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Building Eurasia's New Fortress
1754105100 from ZEROHEDGE
Building Eurasia's New Fortress Authored by Sean Ring via DailyReckoning.com, For over a century, two dead advisors have shaped the way great powers view the world. On one side, we have Alfred Thayer Mahan—the American naval officer who believed sea power determined global supremacy. According to Mahan, controlling the oceans means controlling trade. If you control trade, you control wealth. If you control wealth… well, you get the picture. On the other side is Halford Mackinder, the British geographer who argued the exact opposite. Forget the seas, he said. Whoever controls the “World Island”—Eurasia—controls the world. Railways, rivers, pipelines, and land empires are what count. Not frigates and aircraft carriers. Mahan and Mackinder are no longer with us, but their ideas continue to influence the world today. And we’re watching it unfold. It’s Mahan’s World… For Now. The United States and the United Kingdom—Mahan’s spiritual children—have long benefited from an ocean-based order. Ruling the waves built their prosperity and power. The British Empire’s reach was maritime. The U.S. Navy now patrols every major sea lane. The dollar reigns supreme because oil, commodities, and trade settle in greenbacks. That world—the Mahan world—is why Americans live like kings while land powers like Russia and China have spent decades playing catch-up. But Mahan’s world has limits. Especially when you try to keep your rivals bottled up in theirs. That’s precisely what the U.S. has tried to do with China. China’s Story The First and Second Island Chains—stretching from Japan through Taiwan and the Philippines to Guam and Indonesia—are like maritime prison bars hemming China in. They prevent Beijing from turning its navy into a global force and restrict its access to the open Pacific. And that’s no accident. It’s U.S. policy. So what did China do? Simple: they pivoted landward. Hence, the Belt and Road Initiative. If the Americans and their allies can dominate the seas, the Chinese reasoned, then the answer lies in dominating the land. Ports, railways, roads, pipelines, dry docks, fiber optic cables, and power grids. Not just in Asia, but across Eurasia, the Middle East, Africa, and even into Europe. What Mackinder once called the “Heartland” is now becoming a Chinese-funded construction site. Russia’s Story And then there’s Russia. After the 2022 invasion of Ukraine, the West slapped Moscow with every sanction it could think of. No dollars. No euros. No Swift. No tank parts. No semiconductor chips. No comfy Davos forums. In effect, the West attempted to sever Russia’s ties to the global economy. Cut it off from the ocean-based system. And how did Russia respond? They doubled down on Mackinder. On land power. On rivers, specifically. If you watch the YouTube video How Russia Plans to Rule Eurasia by River—and I strongly suggest you do—it outlines Moscow’s plan to build out an internal network of rivers, ports, and rail links that integrate the entire Eurasian landmass. The Volga. The Don. The Ob. The Lena. Not names we normally associate with global trade, but maybe we should. Chinese Capital and Russian Geography What’s emerging is a strategic marriage between Chinese capital and Russian geography. One has money and ambition. The other has territory, rivers, and a pressing need to stay relevant. Together, they’re laying the foundation for a new continental infrastructure—one that’s largely immune to the U.S. Navy, the EU’s bureaucracy, or whatever sanctions the White House dreams up next. Think about what that means. New trade corridors will be built from China to Europe, bypassing the Strait of Malacca and the Suez Canal. Russian river ports will feed Chinese rail lines into Kazakhstan, Iran, and Turkey. They’ll have pipelines that carrier groups can’t blockade. Their digital infrastructure routed through friendly capitals, not Silicon Valley or Brussels. A Mackinder world. Built in plain sight. Potential Outcomes So, where does this go? There are a few scenarios. Scenario A: coexistence. The ocean powers maintain dominance over maritime trade, but the Eurasian system becomes a serious, functioning complement. You get a multipolar logistics world—ships and ports meet trains and pipes. Scenario B: Eurasian ascendancy. The land routes become faster, cheaper, and more secure. Europe, sick of American lectures, cozies up to Asia via Russian and Chinese connections. The sea-based West is beginning to resemble the old system. The future is inland. Scenario C: confrontation. The U.S. and the UK start sabotaging, sanctioning, or undermining Eurasian projects. Think pipeline explosions, proxy wars, targeted sanctions on Belt and Road nodes. It gets ugly. Scenario D: synthesis. Everyone accepts that the world now runs on multiple systems. Sea and land. Sanctions and swaps. Rail and sail. You need to hedge your trade routes, just as you hedge your portfolio. Wrap Up For now, Mahan’s world still rules. The U.S. Navy is unmatched. The dollar is still king. But the Heartland is stirring. The land powers are done playing defense. They’re building rivers, rails, roads—and they’re doing it without asking Washington for permission. And if they succeed, Mackinder might finally get the last laugh. Even if most Americans still have no idea who he was. Tyler Durden Fri, 08/01/2025 - 23:25
Russian Drone Found At Military Base In Lithuania Which Hosts NATO Troops
1754103600 from ZEROHEDGE
Russian Drone Found At Military Base In Lithuania Which Hosts NATO Troops A suspected errant Russian drone has breached a NATO country's airspace this week - though certainly not for the first time, and is setting off the proverbial alarm within Lithuania's military The drone was discovered crashed at a Lithuanian military training area after entering the country’s airspace from Belarus, after first being spotted early Monday morning, Lithuania’s army reported on Friday. The military first tracked in on radar over Belarusian airspace, near the border. LRT: A Russian "Gerbera" drone that entered Lithuanian airspace from Belarus found on August 1, 2025. Several area residents actually captured footage of it flying over Vilnius before it vanished, and later was found on the ground at the military training base. "It’s likely the same drone that breached our airspace on Monday. Initial analysis suggests it may be a Gerbera model, though this is still being confirmed," the Lithuanian military said in the statement. At least one Lithuanian lawmaker has portrayed the drone breach incident as intentional, also given it ended up at a military site. "This looks like a provocation," said Mindaugas Sinkevičius, interim leader of Lithuania's ruling Social Democratic Party, while describing that the sensitive area where it was found leads to the conclusion that the breach was on purpose or a test of sorts. It has been identified as a Gerbera drone, a type which Russia's military often utilizes as a decoy to mislead or distract air defense systems in Ukraine. Interestingly, the Gaižiūnai training grounds near Rukla - where it was recovered - actually hosts a NATO multinational battalion, regional reports say. Via BBC This isn't the first time this has happened - and a Russian drone even breached Lithuanian airspace earlier this summer. Poland, Romania, Moldova, and Latvia have also at various times seen their airspaces breached by errant drones - for example with a more dangerous Russian Shahed-type suicide drone having crashed in Latvia in September 2024. Tyler Durden Fri, 08/01/2025 - 23:00
Needed: Stupid Anonymous
1754102100 from ZEROHEDGE
Needed: Stupid Anonymous Authored by Stephen Kritz via The Brownstone Institute, For many years, large segments of the American public were perfectly willing to go on Jerry Springer and admit to the world that they abused their spouses, molested their children, tortured their pets, and consumed every illicit drug they could get their hands on. Beginning with Alcoholics Anonymous, a plethora of Anonymous organizations has come on the scene to deal with these issues, along with an ever-increasing number of other social and psychological maladies. However, there is not one Anonymous chapter where a person can get in front of a supportive group and state: “Good evening. My name is Steve, and I’m stupid!” Don’t believe me? Google it! For the purposes of this discussion, I’ll use the term “stupid” based on actions, not intellect…or as Forrest Gump was known to say: “Stupid is as stupid does!” Getting people to admit that they’ve behaved stupidly is a very heavy lift. Just as Social Security has been called the “third rail” of American politics, admitting stupidity is the third rail of the American psyche. In addition, I have found that stupid actions tend to be based on rigid ideology or fear, both of which are hard to overcome. Let’s start with stupidity due to rigid ideology. Given that the receipts documenting the Obama administration’s efforts to carry out a “soft coup” are now in the public domain, at least half the population is going to need Stupid Anonymous services badly. I must point out that the use of the word “soft” when talking about a coup is absurd. It’s like telling a person that you just kicked in the crotch that it was an accident, expecting the person’s pain to immediately subside. It’s not happening! An attempted coup is a very serious crime, no matter the means used to carry it out or its level of success, and there must be full accountability. I find it interesting that RussiaGate, which has now been definitively demonstrated to have been nothing but a hoax, was thought by many of its believers to be worse than Watergate. Frankly, I believe that those who, to this day, continue to believe that RussiaGate was a real scandal are just acting stupidly! While I have no issue using Watergate as the gold standard by which government corruption is adjudicated, it needs to be assessed in proper context. At the time of the Watergate hearings in 1973 and 1974, I had just finished college. PBS carried gavel-to-gavel coverage, and I listened to dozens upon dozens of hours of testimony. A year earlier, I had cast my first vote for George McGovern. My relatives, all of them Jewish, kept pointing out that almost all of Nixon’s partners in crime had German last names. As such, I was surrounded by people who were very fearful about Nixon’s plans for the country. I had similar concerns. In short, I was no Richard Nixon fan, and I believed that he got what he deserved. In reality, however, our Constitutional republic was never in jeopardy, and the country continued to function as it would have had the scandal not occurred. Despite this, a sitting President was forced to resign, approximately 60 people were indicted, of which almost 50 were convicted or pleaded guilty, and about two dozen were sent to prison. I have no issue with this level of accountability. Therefore, if we’re going to use Watergate as the gold standard, the perpetrators of the coup should receive punishment that is at least an order of magnitude more severe, given the fact that our Constitutional republic WAS placed in jeopardy. It was only due to Trump’s tenacity and fortitude, and the Hand of the LORD (most obviously in the deflection of the assassin’s bullet) that we are now in a position to turn the ship of state around. There are those who will tell themselves that because the coup didn’t succeed, and Trump was legitimately ousted from office via the vote in 2020 (which raises a whole series of other questions that I won’t cover here), we’re okay, and our Constitutional republic prevailed. Not by a long shot! The fact is, the four years of the Biden administration were reminiscent of the last four years of Brezhnev’s leadership of the former Soviet Union from 1978-82. We had an obviously senile leader who was led by the nose by an unelected Politburo (a term I had used from the beginning of Biden’s presidency that is being uttered with some frequency in recent days). We had a Stalinist Dept of Justice (i.e., you show me the man and I’ll show you the crime), our Intelligence agencies were run by a bunch of Putin/KGB wannabes, and our news outlets were reminiscent of Pravda. As a result, the entire fabric of American life was in tatters going into the election of 2024. I’d hate to think of what would have happened to this country had Kamala Harris won the 2024 election. I’ll point out that while Trump won in an Electoral College landslide, if a mere 125,000 voters (out of approximately 16 million votes cast) in Michigan, Wisconsin, and Pennsylvania had switched their votes, Harris would have won all three of those states, and would have reached 270 electoral votes. Clearly, there were no supply chain issues when it came to the stupidity of those who fervently pushed the proposition that there was nothing to see here! Hopefully, the new folks that are in charge of our government agencies will provide justice with the appropriate level of accountability, and enough Stupid Anonymous chapters will be in operation to deal with the amount of psychological trauma that will need to be addressed. The current effort to deflect everything to the Jeffrey Epstein files in order to bring down Trump will not bear fruit. Once again, this will be shown to be just plain stupid. In my opinion, Trump’s leadership style has shown itself to be the second coming of the only other President born in New York City, Theodore Roosevelt. Eerily, Roosevelt also survived an assassin’s bullet during the election campaign of 1912, when he was running for a third term. Thank the LORD for overly long handwritten speeches kept in a left breast pocket! Had the speech been about 15 minutes shorter, the bullet would likely have been fatal. As such, Trump, by proxy, is already on Mount Rushmore! Putting the foregoing together; I’d say that those who continue to challenge President Trump are acting against the best interests of the country…and stupidly. I’ll now move on to stupidity due to fear, which was the initial tactic used by those responsible for the disastrous Covid response. What’s going to happen when the true extent of the Covid atrocities are revealed? It’ll make the coup attempt against Trump, bad as it was, look like child’s play! While many of us are legitimately concerned about the number of terrorist sleeper cells that have been injected into the country via open borders, what about the number of sleeper cells that have been injected into the arms of most of the US population? There are already indications that long-term consequences are likely. Ominously, a very recent study from the Czech Republic showed that the successful conception rate of women who received as few as one Covid shot prior to trying to get pregnant is significantly lower than those who didn’t take any Covid shots. I’m also concerned that the flat-to-declining life expectancy we’ve experienced in this country over the past decade, which just so happens to correlate rather closely with the timeline of full implementation of ObamaCare, will be further exacerbated by having taken the Covid shots. To have not considered these possibilities from the outset of the Covid pandemic is just another example of stupidity, in this case fed largely by fear. Staying with life expectancy for a moment longer; beginning in 2015, we had three consecutive years of declining life expectancy in the US. The last time this had happened was during the flu pandemic of 1918-20. You’ll recall that the 2015-17 declines were attributed to “deaths of despair.” I thought it was also due to the obesity epidemic finally catching up with us. It was also found that excess all-cause mortality with decreased life expectancy occurred in 2021, the first year of the Covid shots, and not in 2020, when viral virulence was at its peak. While looking at the most recently posted life expectancy graphs, I couldn’t help noticing that the three consecutive year decline is not there, and the Covid-related drop in life expectancy is in 2020; not 2021. Experience tells me that something sinister is in the works, and the stupid among us are being set up for the next scam that will lead them to behave – you guessed it – stupidly. In sum; our work is cut out for us. Should stupidity prevail one more time, either from ideological rigidity or fear, our efforts to get back to our Constitutional republic will permanently end with Trump’s second term as President. I suggest we revive Operation Warp Speed in order to get Stupid Anonymous chapters up and running as quickly as possible. Tyler Durden Fri, 08/01/2025 - 22:35
Japan Creates Frankenstein Bird Flu Virus With New Immunological Traits
1754096100 from ZEROHEDGE
Japan Creates Frankenstein Bird Flu Virus With New Immunological Traits Via JonFleetwood.com, According to a new study published last week in NPJ Vaccines, Japanese researchers engineered an entirely new strain of bird flu, combining the genetic material of two separate wild viruses to create what they call Vac-3: a pathogen that is “a reassortant virus between A/duck/Hokkaido/101/2004 (H5N3) and A/duck/Hokkaido/262/2004 (H6N1).” This lab-built virus—A/duck/Hokkaido/Vac-3/2007 (H5N1)—was never observed in nature. It was artificially assembled, grown in eggs, concentrated, and inactivated with formalin to become the whole-particle vaccine used in long-term testing on nonhuman primates. The new study comes after NIH-funded researchers at the University of Georgia, Mount Sinai, and Texas Biomed were caught engineering lab-made H5N1 bird flu viruses—one of which killed 100% of exposed mammals—using synthetic DNA constructs and then deliberately infecting live dairy cows, all under the same $59 million federal contract that has also been tied to mammal-adapted, drug-resistant strain development. Japan is also working with U.S. scientists on other projects to build lab-made horse-human influenza hybrids that replicate 100 times faster than natural strains using aborted fetal cells engineered with the cancer-linked SV40 virus, also under the banner of vaccine development. All of these developments raise fears that another man-made pandemic is on the horizon, as Congress, the White House, the Department of Energy, the FBI, and the CIA have acknowledged that a lab-related incident involving gain-of-function research is most likely the origin of COVID-19. An Engineered Virus with New Properties The new Japanese paper highlights that this bird flu Frankenvirus triggered significantly stronger immune responses than existing flu vaccines. It did so by retaining its full genetic structure, including viral RNA, which stimulated toll-like receptor 7 (TLR7) and a cascade of innate immune activation. “WPVs contain single-stranded viral RNAs that stimulate innate immune receptors such as toll-like receptor 7,” the authors write. This means the lab-built virus was left fully intact so it could shock the immune system into overdrive, triggering a much stronger reaction than normal flu shots. Unlike conventional “split” vaccines, which separate viral proteins from RNA, Japan’s whole-particle vaccine (WPV) preserved the virus’s full anatomy. This allowed it to activate dendritic cells, induce interferon-producing T cells, and stimulate somatic hypermutation—a powerful, but risky, rewiring of the immune system. In short, the new virus didn’t just train the immune system—it reprogrammed it. Gain-of-Function Without Calling It That While the researchers don’t use the phrase “gain-of-function” that’s effectively what this is: the creation of a chimeric virus with novel immunological features. The Vac-3 strain was not isolated in the wild. It was constructed by merging influenza genes from unrelated alleged viruses, giving the final product new, enhanced abilities—especially in triggering memory immune responses. A White House Executive Order from May 2025 defines “dangerous gain-of-function research” as scientific work on infectious agents that can cause disease by enhancing their pathogenicity or transmissibility. Importantly, the Order explicitly includes research that can: “[disrupt] beneficial immunological response or the effectiveness of an immunization against the agent or toxin” (meaning altering how the immune system responds to the virus), and, “[enhance] the susceptibility of a human host population to the agent or toxin.” This means that GoF research includes altering the virus in ways that affect the immune response—either by weakening it or by increasing the harm caused through immune interaction. So, engineering a virus to produce a stronger or otherwise altered immune response in hosts falls under this definition because it modifies the virus’s interaction with host immunity, which could have significant health consequences. Biosecurity Risks Ignored Researchers infected macaques with a human-lethal strain of H5N1 five years after vaccination with Vac-3 to test long-term immunity. The challenge virus—A/Vietnam/UT3040/2004 (H5N1)—was said to have been isolated from a patient who died from the infection. This raises serious biosafety concerns. The experiment involves: Genetic engineering of a virus that never existed before Testing it on nonhuman primates Challenging them with a highly lethal H5N1 strain in a BSL-3 lab This is gain-of-function-adjacent research, cloaked in vaccine development. Why This Matters As avian influenza outbreaks spread across continents and headlines warn of a possible H5N1 human pandemic, it’s critical to ask: How many of these outbreaks are caused by wild strains, and how many involve viruses manufactured for vaccine research? Governments and scientific institutions continue to play with viral fire, creating unnatural pathogens and injecting them into animals to test vaccines that may never see approval. The result is a growing infrastructure of high-stakes, high-risk bioengineering, all under the banner of public health—without public awareness or consent. Tyler Durden Fri, 08/01/2025 - 20:55
Witkoff Visits Gaza To Investigate Aid Crisis, Hamas Dismisses 'Staged' Photo Op
1754091600 from ZEROHEDGE
Witkoff Visits Gaza To Investigate Aid Crisis, Hamas Dismisses 'Staged' Photo Op US envoy Steve Witkoff has made an unprecedented visit to Gaza on Friday in order to personally inspect humanitarian aid sites and assess the growing humanitarian crisis. Under Israeli security, Witkoff entered the southern Gaza city of Rafah to visit a a US-backed aid distribution site run by the Gaza Humanitarian Foundation (GHF) - which is protected by American security contractors. US Ambassador to Israel Mike Huckabee is also present, as was previewed by White House press secretary Karoline Leavitt at a Thursday press briefing. Ambassador Mike Huckabee/X "Tomorrow, special envoy Witkoff and Ambassador Huckabee will be traveling into Gaza to inspect the current distribution sites and secure a plan to deliver more food and meet with local Gazans to hear firsthand about this dire situation on the ground," Leavitt had said. Witkoff says he is going to brief the president based on his fact-finding mission in the strip amid growing international pressure, and after the UN's human rights arm had publicized that as of mid-july 674 Palestinians had been killed "in the vicinity of GHF sites." Huckabee and Witkoff's statements have so far been sparce on details but have been generally positive, despite most of Gaza having been leveled and with the majority of Palestinians internally displaced and with many starving. "We received briefings from the IDF and spoke to folks on the ground," Huckabee wrote on X. "GHF delivers more than one million meals a day, an incredible feat!" Huckabee earlier stated that the visit to Gaza was "to learn the truth" about the aid distribution sites, also after the United Nations complained it's been sidelined and that aid is not getting in. Israel has consistently accused the UN of allowing aid to fall into the hands of Hamas and armed criminal gangs. And Witkoff wrote on X, "Today, we spent over five hours inside Gaza — level setting the facts on the ground, assessing conditions, and meeting with @GHFUpdates and other agencies." "The purpose of the visit was to give POTUS a clear understanding of the humanitarian situation and help craft a plan to deliver food and medical aid to the people of Gaza," he added. But Hamas has condemned what it's calling a "staged personal visit" and a photo opportunity: "Mr. Witkoff, Gaza is not an animal farm that requires a staged personal visit to take some personal photos in front of the death traps overseen by your American companies," Basem Naim, a former Palestinian health minister in Gaza, said. "To remind you once again: The people of Gaza are not a group of beggars, but a free, proud, and noble people (if you understand what these words mean), who seek only their freedom, independence, and return to their homeland," Naim added. The Witkoff-Huckabee team is clearly defending the US-Israeli aid delivery scheme... Went into Gaza today & observed humanitarian food program by US launched GHF. Hamas hates GHF b/c it gets food to ppl w/o it being looted by Hamas. Over 100 MILLION meals served in 2 months. pic.twitter.com/BrBtrDg2Hg — Ambassador Mike Huckabee (@GovMikeHuckabee) August 1, 2025 Some residents have said that other delivery methods like airdrops is like "a drop in the ocean" and nowhere near enough to rescue hundreds of thousands who are on the brink of starvation. Others are calling on Witkoff and Huckabee to visit the "real" Gaza, describing the Friday visit as highly choreographed and controlled by the Israeli side of the conflict. A number of mainstream press reports are also skeptical: "There are only three active distribution sites in the enclave, in southern and central Gaza – far fewer than hundreds under the previous aid model run by the United Nations," observes CNN. "This has forced massive crowds to gather at GHF locations, where hundreds of Palestinians have been killed, according to the UN." Tyler Durden Fri, 08/01/2025 - 19:40
About 154,000 Workers Accepted Trump Administration Buyouts
1754085600 from ZEROHEDGE
About 154,000 Workers Accepted Trump Administration Buyouts Some 154,000 workers accepted buyouts offered by the Trump administration, an official said on Aug. 1. A spokesperson for the Office of Personnel Management (OPM) confirmed the number, which represents about 6.4 percent of the government workforce, in an email to The Epoch Times. As Zachary Stieber reports for The Epoch Times, starting shortly after President Donald Trump took office, the government told workers they could receive eight months of paid leave for not working if they left their jobs at the end of September. “The federal workforce is expected to undergo significant near-term changes. As a result of these changes and uncertainty, or for other reasons, some employees may wish to depart the federal government on terms that provide them with sufficient time and economic security to plan for their future,” workers were told in a Jan. 28 memo issued by OPM. “The Deferred Resignation Program was a necessary step toward a smarter, leaner, more effective government,” OPM Director Scott Kupor said in a statement to The Epoch Times. He called the program “a practical, humane, and voluntary option to accelerate workforce transitions in a system that desperately needed movement,” noting that fewer than 6,000 employees were removed from the 2.4 million workforce in 2024 for bad behavior or poor performance. The program will ultimately save the government $20 billion or more annually, Kupor said. The White House declined to comment. Critics say the program was wasteful. Senate Democrats said in a report on Thursday that they estimated it cost billions of dollars to implement the program, primarily to pay employees during the months of leave, part of $21.7 billion they said was wasted by efforts led by the Department of Government Efficiency (DOGE). Businessman Elon Musk helmed DOGE initially, although he has since left the administration. “At the very same time that the Trump administration is cutting health care, nutrition assistance, and emergency services in the name of ‘efficiency’ and ‘savings,’ they have enabled DOGE’s reckless waste of at least $21.7 billion dollars,” Sen. Richard Blumenthal (D-Conn.), the top Democrat on the Permanent Subcommittee on Investigations, who released the report, said in a statement. Kupor said the report wrongly suggested that officials should never reduce government spending because of one-time costs and ignored how the one-time costs led to ongoing savings. “It’s backward logic like this that got us in our current financial dire straits—$7 trillion in annual spend[ing] (up 50% since 2019) and $36 trillion in total debt (increasing to the tune of $2 trillion per year)!” he said. The deferred resignation program mirrors private sector restructuring, he also said. Along with the program, the government has fired tens of thousands of workers under a Trump order to eliminate waste, bloat, and insularity. Top officials have said that further cuts are planned in the future. Tyler Durden Fri, 08/01/2025 - 18:00
