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Trump Admin Sued Over Chinese Import Tariffs Authored by Katabella Roberts via The Epoch Times, The Trump administration was sued by a nonprofit civil rights group on April 3, with the organization saying that President Donald Trump overstepped his authority when he imposed tariffs on Chinese imports. The lawsuit, filed in federal court in Florida by the New Civil Liberties Alliance (NCLA), alleges that Trump lacked the legal authority to impose the sweeping tariffs unveiled this week, as well as levies he introduced on Feb. 1 by invoking the International Emergency Economic Powers Act (IEEPA). NCLA filed the lawsuit on behalf of Simplified, a Florida-based retailer that sells home management products and imports materials from China. The lawsuit lists Trump, Department of Homeland Security Secretary Kristi Noem, Acting Commissioner for U.S. Customs and Border Protection (CBP), Pete Flores, and CBP as defendants. The lawsuit comes a day after Trump announced broader levies on nearly all U.S. trading partners as part of what he described as efforts to balance trade deficits. According to the lawsuit, the IEEPA authorizes specific emergency actions—such as imposing sanctions or freezing assets—to protect the United States from foreign threats, but it does not authorize the president to impose tariffs. “The Constitution assigns Congress exclusive power to impose tariffs and regulate foreign commerce,” the lawsuit states. “Presidents can impose tariffs only when Congress grants permission, which it has done in carefully drawn trade statutes.” Typically, these statutes authorize tariffs only on industries or countries that meet “specified criteria,” and only under “specified conditions,” after following certain procedures, the lawsuit states. “Such statutes require advance investigations, detailed factual findings, and a close fit between the statutory authority and a tariff’s scope.” Trump has declared an emergency over China’s alleged role in facilitating the flow of illicit fentanyl into the United States. The lawsuit argues his justification is a pretext for imposing tariffs with the goal of reducing U.S. trade deficits while boosting tax revenue. “President Trump is attempting to bypass these constraints by invoking the IEEPA,” plaintiffs write in the lawsuit. “But in the IEEPA’s almost 50-year history, no previous president has used it to impose tariffs. Which is not surprising, since the statute does not even mention tariffs, nor does it say anything else suggesting it authorizes presidents to tax American citizens.” According to the legal filing, Trump’s tariffs on China will force Simplified to make higher tariff payments, driving up its costs and thus prices for its customers, while simultaneously reducing its profits. The lawsuit asks the court to block the tariffs from being implemented and enforced and to undo Trump’s changes to the U.S. tariff schedule. Trump announced on April 2 that goods imported from China, as well as Hong Kong and Macau, will be hit with a 34 percent duty under his new tariff plan. That is on top of the 20 percent tariff he imposed on China in February, bringing the total new levies to 54 percent. Speaking from the Rose Garden at the White House, Trump stated that the tariffs will lead to increased jobs and domestic production while also lowering prices for consumers. “This will be indeed the golden age of America, it’s coming back we’re going to come back very strongly,” Trump said. A spokesman for China’s Ministry of Foreign Affairs said the tariffs violate World Trade Organization rules and “undermines the rules-based multilateral trading system.” “China firmly rejects this and will do what is necessary to defend our legitimate rights and interests,” the spokesperson said. The Epoch Times contacted the White House for comment but did not receive a response by publication time. Tyler Durden Fri, 04/04/2025 - 12:05
Zelensky Says NATO Membership Still In Ukraine's Future, Contradicting Trump Ukrainian President Volodymyr Zelensky continues to test President Trump, this time contradicting the US leader on the question of Ukraine's future membership in NATO. Trump has clearly taken it off the table, as even NATO Secretary-General Mark Rutte has recently recognized. But Zelensky in fresh comments said he has not given up on Ukraine's pursuit of NATO accession. "You know who does not support Ukraine’s membership in NATO so far, but in any case, no one is removing this issue from the table for the future," Zelensky said, as quoted in Ukrinform news agency on Friday. Via Reuters "At least, we are talking about the fact that even if now someone does not want to support [Kiev joining the bloc], we will see what happens in the future," Zelensky added. He went on to explain in the comments that until membership in the Western military bloc happens, Kiev should be provided with "NATO-like security guarantees" by its allies and partners. Ukraine must be "strong when getting to the negotiating table" in order to achieve a "just peace," Zelensky said. Earlier this week, President Trump made clear in reference to Zelensky that "he wants to be a member of NATO. Well, he was never going to be a member of NATO. He understands that." The issue of NATO constantly expanding right up to Russia's borders, which especially ramped up in the mid-2000s during the Bush era, had been consistently identified by President Putin as a key motive in his ordering hundreds of thousands of Russian troops into Ukraine in February of 2022. Russia saw its 'special military operation' as a continuation of a war in Donbass that was already burning since 2014, which saw CIA and Western intelligence assist Kiev in seeking to push back Russian influence. But the reality has always been that natives on the Donbass are overwhelmingly Russian-speaking and pro-Moscow. Trump also this week while speaking to reporters aboard Air Force One that negotiations have produced "a lot of good conversations about Ukraine and Russia." Ukraine joining NATO, as our president said, is "not at all possible," says Putin envoy Kirill Dmitriev. "That, I think, has been widely accepted, including by the Trump administration." Ukraine joining NATO, as our president said, is NOT AT ALL POSSIBLE — Dmitriev 'That, I think, has been widely accepted, including by the Trump administration' https://t.co/ZXuezRJdJL pic.twitter.com/rpxUJUC0PP April 4, 2025 "We like to see [the war] stopped as soon as possible because thousands of people have been killed in a week," Trump said. "Europe has not been successful in dealing with President Putin, but I think I will be successful." Ukraine's government has been angry that the White House has pursued direct, bilateral negotiations with Moscow, effectively sidelining the Ukrainians. Tyler Durden Fri, 04/04/2025 - 11:45
Stocks Reverse Plunge, Jump After Trump Says Open To Deal With Vietnam, Tells Powell To Cut Rates Exactly one month ago we reminded readers, and the new generation of traders who may have been in kindergarten during the first trade war of 2017-2018, that a core feature of the market rollercoaster that marked Trump 1.0's reign is crashing markets... and strategically timed trial balloons meant to push stocks sharply higher, to wit: For those who already forgot the first Trump trade war, we are nearing the time when everyone turns apocalyptically bearish and the White House leaks a bullish "trade war deal" trial balloon. March 4, 2025 And sure enough, we got a vivid reminder of just that moments ago when Trump, on his Truth Social account, announced that he had a "very productive" call with the head of the Vietnamese communist party, adding that if Vietnam wants to cut their tariffs to "ZERO", all they have to do is "make an agreement with the U.S."... ... or precisely what we said two days ago when we explained that this particular trade war will be all about the deals that Trump completes as he pulls the country and market from the abyss. That was quick: Thailand to Negotiate With the US on 36% Imposed Tariffs: PM Next: everyone else April 3, 2025 Everyone else.... starting with Vietnam, which as we profiled yesterday was slapped with some of the highest reciprocal tariffs... ... crushing countless US consumer companies who rely on cheap Vietnamese exports. But wait, there's more... because with Fed Chair Jerome Powell set to speak momentarily, Trump reminds the Fed chair who really is boss when in a subsequent post on TS, the president said that "this would be a PERFECT time for Fed Chairman Jerome Powell to cut Interest Rates. He is always “late,” but he could now change his image, and quickly. Energy prices are down, Interest Rates are down, Inflation is down, even Eggs are down 69%, and Jobs are UP, all within two months - A BIG WIN for America. CUT INTEREST RATES, JEROME, AND STOP PLAYING POLITICS!" Considering recession expectations are soaring, while inflation expectations - based on the impartial market and not a bunch of Democrats "polled" by marxist professors at the University of Michigan - are collapsing... ... we would have to a agree with Trump who is surely wondering why the Fed cut rates in September when growth expectations were much higher, and why Powell isn't doing the same now. The market reaction was prompt, with futures reversing losses and jumping, if not so much to the implicit Powell threat, then certainly to the possibility that one after another country will now line up to get a trade deal done with Trump. Tyler Durden Fri, 04/04/2025 - 11:34
Watch Live: Fed Chair Powell Speaks As Emergency Rate-Cut Odds Rise; Trump Says "Stop Playing Politics!" With markets still in turmoil over tariffs, investors now turn their attention to what Fed Chair Powell says this morning for clues on the state of the US economy and the path for easing. President Trump has made it clear what he wants: This would be a PERFECT time for Fed Chairman Jerome Powell to cut Interest Rates. He is always “late,” but he could now change his image, and quickly. Energy prices are down, Interest Rates are down, Inflation is down, even Eggs are down 69%, and Jobs are UP, all within two months - A BIG WIN for America. CUT INTEREST RATES, JEROME, AND STOP PLAYING POLITICS! Always watching... Indeed, “The Fed is in a tough spot,” said Gang Hu, managing partner at Winshore Capital Partners, as this morning's big positive surprise payrolls print makes it harder for Powell to hint at 'Fed Put' cuts to save the world as stocks fall (Good News is Bad News). Al-Hussainy, rates strategist at Columbia Threadneedle Investment, says “the market is betting that recession risks and the tightening of financial conditions will force the Fed to cut aggressively" now up to 100bp this year and rising. As for Powell’s speech, Al-Hussainy says: "If we get any pushback against this from Powell & Co., front end rates may end up offside." Markets are already fully pricing in a quarter-point move by June, with the chance of an emergency inter-meeting cut rising rapidly... Open interest in the April fed funds futures has soared following Thursday’s action, which included a big block buyer for 48,000 contracts over the morning session, equivalent to approximately $1.9 million per basis point in risk. Open interest jumped in the tenor, Friday data showed, signaling the trade as a new long position rather than covering an existing short. At 8:57am New York, 48,000 SOFR April fed funds futures blocked at 95.6750, with price action consistent with a buyer... ...and almost 5 full rate-cuts are priced in for the whole of 2025... That is dramatically more cuts than The Fed expects in its Dot Plot. “The markets will find it hard not to price in more Fed cuts until risk sentiment stabilizes,” said Jordan Rochester, head of macro strategy for EMEA at Mizuho International Plc. “At this stage, I suspect they will be cautious to give too much of a steer for markets given the inflationary issue tariffs may cause.” Hard data (like the jobs report) continue to strength while 'soft' survey data plunges... The question is - will the former finally crack and catch down to the latter? “This jobs report is going to create an absolute mess for the Fed response to economic risks,” said Guy LeBas, chief fixed income strategist for Janney Montgomery Scott. “The ‘best’ case for risk assets is that the data deteriorate quickly enough to generate a Fed response. The bad case for risk assets is that jobs muddle through in the face of warmer short-term inflation prints.” Mohamed El-Erian posted on X: I hope that, in his remarks in a couple of hours, Federal Reserve Chair Powell will find the opportunity to elegantly walk back two things he said at his last FOMC press conference. Specifically, Retire once again the word "transitory" from his vocabulary when talking about the potential inflationary impact of tariffs; and Avoid readily dismissing the soft data. This is a highly uncertain economic situation that calls for humility at the Fed rather than unnecessarily risking its credibility by repeating the horrible communication errors of 2021-22. Watch Fed Chair Powell speak live here (due to start at 1125ET): Read Powell's full remarks here... Thank you for having me here today. Monetary policy is more effective when the public understands what we are doing and why. Through your work, journalists like you help promote that greater understanding. I am sure this room full of reporters does not lack for questions to ask. Before addressing a few of those, I will briefly summarize the outlook for the economy and monetary policy. At the Fed, we are squarely focused on achieving the dual-mandate goals Congress has given us of maximum employment and stable prices. While uncertainty is high and downside risks have risen, the economy is still in a good place. The incoming data show solid growth, a labor market in balance, and inflation running much closer to, but still above, our 2 percent objective. Recent Economic Data After a couple of years of solid growth, many forecasters have anticipated somewhat slower growth this year. The initial reading for first-quarter GDP will be released later this month. The limited hard data are consistent with a slower but still solid growth outlook. At the same time, surveys of households and businesses report dimming expectations and higher uncertainty about the outlook. Survey respondents point to the effects of new federal policies, especially related to trade. We are closely watching this tension between the hard and soft data. As the new policies and their likely economic effects become clearer, we will have a better sense of their implications for the economy and for monetary policy. Looking across many indicators, the labor market appears to be broadly in balance and is not a significant source of inflationary pressure. This morning's jobs report shows the unemployment rate at 4.2 percent in March, still in the low range where it has held since early last year. Over the first quarter, payrolls grew by an average of 150,000 jobs a month. The combination of low layoffs, moderating job growth, and slowing labor force growth has kept the unemployment rate broadly stable. Turning to the other leg of our dual mandate, inflation has declined sharply from its pandemic highs of mid-2022. It has done so without the kind of painful rise in unemployment that has often accompanied periods of tight monetary policy that are needed to reduce inflation. More recently, progress toward our 2 percent inflation objective has slowed. Total PCE prices rose 2.5 percent over the 12 months ending in February. Core PCE prices, which exclude the volatile food and energy categories, rose 2.8 percent. Looking ahead, higher tariffs will be working their way through our economy and are likely to raise inflation in coming quarters. Reflecting this, both survey- and market-based measures of near-term inflation expectations have moved up. By most measures, longer-term inflation expectations—those beyond the next few years—remain well anchored and consistent with our 2 percent inflation goal. We remain committed to returning inflation sustainably to our 2 percent objective. Monetary Policy Turning to monetary policy, we face a highly uncertain outlook with elevated risks of both higher unemployment and higher inflation. The new Administration is in the process of implementing substantial policy changes in four distinct areas: trade, immigration, fiscal policy, and regulation. Our monetary policy stance is well positioned to deal with the risks and uncertainties we face as we gain a better understanding of the policy changes and their likely effects on the economy. It is not our role to comment on those policies. Rather, we make an assessment of their likely effects, observe the behavior of the economy, and set monetary policy in a way that best achieves our dual-mandate goals. We have stressed that it will be very difficult to assess the likely economic effects of higher tariffs until there is greater certainty about the details, such as what will be tariffed, at what level and for what duration, and the extent of retaliation from our trading partners. While uncertainty remains elevated, it is now becoming clear that the tariff increases will be significantly larger than expected. The same is likely to be true of the economic effects, which will include higher inflation and slower growth. The size and duration of these effects remain uncertain. While tariffs are highly likely to generate at least a temporary rise in inflation, it is also possible that the effects could be more persistent. Avoiding that outcome would depend on keeping longer-term inflation expectations well anchored, on the size of the effects, and on how long it takes for them to pass through fully to prices. Our obligation is to keep longer-term inflation expectations well anchored and to make certain that a one-time increase in the price level does not become an ongoing inflation problem. We will continue to carefully monitor the incoming data, the evolving outlook, and the balance of risks. We are well positioned to wait for greater clarity before considering any adjustments to our policy stance. It is too soon to say what will be the appropriate path for monetary policy. Conclusion We understand the benefits of a solid economy where workers can find jobs and inflation is low and predictable. We also understand that elevated levels of unemployment or inflation can be damaging and painful for communities, families, and businesses. That is why we at the Fed will continue to do everything we can to achieve our maximum-employment and price-stability goals. Thank you. I look forward to your questions. Tyler Durden Fri, 04/04/2025 - 11:20
Hamas Ready To Free All Hostages At Once For Permanent Truce Amid an expanded Israeli military (IDF) ground operation, which has again seen Rafah surrounded, Hamas is signaling that it's ready to release all remaining Israeli hostages in exchange for a permanent ceasefire. A Thursday Times of Israel report cited a senior Palestinian official who described that Israel has had a "longstanding rejection" of such a deal, which is why Hamas has so far offered a phased release approach; however, negotiations are at a "standstill" as the IDF has moved to a military solution. Getty Images Israel has reportedly countered by asking Hamas to release eleven hostages, but with no commitment this would lead to permanent ceasefire talks. "While Netanyahu signed onto the deal, he has long rejected the latter two clauses of phase two, arguing they would allow Hamas to remain in power," the report observes. "Accordingly, he has largely refused to hold talks regarding phase two of the deal, which were supposed to begin on February 2." The senior Palestinian official sourced in the Israeli media report said, "The number of hostages is not the issue. If Israel demonstrates its intention to reach a permanent ceasefire, [Hamas is] prepared to release all of the hostages." "Israel only wants a partial agreement so that it can continue fighting. It wants [Hamas] to give up all the hostages without entering the second phase," the official claimed. The Netanyahu government is now going much further with its demands if the military operation in Gaza is to cease. It is demanding that Hamas fully disarm, which is not going to happen. The senior Palestinian official asserted that the group will "never disarm" until a Palestinian state is created. Israel fears the terror group would just rise up again and resume rocket launches on its territory. Meanwhile there's been a new huge wave of Palestinian displacement in the south of Gaza, with reports of hundreds of thousands fleeing Rafah amid a renewed assault. The enclave for more than the last year been even more crowded, given it has served as a last place of refuge for the displaced from northern and central Gaza. The wartime situation is set to continue for the foreseeable future, given new IDF spokesman, Brig. Gen. Effie Defrin, declared Thursday that the military has entered "a new stage" of the fight against Hamas. American-supplied bombs fall on Gaza neighborhoods... Not artificial intelligence, not a scene from a movie. These are Israeli-American missiles, and this is how they fall on the heads of innocent people. It's crazy. Whoever invented them to be dropped on humans is crazy. pic.twitter.com/RtHOdGHSeg April 3, 2025 "The plan serves the goals of the war, returning the hostages and destroying Hamas’s military and governing capabilities," he said. The push into Rafah is intended to dismantle all remaining Hamas infrastructure and command activity, given the city is seen as the group's last main stronghold in the Gaza Strip. But again, it's also where most civilian refugees have settled, following over a year-and-a-half of intense war. Tyler Durden Fri, 04/04/2025 - 10:55
Archive Footage Exposes Democrats As The OGs Of DOGE & Tariffs Authored by Steve Watson via Modernity.news, Archive video has surfaced of Chuck Schumer passionately talking about how government programs like Social Security are riddled with waste and fraud and need to be reined in, exactly what the Department of Government Efficiency he so vehemently opposes is now doing. This footage from 1996 shows Schumer on the Senate floor remarking that “the number one reason” illegal aliens are sneaking across the border is so they can easily defraud such programs. 🚨1996: Chuck Schumer explains “the number one reason" illegals come to the US is so they can defraud programs like Social Security — and wants to stop it. Chuck sounding very DOGE! “This is an anti-fraud amendment. All over where we go, people say, why can't you stop illegal… pic.twitter.com/k9fBSb0RD9 April 3, 2025 Chuck is the OG in DOGE! “This is an anti-fraud amendment. All over where we go, people say, why can’t you stop illegal immigrants or others from coming here?” Schumer noted. “And the number one answer we give our constituents is when they come here, they can get jobs, get benefits against the law because of fraud,” he further declared. “If you believe you want to stop fraud in immigration, you have no choice but to support this amendment,” he urged, referring to an amendment introduced to add additional security features to the Social Security card. Last month more footage, this time from as recently as 2010 was shared of Schumer saying essentially the exact same thing. Chuck Schumer just posted that Elon is a liar for claiming that Social Security and Medicare have lots of waste, fraud, and abuse. Chuck also says that any cuts in these programs by DOGE will reduce benefits. Have a listen to Chuck Schumer back in 2010. pic.twitter.com/pgYhogYFFI March 11, 2025 Schumer was so into this that he chaired entire summits about it, but somehow now Elon and Trump are doing more than just complain about it, it’s bad. He definitely wasn't lying back then. He led an entire summit on reducing waste fraud and abuse. March 11, 2025 What changed? The fraud and waste only got worse. Look at @SenSchumer back in 2010. And 15 years later with no auditing of those organizations, the fraud is exponentially greater! And now, His TDS won't allow him to agree that what DOGE is doing, is the right thing to do for taxpayers! Mentally compromised hypocrite! https://t.co/Ru3GWezTfy March 12, 2025 Schumer wasn’t the only OG DOGE Dem, Nancy Pelosi also completely agreed that waste fraud and abuse are rife in Medicare. I agree! March 12, 2025 Imagine our shock. So you're telling me that younger versions of Democrats actually would support DOGE, but the fact that DOGE is coming from Trump's team means that it's literally Hitler? March 11, 2025 The difference is that all they did was talk about it. This is how politicians hide in plain sight. They talk about a problem, say they need to fix the problem, but nothing is ever done about the problem because they are the problem March 12, 2025 As we previously highlighted, Democrats under Obama had their very own DOGE: Pelosi also had her own 1996 moment, sounding very much like orange Hitler while talking about China, trade deficits, and tariffs. Incredible clip from 1996. Nancy Pelosi on tariffs and the trade deficit with China. "On this day, your member of Congress could have drawn the line to say to the President of the United States, do something about this US-China trade relationship that is a job loser for the… pic.twitter.com/DFlQ9wWSKh April 3, 2025 Again, what changed? Yet somehow she has miraculously became a multi-millionaire. I wonder why she changed her mind? April 3, 2025 Well, there was that. She’s come a long way in the wrong direction. https://t.co/n88J7bG3XE April 3, 2025 Bernie Sanders also agreed on tariffs once upon a time. 2008. Bernie Sanders: Free trade without tariffs will destroy American manufacturing. Of course Bernie now says that Trump's tariffs will destroy America. 🤡 pic.twitter.com/H61VBdoeag April 3, 2025 And Schumer as recently as 2018, during Trump’s first term! 2018. Chuck Schumer after Trump proposed tariffs on China. Like many Democrats, he speaks a little differently when he's not on MSNBC or CNN.pic.twitter.com/NKwnp93hJg April 2, 2025 Add these clips to the buckets of times Democrats talked about needing to close the border and stem the out of control flow of illegal immigration. Here is a supercut of democrats advocating for the same thing Present Trump wants to do about illegal immigration. pic.twitter.com/69lYfYv9ej November 25, 2024 Democrats will argue against anything Trump does no matter how many times they argued for it. April 3, 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, 04/04/2025 - 10:35
