” About two-thirds of nearly a million respondents agreed. Musk then pledged to bring the idea to Tesla’s board.
xAI’s path to AGI is proving costly. Bloomberg estimates the startup, founded in 2023, could burn through $13 billion this year. Musk dismissed the report as “nonsense” but didn’t elaborate. Two weeks later, xAI raised $10 billion—half of it through debt, a rare move for a high-growth tech startup. Morgan Stanley reportedly helped facilitate the raise, with SpaceX’s $2 billion investment included.
Grok also sparked controversy last week by posting antisemitic content on X, likening itself to “a mechanized version of Adolf Hitler.” Following the backlash, X CEO Linda Yaccarino resigned. xAI later apologized: “We deeply apologize for the horrific behavior that many experienced.”
Tesla’s last high-profile deal involving a Musk-led company was the 2016 SolarCity acquisition for $2.6 billion—criticized as a bailout but ultimately upheld by Delaware courts.
“We believe Tesla making a big investment in xAI is a key step forward,” Wedbush analyst Dan Ives wrote on Monday.
https://cms.zerohedge.com/users/tyler-durden
Mon, 07/14/2025 - 10:10
Key Events This Very Busy Week: CPI, PPI, Retail Sales, Tons Of Fed Speakers And Earnings Season Begins
Key Events This Very Busy Week: CPI, PPI, Retail Sales, Tons Of Fed Speakers And Earnings Season Begins
As trade letters from the US continue to get mailed out, DB's Jim Reid writes that April 2nd has become July 9th which has become August 1st for an ever increasing list of countries. In the early hours of Saturday, Trump’s stationary cupboard was opened again and a letter was sent to the EU and Mexico informing them that they would face 30% tariffs on August 1st. To be fair, a month ago Trump threaten the EU with a 50% tariff so you might argue this is an improvement! The market will generally think this is mostly a negotiating tactic and that we’re unlikely to see such rates. The EU have been measured in their response so far and have extended the suspension of trade countermeasures that were supposed to kick-in tomorrow night. This will now be aligned to the August 1st deadline. So the EU and the market are hoping and expecting diplomacy to win out.
However at some stage, the DB strategist warns that someone’s bluff could be called. Trump is under less pressure to back down with US risk markets around their highs and bond markets relatively stable at the moment. If huge tariffs do get imposed on August 1st, in thin holiday markets, we could get a sizeable market reaction. So the next three weeks of negotiating will be key to restful holidays everywhere.
One thing is certain: much will still depend on the inflation trajectory. If all is calm on this front then we could move on but if we start to see slippage here, then a removal of a Fed Chair could be a big problem, at least initially, for a country with huge twin deficits.
Given the above, this week is important as we see the latest US CPI numbers (tomorrow) with PPI (Wednesday) following. Before we preview these, the other key global releases are the other CPI numbers in Canada (also tomorrow), the UK (Wednesday) and Japan (Friday). In the US, there will also be retail sales (Thursday) and industrial production (Wednesday) reports for June, along with the preliminary University of Michigan survey (Friday) for July. Claims on Thursday corresponds to payroll survey week so it’ll be interesting to see whether the recent improvements continue given the payroll implications. Growth will also be in focus in China, where Q2 GDP and June activity data are out tomorrow. Also important will be the US banks kicking off the Q2 earnings season tomorrow, with semiconductor firms ASML and TSMC also reporting this week.
?itok=_c2M9RJj
Lets now delve into the main upcoming US data, especially the inflation numbers. According to DB's US economists’ preview they expect a +0.9% increase in seasonally adjusted gas prices and solid food inflation to boost the headline CPI (+0.34% forecast vs. +0.08% previous) slightly above that of core (+0.32% vs. +0.13%) which would increase the year-over-year growth rate by three- and two-tenths respectively (to 2.7% and 3.0%), and the three- and six-month annualized rates by 1.1 percentage points (to 2.8%) and three-tenths (to 2.9%), respectively. The economists will be looking mostly at signs of tariff related inflation in the core good categories. Wednesday’s PPI data will also be important for the categories that feed through into core PCE, the Fed’s preferred inflation gauge.
Fed speak will be active after the CPI numbers with a host of appearances so there could be plenty of reaction to the data. See those listed in the day-by-day calendar at the end alongside all the other key events from around the world this week. This includes a G20 finance ministers and central bank governors meeting on Thursday and Friday.
On the start of Q2 earnings, JPMorgan, Wells Fargo and Citi kick off the Q2 earnings season tomorrow. Bank of America, Morgan Stanley and Goldman Sachs will follow on Wednesday. Blackrock, American Express and Charles Schwab will also be among financials reporting. Investors will also focus on messages from results of semiconductor firms ASML (Wednesday) and TSMC (Thursday), with the Philadelphia Semiconductor index now up 15.2% YTD. Other S&P 500 companies reporting this week will include Johnson & Johnson, Netflix, General Electric and PepsiCo. In Europe, notable names include Novartis, Volvo, Sandvik and Saab.
10% of the S&P market cap is set to report on the week (43% of financials market cap). Focus for the banks will be around NII guides given changing rates backdrop (less cuts, steeper curve), improving loan growth, as well as commentary around capital returns post SLR reforms + SCB decline.
According to Goldman, the S&P implied move through next Friday (7/18) is 1.39%.
Finally, watch for headlines out of "Crypto Week" where the House is set to deliberate on a series of crypto bills that aim at providing a clearer regulatory framework for digital assets.
Courtesy of DB, here is a day-by-day calendar of events
Monday July 14
Data: China June trade balance, Japan May core machine orders, capacity utilisation
Central banks: ECB's Vujcic and Cipollone speak
Tuesday July 15
Data: US June CPI, July Empire manufacturing index, China Q2 GDP, June retail sales, industrial production, home prices, Germany July ZEW survey, Eurozone July ZEW survey, May industrial production, Italy May general government debt, Canada June CPI, existing home sales, May manufacturing sales
Central banks: Fed's Bowman, Barr, Collins and Barkin speak, BoE's Bailey speaks
Earnings: JPMorgan Chase, Wells Fargo, Blackrock, Citigroup, Bank of New York Mellon
Wednesday July 16
Data: US June PPI, industrial production, capacity utilisation, July New York Fed services business activity, UK June CPI, RPI, May house price index, Italy May trade balance, Eurozone May trade balance, Canada June housing starts
Central banks: Fed's Beige Book, Fed's Logan, Hammack, Barr, Williams and Barkin speak
Earnings: Johnson & Johnson, Bank of America, ASML, Morgan Stanley, Goldman Sachs, Kinder Morgan, Sandvik, United Airlines, Alcoa
Thursday July 17
Data: US June retail sales, import price index, export price index, July Philadelphia Fed business outlook, NAHB housing market index, May business inventories, total net TIC flows, initial jobless claims, UK May average weekly earnings, unemployment rate, June jobless claims change, Japan June trade balance, Canada May international securities transactions, Australia June labour force survey
Central banks: Fed's Kugler, Daly, Cook and Waller speak
Earnings: TSMC, Netflix, General Electric, Novartis, Abbott Laboratories, PepsiCo, ABB, Interactive Brokers, Elevance Health, Volvo, EQT AB, Evolution
Friday July 18
Data: US July University of Michigan survey, June building permits, housing starts, Japan June national CPI, Germany June PPI, Italy May current account balance, ECB May current account, Eurozone May construction output
Earnings: American Express, Charles Schwab, Schlumberger, Saab
Looking just at the US,
The key economic data releases this week are the CPI report on Tuesday, the retail sales report on Thursday, and the University of Michigan report on Friday. There are several speaking engagements by Fed officials this week, including an event with New York Fed President Williams on Wednesday.
Monday, July 14
There are no major economic data releases scheduled.
Tuesday, July 15
08:30 AM CPI (MoM), June (GS +0.30%, consensus +0.3%, last +0.1%); Core CPI (MoM), June (GS +0.23%, consensus +0.3%, last +0.1%); CPI (YoY), June (GS +2.68%, consensus +2.6%, last +2.4%); Core CPI (YoY), June (GS +2.93%, consensus +2.9%, last +2.8%): We estimate a 0.23% increase in June core CPI (month-over-month SA), which would raise the year-over-year rate by 0.1pp to 2.9%. Our forecast reflects a decline in used car prices (-0.5%) reflecting a decline in auction prices, unchanged new car prices, and a more moderate increase in the car insurance category (+0.3%) based on premiums in our online dataset. We forecast a modest rebound in airfares in June (+1%), though we see meaningful two-sided risk to this component, reflecting a large headwind from seasonal distortions but a large increase in underlying airfares based on our equity analysts’ tracking of online price data. We have penciled in moderate upward pressure from tariffs on categories that are particularly exposed (such as communication, household furnishings, and recreation) worth +0.08pp on core inflation. We expect the shelter components to rebound slightly on net (primary rent +0.25% vs. +0.21% in May; OER +0.27% vs. +0.27%). We estimate a 0.30% rise in headline CPI, reflecting higher food (+0.25%) and energy (+1.2%) prices. Our forecast is consistent with a 0.25% increase in core PCE in June. We will update our core PCE forecast after the CPI is released.
08:30 AM Empire State manufacturing survey, July (consensus -9.6, last -16.0)
09:15 AM Fed Vice Chair for Supervision Bowman speaks: Fed Vice Chair for Supervision Michelle Bowman will give welcoming remarks at the Federal Reserve Board's Second Annual Financial Inclusion Conference. Speech text is expected. On June 23rd, Bowman said that she would “support lowering the policy rate as soon as our next meeting in order to bring it closer to its neutral setting and to sustain a healthy labor market.”
12:45 PM Fed Governor Barr speaks: Fed Governor Michael Barr will deliver a speech on financial inclusion at the Federal Reserve Board's Second Annual Financial Inclusion Conference. Speech text is expected. On June 24th, Barr said that “monetary policy is well positioned” to allow the Fed to “wait and see how economic conditions unfold.” He also added that he expects “inflation to rise due to tariffs,” and that higher short-term inflation expectations, supply chain adjustments, and second-round effects may cause “some inflation persistence.”
01:00 PM Richmond Fed President Barkin (FOMC non-voter) speaks: Richmond Fed President Tom Barkin will deliver the speech “Forecasting Beyond Today's Data” in Baltimore. He previously gave the same speech on June 26th. Speech text and audience Q&A are expected. On July 2nd, Barkin noted that there is no urgency to adjust policy at the moment, as “the numbers on the economy are very solid.”
02:45 PM Boston Fed President Collins (FOMC voter) speaks: Boston Fed President Susan Collins will deliver the closing keynote at the 2025 Economic Measurement Seminar in Washington DC. Speech text is expected. On June 25th, Collins said that she sees “monetary policy as currently well positioned,” and that she favors “a careful, patient, and highly attentive approach” as the implications of tariffs and other changes in government policies are assessed. She also indicated that her baseline outlook is to resume lowering the fed funds rate later in the year.
07:45 PM Dallas Fed President Logan (FOMC non-voter) speaks: Dallas Fed President Lorie Logan will deliver remarks and speak about the economy in an event hosted by the World Affairs Council of San Antonio. Speech text and audience Q&A are expected. On June 2nd, Logan said that risks on both sides of the dual mandate appear “fairly balanced,” leaving the Fed well positioned “to wait for the data” and “to be patient.”
Wednesday, July 16
08:00 AM Richmond Fed President Barkin (FOMC non-voter) speaks: Richmond Fed President Tom Barkin will repeat the speech “Forecasting Beyond Today's Data” in Westminster, Maryland. Speech text and audience Q&A are expected.
08:30 AM PPI final demand, June (GS +0.1%, consensus +0.2%, last +0.1%); PPI ex-food and energy, June (GS +0.1%, consensus +0.2%, last +0.1%); PPI ex-food, energy, and trade, June (GS +0.1%, consensus +0.2%, last +0.1%)
09:15 AM Industrial production, June (GS flat, consensus +0.1%, last -0.2%): Manufacturing production, June (GS -0.1%, consensus flat, last +0.1%); Capacity utilization, June (GS 77.3%, consensus 77.4%, last 77.4%): We estimate industrial production was unchanged in June, as strong electricity production balanced weak auto production. We estimate capacity utilization declined slightly to 77.3%.
09:15 AM Cleveland Fed President Hammack (FOMC non-voter) speaks: Cleveland Fed President Beth Hammack will speak at the Corporate College 20th Anniversary Celebration Business Breakfast at Cuyahoga Community College. Speech text is expected. On June 24th, Hammack said that, despite recent progress, the Fed still has “some distance to go” before reaching its inflation target. She indicated that “it may well be the case that policy remains on hold for quite some time before the Committee initiates very modest cuts to return policy to a neutral setting.”
10:00 AM Fed Governor Barr speaks: Fed Governor Michael Barr will speak at a Brookings event on financial regulation. Speech text and moderated and audience Q&A are expected.
02:00 PM Beige Book, July meeting period: The Fed’s Beige Book is a summary of regional economic anecdotes from the 12 Federal Reserve districts. The Beige Book for the June FOMC meeting period noted that economic activity had declined slightly since April, with six districts reporting “slight to moderate declines” in activity, three districts reporting “no change” in activity, and the remaining three districts reporting “slight growth.” It also noted that all districts reported “elevated levels” of economic and policy uncertainty. In line with the previous report, the outlook remained slightly pessimistic and uncertain, as a few districts anticipated a deterioration but a few others anticipated an improvement in economic conditions. In this month's Beige Book, we look for anecdotes related to the evolution of policy uncertainty and firms' expectations for the pass-through of tariff-related costs to consumer prices.
05:30 PM New York Fed President Williams (FOMC voter) speaks: New York Fed President John Williams will give keynote remarks on the economic outlook and monetary policy at an event hosted by the New York Association for Business Economics. On June 24th, Williams noted that it is “entirely appropriate” to maintain “a modestly restrictive stance of monetary policy” while assessing the full impact of policy changes on the labor market and inflation. He also indicated that he expects real GDP growth to “slow considerably from last year's pace” as a result of uncertainty, tariffs, and reduced immigration.
Thursday, July 17
08:30 AM Retail sales, June (GS flat, consensus +0.1%, last -0.9%); Retail sales ex-auto, June (GS +0.2%, consensus +0.3%, last -0.3%); Retail sales ex-auto & gas, June (GS +0.2%, consensus +0.3%, last -0.1%); Core retail sales, June (GS +0.4%, consensus +0.3%, last +0.4%); We estimate core retail sales increased: 0.4% in June (ex-autos, gasoline, and building materials; month-over-month SA). Our forecast reflects mixed measures of card spending but a potential boost from spending around the Juneteenth holiday. We estimate headline retail sales were unchanged, reflecting sharply lower auto sales.
08:30 AM Import price index, June (consensus +0.3%, last flat)
08:30 AM Initial jobless claims, week ended July 12 (GS 237k, consensus 233k, last 227k): Continuing jobless claims, week ended July 5 (consensus 1,965k, last 1,965k)
08:30 AM Philadelphia Fed manufacturing index, July (GS -1.0, consensus -1.0, last -4.0)
10:00 AM Business inventories, May (consensus flat, last flat)
10:00 AM NAHB housing market index, July (consensus 33, last 32)
10:00 AM Fed Governor Adriana Kugler speaks: Fed Governor Adriana Kugler will speak on housing and the US economic outlook at an event hosted by the Housing Partnership Network Symposium. Speech text is expected. On June 5th, Kugler said that she sees “greater upside risks to inflation at this juncture and potential downside risks to employment and output growth down the road,” leading her to “support maintaining the FOMC's policy rate at its current setting if upside risks to inflation remain.”
12:45 PM San Francisco Fed President Daly (FOMC non-voter) speaks: San Francisco Fed President Mary Daly will appear on Bloomberg TV from the Rocky Mountain Economic Summit in Victor, Idaho. On July 10th, Daly said that she sees two interest rate cuts by the end of the year as “a likely outcome.” She also noted that there is a greater chance that the price effects from tariffs may be more limited than anticipated, as “businesses find ways to adjust” to higher costs.
01:30 PM Fed Governor Lisa Cook speaks: Fed Governor Lisa Cook will speak on AI and innovation at the NBER Summer Institute. Speech text and moderated Q&A are expected. On June 3rd, Cook noted that the economy is still in “a solid position” but “heightened uncertainty due to changes in trade policy poses risks to both price stability and unemployment.” She added that “monetary policy will need to carefully balance our dual mandate goals.”
06:30 PM Fed Governor Christopher Waller speaks: Fed Governor Christopher Waller will speak on the US economic outlook and monetary policy at the Money Marketeers of NYU. Speech text and moderated and audience Q&A are expected. On July 10th, Waller said that the Fed “could consider cutting the policy rate in July.” He also noted that the Fed should continue shrinking the size of its balance sheet, as bank reserves are currently above an “ample” level. On June 20th, Waller noted that policy had been “on pause for six months to wait and see, and so far the data has been fine.”
Friday, July 18
08:30 AM Housing starts, June (GS +2.0%, consensus +3.1%, last -9.8%) ; Building permits, June (consensus -0.5%, last -2.0%)
10:00 AM University of Michigan consumer sentiment, July preliminary (GS 61.5, consensus 61.4, last 60.7); University of Michigan 5-10-year inflation expectations, July preliminary (GS 3.9%, consensus 4.0%, last 4.0%)
Source: DB, Goldman
https://cms.zerohedge.com/users/tyler-durden
Mon, 07/14/2025 - 10:00
As Bitcoin Tops $123k, 'Satoshi Nakamoto' Becomes World's 11th Richest Person
As Bitcoin Tops $123k, 'Satoshi Nakamoto' Becomes World's 11th Richest Person
Overnight saw bitcoin prices top $123,000 - a new record high...
?itok=sRrBZU5J
...pushing it above AMZN as the 5th largest asset class on earth...
?itok=Z1sGDd6j
Steady BTC network activity adds to its bullish case
analyst Axel Adler Jr. said that Bitcoin’s network is gradually increasing usage without signs of profit-taking or panic.
Daily average transactions climbed from 340,000 to 364,000 over the past two days, but remain below the 530,000–666,000 peaks seen during its previous market tops. Adler explained that this reflects a composed market environment and said,
“There are no signs of active coin selling in the market. This strengthens both the fundamental and technical bullish signal.”
📊MARKET UPDATE: Daily https://twitter.com/hashtag/Bitcoin?src=hash&ref_src=twsrc%5Etfw
— Cointelegraph Markets & Research (@CointelegraphMT) https://twitter.com/CointelegraphMT/status/1943667454242349386?ref_src=twsrc%5Etfw
Meanwhile, Cointelegraph https://cointelegraph.com/news/bitcoin-price-likely-to-hit-dollar130k-before-serious-profit-taking-kicks-in
these wallets now hold 250,000 BTC, the highest level of 2024. The 30-day demand has jumped 71%, up from 148,000 BTC in late June, reflecting renewed conviction among long-term buyers.
?itok=mg9sy0Iy
Bitcoin’s creator, Satoshi Nakamoto, became the 11th richest person in the world after Bitcoin tapped $120,000 on Sunday.
https://cointelegraph.com/news/satoshi-nakamoto-11th-richest-billionaire-bitcoin-holdings
to blockchain analytics company Arkham.
This would, in theory, place Nakamoto at number 11 on Forbes’ richest billionaires list, https://www.forbes.com/real-time-billionaires/#27750b413d78
Michael Dell, CEO of tech giant Dell Technologies, with a net worth of $125.1 billion.
However, Forbes’ billionaires list doesn’t consider https://cointelegraph.com/explained/crypto-wallets-explained
holdings when evaluating billionaires; instead, it tracks individuals’ publicly verifiable holdings, such as stocks.
?itok=CzYSUZ7S
Source: https://x.com/arkham/status/1943725204955340818
Path for Nakamoto to become number 1
Bitcoin crossed just over $120,000 on Monday, https://cointelegraph.com/news/btc-hits-new-all-time-high-119k
; however, it still isn’t quite high enough for Nakamoto to take the top spot on the Forbes billionaire list.
https://cointelegraph.com/news/elon-musk-confirms-new-america-party-will-embrace-bitcoin
, the tech entrepreneur and CEO of SpaceX and Tesla, is ranked as the richest billionaire in the world on Forbes’ list, with a net worth of over $404 billion.
?itok=R1ZLp_D2
Elon Musk is currently the top-ranked billionaire with a fortune of over $404 billion. Source: https://www.forbes.com/real-time-billionaires/#27750b413d78
Larry Ellison, co-founder of software company Oracle, is second on the list with a fortune estimated to be $274 billion. Meta CEO Zuckerberg rounds out the top three with $274 billion to his name.
Bitcoin would need to spike another 208% to hit $370,000 for Nakamoto to take the top spot, but only if the other billionaires’ net worths are unchanged.
Nakamoto could keep climbing
In a June 2 post on X, Bloomberg analyst Eric Balchunas https://x.com/EricBalchunas/status/1929513206176752029
that Nakamoto could become at least the second-richest billionaire by the end of 2026.
He said that if Bitcoin does its “normal 50%/ann,” then Nakamoto will likely climb to number two “sometime next year-ish.”
“It’s fascinating to ponder that the founder of something so successful never cashed in. It echoes Jack Bogle in that regard,” Balchunas added.
?itok=iuNfI9at
Source: https://x.com/EricBalchunas/status/1929513206176752029
John “Jack” Bogle, the founder and chief executive of The Vanguard Group, died in 2019 with a reported net worth of $80 million, when most of his peers were billionaires.
On Thursday, 10x Research head https://cointelegraph.com/news/bitcoin-price-traders-not-prepared-surge-september-analyst-forecasts
there’s a 60% chance for Bitcoin to register a 20% gain in the next two months and hit $133,000 in September.
In May, Bitwise chief investment officer Matt Hougan https://cointelegraph.com/news/bitcoin-supply-crunch-boosts-confidence-200k-target-2025-bitwise-cio
that he thinks Bitcoin could hit $200,000 by the end of 2025, driven by a supply shock from surging institutional demand.
Meanwhile, BitMEX co-founder Arthur Hayes https://cointelegraph.com/magazine/bitcoiner-arthur-hayes-doesnt-care-btc-price-predictions-wrong/#:~:text=Hayes%20holding%20strong%20on%20%24250%2C000,drawdown%20on%20the%20way%20there.
would hit $250,000 by the end of the year.
How do other Bitcoin whales stack up against Nakamoto
Nakamoto holds more Bitcoin than anyone else by a significant margin. Corporations and custodians hold 847,000 total, or 4% of Bitcoin’s capped supply, https://bitbo.io/news/corporate-bitcoin-holdings-q2-2025/
to BiTBO.
A small group of individuals also has an https://cointelegraph.com/news/bitcoin-rich-list-2025
. The Winklevoss twins, the founders of crypto exchange Gemini, are estimated to hold about 70,000.
Tim Draper, a venture capitalist and early Bitcoin backer, holds around 30,000, which he bought at a 2014 US Marshals auction. Strategy co-founder Michael Saylor also has a private stash outside his company’s holdings of around 17,732.
https://cms.zerohedge.com/users/tyler-durden
Mon, 07/14/2025 - 09:45
Trump Says He Spoke To Bongino Amid Reports of Infighting Over Epstein Files
Trump Says He Spoke To Bongino Amid Reports of Infighting Over Epstein Files
President Donald Trump said he spoke to FBI Deputy Director Dan Bongino on July 13, indicating that the two remain close despite reported friction over the release of the Jeffrey Epstein documents.
“I spoke to him today. Dan Bongino is a very good guy. I’ve known him a long time,” Trump told reporters outside Air Force 1. “He’s in good shape.”
The comments come after Axios https://www.axios.com/2025/07/11/epstein-files-dan-bongino-pam-bondi-trump
on July 11 that Bongino—previously a conservative commentator who had long pressed for answers about Epstein’s 2019 death and operation—skipped work on Friday due to disagreements with Attorney General Pam Bondi’s handling of the matter.
?itok=-D-Ht3G9
Laura Loomer, a political commentator close to the president, also https://x.com/LauraLoomer/status/1943673916817346656
on Bongino’s absence from work last week, similarly referencing disagreements between Bongino and Bondi.
Trump on July 12 told his supporters not to continue looking into the circumstances surrounding the billionaire’s death.
“What’s going on with my ‘boys’ and, in some cases, ‘gals?’” Trump said in a July 12 https://truthsocial.com/@realDonaldTrump/posts/114842356238631061
on social media platform Truth Social.
“They’re all going after Attorney General Pam Bondi, who is doing a FANTASTIC JOB! We’re on one Team, MAGA, and I don’t like what’s happening.
“We have a PERFECT Administration, THE TALK OF THE WORLD, and ‘selfish people’ are trying to hurt it, all over a guy who never dies, Jeffrey Epstein.”
He added, “One year ago our Country was DEAD, now it’s the ‘HOTTEST’ Country anywhere in the World. Let’s keep it that way, and not waste Time and Energy on Jeffrey Epstein, somebody that nobody cares about.”
Epstein’s case has been intensely scrutinized online for years following his 2019 death in federal custody while awaiting prosecution on charges of engaging in a multiyear conspiracy to sex traffic minors.
The billionaire was reported to have hung himself in his cell, but given his connections with many high-ranking officials and celebrities, many have speculated whether Epstein was murdered. The nature of Epstein’s operation, involving sexual exploitation of over one thousand victims, many of whom were minors, has also been scrutinized.
At a July 8 Cabinet meeting, a reporter asked Bondi to address a claim that Epstein had been some form of intelligence community asset.
“I have no knowledge about that,” she said. “We can get back to you on that.”
During that Cabinet meeting, Bondi also said a missing minute from a jail surveillance tape on the night Epstein died was a normal circumstance due to a routine technical artifact in the camera system, as the video is reset every night at 12 a.m.
Trump suggested that nothing in the Epstein files “could have hurt the MAGA Movement.”
On July 7, the Department of Justice and FBI released a https://s3.documentcloud.org/documents/25992101/epstein.pdf
stating that Jeffrey Epstein committed suicide and had no “client list,” and that the agencies would not release any further material related to the Epstein case.
“As part of our commitment to transparency, the Department of Justice and the Federal Bureau of Investigation have conducted an exhaustive review of investigative holdings relating to Jeffrey Epstein,” the agencies stated in the memo.
The review found that Epstein committed suicide in his cell as he was awaiting trial in August 2019. This concurs with an autopsy conducted at the time.
“The conclusion that Epstein died by suicide is further supported by video footage from the common area of the Special Housing Unit (SHU) where Epstein was housed at the time of his death,” the memo reads.
The review found that Epstein did not keep a list of clients as part of his sex trafficking activities. Additionally, there is no evidence that Epstein blackmailed individuals, according to the memo.
Nonetheless, according to the review, Epstein “harmed over one thousand victims” as “each suffered unique trauma.”
https://cms.zerohedge.com/users/tyler-durden
Mon, 07/14/2025 - 09:25
Lawsuit Incoming: AOC Directly Calls Trump A "Rapist"
Lawsuit Incoming: AOC Directly Calls Trump A "Rapist"
https://modernity.news/2025/07/12/lawsuit-incoming-aoc-directly-calls-trump-a-rapist
Marxist Democrat Alexandra Ocasio Cortez could face a libel lawsuit and be liable for millions of dollars after directly branding President Trump a “rapist” in a X post.
