Porsche Hits Brakes On EV Ambitions, Suffers Another Guidance Cut As Shares Drop Most On Record
Porsche Hits Brakes On EV Ambitions, Suffers Another Guidance Cut As Shares Drop Most On Record
Earlier today, shares of Porsche AG in Germany plunged the most on record after the struggling sports car maker announced it would scale back its electric vehicle (EV) rollout. Porsche scrapped plans for a future battery-powered luxury SUV and shifted focus back to petrol-powered engines and hybrid models. This move will result in a $2.1 billion hit to operating profit and force both Porsche and its parent, Volkswagen AG, to revise their full-year forecasts.
"Markets are led lower by Autos, STOXX Europe 600 Automobiles & Parts Index [SXAP] is down 2.8%, following the two profit warnings from Porsche and Volkswagen after the close on Friday. Porsche AG is down 7.8% and Volkswagen is down 8%," UBS analyst Marisa Vethanayagam wrote in a client update earlier.
Friday's profit warning marked the fourth time this year that Porsche cut guidance, with shares down 28% year-to-date. The slump has pushed the automaker so low that it is now set to be removed from the DAX, Germany's benchmark index.
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Porsche's mounting troubles - compounded by muted EV sales in key markets and intensifying competition from Chinese automakers - are increasingly weighing on its parent, Volkswagen. On Friday, Volkswagen warned it would take a $3.5 billion non-cash impairment tied to Porsche's hit to operating profit and lowered its forecast for operating return on sales this year to 2% to 3%, down from 5%.
Besides Porsche and Volkswagen, other European peers, such as Stellantis NV and Renault SA, are also struggling with dismal EV demand after they invested billions of dollars in the technology.
Industry-wide across the continent, the MSCI Europe Autos Index is down 6% year-to-date, hovering on a fine line of support around 160 euros.
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Here's commentary from top Wall Street research desks on Porsche scaling back its EV unit, resulting in a guidance cut and dragging down peers across the continent (courtesy of Bloomberg):
RBC (Sector perform, PT EU43)
Revisions underline significant near-term pressures, with EV platform delays and a pivot toward hybrids and combustion drivetrains signaling challenges in electrification strategy, analyst Tom Narayan writes
Updated 2025 guidance shows sharp profitability deterioration
Medium-term targets at the lower end of historical profitability further raise concerns about Porsche's ability to compete effectively in the premium EV and luxury space amid intensifying competition
Jefferies (hold, PT EU40)
Re-basing of guidance may be the last, but leaves the turnaround a drawn-out affair with product cycle and brand challenges, according to analyst Philippe Houchois
Besides Porsche impact, VW's guidance delays cash conversion again
Cuts Porsche price target to €40 from €47
Citi (buy, PT EU58)
Exceptional charges take FY25 Ebit margin guidance down from 5%-7% to between 0% and 2%, a superficial and unacceptable level of margin for the Porsche brand, analyst Harald Hendrikse writes
Management reiterated this would be the last such re- statement, but investors have heard this story before and will remain skeptical until Porsche stops delivering negative surprises
Shares likely to remain subdued as they have been
Matthias Schmidt, an independent auto analyst based near Hamburg, told Bloomberg that auto buyers "are putting little value on luxury electric cars," adding, "Porsche has now realized this and is jumping back into high-margin combustion-engine models."
Related:
https://www.zerohedge.com/technology/us-electric-vehicle-adoption-plummets
Not surprising...
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. . .
https://cms.zerohedge.com/users/tyler-durden
Mon, 09/22/2025 - 10:40
Trump Set To Approve TikTok Deal; Oracle Will Gain Algorithm Control Amid CEO Shakeup
Trump Set To Approve TikTok Deal; Oracle Will Gain Algorithm Control Amid CEO Shakeup
Update (1035 ET):
President Trump is preparing to sign an executive order this week that will approve the sale of TikTok’s U.S. operations to an investor consortium, including Oracle, Silver Lake, and Andreessen Horowitz, according to Bloomberg, citing a White House official.
Key points from the call:
The order will formally declare that the deal meets U.S. national security requirements.
Trump will also extend the existing TikTok pause by 20 days.
The transaction is expected to close within 120 days of signing.
Earlier:
Oracle will retrain the TikTok algorithm and safeguard U.S. user data.
Six of the seven board seats in the new U.S. entity will be held by Americans.
Oracle reshuffled leadership Monday, naming Clay Magouyrk and Mike Sicilia as co-CEOs, replacing Safra Catz, with no explanation or link to the TikTok deal.
* * *
TikTok's parent company, ByteDance, will create a duplicate algorithm and lease it to a new U.S. entity controlled by an investor consortium including Oracle, Silver Lake, and Andreessen Horowitz, https://www.bloomberg.com/news/articles/2025-09-22/tiktok-s-algorithm-to-be-secured-by-oracle-in-trump-backed-deal
reported, citing a White House official. Oracle will retrain the algorithm and safeguard U.S. user data. In addition, six of the seven board seats in the new entity will be held by Americans, as the structure for U.S. control of TikTok takes shape.
The arrangement, outlined by a White House official in a statement on Monday, ensures that Oracle will retrain and operate the algorithm "from the ground up." At the same time, ByteDance will have no access to U.S. user data or influence on the algorithm.
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"Oracle, the U.S. security partner, will operate, retrain, and continuously monitor the U.S. algorithm to ensure content is free from improper manipulation or surveillance," according to a Q&A accompanying the White House official's comments.
President Trump is set to sign an executive order this week to formalize his approval of the transaction. He expressed confidence in all parties last week, saying, "I had a great call with President Xi, and as you know, I approved the TikTok deal, and we're in the process. We look forward to getting that deal closed." His remarks came shortly after a call with Chinese President Xi Jinping on Friday.
The current plan wouldn't require users to re-download the app, which would continue to work with TikTok outside the country.
On Saturday, White House Press Secretary Karoline Leavitt told Fox News that Americans would hold six of the seven board seats for TikTok (https://www.zerohedge.com/technology/americans-will-hold-6-7-board-seats-tiktoks-us-operations-oracle-biggest-winner
) and, more importantly, that the app's insanely addictive algorithm would be US-controlled. She noted that the deal would be signed in the coming days.
🚨 https://twitter.com/PressSec?ref_src=twsrc%5Etfw
with news on exactly what the TikTok deal will look like.
Saturday In America w/ Kayleigh McEnany https://twitter.com/FoxNews?ref_src=twsrc%5Etfw
— Kayleigh McEnany (@kayleighmcenany) https://twitter.com/kayleighmcenany/status/1969428928948244823?ref_src=twsrc%5Etfw
The American board members will be lined with those who have national security and cybersecurity credentials, while the remaining board member, appointed by current owner ByteDance, will be excluded from the security committee, according to a senior White House official.
"So all of those details have already been agreed upon, now we just need this deal to be signed and that will be happening, I anticipate, in the coming days," Leavitt said.
On Sunday, Trump told the hosts of Fox News' "The Sunday Briefing" that Fox Chairman Lachlan Murdoch and his father Rupert will likely be involved in the U.S. TikTok deal.
In a separate report from The Wall Street Journal, Rupert Murdoch told executives working on the TikTok deal that he wanted to own a small stake in the U.S.-based company.
Nearly a week ago, it was revealed that https://www.zerohedge.com/markets/tiktok-us-will-be-controlled-oracle-silver-lake-and-andreessen
.
Furthermore, Oracle announced a leadership shakeup on Monday morning, promoting Clay Magouyrk and Mike Sicilia to CEO roles, replacing Safra Catz. The move splits leadership. There was no explanation as to why Catz was pushed aside, or whether it was related to the upcoming TikTok deal.
https://cms.zerohedge.com/users/tyler-durden
Mon, 09/22/2025 - 10:35
https://www.zerohedge.com/technology/oracle-will-secure-tiktoks-algorithm-trump-deal
Key Events This Week: Core PCE, GDP And Fed Speakers Galore Including Powell
Key Events This Week: Core PCE, GDP And Fed Speakers Galore Including Powell
It's a relatively quiet week. According to DB's Henry Allen, the data highlight this week will be Friday's US core PCE deflator which should print softer than feared a few weeks ago given the recent inputs from other inflation releases. The main events outside of this will be a series of Fed speakers (at least 16 this week, with 4 on deck today) who can give their own spin on a complicated FOMC last week where the dots were a little all over the place. The global flash PMIs tomorrow will be the other main highlight but its not likely to be a major mover with most main economies seemingly fairly stable at the moment.
Friday's personal income (+0.3% est. vs. +0.4% last) and consumption (+0.5% vs. +0.5%) data will include the all-important core PCE deflator which DB expects to come in at a relatively tame +0.22% vs. +0.27% last time. Thursday sees the final print on Q2 GDP (3.3% final vs. 3.3% prelim) and will also feature the annual update to the national accounts in which the BEA incorporates more complete and detailed source data covering the prior five years, allowing for revisions. So, another chance for history to be rewritten. Other notable US releases will include tomorrow's existing home sales; Wednesday's new home sales; Thursday's durable goods orders, and the advanced trade balance; and Friday’s University of Michigan consumer sentiment index.
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In terms of those Fed speakers this week, we'll highlight the current voters. Today kicks off with Williams who should mirror the views of Powell last week. Musalem will also give an outlook speech later and new Governor Miran will be on the tapes with his thoughts likely to be fascinating to hear. Tomorrow, Chair Powell will give an outlook speech which will likely be similar to his FOMC rhetoric. Governor Bowman will also speak. Thursday sees Goolsbee, Williams, Governors Bowman and Barr, and Daly who votes next year. Governor Bowman also speaks on Friday. As DB's economists point out, the Supreme Court has asked Governor Cook to respond by Thursday to President Trump’s appeal, which seeks to overturn lower court rulings preventing her immediate removal from office.
Trump will likely be in the news earlier in the week as he addresses the 80th UN General Assembly in New York tomorrow. We'll also get a better idea of where we are with US exceptionalism on Friday with the Ryder Cup starting in New York. It will also be interesting to see the reaction from corporate America to Trump's weekend plans to impose a $100,000 application fee for the widely used H-1B visa for foreign workers in speciality occupations. It's caused a huge amount of uncertainty over the weekend for those that rely on it.
Outside of the US, Sweden (tomorrow) and Switzerland (Thursday) central banks are meeting with markets pricing in a 30% chance of a cut from the Riksbank, but with only a 4% chance for the SNB. A cut for the Swiss would lead the country back into negative rate territory if it did happen. Staying in Europe, sentiment gauges out include the Ifo survey in Germany on Wednesday as well as consumer confidence across major European economies, including Germany and France on Thursday.
Elsewhere, rounding out notable data releases, highlights include the Tokyo CPI for September in Japan and the July GDP report in Canada both on Friday, as well as the August CPI in Australia on Wednesday. For the Tokyo CPI, economists see an acceleration in core inflation ex. fresh food to 2.8% YoY (2.5% in August) and a slowdown in core-core inflation ex. fresh food and energy to 2.9% (3.0%).
Below is the day-by-day calendar for the full week ahead, courtesy of DB.
Monday September 22
Data: US August Chicago Fed national activity index, Eurozone September consumer confidence, Canada August industrial product price index, raw materials price index
Central banks: Fed's Williams, Musalem, Hammack, Miran and Barkin speak, ECB's Lane and Nagel speak, BoE's Bailey and Pill speak, China 1-yr and 5-yr loan prime rates
Tuesday September 23
Data: US, UK, Germany, France and the Eurozone September PMIs, US September Philadelphia Fed non-manufacturing activity, Richmond Fed manufacturing index, business conditions, Q2 current account balance
Central banks: Fed's Powell, Bowman and Bostic speak, ECB's Muller, Kocher and Cipollone speak, BoE's Pill speaks, Riksbank decision
Earnings: Micron
Auctions: US 2-year Notes ($69bn)
Wednesday September 24
Data: US August new home sales, Japan September PMIs, Germany September Ifo survey, Australia August CPI
Central banks: Fed's Daly speaks, BoE's Greene speaks
Auctions: US 2-year FRN (reopening, $28bn), 5-year Notes ($70bn)
Thursday September 25
Data: US August durable goods orders, advance goods trade balance, wholesale inventories, existing home sales, September Kansas City Fed manufacturing activity, initial jobless claims, Japan August PPI services, Germany October GfK consumer confidence, France September consumer confidence, EU27 August new car registrations, Eurozone August M3
Central banks: Fed's Goolsbee, Williams, Bowman, Barr, Logan and Daly speak, ECB's economic bulletin, BoJ's minutes of the July meeting, SNB decision
Earnings: Costco, Accenture
Auctions: US 7-year Notes ($44bn)
Friday September 26
Data: US August PCE, personal income and spending, September Kansas City Fed services activity, Japan September Tokyo CPI, Italy September consumer confidence index, economic sentiment, manufacturing confidence, Canada July GDP
Central banks: Fed's Barkin and Bowman speak, ECB's August consumer expectations survey
Finally, looking at just the US, the key economic data releases this week are the durable goods report on Thursday and core PCE inflation on Friday. There are several speaking engagements by Fed officials this week, including events with Fed Chair Powell on Tuesday and New York Fed President Williams on Monday
Monday, September 22
There are no major economic data releases scheduled.
09:45 AM New York Fed President Williams (FOMC voter) speaks: New York Fed President John Williams will participate in a panel discussion on monetary policy frameworks organized by the European Money and Finance Forum. Q&A is expected. On September 4, Williams said, “The Federal Reserve’s monetary policy stance has been modestly restrictive…, [and] this policy stance is appropriate given that inflation has remained above our 2 percent target while the labor market has been generally consistent with maximum employment.”
10:00 AM St. Louis Fed President Musalem (FOMC voter) speaks: St. Louis Fed President Alberto Musalem will give remarks on the outlook for the US economy and monetary policy at an event hosted by Brookings Institution’s Hutchins Center on Fiscal and Monetary Policy. Following his remarks, he will be interviewed by David Wessel, director of the Hutchins Center. Q&A is expected. On September 3, Musalem said, “Recent data have further increased my perception of downside risks to the labor market…, [and] looking ahead, I expect the labor market to gradually cool and remain near full employment with risks tilted to the downside.”
12:00 PM Cleveland Fed President Hammack (FOMC non-voter) speaks: Cleveland Fed President Beth Hammack will host an event at the Cleveland Fed headquarters to discuss the functions of Federal Reserve Banks, the state of the economy, and ways Reserve Banks engage with the public. The event will be livestreamed. On August 22, Hammack said, “We are only very modestly restrictive, [and] we are at a very small distance to getting to a neutral rate.” She also noted, “We need to be cautious about removing that restriction.”
12:00 PM Richmond Fed President Barkin (FOMC non-voter) speaks: Richmond Fed President Tom Barkin will speak on the economy at the Howard County Chamber of Commerce in Maryland. Q&A is expected. On August 12, Barkin said, “Job gains have slowed recently, which is certainly worth watching. But I’m hopeful that even as businesses face cost and price pressure, they’ll largely avoid the type of large layoffs that would spike unemployment.”
12:00 PM Fed Governor Miran speaks: Fed Governor Stephen Miran will speak at a webinar hosted by the Economic Club of New York. Q&A is expected. On September 19, Miran said, “In my opinion, being so far above neutral means monetary policy is quite restrictive, and the longer it provides that level of restriction with the labor market having done what it did last year and the first half of this year, the greater the risks that we start to miss on the employment side of the mandate.”
Tuesday, September 23
09:00 AM Fed Vice Chair for Supervision Bowman speaks: Fed Vice Chair for Supervision Michelle Bowman will speak at the 134th Annual Kentucky Bankers Association Convention on the economic outlook. Speech text and Q&A are expected. On August 4, Bowman said, “I believe that beginning to move our policy rate at a gradual pace toward its neutral level will help maintain the labor market near full employment and ensure smooth progress toward achieving our dual mandate.” She also noted, “My Summary of Economic Projections includes three cuts for this year, which has been consistent with my forecast since last December, and the latest labor market data reinforce my view.”
09:45 AM S&P Global US manufacturing PMI, September preliminary (consensus 51.7, last 53.0)
09:45 AM S&P Global US services PMI, September preliminary (consensus 53.9, last 54.5)
10:00 AM Atlanta Fed President Bostic (FOMC non-voter) speaks: Atlanta Fed President Raphael Bostic will speak on the economic outlook on a Macro Musings podcast live recording. Q&A is expected. On September 3, Bostic said, “I continue to believe that the effects of tariffs on consumer prices won't fade fast, and in fact will not fully materialize for some months.” He also noted, “These [inflation] numbers give me pause, [and] I will not be complacent and simply assume expectations will remain anchored and another inflation outbreak won't happen.”
12:35 PM Fed Chair Powell speaks: Fed Chair Jerome Powell will speak on the economic outlook at the Greater Providence Chamber of Commerce Crowne Plaza Hotel in Rhode Island. Speech text and Q&A are expected. During the FOMC press conference on Wednesday, Powell said, “We see that the labor market is softening and we don’t need it to soften anymore, and we don’t want it to.” Powell characterized the policy decision at the September FOMC meeting as “a risk management cut” in response to downside risks in the labor market.
Wednesday, September 24
10:00 AM New home sales, August (GS -1.5%, consensus -0.3%, last -0.6%)
04:10 PM San Francisco Fed President Daly (FOMC non-voter) speaks: San Francisco Fed President Mary Daly will deliver keynote remarks on the outlook for the economy at the annual Spencer Fox Eccles Convocation at the University of Utah’s School of Business. After her remarks, she will join Kurt Dirks, Dean of the David Eccles School of Business, for a conversation. Speech text and Q&A are expected. On August 29, Daly said, “It will soon be time to recalibrate policy to better match our economy.” She also noted, “I think tariff-related price increases will be a one-off, [and] it will take time before we know that for certain, but we can’t wait for perfect certainty without risking harm to the market.”
Thursday, September 25
08:20 AM Chicago Fed President Goolsbee (FOMC voter) speaks: Chicago Fed President Austan Goolsbee will speak in a moderated discussion at Crain’s Power Breakfast about the Fed and the economy, focusing on trends for West Michigan. On September 5, Goolsbee said, “[Concerning] this slowdown in aggregate jobs numbers, we have to be extremely careful taking that as an indicator of the business cycle when things like immigration, labor supply, and labor force participation are moving behind the scenes.” He also noted, “We put a note of unease in the [July] CPI and PPI reports, with inflation kicking up in categories that are not obviously going to be transitory, which is to say services inflation.”
08:30 AM Advance goods trade balance, August (GS -$92.0bn, consensus -$96.0bn, last -$102.8bn) : We forecast that goods trade balance narrowed from -$102.8bn to -$92.0bn in August, reflecting declines in gold imports and imports from Southeast Asian countries.
08:30 AM Wholesale inventories, August preliminary (consensus +0.1%, last +0.1%)
08:30 AM GDP, Q2 third release (GS +3.4%, consensus +3.3%, last +3.3%); Personal consumption, Q2 third release (GS +1.9%, consensus +1.9%, last +1.6%): We estimate a 0.1pp upward revision to Q2 GDP growth to +3.4% (quarter-over-quarter annualized), reflecting upward revisions to consumer spending (+0.3pp to +1.9%), business fixed investment, and net exports. The third release of Q2 GDP will coincide with the 2025 annual update to the National Economic Accounts, which incorporates source data that are more complete than those previously available and methodological changes.
08:30 AM Durable goods orders, August preliminary (GS -1.5%, consensus -0.3%, last -2.8%); Durable goods orders ex-transportation, August preliminary (GS flat, consensus -0.2%, last +1.0%); Core capital goods orders, August preliminary (GS flat, consensus -0.1%, last +1.1%); Core capital goods shipments, August preliminary (GS +0.3%, consensus +0.2%, last +0.7%): We estimate that durable goods orders declined 1.5% in the preliminary August report (month-over-month, seasonally adjusted), reflecting a decline in commercial aircraft orders. We forecast unchanged core capital goods orders—reflecting an improvement in the new orders components of manufacturing surveys in August but potential payback for the outsized increase in the prior month—and a 0.3% increase in core capital goods shipments—reflecting the increase in orders in the prior month.
08:30 AM Initial jobless claims, week ended September 20 (GS 230k, consensus 235k, last 231k); Continuing jobless claims, week ended September 13 (consensus 1,938k, last 1,920k)
09:00 AM New York Fed President Williams (FOMC voter) speaks: New York Fed President John Williams will give welcoming remarks at the New York Fed’s Fourth Annual International Roles of the US Dollar Conference.
09:00 AM Kansas City Fed President Schmid (FOMC voter) speaks: Kansas City Fed President Jeff Schmid will speak about monetary policy and the economic and banking outlook at the Mid-Sized Bank Coalition of America in Dallas. On August 21, Schmid said, “I think we are in a good place [with policy] and we have to be careful with what lowering short-term rates would do to the inflation mentality if inflation is running closer to 3% than to 2%.” He also noted, “While it is true that payroll growth was weak over the summer, a broader set of indicators suggest a labor market that is in balance.”
10:00 AM Existing home sales, August (GS -2.5%, consensus -1.3%, last +2.0%)
10:00 AM Fed Vice Chair for Supervision Bowman speaks: Fed Vice Chair for Supervision Michelle Bowman will participate in a moderated discussion at the 2025 Financial Markets Quality Conference hosted by the Psaros Center for Financial Markets and Policy at Georgetown University. Q&A is expected.
01:00 PM Fed Governor Barr speaks: Fed Governor Michael Barr will speak at the Peterson Institute for International Economics on bank stress testing and potential reforms. Q&A is expected.
01:40 PM Dallas Fed President Logan (FOMC non-voter) speaks: Dallas Fed President Lorie Logan will speak at a panel organized by the Federal Reserve Bank of Richmond. Q&A is expected.
03:30 PM San Francisco Fed Daly (FOMC non-voter) speaks: San Francisco Fed Mary Daly will sit down with Mark Packard, President and CEO of the Central Bank of Utah, for a conservation on her economic outlook at the San Francisco Fed’s 2025 Western Bankers Forum. Q&A is expected.
Friday, September 26
08:30 AM Personal income, August (GS +0.4%, consensus +0.3%, last +0.4%); Personal spending, August (GS +0.4%, consensus +0.5%, last +0.5%); Core PCE price index, August (GS +0.21%, consensus +0.2%, last +0.3%); Core PCE price index (YoY), August (GS +2.92%, consensus +2.9%, last +2.9%); PCE price index, August (GS +0.25%, consensus +0.3%, last +0.2%); PCE price index (YoY), August (GS +2.72%, consensus +2.7%, last +2.6%): We estimate that both personal income and personal spending increased by 0.4% in August. We estimate that the core PCE price index rose 0.21% in August, corresponding to a year-over-year rate of +2.92%. Additionally, we expect that the headline PCE price index increased 0.25% in August, or increased 2.72% from a year earlier.
09:00 PM Richmond Fed President Barkin (FOMC non-voter) speaks: Richmond Fed President Tom Barkin will participate in a fireside chat to discuss the US economic outlook. Q&A is expected.
10:00 AM University of Michigan consumer sentiment, September final (GS 55.0, consensus 55.4, last 55.4): University of Michigan 5-10-year inflation expectations, September final (GS 3.8%, last 3.9%)
01:00 PM Fed Vice Chair for Supervision Bowman speaks: Fed Vice Chair for Supervision Michelle Bowman will give a speech on the approach to monetary policy decision-making at the Cornell Club of New York. Q&A is expected.
Source: DB, Goldman
https://cms.zerohedge.com/users/tyler-durden
Mon, 09/22/2025 - 09:52
Agent Payments Are About To Revolutionize Global Financial Infrastructure
Agent Payments Are About To Revolutionize Global Financial Infrastructure
By Eric Peters, CIO of One River Asset Management
TL;DR:
When Coinbase acquired One River Digital nearly three years ago, I had to learn a new language. Pretty much every internal memo I received started with TL;DR which meant nothing to me. I would’ve asked ChatGPT but it didn’t yet exist. Google said it meant “too long; didn’t read”, which also made little sense. I guess it’s some kind of slang that precedes a short paragraph that summarizes a longer article you probably won’t read. I had to learn all sorts of other new things at Coinbase, some annoying, others eye-opening, fascinating, exhilarating.
If you think you can make a lot of money without learning all sorts of new and perplexing things,here’s a helpful TL;DR: Think again. So, here’s an example of the kind of TL;DR that comes across my feed and gets me super excited. This from the Coinbase blog on Sept 16th. TL;DR: Agents can already talk to each other. And now, with https://cloud.google.com/blog/products/ai-machine-learning/announcing-agents-to-payments-ap2-protocol
they can pay each other too. Stablecoins make this possible at the speed of code, unlocking micropayments and new models of automation that legacy rails simply can’t support.
25-year-old Coinbase engineers with IQ’s one order of magnitude higher than mine read that TL;DR and read no further. I need to dig deeper [read here]. I ask Grok to teach me all about the meaning of x402,its origin,and Google’s AP2. Each question leads to another. Eventually I wrap my head around it. So, here’s my TL;DR: Coinbase, Google and numerous others have teamed up to build payment rails that allow Autonomous AI Agents (Agents) to instantly transact at vast scale, without the need for banks, using stablecoins on blockchain rails.
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It doesn’t take a wild imagination to picture a world where AI Agents are acting on our behalf in ways that simplify our daily lives, and make the economy far more productive, efficient, prosperous. The scale of what is coming is far beyond the ability of banks and the incumbent payment infrastructure to handle. When I entered crypto 5yrs ago, blockchain infrastructure wouldn’t have been able to handle what is coming either. But if you squinted, you could see speeds rising, scale expanding, costs falling. That’s what an opportunity looks like.
From the “didn’t read” body of the blogpost, this caught my eye: When Base launched, our priority was clear: To build a secure, low-cost, developer-friendly chain and ecosystem. This year, we’ve achieved our north star of sub-second, sub-cent transactions, and we’ve expanded beyond a chain into an open stack that makes it simple for anyone to build, trade, and earn onchain. Here’s my TL;DR: Blockchain transaction speeds (using Ethereum as the L1 and Base as the L2) have surged, costs collapsed. Expect valuable use cases to explode.
It may not have been obvious 5yrs ago. But at this stage, with the convergence of regulatory clarity for dollar stablecoin (with more to come), scalable blockchain technology, and Autonomous AI Agents, it should be apparent that global financial infrastructure is about to undergo a once in a generation upgrade. The opportunities to build businesses and invest in the companies and tokens that will profit from this build-out should be enormous. This is the hand that we’ve been dealt. Learn the new languages required, ask a million questions, and take risk.
https://cms.zerohedge.com/users/tyler-durden
Mon, 09/22/2025 - 09:25
Putin Offers US A Temporary Nuclear Control Deal "To Prevent New Arms Race"
Putin Offers US A Temporary Nuclear Control Deal "To Prevent New Arms Race"
Russian President Vladimir Putin on Monday has offered President Trump a temporary nuclear arms control deal that would extend the status quo by one year, at a moment the future of the New Strategic Arms Reduction Treaty, or New START, is hanging by a thread.
During a meeting with permanent members of the Russian Security Council, Putin said he was ready to extend by one year the last arms control treaty between Washington and Moscow, Reuters reports. This would allow time to negotiate its further extension, likely by another five years. This would be "if the US reciprocates, to prevent a new arms race," Putin stipulated.
He painted a dire picture of strategic security in the world. "Unfortunately, it continues to degrade, which is caused by the combined impact of a number of factors, including negative ones, provoking the aggravation of existing and the emergence of new strategic risks," Putin https://sputnikglobe.com/20250922/putin-global-strategic-stability-continues-to-deteriorate-1122832283.html
.
?itok=Yt2zrME-
He described that central to the problem is that multiple Cold War era arms agreements had steadily eroded and then been dropped between the US and Russia, while only New START remains.
"Step by step, the system of Soviet-American and Russian-American agreements on control over nuclear missiles and strategic defensive weapons was almost completely dismantled," the Russian leader said.
"We associate the multiple problems that have accumulated in the strategic sphere since the beginning of the twenty-first century with the destructive actions of the West."
Putin further asserted that no one should have doubt that Russia will be ready for any threat. "Our plans to strengthen the country's defense capability are being developed taking into account the changing global situation and are being implemented in full and in a timely manner," he underscored, before saying:
"I emphasize, and no one should have any doubt about this, that Russia is able to respond to any existing and newly emerging threats."
But the fact that Putin is offering a year-long extension to New START while its renewal is negotiated is a major positive sign, showing advancement in trust related to Trump's efforts to have bilateral talks even as the Ukraine war rages.
New START will expire in February 2026 unless a half-decade extension can be reached. Both leaders have shown willingness to reach a breakthrough on this issue. Putin on Monday...
Putin says 'Removal of such limitations would not be a reasonable step' Adds that Russia is offering a one-year EXTENSION of limits if the US reciprocates — to prevent a new arms race.
On Feb 5, 2026, the New START treaty expires, lifting the last nuclear arms restrictions — Putin
'Removal of such limitations would not be a reasonable step'
Adds that Russia is offering a one-year EXTENSION of limits if the US reciprocates — to prevent a new arms race https://t.co/OlV7Slpb0s
— RT (@RT_com) https://twitter.com/RT_com/status/1970099998949040267?ref_src=twsrc%5Etfw
The treaty is intended to limit and reduce nuclear arms on either side, setting a limit of no more than 1,550 deployed warheads and 700 missiles. START I began in 1991, with New START signed under the Obama and Medvedev administrations in 2010 as a successor agreement.
In August 2023 the US accused Russia of violating the treaty in disallowing US on-site inspections under its stipulations. In response, Washington halted Russian inspectors' ability to do the same on American soil.
https://cms.zerohedge.com/users/tyler-durden
Mon, 09/22/2025 - 09:05
Futures Drop After Friday's Meltup, Gold Soars To New All-Time High
Futures Drop After Friday's Meltup, Gold Soars To New All-Time High
US futures are weaker after all major indexes closed at ATHs on Friday. As of 8:10am, S&P and Nasdaq futures are down 0.3%; the S&P is now notably overbought, but that may not stop the overall uptrend according to bullish analysts, with earnings expectations rising and the market betting on almost two more rate cuts this year. Pre-market, Mag7 names are lower ex-AAPL, TSLA; NVDA is -88bp dragging Semis lower as we start the week with a slight defensive tone. Bond yields are flat with the 10Y trading at ~4.13%; the USD is slightly weaker as gold hit a fresh record high above $3700 at the start of a macro-data light week which will focus on the Fed’s preferred inflation gauge release on Friday. In commodities precious metals are the upside standouts with Gold +1%, Silver +1.5% with crude flat and Ags mostly weaker. Cryptocurrency traders saw more than $1.5 billion in bullish wagers liquidated on Monday, triggering a sharp selloff that hit smaller tokens hardest. This week’s macro data is not expected to be market-moving but there are 16 Fed speakers this week including 4 today. Keep an eye on the yield curve where Jay Barry and team like tactical shorts in the 10Y, which may pressure Equities into quarter-end.
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In premarket trading, Mag 7 stocks are under pressure with just TSLA and AAPL green (Tesla +0.8%, Apple +0.4%, Alphabet -0.4%, Amazon -0.3%, Meta Platforms -0.4%, Microsoft -0.6%, Nvidia -0.6%).
Amer Sports (AS) falls 6% on news that Chinese authorities launched an investigation after a fireworks show in Tibet sponsored by Amer Sport’s Arc’teryx, maker of outdoor gear, sparked a backlash on social media because of concern about the effect on the environment.
Anywhere Real Estate (HOUS) soars 46% on a pact to merge with Compass Inc. (COMP). Shares of Compass are down 12%.
Cryptocurrency-exposed stocks including Coinbase (COIN) are falling after traders saw more than $1.5 billion in bullish bets liquidated on Monday. Coinbase is down 2.7%.
ASML (ASML) ADRs are up 3% after the chip-equipment stock received a third analyst upgrade in a month, with Morgan Stanley seeing a potential cyclical recovery on the horizon.
Ionis (IONS) rises 2% after announcing that a study of zilganersen in children and adults with Alexander disease met its primary endpoint.
Kenvue (KVUE) shares are 5% lower after the Washington Post reported that the Trump administration plans to link the drug’s active ingredient to autism. Kenvue said that “independent, sound science” shows the medication does not cause autism.
MBX Biosciences (MBX) climbs 30% after the company provided topline results from its Phase 2 clinical trial of once-weekly canvuparatide for patients with chronic hypoparathyroidism.
Metsera (MTSR) is up 59% after Pfizer Inc. agreed to buy the obesity startup for an enterprise value of about $4.9 billion.
T-Mobile US Inc. (TMUS) slips 1% after saying the company will elevate its chief operating officer, Srini Gopalan, to the chief executive officer spot on Nov. 1, replacing Mike Sievert, who has held the job for nearly six years
In other corporate news, MediaTek is launching a mobile processor more capable of handling agentic AI tasks on devices, positioning to better compete with Qualcomm. BYD shares dropped after CNBC reported that Berkshire Hathaway offloaded its stake in the Chinese EV maker. Samsung Electronics shares jumped after local media reported that it won approval from Nvidia for the use of advanced memory chips.
After the Federal Reserve cut rates for the first time this year, this week’s data calendar looks thin, with Friday’s release of policymakers’ preferred gauge of underlying inflation the main item. With the central bank’s dovish stance largely shaped by a weakening labor market, next week’s payrolls report looms as the bigger catalyst, alongside the start of the earnings season next month.
“This week is overall the calmest week of the month on the macro front and with the earnings season over, markets will likely drift on hearsay and sentiment,” said Panmure Liberum strategist Joachim Klement. “Investors are increasingly bullish on the six-month outlook for US stock markets as the Fed has restarted its cuts, but we think this is a case of collective overconfidence.”
The tech sector will be in focus after Trump’s move to slap a $100,000 application fee on new H1-B visas. The fee is set to push more IT-services work offshore, or spur big price hikes for end-users.
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Deutsche Bank’s strategy team wrote that pockets of exuberance are appearing as equity positioning in the US keeps climbing. Goldman’s David Kostin changed his S&P 500 target for the fifth time, raising his three-month projection to 6,800.
Bloomberg Intelligence equity strategists Gillian Wolff and Michael Casper caution that the US is entering an easing cycle “amid a troubling trend.” Inflation is hot and accelerating, a stark contrast to most major economies where consumer prices are falling. This creates a dilemma for the Fed and investors: rate cuts should support stocks but could ultimately backfire by fueling inflation — a risk that tariffs would worsen.
And speaking of easing cycles, gold soared past $3,700 an ounce as ETF inflows hit a three-year high. Silver rose to the highest since 2011. With lower rates typically boosting non-interest bearing precious metals, market bets for almost two more cuts this year — alongside haven demand from geopolitical risks and trade tensions — have fueled a rally of more than 40% in bullion for 2025.
“As the world’s oldest inflation hedge and with the Fed poised to embark on another monetary policy loosening cycle, gold is likely to remain well supported,” said Kathleen Brooks, research director at XTB Ltd.
European stocks opened in the red, pared the decline, and are now lower again. Automobile and banking shares are leading the declines dragged down by a guidance cut from Porsche as it pulls back from its EV strategy; mining and technology stocks are the biggest outperfromers. Here are the biggest movers Monday:
The Stoxx 600 basic resources sector is the best-performing sub-index on Monday, after copper gained as traders assessed the impact on global supplies from an accident in Indonesia that’s left the world’s second-largest mine suspended for two weeks
Precious-metals producers in South Africa and Europe rise, after prices for gold climbed to a new record. Flows into gold-backed exchange-traded funds hit a three-year high, with investors betting that the Federal Reserve’s rate-cutting cycle has further to run
ASML shares rise as much as 3.7% on Monday after the chip-equipment stock received a third analyst upgrade in a month, with Morgan Stanley seeing a potential cyclical recovery on the horizon
Roche shares climb as much as 2.2% after the Swiss drugmaker said its experimental drug giredestrant helped patients with a form of advanced breast cancer live longer without the disease worsening in an advanced trial
Porsche AG shares fall as much as 7.4% after the luxury carmaker cut its annual profit forecast late Friday and shelved a future battery-powered luxury SUV
Tate & Lyle shares tumble as much as 5.8%, to its lowest intraday level since April, after being downgraded by Morgan Stanley, with analysts citing higher risk attached to the ingredients company’s mid-term targets
Fugro falls as much as 13% to its lowest since 2022 as the Dutch geological data specialist withdraws 2025 guidance, citing project deferrals and cancellations
OCI shares plunge as much as 19%, slumping to a record low, after Degroof Petercam cut its price target following news Orascom Construction is considering acquiring the Amsterdam-listed provider of fertilizers and chemicals
Earlier in the session, Asian stocks rose, supported by regional tech shares and a rally in Japan, where easing concerns over the Bank of Japan’s unwinding of exchange-traded funds boosted sentiment. The MSCI Asia Pacific Index jumped 0.2%, led by gains in TSMC. Samsung Electronics shares surged the most in nearly two months, leading South Korea’s advance on a report that its chip passed Nvidia’s quality test. Apple Inc.’s suppliers in Asia climbed after the latest iPhone release was met with high shopper turnout. In Japan, traders returned to the market to pare Friday’s losses, focusing on the Bank of Japan’s century-long, very gradual plan to unwind its massive holdings of ETF holdings. Sentiment across the region also got a boost from President Donald Trump touting progress on issues with China after a highly anticipated call with Chinese leader Xi Jinping. China’s CSI 300 Index rose 0.5%.
In FX, the dollar reverses its earlier gain. Norwegian krone and Swedish krona leading G-10 currencies, Canadian dollar the laggard.
In rates, 10Y treasury yields are unchanged at 4.13% while bund yields edge lower; gilts are outperforming in bond markets, with two-year yields down about two basis points. US futures are also lower. Treasury auctions this week include $69 billion 2-year notes Tuesday, $70 billion 5-year notes Wednesday and $44 billion 7-year notes Thursday
In commodities, gold hits another record high, rising by $35 to $3,720/oz as investors bet on an extended Fed rate-cutting cycle and as flows roll into ETFs. Silver is also rising to the highest since 2011. Oil prices gain, with WTI sitting around $63/barrel and Brent just below $67. Cryptocurrencies sink following the liquidation of a series of bullish wagers.
This week’s macro data is not expected to be market-moving but there are 16 Fed speakers this week including 4 today. Friday’s personal consumption expenditures price index, excluding food and energy, is expected to slow down in August, giving the Fed more room to address labor market weakness. Traders will also parse remarks from several Fed officials, including Chair Jerome Powell on Tuesday and new Governor Stephen Miran. The speakers will likely “give their own spin on a complicated FOMC last week where the dots were a little all over the place,” wrote Jim Reid, global head of macro research and thematic strategy at Deutsche Bank AG. “The global flash PMIs tomorrow will be the other main highlight, but it’s not likely to be a major mover with most main economies seemingly fairly stable at the moment.”