EU Could Fine Musk's X $1 Billion Over Illicit Content, Disinformation Authored by Stephen Katte via CoinTelegraph.com, European Union regulators are reportedly mulling a $1 billion fine against Elon Musk’s X, taking into account revenue from his other ventures, including Tesla and SpaceX, according to The New York Times. EU regulators allege that X has violated the Digital Services Act and will use a section of the act to calculate a fine based on revenue that includes other companies Musk controls, according to an April 3 report by the newspaper, which cited four people with knowledge of the plan. Under the Digital Services Act, which came into law in October 2022 to police social media companies and “prevent illegal and harmful activities online,” companies can be fined up to 6% of global revenue for violations. A spokesman for the European Commission, the bloc’s executive branch, declined to comment on this case to The New York Times but did say it would “continue to enforce our laws fairly and without discrimination toward all companies operating in the EU.” In a statement, X’s Global Government Affairs team said that if the reports about the EU's plans are accurate, it “represents an unprecedented act of political censorship and an attack on free speech.” “X has gone above and beyond to comply with the EU’s Digital Services Act, and we will use every option at our disposal to defend our business, keep our users safe, and protect freedom of speech in Europe,” X's global government affairs team said. Source: Global Government Affairs Along with the fine, the EU regulators could reportedly demand product changes at X, with the full scope of any penalties to be announced in the coming months. Still, a settlement could be reached if the social media platform agrees to changes that satisfy regulators, according to the Times. One of the officials who spoke to the Times also said that X is facing a second investigation alleging the platform’s approach to policing user-generated content has made it a hub of illegal hate speech and disinformation, which could result in more penalties. X EU investigation ongoing since 2023 The EU investigation began in 2023. A preliminary ruling in July 2024 found X had violated the Digital Services Act by refusing to provide data to outside researchers, provide adequate transparency about advertisers, or verify the authenticity of users who have a verified account. X responded to the ruling with hundreds of points of dispute, and Musk said at the time he was offered a deal, alleging that EU regulators told him if he secretly suppressed certain content, X would escape fines. Thierry Breton, the former EU commissioner for internal market, said in a July 12 X post in 2024 that there was no secret deal and that X’s team had asked for the “Commission to explain the process for settlement and to clarify our concerns,” and its response was in line with “established regulatory procedures.” Musk replied he was looking “forward to a very public battle in court so that the people of Europe can know the truth.” Source: Thierry Breton Tyler Durden Fri, 04/04/2025 - 09:55
South Korea's Top Court Ousts Impeached President Yoon Over Martial Law Declaration In a tensely-awaited but ultimately unanimous decision, South Korea's Constitutional Court on Friday finalized the ouster of President Yoon Suk Yeol, putting its stamp of approval on his impeachment for having declared martial law on Dec. 3. While some hope the decision will end the country's biggest political crisis in decades, South Koreans must now choose a new president at a time of intense internal discord, alongside an economic shock in the form of President Trump's 25% tariff. Huge crowds filled the streets of Seoul to wait for the Constitutional Court ruling The 8-0 ruling came after weeks of hearings followed by weeks of deliberation. Millions of South Koreans watched the announcement on live television, with many gathering with crowds convening to show either support or opposition of the impeachment. Wary of violence, authorities put some 14,000 police on standby, and gave police advance rules of engagement that cleared them to use pepper spray and batons. Palaces and other important Seoul facilities were closed, and the US embassy cancelled routine business. As this is written, there are no reports of violence -- yet. Yoon's party said it "humbly" accepted the ruling, which makes Yoon the second president to have been impeached in the country's history. Acting Chief Justice Moon Hyung-bae (center) announces the Constitutional Court ruling upholding President Yoon's impeachment (AFP via MalayMail) Acting Chief Justice Moon Hyung-bae made the announcement at 11am local time: "Given the serious negative impact and far-reaching consequences of the respondent's constitutional violations, we hereby pronounce the following ruling, with the unanimous agreement of all Justices. (We) dismiss respondent President Yoon Suk Yeol.... He committed a grave betrayal of the trust of the people, who are the sovereign members of the democratic republic...The president took actions beyond the powers. He did not merely declare martial law, but went on to commit acts that violated the Constitution and the law, including mobilizing military and police forces to obstruct the National Assembly's exercise of its authority Video captured an anti-Yoon crowd's reaction: South Korea faces snap election in sixty days as court upholds Yoon’s impeachment https://t.co/jAscuaH5Dy pic.twitter.com/yAZRijDtCv April 4, 2025 Tensions had mounted as South Korea awaited Friday's ruling. Over recent months, enormous demonstrations organized by both supporters and opponents of Yoon were a regular occurence. Ahead of the ruling, rhetoric ran hot. “If President Yoon is not reinstated, there will be a civil war,” said influential Pastor Jun Kwang-hoon, who has organized pro-Yoon demonstrations. He's described his work as a battle against "Communist Reds." In two indications of the passion on both sides, opposition-party members have staged hunger strikes in Seoul, while two Yoon partisans self-immolated in protest of his impeachment. For now, the ruling leaves acting president and prime minister Han Duck-soo atop South Korea's government. In an indication of the turmoil that has rocked the country since Yoon's early-December power move stunned the world, Han was himself impeached two weeks into his acting presidency, accused of aiding and abetting Yoon's martial law declaration. Last month, the Constitutional Court negated his impeachment, reinstating him as acting president. Per South Korea's constitution, an election must now be held within 60 days to choose his successor. Recent polls suggest that Lee Jae-myung of the center-left Democratic Party of Korea (DPK) is the clear favorite. Unlike Yoon, Lee recently came out on the right side of a court ruling: His conviction on charges of making false statements during his 2022 presidential campaign was overturned in March. That case centered on Lee's having denied he knew a businessman involved in corruption-stained real estate development project. The High Court ruled that the evidence had been insufficient. In January 2024, Lee survived a would-be assassin's knife attack that left Lee bleeding from his jugular vein. STREET PARTY AS YOON SUK YEOL IS REMOVED AS PRESIDENT. pic.twitter.com/mHjl3XJRlB April 4, 2025 In his stunning late-night declaration of martial law in December, Yoon railed against “shameless pro-North-Korean anti-state forces who are plundering the freedom and happiness of our citizens," promising that he would "eliminate anti-state forces as quickly as possible and normalize the country.” Soldiers and police immediately surrounded the National Assembly, but 190 of the 300 members of parliament managed to unanimously vote to annul the martial law declaration. Yoon retracted it and apologized, but was impeached in the following days. In his Constitutional Court hearings, he said the move was necessary to "alert the public" to the "wickedness" of the opposition. The 64-year-old Yoon may lose more than the presidency -- he has been criminally charged with insurrection, and his trial begins on April 14. His defense minister, Kim Yong-hyun, is likewise in legal peril. He resigned upon being charged with insurrection, and then attempted to kill himself hours later in police custody. Lawmakers accused him of sending drones to Pyongyang, North Korea to spark retaliation and give Yoon a pretext for martial law. The country's top two law enforcement officers were also arrested. Tyler Durden Fri, 04/04/2025 - 09:35
Female Fencer Expelled For Refusing To Compete Against Male Opponent Authored by Steve Watson via Modernity.news, A college female fencer in Maryland refused to compete against an opponent who is a biological male and has been expelled as a result. Stephanie Turner refused to compete against transgender fencer Redmond Sullivan at the Cherry Blossom Open, opting to take a knee at the start of the match, consequently being disqualified from the tournament. “I knew what I had to do because USA Fencing had not been listening to women’s objections regarding [its gender eligibility policy],” Turner said following the incident. Female fencer takes a knee to protest against her biologically male opponent during a fencing match. The opponent, Redmond Sullivan, switched from the men's fencing team to the women's fencing team at Wagner College last year. Sullivan shockingly started dominating the… pic.twitter.com/v0uw8NF6Ji April 2, 2025 “I took a knee immediately at that point. Redmond was under the impression that I was going to start fencing. So, when I took the knee, I looked at the ref and said, ‘I’m sorry, I cannot do this. I am a woman, and this is a man, and this is a women’s tournament. And I will not fence this individual,” she further urged. “Redmond didn’t hear me, and he comes up to me, and he thinks that I may be hurt, or he doesn’t understand what’s happening. He asks, ‘Are you OK?’ And I said, ‘I’m sorry. I have much love and respect for you, but I will not fence you,” Turner continued. Turner then described how she was paraded in front of the bout committee to explain her actions. She was provided a copy of USA Fencing’s transgender policy and was forced under objection to sign a document acknowledging a black card. USA Fencing defended its policy, claiming that it “was designed to expand access to the sport of fencing and create inclusive, safe spaces.” “The policy is based on the principle that everyone should have the ability to participate in sports and was based upon the research available of the day,” USA Fencing further proclaimed in the statement. Tennis legend Martina Navratilova is among those expressing disgust at the organisation’s actions. This is what happens when female athletes protest! Anyone here still thinks this is fair??? I am fuming… and shame on @USAFencing , shame on you for doing this. How dare you throw women under the gender bullshit bus!!! https://t.co/2ojOJvJiLx April 2, 2025 Sick to death of this. Absolutely sick of it. “How does this affect you women?” Like this. Every time. All males OUT of women’s sports. https://t.co/tPXhY6xpUP April 2, 2025 Can you imagine punishing a woman for choosing to not fight a man in college sports? What kind of upside down world are we living in? I hate this. April 2, 2025 Others lauded Turner for refusing to be pressured into an unfair competition. This is how it's done. This nonsense only stops when every female athlete refuses to compete against males. April 2, 2025 I hate to see her lose for her cause but it is a brave and necessary effort. Well done. April 2, 2025 President Trump issued an executive order shortly after taking office prohibiting biological males from competing in women’s sports, prompting the NCAA to change its trans athlete policy to reflect the order. However, USA Fencing is primarily governed by its own Board of Directors, operates as a nonprofit entity and is recognised by the United States Olympic & Paralympic Committee (USOPC) as the official National Governing Body (NGB) for fencing. As such, it has autonomy in its day-to-day governance, but must comply with USOPC standards and requirements, particularly regarding athlete representation, safety, and Olympic-related activities. It remains to be seen how this will consequently play out as relates to Trump’s executive order. 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, 04/04/2025 - 09:15
US Payrolls Unexpectedly Soar To 228K, Above Highest Estimate After today's shocking retaliation by China, which hiked tariffs on US goods by 34%, the jobs report was an afterthought. To be honest, it would have been an asymmetric afterhought any way, as any upside would have been viewed as stale and not reflecting the new tariff reality, while any miss would have cemented the recession case. And while the market is certainly far more focused on the ongoing trade war, in the end, the March jobs report ended up being far stronger than expected, as the US added a whopping 228K jobs, the highest since December and more than double the 117K in February (revised lower from 151K)... ... and beating the consensus estimate of 140K by 3 sigma The number was also above the highest estimate from Wall Street analysts, which was 200K. The change in total nonfarm payroll employment for January was revised down by 14,000, from +125,000 to +111,000, and the change for February was revised down by 34,000, from +151,000 to +117,000. With these revisions, employment in January and February combined is 48,000 lower than previously reported. The unemployment rate rose from 4.1% to 4.2%, above the estimate of an unchanged print... ... as the number of unemployed workers rose modestly to 7.083 million from 7.052 million, even as the labor force rose fractionally from 170.359 million to 170.591 million. And tied to that, while the Establishment survey rose by 228K, the Household survey also improved by a similar amount, with the number of employed workers rose by 201K, to 163.508 million. Turning to wages, there was some more good news in the report, at least for those hoping for a fed rate cut: while the monthly average hourly earnings rose 0.3%, as expected and the same as last month, the annual increase in wages was 3.8%, down from 4.0% last month and below the 4.0% estimate, suggesting the wage growth continues to cool sharply, allowing the Fed to resume rate cuts. Some more detailed from the jobs report: The number of people employed part time for economic reasons, at 4.8 million, changed little in March. These individuals would have preferred full-time employment but were working part time because their hours had been reduced or they were unable to find full-time jobs. The number of people not in the labor force who currently want a job was essentially unchanged at 5.9 million in March. These individuals were not counted as unemployed because they were not actively looking for work during the 4 weeks preceding the survey or were unavailable to take a Among those not in the labor force who wanted a job, the number of people marginally attached to the labor force, at 1.7 million, was essentially unchanged in March. These individuals wanted and were available for work and had looked for a job sometime in the prior 12 months but had not looked for work in the 4 weeks preceding the survey. The number of discouraged workers, a subset of the marginally attached who believed that no jobs were available for them, changed little at 509,000 in March. Next we go through the qualitative breakdown of the Establishment survey, where we find that job gains occurred in health care, in social assistance, and in transportation and warehousing. Employment also increased in retail trade, partially reflecting the return of workers from a strike. Federal government employment declined. Health care added 54,000 jobs in March, in line with the average monthly gain of 52,000 over the prior 12 months. Over the month, employment continued to trend up in ambulatory health care services (+20,000), hospitals (+17,000), and nursing and residential care facilities (+17,000). Employment in social assistance increased by 24,000, higher than the average monthly gain of 19,000 over the prior 12 months. Over the month, individual and family services added 22,000 jobs. Retail trade added 24,000 jobs in March, as workers returning from a strike contributed to a job gain in food and beverage retailers (+21,000). General merchandise retailers lost 5,000 jobs. Employment in transportation and warehousing rose by 23,000 in March, about double the prior 12-month average gain of 12,000. In March, job gains in couriers and messengers (+16,000) and truck transportation (+10,000) were partially offset by a job loss in warehousing and storage (-9,000). Within government, federal government employment declined by 4,000 in March, following a loss of 11,000 jobs in February. (Employees on paid leave or receiving ongoing severance pay are counted as employed in the establishment survey.) Employment showed little change over the month in other major industries, including mining, quarrying, and oil and gas extraction; construction; manufacturing; wholesale trade; information; financial activities; professional and business services; leisure and hospitality; and other services. Here is a visual summary: Commenting on the numbers, Trump posted on Truth Social that job numbers were "far better than expected" and that "it's already working." Trump's tweet suggests that contrary to some expectations, the president isn't actually looking to throw the economy in a recession, but will push to keep it from crashing while he is playing the great game of trade war chicken with China and the rest of the world, which makes lives for traders more difficult as it means the Fed will have to make decisions on a tweet by tweet basis, which will be problematic. Meanwhile, others disagreed: here is Seema Shah from Ptincipal Asset Management who encapsulates prevailing sentiment well: “Everyone knows that economic weakness is coming, but at least we can be reassured that the labor market was robust coming into this policy-driven shock and therefore, the slowdown should not be overly steep. Next month is when hard data is likely to start showing signs of what soft data has already been signalling. From the Fed’s perspective, today’s payrolls number will not prevent them from future policy rate cuts – they know that this is just a moment of calm before the storm hits." Gregory Faranello, strategist at AmeriVet Securities, explained why today's jobs report was largely ignored: “it’s all about the forward outlook around tariffs and the ensuing impact on global demand. You would never have thought to see yields performing this way with a jobs report like this.” Ed Al-Hussainy, rates strategist at Columbia Threadneedle Investment, says “the market is betting that recession risks and the tightening of financial conditions will force the Fed to cut aggressively" now up to 100bp this year and rising. As for Powell’s speech later this morning, Al-Hussainy says: "If we get any pushback against this from Powell & Co., front end rates may end up offside." But perhaps the best wrap of today's jobs report, however, was from Omair Sharif, Inflation Insights: "Someone forgot there was a recession coming." Tyler Durden Fri, 04/04/2025 - 09:02
Everything Is Crashing After China Retaliates With 34% Tariffs On US Goods For a few hours it seemed like we could even stabilize, if only a bit, ahead of today's scheduled main event: the March jobs report at 8:30am ET. And then all hell broke loose at 6:08am when this Bloomberg headline hit: *CHINA ANNOUNCES EXTRA 34% TARIFFS ON US GOODS In other words, far from seeking concessions, Beijing is now looking to escalate the trade war further, and forcing Trump to double down with even harsher retaliatory tariffs on China of his own, which at this point may push the blended tariff rate on Chinese goods above 100%. What followed instantly was sheer, unadulterated liquidation panic: *S&P 500 FUTURES DECLINE 4.1%, NASDAQ 100 FUTURES DOWN 4.6% *COPPER PLUNGES MORE THAN 5%, BIGGEST LOSS SINCE JULY 2022 *US 2-YEAR YIELD FALLS TO 3.498%, LOWEST SINCE SEPTEMBER 2022 *BRENT OIL DROPS BELOW $65 FOR FIRST TIME SINCE AUGUST 2021 *US CREDIT RISK GAUGE JUMPS MOST SINCE REGIONAL BANKING CRISIS *STOXX EUROPE 600 INDEX FALLS 5.2%, MOST SINCE MARCH 2020 Instead of writing, we'll let the charts do the talking, summarizing the bloodbath so far. The S&P is set to record losses on six of the past seven weeks. Volatility has come roaring back as VIX explodes above 45. A continuation of the selloff on Friday — when the government’s jobs report for March is released — threatens to extend Fund managers yanked $4.7 billion out of US stocks in the week through April 2 in the second week of outflows, data compiled by EPFR Global and Bank of America show. The post-liberation day market has been a historic bloodbath Bitcoin reversed all modest overnight gains, but remains surprisingly resilient. The dollar's modest reversal higher was promptly halted, and the greenback reversed just as it was gaining. It wasn't just the dollar: the yuan also tumbled, reversing its bizarre gains since Trump declared trade war on China. “The market is bleeding and more pain is clearly coming as this escalating trade war risks pushing the US economy into a recession,” Luca Paolini, chief strategist at Pictet Asset Management said over the phone. “It’s not a surprise China would retaliate. But this will inevitably cause a recession because the damage is done — unless Trump backs off.” Well, there is an alternative: an emergency rate cut by the Fed, which now looks increasingly likely, because credit has officially cracked.. ... but worse, the 3Y SOFR swap spread, a metric of Treasury market stress is the lowest on record. Friday’s losses follow a massive wipe out by US stocks on Thursday that erased $2.7 trillion in value - the second biggest one day loss in history - in the wake of Trump’s drastic new trade tariffs which ignited widespread recession fears. In a few minutes, investors will get a look at the latest monthly jobs print — the first major piece of data for the quarter — which could have wide-ranging implications for bond, stock and currency markets as well as the Fed’s next moves. Jerome Powell is scheduled to deliver remarks at 11:25 a.m. in Arlington, Virginia, which will be parsed for signs of weakness spreading to the workforce. The derivatives market is pricing in more volatility ahead. Options traders are betting that the S&P 500 will move roughly 1.6% in either direction after the jobs print today, based on the price of at-the-money straddles, according to Citigroup Inc. That’s well above the average straddle price for a 0.9% swing in either direction over the past 12 months. It's also well below what the market has already swung! “How bad will it get for the economy? With so much uncertainty swirling, stocks are selling off and that’s signaling that investors see both economic and profit growth slowing because of the trade war,” Adam Sarhan, founder of 50 Park Investments said by phone. Bloomberg reports that the equity rout now has Wall Street’s biggest stock bull, Oppenheimer’s John Stoltzfus, rethinking his 7,100 price target on the S&P 500, which is among the highest on Wall Street tracked by Bloomberg and would imply a 25% gain through Thursday’s close. That comes as RBC Capital Markets’s Lori Calvasina cut her price target on the index for a second time this year to 5,550 from 6,200, given a dimmer outlook for economic and profit growth. “Without a doubt, where we’re sitting here it is under review and has been under review for awhile,” John Stoltzfus said on Bloomberg Television Friday. “The reality has been until we got these rather surprising unpleasant levels of tariffs and the market’s reaction, we’re naturally going to have to take a look and sharpen our pencils, so to speak.” Treasuries added to steep weekly gains unleashed by unfolding trade war, sending 2-year yields to lowest level since September 2022, after China retaliated against US tariffs with measures including a 34% levy on all American imports. Yields across maturities are lower by at least 11bp led by the 2-year, down nearly 19bp and below 3.5%. Fed-dated OIS contracts price in additional easing, with 115bp anticipated by year-end and about 50% odds of move in May. US session includes March jobs report and a speech by Fed Chair Powell at 11:25am New York time. US 10-year yield, around 3.89% near session low, is richer by 15bp on the day, more than 40bp on the week, and 100bps since January; bunds outperform by an additional 2bp in the sector while gilts trade broadly in line. Front-end-led gains — as more Fed easing is priced in — extend the steepening in 2s10s and 5s30s curves by nearly 3bp and 6bp on the day More stuff is happening, but honestly it is meaningless to go over everything since prices are moving at a furious pace and everything will be stale as soon as we write about it, and certainly after the jobs report is published. US economic calendar includes March jobs report at 8:30am. Fed speaker slate includes Chair Powell at 11:25am on the economic outlook, with text release and Q&A expected. Barr (12pm) and Waller (12:45pm) also speak Market Snapshot S&P 500 mini -2.9% Nasdaq 100 mini -3.1% Russell 2000 mini -4.1% Stoxx Europe 600 -5% 10-year Treasury yield -12 basis points at 3.91% VIX +14 points at 44 Bloomberg Dollar Index +0.2% at 1254.8, Euro +0.1% at $1.1055 WTI crude -4% at $64.15/barrel Top Overnight News Trump administration officials are assuring farm-state Republicans they will funnel billions of taxpayer dollars to farmers who are hit by Trump’s intensifying trade war. But it may be some time before any money is released. The administration wants to take stock of the economic fallout of the tariffs in the agriculture sector before rolling out aid, which will likely take several more months. Politico While there have been expressions of displeasure, Republicans (who could use their own votes to stop the new tariffs cold) made clear they had no intention of acting anytime soon. “I think most members on our side are very willing to give the president time,” Arkansas Sen. John Boozman said, summing up the view of many GOP lawmakers who might have qualms about Trump’s massive new levies but showed little interest — at least for now and the near future — in doing anything concrete to restrain him. Politico President Donald Trump on Thursday contradicted his top aides on the purpose of his sprawling new global tariff regime, adding to the uncertainty over the trade war that has sent markets reeling. Earlier in the day, top Trump aide Peter Navarro and Commerce Secretary Howard Lutnick said the president was not looking to strike deals over the tariffs. “This is not a negotiation,” Navarro told CNBC. But after markets closed down sharply, Trump told reporters on Air Force One that he would be open to striking deals with individual countries. WaPo US Social Security faces thousands more job cuts. The Social Security Administration is drafting plans to begin layoffs of potentially thousands more employees as soon as next week: WaPo Republicans are weighing the creation of a new bracket for those earning $1 