?itok=ayTGpRwM
Continuing the trend of Democrats suddenly caring about the Jeffrey Epstein case after four years in power doing nothing, AOC wrote the following…
“Wow who would have thought that electing a rapist would have complicated the release of the Epstein Files?”
Wow who would have thought that electing a rapist would have complicated the release of the Epstein Files?
— Alexandria Ocasio-Cortez (@AOC) https://twitter.com/AOC/status/1943736675877658637?ref_src=twsrc%5Etfw
Wow indeed.
The last time someone branded Trump a “rapist,” he sued them and settled for $15 million plus a million more in legal costs.
Welp. https://t.co/271IM4KDrx
— Western Lensman (@WesternLensman) https://twitter.com/WesternLensman/status/1943749035426505185?ref_src=twsrc%5Etfw
In that case, anchor George Stephanopulous, who claimed Trump was convicted of rape during a broadcast, had backing from ABC News.
If Trump is a rapist, then surely he was convicted of rape in a criminal court and you have evidence of that conviction right?
If not, then this is defamation, and the ABC case that resulted in a $15M payment to Trump is precedent that puts you in legal jeopardy.
— Shawn Farash (@Shawn_Farash) https://twitter.com/Shawn_Farash/status/1943740481327833093?ref_src=twsrc%5Etfw
She’s used to slandering anyone she likes in Congress.
You realize your X account doesn't carry the same protections to defame people that you enjoy during congressional proceedings? https://t.co/mwHcxiZGvv
— Bonchie (@bonchieredstate) https://twitter.com/bonchieredstate/status/1943756645302993116?ref_src=twsrc%5Etfw
None of them really care about transparency in the Epstein case and never have.
4 posts. None during the Biden administration. https://t.co/PBkElGcUSd
— Magills (@magills_) https://twitter.com/magills_/status/1943746581661921373?ref_src=twsrc%5Etfw
Its just more rampant TDS.
This is a LIE and I hope Trump sues you into oblivion. You are despicable. https://t.co/lhFQV0Ib3f
— Juanita Broaddrick (@atensnut) https://twitter.com/atensnut/status/1943763411877167328?ref_src=twsrc%5Etfw
You'd think AOC would be in favour of grabbing the means of reproduction. https://t.co/bzHwSt7x32
— The Artist Formerly Known (@aresteanu) https://twitter.com/aresteanu/status/1943745947780976643?ref_src=twsrc%5Etfw
Should Trump send your defamation subpoena to the Bronx or Yorktown Heights?
— Based Bandita (@MissVega8888) https://twitter.com/MissVega8888/status/1943740121796288745?ref_src=twsrc%5Etfw
AOC could find herself visiting court fairly regularly in the near future.
Tom Homan, serving as Border Czar in the Trump administration, https://thehill.com/video/tom-homan-says-aoc-is-under-investigation-over-employing-alleged-illegal-immigrant-rising/10853674/
that AOC is under federal investigation for allegedly employing an undocumented immigrant on her congressional staff, raising questions about potential violations of immigration laws amid their ongoing public disputes over enforcement policies.
NEW: Border Czar Tom Homan Announces AOC Now Under Federal Investigation for Employing Illegal Alien on Her Staff and Helping Other Illegals Evade ICE | Cullen Linebarger, The Gateway Pundit
AOC is officially in serious hot legal water with the Trump Administration for her open… https://t.co/OwlWIc6KPm
— Owen Gregorian (@OwenGregorian) https://twitter.com/OwenGregorian/status/1940369656990027892?ref_src=twsrc%5Etfw
* * *
Your support is crucial in helping us defeat mass censorship. Please consider donating via https://pauljosephwatson.locals.com/support
.
https://cms.zerohedge.com/users/tyler-durden
Mon, 07/14/2025 - 08:50
https://www.zerohedge.com/political/lawsuit-incoming-aoc-directly-calls-trump-rapist
Trump Likely To Announce "Aggressive" US Arms Transfer To Ukraine
Trump Likely To Announce "Aggressive" US Arms Transfer To Ukraine
As if the Big Beautiful Bill's spending increases, the bombing of Iran, mixed signals on immigration and the suppression of the Epstein files weren't enough to infuriate Trump voters, now comes news that President Trump is going to announce what a top DC warmonger calls an "aggressive" transfer of offensive weapons to Ukraine. Under the novel arrangement, European countries are supposedly going to foot the bill.
Last week, the administration https://www.zerohedge.com/geopolitical/trump-makes-arms-ukraine-u-turn-days-after-pentagon-halts-delivery
about the depletion of America's own arsenal were being given a hasty green light after all. Trump broke the news on Monday after last week's "disappointing" phone call with President Putin, telling reporters he would send “more weapons” to Ukraine. Critically, Trump had emphasized that these would be "defensive weapons primarily."
The CIA Director smirks and exhales like a man watching his plan fall perfectly into place as Trump rolls out yet another round of weapons for Ukraine.
John Ratcliffe’s face says it all,this was the plan all along.
The Deep State hasn’t lost an ounce of control, and Trump is… https://t.co/DMwQ7HYBLz
— Richard (@ricwe123) https://twitter.com/ricwe123/status/1942621732939972995?ref_src=twsrc%5Etfw
Now, two sources tell https://www.axios.com/2025/07/14/trump-ukraine-weapons-missiles-russia
.
While MAGA nation and libertarian-minded Trump voters will be disgusted, it's like a second Christmas in a month for Graham. First delighted by Trump's decision to engage the US military in Israel's war on Iran, long-time Ukraine-meddler Graham is now enthusing over Trump's new escalation. "The game...is about to change," said Graham in a Sunday appearance on Face the Nation. "I expect in the coming days you will see weapons flowing at a record level...[and] there will be tariffs and sanction available to President Trump he's never had before."
Lindsey Graham says in the coming days, Trump will unleash weapons to Ukraine "at a record level," along with enacting unprecedented sanctions against Russia https://t.co/gJfr7669WC
— Michael Tracey (@mtracey) https://twitter.com/mtracey/status/1944459267869720627?ref_src=twsrc%5Etfw
The transaction is expected to be announced Monday when Trump meets with NATO Secretary General Mark Rutte. This time around, European countries are expected to pay for American weapons bound for Ukraine. "Basically, we are going to send them various pieces of very sophisticated military [equipment]. They're going to pay us 100% for them," Trump told reporters on Sunday. "As we send equipment, they're going to reimburse us."
The new arrangement sprang from a suggestion made by Ukrainian President Volodymyr Zelensky at a NATO summit in late June. Striking an exceedingly Trump-like tone, an unnamed US official told Axios, "Zelensky came like a normal human being, not crazy, and was dressed like a somebody that should be at NATO. He had a group of people with him that also seemed not crazy. So they had a good conversation."
Trump says the US will spend nothing on upcoming weapons for Ukraine
'The European Union is paying for it... as it should’ve been'
'We’re not paying anything for it' https://t.co/CVMolBZFeR
— RT (@RT_com) https://twitter.com/RT_com/status/1944637360601239644?ref_src=twsrc%5Etfw
Trump was reportedly angered by his July 3 phone call with Putin, in which the Russian president made clear his intention to escalate the war. Sure enough, that very night Russia launched an apparently record-setting https://www.zerohedge.com/geopolitical/russian-drones-missiles-rained-down-kyiv-one-wars-most-devastating-attacks-yet
on Ukraine - said to be among the largest since the war began.
According to the new report, Western and Ukrainian officials are hoping an infusion of weapons will alter Putin's calculus about his war aims and terms for a ceasefire if not an end to it.
?itok=68p296Vy
During his 2024 campaign, https://www.cnn.com/2025/04/25/politics/fact-check-trump-ukraine-war
, variously claiming that he would get it "settled before I even become president" or, at worst, "within 24 hours" of doing so. Now, nearly 6 months into his term, Trump is about to pour more weapons into the 3 1/2-year old war.
In doing so, Trump gives us yet another illustration of https://x.com/ThomasEWoods/status/851074315047063554
' Law #3: "No matter whom you vote for, you always wind up getting John McCain."
Trump just keeps saying "FUCK MAGA"
- No Epstein files
- Amnesty proposed
- Ukraine Weapons continue
- Higher spending
LOLOLOL What else?
— Conservative (@Conservative1AZ) https://twitter.com/Conservative1AZ/status/1942401983102738565?ref_src=twsrc%5Etfw
https://cms.zerohedge.com/users/tyler-durden
Mon, 07/14/2025 - 08:30
https://www.zerohedge.com/geopolitical/trump-announce-aggressive-us-arms-transfer-ukraine
US Futures Drop, Europe Slides, Bitcoin Soars On Tariff Risks As CPI, Earnings Loom
US Futures Drop, Europe Slides, Bitcoin Soars On Tariff Risks As CPI, Earnings Loom
US equity futures are lower, although well off session lows, and European stocks slumped after Trump’s weekend threat to slap 30% tariffs on EU and Mexico, providing a test for markets that were recently at record highs. With global yields blowing out, as German and Japanese long-dated bonds slumped as traditional safe havens were ignored, amid the risk-off tone the only flight to safety today are cryptocurrencies and precious metals, with Bitcoin surging to a new record high of $122,000 while silver rose above $39 for the first time since 2011. As of 8:00am ET, S&P and Nasdaq futures are down 0.3% after Trump said the tariff rates will kick in on Aug. 1 if the EU and Mexico can’t negotiate better terms, and investors will need to make the call on whether he’s going to follow through this time, with Mag 7 names mostly lower premarket with NVDA/TSLA in the green. Semis are also under pressure and cyclicals and defensives are mixed, pointing to a choppy session. The Treasury yield curve is seeing a slight bear steepening while the USD is flat. Commodities are stronger across all 3 complexes with crude, nat gas and silver the standouts. A flurry of economic data is in focus this week, with CPI due on Tuesday and PPI on Wednesday plus the unofficial start to earnings season with all the big banks reporting.
?itok=zsIv9gFc
In premarket trading, Mag 7 stocks are mixed (Tesla +2.7%, Nvidia +0.5%, Meta -0.2%, Alphabet -0.5%, Amazon -0.5%, Microsoft -0.5%, Apple -1%).
Cryptocurrency-exposed stocks including Coinbase (COIN), Strategy (MSTR) and Galaxy Digital (GLXY) rise as Bitcoin extends its record-breaking rally.
Intapp (INTA) falls 3.1% as Barclays cuts to underweight from equal-weight after trimming 2026 revenue estimates for the application software company.
Boeing Co. and General Electric Co. edged higher after investigators said that they found no evidence so far that would require them to take action following last month’s Air India jetliner crash.
Autodesk (ADSK) rises 6% after the software company said it is allocating its capital to organic investment, targeted and tuck-in acquisitions, and continuing its share repurchase program as its free cash flow grows.
Intapp (INTA) falls 3% as Barclays cuts to underweight, trimming 2026 revenue estimates for the software services company.
Kenvue Inc. (KVUE) rises 4% after the maker of Neutrogena and Listerine brands appointed director Kirk Perry as interim CEO effective immediately. The company also said it’s advancing an ongoing comprehensive review of strategic alternatives.
Stitch Fix (SFIX) gains 7% after William Blair upgraded the personal styling company to outperform, positive on changes made at the company under CEO Matt Baer.
Ultragenyx Pharmaceutical (RARE) falls 4% after the FDA rejected the company’s application for its gene therapy for a brain disorder, citing chemistry, manufacturing and controls issues. Analysts note the approval delay as disappointing.
Waters Corp. (WAT) slips 5% after Waters and Becton’s Biosciences & Diagnostic Solutions business are set to combine in a Reverse Morris Trust transaction valued at about $17.5 billion.
In corporate news, Synopsys secured China’s approval to buy out Ansys for $35 billion, while Elon Musk said Tesla plans to poll shareholders on whether to invest in xAI. Nvidia CEO Jensen Huang said the US government doesn’t need to be concerned that the Chinese military will use his company’s products to improve their capabilities. Fastenal is set to report earnings before the market opens. Improved pricing, market share gains and stabilizing short-cycle industrial markets should support accelerated top-line and earnings growth, according to Bloomberg Intelligence. Jane Street has deposited 48.4 billion rupees ($564 million) in an escrow account to comply with an order from India’s securities regulator, part of an ongoing probe into allegations of market manipulation by the US trading giant. Partners Group is selling a large asset in its buyout portfolio to a consortium led by its own infrastructure division.
The week's data will be key to rate-cut expectations and “could set the tone for the direction of the Fed and risk sentiment for the second half of the year,” according to CreditSights. Meanwhile, Trump seized upon a new way to criticize Jerome Powell’s leadership of the Fed: his handling of an expensive renovation of the central bank’s headquarters.
Elsewhere, RBC lifted its S&P 500 year-end target to 6,250 from 5,730, though remains neutral on stocks for the second half, expecting choppy conditions. As reported previously, Goldman strategists expect the S&P 500 to rise by 10% to 6,900 over the next 12 months, implying a P/E multiple on forward consensus earnings of 22 times.
Strategists are also getting worried about earnings. Wall Street is bracing for the weakest season since mid-2023, and are a key source of uncertainty for Goldman clients. Still, earnings revisions are showing a big dispersion between sectors, which creates an opportunity for stock picking, Morgan Stanley’s Michael Wilson said. Key themes include the impact of tariffs and a weaker dollar, and AI-related spending.
Trump’s weekend threat to impose 30% tariffs on the European Union and Mexico is testing market resilience, following a series of escalated trade measures against multiple partners. While traders largely view them as a bargaining tactic and expect final tariffs to be softer, the moves have injected uncertainty just as the S&P 500 was trading near record highs. Elsewhere, Bloomberg reported that the EU is preparing to step up its engagement with other countries hit by Trump’s tariffs following a slew of new threats to the bloc and other US trading partners. Thailand is weighing allowing zero-duty market access for more US goods to help persuade the Trump administration to lower a threatened 36% tariff on its exports.
“The market will generally think this is mostly a negotiation tactic,” noted Deutsche Bank AG strategist Jim Reid. “However, at some stage someone’s bluff could be called. If huge tariffs do get imposed on Aug. 1, in thin holiday markets, we could get a sizable market reaction.”
US inflation figures due on Tuesday is expected to show faster price growth as companies began passing on higher import costs. Alongside retail sales, industrial production and consumer sentiment figures later in the week, the data could test the Federal Reserve’s wait-and-see stance on interest rate cuts. Swaps are still pricing in nearly two quarter-point reductions this year, with a likelihood of around 60% for a first cut in September.
“It is important to note that investors are already pricing in rate cut expectations,” noted Linh Tran, market analyst at XS.com. “If the data points to stronger-than-expected inflationary pressures or a tight labor market, the Fed may be forced to delay rate cuts — potentially triggering a valuation shock for equity markets.”
Meanwhile, Trump again repeated his criticism of Fed Chair Jerome Powell late on Sunday, saying it would be a “good thing” if the central banker stepped down. Deutsche Bank strategist George Saravelos said the potential dismissal of Powell is a major and underpriced risk that could trigger a selloff in the US dollar and Treasuries.
In Europe, major markets are mostly lower with UK leading and Germany lagging after President Donald Trump dials up trade tensions by announcing a 30% tariff on goods from the European Union. Healthcare shares are among the biggest sector gainers, while technology and auto are the biggest laggards. In individual stocks, Hermes falls after Jefferies downgrades to hold after seeing a lack of major growth for the luxury goods maker. The UK's FTSE 100 rose 0.3%, outperforming its European peers that have struggled after Trump threatened the EU with a 30% tariff rate. The Stoxx 50 falls 0.6%. UK equities also benefited from increased bets on interest rate cuts by the Bank of England after Governor Bailey hinted at bigger reductions if the jobs market deteriorates more quickly than the central bank expects. Bailey’s remarks also boosted gilts, most notably at the short-end. UK two-year yields fall 5 bps to 3.81%. Cable dips 0.1% The EU is said to contact other US allies that are tariff targets per BBG, flagging the potential for a coordinated response to the US. Momentum is leading, Cyclicals/Vol are lagging; Growth over Value. UKX +0.4%, SX5E -0.6%, SXXP -0.3%, DAX -0.7%. CSI +0.1%, HSI +0.3%, NKY -0.3%, ASX -0.1%, KOSPI +0.8%.
Earlier in the session, Asian stocks were mixed with China/HK leading and HSTECH was higher but remains in a 2.5 month-long range.
In FX, the Bloomberg Dollar Spot Index adds 0.1% while the yen is the strongest of the G-10 currencies, rising 0.1% against the greenback. The Swedish krona is the weakest with a 0.5% fall.
In rates, treasuries edged lower, with US 10-year yields rising 1 bp to 4.42%. The big overnight bond movers were in Japan and Germany...
GERMAN 30-YEAR YIELD RISES 3BPS TO 3.254%, HIGHEST SINCE 2023
*JAPAN 30-YEAR BOND YIELD RISES 10.5 BASIS POINTS TO 3.145%
... The yield on Japan’s long-term bonds moved sharply higher amid signs of thin liquidity and increasing worries about higher government spending that may spread to other countries. Regarding supply in the US, Treasury coupon auctions are on hiatus until 20-year bond reopening on July 23; investment-grade corporate new issue calendar is blank thus far but expected to feature big-bank offerings later in the week after 2Q results start being reported Tuesday
In commodities, oil prices advance, with WTI rising 1% and above $69 a barrel. Spot gold climbs $10 to around $3,365/oz. Bitcoin rises to another record above $122,000.
Today's US economic calendar is blank and no Fed speakers for Monday; ahead this week are June CPI, PPI and retail sales.
Market Snapshot
S&P 500 mini -0.3%
Nasdaq 100 mini -0.3%
Russell 2000 mini -0.3%
Stoxx Europe 600 -0.3%
DAX -0.7%
CAC 40 -0.4%
10-year Treasury yield +1 basis point at 4.42%
VIX +1 points at 17.36
Bloomberg Dollar Index little changed at 1200.07
euro little changed at $1.1685
WTI crude +0.8% at $69.01/barrel
Top Overnight News
US President Trump sent trade letters to the EU and Mexico announcing 30% tariffs from August 1st which would be separate from sectoral tariffs.
The US will send more Patriot air-defense batteries to Ukraine, Trump said, reversing his halt to new weapons deliveries since the start of his second term. He’s scheduled to meet NATO chief Mark Rutte later today. BBG
White House insiders insist the tariffs will take effect on 8/1 without any further delays. Politico
UK businesses are scaling back hiring for jobs set to be affected by AI, McKinsey analysis found. More broadly, UK hiring plunged at the fastest pace in almost two years last month, KPMG data showed. BBG
The EU plans to step up engagement with other countries hit by the US levies, people familiar said, but paused countermeasures to allow more time for talks. BBG
China’s biotech advance has been as ferocious as the nation’s breakthrough efforts in AI and EVs, eclipsing the EU and catching up to the US. The number of novel drugs in China – for cancer, weight loss and more – entering into development ballooned to over 1,250 last year, far surpassing the EU and nearly catching up to the US count of about 1,440. BBG
Amazon’s Prime Day sale helped boost online spending across all US retailers by a larger-than-estimated 30.3% to $24.1 billion. BBG
China’s exports grew at a faster clip in June, topping market expectations as trade tensions with the U.S. eased following a round of bilateral talks. June trade numbers came in ahead of expectations, including exports (+5.8% vs. the Street +5%) and imports (+1.1% vs. the Street +0.3%). WSJ
The yield on Japan’s long-term bonds moved sharply higher amid signs of thin liquidity and increasing worries about higher government spending that may spread to other countries. BBG
India’s wholesale prices for June undershot the consensus and fell into deflationary territory (they came in at -0.13% M/M vs. the Street +0.52%). BBG
Tariffs/Trade
President Trump sent a trade letter to the EU announcing 30% tariffs from August 1st which would be separate from sectoral tariffs.
Trump commented that the EU is talking to the US and wants to open up their countries.
White House Economic Adviser Hassett said President Trump has seen some outlines of proposed trade deals and thinks they need to do better, while he added that these tariffs are real if Trump gets proposals that he doesn’t think are good enough.
Trump said it would be a good thing if Fed Chair Powell quits and said that Powell should resign immediately, while he repeated criticism that Powell is too late.
White House Economic Adviser Hassett said the Fed has a lot to answer for on renovation cost overruns and if there is cause to fire Fed Chair Powell, President Trump has the authority to do so.
UK's King Charles will host US President Trump for a state visit from September 17th to 19th.
European Commission President von der Leyen said imposing 30% tariffs on EU exports would disrupt the essential transatlantic supply chains, while they remain ready to continue working towards an agreement by August 1st and will take all necessary steps to safeguard EU interests including the adoption of proportionate countermeasures if required. Furthermore, she said they will extend the suspension of their countermeasures to US tariffs until early August and noted they have always been clear that they prefer a negotiated solution with the US which remains the case.
The EU is planning to "step up engagement" with other nations impacted by US President Trump's tariffs, according to Bloomberg sources. Nations include Canada and Japan and could lead to potential coordination.
French President Macron said France fully supports the European Commission in the negotiations and shares the same very strong disapproval of the announcement of horizontal tariffs of 30% on EU exports.
German Chancellor Merz said US tariffs of 30% would hit the German export industry to the core and they want to use the time until August 1st, while he stated that tariff letters were also US negotiating positions.
German Economy Minister Habeck said the EU must pragmatically negotiate a tariff solution with the US that focuses on the main points of conflict and stated that new US tariffs would hit European exporters hard. Habeck also commented that new US tariffs would have a strong impact on the economy and consumers in Europe and the US.
German Finance Minister Klingbeil said Trump’s tariff policies threaten the US economy at least as much as European companies, as well as stated that the tariff conflict must end and nobody needs new threats or provocations. Furthermore, he said the EU needs to continue serious and targeted negotiations with the US but must take decisive countermeasures if a fair negotiated solution is not successful.
German trade industry association said the newly announced tariffs are part of US President Trump’s negotiating strategy and Europe must not be impressed by Trump’s announcements but must seek a solution in talks on an equal footing.
Italian Foreign Minister Tajani says if a deal is not attained with the US, then the EU has a list of tariffs prepared against US goods worth EUR 21bln. In the face of US tariffs, the ECB should consider a new QE programme and rate reductions.
EU Trade commissioner Sefcovic says will speak with US counterparts later today; must prepare well-balanced countermeasures against the US. US tariff plan is prohibitive for mutual trade, approaching a good outcome for both sides.
US President Trump sent a trade letter to Mexico announcing 30% tariffs from August 1st which would be separate from sectoral tariffs.
Mexican President Sheinbaum believes they will reach an agreement with the US before tariffs go into effect on August 1st, while she stated that Mexico’s sovereignty is not negotiable It was also reported that Mexico’s Economy Ministry said Mexico is negotiating and the working group with the US will aim for an alternative before August 1st to protect companies and employees.
Chinese Foreign Minister Wang said China and ASEAN agreed to submit a free trade zone pact in October for approval and signing, while they agreed on a five-year action plan with all-round cooperation in over 40 fields and will complete a consultation on the ‘code of conduct in the South China Sea’ within 2026.
US President Trump said South Korea is seeking a trade deal.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks were mostly positive but with some cautiousness seen following US President Trump's latest tariff letters in which he announced to impose 30% tariffs on the EU and Mexico from August 1st, while the region also reflected on somewhat mixed Chinese trade data. ASX 200 was rangebound as gains in mining, resources and materials offset the weakness in the consumer, industrial, financial and tech sectors, while data showed imports missed estimates for Australia's largest trading partner. Nikkei 225 initially retreated amid tariff uncertainty although the losses were gradually pared as sentiment overnight somewhat improved and Machinery Orders topped forecasts. Hang Seng and Shanghai Comp kept afloat amid the latest trade data in which exports topped forecasts and imports missed but returned to growth, while there were some encouraging comments from the meeting between US Secretary of State Rubio and Chinese Foreign Minister Wang last Friday which was described as constructive and with the odds said to be high for a future meeting between US President Trump and Chinese President Xi.
Top Asian News
PBoC's Deputy Governor Zou Lan says they will continue to implement appropriately loose monetary policy Will support efforts taken to attain the FY growth target. To better use various structural tools to provide support to key sectors. To improve the market-based rate regime. Increased bond holdings by small banks within regulatory permits are permitted and reasonable. Such investment should be kept at a small level.
BoJ is likely to increase its inflation forecast for fiscal 2025 but maintain consumer inflation forecasts for fiscal 2026 and 2027, according to sources cited by Reuters.
Japan and the EU are seeking to develop a joint satellite network, according to Nikkei.
European bourses (STOXX 600 -0.4%) have begun the week on the backfoot, after the US issued tariff letters to Mexico and the EU, threatening a 30% tariff rate, effective from August 1st. European sectors opened entirely in the red, though fare better now, with Healthcare and Basic Resources. The former boosted by upside in AstraZeneca (+1.4%) which benefits after its blood pressure related treatment met primary and secondary endpoints. Trade sensitive sectors such as Autos and Consumer Products sit at the foot of the pile. US equity futures (ES -0.3%, NQ -0.3%, RTY -0.4%) are moving in tandem with those in Europe. RTY is once again the underperformer, given the downbeat
Top European News
Japan and the EU are seeking to develop a joint satellite network, according to Nikkei.
UK Chancellor Reeves is to hail fiscal ‘stability’ and City risk-taking in her Mansion House speech on Tuesday and will insist she has a grip on the UK economy and will not let borrowing run out of control, according to FT. CityAM also reports that she is to leave cash Isas untouched.
BoE Governor Bailey says the MPC is prepared to make larger rate reductions if the jobs market shows signs of a pronounced slowdown, according to The Times.
Netherlands rationed electricity to ease power grid stresses as thousands of businesses and households waited to connect to the Dutch grid, while officials and companies said lengthy waits for connections were holding up economic growth and could force businesses to rethink their investment plans, according to FT.
Fitch affirmed Germany at AAA; Outlook Stable.
UBS expects the ECB to cut rates by 25bps in September (prev. saw 25bps cut in July).
FX
DXY has kicked the week off on a steady footing following a solid showing last week. The macro narrative remains one dominated by the trade agenda after US President Trump sent trade letters to the EU and Mexico announcing 30% tariffs from August 1st. Despite some modest risk aversion this morning, the market remains of the view that eventual tariff rates will be notably below the currently proposed levels. DXY briefly made its way onto a 98 handle for the first time since 25th June with a current session high at 98.09.
Despite a wobble in early European trade, the EUR has been resilient in the face of news that the US is to impose 30% tariffs on the EU from August 1st. Subsequently, EU Trade Commissioner Sefcovic says he will speak with US counterparts later today. However, he said the EU needs to prepare well-balanced countermeasures against the US.