Corporation For Public Broadcasting Begins "Winding Down" As Taxpayer-Funded Propaganda Machine Crumbles
1754080800 from ZEROHEDGE
Corporation For Public Broadcasting Begins "Winding Down" As Taxpayer-Funded Propaganda Machine Crumbles The Corporation for Public Broadcasting (CPB) announced Friday afternoon that it will begin winding down operations after Congress stripped its funding from the Senate Appropriations Committee's FY 2026 Labor, Health and Human Services, Education, and Related Agencies (Labor-H) appropriations bill, the first time in over half a century of operations. Recall lawmakers passed sweeping cuts, and President Trump signed off on slashing funding for the public broadcaster network, which has been infected with far-left misinformation and disinformation propaganda. "For nearly 60 years, CPB has carried out its Congressional mission to build and sustain a trusted public media system that informs, educates, and serves communities across the country. Through partnerships with local stations and producers, CPB has supported educational content, locally relevant journalism, emergency communications, cultural programming, and essential services for Americans in every community," CPB wrote in a statement. What's laughable is that CPB claimed above that its mission is to "build and sustain a trusted public media system that informs, educates, and serves communities across the country." That was abandoned years ago as taxpayer dollars increasingly funded biased news coverage. There's no reason for the public to foot the bill for leftist PR operations masquerading as "news" or other media content. For context, CPB is a nonprofit corporation created by Congress in 1967 under the Public Broadcasting Act. It serves as the primary federal funding vehicle for public broadcasting networks nationwide. Congress' rescinding of $1.1 billion in CPB funding marks a significant blow to the left-leaning public broadcaster network, namely PBS (Public Broadcasting Service) and NPR (National Public Radio) Key facts to note about CPB: Purpose: To promote and support public media, including non-commercial television and radio stations like PBS and NPR. Funding: CPB does not produce content itself; rather, it distributes federal appropriations to local public TV and radio stations, producers, and other partners. Role: Supports educational programs (like Sesame Street), emergency alert systems, local journalism, and cultural content. We've all seen what's happened when the woke mind virus infects Sesame Street... Sesame Street used to tell kids, "You are perfect the way you are!" Now, they push sexual ideologies, encourage kids to self mutilate, and allow adults to sexually groom them just so they can "be happier with yourself." What kind of people work at Sesame Street? #PrideMonth pic.twitter.com/FOvB4NLo1G — Gays Against Groomers (@againstgrmrs) June 4, 2025 🔥🚨BREAKING: Sesame Street has parents furious after airing this ‘pro gay’ episode that features prominent zesty cross dresser Johnathan Van Ness who offered to show Elmo and Cookie Monster his ‘monster piece.’ Parents are accusing the children’s show of grooming the youth. pic.twitter.com/9XOkT23sXO — Dom Lucre | Breaker of Narratives (@dom_lucre) June 2, 2025 And mega globalist big pharma vaccine propaganda... Covid-19 vaccines are helping us return to the things we love—and they’re an important way to help protect ourselves and our families, friends, and entire communities. ❤️ #CaringforEachOther @elmo Click here to learn more: https://t.co/UGaqiWmPJ2 pic.twitter.com/HCwNr0jupk — Sesame Street (@sesamestreet) August 25, 2021 It's okay to have questions about COVID-19 vaccines for children! Elmo's dad Louie talked to their pediatrician, and learned that Elmo getting vaccinated is the best way to keep him and his whole neighborhood safe and healthy! #CaringForEachOther pic.twitter.com/aWkCfysJPE — Sesame Street (@sesamestreet) June 28, 2022 Sesame Street is actually grooming kids. This show is aimed at TODDLERS. They promote: - covid vaccines - BLM protests - transgender kids - pride month - lgbtq propaganda GROOMERS. We should absolutely NOT be funding this.pic.twitter.com/Kgz5yuyyBj https://t.co/9MGy3z5Ovw — Libs of TikTok (@libsoftiktok) July 16, 2025 CPB also informed employees this morning that "the majority of staff positions will conclude with the close of the fiscal year on September 30, 2025," adding, "A small transition team will remain through January 2026 to ensure a responsible and orderly closeout of operations." In short, the Trump administration broke the financial backbone of the American public broadcasting system that was hijacked by the radical left. Its defunding and planned closure mark a significant shift in dismantling the woke matrix. Tyler Durden Fri, 08/01/2025 - 16:40
Kamala Harris Serves Up More Word Salad While Admitting Trump Broke Her
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Kamala Harris Serves Up More Word Salad While Admitting Trump Broke Her Authored by Steve Watson via Modernity.news, Political Failure Kamala Harris keeps talking about ‘continuing to fight’ but at the same time is declaring that she’s not going to run for anything because “the system is broken.” Harris appeared on Colbert’s moribund show, of course she did, and served up heaps of word salad while hawking a book she claims to have written. She explained her decision not to run for governor of California by stating “I don’t want to go back into the system.” In the MOST amount of words possible, Kamala Harris admits President Trump BROKE her, which is why she doesn’t want to run for Governor of California “The system’s broken… so I don’t wanna go back into the system.” She just GAVE UP 🤣 pic.twitter.com/AXDBG4vSMz — Nick Sortor (@nicksortor) August 1, 2025 Wow, that’s some real fighting talk there. “I’m hearing you don’t wanna be part of the fight anymore” 😂😂😂 DUH — Magæn America🇺🇸🇮🇱🎗️ (@USANadav) August 1, 2025 She’s hardly treading ground in preparation for a big come back is she? I suppose her soft launch of her presidential exploratory campaign is going in typical Kamala form – down in flames. Out the gate is impressive. — Gabriel Garcia (@GGarcia_AZ) August 1, 2025 Harris actually managed to defeat herself before any contest for anything has actually begun. Kamala Harris… The first politician to lose a debate against herself… … in real-time… … on national TV. — mdtlion (@mdtlion) August 1, 2025 And hang on, why is the system broken again? Is it because you lost? Is that the sole reason? Sorry to correct you, but it's,"… blew FOR every opportunity in her career." — Random Numbers (@Random_Numbers) August 1, 2025 She (or whoever tells her what to say) also elected for an interesting turn of phrase with “on bended knee.” Her knees must be wrecked. — Sailor Chick '95 (@strinam) August 1, 2025 How many shots deep do you think she was during this interview? — Nick Sortor (@nicksortor) August 1, 2025 She sounds absolutely smashed. No one would want to listen in to her conversations. They wouldn't understand a single word and would have to endure hours of drunk cackling. https://t.co/WOBlIw2ieb — m o d e r n i t y (@ModernityNews) August 1, 2025 What else is in this book? Wow, what a teaser… must get our hands on a copy immediately to find out what "Dougie" did wrong. https://t.co/kFJ8axG7NF — m o d e r n i t y (@ModernityNews) August 1, 2025 So to sum up… pic.twitter.com/HkU4gR9eMw — Jamie G. (@Jamielane6987) August 1, 2025 As we highlighted yesterday, Kamala’s book announcement was met with about the same enthusiasm shown by vampires hearing about a garlic festival. After verbalising that splurge of mins garble, Harris followed up with this bizarre cringe. Kamala Harris just posted this on TikTok pic.twitter.com/no9Rae2OYj — End Wokeness (@EndWokeness) July 31, 2025 Good God. Watching grown adults who aim to be our leaders copy trends popular with middle school girls is extremely cringe. What happened to the days when they were the ones setting the example? How do they expect to lead when all they do is follow? — The Hypocrisy Corner (@HypocrisyBureau) July 31, 2025 How many takes for this, if you had to guess? Setting the over/under at 20 — Jon Niconchuk (@JonNiconchuk) July 31, 2025 No one thinks she’s drinking margaritas. We know it’s wine by the box. — Ben Dempsey (@BenDempsey18) July 31, 2025 Speaking of Trump, he commented on Harris ruling herself out of any political race in 2026, noting how unsurprised he is. “She can’t speak, she can’t talk, she can’t do an interview,” he remarked, adding “I thought she was a terrible candidate… She didn’t really get the nomination. That whole nomination was strange.” Trump quipped that he might read Harris’ book for a laugh, but quickly adding “no,” and noting “She didn’t do any interviews or anything, which was strange, not even friendly interviews with friendly reporters like her, right there, really friendly reporter,” pointing to Rachel Scott of ABC News. “She didn’t run a great campaign, but we beat Biden, and then we had to beat– nobody’s beaten two. I had to beat two,” Trump added. President Trump clowns Kamala Harris after she ruled out a California governor run and announced her new book 🤣 “Well, she can't speak. She can't talk. She can’t do an interview. She was a terrible candidate. I wouldn't call her a skilled politician.” “Yeah, I think I'm going… pic.twitter.com/Bp7RXPhE8W — Benny Johnson (@bennyjohnson) July 31, 2025 No one wants the salad. We’re all unburdened by the salad that has been. I hope this is last word salad we have to endure for a very very very long time — Tim talks stocks and corruption (@TimApeishforAmc) August 1, 2025 * * * Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews. Tyler Durden Fri, 08/01/2025 - 11:40
Trump To Get On With Bitcoin Reserve "In Short Order" - Bo Hines
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Trump To Get On With Bitcoin Reserve "In Short Order" - Bo Hines Authored by Martin Young via CoinTelegraph.com, US President Donald Trump’s crypto liaison has confirmed that the administration is still keen on a strategic Bitcoin reserve, despite only briefly being mentioned in a recently published crypto policy report. “We do believe in accumulation,” said Robert “Bo” Hines, the executive director of the US President’s Council of Advisers on Digital Assets, said in an interview on Crypto in America on Wednesday, when asked about the US strategic Bitcoin reserve. “We have it, it’s been established [...] we also have the strategic national digital assets stockpile,” he said, adding that Bitcoin is in “a class of its own and everyone recognizes that.” He also said that the administration wants to “give credence” to the work and developments happening across other ecosystems, but did not mention any other digital assets or platforms. Hines said that building the infrastructure takes time and labor to ensure it’s done the right way and has long-term success, and there are “countless ways” that we can accumulate. “I think that people will be very pleased with the direction that we are going, and we’ll start moving on that in short order,” he said. Bo Hines talks about strategic Bitcoin reserves. Source: Crypto in America Bitcoin reserve briefly mentioned White House report The President’s Working Group on Digital Asset Markets released recommendations to “strengthen American leadership in digital Financial Technology” on Wednesday, with only a short mention of the Strategic Bitcoin Reserve. Hines said that the priorities and focus, as outlined in the report, were to create a clear and robust regulatory framework. “We understand the importance of the strategic Bitcoin reserve, we’re enormous fans of Bitcoin and the Bitcoin community, we want to deliver for them as well, and I’m certain that we will.” We want as much BTC as we can possibly get When asked how much Bitcoin the federal government has, Hines said, “I can’t discuss that right now.” “There are several reasons we’re not disclosing that right now, there might be a time when we do, but I will say we want as much as we can possibly get [...] and we’re going to continue to work on that.” The US government holds an estimated 198,000 BTC worth around $2.35 billion, according to Nansen. President Trump signed the executive order officially establishing the Strategic Bitcoin Reserve and US Digital Asset Stockpile in March. Tyler Durden Fri, 08/01/2025 - 09:35
Trump Vows To Use "Every Tool In The Arsenal" To Force Big Pharma To Cut Drug Prices
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Trump Vows To Use "Every Tool In The Arsenal" To Force Big Pharma To Cut Drug Prices President Trump's letter to eighteen of the world's largest pharmaceutical companies, including AbbVie, Amgen, AstraZeneca, Boehringer Ingelheim, Bristol Myers Squibb, Eli Lilly, EMD Serono, Genentech, Gilead, GSK, Johnson & Johnson, Merck, Novartis, Novo Nordisk, Pfizer, Regeneron, and Sanofi, demanding drug price cuts for Americans, sent a jolt through pharma stocks in Europe. Trump's formal letters to major big pharma, demanding immediate action to reduce U.S. drug prices to Most-Favored-Nation (MFN) levels — i.e., the lowest prices offered in any other developed nation, represent a move by his administration to stop what he calls "global freeloading" on U.S. pharma innovation, as well as for the adminstration to lower costs for all Americans - a campaign pledge he made in 2024. Here are the key demands Trump made in the letter to drugmakers: Provide MFN prices to all Medicaid patients. Pledge not to offer lower prices abroad for new drugs than those offered in the U.S. Sell drugs directly to consumers at MFN prices, bypassing middlemen. Raise prices abroad (via trade policy support), but reinvest those gains into lowering prices for Americans. The letters state that if the pharma companies "refuse to step up" and comply with the federal government, Trump "will deploy every tool in our arsenal to protect American families from continued abusive drug pricing practices." In markets, the letters sparked selling with Novo Nordisk in Europe down 4.4%, AstraZeneca slid 3%, GSK fell 1.9%, and Sanofi decreased by about 1.5%. Novo is set to close down more than 30% this week (read why), the largest weekly decline ever. This follows Trump's May 12 Executive Order: "Delivering Most-Favored-Nation Prescription Drug Pricing to American Patients." The Trump administration has made it clear to the American people that the days of consumers paying 3 times more for brand-name drugs than other OECD nations will be over. The most shocking stat: The U.S. comprises <5% of the global population but funds about 75% of global pharma profits. "In case after case, our citizens pay massively higher prices than other nations pay for the same exact pill, from the same factory, effectively subsidizing socialism aboard [abroad] with skyrocketing prices at home. So we would spend tremendous amounts of money in order to provide inexpensive drugs to another country. And when I say the price is different, you can see some examples where the price is beyond anything — four times, five times different," Trump wrote in the White House press release. Here's Goldman Sachs European pharma expert Seth James's first take in a note to clients titled "Pharm to Table": Shall we just all go to the pub instead? Trump sent out letters to Pharma CEO's last night further demanding price cuts to innovative medicines. Demands included: i) MFN pricing for all drugs offered in Medicaid. ii) MFN pricing for any new drug launched in Medicare, Medicaid and Commercial channels. iii) DTC and/or DTB distribution at MFN pricing for high volume/high-rebate prescription medicines. Administration asking for binding commitments here in the next 60 days. ADRs were weak last night trading down 1-2% from the EU close – feedback pretty mixed but leant relaxed among the specialists, most pointing to a lack of detail on mechanism of implementation which for points ii and iii is likely to need a legislative fix to enforce. Also the 60 day 'deadline' seen by many as an exercise in can kicking. On the details MFN pricing in Medicaid is likely most easy to implement but least impactful given the lower pricing in that channel, point ii on new drug launches would be most nefarious given the inclusion of the commercial channel which wasn't in many scenarios I'd seen run and would likely weigh heavily on the medium term growth outlook for the industry though imagine most see as unlikely to be implemented. Am in two minds as to how this plays out – Pharma (ex-Novo) has had a little bounce of late and can see that being given back –Novo for one not helpful for perceptions of the sector this week and letters could add to the capitulation here. On the other side think the lack of detail on implementation here is oddly reassuring – part of me wants to say that this helps put at least some pressure on getting this issue resolved more quickly than the 6+ months that Novartis' CEO outlined but given the legislative fixes required perhaps these letters only introduce another 60 day no go period for generalists in the space – with the above context would you be involved if you didn't have to? Moves in reaction this morning feel much more a function of positioning than exposure – AZN has among the least Medicaid exposure of all EU Pharma yet most impacted this morning, ARGX closest to pricing parity globally yet also one of the hardest hit – on the other side GSK largest Medicaid exposure of EU names yet is outperforming, though I guess valuation is also an important component in all this. What a week to be a deep value investor..... Novo warning, Bayer pre-releasing and Philips moving onto our conviction list. Richard thinks that the 2Q print marked a turning point in the story as material headwinds from China come to and end while the U.S. strength persists as we saw in the order book which we think can carry the stock to 5-6% growth in the second half o this year and beyond with a CMD on the horizon to anchor too. Once the dust settles here I think its worth spending some time with Richard and going through it all. Deeper into medtech results next week – still astounded by how weak some of the discretionary exposed names have been but even the higher quality buckets are taking a beating – GE Healthcare had to take a lot of pain and Stryker down 6% overnight on a weaker quarter for knees despite efforts to reassure on the end market. Not 100% doom and gloom with a better quarter for NVST with premium implants growing for the 3rd straight quarter and calling out stable dental market fundamentals which encouragingly continued through July which is an exact 180 of what we heard from ALGN – certainly ups the stakes for the STMN report in a few weeks. They say its always darkest before the dawn and I don't want to be too bearish given where we are on valuations – especially in the likes of Novo but I think the pain can always last longer than you think and stuff can stay cheap for a long time without a catalyst which is maybe a better question to end on rather than the one in the paragraph above – what's the catalyst to turn it around for healthcare in the second half. In a separate note, BMO Capital Markets analyst Evan David Seigerman told clients the White House has sparked some "headline shock," but emphasized that it's unlikely the Trump administration will be able to implement the MFN successfully. In some cases, the analyst believes the administration may even lack the legal standing to enforce these policies. More or less, he believes the MFN threat is a negotiating strategy. Tyler Durden Fri, 08/01/2025 - 08:05
Berlin's Special Visa Program For Syrians, Afghans, & Iraqis Scrapped After Federal Intervention
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Berlin's Special Visa Program For Syrians, Afghans, & Iraqis Scrapped After Federal Intervention Authored by Thomas Brooke via Remix News, Berlin’s special state-level migration program that allowed Syrians, Afghans, and Iraqis to privately sponsor relatives has come to an abrupt end following a federal order by Interior Minister Alexander Dobrindt. In a letter to Berlin’s Finance Senator Stefan Evers, reported by Bild, Dobrindt made clear that the federal interior ministry “will not grant consent for new or for the extension of existing state reception programs.” For over a year, Berlin’s coalition government had been divided over the program, which was introduced by the previous left-wing administration. The scheme enabled residents to bring close relatives to the city state, provided they personally covered the costs of health and long-term care insurance. The SPD supports continuing the initiative, while the CDU remains firmly opposed. Evers relayed the federal decision to Berlin’s Interior Senator Iris Spranger, stating that the program poses financial risks. Even when families cover the initial insurance, he warned, this “is not sufficient protection against additional costs for the state of Berlin.” He cited a lack of data and noted that after five years, the financial obligation ends, and taxpayers become responsible. “Regardless of my department’s budgetary concerns, an extension of state admission orders can only be granted in agreement with the Federal Ministry of the Interior,” Evers wrote. With Dobrindt now firmly against it, any extension is off the table. More than 4,000 people arrived in Berlin under the program. While the SPD approved an extension at its state party conference and both the Greens and the Left pushed for its continuation, the federal position is now decisive. A separate program for Lebanese nationals, active since 2001, was also halted last year due to security concerns. The broader debate around family reunification has intensified across Germany. In December, the number of family reunification visas issued since 2015 surpassed 1 million. The AfD called for a full halt, with party member Martin Hess arguing that many new arrivals “will probably immigrate directly into our social systems.” This is supported by the data. Nearly half of Germany’s €17.68 billion in housing support for 2024 was paid out to foreigners, new government figures published last month revealed. Last year, spending on German welfare, also known as “citizens’ money,” reached a record high of €46.7 billion, a massive 10 percent increase versus 2023, according to figures provided by the Federal Employment Agency. As Remix News previously wrote, overall, 62.6 percent of all welfare recipients are migrants, and within the 15 to 25 age group, this number goes up to 71.3 percent. In June, the Bundestag voted to suspend family reunification rights for migrants with “subsidiary protection” status — affecting around 380,000 people, primarily Syrians. The measure will last for two years. Dobrindt hailed it as a “turning point” in Germany’s migration policy, aimed at easing pressure on housing, schools, and welfare, and deterring traffickers. He warned against the belief that “all you have to do is make it to Germany, then the whole family can follow suit.” The AfD dismissed the move as political theater. Party spokesman Christian Wirth accused the government of ignoring “the complete overburdening of our country” and called the bill “a drop in the ocean.” Co-leader Alice Weidel went further, calling the reunification pause “only a smokescreen,” and claimed that “ninety percent of the ‘refugees’ living in Germany can continue to bring their families with them.” Read more here... Tyler Durden Fri, 08/01/2025 - 06:30
US Imposes Sweeping New Sanctions On Iranian Shipping Network
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US Imposes Sweeping New Sanctions On Iranian Shipping Network Via The Cradle The US Treasury Department has announced new sanctions targeting the global shipping interests reportedly controlled by Mohammad Hossein Shamkhani, son of senior Iranian official Ali Shamkhani, in what it described as the most significant Iran-related action since 2018. The sanctions aim to dismantle what Treasury officials called a "vast network" used to sell Iranian and Russian oil through container ships and tankers operated by front companies and intermediaries. via Reuters The network, they said, generated tens of billions of dollars used to support the Iranian government. "These profits have helped prop up the Iranian regime," the Treasury stated, accusing Shamkhani of leveraging corruption and personal connections in Tehran to evade existing restrictions. In total, the action designates 15 shipping firms, 52 vessels, 12 individuals, and 53 entities involved in sanctions evasion, with operations spanning 17 countries, including Panama, Italy, Hong Kong, the UAE, and the UK. A US official said the measure was "tailored" to avoid disrupting global oil markets while striking specific targets. "From our perspective, given where this individual fits, given his connection to the supreme leader and his father's previous sanctions activities, given the Iran-related authorities, it's critically important to emphasize that this is an Iran action that is meaningful and very impactful," the official said. The EU sanctioned Shamkhani earlier in July for his role in the Russian oil trade, and his father, Ali Shamkhani, was sanctioned by the US in 2020. Tehran condemned the decision as a hostile move, with Foreign Ministry spokesperson Esmail Baghaei calling it a "blatant assault on the Iranian people and their national dignity," adding that it reflected "the hostility of American policymakers towards the Iranian people." He accused Washington of seeking to "cripple Iran’s development, sow internal discord, and erode the rights and livelihoods of ordinary citizens." "The Iranian people, fully aware of the malicious intent of the aggressive sanctioning party …, will stand firm with all their might to safeguard their dignity and interests," Baghaei said. He criticized the US's "addiction" to unilateralism and said its measures repeatedly violated “international law, human rights, and freedom of sovereign trade.” He called for international accountability and reaffirmed Iran’s "unshakeable resolve" to defend its sovereignty and continue its development goals. Sanctioned entities include Sepehr Energy Jahan Nama Pars Company, linked to Iran’s Armed Forces General Staff. Among the targeted vessels are Bendigo, Carnatic, Luna Prime, Goodwin, Davina, and Spirit of Casper. Tyler Durden Fri, 08/01/2025 - 05:00
These Are The Best Military And Intelligence Unit Watches