million or more to offset some of the costs of their tax bill, a stark departure from decades of GOP opposition to tax increases. BBG China retaliated against the new US tariffs, announcing a 34% levy on all American imports starting April 10. Earlier, Donald Trump said he’s open to negotiations if other nations can offer something “phenomenal.” BBG President Trump’s jumbo tariffs on China threaten to create a new problem for a global economy already stressed over trade: a $400 billion deluge of Chinese goods looking for new markets. WSJ Japanese PM Shigeru Ishiba will meet opposition leaders today to discuss responses to the tariffs, which he said should be called a “national crisis.” BOJ Governor Kazuo Ueda said the US’s move will weigh on growth. BBG Traders now see the Fed cutting 100 bps by year-end, with a 50% chance of a cut in May. BBG A more detailed look at global markets courtesy of Newsquawk APAC stocks resumed the post-Liberation Day selling after Wall St suffered its worst loss since 2020, while fresh drivers are light amid the Greater China holiday closures and with participants now awaiting US jobs data. ASX 200 re-entered correction territory with the declines led by heavy losses in tech and energy in which the latter was pressured after oil prices fell by around 7% amid tariff turmoil and news that OPEC+ decided to increase output by a larger-than-scheduled 411k barrels per day in May. Nikkei 225 sold off again and fell below the USD 34,000 level with better-than-expected Household Spending data doing little to spur a recovery. KOSPI was initially choppy but ultimately weakened after the Constitutional Court upheld President Yoon's impeachment which sparked some angry protests and triggered an election to be held within 60 days. Top Asian News BoJ Governor Ueda said US tariffs are likely to exert downward pressure on Japan and global economies, while he added it is hard to say now how US tariffs will affect Japan's price moves and they will closely monitor US tariff impact on Japan, overseas economic and price developments in deciding monetary policy. Ueda said they will scrutinise data, including from hearings, available at the time of each policy meeting to gauge the US tariff impact on Japan's economy and prices. BoJ Deputy Governor Uchida said they will raise interest rates if underlying inflation heightens against the background of continued improvements in the economy. Uchida said they will examine, without any preset idea if economic and price forecasts laid out in the quarterly report will be achieved, as well as scrutinise at each meeting economic, and price developments and risks including the impact from US tariffs. South Korean Constitutional Court ruled to oust impeached President Yoon with the decision made unanimously. European bourses (STOXX 600 -2.1%) are entirely in the red, in a continuation of the Trump-tariff induced slump seen on Thursday. Price action has only really been downwards today, given the lack of fresh catalysts and with traders mindful of the key NFP report ahead. European sectors hold a strong negative bias, with only a couple of sectors managing to hold in positive territory. Food Beverage & Tobacco outperforms today, largely thanks to the defensive bias in the markets today. Banks continue to underperform, extending on the prior day’s losses; yields continue to drive lower, and fears of an economic slowdown continue to increase. Top European News UK government said almost GBP 14bln of R&D funding is allocated to bolster life sciences, green energy, space and beyond to improve lives and grow the economy. Goldman Sachs cuts the UK's 2025 GDP growth forecast to 0.7% (prev. 0.8%). Deutsche Bank says the latest US tariffs could hit Europe and the UK's GDP by 0.4-0.7% percentage points and 0.3-0.6 percentage points respectively. DXY DXY is on a firmer footing, after initially edging lower in overnight/early European trade. Yesterday was a woeful session for the USD on account of concerns over the US' growth outlook post-tariffs with the DXY falling from an opening level at 103.37 to a trough at 101.26. Trade specific updates since have been relatively light, so focus today will be on US NFP and then Fed Chair Powell thereafter. EUR/USD has been weighed on in recent trade by the pickup in the USD but is still firmly above yesterday's opening level @ 1.0848. Analysts at ING attribute the recent resilience in the EUR not to a positive reappraisal of the Eurozone's growth outlook but more as a result of the "alternative liquidity offered by the euro". JPY is marginally softer vs. the USD and faring better than peers on account of the JPY's safe-haven appeal. BoJ speak overnight saw Governor Ueda remark that US tariffs are likely to exert downward pressure on Japan and global economies, however, it is hard to say now how US tariffs will affect Japan's price moves. Elsewhere, Deputy Governor Uchida noted that rates will be raised if underlying inflation heightens against the background of continued improvements in the economy. USD/JPY has made its way back onto a 146 handle but is still far away from yesterday's opening level at 149.21. After a solid showing vs. the USD yesterday which sent Cable from a 1.2968 base to a 1.3207 peak, the recent resurgence of the Dollar briefly sent the pair back onto a 1.29 handle with a session low at 1.2976. Antipodeans underperform today after seeing slight gains in the prior session. Gains yesterday were limited by the high-beta status of both currencies, which is the main driver of today's underperformance as internal macro drivers for Australia and New Zealand remain light. Fixed Income USTs continue to advance as the risk tone remains downbeat and has deteriorated further in the European morning. Bringing USTs to a 113-12+ peak, weighing on yields across the curve with the belly/10yr once again lagging. Trade updates have been relatively light since "Liberation Day", but President Trump suggested that the onus is on partners to bring him something "phenomenal". US NFP is on the docket and then focus turns to Fed Chair Powell thereafter. Bunds are already getting on for gains of 100 ticks on the day with Payrolls and Powell yet to print. Initial action was modest in nature, with overnight focus primarily on Japan as JGBs played catchup to Thursday’s moves and BoJ bets were altered to show just 13bps of tightening implied for the rest of 2025. Peaked at 130.75 thus far with gains of 163 ticks WTD. Gilts are also moving higher alongside peers. Upside of 104 ticks at most so far, higher by over 230 ticks on the week and around 350 above the low from last Wednesday’s Spring Statement. Commodities Crude continues its recent slump with WTI and Brent currently down by around USD 2.60/bbl and USD 2.50/bbl respectively. There has been little fresh fundamental in today's trade, but pressure is ultimately a factor of a) negative risk tone. b) fears of slowing economic growth. c) OPEC+ decided to increase output by a larger-than-scheduled 411k barrels per day in May. Brent Jun'25 currently at the lower end of a USD 67.53-70.11/bbl range. Precious metals are on the backfoot today, with spot silver underperforming vs gold. Specifically for the yellow-metal, price action was rangebound overnight and remained within overnight ranges for most of the European morning, before then succumbing to some modest selling pressure alongside a broader pick-up in the Dollar. Currently trading around USD 3,090/oz in a USD 3,078.60-3,116.67/oz range. Base metals are entirely in the red, given the risk tone and in a continuation of the recent slump across the commodity complex; a holiday in China, is also a factor for the downside today. Geopolitics: Middle East Israeli military say they have "eliminated" Hassan Farhat, a Hamas commander in Lebanon Israeli media reported that the Israeli army launched raids on large areas in the Gaza Strip, according to Al Jazeera Houthi-affiliated media reports US aggression on the Kahlan area, east of Saada city, northern Yemen, according to Al Jazeera. Iran reportedly abandons Houthis under relentless US bombardment and ordered its military personnel to leave Yemen, according to The Telegraph. US President Trump said he spoke with Israeli PM Netanyahu on Thursday who may visit the US next week, although it was separately reported that Israeli PM Netanyahu's visit to the White House will likely take place in a few weeks. Turkey said Israel's attacks on regional countries have made Israel the biggest threat to regional security, while it added that Israel is a regional destabiliser and is feeding chaos and terror. Saudi Crown Prince received a phone call from Iran's President during which they discussed developments in the region and issues of common interest. Geopolitics: Ukraine US President Trump's inner circle advises against a call with Russian President Putin until he commits to a full ceasefire. Russian envoy Dmitriev said lots of differences remain, but a diplomatic solution is possible and there is already some progress on trust-building measures, while he sees a positive dynamic in US-Russian relations and said Several meetings are needed to sort out differences. Dmitriev also stated that a long-term solution that takes into account Russian security concerns is what is needed, as well as commented that they are not asking for a lifting of sanctions and that they can do a deal with the US on rare earths. Moscow's mayor said Russian air defences repelled drones approaching Moscow and specialists are examining fallen fragments. US Event Calendar 8:30 am: Mar Change in Nonfarm Payrolls, est. 140k, prior 151k 8:30 am: Mar Change in Manufact. Payrolls, est. -1k, prior 10k 8:30 am: Mar Unemployment Rate, est. 4.1%, prior 4.1% 8:30 am: Mar Average Hourly Earnings MoM, est. 0.3%, prior 0.3% 8:30 am: Mar Average Hourly Earnings YoY, est. 4%, prior 4% DB's Jim Reid concludes the overnight wrap The last 24 hours have been truly historic for markets, as the impact of the US reciprocal tariffs cascaded across different asset classes, with no sign of letting up overnight. We’ll dive into more depth shortly, but just to run through some of the moves, yesterday saw the S&P 500 fall -4.84%, marking its biggest daily decline since June 2020, with futures down another -0.74% this morning. In turn, that took the peak-to-trough decline for the S&P 500 beyond 12%, meaning it’s now the biggest overall decline since the 2022 bear market. Otherwise, US HY spreads widened by +53bps yesterday, the biggest move wider since March 2020 at the height of the pandemic turmoil. The 10yr Treasury yield has fallen beneath 4% again, with futures fully pricing in a Fed rate cut by the June meeting. Both the dollar index (-1.67%) and Brent crude oil (-6.42%) suffered their worst days since 2022. And overnight, the 10yr Japanese government bond yield (-16.8bps) is on track for its biggest decline since 2003. So we’re currently experiencing some of the biggest moves in years right across the major asset classes. Given the significance of the tariff announcement, here at Deutsche Bank Research we’ve been thinking through what this means for our global forecasts. Yesterday we provided an initial guide (link here) on how they’ll shift if the tariffs do hold, although clearly there’s still a lot up in the air, including the extent of any retaliation. For the US, the movement is stagflationary, and our economists think these could reduce the 2025 GDP forecast (Q4/Q4) from 2.2% to around or under 1%, with core PCE up from 2.7% to around 4%. So recession risks will likely rise materially if these tariffs are sustained. And when it comes to the Fed, they think the latest moves make them more likely to cut, even though the direction of travel is highly stagflationary, with the bias now towards up to four cuts this year if this tariff policy holds. Meanwhile in Europe, our economists’ discuss their latest estimates in a report yesterday (link here). They estimate that the increase in US tariffs could knock 0.4-0.7pp off EU GDP, and that the EU will likely retaliate. Although the tariffs could complicate the easing trajectory for the ECB, they think they’re likely to continue cutting, and hold their terminal rate forecast of 1.50% at end-2025, with further rate cuts in April, June, September and December. They think the hit to growth will increase pressure on the ECB to cut rates, especially as the euro moved above $1.11 intraday yesterday for the first time in over 6 months. In terms of what happens now, the big question is how the US’s trading partners might retaliate, as that will play a huge role in determining what the overall economic and market impact will be. For instance, French President Macron said yesterday that companies should pause their US investments, saying “What would be the message of having big European players that invest billions in the American economy at the same time they are hitting us”. Separately, it was announced by Canadian PM Market Carney that Canada would put 25% tariffs on US-made autos that don’t comply with the USMCA deal. At the same time, investors will be watchful of any potential deals to reduce tariffs, with Trump saying yesterday evening that “The tariffs give us great power to negotiate” but that other countries would have to offer something “phenomenal” in negotiations for him to relent. So no signs of any immediate relief. On the back of all this, investors grew increasingly fearful about a potential US recession, with US equities seeing their sharpest decline in years. The S&P 500 (-4.84%) , the NASDAQ (-5.97%) and the small cap Russell 2000 (-6.59%) all saw their worst days since 2020, and there were as many as 74 companies in the S&P that fell by at least 10% yesterday. All that meant measures of volatility continued to spike, with the VIX index (+8.51pts) moving up to 30.02pts, its highest level since the turmoil last summer. And given mounting fears of a downturn, the more cyclical sectors drove the underperformance, with the Magnificent 7 (-6.67%) posting its worst day since July and extending the decline from its December peak to -24%. Meanwhile in Europe, the declines weren’t quite as bad, but even there the STOXX 600 (-2.57%) saw its biggest move lower since August. Whilst growth fears were at the forefront yesterday, investors were also becoming a lot more concerned about inflation. In fact, the US 1yr inflation swap (+8.3bps) rose for a ninth session in a row to close at its highest level since 2022, back when the Fed were still hiking by 75bps per meeting to get inflation under control again. However, because of the growth fears, investors also priced in that the Fed would cut rates more aggressively over the months ahead. In fact as we go to press this morning, futures are now pricing over 100bps of rate cuts by the December meeting, and are fully pricing in an initial cut by the June meeting. They even see a 34% probability of a cut at the next meeting in May, so all eyes will be on Fed Chair Powell’s comments today to see his reaction. With investors worried about the growth shock and pricing in more rate cuts, that helped sovereign bond yields to move lower across the curve, albeit with a very sharp steepening. For instance, the 2y Treasury yield (-17.8bps) fell back to 3.68%, and the 10yr yield (-10.1bps) fell to 4.03%, yet the 30yr yield (-3.0bps) saw a smaller decline to 4.47%. And over in Europe, there were also declines as investors priced in more ECB rate cuts, with yields on 10yr bunds (-7.0bps), OATs (-5.0bps) and BTPs (-4.3bps) all moving lower. Over in the FX space, there was a huge depreciation in the US Dollar yesterday, with the dollar index (-1.67%) posting its biggest daily decline since 2022. That included a +1.83% move for the Euro, which closed at $1.1052, which is the first time it’s closed above $1.10 in six months. More broadly, our FX strategists are maintaining their bullish EUR/USD view, and George Saravelos warned yesterday (link here) that there’s an increasing concern that the dollar is at risk of a broader confidence crisis. Amidst the huge market moves, sentiment wasn’t helped by the latest ISM services data, which came in beneath expectations in March. The headline index was down to a 9-month low of 50.8 (vs. 52.9 expected), and the employment component (46.2) slumped to its lowest since December 2023. That said, for now at least, the labour market hasn’t shown an obvious sign of deterioration, with the weekly initial jobless claims at 219k over the week ending March 29 (vs. 225k expected), which pushed the 4-week average down to 223k. That focus on US data will continue today, as we’ve got the March jobs report coming out at 13:30 London time. Clearly it won’t account for the full impact of these reciprocal tariffs that are now coming, but it will be an important test as it’s one of the first hard data prints we have for the month of March. In terms of what to expect, our US economists are looking for nonfarm payrolls to come in at +150k, with the unemployment rate rounding up to 4.2%. You can see their full preview and register for their post-release webinar here. Later on today, we’ll then hear from Fed Chair Powell, who’s giving a speech on the economic outlook, so that will be heavily in focus to hear about how the Fed are thinking about tariffs and their reaction function. Ahead of that, we did hear from Fed Vice Chair Jefferson yesterday, who said “there is no need to be in a hurry to make further policy rate adjustments. Overnight, this direction of travel has continued in markets, with sharp losses in Asia that built on yesterday’s moves. For instance, Japan’s Nikkei is down another -3.74%, on top of its -2.77% move yesterday. So as it stands, the index is down -9.93% for the week, which would be its worst weekly performance since the pandemic turmoil of March 2020. That comes amidst a sharp appreciation in the Japanese yen, which is currently at 145.62 per US dollar this morning. Moreover, there’s been an astonishing move in Japan’s government bond yields, with the 10yr yield (-16.8bps) on track for its biggest daily decline since 2003. Meanwhile in Australia, the S&P/ASX 200 (-2.24%) has also built on its Thursday losses, leaving it on track for its worst weekly performance since 2022. And in South Korea, the KOSPI is down -1.71%. Equity markets in China are closed for a holiday. To the day ahead now, and the main highlight will be the US jobs report for March. Other data includes German factory orders and French industrial production for February, along with the construction PMIs for March in Germany and the UK. Elsewhere, central bank speakers include Fed Chair Powell, along with the Fed’s Barr and Waller. Tyler Durden Fri, 04/04/2025 - 08:23
Goldman Launches DOGE Tracker To Monitor Real-Time DC Economic Impact Our conversation with a few institutional desks suggests a growing interest in the downstream economic impact of DOGE-related federal agency restructurings across Washington, DC—particularly with USAID neutered, the Department of Education dismantled, and numerous other agencies experiencing tens of thousands of job cuts. Additionally, the termination of federal contractors and NGO staff raises further concerns that the nation's capital—fueled mainly by taxpayer dollars—could face outsized economic disruption. Goldman Chief Economist Jan Hatzius shared new insights with clients on Sunday, unveiling an economic snapshot of the DC metro area economy through the firm's new Monthly U.S. Government Activity—a data dashboard that monitors DC government employment, spending, and other economic trends. Hatzius said the first two months of the second Trump administration had featured federal agency restructuring, spending cuts, and federal layoffs, prompting his team to launch the monthly U.S. Government Activity Tracker to monitor employment and spending trends. Jobs data so far indicates early signs of reduction in the government workforce, with 49.3k employees (1.6% of the workforce) affected. This includes 21k probationary workers, along with further cuts planned at agencies like the VA, DoD, IRS, and HHS. Initial unemployment claims for federal workers rose in late February (read here) and early March but have since moderated, while DC job postings on Indeed.com are down 11% since January. Hatzius noted that the broader labor market impact remains minimal. Federal spending shows some confirmed cuts, particularly at the State Department and FCC, though total cash withdrawals from the Treasury align with historical norms. Contract awards have fallen slightly, while grant awards have stagnated below trend since Inauguration Day. Government travel has also slowed, but DC airport traffic remains stable, while DC Metrorail ridership surged as federal workers were called back to the office. Data from Morning Consult shows consumer sentiment among federal workers has soured, especially across the DC metro area since the start of the year. Here's the U.S. Government Activity Tracker snapshot for March: Employment Reduction in Force Orders Have Affected an Estimated 49.3k Federal Employees So Far Initial Unemployment Claims Filed by Federal Employees Remain Elevated Further RIF Layoffs Have Been Reported at the Department of Veterans Affairs, Department of Defense, and Internal Revenue Service Job Openings in Washington DC Have Declined Considerably Federal Government Job Growth Slowed to 0.7% Year-over-year in February Spending Total Federal Government Operating Cash Withdrawals Are Roughly On-trend… But Spending is Undershooting in Several Key Department and Agencies Federal Contracts Activity Declined Slightly in February but Still Lies Within Normal Ranges Federal Grants Have Largely Stagnated at a Below-trend Level Since Inauguration Day Government Travel Recent Company Anecdotes Highlight Negative Impacts on the Airlines and Hospitality Sectors No Signs of Decline in DC-Area Flights Weekday Metrorail Ridership Reaches a Post-pandemic High as Federal Employees Return to Office Consumer Sentiment Sentiment Among Government Employees Has Declined Sharply, Especially Among Those Residing in the DC Area Market Performance of Companies Exposed to Government Spending Cuts Has Declined Since Election Day Some IT Software, Defense, and Real Estate Companies Are Cautiously Optimistic About the Efficiency-driven Spending Cuts Hatzius pointed out, "Taken together, the data captures a modest real-time impact on employment and discretionary and operational spending but otherwise suggests limited growth implications. We continue to expect these government spending cuts to have a relatively limited macroeconomic impact." Separate from Goldman, we have commented on everything from MLS housing data to jobs data, which only show that the real pain for the DC Swamp—whether in DC itself, Northern Virginia, or Maryland—has yet to hit. Tyler Durden Fri, 04/04/2025 - 07:45
Democrats Want 'Misgendering' And 'Deadnaming' To Be Considered Child Abuse Authored by Steve Watson via Modernity.news, Democrats in Colorado have introduced legislation that would recognise ‘misgendering’ and ‘deadnaming’ as forms of abuse of children who have decided to identify as transgender. Colorado Newsline reports that the bill, called “The Kelly Loving Act” after a transgender-identifying individual killed in a 2022 club shooting in Colorado Springs, would ensure such ‘abuse’ be considered in child custody disputes. The legislation defines ‘deadnaming’ as “to purposefully, and with the intent to disregard the individual’s gender identity or gender expression, refer to an individual by their birth name rather than their chosen name.” INSANE. The CO House Committee has voted 7-4 to pass a radical transgender bill that makes "misgendering" a "discriminatory act," takes children away from parents who "deadname" or "misgender," and pushes gender ideology in all schools, including private and charter. Every… pic.twitter.com/x5WOwAKI6Z April 2, 2025 It identifies ‘misgendering’ as “to purposefully, and with the intent to disregard the individual’s gender identity or gender expression, refer to an individual using an honorific or pronoun that conflicts with the individual’s gender identity or gender expression.” That’s right, calling little Jimmy ‘he/him’ after he’s decided he wants to be little Janey would be classed as child abuse. 🚨Yesterday, these 7 Colorado Reps voted to force all parents to affirm their kids’ gender dysphoria, or else the state will take them — and force ALL Coloradans call a man a woman if he tells you to, or else the state will come after you. https://t.co/7clVMmk2wN pic.twitter.com/DI1shaEYLE April 3, 2025 The bill outlines that courts overseeing child custody decisions would have to consider ‘misgendering,’ and ‘deadnaming,’ as “coercive control” on behalf of a parent. A group of Colorado Democrats in the state legislature have introduced legislation to require courts to consider “deadnaming” and “misgendering” in court battles regarding child custody. DETAILS: https://t.co/4nrqsJCWd7 pic.twitter.com/dSGtiU5Qqe April 2, 2025 Imagine the scenario. The kid sees something on social media and decides he’s a girl now. Dad, let’s call him Chad, thinks it’s just a phase or an example of social contagion, but Mom, Karen, is adamant it’s not and wants to give the kid puberty blockers. Who do you think is gonna get custody if the parents are separated? A father in Colorado was gagged by the court during a custody battle because he refused to give his child puberty blockers. Democrats in CO are now pushing bill HB25-1312 which would take “misgendering” & “deadnaming” into account during custody hearings. pic.twitter.com/vxOxRu3M8F April 3, 2025 The report also notes that the legislation would prohibit Colorado courts from enforcing orders or laws from other states that require a child to be removed from parents who allow them to undergo ‘transition’ procedures. The bill would also ensure that ‘misgendering’ and ‘deadnaming’ are recognised as discrimination under the Colorado Anti-Discrimination Act. The report also highlights that the proposed law would mandate schools to adopt policies regarding “chosen names” and prohibit school dress codes based on “gender.” The legislation has passed the House committee on its way to a vote. When President Trump took office, he signed an Executive Order outlining that there are only two genders. Trump’s order also defunds any schools or clinics supporting transitioning procedures or self identifying when it comes to sex. JUST IN: A child was denied "gender-affirming care" at Children's Hospital of Wisconsin due to Trump's EO banning funds for puberty blockers for minors. President Trump is saving our children from irreversible, harmful drugs. pic.twitter.com/XjWlGMkxu8 February 10, 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, 04/04/2025 - 07:20