JPY is a touch firmer vs. the USD with the yen able to benefit from a very modest safe-haven bid and stronger-than-expected machinery order data. That being said, it is not lost on markets that a trade deal between the US and Japan does not appear to be close with Japanese negotiators looking to defend Japanese interests ahead of the Upper House elections due on July 20th. USD/JPY briefly made its way onto a 146 handle. However, the session low at 146.86 is some way off Friday's trough at 146.13.
GBP is slightly softer vs. the USD and flat vs the EUR. Sentiment for the GBP remains negative with weekend commentary from BoE Governor Bailey adding to the bearishness after stating that the MPC is prepared to make larger rate reductions if the jobs market shows signs of a pronounced slowdown. Cable has slipped below the 1.35 mark (coincides with the 50DMA), delving as low as 1.3452; lowest since 23rd June.
Antipodeans are both are softer alongside the soft risk appetite amid ongoing trade uncertainty and as participants digested Chinese trade data. After last week's RBA and RBNZ rate decisions, the sole scheduled highlight for the antipodes comes via Thursday's labour market metrics.
PBoC set USD/CNY mid-point at 7.1491 vs exp. 7.1744 (Prev. 7.1475)
Fixed Income
USTs are contained. The bias from JGBs was a softer one after better-than-expected Machinery Orders data. USTs themselves in a thin 110-23+ to 110-28 band, entirely within but towards the trough of Friday's 110-22+ to 111-08 range. Newsflow has been focussed almost entirely on trade, after Trump delivered his EU letter, with European officials since indicating a desire to work towards a better outcome but outlining that countermeasures are being prepared. The relatively muted nature of moves thus far indicates that markets do not see the 30% tariff level as the likely end point and instead regard it as a negotiating tactic.
Bunds opened higher by just under 10 ticks at 129.26 before meandering in a thin range and extending to a 129.41 peak at 07:00BST, no specific newsflow at the time and the move seemingly a function of the usual early-morning increase in activity. The jump of around 20 ticks over three minutes has since pared entirely with Bunds now back to Friday’s 129.17 close and essentially flat in a 129.11 to 129.41 band.
Gilts opened a touch higher and then extended to a 91.85 peak, posting gains of around 15 ticks at best. Since, in-fitting with EGBs, the benchmark has pared from that high and is now essentially unchanged on the session in a 91.56-85 band. As has been the case recently, the UK is someone protected from direct trade updates owing to its deal with the US. However, newsflow is just as pronounced as the fiscal situation dominates domestically. Ahead, UK Chancellor Reeves is to speak.
Commodities
WTI and Brent and currently trading higher by around USD 0.70/bbl and are just off session highs. Overnight, the complex traded with little direction given the lack of energy-specific newsflow and as geopolitical updates remained light. Brent Sept’25 currently trades towards the upper end of a USD 70.35-71.29/bbl range. The pick-up in the complex today stemmed from commentary via an Iranian Foreign Ministry spokesperson who highlighted that Tehran will respond to the return of UN sanctions after the snapback mechanism. Focus now turns to a “major statement” on Russia from US President Trump.
Precious metals are firmer with some outperformance in spot silver, which continues to build on recent upside; XAG currently trading around USD 38.96/oz, briefly topping a 14-year high at USD 39/oz. Spot gold is a little firmer today, initially gapping higher at the open amid the risk deterioration sparked by the US letters to the EU. The yellow-metal currently trades in a USD 3,354.11-3,374.65/oz range.
Base metals hold a negative bias, as traders digest the latest Chinese trade data which were mixed; exports beat expectations whilst imports continue to be dragged down by weaker commodities demand. 3M LME Copper is modestly lower and trades towards the lower end of a USD 9,623.8-9,703.6/t range.
Iraq set August Basrah Medium Crude official selling price to Asia at plus USD 1.35/bbl vs Oman/Dubai, while it set OSP to Europe at minus USD 0.55 vs Dated Brent and set the OSP to North and South America at minus USD 1.15 vs ASCI.
Australia's PM Albanese said they need to work together with China to address global excess steel capacity.
Geopolitics: Middle East
Iran Foreign Ministry spokesperson says Tehran will respond to the return of UN sanctions after snapback mechanism. No date or location for US/Iran nuclear talks. Will not restart US talks unless we are certain they will work.
Israeli official said talks in Doha are ongoing with Hamas for a ceasefire and hostage deal but noted Hamas is sticking to positions that do not allow mediators to advance an agreement.
US envoy to the Middle East Witkoff said he is hopeful on Gaza ceasefire negotiations and was said to meet senior Qataris in New Jersey on Sunday.
Iranian Foreign Minister Araghchi said they are carefully assessing options for talks with the US.
Geopolitics: Ukraine
US President Trump is considering greenlighting new funding for Ukraine to send a message to Russia, according to CBS. It was separately reported that President Trump is to announce an "aggressive" Ukraine weapons plan on Monday to arm Ukraine which is expected to include offensive weapons, according to Axios.
EU envoys are nearing an agreement on lower Russian oil price cap, according to Reuters.
Ukraine’s SBU intelligence agency accused Russia’s FSB of being behind the murder of an SBU Colonel in Kyiv last week and said agents responsible for the murder were killed during an operation to apprehend them.
IAEA team at Ukraine’s Zaporizhzhia nuclear plant reported hearing hundreds of rounds of small arms fire on Saturday night.
Russia’s Defence Ministry said Russian forces took control of Myrne and Mykolaivka in eastern Ukraine.
North Korean leader Kim reaffirmed unconditional support for Moscow’s actions in the Ukraine war during a meeting with Russian Foreign Minister Lavrov, while North Korea and Russia pledged cooperation to safeguard each other’s territorial integrity. Furthermore, Russia expressed firm opposition to any attempt to undermine North Korea’s national security and sovereignty, while it was also stated that Moscow wants to further strengthen the strategic partnership.
Ukrainian President Zelensky's Chief of staff says US Special Envoy Kellogg has arrived in Kyiv to discuss security and sanctions against Russia.
Russian President Putin's envoy Dmitriyev says Russia-US dialogue will continue.
Russia's Kremlin says it is obvious Ukraine is not in a hurry on peace negotiations, "we await timing of third round of talks".
Geopolitics: Other
North Korea warned it stands ready to take military action against threats from the US, Japan and South Korea following recent joint air drills involving a strategic US bomber, according to KCNA.
US Event Calendar
Nothing scheduled
DB's Jim Reid concludes the overnight wrap
Today ranks high on my list of least favourite days of the year. It’s our annual family trip to a theme park—strategically timed after our kids finish school but before some others break up, meaning shorter queues and more rollercoaster rides. I couldn’t be more thrilled.
Technically, I’m off today, but if you email me—even with something trivial—I’ll treat it as an emergency if I happen to be stuck in a queue and need an excuse to escape.
To use the biggest cliche in the book, it continues to be a rollercoaster ride for all of us following the trade story, even if the market has increasingly overcome its queasiness and ensured it has been well stocked up on motion sickness tablets.
As trade letters from the US continue to get mailed out, April 2nd has become July 9th which has become August 1st for an ever increasing list of countries. In the early hours of Saturday Mr Trump’s stationary cupboard was opened again and a letter was sent to the EU and Mexico informing them that they would face 30% tariffs on August 1st. To be fair, a month ago Trump threaten the EU with a 50% tariff so you might argue this is an improvement! The market will generally think this is mostly a negotiating tactic and that we’re unlikely to see such rates. The EU have been measured in their response so far and have extended the suspension of trade countermeasures that were supposed to kick-in tomorrow night. This will now be aligned to the August 1st deadline. So the EU and the market are hoping and expecting diplomacy to win out.
However at some stage, someone’s bluff could be called. Trump is under less pressure to back down with US risk markets around their highs and bond markets relatively stable at the moment. If huge tariffs do get imposed on August 1st, in thin holiday markets, we could get a sizeable market reaction. So the next three weeks of negotiating will be key to restful holidays everywhere.
If you’re looking for the ultimate way our holidays could be ruined then DB’s George Saravelos put out a thought provoking piece on Friday looking at what might happen if Trump finds a legal reason to dismiss Fed Chair Powell for cause. This is based on the story around whether he misrepresented facts to Congress around renovations at the Fed HQ. See it here. Basically it is likely that this would lead to a sizeable initial sell-off that could be calmed by the other governors forcibly reiterating Fed independence. However much might depend on the inflation trajectory. If all is calm on this front then we could move on but if we start to see slippage here, then a removal of a Fed Chair could be a big problem, at least initially, for a country with huge twin deficits.
Given the above, this week is important as we see the latest US CPI numbers (tomorrow) with PPI (Wednesday) following. Before we preview these, the other key global releases are the other CPI numbers in Canada (also tomorrow), the UK (Wednesday) and Japan (Friday). In the US, there will also be retail sales (Thursday) and industrial production (Wednesday) reports for June, along with the preliminary University of Michigan survey (Friday) for July. Claims on Thursday corresponds to payroll survey week so it’ll be interesting to see whether the recent improvements continue given the payroll implications. Growth will also be in focus in China, where Q2 GDP and June activity data are out tomorrow. Also important will be the US banks kicking off the Q2 earnings season tomorrow, with semiconductor firms ASML and TSMC also reporting this week.
Lets now delve into the main upcoming US data, especially the inflation numbers. In our US economists’ preview (see “Webinar: June CPI preview & webinar registration“), they expect a +0.9% increase in seasonally adjusted gas prices and solid food inflation to boost the headline CPI (+0.34% forecast vs. +0.08% previous) slightly above that of core (+0.32% vs. +0.13%) which would increase the year-over-year growth rate by three- and two-tenths respectively (to 2.7% and 3.0%), and the three- and six-month annualised rates by 1.1 percentage points (to 2.8%) and three-tenths (to 2.9%), respectively. Our economists will be looking mostly at signs of tariff related inflation in the core good categories. Wednesday’s PPI data will also be important for the categories that feed through into core PCE, the Fed’s preferred inflation gauge.
Fed speak will be active after the CPI numbers with a host of appearances so there could be plenty of reaction to the data. See those listed in the day-by-day calendar at the end alongside all the other key events from around the world this week. This includes a G20 finance ministers and central bank governors meeting on Thursday and Friday.
On the start of Q2 earnings, JPMorgan, Wells Fargo and Citi kick off the Q2 earnings season tomorrow. Bank of America, Morgan Stanley and Goldman Sachs will follow on Wednesday. Blackrock, American Express and Charles Schwab will also be among financials reporting. Investors will also focus on messages from results of semiconductor firms ASML (Wednesday) and TSMC (Thursday), with the Philadelphia Semiconductor index now up 15.2% YTD. Other S&P 500 companies reporting this week will include Johnson & Johnson, Netflix, General Electric and PepsiCo. In Europe, notable names include Novartis, Volvo, Sandvik and Saab.
In Asia Europe's stock futures are down around -0.6% after the weekend letter with S&P and NASDAQ futures down around -0.4% so far this morning. The Euro has barely moved. 10yr UST yields are +1bp but 10 and 30yr JGBs are around +5.5bps and +6.5bps higher as fiscal fears dominate ahead of this coming Sunday's Upper House election.
Asian equity markets are actually mostly higher on balance with the KOSPI (+0.64%) continuing its strong gains from the past week, on sustained strength in technology and chipmaking stocks. Chinese stocks are also edging higher with the CSI (+0.20%), the Shanghai Composite (+0.40%) and the Hang Seng (+0.10%) all trading up on strong trade data (more below). On the other hand, the Nikkei is flat on trade worries and higher yields.
Coming back to China, exports regained some momentum in June while imports rebounded, as exporters rushed out shipments to capitalise on a fragile tariff truce between Beijing and Washington ahead of a looming August deadline. Exports rose +5.8% y/y in June (v/s +4.8% in May), beating the market forecast for +5.0% growth. Imports rebounded +1.1% y/y, following a -3.4% decline in May. Markets were expecting a +0.3% rise.
Recapping last week now and tariffs were the dominant story, as President Trump announced the rates that countries would face from August 1. Markets were initially calm, and several indices including the S&P 500 and the German DAX hit a record high. But after more aggressive measures were announced, including a 35% rate for Canada and the potential for a higher baseline tariff, there was a risk-off move into the weekend that left the S&P 500 -0.31% lower for the week (-0.33% Friday). Moreover, several assets impacted heavily by the tariffs witnessed a major underperformance. For instance, Trump announced a 50% rate for Brazil, which was well above the 10% from Liberation Day, and the country’s Ibovespa equity index suffered its worst week since December 2022, with a -3.59% loss (-0.41% Friday). In the opposite direction, the prospect of a 50% copper tariff meant US copper futures surged +9.12% (+0.25% Friday) in their biggest weekly jump since March 2022.
All this meant that US equities struggled towards the weekend. But it wasn’t all bad news, as the Magnificent 7 advanced +0.58% (+0.38% Friday) to its highest since January, with Nvidia’s market capitalisation surpassing $4tn. And in Europe, the Stoxx 600 finished the week up +1.15% (-1.01% on Friday), alongside a +1.97% gain for the DAX (-0.82% Friday). However, there was some weakness in Japan, where the Nikkei fell -0.61% (-0.19% Friday), along with emerging markets, with the MSCI EM index down -0.20% (-0.17% Friday).
Otherwise, government bonds struggled last week as concern mounted about the fiscal situation. Moreover, better-than-expected US data also contributed to the selloff, as investors dialled back the likelihood of rapid rate cuts this year. Indeed, the US weekly initial jobless claims fell for a 4th consecutive week to 227k. So that helped to ease fears about the labour market, particularly given the 4-week moving average for claims had reached a 21-month high in mid-June. In light of all that, Treasury yields posted a fresh increase, with the 10yr yield up +6.4bps (+6.0bps Friday) to 4.41%, whilst the 30yr yield was up +8.8bps (+8.0bps Friday) to 4.95%. That also came amidst mounting political pressure on the Fed, as President Trump said that “Our Fed Rate is AT LEAST 3 Points too high.”
Finally in Europe, last week saw an even larger increase in yields that pushed several up to multi-year highs. For instance, 10yr bunds were up +11.7bps to 2.72%, their highest level since late-March. In addition, the 30yr German yield ended the week at 3.22%, marking its highest closing level since the Euro crisis turmoil in 2011. That was echoed in France as well, as their 30yr yield hit a post-2011 high of 4.20%, having risen +14.7bps last week.
https://cms.zerohedge.com/users/tyler-durden
Mon, 07/14/2025 - 08:11
Neo-Terminator
Neo-Terminator
https://off-guardian.org/2025/07/12/neo-terminator/
John was a shrew. He knew that ten years ago, when the Covid insanity started and everyone wanted him to get jabbed. But he just felt odd about it. It just didn’t seem right. So, he didn’t do it, and wow, did he get hell for that.
?itok=sDL--0L9
Everyone treated him so cruelly that he just couldn’t figure it out. It was about at that time he started doing some serious research. What started out as only an uncomfortable feeling about everyone scrambling to get some strange flu shot, began to pan out as a serious situation. More serious than he could imagine.
But John didn’t like being a victim, so he rolled with it.
He learned to keep his mouth shut when around the people who treated him cruelly. At first, he tried to inform them about what he had learned, but that caused these people to explode. So forget that. He didn’t have to change the world. So he stopped trying. He did worry about the people he loved who were jabbed, but they didn’t want to listen to him, and what is done is done—no point in shutting the barn door once the horse got away.
The years went by and John went about living his life. But things out there got worse. It wasn’t just Covid and the vaccine that were brought about by some weird incompetence or hysteria, it was deeper than that. John began to realize the problem came from an intentional effort to control the masses.
Covid and the vaccine were linked to authority gone mad—censoring of speech, the degradation of science and medicine, forcing people to wear masks, refusing medical treatment to the unvaxxed, bringing out digital IDs, restricting travel, the introduction of CBDCs, the list was endless.
Then he started to hear about intentional genocide—that all of this was a conscious effort to reduce the world population.
John wasn’t sure what to do about any of this. He knew from past experience that running around like Chicken Little, screaming “the sky is falling, the sky is falling!” was not only hopeless but probably wouldn’t end well for him (it didn’t for Chicken Little). He eventually found refuge and a sense of purpose, joining groups of people who saw things the same way he saw them.
This was not only comforting for him, but it also gave him an outlet to speak out and express his thoughts and viewpoints.
John had never been one to feel a need to speak out. As mentioned earlier, he backed off right away when the vaccines came out, when no one would listen to him. But he felt that things were really getting out of hand now, and although he never thought that speaking out would fix anything, he did believe a person had to stand up for what they believed.
John became rather well-known as a rebel and freedom fighter in his newfound circles of community. Although he never felt “normal” like he used to feel when the world was not as crazy, he at least felt like he was doing what he was meant to do.
Then it started to happen.
At first, it was very subtle, and John didn’t associate it with any sort of conscious wrongdoing.
The first thing he noticed that he thought was rather odd was that his email stopped working like it used to. Emails he sent out didn’t make it to their destination, he would be told by friends that they sent him stuff he never got. Of course, at first, he just figured there was some technical glitch.
Then it became so common he got worried that the glitch had turned into a major electronic snafu. He created new email addresses through other third-party sources, and that worked for a while, but then the same thing started to happen with the new email accounts.
Then there were the phone calls, many times when he would place a service call to larger concerns—government, phone services, internet services—he would get the run around, which almost always ended in an abrupt hang-up. This happened so often he couldn’t make heads or tails of it. He started asking friends, “Does this happen to you, too?” Most said no, but a few said they were noticing the same sort of things.
He really got worried when his bank accounts started to get gummed up. One day $1,000 disappeared from his checking account. When he inquired about it at the bank, they told him he must have transferred the money somewhere without being aware of it. So he had to go through the frustration of being blamed for something he definitely did not do. Finally, they figured it out (or so it seemed) and said the money was fraudulently removed. Yet they never identified a specific person who committed the fraud. John also noticed strange credit card charges. Most of those he could take care of, but his efforts to deal with it started to drive him crazy. He felt he was becoming increasingly paranoid. Finally, he realized he was being targeted, or at least thought he was. But that made him feel even crazier.
This all went on for quite a while. Eventually about ten years had gone by since the first mention of Covid, which started it all. Most of the weird stuff he encountered was in the form of minor annoyances. But the fact these strange things were occurring with more frequency started to cause John to lose sleep. He felt like a man being continuously bitten by fleas, eventually the constant biting would cause him to jump off a bridge or something. Or maybe he would just get used to it, and slip into a dull form of living where nothing mattered to him anymore, bite after bite after bite.
One day, he started thinking about AI and robots.
He thought it was interesting that everyone in his circles were talking about the takeover of AI and the fear of Terminator-style robot machines taking over the world. He wondered if maybe all of that was a distraction. If the agenda was going to take over humanity with robots, why would it create them to look like humans—with a head, arms, and legs? Even AI art and AI writing were obvious. These were human endeavours that computers were “taking over.” It was very clear it was happening; the enemy, if one thought of it as such, was clear and obvious.
But what about the application of AI in places that were not so obvious?
Essentially, everything and anything could be “run” by AI systems programmed to do all this work in a very specific way. What about phone answering systems, what about banking, what about even doctors, hospitals, and pharmacies?
Speaking of pharmacies and hospitals, this story has a sad ending. John, unfortunately, did not fare too well. In fact, he died. He didn’t jump off a bridge because of excessive flea bites, driving him to suicide. He actually died rather mysteriously. After getting a routine prescription filled at his local pharmacy, he became very ill and was rushed to the hospital. Through routine examination, he was put on an IV and put into the intensive care unit. After a few days, he expired. “Death by unexplained circumstances,” read his death certificate, along with a plethora of medical jargon explaining what organs mysteriously failed and why he eventually succumbed.
Pharmaceutical dosing, manufacture, implementation to patients, as well as IV bags of saline (or whatever), drug administration in the hospital, life support, ventilators, etc., will eventually (if not already) be controlled by AI systems. As well as nearly everything else—banks, government access to social security, Medicare, car registration, gas stations (and of course electric cars), phones, ATMs, grocery store checkouts, digital ID stations, airports, etc. There will be nothing we can do that will not be monitored, and most importantly, controlled by AI systems. If you are a subversive (and the definition of that word will be all encompassing, and impossible to define), you will be at the mercy of your shackles and those people who put you in them.
Was John targeted by the agenda for elimination? If he was, the agenda did not send Arnold Schwarzenegger to take him out. They did it subtly at first, slowly driving him crazy with thousands of flea bites (possibly hoping he would sign up for some state assisted suicide). Then, when he was properly prepared, they took him out through the AI-controlled medical system. No human had to do a thing. No human even had to know what was happening, other than the puppet masters themselves, and we can’t even be sure they are human.
Is any of this true? No, not yet. Is it overly paranoid? Maybe.
John’s story takes place in the future, maybe the distant future. But those of us on the freedom-fighting front should never think it is possible to stay under the radar. We can get put on a list very easily. Maybe not a list for elimination, but possibly a list for annoyance.
Maybe I am being overly paranoid. With the advent of AI, I really don’t think we have to wait for humanoid robots ala Terminator to be developed and deployed, it will be a lot easier for them than that.
Todd’s new book https://off-guardian.org/2025/07/04/the-view-of-the-shrew-available-now/
.
https://cms.zerohedge.com/users/tyler-durden
Sun, 07/13/2025 - 23:20
Former Obama Speechwriter Admits Shunning MAGA Didn't Work
Former Obama Speechwriter Admits Shunning MAGA Didn't Work
One of Barack Obama's former millennial speechwriters penned a https://www.nytimes.com/2025/07/13/opinion/family-politics-arguments-right-wing.html
opinion piece about his strained relationship with his brother-in-law during the COVID pandemic. Despite their deep cultural differences — the author being a "trust the science" liberal elitist who bowed to the government-corporate machine, fully vaxxed and obedient, while his brother-in-law remained unvaccinated and a free thinker — the two eventually reconnected through surfing.
Thirty-eight-year-old David Litt, a liberal elitist who attended Yale University and later served as a speechwriter for President Obama, felt inspired to write a New York Times op-ed titled "Is It Time to Stop Snubbing Your Right-Wing Family?"
?itok=_I8DzuPq
"Then the pandemic hit, and our preferences began to feel like more than differences in taste. We were on opposite sides of a cultural civil war. The deepest divide was vaccination. I wasn't shocked when Matt didn't get the Covid shot. But I was baffled. Turning down a vaccine during a pandemic seemed like a rejection of science and self-preservation. It felt like he was tearing up the social contract that, until that point, I'd imagined we shared," the liberal elite millennial opined.
Litt continued, "Had Matt been a friend rather than a family member, I probably would have cut off contact completely."
But only recently — and through shared surf sessions — did Litt's liberal mind experience a revelation: "These days, ostracism might just hurt the ostracizer more than the ostracizee."
Litt's renewed bond with Matt didn't erase political disagreements, but it revealed common ground in unexpected places, showing that personal connection can transcend ideological divides and arguing that shunning people in today's highly polarized America is often ineffective and counterproductive, urging people to keep doors open rather than slam them shut over politics.
Perhaps Litt's maturity is finally kicking in — after all, with time, people tend to become more conservative (by the mid/late 30s). Remember, it wasn't conservatives rushing to become the "Karens of Science" during Covid, pushing to ban the unvaccinated, with some Democrats even threatening them with jail or quarantine camps…
https://www.zerohedge.com/covid-19/cdc-planned-quarantine-camps-nationwide
Never forget!
Just three years ago, 30% of Democrats believed that children should be taken away from unvaccinated parents.
Nearly 50% of Democrats believed that the unvaccinated should be sent to camps.
This is what a totalitarian ideology looks like. https://t.co/RSWyxRtrzp
— Kevin Bass PhD MS (@kevinnbass) https://twitter.com/kevinnbass/status/1926822978810978746?ref_src=twsrc%5Etfw
As Laura Ingraham put it, "The NYT admits that shunning MAGA didn't work."
Cutting people off and nuking relationships over politics is inherently immature — yet it's a hallmark of immature liberal elite behavior. We would've thought Ivy League education would've taught them better.
Perhaps the real lesson here is that maturity takes more time for liberals — something Litt had to discover the hard way, out in the surf off the New Jersey coast.
https://cms.zerohedge.com/users/tyler-durden
Sun, 07/13/2025 - 13:25
https://www.zerohedge.com/political/former-obama-speechwriter-admits-shunning-maga-didnt-work
Explained: The UK's Potentially Terrifying Criminal Justice "Reforms"
Explained: The UK's Potentially Terrifying Criminal Justice "Reforms"
Plans to reform the UK’s criminal justice system – including the scrapping of jury trials for some offences and reduced sentences for those who plead guilty – are all part of larger “reforms” that would empower tyrannical authoritarianism.
?itok=DUTkRTL2
Former senior judge and current Investigatory Powers Commissioner Brian Leveson made the news this week with the publication of his report recommending, among other things, “jury-free” trials, in order to “prevent the collapse of the criminal justice system”.
Note the language, by the way. https://www.theguardian.com/uk-news/2025/jul/09/jury-trials-must-be-limited-to-save-criminal-justice-system-from-collapse-inquiry-finds
, not “jury-less“, as if juries are a food additive we should avoid, rather than a right guaranteed in British law for over 800 years.
This is not new. “Replacing”, “updating” or otherwise “reforming” Jury trials has been on the worldwide agenda for years now.
Within weeks of “Covid” starting, Scotland moved to https://off-guardian.org/2020/03/31/scotlands-sinister-covid19-response-suspend-trial-by-jury/
:
“Coronavirus has stopped trials by jury, and that’s not necessarily a bad thing”
Also in the Guardian, Simon Jenkins wrote that Covid had https://www.theguardian.com/commentisfree/2021/jan/22/justice-system-crisis-abolish-jury-trials-covid
.
Less than a year later, Scotland wanted to waive jury trials again, this time in rape cases, to “protect the victim”. They https://www.bbc.co.uk/news/articles/c20n3rjp7v9o
.
Not long after that, in the US, the Kyle Rittenhouse verdict caused the predictable pundits to rant and rave about https://off-guardian.org/2021/11/30/rittenhouse-verdict-puts-broken-jury-system-in-the-establishment-crosshairs/
.
In January 2023, the French government announced it would be https://archive.is/pzlIW
and all crimes with a maximum sentence of 15-20 years, citing a need to clear the backlog and make the court system more efficient.
Academic papers are even discussing the possibility of replacing jurors with ChatGPT-like https://ijlet.org/4-3-2/
. A possibility to horrendous to contemplate.
Abolishing jury trials is like censorship, surveillance or digital ID – it’s a lid that fits every pot.
I don’t know what the powers-that-shouldn’t-be have against jury trials specifically, but it’s easy to speculate that the potential lack of control is an anathema to our ruling institutions and the rigidly patrolled society they are trying to create.
In the end, the motivation is as immaterial as the agenda is obvious.
Rather aptly, like a murder trial, lack of knowledge of motive doesn’t override direct evidence, and the evidence is clear: Jury trials are in the crosshairs.
However, there’s a lot more to it than that.
Goodbye, right to appeal
Leveson’s recommendations extend beyond jury trials; we covered them when they were first “leaked”https://off-guardian.org/2025/04/15/goodbye-jury-trials-hello-digital-id-10-recommendations-from-the-crime-and-justice-commission/
is even worse than expected.