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These Are The Best Military And Intelligence Unit Watches Via Watches Of Espionage, Customized Timepieces From Rolex, Breitling, Tudor, Bremont, & Omega In the W.O.E. community, military "unit watches" are at the heart of modern watch culture. A unit watch is a timepiece that is customized by the manufacturer for members of a specific unit or organization. Customizations generally include the unit's insignia on the dial and/or an engraving on the caseback. Unit watches are generally private purchases, paid for by the individual operator, and not issued or purchased by the government. Given our position at W.O.E., I think I can safely say that no one on this planet knows more about unit watches. Whether this is something to be proud of or not, you can decide. Today, we take a look at a few of my favorite unit watches from some of Swiss watchmaking's greatest names. Since I launched W.O.E., I have noticed an uptick in unit watches. What was once reserved primarily for elite aviation and SpecOps units has trickled down to law enforcement, conventional military units, and intelligence organizations. If I can be so arrogant as to suggest it, W.O.E. has had a significant impact in bringing awareness and increasing unit watch adoption. (End Humble Brag - Break) You will notice that most of the watches in this Dispatch come from major Swiss watch brands: IWC, Breitling, Tudor, and Omega. Smaller brands like Christopher Ward, Sangin, Pagoda, Elliot Brown, and many others are making significant headway in this space. We may have to make another list. Stay tuned. US Army Delta Force Breitling Superocean Starting off with a bang, in 2009/2010, 1st Special Forces Operational Detachment - Delta, AKA Delta Force, commissioned a custom Breitling Superocean. The subtle unit insignia is printed on the dial at nine o'clock, and "Oppressors Beware" is engraved on the side of the case. 50 total were made. In my discussions with operators from the era, these watches were sometimes worn on operations, but they were generally reserved for time off and low-intensity training. Many former operators continue to wear the watches to this day as mementos of their service with the Army's Tier One SpecOps unit. Unit members in the late 2000s experienced some of the most sustained combat of any SpecOps operating in Iraq, Afghanistan, and in other countries as a part of the Global War on Terror (GWOT). The fact that an operator took the time to step back and commemorate this unit with a custom watch is special and indicative of the roles of timepieces as mementos among the military elite. All of the examples of the Delta Breitling we have seen are well worn after years of hard use, the way it should be. Australian SAS Omega Seamaster We have covered Omega's modern Unit Watch program extensively, but Omega's relationship with intelligence and SOF units goes back decades. In the early 2000s, Omega produced several unit watches for the British Special Air Service (SAS) and Special Boat Service (SBS). By 2012, the Australian SAS wanted in on the action and commissioned an Omega Seamaster with the SAS Winged Dagger over the outline of Australia on the caseback. The case back is also engraved with the member's year of selection, his PMKEYS (regimental number), and "Happy Wanderer", the unit's marching song. The watches were again commissioned in 2016. The first batch could be purchased by both serving and former SASR operators, the latter only by those still serving. According to former SASR operator Andy White, the Omega Seamaster was chosen specifically due to SASR's dive capability and operators spending so much time above and below the water's surface. SGT Diddams MG, a close friend of White, was KIA in Afghanistan in 2012. In January 2021, while his family moved from Melbourne to Perth, his watch, an irreplaceable heirloom, was stolen from their car. It's identical to the one pictured, with the only differences being the selection date and his number: 95/8239384. Please keep an eye out for the watch. Italian "Polipetto" Rolex Sea-Dweller When it comes to unit watches, Rolex is the gold standard, having produced some of the most sought-after and collectable references (read expensive). While the British SAS Submariner and Explorer IIs are probably the most well-known, there are several more obscure references, and one of our favorites is the so-called "Polipetto", a customized 16600 Sea-Dweller made for the diving branch of the Polizia di Stato or Italian National Police. Part of the watch's charm is the unit's insignia, a stylized octopus, which is printed on the dial at nine o'clock, along with a custom caseback engraving. Among the most coveted and collectible modern Rolex sport watches, only 78 examples were produced, and of those, only 28 bear the service number of the individual diver on the caseback. In addition, the 16600 is perhaps the last great Sea-Dweller, with a 40mm case, no lame "Rolex" text on the rehaut, an aluminum bezel insert, and even lug holes on some examples. Slap an octopus insignia on there, and it's easy to see how one Polipetto example hammered for 165,100 Swiss Francs (around $207k) in 2024. Canadian Tudor Pelagos 39 Tudor is arguably the leader in modern unit watches, having produced customized versions of their tool watch line for everyone from the 75th Ranger Regiment to the US Secret Service Counter Assault Team (CAT, AKA Hawkeye). It is difficult to narrow these down to a "favorite", but for the purposes of this Dispatch, I'm going to go with the custom Pelagos 39 developed for the Royal Canadian Mounted Police's Emergency Response Team (ERT). The Royal Canadian Mounted Police's Emergency Response Team (ERT) is Canada's federal tactical unit tasked with CT, high-risk arrests, and hostage rescue, a loose equivalent to FBI's Hostage Rescue Team (HRT). The watch contains an ERT crest on the dial, which represents the original teams consisting of six members and one team leader (7 maple leaves), a Cavalry sword, and a .308 rifle. The coolest part of this watch is the lume; the maple leaves are not lumed, which results in a cool contrast with the rifle and saber standing out. A total of 83 were produced and delivered in early 2025. UK' Special Reconnaissance Regiment' Rolex Submariner There are military watches, and then there are modern legends. This Rolex Submariner, engraved with the insignia of the UK's Special Reconnaissance Regiment (SRR), falls squarely into the latter category. The emblem says it all: a Spartan helmet intersected by a sword, surrounded by smaller Spartan helmets, a nod to a unit that doesn't seek recognition and rarely grants it. This was produced in 2013, and Rolex ceased these unit-specific customizations not long after, handing the torch to Tudor, which continued the tradition of partnering with elite units. Watches like this SRR Submariner and the famed SAS Explorer II are among the last of their kind. Military-commissioned Rolexes with real operational provenance are increasingly rare. Last year, one was auctioned off by Sotheby's for a whopping 36k British pounds, which amounts to over $46k in real money (at the time). Will Rolex ever restart its unit watch program? It's hard to say, but we would love to see it. French Olympic Omega Seamaster Diver 300 We have covered the new Omega Seamaster unit watches at length, so we won't beat a dead horse here. There have been some great unit watches developed, many of them not seen by the wider public or posted on social media. That said, there is one that stands out. Omega produced a Seamaster for the three elite French law enforcement units tasked with security for the event: GIGN, RAID, and BRI. This is one of the few examples I have seen of a unit watch developed for three separate units, which makes it stand out. Omega was the official timekeeper of the 2024 Olympics, and while marketing stuff is fun, a GIGN/RAID/BRI unit Seamaster is what really gets us going. Beyond the insignia on the case back, this is effectively the same watch as the one utilized by US Secret Service officers during the recent assassination attempt on former US President Donald Trump and a unit-specific model created for the Danish Frogman Corps. US Navy's IWC Top Gun When it comes to aviation squadron watches, IWC Schaffhausen is king. There are numerous notable IWC squadron watches, but arguably the most well-known is the brand's partnership with the United States Navy Fighter Weapons School (the real TOPGUN). But interestingly, this didn't start as a unit watch, but a commercial endeavor. In 2007, IWC entered a commercial relationship with the US Navy, becoming an official licensee and beginning its line of TOP GUN watches. Featuring the logo of the 1980s hit movie of the same name, the series of watches became a staple of IWC's offerings with licensing fees directly funding morale, welfare, and recreation programs for US sailors, retirees, and their families. This prepared the foundation of a more organic relationship, IWC's foray into custom squadron watches. Having seen watches from the TOP GUN commercial line, pilots from the United States Navy Fighter Weapons School reached out to IWC to investigate the feasibility of making a unit watch for the Strike Fighter Tactics Instructor (SFTI) program. The result was the 2018 release of the IWC's first custom military piece: the Edition 'SFTI' in both a Pilot's Watch Mark XVIII and a Pilot's Watch Chronograph. These exclusive watches continue to be made today, but can only be purchased by TOPGUN graduates, the way it should be. US-Afghan Special Mission Wing Bremont The Special Mission Wing, AKA "the triple seven," was an Afghan unit trained and mentored by Americans for air lift assets, most notably the Russian-built Mi-17. This watch was produced by Bremont for the American servicemen supporting that unit. Bremont's custom unit watch program has produced some unique timepieces for UK, US, and Australian SOF and aviation units, and was a leader until the recent redirection of the company under CEO Davide Cerrato. The insignia at twelve o'clock is taken from the Special Operations Joint Task Force - Afghanistan insignia, while each of the numbers around the dial is representative of the Dari script. The 7 (V) is flanked by two "ghost" 7s representing the 777 Special Mission Wing (VVV). The helicopter is the Mi-17V5, which was purchased by the US government for the Government of Afghanistan and flown by both NATO and Afghan crews. Finally, the Cyrillic underneath the Bremont prop is a Russian transliteration of Bremont and is a tribute to the Russian heritage of the Mi-17. We are big fans of "Arabic dials" (in this case Dari), and this is a cool piece. Unfortunately, the 777 SMW was disbanded after the US pulled out. Many of the pilots made it to freedom, where they are working to get their families out as well. UK Special Air Service Breitling Avenger I have a hypothesis that unit watch culture in the United States Special Operations Forces originated with our cousins across the pond in the UK. In 2003/2004, approximately six years before Delta Force's unit Breitling, the UK's Special Air Service (SAS) ordered a customized unit watch, a Breitling Avenger Seawolf with the SAS insignia at nine o'clock. We spoke with former SAS Melvyn Downes about this piece, who said around 200 were produced. Only serving 22 SAS operators could purchase the watch and all were individually numbered. Some active members of SAS sold them to former members. Given the amount of cross training and deployments between UKSF and Delta, I assess with medium confidence the Delta Breitling was born out of this relationship. French Marine Nationale (MN) Tudor Pelagos FXD In contrast to many of the watches included here, which are small batch custom versions of core models within each brand's standard civilian catalog, the Tudor Pelagos FXD owes its very existence to an elite military unit. Leaning into a partnership that started in the 1950s, the Commando Hubert, the French Navy's elite maritime special operations unit, asked Tudor to develop a new dive watch for the specific use case of its combat swimmers. With integrated "fixed" lugs and a bidirectional countdown bezel, the Commando Hubert version of the watch has only two lines of text at six o'clock: "Pelagos" and "200m" as well as a unique dive strap and custom caseback. Soon after the watch was created, Tudor released the civilian FXD in 2021 to massive fanfare among the Use Your Tools crowd, with the also-sexy black variant coming in 2023. Over the past couple of years, the Pelagos has become a popular platform for other unit watch projects, but what is even cooler about the FXD is that the watch itself was organically developed for SpecOps end users. US SEAL Team Six Tudor Pelagos FXD When Tudor released the "Black FXD" in September 2023, we published a Dispatch on the background of how the original Blue FXD was developed in partnership with SEAL Team Six. While we sought approval to tell the story prior to release, it gained more traction than expected, and we took it down at the request of those involved. Fast forward to today, and the cat is very much out of the bag. The watch has been posted on social media, seen at public events, and even discussed at length by a former member of the Command during a recent episode of the Unsubscribe podcast. Most recently, the watch was seen on the wrist of former Gold Squadron member, Fleet Master Chief Dave Isom, when he took over as the Senior Enlisted Advisor to the Chairman (SEAC) of the Joint Chiefs of Staff. In contrast to the commercially available version, the Gold Squadron FXD has a simpler "two-line" dial with "PELAGOS" executed in gold and "660 ft". Most visibly, the hook and loop strap boasts a gold center stripe, in contrast to the regular red stripe. Each squadron has its own version with the squadron insignia on the caseback. Very cool. Final Thoughts - Should You Collect These Watches? Decades from now, the individuals who earned these watches will have all moved on in their lives and into retirement, and their unit watches will be among the few lasting, and wearable, reminders of their service. What makes these timepieces special is that they can't be bought; they must be earned. That said, inevitably, some unit watches do end up at auction, fetching upwards of $30-50k on the open market in many cases. Watches that were originally designed and intended as keepsakes for a select few can now be purchased by the highest bidder. While it is unfortunate that some practitioners choose to part with these meaningful timepieces, I also understand that life circumstances change, and the astronomical secondary market pricing can be irresistible. That said, it is a shame that those practitioner's great-grandchildren won't be able to treasure the watches worn by their ancestors. For collectors, I understand the attraction, but I also think it is a little bit strange to wear a modern watch like this that you have no direct relationship with. No, I wouldn't go as far as to say it is "stolen valor," but there is something about it that just doesn't feel right. From a collector's standpoint, there is a difference in my mind between new "unit watches" and vintage military-issued watches. As the decades roll on, maybe my feelings will change. For me, when a watch like this comes up for auction, the life is sucked out of it. I am naive about the auction world, but from the outside looking in, it appears to be champagne and cocaine, a part of the watch industry I just don't relate to. The fact that an earned watch can be acquired by the highest bidder, who almost certainly isn't the kind of person who would have earned the watch in the first place, just doesn't pass the smell test. That said, I believe in the basic principles of capitalism and do not fault anyone involved. We see the world as it is, not as we feel it should be. * * * Seperate, but awesome... . . . Tyler Durden Thu, 07/31/2025 - 22:35
Two Waymos Equipped With LiDAR Crash
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Two Waymos Equipped With LiDAR Crash The LiDAR vs. camera debate is a major battle in the autonomous vehicle and robotaxi race. Elon Musk has long insisted that using only cameras on driverless cars is the most efficient way to achieve true self-driving capability. All Tesla models, including the robotaxis, use external cameras to navigate, steer, and brake, while robotaxi competitors, such as Waymo, use far more expensive LiDAR. LiDAR is far more expensive, costing approximately $12,000 per vehicle, as compared with cameras, which come in at around $400 per car, according to Bloomberg. Musk has maintained that camera-only technology is the most "human" way to approach self-driving. In 2019, he said, "Lidar is lame," adding, "In cars, it's friggin' stupid. It's expensive and unnecessary." Musk's insistence on a camera-only approach for self-driving has prompted critics to argue for the urgent need for LiDAR, with some calling Tesla's reliance on cameras "Autopilot's gravest flaw," according to Car and Driver. However, while Tesla critics continue to call for more LiDAR ... two Waymo Jaguar SUVs equipped with LiDAR have crashed into each other this week. According to Tesla investor Sawyer Merritt, mainstream media is silent over two Waymos crashing into each other: This is the sad state of news these days. Today, a Waymo car crashed into another Waymo, but the media hasn't covered it at all. I've seen no articles. If this were two @Tesla Robotaxis, it would be all over the news. Negative headlines against Tesla generate clicks. Ones about Waymo don't as much, so most of the media doesn't bother to write about it. Is this crash the end of the world? Absolutely not. But the media would certainly paint it that way if it were Tesla Robotaxis. Nonetheless, the work toward a safer driverless future presses on. This is the sad state of news these days. Today, a Waymo car crashed into another Waymo, but the media hasn't covered it at all. I've seen no articles. If this were two @Tesla Robotaxis, it would be all over the news. Negative headlines against Tesla generate clicks. Ones about… https://t.co/XsdJvTRbsW pic.twitter.com/jOjhGccRal — Sawyer Merritt (@SawyerMerritt) July 31, 2025 "Waymo car crashed. Not a single headline. If Tesla Robotaxi had even a tiny intervention, it would've been all over the news," X user DOGE Designer wrote, with Elon Musk chiming in with a "Hmm." Tyler Durden Thu, 07/31/2025 - 19:40
Apple Shares Rise On Top- & Bottom-Line Beat; China Returns To Growth
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Apple Shares Rise On Top- & Bottom-Line Beat; China Returns To Growth Ahead of Apple's earnings report this afternoon, which concludes the results from big 4 group of the Mag 7 (including MSFT, META and AMZN) Goldman notes the tech giant is a very clear outlier from a sentiment, flow, and positioning perspective relative to its Mega-Cap Tech peers. As the largest Mutual Fund Underweight in the market and a popular HF relative short, AAPL has represented a significant source of “performance Alpha” for most this year (stock -17% vs. NDX +9%) and Goldman has it as a 4 on 1-10 positioning scale. As a reminder, Apple declined to give any form of guidance for services revenue in the June quarter, citing uncertainty. The services segment is under fire from regulators globally, who are upending App Store policies in a way that could dramatically reduce revenue from apps and subscriptions. While a beat was expected in the quarter (and most were 'respectful' of that dynamic), but long term uncertainties around AAPL's competitive positioning feel like they remain as high as ever heading into tonight's results. Just 30 minutes after AMZN disappointed with lackluster AWS growth and a soft operating income outlook, AAPL flipped the script with a big top- and bottom-line beat: *APPLE 3Q REV. $94.04B, EST. $89.3B *APPLE 3Q EPS $1.57, EST. $1.43 The best YoY revenue growth since Q4 2021: Under the hood, it was mixed with products beating expectations led by iPhone and Mac revenue, while iPad and Wearables disappointed... *APPLE 3Q PRODUCTS REV. BEAT $66.61B, EST. $62.36B *APPLE 3Q IPHONE REVENUE BEAT $44.58B, EST. $40.06B, +13% *APPLE 3Q MAC REVENUE BEAT $8.05B, EST. $7.3B, +15% *APPLE 3Q IPAD REVENUE MISS $6.58B, EST. $7.07B, -8% *APPLE 3Q WEARABLES, HOME & ACCESSORIES MISS $7.40B, EST. $7.78B, -8.6% Bloomberg points out that the iPad’s decline of 8% can probably be explained by the mediocre updates this year. There was no new iPad Pro, and the iPad Air and low-end iPad refreshes were both minor. China is back to growth, up 4.35% *APPLE 3Q GREATER CHINA REV. $15.37B, EST. $15.19B CEO Tim Cook on the quarter: “Today Apple is proud to report a June quarter revenue record with double-digit growth in iPhone, Mac and Services and growth around the world, in every geographic segment.” AAPL rallied back to unchanged on the day ahead of earnings and extended gains modestly after the results... CEO Tim Cook has been reluctant to offer guidance in recent calls, but we note that the iPhone beat is likely driven by shoppers flooding Apple stores earlier in the quarter when they feared immediate price hikes. That could create some pull-forward, though, for the fourth quarter Tyler Durden Thu, 07/31/2025 - 16:45
WNBA Forced To Stop Game After Lime Green Dildo Thrown On Court
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WNBA Forced To Stop Game After Lime Green Dildo Thrown On Court How soon until the "Pay that dildo what it's worth!" t-shirts come out? Just days after a player's wig fell off mid-game, a lime green dildo was thrown on the court at Gateway Center Arena at College Park, when the Atlanta Dream and visiting Golden State Valkyries were locked at 75–75 in the final minute of play. In the middle of a tense possession, a neon green sex toy suddenly sailed from the stands and landed on the court. The bizarre interruption occurred moments after Valkyries guard Tiffany Hayes had her shot blocked and teammate Veronica Burton recovered the ball. The projectile landed just feet from Burton, bouncing toward the backcourt. Officials allowed play to continue until a dead ball stopped the action. Seconds later, an out-of-bounds call revealed the mysterious object in plain sight. Broadcast cameras caught a police officer standing over it, joined by Dream part-owner Renee Montgomery. In a moment that will likely live on in WNBA meme history, the camera operator zoomed in—apparently unaware of what the object was—before abruptly cutting away. Announcer Morgan Ragan narrated the sequence in real time. “Something flies on the court actually from the crowd,” she said. “And you can see the object… We’re not exactly sure where it came from.” When cameras revealed the truth, her reaction shifted: “Oh my gosh. OK. OK. Inappropriate. Get them out of here, whoever it is.” Security personnel shared a laugh before an officer, using a towel, removed the sex toy from the court. The game then resumed, with Golden State ultimately defeating Atlanta 77–75. Players later acknowledged the incident in the postgame press conference, noting both the danger and the absurdity of the moment. “I mean, first of all, it was super dangerous. And then when we found out what it was, I guess we just started laughing,” Valkyries forward Cecilia Zandalasini said. “I’ve never seen anything like that. I’m just glad we worked through that situation. We stayed locked in, we stayed concentrated.” Fans on social media quickly latched onto the moment, with one joking, “They’re going to start checking fans at the door for dildos.” Another quipped, “OK, so first of all, let me be clear... I ain’t picking that up. That will lay there till end of game.” No official statement has been released by the WNBA, the Valkyries, or the Dream regarding the incident or the identity of the fan responsible. As one sports commentator put it: If I had a nickel for every time a dildo has been thrown onto the field of play during a sports event, I’d have two nickels. Which isn’t a lot—but it’s remarkable that there’s two. Someone threw a green dildo on the court during a WNBA game tonight. pic.twitter.com/mFSESW6cfE — Clay Travis (@ClayTravis) July 30, 2025 Tyler Durden Thu, 07/31/2025 - 15:00
'Most Divided' Fed In 32 Years Refuses To Cut Rates (Again)
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'Most Divided' Fed In 32 Years Refuses To Cut Rates (Again) Since the last FOMC meeting (on June 18th), stocks have soared and gold (and crude oil) have been sold while bonds and the dollar have trod water... Source: Bloomberg Most notably, while macro data has shown 'growth' has strengthened; 'inflation' has continued to fall, significantly... Source: Bloomberg Interestingly, while the voyage has been eventful, the market's expectations for rate-cuts in 2025 is exactly where it was at the last FOMC meeting (just below 2 full cuts)... Source: Bloomberg Heading in to today's FOMC decision, expectations were unequivocally for no cut today, with September signaled as better than a coin-toss for the next cut (though those odds were falling into the FOMC statement)... Source: Bloomberg So, while expectations are for no rate-cut today, hints of future dovishness (in the statement as well as in Powell's presser) are a key focus as the potential for the first double-Governor-dissent since 1993 is on the cards... So, what did The Fed actually do (and say)... The Fed held rates flat (as expected): *FED HOLDS BENCHMARK RATE IN 4.25%-4.5% TARGET RANGE But see some weakness... *FED: ECONOMIC GROWTH MODERATED IN FIRST HALF OF YEAR It's a Double Dissent Day, dude!! *FED GOVERNORS WALLER, BOWMAN DISSENTED IN FAVOR OF RATE CUT That's the first time sine 1993... Our first take is that the combination of a double dissent (pro cuts) and the recognition that growth is 'moderating', strongly suggests a dovish tilt from the Fed and the market is seeing odds of a September cut rising... FOMC statement redline changes: 1) Replaced "economic activity has continued to expand at solid pace" with "growth of economic activity moderated in first half of the year" 2) Removed "diminished" from "uncertainty about economic outlook has diminished but remains elevated" Read the full statement redline below: Now, all eyes on the press conference to see if Powell can tread the fine line between claiming data-dependence and admitting he is basing his decision not to cut rates on 'gut' feel that tariffs are inflationary. Tyler Durden Wed, 07/30/2025 - 15:45
West Virginia Parents Seeking Religious Exemptions To Vaccine Requirements Win Reprieve
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West Virginia Parents Seeking Religious Exemptions To Vaccine Requirements Win Reprieve Authored by Zachary Stieber via The Epoch Times (emphasis ours), A judge on July 24 granted a reprieve to West Virginia parents whose children were being blocked from attending school because they had not received the required vaccinations. West Virginia Gov. Patrick Morrisey in Washington, in an undated file photograph. Andrew Harnik/Getty Images West Virginia Circuit Judge Michael Froble issued a preliminary injunction for three sets of parents who sued the state Board of Education over its directive to school districts not to allow children with religious exemptions to attend school. The directive contradicted an executive order from the governor. “The court believes that the compulsory vaccination law is not valid without a religious exemption, that constitutional law and constitutional review indicate that statute itself is not constitutional and is invalid without a religious exception,” Froble said from the bench during a hearing in Beckley, the Parkersburg News and Sentinel reported. The state’s law requiring school children to receive certain vaccines states that medical exemptions must be permitted, but does not mention religious exemptions. In the lawsuit, parents requested that the court find the law violated another state law, approved by lawmakers in 2023, that says in part that no action from the state may “substantially burden a person’s exercise of religion” unless it is essential to “further a compelling government interest.” West Virginia Gov. Patrick Morrisey, a Republican, said in a January order that officials were refusing to let children with religious exemptions attend school, which “substantially burdens the free exercise of religion.” He directed state officials to permit religious exemptions. The West Virginia Board of Education, in a directive to districts, said that they should continue excluding children without the required vaccines from schools unless they had medical exemptions, prompting the lawsuit. “Big victory for religious liberty in West Virginia!” Morrisey wrote on X on Thursday. “We will continue to defend our 2023 Equal Protection for Religion law so that no child in the state is denied an education based on their religious beliefs.” Aaron Siri, an attorney who is helping represent the parents, said on X that he was pleased with the injunction. “We rest when every family has this freedom,” he said. In a statement to news outlets, the West Virginia Board of Education said it was disappointed by the ruling and that members would decide on the next steps soon. “This injunction is limited in scope and applies only to those named in this lawsuit. It will have no impact on other students in Raleigh County or throughout the state,” the board stated. “As students prepare for the upcoming school year, families are encouraged to comply with West Virginia’s compulsory vaccination laws.” The ruling came one day after a different judge in the state dismissed a lawsuit filed by the American Civil Liberties Union of West Virginia that challenged Morrisey’s order on religious exemptions. That suit, lodged in May, said that Morrisey lacked the power to require officials to grant religious exemptions. The judge said that the plaintiffs in the case failed to notify the defendants at least 30 days ahead of time before suing, violating a requirement in state law. Tyler Durden Fri, 07/25/2025 - 22:35
Is Private Equity A Wolf In Sheep's Clothing?