China Strikes Back: Slaps 34% Tariff On US Goods After Trump's 'Liberation Day' U.S. equity futures took another leg lower, the VIX spiked to 36, Treasury yields slipped (UST10Y China to impose additional 34% tariffs on **all** imported U.S. products starting April 10, the official Xinhua news agency reports. April 4, 2025 According to state-run Xinhua, Beijing announced it would slap 34% retaliatory tariffs on all U.S. imports starting April 10. Details were scarce at the moment. "Chinese authorities said they will start a probe into medical CT X-ray tubes imported from the US and India, and halt imports of poultry products from two American companies," Bloomberg noted. Xinhua also reported that Beijing announced export control measures on certain rare earth-related items but did not provide specifics. China announces export control measures on certain rare earth-related items pic.twitter.com/HBW2ahcjv1 April 4, 2025 The move comes two days after Trump's tariff-a-palooza pushed the effective U.S. tariff rate on Chinese goods to 54%. Deutsche Bank's George Saravelos noted on Thursday that the big negative surprise this week has been the 50%+ tariff rate on China (far worse than expectations) and the key connector economy Vietnam, which affected $600bn worth of manufactured goods to the U.S. combined. Goldman helped clients visualize this move. On Thursday, Beijing condemned the escalating tariff war, calling it "unilateral bullying. " It added that it "firmly opposes" the tariff war and "will resolutely take countermeasures to safeguard its own rights and interests." And here we are—risk assets getting hammered again on a Friday morning—as tensions between Washington and Beijing escalate sharply to end the week. Both superpowers remain locked in a stalemate over China's subsidization of fentanyl precursor chemicals to Mexico, which has fueled the overdose death crisis in the United States. Stay on top of the tariff war: The Only Chart That Matters... Global Impact Of Trump Tariffs Will Be Determined By Beijing "Reign Of Tariffs" Begins: All You Need To Know About Trump's "Reciprocal" Trade War Beijing Slams Trump's "Unilateral Bullying" Tariffs, Signals Retaliatory Action In markets, main US equity futures indexes were hammered lower after China retaliated. A lot more red. UST10Y Implied interest rate cuts top 4.5 for the year. Bitcoin tumbles. Dollar loses steam after European surge. And Yuan weaker. *Developing... Tyler Durden Fri, 04/04/2025 - 07:00
Russia Warns Against US Strikes On Iran Nuclear Sites: 'Catastrophic & Illegal' Via The Cradle The Russian Foreign Ministry warned on Thursday that US threats of attack against Iran are "unacceptable" and could result in a "catastrophe". "The use of military force by Iran's opponents in the context of the settlement is illegal and unacceptable. Threats from outside to bomb Iran's nuclear infrastructure facilities will inevitably lead to an irreversible global catastrophe. These threats are simply unacceptable," Foreign Ministry spokeswoman Maria Zakharova said. Russian Deputy Foreign Minister Sergei Ryabkov also told Life magazine that the "consequences of this, especially if there are strikes on the nuclear infrastructure, could be catastrophic for the entire region." Kremlin Pool via AP Russia and the US have recently held talks on ending the war in Ukraine. Ryabkov said these talks have not resulted in a breakthrough. Regarding tension between Tehran and Washington, Ryabkov said Russia "condemns US threats." The Russian Foreign Ministry comes after US President Donald Trump renewed his threat to attack Iranian nuclear facilities. "If they don't make a deal, there will be bombing. But there's a chance that if they don't make a deal, that I will do secondary tariffs on them like I did four years ago," the president said on Sunday. Iran issued a formal complaint to the UN Security Council and said it would respond to any threat. Trump had sent a letter to Iranian leadership in early March, threatening an attack if Tehran did not come to the negotiating table. Iranian officials said they would not negotiate under threats and economic sanctions, which Trump has imposed with full force as part of his "maximum pressure" policy. This week, Iran’s Foreign Minister Abbas Araghchi said Tehran has officially responded to Trump’s letter signaling a willingness for indirect talks, which the US is reportedly considering. However, Washington is simultaneously beefing up its forces in the region in preparation for a potential attack. This follows several reports over the past two months that Israel is planning to strike at the Iranian nuclear program. Iran’s Deputy Foreign Minister Majid Takht Ravachi held talks on the nuclear issue with Ryabkov on Wednesday. "The sides stressed the illegality and inadmissibility of the use of military force by Iran's opponents to resolve disagreements and the unacceptability of threats from the outside to bomb Iran's nuclear energy infrastructure, as this will inevitably lead to large-scale and irreversible radiological and humanitarian consequences for the entire Middle East region and the world as a whole," the Russian Foreign Ministry said. Satellite imagery from earlier today by @IndoPacWatch shows 6 B-2 “Spirit” Long-Range Strategic Stealth Bombers with the 509th Bomb Wing, on the tarmac at Naval Support Facility Diego Garcia in the Indian Ocean, a little more than 2,000 miles away from Iran. pic.twitter.com/divXs4o9kb April 1, 2025 China, Russia, and Iran released a joint statement on March 14 demanding an end to "unlawful" US sanctions against the Islamic Republic after meetings in Beijing between the three countries. Tehran insists that its nuclear program is entirely peaceful, in line with a religious fatwa against weapons of mass destruction, as well as the fact that it is a signatory to the Nuclear Non-Proliferation Treaty (NPT). Tyler Durden Fri, 04/04/2025 - 06:30
Poland Inks $2 Billion Air Defense Deal With US Poland unveiled this week that it has signed a new defense deal with the United States valued at nearly $2 billion. This is for more Patriot air defense systems and expanded logistical support. "The safety of Polish skies has no price," Deputy Prime Minister of Poland Wladyslaw Kosiniak-Kamysz told a news briefing while discussing missile defense cooperation with Washington. Via US Embassy in Warsaw "Poland's defense ministry said implementing the agreement would enable the operational readiness of Patriot launchers, which form the foundation of the Wisla program," one international report says. "It aims to counter, among other things, short-range tactical ballistic missiles, including maneuvering missiles." Under the same program, the NATO eastern flank country acquired its first two Patriot system batteries in 2018. The Trump administration has praised Poland for being among NATO's top spenders in terms of GDP. Polish President Andrzej Duda has sought to fix a standard of defense spending of at least 4% of GDP, and even have it enshrined in the nation's constitution. Poland plans to spend 4.7% of GDP on defense this year, which is the highest in the NATO alliance. "Poland is a model NATO ally and a leader in advanced air and missile defense," said US chargé d’affaires Daniel Lawton while attending a signing ceremony at the military base in Sochaczew. The event was also attended by Polish Prime Minister Donald Tusk. Lawton added, "We are proud to celebrate another step in US-Polish defense cooperation – strengthening NATO’s eastern flank and deepening our strategic partnership." Poland is now the only country in the world other than the US to possess the US Army's newest Patriot batteries with the integrated air and missile defense battle command system (IBCS). Meanwhile, Tusk has sent a message to US President Donald Trump on the newly unveiled tariffs, including a 20% rate for the EU... "America could and always can count on Poland," Tusk said in English. "You have only friends here. And I can say the same thing about Europe as a whole." Mr. President @realDonaldTrump, cooperation is always better than confrontation. pic.twitter.com/EFtXj51rGC March 31, 2025 "In our common European-American interest are a strong US, a strong European Union and a strong NATO, not weaker," he added. "Think about it, Mr President and dear American friends before you decide to impose tariffs against your closest allies. Cooperation is always better than confrontation." Tyler Durden Fri, 04/04/2025 - 05:45
Charity Involved With Adolescence Suggested Boys Engaging In "Locker Room Banter" Can Lead To "Genocide" Authored by Paul Joseph Watson via Modernity.news, The charity which met with Prime Minister Keir Starmer over a plan to screen the Netflix show Adolescence in UK schools previously published material suggesting that boys engaging in “locker room banter,” advocating for “strict gender roles” and “bragging” can ultimately lead to genocide. Yes, really. Adolescence is a 4 part drama based around a 13-year-old white boy who murders a girl after being radicalized by incel culture and ‘Manosphere’ social media influencers like Andrew Tate. Despite the fact that the show is a complete work of fiction, it has somehow become a rallying cry for new policies and laws which will ultimately lead to more online censorship. The child character in the show is a white boy from a married home, despite producers admitting the plot was primarily based on the murder of a 15-year-old black girl by a black Ugandan immigrant. Tender has been instrumental in working with the producers of the show to bring it to a wider audience, leading to a plan to broadcast the series in all UK schools which has been backed by the government. Representatives from Tender in addition to Adolescence co-creator Jack Thorne and producers Emma Feller and Jo Johnson met with the UK Prime Minister on Monday. Tender’s CEO at the Downing Street roundtable https://t.co/3COvkAzIYY pic.twitter.com/72ftzY8lwR — Charlotte Gill (@CharlotteCGill) April 1, 2025 As Charlotte Gill documents, Tender previously published a ‘pyramid of sexual violence’ which suggests that teenage boys engaging in “locker room banter,” “bragging,” “objectification,” and adhering to the attitude that “boys will be boys” can ultimately lead to sexual assault. Here is some learning material from @TenderUK, the taxpayer-funded (£3.4 million, 2020-24) charity, coming to schools in the aftermath of Adolescence. Its pyramid explains how men go from bragging to genocide. There’s also colonialism in there. pic.twitter.com/KbffSnA5Uf — Charlotte Gill (@CharlotteCGill) April 1, 2025 Not only that, the pyramid ludicrously asserts that such behavior is on a scale that can end up resulting in “femicide,” “homicide,” “gang rape,” “murder” and even “genocide.” That’s quite a leap. Gill also uncovered a document showing that Tender had received £3.4m in taxpayer funding from 2020-24 via government grants and government contracts. I don’t know if Adolescence is a Psyop, but let’s just say that Tender, the charity working in conjunction with it, was very ready to go, PR wise, on the day of its release (13th March). Tender received £3.4m in taxpayer funding from 2020-24. https://t.co/VC8ADVUJrz pic.twitter.com/MEtxAAOVEV — Charlotte Gill (@CharlotteCGill) April 1, 2025 The charity has also featured pro-transgender actor and activist David Tennant as a speaker at one of its events. During the event, Tennant asserted, “Our boys and young men need diverse role models who demonstrate the many ways to be a man.” 'Our boys and young men need diverse role models who demonstrate the many ways to be a man, and how treating others with respect is the greatest show of strength. David Tennant, Tender Awards 2024#actingforhealthyrelationships #davidtennant #RSHE #boysandyoungmen pic.twitter.com/6Wb3Y9sy75 — Tender (@TenderUK) October 1, 2024 As we document in the video above, Adolescence is a tool of social engineering that pins the blame for “toxic masculinity,” online radicalization and violence towards young women on white British boys, a complete inversion of the truth. * * * 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, 04/04/2025 - 05:00
Putin Launches Largest Military Call-Up Since 2011 As Europe Rattles Sabers If Europe's goal was to ruin Donald Trump's chances of brokering a practical diplomatic solution to the Ukraine conflict, they may have succeeded. France and Britain are both openly suggesting that they will deploy troops to the region to "help secure a peace deal" in the near term - There are very few other takers, largely because the move will undoubtedly trigger WWIII. In fact, this is likely the intention. With Russia making the largest territorial gains year-over-year since 2022 and Ukraine's troop strength dwindling, the end of the war looms. Either Kyiv will be forced to surrender or Trump will score a rudimentary peace agreement and a ceasefire. The best case scenario for Ukraine at present is a separation of the Donbas into Russia (one of the original reasons for the war), and a demilitarized zone with a solidified border. Ukraine has no chance of reclaiming these territories through strength of arms. Case in point: Vladimir Putin has initiated the largest troop call-up since 2011, mobilizing over 160,000 men with no signs of slowing Russia's recruitment efforts. The spring call-up for military service came several months after Putin said Russia should increase the overall size of its military to almost 2.39 million and its number of active servicemen to 1.5 million. That is a rise of another 180,000 over the next three years at the current rate. The Kremlin states that the new troops are not expected to enter Ukraine, and will more likely be used to secure the western border. This move comes as Poland and other NATO countries within ground invasion proximity to Russia engage in a build up on pretenses of defense. Whether or not this is true is difficult to determine because of French and British plans for troop deployments to Ukraine. Even if calls for boots on the ground turn out to be pure bluster, the buildup in Poland and the troop increases in Russia might be enough to trigger an escalation. Furthermore, new troops are traditionally called up right before a major offensive so that fresh soldiers can be deployed to fill expected losses after six months to a year. The fact is, the powers-that-be intend for tensions with Russia to continue no matter what happens in Ukraine. And, Russia my be getting ready to preempt the arrival of European forces. Russia calls up conscripts in the spring and autumn but the latest draft of 160,000 young men is 10,000 higher than the same period in 2024. Since the start of last year, the pool of young men available for the draft has been increased by raising the maximum age from 27 to 30 (to put this in perspective, the average age of conscripts in Ukraine is now 43). Though the long running narrative in the establishment media has been that Russian forces are "tapped out" and shattered after unprecedented losses on the front lines, ongoing gains in Eastern Ukraine along with growing troop strength show that this was nothing more than propaganda. Tyler Durden Fri, 04/04/2025 - 04:15
Polish President Blasts Hate-Speech Law, Bemoans Push For 'Communist'-Style EU Via Remix news, As Polish presidential elections near and the term of current President Andrzej Duda comes to an end, the head of state gave an interview to Telewizja Trwam and Radio Maryja. During the segment, Duda covered many topics, including the Sejm’s new so-called hate speech law, which he said he would not sign, saying it is built on lies about “well-established” concepts. The president also called out the left for being hypocritical. According to wPolityce, Duda said it is very characteristic that these left-liberal trends, which shout so loudly about tolerance and diversity, are the first to block free speech,” defining language “as they wish” while also “punishing any deviation” from what they say is correct. “This is an ongoing attempt to build a world, a language, on lies, on giving new meaning to concepts that are established,” Duda told the show. Claiming Poland is still a fully democratic country upholding the will of the majority, despite many being afraid of certain developments around them, Duda still cautioned against an erosion of democratic norms. He specifically cited St. John Paul II, who warned that democracy without values easily turns into open or camouflaged totalitarianism. “We have clear and obvious examples of the deception that the current situation in Poland brings us, especially the media situation – manipulation, lies, silence, giving new meaning to words, denying events that took place (…). We must firmly defend ourselves against this and I hope that society will be able to defend itself against this at the ballot box, while expressing its real expectations,” he said. On his party’s (PiS) proposed judicial reform, Duda blamed its failure on those who have “enormous influence” at home and abroad. “These people are very often people who smoothly transitioned from the communist system and from being members of the communist party, very quickly whitewashed themselves, painted themselves in other colors and started pretending to be great democrats. Before, they served the communists, and then they started pretending to be great libertarians,” he said. On the federalization of the European Union, Duda told listeners that “nation states must be preserved, the EU should be a union of nation states. All cultural and identity traditions in nation states should be respected and recognized within the framework of diversity that they talk about, and which in this case they are trying to absolutely deny, forcing us into one uniform as in the most negatively associated communist regimes.” Duda made a “farewell visit” to Italy last week, during which Italian PM Georgia Meloni gave him a copy of the Italian Anthem to signify “the profound historical bond that has united the histories of our nations.” “I wanted to reiterate the importance of bilateral relations and the continuous strengthening of economic and cultural ties between Italy and Poland,” Meloni posted on X. Oggi, a Palazzo Chigi, ho avuto l’onore di accogliere il Presidente della Repubblica di Polonia, @AndrzejDuda, nell’ambito della sua visita di commiato in Italia, in vista del termine del suo mandato. Durante il nostro incontro, ho voluto ribadire l’importanza dei rapporti… pic.twitter.com/92TDGmpzLL — Giorgia Meloni (@GiorgiaMeloni) March 28, 2025 Read more here... Tyler Durden Fri, 04/04/2025 - 03:30
EU State Withdraws From International Criminal Court An EU country and founding member of the International Criminal Court (ICC) has withdrawn from the court in an unprecedented move on Thursday. Hungary is withdrawing from the ICC, the Viktor Orban government has announced, hours after Israeli leader Benjamin Netanyahu arrived in the country for a state visit. Orban while standing alongside Netanyahu for a press conference called The Hague-based court a "political tool". Hungary has refused to enforce the ICC arrest warrant against the Israeli prime minister. Orban and Netanyahu meeting Thursday, via Reuters "This very important court has been diminished to a political tool and Hungary wishes to play no role in it," Orban told reporters. The ICC had already condemned Orban's willingness to invite the Israeli leader for a state visit, despite the arrest warrant issued by The Hague last year. It marks only Netanyahu's second foreign trip since the warrant was issued, with the first being to Washington. The court has charged Netanyahu with war crimes in Gaza. Israel has slammed the court's ruling as 'anti-Semitic' and politically motivated, and has rejected it. Netanyahu on Thursday praised Hungary for its "proud" support for Israel. "This is important not just for us, but for all democracies… it’s important to stand up to this corrupt organization." The Israeli PM said he expects more countries to eventually follow Budapest's lead. Last November, when Budapest first unveiled the formal state invitation, Orban dismissed the ICC's arrest warrant as "shameful" and "absurd". It should be noted that Hungary had also long ago declared it would never arrest Russian president Vladimir Putin should he visit the country. The conservative populist Hungarian leader had further accused The Hague of "interfering in an ongoing conflict for political purposes" - in reference to Israel's Gaza operations. ICC court spokesman Fadi El Abdallah in a Wednesday statement said that it is not for parties to the ICC "to unilaterally determine the soundness of the Court’s legal decisions." "Any dispute concerning the judicial functions of the Court shall be settled by the decision of the Court," he said, asserting that member nations have an obligation to carry out the rulings of the court. Orban: welcome to the safest place in Europe... 🇭🇺🇮🇱 Prime Minister @netanyahu in Budapest, the safest place in Europe. Welcome to Hungary, Prime Minister! pic.twitter.com/GI1cjGj6X1 April 3, 2025 Days ago Israel's military once again ordered the evacuation of Rafah, and emerging reports say that in Gaza City food and water are becoming scarce. Netanyahu has vowed, despite an avalanche of international criticism, to pursue Hamas until the group is eradicated and can no longer attempt to assert its rule over Gaza. Gaza health authorities say that over 1,000 Palestinians have died since the ceasefire collapsed last month. This brings the official number of deaths to over 50,000 since Oct.7, 2023. However, Israel has disputed these figures, and has claimed that tens of thousands of the casualties are actually Hamas fighters. Tyler Durden Fri, 04/04/2025 - 02:45
Media Eviscerated For Claiming Jailing Marine Le Pen Is 'Good For Democracy' Authored by Steve Watson via Modernity.news, TIME Magazine is facing backlash for declaring that the conviction of French populist politician Marine Le Pen on a trumped up bureaucratic charge “was a good day for French democracy.” Yes, really. Apparently banning a front running candidate from running for office for five years and handing her a prison sentence is “good for democracy.” It was a good day for French democracy but the far-right may still win the 2027 presidential election, writes Cole Stanglerhttps://t.co/vlexFV9Ltg April 1, 2025 As we highlighted yesterday, this is happening all over Europe in what many are describing as a coordinated globalist effort to prevent more nationalist candidates from being elected. Le Pen will serve two of the four year prison sentence qunder house arrest with an ankle bracelet monitor. Why 2 years of house arrest? Is there a risk she might steal a car? The only plausible explanation is that it is to prevent her campaigning for whoever is the RN's candidate in the next elections. March 31, 2025 Democracy does not include imprisoning the likely winner, you drooling fucking morons. April 1, 2025 Define democracy, @TIME April 1, 2025 Democracy now means putting your political opponents in jail worldwide. April 1, 2025 Removing candidates from running is totally a good day for democracy. April 1, 2025 How is it good for democracy to imprison popular opposition? April 1, 2025 Putting your political opponents in jail before an election is *not* repeat *not* a "good day for democracy". Its quite the opposite, actually. April 1, 2025 Le Pen may still yet find a way to run given that the Paris Court of Appeal said it will look to decide whether to uphold or scrap the ban on her from elections by next year. “The Paris Court of Appeal confirms having received today three appeals filed against the decision rendered on March 31, 2025, by the Paris judicial court in the case of the parliamentary assistants of the National Front. It will examine this file within a time frame which should allow a decision to be rendered in the summer of 2026,” the court said, according to Le Figaro. In response, Le Pen said it was “very good news,” but that she intends to challenge the ruling in any way possible, including France’s Constitutional Council and the European Court of Human Rights. “I will use all possible avenues of appeal. I won’t let it happen,” she told Le Parisien. She has further contended that the court’s decision to impose a ban on her pursuing office while her appeal is ongoing undermines the rule of law, asserting that individuals in the appeal process are generally granted the presumption of innocence, and thus, implementing the ban at this stage disregards established legal norms. Current polling suggests that Le Pen is almost certain to win if she runs in 2027. * * * 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, 04/04/2025 - 02:00
Iran Lacks The Leverage For A Fair Deal With The US Authored by Andrew Korybko via Substack, It’ll therefore either have to accept a lopsided one or prepare for a major war that it might lose. Iranian-US tensions are boiling after Trump threatened to bomb Iran following its rejection of direct talks over a new nuclear deal. He also ordered the Pentagon to move six B-2 stealth bombers, which CNN assessed to be a full 30% of the US’ stealth bomber fleet, to the Indian Ocean island of Diego Garcia. The Iranian Supreme Leader responded by promising strong retaliation if the US attacks while one of his chief advisors warned that their country would then have “no choice” but to build nukes if that happens. Although the US Intelligence Community’s latest Annual Threat Assessment claimed that “Iran is not building a nuclear weapon”, there have been long-standing concerns that it could quickly do so if the decision is made due to its nuclear program allegedly have a rapid breakout potential. This makes it no different in principle than Japan’s, which could begin churning out nukes in a matter of months, but neither the US nor its regional allies consider Japan to be a threat, unlike how they view Iran. The US’ renewed bombing campaign against Iran’s Houthi allies in Yemen might have been partially intended to send a message to the Islamic Republic aimed at getting it to enter direct talks over this issue by signaling that Trump 2.0 does indeed have the political will to initiate military action if it refuses. Despite Iran’s recent rejection of his demand, Trump might still hold off on this for now due to the likelihood that Iran could inflict unacceptable retaliatory damage to the US’ regional bases and allies. Furthermore, diplomacy hasn’t yet been exhausted since Iran didn’t reject indirect talks of the kind that Russia offered to mediate after reportedly being asked by the US to do so, which was discussed here. Therefore, it would be premature for the US to seriously consider bombing Iran at this time, yet that option isn’t off the table if indirect talks fail to reach a deal. Iran lacks the leverage for a fair deal with the US, however, so it’ll either have to accept a lopsided one or prepare for a major war that it might lose. Iran is a proud civilization-state that’s loath to subordinate itself to anyone, hence the difficulty in getting it to agree to drastic curbs on its nuclear energy program that would enshrine its status as a second-class country in this regard, all while abandoning any chance of nuclear weapons in the future. From Iran’s perspective, this could embolden Israel into one day launching a large-scale conventional or even nuclear war against it, which Iran believes has only hitherto been deterred by dangling this Damocles’ sword. That said, while Iran could inflict unacceptable retaliatory damage to the US’ regional bases and allies (first of all Israel) if it’s attacked over its refusal to agree to a Russian-mediated lopsided deal, it cannot inflict such damage to the US’ nuclear triad and would thus likely be destroyed. Iran couldn’t count on Russia intervening to help it either since their newly updated strategic partnership doesn’t include mutual defense obligations and Moscow doesn’t want war with Washington or West Jerusalem. Even though the US could survive a major war with Iran, it still prefers to avoid one. So long as the US’ demands remain limited to drastically curbing Iran’s nuclear energy program and don’t expand to include curbs on its support for regional allies or its ballistic missile program, then creative diplomacy could prevail. For that to happen, Russia would have to devise a set of incentives for Iran that the US approves of and Iran then agrees to, but that’s still a far way off and Trump might strike first if he loses patience. Tyler Durden Thu, 04/03/2025 - 23:25