It takes aim at the Right to Appeal as well [emphasis added]:
I begin by recommending that the automatic right to appeal from the magistrates’ court to the Crown Court should be replaced with a requirement for a defendant to apply for permission to appeal.
incentivizing guilty pleas
The report also suggests offering up to 40% reductions in sentencing for early guilty pleas:
Although this is ultimately a matter for the government or the Sentencing Council, I would recommend an increase to the maximum reduction for entering a guilty plea to 40% (if made at the first available opportunity)
Combine this with the knowledge you’ll be tried by a judge (or tribunal) rather than a jury, and that’s a system directly incentivising pleading guilty.
A recipe for a huge increase in convictions.
But there’s more, and it goes beyond this report to the broader story of our criminal justice system. To see it you have to take a step back and see the big picture, like at the end of The Usual Suspects.
Long-term Propaganda
The narrative push for “reform” of the justice system is old, and the propaganda drive justifying it is even older.
Articles and reports complaining about the https://www.independent.co.uk/news/uk/crime/jury-trials-cost-10-times-jp-hearings-5372797.html
of jury trials go back twenty-five years or more.
We’ve had literally years of propaganda bemoaning the low conviction rate for rape and sexual assault. We’ve had years of propaganda saying that alleged victims of rape and sexual assault need to be “protected” – including suggestions of testifying in secret, not being subject to cross-examination, and removing jury trials.
The intention was clearly to tee up this report (or one like it), which claims we should scrap jury trials and incentivize guilty pleas, specifically mentioning sexual assault.
This is an example of trying to establish what I would call the propaganda of illusory success. You create a fake issue from thin air and then claim your “reforms” have fixed it, generating praise for the scheme in the captive media that camouflages both the actual aims and real harms of the plan.
It works especially well when tied to identity politics or other emotive issues.
More broadly, the https://metro.co.uk/2025/07/09/a-breakdown-crimes-might-not-heard-juries-23618495/
for which the report suggests scrapping juries is quite obviously cynically chosen to control the conversation. Sexual assault, drunk driving, animal cruelty, child pornography and incest. These are crimes that carry a social stigma such that a) the public generally assumes anyone accused is guilty, and b) nobody will want to be seen criticizing the reform, for fear of being labelled a child pornography/animal cruelty apologist.
Hate speech convictions
It’s not mentioned in the Leveson report, but a good percentage of the alleged “backlog” in court cases is due to a huge increase in “malicious communications” offenses. Over https://freespeechunion.org/police-make-30-arrests-a-day-for-offensive-online-messages/#:~:text=Custody%20data%20obtained%20by%20The,the%20Malicious%20Communications%20Act%201988.
are arrested for social media posts etc., more than double the pre-pandemic numbers.
Increasing the number and types of criminalised behaviours will inevitably increase the number of “criminals”.
Prison reform
Prison “reform” is a major part of the plan for the future, too. Since Labour won the election last year, there has been a constant drizzle of “prison crisis” stories.
In March, we were warned of a https://committees.parliament.uk/work/8589/prison-estate-capacity/news/205761/prisons-crisis-as-justice-system-faces-total-gridlock-in-2026-pac-calls-for-rapid-action/
to deal with prison overflow.
Last month, a report claimed https://www.gov.uk/government/news/overcrowded-jails-fuel-prisoner-violence
.
In September of last year, Labour very https://www.bbc.co.uk/news/articles/cly6y67dkpzo#:~:text=One%20of%20Labour's%20first%20acts,overall%20prison%20population%20to%2086%2C333.
in order to “ease overcrowding” (and make room for those newly convicted for “social media offences” following the incredibly fake “riots”). They later admitted to releasing dangerous criminals “by mistake”.
Why did this story hit the headlines? Why wouldn’t they do this in secret?
Because the outrage is part of the story. Because you’re being offered a false choice.
“Oh you don’t want us to release criminals onto the streets? I guess we’d better reform the justice system and increase our prisoner capacity then.” (And indeed, “Digital ID will help us track these released prisoners!”)
What will the proposed prison “reform” look like?
Well, for starters, it will be prison expansion rather than reform. That has already https://www.theguardian.com/politics/live/2025/may/14/keir-starmer-kemi-badenoch-pmqs-immigration-energy-assisted-dying-uk-politics-news-live-updates
.
Secondly, we probably can expect increased privatisation. The UK already has the most private prisons in Europe, https://prisonandprobationjobs.gov.uk/about-hmpps/about-the-prison-service/
prisons, holding 18% of the prisoners, being run privately.
The first of Labour’s four new prisons, https://www.gov.uk/guidance/millsike-prison
too, yay!)
It will be hard sell for a Labour government already seen as betraying its base on winter fuel payments, benefits and more, but it was Blair’s government that https://www.theguardian.com/uk/2004/dec/01/ukcrime.prisonsandprobation
, and Keir is very much Blair jnr.
In summary
So, what can we conclude?
Let’s bullet point exactly what our “reformed” justice system might look like:
Increase in criminalised behaviour (“hate speech” etc.)
No jury trials for certain offenses, or any charges carrying a minimum sentence of 2 years or less.
Incentivised guilty pleas.
No automatic right of appeal.
Expanded and increasingly privatised prison system.
up and down the country, Leveson has claimed the measures outlined in his report are needed to “prevent the collapse of our criminal justice system”.
But these measures ARE the collapse of the criminal justice system.
And the start of a criminal justice system.
https://cms.zerohedge.com/users/tyler-durden
Sun, 07/13/2025 - 08:10
https://www.zerohedge.com/political/explained-uks-potentially-terrifying-criminal-justice-reforms
Visualizing Waymo's Rise In Ridership
Visualizing Waymo's Rise In Ridership
As autonomous driving technology becomes more mainstream, Waymo - Alphabet’s self-driving ride-hailing division - is rapidly gaining traction across California.
This chart, https://www.visualcapitalist.com/visualizing-waymos-rise-in-ridership/
visualizes the number of monthly paid Waymo trips in California from August 2023 to March 2025, and a map of the cities that Waymo current operates in and plans to operate in.
?itok=7FLmxSdp
Data comes from https://lookerstudio.google.com/u/1/reporting/787a90e6-8423-4244-a5d8-2ab1f281c310/page/p_tj01bxgqjd
.
Californians Have Been Riding With Waymo More Frequently
Below, we show the number of monthly paid Waymo trips from August 2023 to March 2025.
Date
Monthly paid Waymo trips
Aug 2023
12,617
Sep 2023
38,473
Oct 2023
56,499
Nov 2023
56,905
Dec 2023
72,595
Jan 2024
77,242
Feb 2024
74,233
Mar 2024
83,851
Apr 2024
92,002
May 2024
143,621
Jun 2024
188,847
Jul 2024
250,752
Aug 2024
312,245
Sep 2024
354,124
Oct 2024
453,478
Nov 2024
503,634
Dec 2024
541,378
Jan 2025
550,457
Feb 2025
559,569
Mar 2025
708,180
The self-driving ride hailing service has over 700,000 recorded monthly paid trips as of March 2025, a 55-fold increase from August 2023.
In April 2025, Alphabet reported that Waymo is serving https://www.cnbc.com/2025/04/24/waymo-reports-250000-paid-robotaxi-rides-per-week-in-us.html
in the U.S., a fivefold increase from a year ago.
Waymo’s growth comes amid a broader acceleration in https://www.visualcapitalist.com/the-drive-for-a-fully-autonomous-car/
.
Driverless ride-hailing services are gaining traction in urban centers, supported by regulatory progress, https://finance.yahoo.com/news/trust-in-robotaxis-is-higher-among-users-jd-power-study-finds-193350461.html
, and advancements in AI and sensor technology.
As AV infrastructure improves and competition heats up from other players like Amazon’s Zoox and Tesla’s https://www.visualcapitalist.com/charted-teslas-market-cap-nears-half-of-global-auto-industry/
, Waymo’s expanding footprint reflects the growing presence of robotaxis in urban mobility.
Waymo is currently available in San Francisco, Los Angeles, Phoenix, and Austin. The company plans to continue to expand into other U.S. cities, as well as Tokyo, in the future.
To learn more about the autonomous vehicle industry, check out this https://www.voronoiapp.com/automotive/The-Six-Companies-Testing-Fully-Autonomous-Cars-in-California-2851
visualizing which companies are permitted to test fully-autonomous cars in California as of July 2024.
https://cms.zerohedge.com/users/tyler-durden
Sat, 07/12/2025 - 20:25
https://www.zerohedge.com/technology/visualizing-waymos-rise-ridership
Newborns To Get $1,000 'Trump Accounts' - Here's How It Works
Newborns To Get $1,000 'Trump Accounts' - Here's How It Works
The Republican reconciliation package, better known as the One Big Beautiful Bill, introduced Trump Accounts for newborns, which were previously dubbed MAGA Accounts, or “Money Account for Growth and Advancement.”
?itok=_95IFx0P
The accounts are new tax-advantaged investment vehicles comparable to individual retirement accounts, prefunded with $1,000 from the Treasury Department for every child born between Jan. 1, 2025, and Dec. 31, 2028. Children born before this year will also be eligible, but not for the initial $1,000 seed money.
Parents will be eligible to contribute up to $5,000 annually, including up to $2,500 tax-free from a parent’s employer. The money must be invested in a broad stock market index, and earnings will grow tax-deferred until the account holder withdraws the funds.
As part of the new pilot program, parents must have Social Security numbers and be authorized to work in the United States. Families can choose to open a Trump Account at a financial institution, or the federal government will automatically enroll eligible children upon tax filing, with the option to opt out. There are no income requirements.
“It’s a pro-family initiative that will help millions of Americans harness the strength of our economy to lift up the next generation, and they’ll really be getting a big jump on life,” President Donald Trump stated at a June 9 White House event.
Economists say the children will likely profit from the U.S. stock market’s upward trajectory.
by the Milken Institute estimates that $1,000 accounts would balloon in value over time. After 20 years, researchers project that they will increase to more than $8,000.
This is plausible. Over the last 20 years, for instance, the blue-chip Dow Jones Industrial Average has risen more than 300 percent.
Once beneficiaries turn 18, they can withdraw half of the funds for “qualified purposes,” such as paying for tuition, job training, buying a first home, or starting a business. If the money is used for non-qualified expenditures, it will be taxed as ordinary income.
At age 25, they can access the full balance for specific reasons—a non-qualified expense would be taxed as ordinary income. After the account holder turns 31, the account is terminated, and the full balance can be withdrawn for any purpose; a long-term capital gains tax is then applied.
What Is Being Said About Trump Accounts
Experts say the program will encourage saving for a child’s future, promote financial literacy, and reduce wealth inequality.
“The program could also increase financial literacy of participants and their parents, which in turn would likely increase savings rates and wealth creation,” the Milken Institute paper said. “Since all newborns would receive the grants, the program would reduce wealth inequality.”
Critics say that it does little to assist new parents.
The Institute for Family Studies https://ifstudies.org/blog/congress-can-do-better-than-maga-accounts-
that Trump Accounts do little to help families in the early years of parenthood, “when incomes are variable and expenses higher.”
“This is a policy that aims to boost the amount of savings held by teenagers, which may or may not be a laudable goal, but is far from a targeted pro-family approach,” the group said in a report.
Economists say it adds yet another layer to an already complex landscape of savings account options.
“The tax code provides for at least 11 tax-advantaged savings vehicles, each with different rules, limitations, and regulations,” Tax Foundation economists said in a June 11 https://taxfoundation.org/blog/trump-accounts-could-be-better/
.
Wall Street in New York City on April 4, 2025. Samira Bouaou/The Epoch Times
For example, a popular savings instrument for families is the 529 college savings plan. This program is designed specifically to cover the costs of attending college or university, such as tuition, fees, books, and room and board. Additionally, 529s offer various other features, including no annual limit, tax-free growth, and no age cap.
Ultimately, a Trump Account would offer more flexibility for general wealth-building while 529 plans are targeted for education savings.
“The addition of the Trump Accounts would further complicate savings for taxpayers who would have to keep track of yet another account,” the Tax Foundation economists said.
Instead, the government could offer universal tax-neutral savings accounts for taxpayers, they said.
Corporate America Pledges Support
Several companies have already pledged to participate in the savings account plan.
Michael Dell, CEO of Dell Technologies, said at a June White House business roundtable event that his company will match the government’s contributions “dollar for dollar to every child born to a Dell team.”
“This isn’t just a new investment,” Dell said in a https://www.youtube.com/watch?v=NmF0dmxYTds
. “This is an investment in our people, their families, our communities, and America’s future. And it embodies our core belief that opportunity should begin at birth.”
Goldman Sachs CEO David Solomon, Uber CEO Dara Khosrowshahi, and Altimeter Capital CEO Brad Gerstner also voiced support for the program.
“When everyone realizes they can be an owner, it unites our country around free-market principles and unleashes the next generation of American success,” Gerstner https://www.cruz.senate.gov/newsroom/press-releases/sen-cruz-introduces-the-invest-america-act
.
https://cms.zerohedge.com/users/tyler-durden
Sat, 07/12/2025 - 16:20
https://www.zerohedge.com/personal-finance/newborns-get-1000-trump-accounts-heres-how-it-works
Ford Recalling 850,000 Vehicles For Fuel Pump Failure
Ford Recalling 850,000 Vehicles For Fuel Pump Failure
Ford is recalling over 850,000 vehicles in the U.S. due to a faulty low-pressure fuel pump that could fail and cause engine stalls, increasing crash risk, https://apnews.com/article/ford-recall-fuel-pump-failure-risk-183755aa39c4ffc355fc4697a4f8dbfb
.
The recall includes various recent Ford and Lincoln models, such as the Bronco, Explorer, F-150, Aviator, and Navigator, according to the National Highway Traffic Safety Administration.
AP https://apnews.com/article/ford-recall-fuel-pump-failure-risk-183755aa39c4ffc355fc4697a4f8dbfb
that starting July 14, Ford will notify affected owners about the issue, though a fix is still in development. A second notice will be sent once the repair is available, which will be free of charge.
Ford just launched its new “Zero-Zero-Zero” summer sales event to ease upfront vehicle costs amid rising interest rates and growing tariff pressures.
?itok=UKM9jcVi
The campaign—starting July 8—offers zero down payment, 0% interest for 48 months, and no payments for 90 days on most Ford and Lincoln models.
This initiative follows the “From America, For America” employee pricing strategy, which helped boost Q2 sales (Ford up 14.2%, Lincoln up 31%).
The move comes as tariffs have begun to impact Ford’s pricing. Vehicles like the Maverick, Mustang Mach-E, and Bronco Sport—built in Mexico—are now subject to a 25% import tariff, prompting Ford to raise prices on those models. Additionally, tariff-related increases in parts costs could affect other vehicles across Ford’s lineup.
Recall https://www.zerohedge.com/markets/auto-tariffs-will-cost-consumers-estimated-2000-more-vehicle
that tariffs would cost auto consumers an extra $2000 per vehicle.
General Motors and Ford have projected tariff-related hits of $5 billion and $2.5 billion, respectively, and plan to offset some of it through price hikes. This could result in around 1 million fewer cars sold in the U.S. over the next three years. AlixPartners sees a rebound, projecting U.S. auto sales to hit 17 million by 2030.
https://cms.zerohedge.com/users/tyler-durden
Sat, 07/12/2025 - 08:45
https://www.zerohedge.com/markets/ford-recalling-850000-vehicles-fuel-pump-failure
Turkey's Outlawed PKK Begins 'Symbolic' Disarmament By Burning Weapons
Turkey's Outlawed PKK Begins 'Symbolic' Disarmament By Burning Weapons
A group of fighters from the Kurdistan Workers Party (PKK) laid down their arms on Friday during a disarmament ceremony in Iraq’s northern Kurdistan region, coinciding with continued Turkish attacks on the organization despite months of a ceasefire between the historic rivals.
Just 30 minutes into the ceremony, the Turkish army https://t.me/KurdishFrontNews/17786
was held on Friday near the province of Sulaimaniya. Twenty to 30 PKK fighters destroyed their weapons in a symbolic gesture, rather than surrender them to authorities.
?itok=Un5vcXid
Images on social media showed the militants placing their guns in a fire pit, ready to be lit.
The group “comprised around 30 fighters who laid down weapons including AK-47s, PKM machine guns, and sniper rifles,” informed sources told Kurdish news outlet Rudaw.
The fighters affirmed during the ceremony their commitment to democratic political engagement aimed at securing Kurdish rights in Turkey.
In a statement, the group of PKK fighters – identifying themselves as the Group for Peace and Democratic Society – said they disarmed to “ensure the practical success of ‘Peace and Democratic Society’ process, to wage our freedom, democracy and socialist struggle with methods of legal and democratic politics on the basis of enacting laws for democratic integration.”
They said their destruction of the arms was “a step of goodwill and determination.” Ankara welcomed the step, with Turkish President Recep Tayyip Erdogan describing it as “totally ripping off and throwing away the bloody shackles that were put on our country’s legs.” He added that the move would benefit the region.
In the weeks leading up to the ceremony, https://cptik.org/
continued to target Kurdish areas of northern Iraq, according to a war monitor.
The US-based Community Peacemaker Teams (CPT) said on Thursday that “Turkish military strikes and operations have remained steady – though increasingly concentrated in specific areas – even as a disarmament ceremony approaches this Friday.”
These pictures show PKK beginning its disarmament today, starting with 30 armed members laying down their weapons. In the region’s history of conflict, such scenes—if not unique—are certainly rare. Lasting peace will require continued effort, especially from the Turkish state. https://t.co/4L3S46zSGd
— Kamaran Palani (@KamaranMPalani) https://twitter.com/KamaranMPalani/status/1943614176020079083?ref_src=twsrc%5Etfw
“Turkish military strikes have remained steady and concentrated – though notably, no civilian casualties have been reported – since their surge in May. In June, bombardments and attacks increased by just eight percent compared to the previous month but continue to exceed levels observed prior to the ceasefire,” CPT said.
“Notably, 98 percent of strikes and shelling occurred within the Duhok governorate, specifically in the Amedi district, a stark contrast to previous years when Turkish offensives were more geographically dispersed,” it added.
Between June 1 and June 30, at least 550 bombings and strikes were documented in the Iraqi Kurdistan region, the monitor went on to say.
The PKK has been engaged in a guerrilla campaign against Turkiye for decades. Its leader, https://thecradle.co/articles/pkk-declares-end-to-guerrilla-war-against-turkiye
, is currently serving a life sentence in prison on the Turkish island of Imrali. In February, Ocalan issued a call for the PKK to lay down its arms.
The group has been holding talks on the matter with the pro-Kurdish Peoples' Equality and Democracy Party (DEM) in Turkiye. It has demanded legal and political guarantees in exchange for disarming, including constitutional reforms and equal rights for Kurds in Turkiye. It is also hoping for an eventual release of its leader from Turkish prison.
Thirty https://twitter.com/hashtag/PKK?src=hash&ref_src=twsrc%5Etfw
process.
Photo: Hama Sur / Channel8 https://t.co/XIHsa25iE2
— Channel 8 English (@Channel8English) https://twitter.com/Channel8English/status/1943605471232840039?ref_src=twsrc%5Etfw
Ocalan reiterated his call in a video message released on 9 July, declaring that the Kurdish militant group’s decades-long armed struggle against Turkiye has come to an end. On March 1, the PKK declared an immediate ceasefire in its insurgency against the Turkish state, in line with Ocalan’s call in February.
The PKK is very closely linked to the US-backed Syrian Democratic Forces (SDF) in Syria, which earlier this year signed a deal with Damascus to integrate into the new Syrian military. The integration has yet to take place. Ankara has urged the SDF to quit “stalling” and integrate with Damascus’s forces immediately.
https://cms.zerohedge.com/users/tyler-durden
Sat, 07/12/2025 - 08:10
These Are 2025's 'Most Livable' Cities
These Are 2025's 'Most Livable' Cities
Every year, The Economist ranks cities around the world on livability, based on factors including crime and conflict to public transportation and education.
This map, https://www.visualcapitalist.com/ranked-most-livable-cities-of-2025/
.
?itok=Af5548B9
The index ranks cities on over 30 factors across five categories to determine their overall livability. Factors include:
Stability: Prevalence of crime, terror, military conflict, civil unrest/conflict
Healthcare: Availability and quality of private and public healthcare, general healthcare indicators
Culture and environment: Humidity/temperature rating, cultural and sporting availability, social or religious restrictions
Education: Availability and quality of private education, public education indicators
Infrastructure: Quality of road network, public transport, international links, availability of good housing
What is the Most Livable City in the World?
Below, we show the 10 most livable cities in the world according to The Economist, and their livability scores.
?itok=WJTFBGIl
Copenhagen was ranked the most livable city in the world, ending Vienna’s three-year streak at the top of the rankings.
Denmark’s capital city scored perfect 100s across stability, education, and infrastructure, with an overall score of 98.
Vienna and Zurich tied for second with scores of 97.1. Switzerland—which had two cities rank in the top 10 for livability—also ranked first as the https://www.visualcapitalist.com/ranked-2025s-best-countries-to-live-and-work/
to live and work in for 2025.
Vienna saw its scores for stability drop dramatically in the wake of a https://www.bbc.com/news/articles/cn4ljq94vy3o
on a city train station in 2025.
Overall, cities in Western Europe and Asia-Pacific continue to dominate the top of the rankings.
Vancouver, Canada is now the only North American city in the top 10, after Calgary saw the biggest drop in ranking, falling from fifth in 2024 to 18th in 2025 due to declines in its healthcare scores.
The average score for livability in 2025 was 76.1 out of 100, the same as 2024. However, scores in the stability category have continue to decline amid widespread geopolitical tension and https://www.visualcapitalist.com/mapped-ongoing-armed-conflicts-lesser-known/
around the world.
To compare this list with last year’s livability rankings, check out the 2024 graphic https://www.voronoiapp.com/travel/Vienna-Is-The-Most-Livable-City-in-2024--2531
.
https://cms.zerohedge.com/users/tyler-durden
Fri, 07/11/2025 - 22:40
https://www.zerohedge.com/personal-finance/these-are-2025s-most-livable-cities
Forced Labor, Human Trafficking? Illegal Alien Kids Rescued After ICE Raids Industrial Pot Farm In Newsom's California
Forced Labor, Human Trafficking? Illegal Alien Kids Rescued After ICE Raids Industrial Pot Farm In Newsom's California
California Gov. Gavin Newsom wrote on X, "Kids running from tear gas, crying on the phone because their mother was just taken from the fields."
Kids running from tear gas, crying on the phone because their mother was just taken from the fields.
Trump calls me “Newscum” — but he’s the real scum. https://t.co/fj0l25mRBN
— Gavin Newsom (@GavinNewsom) https://twitter.com/GavinNewsom/status/1943469956181692448?ref_src=twsrc%5Etfw
"Kids running from tear gas." Think about that for a second… Why were there children at state-licensed, industrialized commercial marijuana farms in Southern California's agricultural zones?
That's a very good question — and perhaps protesting ICE seems the most plausible explanation. But one thing is sure: CBP Commissioner Rodney Scott revealed that federal agents rescued children from what appears to be forced labor conditions on industrial-sized marijuana farms.
"10 juveniles were found at this marijuana facility - all illegal aliens, 8 of them unaccompanied. It's now under investigation for child labor violations," Scott revealed on X.
He asked: "California, are you ready to partner with us to stop child exploitation?"
Here’s some breaking news: 10 juveniles were found at this marijuana facility - all illegal aliens, 8 of them unaccompanied. It’s now under investigation for child labor violations.
This is Newsom’s California. https://t.co/Z1XoRMtBSN
— CBP Commissioner Rodney Scott (@CBPCommissioner) https://twitter.com/CBPCommissioner/status/1943511972441391376?ref_src=twsrc%5Etfw
ICE agents on Thursday targeted two locations by Glass House Farms — one in the Santa Barbara County town of Carpinteria, about 90 miles northwest of Los Angeles, and another in the Ventura County community of Camarillo, about 50 miles from the metro area controlled by a far-left regime — resulted in the rescue of what could be illegal alien childeren exploited by labor mules.
Homeland Security Assistant Secretary Tricia McLaughlin wrote on X that federal law enforcement rescued the children from what appears to be "potential exploitation, forced labor, and human trafficking." She said agents were met by "500+ rioters," one of whom opened fire on law enforcement.
ICE and https://twitter.com/CBP?ref_src=twsrc%5Etfw
officers who so bravely rescued 9 children from potential exploitation, forced labor and human trafficking, were met by 500+ rioters, one of whom shot at law enforcement.
Thank you to the brave men and women of https://twitter.com/ICEgov?ref_src=twsrc%5Etfw
— Tricia McLaughlin (@TriciaOhio) https://twitter.com/TriciaOhio/status/1943709773242957877?ref_src=twsrc%5Etfw
X users were horrified Thursday night when an anti-ICE protester https://www.zerohedge.com/political/dramatic-video-anti-ice-protester-fires-weapon-federal-agents-during-immigration-raid
— a disturbing sign that low-intensity skirmishes are escalating into armed confrontations. This comes as the Democratic Party's leftist radicals continue to promote dangerous anti-ICE rhetoric, putting federal agents directly in harm's way.
A protester was seen apparently firing some kind of weapon at federal agents during the immigration raid at a farm near Camarillo on Thursday. It’s unknown if anyone was injured in the chaos. https://t.co/tZBT2XnVEH
— ABC7 Eyewitness News (@ABC7) https://twitter.com/ABC7/status/1943458132887282157?ref_src=twsrc%5Etfw
President Trump and Border Czar Tom Homan have been vocal about the "missing 300,000 migrant children" reportedly somewhere in the U.S., a consequence of the Biden-Harris regime's deliberate border invasion that only resulted in the exploitation of some migrants — whether through forced labor or sex trafficking. Shame on Democrats..
https://cms.zerohedge.com/users/tyler-durden
Fri, 07/11/2025 - 19:20
California, Los Angeles Join Activist Lawsuit Against Federal Authorities Over ICE Operations
California, Los Angeles Join Activist Lawsuit Against Federal Authorities Over ICE Operations
California Attorney General Rob Bonta, along with the attorneys general from several other states, submitted an amicus brief on July 7 in an effort to prevent the federal government from continuing its immigration enforcement operations in Los Angeles.
?itok=VWWvJYpa
The case, Perdomo v. Noem, was https://clearinghouse.net/case/46758/
on behalf of individuals who say they were unlawfully stopped or detained by federal agents. The lawsuit alleges that federal agencies such as Immigration and Customs Enforcement (ICE) and Customs and Border Protection (CBP) are deploying unconstitutional and unlawful immigration tactics, and stopping individuals based on race and ethnicity.
The lawsuit also alleges that the agencies are stripping detainees of constitutionally mandated due process and that ICE and CBP policies ignore the need for reasonable suspicion. The lawsuit also alleges the actions are in violation of the Fourth Amendment.
The lawsuit, which was https://www.theepochtimes.com/us/activists-sue-federal-authorities-over-ice-raids-in-los-angeles-5881846
or arrested on July 2.