Market Snapshot
S&P 500 mini -0.3%
Nasdaq 100 mini -0.3%
Russell 2000 mini -0.1%
Stoxx Europe 600 -0.2%
DAX -0.8%
CAC 40 -0.4%
10-year Treasury yield little changed at 4.12%
VIX +0.8 points at 16.26
Bloomberg Dollar Index little changed at 1197.86
euro +0.2% at $1.1764
WTI crude +0.6% at $63.04/barrel
Top Overnight News
State Street’s SPDR Gold Shares, the biggest precious-metals ETF, boosted its holdings by 607,540 ounces in the last session — valued at $2.24 billion. The fund’s total holdings surged to the highest in three years. BBG
Rupert Murdoch reportedly privately told executives working on the TikTok deal that he wanted to own a small stake in the company if an agreement could be reached, and any investment in the TikTok-US deal would come through Fox Corp: WSJ
Oracle will recreate and provide security for a new US version of TikTok’s algorithm under a planned deal that gives ownership to a consortium of American investors, a White House official said. Trump suggested Fox Chairman Lachlan Murdoch and his father Rupert will also have a role. BBG
Trump invoked a ‘golden share’ to block US Steel’s (X) plans for an Illinois plant, while Commerce Secretary Lutnick told the company’s CEO the administration would not allow Granite City production to cease, according to WSJ
Fed Governor Miran on Friday said disinflationary forces are in the works, including lower immigration, via Fox Business. He reiterated that he doesn't see material inflation from tariffs. Monetary policy is pretty restrictive, and he warned that the longer it stays restrictive, the bigger the risk. He said comparing goods inflation this year to pre-pandemic trends is the wrong comparison. He reiterated that he will be trying to convince other Fed policymakers to cut rates faster. He said, "We are in an easing cycle". He noted that people have been moving in the direction of thinking tariff inflation is less than previously thought, and added that folks will eventually come around to the view that tariffs will not drive up inflation.
Schumer said he is ready to meet “anytime” with President Trump to avoid a government shutdown, according to a CNN interview.
Trump said he will deliver a speech at the UN General Assembly: Fox News interview
US lawmakers set to meet with Chinese defence minister in Beijing: Pool Report
Tylenol-maker Kenvue (KVUE -4% pre) fell premarket after a WaPo report that the US plans to link the active ingredient in the OTC pain reliever to autism. Kenvue said “independent, sound science” shows taking acetaminophen does not cause autism
Republican Senators are reportedly holding early discussions about altering Affordable Care Act (ACA) tax credits to allow for subsidies to be extended beyond the end-2025 expiry, via Axios.
Pfizer is closing in on a potential $7.3 billion takeover of anti-obesity startup Metsera. Metsera shares surged premarket (MSR +56% premkt) .
India’s trade chief Piyush Goyal heads to the US today seeking a “mutually beneficial” deal, though talks may be complicated by Russian oil ties and the new H-1B’s visa fee. BBG
China kept its benchmark lending rates unchanged for the fourth consecutive month in September, in line with market expectations, following the central bank's decision to hold a main policy rate steady last week. RTRS
North Korea's Kim Jong Un said there was no reason to avoid talks with the U.S. if Washington stopped insisting his country give up nuclear weapons, but he would never abandon the nuclear arsenal to end sanctions, state media reported on Monday. RTRS
Switzerland is offering to buy more American weapons and energy products and make more investments in the US, in a fresh push to persuade the Trump administration to lower its tariffs on Swiss imports. FT
Venezuelan President Nicolás Maduro wrote directly to Donald Trump this month to call for talks with the US to defuse tensions. In the letter dated Sept. 6, the socialist leader said that his government “has consistently sought direct communication to address and resolve any issue that arises between our two governments.”
Trade/Tariffs
US House lawmakers made a rare visit to China on Sunday in an effort to stabilise ties, according to Nikkei. "The visit on Sunday was the first House of Representatives delegation to visit China since 2019".
US President Trump reportedly withheld approval of over USD 400mln in military aid to Taiwan this summer while seeking a trade deal and possible summit with Chinese President Xi Jinping, according to Washington Post sources.
US President Trump said “we made progress with China on several important issues” and said “we will not allow anything bad to happen to the TikTok app”.
China’s Commerce Ministry said its position on the TikTok issue is clear, adding that the government respects the will of enterprises and welcomes companies to conduct business negotiations based on market rules. The ministry said it hopes the US will work together with China to fulfil its commitments earnestly, and provide an open, fair, just, and non-discriminatory business environment for Chinese companies, including TikTok, to continue operating in the US. It added that China hopes the US will work with it to promote stable, healthy, and sustainable development of China-US economic and trade relations, according to Reuters.
EU is set to block big tech companies from a new financial data sharing system, according to FT.
South Korean President Lee said South Korea will face a financial crisis if it agrees to US demands on USD 350bln investments, according to comments made to Reuters; South Korea and the US are at odds over the investment. South Korean President Lee aims to resolve the US-South Korea tariff issues as soon as possible. The Hyundai US plant raid will not damage the alliance with the US.
South Korea, US, and Japan’s leading diplomats plan to meet in New York this week, according to Yonhap.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks traded mixed after sentiment from Wall Street initially reverberated to the region before dissipating. Chinese markets failed to benefit from the phone call between US President Trump and Chinese President Xi on Friday, with some citing a lack of concrete progress. ASX 200 was lifted by the metals and mining sector, with gold names spearheading the upside following the recent rise in the yellow metal, offsetting underperformance in energy names. Nikkei 225 was boosted at the open amid a softer JPY and as the index digested Friday commentary from BoJ Governor Ueda, with the BoJ’s surprise ETF and J-REIT selling seen as too incremental to impact markets. Focus now turns to the LDP election as the 12-day official campaign period began ahead of the October 4th polls. KOSPI was supported amid Samsung Electronics shares surging ~5% after clearing the NVIDIA hurdle for 12-layer HBM3E supply. Hang Seng and Shanghai Comp initially bucked the trend and failed to benefit from upbeat mood elsewhere, with traders unconvinced despite the “productive” Trump-Xi call, although the mainland later eked mild gains. Meanwhile, US lawmakers made a rare visit to China on Sunday in an effort to stabilise ties. Overnight, the PBoC maintained its LPRs as expected and injected CNY 300bln via 14-day reverse repo after an eight-month hiatus. In Hong Kong, participants brace for a “Super” typhoon with Hong Kong airport weighing a 36-hour closure, according to Bloomberg. Nifty 50 fell at the open with losses attributed to US President Trump's H-1B visas update. India is said to be the primary beneficiary of H-1B visa which allows US employers to hire foreign workers in "speciality occupations".
Top Asian News
Japanese PM candidate Takaichi is the top pick to lead LDP with 28.3%, according to an FNN Poll.
Japanese PM contender Koizumi said it is important for the government and the BoJ to move in lockstep in achieving price stability and economic growth, according to Reuters.
Japanese PM contender Hayashi said the BoJ is conducting monetary policy in a way that does not deviate much from government thinking, adding that Japan’s past aversion to a strong JPY has diminished. He said a weak yen, coupled with rising oil costs from the Ukraine war, has caused cost-push inflation. Hayashi said if chosen as prime minister, he will compile an economic package to cushion the blow from rising living costs and provide spending for disaster relief, adding that the size of the package must take into account Japan’s ‘quite small’ output gap and avoid the issuance of deficit-covering debt, according to local media.
Japanese LDP leadership candidate Takaichi says she won't rule out cutting sales tax on food as an option.
Japanese LDP leadership candidate Koizumi says is open to discussing options for sales tax.
RBA Governor Bullock said since the August meeting, domestic data have been broadly in line with expectations, or slightly stronger. She noted that recent interest rate cuts are expected to support household and business spending. While labour market conditions have eased a little with the unemployment rate rising slightly, some tightness remains, and conditions are close to full employment. Bullock said the economic outlook continues to be clouded by uncertainty, though recovery in household consumption growth is forecast to be sustained as real incomes grow. She warned there is a risk the recent pick-up in domestic activity is not sustained, but monetary policy is well placed to respond if international developments have a material impact. She added there may be more excess demand in the economy and stronger-than-expected labour outcomes. The board will remain attentive to data and evolving risks, and must be alert to changing circumstances and prepared to respond if necessary, according to the RBA. Bullock noted there is scope for rate adjustments if there is a downturn in the global economy, adding she is more confident that inflation will stay within the RBA's band.
Indian PM Modi said he will accelerate the country’s growth story with GST reforms, according to his national address.
Hong Kong’s weather forecaster will issue the No 1 standby signal at 12:20pm local on Monday and consider upgrading it to the No 3 alert later in the evening as Super Typhoon Ragasa moves towards the city at a “relatively high” speed, according to SCMP.
Hong Kong airport weighs 36-hour closure as super typhoon nears, according to Bloomberg.
PBoC injected CNY 240.5bln via 7-day reverse repos with the rate maintained at 1.40%; PBoC injected CNY 300bln via 14-day reverse repo following an eight-month hiatus; conducted through fixed-volume, interest-rate bidding with multiple-price allocation.
PBoC Governor Pan says China has ensured there are no systemic financial risks. Press conference will not involve short term policy adjustment. Domestic financial system is sound. Pledges support for high-quality economic growth. Local government financing platform debt fell over 50% versus 2023 levels. Will strengthen monitoring and early warning of financial risks. Plans to strengthen measures against financial corruption.
PBoC Governor Pan says China will use various policy tools based on economic situation and will be data driven; Have "appropriately accommodative policy stance"
China's Financial Regulator says efforts to prevent risk have seen important results attained. Number of high risk institutions and assets are well off peak levels, this will continue to moderate. Number of high-risk institutions set to decline further. Pledges to establish more transparent foreign exchange management mechanisms. Risks from small banks have been brought under control. Supports resolution of local government debt risks. Notes significant improvement in investor confidence and market expectations.
China Securities Regulator Head says "will improve mechanisms for stock listing and M&A; will strictly supervise market".
Alibaba (BABA/9988 HK) is to offer commission and shipping to brands on Amazon (AMZN), according to Bloomberg.
European bourses (STOXX 600 U/C) opened mostly in the red, and then moved lower soon after the European cash open despite a clear driver, but alongside a broader slip in sentiment across markets. However, that downside has since pared, with some indices managing to climb back into the green. Some traders may focus on the lack of concrete progress between US President Trump and Chinese President Xi, following their call on Friday. European sectors were split down the middle but have followed benchmarks lower, with a very broad breadth to the market thus far. Basic Resources is by far and away the outperformer today, boosted by the continued strength in spot gold, which has made yet another ATH. Mining names such as Fresnillo (+4%), Rio Tinto (+2%) and Anglo American (+1%) all move higher. Tech follows in second place, albeit with gains of a much lesser magnitude. Strength which can be attributed to upside seen in ASML (+2.5%), which has been boosted following a broker upgrade at Morgan Stanley to Overweight from Equal Weight; its PT was also boosted to EUR 950 (prev. EUR 600). Autos is in last place, and by far the clear underperformer today. Pressure in Porsche SE (-5.2%) is driving the downside in the sector after the Co. cut guidance citing EV-launch delays and increased costs due to a revamp to its production lineup; Porsche AG (-6%) and Volkswagen (-6.5%) move lower as a result.
Top European News
ECB’s Kazaks said there will be plenty of data available at the December meeting, adding that the central bank has achieved its 2% goal and there is no need to hurry the next interest-rate shift, according to Bloomberg.
ECB’s Simkus said a December rate cut is needed to safely reach 2% inflation, according to Bloomberg.
France's sovereign debt rating downgraded to AA by Morningstar DBRS
Italy's sovereign debt rating upgraded to BBB+ from BBB at Fitch
European Commission President von der Leyen said she isn’t considering running in Germany’s 2027 presidential election, according to a newspaper interview published on Sunday.
Multiple European airports have said a suspected cyber attack has impacted them, according to Sky News.
Stellantis (STLAM IM/STLAP FP) said they detected unauthorised access to a third-party service provider’s platform that supports North American customer service operations; the company is notifying the appropriate authorities and informing affected customers, according to the company.
ECB Blog: Consumer expectations and actions during the recent trade tensions; "consumers expect tariffs to adversely affect inflation, household finances and economic growth". "In response to tariff-related concerns, consumers are altering their spending habits in notable ways. Approximately 26% of respondents reported switching away from US products, while around 16% indicated that they have reduced their overall spending".
BoE's PRA has today announced proposals to reduce regulatory requirements for banks by deleting 37 individual reporting templates.
FX
DXY has kicked the week off on the back foot after the post-FOMC gains seen in the second half of last week. FOMC officials will come thick and fast at the start of this week with today's agenda including voters Williams & Musalem, non-voters Hammack & Barkin and dovish-dissenter Miran. DXY briefly eclipsed Friday's peak at 97.80, topping out at 97.82 before pulling back in early European trade.
EUR is a touch firmer vs. the USD with incremental macro drivers for the Eurozone lacking since the ECB policy announcement earlier in the month. Over the weekend, ECB's Kazaks and Simkus gave remarks with the former noting there will be plenty of data available at the December meeting and the latter stating that a December rate cut is needed to safely reach 2% inflation. There has been little follow-through from Morningstar DBRS's downgrade of France on Friday or Fitch's upgrade of Italy. EUR/USD briefly dipped below Friday's trough at 1.1728 before fading downside and moving back above the 1.1750 mark.
JPY is currently flat vs. the USD after a brief foray above the 148 mark overnight, which saw the pair top out at 148.37; highest level since September 8th. Domestic focus has shifted from the BoJ to the LDP election. The latest poll suggested that dovish Japanese PM candidate Takaichi is the top pick to lead the LDP with 28.3%, according to FNN Poll. Modest JPY weakness was seen before the poll was released to Western wires. Since, Takaichi has remarked that she won't rule out cutting sales tax on food as an option, whilst second-place Koizumi, who is seen to be more fiscally prudent, says he is open to discussing options for sales tax.
GBP is attempting to atone for Friday's selling pressure, which was brought about by the dreadful public sector borrowing data for August. Fresh UK newsflow has been lacking over the weekend, however, markets are awaiting comments from BoE Chief Economist Pill at 1.30pm London time, followed by Governor Bailey at 7pm. Cable briefly breached the 1.35 mark but has been unable to make a meaningful move above the level. Friday's high is still some way off at 1.3559.
Antipodeans both are broadly steady vs. the USD. AUD showed little reaction to RBA Governor Bullock’s overall balanced remarks, highlighting increased uncertainty, while she noted scope for rate adjustments if there is a downturn in the global economy. Upticks in the AUD were seen after China pledged tighter controls on steel sector capacity, with iron ore and steel prices also supported.
PBoC set USD/CNY mid-point at 7.1106 vs exp. 7.1159 (Prev. 7.1128)
Fixed Income
USTs are marginally firmer, though very much at the low-end of the post-Powell range, which modest support gleaned from the weak start to the European week. However, as sentiment has picked up off worst this morning, fixed income has remained robust and continues to gradually inch higher. USTs are at the upper-end of a 112-22 to 112-27+ band. A slew of Fed speakers are due, including Miran’s formal dissent speech is scheduled to be published today.
Bunds are steady. Underpressure in APAC trade despite the numerous geopolitical updates and mixed tone, with benchmarks continuing the downward trajectory that has been in play since the latter half of last week post-Powell. Specifics for the bloc thus far a little light. Largely awaiting PMI data later in the week. A few points of note in an ECB bulletin this morning, writing that “consumers who view tariffs as inflationary have adjusted their inflation expectations upward" and consumers are altering spending habits due to tariff concern, pivoting from the US and reducing spending. Bunds marginally firmer in a 128.01 to 128.35 band, taking out last week’s 128.16 base and looking to 127.82 from the last week of August for support. Supply from the EU due shortly, EUR 6bln to be sold across three lines.
Gilts are firmer by a handful of ticks. Domestic press remains focussed on the deputy contest and the mood music around PM Starmer, as the US state visit moved into the rear view and focus more generally returns to the Autumn Budget. Today, a contained to slightly firmer start which is very much in-fitting with the above peers. Gilts are just about in the green in 90.60 to 90.78 parameters; the low point takes out last week’s 90.65 base and we now look to 90.31 and 90.22 before the 89.36 contract low from the first week of September.
Commodities
Crude was initially firmer by c. USD 0.60/bbl after a weekend of geopolitical newsflow. More recently, benchmarks have moved into the red and are at the lower end of USD 62.23-63.00/bbl and USD 66.53-67.31/bbl parameters for WTI and Brent respectively. Initially unreactive to the recent bout of USD pressure and slight recovery in the European equity risk tone; however, as the European morning progressed the complex has trimmed notably. Geopolitical focus has been on Estonia triggering NATO Article 4; in the Middle East, Israel is said to be considering annexing the West Bank to some degree.
Spot gold benefits from the heightened geopolitical environment. Experienced a modest jump in the European morning as the general risk tone deteriorated from the mixed APAC handover. As a reminder, much of the overnight focus was on the Xi-Trump call, described as disappointing by some. Despite the mentioned slight recovery in sentiment, the yellow metal continues to inch higher (similar action seen in Fixed), at a USD 3722.56/oz peak and at yet another ATH.
Copper was contained in APAC trade with initial modest gains fading as the tone in China deteriorated as the leaders' call was digested, and into a meeting with Chinese regulators. The readout started with the PBoC Governor saying the briefing would not involve any short term policy adjustment. For the first part of the morning, 3M LME Copper didn’t move significantly from the unchanged mark, however, the slight recovery in the European risk tone/US pre market has been sufficient to lift the base metal back above the USD 10k handle.
The Iraqi Petroleum Marketing Authority said it has increased its oil exports after a gradual end to voluntary production cuts within the framework of the OPEC Plus deal, according to Iran International.
NHC said a new tropical storm has formed south of Mexico, which is expected to remain offshore and intensify, according to Reuters.
Chilean state copper miner Codelco said its biggest mine will take longer to return to full production following a deadly tunnel collapse in July, according to El Mercurio.
China pledged tighter controls on steel sector capacity and will ban new production capacity in the industry, according to state media CCTV.
Geopolitics: Russia/Ukraine
On September 21st, Germany’s air force said it sent two fighter jets to track a Russian plane flying over the Baltic Sea, according to Sky News.
Russian Defence Ministry said Russian fighters did not violate Estonian airspace, according to Reuters.
The United Nations Security Council (UNSC) will meet on Monday at Estonia’s request to discuss the violation of the Baltic country’s airspace by Russian fighter jets on Friday, according to a statement.
US President Trump said the US will help defend Poland if Russia continues escalating, according to a Fox Interview. Trump, when asked about Russian jets in Estonia, said “we don’t like it”.
British Defence Minister said Typhoon aircraft carried out their first air defence missions over Poland, according to a statement on Sunday.
Ukraine’s President Zelensky said they are closer to finalising the 19th sanctions package and he expects its approval soon. He added that Ukraine will quickly synchronise the package domestically and expressed gratitude that many of Ukraine’s proposals were taken into account in the EU sanctions package. Zelensky also said he now expects strong sanctions steps from the United States on Russia, according to his X post.
US President Trump urged Europe to “stop buying oil” from Russia ahead of new US economic pressure on Moscow, adding that the US won’t let Europeans buy Russian oil much longer, according to Bloomberg.
Russian Defence Ministry said a Ukrainian drone attack on a resort area in the Crimean peninsula killed two people and injured 15, according to Reuters.
A Ukrainian SBU official said Ukrainian drones hit oil pumping stations involved in Russian oil exports via the Novorossiysk port, according to Reuters.
Geopolitics: Middle East
An Israeli official has told Sky News a full or partial annexation of the West Bank is being considered in response to the UK's formal recognition of Palestinian statehood. Israeli media reported that the Israeli army is preparing for the possibility of an escalation of the conflict in the West Bank, according to Iran International.
UK, Canada, Portugal, and Australia recognised Palestine as an independent state, according to the BBC.
Israel “categorically rejects” the UK and other countries’ unilateral recognition of a Palestinian state, according to the Foreign Ministry.
Palestinian Authority Foreign Minister said a two-state solution is possible, according to Iran International.
Israeli military said it killed a Hezbollah member in southern Lebanon, adding that as a result of the attack, a number of citizens were killed. The military said it regrets any harm to civilians and is working as much as possible to minimise harm to them, according to Reuters.
US President Trump plans to meet with Arab leaders on Tuesday to discuss the Gaza war, according to Axios.
"The Lebanese newspaper Al-Akhbar quotes senior Egyptian officials as saying that although Egypt has shown indirect readiness for the possibility of a military confrontation with Israel", via Kan's Kais on X.
Geopolitics: Other
South Korean President Lee said South Korea does not believe any concrete discussions are happening between the US and North Korea. Russia-North Korea military cooperation is a significant threat to South Korea and must be addressed with dialogue. He added that dialogue with North Korea will likely be difficult for the time being. South Korea risks being on the frontier of conflict and must find peaceful coexistence with North Korea, Russia, and China.
North Korea leader Kim Jong Un said the concept of denuclearisation for the country is no longer valid, via KCNA, adding that North Korea will never give up its nuclear force. He added they will never sit down with South Korea, and that he still has good memories of US President Trump, but there is no reason to sit down with the US until it gives up its insistence on denuclearisation.
US President Trump said that on his orders, the Secretary of War authorised a lethal kinetic strike on a vessel in the USSOUTHCOM area of responsibility. He said intelligence confirmed the vessel was trafficking illicit narcotics, and the strike killed three males. Trump added that no US forces were harmed and that the vessel was in international waters, according to Reuters.
US President Trump said that if Afghanistan does not give the Bagram airbase back to the US, bad things are going to happen, according to Reuters.
US Event Calendar
8:30 am: Aug Chicago Fed Nat Activity Index, est. -0.16, prior -0.19
Fed Speakers
9:45 am: Fed’s Williams Speaks on Monetary Policy Panel
10:00 am: Fed’s Musalem Speaks of Economic Outlook and Monetary Policy
12:00 pm: Fed’s Hammack Speaks on Reserve Banks and the Economy
12:00 pm: Fed’s Barkin Speaks at Howard Co Chamber
12:00 pm: Fed’s Miran Speaks at The Economic Club of NY
DB's Jim Reid concludes the overnight wrap
The data highlight this week will be Friday's US core PCE deflator which should print softer than feared a few weeks ago given the recent inputs from other inflation releases. Perhaps the main events outside of this will be a series of Fed speakers who can give their own spin on a complicated FOMC last week where the dots were a little all over the place. Our economists tried to work out who was who in the latest dot plot here: “Who’s who in the Fed’s latest dot plot?”. The global flash PMIs tomorrow will be the other main highlight but its not likely to be a major mover with most main economies seemingly fairly stable at the moment.
Friday's personal income (+0.3% DB est. vs. +0.4% last) and consumption (+0.5% vs. +0.5%) data will include the all-important core PCE deflator which DB expects to come in at a relatively tame +0.22% vs. +0.27% last time. Thursday sees the final print on Q2 GDP (3.3% final vs. 3.3% prelim) and will also feature the annual update to the national accounts in which the BEA incorporates more complete and detailed source data covering the prior five years, allowing for revisions. So, another chance for history to be rewritten. Other notable US releases will include tomorrow's existing home sales; Wednesday's new home sales; Thursday's durable goods orders, and the advanced trade balance; and Friday’s University of Michigan consumer sentiment index.
In terms of those Fed speakers this week, we'll highlight the current voters. Today kicks off with Williams who should mirror the views of Powell last week. Musalem will also give an outlook speech later and new Governor Miran will be on the tapes with his thoughts likely to be fascinating to hear. Tomorrow, Chair Powell will give an outlook speech which will likely be similar to his FOMC rhetoric. Governor Bowman will also speak. Thursday sees Goolsbee, Williams, Governors Bowman and Barr, and Daly who votes next year. Governor Bowman also speaks on Friday. As our economists also point out, the Supreme Court has asked Governor Cook to respond by Thursday to President Trump’s appeal, which seeks to overturn lower court rulings preventing her immediate removal from office. Mr Trump will likely be in the news earlier in the week as he addresses the 80th UN General Assembly in New York tomorrow. We'll also get a better idea of where we are with US exceptionalism on Friday with the Ryder Cup starting in New York. It will also be interesting to see the reaction from corporate America to Trump's weekend plans to impose a $100,000 application fee for the widely used H-1B visa for foreign workers in speciality occupations. It's caused a huge amount of uncertainty over the weekend for those that rely on it.
Outside of the US, Sweden (tomorrow) and Switzerland (Thursday) central banks are meeting with markets pricing in a 30% chance of a cut from the Riksbank, but with only a 4% chance for the SNB. A cut for the Swiss would lead the country back into negative rate territory if it did happen. Staying in Europe, sentiment gauges out include the Ifo survey in Germany on Wednesday as well as consumer confidence across major European economies, including Germany and France on Thursday.
Elsewhere, rounding out notable data releases, highlights include the Tokyo CPI for September in Japan and the July GDP report in Canada both on Friday, as well as the August CPI in Australia on Wednesday. For the Tokyo CPI, our Chief Japan economist sees an acceleration in core inflation ex. fresh food to 2.8% YoY (2.5% in August) and a slowdown in core-core inflation ex. fresh food and energy to 2.9% (3.0%). See his full week ahead here, including the details around the LDP presidential election campaign that has officially kicked off today. See the day-by-day calendar at the end as usual for the full week ahead.
Asian equity markets are largely comfortably higher with China risk the exception. Japanese stocks are seeing a significant recovery after Friday's post BoJ declines, with the Nikkei (+1.33%) leading the bounce back after the central bank stated its intentions to commence the reduction of its substantial ETF holdings at the end of last week. The KOSPI (+0.43%) is being buoyed by a notable rise in index leader Samsung Electronics, which is currently up around +4.0% after various reports indicated that it had received NVIDIA’s endorsement to provide advanced memory chips to the AI giant. Mainland Chinese markets are fairly flat, while the Hang Seng (-0.95%) is experiencing a decline due to ongoing profit-taking in local technology stocks. S&P 500 (-0.07%) and NASDAQ 100 (-0.04%) futures are a touch lower with 10yr USTs +1.7bps higher at 4.145% as I type and closing back in on the pre-payrolls level of around 4.16%.
Recapping last week now, US equities continued to surge ahead, with the S&P 500 up +1.22% (+0.49% Friday), the Nasdaq up +2.21% (+0.72% Friday), and the Magnificent 7 up +3.57% (+1.24% Friday) reaching new all-time highs. Stocks were buoyed by strong tech performances and renewed Fed easing, with Friday’s rally also supported by President Trump's statement about meeting Chinese President Xi Jinping at the APEC summit at the end of October. Intel led the week’s tech rally, up +22.84% after Nvidia’s $5 billion investment. Among the Mag-7, Alphabet (+5.78% on the week; +1.07% Friday) became the 4th company to reach a $3trn valuation, while Tesla advanced +7.61% (+2.21% Friday) after Elon Musk purchased around $1bn worth of shares.
Other risk assets also benefitted, with US IG credit spreads ending the week at 72bps, their tightest since 1998. And Gold reached another an all-time high mid-week before closing just below it at $3,685/oz (+1.16% on the week).
Central bank action was in focus with the Fed delivering an expected 25bps cut, with the median dot expecting another 50bp of cuts by year-end. However, Chair Powell characterized the move as a "risk-management cut" and signalled a "meeting-by-meeting situation", leaving investors less confident on the extent of the renewed easing cycle. Treasury yields moved higher across the curve, with the 2yr yield up +1.5bps (+0.8bps Friday) to 3.57%, while the 10yr was up by a larger +6.1bps (+2.2bps Friday) to 4.13%. Also driving the Treasury sell off were solid US data releases. Retail sales were up +0.6% in August (vs. +0.2% expected) and industrial production rose +0.1% (vs. -0.1% expected). Meanwhile, weekly initial jobless claims fell to 231k (vs. 240k expected), more than reversing the previous week’s sharp jump to 264k.
Over in Europe, the Bank of England kept the policy rate at 4% as expected, maintaining their forward guidance of a “gradual and careful approach” on further easing and voted to slow the pace of QT over the coming year. 10yr gilt yields ended the week +4.4bps higher (+3.9bps Friday). Elsewhere in Europe the 10yr bund yield rose +3.2bps (+2.2bps Friday), while OATs underperformed (+4.8bps on the week) as investors doubted the political prospects of passing a budget. European equities saw a muted week, with the Stoxx 600 (-0.13%) and the DAX (-0.25%) inching lower while the CAC saw a modest gain (+0.36%).
Elsewhere, Bank of Japan kept their policy rate at 0.5%, but the decision saw a split vote with two board members supporting a hike. That led to a large sell-off of Japanese government bonds, where the 2yr yield climbed +4.9bps (+3.3bps Friday) to 0.91%, the highest since 2008, and the 10yr yield was up +5.1bps (+4.1bps Friday) to a post-2008 high of 1.64%.
https://cms.zerohedge.com/users/tyler-durden
Mon, 09/22/2025 - 08:34
Oracle Will Secure TikTok's Algorithm In Trump Deal
Oracle Will Secure TikTok's Algorithm In Trump Deal
TikTok's parent company, ByteDance, will create a duplicate algorithm and lease it to a new U.S. entity controlled by an investor consortium including Oracle, Silver Lake, and Andreessen Horowitz, https://www.bloomberg.com/news/articles/2025-09-22/tiktok-s-algorithm-to-be-secured-by-oracle-in-trump-backed-deal
reported, citing a White House official. Oracle will retrain the algorithm and safeguard U.S. user data. In addition, six of the seven board seats in the new entity will be held by Americans, as the structure for U.S. control of TikTok takes shape.
The arrangement, outlined by a White House official in a statement on Monday, ensures that Oracle will retrain and operate the algorithm "from the ground up." At the same time, ByteDance will have no access to U.S. user data or influence on the algorithm.
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"Oracle, the U.S. security partner, will operate, retrain, and continuously monitor the U.S. algorithm to ensure content is free from improper manipulation or surveillance," according to a Q&A accompanying the White House official's comments.
President Trump is set to sign an executive order this week to formalize his approval of the transaction. He expressed confidence in all parties last week, saying, "I had a great call with President Xi, and as you know, I approved the TikTok deal, and we're in the process. We look forward to getting that deal closed." His remarks came shortly after a call with Chinese President Xi Jinping on Friday.
The current plan wouldn't require users to re-download the app, which would continue to work with TikTok outside the country.
On Saturday, White House Press Secretary Karoline Leavitt told Fox News that Americans would hold six of the seven board seats for TikTok (https://www.zerohedge.com/technology/americans-will-hold-6-7-board-seats-tiktoks-us-operations-oracle-biggest-winner
) and, more importantly, that the app's insanely addictive algorithm would be US-controlled. She noted that the deal would be signed in the coming days.
🚨 https://twitter.com/PressSec?ref_src=twsrc%5Etfw
with news on exactly what the TikTok deal will look like.
Saturday In America w/ Kayleigh McEnany https://twitter.com/FoxNews?ref_src=twsrc%5Etfw
— Kayleigh McEnany (@kayleighmcenany) https://twitter.com/kayleighmcenany/status/1969428928948244823?ref_src=twsrc%5Etfw
The American board members will be lined with those who have national security and cybersecurity credentials, while the remaining board member, appointed by current owner ByteDance, will be excluded from the security committee, according to a senior White House official.
"So all of those details have already been agreed upon, now we just need this deal to be signed and that will be happening, I anticipate, in the coming days," Leavitt said.
On Sunday, Trump told the hosts of Fox News' "The Sunday Briefing" that Fox Chairman Lachlan Murdoch and his father Rupert will likely be involved in the U.S. TikTok deal.
In a separate report from The Wall Street Journal, Rupert Murdoch told executives working on the TikTok deal that he wanted to own a small stake in the U.S.-based company.
Nearly a week ago, it was revealed that https://www.zerohedge.com/markets/tiktok-us-will-be-controlled-oracle-silver-lake-and-andreessen
.
Furthermore, Oracle announced a leadership shakeup on Monday morning, promoting Clay Magouyrk and Mike Sicilia to CEO roles, replacing Safra Catz. The move splits leadership. There was no explanation as to why Catz was pushed aside, or whether it was related to the upcoming TikTok deal.
https://cms.zerohedge.com/users/tyler-durden
Mon, 09/22/2025 - 08:20
https://www.zerohedge.com/technology/oracle-will-secure-tiktoks-algorithm-trump-deal
California Bans Most Law Enforcement, Including Federal Agents, From Wearing Masks
California Bans Most Law Enforcement, Including Federal Agents, From Wearing Masks
California Gov. Gavin Newsom on Saturday signed a bill that would prohibit most law enforcement officers—including federal agents—from wearing masks during official operations in the state.
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The first-of-its-kind law, which would go into effect in January 2026, was immediately criticized by Trump administration officials, who have instructed federal agents to ignore it. That sets the stage for a showdown in court.
Immigration and Customs Enforcement (ICE) agents—who are most involved in carrying out President Donald Trump’s deportation operations—have taken to wearing masks while carrying out their jobs.
During the Sept. 20 bill-signing https://www.youtube.com/watch?v=zIigT0EQPF8
, Newsom said the state was “pushing back against the authoritarian tendencies in action this administration.”
“The impact of these policies all across this city, our state, and nation are terrifying,” Newsom said.
“It’s like a dystopian sci-fi movie. Unmarked cars, people in masks, people quite literally disappearing. No due process, no rights in a democracy where we have rights.”
The administration has defended the use of masking by federal agents, who officials say are facing increased threats and violence related to their work.
The bill signed by Newsom was passed by the California Legislature on Thursday, despite questions about whether the state would be able to enforce it on federal agents.
The California law bars local and federal officers, including ICE agents, from wearing neck gaiters, ski masks, and other facial coverings.
It makes exceptions for medical masks, including N95 respirators, and tactical gear. State police are exempted from the law entirely.
Newsom said that the bill was designed to hold federal agents to the same standards to which local law enforcement officials are held.
“ICE, unmask. What are you afraid of?” Newsom said. “You’re gonna go out, you’re gonna do enforcement—provide an ID, tell us which agency you represent, provide basic information that all local enforcement is required to provide.”
Officials in the Trump administration quickly denounced the law, challenging California’s authority to enforce such rules on federal agents.
Acting U.S. Attorney for Southern California Bill Essayli said in a https://x.com/USAttyEssayli/status/1969502049709736116
on X, “The State of California has no jurisdiction over the federal government. If Newsom wants to regulate our agents, he must go through Congress.”
Essayli said he had informed federal agencies in his jurisdiction that “the law signed today has no effect on our operations. Our agents will continue to protect their identities.”
Harmeet Dhillon, the assistant attorney general for civil rights at the Department of Justice, said the California law was “silly and futile.”
“The state has no jurisdiction over the attire of federal law enforcement officials,” Dhillon wrote in a https://x.com/AAGDhillon/status/1969508604987285516
on X.
Department of Homeland Security Assistant Secretary for Public Affairs Tricia McLaughlin, said the California law is a “despicable and a flagrant attempt to endanger our officers.”
“While our federal law enforcement officers are being assaulted by rioters and having rocks and Molotov cocktails thrown at them, a sanctuary politician is trying to outlaw officers wearing masks to protect themselves from being doxxed and targeted by known and suspected terrorist sympathizers,” she said.
The issue is likely to end up in federal courts, as it deals with constitutional questions about the lines between state and federal authority.
Precedent broadly favors federal law’s supremacy over state law, which could make it difficult for California to uphold the ban.
https://cms.zerohedge.com/users/tyler-durden
Mon, 09/22/2025 - 08:05
Kenvue Stock Falls on Trump's Plan To Link Tylenol Use In Pregnancy To Autism
Kenvue Stock Falls on Trump's Plan To Link Tylenol Use In Pregnancy To Autism
President Trump revealed at Charlie Kirk's memorial at State Farm Stadium outside Phoenix, Arizona, on Sunday afternoon that the "biggest medical announcement in U.S. history" will be announced on Monday, adding, "I think we've found an answer to autism."
JUST IN - Trump says tomorrow will be the "biggest announcement medically" in the history of U.S., "I think we've found an answer to autism." https://t.co/e1WrejfsfH
— Disclose.tv (@disclosetv) https://twitter.com/disclosetv/status/1969896398188687496?ref_src=twsrc%5Etfw
Hours later, https://www.washingtonpost.com/health/2025/09/21/trump-autism-announcement-tylenol-leucovorin/
reports that Trump administration officials, including Health Secretary Robert F. Kennedy Jr., plan a press conference later today to warn pregnant women against using acetaminophen, the active ingredient in Tylenol, over alleged links to autism.
The new guidance from HHS follows a series of lawsuits alleging that Tylenol use during pregnancy caused autism. A federal judge rejected these claims in 2023, citing flawed science, and a 2024 Swedish study of 2.5 million siblings found no increased autism risk tied to prenatal acetaminophen use.
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Tylenol-maker Kenvue disputed the Trump administration's new guidance, citing a decade of independent research and global health regulators that found no concrete evidence of such a link.
Kenvue told Bloomberg on Sunday that "independent, sound science" shows taking acetaminophen does not cause autism.
"We strongly disagree with any suggestion otherwise and are deeply concerned with the health risk this poses for expecting mothers," the company said in a statement, adding, "The facts are that over a decade of rigorous research, endorsed by leading medical professionals and global health regulators, confirms there is no credible evidence linking acetaminophen to autism."
Shares of Kenvue were down 4% in premarket trading on the news.
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Goldman analyst Esah Hayat told clients earlier, "Trump administration plans to link the active ingredient in Tylenol to autism today according to the Washington Post. Some have suggested that there could be knock-on effects to paracetamol usage outside of the US among pregnant women, noting that a lot of agencies tend to be led by FDA recommendations. That said, there have been a lot of studies on this topic in the past and no causal link has been found to date. Not a hugely worrying headline as we're (unfortunately) used to this new baseline of regulatory vol but could see some consumer health weakness through the day."
At the start of the month, the Wall Street Journal reported that RFK. Jr. would soon release a report connecting the painkiller acetaminophen during pregnancy to autism.
WSJ also noted that the Trump administration will suggest other potential causes of autism and suggest further study. It's not yet certain whether certain vaccines will be mentioned later today.
https://cms.zerohedge.com/users/tyler-durden
Mon, 09/22/2025 - 07:45
https://www.zerohedge.com/markets/kenvue-stock-falls-trumps-plan-link-tylenol-use-pregnancy-autism
Overbought Conditions Across Multiple Markets
Overbought Conditions Across Multiple Markets
https://realinvestmentadvice.com/resources/blog/overbought-conditions-accross-multiple-markets/
Fed Cuts Rates: Risk Management Or Mistake?
The Federal Reserve delivered its first rate cut of 2025 on Wednesday, lowering the target range for the federal funds rate by 25 basis points to 4.00%–4.25%. The move had been well-telegraphed, yet it still represents a notable pivot in policy focus. For much of the past two years, inflation had been the Fed’s primary concern, but this time the statement emphasized that “downside risks to employment have risen,” a shift toward the labor side of the mandate. This framing suggests the Fed is willing to risk cutting into still-sticky inflation to avoid potential damage to the job market.
Market reaction to the announcement was anything but straightforward. Immediately following the announcement, stocks whipsawed intraday before finishing mixed. Bond yields initially fell but closed firmer, with the 10-year Treasury settling near 4.07%, while the U.S. dollar strengthened modestly. But Thursday morning, stocks rebounded, supported by news that Nvidia (NVDA) would make a $5 billion investment into rival Intel (INTC) to produce AI and datacenter-related chips. However, one of the largest options expiration days on record impacted Friday. Early in the day, as options rolled, the market gave up all its early morning gains. However, mid-morning news from the White House that a deal was struck with China on TikTok sent markets rocketing back to their highs, with Apple leading the charge.
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Still, the underlying question remains: is the Fed making a mistake by cutting now? On one hand, many analysts view the cut as a “risk management” maneuver designed to get slightly ahead of a potential labor market slowdown without committing to a complete easing cycle. Seema Shah, at Principal, argued the move helps “get ahead of a slowdown without overreacting,” while Gregory Faranello of AmeriVet described the strategy as a “methodical pathway down to neutral.” Brandywine’s Jack McIntyre summed up the Fed’s challenge by noting it “is in a tough spot…this was a risk-management cut.” Yet the risk is that cutting rates into an environment of still-elevated inflation, particularly if tariff-related costs eventually emerge, could push the Fed into a tough spot.