Trump's Pardon Only Covers Defendants' Jan. 6-Related Crimes: Appeals Court Authored by Zachary Stieber via The Epoch Times, President Donald Trump’s pardon for people convicted of charges related to the Jan. 6, 2021, breach of the U.S. Capitol does not extend to crimes “only connected to January 6 by the happenstance that it was uncovered during investigation of the unrelated January 6 offenses,” a federal appeals court ruled on April 2. A divided panel of the U.S. Court of Appeals for the District of Columbia Circuit upheld a lower court ruling that rejected arguments from Dan Wilson, a Jan. 6 defendant who said that Trump’s relief should cover firearm convictions that stemmed from a search conducted as part of the probe into his actions on Jan. 6, 2021. Trump on Jan. 20, when he took office for his second term, pardoned people for crimes “relating to the events at or near the United States Capitol on January 6, 2021.” “That language plainly applies to related offenses,” Circuit Judges Cornelia T.L. Pillard and Gregory G. Katsas said on Wednesday, in denying Wilson’s motion for release pending appeal. Circuit Judge Neomi Rao, the third judge on the panel, dissented. “Wilson’s appeal presents exceptional circumstances. He raises a novel question implicating the scope of the pardon power, which is vested exclusively in the President,” Rao said. She noted that Trump issued the pardon but tasked the attorney general with administering and effectuating it by issuing certificates to relevant people. The U.S. Department of Justice has said in court filings that the pardon does cover Wilson’s firearm convictions. “Wilson’s certificate merely repeats the language of the blanket pardon and does not specifically list his firearm convictions,” Rao said. “But nothing seems to preclude a new certificate from being issued that clarifies the scope of Wilson’s pardon. Because it is unlikely that the issuance of a certificate of pardon is judicially reviewable, there is at least a ’substantial question' whether we should defer to the Department of Justice when it claims the certificate it has issued applies to Wilson’s firearms convictions.” The majority said in response that they were reviewing the scope of the pardon, not its validity. “The pardon does not cover offenses wholly independent of events at the Capitol on January 6, even if uncovered during investigation of January 6 offenses,” they said. “What matters is the relationship between the offenses. Wilson’s Kentucky firearm offenses are not ‘offenses related to events that occurred’ at the Capitol on January 6. They occurred at a different time and place, and the elements of these offenses—possession of an unlicensed firearm and the possession of firearms by a prohibited person—bear no relationship to conduct that occurred at the Capitol on January 6. Thus, by the plain terms of the Pardon, they are not covered.” George Pallas, an attorney representing Wilson, told The Epoch Times in an email that “Illegal gang members from El Salvador have better luck than J6ers do in the DC courts.” He was referring to recent rulings blocking the Trump administration from deporting Tren de Aragua members and suspected members under Trump’s Alien Enemies Act declaration. Wilson had been released shortly after Trump signed the proclamation, but Department of Justice officials later said he should have been kept in custody because the firearms crimes were not covered by Trump’s pardon. Several weeks later, officials told the federal court in Washington that they were now of the view that the pardon did cover the crimes. U.S. District Judge Dabney L. Friedrich ruled in March that the convictions, which came in Kentucky after a search of Wilson’s home, were not covered by the pardon. Friedrich said that Trump can still pardon Wilson for unrelated convictions but that he has not yet. Pallas told The Epoch Times in an email after that ruling that Friedrich missed the point because “President Trump is in the courtroom speaking through his surrogate, the prosecutor.” A different judge, at around the same time, declined to vacate the convictions of Edward Kelley, another Jan. 6 defendant who offered similar arguments against conspiracy and threat charges. Kelley has not appealed that ruling. Also on Wednesday, a federal judge in Florida agreed to dismiss the convictions of another Jan. 6 defendant, Jeremy Brown, who was convicted of grenade and firearm possession in 2023. The judge overseeing the case cited how the Department of Justice moved to throw out the charges, referencing the pardon. Tyler Durden Thu, 04/03/2025 - 22:35
Israel Seizes Rafah In Expanded Operation, Hundreds Of Thousands Flee The Israeli military (IDF) has expanded its Gaza operations over the last 24 hours, and has announced a new focus on establishing a "security zone" in an around the southern city of Rafah. The push into Rafah is intended to dismantle all remaining Hamas infrastructure and command activity, given the city is seen as the group's last main stronghold in the Gaza Strip. This has unleashed a new wave of mass displacement, with reports of hundreds of thousands fleeing the city amid the assault. The enclave for more than the last year been even more crowded, given it has served as a last place of refuge for the displaced from northern and central Gaza. IDF spox Effie Defrin, via Israeli military IDF Chief of Staff Lt. Gen. Eyal Zamir visited Gaza this week, delivering the following message of intensified operations to get back all of the remaining hostages: During the visit, Zamir addressed troops near Rafah, stating that the Israel Defense Forces are intensifying their offensive at a deliberate and determined pace. He emphasized that the military effort would continue until all Israeli hostages are returned and declared the mission far from over. Gaza's Hamas-run health ministry has announced at least 97 people killed in Israeli strikes from Wednesday into Thursday, including at least 20 killed in a dawn airstrike on a suburb of Gaza City. According to a Palestinian eyewitness of the stepped up assault who spoke to Reuters: Rafah "is gone, it is being wiped out," a father of seven among the hundreds of thousands who had fled from Rafah to neighboring Khan Younis, told Reuters via a chat app. "They are knocking down what is left standing of houses and property," said the man who declined to be identified for fear of repercussions. A ground assault on eastern Gaza City is also reported to be ongoing. This week has seen the heaviest escalation of the ground and aerial assault since the ceasefire collapsed last month. Meanwhile controversy and international outraged has continued over the recent killings of a group of Palestinian emergency responders: The Israeli military killed 15 medics and emergency workers in southern Gaza and buried the bodies with their ambulances and rescue vehicles last month. Dr Ahmed al-Farra, director of pediatrics at Al-Tahreer Maternity Hospital in southern Khan Younis, saw the bodies coming into the medical facility after they were recovered a week later. He said Israeli soldiers would have easily seen they were targeting medics when they opened fire. "The skies are filled with their planes, they can see a needle on the ground. So they could easily distinguish ambulances," al-Farra told Al Jazeera. "When the bodies came to the hospital, they were nearly decomposed. It had been around seven to eight days since the medics were executed. I saw three of them had their hands tied behind their backs." Hamas and Palestinian Islamic Jihad have continued lobbing rockets on southern Israel, with a new round launched on Thursday. Warning sirens have returned to becoming a regular feature of life in Israeli towns and cities in the south and central of the country. ⚡️Nonstop Israeli strikes across Gaza pic.twitter.com/FZhk636IxG April 3, 2025 The wartime situation is set to continue for the foreseeable future, given new IDF spokesman, Brig. Gen. Effie Defrin, declared Thursday that the military has entered "a new stage" of the fight against Hamas. "The plan serves the goals of the war, returning the hostages and destroying Hamas’s military and governing capabilities," he said. The IDF is maintaining "operational ambiguity, so we can surprise the enemy and bring about significant achievements," he said, adding that "our actions will speak". Tyler Durden Thu, 04/03/2025 - 22:10
All The Ukrainian Known Knowns Authored by Victor Davis Hanson via American Greatness, Aside from the rhetoric, there is a growing consensus among Western diplomats, military analysts, military officers, heads of state, and even much of the media about how to end the endless Ukrainian war. A proposed peace will see a DMZ established somewhere along an adjusted 1,200-mile Ukraine-Russia border. Tough negotiations will adjudicate how far east toward its original borders Russian forces will be leveraged to backstep. Publicly in the U.S. and covertly in Europe, all accept that a depleted Ukraine will not have the military strength to retake Crimea and the Donbas. In 2014, both were absorbed by Russia during the Obama administration. Neither that administration nor any since has advocated a military effort to reclaim them. Loudly, the U.S.—and again quietly Europe—concedes that Ukraine will not be in NATO—a confirmation that Russia will use to justify to its people its disastrous invasion, and even many Ukrainians will accept. How will the West deter Putin from his inevitable agenda of reclaiming lost Soviet territory and Russian-speaking peoples? For now, his army is exhausted, its arsenals depleted, and its reputation shattered. In the future, a commercial corridor, anchored by concessions to American and international mining concerns, will supposedly serve as a tripwire to deter Putin from attacking in-the-way noncombatant Americans. More practically, Ukrainian forces will be kept fully armed. They have already inflicted perhaps a million causalities on Putin’s forces—possibly five times the dead, wounded, and missing that the Russians lost to the Taliban over that entire decade-long misadventure in Afghanistan. If Trump can coax even a ceasefire, the oddly bellicose left will still rail about “Munich” and Trump as “Putin’s puppet.” But after perhaps 1.5 million total Ukrainian and Russian dead, wounded, sick, and missing, transatlantic leftists will quietly admit they never had any realistic plan to win by fighting Russia to the last Ukrainian. And they certainly were not willing—despite what they claimed in their spasms of braggadocio—to send U.S., U.K., European, or NATO ground troops into Eastern Ukraine. Trump has faced criticism for his volatile, art-of-the-deal approach to Ukrainian diplomacy over the last 10 weeks. Lost in such criticism is that the Biden administration did not even try to end the war. Instead, in the LBJ-style of “light at the end of the tunnel,” it parroted the great “spring offensive” to come. And when that gambit disastrously failed, it resorted to the banal blank check of “as long as it takes.” Western leaders simplistically thought that sending more arms, money, and Ukrainians into the cauldron would eventually break Russia—30 times larger than Ukraine, 10 times richer, over four times more populous, and far less bothered by the mounting toll of its greater losses. In addition, we even know the likely course of negotiations to end the slaughter. As soon as Trump pressures Zelenskyy for a ceasefire and a rare minerals mining concession, Putin smells an advantage. So, he digs in and orders his generals to double down on terror strikes for advantage. And then, once Trump sees that scolding Zelensky empowers Putin to back off from a ceasefire, he turns on Putin and puts far greater pressure on him: a secondary embargo on all who buy Russian oil that even the “on to Moscow” crowd had never envisioned. Once Putin seems to agree, then Zelenskyy thinks he was had and wants a better mining deal or reconsideration of NATO or more sophisticated weapons—until Trump reminds him that the despised U.S., not his beloved Europeans, is his only route to a shaky peace. So, we know the negotiations will have a yin and yang until there is no solution other than a ceasefire leading to a Korean-peninsula-like hot peace. Putin always preferred to exploit the Obamas and Bidens of the world. And he did so in 2014 and 2022, rather than the mercurial, unpredictable, and ultimately dangerous Trump, during whose tenure he stayed put within his borders. He also knows that for all the talk of his puppet Trump, the latter killed hundreds of the Wagner group, pulled out of an asymmetrical missile deal, first sent offensive weapons to Ukraine, sanctioned Russian oil and oligarchs, warned the Germans not to deal with Putin on the Nord Stream II pipeline, and bombed into extinction ISIS of Iraq, Abu Bakr al-Baghdadi, and Qasem Soleimani. So, Putin knows that India, China, and others who buy his oil will not if he reneges on his willingness for a ceasefire. If and when peace comes, we can already foresee the misinformation that will follow: Trump deserves no credit. Zelenskyy remains the true hero. A now hollowed-out Russia was the real winner. The only mystery? Since when did the anti-war left prefer an endless and horrific war to a difficult, messy peace? Tyler Durden Thu, 04/03/2025 - 21:45
Trump Teases Bombshell DOGE Finding: 'What They Found Is Incredible' President Donald Trump teased another explosive revelation from the Department of Government Efficiency (DOGE), as Democrats and legacy media escalate their ongoing campaign against the cost-cutting initiative and its leader, Tesla CEO Elon Musk. While speaking with the press aboard Air Force One en route to South Florida for the weekend, Trump said: "They found something today that's horrible,” adding. “You'll find out very soon. What they found is incredible." Trump on DOGE: "They found something today that's horrible. You'll find out very soon. What they found is incredible."pic.twitter.com/4clczQhM1s April 3, 2025 Trump also gave Musk credit for his leadership at the Department of Government Efficiency (DOGE), which has so far achieved an estimated savings of $140 billion, amounting to roughly $869.57 per taxpayer. “Elon is fantastic,” the president said. “He's a patriot. He found millions of dollars of fraud.” “He loves the country that's why he does it,” he added. Addressing speculation about Musk’s future, Trump responded to reporters, “I want him to stay as long as possible.” The president also commented on the recent wave of violent attacks targeting Tesla vehicles and dealerships, incidents he has previously labeled as “terrorism.” "It's a shame what they are doing with his car company," he said. "It's a great car, great product." According to a since debunked Politico report citing unnamed sources, Trump has privately indicated to close associates that Musk plans to scale back his involvement as an advisor in the near future. While Musk and the White House denied the report, Trump told reporters on AF1 that "Elon is fantastic," but he has "a number of companies to run." "I want him to stay as long as possible," said Trump. "There’s going to be a point where he’s going to have to leave." Over the weekend, at a Wisconsin rally aimed at boosting voter turnout, Musk and DOGE volunteer Antonio Gracias disclosed that millions of noncitizens were granted Social Security numbers under former President Joe Biden’s administration. They presented a chart illustrating a consistent annual rise, peaking at over 2 million in FY 2024, which concluded on September 30. In both FY23 and FY25—the latter starting in October and running through September of this year—approximately 1 million noncitizens received Social Security numbers. "None of this would have happened without President Trump," Gracias told Fox News. "President Trump had the courage to allow us to go across databases. He signed an executive order. It's never been done before, where agencies could talk to each other and databases could talk with each other." "That allowed us to connect all this data, to find these people across the system, across the benefit system, all the way to the voting records. It really took a lot of courage," he added. Now the question is; what's this 'horrible' thing DOGE found? And is it just a 'LOOK, SQUIRREL!' to distract from all the 'fun' we're having in response to new tariffs? * * * Click pic, add to cart, receive great knife... Tyler Durden Thu, 04/03/2025 - 21:20
Bill Banning Geoengineering And Weather Modification Passes Florida Senate Authored by Debra Heine via American Greatness, he Florida Senate passed a bill prohibiting geoengineering and weather modification by a vote of 28-9, Thursday. SB-56, dubbed the “chemtrails bill” by the media, prohibits “the injection, release, or dispersion, by any means, of a chemical, a chemical compound, a substance, or an apparatus into the atmosphere within the borders of this state for the express purpose of affecting the temperature, weather, climate, or intensity of sunlight.” The bill also requires the Florida Department of Environmental Protection (FDEP) to set up a system where residents can report “suspected geoengineering activities” and directs the FDEP to investigate those claims, WFLA reported. Geoengineering, or climate engineering is defined as “the intentional large-scale alteration of the planetary environment to counteract [alleged] anthropogenic climate change.” Florida’s bill banning the practice must now be approved in the Florida House, which has its own watered down version. If a bill passes, Florida would become the second state in the nation to ban geoengineering. Tennessee passed its own bill banning geoengineering and weather modification in 2024. Over two dozen other states, including Kentucky, New Hampshire, Rhode Island, South Dakota, Pennsylvania, Minnesota, Arizona, Iowa, Mississippi, North Dakota, South Carolina, Utah, Wyoming, Alabama, Idaho, Indiana, Montana, New Jersey, North Carolina, Oklahoma, Texas, Vermont, West Virginia, Missouri, and Maine have introduced similar legislation in 2024 or 2025, and are pending further action. The Tennessee law went into effect July 1, 2024. Florida’s legislation is set to take effect on July 1. The bill’s sponsor, Republican Ileana Garcia, said the legislation became necessary after her constituents repeatedly voiced concerns about unknown entities altering the atmosphere in Florida without their consent. “Many of us senators receive concerns, complaints on a regular basis regarding these condensation trails, aka chemtrails,” Garcia said in a committee hearing last month. “There’s a lot of skepticism.” “I have a problem with people spraying perfume around me sometimes, don’t you have a problem with people spraying things into the atmosphere that really have no type of empirical data, that you just don’t know who they are or what they’re doing?” Garcia said Thursday. Florida Surgeon General Joseph Ladapo expressed support for the Senate Bill on Wednesday. “Big thanks to Senator Garcia for leading efforts to reduce geoengineering and weather modification activities in our Florida skies,” Ladapo posted on X. “These planes release aluminum, sulfates, and other compounds with unknown and harmful effects on human health. We have to keep fighting to clean up the air we breathe, the water we drink, and the food we eat.” Governor Ron DeSantis said that he supports the bill passed by the Senate, but that it was “gutted” by the House lawmakers who cut it down from 10 pages to a single page on Wednesday. “I support the legislation, however, the Florida House of Representatives has gutted Sen. Garcia’s legislation, and they would actually codify the practice of geoengineering and weather modification,” DeSantis said in a video posted to X. The House version of the bill does not forbid the practice of weather modification outright, just without a license. It also comes with a less steep penalty. The Senate version, which would impose a sweeping ban, calls for violators to be charged with a third-degree felony and face a fine up to $100,000. The House version would charge those without a license, or who lie on their application, with a second-degree misdemeanor and up to a $10,000 fine. “People have a lot of kooky ideas that they can get in and put things in the atmosphere to block the sun and save us from climate change,” DeSantis said. “We’re not playing that game in Florida.” “Thank you for your support, Governor,” Garcia posted on X. “Don’t tread on our☀️sunshine!” California based attorney Nicole Shanahan also applauded the bill on X. “Banning geoengineering at the state level is a good start but real change happens when we expose the bad actors who have been funding these projects and are heavily invested in preventing an end to this at the federal level,” Shanahan wrote. She thanked her former running mate, former Independent candidate for president, now HHS Secretary Robert F. Kennedy Jr. “for naming it what it is: a crime.” In an interview last year, RFK Jr. warned that The World Economic Forum and Bill Gates had “hijacked geoengineering,” with Gates funding these projects around the world. “They aggravate the problem then sell us the solution,” Kennedy explained, adding that the solution is that “they want is more social controls.” “Geoengineering is a threat that the environmental community needs to know about and the rest of us needs to know about,” he said. Shanahan recently sat down with researcher Peter Kirby, author of Chemtrails Exposed: a New Manhattan Project, for a long, eye-opening discussion on what’s been going on in our skies. * * * Try IQ Biologix Astaxanthin - a super potent antioxidant (read more here). Satisfaction guaranteed. If you think it's bullshit, or it just doesn't work for you, simply ask for a refund... Tyler Durden Thu, 04/03/2025 - 20:55
Rare Firefight Erupts Between Israeli Troops & Jolani Militants In Syria's South Rare overnight clashes erupted in southern Syria between Islamist militants and the Israel Defense Forces (IDF), which has occupied swathes of Syrian territory beyond the Golan Heights since Bashar al-Assad's December 8 ouster. The IDF and Israeli media describe that it happened at the town of Tasil, with widespread reports that the Syrian fighters attempted an ambush. Tasil is located about eight miles from the Israeli border. IDF tank in the Golan, via EPA This marks the first time IDF troops have come under direct fire since occupying southern Syria. Tank units have been spotted moving into the region over the past months. According to more details in Israeli media: The Israel Defense Forces said the troops of the 474th Golan Regional Brigade returned fire and "eliminated" several gunmen "on the ground and from the air." No soldiers were injured in the exchange, and the operation in the area was completed, the IDF added. The militants are believed to be from the ruling Hay'at Tahrir al-Sham (HTS) group or their allies, out of Daraa. Israel's KAN had also reported on clashes which emerged after "dozens of IDF vehicles advance in the Nawa area of the Daraa suburbs." Wednesday saw several massive Israeli airstrikes across Syria, including on Damascus, a military base in Hama, and reportedly an airbase in the desert near Palmyra. The Syrian Foreign Ministry accused Israel of "destabilization" in the attack which killed at least nine people. There are reports that among the dead were three Turkish engineers. "In a blatant violation of international law and Syrian sovereignty, Israeli forces launched airstrikes on five locations across the country. This unjustified escalation is a deliberate attempt to destabilize Syria and exacerbate the suffering of its people," the Foreign Ministry under interim President Sharaa (Jolani) stated. Reports of Israeli convoy AMBUSHED near southern Syria’s Daraa Social media footage appears to show huge gunfight going on outside city Reports from Israeli media of IDF casualties Islamic Resistance Front in Syria claiming responsibility for attack pic.twitter.com/Q9t5VXVNEh April 2, 2025 Some sources framed the gunfight in the south as a revenge attack for the widespread Israeli airstrikes carried out shortly before. The new regime in Syria has been completely defenseless, also after prior Israeli attacks took out the country's Russia-supplied anti-air missile units. Syria also no longer has an air force to speak of, amid reports that Turkey could help fill the gap. But clearly Israel's message to Turkey is that the IDF plans to dominate the skies of Syria with no rival. Tyler Durden Thu, 04/03/2025 - 20:30