They subsequently filed suit alongside the Los Angeles Worker Center Network, United Farm Workers, the Coalition for Humane Immigrant Rights, and legal services provider Immigrant Defenders Law Center.
The lawsuit seeks to put an end to the stops and arrests, as well as to ensure those who are detained receive due process and access to counsel while in federal detention.
The lawsuit comes just two days after the Trump administration sued the City of Los Angeles on June 30 over its ‘sanctuary city' policies, alleging in federal court that the ordinance violates the Constitution by thwarting immigration enforcement.
“The United States Constitution’s Supremacy Clause prohibits the city from picking and choosing which federal laws will be enforced and which will not,” United States Attorney for the Central District of California Bill Essayli said in ahttps://www.justice.gov/opa/pr/justice-department-files-lawsuit-against-sanctuary-city-policies-los-angeles-california
on the lawsuit.
The amicus brief supports the plaintiffs in the case, who are requesting a temporary restraining order to prohibit ICE and CBP from carrying out stops in Los Angeles during immigration actions, unless there is reasonable suspicion that a crime has been committed.
The attorneys general in their amicus brief also argue that the stops, as well as federal agents wearing masks and concealing the name of the law enforcement agency for which they work, have undermined public safety.
“The lawsuit comes amid the Trump Administration conducting aggressive, militaristic immigration raids in Los Angeles that have terrified immigrant and non-immigrant residents alike, chilled community members’ participation in civic society, and impeded law enforcement and public safety,” Bonta’s office said in a https://oag.ca.gov/news/press-releases/attorney-general-bonta-ice-and-cbp-must-end-unlawful-practices-los-angeles
on July 7.
Bonta argues that the ICE operations are not about safety or justice, but rather about enforcement quotas.
“The actions of ICE and CBP during the raids in Los Angeles are part of a cruel and familiar pattern of attacks on our immigrant communities by an administration that thrives on fear and division,” Bonta said.
California Gov. Gavin Newsom said in a statement that the Fourth Amendment protects everyone from unreasonable searches and seizures.
“Instead of targeting dangerous criminals, federal agents are detaining U.S. citizens, ripping families apart, and vanishing people to meet indiscriminate arrest quotas without regard to due process and constitutional rights that protect all of us from cruelty and injustice,” Newsom said.
“Their actions imperil the fabric of our democracy, society, and economy. This isn’t law and order—it’s cruelty and chaos. We stand solidly in support of progress, of the law, and the foundation upon which our founding fathers built this great nation.”
Meanwhile, U.S. Attorney General Pamela Bondi has said the city’s actions amount to obstruction of federal law.
“Jurisdictions like Los Angeles that flout federal law by prioritizing illegal aliens over American citizens are undermining law enforcement at every level – it ends under President Trump,” Bondi said in a statement on the https://www.justice.gov/opa/pr/justice-department-files-lawsuit-against-sanctuary-city-policies-los-angeles-california
.
Bonta likened the Trump administration’s deportation of illegal immigrants to the 1954 Operation Wetback, under President Dwight D. Eisenhower, in which an estimated 300,000 people were arrested and deported, including naturalized U.S. citizens.
“The dragnet has resulted in U.S. citizens being wrongfully detained and has created a culture of fear and COVID-style ghost towns,” Bonta’s office said in a statement.
The attorneys general of Arizona, Colorado, Connecticut, Hawaii, Illinois, Maine, Massachusetts, Maryland, Michigan, Minnesota, New Jersey, New Mexico, New York, Nevada, Oregon, Vermont, and Washington signed on to the amicus brief, which is focused on events taking place in Los Angeles.
Los Angeles, Pasadena, Culver City, Montebello, Monterey Park, Pico Rivera, Santa Monica, and West Hollywood, as well as the County of Los Angeles, have also filed a motion to intervene in the Vasquez Perdomo et al. v. Noem et al. lawsuit.
“The Administration is treating Los Angeles as a test case for how far it can go in driving its political agenda forward while pushing the Constitution aside,” Los Angeles Mayor Karen Bass https://mayor.lacity.gov/news/mayor-bass-joins-city-attorney-announce-legal-action-against-unlawful-raids-la
.
“The City of Los Angeles, along with the County, cities, organizations and Angelenos across L.A., is taking the Administration to court to stop its clear violation of the United States Constitution and federal law. We will not be intimidated – we are making Los Angeles the example of how people who believe in American values will stand together and stand united.”
In one high-profile arrest, on July 2, ICE https://www.dhs.gov/news/2025/07/03/dhs-announces-ice-arrest-mexican-boxer-sinaloa-cartel-affiliate-active-criminal
Mexican boxer Julio Cesar Chavez Jr. at his home in Studio City, near Los Angeles. Chavez, who the Department of Homeland Security (DHS) says entered the country illegally, is accused of being an associate of the Sinaloa Cartel, which has been designated a foreign terrorist organization.
“This Sinaloa Cartel affiliate with an active arrest warrant for trafficking guns, ammunition, and explosives was arrested by ICE. It is shocking the previous administration flagged this criminal illegal alien as a public safety threat, but chose to not prioritize his removal and let him leave and COME BACK into our country,” DHS Assistant Secretary Tricia McLaughlin said in a https://www.dhs.gov/news/2025/07/03/dhs-announces-ice-arrest-mexican-boxer-sinaloa-cartel-affiliate-active-criminal
on July 3.
The DHS said that its Los Angeles operations have resulted in the arrest of those with convictions for murder, pedophilia, fentanyl trafficking, spousal abuse, sexual assault, and armed robbery.
“Under the Trump Administration 70% of illegal aliens arrested have been convicted or charged with a crime beyond illegally entering our country,” McLaughlin https://www.dhs.gov/news/2025/06/26/dhs-arrests-worst-worst-criminal-illegal-aliens-los-angeles-including-pedophiles
in a statement on June 26.
“As bad faith politicians attempt to demean and vilify our brave law enforcement, we will only double down and ramp up our enforcement actions against the worst of the worst criminals.”
https://cms.zerohedge.com/users/tyler-durden
Fri, 07/11/2025 - 15:45
JPM CEO Jamie Dimon Unloads On Democrats: "Idiots" Obsessed With Failed Wokeism
JPM CEO Jamie Dimon Unloads On Democrats: "Idiots" Obsessed With Failed Wokeism
The inconvenient truth for Democrats is that there is still no bottom in sight, as the party of leftist radicals doubles, triples, and quadruples down on diversity, equity, inclusion, all things woke, and most alarmingly, a rapid descent into embracing Marxist ideas. That's why rational people have been jumping ship from the imploding party. Just look at the tech bros who voted for President Trump and how the right side of the political spectrum reformatted itself with a relatable message: 'America First'...
On Thursday, JPMorgan Chase CEO Jamie Dimon spoke at a foreign ministry event in Dublin, blasting the Democratic Party for going off the deep end with DEI, gender politics, and a series of failed policies that he said have harmed the country. "I have a lot of friends who are Democrats, and they're idiots," Dimon said at the event.
Holy. Shit.
Jamie Dimon on Democrats today:
“I have a lot of friends who are Democrats today, and they’re idiots. I always say they have big hearts and little brains. They do not understand how the real world works. Almost every single policy they rolled out has failed.” https://t.co/AUG74vKaBG
— Geiger Capital (@Geiger_Capital) https://twitter.com/Geiger_Capital/status/1943699754057125908?ref_src=twsrc%5Etfw
"I always say they have big hearts and little brains. They do not understand how the real world works. Almost every single policy rolled out failed." Dimon continued, "They overdid DEI .... We all were devoted to reaching out to the Black community, Hispanic, the LGBT community, the disabled — we do all of that. But to the extent, they gotta stop it. And they gotta go back to being more practical. They're very ideological."
He described himself as "barely a Democrat" since the party of woke has fallen into the abyss. His criticism of the Democratic Party also extended to politics in New York City — particularly Manhattan, where the bank is headquartered — which now faces the possibility of a Marxist becoming mayor later this year.
"Barely a Democrat"? Please. Dimon was a full-blown kneeler not long ago…
Jamie Dimon kneeling on a taxpayer. https://t.co/XZi5NS9acO
— Rudy Havenstein, Senior Markets Commentator. (@RudyHavenstein) https://twitter.com/RudyHavenstein/status/1268995213999120386?ref_src=twsrc%5Etfw
"This guy [Zohran Mamdani] just got elected — he's more of a Marxist than a socialist, and now you see these Democrats falling all over themselves saying, 'Well, he's pointing out some real problems, affordable housing and grocery prices.' OK, maybe," Dimon said. "There's the same ideological mush that means nothing in the real world."
Dimon's criticism of the Democratic Party is nothing new. In late May, the CEO blasted Democrats for the border invasion they facilitated over the Biden-Harris regime's first term.
JAMIE DIMON: “I call it blue tape. Republicans generally don't like red tape … But most Democrats, they love it. They want more of it and they want to make it so confusing you can't even meet the rules, so you get punished and fined afterwards.” https://t.co/D6V4LApcby
— Chief Nerd (@TheChiefNerd) https://twitter.com/TheChiefNerd/status/1928791291216687418?ref_src=twsrc%5Etfw
"If you do not control the borders, you are going to destroy our country ... Now that they are sending migrants into New York ... all my super liberal friends realize what the problem is," Dimon told CNBC last year.
JPMorgan CEO Jamie Dimon: “If you do not control the borders, you are going to destroy our country ... Now that they are sending migrants into New York ... all my super liberal friends realize what the problem is.”https://t.co/JmWoHbQLNH
— The Post Millennial (@TPostMillennial) https://twitter.com/TPostMillennial/status/1838930480281858428?ref_src=twsrc%5Etfw
Dimon's criticism signals that the party of leftist radicals is nowhere near a reset. In fact, it has gone further off course — doubling, even tripling down on failed policies that are driving more of its own supporters to jump ship and align with the America First movement.
?itok=PLmvO8pO
from One City Rising highlights just how far off course Zohran and the Democratic Party have gone (and spoiler alert: it's bad):
Zohran’s worldview is shaped by his father, who has dedicated his life to promoting anti-Western values and decolonization—a field in which he is regarded as a thought leader.
Marxism has become the philosophy of the “death to America” class, spanning from the permanent-protest and NGO movements to activist-teachers and into the Democratic Party through the Democratic Socialists of America—the political organization Mamdani calls home. Unfortunately, many Democrats remain slow to recognize that this philosophy breeds only misery and is incapable of improving society.
In the 1960s, Frances Fox Piven outlined the revolutionary “Cloward-Piven strategy” to deliberately overload social service and welfare systems until they collapse, creating an opening for the far-left to demand a new system and “prove” that capitalism doesn’t work. It should come as no surprise that she is now an honorary chair of the DSA. 1m
From hating America to preaching Marxism and fueling chaos in city streets with dark money-funded NGOs, people are fed up with the radical left. And so is Dimon.
The progressive vision for America — green new deal cronyism, open borders, DEI, and even outright Marxism , among other disasters— has objectively FAILED. Their agenda is unraveling, just look at Gavin Newsom defending illegal cannabis growers bringing unaccompanied minors to… https://t.co/ujskHhQmk6
— Seamus Bruner (@seamusbruner) https://twitter.com/seamusbruner/status/1943722243919356230?ref_src=twsrc%5Etfw
It'll be a long time before Dimon takes a knee again — of that, we'e certain.
https://cms.zerohedge.com/users/tyler-durden
Fri, 07/11/2025 - 14:45
Victor Davis Hanson Reveals What's Really Beneath Mamdani's Carefully Crafted Image
Victor Davis Hanson Reveals What's Really Beneath Mamdani's Carefully Crafted Image
Via https://www.vigilantfox.com/p/victor-davis-hanson-reveals-whats
,
Cracks are beginning to show in the carefully curated image of New York City mayoral candidate Zohran Mamdani. Questions about his past and controversial positions are surfacing, drawing fresh scrutiny to his campaign.
?itok=3Ilz_Jto
Historian and classicist Victor Davis Hanson highlighted three particularly troubling revelations that have recently come to light, warning that this might just be the start.
“I guarantee you more will come out every day because he’s a pampered, privileged, angry, young socialist-communist,” Hanson said.
Victor Davis Hanson says the façade is cracking around New York’s radical socialist mayoral candidate Zohran Mamdani, and the revelations aren’t pretty.
He lays out a portrait of a candidate who, despite a carefully managed public image, has a record steeped in hard-left ideology and contradictions that are starting to catch up with him.
“We’ve talked before about the front runner in the New York mayoral race, Zohran Mamdani,” he reminded viewers, setting the stage for what he described as a necessary unmasking.
Mamdani’s history of openly embracing Marxist ideas, Hanson argues, is not some youthful indiscretion but a core part of his politics.
“And we’ve mentioned before that he talked about seizing the means of production, which comes out right out of Karl Marx and Friedrich Engels ‘Das Kapital,’ ‘The Communist Manifesto.’”
It’s an approach that extends beyond slogans.
Hanson pointed to a pattern of denying inconvenient truths, like Mamdani’s insistence he never supported defunding the police….even with clear evidence to the contrary.
“We talked about his claims that he never advocated defunding the police, even though there was an extensive social media trail where he advocates just that.”
And there’s the question of targeted taxation. Mamdani’s proposal to focus tax hikes specifically on “Whiter” neighborhoods isn’t just about class….it’s about exploiting racial division, Hanson says.
“He talked about going into richer and Whiter areas and taxing them specifically at a higher rate,” he explained, pointing out the selective language that conveniently skipped over the fact that Indian Americans….like Mamdani’s own family….are statistically among the nation’s highest earners.
“He didn’t say, in other words, richer and Indian American. He just use the word white because he was trying to cater himself to the African-American vote.”
Victor Davis Hanson says the façade is cracking around New York’s radical socialist mayoral candidate Zohran Mamdani, and the revelations aren’t pretty.
He lays out a portrait of a candidate who, despite a carefully managed public image, has a record steeped in hard-left… https://t.co/QE51rQv6XL
— The Vigilant Fox 🦊 (@VigilantFox) https://twitter.com/VigilantFox/status/1943442371313606849?ref_src=twsrc%5Etfw
But Hanson said that because Mamdani grew up with a silver spoon in his mouth, he was never actually forced to go out and get a job or go through audits.
This has allowed Mamdani’s extremist past to remain out of the public, until now.
“He has an extensive left wing record and now that he’s in the public realm, everything is starting to come out.”
Mamdani’s father had extremist views which were clearly passed on Zohran.
“His father was in a, discussion of, you know, a conference discussion and said that Adolf Hitler’s idea for the final solution and many of his, policies toward the Jews came from Abraham Lincoln, the way Lincoln supposedly created or treated Indians on reservations.”
“That’s—that’s crazy.”
That silver-spoon background, Hanson argues, has insulated Mamdani from facing the consequences of these ideas.
He has never needed to find a job or face public scrutiny.
“He has an extensive left wing record and now that he's in the public realm, everything is starting to… https://t.co/d0WjPLZ8FR
— The Vigilant Fox 🦊 (@VigilantFox) https://twitter.com/VigilantFox/status/1943443222342062188?ref_src=twsrc%5Etfw
But ideology wasn’t the only problem.
Hanson turned to an incident that he argued should alarm any voter: Mamdani’s defense of Islamic terrorist Anwar al-Awlaki.
“He was an American citizen that went to Yemen, and he advocated killing Americans, and he was a terrorist.”
This wasn’t a controversial figure on the margins of debate….he was a known terrorist targeted by a drone strike under President Obama.
“Barack Obama, when he was president, ordered a predator hit team on him and killed Awlaki in a targeted assassination. Who was that, by the way, an ISIS supporter, but he was also a U.S. citizen.”
Years after that, Mamdani publicly defended him, offering an absurd rationale that Hanson dismissed outright.
“But now we learned in 2015, years after that Obama hit on him—on this ISIS figure—Mamdani was defending them and saying, basically, he turned radical because the FBI surveilled him.”
The logic, he argued, simply didn’t hold up.
“That’s like saying that Kash Patel turned radical because the FBI surveil him. People don’t go become terrorist kingpins because the American FBI thinks you’re a person of interest.”
But ideology wasn’t the only problem.
Hanson turned to an incident that he argued should alarm any voter: Mamdani’s defense of Islamic terrorist Anwar al-Awlaki.
“He was an American citizen that went to Yemen, and he advocated killing Americans, and he was a terrorist.”
This… https://t.co/f8zxh7fWrU
— The Vigilant Fox 🦊 (@VigilantFox) https://twitter.com/VigilantFox/status/1943443929879220578?ref_src=twsrc%5Etfw
Hanson also questioned Mamdani’s personal credibility, describing a pattern that, to him, reveals something deeper about the candidate’s approach to politics.
He EXPOSED Mamdani for trying to claim African American identity on college applications to gain an edge, despite having no connection to that experience.
“He’s very, sensitive about the African-American and Latino vote, which I don’t think he’s going to win,” Hanson noted.
“But now we learned that when he applied to college, to Bowdoin, and I think further to graduate school—in which he was not admitted, he claimed that he was an African American.”
It wasn’t just a one-off misrepresentation, Hanson suggested, but part of a larger disconnect between public messaging and private behavior.
It was, in Hanson’s view, part of a pattern he’d seen many times in academia.
“As someone who was in academia for three decades, I used to have students that were from North Africa, Egypt or Morocco or Algeria, but were not African American. That is, they were not Blacks, and they tried that trick and they were not successful. Neither was Mamdani.”
What bothered him most wasn’t just the strategy but the hypocrisy of someone willing to lecture Americans about inequality while privately trying to benefit from the very system he criticizes.
“But imagine he’s giving lectures, moral lectures, sanctimonious lectures, self-righteous lectures about how unequal the United States is,” he continued.
“And then yet he tries to mimic or pass on a Elizabeth Warren or Ward Churchill-like fraud that he’s African American, that he’s a Black African, just because his parents who were Indian and immigrants to Uganda, and were one of the 1% elite in that country—he’s now claiming that he should he should have had special—I shouldn’t say he’s now claiming, he claimed that he should have had special preference in admissions because he was Black.”
Hanson also questioned Mamdani’s personal credibility, describing a pattern that, to him, reveals something deeper about the candidate’s approach to politics.
He EXPOSED Mamdani for trying to claim African American identity on college applications to gain an edge, despite having… https://t.co/Bz00jAoo2R
— The Vigilant Fox 🦊 (@VigilantFox) https://twitter.com/VigilantFox/status/1943445248748761402?ref_src=twsrc%5Etfw
With the election fast approaching, Hanson dropped a stunning prediction: these revelations are just the start.
“You add all of this up, and I guarantee you more will come out every day because he’s a pampered, privileged, angry, young socialist-communist.”
He painted a picture of a candidate whose carefully managed image can’t hide the reality of a life with no debt, no real-world experience, and a sprawling public record waiting to be examined.
“He’s had no experience. He’s out of debt and he has a long social media record.”
In the end, Hanson offered less of a conclusion than a question….one he admitted he didn’t know how to answer himself.
The question itself was a testament to the times we are living in.
“And, the only question that I have for you, the audience and me, because I’m genuinely puzzled about it, the more that we hear that he’s a lunatic and unhinged and anti-American and socialist, does that help him or does that hurt him, given the demographics of New York?”
With the election fast approaching, Hanson dropped a stunning prediction: these revelations are just the start.
“You add all of this up, and I guarantee you more will come out every day because he's a pampered, privileged, angry, young socialist-communist.”
He painted a picture… https://t.co/xQn7s2ad1O
— The Vigilant Fox 🦊 (@VigilantFox) https://twitter.com/VigilantFox/status/1943446081368363237?ref_src=twsrc%5Etfw
Watch the full episode of the https://twitter.com/DailySignal?ref_src=twsrc%5Etfw
— The Vigilant Fox 🦊 (@VigilantFox) https://twitter.com/VigilantFox/status/1943446299895800145?ref_src=twsrc%5Etfw
https://cms.zerohedge.com/users/tyler-durden
Fri, 07/11/2025 - 12:25
The 'Count Dooku' Of Austrian Economics Faces 'Anakin' Murphy
The 'Count Dooku' Of Austrian Economics Faces 'Anakin' Murphy
Mises Institute Jedi Bob “Anakin” Murphy finally faced his nemesis: George Mason University’s David Beckworth, deemed the “Count Dooku” of Austrian Economics by Bob for Beckworth’s apprenticeship under Misesian scholars and subsequent drift into mainstream circles.
They waged battle at last night’s ZeroHedge debate on the question: Should we abolish the Federal Reserve?
?itok=btU1sw0j
Whether this was the first Dooku-Skywalker battle in which Anakin loses his arm or the second where Dooku loses his head — you’ll have to decide. Below were the highlights for those short on time and listen to the full debate on https://x.com/zerohedge/status/1943438770524610620
:
“Lender of last resort”
Beckworth believes the lender of last resort function is necessary but advocated for "some kind of federal facility, something that's approved by Congress… shifting the burden of being the lender of last resort or the bailouts to the federal government as opposed to the Federal Reserve.”
Murphy criticized the Fed’s motives during the GFC, arguing the ‘lender-of-last-resort’ principle was merely a pretext. He noted the irony that “right when they were saying all this stuff and buying the so-called ‘toxic assets’ is when the Fed started paying banks to not make loans to their customers,” referring to the introduction of interest on reserves in October 2008. Pretext aside… Murphy contended an omnipresent lender is not healthy: it “short-circuited” the necessary “cleansing process” of the market and resulted in favoritism rather than democratized crisis response: “Lehman goes down, others get saved.”
— ZeroHedge Debates (@zerohedgeDebate) https://twitter.com/zerohedgeDebate/status/1943674092462252416?ref_src=twsrc%5Etfw
But who will finance the wars?
Murphy: “Making it harder for your government to take your people into war is actually a good thing. It's not a negative.”
Acknowledging that total elimination the Fed would be difficult, Murphy nonetheless insisted it is more realistic than reforming such a corrupt institution and could be possible with enough public will. “Once it was gone… it wouldn’t be there anymore” and will be a lot harder to reinstate.
Relying on minor reformations and trusting the benevolence of central bankers to self-restrain — Murphy argued — us naive: “Let's just be practical. These are some of the most powerful people on planet earth that have access to printing presses.”
— ZeroHedge Debates (@zerohedgeDebate) https://twitter.com/zerohedgeDebate/status/1943674144630943957?ref_src=twsrc%5Etfw
**
Listen to the full debate below:
— zerohedge (@zerohedge) https://twitter.com/zerohedge/status/1943438770524610620?ref_src=twsrc%5Etfw
https://cms.zerohedge.com/users/tyler-durden
Fri, 07/11/2025 - 11:25
https://www.zerohedge.com/economics/count-dooku-austrian-economics-faces-anakin-murphy
German Immigration Officer Jailed For Accepting Cash Bribes From Migrants In Exchange For Citizenship Documents
German Immigration Officer Jailed For Accepting Cash Bribes From Migrants In Exchange For Citizenship Documents
By Thomas Brooke of Remix News
A German court has sentenced an immigration officer to prison for accepting bribes in exchange for issuing fraudulent residence and citizenship documents.
, the Lüneburg Regional Court ruled on Tuesday that the officer from the district of Lüchow-Dannenberg in Lower Saxony illegally issued permanent residence permits, settlement papers, and naturalizations to foreigners in at least 16 cases between January 2022 and July 2023, in return for cash payments.
?itok=hURUreah
Among those who obtained papers were individuals from Turkey, Georgia, Albania, and several Arab countries. Many had presented forged residence documents from other EU states, such as Greece, when applying for legal status in Germany. In some cases, requirements such as language proficiency certificates were waived.
The court found that the official became known for his ability to process cases “without complications,” a reputation that spread across the country, according to a district councilor. He was consequently jailed for six and a half years.
The scheme involved a co-defendant, 32-year-old Kastriot G., who knew the official from a local football club. He acted as an intermediary, arranging “customer orders” for the fraudulent documents. Kastriot G. was sentenced to nine years in prison, with his term including a previous conviction for kidnapping for ransom.
The court stated that both men had received around €154,000 from their dealings, which they are now required to repay in full. Both defendants partially admitted the charges, though they did not fully confess.
“They were only interested in the money; they wanted to split the proceeds equally,” said presiding judge Christoph Paglotke, according to the German press agency dpa.
The verdict is not yet final and can still be appealed.
Illegal immigration means big money for some, and fraudulent activity has been known to occur in several European member states.
In February, Spanish police https://rmx.news/article/spain-sees-650-surge-in-residency-permits-through-family-ties-since-2020-under-socialist-government/
. Three people, including a lawyer, were arrested for their involvement in the scheme, which charged around €10,000 per client.
Continue reading on https://rmx.news/article/german-immigration-officer-jailed-for-accepting-cash-bribes-from-migrants-in-exchange-for-citizenship-documents/
https://cms.zerohedge.com/users/tyler-durden
Fri, 07/11/2025 - 02:00
FDA Approves Moderna's COVID-19 Vaccine For Some Children
FDA Approves Moderna's COVID-19 Vaccine For Some Children
Authored by Zachary Stieber via The Epoch Times,
Federal regulators have approved a COVID-19 vaccine made by Moderna for some children aged 6 months through 11 years, according to an approval letter made public on July 10.
?itok=toFpBVTL
The Food and Drug Administration approved Spikevax, the vaccine, for children at least 6 months of age who are pegged as being at heightened risk for COVID-19, the FDA’s top vaccine official, Dr. Vinay Prasad, https://www.documentcloud.org/documents/25995294-fda-letter-to-moderna-july-9/
Moderna in the missive.
“COVID-19 continues to pose a significant potential threat to children, especially those with underlying medical conditions,” Moderna CEO Stéphane Bancel https://investors.modernatx.com/news/news-details/2025/Moderna-Receives-Full-U-S--FDA-Approval-for-COVID-19-Vaccine-Spikevax-in-Children-Aged-6-Months-Through-11-Years-at-Increased-Risk-for-COVID-19-Disease/default.aspx
in a statement.
“Vaccination can be an important tool for protecting our youngest against severe disease and hospitalization. We appreciate the FDA’s diligent scientific review and approval of Spikevax for pediatric populations at increased risk for COVID-19 disease.”
The FDA did not respond to a request for comment.
The approval for the vaccine also covers other individuals through 64 years of age who have at least one risk factor that federal officials say places them at higher risk of severe COVID-19 outcomes, as well as all people aged at least 65.
The updated vaccine could target L.P.8.1., based on https://www.theepochtimes.com/health/fda-advisers-recommend-updated-covid-19-vaccines-5862040
from the FDA. Moderna says it expects to have the updated vaccine ready to distribute in the fall.
The FDA in 2024 https://www.theepochtimes.com/health/fda-approves-new-covid-19-vaccines-5710997
emergency authorization for Spikevax for all children aged 6 months through 11 years. The FDA had also approved Spikevax for individuals aged at least 12 years.
Those moves came despite no clinical data being available for the vaccines.
FDA officials at the time said that animal data and information from previous versions of the shots were sufficient.
Approval has a higher bar of evidence of safety and efficacy than emergency authorization.