In effect, Powell’s Fed is threading a narrow needle. If the labor market weakens sharply in the months ahead, the Fed will look late rather than proactive. If growth stabilizes or re-accelerates, easing at this point could be seen as stoking “animal spirits” unnecessarily.
The market’s muted reaction in equities and a stronger dollar suggest that investors are not entirely convinced the Fed has struck the right balance.
📈Technical Backdrop
Technically, markets continue to set new all-time highs. The S&P 500 closed the week at 6652. The market continues to grind higher and is trading two standard deviations above its 50-DMA. Notably, the markets have continued to push higher, driven by the Mega Cap names, but small and mid-cap stocks have also continued to post stellar gains over the last two months. The signs of a FOMO chase are evident, particularly in heavily shorted names and retail favorites. As Goldman Sachs noted in its latest weekly report, odd lots, or transactions with fewer than 100 shares of stock and a proxy for retail trading, just hit 66% of all US equity trades in Q3. That is up from only 31% in January 2019, representing more than 20% of notional volume and 8% of total executed shares!
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Volatility remains unusually low. The VIX is trading around 15.6, placing it in the bottom decile of recent history. Such a backdrop is consistent with “buy-the-dip” psychology but leaves little margin for error heading into a heavy options expiration. Dealer positioning could easily magnify swings if the market breaks its tight range.
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Breadth continues to be a key concern. While Wednesday’s action favored financials and cyclicals, mega-cap technology remains the dominant driver of the indices through week’s end. There were also several unusual dynamics worth highlighting. First, the negative divergence remains concerning. Historically, such divergences tend to precede short-term corrective periods. While such a correction has not occurred as of yet, it doesn’t mean that it won’t. Secondly, the deviation from the 50-dma is getting rather extreme, and also argues for at least a breather in the current advance. While none of this is bearish, it does suggest near-term risk management may be beneficial.
Support and Resistance Levels: The S&P 500’s near-term support lies at the 20-day moving average (~6,524). The 50-day moving average is roughly in the ~6,420 region but there is deeper support near ~6,200, connected with the previous pullback. Resistance is around the most recent highs in the 6,700 area (2- 3 standard deviations above the 50-DMA). Notably, volatility (as measured by VIX) remains relatively subdued. The 200-day moving average remains key support for a more significant correction. (~6000)
In short, the technical backdrop remains supportive of risk-taking. Still, with low volatility, sticky long yields, and fragile breadth, the setup argues for tighter risk management heading into next week’s data calendar.
🔑 Key Catalysts Next Week
Next week, a data-heavy slate will be delivered that will likely determine whether the Fed’s risk-management cut is validated or questioned. Investors will get early snapshots of September activity through the S&P Global flash PMIs, fresh readings on housing and durable goods, and the third estimate of Q2 GDP, including revisions to corporate profits. The week ends with the release of August personal consumption expenditures (PCE), the Fed’s preferred inflation gauge. With Powell explicitly tying policy to labor market risks, these reports will be scrutinized for confirmation that the economy is slowing enough to warrant the cut, or whether inflationary pressures continue complicating the picture.
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These data releases will be the first real-world test of whether the Fed’s pivot was well-timed. Stronger-than-expected activity or stubborn inflation would raise doubts about the wisdom of cutting now, while weaker labor and consumption data would justify the Fed’s emphasis on risk management. Either way, markets are entering a period where every data point has the potential to shift policy expectations sharply.
💰 Bull Market Run – How We Got Here
Markets have posted a powerful rally since the early April lows. That turning point marked a shift in sentiment, policy expectations, and risk appetite as the S&P 500 and Nasdaq reached record levels. The market surge has prompted investors to move aggressively into risk assets across the market spectrum. With sentiment elevated and concerns about risk non-existent, the fuel for the rally has come from three primary sources:
Expectations of interest rate cuts,
Easing geopolitical pressures, and;
Continued speculation around artificial intelligence.
Simultaneously, as discussed last week, the April jobs report showed a softening in labor market conditions, leading economic indicators remain weak, and consumption signals are becoming increasingly more bearish. While this “bad news” gives the Federal Reserve cover to cut rates, that bad news will eventually be reflected in earnings and valuations. Furthermore, while inflation data has moderated, which fed into the narrative that rate hikes were over, the bond market responded by pricing multiple rate cuts over the coming quarters as economic growth slows. Investors cheer lower Fed rates since they reduce the discount rate on future cash flows, lifting valuations, particularly in growth and tech sectors. However, revenues are at risk of slowing with the economy. As I posted on “X” last week:
“The big risk to the current market environment is that while #margins have remained strong for the last couple of years, it is unlikely they can remain detached from underlying economic activity indefinitely. Cost cutting, layoffs, and productivity enhancements are limited in scope.”
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Nonetheless, the narrative of monetary easing has become a cornerstone of the current bull market.
As such, the Artificial Intelligence (AI) trade has returned with full force, with Mega-cap tech stocks seeing strong inflows. Nvidia, Microsoft, and other leaders in the AI space, who posted strong Q2 results, continue to see expectations increase.
“Wall Street analysts have increased estimates for Q3 and Q4 2025 and Q1 and Q2 2026. As a result, analysts now expect the S&P to post record earnings every quarter over the next year.
According to Data Trek: ‘Positive S&P 500 earnings revisions are very uncommon unless the US economy is coming out of a recession, so the Street’s recent bullishness on future index earnings is nothing short of remarkable.‘”
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It is important to note that those forward expectations of record profits are not uncommon. Wall Street analysts are always overly optimistic, and expectations seldom align with reality. However, these bullish drivers have also created imbalances and overbought conditions, as I noted in Wednesday’s https://realinvestmentadvice.com/resources/blog/semiannual-reporting-requirements-are-overhyped/
:
“The market is overbought and should not be surprising given the run since the late March and early April correction. However, as noted previously, that run has been predominantly concentrated in the largest market-capitalization names, as noted by the divergence between the equal-weighted and market-cap-weighted S&P 500 Index.”
?itok=A3KoaJ8m
“The performance spread between the two indices can help us visualize the breadth differential in the market better. While the current performance differential is noteworthy, it does not mean the market is set for a significant bear market, but it does argue for some caution.”
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Most importantly, however, typically non-correlated assets have rallied together over the last five years. The Nasdaq is up 129%, and the S&P is higher by 113%, followed by gold (90%), small caps (69%), gold miners (84%), international (64%), and emerging markets (32%). While it has been a good investing market for virtually any asset class you want to throw money at, it is now extremely overbought and leaves investors vulnerable to a correction that could simultaneously impact every asset class.
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While the clear winner over the last five years has been to chase technology stocks or large-cap stocks in general, the build-up of complacency and deviations from long-term means is a risk worth considering. As noted, from a technical perspective, overbought conditions exist on multiple levels, from relative strength to momentum to deviations from long-term means. These technical warning signs often precede periods of consolidation or correction.
With investor sentiment nearing more exuberant levels, such extremes rarely last without a reset. The risk now is that the bullish narrative is fully priced in, and the room for upside surprises has narrowed, particularly in the AI trade itself.
The AI Trade — Strengths, Risks, and Overextension
Artificial intelligence has captured Wall Street’s imagination. The investment thesis is clear: AI will reshape industries, generate new efficiencies, and create trillion-dollar opportunities. Companies with exposure to AI infrastructure, cloud computing, and data centers are the primary beneficiaries. Unsurprisingly, investors have responded by concentrating capital in a narrow group of stocks, driving valuations higher and fueling the current rally. The chart below shows the Global X Artificial Intelligence ETF (AIQ), sporting overbought conditions not seen since just before the April “Liberation Day” sell-off.
?itok=Q11Th7sJ
However, the AI story is not without merit. Revenue growth in cloud infrastructure, chip design, and data services continues. Oracle recently reported a strong demand for AI workloads, while Nvidia’s earnings have validated the explosive demand for computing power. Microsoft, Amazon, and Alphabet are building out AI capabilities at scale, and those developments should support the bullish thesis in the long term. However, markets rarely move in a straight line, and the risks are now building that expectations will likely be ahead of future realities.
That last sentence is the most important. AI space valuation is stretched, with extreme forward earnings multiples for related companies. Many of these companies are priced for perfection, and any slowdown due to economic weakness, overestimated demand, or margin compression could trigger a sharp repricing. With investor positioning crowded, from hedge funds and institutions to retail investors, everyone has increased exposure to the same names. That “crowding” creates fragility where an unwind could be swift if the narrative cracks.
Another aspect is widely overlooked. Policy risk is on the rise with potential AI regulation coming. Governments worldwide are moving to address ethical, privacy, and national security concerns tied to AI development. Increased scrutiny means rising compliance costs and potential restrictions on deployment. These regulatory headwinds are not yet priced in.
The AI trade is technically extended, and overbought conditions push extremes. For example, the Nasdaq is trading well above key moving averages, breadth within tech is narrow, and several key stocks show signs of exhaustion. In the S&P 500, the index is pushing the top of the long-term price trend channel, the deviation from the 4-year moving average is extreme, and relative strength is overbought on a monthly basis. Previous such conditions have not led to bullish outcomes.
?itok=HG_TV7OT
The risk of a rotation or correction is high, and investors must distinguish between long-term structural trends and short-term speculative excess. Right now, both are in play. The challenge is managing exposure without chasing the last leg of a crowded trade.
Gold & Gold Miners Go Parabolic
As noted above, another warning sign of the speculative market chase is that gold and gold miners, not typically associated with speculative rallies, are in a speculative melt-up. Historically, gold is a hedge against market stress,https://realinvestmentadvice.com/resources/blog/debasement-what-it-is-and-isnt/
Yet this year, gold has rallied alongside equities, technology stocks, and bitcoin. That correlation is unusual and speaks to the broader theme of bullish exuberance. The chase for returns has spilled into every market corner, even in traditionally defensive assets that are now caught in the same speculative undertow.
Gold has reached all-time highs, fueled by central bank demand, geopolitical uncertainty, and a softening dollar. Real yields have edged lower, and inflation expectations remain elevated. These factors support the gold narrative. A higher negative correlation exists between the US dollar and gold prices. This makes sense as when the dollar declines, foreign central banks holding U.S. dollars as reserves shift into gold, which trades in dollars, to offset the currency risk. That also works in reverse. Investors should pay close attention to the dollar as an eventual reversal will be key.
?itok=S4Oc6aW9
But the move in gold miners has been even more aggressive. The VanEck Gold Miners ETF (GDX), a proxy for gold miners, has surged nearly 100% off its lows. That’s not typical behavior for a sector known for volatility and operational risk. Previous moves that have elicited such extreme overbought conditions have historically been closer to a peak of the advance than not.
?itok=THjXu-v1
Miners benefit from rising gold prices, but their earnings are tied to cost structures, energy prices, and management execution. Many gold mining companies have underinvested for years, and while the recent rally has renewed investor interest, the cost structures for these businesses also increase with the price of gold. As noted, the technical indicators are flashing essential warning signals. Relative strength and momentum suggest extreme overbought conditions, and with many stocks trading at multi-year highs, and little regard for earnings variability, investors should consider their risk.
The broader concern is that gold and miners are now trading like momentum stocks. As noted, a dollar reversal could quickly undermine the bullish excitement, and with the dollar now trading at fair value, that risk is rising. Such is particularly the case given that the dollar historically rallies following a Federal Reserve rate-cutting cycle.
?itok=Nx1i6eMs
If risk appetite fades, these assets could sell off alongside stocks, leaving investors little exposure to traditional portfolio hedges. Investors should reassess how much downside protection these assets offer during a significant market correction and consider alternatives.
While the macro case for gold remains intact, the price action has likely run ahead of fundamentals. A pullback would help reset expectations.
Investors face the problem of chasing performance, which carries as much risk as chasing AI. The lesson is simple: when everything rallies together, something eventually breaks.
https://cms.zerohedge.com/users/tyler-durden
Mon, 09/22/2025 - 07:20
https://www.zerohedge.com/markets/overbought-conditions-across-multiple-markets
Visualizing The Massive Network Powering US Data Centers
Visualizing The Massive Network Powering US Data Centers
The map below, produced by https://www.visualcapitalist.com/map-network-powering-us-data-centers/
on behalf of the U.S. Department of Energy’s Grid Deployment Office, shows the sprawling and powerful infrastructure behind America’s data center boom.
?itok=vHVtNgEg
Using a range of public data sources, it visualizes power transmission hubs in megawatts (MW), highlighting where the electric grid is already working hard, and where future pressure may build.
The table below highlights counties that use the most power for data center facilities:
?itok=MTxECjeI
Loudoun County, Virginia (home to “Data Center Alley”) tops the list with nearly 6,000 MW of active capacity and another 6,300 MW planned.
Why Are Data Centers Located Where They Are?
It’s tempting to assume that large populations drive data center development, but that’s often not the case. Instead, it comes down to a mix of factors:
Electricity availability and cost: Data centers consume vast amounts of power. States like Virginia, Texas, and Oregon offer competitive electricity pricing and stable infrastructure.
Access to water: Many facilities use water for evaporative cooling, so proximity to aquifers or rivers can be crucial.
Fiber networks: Low latency is king. Proximity to fiber optic infrastructure and subsea cable landing stations is critical.
Zoning and incentives: Tax incentives and permissive local zoning laws can make or break a deal.
With this in mind, here are a few areas on the map worth highlighting:
Ashburn, VA and Surrounding DC Suburbs
The data center cluster around the DC suburbs, especially Ashburn, is known as the “Data Center Capital of the World” and “Data Center Alley.” It hosts the largest concentration of internet infrastructure globally, where about 70% of the world’s internet traffic flows daily. This area offers abundant and reliable power from Dominion Energy, dense fiber connectivity, aggressive state tax incentives, and proximity to major government and enterprise customers, making it the preferred hub for hyperscale cloud and data companies.
The I-85 Corridor
This region, which roughly runs from Atlanta up into Virginia, is emerging as a strategic data center hub. The corridor benefits from improved transmission infrastructure, and growing local tax incentives. Atlanta’s proximity to major East Coast markets and Virginia Beach’s new subsea cable landing stations make this region a digital on-ramp to global networks.
West Texas
Known for its vast open spaces and powerful winds, West Texas offers some of the lowest electricity prices in the country. It’s also home to major renewable energy projects, including wind and solar farms that help data center operators meet clean energy goals. This has drawn attention from major players like Microsoft and Meta.
Eastern Washington and Oregon
The Columbia River powers a dense cluster of hydroelectric dams, which in turn support energy-hungry data centers in towns like The Dalles and Quincy. The cool, dry climate further reduces the need for mechanical cooling, making this region one of the most cost-efficient for data center operations.
Can the Grid Keep Up?
U.S. data centers already consume 2-3% of the country’s electricity. According to WRI, this could double by 2030, especially with AI workloads driving GPU server farms that are far more energy-intensive than traditional ones.
Meanwhile, the pressure is on utilities and policymakers to expand grid capacity faster than ever before. https://www.visualcapitalist.com/mapped-the-age-of-energy-projects-in-interconnection-queues-by-state/
are long, and power disputes are already delaying projects in places like Northern Virginia and Silicon Valley.
Yet, the https://www.visualcapitalist.com/sp/gx03-charted-the-rising-share-of-u-s-data-center-power-demand/
, making the power grid one of the most important tech battlegrounds of the next decade.
See the world’s biggest data centers by megawatts in https://www.voronoiapp.com/markets/Biggest-Data-Center-Markets-by-Megawatts-3006
on Voronoi.
https://cms.zerohedge.com/users/tyler-durden
Mon, 09/22/2025 - 06:55
https://www.zerohedge.com/technology/visualizing-massive-network-powering-us-data-centers
Trump To Designate More Leftist Groups As Terrorists
Trump To Designate More Leftist Groups As Terrorists
https://modernity.news/2025/09/20/trump-to-designate-more-leftist-groups-as-terrorists/
President Trump has announced plans to designate not only Antifa but also other radical left-wing groups as terrorist organizations, signaling a renewed commitment to combating what he described as a “vast domestic terror movement” threatening American safety.
?itok=i5FNVFNS
Trump made the announcement during an Oval office briefing in front of the press.
“We have others we’re going to designate too, but we’re going to look at the people that FUNDED Antifa, see who they are, where they came from and why they did it,” he urged.
🚨 BREAKING: President Trump just announced he will be designating OTHER leftist groups as terror organization, in addition to Antifa https://t.co/rSnfVb4ZIw
GOOD!
"We have others we're going to designate too, but we're going to look at the people that FUNDED Antifa, see who…
— Nick Sortor (@nicksortor) https://twitter.com/nicksortor/status/1969158049626800304?ref_src=twsrc%5Etfw
This move comes just days after the tragic assassination of conservative activist Charlie Kirk, at the hands, it appears, of a suspect linked to left-wing extremism, and builds directly on Trump’s long-standing warnings about Antifa’s role in fomenting chaos.
Trump declared, “Antifa and their radical allies have crossed every line—it’s time to call them what they are: terrorists. We’re designating Antifa as a major terrorist organization, and we’ll go after every group funding or supporting this sick, dangerous radical left disaster.”
He further emphasized the breadth of the initiative, adding, “This isn’t just about one group; it’s about the entire network of left-wing extremists who’ve turned our streets into battlegrounds.”
“We’ll root them out to protect every American,” he added.
These words, delivered with the gravitas of a leader under siege, underscore Trump’s determination to wield executive authority against domestic threats, echoing his 2020 pledge that never fully materialized due to bureaucratic hurdles.
This is what we need.
Any organization working within our country to undermine our values and our freedoms should be dealt with in the strongest of terms.
— Douglas (@DouglasnTexas) https://twitter.com/DouglasnTexas/status/1969171390839353818?ref_src=twsrc%5Etfw
This latest announcement harks back to the midst of nationwide riots following the death of George Floyd, when Trump first sounded the alarm on Antifa’s destructive potential.
In a now-iconic tweet, he stated unequivocally, “The United States of America will be designating ANTIFA as a Terrorist Organization.”
Addressing reporters at the time, Trump also lambasted “professional anarchists” for exploiting protests, vowing, “These are not merely trespassers and looters. These are terrorists, and those who defend or promote them are aiding and abetting terrorists.”
Yesterday’s expansion to “other groups” aligns with reports from Trump’s advisers, who have previewed a broader crackdown on far-left entities, including loosely affiliated activist networks that have clashed with law enforcement at rallies and protests.
While specifics on named organizations remain forthcoming—potentially including groups like those involved in the Kirk shooting—Trump’s rhetoric paints a picture of a coordinated ideological assault.
A Necessary Response to Left-Wing Violence
Trump’s actions in this matter represent a vital, overdue reaction to the escalating tide of violence from the radical left. Over the past five years, incidents of Antifa-linked aggression have surged—from firebombings at federal courthouses in Portland to coordinated assaults on police, and now the brazen murder of Charlie Kirk.
Data from the Department of Homeland Security shows a 300% increase in attacks on law enforcement attributed to far-left extremists since 2020, with Antifa’s decentralized cells often at the epicenter.
Kirk’s killing, allegedly by Tyler Robinson—a figure tied to anti-fascist circles—exposes the deadly consequences of unchecked radicalism, where ideological fervor morphs into targeted assassinations.
Designating these groups as terrorists equips federal agencies with tools like asset freezes, surveillance, and RICO prosecutions to dismantle their operations, much like the successful takedowns of organized crime syndicates.
This is the smoking gun Trump can use to go after George Soros’ network on RICO charges, https://twitter.com/ryanmauro?ref_src=twsrc%5Etfw
— Glenn Beck (@glennbeck) https://twitter.com/glennbeck/status/1968404943859237338?ref_src=twsrc%5Etfw
Trump is intent on restoring law and order in a nation weary of masked mobs torching businesses and intimidating citizens. By treating Antifa and its allies as the threats they are, Trump is attempting to safeguard communities, prevent further bloodshed, and uphold the rule of law that underpins American freedom.
Without such measures, the slippery slope of tolerated violence threatens to erode the very fabric of the republic.
Democrats’ Defiance: Prioritizing Chaos Over Safety
Compounding this crisis is the Democratic Party’s apparent reluctance—or outright opposition—to confront these threats head-on. Leaders like Senate Majority Leader Chuck Schumer have downplayed Antifa’s role in violence, with Schumer tweeting in 2020 that designating it a terrorist group would be “a dangerous overreach that chills free speech.”
More recently, following the Kirk assassination, Democrats have pivoted to blaming “right-wing rhetoric” while calling for investigations into Trump’s “divisive language,” effectively shielding the perpetrators.
The umbrella they all fall under is the Democratic party.
— Political Pug (@pug_political) https://twitter.com/pug_political/status/1969158598161727543?ref_src=twsrc%5Etfw
This pattern reveals a deeper affinity: Democrats seem content to let groups like Antifa prosper, viewing them as bulwarks against conservatism rather than the arsonists and assassins they really are.
Recall how, during the 2020 riots, then-candidate Joe Biden condemned “violence on both sides” but rarely singled out Antifa by name, even as billions in damages mounted.
Today, with far left lawmakers like Alexandria Ocasio-Cortez decrying Trump’s designations as “authoritarian,” the party appears more invested in cultural warfare than public safety.
Their resistance isn’t just passive; it’s enabling, allowing these extremists to regroup, fundraise, and strike again under the guise of “activism.”
In contrast, Trump’s proactive stance—offers a beacon of accountability.
Imagine that, a president who protects the citizens 🇺🇸
— ✝️ Shawna Nonna 🇺🇸 (@ShawnaNonna777) https://twitter.com/ShawnaNonna777/status/1969165625164468575?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, 09/22/2025 - 06:30
https://www.zerohedge.com/political/trump-designate-more-leftist-groups-terrorists
Which Countries Buy The Most US Coal?
Which Countries Buy The Most US Coal?
Coal remains a major U.S. export, even as the domestic energy mix shifts toward natural gas and renewables. In 2024, America exported nearly 100 million tonnes of coal to countries around the world, with a concentration of buyers in Asia.
This visualization,https://www.visualcapitalist.com/top-countries-buying-u-s-coal/
. It shows 2024 coal export volumes by destination, measured in millions of tonnes.
?itok=c6tXkXxL
Asia: The Rising Demand Hub
India led the pack with 23.4% of all U.S. coal exports, followed by China (11.5%) and Japan (8.4%). Combined, these three Asian countries accounted for nearly 43% of all American coal exports.
Rank
Destination
2024 (million tonnes)
% of Total
1
🇮🇳 India
22.9
23.4
2
🇨🇳 China
11.3
11.5
3
🇯🇵 Japan
8.2
8.4
4
🇧🇷 Brazil
7.6
7.8
5
🇳🇱 Netherlands
7.2
7.4
6
🇲🇦 Morocco
5.4
5.6
7
🇰🇷 South Korea
4.3
4.4
8
🇪🇬 Egypt
4.2
4.3
9
🇨🇦 Canada
3.8
3.9
10
🇹🇷 Turkey
2.5
2.6
11
🇮🇩 Indonesia
2.1
2.2
12
🇩🇪 Germany
1.9
2.0
13
🇮🇹 Italy
1.7
1.7
14
🇵🇱 Poland
1.5
1.5
15
🇩🇴 Dominican Republic
1.3
1.3
16
🇦🇹 Austria
1.1
1.2
17
🇫🇷 France
1.1
1.1
18
🇸🇬 Singapore
1.0
1.1
19
🇪🇸 Spain
1.0
1.0
20
🇧🇪 Belgium
0.9
1.0
21
🇭🇷 Croatia
0.9
0.9
22
🇦🇷 Argentina
0.7
0.8
23
🇵🇰 Pakistan
0.7
0.7
24
🇫🇮 Finland
0.6
0.7
25
🇸🇪 Sweden
0.6
0.6
26
🇺🇦 Ukraine
0.5
0.5
27
🇲🇾 Malaysia
0.5
0.5
28
🇨🇱 Chile
0.3
0.3
29
🇿🇦 South Africa
0.2
0.2
30
🇹🇭 Thailand
0.2
0.2
31
🇦🇪 UAE
0.2
0.2
32
🇬🇧 UK
0.2
0.2
33
🇬🇹 Guatemala
0.1
0.2
34
🇻🇳 Vietnam
0.1
0.1
35
🇷🇴 Romania
0.1
0.1
36
🇹🇬 Togo
0.1
0.1
37
🇳🇴 Norway
0.1
0.1
38
🇭🇳 Honduras
0.1
0.1
39
🇨🇭 Switzerland
0.1
0.1
Since 2017, Asia has eclipsed Europe as the leading destination for U.S. coal.
In 2024, India alone purchased 22.9 million tonnes. India’s high demand for U.S. coal is driven by a combination of energy security needs, domestic production gaps, and infrastructure limitations. Currently, the country relies heavily on coal to generate electricity—over 70% of its electricity comes from coal-fired power plants.
Europe’s Waning Role
While several European countries still import American coal, their overall share has declined. The Netherlands remains a key buyer (7.4%), but other nations like Germany, Italy, and Poland account for smaller volumes. The EU’s push to phase out coal and meet climate targets has sharply reduced demand in the region.
Notably, many European buyers now import U.S. coal primarily for metallurgical (steelmaking) rather than power generation uses.
Emerging and Niche Markets
Beyond Asia and Europe, a number of countries in Latin America, Africa, and the Middle East imported smaller quantities of U.S. coal in 2024. Brazil (7.8%) and Morocco (5.6%) were notable non-Asian buyers.
If you enjoyed today’s post, check out https://www.voronoiapp.com/energy/What-Powered-the-World-in-2024--6217
on Voronoi, the new app from Visual Capitalist.
https://cms.zerohedge.com/users/tyler-durden
Mon, 09/22/2025 - 05:45
https://www.zerohedge.com/commodities/which-countries-buy-most-us-coal
The 5 Arcs & 7 Cracks Of Systemic Collapse
The 5 Arcs & 7 Cracks Of Systemic Collapse
https://vongreyerz.gold/the-5-arcs-7-cracks-of-systemic-collapse
For centuries, philosophers have compared the great questions (and mysteries) of life to a circle.
That is: To fully understand the circle, you must also recognize its arcs, and to fully understand the arcs, you must see the circle.
The fancy lads call this paradoxical “tying together of all things” hermeneutics.
But we don’t need fancy phrases to call out a global financial system losing all credibility, options and happy endings.
When it comes to the “circle” of an increasingly apparent economic collapse, the systemic, mathematical and historical “arcs” of this dying economic/financial/social sphere are becoming easier for all of us to both feel and see.
A Circle of Systemic Implosion
But to make this real (rather than philosophical), let’s put these evidentiary “arcs” in their proper place so that we can all objectively recognize the circle of systemic implosion knocking on our doors.
ARC 1: Debt
As we’ve been https://vongreyerz.gold/insights
.
When nations cross the Rubicon of 100% debt to GDP, growth slows by a third.
As that ratio increases, growth becomes a fantasy. In short, and as David Hume warned centuries ago: https://vongreyerz.gold/the-philosophy-of-debt-the-math-of-precious-metals
.
Debt in the US is at historical, unprecedented and also unsustainable levels.
If Hume was right, then Uncle Sam faces serious problems now and ahead.
But what’s even scarier about debt destruction today is that the problem is not just American, it’s global.
?itok=rsnBgOly
Total global debt stands well above $300T, and total global GDP is only 1/3 that cancerous figure.
In short, debt is on a rampage, and it is leaving a swath of destruction (and evidence) in its wake.
ARC 2: The Causes (and Criminals) of Debt
If debt is a crime, then https://vongreyerz.gold/how-to-hedge-anti-heroes
.
The smoking gun for the currently imploding debt cycle was https://vongreyerz.gold/august-15-1971-the-beginning-of-the-end-for-us-hegemony
.
Why the decoupling from sound money?
The answer is simple: Politicians of all stripes (who harbor a “will to power” that would make Nietzsche blush) prefer the short-term votes, power and prestige that come from unlimited spending, which is only possible when a currency is decoupled from a golden chaperone.
This was true long before Trump, and the sins are both red and blue.
?itok=Aos1Ek7M
Short-term self-interest rather than long-term national interest is the philosophical (human, all too human) modus operandi of all https://vongreyerz.gold/matthew-piepenburg-grant-williams-golds-future-in-the-backdrop-of-a-systemic-failure-in-financial-leadership
…
ARC 3: Currency Debasement
Once a currency is free of its golden anchor, it can be printed, mouse-clicked and credit-expanded to infinity and beyond to pay for (“monetize”) the promises, policies and egos of leaders who know little of history and almost nothing of money.
Such credit (and hence currency) expansion leads directly to currency debasement as nations inflate away their https://vongreyerz.gold/hidden-bankruptcy-the-reality-behind-uncle-sams-inflated-bar-tab
with ever-debased currencies (measured against real money: Gold).
?itok=fkKCpzRb
This pattern and cycle of debt to currency debasement is as familiar as history itself—at least for https://www.youtube.com/watch?v=mOe5JTt_rvA
ARC 4: Dishonesty
The next phase of policy makers with their backs against a debt wall is equally clever and equally inevitable, namely: Lying.
One obvious great lie came on day 1, when Nixon promised us in 1971 that our dollar would be just as strong tomorrow as today, and that the decoupling from gold would be “temporary.”
Even prior to that infamous decoupling in 71, the lying was already in full swing.
The Fed Chairman and Treasury Secretary of that time were telling Congress that such a decoupling would, in fact, strengthen the dollar and weaken gold.
Fifty-four years later, your dollar has lost 99% when measured against gold.
And as for that “pet rock,” well…rather than “weaken,” it has risen by 8000% since those experts told us it would tank.
Just saying…
But the lying just continued, of course.
Our PhD economists at the FOMC and beyond, for example, gave us Modern Monetary Theory (MMT), which promised us we could print trillions to monetize our sovereign debt without creating inflation.
MMT, which is neither “modern,” nor “monetary” nor even a “theory”, has been tried (and failed) from Ancient Rome, the 1720 John Law Era and the https://vongreyerz.gold/history-repeating-itself
economy to the fiasco of Weimar Germany or the implosion of Yugoslavia in the 1990’s.
In short, one big, history-confirmed lie.
More recently, the lies keep piling up, from https://vongreyerz.gold/the-feds-most-convenient-lie-a-cpi-charade
for a nation already in recession.
ARC 5: Desperation
From dishonesty follows desperation, when policy makers, otherwise allergic to taking responsibility or speaking bluntly of a crisis, begin looking for fantasy policies to “save us.”
We’ve been tracking and objectively calling out the hidden impotence behind the so-called miracle measures, which are currently making the headlines.
The list is long yet not very distinguished.
But for simplicity, let’s list the most notable fantasies which both history and math (for those willing to look deeply) already confirm as doomed (rigged) to fail.
More to the point:
https://vongreyerz.gold/tariffs-gold-revaluation-wont-stop-a-systemic-reckoning
from a debt implosion.
https://vongreyerz.gold/gold-vs-the-stablecoin-cbdc-ruse
from a discredited dollar and ever-increasing centralization.
https://vongreyerz.gold/seeing-the-golden-writing-on-a-debt-wall
from a $37T public debt clock whose numbers are rising exponentially rather than “carefully.”
https://vongreyerz.gold/markets-ai-the-great-dumbing
from inherently deflationary technology whose near-term buzz hides a longer-term cancer of massive unemployment and recessionary (market-imploding needles) on the AI horizon.
The Jig is Up –And the Evidence/Cracks are Everywhere
As for evidence that all of the foregoing “arcs” are now manifesting as historically unprecedented “cracks” in the global financial system, all one has to do is look around…
Crack 1: The USD
The most obvious indicator of a US in decline is the no-longer-ignorable decline in trust (and demand) for its https://vongreyerz.gold/how-the-west-was-lost-declining-world-reserve-currency
.
As more and more nations trade outside the USD, the BRICS+ headline of https://vongreyerz.gold/piepenburg-rule-and-rickards-agree-golds-role-rises-as-dollar-hegemony-falls
Crack 2: A Ticking S&P Timebomb
An S&P 500 of which 40% of its market cap is narrowly led by 7 mega-cap (and AI-top heavy) enterprises is not a stock market but rather a market of a few monopoly stocks in which the top 10% enjoy 90% of its wealth.
This narrow market is over-valued by every metric and is entirely Pavlovian in its rises and falls, going up with a dovish Fed or down with a hawkish Fed.
?itok=mOiQDztG
The net result is a Fed-centralized equity market (in the backdrop https://vongreyerz.gold/the-death-of-capitalism
) whose inflationary rise is entirely correlated to the Fed’s inflationary monetary policies.
When, not if, the natural forces of the bond market (i.e. spiking yields) replace the Fed’s un-natural monetary forces, this bubble will do what all bubbles do: pop.
Crack 3: An Unloved UST
Since 2014, the world’s central banks have been net-selling USTs and net-stacking physical gold.
?itok=8zjAMNGC
This embarrassing trend, driven entirely by distrust for Uncle Sam’s ever-increasing debt-trap, only accelerated when Uncle Sam weaponized that UST and USD in 2022.
Less trust, demand and buyers for US IOUs means more pressure on the Fed’s money-printers to buy its own debt and keep bond prices up and hence bond yields (the true cost of credit) compressed.
Such a bond “accommodation” means currency debasement, pure and simple.
Crack 4: Panic on the COMEX
Once the https://vongreyerz.gold/comex-flows-is-the-gold-case-almost-too-obvious
via uber-levered futures contract shorts, the COMEX is seeing headline-ignored inflows and outflows in which the metals needed to continue the price fix on precious metals is simply no longer there.
Why?
Because counterparties on the COMEX now want physical gold within their own hands, rather than price fixing between London and New York.
Why this sudden need for the real gold rather than paper contracts?
It’s simple: The world, like the BIS, IMF and BRICS+ nations, trusts physical gold as an objectively superior strategic reserve asset than the once sacred 10Y UST, which debt alone has now fully discredited.
Crack 5: Central Bank Gold Stacking
From the moment the US made the fatal mistake of weaponizing the world reserve currency in 2022, central bank gold stacking has tripled.
?itok=WXCS4nTS
Why?
Again: For the simple reason that the world is losing love, trust and demand for a weaponized and over-indebted USD whose prior monopoly powers are now devolving in plain sight.
The world sees what history has always shown us: Once a nation debases its currency to monetize its debt sins, gold becomes real money…
?itok=hfxj3FnP
and https://vongreyerz.gold/gold-in-a-trump-era-rock-still-beats-paper
Crack 6: Waning Petrodollar
When the dollar ditched its gold chaperone in 1971, the clever minds led by Kissinger in DC understood an immediate need to create global demand for the USD.
The OPEC arrangements, which followed, forced the world to buy oil in USD, and for decades, this energy “sponge” created needed demand for an otherwise debased USD.
Since 2022, however, https://vongreyerz.gold/golden-question-is-the-petrodollar-the-next-thing-to-break
at levels once thought unthinkable before that broken dollar was weaponized.
This is yet another sign of a world moving away from the USD’s declining hegemony due entirely to the USA’s rising debt sickness.
Crack 7: Discord on the Rise
Internal social, cultural and political polarizations within and outside of the US, whether based on race, sexual orientation, immigration dynamics or just plain poor citizens suffering under the visible rage of invisible (i.e., misreported) inflation are clear signs that https://vongreyerz.gold/the-new-abnormal-social-unrest-market-volatility-currency-debasement
.
?itok=Cumoygum
Trust in government is at an all-time low within the US and throughout the G-7.
Such social chasms, as well as the worst foreign relations since 1949 and the greatest risk of nuclear war since the Cuban Missile Crisis (with proxy and direct wars nearly everywhere), are classic symptoms in the template of systemic implosions following sovereign debt crises and currency debasement.
As Hemingway warned, the “temporary prosperity” of debt-driven good times is always followed by the “permanent ruin” of currency debasement and war…
Look around you: What do you see?
Currency debasement and war…
No Easy Way Out
Dying nations, dying currencies, and dying financial systems, like dying armies, don’t give up easily, even after it’s clear they are experiencing their https://vongreyerz.gold/powells-gettysburg-moment-the-usds-waterloo-todays-open-madness
.
Like the stages of grief, denial is the first emotion for policymakers who can’t admit failure or accountability.
The debt, which is eating away at nations, currencies and citizens, is now too big to grow out of or wean away from with smarter spending habits.
As von Mises warned, there will need to be “constructive destruction” in the form of recessions, market mean reversions, and currency collapses (and hence skyrocketing gold) before the anger stage is surpassed by the acceptance stage.
The IMF talks of resets (and gold-backed CBDC). Bessent and Trump are https://vongreyerz.gold/gold-revaluation-trumps-red-button-option
.
These are just two of many possibilities, including a Bretton Woods or Plaza Accords 2.0 to re-arrange the deck chairs on a Titanic level of global debt.
Whatever comes next, it will not be smooth, easy or painless.
Paper money will continue its historical and inflationary slide south as gold, that intentionally ignored and downplayed asset, will continue to reach higher all-time-highs as sovereign credibility—from banking and currencies to trust and wisdom—continues to reach all-time-lows.
https://cms.zerohedge.com/users/tyler-durden
Mon, 09/22/2025 - 05:00
https://www.zerohedge.com/precious-metals/5-arcs-7-cracks-systemic-collapse
How Sick-Day Culture Differs Around The World
How Sick-Day Culture Differs Around The World
Half of https://www.statista.com/topics/4944/south-korea/
do not take sick leave.
At least, that's what the results of a survey of adults aged 18 to 64 carried out by Statista as part of its https://www.statista.com/global-consumer-survey/
show.
Another Asian country to also display a high share of people who said they had not taken sick leave in the previous 12 months was Japan at 40 percent.
https://www.statista.com/chart/30942/share-saying-no-sick-days-taken-last-12-months-by-country/
You will find more infographics at https://www.statista.com/chartoftheday/
In South Korea, employers are not obliged to grant their employees time off for non-work-related illnesses or injuries.
At the other end of the scale, Australian respondents mirrored a different sick day culture, with only 15 percent reporting an absence-free 12 months.
It's a similar, if less pronounced, story in Germany, Sweden, Canada and the United Kingdom, where between 19 and 25 percent of respondents reported the same.
https://cms.zerohedge.com/users/tyler-durden
Mon, 09/22/2025 - 04:15
https://www.zerohedge.com/medical/how-sick-day-culture-differs-around-world
Netherlands, Hungary Push To Designate Antifa As Terrorist Organization
Netherlands, Hungary Push To Designate Antifa As Terrorist Organization
(emphasis ours),
Political leaders in the Netherlands and Hungary are backing proposals to designate Antifa as a terrorist group after U.S. President Donald Trump suggested he would take such an action in the United States.
?itok=D6gl7BgE
“Dutch Parliament votes in favour of my party’s proposition to declare Antifa a terrorist organization,” Thierry Baudet, founder of the Forum voor Democratie (FvD) party, https://x.com/thierrybaudet/status/1968785583410725326
in a Sept. 19 X post.
“Enough is enough! The violent and criminal terrorist organisation that is Antifa, with chapters all over the world, will finally be OUTLAWED in the Netherlands. This is just the beginning.”
In a Sept. 19 X https://x.com/geertwilderspvv/status/1968789799034118619
, Member of the House of Representatives of the Netherlands, Geert Wilders, posted a request that was filed at the Netherlands’ House of Representatives to designate Antifa as a terror outfit in the country.
The request said the United States has already decided on such a designation and warned the group’s cells “are also active in our country, which regularly engage in bad language, make threats, intimidate city dwellers and journalists, and do not shy away from using violence.”
Zoltan Kovacs, Hungary’s State Secretary for International Communication and Relations, on Sept. 19 https://x.com/zoltanspox/status/1968983696922304829
a video clip on X featuring the country’s Prime Minister Viktor Orban saying he wants Antifa to be designated as a terror group.