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Is Private Equity A Wolf In Sheep's Clothing? Authored by Lance Roberts via RealInvestmentAdvce.com, In July 2007, just before the financial crisis erupted, Citigroup CEO Chuck Prince summed up Wall Street’s dangerous exuberance: “When the music stops, in terms of liquidity, things will be complicated. But as long as the music is playing, you’ve got to get up and dance. We’re still dancing.” Eighteen years later, Wall Street is dancing again, and the rhythm feels disturbingly familiar. Private equity (PE), once a niche strategy reserved for sophisticated endowments and mega-pensions, is being aggressively marketed to everyday investors. It’s creeping into 401(k)s, target-date funds, and retirement accounts under the seductive promise of higher returns and diversification. But for investors who’ve forgotten history, or worse, were never taught it, the risks are mounting. What Is Private Equity & How We Got Here Private equity refers to investments in companies not publicly traded on a stock exchange. Instead of buying shares of companies like Apple or Microsoft, private equity firms purchase entire companies, or large stakes in them, using a mix of their own capital and large amounts of borrowed money (leverage). Once they take control, they often restructure the company, cut costs, increase debt, and aim to “flip” it for a profit within a few years. This can be done by selling it to another company, a PE firm, or publicizing it via an IPO. The pitch? Higher returns. The reality? Higher risk and lower transparency. PE’s ascent began after the 2008 financial crisis when near-zero interest rates pushed institutional investors out of traditional bonds and into “alternatives.” As I’ve written, institutional FOMO (fear of missing out) drove billions into private markets with questionable due diligence. So they turned to alternatives: private equity, private credit, hedge funds, and real estate. In 2019, Ben Meng, then-CIO of CalPERS (California’s massive public pension fund), epitomized the mentality when he said, “We need private equity, we need more of it, and we need it now.” And Wall Street delivered. The results were predictable. With cheap credit abundant, deal volume exploded, topping $3.1 trillion globally in 2021. Valuations were detached from reality. According to McKinsey, buyout multiples surged from 6.5x EBITDA in 2009 to 12x in 2022, nearly doubling in just over a decade. But this boom was built on artificially low interest rates and easy liquidity. That means PE firms paid twice as much for companies as a decade ago. The reason is simple: They could borrow more cheaply and charge investors higher fees. However, with rates normalized and liquidity tightening, private equity’s structural weaknesses are surfacing. Therefore, as sophisticated investors become more risk-averse to the deals they take on, Wall Street is turning to a new source of capital: unsophisticated retail investors. What Makes Private Equity Risky for You Let’s break down some key concerns the average investor should understand before allocating capital—directly or indirectly—to private equity. 1. Illiquidity Is a Feature, Not a Bug PE funds lock up investor capital for 7-10 years, sometimes longer, depending on extensions and follow-on investments. This means that investors lose the fundamental flexibility that public markets provide, namely, the ability to liquidate assets in response to life events, market downturns, or better opportunities. For example, if you invested in PE through the COVID-19 market shock, you couldn’t reallocate capital even as public markets sharply corrected and rebounded. This rigid illiquidity is especially dangerous for retirees or individuals who may require access to funds unexpectedly. 2. Opacity Masks Risk In public markets, pricing is determined every second by the forces of supply and demand, providing price discovery and transparency. However, private equity relies on subjective valuation models that are updated quarterly or less frequently. This allows PE funds to “smooth returns,” creating the illusion of low volatility. For instance, during market sell-offs like 2022, many PE funds reported negligible markdowns while public equities fell double digits. This masks the true underlying risk, potentially misleading investors about the health of their portfolios and delaying the recognition of losses until forced asset sales or fund closures 3. Fees Are Devastatingly High PE funds follow a “2 and 20” fee structure: a 2% annual management fee plus 20% of profits above a specific hurdle rate. Over a decade-long lock-up, even in mediocre-performing funds, fees can erode a substantial portion of gross returns. For example, on a hypothetical $100,000 investment, you could pay $20,000 in management fees over ten years, excluding performance fees. Compared to passive investment vehicles like S&P 500 ETFs costing 0.03%-0.10% annually, the fee drag in PE is enormous. Academic studies, such as those by Ludovic Phalippou at Oxford, have consistently shown that net returns after fees in PE barely exceed, and often underperform, simple public index strategies. 4. Leverage Amplifies Fragility Leverage is a double-edged sword in private equity. While it can amplify returns in bull markets, it dramatically increases financial fragility during downturns. PE buyouts frequently involve debt levels of 5-7 times EBITDA, far exceeding leverage ratios typical of public companies. This dependence on cheap debt made sense in a zero-rate world, but is becoming a liability as borrowing costs rise. For instance, companies acquired at peak valuations in 2020-2021 face refinancing risks as interest coverage ratios deteriorate. Reports of loan covenant breaches and distressed sales are already emerging across sectors like healthcare, retail, and infrastructure, previously touted as “safe” plays in the PE world. But while these issues are important, there are seven “red flags” that signal trouble ahead. Seven Red Flags That Signal Trouble Ahead The CFA Institute recently highlighted seven red flags signaling serious trouble brewing in private markets—risks magnified for retirement savers who lack the tools and resources to properly evaluate these risks. For retail investors, each of these red flags represents a significant warning that could impact long-term financial outcomes, especially when embedded within retirement plans like 401(k)s and target-date funds. 1. Declining Deal Quality With record amounts of capital flowing into private equity, more money is chasing fewer high-quality investment opportunities. This leads to PE firms lowering their standards and investing in weaker companies or more speculative ventures. For retail investors, this means exposure to riskier businesses with less predictable cash flows. For example, during the 2021 SPAC boom, many companies that would have traditionally struggled to access public markets instead found their way into private portfolios, leading to high-profile failures post-acquisition. The chart below from S&P Global shows the number of private transactions terminated between 2020-2023. 2. Inflated Valuations PE managers often base valuations on future projections rather than tangible market transactions. As a result, portfolios can appear healthy on paper even when underlying fundamentals are deteriorating. For retail investors, this creates the illusion of stability, where portfolio statements show steady or appreciating values while the true market value could be significantly lower. A prime example occurred during 2022, when public tech stocks corrected sharply, but many PE tech holdings barely adjusted, delaying loss recognition and masking portfolio risk. To that point, you should realize that most private equity investments (65%) either fail or return the initial investment at best. Yes, private equity can be very lucrative. Depending on the deal you invest in, it can also be very harmful. 3. Fee Pressures = Riskier Deals Institutional investors are increasingly pushing back on high fees, which puts pressure on PE firms to maintain profitability. This can lead to riskier behavior, such as over-leveraging or engaging in more aggressive cost-cutting at portfolio companies to boost short-term returns. For retail investors, this translates into an even worse alignment of interests: high fees remain in place, while portfolio risk quietly increases. Worse, retail channels often lack the negotiating power to secure fee reductions, leaving them exposed to premium costs for subpar investments. 4. Frozen Exit Markets An essential part of private equity returns depends on the ability to sell portfolio companies at a profit. However, the current environment of rising interest rates and lower public market valuations has led to a sharp decline in IPOs and M&A activity. This creates a backlog of unsold assets, commonly referred to as an “exit overhang.” For retail investors, this means delayed distributions, longer-than-expected lock-up periods, and an increased likelihood of forced sales at discounted prices. Recent data from secondary market platforms show private equity interests trading at significant discounts, clear evidence of deteriorating liquidity. 5. Discounted Secondaries When existing investors seek to exit PE investments early, they often turn to secondary markets. Today, these interests are commonly trading at 20-40% discounts to their stated net asset values (NAVs). This is a stark warning sign: even sophisticated investors are willing to accept steep losses to exit PE positions early. Retail investors, who often lack access to these secondary markets or the liquidity to exit early, are particularly vulnerable to being locked into declining assets with no realistic way out. 6. Rising Borrowing Costs The foundation of many PE deals is built on cheap debt. With interest rates at multi-decade highs, borrowing costs have surged, eroding profitability across PE portfolios. Companies acquired during 2020-2021 at high multiples are now facing refinancing cliffs, where new debt comes at significantly higher rates. For retail investors, this increases the risk of portfolio companies defaulting or entering distressed restructurings, outcomes that can wipe out equity holders while still rewarding debt financiers higher in the capital structure. 7. Dry Powder FOMO Private equity firms are sitting on record amounts of unallocated capital, or “dry powder.” While that may sound reassuring, it creates pressure to deploy capital quickly, often leading to questionable investment decisions and inflated deal pricing. For retail investors, this means being funneled into PE funds at the tail-end of a market cycle when managers are most desperate to deploy funds and least disciplined in underwriting. Historically, vintages raised during peak fundraising years, such as 2007 or 2021, have produced the worst returns. When you see multiple red flags flashing across a sector, it’s time to reassess. What the Average Investor Should Do As discussed in “Why Am I So Lucky,” individuals hear tales of how high-net-worth investors (the smart money) own private equity in their allocations. As shown in the chart below from Long Angle, roughly 17% of their allocations are to private equities. These reports don’t generally tell you that their allocation to “private equity” often tends to be their personal businesses. Nonetheless, individual investors frequently see this type of analysis and think they should be replicating that process. But should they? Before investing in private equity, significant differences must be considered between the vast majority of retail investors and high-net-worth individuals. The underlying risks of private equity investments can define these differences. However, with the right knowledge and proactive steps, investors can avoid the most common pitfalls and protect their long-term financial security. 1. Know What You Own Start by reviewing your retirement plan allocations, especially if you are invested in a target-date fund or managed account solution. Many of these funds now include allocations to private equity or private credit, often buried deep within the prospectus. Request a detailed holdings report if necessary. For example, some widely used TDFs from major asset managers have added “private market” sleeves that investors are unaware of, effectively exposing them to higher fees and illiquidity. 2. Prioritize Liquidity Liquidity provides optionality, especially during volatile markets or personal financial emergencies. If your retirement funds are locked up for years, you lose the ability to rebalance, take advantage of market dislocations, or fund unexpected needs. Favor investment options that allow for daily liquidity, such as low-cost index funds and ETFs. Remember, having access to your capital is a risk management tool in itself. 3. Focus on Transparency and Fees Insist on clear, net-of-fee performance reporting. Avoid products with opaque valuation methodologies or excessive fee layers. As a rule of thumb, compare fees: if a private investment costs 2-3% annually versus 0.10% for an S&P 500 index fund, it must deliver dramatically higher returns to compensate, which few consistently achieve. 4. Stay Simple, Stay Diversified Decades of evidence show that a well-diversified portfolio of simple, liquid public investments outperforms most complex alternatives after fees and taxes. Don’t be lured by “fancy” strategies with marketing sizzle but structural drawbacks. Final Thoughts: Don’t Dance Just Because the Music Is Playing Private equity may have its place in a diversified, institutional portfolio, but even then, it demands scrutiny. For the average investor, the risks are magnified by a lack of transparency, long lock-ups, and a fee structure that often benefits managers more than investors. Wall Street has a long history of selling the newest shiny object to Main Street just as the trade begins to sour. If the music stops at this private equity party, you don’t want to be the last one still dancing. When in doubt, stick to the core investing principles: transparency, liquidity, low costs, and discipline. Complex products are often designed to enrich the seller, not the buyer. Safeguard your financial future by keeping your portfolio simple, transparent, and aligned with your long-term goals. For more in-depth analysis and actionable investment strategies, visit RealInvestmentAdvice.com. Stay ahead of the markets with expert insights tailored to help you achieve your financial goals. Tyler Durden Fri, 07/25/2025 - 15:45
Mexican Beer Sales Go Flat, American Brands Fizz As Trump Tightens Border
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Mexican Beer Sales Go Flat, American Brands Fizz As Trump Tightens Border While the Biden administration was letting tens of millions of illegal aliens into the country, Mexican beer - specifically Modelo Especial - became the best-selling beer in the United States. Now, as US Immigration and Customs Enforcement (ICE) conducts arrests amid a mass deportation push, sales of Mexican beer, including Modelo, Pacifico and Corona, are plummeting as US brands are back on the rise. In April, Constellation Brands (which owns said Mexican beers) CEO Bill Newlands said that Hispanic consumers are spending less due to their concerns over Trump's immigration policies and possible job losses in industries which have high Latino employment. In fact, during an earnings call earlier this month, Newlands specifically noted that ICE raids are making it difficult to predict consumer behavior. To wit, Constellation missed on both earnings and revenue estimates in the 2nd quarter - which said that roughly half of their beer sales come from Hispanic shoppers. Meanwhile, shares in Constellation fell over 20% just weeks before President Donald Trump took office. "The fact is, a lot of consumers in the Hispanic community are concerned right now … And what does that do? That has tended to mean that the consumer has pulled back on spending on a number of categories … As you know, Modelo is over 50% Hispanic in terms of its demographic base. So, this decline in efforts to go to restaurants, to have social fatherings, things that are very much beer occasions have softened in the more recent term," Newlands said during the April call. Right now, Walmart and other retailers have Modelo on sale for up to 30%. American Beer Gets Hoppy Meanwhile, America's oldest brewery, Yuengling - which partnered with Molson Coors in 2020 to expand to the West Coast outside of their traditional 22-state footprint, plans to expand to Michigan in August after entering Illinois earlier this year. Kaitlyn Willeford pours a Yuengling beer from the tap on Wednesday, Jan. 29, 2025, at DR McKay’s Bar & Grill in Bloomington. CLAY JACKSON, LEE ENTERPRISES Meanwhile, Michelob Ultra - owned by Anheuser-Busch, saw 34% revenue growth in Q1 2025. Earlier this month, Missouri Gov. Mike Kehoe (R) signed a bill into law slashing taxes on American-made beer in his state, aimed at strengthening "the beer industry and the manufacturing sector within Missouri and across the United States." And in May, Anheuser-Busch announced a $300 million investment in manufacturing operations across the United States. This follows nearly $2 billion in investments in the company's 100 facilities across the country in order to enhance operations and technology. Tyler Durden Fri, 07/25/2025 - 13:25
Coke's Cane-Sweetened Soda Launch This Fall Could Strain US Sugar Supplies
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Coke's Cane-Sweetened Soda Launch This Fall Could Strain US Sugar Supplies President Donald Trump and Health and Human Services Secretary Robert F. Kennedy Jr.'s crackdown on the ultra-processed food industrial complex has triggered a seismic shift in the beverage world. Coca-Cola is reformulating select sodas with cane sugar, and PepsiCo's CEO has indicated similar moves. The pivot away from high-fructose corn syrup (HFCS-55), a sweetener long associated with America's obesity and metabolic health crisis, marks a major victory for the "Make America Healthy Again" movement. Bloomberg points out that the move to shift soda products via various top brands from HFCS-55 to cane sugar could strain the nation's sugar supply chain... The push means the U.S. may need to import more expensive sweetener from Mexico and Brazil — particularly if other companies follow suit. The move threatens to worsen an already stressed supply chain, exposing American companies and consumers to higher prices just as they are facing market upheaval from Trump's tariffs. U.S. raw cane sugar futures are trading at record highs, with U.S. contracts now more than double the price of global benchmarks, widening the cost gap to an all-time record. Coke plans to release the soda offering infused with cane sugar in the next several months. This could be a boon for U.S. farmers who grow the crop across Louisiana and Florida at a time when demand has been sluggish. Bloomberg expanded more about the potential of strained cane sugar supply chains... The problem is that the U.S. doesn't grow a great deal of cane, making up about 30% of overall American sugar supplies, according to the U.S. Department of Agriculture. The rest comes from imports — about 2.2 million metric tons for the 2025-26 season — or American-grown sugar beets that perform better in colder climates. If Coke's cane-sweetened version is a success, if would likely put a dent in those U.S. supplies. The higher demand could require more imports, especially from Mexico, which has historically been the U.S.'s biggest sugar supplier, and top sugar producer Brazil. The other challenge with using healthier ingredients is the increased cost. USDA data shows that refined cane sugar costs more than 52 cents per pound in June, or about 12% more than high-fructose corn syrup. Related: White House Unveils Sweeping MAHA Changes In Nation's Food Supply Chain Trump Says Coca-Cola Agreed On Major Reformulation To Use Real Cane Sugar Pepsi Exec Floats Switch To Sugar After Trump Coca-Cola Announcement MAHA must sharpen its messaging to consumers by making one thing clear: healthier food will cost more than the garbage on store shelves today, but not nearly as much as a cancer treatment later in life. After all, what's the actual price you put on your health? Tyler Durden Fri, 07/25/2025 - 04:15
The Myth Of 'Equality': Is Europe Stuck In A Disastrous, Failing Marxist Trap?
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The Myth Of 'Equality': Is Europe Stuck In A Disastrous, Failing Marxist Trap? Authored by Drieu Godefridi via The Gatestone Institute, In a world where shifting economic forces are redrawing the global balance of power, the trajectories of the United States and the European Union over the coming decade (2025-2035) seem destined to diverge ever more sharply. By 2023, US GDP per capita had climbed to $82,770, exactly double the EU's $41,420. America's lead rested on average annual real GDP growth of 2.2% between 2010 and 2023; productivity gains of roughly 14%, and research-and-development spending equal to 3.4% of GDP. Add to that a remarkably flexible labor market, modest demographic growth (0.5% per year) and, since 2019, energy self-sufficiency. The EU tells a different story: average annual real GDP growth of barely 1.3%, a mere 7% rise in hourly productivity, a working-age population that shrinks by about one million a year, and an energy-dependence rate still hovering around 58%. "Ah, but...." retort the socialists of every political hue — and in Europe they exist in every political party — "you cite average income, not median income." Median income, the point at which 50% earn less and 50% earn more, is indeed lower than the mean in the United States. Inequality is more pronounced in the US than in Europe. Yet their reply, presented as though it settled the debate, is itself part of Europe's predicament. In Europe, inequality is generally treated as an evil, a moral abomination; therefore material equality, even if it means, as in the former Soviet Union, that no one (except senior party members) has anything, is elevated to the status of an ideal good. At 17, as first-year law student, I had the opportunity to interview André Molitor, former chief of staff to King Baudouin of Belgium. Molitor, a gracious left-wing Catholic, confided that the single thing he truly despised was inequality; his dream was for "fewer rich and fewer poor." True material equality is a myth. The "real equality" championed by communists and socialists of every stripe has simply never existed. Hand every European €100,000 today, and by tomorrow there would already be a handful of tycoons — perhaps even an Elon Musk or two — alongside those who squandered everything, with the vast majority scattered somewhere in between. Equality, as a moral value, has served largely as a pretext for socialism -- take from Peter and give to Paul -- all while funding a sprawling, parasitic apparatus of "redistribution" that provides little opportunity or incentive to succeed or to keep what one has earned. Europe's elevation of material equality may well be its most disastrous bequest to itself. With ironclad consistency, the continent advances toward greater equality — in increasing misery and squalor. The baseline projection for 2035 at current growth rates shows that if current trajectories persist — 2% annual growth in the United States versus 1% in Europe — the average American income will exceed $100,000 by 2035, while Europe's will remain around $50,000. Carriage drivers in New York's Central Park or dog-walkers in Beverly Hills will soon earn more than French physicians and German engineers — not metaphorically, but in cold cash. Even taking into account the differences in inflation and purchasing power between Europe and the US — the cost of living is lower in Europe — the transatlantic gap is immense and growing. Under alternative scenarios — a European technological renaissance, or conversely a severe geopolitical shock for the United States, the ratio rarely falls below 2:1. America's productivity growth, energy production and R&D investment remain decisive. Plainly stated: absent a political sea-change, Europe is on a path of swift decline, notwithstanding genuine strengths such as longer life expectancy. Per-capita GDP — imperfect yet inescapable — crystallizes a transatlantic chasm. Europe is becoming to the USA what Greece was to Rome: a charming open-air museum. Is it inevitable? Hauling Europe out of the mire of socialism, in all its guises, would demand two transformations so radical they verge on the unimaginable. 1. Re-creating dynamic capital There can be no "capitalism" without capital — without venture capital funds and mega investment rounds. When NVIDIA, TSMC and others invest hundreds of billions of dollars, those funds must first have been accumulated without being confiscated by the state at every turn, and their investors must believe that their pooled investment will at some point yield a worthwhile profit. Building such pools of investment private capital in Europe would entail abandoning the doctrine of material equality. Modern technological breakthroughs require vast sums no longer available among most Europeans. European savings exist, but they flow into property, life-insurance policies or — tellingly — U.S. investment markets. A shift toward private pension schemes instead of the current system of public pensions (paid from the general government budget) would at least nudge the continent in the right direction. For situations where private pensions are not an option, there still could be a government-provided safety net. 2. Dismantling the European Green Deal European energy already costs five times more than American energy. That single variable suffices to justify the exodus of European industry to markets with kinder energy markets, notably the United States. Measured against the self-inflicted energy crisis of Europe's "Green Deal," President Donald Trump's tariffs are just a small footnote. Let us nevertheless remain hopeful. History is now written at breakneck speed, and almost anything remains possible. Yet to believe that Europe will become anything more than an open-air museum while it continues to entrust its future to figures such as the weary mediocrity of its current leaders — and, above all, to the ruinous, outworn ideas that animate them — is folly. Tyler Durden Fri, 07/25/2025 - 02:00
Defending Dollar Supremacy May Be Next Phase Of US–China Trade War