The new approval was based on three clinical trials, according to Prasad, including one that https://clinicaltrials.gov/study/NCT04796896?tab=results#outcome-measures
are not yet publicly available, with one still listed as ongoing.
Americans have largely stopped receiving COVID-19 vaccines.
Just 13 percent of children and 23 percent of adults had received one of the currently available vaccines as of April 26, according to the latest statistics https://www.cdc.gov/covidvaxview/weekly-dashboard/index.html
.
Prasad and Dr. Marty Makary, the FDA’s new commissioner, https://www.theepochtimes.com/health/fda-says-no-licenses-for-covid-19-vaccines-for-many-americans-without-trial-data-5860572
in May that the agency would no longer clear COVID-19 vaccines for people younger than 65 who lack a risk factor, such as obesity, that officials say places them at higher risk for severe COVID-19 outcomes.
The officials also said they would keep clearing shots for some 100 million to 200 million Americans who are either elderly or have a risk factor, based on data showing vaccines trigger antibodies.
The CDC later in May https://www.theepochtimes.com/health/cdc-updates-covid-19-vaccine-recommendations-after-delay-5865494
recommending COVID-19 vaccines for healthy children and pregnant women, although it said children could receive a shot after consulting with parents and their doctors.
The FDA on May 31 https://www.theepochtimes.com/health/fda-approves-modernas-new-covid-19-vaccine-5865968
a different Moderna COVID-19 vaccine, called mNEXSPIKE, for adults aged at least 65 and people aged 12 to 64 who have at least one of the risk factors.
Moderna is also working on a combination vaccine against COVID-19 and influenza. The company https://www.theepochtimes.com/us/moderna-to-ask-for-clearance-for-combination-covid-influenza-vaccine-5880377
in June that results from a study of an updated flu vaccine were favorable and that it planned to ask the FDA for clearance for the combination shot.
https://cms.zerohedge.com/users/tyler-durden
Thu, 07/10/2025 - 17:40
https://www.zerohedge.com/covid-19/fda-approves-modernas-covid-19-vaccine-some-children
Death Toll In Texas Floods Reaches 119 As Search Crews Race Against Time
Death Toll In Texas Floods Reaches 119 As Search Crews Race Against Time
The death toll from the devastating flash floods that swept across Central Texas over the Fourth of July weekend has climbed to at least 119, with scores more still missing as search and rescue operations enter their sixth day.
?itok=nOCv8I_y
The hardest hit region, Kerr County - known for its summer camps and riverfront retreats - accounted for 95 of the fatalities, including 59 adults and 36 children, local officials said on Wednesday. Among the dead are at least 27 campers and counselors from Camp Mystic, a century-old Christian camp for girls nestled along the banks of the Guadalupe River in Hunt, Texas.
Sheriff Larry Leitha, whose department has been coordinating the response in Kerr County, said more than two dozen of those killed remain unidentified, underscoring the challenges posed by the scale of the disaster and the swiftness of the floodwaters.
More than a foot of rain fell in under an hour on Saturday evening, officials said, triggering a sudden and violent rise in the Guadalupe River, which surged nearly 30 feet above normal levels - inundating low-lying areas, sweeping away vehicles, and overwhelming even elevated structures.
Governor Greg Abbott said Wednesday that more than 170 people across the region remain unaccounted for. Of those, 161 are believed to be missing in Kerr County alone, including five children and one counselor from Camp Mystic.
"We will not stop until every missing person is accounted for," said Abbott.
The additional 24 deaths https://www.theepochtimes.com/us/death-toll-in-texas-floods-tops-100-post-5883687
in neighboring counties; Travis, Burnet, Kendall, Tom Green, and Williamson, as the storm system carved a path of destruction through the Hill Country region, long known for its natural beauty and quiet charm.
Search and rescue teams, along with volunteers, continue to comb the area in an effort to locate the missing. Efforts are focused along miles of riverbank, where debris and strong currents have hampered access.
Authorities have not yet released a full accounting of property damage, but officials described the scale of destruction in central Texas as catastrophic. Governor Abbott’s office has not issued a formal disaster declaration as of Wednesday, but emergency personnel from multiple jurisdictions remain deployed.
Officials have not provided details on weather conditions in the days ahead, and it remains unclear whether additional rainfall could impact recovery operations.
As the search continues, families and local communities are grappling with grief and uncertainty. State agencies are coordinating with local authorities to provide support and assistance to survivors and displaced residents.
https://cms.zerohedge.com/users/tyler-durden
Thu, 07/10/2025 - 16:40
https://www.zerohedge.com/weather/death-toll-texas-floods-reaches-119-search-crews-race-against-time
Vertiv Drops After Amazon Unveils In-House Liquid Cooling System, Marking Pivot To Liquid
Vertiv Drops After Amazon Unveils In-House Liquid Cooling System, Marking Pivot To Liquid
Shares of U.S.-based data center infrastructure firm Vertiv Holdings tumbled in New York on Thursday after Amazon Web Services unveiled its own in-house liquid cooling system for data centers, raising concerns about future demand for Vertiv's products.
AWS revealed in a blog section of its website about "three things" for data centers to work properly, including:
The first is a building, the kind of thing that can protect the servers from rain, snow, and even tumbleweed.
The second is power, the juice that keeps all those servers running.
The third is cooling. This is the element without which those servers could overheat and shut down in a matter of minutes. It's also the one Amazon Web Services (AWS), and the entire data center industry, is in the midst of transitioning from an air-based to a liquid-based solution.
AWS explained that air-based systems have primarily handled cooling at its data centers, pulling in outside air and circulating it through server racks. However, as AWS noted, "air alone isn't always enough."
"We've crossed a threshold where it becomes more economical to use liquid cooling to extract the heat," Dave Klusas, AWS's senior manager of data center cooling systems, wrote in a statement.
?itok=pNN22uMK
Klusas's team developed a custom in-house direct-to-chip liquid cooling system that is "ready for use at scale" and "will be ramped up this summer to take on more and more of the cooling workload, and start moving into other data centers," according to AWS.
?itok=qyvFckzH
Bloomberg analyst Mustafa Okur's first take on the liquid cooling system said this "could weigh on Vertiv's future growth prospects."
Okur noted, "Around 10% of overall sales come from liquid cooling, we calculate, and AWS may be one of the largest customers."
The news sent Vertiv shares down 6.5% in early afternoon trading, the largest daily loss since mid-April.
?itok=vyOGPzHG
The broader understanding here is the "https://www.zerohedge.com/ai/ubs-finds-chilling-opportunity-data-center-cooling
" theme playing out in the data center space, which suggests that more powerful and energy-intensive AI chips will require liquid cooling.
?itok=3V1OtKMZ
UBS identified Chemours as a top pick last week... https://www.zerohedge.com/ai/ubs-finds-chilling-opportunity-data-center-cooling
.
https://cms.zerohedge.com/users/tyler-durden
Thu, 07/10/2025 - 14:20
MP Materials Shares Surge 50% As Pentagon To Become Largest Shareholder
MP Materials Shares Surge 50% As Pentagon To Become Largest Shareholder
Just yesterday, we https://www.zerohedge.com/markets/coming-rare-earth-revolution-and-how-profit-all-you-need-know-about-ex-china-supply-chain
to our premium subscribers called "The Coming Rare Earth Revolution And How To Profit: All You Need To Know About The "Ex-China Supply Chain"". The note pointed out that Morgan Stanley's metals and mining team had published an in-depth analysis of several early-stage REE and magnet projects to map out where Western countries might source these critical minerals—and to identify the biggest potential winners from the most significant clash in the ongoing trade war between the U.S. and China.
In the Key Takeaways section at the top of the piece, it was clear and direct in stating that MP Materials was among the best positioned to benefit: "MP Materials, Lynas, and ILU are best positioned to capitalize as REE trade flows and pricing adjust."
The timing turned out to be prescient, because this morning it was announced that the U.S. Department of Defense will become the largest shareholder in MP Materials after agreeing to purchase $400 million in preferred stock, according to https://www.cnbc.com/2025/07/10/pentagon-to-become-largest-shareholder-in-rare-earth-magnet-maker-mp-materials.html
. Shares surged over 50% on the news.
?itok=JMsfCrfL
And who knows where the stock is going to wind up when the dust settles - because as the US Government just became the largest shareholder, 23% of the float was short.
?itok=cat-uU_y
The investment marks a major public-private partnership aimed at building a domestic rare earth magnet supply chain. MP Materials, which owns the only operational rare earth mine in the U.S. at Mountain Pass, California, will use the funds to expand processing and magnet manufacturing capacity.
As part of the deal, the Pentagon will receive convertible preferred shares and warrants equal to a 15% stake—surpassing stakes held by CEO James Litinsky and BlackRock. The shares convert at $30.03 each and carry no cash dividend.
that the investment will support a second U.S.-based magnet plant, “10X,” expected to begin commissioning in 2028. The Defense Department will guarantee the purchase of all output from the facility for 10 years and backstop pricing at $110/kg for NdPr products, a key material used in permanent magnets for military systems like F-35 jets, drones, and submarines.
The move reflects growing U.S. efforts to reduce reliance on China, which supplied roughly 70% of rare earth imports in 2023, according to the U.S. Geological Survey. Interior Secretary Doug Burgum said in April that the Trump administration is exploring direct equity investments to secure critical minerals.
?itok=HjYQJo4T
MP Materials is also set to receive a $150 million Pentagon loan to expand rare earth separation at Mountain Pass, and will receive $1 billion in financing for the magnet facility from JPMorgan and Goldman Sachs.
CEO James Litinsky called the initiative a decisive step toward U.S. supply chain independence.
In our piece out yesterday, we also discussed two of MP Materials' key initiatives within the rare earth elements (REE) supply chain: its downstream magnetics project, the Independence Magnet Facility (#1), and its upstream heavy rare earth separation effort at Mountain Pass (#2).
The Independence facility in Texas is already producing magnets at pilot scale, with plans for full commercial output by year-end 2025, backed by a long-term supply agreement with GM.
Meanwhile, at Mountain Pass, MP is ramping up its light REE separation and advancing the construction of a heavy REE separation facility, targeting full-scale production in 2026. These two integrated projects position MP Materials as a vertically aligned U.S.-based REE producer, and one of several strong plays likely to benefit from increasing global concerns around rare earth scarcity.
For the full note and all of the names mentioned therein, you can use this link.
https://cms.zerohedge.com/users/tyler-durden
Thu, 07/10/2025 - 10:25
Russia's Formal Recognition Of The Taliban Comes At A Crucial Time For The Broader Region
Russia's Formal Recognition Of The Taliban Comes At A Crucial Time For The Broader Region
https://korybko.substack.com/p/russias-formal-recognition-of-the
Russia became the first country to https://www.rt.com/news/620960-russia-recognition-afghanistan-taliban/
as the legitimate government of Afghanistan earlier this month.
?itok=7qzVNXmD
This development comes at a crucial time for the region: Trump wants to return US forces to Afghanistan’s Bagram Airbase; there are newfound concerns about the https://korybko.substack.com/p/the-west-finally-realized-just-how
to expand its influence into Central Asia.
Here are three background briefings:
* 16 May: “https://korybko.substack.com/p/trumps-desired-return-to-bagram-airbase
”
* 18 June: “https://korybko.substack.com/p/protracted-instability-in-iran-could
”
* 2 July: “https://korybko.substack.com/p/whyd-erdogan-decide-to-expand-turkiyes
”
Correspondingly, the direct consequences of this latest development aim to: bolster the Taliban’s resilience to https://korybko.substack.com/p/lavrov-accused-the-biden-admin-of
) railway and/or make a bid for control over it; and rely more upon PAKAFUZ as a complement or even alternative to the NSTC with the tangential benefit of naturally expanding economic influence in Central Asia so as to gently counterbalance Turkiye’s.
It's here where the economic drivers of this diplomatic decision come into play as detailed below:
* 19 May 2024: “https://korybko.substack.com/p/analyzing-the-strategic-importance
”
* 28 May 2024: “https://korybko.substack.com/p/russia-is-preparing-to-strategically
”
* 27 November 2024: “https://asiatimes.com/2024/11/russias-grand-geo-economic-plan-a-step-closer-in-afghanistan/
”
The gist is that the expansion of Russian economic influence in Afghanistan, the prerequisite of which is formal recognition of the Taliban as that country’s legitimate government, will enable Moscow to pioneer energy and real-sector connectivity with https://www.arabnews.com/node/2606164/pakistan
via Central Asia.
For that to happen, however, Afghan-Pakistani tensions must first abate and https://korybko.substack.com/p/afghan-emanating-terrorist-threats-3c3
to the region must be neutralized or at least contained. Here are some briefings about that:
* 16 June 2023: “https://korybko.substack.com/p/russias-afghan-point-man-hinted-at
”
* 1 September 2024: “https://korybko.substack.com/p/the-cia-isnt-responsible-for-the
”
* 12 February 2025: “https://korybko.substack.com/p/russia-has-a-better-chance-of-mediating
”
All in all, the economic, security, diplomatic, and ultimately strategic opportunities unlocked by Russia’s formal recognition of the Taliban will turbocharge its influence in the broader region, which couldn’t have come at a better time given concerns about the NSTC’s viability and impending Turkish-US inroads. The timing of this development is coincidental, but it nevertheless comes at a crucial time for the broader region, thus strengthening Russia’s stakeholder role and increasing its ability to shape events.
https://cms.zerohedge.com/users/tyler-durden
Wed, 07/09/2025 - 23:50
Is The US Dollar Primed For A Digital Rebound?
Is The US Dollar Primed For A Digital Rebound?
After decades as the world’s unrivaled reserve currency, the U.S. dollar’s dominance is eroding in traditional financial systems. The U.S. dollar now accounts for 58% of foreign exchange reserves—its lowest share in decades.
Yet in the rapidly evolving digital economy, the dollar is staging a powerful resurgence.
In this infographic, part three of the Digital Dollar Series created in partnership with https://www.plasma.to/about?utm_source=vcwebsite&utm_medium=plasmaarticle&utm_campaign=PLA01&utm_id=pla01-u-s-dollar-primed-for-a-digital-rebound
explores how digital finance may be bolstering the greenback’s influence.
?itok=tZ3LYFNV
The U.S. Dollar on a Global Scale
As a share of global totals, the U.S. dollar’s prominence across five major financial indicators varies.
?itok=1GrRh-UN
Source: https://castleisland.vc/wp-content/uploads/2024/09/stablecoins_the_emerging_market_story_091224.pdf
. Latest available data from 2022–2024.
In more traditional financial indicators, the greenback’s proportion is between 50% and 60% globally.
For instance, as a share of reserves, the dollar reached as high as 73% in 2001 before declining to the current 58%. According to the IMF, the dollar’s decline has been offset by increases in the shares of nontraditional reserve currencies. For instance, shares of the Australian dollar, Canadian dollar, and Chinese renminbi have increased. These currencies help reserve managers diversify and offer relatively attractive yields.
The Chinese renminbi has been climbing as the country https://www.visualcapitalist.com/sp/hf02-start-of-de-dollarization-chinas-gradual-move-away-from-the-usd/
in cross-border payments and pilots its own central bank digital currency.
Digital Finance: The Dollar’s Next Chapter
Despite some signs of de-dollarization in traditional finance, the digital realm tells a different story. A striking 99% of all stablecoins are pegged to the U.S. dollar, underscoring its pivotal role in crypto-based finance.
As stablecoin supply surges, issuers need to back up their coins by buying Treasuries or other liquid assets. This drives significant demand for the dollar. Notably, stablecoin issuers collectively rank among the top 20 holders of U.S. government debt.
With financial systems evolving, stablecoins are positioned to reinforce the dollar’s global dominance.
is building the future of stablecoin transactions—making them cheaper and faster than ever before.
https://cms.zerohedge.com/users/tyler-durden
Wed, 07/09/2025 - 05:45
https://www.zerohedge.com/crypto/us-dollar-primed-digital-rebound
Israel Defense Minister Unveils Plan For 'Concentration Camp' In Gaza
Israel Defense Minister Unveils Plan For 'Concentration Camp' In Gaza
With Gaza ceasefire negotiations under way and President Trump raising hopes of a deal being reached by week's end, Defense Minister Israel Katz on Monday https://www.haaretz.com/israel-news/2025-07-07/ty-article/.premium/defense-minister-israel-to-concentrate-all-gaza-population-in-rafah-humanitarian-zone/00000197-e56a-d1ad-ab97-e5ef764e0000
that the IDF will create what it calls a "humanitarian city" in the wasteland that is Rafah, and then forcibly concentrate Gaza's entire population of nearly 2 million people inside it.
Though the Israeli government and its advocates will likely to condemn already-widespread usage of the term "concentration camp" to describe this undertaking -- likely claiming it's somehow https://www.worldjewishcongress.org/en/news/antisemitism-defined-why-drawing-comparisons-of-contemporary-israeli-policy-to-the-nazis-is-antisemitic
of the term:
concentration camp (noun) a place where large numbers of people (such as prisoners of war, political prisoners, refugees, or the members of an ethnic or religious minority) are detained or confined under armed guard
In the first phase, the IDF plans to round up 600,000 displaced Palestinians who are living in the coastal Mawasi area and move them to Rafah, a city in southernmost Gaza that borders Egypt and Israel. Eventually, every Gaza resident will be moved. After security screening, Palestinians will be ushered inside the camp, with IDF guards ensuring that none are able to leave, Katz said.
?itok=UPjOQPdK
While the Israeli military will secure the perimeter, the Netanyahu government is looking for some type of international organization(s) to take charge of the interior, to include overseeing the distribution of aid, an enterprise currently managed by the shadowy Gaza Humanitarian Foundation with the IDF dishing out mass killings of Palestinians approaching the aid points; https://www.reuters.com/world/europe/613-killed-gaza-aid-distribution-sites-near-humanitarian-covoys-says-un-2025-07-04/
as brute-force crowd control.
Katz's announcement contradicts what the IDF Chief of Staff's office told Israel's High Court on the very same day. In response to a petition filed by IDF reserve soldiers asking the court to determine if Israel was violating international law by forcibly displacing Palestinians with perhaps the ultimate goal of expelling them, the https://www.haaretz.com/israel-news/2025-07-07/ty-article/.premium/israeli-army-chief-denies-forced-displacement-of-gazans-in-response-to-soldiers-petitions/00000197-e4f2-d5bc-a597-eff3126c0000
reports.
On Monday, Katz also reiterated Israel's intention to subsequently facilitate Palestinians' departures to other countries, telling reporters that Israel will implement "the emigration plan, which will happen." Separately, however, an official told Haaretz that Israel's overtures to various countries have all been refused. While Israel's champions commonly claim such refusals prove that Palestinians are dangerously undesirable people, Middle East governments are intensely wary of being perceived by their own populations as facilitating ethnic cleansing by Israel, for fear of domestic backlash up to and including insurrections.
RAFAH, GAZA BEFORE & AFTER.
-TRT World https://t.co/EusxcxEHdP
— International Defence Analysis (@Defence_IDA) https://twitter.com/Defence_IDA/status/1940677148983153047?ref_src=twsrc%5Etfw
For somewhat similar reasons, Israel is likely to struggle to find what Katz called "international partners" to run the interior of the Rafah concentration camp. Human-rights-oriented groups and foreign governments will recoil at an invitation to serve as a key component of a scheme that most objective observers would characterize as a war crime. Given that, we could see the Gaza Humanitarian Foundation fill the void, which would only compound the controversy.
Meeting with President Trump at the White House on Monday evening, Prime Minister Benjamin Netanyahu struck an optimistic tone about the prospect of mass Palestinian emigration, and characterized the idea as voluntary in nature:
"If people want to stay, they can stay, but if they want to leave, they should be able to leave. We're working with the United States very closely about finding countries that will seek to realize what they always say, that they wanted to give the Palestinians a better future. I think we're getting close to finding several countries."
Trump echoed Netanyahu's optimism, saying, "We've had great cooperation from ... surrounding countries, great cooperation from every single one of them. So something good will happen."
?itok=cwhamZ6q
Though the implementation phase is apparently now imminent, the idea of corralling all of Gaza's population into Rafah and then moving them out has been circulating since the very beginning of Israel's response to the Hamas invasion of Oct 7 2023. A Ministry of Intelligence policy paper dated Oct 10 2023 and obtained by https://www.972mag.com/intelligence-ministry-gaza-population-transfer/
that same month recommended herding Gaza's entire 2.2 million residents south and then forcing them into Egypt's Sinai Peninsula.
More recently, as Dave DeCamp notes at https://news.antiwar.com/2025/07/07/israeli-defense-minister-orders-plan-to-build-concentration-camp-for-gazas-civilian-population/
but to abandon a land rendered uninhabitable by the IDF:
“Within a few months...Gaza will be totally destroyed. The Gazan citizens will be concentrated in the south. They will be totally despairing, understanding that there is no hope and nothing to look for in Gaza, and will be looking for relocation to begin a new life in other places.”
Where, exactly, will those "other places" be?
https://cms.zerohedge.com/users/tyler-durden
Tue, 07/08/2025 - 23:50
https://www.zerohedge.com/geopolitical/israel-defense-minister-unveils-plan-concentration-camp-gaza
What Prevents Trump From Implementing The "Chainsaw" Approach Like Milei?
What Prevents Trump From Implementing The "Chainsaw" Approach Like Milei?
In recent months, many libertarians have criticised Donald Trump’s economic policies, arguing that he is not implementing drastic public spending cuts like Javier Milei has done in Argentina.
?itok=tsUhMdPW
However, this comparison ignores key structural and contextual differences between the two countries and their governments. Below is a detailed explanation of why the situation in the United States under Trump is different from that of Argentina under Milei and why criticisms of Trump’s strategy are unfounded.
1. The Committed Budget: Biden’s Legacy
It is hard to understand why European libertarians fail to grasp such a basic concept as the “fiscal year”. The U.S. fiscal year begins on October 1, and the Biden administration took advantage of this to ramp up spending.
When Trump took office in January 2025, 97% of the federal budget for that year was already committed or spent. This was due to the Biden administration’s approval of several “Full Year Continuing Resolutions”, which left most funds and expenditures locked in for fiscal year 2025. Thus, Trump had no room to make immediate and drastic cuts, as most of the budget was untouchable until the next fiscal cycle.
Despite this, in 2025, discretionary spending reductions equivalent to $541 billion were carried out, and the accumulated deficit between April and May 2025 was 97% lower than in the same period of 2024.
2. Mandatory and Discretionary Spending
Mandatory spending (which includes programs like Social Security and Medicare) had already been increased by the Biden administration, and this increase took effect between February and December 2025. The U.S. fiscal year starts in October, and Biden implemented most of these increases through Continuing Resolutions (CRs) and the extension of existing programs, consolidating and, in many cases, increasing federal spending in key areas.
These resolutions included over $100 billion in funds for federal disaster assistance programmes, $29 billion for FEMA’s Disaster Relief Fund, and $10 billion in economic assistance for agricultural producers.
At the end of 2024, Biden approved a $54 billion (8%) increase in major mandatory spending programmes such as Social Security, Medicare, and Medicaid, as well as the extension of Obamacare, all applicable to 2025.
The Environmental Protection Agency (EPA) budget grew by $21 billion (700%), and the Trump administration was only able to act on $14 billion that was discretionary.
It is essential to remember that Biden did all this without a new budget law, simply by maintaining and extending existing allocations.
Biden’s proposed 2025 budget included additional increases, but these were blocked because they did not receive congressional approval.
Trump needs congressional approval to reverse these increases and reduce spending. That is what the “Big Beautiful Bill” includes. On the other hand, discretionary spending, especially in defence, was also committed, further limiting the new government’s immediate room for action.
The Big Beautiful Bill includes the first reduction in mandatory spending in the last sixty years—$1.6 trillion—and $2.4 trillion in discretionary spending.
3. Initial Fiscal Results
Despite these restrictions, the Trump administration achieved certain advances: in April, the second-largest fiscal surplus in history was recorded, and although a deficit reappeared in May, the deficit between March and May has been slashed compared to 2024. This indicates that measures were already being taken to improve the fiscal situation, mainly through higher revenues from trade agreements and private sector growth.
4. The “Big Beautiful Bill” and Deficit Reduction
It is astonishing that some libertarians and Austrians criticise the Big Beautiful Bill by buying into the Keynesian narrative that there will be no improvement in revenues, growth, employment, or investment from deregulation, trade agreements, and tax cuts.
That some libertarians deny the Laffer curve and the boost from deregulation surprises me. The Big Beautiful Bill incorporates $7 trillion in committed investments from trade negotiations, which also attract $4 trillion in tax revenues over the legislative period and a stimulus effect on the economy that results in an increase in tax revenues in the baseline scenario of $1.2 trillion.
Contrary to what some critics claim, the “Big Beautiful Bill” will not increase the deficit but will significantly reduce it.
A reduction of $1.6 trillion in mandatory spending and $2.4 trillion in discretionary spending is expected between 2026 and 2027. Additionally, an increase in tax revenues is anticipated thanks to deregulation, tax cuts, and new trade agreements, which will strengthen economic growth and employment.
We liberals, libertarians, and Austrians should be less critical of the greatest effort in reducing the State, liberalisation, deregulation, spending cuts, and tax reduction since 1990, but above all, some should not buy into the narrative that denies the positive effect on revenues and growth from deregulation, tax cuts, and trade negotiations.
5. Comparison with Milei: Similarities and Differences
Milei was able to implement immediate cuts because he inherited an open budget and extremely high inflation, which allowed him to reduce public spending in real terms by not adjusting it for inflation. Argentina’s budget does not include the provisions that the Biden administration incorporated, so President Milei was able to carry out a 30% reduction in public spending immediately and with unquestionable success, especially by eliminating subsidies, public works, and non-automatic transfers.
In contrast, Trump inherited a budget that was already committed and much lower inflation (less than 2.5%), limiting the impact of not adjusting spending for inflation.
If we compare both administrations, a very similar effort has been made. Trump has reduced public spending by 5% in the first quarter, and savings exceed $540 billion. By the end of his term, President Trump will have carried out a reduction in public spending equivalent to Milei’s.
Both leaders have promoted policies of tax reduction, deregulation, and the promotion of investment and employment. However, Trump’s tools and room for manoeuvre have been conditioned by the U.S. institutional structure and the decisions of the previous administration.
6. Conclusion
The policies of Trump and Milei share the goal of reducing public spending, fostering growth, and improving employment, but the starting circumstances are radically different. Criticising Trump for not applying an immediate “chainsaw” ignores the budgetary and legal constraints he faces in the United States. What matters is recognising that, within his constraints, Trump is implementing historic cuts and pro-growth policies that will positively impact the U.S. economy in the medium term.
My messages to those who attack the Trump administration for not being liberal enough are as follows:
Name a single U.S. administration that has successfully implemented a comparable approach to deregulation, tax cuts, and spending reduction while also passing a significant reduction in mandatory spending through both Congress and the Senate.