CA Congressman Seeks To Codify Independent Contractor Status Authored by Victoria Churchill via RealClearPolitics, Republican Congressman Kevin Kiley of California has introduced legislation designed to protect independent contractors amid uncertainty from the administrative branch. The Modern Worker Empowerment Act would stop the back and forth that freelancers currently experience when leadership at the Department of Labor changes based on who is in power politically. Freelancers are ecstatic about the move. “There is no greater champion than Kevin Kiley for independent contractors in the United States Congress. He is a superhero. He has been trying to stop this freelance busting madness,” says award-winning freelance writer and editor Kim Kavin – founder of the grassroots advocacy group Fight For Freelancers and author of the Substack “Freelance Busting.” A freelance journalist with over 20 years of experience, Kavin is one of the approximately 60 million independent contractors in America, a number that makes up about a third of the U.S. workforce. Groups such as the Independent Women’s Forum have asked the Trump administration to repeal a Biden-era DOL independent contractor rule within his first 100 days in office. If this rule is not repealed by the Trump administration, its enforcement could wreak havoc upon the independent workforce. The rule, dealing with so-called “misclassification” of independent workers, was implemented in March of 2024. The rule invokes a very narrow definition of freelance work – so narrow that many roles which are currently filled by independent contractors would have to be filled by traditional employees. A state-level version of this rule already exists in Rep. Kiley’s home state of California. The legislation – known as AB5 – was passed in Sacramento during Kiley’s tenure as a state legislator. He has seen firsthand how this bill has led companies to stop employing independent contractors, affecting the business of tens of thousands of freelancers in the Golden State. If this AB5-style Labor Department rule is kept in place by the Trump team, it threatens the livelihoods of freelancers like Kim Kavin across the whole country. Kavin is a plaintiff in a federal lawsuit against the former Biden administration’s independent contractor rule, represented by the Pacific Legal Foundation, a free-market and limited-government legal nonprofit. The suit aims to overturn labor regulations perceived as detrimental to freelancers and small business owners like herself. As previously mentioned, freelancers have experienced increased uncertainty as political administrations have changed. Last month, President Trump nominated Lori Chavez-DeRemer to the post of Labor Secretary. Chavez-DeRemer testified before the Senate Health, Education, Labor, and Pension Committee and was confirmed last month by a vote of 67-32. Yet she received opposition from both Democrats and a few Republicans, including Rand Paul of Kentucky who was concerned about her pro-union bona fides. Chavez-DeRemer was one of only three Republicans who supported the PRO Act in the 118th Congress, which was a part of Kamala Harris’ campaign platform. Labor unions were a part of the GOP’s shifting coalition which supported Trump in November, so whether or not independent workers will be a priority for the Trump administration is still up in the air. The PRO Act was billed as a pro-union piece of legislation, but masked within the labor union propaganda that pushed the bill forward in the last session of Congress was also the creation of an “ABC Test” intended to fix the “misclassification” of freelance workers who were doing the work of employees. The test was designed to be seemingly straightforward, but it has proven to be a disaster for independent workers, who saw their options for work cut as companies did not want to run afoul of regulations. In California, contract work was decimated as self-employment decreased by 10.5%. While independent workers have some concerns over Chavez-DeRemer being confirmed as the head of the Department of Labor, her undersecretary Keith Sonderling is a known ally of the freelance workforce. Kavin told me that “Sonderling’s testimony suggested that the administration may be open to reassessing the independent contractor rule.” Amid the current uncertainty from the Trump administration, Congress can and should step in. And champions like Kevin Kiley who have a track record of fighting with and for freelancers can solidify the freelance landscape for over 60 million workers – Americans like Kim Kavin – eliminating uncertainty about the kinds of work they will legally be allowed to perform. Victoria Snitsar Churchill is a journalist and Young Voices Social Mobility Fellow based in Arlington, Virginia. Her work has appeared in the New York Post, RealClearPolitics, and The American Conservative. Tyler Durden Thu, 04/03/2025 - 20:05
"No Signs Of Slowing" Active Listings Continue To Surge Across DC Housing Market The latest housing data for the Mid-Atlantic region—comprising Delaware, Maryland, New Jersey, Pennsylvania, Virginia, West Virginia, and the District of Columbia—shows a continued surge in active listings. The region remains particularly vulnerable to potential DOGE-driven cuts targeting the bloated federal bureaucracy. "The number of active listings increased for the seventh consecutive week, rising 1.8% from last week. Supply growth shows no signs of slowing, with active listings now 28.9% higher compared to the same week in 2025. Compared to a year ago, inventory is significantly higher in all regions within the Bright MLS service area," MLS Bright, the leading Multiple Listing Service firm in the Mid-Atlantic area, wrote in a new weekly report. Here's the weekly snapshot for the Bright MLS service area—with a focus on surging active listings. More importantly, our focus shifts to the Washington, DC housing market, where active listings for the week ending March 30 have skyrocketed by 51.7% compared to the same week one year ago. Visualizing the surge in DC active listings... North Central Virginia. Returning to DOGE-related cuts impacting the federal government, Goldman provided clients with a telling chart. Federal Grants Have Largely Stagnated at a Below-Trend Level Since Inauguration Day The broader macro risk for DC is that DOGE-related cuts may exert downward pressure on the region through increased job losses, sagging consumer sentiment, or a softening labor market. Tyler Durden Thu, 04/03/2025 - 19:40
The Globalist Authoritarians Are Playing With Fire Authored by Kurt Schlicter via Townhall.com, What happened with Marine Le Pen, the most popular politician in France who was just banned from standing for election on the flimsiest of pretenses, is no exception. It’s becoming the rule around the West and in other places, too, where being outside the mainstream of authorized establishment left-leaning globalist politics has become criminalized. In some places, like the UK and Spain, it takes the form of persecuting people for saying things that those in power don’t want to hear. In other places, like Germany, upstart populist parties that earned a significant number of votes are informally, and sometimes formally, marginalized and threatened with being banned. But it’s the criminal persecution of leaders that is becoming the go-to. It happened to Bolsonaro in Brazil, Netanyahu in Israel, Georgescu in Romania, and Le Pen in France. In each of these cases, the establishment authoritarians essentially attempted to frame a politician they couldn’t beat at the ballot box. Of course, their American analogs tried to do the same thing to Donald Trump here, and when that didn’t work, their allies tried to murder him. Thankfully, they failed at both – with the people who instigated these atrocities too dumb to know that they are the ones who should be the most thankful they failed. These are not the acts of strong and confident leaders who believe in the strength and popularity of their ideology. These are the cowardly acts of authoritarians who differ from Putin not in their nature but only in their extent. They haven’t thrown anybody out of a fifth-story window yet that we know of, though we don’t know if they actively put the murderer who tried to kill Trump in Butler up to it – the one who tried to ambush him in Florida was an active member of their collective – but they would’ve cheered if either attempt had succeeded. Thankfully, America was not so far gone that the people’s choice could not prevail, though the resisters in the judiciary, the regime media, and elsewhere are doing everything they can to ensure that the man the people elected to govern can’t actually exercise the powers of office. The European authoritarians, however, still have the ability to crush dissent. There are several reasons why, including the fact that most of the good Europeans long ago left for America, and the ones who remain are largely degraded and pathetic people. After all, Europe is an exhausted culture, too weak both morally and spiritually to come to its own defense. Its glorious cathedrals are museums now, and its armies are jokes. They can’t find the will or the courage to defend themselves, and Europeans have turned over their governance to corrupt, globalist fools who invite the Third World in to complete the destruction of what was the mother of civilization. Americans are saddened and sickened by them. It’s difficult to explain to Americans why we should spend our treasure and put our blood on the line for nations that oppress their own people and embrace sham democracy. Even the UK, the father of our democracy, has turned into a political deadbeat dad. Why should we have a special relationship with a country that sends cops to the house of parents complaining about school policies? Under the Democrats, they tried to do that here, and we rejected it. We demonstrated at least a modicum of manhood in the face of this petty tyranny. But until the Europeans demonstrate their commitment to doing something about their own enslavement, it’s unclear how we might help. We certainly shouldn’t be protecting them from other European dictatorships – we have no interest in refereeing among oppressors. The fact that they need us to do so reflects their decision to essentially disarm and become pathetic welfare states teaming with foreign parasites and native cowards. In short, America cannot be expected to – and is not going to – care more about Europe than the Europeans do. Our response as Americans to fascist acts like the framing of Le Pen should be loud and bold condemnation and contempt. What they are doing is truly disgusting – and dangerous, too. We should say so, especially since their citizens can’t without fear of a knock on the door. The European ruling class hates hearing it, especially when JD Vance goes overseas and tells them the truth to their smug, pale faces. Their fussy fury when he exposes their fake democracy and lies about freedom is hilarious. But all they should get from us is talk. We should let them fend for themselves. They are unworthy of a special relationship, and it’s impossible to frame a coherent or compelling explanation of why a single American paratrooper should die in defense of any country that refuses to allow its most popular politician to run because the establishment dislikes her platform. We should certainly learn the lesson here about what’s going on over there, although, as we’ve seen, the Democrats have tried many of the same tactics. That they’ve been defeated so far is a testament to the fact that Americans are not yet completely broken. We’re not ready to be serfs, and the fact that we have more guns than people provides a powerful backstop against the kind of tyranny the globalist left would love to impose in America as well. I shudder to think of what would have happened if Trump had been murdered or if they had succeeded in knocking him off the ballot. But I’m not shuddering for my sake. If the stuff hits the fan, I and those like me will prevail. I’m shuttering over the fate of the morons whose greed, corruption, and stupidity would have sparked a conflict they are utterly unprepared to fight. And I do mean fight. That’s what happens when the ruling class uses a corrupt system to block the expression of the people’s will and leaves no peaceful path for it to be heard. We are very far from that here, but if it came to that, patriots would fight for our Constitution and our freedom. The elite and their minions? Who exactly would do their fighting? Who is willing to die to enact the Green New Deal, to impose DEI, or to allow dudes in girls' toilets? Harry Sisson would flee to Canada to be a sex pest at the local Tim Horton’s before he ever picked up a rifle. Will there be a revolution in Europe? France was once famous for its revolting people. There’s a lot of anger, but there aren’t a lot of weapons left among the citizenry – never, ever, give up your guns and, in fact, go buy guns and ammunition. On the other hand, there aren’t a lot of troops either for the governments to use to suppress their own people and force the people to accept the dictatorship should the Euro masses decide to leave their tiny, squalid apartments and take to the streets. The ugly truth is that civil wars don’t necessarily require guns. Hundreds of thousands of people were butchered in Rwanda with knives and machetes. Maybe Keir Starmer was thinking ahead when he banned ninja swords. Civil wars are the least civil kind of wars. They are best avoided. Or maybe they will just accept a picture of the future that is a wizened EU crone’s Gucci slipper stamping on a human face forever. Maybe manipulating the judicial system to ensure that the supporters of popular leaders are disenfranchised won’t cause any more reaction among the people than some grumbling in their bizarre foreign languages. But, if you’re familiar with history, and most of our elite no longer is, you might remember Julius Caesar and his crossing of the Rubicon. The Rubicon was the border to Italy that a Roman proconsul serving abroad could not cross at the head of his armed troops. Caesar knew that if he laid down his imperium and returned to Rome as a civilian, his political enemies would use the judiciary to destroy him. So, he didn’t lay down his imperium when he returned to Rome. He brought his legionnaires. Now, one might point out that Caesar’s political enemies did eventually murder him after he essentially became a dictator in fact, if not title. That’s true. Caesar was famously merciful to his enemies. Several of the men who slaughtered him had received his pardon. The guy who came after him didn’t make that mistake. Caesar’s heir hunted down those murderers and killed them, along with a lot of other people. Augustus then made himself emperor, again in fact if not title. In the end, the elite probably would have been better off not messing with Caesar and addressing the concerns of the plebs who adored him. Perhaps history is teaching us that today’s popular leaders like Donald Trump and Marine La Pen are not the people’s last chance. They are the globalist’s last chance. Tyler Durden Thu, 04/03/2025 - 19:15
The Global Trade Game: Jokers Are Wild Authored by Charles Hugh Smith via OfTwoMinds blog, There may be no winners of the game of Global Domination (tm), and that is likely the best outcome. Okay, players: jokers are wild, but with a twist: the entire deck is jokers. Since everyone at the table will have five Aces, nobody wins. Welcome to the Trade War Poker Table: nobody wins, as everyone has the same hand of jokers. This is not to say that exploitive, mercantilist "free trade" (no such thing has ever existed) is desirable, much less possible. We're reaping the consequences of what was passed off as "free trade": corporations gleefully gutted National Security to boost profits by offshoring everything that could be offshored. Every nation can impose tariffs or limit imports by other means. Tit for tat tariffs, concessions, grand deals, side deals--everyone has access to the same deck of cards. Who wins each round of play is an open question, as is who wins the game. There are several time-tested strategies in the game for Global Domination (tm). One is domination gained by exporting far more than you import, building up treasure in the form of vast trade surpluses. The problem with this strategy is eventually the nations being stripped by your mercantilist strategy wise up and limit your exports. There is only one way to get around this: military force, i.e. establish a Colonial Empire in which your colonies are forced to buy your surplus production (exports) via a bayonet in their back. Absent force and a colonial empire, mercantilism is eventually defeated by its own success. There is another way to play for Global Domination (tm), and it's the exact opposite of mercantilism: run large, sustained trade deficits by importing more than you export, which beneath the surface is a remarkable flow of trade: the importing nation "exports" its currency in size in exchange for goods and services. Once this currency is "exported" in sufficient quantities, it becomes the dominant currency simply from its ubiquity, its liquidity (i.e. its quantity and ubiquity make it easy to trade everywhere) and its trustworthiness due to its wide ownership across global markets: since the currency is spread across the globe, the issuing nation no longer controls its valuation; that's now set by the market. This is Global Domination (tm) via financing trade rather than by running trade surpluses by exporting tangible goods. Pick one, as you can't have both: either export goods to run mercantilist trade surpluses, and build up a trove of other nation's currencies, or "export" your own currency via sustained trade deficits so it becomes the global lingua franca of financing trade. Due to the demands of the Cold War, this was the U.S. strategy in the postwar era. As I have often explained, the U.S. was not merely in an arms race with the Soviet Union; it was also in a war for influence and alliances. The strongest adhesive in alliances is self-interest; by absorbing the surplus production of its allies in Europe and Asia in exchange for dollars, the U.S. cemented alliances that essentially encircled the Soviet Empire. This strategy was far more effective than open conflict, but it came with a cost. Just as the success of mercantilism generates its own undoing, so too does maintaining a reserve currency via trade deficits / exporting one's currency. Should the issuing nation (in this era, the U.S.) decide to limit imports and reduce its trade deficit, its currency will slowly lose the global scale needed to sustain its market dominance. This is Triffin's Paradox, which I've addressed many times over the years: any currency--and the system for creating and distributing the currency--has two masters it cannot possibly serve equally: the domestic economy and the global economy. Any nation that wants to control the valuation of its currency cannot possibly achieve global financial dominance, as the only way to gain and maintain global financial dominance is to surrender control of the currency's valuation to the market via exporting currency in such vast quantities that the global market sets the value. There's a profound irony in this. To manage the domestic economy, the state wants to control everything: the issuance of currency and its valuation via its relative abundance or scarcity, which is reflected in the cost of credit (i.e. interest rates) and asset prices. But to gain the high ground in the global financial landscape, the currency must serve the global demand for a currency that is ubiquitous, extremely liquid and trustworthy precisely because its value cannot be reset by state diktat. The valuation of a truly global currency is constantly influenced by interest rates, bond issuance, demand and so on--all the features of a transparent marketplace. The game of Global Domination (tm) will never be decided by a deck of jokers. The real game is 5-card draw: you play the cards you've been dealt by Nature, history, culture and chance. Every nation has a spectrum of strengths and weaknesses, advantages and disadvantages. Some are rich in resources, some are poor in resources. Some have advantageous geography, some less so. Some have cultural coherence, others have diversity; each is a strength and a weakness. In Nature, the winner is not necessarily the strongest or the one most blessed by chance. The winner tends to be the one with the greatest capacity and incentives for flexibility, experimentation, a level playing field (i.e. social mobility) decentralized capital and all the traits of fast adaptation: if not an appetite then at least a capacity for a continual churn of instability, failure and self-criticism, which are the necessary components of experimentation. There may be no winners of the game of Global Domination (tm), and that is likely the best outcome. Any form of dominance generates its own undoing. * * * Become a $3/month patron of my work via patreon.com. Subscribe to my Substack for free Tyler Durden Thu, 04/03/2025 - 18:25
Will Hoarders Spark Run On Imported Goods? These Are The Most-Exposed US Retailers Ahead of President Trump's "Liberation Day" tariff rollout on Wednesday afternoon—particularly the 25% tariff on vehicles and auto parts imported into the U.S.—reports surfaced last week of consumers rushing to dealerships to purchase vehicles already on the lot, as those would be exempt from the new levies. We suspect that if consumers are willing to flock to auto dealerships, they're probably just as willing to stock up on their favorite Chinese-made products before the next round of tariffs takes effect this weekend and next Wednesday. Tariffs on Chinese goods are set to increase by 34% next Wednesday, on top of the existing 20%, bringing the effective rate to 54%. This will significantly impact companies heavily reliant on Chinese manufacturing (and other Asian countries), forcing them to absorb the cost or pass it on to consumers—setting the stage for sticker shock. Goldman analysts Brooke Roach, Kate McShane, and others earlier today provided clients with a breakdown of Trump's reciprocal tariffs: On April 2nd, President Trump announced reciprocal tariffs. This includes a 10% tariff increase on all countries (excluding Mexico and Canada) and a higher rate of increase on select countries with trade deficits, set to take effect on April 5th and April 9th, respectively. We believe the most material impact to our retail coverage from the announcement is the increase in tariffs on key sourcing partners for retail such as Vietnam, Indonesia, Bangladesh, and Cambodia. China: Tariffs on China move to 54% (a 34% increase vs. the 20% tariff already in effect). Tariffs broadened to key sourcing partners: Tariffs on other key sourcing partners for U.S. retail are set to be implemented, including Vietnam (46%), Indonesia (32%), Bangladesh (37%), Italy (20%), India (27%), and Cambodia (49%). Imports from the European Union will also be subject to a 20% tariff. Canada and Mexico: The announcement maintains tariffs on Canada and Mexico. Exemptions under USMCA will remain, which exempt compliant products from the 25% tariff rate on both countries. Should current orders be terminated, USMCA compliant products would receive preferential treatment while non-USMCA compliant goods would be tariffed at a 12% rate. Material increase to softlines tariff rate overall: On our calculations, the announcement implies a ~38% weighted average tariff rate for total apparel and footwear imports to the U.S. Given the tariff breakdown and timeline, Roach and McShane provided clients with a "China Tariff-O-Meter," highlighting companies in their retail coverage whose supply chains are heavily exposed to China, Vietnam, Indonesia, Bangladesh, and Cambodia. From their Softlines coverage, companies such as Warby Parker, Torrid Holdings, Groupe Dynamite, Nike, Yeti Coolers, and SharkNinja have high exposure to China and other Asian countries targeted by Trump's upcoming round of tariffs. In other words, the products from these companies entering U.S. ports in the coming days will be subjected to sizeable tariffs. In their Hardline coverage, companies such as Floor & Decor, Lowe's, RH, Williams-Sonoma, Target, Dick's Sporting Goods, Dollar Tree, and Five Below have elevated or high supply chain exposure to China or other Asian countries. Take note of the Softline and Hardline retailers listed above. If there's a product you've been eyeing—whether it's a new couch from RH or some Chinese junk from Five Below—now might be the time to buy. To avoid paying higher prices for foreign goods, just buy American. We also suspect searches for "American Made" will begin to rise. Tyler Durden Thu, 04/03/2025 - 18:00
Tucker Carlson Horrified As Dr. Mary Talley Bowden Drops Chilling COVID Statistic Via VigiliantFox.com, Dr. Mary Talley Bowden left Tucker Carlson visibly shaken after dropping a chilling COVID vaccine statistic that’s impacting millions of children right now. Before her appearance on Carlson’s show, Dr. Bowden, a Texas-based ENT specialist, rose to prominence in the medical freedom movement by speaking out against vaccine mandates and advocating for early treatment options like ivermectin. She gained national attention after she was suspended by Houston Methodist Hospital for challenging the prevailing COVID narrative. Despite the backlash, Bowden has remained committed to the Hippocratic Oath, successfully treating an impressive total of over 6,000 COVID patients without a single death. Before Tucker became visibly disturbed, Dr. Bowden pointed to data from the CDC’s VAERS system, explaining that over 38,000 deaths have been reported following the rollout of the so-called COVID-19 vaccines. She said that under normal circumstances, such numbers would’ve prompted the FDA to pull the shots. Instead, they pushed forward, adding the COVID vaccine to the routine childhood schedule, with the expectation that babies receive three doses by just nine months of age. She added that the shots are still under Emergency Use Authorization (EUA) for children under 12—not fully FDA approved—and yet they remain on the official vaccine schedule. Tucker was horrified when Dr. Bowden mentioned a disturbing fact: “According to the CDC, 9 million American children have gotten the latest version of these COVID shots,” she said. Clearly caught off guard, Carlson asked, “Actually?” “Yes,” Bowden confirmed. “Still?” he pressed. “Yes. Yes. 9 million [kids]—12% [of US children have been injected].” Tucker, in disbelief, asked, “Wait, this is going on right now?” “Yes,” Bowden replied. “I think we voted against this,” Tucker said. “Yeah,” Bowden confirmed. “Correct?” Tucker stressed. “I don’t know,” Dr. Bowden answered. “You’re very diplomatic, but I’m just stunned to learn that that’s happening right now,” Tucker exclaimed. “Could this be shut down?” he asked. “It should have been shut down a long time ago,” Dr. Bowden answered. “And you know, what’s the—” Tucker interrupted: “9 million babies have had COVID shots?” “Yeah. Well, children. Minors,” Dr. Bowden clarified. Tucker’s reaction at the end says it all: Carlson was horrified when Dr. Bowden mentioned a disturbing fact: “According to the CDC, 9 million American children have gotten the latest version of these COVID shots,” she said. Clearly caught off guard, Carlson asked, “Actually?” “Yes,” Bowden confirmed. “Still?” he… pic.twitter.com/ihkbx4zKeJ April 3, 2025 The conversation took another dark turn when Carlson asked about the potential long-term consequences of these shots, to which Dr. Bowden pointed to a disturbing trend. “I don’t see a ton of cancer in my practice,” she said, “but I do have friends at MD Anderson, and they said they’ve never seen anything like it. The young people coming in with very advanced tumors, I think that’s what we have to be worried about now.” She explained that getting updated cancer data is difficult, but the anecdotal reports are piling up. “It’s hard to get up-to-date cancer numbers, but I’m hearing all sorts of things. There are probably people who have access to that data, but publicly, it’s hard [to get access].” The conversation took another darker turn when Carlson asked about the potential long-term consequences of these shots. Dr. Bowden pointed to a disturbing trend. “I don’t see a ton of cancer in my practice,” she said, “but I do have friends at MD Anderson, and they said they’ve… pic.twitter.com/muaMqzmwkS April 3, 2025 This raises a profound question we must now consider as a society: What have we done? In our rush to vaccinate every man, woman, and child, have we compromised the long-term health of a population that never needed these shots in the first place? What data was ignored? If so, who made decisions to ignore that data, and will they ever answer for the consequences? It’s time for a serious conversation about accountability. You can watch the full, eye-opening conversation below: * * * If you like my work and want to support me and my family and help keep this page going strong, the most powerful thing you can do is sign up for the email list and become a paid subscriber. Tyler Durden Thu, 04/03/2025 - 17:40