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Defending Dollar Supremacy May Be Next Phase Of US–China Trade War Authored by Terri Wu via The Epoch Times, The U.S.–China trade war may be transitioning to a monetary standoff. As U.S. President Donald Trump’s tariff policies kickstart a reshuffling of global supply chains and trade, Beijing is looking to another battleground: the Chinese yuan versus the U.S. dollar. Last month, Pan Gongsheng, head of China’s central bank, reiterated the regime’s interest in promoting the internationalization of the yuan, also known as the renminbi, at the Lujiazui Forum, a leading economic forum in Shanghai. Tune in to China Watch, a podcast on Chinese politics, technology, and business. The dominance of currencies, especially in the digital world, will be the next focus of the U.S.–China trade war, according to Mike Sun, a U.S.-based businessman with decades of experience advising foreign investors and traders doing business in China. He uses an alias to avoid reprisals from the Chinese regime. William Lee, chief economist at the Milken Institute, concurred. Lee told The Epoch Times that the fear of sanctions has spurred the regime to try to expand the use of the yuan in an alternative cross-border payment system. Now, China is concerned about potential sanctions before its digital currencies can gain traction and become more widely adopted, he said. The concerns that Lee mentioned are front and center for policymakers in Beijing. In a June speech in Shanghai, China’s central banker expressed concerns that the “traditional cross-border payment infrastructures can be easily politicized, weaponized, and used as unilateral sanction instruments” as the geopolitical tension escalates. Another prominent chief economist in China, Lian Ping, wrote in late May, “Financial sanctions and countermeasures will probably become a battlefield of U.S.–China competition in the next phase.” These economists are not just scholars, but a well-connected brain trust of senior Chinese Communist Party (CCP) officials, Sun told The Epoch Times. Hence, these experts don’t make recommendations; they foreshadow and interpret the regime’s actions. Lian also warned that the United States might start imposing sanctions on a few Chinese entities, then expand the scope, eventually excluding China from the U.S. dollar-based system. As the world’s reserve currency and primary medium for financial transactions, the U.S. dollar is the linchpin of the U.S.-led global order. By exporting commodities to China and then buying electric vehicles from China, the member countries of BRICS can form an alternative trading system denominated in yuan, according to Lee. BRICS is a China- and Russia-led bloc designed to counterbalance U.S.-led Western democracies that also includes Brazil, India, South Africa, Saudi Arabia, Egypt, the United Arab Emirates, Ethiopia, Indonesia, and Iran. The “BRICS philosophy of dethroning the dollar” is a real and credible threat to the United States, and that’s why Trump is imposing extra tariffs on these countries, according to Lee. Heads of state and government from member, partner, and observer countries pose for a family photo during the BRICS summit in Rio de Janeiro, Brazil, on July 7, 2025. The China- and Russia-led bloc, seen as a counterweight to U.S.-aligned democracies, may play a key role in the growing currency rivalry between the Chinese yuan and the U.S. dollar. Pablo Porciuncula/AFP via Getty Images During its latest summit in Brazil, the BRICS member states issued a joint statement on July 6 criticizing tariffs without naming the United States. Shortly afterward, Trump said on Truth Social that “any Country aligning themselves with the anti-American policies of BRICS” would receive an additional 10 percent tariff. Days later, he threatened a 50 percent levy on Brazil, a founding member of BRICS, citing the ongoing trial of its former president, Jair Bolsonaro, a Trump ally. At a Cabinet meeting on July 8, the U.S. president said BRICS wants to “destroy the dollar so that another country can take over and be the standard.” “If we lost the world-standard dollar, that would be like losing a war, a major world war,” Trump said. “We would not be the same country any longer.” Winding Up Tariff Battles Tariffs were a “completely foreign language for most people” when the Trump administration launched global reciprocal levies, Lee said. “Now, the whole world has come to accept a minimum 10 percent tariff,” he told The Epoch Times. Lee said final tariff numbers aren’t as significant as the establishment of a new trade order. “What matters is we have a new building in place, and the new building is much more of a decentralized trading system, incentivizing capital inflow to the United States,” Lee said. “And that’s something that has been missing from the WTO.” At the beginning of Trump’s second term, the average tariff rate imposed by the United States was 3.4 percent, according to the World Trade Organization. The global trade system was characterized by low tariffs for exports to the United States, as well as significantly higher tariff rates or non-tariff trade barriers imposed by other countries. Currently, the administration has extended the deadline for tariff negotiations from July 9 to Aug. 1, with no further extensions. During the interim, baseline tariff rates remain at 10 percent. Trump has since issued tariff letters to dozens of countries, setting their rates at between 20 percent and 50 percent. Sun described this approach as a “blind box” method, meaning that the tariff rate is revealed only upon receipt of the letter. He said that in his view, such an approach is “very effective” with the “lowest cost.” Trump sends a message that he’s the decision-maker, and other countries can only provide input under his framework, according to Sun. “I think all countries will eventually agree with Trump’s framework, including China,” he told The Epoch Times. Yeh Yao-Yuan, a professor of international studies at the University of St. Thomas in Houston, said he views the trade negotiations as a prelude to a new cold war, resulting in the world being split into two camps: one led by the United States and the other by China. He noted that in the U.S.–UK trade framework agreement, the two countries agreed to enhance mutual economic security by addressing “non-market policies of third countries.” Although China is not named, it is known for protecting its state-owned enterprises with industrial policies and dumping its overcapacity into the global market. President Donald Trump, joined by (back L–R) Secretary of Commerce Howard Lutnick, Vice President JD Vance, British Ambassador to the U.S. Peter Mandelson, and U.S. Trade Representative Jamieson Greer, speaks to reporters in the Oval Office on May 8, 2025. Anna Moneymaker/Getty Images There’s little room left for tariff rate negotiations between the United States and China, the experts said in interviews with The Epoch Times. The ongoing discussions involve China trading its rare earths for U.S. chips and opening up its service industry, particularly banking and investments, to the United States. China has had a near-monopoly on rare earths for decades, mainly because of predatory practices that have driven foreign businesses out of the sector. Therefore, it has been using its leverage on these critical minerals as a trade weapon. However, the United States has made significant strides in removing this chokepoint through public and private partnerships, as well as by fast-tracking the permitting process. MP Materials, the company that owns the only active rare earth mine in the United States—located in Mountain Pass, California—announced on July 10 a $400 million investment and a $150 million loan from the Department of Defense. For 10 years, the U.S. government will also guarantee the purchase of the company’s rare-earth output at a minimum price and ensure a minimum profit margin. In effect, the public–private partnership ensures that a U.S. national champion will remain vital, regardless of what China does. The United States has a trade surplus with China on services. Last year, China’s giant trade surplus on goods of nearly $296 billion with the United States was offset by a service trade deficit of about $33 billion, according to the U.S. Census Bureau. Beijing has been exploring further opening the service industry as a bargaining chip for its trade negotiations. Opening up China is a beneficial strategy to Beijing as well, according to Lian. He wrote in his article that opening up the financial market more would increase China’s “stickiness” and make it “too big to sanction.” However, according to Sun and Lee, the tariff battle will mainly focus on the currencies, as the United States has an oversized vulnerability: its nearly $37 trillion debt. Ramaco Resources plans to extract over 450 tons of rare earths from its 4,500-acre Brook Mine near Ranchester, Wyo., on July 11, 2025. China’s long-standing dominance in the sector, achieved through predatory practices, has enabled it to wield rare earths as a trade weapon. John Haughey/The Epoch Times Defending Dollar Supremacy Currently, the U.S. dollar’s status as the global reserve currency and the primary currency used in international trade allows the United States to borrow more at a lower interest rate. The U.S. debt level is so high now that the annual interest payment surpasses the nation’s defense spending. In fiscal year 2024, which ended on Sept. 30, 2024, the United States spent $882 billion on interest on its debt, compared with $874 billion on defense expenses, according to the Treasury Department. That makes the U.S. dollar’s role even more crucial because any diminishing or significant doubt of the currency could lead to the nation’s default. China holds $756 billion of U.S. Treasury bonds, according to the Department of the Treasury, which collects the data through U.S.-based brokers. Hong Kong has an additional $253 billion. Still, Sun believes that China is the top U.S. Treasury bond holder in the world—surpassing Japan’s $1.1 trillion—because of the unknown amounts that Beijing purchases through European institutions. An April report by J.P. Morgan Chase states that, contrary to common belief, “China has not reduced its holdings of U.S. Treasurys; the holdings are just more under cover,” according to a translation of the original Chinese text. So Beijing could potentially sell off U.S. Treasurys at a crucial moment when the market loses confidence in the U.S. dollar and force the interest rate to increase if no buyers can take in China’s dumping. If the reserve currency status of the U.S. dollar is shaken, it could also lead to the weakening of Washington’s borrowing power. The CCP is aware of this and has been working for years to replace the U.S. dollar with the yuan. In 2015, Beijing launched its own Cross-border Interbank Payment System, or CIPS, for transactions in Chinese yuan. Although CIPS is not comparable to the U.S. dollar-denominated global payment system—called the Clearing House Interbank Payment System, or CHIPS—in terms of scale and global reach, it’s getting bigger. A woman walks past the headquarters of the People's Bank of China in Beijing on July 9, 2024. The central bank recently warned that traditional cross-border payment systems risk being “politicized” and “weaponized” amid rising geopolitical tensions. Adek Berry/AFP via Getty Images Each month, the financial transaction volume through CIPS is approximately 700 billion yuan, nearly double the amount in 2021, according to the Peterson Institute for International Economics (PIIE). That scale is still trivial compared with the $1.8 trillion in daily transactions, or more than $50 trillion in monthly transactions, through CHIPS, according to its official website. And CIPS still largely relies on the U.S.-led SWIFT, or the Society for Worldwide Interbank Financial Telecommunication, to send payment messages, according to the PIIE. The CCP also took notice that the digital currency world offers a new field for competition, and in 2022, China introduced its digital yuan. The current situation calls for the United States to find more non-China parties to hold U.S. debt and defend its reserve currency status in both the physical and virtual worlds, according to Sun. He said a type of cryptocurrency referred to as “stablecoins” are a “creative” response to the challenge. “Stablecoins can theoretically enable unlimited purchase of U.S. Treasurys,” he said. “The sky is the limit.” Stablecoins are digital money pegged to a fiat currency at a one-to-one ratio. The issuers guarantee holders that they can convert the money back at any time. Therefore, stablecoins can provide the decentralization and cost-effectiveness of digital money, combined with the stability of a traditional fiat currency. So far, 98 percent of stablecoins are pegged to the U.S. dollar, and 80 percent are issued outside the United States, according to the Atlantic Council, a Washington-based think tank. Owners can bypass banks and even the unreliable currencies of their home country. For example, a coffee shop in Argentina or a small business owner in Vietnam can do business in the digital currencies directly pegged to the greenback. Last year, the transaction volume via stablecoins reached $27.6 trillion, 7.7 percent more than the combined transaction volume of Visa and Mastercard, according to crypto exchange CEX.io. Signage of the Chinese digital currency is seen near a coffee store in the New Actuation Fintech Center in Beijing on Feb. 17, 2022. Jade Gao/AFP via Getty Images Stablecoin issuers generate revenue by investing the dollars that they receive in exchange for the digital tokens, and they have already emerged as a significant holder of U.S. debt. They hold more than $120 billion in Treasury bills and are poised to hold more than $1 trillion in Treasurys by 2028, according to an April report by the Treasury Borrowing Advisory Committee. This means that stablecoin issuers may become the largest holders of Treasury bills, over China and Japan. Two months ago, Hong Kong passed stablecoin legislation, although it hasn’t issued its own stablecoins yet. Chinese conglomerates, such as Ant Group and JD.com, Inc., have announced that they will submit their applications to become issuers as soon as the legislation takes effect on Aug. 1, according to China’s state-run media. The U.S. Congress on July 17 passed a landmark crypto bill that establishes a regulatory framework for stablecoin issuers. The GENIUS Act, signed into law the next day, requires stablecoin issuers to back the digital tokens with either cash or U.S. Treasury bonds. Treasury Secretary Scott Bessent in June posted on X that “stablecoins can reinforce dollar supremacy.” By leveraging stablecoins, the U.S. dollar has extended its dominance from the physical to the virtual world and found more buyers of U.S. debt at a collective level comparable to China and Japan, according to Sun, who called the strategy “a genius move.” Tyler Durden Thu, 07/24/2025 - 23:25
India's Modi Has The Highest Approval Rating Among World Leaders, France's Macron The Lowest
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India's Modi Has The Highest Approval Rating Among World Leaders, France's Macron The Lowest Public opinion of national leaders can offer insight into the political pulse of a country. Every month, Visual Capitalist's Marcus Lu will be visualizing global polling data tracking how citizens perceive their heads of government. In this month’s edition, we compare world leader approval ratings for 24 countries as of July 2025. Data & Discussion The data for this visualization comes from Morning Consult. It tracks world leader approval ratings based on public polling data across respective countries. Ratings were collected from July 4-10, 2025, and reflect a trailing seven-day simple moving average of views among adults surveyed. 🇮🇳 Modi Maintains Dominance India’s Prime Minister Narendra Modi comes out on top with a remarkable 75% approval rating. His recent re-election in 2024 reaffirmed domestic confidence, buoyed by strong economic indicators and assertive foreign policy. Only 18% of Indians disapprove of his leadership, reflecting sustained popularity over a decade in power (Modi’s premiership began on May 26, 2014). Polarizing Leaders In contrast, U.S. President Donald Trump holds 44% approval, with a 50% disapproval rate. Since returning to office in 2024, he has faced criticism over economic volatility and divisive policy shifts. Even worse off is French President Emmanuel Macron, posting one of the lowest ratings at 18% approval and 74% disapproval. This is likely tied to ongoing labor unrest and unpopular pension reforms. The Czech Republic’s Prime Minister, Petr Fiala, shares similar ratings as Macron. In June, his government survived a no-confidence vote triggered by a bitcoin donation scandal which saw Justice Minister Pavel Blažek resign. If you enjoyed today’s post, check out What the World Thinks About Israel in 2025 on Voronoi, the new app from Visual Capitalist. Tyler Durden Thu, 07/24/2025 - 23:00
Transparency
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Transparency By Molly Schwartz, Cross-Asset Macro Strategist at Rabobank Yesterday, G-20 finance ministers congregated in South Africa, though several delegates were noticeably absent, like Scott Bessent from the US. Bessent, of course, wasn’t playing hooky alone, as other truants included counterparts from Argentina, Australia, and France. That said, Bessent’s empty seat garnered special attention as the United States is not only the world’s largest economy, but is the source of global trade turmoil as Trump issues trade letters left and right. Given the absence of communique from the G20 (at the time of writing), markets have turned their attention elsewhere, like economic data. Retail sales data out of the US registered an increase in pace from 0.1% m/m to 0.6% m/m, which was accompanied by stable jobless claims. The markets were pretty resistant to this data, closing the day near the opens with some minimal choppiness around the time the data were released. It should be noted that retail sales are published in terms of value, not volume. That means that this print was impacted by the recent pick up in US inflation, but signals some resilience in the American consumer. In an environment clouded by uncertainty and obfuscation, we can look to none other than US President Trump as a source of transparency. Indeed, yesterday afternoon, White House Press Secretary Karoline Leavitt said that “the President has been very transparent about his displeasure with both the policies and the management of the Fed.” While tactful, it may also be the understatement of the century. After the retail sales data release, Trump publicly pushed for rate cuts once again truthing “’Too Late:’ Great numbers just out. LOWER THE RATE!!! DJT.” The rates market was unconvinced by Trump’s plea, with investors still positioned for around 1.7 cuts by year-end, the same positioning as before the data were released. But while rates were unimpressed, equities marked new gains as the S&P 500 continued to climb upwards, setting new all time highs, breaking through $6,300. Meanwhile, USD also appeared to strengthen as the best performing G10 currency on a one-day basis, and maintaining its status as the best performing G10 currency month-to-date. On the other end of the spectrum, AUD made for a pitiful performance, depreciating 0.63% against USD after the Australian unemployment rate rose to 4.3% in June–the highest rate since November 2021. A cut at the August 12 meeting had already been largely priced in by the market, but the recent labor data drove investors to price in around 45 more bp worth of cuts by 2025 year-end. Elsewhere, yesterday was CPI day, with releases hot off the press in the Eurozone. Eurozone aggregate CPI inflation final June estimates printed at a steady 2.0% y/y, while prices increased at a rate of 0.3% m/m. As these were final estimates, markets had already priced in these CPI data and neither European rates nor EUR saw much action. Tyler Durden Fri, 07/18/2025 - 12:10
UMich Sentiment Surges Higher As Inflation Expectations Plunge
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UMich Sentiment Surges Higher As Inflation Expectations Plunge Following June's bounce, preliminary July data from UMich's Sentiment survey was expected to continue rebounding... and it did. The headline sentiment index rose from 60.7 to 61.8 (above the 61.5 exp) with a big bounce in Current Conditions (from 64.8 to 66.8) and a small rise in future expectations from 58.1 to 58.6. All better than expected and all at their highest level since February... Source: Bloomberg The spread between Republican and Democrat sentiment is back at record wides... Source: Bloomberg Most notably, inflation expectations tumbled from 5.0% to 4.4% (1Y) and from 4.0% to 3.6% (5-10Y)... Source: Bloomberg With Democrats and Independents finally realizing that their insane expectations for inflation were just that... Source: Bloomberg And the same picture emerges on the longer-term expectations. Source: Bloomberg Well, this puts more pressure back on Powell as 'inflation expectations' seem like they are back under control. Tyler Durden Fri, 07/18/2025 - 10:10
Renter Nation Returns: Surge In Multi-Family Unit Starts & Permits Saves US Housing Market
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Renter Nation Returns: Surge In Multi-Family Unit Starts & Permits Saves US Housing Market Despite homebuilder confidence in the toilet (and Pulte's daily calls alongside Trump for lower rates), US Housing Starts and Permits surprised to the upside in June. Housing Starts jumped 4.6% MoM (+3.5% MoM exp), rebounding from May's 9.7% MoM tumble. Building Permits rose 0.2% MoM (-0.5% MoM exp), also rebounding from May's 2.0% MoM decline. Source: Bloomberg Although in context, this lifts the Starts and Permits SAAR just barely off the lowest levels since the COVID lockdowns... Source: Bloomberg A surge in Multi-family unit starts and permits saved the month, while single-family home starts and permits were not pretty... Source: Bloomberg Will lower Fed Fund rates do anything to lower mortgage rates? Or will the implied curve steepening further crush affordability? Dear Mr. Trump, be careful what you wish for. Tyler Durden Fri, 07/18/2025 - 08:40
What Could Possibly Go Wrong?
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What Could Possibly Go Wrong? New York Democrats—and the broader party in desperate need of a course correction—continue to double, triple, and even quadruple down on all things woke. They've now taken it a step further by openly cheerleading socialism and Marxism. This increasingly radical un-American direction, backed by a network of dark money-funded NGOs, has even drawn criticism from prominent figures like JPMorgan CEO Jamie Dimon, who recently described Democrats as "idiots ... with big hearts and little brains." Democrats "overdid DEI," Dimon said last week, adding, "I have a lot of friends who are Democrats, and they're idiots." Dimon isn't wrong—in fact, he's spot on. He sees clearly that the party has veered further down a toxic, increasingly un-American path at a time when the Overton Window shifted back toward the center-right after a decade of woke. Yet Democrats seem oblivious to this realignment of what is now socially acceptable in the eyes of the American people. Meanwhile, Democrats are testing the waters with socialist Bernie Sanders and Marxist New York City Democratic mayoral candidate Zohran Mamdani, posing for a staged photo op. "The Oligarchs are prepared to undermine democracy & spend tens of millions to buy the election for his opponents," Sanders' social media team wrote on X, adding, "We will not allow that to happen. Stand with Zohran." Had a great meeting with @ZohranKMamdani and am deeply impressed by the grassroots campaign he is running. The Oligarchs are prepared to undermine democracy & spend tens of millions to buy the election for his opponents. We will not allow that to happen. Stand with Zohran. pic.twitter.com/wXTjs8AOJd — Bernie Sanders (@BernieSanders) July 16, 2025 However, Democrats remain trapped in the elitist mindset that anyone who didn't attend a liberal arts college is somehow unintelligent. Their supposed war on billionaires is pure political theater, especially given how deeply the party is supported by leftist billionaires through a massive web of dark money-funded NGOs and law firms. For instance, a New York Post's deep dive found that Zohran... The graph. 🚨 EXPOSED: Working Families Party ran a $2+ million elite-funded coordination scheme in NYC's 2025 primary while branding it as a "grassroots revolution" 🌱 - systematically violating campaign finance disclosure rules to hide the truth from voters. WFP had a documented playbook… pic.twitter.com/VpADYtl5my — Sam E. Antar (@SamAntar) July 16, 2025 And remember, earlier this year, when Bernie and Alexandria Ocasio-Cortez were flying around the nation in private jets? Here's what X users are saying: Two Democrat Socialists walk into a bar. The bartender asks them what they are drinking. They each order the most expensive drink. When the bartender asks for the money for their drinks, they tell the bartender to charge it to everyone else in the bar. — General™️ (@TheGeneral_0) July 16, 2025 They keep saying “grassroots” which means he’s 100% being backed by billionaire oligarchs. 😂 — Leeleeliberty (@Leeleeliberty11) July 16, 2025 Yes. Stop Oligarchs like Soros from backing communist candidates! — Xi Van Fleet (@XVanFleet) July 16, 2025 All the Marxist-Leninist are lining up, sprinkled with some radical Islamists, what could possibly go wrong? https://t.co/JTtVSeFu1Q — Tony Seruga (@TonySeruga) July 16, 2025 . . . Tyler Durden Fri, 07/18/2025 - 06:55
The EU Depends On China & Russia For Rare Earths
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The EU Depends On China & Russia For Rare Earths Almost half of the European Union’s imports of rare earths came from China last year, according to the latest data from the European Union's statistical office (Eurostat). As Statista's Anna Fleck shows in the chart below, Russia followed in second place with a share of around 29 percent, while Malaysia was in third at around 20 percent. You will find more infographics at Statista In order to reduce dependence on China and other individual countries, the EU passed the Critical Raw Materials Act 2024. The aim is to extract 10 percent of rare earths in the EU itself and cover 15 percent of demand from recycling. In addition, no single third country is to cover more than 65 percent of demand. The 17 metals of the so-called rare earths are used in many of today's key technologies. Terbium is essential for the production of permanent magnets, important for wind turbine generators and electric vehicle motors. The rare earths cerium and lanthanum are also needed in the context of electromobility, for example, as components of catalytic converters as well as in hybrid vehicles’ batteries. Meanwhile, europium and yttrium are essential components of LED lamps and smartphone displays. The rarity of these elements is based on the fact that they occur in the form of oxides in a variety of rocks, but their concentrated occurrence in commercially exploitable deposits is rather rare. Tyler Durden Fri, 07/18/2025 - 05:45
Israeli Leaders Call For Syrian President's Assassination
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Israeli Leaders Call For Syrian President's Assassination Hardline and outspoken Israeli Security Minister Itamar Ben Gvir has called for Israel to "eliminate" Syrian President Ahmed al-Sharaa, following the latest escalation in sectarian violence this week. "The shocking images from Syria prove one thing: once a jihadist, always a jihadist," Ben Gvir said in a video statement on Wednesday. "Anyone who murders, shaves mustaches, humiliates, and rapes cannot be negotiated with, and the only thing that can be done is to eliminate al-Julani," he added, referring to the Syrian leader's previous nom de guerre, Mohammad al-Jolani. Times of Israel/Flash90 "I love the Druze citizens in the State of Israel, and I embrace them warmly, and I tell them: we must cut off the head of the snake," Ben Gvir added, essentially calling for Sharaa's assassination. Israel has been using the plight of the persecuted Druze minority in southern Syria as a pretext for expanding its military presence far beyond the occupied Golan Heights. Critics have accused Israeli leaders of 'divide-and-conquer' tactics, and have even allowed thousands of Druze who lived under occupied areas (in Israel) to breach the Golan border fence and flood back into Syria. The Syrian regime of Sharaa and his fanatical Sunni fighters of Hayat Tahrir al-Sham have stood accused of conducting entho-religious genocide, targeting Druze, Christians, and Alawites. This has been happening especially in the south this week. Israel on Wednesday for the first time ever targeted the sprawling Syrian Defense Ministry building with airstrikes, destroying it. This is not something that had been done throughout the entirety of the Assad family's rule. Meanwhile, Israel's Minister for Diaspora Affairs Amichai Chikli has joined Ben Gvir in calling for the overthrow of Sharaa. Chikli has called for his assassination, branding him a "terrorist" and a "brutal murderer." Chikli defended the stepped up Israeli attacks on Damascus, drawing comparisons between Sharaa’s government and Palestinian militant groups. "If it looks like Hamas, talks like Hamas, and acts like Hamas—then it is Hamas," he stated. Rather than the likes of Ben Gvir suddenly becoming concerned over human rights, something else is definitely going on here... Despite the official pretext of “protecting Druze minorities,” the reality is strategic absorption. Israel is executing the Yinon Plan’s second phase: not just fragmentation, but territorial annexation via sectarian alliance. The Israeli Air Force’s strikes on Damascus command… pic.twitter.com/RXWxcavtaI — Thomas Keith (@iwasnevrhere_) July 16, 2025 But curiously, these Israeli officials were silent when throughout the Syrian proxy war which targeted Assad, the Netanyahu government was openly helping hardline jihadists, including hosting wounded FSA and Nusrah Front (AQ) fighters in Israeli hospitals. Tyler Durden Fri, 07/18/2025 - 04:15
'Unacceptable': Von der Leyen's €2 Trillion EU Budget Blasted By Germany Amid Botched Rollout
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'Unacceptable': Von der Leyen's €2 Trillion EU Budget Blasted By Germany Amid Botched Rollout In a huge embarrassment for EU leadership, the day following European Commission chief Ursula von der Leyen having presented an ambitious some 2 trillion euro, seven-year EU budget in Brussels, the government of Germany has made clear its firm rejection, calling the plan "unacceptable". "A comprehensive increase in the EU budget is unacceptable at a time when all member states are making considerable efforts to consolidate their national budgets," said Stefan Kornelius, spokesperson for Chancellor Friedrich Merz's government in Berlin late Wednesday. "We will therefore not be able to accept the Commission's proposal." The Commission proposed a central EU budget of €1.816 trillion (excluding COVID-19 borrowing repayments), for the period from 2028 to 2034, which marks a massive increase over the current running budget which was formalized in 2021. "Germany, as the EU’s biggest contributor, would be on the hook for about a quarter of that spending," Bloomberg underscores. German Chancellor Friedrich Merz, via AP Von der Leyen hailed that this marks "a budget for a new era that reflects Europe’s ambitions" - and further she described "the most ambitious EU budget ever: more strategic, flexible, and transparent. We are investing more in our independence and in our capacity to respond," according to the statement. The European Commission has proposed three new taxes, specifically on electronic waste, tobacco products, and high-revenue companies - in an effort repay the EU’s post-Covid debt, which would require an estimated €25-€30 billion annually. "We do not support the additional corporate taxation put forward by the Commission," the German Chancellor's spokesperson continued from Berlin. Instead, Berlin is calling for the bloc to stick to the Commission’s existing reform agenda and maintaining a focus on strategic priorities within the EU budget. "This direction is the right one to strengthen Europe for the future," he added. German conservative leader Merz has all along been consistent on this. "We need to realign the priorities within the EU budget," Merz said in late June. “New responsibilities should not automatically lead to more spending… and that’s the real challenge we now face.” FT describes a horribly botched rollout, with members fed up with von der Leyen's secretive pressure tactics: Ursula von der Leyen’s plan for the EU’s biggest ever budget has sparked uproar inside the European Commission, with colleagues warning the president’s ultra-centralized style has already compromised the €2tn cash call. Prepared for months and largely kept secret from von der Leyen’s team of commissioners, the draft 2028-2034 budget plan prompted rare internal pushback that forced significant concessions in the hours before publication. The revolt has underscored the long-bubbling resentment at her “rubber stamp” approach towards the commission after years of walled-off decision-making that critics say has made Brussels inflexible and prone to mis-steps. “I have never seen it this bad,” said one senior diplomat from an EU member state who has worked on the past three budget negotiations. “Nobody knew what they were getting or what they were paying until the last minute.” As expected, the earliest pushback on Wednesday came from Hungary, with Prime Minister Viktor Orban stating on X, "A shocking new EU budget leak reveals a dangerous gamble: Ukraine would get a massive funding boost, while European farmers lose out. This plan risks sidelining rural Europe and threatening families across the continent. Brussels must not abandon Europe’s farmers to bankroll Ukraine." Countries like Hungary, as well as Slovakia and Poland - or other conservative/nationalist leaning populations, won't be comfortable with more 'rule of law' strings attached to funding as well: Another headline-making novelty in von der Leyen's proposal is her strong focus on the rule of law. Her first mandate saw her executive freeze billions in EU funds for Hungary and Poland over their democratic backsliding and continued legal breaches. The freezing, however, only covered a share of the allocated funds to the wayward countries, fuelling criticism that the Commission was carelessly allowing taxpayers' money to flow despite violations of EU law and fundamental rights. The disputes left a mark on von der Leyen: she now intends to make all funds, from farming subsidies to social policy, conditional on the respect for the rule of law. "The rule of law is a must for all funding from the EU budget," she said on Wednesday. "We will ensure responsible spending and full accountability, with very strong safeguards, and the right incentives. This serves the citizens." So clearly, there are plenty of roadblocks possible, given new proposal must be approved unanimously by all 27 EU member states and passed by the European Parliament in negotiations which would likely unfold over two years. The budget for 2028-2034 must be approved by the end of 2027- and a lot can happen between now and then, particularly regarding the Russia-Ukraine war. The European Commission plans to include a whopping €100 billion in funding for Ukraine as part of this new budget. Certainly President Trump has voiced wanting to see peace break out long before then, but these efforts haven't amounted to anything so far. Hungary and Slovakia will have much to say too. Tyler Durden Fri, 07/18/2025 - 02:45