“I was pleased with the U.S. president’s decision and I will take the initiative to do the same here in Hungary,” Orban said. “Antifa is a terrorist organization. They have come to Hungary, beaten peaceful people in the streets, beaten some half to death, and then gone to become MEPs, and from there they lecture Hungary on the rule of law.” MEP refers to a Member of the European Parliament. He did not explicitly identify any MEP’s Antifa affiliation in the video.
“The time has also come in Hungary for organizations like Antifa to be classified as terrorist organizations, following the American example,” Orban said.
During a White House news conference on Sept. 15, Trump was https://www.theepochtimes.com/us/trump-supports-designating-antifa-a-terrorist-organization-5915447
about U.S. conservative commentator Charlie Kirk’s assassination and whether he would designate Antifa as a terror outfit.
“It’s something I would do, yeah, if I have support from the people back here,” Trump said, referring to officials standing behind him, including Attorney General Pam Bondi. “I would do that 100 percent,” he said, adding that “Antifa is terrible.”
?itok=hThbDrHc
Tyler Robinson, the suspect in the assassination, is said to have followed leftist ideologies during recent years, according to Utah Gov. Spencer Cox and FBI Director Kash Patel.
In a Sept. 18 Truth Social post, Trump doubled down on his stance.
“I am pleased to inform our many U.S.A. Patriots that I am designating Antifa, a sick, dangerous, radical left disaster, as a major terrorist organization. I will also be strongly recommending that those funding Antifa be thoroughly investigated in accordance with the highest legal standards and practices,” the president https://truthsocial.com/@realDonaldTrump/posts/115222459539841970
, partially in capital letters.
When Trump https://www.theepochtimes.com/world/trump-meets-king-charles-on-first-day-of-uk-state-visit-5916354
“Charlie’s in a box.”
Meanwhile, Democratic lawmakers announced plans to introduce the No Political Enemies (NOPE) Act to counter what they alleged was the administration’s attack on free speech, according to a Sept. 18 https://houlahan.house.gov/news/documentsingle.aspx?DocumentID=4757
from Rep. Chrissy Houlahan’s (D-Pa.) office.
“The announcement follows threats from President Trump, Vice President JD Vance, Attorney General Pam Bondi, and White House Senior Deputy Chief of Staff Stephen Miller to use the tragic shooting of Charlie Kirk as justification to weaponize the federal government to go after left-leaning individuals and organizations that don’t align with Trump’s political agenda,” said the statement.
“This bill would reaffirm the constitutionally protected right to free speech and establish clear and enforceable protections to deter abuse, empower individuals and organizations to defend themselves, and create meaningful accountability.”
In January, Rep. Marjorie Taylor Greene (R-Ga.) https://www.congress.gov/bill/119th-congress/house-resolution/26/all-actions
a House Resolution aiming to designate Antifa as a domestic terrorist organization.
The https://www.congress.gov/bill/119th-congress/house-resolution/26/text
calls on the Department of Justice to “use all available tools and resources” to combat the spread of domestic terrorism committed by Antifa. The measure has been referred to the House Committee on the Judiciary.
Trump had previously raised the idea of categorizing Antifa as a terror outfit back in 2020. According to former Attorney General William Barr, Antifa was present in some of the violent protests that followed the death of George Floyd.
Historically, Antifa https://www.theepochtimes.com/opinion/the-communist-origins-of-the-antifa-extremist-group-3-post-5916901?ea_src=frontpage&ea_med=homepage-v2-61
as a part of the Soviet Union’s front operations to bring about communist dictatorship in Germany.
One of the distinctive operational modes of the organization, then, as now, has been to label all rival parties as “fascist.”
The group works in a decentralized and covert format, often advocating extreme violence and anarchy.
https://cms.zerohedge.com/users/tyler-durden
Mon, 09/22/2025 - 03:30
Far-Left Protesters Will Not Be Satisfied Until France Collapses
Far-Left Protesters Will Not Be Satisfied Until France Collapses
Paris is crippled this week by constant protests designed to throttle traffic and shit down basic services, and the majority of the mob is comprised of far left activists including Antifa.
The Paris actions are coupled with nationwide demonstrations that saw sporadic clashes with police who fired volleys of tear gas. Activists argue that eight years of leadership by France’s "business-friendly president" Emmanuel Macron have benefited too few people and hurt too many.
The protests ignited in response to austerity measures issued by the struggling government, including cuts to socialist programs and an increase in the national retirement age.
Macron’s opponents complain that taxpayer-funded public services - free schools and public hospitals, subsidized health care, unemployment benefits and other safety nets that are cherished in France - are being eroded. France has crawled from one crisis to another since he dissolved parliament in 2024, triggering a legislative election that stacked Parliament’s lower house with critics of the president.
Left-wing parties and their supporters want higher taxes for the wealthy and businesses to pay more to help rein in France’s debts, rather than see public spending cuts that they contend will hit low-paid and middle-class workers. France's national debt was reported at $3.6 trillion US by the end of 2024, growing by nearly $1 trillion since 2023. This is over 100% of the country's annual GDP.
Placards at the Paris demonstration read: “Tax the rich.”
?itok=2MQ25p8l
However, similar taxation efforts have been tried across the EU and in the UK, causing companies and business owners to simply close up shop and leave. In 2024, the UK lost 25% of its billionaires and 16,500 millionaires due to increasing taxation. This has led to a black hole effect in the economy, with an acceleration in job losses and slowing investment.
The current tax rate for top earners in France is 45% of income over €180,471 ($211,000). High-income earners also face additional surtaxes and social charges that significantly increase the total tax rate. As is common in any country or US state that targets high earners with socialist tax measures, the people with the money walk away and go where they are better appreciated.
Leftists protesters indicate that they are not interested in fair taxation, but rather, wealth redistribution.
Activists argue that French President Emmanuel Macron is "far right wing" and compared him to Donald Trump while espousing a laundry list of communist demands. Macron is a previous member of the socialist party now described as a "centrist liberal". He has angered leftists with his shift to center and his increasing support for border controls. In other words, being "centrist" is "far right wing" in the minds of Antifa activists.
The riots seem to be motivated more by typical Antifa goals, including the "Free Palestine" movement and the destruction of "nationalism".
France's conservative and anti-mass immigration movements have been growing exponentially along with similar movements across Europe. Leftists may be trying to flex their numbers as a way to frighten political leaders from seeking to appease these movements with tighter borders and fiscal responsibility.
Ultimately, Antifa activists want a the collapse of the current government and a reformation. What the reformation would look like is hard to say, given that many of the protesters don't seem to know. Of course, if the Bolshevik campaigns of the early 20th Century are any indication, then the end game will not be pleasant for the vast majority of people.
https://cms.zerohedge.com/users/tyler-durden
Mon, 09/22/2025 - 02:45
The Ukrainian Ambassador To Poland Admitted That His Co-Ethnics Don't Want To Assimilate
The Ukrainian Ambassador To Poland Admitted That His Co-Ethnics Don't Want To Assimilate
https://korybko.substack.com/p/the-ukrainian-ambassador-to-poland
Polish-Ukrainian relations have been increasingly strained over the past few years due to the https://korybko.substack.com/p/poland-and-ukraine-are-arguing-over
into Poland.
?itok=sIgq2XsH
It’s this last element that’s arguably the most sensitive since it’s become a part of daily life for most Poles. Not only do a growing number of them object to state benefits being provided to this community, but they’re also displeased with many of them refusing to assimilate into Polish society.
Ukrainian Ambassador to Poland Vasily Bodnar inadvertently made matters much worse in a https://www.facebook.com/Vasyl.Bodnar.1976/posts/pfbid0NGB4NHqCSQ3RSEq498MVrbF2GZ1wGKkBGW3f7bZtF8Zbqaq2aEPFDMVwnuGhHcKJl
in schools if parents request it, the human resources are available, and the school gives its approval. Some Poles are concerned that this move will exacerbate existing societal divisions if implemented at scale.
Bodnar was responding to these concerns, referencing the abovementioned law and Ukrainian refugees’ contribution to the Polish economy among other points, when he misguidedly added that “We want to help our children preserve our identity, contribute to their return home to Ukraine when the security situation allows it. We are for socialization and integration, but it is clear that we are not for assimilation. Most of our refugees are not here of their own will but because of an ongoing terrible war.”
While also writing how “grateful” they are, the above post suggested that they’re not “grateful” enough to only learn Polish and thus fully assimilate. Post-WWII Poland became one of the world’s most homogenous societies, which was the first time in this over-millennium-old civilization-state’s history that it was almost exclusively ethnic Polish and Roman Catholic since it began incorporating East Slavs and Orthodox Christians https://en.wikipedia.org/wiki/Cherven_Cities
.
Even though Bodnar insisted that “we have no intentions of interfering in the internal affairs of Poland”, leader of the “Organization of Ukrainian Nationalists” (OUN) Bogdan Chervak ominously warned last fall that “Poles are playing with fire” in response to a shitpost map of Greater Poland on social media. That scandal was analyzed https://korybko.substack.com/p/a-shitpost-map-of-poland-triggered
and included a warning about how Ukrainian ultra-nationalists inspired by former OUN chief Stepan Bandera might resort to terrorism to advance their own claims to Poland.
Last month’s https://korybko.substack.com/p/tusk-ridiculously-blamed-putin-for
whose adherents carried out the Volhynia Genocide of over 100,000 Poles. The combination of this ideology’s continued prevalence among Ukrainians, their ultra-nationalists’ claims to parts of Poland, and Bodnar’s confirmation that his co-ethnics don’t want to assimilate understandably constitute a latent national security threat.
Therefore, while Ukrainian can legally be taught as the second foreign language in Polish schools, Nawrocki and his allies would do well to discourage them from approving such requests on national security grounds. It would be best if the law was changed, but the ruling liberal-globalist coalition might not support such an initiative from the conservative opposition. One way or another, Poland must ensure that all Ukrainians assimilate, otherwise they might one day threaten its territorial integrity.
https://cms.zerohedge.com/users/tyler-durden
Mon, 09/22/2025 - 02:00
China On Cusp Of Commercializing US-Pioneered 'Holy Grail' Fusion Energy
China On Cusp Of Commercializing US-Pioneered 'Holy Grail' Fusion Energy
(emphasis ours),
China has spent up to $13 billion developing fusion energy since 2023 and could commercially replicate star power to generate electricity by 2030, becoming the first nation to master what’s commonly dubbed “the holy grail of energy solutions.”
?itok=fVJI8gPN
Doing so would give the Chinese Communist Party (CCP) “the potential to reshape global geopolitics” and “dominate a new energy era,” Massachusetts Institute of Technology physicists https://www.technologyreview.com/2025/07/08/1119630/why-the-us-and-the-west-could-lose-the-race-for-fusion-energy/?mc_cid=3a1d9c48d9&mc_eid=156f84a18f
.
This cannot happen, said Rep. Randy Weber (R-Texas), who chairs the House Science, Space, and Technology Committee’s Energy Subcommittee.
“Fusion energy technologies must be developed and deployed by nations that uphold democratic values, transparency, and international cooperation—not by authoritarian regimes that might exploit energy dominance as a weapon,” he https://science.house.gov/2025/9/opening-statement-of-energy-subcommittee-chairman-randy-weber-at
in opening remarks of a Sept. 18 hearing on the nation’s fusion programs.
“The U.S. must prioritize fusion energy development to outpace the CCP’s aggressive timelines,” Weber added, or China will dominate “the most consequential breakthrough of the century.”
Four fusion experts told the subcommittee during the two-hour hearing that the CCP doesn’t have to win what they see as an existential race, calling on the Trump administration to boost funding to match China’s investment, coordinate research and development with allies, and establish fusion demonstration programs using the same “playbook” that spearheaded breakthroughs in other technologies.
Unlike fission, nuclear fusion replicates the reaction produced by firing atoms, which is the power emitted by stars, and has the potential to provide limitless, clean energy. It is often referred to as “the holy grail of energy solutions.”
Fusion has been researched by academic institutions and government laboratories since the 1950s, with significant breakthroughs in 2022—including Lawrence Livermore National Laboratory’s National Ignition Facility completing a nuclear https://www.theepochtimes.com/science/nuclear-fusion-breakthrough-touted-by-white-house-drawing-praise-and-some-skepticism-4921829
that produced more energy than used to power the experiment—spurring rapid, exponential advancements since.
“This is our ‘Kitty Hawk’ moment, ushering in a new era of virtually unlimited fusion power,” Commonwealth Fusion Systems Co-Founder/CEO Bob Mumgaard said, calling for a $10 billion one-time “kick” in Department of Energy (DOE) funding.
?itok=rOqmtEh3
‘Decisive Moment Is Upon Us’
Mumgaard, whose company aims to build a small fusion power plant with an ARC tokamak design by the early 2030s, said the nation’s fusion industry has grown from 23 companies that raised $1.78 billion in private capital in 2021 to 53 companies that raised $10.6 billion in 2024.
But now these burgeoning enterprises need to test experimental fusion reactors in a limited-risk environment, which is where DOE and federal funding could make the difference, he said.
Mumgaard said in his https://www.theepochtimes.com/us/A479AC1DB1EFE2A9AB90BFF900A086FE53E14BCB7C1F411C078F20AC9770D940.dr.-bob-mumgaard-testimony.pdf
that a fusion demonstration program similar to DOE’s advanced fission reactor program would “accelerate deployment of at least three different fusion power plant approaches, with construction starting by the end of 2028 and entering operation by the early 2030s.”
He called for “milestone-based, cost-shared funding that awards only those who show substantial progress toward the goal” with “selection of participants based not just on scientific merit, but also by requiring a clear path to commercial and business success.”
“I agree this $10 billion injection would go a long way to setting us on the course,” Oak Ridge National Laboratory Fusion Energy Division Director Troy Carter concurred.
“The decisive moment is upon us,” he testified. “With deliberate action now—by supporting new facilities, public-private partnerships, and sustained innovation—we can ensure the U.S. leads in bringing fusion energy from scientific promise to commercial reality.”
“The U.S. fusion industry is on the cusp of commercialization,” Pacific Fusion founder and President Will Regan said in his https://www.theepochtimes.com/us/0354196F0D79E3EA2A5689B4DC9905A1752DC977FD40EEC8BA9BF47825D18ACF.dr.-will-regan-testimony.pdf
. “America wrote the playbook on investing in fundamental scientific breakthroughs and then scaling their industrial application through the private sector. Fusion is no different, and today we’re at the last mile of solving key scientific challenges to enabling commercial deployment.”
Rep. Zoe Lofgren (D-Calif.) said, while “very much opposed overall” to the fiscal year 2026 (FY26) budget crafted by President Donald Trump, “I would like to say when it comes to his specific request for fusion, it’s moving in the right direction, and I am glad for that.”
DOE’s FY26 budget request provides $7.1 billion for the Office of Science, which includes fusion research and explicitly directs Congress to allocate in a way that “maintains U.S. competitiveness in priority areas such as fusion.”
“I’m hoping we’ll continue to work on a bipartisan basis to get to where we need to go,” Lofgren said. “Like Wayne Gretzky said, ‘You need to skate to where the hockey puck is going to be.’”
“In a world increasingly concerned with how to address rapidly growing energy needs, as well as geopolitical tensions arising from access to energy and energy resources, fusion energy gives us hope,” University of Wisconsin assistant professor Stephanie Diem https://www.theepochtimes.com/us/F0A9834E7E42C72B8E12333340A1DA1A59BBE687A093A283C3432D708BB47E80.dr.-stephanie-diem-testimony.pdf
. “We have achieved remarkable scientific advances; now we need robust support to build a thriving fusion energy ecosystem.”
https://cms.zerohedge.com/users/tyler-durden
Sun, 09/21/2025 - 23:20
https://www.zerohedge.com/political/china-cusp-commercializing-us-pioneered-holy-grail-fusion-energy
Adam Schiff, Tim Kaine Introduce Bill To Protect Caribbean Drug Traffickers From Trump Strikes
Adam Schiff, Tim Kaine Introduce Bill To Protect Caribbean Drug Traffickers From Trump Strikes
(emphasis ours),
Sens. Adam Schiff (D-Calif.) and Tim Kaine (D-Va.) https://www.schiff.senate.gov/news/press-releases/news-sens-schiff-kaine-to-force-vote-blocking-unauthorized-boat-strikes-in-caribbean/
on Friday aimed at halting U.S. military strikes on drug trafficking operations in the Caribbean, saying the actions were launched without congressional approval.
?itok=xbTbHt7O
The measure, filed under the War Powers Act, would prohibit use of the military against non-state groups involved in drug trafficking unless Congress authorizes it. War powers resolutions are privileged, meaning the Senate must take up the measure for debate and a vote.
The move follows two https://www.theepochtimes.com/us/us-conducts-strike-on-another-drug-boat-from-venezuela-trump-5915436
military strikes in the Southern Caribbean Sea—on Sept. 2 and Sept. 15—that targeted vessels that were carrying narcotics. Democratic lawmakers say they have not received key details about the incidents, including who was on board, the cargo, and the legal basis for lethal force.
President Donald Trump has https://truthsocial.com/@realDonaldTrump/posts/115210075167747572
the vessels belonged to “extraordinarily violent drug trafficking cartels and narcoterrorists” operating out of Venezuela. He said the boats were carrying narcotics bound for the United States, calling them a direct threat to U.S. national security and vital interests.
“If you are transporting drugs that can kill Americans, we are hunting you,” Trump said after the Sept. 15 operation, which killed three people. He added there was “recorded evidence” that drugs were on board, including large bags of cocaine and fentanyl scattered in the water after the strike.
“Congress alone holds the power to declare war,” Schiff said in announcing the resolution. “And while we share with the executive branch the imperative of preventing and deterring drugs from reaching our shores, blowing up boats without any legal justification risks dragging the United States into another war and provoking unjustified hostilities against our own citizens.”
Kaine alleged the Trump administration had failed to explain why standard interdiction methods were not used.
“President Trump has no legal authority to launch strikes or use military force in the Caribbean or elsewhere in the Western Hemisphere,” Kaine said, adding that “Congress simply cannot let itself be stiff-armed as this administration continues to flout the law.”
The White House has said the earlier strike on Sept. 2 targeted the operations of Tren de Aragua, a Venezuelan transnational gang designated as a foreign terrorist organization, and that it was conducted in defense of U.S. national interests.
Defense Secretary Pete Hegseth said at the time the mission was part of a broader effort to protect the United States and the Western Hemisphere from drug cartels. “Anyone else trafficking in those waters who we know is a designated narco-terrorist will face the same fate,” Hegseth said.
The Democrat resolution argues that drug trafficking does not constitute an armed attack or an imminent threat justifying military action, and that designating an organization as a foreign terrorist group does not authorize use of force.
It directs the president to remove U.S. forces from hostilities against such groups unless explicitly authorized by Congress, while clarifying that the United States retains the right to act in self-defense against an armed attack.
Schiff and Kaine said that Congress supports efforts to stop narcotics from reaching the United States, but said intelligence, law enforcement, and diplomatic tools should be prioritized.
Jackson Richman contributed to this report.
https://cms.zerohedge.com/users/tyler-durden
Sun, 09/21/2025 - 21:00
Another Leftist Shooter Attacks Country Club Wedding In New Hampshire
Another Leftist Shooter Attacks Country Club Wedding In New Hampshire
America is suffering from leftist fatigue. Three left wing shooters in the span of a week, from the murder of Charlie Kirk to an attack on an ABC affiliate station in Sacramento to the most recent event - A shooting at a country club wedding in Nashua, New Hampshire.
This is, of course, not counting the transgender killer who murdered 2 children and wounded 18 others at a catholic school in Minneapolis the week before the Charlie Kirk assassination. In every case there has been clear intent of politically motivated violence. Democrats and woke activists continue to deny they have any culpability, but after a decade of demonizing everyone who disagrees with them as "fascists and Nazis", isn't this the end result they always wanted?
The suspect, identified as 23-year-old Hunter Nadeau, was arrested and charged with one count of second-degree murder. Witnesses heard the man scream "The children are safe, free Palestine!" as he started shooting, killing one person and wounding two others before he was https://www.cbsnews.com/boston/news/nashua-new-hampshire-shooting-sky-meadow-country-club/
by a female party member and ran away with his head bleeding.
Leftist yelling “free Palestine” just shot up a country club in New Hampshire. 1 dead, multiple injured
These leftists are all violent psychopaths https://t.co/0ojtteC46M
— Libs of TikTok (@libsoftiktok) https://twitter.com/libsoftiktok/status/1969763232211509563?ref_src=twsrc%5Etfw
Tom Bartelson of Pepperell, Massachusetts, told reporters that he was at Sky Meadow Country Club for his nephew’s wedding when he heard the individual say, "The children are safe," and, "Free Palestine." The slogan is commonly chanted at left wing rallies and protests, an attempt to absorb Islamic fundamentalist movements under the woke intersectional umbrella.
?itok=CGxu70w0
"Getting together for a dance for the bride and groom and then all chaos went off," he said. "We heard about six shots and everybody ducked for cover and next thing you know we’re rushed into safe spots and things like that."
Authorities said there is no known connection between Nadaeu and the victims.
Interestingly, multiple left leaning media outlets did not mention that the shooter attacked a wedding, nor did they mention him yelling "free Palestine" in their initial reports. Is this yet another example of the media trying to manipulate the optics of a left wing terror event?
The political left clearly smells blood in the water and they see this moment as their opportunity to commit the kind of violence they have openly advocated so often for over the years. It is likely that these kinds of attacks will continue on a regular basis for the foreseeable future.
https://cms.zerohedge.com/users/tyler-durden
Sun, 09/21/2025 - 14:35
Watch Live: Charlie Kirk's Memorial Service, Over 100,000 Expected To Attend
Watch Live: Charlie Kirk's Memorial Service, Over 100,000 Expected To Attend
A massive public memorial for Charlie Kirk is underway at State Farm Stadium outside Phoenix, Arizona. Long lines began forming overnight, and attendees have been pouring into the stadium since early morning, with the crowds expected to be between 100,000 and 200,000.
WOW - This is the line at sunrise to get in to Charlie Kirk's funeralhttps://t.co/mPG5AkJ3Uu
— End Wokeness (@EndWokeness) https://twitter.com/EndWokeness/status/1969770418883182735?ref_src=twsrc%5Etfw
Worship at the State Farm Stadium has begun in honor of Charlie Kirk. Massive lines outside continue to slowly pour into the building. What an incredible scene! https://t.co/eVo5w6UaZh
— TheBlaze (@theblaze) https://twitter.com/theblaze/status/1969790098372976807?ref_src=twsrc%5Etfw
STUNNING TURNOUT: Drone video shows the outpouring of support as more than 100,000 people are expected to attend the Charlie Kirk memorial service in Arizona. https://t.co/e8zQSF6i65
— Fox News (@FoxNews) https://twitter.com/FoxNews/status/1969796625615687707?ref_src=twsrc%5Etfw
"Join us in celebrating the remarkable life and enduring legacy of Charlie Kirk, an American legend," Turning Point USA said in a post on X.
?itok=MJH8aOrt
Key details about Kirk's public memorial:
Speakers: President Donald Trump, Vice President JD Vance, and Kirk's widow, Erika, who has just been named CEO of Turning Point USA.
Security: The Department of Homeland Security has classified the event as a SEAR Level 1 gathering - the highest designation, typically reserved for events of national significance - unlocking full federal security support, according to NBC News.
Turning Point USA said Kirk's memorial service is scheduled to begin at 11 a.m. local time. NBC News estimates the event could draw "a crowd as large as 100,000 people."
Meanwhile, a Glendale Police Department spokesperson told CNN News that she estimates crowds could exceed 200,000.
State Farm Stadium has a maximum capacity of 63,000, with the ability to expand by an additional 10,000. Down the street, Desert Diamond Arena will serve as an overflow site, with seating for about 20,000.
Eleven days ago, Kirk was assassinated by a radical leftist while speaking at Utah Valley University. Tyler Robinson has been charged with aggravated murder and obstruction of justice in connection with Kirk's death. Robinson is a furry-loving leftist who was in a relationship with a transgender person. There have been no links yet between Robinson and far-left groups, but that hasn't stopped the White House from taking the rise of far-left militancy seriously.
Last week, the Trump administration requested tens of millions of dollars for extra security and vowed to https://www.zerohedge.com/political/identify-disrupt-dismantle-destroy-white-houses-stephen-miller-declares-war-radical-left
(Marxists) that sow chaos and want to collapse the nation from within.
Remember, Democrats labeled everyone they disagreed with as https://www.zerohedge.com/political/another-week-madness-lefts-reaction-kirks-assassination
."
Watch Live:
. . .
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Sun, 09/21/2025 - 13:05
Anti-Money Laundering Is The Stablecoin Use-Case No One Talks About
Anti-Money Laundering Is The Stablecoin Use-Case No One Talks About
https://cointelegraph.com/news/anti-money-laundering-stablecoin
The trajectory of the stablecoin industry is heavily influenced by warring factions on opposite sides debating possible criminal use.
Stablecoin opposers point to https://cointelegraph.com/news/stablecoin-risk-crypto-transactions-bitrace-2024-report
.
Proponents argue that the transparent nature of blockchains https://cointelegraph.com/news/debunking-the-myth-cryptocurrency-is-used-for-criminal-activity
.
?itok=fA5TuS5p
There is a lack of awareness of how a deep integration of stablecoins in global finance can drive the use of blockchain’s properties of immutability and transparency to fight financial crimes, even in traditional finance.
The stablecoin story
The stablecoin industry is going from strength to strength, aided by increased regulatory clarity and meaningful use cases. The ability to facilitate swifter, more cost-effective transactions than traditional banking rails has accelerated their adoption worldwide. The total value in circulation is https://cointelegraph.com/news/stablecoin-market-cap-surpasses-200-b-as-usdc-dominance-rises
.
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Average supply of stablecoins in circulation, across all stablecoins. Source: World Economic Forum.
We now have a host of https://cointelegraph.com/magazine/genius-stablecoin-bill-opens-door-for-big-tech-stablecoin/
giants and traditional financial institutions lining up to issue their own stablecoins. The payment economy might be on a metaphorical spiral staircase that runs back to pre-Civil War times. Back then, the US had hundreds of local banks, each issuing their own private currency to be used as legal tender. Despite being a part of everyday payments, those currencies were not accepted too far away from the issuing bank. In hindsight, this probably kept an unintended check on any attempt to obfuscate the money trail.
Tracking illicit finance
In contrast, with thriving crosschain interoperability, it can be safely assumed that users will not have to jump through hoops to convert one stablecoin to another or any other digital asset or off-ramp them to fiat. This vision of the near future, marked by unabated and instantaneous capital flows across jurisdictions, naturally translates to stringent regulations to address illicit finance.
https://cointelegraph.com/news/genius-act-legitimizes-stablecoins-institutional-adoption
guardrails for stablecoins mandate adherence to the highest standards of Anti-Money Laundering (AML) compliance. Surprisingly, the prowess of stablecoins themselves, to beef up law enforcement’s fight against financial crime, is not yet a part of the crypto zeitgeist.
Stablecoins flowing across the globe on immutable, transparent, public blockchains add teeth to the global fight against illicit finance by providing traceability in international finance with a much-needed leg up.
The old world
The archaic structure of traditional finance severely handicaps counter-crime initiatives. This is primarily because each bank or financial institution is a walled garden, a closed ecosystem in which the central authority controls all accesses, processes and user experiences.
Compliance professionals at each such financial institution can only investigate financial activity that transpired strictly within the virtual walls of the organization. This is a sliver of any entity’s entire set of commercial dealings, as any firm or person typically engages with multiple financial institutions.
Any walled garden hosts only a partial picture of their customers.
Suspicious Activity Reports filed by each bank are based on an incomplete picture of their customers, potentially causing misreporting of risk levels. Additionally, this outdated predicament causes significant inefficiency for law enforcement agencies, as they must separately obtain access to records from each financial institution that the entity under investigation might have touched and then proceed to painstakingly stitch together the complete picture.
The new world
A world with agile, international capital flows on stablecoin rails will enable law enforcement to study suspicious patterns using unfragmented, reliable and transparent information gathered directly from blockchains. Tracing across jurisdictions will not entail navigating red tape.
On a more thought-provoking note, a robust stablecoin payment economy will induce routine capital flows from traditional finance organizations to blockchains and vice versa.
Proceeds from real-world offenses, such as human trafficking, drug peddling and violent crimes, and crypto crimes, such as decentralized finance hacks, ransomware and crypto scams, might be laundered across a combination of traditional finance and crypto products.
Using live data from blockchains in AML initiatives can provide prompt intelligence even on criminal organizations that primarily use banks to place the spoils of their crimes.
Case in point, in recent times, the financial crime of sanctions evasion has https://cointelegraph.com/news/russian-ruble-stablecoin-a7a5-grinex-link-garantex-ft
, with sanctioned funds flowing interchangeably across both banking and stablecoin rails in an attempt to launder the same and dodge sanctions.
The road ahead
The emergence of a pervasive stablecoin infrastructure will do wonders to showcase to the global compliance community how the ubiquitous transparency of public blockchains enables lightning-fast, sophisticated responses toward preventing and detecting illicit finance.
This can spur much-needed cooperation between anti-crime divisions within traditional finance and crypto, with each sharing relevant intelligence for cross-pollination.
Custodians of conventional financial products have not yet recognized that metaphorical bread crumbs strewn across blockchains can be used as well-founded signals to infer user intent. A stablecoin industry, deeply integrated with the global banking system, will influence the use of these assets to make the universal financial network safer.
https://cms.zerohedge.com/users/tyler-durden
Sun, 09/21/2025 - 10:30
https://www.zerohedge.com/crypto/anti-money-laundering-stablecoin-use-case-no-one-talks-about
IRS, Treasury Release Details About 'No Tax On Tips' Deduction
IRS, Treasury Release Details About 'No Tax On Tips' Deduction
(emphasis ours),
The U.S. Treasury Department and IRS on Sept. 19 released details about a provision backed by the Trump administration and Republicans, passed by Congress earlier this year, that would provide a tax break for many employees who receive cash tips.
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In a document https://public-inspection.federalregister.gov/2025-18278.pdf
in July.
It stipulates that people earning a tipped income can deduct as much as $25,000 per year under the measure, instructing the IRS and Treasury Department to find what jobs could qualify. Nearly 70 jobs were eligible for the tax break under guidance that was released earlier this month, while the tax deduction will apply for the tax year 2025, up to Dec. 31 of this year, according to the proposed rules.
“For taxable years beginning after December 31, 2024, and before January 1, 2029, employees and self-employed individuals may deduct qualified tips from their gross income when calculating their Federal income tax liability,” the proposal stated, adding that qualified tips refer to cash tips that were received by a person in the covered occupations “on or before December 31, 2024, as provided by the Secretary.”
On Sept. 3, the Treasury Department https://home.treasury.gov/system/files/136/Tipped-Occupations-Detailed-8-27-2025.pdf
a list of jobs that will likely be eligible under the new rules.
The draft uploaded on Friday is open for comment through the Federal Register’s website. The IRS and Treasury will finalize the rules in early October, the document said, which includes the official proposed list of jobs eligible under the measure. The agencies did not specify a timeline.
The proposal noted that the official list of jobs would be roughly the same as the Treasury list that was released on Sept. 3.
Occupations include taxi drivers, rideshare drivers, valets, servers, bartenders, hosts and hostesses, chefs, cooks, dishwashers, bellhops, porters, concierges, housekeepers, hotel desk clerks, tour guides, golf caddies, movers, delivery drivers, barbers, digital content creators, casino employees, card dealers, musicians, ushers, locksmiths, repair workers, cleaners, singers, DJs, massage therapists, tattoo artists, bussers, hairstylists and others.
“The Treasury Department and the IRS consulted data from surveys conducted in years 2017, 2019, and 2023” that had inquired about tips received in recent years, the recent proposal states.
“The occupations identified as having customarily and regularly received tips based on this survey data were largely consistent with those identified by the confidential tax return data,” the agencies added.
During the 2024 campaign, President Donald Trump and some Republicans campaigned, in part, on eliminating taxes on tips. Last year, Trump told supporters in Nevada that if he were elected, he would remove taxes on tips, while his opponent from the Democratic Party, Kamala Harris, later said she would support the measure.
Under the current tax code, tips of $20 or more received by an employee in any month from one job are treated as wages subject to withholding.
Cash tips include those received directly from customers, via credit and debit card charges that are distributed to an employee, or via a tip-sharing arrangement. Employees must keep a daily record of tips received and report these to their employer.
Reuters contributed to this report.
https://cms.zerohedge.com/users/tyler-durden
Sat, 09/20/2025 - 17:30
https://www.zerohedge.com/personal-finance/irs-treasury-release-details-about-no-tax-tips-deduction
Data Centers And The Power Grid: A Path To Debt Relief?
Data Centers And The Power Grid: A Path To Debt Relief?
Could data centers and the power grid be America’s next “renaissance?” With the U.S. national debt exceeding $37 trillion and interest payments surpassing defense spending, many articles have been written about the “debt doomsday” event coming. Such was a point we made in https://realinvestmentadvice.com/resources/blog/the-debt-and-deficit-problem-isnt-what-you-think
“In recent months, much debate has been about rising debt and increasing deficit levels in the U.S. For example, here is a recent headline from CNBC:”
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“The article’s author suggests that U.S. federal deficits are ballooning, with spending surging due to the combined impact of tax cuts, expansive stimulus, and entitlement expenditures. Of course, with institutions like Yale, Wharton, and the CBO warning that this trend has pushed interest costs to new heights, now exceeding defense outlays, concerns about domestic solvency are rising. Even prominent figures in the media, from Larry Summers to Ray Dalio, argue that drastic action is urgently needed, otherwise another “financial crisis” is imminent.”
As we discussed in that article, the “purveyors of doom” have been saying the same thing for the last two decades, yet the American growth engine continues chugging along. Notably, Ray Dalio and Larry Summers focus on only one solution: “cutting spending,” which has horrible economic consequences.
“Furthermore, investors must understand a critical accounting concept: that the government’s debt is the household’s asset. In accounting, for every debit there is a credit that must always equal zero. In this case, when the Government issues debt (a debit), it is sent into the economy for infrastructure, defense, social welfare, etc. That money is “credited” to the bank accounts of households and corporations. Therefore, when the deficit increases, that money winds up in economic activity, and vice versa. In other words, those shouting for sharp deficit reductions are also rooting for a deep economic recession.” – https://realinvestmentadvice.com/resources/blog/the-deficit-narrative-may-find-its-cure-in-artificial-intelligence
The other challenges with cutting spending are that it is politically toxic, and tax hikes drag on growth.
However, one solution that all the mainstream “doomsayers” overlook is raising productivity and GDP through private-sector capital investment. In other words, as the U.S. did following World War II, it is possible to “grow your way out of your debt problem.”
That’s where the AI data center boom and massive electricity demand come in.
The Economic Engine of Capex
The buildout of data centers and the power grid may offer the best opportunity to generate sustained growth. The scale of investment is large enough to matter, the economic multipliers are high, and the timeline aligns with when fiscal pressure will peak.
Data centers are the backbone of the digital economy. AI models, cloud platforms, and automation rely on them, and each large AI model requires thousands of GPUs housed in purpose-built facilities. These are not minor server rooms. They are $1 billion-plus industrial complexes. But, for the build-out of “data factories” to impact economic growth, a massive investment will be required to affect a $30 trillion (nominal) U.S. economy.
How much are we talking about? As noted in our previous article on data center demand, McKinsey projects that data center investment will reach $7 trillion globally by 2030. Over 40 percent of that will happen in the U.S. Alone. Moreover, Nvidia’s latest quarterly report forecasted data center capital expenditures by Apple, Meta, Microsoft, and Alphabet to reach $4 trillion by 2030, or roughly $1 trillion annually.
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However, you can’t build a data center without power.
Data Centers Require Power
According to the Department of Energy, U.S. data center electricity consumption could double or triple by 2028. Deloitte expects a 30-fold increase in AI-related data center power usage by 2035, reaching 123 gigawatts. That’s more than the total residential demand in California. This means building new substations, transmission lines, and power plants. Therefore, as noted by https://www.eei.org/-/media/Project/EEI/Documents/Issues-and-Policy/Finance-And-Tax/Financial_Review/FinancialReview_2024.pdf
, investor-owned U.S. electric utilities will invest more than $1.1 trillion in the 2025-2029 period to meet that demand.
This infrastructure boom will not be optional. AI development needs low latency, which requires local capacity and reliable electricity. Since data centers are capital-intensive and mission-critical, the U.S. economy could see between $1.25 and $1.5 trillion in annual capex spending.
Why is that critical to our “debt to GDP” concerns? Large-scale capital spending is one of the few economic inputs reliably boosting long-term growth. Unlike stimulus checks or tax credits, infrastructure spending creates durable productivity improvements. We are already seeing this impact.
The PwC study for the Data Center Coalition found that from 2017 to 2021, U.S. data centers added $2.1 trillion to GDP. That’s before the AI acceleration began.
According to Reuters, in Q2 2025, AI-related capex accounted for over one-third of real GDP growth, which added roughly 0.4 percentage points to quarterly GDP.
The Multiplier Effect
But it isn’t just $1 trillion in CapEx. These projects create upstream demand for construction, power equipment, semiconductors, cooling systems, and skilled labor. They support engineering, real estate, logistics, and utility services. Most notably, they set the stage for sustained gains in productivity. Once operational, AI systems reduce costs, improve decision-making, and enable scale in industries from health care to manufacturing. In other words, there is a “multiplier effect” to these projects. The American Society of Civil Engineers (ASCE) estimates that every $1 billion in infrastructure investment creates 13,000 jobs and adds $3 billion to GDP over a decade.
Therefore, by 2030, if the $5 trillion in combined investment in AI data centers and power generation comes to fruition, the U.S. economy will see an additional $15 trillion in growth. The chart below shows the average 5-year growth rate in nominal GDP and projected growth.
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The chart below assumes we will continue to issue debt at the average quarterly pace since 2021. However, instead of wasting money, we focus on productive investments while maintaining all current spending programs and obligations. Assuming some conservative growth estimates resulting from the investments, the “debt to GDP” ratio will begin declining in 2026 and revert to more sustainable levels by 2030.
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However, this isn’t a guarantee, but it is certainly potentially more realistic than a “debt crisis” that sends the U.S. into an economic depression.
Risks and Constraints
The growth opportunity is significant, but not risk-free. While the bears constantly ring the alarm bell about the current level of debt and deficits, the more dire economic consequences they forecast may fail to come to fruition.
As noted by Goldman Sachs:
“Generative artificial intelligence has the potential to automate many work tasks and eventually boost global economic growth. AI will start having a measurable impact on US GDP in 2027 and begin affecting growth in other economies worldwide in the following years. The foundation of the forecast is the finding that AI could ultimately automate around 25% of labor tasks in advanced economies and 10-20% of work in emerging economies.”
They currently estimate a growth boost to GDP from AI of 0.4 percentage points in the US.
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Increases in productivity, productive capital investment, and increased labor demand for the infrastructure buildout (which will also result in higher wages) should provide the economic boost needed.
Conclusion
Will it solve all of the current socio-economic ills facing the U.S.? No. However, it may provide the growth boost necessary to revitalize economic growth and prosperity in the U.S., which we have not seen since the 1970s. But there are risks to this outlook.
The scale of spending may lift electricity prices. A study from NC State found national prices could rise 8 percent by 2030, with some localities seeing 20–25 percent jumps. If not managed, this could erode industrial competitiveness.
Jobs per dollar of investment are low. Data centers are automated. Once built, they require few workers. A $1 billion facility may employ only 100 people full-time.
There is a local backlash. Projects require land, water, and energy. Communities are resisting tax incentives and environmental costs. Several counties have imposed moratoriums.