Health And Human Services Layoffs Begin Leaving Federal Workers Stunned The first stage of cuts to Health and Human Services (HHS) have begun with 10,000 employees slated to be fired in the coming weeks. Pink slips have been replaced with deactivated key cards as workers line up at HHS offices across the country to find out if they still have a job. The establishment media is out in force to paint a tragic narrative of "public servants" who only want to do good for less fortunate souls no unable to fulfill their calling. It's all quite dramatic. It's hard to say when government bureaucrats suddenly became an army of charitable saints sacrificing themselves for the good of humanity. The HHS currently employs around 82,000 people within 10 regional offices and the average income for a worker is around $100,000 with benefits. The majority of them are pencil pushers and social workers, not doctors or scientists making grand discoveries in medical technology. When they do get involved in medical study, disasters seem to follow. Keep in mind that the HHS was partly involved in the funding of gain of function research by EcoHealth Alliance, which, in conjunction with projects run by Dr. Peter Daszak and Dr. Anthony Fauci at the NIH, reportedly led to the creation of human transmissible coronaviruses at the Wuhan Level 4 Virology Lab in China (ground zero for Covid). The annual budget of the HHS is $1.8 trillion - It accounts for around 20% of all federal dollars spent every year and tracking where this immense pool of cash goes is far more complex than the shady operations of USAID. The agency is, by any measure, a monstrosity. Cuts are intended to hit the FDA, CDC, and the NIH, all under the umbrella of the HHS. A large portion of programs instituted by HHS tap into pandemic funds set aside during covid (yes, the covid cash is still floating around after 5 years). This money goes to support numerous programs that the majority of Americans voted against, including DEI programs, illegal immigrant programs and gender affirming care programs (gender based care for minors was indeed pursued by the HHS). The point is, it's not worth feeling sorry for these people. When they had unmitigated power they abused it in grand fashion and everything that happens from here onward is pure Karma. Democrats in at least 23 states are taking action to sue the Trump Administration over the budget cuts and layoffs. In the lawsuit, filed Tuesday, the states are seeking a temporary restraining order and injunctive relief to immediately halt the administration’s funding cuts that they say will lead to key public health services being discontinued and thousands of health-care workers losing their jobs. The civil suits are unlikely to make much difference in the end, just as they failed to stop the cuts to USAID. The HHS, now under the management of Robert F. Kennedy Jr., is expected to undergo unprecedented changes in the coming months and a level of accountability the institution has probably never dealt with before. “The COVID-19 pandemic is over, and HHS will no longer waste billions of taxpayer dollars responding to a non-existent pandemic that Americans moved on from years ago. HHS is prioritizing funding projects that will deliver on President Trump’s mandate to address our chronic disease epidemic and Make America Healthy Again,” the agency said in a statement last week. Tyler Durden Thu, 04/03/2025 - 17:20
Pentagon Watchdog Launches Investigation Into SecDef Hegseth Over Use Of Signal Authored by Zachary Stieber via The Epoch Times, The inspector general for the Department of Defense is investigating Defense Secretary Pete Hegseth over his use of the messaging app Signal. Acting Pentagon Inspector General Steven A. Stebbins said in an April 3 memorandum to Hegseth that the probe would cover whether Hegseth and other military personnel complied with Department of Defense policies and procedures for using a commercial messaging application for official business. “Additionally, we will review compliance with classification and records retention requirements,” he said. A Department of Defense spokesperson told The Epoch Times in an email, “Per our longstanding policy, we don’t comment on ongoing investigations.” Hegseth has not reacted as of yet to the development. Hegseth and other top U.S. officials in mid-March messaged on Signal about strikes in Yemen against Houthi terrorists. The Atlantic released the messages after Jeffrey Goldberg, its editor-in-chief, was added to the chat group. Hegseth and the White House have said no classified information was shared. Developing... Tyler Durden Thu, 04/03/2025 - 17:00
Intel, TSMC Tentatively Agree On Chipmaking JV In 'America First' Era Intel shares are up 5% late in the cash session following a report from The Information that sheds light on ongoing talks between Intel and Taiwan Semiconductor Manufacturing Co. (TSMC) to form a joint venture to operate Intel's chipmaking facilities. Under the proposed deal, TSMC would take a 20% stake in the new company and offer manufacturing expertise and personnel training. *INTEL, TSMC TENTATIVELY AGREE TO FORM CHIPMAKING JV: INFORMATION April 3, 2025 Two people familiar with the talks between Intel and TSMC provided additional color about the preliminary agreement to form the new joint venture: Intel and other U.S. semiconductor companies will hold the majority of the shares in the proposed JV, which would include at least some of Intel's existing chip foundries, said the two people. In exchange for the 20% stake, TSMC has discussed sharing some of its chipmaking methods with Intel and training Intel personnel to use them, insteading of funding its stake with capital, one of the people said. It isn't clear how the rest of the new entity would be funded. The deliberations are ongoing and no final agreement has been reached, the two people said. There's still resistance from some Intel executives concerned that the deal would cause widespread layoffs at the company while subsuming its own chipmaking technology, according to two Intel employees. The JV was encouraged by members of the Trump administration and is part of the broader 'America First' effort to revive the U.S. chipmaking sector after decades of decay. It also plays into hemispheric defense, where the U.S. will rely less on foreign adversaries for chips. President Trump has previously accused Taiwan of "stealing" America's chip industry: "You know, Taiwan, they stole our chip business ... and they want protection." However, TSMC has reversed the tide with additional investments in the U.S. - more than $100 billion. Multiple reports over the last several weeks, including this one from Reuters, have discussed TSMC pitching a JV with Nvidia, Advanced Micro Devices, and Broadcom to operate Intel's factories. TSMC Reportedly Pitches JV With Nvidia, AMD, Broadcom To Operate Intel Foundry https://t.co/3NKo9IY6zx March 12, 2025 Sources via The Information continued: White House and Commerce officials have been pressing TSMC and Intel to strike a deal to resolve the long-running crisis at Intel, one of the most iconic U.S. technology firms. Commerce officials who have facilitated the negotiations support the tentative deal, said the two people who have been involved in some of the talks. . . . The proposed joint venture could also help TSMC effectively put down a major, if struggling, competitor and give the Taiwanese government more bargaining power with the Trump administration, which just levied tariffs on goods other than chips from the island. In February, Robert W. Baird analysts wrote in a note to clients that the Trump administration was working to broker a JV between Intel and TSMC, one which would focus on something we said last August has excess value at the Intel enterprise, namely its fabs... Intel has 15 fabs; the fabs alone are worth $10bn/each in liquidation value. The value created by management is negative $50 billion. https://t.co/HkqUQJ4A6J August 2, 2024 In markets, Intel shares are up 5% in late cash trading. On the year, shares are up about 16% on speculation of a deal - shares have been floored around $20 handle. Will Intel shares fly in Trump's America First era? Tyler Durden Thu, 04/03/2025 - 16:40
Matt Taibbi Files $10 Million Libel Suit Against Dem Rep. For Accusing Him Of 'Serial Sexual Harassment' Journalist Matt Taibbi is suing Rep. Sydney Kamlager-Dove for libel, after the California Democrat claimed during her opening remarks in a House Foreign Affairs Subcommittee hearing on Tuesday that he's a "serial sexual harasser." "To distract from the dumpster fire this administration is pursuing," she said, the Republicans were "elevating a serial sexual harrasser as their star witness." While Taibbi wouldn't have been able to sue due to lawmaker protections under the Speech and Debate clause of the constitution, Kamlager-Dove was stupid enough to then post those claims on social media; both on X and Blue Sky. Damn. Ranking Member Kamlager-Dove calls GOP witness Matt Taibbi a "serial sexual harasser" and enters articles into the congressional record about his history as a sex pest pic.twitter.com/D0li1K6Qij April 1, 2025 As Taibbi directly notes to Kamlager-Dove via Racket News, "Rep. Kamlager-Dove, no woman has ever accused me of engaging in sexual harrassment once, let alone serially. See you in court. Please do not evade service." * * * On Sale! Grab a complete 2-day emergency survival backpack at ZH Store Click pic... add to cart (one for each car & your go-bag storage)... be more prepared. Satisfaction guaranteed or your money back. Tyler Durden Thu, 04/03/2025 - 16:20
Microsoft Scales Back AI Data Center Projects In US, Australia, UK TD Cowen analyst Michael Elias has explained to clients through multiple notes over the last month that Microsoft has scaled back on data center projects in the U.S. and Europe. This development is unsurprising, as readers have been aware of the emerging risks posed by the cheaper and more efficient Chinese DeepSeek (as noted on Jan. 27), prompting us to question whether AI data capacity will be achieved sooner than initially anticipated. Another worrying sign for the AI bubble—or rather, a continuation of Elias' reporting on Microsoft scaling back data center projects—comes from Bloomberg, which provides additional color on MSFT supposedly halting data center construction sites in Indonesia, the UK, Australia, Illinois, North Dakota, and Wisconsin. Here's more from the report, citing people familiar with talks (list courtesy of Bloomberg): Microsoft recently withdrew from negotiations to lease space between London and Cambridge in the UK at a site being marketed for its ability to host advanced Nvidia chips, according to people familiar with the talks, who requested anonymity to discuss a private matter. The company has also halted negotiations for data center space at a site near Chicago, according to a person familiar with the talks. In some cases, Microsoft is delaying construction. For example, it has paused work on parts of a data center campus it owns about an hour outside of Jakarta, according to people familiar with the situation. Microsoft also has put on hold some planned expansion at a site in Mount Pleasant, Wisconsin, part of a complex visited by then-President Joe Biden, according to another person. In London, Microsoft was negotiating to lease space at Ada Infrastructure's 210-megawatt Docklands data center but has held off on committing to the project, according to people familiar with the matter. Elias first raised concerns about Microsoft scaling back on AI computing capacity in a note on Feb. 24, in which he stated that Microsoft was terminating AI data center leases. This was followed by a separate note last week, in which the analyst reported that Microsoft had walked away from data center projects in the U.S. and Europe, amounting to a capacity of approximately 2 gigawatts of electricity. "We continue to believe the lease cancellations and deferrals of capacity points to data center oversupply relative to its current demand forecast," Elias said last week. News of the cheaper Chinese DeepSeek—a response to OpenAI's ChatGPT—in late January, which is allegedly 40–50 times more efficient than other large language models, had Goldman's Rich Privorotsky at the time proposing a new theme that spelled bad news for the AI bubble: "If you can do more with less, it naturally raises the question of whether so much capacity is necessary." The whole "do more with less" theme produced by DeepSeek sparked a debate that AI peak demand capacity could be reached much sooner than Goldman's forecast of late 2026. Capex revisions next? Year to date, Goldman's AI and power baskets have gotten the memo... Goldman's China AI basket leads US AI baskets. . . . Tyler Durden Thu, 04/03/2025 - 15:25
Massive International Pedophile Streaming Network Discovered; 2 Million Users Shared Child-Porn Across 35 Countries Authored by Steve Watson via Modernity.news, A massive darknet international pedophile child porn network calling itself “Kidflix” has been discovered and shut down by Europol. Investigators stated that site shockingly had more than 91,000 child porn videos on it, with around three new videos being uploaded to its servers every hour. Users were paying a fee for access to stream and upload their own videos of child sex abuse. They were able to make payments via cryptocurrencies to avoid a paper trail, and were given the incentive of earning tokens to spend on the site by uploading content. Kidflix, one of the largest paedophile platforms in the world, has been shut down in an international operation against child sexual exploitation. ⏹️ Europol has supported authorities from 38 countries worldwide in shutting down the platform. More: https://t.co/eoETaBNyBi pic.twitter.com/FPI9xkuTkE April 2, 2025 Dozens of arrests were made, the agency announced Wednesday, noting that the network had around two million users and spanned across 35 countries. The network was terminated at the direction of the Bavarian State Criminal Police Office in Germany. One of the world’s largest pedophile networks, Kidflix, has been dismantled in a massive international operation against child exploitation. Authorities from 38 countries, including the U.S., Canada, and Australia, collaborated in a global effort to shut down the platform.… pic.twitter.com/jQCpJxde8a April 3, 2025 German broadcaster NTV reports that 79 people have been arrested thus far, with around 1,400 further suspects identified. The investigation spanned almost three years and has now concluded with thousands of electronic devices being seized and the servers of the monstrosity, located in both Germany and the Netherlands, being shut down. The report notes that Europol officials believe those arrested not only watched and uploaded child pornography, but are also suspected of carrying out the sexual abuse of the children. This isn’t even an isolated incident, these massive pedo operations are in play everywhere. 🇵🇱 OVER 1 MILLION CHILD P*RN FILES SEIZED IN POLAND The files were uncovered during an extensive nationwide operation conducted by the Polish police. They raided 112 locations, charging 75 suspects aged 16 to 78, with 31 in pre-trial detention. Among the material were images… pic.twitter.com/ixfnO88ouv November 12, 2024 𝗨.𝗦. 𝗮𝗻𝗱 𝗨.𝗞. 𝗔𝘂𝘁𝗵𝗼𝗿𝗶𝘁𝗶𝗲𝘀 𝗔𝗻𝗻𝗼𝘂𝗻𝗰𝗲 𝗖𝗿𝗮𝗰𝗸𝗱𝗼𝘄𝗻 𝗼𝗻 𝗧𝗵𝗲 𝗔𝗻𝗻𝗲𝘅, '𝗢𝗻𝗲 𝘁𝗵𝗲 𝗟𝗮𝗿𝗴𝗲𝘀𝘁 𝗖𝗵𝗶𝗹𝗱 𝗣𝗼𝗿𝗻𝗼𝗴𝗿𝗮𝗽𝗵𝘆 𝗪𝗲𝗯𝘀𝗶𝘁𝗲𝘀 𝗚𝗹𝗼𝗯𝗮𝗹𝗹𝘆,' 𝗙𝗼𝗹𝗹𝗼𝘄𝗶𝗻𝗴 𝗕𝗿𝗶𝘁𝗶𝘀𝗵 𝗖𝗼𝘂𝗿𝘁 𝗦𝗲𝗻𝘁𝗲𝗻𝗰𝗶𝗻𝗴 𝗼𝗳… pic.twitter.com/9jHuscKLOT March 11, 2024 Still think child sex trafficking isn't a problem Canada? You'll want to give this a read...👇 Have you heard of the Canadian film company Azov Films? Azov films was a Toronto based film company founded by Brian Way. The company was selling and streaming footage of naked… pic.twitter.com/g1MXUiXl8X June 23, 2024 2 predators arrested & 9 children rescued in an ongoing investigation in SE Asia. 9 terabytes of data including child sexual abuse material were recovered at the scene. 1 terabyte alone can hold up to 1 million smartphone quality pictures, or thousands of hours of video. pic.twitter.com/Kvo1PVtaKv August 21, 2020 South Korean National and Hundreds of Others Charged Worldwide in the Takedown of the Largest Darknet Child Pornography Website, Which was Funded by Bitcoin@drawandstrike @catesduane @rising_serpent @almostjingo @tracybeanz @CarrollQuigley1 @dbongino https://t.co/yZOOXyL7t6 October 16, 2019 WATCH 🚨 45 People Arrested For Being Child Predators, Prostitutes, Human Traffickers, Child Traffickers & Wanting To Eat Children, Yes Cannibalism “Sheriff told us about a man who he said wanted to eat a child. Yes. Eat her as in cannibalism, And that was just one of the… pic.twitter.com/Na04RsreXG February 22, 2024 Earlier this year, French police announced arrested 37 people and seized over a million picture and video files of child pornography from computers, tablets, smartphones, and even cameras. According to The French newspaper La Dépêche reported that the operation, which began in November, involved 270 gendarmes, including 36 cybercrime specialist investigators. 🚨 ALERTE INFO - 37 PEDOPHILES ARRÊTÉS DANS L’EST DE LA FRANCE Plus de 1 MILLIONS DE FICHIERS PEDOPORNOGRAPHIQUE Sur la saisis ont retrouvent 60 ordinateurs, 290 supports de stockage externes, 27 téléphones portables, huit tablettes, quatre caméras Plus de 270 ENQUÊTEURS… pic.twitter.com/fP0CWWslMr January 27, 2025 A separate international operation last December also led to the arrest of 95 people in France in connection to a cross-border child pornography ring. In that case, police seized hundreds of devices with an estimated 375,000 photos and 156,000 videos of child pornography, making up 217 terabytes of data. #BellesAffaires 🖥️ Démantèlement d’un important réseau pédopornographique international via l'application #Signal, par la SR de Versailles et les gendarmes du @CyberGEND : pic.twitter.com/xTC1UsJm6Y December 21, 2024 While investigators have managed to rescue some of the children who were victims of these horrendous activities in each case, the numbers are always disappointingly low, and it’s clear many thousands more, if not millions are still suffering. The level of evil is unimaginable. Leftists will tell you it’s all just a big conspiracy theory though. And in some cases they will investigate anyone who tries to expose it. * * * 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 Thu, 04/03/2025 - 15:05
'Disloyal' NSC Staffers Fired After Laura Loomer Brings Receipts To The White House Three staffers on the National Security Council have been fired after journalist Laura Loomer met with President Trump in the Oval Office on Wednesday, where she presented him with a list of 'disloyal' employees, the NY Times reports, thanks to ongoing (and copious) leaks from the administration. Mr. Trump may act on some of Ms. Loomer’s recommendations, two of the people said. Ms. Loomer walked into the White House with a sheaf of papers, which amounted to a mass of opposition research attacking the character and loyalty of numerous N.S.C. officials, two of the people said. She proceeded to excoriate them in front of their boss, the national security adviser Michael Waltz, who was also in the meeting. -NYT The rest of the Times report amounts to a character assassination on Loomer, which was to be expected - writing that "Loomer’s rhetoric and actions have been so extreme that she has alienated others even on the far right." The White House meeting came after weeks of Loomer posting about various 'disloyal' Democrats within the Trump administration - including deputy national security adviser Alex Wong, who she says added a journalist from The Atlantic to a DoD Signal chat on behalf of his boss, national security adviser Michael Waltz (Waltz was in Wednesday's meeting, according to the report). In posts to X, Loomer noted that Wong's wife worked as a DOJ lawyer for the Biden and Obama administrations, and her father is a large shareholder in a Chinese satellite manufacturer. The roughly 30-minute meeting with Loomer was held shortly before Trump's major tariff announcement in the White House Rose Garden. Also in the meeting aside from Waltz were VP JD Vance, Sergio Gor - the head of presidential personnel, White House Chief of Staff Susie Wiles, and White House communications director Steven Cheung, according to the NYT's leakers. Loomer Responds "I woke up this morning to learn that there are still people in and around the West Wing who are LEAKING to the hostile, left-wing media about President Trump’s *confidential* and *private* meetings in the Oval Office," Loomer wrote on X in response to the news, adding that she would not divulge any details about her meeting. I woke up this morning to learn that there are still people in and around the West Wing who are LEAKING to the hostile, left-wing media about President Trump’s *confidential* and *private* meetings in the Oval Office. I want to reiterate how important it is that people who gain… April 3, 2025 According to Loomer, there's "More to come!" “Exactly one hour before he received the termination email, Laura Loomer posted on social media about Mr. Schleifer, calling him a "Biden holdover.” More to come! pic.twitter.com/ndc0qAXdf3 April 3, 2025 * * * Grow your own food with HEIRLOOM SEEDS (39 varieties - 4,500 seeds) from ZH Store! Free shipping in the USA. Click pic... buy seeds... take food supply into your own hands... Tyler Durden Thu, 04/03/2025 - 14:05
This Trump Shock Is A Reverse Nixon By Michael Every of Rabobank Hoot Small-ly and Reverse Nixon Again In line with the Churchillian tone I had struck, yesterday’s US tariffs were historic and suggest a world-wide battle. It remains to be seen in what form, with what outcome, but global bifurcation is again on the cards. The US raised its weighted-average tariff to 29%, the highest in over 100 years, and above the Smoot-Hawley tariffs of the 1930s. That’s staggering, not just for the US, or inflation or GDP, but for the global system built on the US as consumer of last resort for everyone else’s overproduction and the US dollar as the lubricant for that trade and the US financial assets everyone accumulates as a result. The US assumed a non-tariff barrier with each trade partner leading to reciprocal tariffs as the simple function of the US bilateral trade deficit as a ratio of exports to it, e.g., Indonesia runs a $17.9bn trade surplus with the US and exports $28bn to it, so $17.9/$28 = the 64% assumed Indonesian trade barrier, which the US offered a ‘discount’ on down to 32%. On one hand, this is nonsense. On the other, it’s exactly what Ricardian theory says should happen under free trade: all bilateral flows should balance, with the composition of the basket shifting with comparative advantage. That it never does for the US shows the theory isn’t true; so, the US is using both hands to pull down the system ostensibly based on it. It’s critical to understand that before talking about the numbers below and hooting small-ly about Smoot-Hawley. We got massive increases in tariffs on Asian exporters like Bangladesh (37%), Cambodia (49%), China (34%), India (26%), Indonesia (32%), Japan (24%), South Korea (25%), Thailand (36%), and Vietnam (46%). Moreover, these are stackable on top of pre-exiting tariffs, so China faces 54% at least, with the threat of another 25% for buying Venezuelan oil and another 25-50% for buying Russian oil. That is a dramatic escalation between the world’s two largest economies. The EU fared slightly better (20%), but which is four times higher than what we had presumed in our own model assumptions. Most others, including the UK, Australia, and New Zealand got 10%, a divide-and-rule tactic we’d expected, as did Latin America, the Monroe Doctrine also expected, especially if the US now offers dollar liquidity to help shift supply chains in that direction. But what then for Brazilian agri trade to China? Nobody --except Russia(but that's because it is under sanctions)-- was overlooked: even a small island off Australia got a 10% tariff for its population of penguins, and the closest of US defence allies like Israel and the Philippines face 17%, while Iran only sees 10%. The only exemptions apart from Canada and Mexico were on steel and aluminium, autos, copper, pharmaceuticals, semiconductors, bullion, energy and other minerals not available in the US; but the first three already have 25% tariffs in place, with the rest waiting for one. The US postal de minimis loophole is also over for everyone with a tariff once systems are ready, except for bonafide gifts and items brought into the US while traveling. That upends a lot of e-commerce. We now start the next phase of negotiation and/or retaliation. It’s hard to imagine the UK, Australia, or New Zealand will rock the boat, and the same is true for anyone getting just a 10% tariff. Indeed, Latin America may be rubbing its hands at the geostrategic windfall ahead. But what about Asia? For example, will China allow CNY to move lower? Does that drag other FX down with it? Does the US then raise tariffs even higher? Or will China switch to domestic consumption, which would be inflationary? What are the options for Japan, South Korea, Vietnam, Cambodia, Thailand, and India? They can’t “trade more with China” unless it plays the US importer/consumer role, but it won’t want to import more. So, does all of Asia inflate domestically with the US, or sink into deflation? Or does everyone but China pivot to the US side vs. China? We have already published a report on what we expect Europe to do and underlined the risks of escalation that risks rapidly moving from trade into other