Why Iran Fears A Syria-Azerbaijan Axis
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Why Iran Fears A Syria-Azerbaijan Axis Authored by RFE/RL staff via OilPrice.com, Syria and Azerbaijan pledged to deepen ties, including a landmark Azerbaijani gas export deal via Turkey. Iranian media warned of a potential redeployment of Syrian fighters into the Caucasus, heightening regional tensions. Reports of Israeli-Syrian contacts in Baku added to Tehran’s suspicion of an anti-Iran alignment involving Azerbaijan, Turkey, and Israel. Syrian interim President Ahmad al-Sharaa’s visit to Baku last weekend highlighted a dramatic shift in regional alliances, prompting a mix of concern, suspicion, and strategic recalculation across Iranian media. Official statements following Sharaa’s meeting with President Ilham Aliyev emphasized a new era in Syrian-Azerbaijani relations. Both leaders acknowledged past stagnation, directly blaming ousted President Bashar al-Assad’s “unfriendly policy” and pledged to restore and deepen cooperation. Notably, the visit yielded a deal to export Azerbaijani gas to Syria via Turkey, with officials hailing the agreement as a needed remedy for Syria’s chronic energy crisis. Meanwhile, various outlets, including Israeli media, claimed that Syrian and Israeli officials met on the sidelines of the trip. It’s unclear whether Sharaa attended the meeting, but the mere occurrence of such a meeting -- facilitated by Azerbaijan, Israel’s key ally in the region -- has further fueled concerns in Tehran. Sharaa, a former insurgent known under the nom de guerre Abu Mohammed al-Jolani, joined forces with Turkish-backed rebels and, in December 2024, led his Hayat Tahrir al?Sham (HTS) faction in a lightning offensive that ultimately toppled the Iran? and Russia?backed Assad government. Security Challenges A shared concern in Iranian media is what is seen as a shifting militant footprint from the Syrian battlefield to the Caucasus -- right on Iran’s doorstep. Arman-e Melli, a pro-reform newspaper, argued that one aspect of the budding relationship between Damascus and Baku will involve the transfer of Syria-based fighters through Turkey into bases in Azerbaijan -- a potential development it described as a “mission” for Sharaa. It is speculated that their presence is meant to destabilize areas along the borders of Iran and Russia and to carry out operations targeting the broader axis of China, Russia, and Iran. The conservative newspaper Farhikhtegan struck a similar tone, arguing that Sharaa sees the redeployment of his fighters to meet a US demand to expel foreign fighters from Syria. Under such a plan, the paper said, Azerbaijan would emerge as a strategic hub; either a staging ground for further infiltration into the Caucasus and Russia or a site for settlement in areas such as Karabakh. A ‘Message’ To Iran Israel’s i24NEWS network, citing an unnamed Syrian source, claimed that Israel and the United States had made a decision for Baku to host a meeting between Israeli and Syrian officials to “send a message to Iran.” Referencing the report, Iran’s state broadcaster-run Jam-e Jam newspaper charged that given Baku’s track record of alleged involvement in anti-Iranian operations over the years, and suspicions about its cooperation with Israel during last month’s war, this could well be taken as “clear evidence” that some neighboring countries are working with Israel against Iran. Jam-e Jam specifically named Azerbaijan and its allies, Turkey and Israel, as the countries involved in “shaping new dynamics that work against Iran’s interests.” The paper argued that ultimately Iran will need to safeguard its national interests with both diplomatic and security savvy, including strengthening ties with neighbors such as Armenia and Russia, and taking a firm stand against “Baku’s provocations.” Tehran has watched with growing concern as Azerbaijan forges ever?closer links with Israel. In recent years, the partnership has significantly expanded, highlighted by deepening defense collaboration and Baku’s decision to open an embassy in Tel Aviv in 2023 -- developments that have only heightened Iranian mistrust. Iran’s president, Masud Pezeshkian, last month pressed Aliyev to “investigate and verify” reports that Israeli drones, including micro-drones, had crossed into Iranian airspace through Azerbaijani territory during the 12-day war that ended in a ceasefire on June 24. Aliyev rejected the allegations, affirming that his government would never permit Azerbaijani territory to be used against Iran. Tyler Durden Thu, 07/17/2025 - 23:25
At Sotheby's Auction, $30 Million Dinosaur Skeleton Stuns As Martian Meteorite Sets Record
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At Sotheby's Auction, $30 Million Dinosaur Skeleton Stuns As Martian Meteorite Sets Record A 54-pound fragment of Mars, dislodged by a cosmic collision and hurled 140 million miles to Earth, became the most valuable meteorite ever sold at auction on Wednesday. But it was a rare young dinosaur skeleton that captured the spotlight - fetching more than $30 million in a frenzied bidding battle. A Martian meteorite, weighing 54.388 pounds, said to be the largest piece of Mars on Earth, is displayed at Sotheby's in New York City on July 9, 2025. Richard Drew/AP Photo The meteorite, named NWA 16788, sold for $5.3 million after fees at Sotheby’s auction of rare geological and archaeological objects. Described by Sotheby’s as the largest piece of Mars ever found on Earth, the rock was discovered in November 2023 by a meteorite hunter scouring the Sahara Desert in Niger. Pre-sale estimates had placed its value between $2 million and $4 million. “This Martian meteorite is the largest piece of Mars we have ever found by a long shot,” said Cassandra Hatton, Sotheby’s vice chairman for science and natural history, ahead of the auction. Measuring nearly 15 inches long, the meteorite accounts for nearly 7 percent of all known Martian material on Earth. But while bidding for the Martian rock unfolded in careful increments - often coaxed along by the auctioneer - the atmosphere shifted when a juvenile Ceratosaurus nasicornis skeleton took center stage. Only four Ceratosaurus skeletons are known to exist, according to Sotheby’s, and this specimen—the only juvenile among them—was fiercely contested. After opening at $6 million, the bidding surged in $500,000 and then $1 million increments, drawing gasps from the audience as six bidders drove the price to $26 million before fees. A mounted Juvenile Ceratosaurus skeleton, of the Late Jurassic, Kimmeridgian Stage, is displayed at Sotheby's in New York City on July 9, 2025. Richard Drew/AP Photo The official sale price, with premiums included, came to $30.5 million, making it the third-most expensive dinosaur skeleton ever sold at auction. The buyer, whose identity was not disclosed, plans to loan the skeleton to a public institution. Assembled from 140 fossilized bones unearthed in 1996 near Laramie, Wyoming, the juvenile Ceratosaurus stands more than six feet tall and stretches nearly 11 feet long. Its lineage dates back some 150 million years to the late Jurassic period. For comparison, adult Ceratosaurus specimens could grow up to 25 feet long—smaller than their more famous Tyrannosaurus rex cousins, which reached lengths of 40 feet. The skeleton’s dramatic sale reflects a growing appetite among private collectors and institutions for rare paleontological specimens. Last year, Sotheby’s sold a Stegosaurus skeleton nicknamed “Apex” for a record-setting $44.6 million. By contrast, the Martian meteorite’s record-breaking result unfolded with less spectacle. Two pre-auction offers, $1.9 million and $2 million, set the stage for a steady sequence of modest live bids. Final bidding stalled at $4.3 million, before fees lifted the total. Scientific analysis confirmed that NWA 16788 is an “olivine-microgabbroic shergottite,” a type of volcanic rock formed from slowly cooling magma beneath Mars’s surface. Testing by a specialized lab matched its chemical composition to Martian samples first analyzed by NASA’s Viking landers in the 1970s. The meteorite’s pitted glassy exterior - a result of superheating during atmospheric entry - offered the first clue that it was not, as Hatton said, “just some big rock on the ground.” Both the meteorite and the dinosaur skeleton now stand as trophies of scientific and natural history, as well as reminders of the market’s growing fascination with relics from Earth’s past—and Mars’s distant terrain. Tyler Durden Thu, 07/17/2025 - 23:00
NATO Top Commander: Patriots Must Move From European Allies To Kyiv 'As Quickly As Possible'
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NATO Top Commander: Patriots Must Move From European Allies To Kyiv 'As Quickly As Possible' NATO's top military commander, US Air Force Gen. Alexus Grynkewich, announced Thursday that efforts are underway to expedite the delivery of additional Patriot air defense systems to Ukraine, amid nightly waves of drone and missile attacks which are regularly in the hundreds. "We’re working closely with the Germans on transferring the Patriots," Grynkewich said during a major defense conference in Wiesbaden, Germany happening this week. "The directive I’ve received is to act as swiftly as possible." Grynkewich emphasized that timing and logistics are key concerns in getting the systems delivered to Ukraine. "As Secretary of State Marco Rubio pointed out, existing systems in Europe can be deployed faster than those coming off production lines," he explained. "Those new units can then replace the ones sent to Ukraine." Source: Stars and Stripes Last year controversy was unleashed among European allies when NATO command leaned hard on countries like Spain and Greece to give up their Patriot systems for the cause of Ukraine - and Greece immediately balked, given it sees itself as under constant threat from Turkey. Grynkewich did admit that it's still unclear how many Patriot batteries can be made available. "There’s more to come -we’re moving as fast as we can," the commander added. President Donald Trump has lately expressed disgust at the record numbers of suicide drones striking Ukrainian cities. While he has not approved long-range offensive weapons for Kiev, he has indicated readiness to ramp up anti-air defense systems. On Tuesday, Trump did confirm that some Patriots sourced from Germany were already en route to Ukraine. Following a meeting with US Secretary of Defense Pete Hegseth earlier in the week, German Defense Minister Boris Pistorius signaled that a final decision on sending two additional US Patriot systems to Ukraine could be reached within days or weeks. Earlier in the conflict Berlin had already supplied three of its Patriot batteries to the Ukrainians. The Raytheon-made system is seen by Ukraine's military as the most vital system in its arsenal to protect against ongoing Russian aerial attacks. In another part of Grynkewich speech, he highlighted the possibility of a joint China-Russia attack meant to bog down European forces, as China takes Taiwan: The U.S.-led NATO alliance must prepare for the possibility that Russia and China could launch wars in Europe and the Pacific simultaneously, with 2027 being a potential flashpoint year, the top American commander in Europe said Thursday. “We’re going to need every bit of kit and equipment and munitions that we can in order to beat that,” Grynkewich said. If China’s President Xi Jinping makes a move on Taiwan, he likely would coordinate such an attack with Russian President Vladimir Putin, opening the possibility of a global conflict, he said. “That, to me, means that both of these things could happen together,” said Grynkewich, who also serves as NATO supreme allied commander. But there's an obvious contradiction present in a speech where he's on the one hand saying the West needs to get Ukraine all the defensive systems it needs as fast as possible, and on the other the West must be prepared for conflict with both China and Russia within a few short years. Despite the glaring policy contradictions, in the end, Raytheon and the major defense contractors will win again. Tyler Durden Thu, 07/17/2025 - 22:10
A Short History Of The Emoji
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A Short History Of The Emoji Emojis have become a staple of electronic communication since their inception in the 1990s and people of all ages and on all continents use them. While their number keeps on growing every year due to new releases by the Unicode Consortium, the pictograms are increasingly vying for users’ attention as other forms of visual communication – think gifs, stickers and avatars – are experiencing their heyday. With myriads of emojis released over the previous years, new batches have become somewhat smaller. As Statista's Katharina Buchholz reports, a recently suggested update that would grow the number of emojis to almost 4,000 next year contains 164 additional pictograms, but only nine completely new ones. While 2022 had seen the release of 112 new emojis, that number was just 31 in 2023. The figure rose again to 118 in 2024 due to emojis that allow users to pick different skin colors or genders (which are counted individually), before falling to an all-time low of eight in 2025. The number of non-customizable emojis has meanwhile decreased with almost every release. You will find more infographics at Statista New 2025 icons included the beetroot, the shovel and the flag of British Channel Island Sark – showing how emoji makers are seemingly running out of ideas (despite taking submissions from the public). The Unicode Consortium has recommended the orca, the yeti, the landslide and the ballet dancer, among others, for release in 2026, but the final decision is still outstanding. What emojis appear on people’s phones and on their social media platforms is not arbitrary but has been coordinated by the Unicode Consortium since 1995, when the first 76 pictograms were adapted by the U.S. nonprofit. The Consortium has been overseeing the character inventory of electronic text processing since 1991 and sets a standard for symbols, characters in different scripts and – last but not least – emojis, which are encoded uniformly across different platforms even though illustration styles may vary between providers. Despite the first Unicode listings predating them, a 1999 set of 176 simple pictograms invented by interface designer Shigetaka Kurita for a Japanese phone operator is considered to be the precursor of modern-day emojis. The concept gained popularity in Japan and by 2010, Unicode rolled out a massive release of more than 1,000 emojis to get with the burgeoning trend - the rest is history. Different skin colors have been available for emojis since 2015. The first regional flags came to the service in 2017. The first same-sex couples have been available since the major emoji release of 2010, but more versions were added in 2015. The 2017 release also included the rollout of the first non-binary options, while interracial couples first appeared in 2019. Tyler Durden Thu, 07/17/2025 - 18:10
US Spot Ether ETFs Post New Record Inflow As Altcoins Pump
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US Spot Ether ETFs Post New Record Inflow As Altcoins Pump Authored by Tarang Khaitan via CoinTelegraph.com, US spot Ether exchange-traded funds recorded an inflow of $726.6 million on Wednesday as altcoins rallied. BlackRock's ETHA also saw a daily inflow record, contributing $499 million to the day’s results, while Fidelity’s FETH fund saw the second highest net inflow of $113 million, according to Farside Investors. US spot Ether ETFs now collectively hold more than 5 million ETH, accounting for more than 4% of the circulating supply, according to Trader T. Spot Ether ETFs witnessed net inflows of almost $727 million on Wednesday. Wednesday’s inflow beats the prior daily net inflow record of $428 million on Dec. 5, 2024, by almost 70%, according to Farside Investors. In the past 24 hours, $6.74 million worth of ETH was issued by the network, while US spot Ether ETFs bought nearly 107 times the issuance on Wednesday, according to Ultra Sound Money. Altcoins rally over 24 hours ETH is trading at almost $3,346, up 7.2% in the past 24 hours, and has witnessed a 30% rally in the past 14 days, according to CoinGecko. Crypto analyst Matthew Hyland has stated that Bitcoin dominance has likely peaked if ETH continues its rally. On Saturday, Hyland said that altcoins will likely go up even higher if the Bitcoin dominance falls to 45%. Currently, Bitcoin’s market dominance stands at 61%. In the past 24 hours, XRP, BNB, Solana, Dogecoin, Tron, and Cardano have gone up by 7.6%, 3.4%, 5.2%, 6.9%, 3.2%, and 3.5%, respectively, whereas BTC has climbed just 0.7%. Corporations pile into ETH Corporate treasuries holding ETH now exceed $5.33 billion, accounting for nearly 1.33% of ETH’s circulating supply, according to Strategic ETH Reserve. Last month, corporations added over $1.6 billion in Ether alone, Cointelegraph reported. One of the biggest buyers has been SharpLink Gaming, which bought another $68 million in ETH over the past 24 hours. The firm has acquired $343 million worth of ETH in the past eight days, according to Lookonchain. ETH is significantly outperforming BTC in recent weeks Meanwhile, World Liberty Financial — backed by US President Donald Trump — purchased an additional $5 million worth of ETH at $3,266, above its average acquisition price between November 2024 and March 2025. BitMine Immersion Technologies, chaired by Fundstrat’s Tom Lee, announced that it now holds more than half a billion dollars worth of ETH in its treasury. Tyler Durden Thu, 07/17/2025 - 14:45
Yield Curve Control? Why Not...
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Yield Curve Control? Why Not... By Peter Tchir of Academy Securities There is a lot of chatter surrounding the Federal Reserve. The FOMC, etc. What the President will or will not do. What can be “successfully” done or not. Will Powell be fired? Today, Kevin Warsh is floating the idea of better aligning the Fed and Treasury, as has been the case in the past (so I’m told). Warsh: "we need another Treasury-Fed accord" The last time we had such an accord (in 1951), there was Yield Curve Control in the US. Clear what's coming. — zerohedge (@zerohedge) July 17, 2025 Most of the analysis about what may happen tends to fall along the lines of: Probably cannot “fire” Powell anyways. Even if Powell is “fired” it is a committee and the committee won’t do anything drastic. The front end might rally a bit, but “we” will lose control over the long end. Why not think more outside the box? There are a few things we know: The President thinks rates are too high. The President (and Bessent) are focused on the 10-year and believe that is also too high. The President has no problem (at least on tariffs) dictating specific numbers. Why would this administration only do something halfway? If you are going to do something radical – why not go all the way? Cut interest rates – by ensuring the Chair and Committee are on board with it. I cannot say that I’ve given any thought to how to reset the committee, but I’d be surprised if that was more difficult than making changes at the top of the house? And there are people on the committee who already have more rate cuts in their “dots” than is priced in. It may also be safe to presume that if the Chair was dovish, some people might move their dots, as a cut here or there is already probably too precise for all the guesswork involved. Align the Fed and Treasury. Seems strange, but is it really that wild? If rates out the curve don’t perform as expected (move significantly lower in response rate cuts) then why not just “set the curve”? The Fed has done QE (bought treasuries). The Fed has done Operation Twist (bought/sold treasuries to influence the shape of the curve). It isn’t the first time since the GFC that we’ve chatted about the potential for yield curve control: if the Fed is going to set rates in a world where longer term rates are likely more important than short term rates, why not set those too? Who knows if anything will happen. But presumably, by May of next year at the latest (and that seems like a lifetime away) we will see changes in how the Fed behaves. I’m not arguing against Fed independence and the dual mandate, etc., but you can see the appeal of going in a different direction. Set yields across the curve. Issue debt to take advantage of these yields. Save “trillions” in interest rate expense. There is no easier way to lower projected annual deficits than by reducing costs. That would actually help lower yields too. If long end treasury yields cannot bear the brunt of potential reckless Fed policy (because of yield curve control) then the dollar will likely be hit hard. Yeah, there is always “strong dollar” rhetoric, but imagine a world with higher tariffs AND a cheaper dollar? Imports look way more expensive and the U.S. exports start to look a lot cheaper. A materially weaker dollar may be viewed as a “feature” not a “bug” if your primary goal is more manufacturing in the U.S. 1985: Plaza Accord 2025: Powell fired — zerohedge (@zerohedge) July 16, 2025 Again, no idea how this will play out, but expecting only one “radical” move seems a little “naïve”? If you are going to reshape something (like monetary policy) why not reshape it all the way? In any case, maybe we should be spending less time thinking about “how much steeper will the yield curve go” if something happens to the Fed, to what would you do to ensure long end yields don’t rise? Just thinking out loud, but if we are going to get “radical” why wouldn’t we get really radical? Tyler Durden Thu, 07/17/2025 - 13:45
Trump Says Coca-Cola Agreed On Major Reformulation To Use Real Cane Sugar
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Trump Says Coca-Cola Agreed On Major Reformulation To Use Real Cane Sugar Just days after the White House released a list of massive corporate changes across parts of the processed foods industrial complex—including the removal of toxic synthetic dyes, seed oils, and dozens of harmful additives—President Trump posted on Truth Social that Coca-Cola will begin reformulating its U.S. products to use real cane sugar instead of high-fructose corn syrup. "I have been speaking to Coca-Cola about using REAL Cane Sugar in Coke in the United States, and they have agreed to do so," President Trump wrote in the post. He added, "I'd like to thank all of those in authority at Coca-Cola. This will be a very good move by them — You'll see. It's just better!" Reuters cited a Coca-Cola spokesperson who said the Atlanta-based company will publish new offerings soon and that it appreciates the president's enthusiasm for its product. The current Coke formulation in the U.S. consists of high-fructose corn syrup (HFCS-55) as its sweetener, carbonated water, caramel coloring, phosphoric acid, caffeine, and other ingredients. HFCS consumption has been linked to obesity, Type 2 diabetes, and heart disease. Cane sugar, on the other hand, has a slightly lower glycemic index. Still consume in moderation. While Coca-Cola had been using HFCS-55 since the 1980s in the U.S., by 2009, virtually all U.S. Coke products used HFCS-55 instead of cane sugar. This was primarily a cost-saving measure due to corn subsidies and sugar tariffs; however, it has also contributed to America's obesity crisis. According to Bloomberg Intelligence analyst Alvin Tai, a reformulation of U.S. coke products could lift domestic sugar consumption by nearly 4.5%.... Here's more from Tai: U.S. sugar consumption could rise about 4.4% from the usual amount of around 11 million metric tons annually if Coca-Cola implements President Donald Trump's advice to use cane sugar in Coke beverages within the country, we calculate. Coca-Cola sold 4.36 billion liters of regular Coke in the U.S. last year, according to Euromonitor data. Using sugar would displace high-fructose corn syrup, creating an oversupply of corn and hurting ADM's corn-processing business. Wilmar's sugar business could gain. Also, here's the growing list of major Make America Healthy Again (MAHA) changes to the nation's food supply chain: Steak & Shake moved to 100% all-natural beef tallow and replaced its "buttery blend," which contained seed oils, with 100% Grade A Wisconsin butter. McCormick announced it will drop certain food dyes from its products. PepsiCo announced it will remove artificial ingredients from popular food items — including Lay's and Tostitos chips — by the end of the year. In-N-Out announced it will remove synthetic food dyes and artificial flavors from its menu items, and also transitioned to 100% beef tallow. Tyson Foods eliminated synthetic dyes in its food products. Mars removed titanium dioxide from its Skittles product. Sam's Club committed to removing 40 harmful ingredients — including artificial colors, additives, dyes, and high-fructose corn syrup — from its private-label products. Kraft-Heinz announced it will remove artificial dyes from its U.S. products. General Mills announced it will remove artificial dyes from its U.S. cereals and all foods served in K-12 schools. Nestlé announced it will remove all petroleum-based food dyes from its food and beverage products. Conagra Foods announced it will remove certain color additives from its frozen products, no longer offer products with artificial dyes in K-12 schools, and stop using artificial dyes in the manufacturing of its products. JM Smucker announced it will remove synthetic colors from its consumer food products. Hershey announced it will remove synthetic dyes from its snacks. Consumer Brands announced it will urge its members to remove artificial colors in food and beverage products served in schools. As we've previously stated, Americans must demand a complete overhaul of the toxic food supply chain—controlled by globalist corporations that prioritize profit over public health. The best way to protect your well-being is to reject all processed foods pushed by these companies and instead support local farmers and ranchers. Plant a garden, build a chicken coop, and take back control of the food supply chain. We're all in agreement that we don't want to eat bugs from the globalists. What's truly alarming is that it took President Trump and Health Secretary Robert F. Kennedy Jr. to force these long-overdue changes. It raises an important question: What if the Harris regime had won? Would these corporations still be pumping toxic ingredients into the food supply? At this point, it feels deliberate. Tyler Durden Thu, 07/17/2025 - 10:05
Trump: Sending Tariff Letters To More Than 150 Countries
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Trump: Sending Tariff Letters To More Than 150 Countries President Donald Trump told reporters Wednesday night that his administration will notify over 150 countries that their exports to the U.S. could soon face tariffs ranging from 10% to 15%. Trade letters have already been sent to major partners, including the European Union, Japan, and South Korea, which are set to take effect on August 1 unless new agreements are reached. Negotiations with China remain ongoing. "We'll have well over 150 countries that we're just going to send a notice of payment out, and the notice of payment is going to say what the tariff" rate will be, President Trump told reporters during a meeting with the Bahrain Crown Prince Salman bin Hamad Al Khalifa at the White House. "It's all going to be the same for everyone, for that group," Trump said, adding that many of the countries that would receive the letters were "not big countries, and they don't do that much business. Not like the ones we've agreed with, like China, like Japan." All countries are currently subject to a baseline 10% tariff imposed by Trump in April. While the president had previously floated raising that floor to 15–20%, he did not specify the new rate or timing for the 150 countries during his remarks on Wednesday. Trump has already sent nearly two dozen letters to top trading partners, including the European Union, Japan, South Korea, Mexico, Canada, and others, informing them of new levies effective August 1, unless a deal can be struck by the deadline. Also on Wednesday, Trump spoke with broadcaster Real America's Voice, stating that the tariff rate for the roughly 150 countries would be "10 or 15%," adding, "We haven't decided yet." He said his administration was very close to a trade deal with India and that an agreement with Europe was in the works. Commenting on the new trade developments, Alicia Garcia Herrero, chief Asia Pacific economist at Natixis, told Bloomberg that "for much of the world — and Asia in particular, which faces among the highest levies — the rate announcement could be read as a positive, providing some certainty for smaller countries with a lower rate than initially threatened." She said the rate also signals "Trump is realizing that too high tariffs are disruptive." Goldman Sachs Chief Economist Jan Hatzius updated his U.S. effective tariff rate to a higher level, but with a slower rise... Related: Status Of Tariffs With 15 Top U.S. Trading Partners - What To Know So Far . . . Tyler Durden Thu, 07/17/2025 - 08:35
Hemispheric Defense In Focus: Q2 Earnings Preview For Aerospace & Defense Stocks