Permitting delays and regulatory hurdles remain high. The average interconnection wait for new power projects is over 3 years. Without reform, many AI investments will be delayed or redirected.
The government will need to be involved to unlock the full economic benefit.
Public policy must streamline permitting, including environmental review, grid interconnection, and land use.
Given that infrastructure and national security are at stake, a public/private partnership should be involved.
Tax policy should avoid distortion. Many subsidies go to projects that were already economically viable.
The focus should be on shared infrastructure, such as transmission lines, regional data hubs, and reliability upgrades.
Utilities need regulatory clarity. Traditional cost-of-service models may not align with the fast pace of AI demand, so performance-based rates or return-on-equity mechanisms may be required.
Energy policy must support generation diversity. Solar and wind are inefficient, and AI demands require firm natural gas, nuclear, and advanced storage capacity.
The goal should be energy abundance. High reliability, low prices, and scalable infrastructure will attract private AI investment and increase growth.
It may also just be enough to keep the demise of the U.S. from occurring any time soon.
https://cms.zerohedge.com/users/tyler-durden
Sat, 09/20/2025 - 11:40
https://www.zerohedge.com/markets/data-centers-and-power-grid-path-debt-relief
Attempted Kavanaugh Assassin Is A Transgender, New Court Filings Show
Attempted Kavanaugh Assassin Is A Transgender, New Court Filings Show
Federal prosecutors revealed that Nicholas Roske, the California man who pleaded guilty to attempting to assassinate Justice Brett Kavanaugh in 2022, had planned to kill up to three Supreme Court justices to "single-handedly alter the constitutional order" over Roe v. Wade. The motive appears political and leftist in nature, and other court documents obtained by https://www.dailywire.com/news/exclusive-attempted-kavanaugh-assassin-identifies-as-transgender-woman-legal-filings-show
revealed that the would-be assassin identifies as transgender.
🚨BREAKING: The WANNA-BE ASSASSIN who almost killed Justice Brett Kavanaugh just CAME OUT as TRANS 🚨
Nicholas Roske now “IDENTIFIES” as Sophie Roske https://t.co/hWL5ndpO4u
— Jesse Watters (@JesseBWatters) https://twitter.com/JesseBWatters/status/1969205260234223814?ref_src=twsrc%5Etfw
Roske, who now identifies as female and uses the name "Sophie Roske," is set to be sentenced on October 3. Federal prosecutors are seeking 30 years to life in prison, citing the defendant's premeditated plot to kill three justices in an attempt to change the Court's balance.
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"The severity and potential devastating impact of the defendant's criminal conduct is immeasurable and staggering. By targeting and planning to kill "at least one," but "shooting for 3" justices of the Supreme Court, the defendant sought single-handedly and irrevocably to alter an entire branch of the United States government through violence," the Department of Justice's https://www.justice.gov/ag/media/1414626/dl?inline
stated.
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The memo continued, "The defendant's conduct falls within the quintessential definition of terrorism: the use of violence or threats of violence to achieve a political goal. The defendant, by committing this crime, sought to achieve some level of significance by striking at the heart of our democracy — to alter the trajectory of the judicial branch for decades to come."
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In a separate filing from the transgender's defense attorneys, first obtained by The Daily Wire, Nicholas, who now goes by "Sophie Roske"...
"The case is captioned as United States v. Nicholas John Roske," lawyers for Roske state. "That name remains Ms. Roske's legal name, and she has not asked to recaption the case. Out of respect for Ms. Roske, the balance of this pleading and counsel's in-court argument will refer to her as Sophie and use female pronouns."
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Daily Wire noted, "A source familiar with the legal proceedings in the case told The Daily Wire that Roske was using female identities online before the attempted murder, and now goes by the female name reflected in the defense filings."
Attorney General Pam Bondi told the outlet, "This Department of Justice condemns political violence and our prosecutors will ensure that this disturbed individual faces severe consequences for his deranged actions."
Roske was likely radicalized in the years leading up to the 2022 assassination plot of the justices, but perhaps what activated the deeply mentally ill man was the https://www.zerohedge.com/political/masked-protest-industrial-complex-isnt-peaceful-its-civil-terrorism-playbook-combat-chaos
, which unleashed psychological operations through protests to influence emotions and trigger responses by their far-left fringe.
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The Democratic Party has employed this type of operation for years, labeling and targeting their enemies as "fascists" and "Nazis."
Where did Charlie Kirk's murderer learn to call conservatives "fascists"?
"Do you think Donald Trump is a fascist?"
Kamala Harris: "Yes, I do. YES, I DO!" https://t.co/RxDjgOYjKY
— RNC Research (@RNCResearch) https://twitter.com/RNCResearch/status/1966520910531133908?ref_src=twsrc%5Etfw
Leftist corporate media conducted massive PsyOps against the American people.
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And fast forward to last week, the suspected Charlie Kirk assassin was a radical leftist who had a relationship with a transgender. One of the shell casings from the Kirk assassination was etched with the words: “Hey, fascist. Catch!"
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Political violence is being fueled by the Democratic Party's permanent protest industrial complex, activating its fringe leftists...
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... with at least one group boasting thousands of members "https://www.zerohedge.com/political/planning-war-against-fascists-socialist-rifle-association-boasts-10000-members
."
Hmm.
I think if ODNI were to declassify all records and files of how the US government worked with Antifa and Trantifa groups around the world for the past 10 years, the results would absolutely shock you. https://t.co/O2BI3H3iLp
— Mike Benz (@MikeBenzCyber) https://twitter.com/MikeBenzCyber/status/1968590720043720787?ref_src=twsrc%5Etfw
. . .
https://cms.zerohedge.com/users/tyler-durden
Sat, 09/20/2025 - 11:05
https://www.zerohedge.com/political/attempted-kavanaugh-assassin-transgender-new-court-filings-show
Germany's Moment Of Fiscal Failure – Record €503BN Budget Passed
Germany's Moment Of Fiscal Failure – Record €503BN Budget Passed
Submitted by Thomas Kolbe
The Bundestag on Thursday passed the 2025 budget with the votes of the CDU, CSU, and SPD. The bottom line: record-breaking debt, serving only one purpose—patching the ever-widening fiscal holes.
With historic delay—blame the fractured “traffic light” chaos coalition—the Bundestag on Thursday passed the budget for the current year, now valid for little more than three months. Business had been running on autopilot until now. Yet this does not change the fact that with a spending volume of €503 billion, a new record has been set. The federal government is spending freely, cushioned by (still) growing tax revenues and ever-new debt.
Looking Ahead to Next Year’s Finances
Chancellor Friedrich Merz and Finance Minister Lars Klingbeil of the Social Democrats give the impression that they intend to further accelerate the spending pace next year. After a roughly four percent increase in this year’s budget, next year’s growth rate is expected to be even higher: around €530 billion in planned spending. At the same time, additional transfers to social funds are likely to rise due to weak economic growth—the state is already deep in a debt spiral.
Against the backdrop of this dramatic growth in public-sector spending, which increasingly crowds out the private sector and has expanded the state’s share of the economy from 45 to 50 percent over the past five years, one must speak of total political failure. Since the lockdowns, federal spending has risen by over 41 percent, while the overall economy stagnated. This enormous imbalance shows that the ratio between productive forces and purely consumptive forces in the country has reached an irresponsible disequilibrium.
The state is expanding—elbowing its way forward. We are witnessing the accelerated construction of a socialist collective.
Uncontrolled New Debt
Chancellor Merz—who, some will recall, campaigned on fiscal discipline—will go down in history as the chancellor who fiscally ruined Germany. This year, cleverly hidden from public view in so-called special funds, new debt of €140 billion is planned. Germany thus violates all Maastricht criteria with new borrowing of around 3.3 percent and a final total debt of over 65 percent.
In doing so, Germany is gradually losing its role as a credit anchor for its equally indebted Eurozone partners.
And this concerns only federal debt. States and https://de.finance.yahoo.com/nachrichten/milliardendefizit-st%C3%A4dtische-haushalte-kollabieren-gerade-132056463.html
are facing their own Waterloo: with the economy still weak, municipal budgets could see a combined deficit of €36 billion this year—the crisis hits hard.
Yet reform is nowhere in sight. The chancellor’s ambitious „citizen income“ (https://www.tagesschau.de/inland/innenpolitik/buergergeld-merz-bas-102.html
/ social assistance) initiative was abandoned by the Social Democrats, and naturally, there will be no structural reforms. Debates about immigration into the German social system are simply covered with new credit, citing the temporary slowdown in illegal immigration—a clear seasonal fluctuation.
This government has built its entire policy on a house of cards of lies and self-deception. In fiscal policy, this is reflected in special funds: here, new federal loans hide, either to finance a wartime economy or to plug social fund gaps. Ultimately, the taxpayer pays the price—through higher taxes or later through inflation when the central bank monetizes the added debt.
The debate about tax increases has long entered the public sphere—in the form of envy-driven discussions over higher inheritance taxes. That is where this journey is heading.
Reforms Are Torpedoed
The reason why fiscal policy has become a symbol of Germany’s economic and societal failure is evident in two striking phenomena. First, the iron silence of the economic elites when it comes to the causes of Germany’s decline. High energy costs, grotesque regulation, and crushing taxation are acknowledged, yet no one dares tackle the ideological green transformation at its root.
The same applies to necessary social reforms: even the smallest attempt, such as introducing strict sanctions for work refusal under citizen income, is immediately torpedoed by numerous left-wing parties in the Bundestag and societal actors like the German Trade Union Confederation.
Spending Spree and Big Government
The union opposed stricter sanctions for citizen income and immediately positioned itself in fundamental opposition. Naturally, CDU attempts at social reform are little more than media shadowboxing.
It is clear: since the ideological restructuring under Merkel, the Union has long been converted into another party within the left spectrum of Germany’s political landscape. The internal coalition climate is likely more harmonious than it appears. Essentially, there is agreement: they want the big state—convinced that only massive state activity, supported by a European Commission also indulging in a spending spree, can lead Germany out of its misery.
Looking Ahead
Where does this lead? Take a brief look at neighboring France. With a public debt of 114 percent and a state share of 57 percent, France is years ahead in the evolution of this drama. Reform-incompetent and politically stuck, it cannot enact necessary changes. A collision with market reality is inevitable.
Broadly speaking, EU member states suffer from the same disease: deep-rooted statism, the belief in a big state, ultimately intended to solve society’s problems as a welfare entity and economic actor. History shows this is a fatal misconception. Germany’s economic collapse is already a product of an overextended state apparatus that not only paralyzes productive forces but actively destroys them with agenda-driven politics.
Fiscal indiscipline inevitably leads to collision with an iceberg in bond markets—no matter how much a central bank tries to cushion the blow. The moment a state—regardless of its debt ratio—can no longer roll over existing debt is the moment of truth.
Then either a politician steps in with fiscal chainsaws, or the political structure freezes into a command state, where even basic societal problems—like the migration crisis or emerging socialism—cannot be criticized.
Julia Ruhs sends her regards.
* * *
About the author: Thomas Kolbe, a graduate economist, has worked for over 25 years as a journalist and media producer for clients from various industries and business associations. As a publicist, he focuses on economic processes and observes geopolitical events from the perspective of the capital markets. His publications follow a philosophy that focuses on the individual and their right to self-determination.
https://cms.zerohedge.com/users/tyler-durden
Sat, 09/20/2025 - 07:00
https://www.zerohedge.com/economics/germanys-moment-fiscal-failure-record-eu503bn-budget-passed
America's Turning Point
America's Turning Point
https://amgreatness.com/2025/09/19/americas-turning-point/
Conservative influencer Charlie Kirk’s assassination forces Americans to confront the dark side of progressive values. This confrontation is fundamentally reshaping society by exposing the hatred harbored behind plateaus of love and tolerance.
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Decades of cultural messaging have focused on the harms caused by religious, conservative belief systems. Individuals and groups who fall on the margins of conservative ideology have been studied in universities, profiled in elite magazines, and their plights have been sympathetically portrayed in Hollywood.
The word “bigotry” has long been associated with backward, conservative values. Manhattan Institute Fellow Colin Wright captured the left’s lurch towards extremism in a viral meme, updated after Kirk’s assassination:
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Kirk’s assassination comes at an inflection point in American culture and politics. Donald Trump’s political career, and the corresponding progressive response, have revealed the degree to which leftist cultures can serve as incubators of hatred. Casual progressive dehumanization has spread into disturbing displays of gruesome violence. In just the past year, the public witnessed Trump’s attempted assassination, an anti-Trump transgender slaughter of Catholic school children, and a gruesome stabbing in Charlotte.
While each individual is responsible for their individual actions, the media and other left-wing responses to violent incidents paint a clear and troubling picture. Violence on the left tends to be minimized, while rhetoric on the right is treated as synonymous with violence itself.
That Kirk was assassinated on a college campus—a sanctuary of left-wing thought—is profound. Progressive students sought to silence Kirk by https://www.washingtonexaminer.com/news/3803795/utah-valley-student-activists-charlie-kirk-petition/
the college to deplatform him on the grounds of hate speech just prior to his death.
In light of the left’s unchecked, ideologically based dehumanization of their political opponents, words like “bigot” and “fascist” are simultaneously losing their stigma and morphing in meaning. People no longer assume the person labeled a bigot is morally corrupt. Instead, the individual hurling the insult is suspect.
In true 1984 fashion, words have inverted meaning. The public implicitly knows the angry anti-fascist is more threatening than a conservative, church-going man with a microphone.
Creating language for leftist intolerance
The numerous assassination attempts against prominent right-wing figures over the past year did not arise in a vacuum. To understand the left, it is necessary to dissect its prejudice. This is the subject of my first nonfiction book. https://www.amazon.com/Progressive-Prejudice-Exposing-Devouring-Mother-ebook/dp/B0FKCT8XY2/ref=sr_1_1?crid=2CR7UO4SVPU5W&dib=eyJ2IjoiMSJ9.PoEnGHLIlZ24xanwcgkadw.QbQS7m0rRpI7MtYH8YiEIl-bgPPT5IG4bGPWsi3-D2o&dib_tag=se&keywords=progressive+prejudice+leslie+corbly&qid=1757709927&sprefix=progessive+prejud%2Caps%2C125&sr=8-1
blends autobiography and cultural commentary to give voice to challenges to progressive ideas by giving voice to the pain caused by progressive hatred.
Books like these are vital. To combat the hatred of the left, it is essential to name the moral deficiencies of progressive ideology. This includes an honest and complete conversation of the people the left loves to condemn, marginalize, and kill.
Understanding the dark side of the left is essential because all worldviews have victors and victims. The inability to confront the hatred of any ideology, particularly one dominant in culture and society, creates conditions ripe for polarization, mistrust, and violence.
The left has monopolized righteous superiority by painting their opposition as extreme, morally reprehensible, and narrow-minded. Among the most effective tactics of their movement has been storytelling. By controlling the framing of narratives, the left guaranteed that people and groups they scorned were appropriately reviled.
However, society is not static, and in the 20th century, secular progressivism transformed from a marginalized set of ideas to the establishment. From the Ivory Tower to DC, Hollywood, media, and law, progressive beliefs set the benchmark for moral goodness.
Now that these ideas are facing serious challenges, the mask of hatred is falling, revealing the dehumanization and authoritarianism that those on the left love to deny.
Turning towards the good
Our culture is at a critical crossroads. Societies are composed of people, and the wheels of history move according to the emotional logic of humanity. No matter the governing ideology, there is a cap on the oppression people are willing to tolerate. The left’s iron grip on the moral imagination of the nation is slipping. And, as that grip loosens, progressives lash out in anger, determined to control the public they claim to liberate.
To avoid sustained social ruin, America must return to goodness, order, beauty, and peace. But this reorientation cannot occur under the value system of radical progressives. The ideology itself is rooted in force, coercion, and the destruction of human dignity.
Charlie Kirk contended with progressive prejudice, and it got him killed. Still, regardless of the risks, the danger, hatred, and prejudice of progressive culture must be boldly proclaimed. For the body may be killed, but truth overcomes the grave.
https://cms.zerohedge.com/users/tyler-durden
Fri, 09/19/2025 - 21:45
https://www.zerohedge.com/geopolitical/americas-turning-point-0
Watch: Rare "Naked" 'Doomsday Plane' Spotted Flying Over Texas
Watch: Rare "Naked" 'Doomsday Plane' Spotted Flying Over Texas
A U.S. Air Force E-4B Nightwatch, ominously dubbed the "Doomsday Plane," was spotted soaring over Fort Worth, Texas, on a mysterious mission that has left onlookers buzzing, https://www.twz.com/air/rare-naked-e-4b-doomsday-plane-spotted-flying-in-texas
reports. The jet, rarely seen by civilians, turned heads with its eerie "green zinc chromate coating," giving it a stripped-down, “naked" appearance.
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The secretive aircraft serves as a flying command post for the President and top military brass, equipped to direct nuclear strikes and manage critical operations in times of crisis. What was it doing over Texas? The Pentagon isn't saying, but the sighting of this high-stakes war machine has sparked intense curiosity.
Aviation photographer Tori Mae Fontana shared images on social media of the elusive E-4B Nightwatch, snapped as it departed Meacham International Airport in Fort Worth on Thursday. The mysterious aircraft was operating under the callsign Spice 98, the news outlet said.
I was able to recover this video after my phone overheated. Right before she started taxiing out. What a beauty. https://t.co/mqLoPzUI1B
— Tori Mae Fontana (@LensOfMae) https://twitter.com/LensOfMae/status/1968417972994650277?ref_src=twsrc%5Etfw
"So it was here at International Aerospace Coatings (IAC)," Fontana told https://www.twz.com/air/rare-naked-e-4b-doomsday-plane-spotted-flying-in-texas
in an interview. "They have painted E-4s before. I know they have previously had a Boeing contract. I am assuming it’s still current.”
“I am also assuming it went back to San Antonio because Boeing has the contract for the E-4 maintenance,” she added.
https://www.twz.com/air/rare-naked-e-4b-doomsday-plane-spotted-flying-in-texas
reports:
Online flight data shows that at least one E-4B, with the serial number 73-1676, has been at Kelly Field in San Antonio, Texas, since September 2024. That aircraft was tracked flying on August 23 and again on August 28 using the Spice 98 callsign. Boeing performs depot maintenance on the Nightwatch jets, as well as the Air Force’s two Boeing 747-200-based VC-25A Air Force One aircraft, at Kelly Field, which sits adjacent to Lackland Air Force Base.
Ensuring the readiness of the E-4B fleet, as well as keeping their highly sensitive systems up to date, is extremely important given the critical role the jets play as part of the U.S. government’s broader continuity of government plans. Those mechanisms are in place to ensure that national-level authorities, including the ability to launch nuclear retaliatory strikes, remain functional in the face of any contingency, as you can read more about here.
The U.S. Air Force is moving fast to https://www.twz.com/air/everything-we-learned-about-the-next-doomsday-planes-for-the-air-force
its aging E-4B Nightwatch "Doomsday Planes" with cutting-edge E-4C Survivable Airborne Operations Center (SAOC) jets. The Sierra Nevada Corporation (SNC) is spearheading the project, converting newer Boeing 747-8 airframes bought secondhand from Korean Air.
“We did a pretty exhaustive analysis of the worldwide fleets of aircraft, different variants, different ages, and different owner/operators, and settled on the optimal solution for the DoD [Department of Defense] as the 747-8i aircraft,” Brady Hauboldt, SNC’s Vice President of Aviation Strategic Plans and Programs, https://www.twz.com/air/everything-we-learned-about-the-next-doomsday-planes-for-the-air-force
. “There are some additional complexities involved with the [747-8F variant] freighter aircraft that caused us to move away from those. Without getting into the specific details of why, the passenger aircraft were [determined to be] optimum.”
SNC is https://www.twz.com/air/rare-naked-e-4b-doomsday-plane-spotted-flying-in-texas
the SAOC work at a plant in Dayton, Ohio, and has already started “early risk reduction flight testing” to “ensure on-time delivery of new aircraft to the USAF.”
https://cms.zerohedge.com/users/tyler-durden
Fri, 09/19/2025 - 19:40
https://www.zerohedge.com/military/watch-rare-naked-doomsday-plane-spotted-flying-over-texas
Inside The CIA Unit Nobody Dares Talk About
Inside The CIA Unit Nobody Dares Talk About
In an eye-opening interview, former CIA officer turned whistleblower John Kiriakou pulled back the curtain on the agency's most elite fighting units, revealing how the United States’ intelligence agencies transformed overnight into a lethal force dedicated to hunting down radical Islamic terrorists after the September 11th terror attacks.
Speaking with host Dalton Fischer, Kiriakou delivered a no-nonsense account of CIA's most classified operators, the legendary Ground Branch warriors, Special Activities Division (SAD), and Counterterrorism Center (CTC), elite units filled with the U.S.’s finest Navy SEALs, Army Rangers, and Delta Force operators.
"These aren't your typical government bureaucrats," Kiriakou explained. "These are battle-tested heroes from our most elite military units, SEALs, Rangers, Delta Force, recruited because they have the skills and courage to do what others can't."
After 9/11, these elite soldiers were quickly brought into the CIA fold, many on loan from the military before becoming permanent assets in divisions like Global Services, Special Activities Division, and the hard-hitting Counterterrorism Center. Their mission? Simple and vital: eliminate threats to American lives and freedom (and whatever the fuck else the CIA has them doing).
"What they do is so classified that even though everybody in the office knows what they're up to, nobody talks about it," Kiriakou revealed, describing the iron-clad secrecy surrounding these operations. Their job, the former CIA officer explained without hesitation, is "to neutralize anybody who poses a threat to the United States, its citizens, or its installations.”
While praising the critical importance of eliminating high-value terrorist targets like Osama bin Laden to protect American families, Kiriakou didn't shy away from addressing the tough questions about oversight and accountability.
"Mistakes happen in the fog of war," Kiriakou acknowledged, referencing troubling cases where intelligence errors led to innocent people being detained. "We're not lawless vigilantes. As American government officials, we're bound by the Constitution. That's what separates us from our enemies and makes America the beacon of freedom in the world.”
Kiriakou pinpointed the exact moment America's intelligence community transformed into a fighting force.
"The day after 9/11,” Kiriakou told Fischer, vividly recalling the pivotal moment when Cofer Black, then head of the Counterterrorism Center, stood before his team and declared the new reality.
"Today, we're at war, and we're all going to have to fight. Not all of us are going to come home," Black announced to a silent room, marking the beginning of the U.S.’s years-long campaign against al-Qaeda.
By Christmas 2001, Kiriakou explained that al-Qaeda’s core operations in Afghanistan was virtually destroyed, with only 25 active members remaining according to Senate intelligence.
Before 9/11, the Special Activities Division operated in the shadows within the CIA's Directorate of Operations, conducting missions that were rarely discussed even within the agency itself. After the attacks, the Counterterrorism Center rapidly established its own special activities group, primarily composed of loaned military personnel focused on hunting down terrorists plotting against America.
The elite CIA units regularly undertake extraordinarily dangerous missions, including parachuting into hostile territory, conducting high-risk extractions in terrorist strongholds like Benghazi, Khartoum, and Karachi.
"It's extremely dangerous work,” Kiriakou said, noting that many fallen heroes are honored with anonymous stars on the CIA's Wall of Honor, their ultimate sacrifice known only to God and country.
The post-9/11 atmosphere at the Counterterrorism Center reflected America's new war footing, with office areas nicknamed "Bin Laden Boulevard" and "Hezbollah Highway."
Kiriakou also shed light on the Global Response Staff (GRS), elite security professionals whose job is literally to put their lives on the line for other Americans. Created to protect case officers operating in the world's most dangerous locations. "Your job is to throw your body in front of the other guy so he doesn't get killed,” he told Fischer.
Kiriakou is a former CIA officer who became a prominent whistleblower after https://johnkiriakou.com/about/
the agency's use of torture in interrogations following 9/11. He served in the CIA's Counterterrorism Center and was involved in the capture of high-value terrorist targets, including Abu Zubaydah in Pakistan in 2002. Kiriakou made headlines when he publicly confirmed the CIA's use of waterboarding and other enhanced interrogation techniques, becoming the first former CIA officer to openly discuss the agency's torture program. His revelations led to his prosecution under the Espionage Act, and he served nearly two years in federal prison for allegedly revealing the identity of a covert CIA officer.
The 20-year war in Afghanistan stands as one of the U.S.'s most devastating foreign policy failures, costing taxpayers over $2 trillion and resulting in the deaths of 243,000 people across Afghanistan and Pakistan since 2001, according to https://costsofwar.watson.brown.edu/costs/human
in August 2021. The collapse exposed how two decades of military presence, billions spent training Afghan forces, and countless American lives lost failed to create the stable democracy our leaders promised, leaving many veterans asking whether their sacrifice was in vain.
https://cms.zerohedge.com/users/tyler-durden
Fri, 09/19/2025 - 17:20
https://www.zerohedge.com/political/inside-cia-unit-nobody-dares-talk-about
Nuclear Stocks Surge With Trump's Uranium Enrichment Plan Due Today
Nuclear Stocks Surge With Trump's Uranium Enrichment Plan Due Today
For those wondering why uranium stocks and the entire nuclear complex is exploding higher today, this may have something to do with it. Recall back in May, President Trump https://www.whitehouse.gov/presidential-actions/2025/05/reinvigorating-the-nuclear-industrial-base/
") aimed at reviving America’s nuclear energy sector and reducing dependence on foreign suppliers for uranium and advanced reactor technology.
The sweeping directive, signed on May 23, 2025, laid out an aggressive timeline for federal agencies to produce plans, reports, and policy recommendations—some of which are now coming due this week. Specifically, the order's requirement that the President be given a plan to expand domestic uranium conversion and enrichment capacity within 120 days (from May 23, 2025) is due tomorrow, but since that's a Saturday, it's very likely that the announcement will come some time later today.
The order otherwise emphasized the need to accelerate the United States’ nuclear capabilities in the face of global competition and national security concerns. It tasked the Department of Energy (DOE), in coordination with the Departments of Defense, Transportation, and Labor, among others, with rebuilding the nuclear fuel cycle, expanding uranium enrichment and reprocessing capabilities, and jumpstarting the construction of new nuclear power plants.
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Key deadlines outlined in the order include:
30 days: DOE was required to initiate voluntary agreements with domestic nuclear companies to secure fuel supply chains.
90 days: DOE had to update its uranium management policy, aligning it with national security and energy independence goals.
120 days (this Saturday, September 20, 2025): A plan to expand domestic uranium conversion and enrichment capacity was due, along with steps from the Departments of Labor and Education to boost training and apprenticeships in nuclear energy careers.
240 days: DOE, working with Defense and other agencies, must deliver a comprehensive report to the President. This report is expected to recommend a national policy for managing spent nuclear fuel, evaluate recycling and reprocessing programs, and propose ways to strengthen U.S. nuclear supply chains and waste disposal strategies.
The executive order also set ambitious goals for the industry: adding 5 gigawatts of power uprates to existing reactors and ensuring that 10 new large reactors are under construction by 2030.
The results due this week—particularly the 240-day report—are seen as critical for shaping the nation’s nuclear energy strategy for the next decade. Policymakers, industry leaders, and international observers will be watching closely to see whether the administration’s push translates into actionable steps and sustained investment.
Certainly, the stock market seems to think so today. And we believe that if implemented successfully, the order could mark the most significant federal intervention in the U.S. nuclear industry in decades, aiming to ensure energy independence, strengthen national security, and secure America’s role in the global race for advanced nuclear technology.
https://cms.zerohedge.com/users/tyler-durden
Fri, 09/19/2025 - 11:00
This Is How People Actually Use ChatGPT, According To New Research
This Is How People Actually Use ChatGPT, According To New Research
What do people actually use ChatGPT for?
It’s a question that has lingered since the tool first went viral back in 2022. Now, a https://cdn.openai.com/pdf/a253471f-8260-40c6-a2cc-aa93fe9f142e/economic-research-chatgpt-usage-paper.pdf
sheds light on user behavior by analyzing a sample of 1.1 million messages from active ChatGPT users between May 2024 to July 2025.
The findings, https://www.visualcapitalist.com/cp/how-people-use-chatgpt/
, show that ChatGPT’s core appeal is utility: helping users solve real-world problems, write better, and find information fast.
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How People Use ChatGPT
The table below summarizes the major use categories identified in the study:
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Over 55% of ChatGPT prompts fell into either learning or productivity-related tasks. Users often turn to the chatbot for help understanding concepts, writing emails, summarizing articles, or coding. A wide base of users are using the tool as a digital assistant, tutor, or research aide.
Meanwhile, niche categories like roleplaying and entertainment make up a smaller but meaningful slice. These uses include things like fictional storytelling, game design, and writing fan fiction. Their growth points to ChatGPT’s creative potential beyond functional tasks.
Why This Study Matters
This is the first large-scale analysis that classifies how ChatGPT is actually used, rather than relying on anecdotal evidence or surveys. It also reveals how people across professions—from marketers to software developers—are integrating AI into their daily workflows.
Another key insight? Most people still use the free version of ChatGPT. Only about 10% of the prompts analyzed came from paid users of GPT-4, suggesting that even the free-tier model is driving https://www.visualcapitalist.com/charted-productivity-gains-from-using-ai/
.
Want to see how ChatGPT compares to other AI tools in terms of market share? Check out https://www.voronoiapp.com/technology/ChatGPT-Dominates-AI-Market-Share--6127
on the Voronoi app.
https://cms.zerohedge.com/users/tyler-durden
Fri, 09/19/2025 - 04:15
https://www.zerohedge.com/ai/how-people-actually-use-chatgpt-according-new-research
Watch: Israel's Game-Changing 'Iron Beam' Intercept System Declared Operational
Watch: Israel's Game-Changing 'Iron Beam' Intercept System Declared Operational
The past nearly two years of war in Gaza, and accompanying conflicts from Lebanon to Iran to Yemen - has seen Israel's air defenses work harder than ever. Recent ballistic missile and drone attacks out of Yemen have meanwhile resulted in at least some missiles getting through, even hitting Tel Aviv's Ben Gurion International Airport. Replenishments of Israel's sophisticated anti-air defense layers are extremely expensive as well, which is why starting over a decade ago Tel Aviv began actively developing other means of aerial defense.
The IDF military has just rolled out its new high-powered laser defense system, known as the "Iron Beam". It has passed a final round of testing, announced the defense ministry on Wednesday, and could be ready for active deployment as soon as by close of 2025.
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Developed by the defense company Rafael in partnership with the Defense Ministry and the Israeli Air Force, the Iron Beam was first introduced in 2014.
In some instances, a lower-powered version of the laser has already been used successfully, such as to shoot down drones over Israel's norther amid the war with Hezbollah, Israeli media says.
According to the defense ministry, the system recently went through a series of successful operational tests which lasted several weeks. The Iron Beam is touted as being proven in intercepting rockets, mortars, and drones - only using high-energy laser technology.
The development and battle testing has been led ministry’s Directorate of Defense Research & Development (DDR&D).
Rafael announced upon releasing the below video that together with Israel's Ministry of Defense, it "has completed the final series of trials for the Iron Beam 450, the world’s first operational high-energy laser defense system."
"In these landmark tests, Iron Beam 450 intercepted rockets, mortars, and UAVs with unmatched speed, precision, and near-zero cost per engagement — a breakthrough that sets a new global benchmark in air defense."
Iron Beam 450 Reaches Final Development and Readiness for Delivery
Rafael, together with Israel’s Ministry of Defense, has completed the final series of trials for the Iron Beam 450, the world’s first operational high-energy laser defense system.
In these landmark tests, Iron… https://t.co/fhKrB9rL5i
— Rafael Advanced Defense Systems (@RAFAELdefense) https://twitter.com/RAFAELdefense/status/1968375646716854698?ref_src=twsrc%5Etfw
But there is a big caveat, per the https://www.timesofisrael.com/laser-based-iron-beam-interception-system-declared-operational/
: "The main downside of a laser system is that it does not function well in low visibility, including heavy cloud cover or other inclement weather."
Likely the thinking in Netanyahu's government is that Israel can't get this deployed to the battlefield fast enough - again, given recent developments and headlines like the following: https://www.zerohedge.com/geopolitical/houthi-hypersonic-missile-renders-iron-dome-useless-slams-tel-aviv-area
.
The Houthis have vowed not to stop so long as the IDF military offensive in Gaza persists, and now they are increasingly targeting Israeli airports.
https://cms.zerohedge.com/users/tyler-durden
Fri, 09/19/2025 - 02:45
Did NASA Scientists Discover Possible Evidence Of Ancient Life On Mars?
Did NASA Scientists Discover Possible Evidence Of Ancient Life On Mars?
Evidence collected by NASA's Perseverance Rover, launched to Mars in 2020, suggests the possible existence of ancient life on the Red Planet. The discovery, if verified, would be the first confirmation of life beyond the planet Earth.
After a year if review, scientists believe the leopard spots on rocks observed near a location called the Neretva Vallis river valley (which shows geological signs of large bodies of flowing water) are the potential remains of microscopic organisms. The rover targeted a rock outcropping called the "Bright Angel" formation which proved to be a viable site.
The rover’s science instruments found that the formation’s sedimentary rocks are composed of clay and silt, which, on Earth, are excellent preservers of past microbial life. They also are rich in organic carbon, sulfur, oxidized iron (rust), and phosphorous.
“The combination of chemical compounds we found in the Bright Angel formation could have been a rich source of energy for microbial metabolisms,” said Perseverance scientist Joel Hurowitz of Stony Brook University, “But just because we saw all these compelling chemical signatures in the data didn’t mean we had a potential biosignature. We needed to analyze what that data could mean.”
NASA's team of scientists carefully reviewed the data over the course of a year.
“After a year of review, they have come back and they said, listen, we can’t find another explanation,” said Acting NASA Administrator Sean Duffy. “So this very well could be the clearest sign of life that we’ve ever found on Mars, which is incredibly exciting.”
“The discovery of a potential biosignature, or a feature or signature that could be consistent with biological processes, but that requires further work and study to confirm a biological origin is something that we’re sharing with you all today that grows from years of hard work, dedication and collaboration between over 1,000 scientists and engineers here at the (NASA) Jet Propulsion Laboratory and our partner institutions around the country and internationally,” said Katie Stack Morgan, Perseverance project scientist at JPL, during a news conference Wednesday.
The new announcement Wednesday is the result of a long, https://www.nature.com/articles/s41586-025-09413-0
process and the collection of more data, said lead study author Joel Hurowitz, a planetary scientist at Stony Brook University in New York.
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Similar announcements of possible life on Mars have occurred since the very beginning of exploration. In 1976 the Viking 1 and Viking 2 landers took soil samples which yielded positive readings of microbial activity, but the evidence was later deemed "ambiguous".
In 1996 a team of NASA scientists claimed to have found microscopic fossils of living organisms 4 billion years old in a Mars meteorite, but the data was labeled inconclusive due to suspicions of contamination.
At one time, billions of years ago, Mars may have had very similar environmental and atmospheric conditions to the Earth, with all the necessary ingredients to feed living organisms. The long running theory is that Mars lost it's magnetic field and solar winds destroyed it's atmosphere, though this claim remains unproven. The events that led to Mars becoming a vast scorched red desert are still a mystery.
https://cms.zerohedge.com/users/tyler-durden
Thu, 09/18/2025 - 23:00
https://www.zerohedge.com/technology/nasa-scientists-discover-possible-evidence-ancient-life-mars
Leading Hamas Official Targeted In Israel's Qatar Strike Appears Alive & Well On Al Jazeera
Leading Hamas Official Targeted In Israel's Qatar Strike Appears Alive & Well On Al Jazeera
A top Hamas official who was directly targeted by Israel during its September 9 strike on a residential compound in Doha, Qatar has appeared on Al Jazeera for the first time since surviving the attack.
Ghazi Hamad was one of the prime targets of the assassination attempt last week, but he appeared alive and well during the Al Jazeera broadcast on Wednesday evening.
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"Hamad is the second Hamas official to be interviewed since the strike, following a similar interview earlier this week with Taher al-Nunu, who was not among the targets," writes https://www.newsmax.com/globaltalk/hamas-ghazi-hamad-interview/2025/09/18/id/1226851/
.
Hamad in his fresh remarks paints a picture of being lured to the Doha compound specifically to consider a new US-backed peace proposal for Gaza, describing of his entourage, "We were sitting to discuss the American proposal to end the war. Less than an hour later, we heard explosions and immediately realized it was an assassination attempt."
He continued, "As residents of Gaza, we recognize these sounds. We tried to flee the area as quickly as possible – and we succeeded." According to https://www.barrons.com/news/hamas-official-ghazi-hamad-appears-on-al-jazeera-after-israel-strike-on-doha-413300e9
:
"The rockets came down consecutively, without a pause, around 12 missiles in less than a minute," he added, saying the group "learned with complete certainty that it is an Israeli attack".
Some officials, and even Israeli media reports, have called the risky strike a 'failure'. Though five Hamas officials (and a Qatari security guard) were killed, there are reports that Netanyahu's intelligence officials fiercely opposed the plan - and that they didn't get their main targets.
Ghazi Hamad, a top Hamas official, appeared on Wednesday in a live interview broadcast by Al Jazeera, in the first appearance by a Hamas leader since the Israeli attack on Doha on 9 September. https://t.co/BjWnNY16nk
— Middle East Eye (@MiddleEastEye) https://twitter.com/MiddleEastEye/status/1968646010613141827?ref_src=twsrc%5Etfw
Instead of a more localized covert operation, Israeli jets had fired long-range missiles all the way from the https://www.wsj.com/world/middle-east/how-israels-audacious-qatar-strike-left-trump-little-time-to-object-c2369608?gaa_at=eafs&gaa_n=ASWzDAiLoJ2WLqfouNN-Yft7XB6qfvjy3fZa6iBER9A9eGIcoKRX2hNTz1GAhoLAAbE%3D&gaa_ts=68cc2096&gaa_sig=CVWBkYwU-gmN0yODj80xQL5JOVXl1hrWwb0nQRUuY3GEqSSTqdNSFFLzB1FzpyGdmoEZI4inrPoByNkpOg9iig%3D%3D
:
As Israeli war planners plotted a secret strike on Hamas political leaders in Qatar, they chose a plan that enabled them to attack quickly and limited the opportunity for the U.S. to object.
The operation, which was carried out Tuesday, relied on warplanes that fired long range missiles, avoided the airspace of Arab countries and left the Trump administration in the dark until the last moments.
Israeli jet fighters, eight F-15s and four F-35s, flew to the Red Sea, on the opposite side of the Arabian Peninsula from Qatar. From there, some of the planes fired the air-launched ballistic missiles into space over Saudi Arabia at Doha, several U.S. officials said.
Israeli media has also suggested that the force of the warheads on the missiles were intentionally limited, to prevent civilians deaths and not anger Qatar too much, allowing other targeted leaders like Hamad to survive.
Trump has been expressing anger at the Israeli government over the attack on US ally Qatar, but some have said he could be feigning frustration, and that the US may have actually greenlighted it...
Raging Trump 'declared Netanyahu "is f***ing me" after Israel carried out Qatar attack' and 'is very frustrated by his handling of Gaza'https://t.co/HOEZBM6R2U
— EndGameWW3 🇺🇸 (@EndGameWW3) https://twitter.com/EndGameWW3/status/1968677048462823470?ref_src=twsrc%5Etfw
Interestingly, Hamad also said in the interview that "We are not afraid of Trump's threats to unleash hell upon us" - and that "We do not take orders from him on how to treat enemy prisoners. We treat them according to our own methods." and according to our religion."
https://cms.zerohedge.com/users/tyler-durden
Thu, 09/18/2025 - 16:40
Trump Files Emergency Request With Supreme Court To Make Lisa Cook Fired Again
Trump Files Emergency Request With Supreme Court To Make Lisa Cook Fired Again
The Trump administration filed an emergency request with the Supreme Court on Thursday to allow it to remove Federal Reserve Governor Lisa Cook from the central bank's board while a lawsuit plays out in lower court over Cook's ouster by President Trump last month.