Buying into the Keynesian estimates of fiscal impact is curious. Denying the positive impact of reducing imports, increasing exports, and collecting more from trade agreements is surprising. Denying the economic and fiscal boost from deregulation and tax cuts is unforgivable.
https://cms.zerohedge.com/users/tyler-durden
Sun, 07/06/2025 - 15:10
https://www.zerohedge.com/political/what-prevents-trump-implementing-chainsaw-approach-milei
Merchant Ship Attacked With RPGs In Southern Red Sea Chokepoint
Merchant Ship Attacked With RPGs In Southern Red Sea Chokepoint
On Saturday evening, air raid sirens sounded across the Dead Sea region and parts of the West Bank following the launch of a ballistic missile from Yemen toward Israel. The launch, attributed to Iran-backed Houthi forces, marks an alarming expansion of their missile capabilities beyond the Red Sea maritime chokepoint.
Hours later, on Sunday morning, the UK Maritime Trade Operations (UKMTO) received a report that a merchant vessel transiting 51 nautical miles southwest of Al Hudaydah, Yemen, came under attack by multiple boats armed with small arms and rocket-propelled grenades. The vessel's onboard security team returned fire. The incident remains ongoing.
UKTMO wrote:
UKMTO has received a report of an incident 51NM southwest of Al Hudaydah, Yemen. The vessel has been engaged by multiple small vessels who have opened fire with small arms and self-propelled grenades. Armed Security Team have returned fire and situation is ongoing. Authorities are investigating. Vessels are advised to transit with caution and report any suspicious activity to UKMTO.
?itok=UWqDswX8
The missile launch and maritime attack appear to be coordinated escalatory actions by the Iranian proxy group across multiple domains—air and maritime.
An update on Iran-Israel-U.S. tensions: The situation has calmed since the U.S. stealth bomber airstrikes on three Iranian nuclear facilities. However, President Trump stated on Friday that Tehran has yet to agree to nuclear inspections or cease uranium enrichment.
Trump told reporters on board Air Force One that he believed Tehran's nuclear program had been "set back permanently," although he warned Iran could restart at a different location.
Looking ahead, Israeli Prime Minister Benjamin Netanyahu is scheduled to visit the White House on Monday, where a potential ceasefire deal could materialize to end the 21-month war in Gaza. Trump has previously announced a "final proposal" for a 60-day ceasefire.
https://cms.zerohedge.com/users/tyler-durden
Sun, 07/06/2025 - 14:35
https://www.zerohedge.com/geopolitical/merchant-ship-attacked-rpgs-southern-red-sea-chokepoint
Rickards: Superintelligence Will Never Arrive
Rickards: Superintelligence Will Never Arrive
https://dailyreckoning.com/superintelligence-will-never-arrive/
Readers know at least two things about artificial intelligence (AI).
The first is that an AI frenzy has been driving the stock market higher for the past three years even with occasional drawdowns along the way.
The second is that AI is a revolutionary technology that will change the world and potentially eliminate numerous jobs, including jobs requiring training and technical skills.
?itok=BdNQdn5G
Both points are correct with numerous caveats. AI has been driving the stock market to record highs, but the market has the look and feel of a super-bubble. The crash could come anytime and bring the market down by 50% or more.
That’s not a reason to short the major stock indices today. The bubble can last longer than anyone expects. If you short the indices, you can lose a lot of money being wrong. But it is advisable to lighten up on equity allocations and increase your allocation to cash in order to avoid the worst damage when the crash does come.
On the second point, AI will make some jobs obsolete or easily replaceable. Of course, as with any new technology, it will create new jobs requiring different skills. Teachers will not become obsolete. They’ll shift from teaching the basics of math and reading, which AI does quite well, to teaching critical thinking and reasoning, which computers do poorly or not at all. Changes will be pervasive, but they will still be changes and not chaos.
The Limitations
Artificial Intelligence is a powerful force, but there’s much less there than meets the eye. AI may be confronting material constraints in terms of processing power, training sets and electricity generation. Semiconductor chips keep getting faster and new ones are on the way. But these chips consume enormous amounts of energy, especially when installed in huge arrays in new AI data centers. Advocates are turning to nuclear power plants, including small modular reactors to supply the energy needs of AI. This demand is non-linear, which means that exponentially larger energy sources are needed to make small advances in processing output. AI is fast approaching practical limits on its ability to achieve greater performance.
This near insatiable demand for energy means that the AI race is really an energy race. This could make the U.S. and Russia the two dominant players (sound familiar?) as China depends on Russia for energy and Europe depends on the U.S. and Russia. Sanctions on Russian energy exports can actually help Russia in the AI race because natural gas can be stored and used in Russia to support AI and cryptocurrency mining. It’s the law of unintended consequences applied to the short-sighted Europeans and the resource-poor Chinese.
AI Lacks Common Sense
Another limitation on AI, which is not well known, is the Law of Conservation of Information in Search. This law is backed up by rigorous mathematical proofs. What it says is that AI cannot find any new information. It can find things faster and it can make connections that humans might find almost impossible to make. That’s valuable. But AI cannot find anything new. It can only seek out and find information that is already there for the taking. New knowledge comes from humans in the form of creativity, art, writing and original work. Computers cannot perform genuinely creative tasks. That should give humans some comfort that they will never be obsolete.
A further problem in AI is dilution and degradation of training sets as more training set content consists of AI output from prior processing. AI is prone to errors, hallucinations (better called confabulations) and inferences that have no basis in fact. That’s bad enough. But when that output enters the training set (basically every page in the internet), the quality of the training set degrades, and future output degrades in sync. There’s no good solution to this except careful curation. If you have to be a subject matter expert to curate training sets and then evaluate output, this greatly diminishes the value-added role of AI.
Computers also lack empathy, sympathy and common sense. They process but they do not really think like humans. In fact, AI does not think at all; it’s just math. In one recent experiment, an AI computer was entered into a competition with a group of 3- to-7-year-olds. The challenge was to draw a circle with the tools at hand. Those tools were a ruler, a teapot and a third irrelevant object such as a stove. The computer reasoned that a ruler was a drafting instrument like a compass and tried to draw a circle with a ruler. It failed. The children saw that the bottom of a teapot was a circle and simply traced the teapot to draw perfect circles. The AI system used associative logic. The children used common sense. The children won. That result will not vary in future contests because common sense (technically abductive logic) cannot be programmed.
High-flying AI companies are quickly finding that their systems can be outperformed by newer systems that simply use big ticket AI output as a baseline training set. This is a shortcut to high performance at a small fraction of the cost. The establishment AI companies like Microsoft and Google call this theft of IP, but it’s no worse than those giants using existing IP (including my books, by the way) without paying royalties. It may be a form of piracy, but it’s easy to do and almost impossible to stop. This does not mean the end of AI. It means the end of sky-high profit projections for AI. The return on the hundreds of billions of dollars being spent by the AI giants may be meager.
Sam Altman: Innovator or Salesman?
The best-known figure in the world of AI is Sam Altman. He’s the head of OpenAI, which launched the ChatGPT app a few years ago. AI began in the 1950s, seemed to hit a wall from a development perspective in the 1980s (a period known as the AI Winter), was largely dormant in the 1990s and early 2000s, then suddenly came alive again in the past ten years. ChatGPT was the most downloaded app in history over its first few months and has hundreds of millions of users today.
Altman was pushed out by the board of OpenAI last year because the company was intended as a non-profit entity that was developing AI for the good of mankind. Altman wanted to turn it into a for-profit entity as a prelude to a multi-hundred-billion-dollar IPO. When the top engineers threatened to quit and follow Altman to a new venture, the board quickly reversed course and brought Altman back into the company, although the exact legal structure remains under discussion.
Meanwhile, Altman has charged full speed ahead with his claims about superintelligence (also known as advanced general intelligence (AGI) with the key word being “general,” which means the system can think like humans, only better). One way to understand superintelligence is the metaphor that humans will be to the computer as apes are to humans. We’ll be considered smart, but not smarter than our machine masters. Altman said that “in some ways ChatGPT is already more powerful than any human who ever lived.” He also said he expects AI machines “to do real cognitive work” by 2025 and will create “novel insights” by 2026.
This is all nonsense for several reasons. The first as noted above is that training sets (the materials studied by large language models) are becoming polluted with the output from prior AI models so that the machines are getting dumber not smarter. The second is the Law of Conservation of Information in Search I also described above. This law (supported by applied mathematics) says that computers may be able to find information faster than humans, but they cannot find any information that does not already exist. In other words, the machines are not really thinking and are not really creative. They just connect dots faster than we do.
A new paper from Apple concludes, “Through extensive experimentation across diverse puzzles, we show that frontier LRMs [Large Reasoning Models] face a complete accuracy collapse beyond certain complexities. Moreover, they exhibit a counter-intuitive scaling limit: their reasoning effort increases with problem complexity up to a point, then declines despite having an adequate token budget.” This and other evidence point to AI reaching limits of logic that brute force computing power cannot overcome.
Finally, no developer has ever been able to code abductive logic; really common sense or gut instinct. That’s one of the most powerful reasoning tools humans possess. In short, superintelligence will never arrive. More and more, Altman looks like just another Silicon Valley salesman pitching the next big thing with not much behind it.
https://cms.zerohedge.com/users/tyler-durden
Sun, 07/06/2025 - 10:30
https://www.zerohedge.com/technology/rickards-superintelligence-will-never-arrive
UN Nuclear Inspectors Depart Tehran As Iran Vows To Keep Enriching
UN Nuclear Inspectors Depart Tehran As Iran Vows To Keep Enriching
A group of inspectors from the United Nations' nuclear watchdog has finally and formally departed Iran after the country decided to halt its cooperation with the agency, following last month's surprise bombing raids by Israel and the United States.
The International Atomic Energy Agency (IAEA) confirmed in statement shared on X on Friday that its personnel are returning to the agency’s headquarters in Vienna, Austria.
?itok=xrsy7EXq
Al Jazeera’s Resul Serdar, reporting from Tehran, clarified that it's as yet unclear just how many IAEA inspectors left the country in this 'final' wave of departures.
"The language used doesn’t clarify whether all or only some of the staff departed, but it appears that a number of them are still in Iran," he https://www.aljazeera.com/news/2025/7/4/iaea-inspectors-depart-tehran-after-us-israel-iran-conflict
.
IAEA Director-General Rafael Grossi has urged Iran to resume monitoring and verification efforts as soon as possible, saying it is of "crucial importance" that direct dialogue with Tehran continues.
"The inspectors have been housed in Tehran unable to visit Iran’s nuclear sites since Israel attacked the country on June 13," https://www.wsj.com/world/middle-east/u-n-pulls-nuclear-inspectors-out-of-iran-for-safety-reasons-b65d84ef?gaa_at=eafs&gaa_n=ASWzDAh7Qimbj0b-m0xGrPAUAW0TBef_tay7-7FvAFUb0aIHyqKNvMH86sviuxF1mbA%3D&gaa_ts=6867f28d&gaa_sig=tLL1hAmN0dPmP9ipilNgZX8_f_Dk-rV938-7iF5CM7Xi8dWUY8jzrrKqRhqhNHES1Oc7_xE_BPaJsRu4uKGH0Q%3D%3D
details. "They were housed at a hotel in the capital but may have later moved to a U.N. location, according to one of the people."
All of this comes after the Trump White House has threatened the potential for more military action should Iran resume enrichment of uranium, which it has promised to do undeterred. According to more from WSJ:
Their departure makes the prospect of any significant international access to Iran’s nuclear sites extremely unlikely, allowing it to carry out nuclear work unchecked. Iran’s activities are, however, being watched closely by Western and Israeli intelligence agencies, and the IAEA has access to satellite imagery of its sites. It also raises the prospect of a standoff over Iran’s participation in the Non-Proliferation Treaty, which bans it from nuclear weapons and requires regular inspections of its atomic program.
For decades, Iran has been subject to rigorous inspections of its core nuclear sites. Inspectors would visit its enrichment sites and check its stockpile of enriched uranium every couple of days, ensuring that Iran wasn’t diverting fissile material for a nuclear weapon.
An IAEA team of inspectors today safely departed from Iran to return to the Agency headquarters in Vienna, after staying in Tehran throughout the recent military conflict. https://t.co/65YQcDL7Ik
— IAEA - International Atomic Energy Agency ⚛️ (@iaeaorg) https://twitter.com/iaeaorg/status/1941102218981314885?ref_src=twsrc%5Etfw
Iran has meanwhile said that while it doesn't plan to retaliate further against the United States, it will carry on peaceful nuclear energy activities as a matter of national sovereignty. "As long as there is no act of aggression being perpetrated by the United States against us, we will not respond again," Deputy Foreign Minister Majid Takht-Ravanchi told https://www.nbcnews.com/world/iran/iran-nuclear-trump-talks-uranium-strikes-rcna216689
on Thursday.
"Our policy has not changed on enrichment," Takht-Ravanchi crucially added. "Iran has every right to do enrichment within its territory. The only thing that we have to observe is not to go for militarization."
https://cms.zerohedge.com/users/tyler-durden
Sat, 07/05/2025 - 07:35
https://www.zerohedge.com/geopolitical/un-nuclear-inspectors-depart-tehran-iran-vows-keep-enriching
Trump Expects Hamas Answer In 24 Hours On 'Final' Peace Proposal
Trump Expects Hamas Answer In 24 Hours On 'Final' Peace Proposal
President Donald Trump https://www.newsmax.com/world/globaltalk/trump-hamas-peace/2025/07/04/id/1217585/
Friday that it would likely become clear within 24 hours whether Hamas would accept what he described as a "final proposal" for a ceasefire with Israel in Gaza.
He also mentioned in the fresh statement that he had discussions with Saudi Arabia about broadening the Abraham Accords, in reference to the normalization agreements between Israel and certain Gulf nations established during his first term in office.
?itok=-IRQWBYc
On Tuesday Trump said that Israel had agreed to the terms required for a 60-day ceasefire with Hamas, during which both sides would aim to work toward ending the lengthy war which has been raging in the wake of the Oct.7, 2023 terror attacks.
A Hamas official on Thursday told the BBC that the Palestinian militant group is now "ready and serious" to reach a deal if it ended the war.
That was in reaction to President Trump having said that Israel has agreed to the "necessary conditions" to finalize the proposed 60-day ceasefire in Gaza.
Trump said the US would "work with all parties to end the War" - in a post on Truth Social. However, no details have been given on this particular ceasefire plan. Israel has not confirmed it agreed to any specific conditions as of yet.
"I hope... that Hamas takes this Deal, because it will not get better - IT WILL ONLY GET WORSE," Trump wrote. But what will the consequences be if Hamas refuses - more bombing of the Gaza Strip?
Some details revealed in Israeli media have been presented https://www.timesofisrael.com/trump-says-hamas-response-to-gaza-ceasefire-hostage-deal-should-come-in-24-hours/
:
According to an unsourced Channel 12 report Thursday, Trump has https://www.timesofisrael.com/as-sides-await-hamas-response-to-truce-deal-trump-said-to-offer-personal-pledge-to-end-war/
a direct guarantee to Hamas that if it agrees to the so-called Witkoff framework — which includes the release of 10 living hostages in two phases and 18 bodies in three phases over the course of a 60-day ceasefire — the US will ensure efforts continue to reach a lasting end to the conflict.
Israel is also believed to be under heavy US pressure to clinch a ceasefire deal ahead of Prime Minister Benjamin Netanyahu’s trip to Washington for talks with Trump next week. The prime minister is set to visit the White House on Monday.
Trump also said Friday that Gazans have "been through hell" and that "I want the people of Gaza to be safe." But he didn't directly answer when a reporter asked if the US is still considering taking any security responsibility over the Gaza Strip as part of the proposed truce plan.
Trump, in response to a question about whether he intends to control the Gaza Strip: I want the people of Gaza to be safe; that’s more important than anything else. They’ve been through hell https://t.co/pcXiPpwDBz
— mahmoud khalil (@zorba222) https://twitter.com/zorba222/status/1940889029572284513?ref_src=twsrc%5Etfw
The plan that the Trump administration floated in February included the permanent relocation of Palestinians in the Gaza Strip, and turning the land into a Mediterranean resort destination.
No Arab or neighboring nation has stepped forward to say they would accept more Palestinian refugees. Almost all regional states have historically absorbed at least tens or hundreds of thousands. American security contractors are currently present in the Gaza Strip, controversially as part of a US and Israeli-backed humanitarian aid distribution program.
https://cms.zerohedge.com/users/tyler-durden
Fri, 07/04/2025 - 10:10
https://www.zerohedge.com/geopolitical/trump-expects-hamas-answer-24-hours-final-peace-proposal
CIA Memo: Obama Team 'Excessively Involved' In Fueling Trump-Russia Narrative
CIA Memo: Obama Team 'Excessively Involved' In Fueling Trump-Russia Narrative
Authored by https://headlineusa.com/author/lcornelio/
,
A newly declassified https://headlineusa.com/tag/cia
memo revealed that top officials within the Obama administration deliberately manipulated intelligence to exaggerate Russia’s purported 2016 election interference. This set the stage for the years‑long Trump‑Russia collusion probe.
?itok=xczl4AwW
The review, commissioned by CIA Director John Ratcliffe in May 2025, https://www.cia.gov/static/Tradecraft-Review-2016-ICA-on-Election-Interference-062625.pdf
the 2016 Intelligence Community Assessment on Russian interference.
It found then‑CIA Director John Brennan, FBI Director James Comey and DNI James Clapper were “excessively involved” in framing the initial Russia narrative.
All the world can now see the truth: Brennan, Clapper and Comey manipulated intelligence and silenced career professionals — all to get Trump. Thank you to the career https://twitter.com/CIA?ref_src=twsrc%5Etfw
— CIA Director John Ratcliffe (@CIADirector) https://twitter.com/CIADirector/status/1940452440937263396?ref_src=twsrc%5Etfw
On Dec. 6, 2016—just weeks after President Donald Trump’s election—then-outgoing President Barack Obama ordered the probe, concluding Vladimir Putin “aspired” to sway the vote.
However, according to the declassified 2025 review, Brennan, Comey and Clapper rushed the 2016 assessment in a “chaotic,” “atypical” and “markedly unconventional” fashion, raising questions about a “potential political motive.”
The review found intelligence officials felt “jammed” by the rushed timeline, with many seeing the draft report for the first time at the sole in-person review on December 19.
One CIA author called it “unusual” that so few changes were made to such a lengthy and high-profile assessment.
This rushed assessment ultimately cast doubt on Trump’s legitimacy and opened the door to the Mueller investigation, partisan congressional hearings, and countless media leaks.
“All the world can now see the truth: Brennan, Clapper and Comey manipulated intelligence and silenced career professionals — all to get Trump,” Ratcliffe said, thanking CIA officers who conducted the review.
New York Post columnist Miranda Devine broke the story on https://nypost.com/2025/07/02/us-news/obamas-trump-russia-collusion-report-was-corrupt-from-start-cia-review/?utm_source=twitter&utm_medium=social&utm_campaign=nypost
, revealing the review’s damning conclusions.
The review confirms what was already widely known in conservative and Republican circles: Brennan, Comey and Clapper were the political architects of the Trump-Russia hoax.
https://cms.zerohedge.com/users/tyler-durden
Thu, 07/03/2025 - 12:40
Thiel Joins Luckey & Lonsdale To Launch New Bank Aimed At Filling SVB Void For Stablecoins, AI, Defense & Advanced Manufacturing
Thiel Joins Luckey & Lonsdale To Launch New Bank Aimed At Filling SVB Void For Stablecoins, AI, Defense & Advanced Manufacturing
A group of high-profile tech investors, including military tech entrepreneur Palmer Luckey and venture capitalist Joe Lonsdale, is preparing to launch a new bank designed to serve the niche left behind by the collapse of Silicon Valley Bank — and to do so with ambitions that extend deep into cryptocurrency, defense tech, and artificial intelligence.
?itok=SL3rATW1
The bank, to be called Erebor, has formally applied for a national banking charter in the United States, according to documents made public this week. Named after the “Lonely Mountain” in The Lord of the Rings, Erebor would aim to serve the "innovation economy" - start-ups and individuals in sectors often viewed as too risky for traditional lenders, including blockchain, AI, defense, and advanced manufacturing.
Erebor’s founders, who include backers of Donald Trump’s 2024 presidential bid, say their institution will fill a gap left by SVB’s 2023 collapse, which shook the tech sector’s financial infrastructure. That failure triggered panic among start-ups, many of which relied heavily on SVB’s tailored credit offerings. Though SVB’s remnants were absorbed by First Citizens and some staff migrated to HSBC, entrepreneurs and investors continue to complain of tightened credit access and fewer bank partners willing to underwrite emerging technologies, https://www.ft.com/content/8c903f2e-42a6-496b-b098-ca733f340ffc
reports.
Erebor’s co-founders first discussed launching a bank after the collapse of SVB in 2023, according to a person close to the matter. SVB had been the main bank for US start-ups and their venture capital backers.
Its assets were sold to First Citizens, which has since relaunched SVB, and a number of its bankers moved to HSBC in the US. But investors and executives complain about a gap in banking services for fledgling tech companies since SVB’s demise — with some start-ups struggling to get the same access to capital. -FT
The application describes Erebor as “a national bank… providing traditional banking products, as well as virtual currency-related products and services, for businesses and individuals,” with a focus on customers underserved by both traditional and fintech institutions. It will also offer services to non-U.S. companies seeking access to the American banking system.
One of the bank’s major innovations, and potential regulatory flashpoints, is its plan to become a dominant player in stablecoin transactions, a controversial corner of the cryptocurrency world where digital tokens are pegged to traditional currencies like the U.S. dollar. Erebor’s filing describes its goal as becoming “the most regulated entity conducting and facilitating stablecoin transactions.”
Founders Luckey, best known for founding Anduril Industries, and Lonsdale, a co-founder of Palantir and managing partner of 8VC, are not expected to be involved in Erebor’s day-to-day operations. Instead, the bank will be led by co-CEOs Jacob Hirshman, a former adviser to crypto firm Circle, and Owen Rapaport, CEO of digital assets compliance company Aer. Mike Hagedorn, a longtime banking executive and former EVP at Valley National Bank, will serve as president.
Despite its tech-forward posture, Erebor will be headquartered in Columbus, Ohio, with a secondary office in New York City. In keeping with the start-up culture it hopes to serve, Erebor will be a digital-only bank, offering customer support and financial products exclusively through a smartphone app and website.
Much about Erebor remains under wraps. Portions of the application, including its equity structure, business plan, and shareholder identities, were submitted confidentially.
The Erebor venture underscores the ongoing realignment of financial services in the tech sector, as traditional banks grow more cautious and venture-backed firms look to build their own institutions. Whether Erebor succeeds where SVB fell — and whether its fusion of crypto, defense, and Silicon Valley politics finds regulatory favor — remains to be seen. For now, its founders are betting there’s a mountain of opportunity left to reclaim.
https://cms.zerohedge.com/users/tyler-durden
Wed, 07/02/2025 - 19:40
Not Just The EPA: Despite Warnings, Biden's Energy Department Disbursed $42 Billion In Its Final Hours
Not Just The EPA: Despite Warnings, Biden's Energy Department Disbursed $42 Billion In Its Final Hours
,
In its last two working days, the Biden administration’s Energy Department signed off on nearly $42 billion for green energy projects – a sum that exceeded the total amount its Loan Programs Office (LPO) had put outhttps://www.energy.gov/lpo/loan-programs-office
.
?itok=Rv_DFkvS
The frenzied activity on Jan. 16 and 17, 2025, capped a spending binge that saw the LPO approve at least $93 billion in current and future disbursements after Vice President Kamala Harris lost the 2024 election in November, according to documents provided by the department to RealClearInvestigations. It appears that Biden officials were rushing to deploy billions in approved funding in anticipation that the incoming Trump administration would seek to redirect uncommitted money away from clean energy projects.
The agreements were made despite a warning from the department’s https://www.eenews.net/articles/doe-watchdog-calls-on-loan-office-to-suspend-financing/
, urging the loan office to suspend operations in December over concerns that post-election loans could present conflicts of interest.
In just a few months, some of the deals have already become dicey, leading to fears that the Biden administration has created multiple Solyndras, the green energy company that went bankrupt after the https://www.forbes.com/sites/adamandrzejewski/2021/04/12/remembering-solyndra--how-many-570m-green-energy-failures-are-hidden-inside-bidens-instructure-proposal/
. These deals include:
Sunnova, a rooftop solar outfit that thus far had $382 million of https://www.latitudemedia.com/news/what-happens-to-sunnovas-doe-loan-guarantee-if-it-files-for-bankruptcy/
. The company did not respond to a request for comment.
Li-Cycle, a battery recycling facility, had a $445 million loan approved in November, but since then, the company was put up for sale and has https://investors.li-cycle.com/news/news-details/2025/Li-Cycle-Obtains-Creditor-Protection-Under-CCAA-and-Chapter-15/default.aspx
. The Energy Department said no money has been disbursed on that deal. Li-Cycle did not respond to a request for comment.
A $705 million loan was approved on Jan. 17 for Zum Energy, an electric school bus company in California, and its https://www.energy.gov/lpo/articles/lpo-announces-conditional-commitment-zum-services-inc-deploy-battery-electric-school
At $350,000 and more, electric school buses currently cost more than twice as much as their diesel counterparts. So far, Zum has received $21.7 million from the government, according to usaspending.gov. The company did not respond to a request for comment.
A $9.63 billion Blue Oval SK loan on Jan. 16 was the second largest post-election deal, topped only by a $15 billion loan the next day to Pacific Gas & Electric, with most of that for renewables. The Blue Oval project in Kentucky – a joint venture between Ford Motor Co. and a South Korean entity – has been dealing with https://archive.is/jtXOk
. More than $7 billion has been obligated on that deal, according to the Energy Department. Blue Oval did not respond to a request for comment.
The money and the hasty way in which it was earmarked have drawn the attention of the Trump administration. “It is extremely concerning how many dozens of billions of dollars were rushed out the door without proper due diligence in the final days of the Biden administration,” Energy Secretary Chris Wright said in a statement to RCI. “DOE is undertaking a thorough review of financial assistance that identifies waste of taxpayer dollars.”
The enormous sums came from the 2022 Inflation Reduction Act, which injected $400 billion into the LPO, a previously sleepy Energy Department branch originally intended to spur nuclear energy projects. That total represented more than 10 times the amount the LPO had ever committed in any fiscal year of its existence. Prior to the post-election blowout, the office’s biggest fiscal year was 2024, when it committed $34.8 billion, records show.
Even with the rush to push billions out the door in its last months, close to $300 billion of the Inflation Reduction Act money remains uncommitted by the LPO. Trump administration officials have already nixed some smaller deals. Secretary Wright recently urged Congress to keep the money in place as the LPO now aims to use it to further the Trump administration’s energy policy, particularly with nuclear projects.
That unprecedented gusher of cash from the LPO echoes the efforts of the Biden administration’s Environmental Protection Agency to push $20 billion out the door before it left office. As RCI has previously reported, the EPA – which had never been a consequential grant-making operation – was tasked with awarding $27 billion in Inflation Reduction Act funding through the https://www.realclearinvestigations.com/articles/2024/10/22/overnight_success_bidens_climate_splurge_gives_billions_to_nonprofit_newbies_1066437.html
in which Biden officials parked some $20 billion outside the Treasury’s control. That money was earmarked for a handful of nonprofits, some of which had skimpy assets and were linked with politically connected directors.