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Hemispheric Defense In Focus: Q2 Earnings Preview For Aerospace & Defense Stocks By now, readers have been tracking our key investment themes—uranium 'ESG' play from 2020, the "Next AI Trade," all things nuclear, Powering Up America, and rare earths, among others. One of the latest additions to this lineup is our emerging focus on the "hemispheric defense" theme. Back in March, we broke down what hemispheric defense actually means in the Trump era. Then, we highlighted several defense companies poised to benefit (L3Harris Technologies, ect...) as Pentagon priorities shift, and funding increasingly flows toward agile, tech-driven firms over legacy prime contractors. Here's the evolution of the Hemispheric Defense theme: Making Sense Of Hemispheric Defense In Trump Era Golden Dome Unleashes U.S. Hemispheric Defense Theme - And Goldman Finds One Firm Stands Out Goldman Flags Must-Own Defense Stocks Amid Pentagon's Shifting Priorities Goldman Cranks Up Bullish Tone On Hemispheric Defense Theme Hemispheric Defense Theme Accelerates As Hegseth Calls For Drone Dominance As Wall Street launches into earnings season, Goldman analysts, led by Noah Poponak, have offered clients a comprehensive note on the second-quarter earnings preview, with a focus on aerospace and defense stocks within their coverage. "Defense tech companies appear to be on the verge of receiving significant funding relative to their size as the DoD looks to procure more commercial derivative, lower-cost hardware and technology," Poponak told clients. The analyst stated that government IT bookings and revenue were at significant risk as DOGE gains traction within the DoD (read here). He said the top picks ahead of the earnings season include: TDG – TransDigm Group Incorporated (NYSE: TDG) CAE – CAE Inc. (NYSE: CAE; also trades on TSX as CAE) LHX – L3Harris Technologies, Inc. (NYSE: LHX) HII – Huntington Ingalls Industries, Inc. (NYSE: HII) Chart: L3Harris And noted the losers: BAH – Booz Allen Hamilton Holding Corporation (NYSE: BAH) LMT – Lockheed Martin Corporation (NYSE: LMT) SAIC – Science Applications International Corporation (NYSE: SAIC) VVX – V2X, Inc. (NYSE: VVX) (formerly Vertex and Vectrus merger) Analysts outlined their key takeaways within the defense world: Aerospace OE: Boeing delivered 60 planes in June after delivering 40-45/month through the first five months of the year, indicating that product quality improvements are holding and production is successfully ramping (MAX production is at 38/month now). At the Paris Air Show, suppliers generally had positive feedback about Boeing - pulling consistent volumes of components, and has improved its communications with the supplier base. Despite recent improvements in BA production, demand remains far in excess of available supply, creating favorable economics for BA. Aftermarket: Aftermarket fundamentals remain strong. While there were some pockets of North American air travel weakness developing amidst tariff and trade uncertainty, demand signals look to be improving. Aftermarket has been growing in excess of global ASMs for the last 4 quarters, a trend we attribute to pricing power, aging fleet dynamics, and pent-up demand. We think OEs will under supply the market until ~2030, creating a favorable environment into which aftermarket companies will continue to sell. Business jet: Business jet leading indicators have slowed their rate of improvement or plateaued, meaning outperformance here may be more idiosyncratic going forward. Book to bills have trended between 0.8X - 1.2X for the biz jet OEs, although large orders have the potential to move the stocks. New production appears to remain disciplined, which should help retain pricing power, and the OEs are growing their aftermarket businesses, which are high quality, high margin revenue streams. Defense Tech: Recent DoD memos, executive orders, and the reconciliation bill are proof points that the DoD is beginning to focus on nimbler, non-traditional defense suppliers. We don't expect the reconciliation funding to have a large impact to numbers in the quarter, but expect it to be topical on earnings calls, providing investors with the ability to quantify opportunities, and begin showing up in backlogs in the next few quarters. We see a number of growth catalysts in the sub-sector going forward. Defense hardware: This year's defense request, when combined with Reconciliation, will be the largest on record, nearing $1.0 trillion. Despite that, we remain selective in defense hardware, preferring companies that have more exposure to the administration's stated (and funded) priorities like shipbuilding and golden dome. We think the Pentagon will continue to implement tougher terms of trade industry wide, and there is evidence the DoD is willing to consider cuts to large, established, and well-funded programs like F-35, creating some heightened uncertainty for the Primes going forward. Government IT & Services: We remain cautious on Gov IT as DOGE continues its work at the federal civilian agencies, and appears to have become more active within the DoD in recent weeks, with BAH and LDOS notching large contract cancellations. There are now multiple DoD memos indicating tougher terms for contracting Gov IT work, establishing DOGE contract reviews, and prioritizing implementation / services work from equipment manufacturers themselves. We think this will pressure book-to-bills industry wide in the quarter, and guidance from companies could be conservative. GS Aerospace & Defense earnings estimates versus consensus Options positioning heading into 2Q25 results Pro Subs can read the full note here, which outlines much more and earnings estimates. Tyler Durden Thu, 07/17/2025 - 06:55
FDA Commissioner Responds To Critics: 'Be Patient With Us' On COVID-19 Vaccines
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FDA Commissioner Responds To Critics: 'Be Patient With Us' On COVID-19 Vaccines Authored by Zachary Stieber & Jan Jekielek via The Epoch Times (emphasis ours), The commissioner of the Food and Drug Administration is responding to critics of the agency’s recent approvals of COVID-19 vaccines, saying the FDA is involved in a process that takes time. Dr. Marty Makary, commissioner of the Food and Drug Administration, in Washington on May 5, 2025. Anna Moneymaker/Getty Images Dr. Marty Makary urged patience after disclosing that he was aware of research indicating COVID-19 vaccines may cause immune system deregulation and described databases with self-reported adverse events as inadequate to determine harms from vaccines. “I don’t want people to think that we’re blowing off the safety signal[s] that many people have described,” said Makary, who was speaking on July 14 on EpochTV’s “American Thought Leaders” in an interview that will be released soon. “I personally know of people who have been injured by the vaccine. I personally know of friends who have lost a loved one from the mRNA COVID vaccine. So I think it is reasonable at this time to say we want good, solid, definitive data, and the conditional, limited approval of the COVID vaccines is in that framework that we want to see a proper dataset come to us so we can take a good look at that data.” The Moderna and Pfizer-BioNTech vaccines utilize messenger ribonucleic acid (mRNA) technology. The FDA has, for years, cleared updated COVID-19 vaccines on an annual basis despite there being scant or no clinical trial data demonstrating the effectiveness of the shots. Makary and another top FDA official, Dr. Vinay Prasad, announced in May that regulators would not be issuing new licenses for the vaccines for many Americans unless manufacturers ran trials based on clinical endpoints, such as the prevention of symptomatic COVID-19. They also said that testing showing the vaccines trigger antibodies would be sufficient for the elderly, as well as young people with at least one condition the government says places them at higher risk of severe COVID-19 outcomes. The FDA subsequently approved, in addition to Novavax’s vaccine, a new next-generation vaccine from Moderna and an updated version of Moderna’s existing vaccine, Spikevax, for the elderly and people with at least one risk factor. The latter approval also came for those at least 6 months of age who have at least one risk factor; previously, the vaccine was available under emergency authorization for younger children. A spokesperson for the Department of Health and Human Services, the FDA’s parent agency, told The Epoch Times in an email that the approval was based on “a targeted review of the vaccine’s data, focused specifically on protecting children at highest risk” and that the approval “reflects a careful evaluation of the scientific evidence.” Moderna officials said the vaccines provide an important tool to protect people against severe disease and hospitalization. Critics said the FDA should not have cleared the vaccines. “This move puts America’s children at high risk and is a giant step backward for science-based healthcare,” Dr. Joseph Varon, president and chief medical officer of the Independent Medical Alliance, said in a statement, citing concerns about side effects such as heart inflammation, or myocarditis. Makary said in the EpochTV interview that “we have a situation whereby we would love these companies to run a proper randomized, controlled trial. And so if you do nothing—if you reject the COVID vaccines as they come to you for approval—then you have no leverage to be able to ask the company to do that, and those studies may never be done.” The FDA does not itself run trials, and trials are large and expensive, the commissioner said. He noted that the original trials ran several years ago and said new ones should be done to show parents whether their children really need an annual COVID-19 vaccine. Makary and Prasad wrote in a recent viewpoint that “the burden of proof must be high to vaccinate healthy people at low risk of severe disease” and that the FDA “authorizes specific indications for use only when there is substantial confidence that benefits outweigh risks.” While doctors can administer COVID-19 vaccines and other drugs for unapproved purposes, or off-label, they urged doctors who choose to vaccinate young males—the population at highest risk of myocarditis—to consider factors such as recent COVID-19 infection and the risk of myocarditis before administering the shots. Makary also said on EpochTV that there’s one stance for healthy people and another when it comes to people with a risk factor, such as people with cancer. “We are going to be OK with the COVID vaccines in high-risk Americans, which is a much more limited indication,” he said. He added later: “For people who think that we approved a COVID vaccine for, say, healthy children, that’s incorrect. That’s not true.” Makary also highlighted how the FDA just expanded the warnings for myocarditis for the Moderna and Pfizer vaccines, both of which utilize mRNA technology, based on a safety study the FDA completed. The updated labels state that the highest risk for myocarditis is in males aged 12 to 24, with 27 cases per million doses recorded within seven days of a vaccination. The FDA commissioner then turned to how he knows people who were injured by the COVID-19 vaccine, and knows of deaths among others. The Centers for Disease Control and Prevention says on its website that several factors explain reports of death after COVID-19 vaccination, including requirements that doctors report any deaths after vaccination to the Vaccine Adverse Event Reporting System (VAERS) database, regardless of the cause. The CDC has also said that the only post-vaccination deaths caused by the vaccines were from the now-discontinued Johnson & Johnson vaccine. According to an Epoch Times investigation, the CDC found evidence, such as autopsies, that the available vaccines caused other deaths while looking into deaths reported to VAERS. The CDC also says that certain side effects, such as myocarditis, are caused by the vaccines but that most side effects reported after COVID-19 vaccination are rare, and until recently, it recommended that all people aged 6 months and older receive an annual shot. The agency removed recommendations for healthy children and pregnant women to get a COVID-19 vaccine under orders from Health Secretary Robert F. Kennedy Jr. Makary said he believes vaccine injuries are real and that some cases designated as long COVID, or lingering effects from a COVID-19 infection, were actually caused by vaccination. “I’m not saying that’s all of them. I don’t want people to read too much into that. But I would like people to be patient with us as we try to approach this methodologically, collecting the proper data,” he said. “It is easy to react. I was very angry when I learned that a friend’s father had died from the COVID vaccine. And look, we’re convinced it was causal until proven otherwise. You can always nitpick and say, ‘Well, this could have been a random event,’ but no, there are many reasons why we are confident that it was causal. Now, when I say we are not the FDA, but me and my circle of friends and loved ones who know this individual who lost their father. “So people have a right to be angry. They have been deceived on different aspects of the COVID pandemic. They have been ordered to march into a vaccine line even if they were healthy and low-risk and already had circulating antibodies. People have a right to be upset, but I would ask people to be patient with us as we do this the proper scientific way.” Tyler Durden Thu, 07/17/2025 - 06:30
These Are Richest People In Every US State
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These Are Richest People In Every US State From tech moguls to retail tycoons, the richest person in each U.S. state reflects the industries driving wealth across the country. Some are household names, while others have built quiet fortunes in their home states. This map, via Visual Capitalist's Kayla Zhu, shows the richest person in U.S. every state and their estimated net worth, as ranked by Forbes. Net worths are calculated as of April 25, 2025. Who is the Richest Person in Every State? Below, we show the richest person in each U.S. state, their estimated net worth, city of residence, and industry. Name State Estimated Net Worth (Billions) Age City Industry/Company Elon Musk Texas $388.0 53 Austin Tesla, SpaceX Jeff Bezos Florida $206.0 61 Miami Amazon Mark Zuckerberg California $189.0 40 Palo Alto Facebook Warren Buffett Nebraska $165.0 94 Omaha Berkshire Hathaway Steve Ballmer Washington $118.0 69 Hunts Point Microsoft Rob Walton & Family Arkansas $113.0 80 Bentonville Walmart Michael Bloomberg New York $105.0 83 New York Bloomberg LP Charles Koch & family Kansas $67.5 89 Wichita Koch, Inc. Jeff Yass Pennsylvania $59.0 66 Haverford Trading, investments Lukas Walton Illinois $39.0 38 Chicago Walmart Jacqueline Mars Virginia $39.0 85 The Plains Candy, pet food John Mars Wyoming $39.0 89 Jackson Candy, pet food Abigail Johnson Massachusetts $31.5 63 Milton Fidelity Phil Knight & family Oregon $29.0 87 Hillsboro Nike Miriam Adelson & family Nevada $28.6 79 Las Vegas Casinos Thomas Frist Jr & family Tennessee $26.8 86 Nashville Hospitals Daniel Gilbert Michigan $23.7 63 Franklin Rocket Mortgage Diane Hendricks Wisconsin $21.9 78 Afton Building supplies Steve Cohen Connecticut $21.3 68 Greenwich Hedge funds Harold Hamm & family Oklahoma $18.5 79 Oklahoma City Oil & gas Ernest Garcia II Arizona $17.3 67 Tempe Used cars Todd Graves Louisiana $17.2 53 Baton Rouge Fast food Philip Anschutz Colorado $16.9 85 Denver Energy, sports, entertainment Rick Cohen & family New Hampshire $11.5 72 Keene Warehouse automation David Steward Missouri $11.4 73 St. Louis IT provider Bubba Cathy, Dan Cathy, & Trudy Cathy White Georgia $10.7 71, 72 & 69 Atlanta, Atlanta, Hampton Chick-fil-A Harry Stine Iowa $10.2 83 Adel Agriculture Pierre Omidyar Hawaii $10.0 57 Honolulu EBay, PayPal Carl Cook Indiana $9.9 62 Bloomington Medical devices James Goodnight North Carolina $9.8 82 Cary Software Tamara Gustavson Kentucky $8.1 63 Lexington Self storage Les Wexner & family Ohio $7.8 87 New Albany Retail Dennis Washington Montana $7.4 90 Missoula Construction, mining John Overdeck New Jersey $7.4 55 Millburn Hedge funds Annette Lerner & family Maryland $5.5 95 Chevy Chase Real estate Robert Faith South Carolina $5.0 61 Charleston Real estate management Gail Miller Utah $4.4 81 Salt Lake City Car dealerships Susan Alfond Maine $3.7 79 Scarborough Shoes Jonathan Nelson Rhode Island $3.4 68 Providence Private equity Frank VanderSloot Idaho $3.2 76 Idaho Falls Nutrition, wellness products Thomas Duff & James Duff Mississippi $3.0 64 & 68 Hattiesburg Tires, diversified Glen Taylor Minnesota $2.9 84 Mankato Printing T. Denny Sanford South Dakota $2.1 89 Sioux Falls Banking, credit cards John Abele Vermont $2.0 88 Shelburne Healthcare Ron Corio New Mexico $1.7 63 Albuquerque Solar Jimmy Rane Alabama $1.5 78 Abbeville Lumber Gary Tharaldson North Dakota $1.2 79 Fargo Hotels Brad Smith West Virginia $0.9 61 Huntington Intuit Elizabeth Snyder Delaware $0.8 77 Wilmington Gore-Tex Jonathan Rubini & family Alaska $0.4 70 Anchorage Real Estate Leonard Hyde & family Alaska $0.4 68 Anchorage Real estate Elon Musk is the richest person in Texas, and the world, after moving to the Lone Star State from California in 2020. The Tesla CEO has an estimated net worth of about $338 billion. Other high-profile business leaders who are the richest individuals of their respective state include Meta CEO Mark Zuckerberg in California with an estimated net worth of $189 billion, Amazon CEO Jeff Bezos in Florida with $206 billion, and Berkshire Hathaway’s Warren Buffett in Nebraska with $165 billion. Other notable tech leaders on the map include former Microsoft CEO Steve Ballmer in Washington with a net worth of $118 billion. He overtook his former boss, Bill Gates, after Forbes revised its estimate of the 2021 divorce settlement awarded to Gates’ ex-wife, Melinda French Gates. In all but three states (Alaska, Delaware, and West Virginia), the richest individual was at least a billionaire. Brad Smith, the retired CEO of Intuit and current president of Marshall University of West Virginia is almost at the billionaire mark, with an estimated $900 million net worth. To learn more about some of the richest areas of the U.S., check out this graphic that visualizes the top U.S. cities by number of centi-millionaire residents. Tyler Durden Thu, 07/17/2025 - 05:45
High Court Ends UK Govt's £7B Afghan Resettlement Cover-Up After Data Leak
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High Court Ends UK Govt's £7B Afghan Resettlement Cover-Up After Data Leak Authored by Thomas Brooke via Remix News, The High Court has lifted a super-injunction obtained by the UK government that had concealed a massive £7 billion secret resettlement program for thousands of Afghan nationals, following a damning judgment that accused ministers of suppressing democratic accountability and misleading Parliament. The injunction, originally imposed in September 2023, blocked not only media reporting on a major data breach involving thousands of Afghan collaborators with British forces, but also the very existence of the injunction itself. Now, nearly two years later, Mr. Justice Chamberlain ruled that the order must be discharged, citing “serious interference” with press freedom and a failure to justify continued secrecy. The leak, which occurred in early 2022, exposed personal details of tens of thousands of Afghans who had applied to relocate to the UK following the Taliban takeover. The Ministry of Defence (MoD) learned of the breach more than a year later, in August 2023, when names appeared on Facebook. Instead of acknowledging the error, the government initiated a covert admissions scheme to bring thousands of affected individuals — and their families — to Britain, while silencing any media inquiry under the cover of national security. With the approval of family reunification for all those affected, the true number of Afghans imported into Britain could be significantly higher than the number directly affected by the data breach. During closed hearings, Mr. Justice Chamberlain expressed alarm over the scale of the deception. At a behind-closed-doors hearing in November 2024, reported on Tuesday by The Telegraph, he remarked, “When you are dealing with public expenditure of that magnitude — £7 billion — it’s not possible to lose that amount of money down the back of the sofa.” He went on to highlight internal communications in which government officials discussed using a statement to Parliament as “cover” for the scheme, rather than providing full disclosure. “Am I going bonkers? This is a very, very striking thing,” the judge said. “The statement to Parliament will ‘provide cover’. It is a completely unprecedented situation.” The judge condemned the use of the courts to facilitate what barrister Jude Bunting KC called a deliberate effort “to mislead the public.” The super-injunction, Bunting argued, prevented public scrutiny on key political issues such as immigration and public spending: “It is corrosive of democracy. It prevents the public from being informed about the reason for billions of expenditure, at a time when immigration is at the forefront of debate.” Mr. Justice Chamberlain echoed this concern, saying the order had “the effect of completely shutting down the ordinary mechanisms of accountability which operate in a democracy.” He added: “It not only prevents public discussion of the full reasons for the government’s policy. It prevents the public from knowing of the very existence of the policy.” As reported by The Times, he told the government’s barrister at one of the secret hearings, “You’re going to have to say something about all of this, because you’re spending £7 billion and you’re letting in many thousands of people that you wouldn’t have been letting in before.” The U.K. newspaper noted: “Almost 24,000 Afghans affected by the breach have been brought to the UK already or will be in the future.” Despite the magnitude, the government had not informed the public, Parliament, or even many of the individuals whose data was leaked until now. The judgment published on Tuesday also criticized the way intelligence assessments had been used to justify the injunction. In a review that ultimately led to the order’s lifting, a retired civil servant concluded that the leaked dataset posed only marginal risk to individuals and that the Taliban were unlikely to use it to identify targets. The judge found this “fundamentally undermines the evidential basis” for continued secrecy. Super-injunctions, usually associated with celebrities, were never intended to shield vast immigration schemes from public oversight. “When the government obtains one,” Chamberlain said, “it is likely to give rise to understandable suspicion that the Court’s processes are being used for the purposes of censorship.” In the wake of the judgment, the government has been forced to admit that the data leak occurred in 2022 but was not publicly acknowledged until now; that it included a database of 33,000 records; that a new secret relocation program was launched in response, moving thousands of foreign nationals to Britain; and that the individual responsible for the leak has not been publicly identified or disciplined. In Parliament on Tuesday, Defence Secretary John Healey offered a “sincere apology” and confirmed that affected individuals were only informed this week, over three years after their data had been exposed. While the government has now applied for a narrower injunction to prevent publication of sensitive personal data, the broader secrecy has been irreversibly broken. As Mr. Justice Chamberlain concluded, “There is no tenable basis for the continuation of the super-injunction. This is particularly so given the serious interference it involves with the rights of the media defendants to freedom of expression and the correlative right of the public to receive the information they wish to impart.” Read more here... Tyler Durden Thu, 07/17/2025 - 05:00
Measles Cases In US Climb To Highest Number In 33 Years: CDC
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Measles Cases In US Climb To Highest Number In 33 Years: CDC Confirmed measles cases in the United States have hit the highest number since 1992, according to new data from the Centers for Disease Control and Prevention. In the United States, so far in 2025, 1,288 cases have been recorded as of July 8, the CDC said in an update on Wednesday. That’s the highest number in one year since 1992, when 2,126 cases were logged. Zachary Stieber reports that spokespersons for the CDC and its parent agency, the Department of Health and Human Services (HHS), said in emails to The Epoch Times that HHS “continues to support community efforts in dealing with the measles outbreaks” while the CDC “continues to provide technical assistance, laboratory support, and vaccines as requested.” Officials say they’ve sent nearly 12,000 mumps, measles, rubella (MMR) vaccine doses to states since cases began appearing in January. Measles was marked as eliminated from the United States in 2000. That designation means measles was not spreading within the country and that new cases only cropped up when individuals contracted measles in other countries and returned to the United States. The United States is likely on the way to losing the elimination status, Dr. Monica Gandhi, professor of medicine at the University of California–San Francisco, wrote on social media platform X. The previous annual peak of case numbers since the elimination was in 2019, when 1,274 cases were confirmed. That number was primarily driven by an outbreak that occurred in New York. Cases this year have been recorded in 38 states. More than half of the cases happened in Texas, where an outbreak broke out and spread among Mennonite communities, according to health officials. The source of the outbreak has not been identified. Of the Texas patients, 5 percent had received at least one dose of the MMR vaccine. Nationwide, 8 percent of patients have a confirmed vaccination history. The remaining patients are either unvaccinated or have unknown vaccination status. Three patients have died in the United States in 2025. None of them had received a vaccine. Measles has also been spreading in other countries. Canada, which has a much smaller population, said this week that nearly 3,400 measles cases have been confirmed there this year. “The risk of measles infection is low for the overall U.S. population, with a case rate of less than 0.4 per 100,000 people—lower than peer developed countries including Canada, the United Kingdom, France, Spain, and Italy,” the CDC and HHS spokespersons said. “Measles risk is higher in U.S. communities with low vaccination rates in areas with active measles outbreaks or with close social and/or geographic linkages to areas with active measles outbreaks. CDC continues to recommend MMR vaccines as the best way to protect against measles. The decision to vaccinate is a personal one. People should consult with their healthcare provider to understand their options to get inoculated and should be informed about the potential risks and benefits associated with vaccines.” The Partnership to Fight Infectious Disease, a nonprofit whose advisory board members include pharmaceutical company officials, said in a statement that the measles case count “represents an alarming low in today’s fight against vaccine-preventable disease” and called on health leaders and lawmakers “to encourage people to protect themselves and others through vaccination.” The CDC on its website recommends two doses of the measles, mumps, rubella (MMR) vaccine for all children beginning at 12 months of age. The vaccine is required for school attendance in every state. Coverage with many childhood vaccines has decreased in recent years. For the MMR vaccine, coverage among kindergartners dropped from 95.2 percent during the school year that started in 2019 to 92.7 percent during the school year that began in 2023. Coverage is even lower in the counties with the most cases in Texas. Health Secretary Robert F. Kennedy Jr., the head of HHS, has said that people should get a measles vaccine. He has also noted the vaccine has side effects and said that its protection wanes “very quickly.” Some studies have found a waning of MMR vaccine protection or antibodies among some recipients, including a 2007 paper from the United States and a 2023 paper. The CDC estimates that one dose of the vaccine is 94 percent effective against measles and that two doses bring the effectiveness to 97 percent. The estimates are drawn from a 2013 paper analyzing studies that were performed more than a decade ago, a CDC spokesperson told The Epoch Times in an email. The immunity provided by the vaccine is “long-term and probably lifelong in most persons,” the agency states on its website. “Some studies indicate that waning immunity may occur after successful vaccination, but this appears to occur rarely and to play only a minor role in measles transmission and outbreaks.” It also says that approximately 2 to 7 percent of children who receive one dose of the MMR vaccine, and less than 1 percent of kids who receive two doses, do not develop antibodies against measles. “The secretary has been very clear, it’s his priority to stop the measles outbreak,” Susan Monarez, President Donald Trump’s nominee to head the CDC, told senators during her recent confirmation hearing. “He has been very clear that the MMR vaccine is a critical component to stopping this outbreak.” A Senate panel on Wednesday advanced Monarez’s nomination. The full Senate has yet to take up the matter. People exposed to measles can contract the illness, particularly unvaccinated individuals, according to the CDC. Symptoms typically start appearing seven to 14 days after infection, and include a high fever, coughing, and red eyes. There are no medicines approved by federal regulators specifically for measles. Doctors are encouraged to provide supportive care and focus on relieving symptoms. Some doctors administer vitamin A, as recommended by the World Health Organization. Kennedy has promoted other treatments such as steroids and cod liver oil. Tyler Durden Thu, 07/10/2025 - 22:10
Trump To Impose 35% Canadian Tariff, But USMCA Goods To Stay Exempt
1752197832 from ZEROHEDGE
Trump To Impose 35% Canadian Tariff, But USMCA Goods To Stay Exempt Trump issued another letter late on Thursday, saying he will levy a 35% tariff on some goods coming into the US from Canada, in a blow to Canadian Prime Minister Mark Carney’s bid to avoid punishing levies on goods sold to the US. The tariff level would take effect from August 1. “Fentanyl is hardly the only challenge we have with Canada, which has many Tariff, Non-Tariff, Policies and Trade Barriers, which cause unsustainable Trade Deficits against the United States,” Trump said in a letter to Carney posted Thursday. "Tariffs to our Dairy Farmers - up to 400% - and that is even assuming our Dairy Farmers even have access to sell their products to the people of Canada." Trump did allow that he would “consider an adjustment to this letter” if Canada worked with him to stop the flow of fentanyl. But he criticized Canadian authorities for their existing tariffs on US dairy products and said the government had “financially retaliated against the United States.” The announced rate will be an increase from the current 25% tariff on Canadian imports not covered by the trade deal negotiated between the US, Canada and Mexico, which do not and will not face additional tariffs. That exclusion would remain unchanged, Bloomberg reported citing an unnamed government official. Trump is also leaving in place a lower 10% tariff on energy related imports as well as his increased levies on key goods including metals, the official said. The situation remains fluid and the legal order has not yet been drafted, they cautioned. In order to not shake up the market, which has once again emerged as the only true barometer of Trump's actions, that formula would be a far more modest change to the trading relationship than an across-the-board 35% rate, and would preserve exceptions for closely integrated sectors like the auto industry. While most Canadian exports were shielded from Trump’s tariffs thanks to the trade agreement, known as USMCA, the president had imposed a 25% tariff on many goods citing the threat of fentanyl. Metals, including steel and aluminum, were already subject to a 50% tariff. Still, Bloomberg notes that the letter suggests Trump is intent on ratcheting up rather than scaling back his trade war with the US’s northern neighbor (which he has mused publicly should consider becoming the 51st state) despite furious efforts by Canadian officials to broker a deal. Trump’s letter came after he told NBC News Thursday he is eyeing blanket tariffs of 15% to 20% on most trading partners, adding that the exact levels are being worked out now. The current blanket tariff rate is 10%. Taken together, the moves signal no retreat from his flagship economic policy, with Trump noting to NBC the recent rise in US equity markets even as Trump plans higher tariff rates on major trading partners that would start within weeks. US stock futures briefly slumped, before recovering some losses when it became clear that USMCA goods would remain exempt. Almost as if Trump wants to keep imposing tariffs while watching the stock market hit record highs day after day: since the two are mutually exclusive, either Trump has to TACO on tariffs, or watch as markets tumble once more a la Liberation day. The greenback climbed against major peers in Asian trading. The Canadian dollar led losses among Group-of-10 currencies, followed by risk sensitive Australian and New Zealand dollars in fear a further disruption to trade may impact global growth. Trump’s Canada announcement came after officials in Ottawa already moved this week to denounce US plans to impose a 50% import tariff on copper. “We are waiting for the details of this decision by the White House and by the president, but we’ll fight against it, period,” Canada Industry Minister Melanie Joly said earlier Thursday. The talks between the US and Canada had already shown signs of stress. Last month, Trump cut off negotiations temporarily after Canada moved to impose a digital services tax, only for the Canadian government to drop the initiative just hours later. Tyler Durden Thu, 07/10/2025 - 21:37