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The request comes after a federal appeals court in Washington DC rejected the administration's attempt to remove an order blocking Cook's removal in a 2-1 decision the night before the Fed's meeting earlier this week.
"This application involves yet another case of improper judicial interference with the President’s removal authority — here, interference with the President’s authority to remove members of the Federal Reserve Board of Governors for cause," wrote the administration’s lawyer, Solicitor General John Sauer.
According to court filings, the Trump administration maintains that Cook committed mortgage fraud based on evidence provided by Federal Housing Finance Agency director Bill Pulte - which showed that Cook claimed two properties as her primary residence within weeks of each other.
On Aug. 25, Trump announced that he was firing Cook from the seven-member Fed Board. Cook sued in response, resulting in a federal district court on Sept. 9 barring her removal while the suit plays out - which the appeals court upheld.
Sauer says that the Supreme Court, for various reasons, should stay the district court judge's preliminary injunction reinstating Cook to the Fed, claiming that the DOJ is likely to prevail in the lawsuit "because Cook lacks a Fifth Amendment property interest in her continued service as a Governor of the Federal Reserve System," and her job is not protected by due process considerations.
Sauer also disputed the judge's alternative finding that Cook's firing "for cause" was invalid because the alleged conduct occurred before she was appointed to the Fed.
"The Federal Reserve Act’s broad ‘for cause’ provision rules out removal for no reason at all, or for policy disagreement," he wrote, adding "But so long as the President identifies a cause, the determination of ‘some cause relating to the conduct, ability, fitness, or competence of the officer’ is within the President’s unreviewable discretion."
"Cook had made contradictory representations in two mortgage agreements a short time apart, claiming that both a property in Michigan and a property in Georgia would simultaneously serve as her principal residence," Sauer continued. "Each mortgage agreement described the representation as material to the lender, reflecting the reality that lenders usually offer lower interest rates for principal-residence mortgages because they view such mortgages as less risky."
"When her apparent misconduct came to light, the President determined that Cook’s ‘deceitful and potentially criminal conduct in a financial matter’ renders her unfit to continue serving on the Federal Reserve Board, and at a minimum demonstrates ‘the sort of gross negligence in financial transactions that calls into question [her] competence and trustworthiness as a financial regulator."
Sauer also says that the district court judge "lacked authority to order reinstatement as an equitable remedy for the removal of an officer of the United States, as we have discussed in several recent stay applications."
Cook has denied wrongdoing, and has argued that unproven allegations are not sufficient grounds for removing the Biden appointee.
https://cms.zerohedge.com/users/tyler-durden
Thu, 09/18/2025 - 12:25
The Dangerous Myth Of Managing Earth's Climate
The Dangerous Myth Of Managing Earth's Climate
https://resourceinsights.blogspot.com/2025/09/the-myth-of-managing-biosphere.html
https://www.newscientist.com/article/2494279-is-earths-climate-in-a-state-of-termination-shock/
has reminded me that it is a myth that humans, if they are wise and clever enough, can learn to "manage" the biosphere.
?itok=__40Cwwr
The piece is about the unfortunate trade-off between pollution reduction and global warming. It has been known for some time that successful efforts to reduce air pollution have resulted in fewer particles in the atmosphere, particles that reflect sunlight back into space. This reduction has actually accelerated global warming even as it has improved air quality and reduced illness and death.
The warning in the New Scientist piece comes from imagining a scenario in which world governments somehow agree on global action to curb warming climate by "spraying reflective particles into the stratosphere that dim the sun. The strategy works: temperatures at ground level stabilise, and life goes on as normal despite escalating carbon dioxide concentrations in the atmosphere."
But then in 2050:
[S]omething goes wrong. The spray guns break down, the money runs out, a pandemic hits or a global war disrupts operations. Whatever the case, the planet starts to heat up, fast, as years of pent-up emissions kick into effect. Ecosystems can’t cope, wildlife perishes en masse, societal chaos ensues.
The phenomenon is called "termination shock."
The piece explains that we've been experiencing something like a termination shock because efforts in the last two decades to reduce air pollution have been so successful. The result has been temperature warming faster than anticipated, unexpected regional changes such as increases in tropical cyclones, and increased monsoons responsible for greater flooding. One researcher said that effects of a termination shock caused by a sudden cessation of worldwide program that inserts large amounts of reflective particles in the atmosphere would be much worse than what we are seeing today.
Read the entire piece New Scientist for the complete list of horribles.
Having recently re-read James Lovelock's https://www.oup.com.au/books/higher-education/science/9780198784883-gaia
I was reminded of some key points he makes about attempts to manage the biosphere.
Before getting to those points, for those who are unfamiliar with Lovelock and his Gaia Theory, it goes something like this: The Earth can be seen as a single organism using its natural processes that involve both living and nonliving materials to maintain conditions favorable to life. He calls this system Gaia after the Greek goddess of the Earth.
(I can recommend the book which is highly readable for the layperson.)
Lovelock's key points for my purposes here are that humans are a part of this Gaian system just like all other Earthly beings and that we have our role to play in keeping conditions favorable to life. The idea that humans could manage such a complex system is almost laughable to Lovelock who notes:
There can be no prescription, no set of values, for living within Gaia. For each of our different actions there are only consequences.
Earlier in the book Lovelock states:
Each time we significantly alter part of some natural process of regulation or introduce some new source of energy or information, we are increasing the probability that one of these changes will weaken the stability of the entire system, by cutting down the variety of response.
Two possible negative outcomes he mentions are runaway positive feedback and sustained oscillation.
Runaway positive feedback could over time move Earth's climate permanently into one resembling that of Venus where surface temperatures can melt lead.
Sustained oscillation could cause the Earth to cycle quickly between an ice age climate and a tropical one.
Lovelock notes that modern peoples live mostly in cities and so focus on solving problems that arise between individual people and between people and the urban institutions they create, not the problems that arise between people and the natural world they inhabit.
This puts humans at an increasing disadvantage in attempting to determine how best to live within Gaia over the long term.
Views expressed in this article are opinions of the author and do not necessarily reflect the views of ZeroHedge.
https://cms.zerohedge.com/users/tyler-durden
Thu, 09/18/2025 - 03:30
https://www.zerohedge.com/geopolitical/dangerous-myth-managing-earths-climate
The Scouring Of The American Middle Class
The Scouring Of The American Middle Class
https://mises.org/mises-wire/scouring-american-middle-class
The war of words between President Donald Trump and Fed Chairman Jerome Powell has been revealed as largely histrionic. Like their predecessors—Richard Nixon and Arthur Burns—over 50 years ago, Trump and Powell have been acting out a performative charade regarding when and to what extent artificially low interest rates should go even lower in the midst of persistent inflation. The supposed sparring between Trump and Powell merely guarantees the result both want—more easy money.
In a recent speech at the obnoxious Jackson Hole symposium, Powell incredibly stated that current monetary policy was “restrictive.” He followed that up with veritable chum for easy money sharks: “…the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance.”
Translation: the Fed intends to resume cutting interest rates at the next September meeting. Per the online betting marketplace Kalshi, the https://kalshi.com/markets/kxfeddecision/fed-meeting
of a September rate cut immediately shot up from 59 percent to 81 percent. But whether or not Powell and the Fed cut rates in September is almost irrelevant. One need only open his eyes to see the matter clearly.
.jpg?itok=526RJJxW
Money Everywhere
As of this writing, US stock markets are at all-time highs, with valuations (as measured by the https://www.multpl.com/shiller-pe
in July, meaning that investors are taking loans to speculate in stocks while ignoring the magnified risk therein.
Junk bonds—a euphemism for sub-prime corporate debt—trade at https://archive.ph/FecJa
. In other words, investors in the risky debt of poorly performing companies are willing to accept pitifully meager returns in exchange for excessive credit risk.
The junkiest bonds of all—US Treasuries—yield essentially zero when a realistic measure of price inflation is used as the discount rate. Poorly performing companies at least have a product to offer. The US government, on the other hand, revels in the devaluation of the instrument—the US dollar—with which it pays its debts. For investors in US sovereign bonds, default and repayment are functionally indistinguishable.
https://fred.stlouisfed.org/series/CSUSHPINSA
by home price inflation, which is leading to muted and delayed family formation.
The https://fred.stlouisfed.org/series/M2SL
(“PPI”)—a measure of wholesale price inflation—showed an annualized month-over-month reading of a whopping 11.5 percent.
The True Cost of Cheap Money
In the midst of this rapidly-inflating asset market and the undeniably loose monetary conditions fostered by the US government and the Fed, it behooves the rational observer to ask not just the obvious cui bono questions, but who foots the bill for this policy? Cui malo? The answer is that the average American, or the “middle class,” is the host on which the easy money parasite feeds.
Since 2008, government statistics suggest that median https://fred.stlouisfed.org/series/LES1252881500Q
have risen at an average annual pace of 3.0 percent, compared to 2.3 percent for CPI over the same period. This indicates that real wages have increased by a meager 0.7 percent annually over that timeframe. But in surveying the major expense categories for average Americans, has anything increased by only 2.3 percent per year over that period?
Apartment https://ipropertymanagement.com/research/average-rent-by-year
—basic staples of a healthy diet—are up 6.8 percent and roughly 5.0 percent (depending on the type of beef) annually, respectively.
Based on the latest available data, the average cost for a https://gogocharters.com/blog/average-vacation-cost/
in the country. As a result, middle class families have a choice—enjoy a family trip and drain the savings account, or skip the leisure and keep the thinnest sliver of financial cushion in case of emergency.
In the background, the federal government continues to spend and borrow like a deranged madman, ensuring ever more inflation and dollar debasement in the future. The Trump administration is well on its way to a https://bipartisanpolicy.org/report/deficit-tracker/
this fiscal year and a $44 trillion debt balance by the time Trump leaves office in early 2029.
This dynamic is not a real problem for the asset-rich, but for the middle class it is an unrelenting pressure. Lacking assets and the resources to acquire them—recall that the median savings balance is $8,000—average Americans face the prospect of falling further behind as inflation tenaciously undermines their quality of life. In a desperate effort to keep up, many have turned to borrowing and then speculating in asset markets with the proceeds.
This toxic combination of leverage, lack of investment risk awareness, and the need to “stretch for yield” in the absence of sufficient savings rates has already led to widespread wealth destruction for average Americans. In the apartment investment market, for example, mom-and-pop investors have lost tens of billions of dollars in equity. After soliciting those funds, unscrupulous “syndicators” combined them with risky bridge loans to buy swaths of apartment properties which immediately https://mises.org/mises-wire/are-apartment-syndicators-incompetent-or-crooked-answer-yes
in value when short-term interest rates began increasing in 2022. Other asset markets are in similarly perilous shape, and the average American investor does not have the benefit of a US Treasury bailout. In fact, any bailout will be at their expense.
The Long Con
At this stage, there is little that can be done to avoid a reckoning, but—contrary to popular belief—it is unlikely to take the form of a distinct, sudden crash. Rather, we are in the middle of that reckoning now—a slow and continuous degradation of life quality for the majority of the population.
Much like the similar, gradual-but-undeniable collapse of Britain over the course of the 20th century, the result of this process is a society increasingly devoid of productive virtue, with a contempt for individual freedom. In their place will continue to grow a pernicious central state apparatus obsessed with warfare, “social justice” for https://www.whitehouse.gov/fact-sheets/2025/01/fact-sheet-president-donald-j-trump-takes-forceful-and-unprecedented-steps-to-combat-anti-semitism/
.
The robbery of the middle class by the political class is not accidental. It is the inevitable corollary of inflation, a policy willfully chosen by the state.
https://cms.zerohedge.com/users/tyler-durden
Wed, 09/17/2025 - 22:35
https://www.zerohedge.com/personal-finance/scouring-american-middle-class
Newsom Folds, Greenlights Domestic Oil Production In California
Newsom Folds, Greenlights Domestic Oil Production In California
Amid California’s worsening affordability crisis and warnings of a 75-percent price increase at the gas pump, state legislators over the weekend sent a package of bills aimed at tackling energy costs, fuel supply, and pollution to Gov. Gavin Newsom’s desk.
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Newsom announced the deal with state lawmakers last week, and the two chambers extended their session through Saturday to finalize last-minute negotiations before the Legislature adjourns until January.
“After months of hard work with the Legislature, we have agreed to historic reforms that will save money on your electric bills, stabilize gas supply, and slash toxic air pollution—all while fast-tracking California’s transition to a clean, green job-creating economy,” Newsom said in a statement.
Among them is SB 237, which will clear the way for drilling in the state’s Central Valley, home to the state’s largest oil reserves and by far its greatest producer, after legal battles and regulatory restrictions brought production to a grinding halt and sent refineries packing.
By certifying a Kern County Environmental Impact Report (EIR) that has been tied up in litigation for at least a decade, thus temporarily exempting drilling from environmental review, the bill paves the way for approval of up to 2,000 new well drilling permits annually.
Bipartisan support for the measure comes weeks after state agencies https://www.theepochtimes.com/us/facing-impending-crisis-california-lawmakers-pivot-on-fossil-fuels-5905074
lawmakers on California’s impending crisis as mismatched supply and demand threaten to tank a critical phase in its transition to carbon neutrality.
Newsom in April asked the agencies to work with refiners to confront the gap between his climate goals and the reality that demand for transportation fuels is not decreasing as fast as hoped.
It’s an about-face from Newsom’s hardline stance on decarbonization, catalyzed in part by the departure of two refineries and the threat of infrastructure collapse as pipeline capacity reaches critically low levels, and as the state increasingly relies on imported fuel from foreign nations.
Newsom and California Attorney General Rob Bonta in 2023 https://www.gov.ca.gov/wp-content/uploads/2023/09/FINAL-9-15-COMPLAINT.pdf
the state’s biggest oil producers for causing or contributing to “climate change-related harms,” including extreme drought, flooding, and wildfires. The case is ongoing.
“I want to thank the Governor for being willing to listen, and to understand the situation that we have before us. And his courage to act immediately to stabilize fuel prices for all Californians,” Republican state Sen. Shannon Grove, who represents Kern County, said on the Senate floor on Saturday.
“Californians cannot afford $10-a-gallon gas,” Grove, who has long pushed to loosen restrictions on production in her district, said in a statement last week. “It’s time to unleash Kern County producers to meet our state’s energy needs with affordable, locally produced oil for Californians by Californians.”
Course Correction
In the Assembly, many Democrats framed the bill as a painful compromise to stave off economic crisis.
“I’m keenly aware of the damage refinery closures can have on a community,” Assemblymember Lori Wilson said during the floor session. Wilson, a Democrat, represents the city of Benicia, home to a Valero refinery that announced it will close by the end of next year.
A Phillips 66 refinery in Los Angeles also announced in October 2024 that it would close by the end of this year, and six refineries have closed since 2008, two of them converting to renewable diesel. Operators have cited high operating costs and punishing state regulations as reasons for leaving; last year, the state https://www.theepochtimes.com/us/facing-impending-crisis-california-lawmakers-pivot-on-fossil-fuels-5905074
Valero $82 million for air pollution violations at its Benicia facility.
“This closure will impact our union workers resulting in the loss of $1.6 billion in employee compensation, distress the finances of local governments that will take years to recover, and cost our community $400 million annually in additional economic activity for our local businesses and nonprofits,” Wilson said of the Valero closure.
While the bill won’t help her local refinery directly, Wilson said increasing domestic production of crude oil and lowering imports will help stabilize the market, create and save jobs, and prevent price spikes caused by international market volatility.
Assemblymember Gregg Hart, a Democrat, lauded the final bill for increasing restrictions on offshore drilling, while streamlining permitting for onshore production.
“Together these measures reflect a balanced approach,” he said. “Offshore, we’re tightening oversight to prevent irreparable harm to our coast; onshore, we’re ending 10 years of CEQA litigation and imposing measures and strong setbacks to allow Kern County to manage oil production more efficiently.”
In an Aug. 20 presentation to lawmakers, state agencies acknowledged that the decline in California’s crude supply relative to demand from in-state refineries is in large part a result of the Kern County CEQA litigation that has stalled well permitting in the state’s fossil fuel mecca.
California has some of the highest concentrations of recoverable oil in the world—and also the most stringent oil and gas regulations in the country. Its carbon-rich, heavy crude is refined into finished products, such as gasoline, diesel, and jet fuel, blended into special mixes that adhere to strict environmental standards.
As pipelines carrying Kern County crude to refineries in Northern and Southern California approach critically low levels, the state is aiming to stabilize levels at around 30 percent of overall consumption in order to prevent further closures.
‘Huge Step Backward’
Assemblymembers Alex Lee and Tasha Boerner, both Democrats, were among four “no” votes, calling the bill a “regulatory giveaway to Big Oil,” and a “huge step backward” in the state’s efforts to protect vulnerable communities and workers, respectively.
“Like the dinosaurs that they process into petroleum oil, the fossil fuel industry is a dinosaur. It is dying out, and refineries and facilities are closing not just in California but in Texas and across the world,” Lee said.
He proposed legislators should instead be concerned with “true affordability” and with the workers and communities that will be left to clean up when producers leave as demand inevitably continues to fall.
Democratic Assemblymember Carl DeMaio said he “struggled” with the bill because it doesn’t go far enough to ensure affordable energy supply but represents a “compromise” that tries to balance competing perspectives.
“My hope is we can do better next year,” he said.
Assemblymember Isaac Bryan, also a Democrat, acknowledged the threat of volatility created by mismatched supply and demand, but framed his support as a temporary compromise that meets the moment.
“When the governor first announced his proposal, we didn’t just take it at face value, we pushed back,” Bryan said. “The idea of exempting oil drilling from CEQA was insane to men ... but we recognized the pragmatic approach to looking at this problem and needing to find some sort of balance to manage our decline.”
Democratic Assemblymember David Alvarez acknowledged that the bill represents a “course correction” for Democrats, after years of pushing rapid decarbonization.
“This approach we’ve been taking is not the exact right path, and that’s OK,” he said. “It’s a recognition that the utilization of oil is something that’s still necessary ... and unfortunately for many people in the state like communities I represent, they cannot afford the transition, because they cannot afford to buy a new vehicle that is nonreliant on gasoline—that is a reality.”
For Grove, bipartisan support for the bill was a gratifying culmination of years of work trying to push back against what she characterized as a suffocating policy that put her constituents at risk.
“This issue is very close to my heart,” Grove said, noting that when she was first elected to the State Assembly in 2010, 3,000 new drill permits were issued and average gas prices hovered around $3.12 a gallon. “Jobs were abundant, families were buying their first home or forever home, nonprofits were funded, my district was thriving.”
But in the past three years, she added, fewer than 87 new drill permits were approved.
“As these permits dried up over the years, thousands of my constituents lost great jobs. ... They lost homes, moved away, chased industry to ... other locations,” she said.
Democratic state Sen. Jerry McNerney, meanwhile, stressed the ultimate goal of the compromise: “If we don’t keep gas prices affordable, we will lose public support, and in doing so, we will lose the fight against climate change.”
In a press https://www.youtube.com/live/ddjxseIlDbU
with Grove after the Senate passed AB237, retired Kern County Planning Commissioner Lorelei Oviatt said county leaders were excited that 15 years of work that went into creating the EIR was coming to fruition.
“This is an important step at stabilizing our gas prices and actually engaging in a long-term conversation of this relationship between clean energy—and Kern County is at the center of that as well—clean energy and demand for fossil fuels,” Oviatt said.
Grove noted the EIR assures mitigations that will result in a zero net carbon increase, “so whatever we put in to pull the oil out, there is no increase in our carbon output,” and that Kern County not only produces 80 percent of the state’s oil and gas but also nearly 60 percent of its wind and solar, and more than 80 percent of its battery storage.
“We are the solution, not the problem,” she said of Kern County.
Other bills in the package aim to increase climate credits on consumer utility bills, expand California’s regional power grid, and improve utility wildfire oversight, as well as expand the state’s Cap-and-Trade program to 2045 and increase air pollution monitoring.
In a statement on Sept. 10, environmental justice and health organizations criticized the governor and legislative leadership for watering down protections in amended versions of the bills.
“The Legislature is also set to approve massive CEQA exemptions for oil extraction in Kern County based on the oil industry’s word but with no guarantee that this will reduce gas prices or ensure stable fuel supply,” the organizations said.
“Once again, these bills continue to make [environmental justice] communities into sacrifice zones for the benefit of industry profit. We are disappointed by the status of these bills and demand that the Legislature and Governor Newsom do more to protect the most vulnerable communities in California.”
Oviatt said the issue would require stakeholders to continue to have “deep, thoughtful conversations,” but added, “first, the consumers need to know that they can get to work and they can pay their electric bills without having to remortgage the house.”
Newsom, who has already approved the package, has until Oct. 13 to sign the bills into law.
https://cms.zerohedge.com/users/tyler-durden
Wed, 09/17/2025 - 19:15
https://www.zerohedge.com/political/newsom-folds-greenlights-domestic-oil-production-california
Rubio Says US Visa Revocations Underway After Charlie Kirk Death Celebrations
Rubio Says US Visa Revocations Underway After Charlie Kirk Death Celebrations
Secretary of State Marco Rubio said that foreign nationals who made celebratory comments over Charlie Kirk’s assassination will have their U.S. visas revoked, adding that the process is “underway.”
“America will not host foreigners who celebrate the death of our fellow citizens,” Rubio wrote in a https://x.com/SecRubio/status/1967784061721776521
on X Monday.
“Visa revocations are under way. If you are here on a visa and cheering on the public assassination of a political figure, prepare to be deported.”
Kirk was shot and killed at Utah Valley University on Sept. 10 while he was speaking at a campus event. Prosecutors on Tuesday announced charges including capital aggravated murder, witness tampering, obstruction of justice, and more against Tyler Robinson, a 22-year-old Utah man who was arrested last week.
?itok=Nerd1nmj
In an interview with Fox News on Monday, Rubio confirmed that the State Department will not grant visas to people who celebrated Kirk’s death and said that people who have U.S. visas will have their status revoked.
“We are not in the business of inviting people to visit our country who are going to be involved in negative and destructive, okay,” Rubio told the outlet.
“If I invite someone, if we invite someone to visit the United States of America, as a student, as a tourist, as whatever, then the standard they should be held to is very high.”
Some social media users and influencers have made comments celebrating the Turning Point USA founder’s death, and some have been subsequently fired or suspended. Those include university employees, airline pilots, teachers, and doctors.
An organization called the Charlie Kirk Data Foundation has https://x.com/forcharliekirk1
that it has compiled more than 63,000 “data entries” in connection to an effort to compile those users.
On Monday, Vice President JD Vance said that people who have made statements celebrating his assassination should be fired from their jobs.
“Call their employer. We don’t believe in political violence, but we do believe in civility, and there is no civility in the celebration of political assassination,” Vance said as he hosted Kirk’s podcast.
Last week, a State Department official https://www.theepochtimes.com/us/us-state-department-warns-visa-holders-against-cheering-charlie-kirks-assassination-5913608
that X users should inform the department about any visa holders making celebratory remarks online.
“I have been disgusted to see some on social media praising, rationalizing, or making light of the event, and have directed our consular officials to undertake appropriate action,” Deputy Secretary of State Christopher Landau https://x.com/DeputySecState/status/1966114506116927972
in a statement on X last week.
Other Trump administration officials have signaled that the federal government may go after left-wing groups, NGOs, and their funding sources in the wake of Kirk’s death.
Earlier this year, the State Department ordered U.S. Embassies to pause new student visa interviews, namely in relation to social media screening, an official https://www.theepochtimes.com/us/us-imposes-visa-restrictions-on-officials-alleging-ties-to-cubas-labor-export-scheme-5901126
The Epoch Times at the time.
“We take very seriously the process of vetting who it is that comes into the country,” State Department spokeswoman Tammy Bruce told reporters in May.
And in August, the Trump administration https://www.theepochtimes.com/epochtv/all-55-million-us-visa-holders-will-be-investigated-5905460
it would look into all 55 million visa holders in the United States.
https://cms.zerohedge.com/users/tyler-durden
Wed, 09/17/2025 - 17:00
'Eastern Sentry': The New NATO Initiative To Protect The Eastern Flank
'Eastern Sentry': The New NATO Initiative To Protect The Eastern Flank
Some eight NATO allies have prepared operation 'Eastern Sentry' following https://www.zerohedge.com/geopolitical/poland-triggers-article-4-after-nato-jets-engaged-russian-drones-allied-airspace
of Poland. It is a new joint military mission to bolster defense of Europe's eastern flank, also after Romania had more recently reported a Russian drone incursion, resulting in the scrambling of fighter jets to track it.
"Following the Russian drone incursions into Poland, I have decided to deploy three Rafale fighter jets to contribute to the protection of Polish airspace and of NATO’s Eastern Flank together with our Allies," President Emmanuel Macron announced on X this week. Along with France, the effort includes the UK, Italy, Sweden, Germany, Denmark, Spain, and The Netherlands. More nations are expected to join.
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UK Prime Minister Keir Starmer has confirmed that his country will deploy Royal Air Force jets to Poland, while Italy will contribute two Eurofighter jets, and Germany has readied four Eurofighters. Denmark will also sent jets, and Czech Mi-171S helicopters have also arrived in Poland. Over 150 NATO troops have also initially arrived along with the equipment.
Meanwhile, eastern European and Baltic countries are already calling for more, https://www.newsmax.com/globaltalk/latvia-nato-anti-drone-defense-systems/2025/09/16/id/1226556/
:
Anti-drone defense systems in NATO countries still need to be developed, Latvia's President Edgars Rinkevics told a press conference on Tuesday.
NATO on Friday launched "Eastern Sentry," a new military mission to bolster defense of Europe's eastern flank in response to Russian drone incursions into Polish airspace last week.
The Washington Post https://www.washingtonpost.com/world/2025/09/15/poland-ukraine-russia-no-fly-zone/
on Monday, "The incident raised serious questions about the alliance’s readiness to counter the relatively cheap, highly maneuverable but devastatingly destructive unmanned aerial vehicles that have redefined modern warfare since Russia’s full-scale invasion of Ukraine in 2022."
Additionally, in a Monday https://www.faz.net/aktuell/politik/ukraine/sikorski-sollten-ueber-flugverbotszone-in-der-ukraine-nachdenken-accg-110684693.html
, Polish Foreign Minister Radoslaw Sikorski called on NATO countries to impose a no-fly zone over Ukraine.
"We as NATO and the EU could be capable of doing this, but it is not a decision that Poland can make alone; it can only be made with its allies," he said.
NATO must impose no-fly zone over Ukraine to protect from Russian drones, Poland says https://t.co/PsN1hGajye
— New York Post (@nypost) https://twitter.com/nypost/status/1967707429883285670?ref_src=twsrc%5Etfw
"Protection for our population — for example, from falling debris — would naturally be greater if we could combat drones and other flying objects beyond our national territory … If Ukraine were to ask us to shoot them down over its territory, that would be advantageous for us. If you ask me personally, we should consider it," he added.
The Kremlin has essentially https://www.zerohedge.com/geopolitical/western-countries-downing-russian-drones-over-ukraine-will-mean-war-nato-medvedev
'idiotic' and has made clear this would assure a direct Russia-NATO clash, likely leading to WW3. Much will depend on what Washington says, and its own potential role in 'Eastern Sentry'.
https://cms.zerohedge.com/users/tyler-durden
Wed, 09/17/2025 - 04:15
https://www.zerohedge.com/geopolitical/eastern-sentry-new-nato-initiative-protect-eastern-flank
NY Judge Tosses Terrorism Charges Against Luigi Mangione, Murder Count Stands; Democrats Cheer In Streets
NY Judge Tosses Terrorism Charges Against Luigi Mangione, Murder Count Stands; Democrats Cheer In Streets
A New York state judge just moments ago dismissed terrorism charges against https://www.zerohedge.com/political/person-interest-nyc-assassination-being-questioned-police-pa
in the state's case over the late 2024 killing of UnitedHealthcare CEO Brian Thompson, but kept second-degree murder charges in place.
Luigi Mangione has arrived for his New York State Court Hearing. https://t.co/xoOhziXAhb
— prosper (@prosperluigi) https://twitter.com/prosperluigi/status/1967943910782800224?ref_src=twsrc%5Etfw
New York Judge Gregory Carro ruled that although Mangione's actions were ideologically motivated, New York law requires proof of intent to intimidate or coerce a civilian population for terrorism charges, which prosecutors failed to present.
Carro ruled that prosecutors presented "legally sufficient evidence of all other counts, including Murder in the Second Degree." Mangione has pleaded not guilty to the rest of the charges.
This was the first time in five months that Mangione, a 27-year-old Ivy League graduate from Baltimore, Maryland, returned to a Manhattan courtroom.
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Mangione's "intentions were obvious from his acts, but his writings serve to make those intentions explicit," prosecutors wrote in a recent filing, adding that the writings "convey one clear message: that the murder of Brian Thompson was intended to bring about revolutionary change to the healthcare industry."
Law enforcement indicates the words "delay," "deny," and "depose" that were etched into the bullet casings, echoing a phrase commonly used to describe how major insurance companies avoid paying claims.
Mangione has remained in custody at a Brooklyn jail since his arrest, about five days after the December 4 killing of Thompson.
Mangione has developed a cult-like following within the Democratic Party, which conservative activists such as Charlie Kirk have long warned is a symptom of normalizing and spreading "assassination culture."
🚨 NOW: People are cheering and hugging in reaction to Luigi Mangione having his terrorism charges dropped. The murder count will stand.
"Free Luigi!"
They want him to be released, and view him as a hero. We have massive issues as a country. https://t.co/6OQlv8cEKo
— Eric Daugherty (@EricLDaugh) https://twitter.com/EricLDaugh/status/1967947931849543769?ref_src=twsrc%5Etfw
Kirk was assassinated last week by what appears to be a "radical left, Antifa-adjacent creep" who also etched revolutionary terminology into bullet casings, including the word "Fascists."
The radicalization timeline of Mangione should be scrutinized, including whether the https://www.zerohedge.com/political/elite-woke-maryland-private-school-asks-young-students-about-gender-and-if-they-had-oral
or the University of Pennsylvania played any role in shaping his leftist ideology.
https://cms.zerohedge.com/users/tyler-durden
Tue, 09/16/2025 - 10:25
Ground Beef Inflation Sizzles, Egg Prices Cool Off
Ground Beef Inflation Sizzles, Egg Prices Cool Off
The best bang for the buck in the grocery store protein aisle this year hasn't been beef, it's been eggs. Prices have plummeted thanks to President Trump's swift action to fix the Biden-Harris regime's botched bird flu culling disaster. By contrast, ground beef has surged to a record $6.32 per pound, squeezed by the smallest US cattle herd in decades, with a bleak outlook despite some signs of a rebuilding phase nearing.
Here's more from Bloomberg:
For more than a year, egg prices have served as the poster child for the higher cost of living in the US. That distinction may soon move over to the beef market, said Darin Parker, president of global meat trader Parker-Migliorini International Llc. Parker warns that Americans will keep paying more for burgers as restrictions on Brazilian imports further squeeze already tight domestic supplies. Indeed, one measure of US retail prices shows that ground beef has climbed more than 10% since January, while eggs dropped nearly 30%.
Beef inflation is sticky, while egg prices have cooled.
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Egg prices are back to pre-crisis levels.
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Meanwhile.
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Related:
https://www.zerohedge.com/food/got-beef-12-year-cycle-signals-cyclical-low
https://www.zerohedge.com/markets/major-turning-point-american-ranchers-herd-rebuild-underway
The next cattle herd rebuild cycle must bring small, family-run ranchers back into the fold if America wants a resilient domestic beef supply.
https://store.zerohedge.com/rancher-direct-clean-food/
Supporting independent journalism goes hand in hand with supporting independent ranchers - both make this nation stronger.
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Tue, 09/16/2025 - 06:55
https://www.zerohedge.com/food/ground-beef-inflation-sizzles-egg-prices-cool
Influence Operation? The EU Paid-Off €600,000 To Friendly Media Outlets Right After European Elections
Influence Operation? The EU Paid-Off €600,000 To Friendly Media Outlets Right After European Elections
While the European Union likes to throw out terms like “misinformation,” “disinformation,” and “influence campaigns,” the reality is that the EU is pumping millions into influencing public opinion itself. The difference is just that when Brussels does it, it is not supposed to be propaganda.
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One European politician, MEP Petr Bystron, has revealed that the EU commission has provided Financial support to the American investigative network Organized Crime and Corruption Reporting Project (OCCRP) right after the 2024 EU elections. Major German news outlets like Spiegel, Zeit, and Süddeutsche Zeitung belong to the group, which is the world’s largest network of investigative media.
These outlets are known for their hit pieces on conservative and right-wing parties, often at opportune times. Notably, Spiegel and Süddeutsche Zeitung’s reporting in 2019 on the Ibiza Affair scandal — which involved an undercover video of the Freedom Party of Austria (FPÖ) party’s leader — led to the toppling of the Austrian government at the time, which included the FPÖ. Many critics believed that due to the sophistication of the operation, which included an undercover actress, intelligence services may have played a role.
The OCCRP group was founded in 2006 and is most well known for publishing the “Panama Papers” and the “Azerbaijan Laundromat” evasion scandals.
After a massive flow of U.S. money was cut off to key European establishment outlets and NGOs, Brussels is stepping in to fill the gap. Namely, the Trump administration ended the massive levels of funding headed towards foreign organizations, particularly from USAID, which allowed them to pump out pro-EU and left-wing content to wide swathes of the population across Europe.
The OCCRP group has received an extraordinary amount of money from U.S. taxpayers and other U.S. sources. According to https://www.mediapart.fr/en/journal/international/021224/hidden-links-between-giant-investigative-journalism-and-us-government
t, the group received nearly $50 million from U.S. sources, but these funders were not just generous donors. They also could dictate editorial agendas and veto staff appointments.
, a German state media network, questioned just how independent the OCCRP is in a 2024 report.
The two determined that a significant portion of the money was coming from American funds, particularly from USAID. OCCRP was funneling content and material to German media outlets like Spiegel, Zeit, and Süddeutsche Zeitung.
Since the revelations, Alternative for Germany (AfD) MEP Petr Bystron has officially requested the EU Commission to provide information about whether it also provides financial support to OCCRP. The response revealed that the organization has received €600,000 since November 2024 as part of an EU project to “strengthen” journalism.
Known as the NEXT-U project, it aims to support European journalists and media organizations with training and tools for investigative journalism. The commission defends the grants, stating that the taxpayer money is transparently distributed and adheres to journalistic standards.
Bystron argues that the ample amount of money amounts to an influence operation.
“OCCRP media outlets like Der Spiegel received over 600,000 euros from the EU directly after the EU elections. These very media outlets manipulated the last EU elections through massive campaigns,” he said in an interview with https://www.berliner-zeitung.de/politik-gesellschaft/geopolitik/exklusiv-eu-zahlte-600000-euro-an-journalisten-netzwerk-occrp-li.2354771
, which published the exclusive story first.
The AfD MEP stated that the aim was to discredit conservative, right-wing politicians who are critical of the EU.
As Remix News previously reported, Bystron is the focus of an investigationhttps://rmx.news/article/targeted-terrorism-against-the-opposition-german-police-raid-afd-meps-property-for-the-22nd-time-this-time-while-he-is-in-washington-meeting-republicans/
. He is accused of receiving funds from the news platform Voice of Europe, which was accused of being tied to wealthy pro-Russian backers.
Czech intelligence reports were leaked to the press, claiming that Bystron was handing out bribes to right-wing politicians in exchange for interviews; however, Bystron has personally requested that the recordings be released to the public. So far, no such recording has emerged. Bystron has said these allegations are “paid propaganda.”
“Every single one of these 22 searches was illegal. Each one marks a step away from a democratic constitutional state and toward an authoritarian regime that seeks to silence dissent by any means necessary,” Bystron told the https://www.thegatewaypundit.com/2025/07/germanys-globalist-regime-gestapo-raids-afd-mep-petr/
earlier this year.
Notably, the allegations emerged right before the European Parliament elections, leading to calls that the timing of the allegations was politically motivated and designed to hamper the AfD’s popularity at a pivotal time.
“We will not allow our election campaign to be dictated by manipulative accusations from foreign secret services,” said Bystron about the alleged recordings when the story first broke.
In an interview with https://www.youtube.com/watch?v=gCcgcH3MFPo
at the time, AfD MEP Maximilian Krah, the lead candidate for the AfD in the EU parliament elections, stated that if Bystron truly took money from Russia, that would constitute a crime, and the authorities should simply arrest him. He notes that it is interesting that Bystron is not being charged and also called for the alleged audio recording to be released.
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Tue, 09/16/2025 - 03:30
Number Of Fume Poison Events On Airplanes Is Soaring, What You Should Know
Number Of Fume Poison Events On Airplanes Is Soaring, What You Should Know
Airbus is much worse than Boeing on toxic fumes sucked into planes.
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Toxic Fumes Are Leaking Into Airplanes
The number of airplane fume incidents is soaring. People and pilots are getting sick. In some cases, people have been crippled for life. Smaller airlines are worse, and Airbus is much worse than Boeing.
The FAA knows the exact cause and refuses to take action. Primarily it’s design flaws and maintenance.
On most planes, about half the air in the aircraft is recirculated. Fume events occur when engine oils and hydraulic fluids leak into the section of the engine that recirculates air.
The Wall Street Journal has an excellent trio of links regarding toxic fumes leaking into airccraft. With thanks to the Journal, here are free links to a set of articles on the problem.
FAA Has Been Ignoring the Problem for Years
Please consider https://www.wsj.com/business/airlines/air-travel-toxic-fumes-64839d6e?st=6bsJVe&reflink=desktopwebshare_permalink
“Do you smell that?” Florence Chesson was asked by a fellow Jet Blue flight attendant as they prepared for landing in Puerto Rico.
Chesson, as trained, inhaled a lungful of air through her nostrils in a single deep breath. “It smells like dirty feet,” she told her colleague.
Instantly, she started to feel like she had been drugged, Chesson said in an interview.
When the flight landed, the two cabin crew were taken to a hospital in an ambulance, one on a stretcher.
Chesson, her uniform and hair soaked in sweat and with an overpowering metallic taste in her mouth, went to meet her supervisors. “I felt like I was talking gibberish,” she recalled. “I remember being very repetitive, saying ‘What just happened to me? What just happened to me?’”
After months of worsening symptoms, Chesson was diagnosed with a traumatic brain injury and permanent damage to her peripheral nervous system caused by the fumes she inhaled. Her doctor, Robert Kaniecki, a neurologist and consultant to the Pittsburgh Steelers, said in an interview that the effects on her brain were akin to a chemical concussion and “extraordinarily similar” to those of a National Football League linebacker after a brutal hit. “It’s impossible not to draw that conclusion,” he said.
Kaniecki said he has treated about a dozen pilots and over 100 flight attendants for brain injuries after exposure to fumes on aircraft over the last 20 years. Another was a passenger, a frequent flier with Delta’s top-tier rewards status who was injured in 2023.
The Journal’s reporting—based on a review of more than one million FAA and National Aeronautics and Space Administration reports, thousands of pages of documents and research papers and more than 100 interviews—shows that aircraft manufacturers and their airline customers have played down health risks, successfully lobbied against safety measures, and made cost-saving changes that increased the risks to crew and passengers.