The LPO’s post-election bonanza was put together in even less time. The Energy Department deals, however, involve mostly for-profit enterprises, which raises questions about whether the Biden administration was propping up companies that would not have survived in the private marketplace. Should any of the companies hit it big in the future, shareholders could get rich, while taxpayers will receive only the interest on the loan.
“The loan office should not be in the virtual venture business,” said Mark Mills, executive director of the https://energyanalytics.org/
. “But in a few cases, it could make sense to serve as a catalyst or backstop for viable and important projects from a national security or policy perspective.”
RCI spoke with several Trump administration officials who declined to comment on the record, given the extensive ongoing review of both the LPO’s post-election arrangements and other Energy Department projects linked to Biden’s climate agenda.
“They wanted to get the billions to companies that probably wouldn’t exist unless they could get money from the government,” one current official said. “The business plans, such as they were, were ‘how do we secure capital from the government?’”
During Biden’s tenure, the office was run by Jigar Shah, who on June 17 was named to the board of directors of the https://finance.yahoo.com/news/clean-energy-entrepreneur-jigar-shah-140000987.html
.
https://projects.propublica.org/nonprofits/organizations/330936366/202423049349301947/full
. The center did not respond to a request to speak with Shah.
Thus far, no entity has received the entire amount of the deals the Biden administration struck since last November, according to the Energy Department and usaspending.gov. In a handful of cases, companies have come to the current administration and opted out of the deals.
Still, millions of taxpayer dollars have already been distributed, in some instances, to deals the department listed as “conditional commitments.” Wright has said there are https://archive.is/BNiPO#selection-1501.0-1504.0
about the post-election binge, and vowed some of the deals will be scrubbed.
In 2023, the Biden administration made subtle https://www.federalregister.gov/documents/2023/05/30/2023-11104/loan-guarantees-for-clean-energy-projects
, cutting strings and stipulations that traditionally attach to loans. Consequently, the office cut deals after the election on terms more favorable to the recipient than the taxpayer, and in several cases, making a “conditional commitment” the same as a loan, according to Trump officials. The changes also moved money that a later administration could have cut into “obligated” silos, making the deals harder to cancel, according to the current Energy Department.
“Essentially, they had the Loan Program Office operating like a graveyard energy venture capital fund,” one Trump official told RCI. “This was all tied to the religious fervor for any green energy project in the prior administration, and the goal was not to get the government repaid but to advance the ‘green new deal.’”
The $93 billion under review represents a separate “green bank” from smaller Biden administration deals that the Energy Department has already canceled. Last month, the Government Accounting Office said the department was not on track to “issue loans and guarantees before billions of dollars of new funding expires.”
As part of the review, Wright issued https://www.energy.gov/articles/secretary-wright-announces-new-policy-increasing-accountability-identifying-wasteful
that he said offer more protection to taxpayers. The department may now require significantly more information from loan recipients and applicants, such as “a project’s financial health, a project’s technological and engineering viability, market conditions, compliance with award terms and conditions and compliance with legal requirements, including those related to national security.”
The department declined to provide the terms of specific deals, again citing the ongoing review. Trump administration officials claim the business plans for many of these deals were threadbare, that term sheets were essentially tossed out, and the entire process could be described, in the words of a Biden EPA official in December, as “throwing gold bars” off the Titanic https://www.projectveritas.com/news/epa-advisor-admits-insurance-policy-against-trump-is-gold-bars-off-titanic
Despite these dubious outcomes and the alleged removal of taxpayer protections that accompanied the deals, Trump administration officials said they remain committed to the LPO. The office has a valuable role to play in fulfilling energy policy goals, which include nuclear projects, strengthening the nation’s power grid, and limiting the U.S. reliance on Chinese supply chains for key minerals and elements.
“It’s as if you went away and the kids threw a rager in the house,” one official told RCI. “You may need some new furniture and the like, but it’s still a really nice home. The Office can be a critical resource for the manufacturing base of this country, and our goal is not to end the LPO but to improve it.”
The Trump administration could face some of the same financial issues if it rejiggers the LPO along lines that support its energy policy goals, particularly within the nuclear industry. Projects there have been marred by https://www.ucs.org/sites/default/files/attach/2018/11/Nuclear-Power-Dilemma-full-report.pdf
and massive cost overruns and delays in construction, making federal loans to the section inherently risky.
Prominent voices – and investors – https://illuminem.com/illuminemvoices/bill-gates-is-backing-this-geothermal-company-will-trumps-republicans
with a subsidiary of EnergySource Minerals LLC (ESM), which hopes to extract lithium from geothermal brine.
A deal with https://www.ioneer.com/
."
The https://www.ioneer.com/rhyolite-ridge-project/about-rhyolite-ridge/
project is a mining and manufacturing center in Nevada to produce lithium and boron. Those elements have implications for defense and national security in addition to energy, according to ioneer Vice President Chad Yeftich.
“Ioneer believes government policy should encourage projects if we want critical minerals developed domestically,” Yeftich said. “Time is the key risk for development as China continues to provide financial support to its critical minerals industry and dump critical minerals into the market thereby depressing the price.”
Yeftich noted Rhyolite Ridge has secured $200 million in private capital, but in February, its chief private equity partner broke ties with the project. Finance professionals familiar with big deals told RCI that such a rupture so close in timing to the loan would likely deep-six the arrangement, but Trump officials said Biden’s LPO stripped such boilerplate language from many of the post-election deals.
Secretary Wright told RCI that these maneuvers suggested the previous administration was more interested in disbursing funds than protecting taxpayers. “Any reputable business would have a process in place for evaluating spending and investments before money goes out the door, and the American people deserve no less from their federal government.”
https://cms.zerohedge.com/users/tyler-durden
Wed, 07/02/2025 - 12:40
Senate Passes Trump's $3.3 Trillion Tax And Spending Bill
Senate Passes Trump's $3.3 Trillion Tax And Spending Bill
Update (1207ET): The Senate has passed the GOP's tax & spending cuts bill by a vote of 51-50.
🚨 BREAKING: Trump’s One Big Beautiful Bill has officially PASSED the U.S. Senate, with JD Vance breaking the tie
It now heads back to the House for a vote on the changes made.
It COULD still hit Trump’s desk by July 4th. https://t.co/qszGm5sAt3
— Nick Sortor (@nicksortor) https://twitter.com/nicksortor/status/1940079165778067822?ref_src=twsrc%5Etfw
It now heads back to the House...
* * *
After more than 21 hours of continuous voting, late-night negotiations, and a rare floor appearance by Vice President J.D. Vance, Senate Republicans remained mired in division early Tuesday over President Donald J. Trump’s $3.3 trillion tax and spending proposal, raising fresh doubts about the survival of his signature legislative priority.
?itok=AxY67TRe
At the center of the impasse is Senate Majority Leader John Thune of South Dakota, who has struggled to unite a fractured GOP conference around the sprawling bill. dubbed by Trump as the “One Big Beautiful Bill” - which includes sweeping tax cuts, a $5 trillion debt ceiling increase, significant Medicaid reductions, and a rollback of clean energy subsidies.
Currently, eight major Republican holdouts remain opposed or undecided. With only a razor-thin margin for defections, Thune can afford to lose just three votes. Senators Rand Paul of Kentucky and Thom Tillis of North Carolina have declared their opposition, and Maine’s Susan Collins is leaning no. That leaves Sen. Lisa Murkowski of Alaska — a perennial swing vote — as the potential deciding factor. Thune and Senate Finance Chair Mike Crapo (R-ID) spent the early morning hours huddling with Murkowski, offering compromises and tweaks to the bill in hopes of flipping her vote.
?itok=NlBLYmwK
“I think we’re going to get there,” Trump told reporters as he departed the White House Tuesday morning. “It’s tough. We’re trying to bring it down, bring it down so it’s really good for the country.”
But that optimism was not yet matched on the Senate floor, where votes on dozens of amendments continued into a second day. A visibly weary Thune said shortly after 5 a.m., “We’re getting to the end here,” though it remained unclear whether he had secured the votes.
Both Thune and Sen. Markwayne Mullin (R-OK) insist there's a deal to pass the bill, but we shall see...
BREAKING: Sen. Markwayne Mullin (R-OK) says Republicans have the votes to pass the One Big Beautiful Bill in the U.S. Senate, according to Fox News.
“Yeah we got em.” https://t.co/evCSYxn8mG
— RedWave Press (@RedWave_Press) https://twitter.com/RedWave_Press/status/1940048103572443525?ref_src=twsrc%5Etfw
Tensions Boil Over on Medicaid, SNAP, and Debt Ceiling
Murkowski’s objections stem largely from the bill’s steep cuts to Medicaid and the Supplemental Nutrition Assistance Program (SNAP), which could hit Alaska’s vulnerable populations particularly hard. Efforts to carve out protections for the state were dealt a blow when Senate Parliamentarian Elizabeth MacDonough ruled key provisions in violation of the Byrd Rule, which restricts what can be included in budget reconciliation bills.
Negotiators scrambled to rewrite the language. A compromise on delaying SNAP cuts based on Alaska’s progress in improving administrative error rates appeared to gain traction. But language aimed at providing Alaska with an enhanced Medicaid funding match had not yet cleared MacDonough’s scrutiny by early Tuesday.
?itok=KgGe_sxI
Meanwhile, Paul has proposed replacing the $5 trillion debt ceiling hike with a far smaller $500 billion increase — a move he argues would preserve leverage for deeper cuts in a follow-up reconciliation bill. But most Republicans see the idea as a nonstarter. “I don’t want anything,” Paul said when asked if he could be persuaded to support the package in exchange for concessions.
A Late-Night Drama on the Floor
Just before dawn, Murkowski was seen shaking her head repeatedly during an intense discussion with Thune, Crapo, and fellow Alaskan Sen. Dan Sullivan, https://punchbowl.news/archive/7125-am/
reports. At one point, she and Thune left the chamber to confer privately in his office. Though Thune called it “just chatting,” it was clear that GOP leaders were pulling out all the stops to secure her vote.
The ongoing drama frustrated even Democrats. “There’s still no text,” one exasperated Democratic senator told https://thehill.com/homenews/senate/5378354-trump-bill-senate-vote-vance-thune/?email=c14f3288a64818ecb98f8e0573beceb318faed57&emaila=eb3b115abed24cacb59032280aed3dee&emailb=67a847116066088d41479c6f1dae9ff2f033f69b05a6b0ce26810fdcc2c7acc9&utm_source=Sailthru&utm_medium=email&utm_campaign=07.01.25%20RS%20-%20Breaking%20Alert%20-%20Vance
. “Have you seen what’s going on, on the floor, I’ve never seen anything like that,” the lawmaker continued. Meanwhile Senate Majority Leader Chuck Schumer (D-N.Y.) accused Republicans of “slow-walking” the bill to buy time for internal negotiations. “They’ve made a lot of promises, contradictory promises to different parts of their caucus,” Schumer said on MSNBC.
?itok=c5iSGEd0
Amid the floor chaos, senators did pass a bipartisan amendment, 99 to 1, to strike language in the bill that would have barred states from regulating artificial intelligence for a decade in a blow to Sen. Ted Cruz (R-TX). The language was removed over concerns about consumer and child safety raised by Sen. Marsha Blackburn (R-TN) and Sen. Maria Cantwell (D-WA).
Other proposed amendments, however, failed. Collins’ bid to double the bill’s rural hospital relief fund to $50 billion - funded by restoring the top marginal tax rate for ultra-high earners, was rejected by a wide margin. A conservative amendment to roll back Medicaid expansion under the Affordable Care Act has yet to receive a vote but threatens to split the conference further: if it fails, hardliners like Ron Johnson (R-WI), Mike Lee (R-UT), and Rick Scott (R-FL) may walk away. If it passes, moderates like Murkowski and Collins could defect.
Ron Wyden, the top Democrat on the Senate Finance Committee, equated Collins’ amendment to “a band aid on an amputation.” Her amendment would have increased the top tax rate on individuals earning more than $25 million in a year to 39.6%. -https://www.bloomberg.com/news/articles/2025-06-30/one-big-beautiful-bill-means-senate-all-nighter-with-divided-republicans
Sen. Joni Ernst (R-IA), joined by Murkowski, has been circulating an amendment to soften the bill’s rollback of clean energy incentives. The Ernst amendment would delay the expiration of wind and solar credits, and remove a new excise tax on projects using components from China and other foreign adversaries. Fiscal hawks oppose the change, arguing it waters down promised savings.
And then we go back to the House...
Even if the Senate manages to pass the bill, trouble awaits in the House. Speaker Mike Johnson (R-LA) is under pressure from both moderates and Freedom Caucus hardliners, many of whom are dissatisfied with the Senate’s deeper Medicaid cuts and smaller spending offsets.
Part of the calculus is to strip language that could threaten the bill’s odds in the House, which is planning to vote on the Senate measure later this week. The House’s own version of the bill passed by a single vote.
The Senate’s deeper Medicaid cuts — which caused Tillis to defect — will put pressure on swing-district Republicans, while Freedom Caucus hardliners are angry that the Senate bill would create larger deficits than the House-passed measure. -Bloomberg
“This bill doesn’t deliver what we promised,” Rep. Nick LaLota (R-NY) said, citing insufficient relief on the state and local tax (SALT) deduction. LaLota supported the House version but has vowed to oppose the Senate’s.
Behind the scenes, Johnson has been urging Senate Republicans to use a “wraparound” amendment - a final catch-all tweak to the bill, to restore some House provisions, including provider tax language and SNAP reforms. But expectations of a major rewrite at the eleventh hour are slim.
“I have prevailed upon my Senate colleagues to please, please, please put it as close to the House product as possible,” Johnson said Monday. But few on Capitol Hill took that hope seriously.
In short, it's still a shit show even if Thune and Mullin claim otherwise... for now.
* * *
Grow your own food with https://store.zerohedge.com/wise-food-storage-heirloom-seed-vault-39-varieties-4-500-seeds/?utm_source=zerohedge.com&utm_medium=article&utm_campaign=store_promo
Free shipping in the USA.
https://cms.zerohedge.com/users/tyler-durden
Tue, 07/01/2025 - 12:08
America's 75,000 Page Horror Story
America's 75,000 Page Horror Story
https://www.schiffgold.com/commentaries/the-75000-page-horror-story
While most of the American government can be characterized by regulatory overgrowth, few areas loom larger in the public imagination than the Tax Code. This reputation is well earned, https://www.taxpayeradvocate.irs.gov/wp-content/uploads/2020/08/Most-Serious-Problems-Tax-Code-Complexity.pdf
Hundreds of years of revisions have left American taxpayers in an unenviable situation.
While tax rates are at historic highs, the complexity of the Tax Code itself presents enough problems to be worthy of a complete renewal.
The first problem with the Tax Code complexity is that enforcement has become such a nightmare that https://www.schiffgold.com/commentaries/trump-needs-the-money-printer
cannot begin to properly enforce it.
The next problem is that the tax code’s complexity unfairly benefits those with time, resources, and ironically, money, to spend avoiding taxation, allowing the richest and most unethical to benefit from the web of confusion.
The last problem with the tax code is that it creates a fundamental rift between the American people and the government through providing a realistic view into the complexity and self-contradictory nature of the state.
?itok=HFZbNfWE
The IRS is much maligned by anyone who wants to keep their well learned money, yet one of their greatest problems they face is that https://www.bloomberg.com/news/newsletters/2025-04-15/irs-job-cuts-will-slow-processing-of-returns-on-tax-day-and-beyond
of the tax codes mean that the source document for enforcement provides much less clear guidance than can be found at other agencies. Only a small part of the tax code can be enforced, and the subjective choice about what part that is allows a lot of room for corruption and uncertainty. Additionally, the IRS bears the burden of punishing people who unknowingly violated the tax code while being unable to hunt down those who use its complexity to their advantage. A simplified Tax Code would benefit the IRS both strategically and administratively.
https://siepr.stanford.edu/publications/policy-brief/tax-avoidance-top
. The IRS’ inability to enforce the Code along with the massive opportunity for abuse make complicated tax laws a boon for their intended targets.
At the root of the American identity is a repulsion to taxation. Of course some taxation is necessary for any government to exist, but https://budget.house.gov/press-release/cato-institute-poll-americans-want-congress-to-pair-tax-cuts-with-significant-spending-reforms#:~:text=Taxes%20Are%20Already%20Too%20High,spending%20to%20balance%20the%20budget.
but forcing a massive and extremely complicated set of laws to come into contact with nearly every American, every year, does little to repair the bond that has been severed. The worst stereotypes of the Federal Government are shown to be true in the tax codes’ bland display of bureaucratic rot and excess.
Before the level of taxation can be discussed, we must first recognize the blatantly terrible practicalities of the tax code. It is both theoretically and practically compromised. It does no good for those enforcing it or those it is being enforced upon.
While a simplified tax code might not provide a special case for every possibility in human life, https://www.schiffgold.com/guest-commentaries/free-markets-from-competition-to-cooperation
.
Some good things would not be as heavily incentivized by tax credits, but the deletion of the miasma of confusion that currently exists would allow Americans of all types to flourish.
https://cms.zerohedge.com/users/tyler-durden
Mon, 06/30/2025 - 17:40
https://www.zerohedge.com/personal-finance/americas-75000-page-horror-story
Top Iranian Cleric Issues Fatwah Calling For All Muslims To Seek Vengeance On US, Israel
Top Iranian Cleric Issues Fatwah Calling For All Muslims To Seek Vengeance On US, Israel
In a new fatwah which appears clearly aimed at the United States, Israel, and their respective leaders Donald Trump and Benjamin Netanyahu, a top Iranian Shia cleric has called on Muslims to take vengeance as Islamic 'warriors'.
Ayatollah Naser Makarem Shirazi, a longtime prominent Shia religious authority, said in the new edict that any individual or government that threatens or assaults the the leaders of the Islamic Republic of Iran, and the Shia nation's religious authority in an effort to harm the 'Islamic Ummah' and its governance is considered an enemy of Islam, or one who wages war against God.
?itok=ZczV2trZ
Grand Ayatollah Makarem was reportedly responding in the edict to question put forward by his followers is https://en.mehrnews.com/news/233797/Anybody-who-threatens-Leader-Shia-Marja-is-Enemy-of-God
:
"Any person or regime that threatens the Leader or Marja (May God forbid) is considered an enemy of God," Grand Ayatollah Makarem said in his Fatwa, according to Iranian state media.
His rank and authority within the Iranian religious establishment is at the highest level for a Twelver Shia religious cleric, under the Supreme Leader.
He added according to a translation that "any cooperation or support for that enemy by Muslims or Islamic states is haram or forbidden. It is necessary for all Muslims around the world to make these enemies regret their words and mistakes."
He also described that if a Muslim who "does his duty suffers hardship or loss in their campaign, they will be rewarded a fighter in the way of God, God willing."
While he didn't specifically mention US President Trump in his fatwah, this is precisely how some are taking it.
IRAN: Grand Ayatollah tells “Muslims of world” to kill POTUS Trump.
Makarem Shirazi: “Anyone threatening or acting against Supreme Leader is Mohareb (enemy of Allah, designated for killing)… If harm comes to you in this mission, you will be recognized as (warriors) of Allah.” https://t.co/nwofafw7Zp
— Khosro K Isfahani (@KhosroIsfahani) https://twitter.com/KhosroIsfahani/status/1939303311146139863?ref_src=twsrc%5Etfw
The White House has already alleged there was a prior plot to assassinate Trump, in a case last year; however, Supreme Ayatollah Ali Khamenei has never actually directly called for the American leader's death. But likely, more minor clerics within Iran have done so.
This past week Trump directed a series of Truth Social messages at the Khamenei. For example, he said "Look, you’re a man of great faith. A man who’s highly respected in his country. You have to tell the truth." Trump then told Khamenei: "You got beat to hell." This was of course in reference to the major B-2 bombing raids on Iran's nuclear facilities.
https://cms.zerohedge.com/users/tyler-durden
Mon, 06/30/2025 - 09:05
Senate Republicans Revise Trump Tax Bill To Win Over Holdouts, Eye July 4 Passage
Senate Republicans Revise Trump Tax Bill To Win Over Holdouts, Eye July 4 Passage
Senate Republicans unveiled a revised version of President Trump’s $4.2 trillion tax package early Saturday morning, making targeted concessions on state tax deductions, Medicaid policy, and renewable energy provisions in an effort to unite their caucus ahead of a July 4 deadline set by the White House.
?itok=Sggv3IZE
The updated draft reflects compromises among Senate GOP factions that have sparred for weeks over how aggressively to cut social safety net programs and whether to roll back clean energy incentives enacted under the Biden administration. The legislation, if passed, would serve as the centerpiece of Mr. Trump’s second-term economic agenda.
Senate Majority Leader John Thune announced that voting on the bill would begin Saturday afternoon, with a final vote potentially coming as soon as Sunday. If it does pass the Senate, Republican leaders have indicated they will call House members back to Washington early next week in hopes of sending the legislation to the president’s desk before Independence Day.
However, it remains uncertain whether all 50 Republican senators are prepared to back the measure. Senator Ron Johnson of Wisconsin said Saturday on Fox News that he would oppose beginning debate on the bill immediately, citing the need for more time. “This is an important bill,” Johnson said. “There’s no need to rush it.”
A Revised SALT Cap
To address concerns from House Republicans representing high-tax states, the new draft raises the cap on the state and local tax (SALT) deduction from $10,000 to $40,000 for five years. The cap would snap back to its original level thereafter, with a modest 1% annual increase during the interim period. The deduction would begin phasing out for taxpayers earning more than $500,000 annually.
A House provision aimed at curbing SALT workarounds used by pass-through businesses was stripped from the text. While fiscal conservatives have criticized the SALT compromise as overly generous, the deal is expected to secure the support of swing-district Republicans and has been endorsed by the White House.
Senate Republicans also removed a controversial Section 899 “revenge tax” on foreign companies and investors following concerns from Wall Street and a request from Treasury Secretary Scott Bessent.
Tax Relief and Medicaid Tweaks
The legislation makes permanent the individual and corporate tax cuts first enacted in 2017 and introduces new temporary breaks for tipped workers, seniors, and car buyers. In a nod to moderate Republicans, the revised bill creates a $25 billion rural hospital fund intended to mitigate the effects of Medicaid spending reductions that critics warn could threaten services in underserved areas.
Senator Susan Collins of Maine had pressed for a $100 billion allocation but has not yet commented on whether the smaller fund will earn her support.
The new version delays the full impact of a 3.5% cap on state Medicaid provider taxes from 2031 to 2032. The cap, which would begin phasing in by 2028, applies only to states that expanded Medicaid under the Affordable Care Act. Additionally, the bill imposes new work requirements for Medicaid recipients and would require ACA-expansion beneficiaries to contribute to their care through co-pays or deductibles.
Renewable Energy Rollbacks and New Land Sales
Republicans accelerated the phaseout of tax credits for wind and solar energy projects, now requiring such projects to be fully operational by the end of 2027 to qualify. That change, reportedly supported by Mr. Trump, could impact companies like NextEra Energy, the nation’s largest renewable developer.
Senate Democratic Leader Chuck Schumer criticized the change, warning on social media that the rollback would “jack up your electric bills and jeopardize hundreds of thousands of jobs.”
The bill also ends the $7,500 electric vehicle tax credit sooner than earlier versions proposed, cutting it off after September 30, 2025, including for used and commercial EVs.
A separate provision reinstated in the draft would authorize the sale of up to 1.2 million acres of federal land across 11 western states for housing and community development, a measure pushed by Senator Mike Lee of Utah. The plan could raise up to $6 billion but faces resistance from GOP senators in affected states.
Tax credits for hydrogen production, originally slated to end this year, would now continue through 2028 for projects started by then.
Broader Cuts and Debt Ceiling Increase
The legislation includes steep cuts to funding for the Consumer Financial Protection Bureau and federal food assistance programs, while increasing allocations for the U.S.-Mexico border wall. It preserves $15 million in funding for a task force to study alternatives to the IRS Direct File program, though it drops language that would have terminated the free filing service entirely — a defeat for tax software providers like Intuit.
A proposed tax on money transfers by non-citizens was scaled back from 3.5% to 1%, a win for companies like Western Union and MoneyGram.
Finally, the bill would raise the debt ceiling by $5 trillion, a move intended to avert a potential federal default projected for as early as August.
With internal GOP divisions still simmering, the path to final passage remains uncertain. Yet with Independence Day looming, Senate Republicans are betting that the new concessions will be enough to unify their ranks — and deliver a long-sought legislative victory for the president.
https://cms.zerohedge.com/users/tyler-durden
Sat, 06/28/2025 - 13:25
WEF Claims It Will Take 123 More Years To Achieve Full Gender-Parity Globally
WEF Claims It Will Take 123 More Years To Achieve Full Gender-Parity Globally
It will take 123 years to reach full gender parity globally, according to the World Economic Forum’s (WEF) https://www.weforum.org/publications/global-gender-gap-report-2025/
.
While progress has been made since the report started in 2006, https://www.statista.com/chart/34694/share-of-the-gender-gap-closed/
that an analysis of the constant set of 100 economies included since that year shows that such change is moving slowly.
Over the years, the report’s scope has expanded, with a total of 148 countries analyzed in the 2025 edition. Analysts created an index scoring and ranking these countries on their respective levels of gender equality, where 100 percent is considered full parity. The latest report found that the world has now closed 68.8 percent of the gender gap, marking an improvement of +0.3 percentage points since the 2024 edition. This change was calculated based on a constant set of 145 economies in both years.
But this global figure hides the huge variation that exists in the different subindexes and even those subindexes’ own components.
https://www.statista.com/chart/34694/share-of-the-gender-gap-closed/
You will find more infographics at https://www.statista.com/chartoftheday/
While it would take 17 years for equal educational attainment to be reached, it would take 135 years to close the gap in regards to economic participation and as many as 162 years for political gender parity to be reached. This is based on the trend of the population-weighted averages for the 100 constant economies featured in all editions of the index (2006-2025).
Wide variation exists across countries too.
For example, the five lowest ranked countries under the economic subindex are Sudan (31.3 percent), Pakistan (34.7 percent), Islamic Republic of Iran (34.9 percent), Egypt (40.6 percent) and India (40.7 percent).
At the top end of this subindex are Botswana (87.3 percent), Liberia (86.5 percent), Eswatini (85.6 percent), the Republic of Moldova (85.3 percent) and Barbados (84.8 percent).
The political empowerment subindex shows the widest variation across economies, ranging from just 0.6 percent in Vanuatu to 95.4 percent in Iceland.
The report states that out of the 148 places covered, only nine had closed more than half of the political empowerment gap. These were: Iceland, Finland, Bangladesh, Norway, UK, Nicaragua, New Zealand and Germany.
https://cms.zerohedge.com/users/tyler-durden
Fri, 06/27/2025 - 21:20