Doug Casey On Why The Military-Industrial Complex Always Wins
1752195300 from ZEROHEDGE
Doug Casey On Why The Military-Industrial Complex Always Wins Via InternationalMan.com, International Man: During the recent Iran–Israel war, the US used up to 20% of its global stockpile of Terminal High Altitude Area Defense (THAAD) ballistic missile interceptors, each costing over $18 million. THAAD isn’t effective against hypersonic missiles, which both Iran and even Yemen’s Houthis now possess. What do you make of this? Doug Casey: War, in the long run, is a matter of economics. If you can’t afford to fight a war, you’ll lose the war. Missiles are now the preferred weapon for taking out enemy targets, and the only effective counter is anti-missile missiles. The problem is that both are brutally expensive. Can the costs be kept down, so war is more… affordable? Generals, politicians, and “defense” contractors, however, love expensive high-tech toys. But if you’re going to afford a war, the most cost-effective weapon is an ignorant teenage boy—something the Third World, especially the Muslim world, is awash in. They’re cheap and stealthy delivery systems, far more effective than multi-million-dollar missiles. There’s an endless supply of them, and they can be employed in a myriad of ways. From an economic point of view, it makes no sense for technologically advanced countries (like the US) to use ultra-expensive weapons to attack primitive countries, as we’ve done for the last 75 years. Regardless of the weapons used, the thing to remember is that war amounts to setting wealth on fire. Missiles are about taking real goods, manufactured at great expense, and using them to blow up other real wealth; there can be a perverse logic to it. However, despite their rhetoric to the contrary, I’m not sure governments are too concerned about lots of young men dying. A surplus of unemployed young males is destabilizing, especially in poor countries. Even a large country like the US will eventually collapse under the weight of war. That’s much more true of the Ukraine. And vastly truer of Israel. Israel will further bankrupt itself shooting down missiles with ultra-expensive anti-missiles. With a gigantic debt load, enormous war expenditures and losses, living on welfare from the US, and no prospect of things getting better, the prognosis isn’t good. About a million (it’s said) of Israel’s seven million Jewish citizens have recently made the chicken run, and those who remain aren’t allowed to leave. I think Israel has a near-insoluble problem. Giving them more money and missiles won’t help. International Man: President Trump recently unveiled a plan to build a “Golden Dome” missile defense shield over the US, modeled loosely on Israel’s Iron Dome. Critics question its feasibility, effectiveness, and cost. Independent analysts estimate the long-term price tag could reach $800 billion. What’s your take? Doug Casey: Almost every major weapons system ends up fighting the last war, and that will be true of the so-called Golden Dome. It strikes me as a criminally stupid idea, further ensuring the bankruptcy of the US government and the US itself, while serving no real useful purpose. If you want to attack the US, you don’t want to use missiles. First, we don’t have a major military threat. The US is insulated from hostile powers by two very large oceans. Should someone launch a nuclear missile attack—which is what the Golden Dome is supposed to defend against—we would know exactly where those missiles came from. The enemy could expect massive retaliation from the American nuclear triad, which makes the attack pointless. That alone makes the Golden Dome redundant and unnecessary. Apart from that, if an enemy wanted to launch a nuclear attack, it would be more effective with pre-positioned nukes, or nukes delivered surreptitiously with cargo ships and planes. Nuclear war via missiles scared everybody 70 years ago. But today it’s not a practical threat. The likely threats, I think, are from more subtle areas—cyber war, bio war, or a new type of guerrilla war. WW3 will have a huge cyber element. Everything runs on computers: the banking system, the monetary system, the electrical grid, the communications grid, the transportation grid, and utilities. A successful cyber-attack would turn almost everything we use or need into a brick overnight. It would be cheap and effective, cause widespread chaos and mass casualties, without kinetically destroying very much. If the enemy is really serious, though, they’ll use bioweapons. Viruses and bacteria can zero in on, or exclude, certain populations. Why have a nuclear war when you can neatly kill the people who are the real problem? And both cyber and biowar offer a great deal of plausible deniability. The third option was demonstrated on September 11, 2001. The attack with commercial airliners was ultra cheap, super effective, and hard to counter. I suspect we’ll see numerous mutations of that theme. It’s a new type of guerrilla war. Millions of military-age males—cheap teenagers—have infiltrated the US over the last decade or so. For all we know, many may be organized as informal guerrilla armies to be activated whenever. They could surreptitiously wreak havoc. There’s no real defense against these types of attacks. But the real enemy is not some foreign power, but the fact that the US has turned into a dysfunctional multicultural domestic empire, which is likely to suffer serious financial, economic, social, and political problems over the next years. Spending a trillion dollars on a useless Golden Dome is an insane distraction. Who comes up with these idiotic ideas? International Man: The F-35 is the most expensive weapon system in human history, with lifetime costs projected at over $1.7 trillion, according to the US Government Accountability Office (GAO). Is the F-35 worth the price tag—or is it a military-industrial complex boondoggle? Doug Casey: The F-35 is a perfect example of fighting the last war, like having cavalry regiments before World War 1 or battleships before World War 2. Aircraft carriers and high-tech fighter planes are their WW3 equivalents. What is the F-35 built to fight? Other fighter planes? But the next generation of fighter planes will be pilotless, highly sophisticated, and much cheaper. They’ll be drones run by artificial intelligence, which won’t need to drag around a heavy, expensive, and limiting pilot. The F-35 is a dinosaur. The real enemy here, however, isn’t Russian or Chinese fighters. The real enemy is US military contractors—the so-called defense companies. They’ve learned to fight wars by hiring lobbyists instead of engineers. They take decades to build planes like the F-35, which are already obsolete by the time they’re in production. It amazes me that during World War 2, the P-51—one of the most effective fighters of the war—went from blank paper to production in six months and was turned out at $50,000 per copy, which is about $600,000 or so in today’s money. The F-35 has taken 30 years to put into production; it got underway in 1995. And it costs—who knows, because the numbers are floating abstractions, buried under mountains of phony accounting and corruption. But somewhere between $100 and $200 million per plane. Enough money that you almost can’t afford to lose one. And that doesn’t count the huge direct and indirect maintenance costs. International Man: Recently, Israel and Ukraine used relatively cheap drones smuggled into Iran and Russia to bypass advanced air defenses and hit strategic targets with ease. How are drones changing warfare and its economics? Doug Casey: Drones are totally changing the entire nature of warfare. The next generation of drones—which are already being manufactured—are the size of bumblebees or even houseflies. They can be produced by the millions and released onto a battlefield or into a city. Moving up from there, you’ll have quadruped drones like the BigDog, and of course, real, true-to-life Terminators. Tesla anticipates manufacturing AI-powered bipedal robots for as little as $10,000 apiece. Oscar Wilde didn’t know how right he was when he said that life imitates art. I would not want to be a soldier fighting drones of all descriptions. Human soldiers are dead meat on the battlefield in the next generation of military technology, which is already here. International Man: It seems the US military-industrial complex is more focused on producing ultra-expensive hardware than on building systems that actually win wars. What are the investment and geopolitical implications of this trend? Doug Casey: Everybody’s familiar with Eisenhower’s warning about the military-industrial complex. That was 65 years ago—a lifetime—and it’s mutated and grown like a cancer since then. Today, any movie with a modern military theme is probably propaganda for the government or the companies that manufacture its weapons. Anyway, Congressmen don’t think in terms of the effectiveness of weapons; they think in terms of the number of dollars that will be spent in their home district and the number of people that weapons manufacturers can employ. Innovations, however, are made by small companies or individual inventors, not by giant companies run by administrators and suits. You don’t want to own the Lockheeds or General Dynamics. You want to own small outfits, run by innovators, not suits. It’s funny that after World War 2, the War Department changed its name to the Defense Department. It’s odd because the Defense Department has nothing to do with defense. It’s a complete misnomer. The US hasn’t had any wars defending the US, or “freedom”, a word they always throw in there, in living memory. As America transformed into an empire, very much like ancient Athens in many regards, its many wars have been offensive, not defensive. They’ve been wars of words and lies as well as wars of weapons. In any event, the best defense for the US, or any country, is economic strength and liberty, not a giant military/industrial bureaucracy. In addition to economic strength, successful countries have a citizenry that shares common values and loves their culture. Those things pretty much disappeared as the US mutated into a welfare-warfare state. * * * As the cracks in the global economy deepen, it’s becoming clear that a major upheaval isn’t just possible—it’s likely. Inflation, debt, and geopolitical tension are converging into a perfect storm. If you wait until the collapse is official, it may already be too late to act. That’s why we’re offering an a free special report: Guide to Surviving and Thriving During an Economic Collapse. Inside, you’ll discover practical strategies to protect your assets, secure essential resources, and position yourself to come out stronger on the other side. Click here to get it now. Tyler Durden Thu, 07/10/2025 - 20:55
Iron Ore Soars As China Pledges Crackdown On Industrial Overcapacity
1752193800 from ZEROHEDGE
Iron Ore Soars As China Pledges Crackdown On Industrial Overcapacity Iron ore futures in Singapore surged toward $100 a ton — the highest since May — fueled by renewed pledges from the Chinese government to curb overcapacity in key industrial sectors. Beijing's comments have boosted sentiment across ferrous markets. Singapore futures jumped as much as 3.6% during the session, marking the largest daily gain since September. Iron ore futures have traded in a tight range between $90 and $110 a ton for more than 18 months. Futures on the Dalian Exchange — which are more influenced by the Chinese market — closed at their highest level since April. "Iron ore has gained more than 5% in two weeks, having recovered a third of its early year tariff related loss in just the last 10 sessions. Lead is up almost 4% in the last three weeks," UBS analyst Simon Penn wrote in a note. "Many industries are currently caught in a wave of anti-overcapacity, leading to rising prices," after top officials pledged to tackle the problem, said Steven Yu, a researcher at Mysteel, who Bloomberg quoted. He was referring to iron ore's month-long slide of almost 10% from mid-May. He noted that "ferrous prices were kept low during the previous decline, making the rebound particularly strong." Here's more from Bloomberg: The rebound has been spurred by vows from the Chinese government to crack down on excessive competition and supply in core industries including steel. President Xi Jinping visited a valve manufacturer in industrial heartland Shanxi province this week, where he stressed that the nation's traditional industries remained vital and shouldn't be abandoned. . . . The renewed demand has also been seen in futures of Dalian coking coal — a key ingredient in the steel-making process — which surged more than 4.5% on Thursday and topped 900 yuan ($125.40) a ton, the highest since May, before paring some gains. Meanwhile, data from Mysteel showed rebar steel inventories are still declining, despite stockpiles usually beginning to accumulate around this time of year. Hot-rolled steel has only seen a slight buildup, which indicates better-than-expected demand. Separately, rumors of policy support sent Chinese property equities higher in the overnight hours. The Bloomberg Intelligence index of the nation's real estate stocks jumped 11%, while Goldman's China-H Real Estate basket gained 7.4%. Individual stocks, Logan Group Co. skyrocketed 85% in Hong Kong, and Sino-Ocean Group Holding Ltd soared 37%. It appears Beijing is finally stepping up with more decisive policy measures to stabilize the economy. This may signal a move by the government to suppress mounting economic dissent. Tyler Durden Thu, 07/10/2025 - 20:30
California Might Stop Making Necessary Debt Payments For 2 Years
1752192300 from ZEROHEDGE
California Might Stop Making Necessary Debt Payments For 2 Years Authored by John Moorlach via The Epoch Times, It’s July. The California State Legislature has successfully met the budget submission deadline of June 15, and it was signed by the governor. There was one small fly in the ointment: how to cut $12 billion in spending? All while trying to provide $750 million in tax credits annually to one specific industry: Hollywood. Go figure. One massive spending reduction strategy that Gov. Gavin Newsom is negotiating is nonpayment for two years of the state’s unfunded actuarial accrued liability for retiree medical benefits. This nearly $85 billion debt would not be paid down by Sacramento and its employees, causing this languishing debt to increase from interest costs, for this unique lifetime benefit rarely seen in the private sector. The wrong way to address the obligation of future costs is the “pay as you go” method, which deals with the immediate and not the upcoming higher bills on the horizon. Known as an “other post-employment benefit,” or OPEB, paying these retiree medical bills is a future cost that should be addressed systematically with an “annual required contribution,” or ARC, every year. Not doing so fits the definition of “kicking the can down the road.” Not paying the ARC, or a higher amount, each year is a technique being pursued by what I would refer to as bottom-dwelling states that can’t afford to honor their commitments. It’s July. It’s also backpacking season. And camping etiquette 101 is “Leave your campsite better than you found it.” But Sacramento, over the last decade, has failed to leave California’s balance sheet in better shape, even in flush economic times when this would have been a smart money move to make. Reducing liabilities with higher payments helps to reduce the annual minimum payment, like with a credit card balance. But California leaders did not renegotiate or aggressively pay down the retiree medical liabilities. I reminded both the Brown and Newsom administrations of this every year I served in the California State Senate, from 2015 to 2020. Not to toot my own horn, but I was vocal every budget cycle, to no avail. Here is what I stated during my first State budget experience in June of 2015 in the Sierra Sun Times: “The state is at a critical juncture, ‘an inflection point,’ where the state begins to seriously address its unrestricted net deficit and unfunded liabilities or continue to hire more state employees who will pay more dues to the unions that appear to be running California. This budget before us departs from Governor Brown’s call for greater fiscal restraint. Instead, it takes the most fiscally optimistic revenue estimates and spends up to that line. And many expenditures are also optimistic, if recent trends continue. Staying on this current course will lead to a fiscal implosion. The time to change course is now.” In June of 2016, The Bond Buyer provided the following quote from me: “I’m thankful that Governor Brown has worked to model out a softening economy and a budget agreement that grants a $2 billion increase for the rainy day fund; however, we still have much work to do to constrain spending and address our ever increasing debts and liabilities.” In June of 2017, the Orange County Breeze provided my thoughts: “Governor Jerry Brown has openly stated that a recession is coming and that budget cuts are inevitable. So I began my comments on the final budget acknowledging the uncomfortable fact that—at $125 billion—this is California’s largest general fund budget ever. It is difficult to reconcile the fact that a future deficit is a foregone conclusion while we quickly ramp up spending. Now would be the prudent time to put a little extra to the side and draw down our debts.” In June of 2018, The Associated Press reported: “Republicans praised the focus on savings but said the budget doesn’t do enough to pay down debt and irresponsibly increases long-term commitments that will hamstring the state in the future. Sen. John Moorlach, a Republican from Costa Mesa in Orange County, said the state isn’t doing enough to address growing obligations for pensions and retiree health care. “‘In a year when one enjoys a bumper crop, one must set aside cash and pay down the credit card balance,’” Moorlach said. “‘We’ve got to get ahead of this mess.’” In June of 2019, The Epoch Times would communicate my concerns about California’s balance sheet: “When asked as to whether this provision would add to the debt, Senator Moorlach pointed out that Betty Yee, the state’s Controller, highlighted the significant increase in the state deficit for this fiscal year. “‘In the middle of the budget conference committee meetings, the State Controller, Betty Yee, released the comprehensive annual financial report for the year end of June 30th 2018. It was finally completed in the middle of June, a year later. [The report] will show you that the retiree medical liability for health benefits for state employees has increased by $44 billion and our unrestricted net deficit went up from $169.5 billion to $213 billion. The state not only this last week approved the largest budget in its history, but it’s also been notified that its unrestricted net deficit is also the largest in its history as well,’ he said.” And in June of 2020, Amanda Carroll of KFBK AM 1530 stated my position: “We’re not making any systemic corrections or fixes. We’re not addressing pension plans. We’re not addressing retiree medical. And so those costs will increase in future years.” So here we are in 2025, and Californians are burdened with even greater debts. And now the governor wants to skip making payments on liabilities that he has ignored during his tenure, allowing them to grow by the high 7 percent interest costs. Worse, he’s also risking that those benefits may not be fully funded when state retirees will need them. State leaders were warned to improve the campsite, to no avail. Now, California’s ever-increasing debt is a fiscal train wreck in slow motion. And it’s one that lawmakers and officials should have avoided. Now the Golden State is reaping the results of prior poor financial management, and the next governor is going to be very disappointed with the mess the prior campers left. Views expressed in this article are opinions of the author and do not necessarily reflect the views of The Epoch Times or ZeroHedge. John Moorlach is the director of the California Policy Center's Center for Public Accountability. He has served as a California State Senator and Orange County Supervisor and Treasurer-Tax Collector. In 1994, he predicted the County's bankruptcy and participated in restoring and reforming the sixth most populated county in the nation. Tyler Durden Thu, 07/10/2025 - 20:05
Three Choices, None Good
1752189300 from ZEROHEDGE
Three Choices, None Good Authored by Charles Hugh Smith via OfTwoMinds blog, The moral rot of unlimited debt looks "free" but it's unaffordable in the end. We like to think we're special and this moment in history is special, but alas, we're still running Wetware 1.0 which was coded between 300,000 and 60,000 years ago, when the last "out of Africa" migration finally got traction. Since then, the code has been tweaked a bit here and there (adults can now digest dairy products, etc.), but we're running the old code, and so we make the same mistakes and follow the same emotional pathways as individuals and as groups. Which leads us to our current predicament, which is not unique: we're living on debt, "money" borrowed from the future, a future we're assuming will be so over-supplied with energy and other goodies that we'll be able to pay all the interest we're piling up with ease. All the charts below are shouting "parabolic," as in crazy-unsustainable increases. There's the federal debt, $36 trillion, up 4X from the 2008 spot of bother, there's TCMDO, total public and private debt (McMansions, university degrees and SUVs all paid for with debt), student loans from zero to $1.5 trillion, Medicare and Medicaid, now 1/3 of the federal budget, and so on. How did we get here? Let's start with what's not taught in Econ 101: primary surplus. Every economy--from households to empires, meaning this is scale-invariant--generates a surplus from its production of goods and services, or it runs a deficit, meaning it has to get more money from somewhere to support its consumption. The question then becomes, how is the primary surplus being spent? (Or put another way, how is it being distributed across the economy and society?) There are only three options: 1) consume it, 2) invest it and 3) save it / hoard it. Without making a conscious choice, the US has chosen to "invest" most of its primary surplus in moral rot, unproductive frauds, skims, scams, monopolies, cartels, regulatory capture, grift and graft. This is the problem with giving an irresponsible teenager a no-limit Platinum credit card with an easily ignored admonishment to "stick to a tight budget, pay the balance off every month." Uh, right. Since the US can borrow unlimited trillions on its credit card, we can "afford" to burn our surplus on grift, graft, inefficiency, cronyism, profiteering, etc. Since our surplus was squandered on moral rot, we have to borrow trillions to pay for what the citizenry wants and what politicians must promise to get re-elected. Wetware 1.0: we like windfalls and free stuff, and so every program becomes a "third rail" politically: touch it and you don't get re-elected. But if you borrow a few "free" trillions a year, you get re-elected. We love windfalls and free stuff and hate hard choices, but that's all we have now. We have three choices in how we deal with our dependence on parabolic debt to sustain our profligate lifestyle: 1. Run the debt up to the point that nobody is dumb enough to lend us more, and then default on the debt / go bankrupt. All our creditors are wiped out. The problem here is all debt is an asset to the wealthy entity that owns it as an income stream. Since the wealthy run the status quo in a manner that serves their interests, they're unlikely to be thrilled with debt jubilees that zero out their assets and income or messy defaults that end up doing the same thing. So nix that option. The wealthy want to keep their wealth and income streams, and since they own US Treasuries, they're not going to approve defaulting on that debt. 2. Inflate the debt away with sustained high inflation. So we borrowed $1 when $1 bought a lot of stuff, and now we've inflated everything so it takes $10 to buy what $1 bought back then. Now we can pay back the $1 with a fraction of the earnings it took back when we borrowed it. We've already taken that step--what once cost $1 now costs $10. So the next step is to do another 10X reduction in the debt via inflation. In previous eras, authorities reduced the silver content of coinage to near-zero, effectively devaluing the money, i.e. inflating away the debt. What cost one mostly-silver denarius in the good old days soon cost 100 devalued denarius. This looks like some pretty easy hocus-pocus to pull off, but there's a catch: Catch-19, which is devaluing the money devalues trust in the leadership, social contract and the future, all of which leaves the economy and society a hollowed-out shell awaiting a stiff breeze to push the whole system off the cliff. The problem here is inflation is distributed asymmetrically, along with the primary surplus. The wealthy, powerful elites skim off the surplus, and they're equally adept at distributing the "inflation tax" to the middle and working classes, which soon meld into a single class, the impoverished. A funny thing about Wetware 1.0 is we're hard-wired to take note of rampant unfairness and eventually we respond in a destabilizing fashion, for example, uprisings, revolts, revolutions, etc. 3. The third option is to root out all the moral rot that's consuming the economy's surplus and our future, scrap all the programs designed in the bygone eras of 50+ years ago (defense, Social Security, Medicare, Medicaid, higher education, etc.) and start from scratch with new programs whose expenses are limited to what the economy generates as surplus. In other words, go Cold Turkey on our addiction to living on debt. Yes, I know: ain't gonna happen, because the moral rot is too deep, it's now normalized to the point that we don't even recognize the reality that there's nothing left but a flimsy facade we paint with gaudy colors to hide the rot. Everyone assumes the empire is forever and can endlessly fund any amount of grift and graft with borrowed money. But this is a self-serving fantasy, not reality. Every empire of debt implodes. These charts are merely facts. If we find them depressing, that response says something about our refusal to be accountable and responsible for our choices. Who's going to cut up the unlimited Platinum card? The federal government's Platinum card balance: The US economy's Platinum card balance: Student loans Platinum card balance: Medicare, which has an unlimited Platinum card: Medicaid, which also has an unlimited Platinum card, though this is obscured by phony "reforms": There are only three options, none easy, and not making a choice is a greased slide to collapse. The moral rot of unlimited debt looks "free" but it's unaffordable in the end. * * * Check out my new book Ultra-Processed Life and my new fiction/novels page. Become a $3/month patron of my work via patreon.com. Subscribe to my Substack for free Tyler Durden Thu, 07/10/2025 - 19:15
Wisconsin Supreme Court Votes 4–3 To Invalidate State Abortion Law
1751479200 from ZEROHEDGE
Wisconsin Supreme Court Votes 4–3 To Invalidate State Abortion Law Authored by Matthew Vadum via The Epoch Times, The Wisconsin Supreme Court voted 4–3 on July 2 to strike down the state’s 176-year-old almost-total ban on abortion. Justice Rebecca Frank Dallet wrote the majority opinion. “We conclude that comprehensive legislation enacted over the last 50 years regulating in detail the ‘who, what, where, when, and how’ of abortion so thoroughly covers the entire subject of abortion that it was meant as a substitute for the 19th century near-total ban on abortion,” Dallet wrote. “Accordingly, we hold that the legislature impliedly repealed [Section] 940.04(1) as to abortion, and that [Section] 940.04(1) therefore does not ban abortion in the State of Wisconsin.” The new ruling came three years after the U.S. Supreme Court issued its ruling in Dobbs v. Jackson Women’s Health Organization. Dobbs overturned Roe v. Wade (1973), holding that the U.S. Constitution does not guarantee a right to abortion. The rule returned the regulation of the procedure to the states. The Dobbs ruling prompted a blizzard of state-level legislation either to restrict or preserve abortion access. Planned Parenthood, along with several women using pseudonyms, asked the court in February 2024 to invalidate Wisconsin’s current abortion law. They argued that it violated the rights of patients and medical doctors under the state’s constitution. The Wisconsin Supreme Court agreed in July 2024 to hear two lawsuits challenging the state’s 1849 abortion law. The statute states that anyone “other than the mother, who intentionally destroys the life of an unborn child is guilty” of a felony. “In granting this case, this court is doing what many other state courts have done, both before and after Dobbs v. Jackson—considering a state constitutional challenge to an abortion-related statute,” Justice Jill Karofsky wrote in the court order a year ago. “Deciding important state constitutional questions is not unusual - it’s this court’s job.” Tyler Durden Wed, 07/02/2025 - 14:00