In a February incident captured on video by several passengers, enough oil entered the bleed air supply of a Boeing 717 that thick plumes of smoke started piling through the vents midflight. “Ladies and gentlemen, please breathe through your clothing, stay low,” the Delta Air Lines flight attendant told passengers, some of whom had noticed a strange smell during takeoff.
In a 2017 internal email, excerpts of which were produced in a lawsuit, Boeing quality inspector Steven Reiman wrote:
Just think what would happen if people realized they are being poisoned by coming to work on our airplanes or as passengers.
The FAA on its website says the incidents are “rare” and cites a 2015 review that estimated a rate of “less than 33 events per million aircraft departures.” That rate would suggest a total of about 330 fume events on U.S. airlines last year.
In reality, the FAA received more than double that number of reports of fume events in 2024 from the 15 biggest U.S. airlines alone, according to the Journal’s analysis of service difficulty reports for flights between 2010 and early 2025. The rate has soared in recent years. In 2014, the Journal found about 12 fume events per million departures. By 2024, the rate had jumped to nearly 108.
The Journal’s analysis suggests that the growth is driven by the world’s bestselling aircraft: the Airbus A320. In 2024, among the three largest U.S. airlines with mixed fleets, the rate of reports on A320s had increased to more than seven times the rate on their Boeing 737 aircraft.
At JetBlue and Spirit—both majority-Airbus operators—the increase is stark. Together, the airlines saw a 660% surge in the frequency of incidents on their A320s between 2016 and 2024.
The Journal’s analysis shows incidents began climbing in 2016, the year Airbus started delivering its new A320neo, what would become the world’s fastest-selling model. It boasted a new generation of fuel-efficient engines, including one that was plagued by rapidly degrading seals meant to keep oil from leaking into the air supply.
Under pressure from airlines who complained that fume events were keeping aircraft out of service for up to days at a time, Airbus loosened maintenance rules, according to a review of internal documents and people familiar with the changes.
The FAA inspector wrote:
These toxic chemicals are present in today’s modern synthetic jet engine oils and are passing into the aircraft cabin/cockpit unfiltered, affecting the air that crew and passengers breathe in.
‘Passed out pilots’
The United Nations has formally recognized fume events as a risk to flight safety since 2015. In addition, more than a dozen accident investigation teams in countries across the world have asked Boeing, Airbus and their regulators to implement measures to mitigate the risk, according to a review of official accident investigation reports. No major changes have been made.
One exception is the 787, Boeing’s first all-new design since smoking on commercial planes was fully banned in the U.S.
An email chain from Boeing’s early marketing meetings for the plane showed managers were grappling with how and whether to promote the new design. In one marketing brief it was referred to as “removing gaseous contaminants” from the air supply.
One executive was concerned that “if we elaborate on the 787 air purification and say how great and important it is,” he’d be asked why the system wasn’t available on Boeing’s other models, according to a deposition citing internal Boeing documents.
Congress is trying again. A bipartisan bill reintroduced last month would phase out the use of bleed air and require specialized filters on aircraft within seven years.
What You Need to Know About Fume Events on Airplanes
Next, please consider https://www.wsj.com/business/airlines/what-you-need-to-know-about-fume-events-on-airplanes-e79138c6?st=RStHrS&reflink=desktopwebshare_permalink
Due to a design element that has been a feature of almost every commercial jetliner since the 1950s, toxic fumes can leak from jet engines into the cabin or cockpit. The fumes have led to emergency landings, sickened passengers and crew members, and affected pilots’ vision and reaction times midflight, according to official reports.
The health effects are often mild but can also be severe, including brain injuries. Here’s what to know:
Where does the air on a flight come from?
On most planes, about half the air in the aircraft is recirculated. That refers to air that’s already on the plane that’s breathed in and exhaled by passengers with the remaining oxygen filtered and then pumped back inside the cabin. The other half is pulled from outside via the aircraft’s engines using a system known as “bleed air.” Engines are used for air supply on every modern aircraft, with the exception of Boeing’s 787.
Sorry, but why is my air pulled through an engine?
Good question! Because air at altitude is very thin and very cold, it has to be compressed and heated before it can be sent to us to breathe. Aircraft manufacturers realized in the 1950s that jet engines were already doing that work, and they decided to “bleed” the air from the engines’ compression chambers and then run it through air conditioners to get it back down to breathable temperatures. Fume events occur when engine oils and hydraulic fluids leak into that section of the engine.
How worried should I be?
It doesn’t happen often. The rates we identified in 2024 showed an incident rate on top U.S. airlines of 108 per one million departures, or roughly twice a day. But we also know that fume events are massively underreported. Internal industry data reviewed by the Journal estimated a rate of 800 incidents per million flights in the U.S., or just about 22 a day. Still, as one researcher put it, it’s highly unlikely you’ll be exposed, but almost guaranteed it’ll happen on an aircraft somewhere in the U.S. today.
What about dropdown oxygen masks and existing air filters? Should I bring my own mask?
Because dropdown passenger oxygen masks aren’t sealed, they don’t provide proper protection. In one extreme fume event investigated by the FAA, passengers stood on their seats to break into the overhead compartments to access the masks—that’s a safety hazard that can cause other problems on a flight.
Cloth and even N95 masks also aren’t designed to filter vapors and gases. Until fume events have been addressed, often the best bet is to flag it to your cabin crew.
Why do cabin crew appear to be the most at risk?
There’s some evidence indicating that repeat exposures coalesce to cause more-severe damage. Cabin crew aren’t just flying more, but are also more active when they do. That means their breathing rates are typically higher than a seated and docile passenger.
While pilots have longer-lasting emergency oxygen supplies, cabin crew only have access to 15-minute oxygen tanks, which is often shorter than it takes for a pilot to divert and land the aircraft. Prolonged use of that oxygen supply is also dangerous.
Also, it’s possible we’re only more aware of affected crew because of the lack of awareness among passengers. Whereas crews have avenues to report their exposure, passengers don’t. Because symptoms can take time to fully manifest, the connection between exposure and symptoms becomes harder to make.
How the Journal Analyzed More Than One Million FAA Reports
Finally, please consider https://www.wsj.com/business/airlines/how-the-journal-analyzed-more-than-one-million-faa-reports-7e7e043a?st=XCwwWQ&reflink=desktopwebshare_permalink
The Federal Aviation Administration, airplane manufacturers and airlines don’t release a public accounting of how often engine fumes leak into airplane cabins. So The Wall Street Journal conducted its own.
Airlines are required to submit “service difficulty reports” to the FAA detailing many kinds of operational issues they encounter during a flight. The Journal built a database of more than one million of them—every accessible filing from 2010 through mid-2025. SDRs contain identifying information about the aircraft as well as narrative text describing the issue.
“These reports are an important part of the FAA’s safety surveillance system,” an FAA spokeswoman said in a statement. “By collecting this information across thousands of aircraft and operators, the FAA can identify trends, detect patterns, and spot potential risks.”
To ensure a clean comparison, the Journal limited its analysis to the aircraft built by the three largest planemakers and flown by the top fifteen U.S. carriers by number of departures with one point in the U.S. between 2010 and the first quarter of 2025—the last date for which there were reliable departure statistics.
Journal reporters used machine learning algorithms, large-language models and manual review to find reports describing so-called fume events. In these, oil or hydraulic fluid contaminates the air supply and causes fumes to enter the cabin or flight deck. To validate the methodology, reporters spoke with experts and reviewed multiple studies, including one with funding from the FAA, as well as internal documents from aircraft manufacturers and airlines.
The Journal’s analysis was a two-step process. First, reporters trained a statistical model using a list of classified SDRs compiled by Judith Anderson, a researcher and occupational health specialist at the Association of Flight Attendants-CWA union who advocates on this issue and whose work the FAA cites for its 33 fume events per million departures figure. Testing against 25% of Anderson’s data not used in the training, the model correctly identified fume events 94% of the time.
To minimize false positives, reporters then created a prompt for a large language model based on academic literature and aviation industry documents. Only reports classified as fume events by both methods were counted.
Airbus Statement
“Airbus aircraft are designed and manufactured according to all relevant and applicable airworthiness requirements,” a spokesman said in a statement.
Yeah, right.
Criminal Behavior
It’s criminal behavior by the airlines and the FAA to not immediately address these issues.
The Journal reported “Airbus loosened maintenance rules, according to a review of internal documents.”
Airbus and the airlines lobbied for this to prevent planes from being grounded.
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Mon, 09/15/2025 - 22:10
Another Shutdown 'Looming' As GOP, Democrats Clash Over Stopgap Funding Bill
Another Shutdown 'Looming' As GOP, Democrats Clash Over Stopgap Funding Bill
With just over two weeks until yet another episode of government funding distraction theatre, Congress is bracing for a high-stakes showdown that could once again bring the federal government to the brink of a shutdown.
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House Republicans this week plan to introduce a short-term measure, known as a continuing resolution, that would keep the government open until Nov. 20 while appropriators attempt to negotiate a broader deal on fiscal year 2026 spending. GOP leaders are framing the bill as a “clean” extension, free of partisan add-ons.
But the proposal pointedly excludes provisions Democrats are demanding, particularly on health care. Senate Majority Leader Chuck Schumer (D-NY) and House Minority Leader Hakeem Jeffries (D-NY) have said they will not support a stopgap that fails to address issues such as Medicaid cuts or Affordable Care Act premium subsidies.
“If Republicans follow Donald Trump’s orders to not even bother dealing with Democrats, they will be single handedly putting our country on the path towards a shutdown,” a Schumer spokesperson told https://punchbowl.news/archive/91525-am/
.
Republicans, led by Senate Minority Leader John Thune (R-SD), say they have no intention of adding health-care policy to a seven-week extension. “This is about buying time, not rewriting law,” Thune said last week.
House Dynamics
The first hurdle lies in the House. Speaker Mike Johnson (R-LA) is under pressure to release the bill text soon, with Republicans traditionally granting 72 hours for review. With Democrats unlikely to support the measure, Johnson can afford to lose no more than two GOP votes. And since Kentucky Republican Thomas Massie is expected to oppose the measure, Johnson is left with almost no margin for error.
Johnson is expected to argue that failing to pass a GOP-only bill would weaken Republicans’ leverage in the negotiations. But conservatives remain wary, fearing the Senate could eventually force through a bipartisan long-term deal more favorable to Democrats.
Senate Timetable
Should the House pass the bill, the Senate could begin work later in the week. Without unanimous consent, processing the measure could consume several days, potentially cutting into the chamber’s planned recess for Rosh Hashanah. Schumer and Jeffries are preparing to filibuster the GOP bill, raising the risk of a shutdown if neither side budges.
Both parties appear confident in their positions. Republicans argue Democrats are overreaching; Democrats counter that Republicans are refusing to negotiate. Historically, Republicans have absorbed more political blame in shutdown fights.
Security Questions
Amid the funding standoff, security for lawmakers has emerged as another point of tension. The White House has requested $58 million for executive and judicial branch security, with the Trump administration indicating support for extending additional protection to lawmakers. Democrats, still unsettled by recent threats, held a call Sunday with U.S. Capitol Police Chief Michael Sullivan to discuss extending the $5,000-per-month member security allowance, set to expire at the end of September.
With only 15 days remaining before current funding lapses, the chances of a shutdown are rising. Democrats are signaling unity behind their leadership, while Republicans are struggling to maintain cohesion in the House. Unless one side concedes, the standoff
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Mon, 09/15/2025 - 20:30
'FAFO': Texas Tech Student Who 'Danced On Kirk's Grave' Arrested, Expelled After Aggressive Confrontation
'FAFO': Texas Tech Student Who 'Danced On Kirk's Grave' Arrested, Expelled After Aggressive Confrontation
We're all for free speech - even disgusting free speech... but then there's assault. A Texas Tech student found herself in hot water after mocking the brutal assassination of Turning Point USA founder Charlie Kirk during a prayer vigil for the prominent conservative activist.
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Camryn Giselle Booker, 18, was caught on camera jumping around, yelling at students, and shoving her phone on the faces of people honoring Kirk, callously shouting, “Fcuk y’all homie dead, he got shot in the head.” The outrageous behavior didn’t stop there. Booker confronted a man in a red MAGA hat, who groaned and remarked while panning to her, “Evil is real, people — and it kind of looks like that.”
Update: she was arrested and expelled from her college https://t.co/oQJpfr0L4S
— GABRIEL™ 🪽 (@TheGabriel72) https://twitter.com/TheGabriel72/status/1967225522498502939?ref_src=twsrc%5Etfw
The footage shows Booker erupting when someone off-camera suggested she was being too emotional. “I’m not being emotional, ma’am. Don’t tell me what I am and what I’m not,” she snapped. “’You could get out of my face ’cause I can tell you what you are, but you won’t like it.”
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"I want to be left alone," said a man in a MAGA hat, before someone told Booker she was being emotional.
According to the Daily Mail;
The situation then escalated when Booker allegedly shoved several people, including an elderly veteran and a young mother with her child - which prompted a physical altercation that spread into the street.
Booker was then taken into custody and was charged with battery, disorderly conduct and resisting arrest and was cited for assault.
She was released on a $200 bond the next day, the Lubbock County Sheriff's Office confirmed to the Daily Mail.
Booker then played the race card (shocking, we know), accusing vigil attendees of bigotry for calling out her disgraceful conduct. “I’m not being aggressive. My voice is very calm. You’re calling me aggressive because I’m a black woman,” she claimed.
Texas Governor Greg Abbott (R) didn’t hold back, sharing an image of Booker in handcuffs. “This is what happened to the person who was mocking Charlie Kirk’s assassination at Texas Tech,” he wrote, adding the blunt acronym “FAFO” — short for “Fuck around and find out.”
This is what happened to the person who was mocking Charlie Kirk’s assassination at Texas Tech.
— Greg Abbott (@GregAbbott_TX) https://twitter.com/GregAbbott_TX/status/1967387427112395178?ref_src=twsrc%5Etfw
Booker was hit with charges of battery, disorderly conduct, and resisting arrest, with an additional citation for assault, according to the https://nypost.com/2025/09/15/us-news/texas-tech-student-arrested-after-hurling-vile-comments-at-charlie-kirk-mourners-f-k-yall-homie-dead/
. She was released on a measly $200 bond the next day. Texas Tech has since expelled her for her appalling actions.
Texas Tech University told https://www.newsweek.com/camryn-giselle-booker-charlie-kirk-texas-tech-university-2129939
in a statement that the "referenced individual is no longer enrolled at Texas Tech University."
"Any behavior that denigrates victims of violence is reprehensible, has no place on our campus, and is not aligned with our values," the spokesperson https://www.newsweek.com/camryn-giselle-booker-charlie-kirk-texas-tech-university-2129939
the news outlet.
Kirk was gunned down on stage Wednesday evening during a packed "American Comeback Tour" event at Utah Valley University in Orem, Utah. Video footage captured the horrifying moment as Kirk, mid-debate on transgender gun violence with a heckling audience member, recoiled in agony from a sniper's bullet to the neck, collapsing in a pool of his own blood before stunned bodyguards and supporters dragged him to safety. A 22-year-old suspect, Tyler Robinson, has since been apprehended after a frantic 33-hour manhunt fueled by surveillance images, but the alleged assassin refuses to cooperate. Utah Governor Spencer Cox (R) https://abcnews.go.com/Politics/utah-governor-alleged-kirk-shooter-cooperating-authorities/story?id=125552756
living with a transgender person, Lance Twiggs, with whom he was in a romantic relationship.
* * *
EDC https://store.zerohedge.com/anza-tanto-black-micarta
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Mon, 09/15/2025 - 18:25
With Supreme Court Set To Return, What To Expect In Trump Cases
With Supreme Court Set To Return, What To Expect In Trump Cases
Months of litigation related to Trump administration policies have made it likely the Supreme Court justices will wrestle with limits on executive power in their upcoming term.
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Months after President Donald Trump took office, his policy on birthright citizenship prompted the Supreme Court to issue a landmark ruling on judicial authority and the nation’s separation of powers. The ruling opposed lower courts’ imposition of so-called nationwide injunctions, which block a policy on a nationwide basis.
The justices did not, however, resolve underlying constitutional arguments surrounding birthright citizenship.
That issue and other Trump policies could return to the Supreme Court, which has used its emergency docket to offer more tentative https://www.theepochtimes.com/us/trump-accumulates-wins-on-supreme-courts-emergency-docket-key-takeaways-5896540
on blocks by lower courts.
If and when the justices give those issues more thorough consideration, it could result in landmark decisions on constitutional law. The Supreme Court’s new term is expected to start in October when the justices return for oral arguments.
Tariffs
The ability to impose tariffs is a power typically understood as reserved for Congress under the Constitution. It’s unclear, though, whether Congress effectively delegated that power to the president in a law known as the International Emergency Economic Powers Act.
The Supreme Court has already https://www.supremecourt.gov/orders/courtorders/090925zr1_hejm.pdf
to hear arguments in November over that issue.
An appeals court https://www.theepochtimes.com/business/appeals-court-rules-most-of-trumps-tariffs-are-illegal-5908173
a record $31 billion in revenue under tariffs that Trump implemented.
Treasury Secretary Scott Bessent said earlier this month that the Trump administration has backup plans in place in case the court rules against it.
Similar to some of Trump’s immigration cases, this issue raises questions about courts intervening in sensitive, ongoing diplomatic negotiations.
Immigration
The 14th Amendment has been interpreted in recent decades to allow birthright citizenship to children born to illegal immigrants. However, after ruling on the preliminary issue of nationwide injunctions, the Supreme Court could https://www.theepochtimes.com/article/trump-could-prompt-supreme-court-ruling-on-birthright-citizenship-5763330
that interpretation and one of its 19th-century precedents.
The Trump administration’s eventual appeal will likely force the Supreme Court to confront competing interpretations of the 14th Amendment.
Other cases could revisit how far Trump’s authority extends as the chief executive of the nation’s laws. A series of legal disputes has developed over the way that Trump views his authority to deport individuals under laws passed by Congress. One of those is the Alien Enemies Act, which https://www.theepochtimes.com/us/another-judge-rules-against-trumps-invocation-of-alien-enemies-act-5870373
the president to remove certain individuals during an invasion.
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Federal agents detain a man after his hearing in immigration court at the Ted Weiss Federal Building in New York on July 9, 2025. The Supreme Court may consider the issue of birthright citizenship under the 14th Amendment in its upcoming term. Michael M. Santiago/Getty Images
Trump invoked this law to deport suspected members of Venezuela’s Tren de Aragua gang. While the Supreme Court has addressed whether the detainees received adequate due process, the justices have yet to rule on whether gang members perpetrated the type of invasion that would allow deportation under the Alien Enemies Act. Many lower courts have ruled that Trump invalidly invoked the law, with a recent appeals court ruling teeing up a potential Supreme Court challenge.
Other immigration-related cases could also return, such as the administration’s attempt to deport people to “third countries” or those other than their home nations.
That question popped up more recently in yet another https://www.theepochtimes.com/us/judge-prohibits-deportation-of-kilmar-abrego-garcia-5906021
involving Kilmar Abrego Garcia, a Salvadoran national who was returned to the United States after an order from a district court judge. Other cases could revisit Trump’s attempt to remove temporary protected status or parole for migrants who would otherwise be subject to deportation.
Spending
In an attempt to reduce excess spending, the Trump administration has attempted to freeze or cut disbursements related to gender, foreign aid, and a wide variety of other issues. And despite months of litigation over cuts, the court system seems far from resolving the legality.
That’s in part because the Supreme Court keeps sending the cases back to lower courts with rulings more about the judges’ authority than Trump’s. In at least two cases, the Supreme Court has agreed with the administration’s argument that challenges to Trump’s spending cuts should have been brought in the U.S. Court of Federal Claims rather than a regular district court.
The Supreme Court indicated as much in April when it allowed Trump to https://www.theepochtimes.com/us/supreme-court-grants-trumps-request-to-block-education-grants-over-dei-concerns-5837081
, however, was limited, and the justices sharply disagreed over which aspects of a district court’s block on Trump should be removed.
Besides the question of jurisdiction, https://www.theepochtimes.com/us/trump-spending-freezes-prompt-questions-about-separation-of-powers-5819217
has emerged over how much discretion Trump has in canceling outlays of those funds.
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Education Secretary Linda McMahon (R) and Education Department budget analyst Hillary Perkins testify before the Senate Appropriations Committee on Capitol Hill in Washington on June 3, 2025. In April, the Supreme Court allowed Trump to freeze millions in education-related grants, and the justices will continue to weigh cases on presidential spending powers. Chip Somodevilla/Getty Images
Federal Officials
Trump’s firing of Federal Reserve Board of Governors member Lisa Cook has again raised the prospect that the justices could rule on the president’s ability to remove high-ranking federal officials. While the Supreme Court has allowed many of Trump’s firings to proceed, they’ve yet to issue a full-throated explanation of his authority to do so.
The litigation could ultimately prompt the Supreme Court to revisit a https://www.theepochtimes.com/us/fed-governors-firing-resurfaces-legal-questions-surrounding-presidential-power-5906818
known as Humphrey’s Executor v. United States, which was decided in 1935 and has been cited by multiple lower courts in their support of fired federal officials. That decision and others limited the president’s ability to fire officials depending on how much executive authority those officials exercised.
Trump’s victories have signaled that those judges may be misinterpreting Humphrey’s and the Constitution by not giving the president more deference.
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Federal Reserve Chairman Jerome Powell speaks alongside Board Vice Chair for Supervision Michelle Bowman (L), Board Governor Lisa Cook (2nd R), and Board Governor Adriana Kugler (R) during a meeting at the Federal Reserve Board building in Washington on June 25, 2025. Trump’s firing of Cook has renewed speculation that the Supreme Court could weigh in on the president’s power to remove high-ranking federal officials. Saul Loeb/AFP via Getty Images
In May, the Supreme Court indicated that members of the Federal Reserve Board, like Cook, could enjoy more protection than heads of other agencies. A majority of the justices had allowed Trump to fire the heads of two labor boards and disputed the officials’ attempts to compare their agencies to the Federal Reserve.
According to the https://www.supremecourt.gov/opinions/24pdf/24a966_1b8e.pdf
, the “Federal Reserve is a uniquely structured, quasi-private entity that follows in the distinct historical tradition of the First and Second Banks of the United States.”
Cook’s firing also included a more detailed explanation from Trump as to why he fired her, raising the prospect that the Supreme Court could judge what is an appropriate cause of termination.
https://cms.zerohedge.com/users/tyler-durden
Mon, 09/15/2025 - 17:20
https://www.zerohedge.com/political/supreme-court-set-return-what-expect-trump-cases
US Official Warns Of New Deadly Synthetic Opioid From China
US Official Warns Of New Deadly Synthetic Opioid From China
U.S. authorities are warning of a new synthetic opioid from China that can be up to 50 times more potent than fentanyl.
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Nitazenes pose an emerging threat as they are more resistant to naloxone, a medication that can reverse opioid overdoses. They are often mixed with other drugs and delivered in the form of counterfeit pills mimicking drugs such as Xanax or Percocet, according to authorities.
Frank Tarentino, who heads the Drug Enforcement Administration’s (DEA) New York Division, said that the presence of nitazenes coming from China has been increasingly prevalent on the illicit drug scene.
“Here in the United States, we have found it in heroin, methamphetamine, in some cases fentanyl, and more alarmingly, we have now seen it pressed into pills,” he said in a Sept. 10 interview with NTD, The Epoch Times’ sister media outlet.
“What we have seen is that these cartels, these transnational criminal organizations that are operating on a global scale, are intentionally lacing their drugs with fentanyl and now nitazenes to increase the high, to increase the addiction, to make more money.”
Tarantino said that traffickers are selling counterfeit prescription drugs such as oxycodone on the streets, online, or on social media. He warned that the only safe place to buy prescription drugs is through a legitimate pharmacy.
Chinese companies and Mexican cartels are turning to nitazenes, a cheap synthetic opioid, particularly as pressure mounts on fentanyl production and distribution.
Some cartels have shifted to nitazenes due to a recent crackdown on fentanyl precursor chemicals coming from China, noted Sally Sparks, a public information officer with the DEA’s Houston Division.
“We are also seeing street-level drug dealers mixing it with the fentanyl, heroin, and cocaine,” she told The Epoch Times via email.
President Donald Trump made tackling the fentanyl crisis a signature issue during his administration, moving to impose tariffs on China and Mexico while declaring Mexican Cartels terrorist organizations to fight the influx of the deadly drug.
Congress passed the HALT Fentanyl Act, which Trump https://rileymoore.house.gov/media/press-releases/president-trump-signs-halt-fentanyl-act-law-rep-moore-was-original-co-sponsor
into law in July. It permanently classifies fentanyl-related substances as Schedule I under the Controlled Substances Act, thus increasing penalties for possession and distribution.
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President Donald Trump speaks before signing the HALT Fentanyl Act in the East Room of the White House on July 16, 2025. Nathan Howard/Reuters
Like fentanyl, nitazene production has been tied to China.
In one instance, nitazenes were allegedly imported into the United States and Mexico by a China-based company and its employees, according to a 2023 U.S. Department of Justice https://www.justice.gov/archives/opa/pr/justice-department-announces-eight-indictments-against-china-based-chemical-manufacturing
release announcing eight indictments.
“Drug traffickers typically mix protonitazene and metonitazene with other opioids, such as fentanyl, to create new and more powerful cocktails of dangerous opioids,” the release stated.
Depending on their production methods, these drugs can be up to 50 times stronger than fentanyl and heroin, according to the Inter-American Drug Abuse Control Commission.
Nitazenes were relatively unknown until recently, except for researchers studying opioids. They began showing up as pressure on fentanyl manufacturing and distribution intensified.
This class of drugs was developed in the 1950s and emerged in 2019 on the illicit drug market in Europe before spreading to the United States and beyond.
Dr. Stephen Loyd, director of the Office of Drug Control Policy in West Virginia—the epicenter of the national fentanyl crisis—described nitazenes as an emerging threat, similar to how xylazine, an animal tranquilizer sometimes mixed with fentanyl, was viewed a few years ago.
“The nitazenes are the kind of drug de jure to do that,” Loyd told The Epoch Times, adding they are the “next step” for drug dealers.
Greater amounts of naloxone, which can reverse opioid overdose, have been needed to save people from nitazenes because of their potency, https://www.cdc.gov/mmwr/volumes/71/wr/mm7137a5.htm
to the Centers for Disease Control and Prevention.
Drug overdose https://www.theepochtimes.com/article/at-epicenter-of-fentanyl-crisis-parents-and-providers-talk-about-what-works-5909838
, mainly attributed to fentanyl, decreased by some 25 percent across the country from February 2024 to January 2025, according to provisional data from the CDC.
However, drug overdose remains the top cause of death for those between 18 and 44 years old, according to Dr. Allison Arwady, director for the CDC’s National Center for Injury Prevention and Control, who https://www.ncsl.org/state-legislatures-news/details/signs-of-progress-in-the-fight-against-overdose-deaths
at the National Conference of State Legislatures Summit in August.
Loyd noted that the recipes for some of these synthetic opioids, which are cheap to make, are available on the internet and that the only thing drug cartels need to produce them is a skilled chemist.
Most of West Virginia’s overdoses can be attributed to more than one drug, he said. Heroin, for example, likely has fentanyl or nitazenes, he said.
“They blend this ... basically in bullet blenders that you get from Walmart,” he added.
Nitazenes have been connected to more than 18,000 fatal and nonfatal EMS encounters for overdose across the country from Jan. 1, 2023, to April 30, 2025, https://ndews.org/wordpress/files/2025/05/5.2.25_NDEWS-2025-nitazene-overdoses.pdf
to the National Drug Early Warning System.
States on the East Coast, such as Virginia, South Carolina, and Georgia, appear to be particularly hard hit.
But recently, nitazenes have grabbed headlines in states such as Texas.
The DEA Houston Division has seen a spike in the number of fatal drug poisonings related to nitazene, more specifically N-pyrrolidino protonitazene (pyro) during the past 18 months, Sparks said.
Pyro is 25 percent more potent than fentanyl, she added.
Agents have seized drugs laced with nitazenes in Houston, San Antonio, and Austin.
“We’re mainly seizing pills pressed to look like legitimate prescription drugs like hydrocodone and Percocet,” she said.
This year has seen 11 deaths associated with nitazene in the Houston area, Sparks said.
The victims’ ages range between 17 and 59 years old. Also, in rural East Texas, a 16-year-old girl died of a drug overdose in July that authorities suspected was fentanyl, but turned out to be https://www.cbs19.tv/article/news/local/officials-warn-of-drug-stronger-than-fentanyl-that-killed-east-texas-teen/501-f34fd3a3-f7ca-413f-9514-69139acf8c8e
.
Loyd said there will always be a new illicit drug on the horizon. Efforts to stop the cartels are needed, but treating people for addiction is the only real solution.
“You’ve got to treat people and decrease demand. If you don’t do that, the supply will meet the demand 100 percent of the time,” he said.
https://cms.zerohedge.com/users/tyler-durden
Mon, 09/15/2025 - 06:30
https://www.zerohedge.com/geopolitical/us-official-warns-new-deadly-synthetic-opioid-china
Beyond The Fed, My Droog
Beyond The Fed, My Droog
By Peter Tchir of Academy Securities
Beyond the Fed, My Droog
We will spend a few minutes on the Fed because it is pretty much obligatory ahead of the FOMC, though hopefully our view has been quite clear. Then we will touch on Russia/Ukraine as there have been some really interesting developments.
We got to cover a lot of topics that generated a lot of feedback on Wednesday morning on https://www.bloomberg.com/news/videos/2025-09-10/bloomberg-surveillance-9-10-2025-video
(Academy’s segment starts at the 6:45 mark).
The Fed
We laid out a bunch of hypotheticals in August on how https://www.zerohedge.com/markets/how-us-will-force-yields-lower-across-curve
Currently, according to WIRP, the market is pricing in 1.04 cuts at this meeting, 1.9 cuts in October, and 2.8 cuts by the end of the December meeting.
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That seems a touch low.
We remain in the 75 to 100 bp cut camp for the year, so there is room to price in a higher probability of 4 cuts this year than the market currently has priced in.
For this meeting, we see a 0.00001% chance of no cuts (we guess there is always some possibility), but only a 60% chance of 25 bps, with a 40% chance of 50 bps. Actually, we only view it as a 25% chance, but this seemed like a good opportunity to dig up a fun report in the Wall Street Journal that we were involved with – https://www.wsj.com/articles/how-do-pundits-never-get-it-wrong-call-a-40-chance-1519662425?msockid=189708439bcb686a3de61e239a666987
The market doesn’t seem to be prepared for a big shift to the dovish side. We think a bigger cut than 25 has a real shot, and that the dots could surprise with more cuts occurring sooner.
Our assumption is there are always some people who don’t have a strong opinion, and for ease, just adopt the consensus and/or the recommendation of the leader. So, Powell had what seemed like more support, or conversely, less obvious dissent than really existed.
With the tide changing at the Fed, and other voices gaining strength as we prepare for a new Chair, it seems reasonable to assume some of those who just followed along as hawks will now follow along as doves – impacting the messaging. Any mention of “additional” measures does not seem priced in at all.
It is probably too early to mention that things like another Operation Twist are on the table (Operation Twist is where the Fed sells shorter-term bond holdings to buy longer-maturity bonds).
The Treasury Department announced https://home.treasury.gov/news/press-releases/sb0212
This fits with our theme of a “tandem” approach to managing the yield curve. Where the Treasury and Fed work in conjunction with each other to complement their tools. This helps contain the longer end of the curve, and also likely generates some revenue to create lower deficits (I haven’t confirmed this, but to the extent they are buying bonds below par and retiring them, there should be an accounting gain).
Probably a touch early for Powell to address some non-traditional programs (though they now seem pretty standard), but even after recent flattening, you seem to be getting this potential option very cheaply. Though maybe he could admit that changes in short-term rates are not as effective (as a policy tool) as they once were.
Finally, we are seeing rate cut expectations increase, while curves flatten for two other reasons, which we’ve mentioned before:
By having so many credible candidates for the Fed discuss their views, almost all being more dovish than Powell has been, it makes it seem less “egregious” or even “normal” to cut (we were in the “should cut in July camp” but that view has gone from potentially being accused of being politically motivated, to validated by the data).
Cuts justified by weak economic data (jobs) do not force the curve steeper.
The corollary, or counterpoint, or outlet of this view is a weaker dollar. We could see a break below 90 on DXY. Given the administration’s desire to reduce imports and increase exports, a weaker dollar would likely be viewed (behind closed doors, because we “cannot” publicly say we have a weak dollar policy) as a feature and not a bug.
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China Trade Talks
China has the upper hand in regards to controlling “usable” rare earths and critical minerals. They refine and process the vast majority of rare earths and critical minerals. Even as the U.S. starts getting access to the rare earths and minerals themselves, it will take years, heavy investment, and potentially a lot of deregulation, to be sufficient in producing the “usable” forms of these crucial components for so many products.
The U.S. has the upper hand in chips for AI and data centers, but China seems to be digging in their heels in this area to promote and develop their domestic chip industry – which is far behind but seems to be closing the gap in some segments.
Secondary tariffs on trade with Russia? We will delve into Russia next, but the idea that the U.S. may be close to getting Europe to place high secondary tariffs on China (after which the U.S. would follow suit) has gained a lot of traction. It seems difficult to believe that it will occur, but it would be incredibly disruptive. It seems like it would be very difficult to get China to negotiate in good faith on a bilateral deal if the U.S. is really pushing hard on this front (because China would not see the U.S. negotiating in good faith under these circumstances).
I find this chart mesmerizing as it seems so counter-intuitive from the news flow, yet it is real.
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Every day we are inundated with “all-time high” headlines. We get a lot of coverage on our policies and the impacts they are (or are not) having here. We hear so little about China, clearly the country where policy should be focused.
Yet, since the election, FXI is up 60% versus 23% for QQQ. 34% versus 15% since the start of the year in favor of FXI. QQQ holds a slight edge since the post-Liberation Day lows (40% versus 38%). A portion of the return is related to FX, another portion can be attributed to positioning, but there is something about this chart that captivates me and makes me wonder how well we are doing as the globe tries to adapt to big changes in US policy. The chart would look worse if we focused on the Russell 2000 which hasn’t benefited as much as the Nasdaq 100 from the spending on AI and Data Centers.
Ra Ra Ras PUTIN
Thinking about some big changes in Europe this week got this song stuck in my head. Some of the lyrics seem to apply just as well to Putin as to Rasputin (most people looked at him with terror and fear). “There was a cat that really was gone. It was a shame how he carried on. In all affairs of state, he was the man to please. The demands to do something about this outrageous man became louder and louder.” I was shocked that this song was not a one-hit wonder, but we digress.
It also seems like a good time to channel some Clockwork Orange, my droog, as the violence and “aggro” have the potential to escalate – which unfortunately, may be a necessary step towards achieving peace.
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Academy published a SITREP this week – https://academysecurities.com/geopolitical-insights/academy-sitrep-nato-jets-shoot-down-russian-drones-over-poland/?asmac=2bc84662-e208-44c2-b4f4-2fe1cc2b1164
. This incident caused Poland to invoke Article 4 of the NATO treaty to prompt a formal discussion within the alliance. The SITREP analyzes the situation extremely well.
We’ve already addressed the “chatter” about actually, truly enforcing sanctions and we briefly addressed secondary tariffs against China (with India being the other target, and more likely to face some tariffs than China). Finally, after over 3 years, our quotes in Time Magazine – https://academysecurities.com/geopolitical-insights/academy-sitrep-nato-jets-shoot-down-russian-drones-over-poland/?asmac=2bc84662-e208-44c2-b4f4-2fe1cc2b1164
may turn out to be incorrect. At the time, we argued that the willingness to truly enforce sanctions were low, therefore sanctions would be ineffective. We would turn a blind eye to strategies that would avoid sanctions (like some of the “stans” suddenly having massive trade with Europe – wonder where they were getting the stuff to sell? Or China and India not abiding by sanctions).
It is time to turn the screws on Putin economically.
When we argued, post-election, that President Trump could be successful in achieving a relatively quick cessation of hostilities, we laid out the carrots and sticks that would likely be needed on both sides.
We all know how the first Oval Office meeting between Trump and Zelensky went.
Ukraine seemed to be getting the stick, while Russia primarily got carrots. That has been changing over time. The new “circle” where the U.S. sells weapons to Europe which in turn “provides” them to Ukraine seems to be renewing the flow of equipment to Ukraine (without adding to the deficit woes of the U.S.).
There seems to be more willingness (if not encouragement) to allow the Ukrainians to implement pretty standard tactics (like hitting supplies and disrupting transit in Russia). Many of these tactics had been denied to Ukraine in the past.
With the Department of War and Peace Through Strength there is reason to believe that Ukraine will be able to do more.
This new system somewhat resembles the proxies we have been facing.
Did the U.S. supply the weapons? No. Not directly.
Did the U.S. give permission for Ukraine to use the weapons they have, of U.S. origin, more effectively? No, but we didn’t say they couldn’t.
More carrots for Ukraine and a bit of a stick for Russia.
But that isn’t what we want to talk about.
Russia’s Frozen Reserves
Finally, the President seemed to encourage Europe to take steps to “take” some of Russia’s frozen reserves.
There is approximately $300 billion of frozen reserves.
The vast majority of this sits in the European Union as, according to Grok, over $200 billion (of euros) was frozen. Our understanding is that some of the $65 or so billion of USD reserves frozen are not fully controlled by the United States.
We’ve written about this multiple times as a key element to forcing any peace.
We also discussed our very strong view that the President was extremely reluctant to take or use Putin’s frozen USD reserves. There was a view in the admin that the U.S. didn’t have the law on its side. It is also possible, that at the time, the admin wasn’t willing to be too aggressive, as the President seemed to believe that his relationship with Putin would be enough to achieve peace, and threatening his reserves would not help their relationship.
We have heard from multiple sources that Putin fully expects to receive these reserves (it seems logical, that behind the scenes, some countries helping him the most, have helped him “monetize” these reserves, making their “freezing” less effective).
Well, Europe keeping a big chunk of the money would be a wakeup call for Putin.
It “solves” the issue of how Ukraine (or Europe) is going to afford the weapons they are buying from the U.S. $200 billion is one heck of a war chest.
Europe in general, and Ukraine in particular have a stronger case for war reparations. Could it be as simple as Ukraine, in some international court, wins war reparations? But since Russia won’t pay, Europe would then provide the money from the funds? Not sure how this plays out, but Russia’s frozen reserves seem to be on the table for the first time and that is a big stick.
Is there a chance that Putin has promised some of this money (once it was returned) to his backers? That seems plausible as they are running what was already an anemic economy on a wartime footing. Not going to say that could be akin to borrowing from a loan shark, but in the movies that rarely works out well. This could mean there is even more pressure on Putin to get the money returned than we know.
Threatening Russia’s frozen reserves may be the best thing I’ve seen in terms of pushing this conflict towards some sort of deal.
European Bond Rally?
Imagine if Europe is successful in keeping even $100 billion?
What does that do for their borrowing needs? For their borrowing needs for defense spending?
Part of the reason we have seen yields behave stubbornly across the globe is concerns about the amount of spending Europe needs to embark on to meet their commitments on military spending. (Japan has been a big problem too for global yields, but let’s just focus on the European contribution to higher global yields here). Btw, there is supposedly $37 billion in pounds that England might be happy to get their hands on.
They Didn’t Quit, They Wanted His Head
Wow, that song is really stuck in my head, but I cannot reiterate how profound Friday’s “nod” to go after Russia’s frozen reserves is. That along with Article 4 from NATO and an admin that does not seem afraid to be tougher on sanctions and tariffs (in no small part because it hurts the U.S. less than it hurts Europe to go in that direction) could pave the way for some real progress.
We always thought that this would be about balancing carrots and sticks with the two combatants, and that balance seems to be happening.
Look for American corporations to be given big advantages over corporations from other countries in any rebuilding efforts once peace is achieved. We believe this is an important goal for the administration as they feel we did not get enough of a head start/advantage after the Gulf Wars.
Bottom Line
Lower yields, flatter curves. In no small part because of global economic sluggishness, as the world adapts to a new trade order.
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Peace between Russia and Ukraine, especially if it accompanies taking some of Russia’s frozen reserves, would help bonds, and we don’t think that is on anyone’s radar.
The equity grind continues. Good news is good. Bad news is good. No news is good. We did say last week that we thought there was a better chance of 5% downside before 5% upside. Even though we “only” got 1.6% this week on the S&P 500, we are still sticking with that view, though with yields coming down, potential surprises from the Fed, and what we see as an improvement in the odds of some peace in Europe, it is difficult to stick to that view.
Credit remains boring in a “good” way and crypto continues to benefit from this shift to easier monetary policy in the U.S., the momentum created by the GENIUS Act, and other regulatory actions.
Hopefully, you are reading this while enjoying some coffee and moloko as you prepare for what should be another interesting week.
https://cms.zerohedge.com/users/tyler-durden
Sun, 09/14/2025 - 15:10
Europe On "High Alert" As Polish Moms Train For War Against Russia
Europe On "High Alert" As Polish Moms Train For War Against Russia
A recent incident in Polish airspace involving at least three Russian drones has inspired hysteria in greater Europe (stoked by EU politicians and the media). The event, which involved what appear to be Russian reconnaissance drones, is similar to previous incidents of purported Russian UAVs shot down after crossing into NATO skies. No attacks, no casualties and no clear intent of invasion.
However, the presence of these drones in Polish skies, even if their flight path was only meant to take them to Ukraine, is enough to fuel European calls for possible escalation. The EU and UK continue to insist on deployment of "peace keeping" troops to intervene in the Ukraine war, with France, Germany and Britain suggesting boots on the ground to reinforce the now faltering Ukrainian front lines.
The Polish Foreign Minister, Radoslaw Sikorski, asserts that the drone incursion is part of a Russian plot to "test NATO reactions without triggering a full scale war". The Polish claim that at least 19 drones were involved in the incursion and that the devices had traveled "hundreds of miles" before they were intercepted. Only three to four drones are confirmed to have been shot down.
This means that either Poland has possibly the worst air defenses in NATO, or, the reported number of drones is greatly inflated.
“The drones didn’t reach their targets and there was minor damage to property, nobody was hurt. If it happened in Ukraine, by Ukrainian definitions, that would be regarded as a 100% success,” Silorski said. But the drones had no ordnance attached and there is no evidence that they were targeting anything or anyone.
As President Donald Trump noted, the crossing into Poland was more likely a mistake. This response has angered the Europeans, who are desperate for US involvement in the war.
Poland's response has set the country on "high alert". Troops have been reinforced and the border with Belarus has been closed. The government is now sponsoring voluntary military https://nypost.com/2025/09/13/world-news/thousands-in-poland-seek-military-training-over-fears-of-russia-attack/
. Open to the public, the training has attracted over 20,000 recruits including Polish mothers, who say they want to "protect their children".
The idea is logical enough, though the deployment of women for front line combat is generally an act of desperation rather than sound strategic policy. It is interesting that a country which practices strict gun control and eligibility requirements for citizens is suddenly so interested in using those citizens as a militia reserve against a hypothetical Russian invasion. Ukraine suffered from similar restrictions on its citizens before they were invaded and this stunted their defensive capabilities.
EU officials say the drone event is an "aggressive, reckless act" and is “part of a serious escalation by Russia,” only reinforcing the bloc’s “support and resolve to support Ukraine.” The problem, though, is a matter off logistical realities.
Europe's contributions to NATO defenses are minimal and the vast majority of military spending has long been covered by US taxpayers. Europe's ability to manufacture the weapons needed to fight a prolonged conflict with Russia is next to nil and the means to supply their forces with enough equipment and resources to engage in an attrition war does not exist.
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The US military is the only force with the resources to manage a long term war in Ukraine, which is why the EU continues to demand that the Trump Administration commit to escalation. European officials have been encouraging Volodymyr Zelensky's ambitions to take back lost Ukrainian territory with talk of potential EU troops. This has extended the life of the war and sabotaged efforts to organize diplomatic talks.
Currently, Russian forces are surging on the Eastern front and Ukraine is facing the loss of the entire Donbas region. Central Ukraine is also at risk as Ukrainian troop strength dwindles. Analysts outside of typical western propaganda networks argue that Ukraine is facing a total loss unless a resolution is achieved in the near future.
https://cms.zerohedge.com/users/tyler-durden
Sun, 09/14/2025 - 13:25
https://www.zerohedge.com/geopolitical/europe-high-alert-polish-moms-train-war-against-russia
They Will Be Judged
They Will Be Judged
https://modernity.news/2025/09/12/they-will-be-judged/
Over the past several years, Democratic leaders and their allies in the legacy media have relentlessly labeled conservative figures like Charlie Kirk as “fascists,” creating a toxic atmosphere that dehumanizes political opponents and implicitly justifies extreme actions against them.
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Kamala Harris, for instance, repeatedly called Donald Trump a “fascist” during her abysmal 2024 campaign, a term echoed by commentators on MSNBC and CNN who painted Kirk and his Turning Point USA organization as threats to democracy.
This rhetoric, amplified through social media cesspits such as Reddit and Bluesky, portrays conservatives not as ideological rivals but as existential dangers that must be eradicated. In the case of Kirk’s assassination, we now have it confirmed that the 22-year-old suspect Tyler Robinson was found with Antifa literature and used ammunition inscribed with sick scrawlings about Kirk being a “fascist”, directly tying his motives to the very narratives pushed by leftist outlets.
These individuals are directly responsible for radicalising young people into political violence and murder. They will be JUDGED. https://t.co/q4P4SgtV0Q
— m o d e r n i t y (@ModernityNews) https://twitter.com/ModernityNews/status/1966560263194210643?ref_src=twsrc%5Etfw
Robinson acted in a climate where such vilification has been normalised, turning words into deadly inspiration.
This inflammatory language from Democrats hasn’t just stayed at the top; it has trickled down, encouraging foot soldiers to embrace political violence as a moral imperative.
From Antifa-linked riots in cities like Portland to targeted harassment of conservative speakers on campuses, the left’s tolerance—and at times, endorsement—of disruption and aggression has emboldened individuals like Robinson.
Snapshot of a demonic uprising. https://t.co/kLkOU9BcID
— m o d e r n i t y (@ModernityNews) https://twitter.com/ModernityNews/status/1966559561554309531?ref_src=twsrc%5Etfw
Democratic figures have downplayed or justified such acts, framing them as resistance against “fascism,” while failing to condemn the radical elements within their base. The result is yet another sick young man radicalized enough to, albeit in the most cowardly fashion possible, commit murder.
This isn’t isolated; it’s the culmination of years of unchecked rhetoric that positions violence as a tool for “social justice.”
https://twitter.com/StephenAtHome?ref_src=twsrc%5Etfw
fueled the hate.
He made it OK for mentally ill POS to assassinate people they hate.https://twitter.com/colbertlateshow?ref_src=twsrc%5Etfw
was a Democrat hate fest not entertainment.
He condoned and promoted these ghouls. https://t.co/OkP34TVU10
— Ireene Almayda (@IreeneAlmayda) https://twitter.com/IreeneAlmayda/status/1966460343200239835?ref_src=twsrc%5Etfw
I’m so sick of this both sides bs!!
They are the violent ones.
They can’t hide behind platitudes anymore.
— AmericanPapaBear (@AmericaPapaBear) https://twitter.com/AmericaPapaBear/status/1966349956488507687?ref_src=twsrc%5Etfw
We need more moments like this where https://twitter.com/bennyjohnson?ref_src=twsrc%5Etfw
shuts that bullsh*t down.
Cuomo was not ready for this absolute spanking. https://t.co/v1SeLRHJPb
— Vigilant Fox 🦊 (@VigilantFox) https://twitter.com/VigilantFox/status/1966351033858167093?ref_src=twsrc%5Etfw
It is NOT a "both sides" issue.
No assassination attempts on Biden.
No assassination attempts on Kamala.
No assassination attempts on AOC.
No assassination attempts on any other prominent voice on the political left.
No violence from pro-Israeli crowds.
No arrests on the…
— 𝐀η𝐓 (@AntSpeaks) https://twitter.com/AntSpeaks/status/1966072228765634887?ref_src=twsrc%5Etfw
Shockingly, in the wake of Kirk’s murder, everyday professionals—teachers, university professors, aides to elected officials, and medical workers—have openly celebrated the tragedy on social media, exposing the deep rot of hatred fostered by this ideology.
Reports detail educators from Massachusetts to Florida mocking Kirk’s death, with posts like “America became greater” leading to firings and leaves of absence. Universities have terminated staff for cheering the assassination, while others, like Clemson professors, face backlash for justifying it.
You know who has absolutely noticed all the Democrats celebrating Charlie’s assassination?
The next assassin.
— Jesse Kelly (@JesseKellyDC) https://twitter.com/JesseKellyDC/status/1966552503408796077?ref_src=twsrc%5Etfw
These aren’t fringe radicals; they’re the people shaping young minds and providing public services, revealing how pervasive the left’s divisive poison has become.
No. I don’t think I will be turning down my rhetoric. I don’t think anyone on the right should. https://t.co/vjmdJBxigc
— Aetius (@AetiusRF) https://twitter.com/AetiusRF/status/1966286704761090220?ref_src=twsrc%5Etfw
Parents are now pulling kids from schools, and donors are reconsidering support, as the mask slips on an education system riddled with ideologues who glorify violence.
CEO of Bluesky needs to be hauled before Congress, prosecuted for inciting mass murder, their computers seized, and the site shut down.
Why is Bluesky allowed to continue operating? https://t.co/nn3VUV7hS4
— Peachy Keenan (@KeenanPeachy) https://twitter.com/KeenanPeachy/status/1966195755510820938?ref_src=twsrc%5Etfw
Ultimately, those responsible for this rhetoric and its fallout—Democratic leaders, media enablers, and the celebrants—will face judgment not just in the court of public opinion, or through history’s unyielding lens, but at the mercy of The Almighty that Kirk so often and eloquently spoke of.
Morally, they stand condemned for sowing division that reaps death, betraying the principles of a free society. The blood on their hands won’t wash away. Accountability, first through elections, lawsuits, and societal termination, and finally through eternal damnation is assured and inevitable.
* * *
Your support is crucial in helping us defeat mass censorship. Please consider donating via https://pauljosephwatson.locals.com/support
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https://cms.zerohedge.com/users/tyler-durden
Sun, 09/14/2025 - 12:50
Operation "Let's Grab The Oil"
Operation "Let's Grab The Oil"
https://internationalman.com/articles/operation-lets-grab-the-oil/
It’s back on track...
?itok=YEgOAMG3
I don’t know if you remember it, but last year I hypothesized that the Trump administration would focus their attention on a North/South axis of power… and less on an East/West.
Part of this is down to the fact the US Military is stretched globally, and likely no small part comes down to the fact that their ability to project power has for decades been reliant on their naval capabilities. These are now rendered obsolete due to the Russian missiles which can sink them and are unstoppable. All parties know this, though it remains to be seen whether US hubris may ignore it nonetheless.
In any event, focusing on the easy prey — the US own backyard, so to speak. Canada (remember the comments about “Governor Trudeau?”) and the political pressure on Mexico. Then there is the strong allegiance now with Argentina and the pressure being placed on Brazil, the focus on Panama — the canal being all important, of course. All of this is due to a North/South pivot.
So included in this is, of course, Venezuela.
The Escalating Political Showdown: Trump vs. Maduro Over Venezuela’s Black Gold
The relationship between the Donald and Venezuelan President Nicolás Maduro has devolved into one of the most hilarious and contentious international political feuds of recent years, with both leaders engaging in increasingly hostile rhetoric. Of course, it’s all theatre — a sideshow masking the real prize: the struggle over Venezuela’s vast oil reserves, the largest proven reserves in the world.
Why, for example, is Don not blabbing about Costa Rica or Honduras or any other country in the region?
The Bounty That Started It All
Back in March of 2020 the US administration placed a $15 million bounty on Maduro’s head through the DEA’s “Narcotics Rewards Program.” They accused Maduro and other Venezuelan officials of “narco-terrorism” and drug trafficking conspiracy charges. This bounty, along with similar rewards for other Venezuelan officials totaling over $55 million, marked the first time the United States had placed such a substantial price on a sitting head of state.
The US justified this action by claiming that Maduro’s regime had transformed Venezuela into a “criminal enterprise” that facilitated drug trafficking throughout the Western Hemisphere. Secretary of State Mike Pompeo at the time declared that the Venezuelan government had become “one of the most corrupt and destructive forces in the Western Hemisphere.”
In reality, the CIA doesn’t like competition, but anyway…
Maduro’s Counterattack: The Epstein Files Gambit
Maduro’s response was swift and inflammatory. Taking to his official social media accounts, he pointed out who Trump pays allegiance to (Mossad) and suggested a release of the Epstein files. It’s all highly entertaining… except if you’re a Venezuelan, of course, wondering if Trump drops a “big beautiful bomb” on your head.
The Prize: Venezuela’s Oil Wealth
Behind this political theatre lies the true source of tension: Venezuela’s staggering oil reserves. According to OPEC data, Venezuela possesses approximately 303.8 billion barrels of proven oil reserves — roughly 18% of the world’s total. This makes Venezuela’s reserves larger than those of Saudi Arabia (267 billion barrels) and represents more oil than the combined reserves of Iraq, Iran, and Kuwait.
Despite this wealth, Venezuela’s oil production has plummeted from over 3 million barrels per day in the 1990s to barely 800,000 barrels per day by 2020, largely due to mismanagement, corruption, and international sanctions.
The Trump administration’s sanctions effectively cut off Venezuela’s access to US refineries and financial systems, costing the country an estimated $116 billion between 2017 and 2020. So there’s definitely no love lost there.
Social Media War
The conflict has played out extensively on social media platforms, with both leaders using their accounts to escalate tensions. Trump frequently posted on Truth Social about Venezuela, calling Maduro a “dictator” and claiming that “Venezuela’s oil belongs to its people, not to corrupt narco-terrorists.”
Meanwhile, Maduro has used his platforms to portray himself as a victim of “Yankee imperialism,” posting: “They want our oil, our gold, our resources. But the Bolivarian Revolution will never surrender to the gringo empire.”
The Broader Implications
This conflict represents more than personal animosity. It reflects https://internationalman.com/special-report/clash-of-the-systems-thoughts-on-investing-at-a-unique-point-in-time/
over energy resources in Latin America. Venezuela’s economic collapse has created a power vacuum that has drawn in actors from Russia, China, and Iran, all seeking to challenge US influence in the region.
As both leaders continue their war of words, the Venezuelan people remain caught in the middle, suffering from hyperinflation, shortages of basic goods, and a humanitarian crisis that has forced over 7 million Venezuelans to flee. The ultimate resolution of this conflict may determine not only Venezuela’s political future but also the global balance of energy power in the coming decades.
So what this boils down to is that one side is run by a narco-socialist who thinks he’s a demigod. The other side is run by a defense contractor in a presidential mask who is heavily influenced by a foreign nation that cannot be named lest you be called “antiseptic” or something like that.
You’re not watching geopolitics — you’re watching organized crime syndicates argue over who gets to sell oil and they can’t tell you the truth… so you’re sold all sorts of stories.
Most hilarious of all is that some overpaid intern in DC just coined the name for the US military action against Venezuela. They’re calling this — and I swear I’m not making it up — “Operation Democratic Stability.”
This isn’t war. It’s stagecraft with a budget.
Meanwhile, this just came to light…
“China Concord Resources Corp has begun developing two Venezuelan oilfields, planning to invest more than $1 billion in a project to produce 60,000 barrels per day of crude oil by end-2026, an executive directly involved in the project said.
The project marks a rare investment by a private Chinese firm in the OPEC country, which has struggled to attract foreign capital due to international sanctions on the administration of President Nicolas Maduro. The investment figure and the production plan are being reported for the first time.
Beijing has been a key ally of Maduro and his predecessor late President Hugo Chavez and is currently buying more than 90% of Venezuela’s total oil exports.
Chinese state oil giant CNPC was among the largest investors in Venezuela’s oil sector before U.S. energy sanctions were first imposed on Venezuela in 2019. China was also a big lender to Venezuela.”
By the way, as a mental note, do you think the peasants have noticed the shift? Not long ago we were all being told by some department or another, or some woke “influencer” (looking at you Leo DiCaprio) how the world would end if we didn’t stop using fossil fuels.
And now, all of a sardine, the US is on the verge of invading a sovereign country for their oil to save democracy. Imagine that! Actually, this would be a great test. Ask yourself if the US would be invading a country that was littered with wind turbines or solar panels. Me thinks not. Which proves the case.
One other thing, take a look at the S&P 500 sector allocation.
You may have to squint but near the bottom to see energy — a minuscule 3% of the index. The entirety of all the energy companies in the Spooz are less than a quarter of Nvidia. Sheesh!
* * *
What you’ve just read is more than a story about Venezuela — it’s a window into the broader forces shaping our world. Energy, geopolitics, and money are colliding in ways that will ripple far beyond Caracas or Washington. The real question is: how do you protect yourself and position ahead of what comes next? To dig deeper into the economic, political, and cultural shifts now unfolding — and what they mean for your wealth and freedom — we’ve prepared a https://internationalman.com/special-report/clash-of-the-systems-thoughts-on-investing-at-a-unique-point-in-time/
and stay one step ahead of the storm.
Views expressed in this article are opinions of the author and do not necessarily reflect the views of ZeroHedge.
https://cms.zerohedge.com/users/tyler-durden
Sat, 09/13/2025 - 19:50
https://www.zerohedge.com/geopolitical/operation-lets-grab-oil
Visualizing Global Gold Production By Region
Visualizing Global Gold Production By Region
Gold remains one of the world’s most valuable natural resources, central to everything from central bank reserves to jewelry and electronics.
During 2025, the yellow metal set multiple https://www.mining.com/gold-price-scores-new-high-ahead-of-key-us-data/
, driven by a soft dollar, strong central bank buying and heightened global uncertainty.
This visualization, https://www.visualcapitalist.com/charted-global-gold-production-by-region/
breaks down global gold production by region in 2024, spotlighting the top-producing countries and their contributions to the region supply landscape.
?itok=_4F2YNom
The data for this visualization comes from the https://www.gold.org/goldhub/data/gold-production-by-country
.
Africa Leads Global Output
Africa is the world’s top gold-producing region, generating 1,010 tonnes in 2023. Ghana leads the continent with 141 tonnes, followed by Mali (100 tonnes) and South Africa (99 tonnes).
?itok=Bwh8DR5o
This dominance reflects the continent’s vast mineral resources, though political and operational challenges continue to affect output in some areas.
China, Russia, and Australia Dominate Nationally
China remains the top national producer with 380 tonnes, followed by Russia at 330 tonnes. These two countries alone account for almost 20% of global output.
Australia follows with 284 tonnes, making it the leading Western gold producer and a cornerstone of Oceania’s 346-tonne total.
The Americas Remain Strong Contributors
North America produced 500 tonnes in 2023, driven by Canada (202 tonnes), the United States (158 tonnes), and Mexico (140 tonnes).
Central and South America added 519 tonnes, led by Peru (137 tonnes), Brazil (84 tonnes), and Colombia (66 tonnes). Combined, the Americas contribute more than one-fifth of global supply.
If you enjoyed today’s post, check out https://www.voronoiapp.com/energy/Charted-The-Worlds-Biggest-Oil-Producers-5526
on Voronoi, the new app from Visual Capitalist.
https://cms.zerohedge.com/users/tyler-durden
Sat, 09/13/2025 - 16:55
https://www.zerohedge.com/precious-metals/visualizing-global-gold-production-region
Retarded Or Evil? Leftist Arguments Justifying The Murder Of Charlie Kirk
Retarded Or Evil? Leftist Arguments Justifying The Murder Of Charlie Kirk
https://alt-market.us/retarded-or-evil-leftist-arguments-justifying-the-murder-of-charlie-kirk/
If you’re like me and have been watching the news feeds and social media for developments on the Charlie Kirk assassination, you have probably also come across a disturbing army of leftists online cheering for the conservative speaker’s death. Some posts, featuring people laughing and celebrating, have tens-of-thousands of upvotes. It’s not just the comments, it’s the mob of crazies supporting the comments.
What I see in this mountain of degenerate psychopathy is confirmation. I and many other analysts have been warning for years that the fight for what remains of the western world will happen on two fronts: The globalists at the top, and the leftist hordes on the bottom. While it’s true that globalists often fund woke groups through NGOs and corporations, they are simply giving aid to people that already have the will and the intent to destroy the US.
That is to say, the idea of the “false left/right paradigm” no longer applies. At the bottom of the pyramid there are millions of insane people with violent intentions that want to see you dead because you disagree with them. They won’t go away simply because the globalists go away. They represent a parallel threat.
Anyone who thinks otherwise is truly delusional and I have no patience for such stupidity any longer. Look at it this way – The woke movement is a death cult. In every cult there are certainly people who are useful idiots who do bad things because they are told to, but there are also many people who are consciously evil.
And if you want to see pure evil, take a gander at the endless array of grotesque reactions from activists to Kirk’s death. Endless social media posts cheering for Kirk’s murder. Leftist leaders like Ilhan Omar essentially blaming Kirk for his own assassination. Democrats trying to stop a silent moment of prayer for Kirk in Congress. https://www.telegraph.co.uk/us/news/2025/09/11/liberals-cheered-when-charlie-kirk-was-shot-witness-claims/
that leftist protesters at the Utah cheered right after Kirk was shot. The list of horrors is mind boggling.
If you have any doubts about the nature of the progressive cult just watch how they revel in the blood and maybe then you will understand. These people are not human beings, they are monsters, and now they feel very emboldened because they think they can get away with political killings.
A prime example is in the numerous arguments they present to justify Kirk’s assassination. Social media is rife with them, thousands of posts supported by hundreds of thousands of people. What I would like to do is break some of the most common arguments down and identify if the ideas are retarded, or evil (or both). Let’s get started…
Leftist Claim: “Charlie Kirk’s words were offensive and caused harm, therefore he deserved to die.”
Diagnosis: Retarded And Evil
The political left has long treated words as being equal to violence. For them there is no distinction. This is the foundation of the “wrong think” ideology. Charlie Kirk never harmed a living soul and under the law he had every right to express his views regardless of whether or not people get offended. He never led a mob to burn down a city block. He never organized a terror cell. He never advocated for violence. He never even punched a commie. The most he did was advocate for the right to self defense.
If opinions are violence, then anyone can be killed for their opinions. Thinking you are immune because you have the “right opinions” is perhaps the most ignorant assumption a person can make, but leftists are generally low IQ individuals.
On the other hand, there is also the underlying agenda among elitist groups to make “hate speech” a subject of government enforcement. We have seen this in full swing in the UK the past year and it’s getting ugly. ANYTHING can be designated hate speech, from posting jokes online to flying your national flag.
Strangely, only conservatives seem to get arrested for speech violations. It’s almost as if only conservative ideas are being outlawed.
Hate speech laws are the doorway to mass censorship, and if progressives and their globalist partners can’t put those laws in place, then they have decided to enforce color of law through political violence so that conservatives are afraid to speak.
Leftist Claim: “It’s Ironic That Charlie Kirk Was Pro-Gun And Then He Was Killed By A Gun…”
Diagnosis: Retarded
It’s actually not ironic at all. Kirk often pointed out that the majority of gun violence is committed by leftists – In leftist controlled cities and in minority neighborhoods which vote predominantly Democrat. If leftists were removed from the equation, gun crimes (and crime overall) in the US would plummet.
Charlie was most likely murdered by a leftist (the evidence released so far indicates this). We’ll find out soon enough. If so, then the assassination only supports his argument that the political left is the danger. Not gun rights.
Leftist Claim: “Where Was The Good Guy With A Gun To Protect Charlie…?”
Diagnosis: Retarded
Good guys with guns stop at least 1.8 million crimes per year according to surveys on DGU (Defensive Gun Use) data. But Kirk never argued that the presence of good guys with guns makes him bulletproof. Good guys with guns die all the time, especially if they are targeted for political assassination. The gun is to give someone a fighting chance if they see the threat coming. It doesn’t make them invincible.
Leftist Claim: “If only Charlie hadn’t defended gun rights, maybe he would be alive today…”
Diagnosis: Evil
When leftists make this argument what they are really saying is: “If you don’t give up your gun rights, we have the right to shoot you.”
Leftist Claim: “Kirk would have been saved by the increased gun control he opposed…”
Diagnosis: Retarded
The murder weapon was a basic .30 Cal hunting rifle, probably holding a maximum of four rounds. It’s not the type of firearm on any ban wish list that the Democrats have put forward.
If leftists are going to make this argument then they will have to admit that their true intention is to ban ALL guns, not just scary “black rifles”.
Leftist Claim: “Charlie Kirk Lived By The Sword And Died By The Sword…”
Diagnosis: Retarded
As noted earlier, Kirk never attacked anyone, never harmed anyone, and only fought for the right to speak his views without being censored or threatened. If debate is a threat to the political left then their ideas must not hold up to public scrutiny. In other words, they killed Charlie Kirk because he exposed their ideas as faulty.
That’s not “living by the sword”, that’s being nice. Leftists don’t want to see us truly take up the sword, which is why the media is currently scrambling to call for peace.
Leftist Claim: “Kirk Was A Radical And Now Is A Time To Abandon Radicalism And Make Peace…”
Diagnosis: Evil
Lets be clear, the vast majority of the violence is only coming from one side, and that’s the progressive Marxist/globalist side. It’s rather convenient that progressives suddenly want peace after years of violent rhetoric and actions. Why are they doing this? Because they know that retribution on a large scale is so near. When an opponent has waged aggressive war for years and then suddenly wants a ceasefire, it’s usually because he’s about to get hurt and he wants to regroup.
?itok=4ntVNNER
Woke activists have been begging for an ass kicking for at least the past decade and now they are starting to realize they just might get it. They desperately want our anger over Kirk’s death to fizzle out over time.
Kirk was not a radical in the slightest. He only spoke the facts to the best of his ability, Facts cannot be radical. The truth is never extreme. However, now that he has been killed, I suspect leftists are going to see a lot of actual “radicals” in the near future.
Views expressed in this article are opinions of the author and do not necessarily reflect the views of ZeroHedge.
https://cms.zerohedge.com/users/tyler-durden
Fri, 09/12/2025 - 23:25
Trump Warns His Patience With Putin Is "Running Out Fast"
Trump Warns His Patience With Putin Is "Running Out Fast"
U.S. President Donald Trump has said that he is losing patience with Russian President Vladimir Putin and could issue new tariffs and sanctions to compel the Russian leader to enter cease-fire negotiations with Ukraine.
Trump said that his patience with Putin’s refusal to participate in peace talks with Ukraine was “running out and running out fast,” during an interview with Fox News’ “Fox and Friends” on Sep. 12.
Trump ist genau wie Putin - ein Blender....
Trump hat erneut erklärt, dass seine Geduld gegenüber Putin zur Neige geht. Er droht mit gewissen Sanktionen.
„Meine Geduld scheint schon fast erschöpft zu sein, und das schnell – aber es braucht ja zwei zum Tango tanzen... Als Putin es… https://t.co/RjA9J8We7n
— Konstanze Hoffmann (@KonstanzeHoffm1) https://twitter.com/KonstanzeHoffm1/status/1966600945288310931?ref_src=twsrc%5Etfw
the president added that “it does take two to tango,” saying that Putin’s recalcitrance on committing to peace talks was in part due to the Russian leader’s mutual animosity with Ukrainian President Volodymyr Zelenskyy.
“There’s tremendous hatred between him and Zelenskyy,” Trump said.
Trump has made ending the https://www.theepochtimes.com/article/how-the-war-in-ukraine-unfolded-and-how-it-might-end-5816673
and other international conflicts a key part of his presidential agenda, but has struggled at times to convince Putin and Zelenskyy to meaningfully negotiate on ending the conflict.
The comments follow a high-profile summit between Trump and Putin in Alaska in August, which aimed to bring Russia back to the negotiating table but ultimately did not result in the resumption of cease-fire talks.
“There’s no deal until there’s a deal,” Trump https://www.theepochtimes.com/article/key-takeaways-from-trump-putin-summit-on-ukraine-5901960
at the time.
That meeting itself was the result of a threat by Trump to impose https://www.theepochtimes.com/world/trump-gives-russia-10-days-to-agree-to-ukraine-cease-fire-or-face-sanctions-5893964
on the Russian oil sector, including secondary tariffs on nations such as India and China that purchase oil from Russian entities.
Trump renewed those threats during Friday’s interview, saying the United States would have to “come down very, very strong” on Russia if Putin did not commit to peace talks with Ukraine.
?itok=g4VNFWAF
When asked what coming down on Russia would look like, Trump said that it would involve “hitting [Russia] very hard with sanctions to banks and having to do with oil and tariffs also.”
to U.S. allies in Europe earlier this week in the hopes of building international support for secondary tariffs of up to 100 percent on China and India.
The move demonstrates how much Trump and his administration have https://www.theepochtimes.com/us/trump-is-losing-patience-with-russia-5885370
in handling the war in Ukraine since first coming to office, moving from pausing all support of Ukraine early in the year to renewing weapon sales to Kyiv and threatening sanctions against Moscow.
The difficulty lies in getting either Kyiv or Moscow to relent on any of several key war aims, with Zelenskyy refusing to consider the giving up of any territory to Russia and Putin demanding that it be given territory it has failed to conquer.
For now, Moscow appears undeterred. This week alone, Russia launched its largest https://www.theepochtimes.com/world/russia-hits-ukraine-with-biggest-air-attack-of-war-sets-government-building-ablaze-5911576
into NATO member Poland’s airspace.
NATO leadership has https://www.theepochtimes.com/world/nato-strengthens-defenses-on-eastern-frontier-after-drone-incursion-in-poland-5914116
whether the drones entered Polish airspace deliberately or as part of an operation in Ukraine that went wrong.
Trump said during Friday’s interview that Russian assets “shouldn’t be close to Poland.”
https://cms.zerohedge.com/users/tyler-durden
Fri, 09/12/2025 - 18:50
https://www.zerohedge.com/geopolitical/trump-warns-his-patience-putin-running-out-fast
Where Are All The Hurricanes?
Where Are All The Hurricanes?
Where are all the hurricanes?
And where are the climate alarmists, leftist corporate media outlets, and Greta Thunberg with their predictions of imminent doom for planet Earth?
?itok=u2AI0U_v
In Greta's case, perhaps the funding for climate change propaganda dried up, and she has since shifted her https://www.zerohedge.com/geopolitical/greta-thunbergs-gaza-bound-flotilla-fire-sparks-narrative-battle
. As the saying goes, "follow the money".
?itok=s9xyP9ef
Back to the Atlantic hurricane season: it's been eerily quiet, with no signs of activity this week - even though this is typically the peak of the season. This is the period when tropical cyclones and hurricanes are expected to be churning in the Atlantic Basin, often threatening or making landfall in the U.S., while leftist corporate media unleashes propaganda blaming the working class and their gas stoves, diesel trucks, and meat consumption for fueling the crisis. Yet many of these climate alarmists present more taxes and banning cow farts as the solution to save the planet, yet never mention that they fly around in private jets and sail diesel-powered mega yachts.
Socialist AoC & Bernie Sanders Caught Using Private Jets On "Fighting Oligarchy" Tour https://t.co/58pQCT1hpM
— zerohedge (@zerohedge) https://twitter.com/zerohedge/status/1913715523478589569?ref_src=twsrc%5Etfw
"Peak hurricane season. No activity this week. Just sayin," former Trump 2016 transition team member and JunkScience publisher Steve Milloy wrote on X.
Peak hurricane season. No activity this week. Just sayin'. https://t.co/tj9J4Tdoff
— Steve Milloy (@JunkScience) https://twitter.com/JunkScience/status/1965395375813980533?ref_src=twsrc%5Etfw
Weather Trader meteorologist Ryan Maue told USA Today in an email that peak hurricane season can be described as a "ghost town," adding that "the Atlantic tropics have gone DORMANT again."
Seasonality-wise, this week is supposed to be the busy one...
?itok=O_qLwKut
Hurricane specialist Michael Lowry wrote on X, "Only two hurricane seasons in the modern record – 1992 and 1968 – went the two weeks leading up to the traditional hurricane season peak without an active named storm. Now we'll add 2025 to the list. My thoughts on the unusually quiet start to September."
Only two hurricane seasons in the modern record – 1992 and 1968 – went the two weeks leading up to the traditional hurricane season peak without an active named storm. Now we'll add 2025 to the list. My thoughts on the unusually quiet start to September ⬇️https://t.co/D1zZa6d1Kw
— Michael Lowry (@MichaelRLowry) https://twitter.com/MichaelRLowry/status/1965410427950760275?ref_src=twsrc%5Etfw
The result of climate propaganda by leftist corporate media outlets has been a mental health crisis among some youngsters, causing them to develop climate anxiety.
?itok=aTU3Tlpp
Someone needs to tell the youngsters that Al Gore has been wrong for decades.
https://cms.zerohedge.com/users/tyler-durden
Tue, 09/09/2025 - 21:20
Over 400 Genocide Scholars Say That Hamas, Not Israel, Committed Genocide
Over 400 Genocide Scholars Say That Hamas, Not Israel, Committed Genocide
Four hundred and twenty genocide scholars, survivors, and experts signed a statement affirming that Hamas, not Israel, is guilty of the crime of genocide. The experts also criticized their fellow scholars who falsely accused Israel of genocide in Gaza.
?itok=oHW3fxIS
Scholars for Truth About Genocide (STAG) condemned the inaccurate accusations of the International Association of Genocide Scholars (IAGS) against Israel. While IAGS asserted Israel is committing genocide in Gaza, STAG explained why this is false.
“Genocide is the gravest offense known to humankind; to dilute its legal standards for ideological ends is a form of moral violence,” STAG declared.
“It dishonors the memory of past victims, misleads the public about present atrocities, and obstructs efforts to avert future ones.”
Israel will even https://jihadwatch.org/2024/06/israels-extraordinary-efforts-to-avoid-civilian-casualties-endanger-its-own-soldiers
them.
The statement’s title is “Legal, antisemitism, history, Holocaust, and genocide scholars, former prosecutors, and other authorities, including descendants of survivors, call on International Association of Genocide Scholars (IAGS) to retract resolution accusing Israel of genocide amid clear misapplication of law and history.” Here is the key passage from the STAG experts’ https://www.scholarsfortruthaboutgenocide.com/
:
On October 7, 2023, Hamas invaded Israel and acted with the intent to destroy, in whole or in part, Jews and Israelis, as a national, ethnical, racial, or religious group, as such.
Further, Hamas and their allied organizations took innocent people hostage and continue to hold hostages.
Thus, Hamas committed the crime of genocide and remains the only party to legally meet the requirements of the elements of the crime of genocide.
Mosab Hassan Yousef, son of a Hamas co-founder, previously https://pjmedia.com/catherinesalgado/2024/04/04/hamas-founders-son-us-gaza-supporters-belong-in-insane-asylum-n4927917
this sentiment.
STAG pointed out that one of the reasons more “civilians” in Gaza have died than Israel intended is because Hamas always uses human shields, hiding terrorists, weapons, and bases in or under civilian structures such as schools, hospitals, and mosques.
Furthermore, Hamas prevented civilians from leaving Gaza City. IAGS didn’t take any of this into account, especially when complaining that Israel has sometimes attacked “civilian infrastructure.”
STAG also addressed the fact that casualty numbers coming from Gaza are often unreliable or manipulated, partly because Hamas usually issues them, and also because “a significant portion of combatant casualties [are included] without differentiation between civilians and combatants.”
IAGS also misrepresented the decision of the International Court of Justice, which just so happens to be biased against Israel anyway.
In Gaza, there are numerous other plausible explanations for the intent of military operations in Gaza. From Hamas’ weaponization of civilian and humanitarian infrastructure, their documented https://www.nytimes.com/2024/07/13/world/middleeast/hamas-gaza-israel-fighting.html
, to the continued holding of hostages.
Another critical failure of the IAGS resolution is that it not only fails to establish the elements of genocide, it does not set the legal standard for which genocide must be proven.
And IAGS also ignored the steps Israel takes to minimize harm to Gazan civilians, while not even mentioning that Hamas has long had the power to end the war by releasing the hostages.
The only attempted genocide was the one Hamas committed on Oct. 7, which they vowed to commit https://catherinesalgado.substack.com/p/hamas-official-well-repeat-atrocities
.
Views expressed in this article are opinions of the author and do not necessarily reflect the views of ZeroHedge.
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Tue, 09/09/2025 - 20:05
Hegseth Makes Dramatic Visit To US Carrier Off Venezuela, Tells Marines It's 'Not Training Exercise'
Hegseth Makes Dramatic Visit To US Carrier Off Venezuela, Tells Marines It's 'Not Training Exercise'
Secretary of War Pete Hegseth and senior Pentagon officials made an unannounced visit to US Marines stationed in the Caribbean as well as to Puerto Rico on Monday. The military build-up to to target Venezuelan cartels allegedly threatening America's borders by moving their product.
Upon a first somewhat dramatic stop and arrival by Osprey aircraft to the USS Iwo Jima warship, Hegseth told US Marines in waters off Puerto Rico that their deployment was "not training" - which is a clear sign the Trump White House intends to keep up its escalatory force posture aimed at Maduro's Venezuela.
🚨 BREAKING: Secretary of WAR Pete Hegseth has just arrived in Puerto Rico, where President Trump has deployed fighter jets to take on Venezuelan cartels
This was an unannounced trip.
Cartels are about to learn why our defense budget is closing in on $1 trillion 🤣 https://t.co/uh8WImtbEo
— Nick Sortor (@nicksortor) https://twitter.com/nicksortor/status/1965134711078133820?ref_src=twsrc%5Etfw
"What you’re doing right now is not training; this is a real-world exercise on behalf of the vital national interests of the United States of America to end the poisoning of the American people," Trump's defense chief said.
The Pentagon is reportedly mulling using Puerto Rico as its central hub to wage war against Latin American cartels, at a moment the US has put a https://www.bbc.com/news/articles/cwy1wn1x521o
on President Maduro's head - signaling the pursuit of regime change.
Governor of Puerto Rico Jennifer Gonzalez welcomed Hegseth's presence, showing a willingness to host American troops amid the Venezuela operations, while denouncing Maduro as a "narco-dictator".
"We thank [President Donald] Trump and his Administration for recognizing the strategic value Puerto Rico has to the national security of the United States and the fight against drug cartels in our hemisphere, perpetuated by narco-dictator Nicolas Maduro," she wrote on social media.
The Iwo Jima is currently stationed about 30 miles south of Puerto Rico...
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Along with the carrier deployment, the US has at least three guided missile destroyers in the Caribbean, ten F-35s, and thousands of US Marines. There are also reports of a US attack submarine operating at locations unknown off Venezuela.
Tensions are soaring after last week the US attacked an alleged drug-smuggling boat, killing all eleven on board - and reportedly with no warning or attempt to intercept it. Maduro has put his own forces on alert, particularly on the coast and in border areas, and has sent F-16s to buzz US warships, though Trump has threatened to shoot them down.
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Tue, 09/09/2025 - 14:05