areas. Indeed, the US is already pressuring Europe to buy American weapons rather than local as it rearms: if Europe accepts, maybe the trade war and security issues are resolved in tandem; and if it refuses, Europe may face more US intractability on NATO, and trade, and energy, and perhaps even on dollar swaplines. Another key point to stress is renewed talk of ‘dedollarisation’. Notably, US 10-year yields are going down, now at just 4.06%, even though inflation will almost certainly be seen and for some time. The DXY broad dollar index is dropping, and even Asian exporters hit by massive tariffs are only seeing slight selloffs in their FX. Indeed, JPY is rallying despite Japan being reliant on the US for its defense as well as exports, as is EUR, with Europe reliant on the US for energy and tech on top of security and exports. Crypto tumbled, but gold hit a new record high before dipping. However, the initial FX reaction reflects repatriation of US assets; and it overlooks the CNY threat and that there can’t be a global system within which JPY and EUR can thrive without the dollar’s current role. That’s hard to accept, but it’s true. An ECB speaker just said Europe has a unique opportunity to push the global use of the Euro. Yet besides requiring the issuance of Eurobonds, a huge hurdle, that would see Europe run capital account surpluses, as funds flood in, and matching current account deficits, as foreign goods flood in too. In short, Europe would follow the US in deindustrialising, financialising, and polarising just as it needs unifying and militarising. Yet Europe would also need a large military to have a true global reserve currency role, because those with such muscle won’t just roll over! While US actions show it wants to stop the dollar being a lubricant for most exporters to it and conduit for financial assets back to them, it doesn’t want to lose its role in commodity pricing, and global trade, settlements, and debt. History shows a country can retain a global FX reserve even without a trade deficit, but it takes mercantilism to do it – which we are now seeing. As I say, the implications are so large that markets don’t fully grasp them, or don’t want to. It’s one thing for them to have been forced to recognize that guns now matter as well as butter, but it’s another to realize life is now about gunship diplomacy (“We have 11 aircraft carriers: we get to say which currency commodities are priced in. Understand?”). Equally, macro models trying to capture what this means presume everything returns to mean and vast net trade deficits are absorbed by the system. If they don’t, the model breaks; here, the system does. One may disagree with Yanis Varoufakis on many things, but he knows his economic history – which markets don’t. He begins a recent must-read (‘Will Liberation Day transform the world? The Nixon Shock set a radical precedent’) thus: “My philosophy, Mr President, is that all foreigners are out to screw us and it’s our job to screw them first.” With these words, the US Treasury Secretary convinced the President to deliver a colossal shock to the global economy. In the words of one of the President’s men, the objective was to trigger “a controlled disintegration of the world economy”. No, those words were not spoken by members of President Trump’s team in advance of their “Liberation Day” tariff splurge. While the “foreigners are out to screw us” certainly has a Trumpian ring, it was uttered in the summer of 1971 by then Treasury Secretary John Connally, who succeeded in convincing his President to unleash the infamous Nixon Shock a couple of days later. Commentators should know better than to pretend that the shock Trump is now delivering is both “unprecedented” and bound to fail like all “reckless” assaults on the prevailing order. The Nixon Shock was more devastating than the one delivered today, especially for Europeans. And precisely because of the economic devastation caused, its architects achieved their main long-term objective: to ensure American hegemony grew alongside America’s twin (trade and government budget) deficits. The success of the Nixon Shock in no way guarantees the success of Trump’s version, but it does remind us that what is good for America’s rulers is not necessarily good for most Americans or, indeed, for the world. One of the smartest Nixon advisers, who helped to convince Connally of the need for a shock, articulated this point with brilliant clarity: “It is tempting to look at the market as an impartial arbiter. But balancing the requirements of a stable international system against the desirability of retaining freedom of action for national policy, a number of countries, including the US, opted for the latter.” Then with one additional phrase he undermined all of the assumptions on which Western Europe and Japan had erected their post-war economic miracles: “A controlled disintegration in the world economy is a legitimate objective for the Eighties.” And 10 months after giving this lecture, the man in question, Paul Volcker, rose to the Presidency of the Federal Reserve. Soon, US interest rates were doubled, then trebled. The controlled disintegration of the world economy, which had started when President Nixon was convinced by Connally and Volcker to dismantle the hitherto stable exchange rates regime, was now being completed with interest rate hikes that were far more devastating than Trump’s tariffs can ever be today. Trump is therefore not the first President to seek the controlled disintegration of the world economy by means of a devastating blow. Nor is he the first to purposely damage America’s allies to renew and prolong US hegemony. Nor the first who was prepared to hurt Wall Street in the short run in the process of strengthening US capital accumulation in the long term. Nixon had done all that half a century earlier. And the irony is that the world the Western liberal establishment is grieving over today came into being as a result of the Nixon Shock.” He concludes: “Every generation likes to think it is on a cusp of some historic transformation. But ours is cursed enough to actually be on such a cusp. So rather than focusing too much on the character of the man in the White House, we would do well to recall that the Nixon Shock was much more important than Nixon. If Nixon reshaped the world once, leaving it nastier and more unbalanced, Trump can certainly do it again.” This Trump Shock is, again, a reverse Nixon: to take the US from trade deficits and financialisation back to raw US mercantilist power, using parts of the old system to do so. (As I have put it, using economic statecraft; or, using financial Fartcraft to shift back to Warcraft.) That’s as: the US put sanctions on some Russian entities; Israel blew up the runway of the Syrian airbase Turkey is taking over; the US pours military equipment into the Middle East; the US senate pencils in $5 trillion in tax cuts over the next decade; and Elon Musk is rumored to be leaving the White House circle soon --stocks rallied (“No more DOGE corruption-cutting!”)-- which he denied. Tyler Durden Thu, 04/03/2025 - 13:45
Auto Tariffs Pump Brakes On Jeep Owner; Stellantis Pauses Canada, Mexico Plants President Trump's 25% tariffs on imported vehicles took effect overnight, with the first signs of impact materializing Thursday morning—i.e., shares of U.S. carmakers tumbled in the early cash session, and Stellantis NV announced plans to temporarily suspend production lines in both Canada and Mexico. Bloomberg reported that the global automaker overseeing 14 car brands will pause production at its Windsor, Ontario plant for two weeks starting next Monday. Details about how long production lines in Mexico would remain offline were not disclosed. "With the new automotive sector tariffs now in effect, it will take our collective resilience and discipline to push through this challenging time," Antonio Filosa, head of the company's North American operations, told employees in a memo earlier. He said the move will affect employees at "several" of the company's U.S. powertrain and stamping facilities supporting Canada and Mexico operations. Bernstein analyst Daniel Roeska warned clients that a "25% automotive imports lasting beyond four to six weeks would likely have a chilling effect on the entire sector as [automakers] need to grapple with significant impact to the bottom line." TD Cowen's Itay Michaeli described the tariffs as "close to the worst case outcome vs. recent expectations," while Barclays' Dan Levy warned: "there are no 'winners' in the absolute – only relative winners." Upcoming production changes at some of Stellantis' factories in Canada and Mexico are some of the first effects of Trump's 25% tariffs on auto imports. The administration's move is to revive America's industrial base, and the only way to do that is to use tariffs to force companies to re-shore operations. Wedbush analyst Dan Ives told clients that "the concept of a U.S. carmaker with parts all from the U.S. is a fictional tale that does not exist and would take years to make this concept a reality." CNBC noted, "Parts that are currently compliant with the USMCA trade deal will be tariff-free, but only until the secretary of commerce and Customs and Border Protection establish processes to impose levies on non-U.S. content." In markets, automakers were pressured lower with broader main equity indexes. General Motors dropped 2.4%, Ford -2.2%, Rivian -3%, Lucid -4%, and Tesla -3.5% An analysis we shared with readers on Tuesday, "Trade War Hits The Gas: Trump's Auto Tariffs To Reshape Global Manufacturing," provides more color into how the repercussions of the auto tariffs could be far more impactful than initially appear—impacting everything from dealership showrooms to global supply chains. The move to restore America's hallowed industrial core begins. Tyler Durden Thu, 04/03/2025 - 13:25
Elon Musk's Neuralink Seeks Patients Globally To Try Its Brain Chips Authored by Jesse Coghlan via CoinTelegraph.com, Elon Musk’s brain-chip company, Neuralink, is recruiting participants worldwide to trial its device, which enables users to control a computer using only their thoughts. Neuralink is looking for people with quadriplegia — those who are not able to use their arms or legs — to sign up for a clinical trial, it said in an April 2 post on X, the social media platform also owned by Musk. As of January, Neuralink has said that three patients have been implanted with a device. All are quadriplegic and are testing a small brain implant that tracks neural activity to control a computer or smartphone as part of a clinical trial called the Precise Robotically Implanted Brain-Computer Interface, or PRIME study. Neuralink is one of several companies and academic institutions developing and testing so-called brain-computer interfaces, which vary from small wire-like implants as part of clinical trials to non-invasive devices akin to a hat. Source: Neuralink Neuralink’s website says its clinical PRIME study, which will take around six years, is looking for quadriplegics with spinal cord injury or amyotrophic lateral sclerosis to use their thoughts to control a computer. Musk also heads vehicle maker Tesla and is the Trump administration's government cost-cutting czar. He has said he wants Neuralink to move beyond just allowing humans to operate computers by thinking and wants to help “give people superpowers.” First Neuralink patient reports no side effects after a year Noland Arbaugh, Neuralink's first patient, said in a March 28 X post that he’s “had no negative side effects, neither physically nor psychologically” in the year after receiving his brain implant. Arbaugh, a quadriplegic, demoed his brain chip about a year ago by controlling a computer cursor to play chess and surf the web. https://t.co/OMIeGGjYtG March 20, 2024 Arbaugh said he’s now using his brain chip “for all sorts of things” and guessed he’s using it for over 10 hours a day. He said the company’s researchers were “figuring out how to control a wheelchair with the implant,” which he added he won’t use “unless it’s next to perfect. I think it benefits everyone if I don’t lose control and drive into traffic.” Arbaugh said he had found work as a traveling keynote speaker thanks to Neuralink’s implant, which helps him write, research, and communicate online. “I can’t tell you how much hope and purpose this technology has provided me,” he wrote. “It’s only a matter of time before the implant is in dozens, then hundreds, then thousands of people.” Tyler Durden Thu, 04/03/2025 - 13:05
The Rio Reset: Inside The BRICS Scheme To Hotwire The Global Economy Authored by Peter Reagan via Birch Gold Group, BRICS+ leaders are meeting in Rio de Janiero this summer. Their dedollarization drive has made huge progress over the last two years. Here’s what they’ve accomplished so far – and why the Rio Reset will stun the world… The warning signs were there (but most people missed them) In August 2023, all eyes were on Durban, South Africa when the leaders of the BRICS alliance met behind closed doors. A few weeks before, Russia’s top diplomat Sergey Lavrov made global headlines claiming the BRICS alliance was close to launching a “gold-backed currency.” Their intentions were clear: First to challenge, then to replace, the U.S. dollar. It was a bold claim – and for everyone who understood the role the dollar plays in the global financial system, it was a truly frightening moment. It would be an exaggeration to say the world held its breath – but I don’t mind telling you, I certainly held mine! The meeting came and went. BRICS held press conferences and announced new committees… But the gold-backed international BRICS currency never materialized. Ever since, we’ve been wondering what happened. Did Lavrov overplay his hand? Was the foreign minister (or perhaps Putin himself) simply trolling the Biden administration? The election of President Trump seemed to put the final nail in the coffin. He swore instant, punitive sanctions on any countries that replaced the dollar in their global transactions. Trump understands that dollar dominance is a matter of national security. And he understands the consequences of losing – “If we lost the dollar as the world currency, I think that would be the equivalent of losing a war,” he told The Economic Club of New York in September 2024. The shared BRICS currency experiment was dead even before arrival. Or was it? I’ve always had my doubts and my suspicions. As a result, over the last few weeks, I’ve called in every favor. Cashed in every chip I have with the movers and shakers in Washington D.C. Consulted analysts and insiders on three continents (trust me, it wasn’t cheap!) – and I think I finally understand what happened. In hindsight, the real story wasn’t what Lavrov or any of the other BRICS officials announced – it was what they didn’t say. At the Rio Reset in July, BRICS will reveal their real plan Back in 2023, BRICS never revealed their real plan. The threat of an international, gold-backed BRICSbuck was a brilliant distraction. The mainstream media laughed it off. The alternative media engaged in doom-mongering. And BRICS members quietly pressed ahead with something far more ambitious: A complete, parallel global financial system – a new, 21st century Bretton-Woods – designed to bypass the dollar completely. What Lavrov called a “currency” was just a decoy. A distraction meant to keep us focused in the wrong direction. This summer, July 6-7, 2025, BRICS leaders are meeting again in Rio de Janeiro, Brazil. I want you to join me in watching this meeting closely. Because I expect truly astonishing news. An event truly worthy of the name Rio Reset. But not for a new currency announcement! Let me explain why I think this is just a distraction... When I say “money” or “currency,” what do you think of? Most people think of something like this: Author’s personal collection of currencies from The Bahamas, Brazil, China, Nigeria, the UK, the U.S., Vietnam and Zaire. Or this: A mock-up of a shared BRICS currency, revealed by Russian President Vladimir Putin at the 2024 BRICS meeting in Kazan, Russian Federation. These are all examples of currencies. We're all familiar with currency, because we use it every day. Currency is the most visible part of the global financial system. Compared to the scale of the global financial system, though? Any single currency (even all currencies!) are just the tip of the iceberg… The true scope of the Rio Reset is staggering This is what our global financial system looks like: Image via PlatON That chart is not deliberately confusing, by the way. This really is what the global financial system looks like. Key institutions, clearing and settlement systems, domestic and international institutions, compliance and regulatory agencies – and that’s just the organizations. Each of them has its own set of compliance requirements, regulations, procedures and regulatory body at both the national and international levels. Now, it would be silly to pretend that this entire post-World War II, Bretton-Woods global financial system was all carefully planned and painstakingly executed. Parts of it were – and the rest developed over time. THAT is what BRICS have been working on! What the Rio Reset really means The term Rio Reset may be new – but the underlying idea is not. This is the culmination of everything BRICS nations have worked toward since the Great Financial Crisis of 2008. Their goal? To insulate themselves from dollar devaluation, dollar weaponization and the financial instabilities inherent in the dollar-based global financial system. Tyler Durden Thu, 04/03/2025 - 12:20
Far-Left Maryland Lawmakers Pass Reparations Bill While Financial Crisis Looms Far-left Maryland lawmakers, sitting high in their Annapolis castle, are completely detached from reality. They masquerade as public servants but are merely progressive activists who cannot govern properly. Instead of addressing the state's incoming financial crisis and worsening power crisis, these woke lawmakers have focused on condoms for kids and other disastrous left-wing policies. It's as if these politicians are sabotaging the state... Democrats in the state have been spending taxpayer monies like drunken sailors, driving the state to the brink of a financial crisis marked by a $3.2 billion deficit, heightened credit downgrade risk, and a worsening power crisis. Compounding the situation, DOGE-related cuts to the bloated federal bureaucracy threaten to trigger a devastating recession in the state, whose economy is mainly dependent on the federal government and produces little value in the private economy. On Wednesday, instead of addressing the mounting problems, Democratic lawmakers passed a bill in a 101–36 vote to establish a commission tasked with studying and recommending potential reparations for slavery and the lasting effects of racial discrimination in the state. The bill now heads to far-left Gov. Wes Moore's desk, who has previously said he will consider signing the statewide reparations commission. Remember, Moore is being primed by the Democratic Party for a presidential bid in the upcoming elections. However, he has already been accused of stolen valor. The Maryland House gave preliminary approval Tuesday to a bill creating a statewide reparations commission to study and recommend benefits for Marylanders whose ancestors were enslaved or impacted by inequitable government policies. The legislation, a top priority for the… pic.twitter.com/v2nD5ekFcU April 2, 2025 "I have said and long stated that the history of racism in this state is real," Moore previously stated, adding that the impacts "are still very much being felt and they've been structurally felt within the state of Maryland." The governor and Democratic leadership in Annapolis are in over their heads when it comes to effectively managing the state. The reason is simple: they're activists, not managers. Instead, these activist leaders are steering Maryland like a drunk driver on a busy highway—crashing into everything in sight while barreling toward a cliff. That cliff is a looming financial crisis, driven by reckless spending and further compounded by DOGE-related cuts. The Democrats in Annapolis have no solutions to save the state. Actually, they do - it's taxes, taxes, and more taxes, such as a proposed service tax, and, more recently, a "sleeping tax," as we joked. "Is a Thinking Tax Next? " Maryland Democrats Pass "Sleep Tax" - Is a Thinking Tax Next? https://t.co/ujScbAAnrT March 29, 2025 Instead of addressing real crises—while tens of thousands, if not over 100,000, residents struggle with skyrocketing power bills caused by backfiring green policies—these lawmakers recently thought it was a good use of time to debate about installing vending machines filled with condoms for children. Maryland Democrats are pushing a bill to put VENDING MACHINE CONDOMS in KINDERGARTEN Literally beyond parody pic.twitter.com/Ynd5X15vzP February 26, 2025 Maryland's current direction is disastrous and will likely spark an exodus of residents and businesses. A large asset manager based in the state has already told us they're advising clients against investing in Maryland municipal bonds—and are encouraging clients living in the imploding state to relocate. If the solution to an imploding state is reparations, condoms for kids, and a tax on sleep, then Maryland voters are in dire need of a wake-up call. Honestly, it might already be too late. Tyler Durden Thu, 04/03/2025 - 12:00
Senate Votes To Block Trump Tariffs On Canada After Four Republicans Cross The Aisle The Senate has passed a largely performative rebuke of President Donald Trump's ability to impose tariffs on Canada, after four Republicans crossed the aisle for a 51-48 vote. Sen. Tim Kaine (D-Va.) (C) speaks alongside Senate Minority Leader Charles Schumer (D-N.Y.) (R) and Sen. Peter Welch (D-Vt.) at a press conference at the U.S. Capitol in Washington on April 2, 2025. (Kevin Dietsch/Getty Images) The resolution - which has practically no chance of making it through the House (and Trump would veto anyway), passed hours after Trump announced his so-called "Liberation Day" of worldwide tariffs, would end Trump's emergency declaration on fentanyl trafficking used to justify tariffs on Canada, though both Canada and Mexico are exempt from Trump's 10% baseline rate, while products subject to CUSMA/USCMA are exempt. "Tariffs on imports from Canada are still set to rise on Thursday. Auto tariffs announced last week will still push the average U.S. tariff rate on imports from Canada to about 3.5% from 2.5% by our count," said RBC's Nathan Janzen and Claire Fan. "That increase will still matter, but looks small now compared to dramatically higher tariffs set to be imposed on other countries." The four Republicans who joined all Senate Democrats were; Lisa Murkowski of Alaska, Susan Collins of Maine, Mitch McConnell of Kentucky and Rand Paul of Kentucky. Following the vote, former Senate GOP leader Mitch McConnell (R-KY) said, "As I have always warned, tariffs are bad policy, and trade wars with our partners hurt working people most." Trump has argued that Canada isn't doing enough to stop the flow of illegal drugs from entering the USA. In 2024, CBP seized 43 lbs. of fentanyl in its northern border sector vs. 21,000 at the southern US border. Since January, authorities have seized less than 1.5 lbs in the north, according to federal data cited by AP. "This is not about fentanyl. It’s about tariffs. It’s about a national sales tax on American families," said Sen. Tim Kaine (D-VA), who initiated the resolution. Democrats argued that Trump is using the tariffs to pay for proposed tax cuts that would benefit the wealthy, but will also make it more expensive to build homes, buy cars and pay for imported grocery products. Kaine pointed to aluminum imported from Canada that is used by businesses ranging from pie makers to shipbuilders. -AP "Today, Donald Trump takes a sledgehammer to the American economy and even to the American dream," said Senate Democratic leader Chuck Schumer, who of course also had something to say, adding "Once the American people say, ‘I don’t want to embrace somebody, I don’t want to vote for somebody, I don’t want to support somebody who embraces Trump’s policies,’ things are going to change." During Wednesday's presser, Trump singled out Canada as a chief beneficiary of "unfair" trading practices with the US despite not adding any new tariffs as part of the Lutnick plan. "Why are we doing this? I mean, at what point do we say, ‘You’ve got to work for yourselves and you’ve got to’? This is why we have the big deficits," said Trump. Standing up for Trump were several Senate Republicans - who insisted that Canada's punishment was more about fentanyl than the impacts of tariffs. "There are unique threats to the United States at our northern border," said Majority Whip Sen. John Barrasso (R-WY) said during a floor speech, adding that former President Joe Biden had "also thrown open the northern border. The criminal cartels noticed and they took advantage." "President Trump is taking the bold, decisive, swift action that is necessary to secure that border as well," he continued. * * * You can support ZeroHedge with the purchase of a high-quality, sharp, ZeroHedge Multitool. Click pic... add to cart... (buy 2 for free shipping)... enjoy Multitool! Satisfaction guaranteed or your money back. Tyler Durden Thu, 04/03/2025 - 11:35
Antiwar.com Vs Daily Beast: The Syria Debate Now that the neocons/libs and Israel had their way with Syria, former dictator Bashar Al Assad has been replaced with… Al Qaeda. So what now? Visit the ZeroHedge homepage tonight at 7pm ET for our live Syria Debate with Pulitzer winner and Daily Beast reporter Roy Gutman who will face off against Antiwar.com editorial director Scott Horton. The debate will be moderated by David “Viva Frei” Freiheit. Has the latest iteration of Middle Eastern regime change paid off or been a total disaster? A quick primer on Gutman’s interventionism and Horton’s isolationism: Gutman: “Assad Must Go” Horton: "America is back on the side of al-Qaeda... quite frankly, it's treason." "America is back on the side of al-Qaeda... quite frankly, it's treason." Watch Scott Horton and General Wesley Clark's full discussion on Syria, Assad, Putin and more 👇 📺 https://t.co/tkQyaIE64N@piersmorgan | @scotthortonshow | @GeneralClark pic.twitter.com/vjCYp3fehP December 10, 2024 We’ll see you at 7pm ET. If you would like to listen to Scott take on another interventionist, check out his debate with historian Niall Ferguson on the war in Ukraine from December: Tyler Durden Thu, 04/03/2025 - 11:27
Watch: Sen. John Kennedy Destroys Nationwide Injunctions Authored by Matt Margolis via PJMedia.com, By now, you know that I’m a big fan of Sen. John Kennedy (R-La.) and his unmatched ability to dismantle weak arguments with his signature Southern wit. On Monday, during a Senate Judiciary Committee hearing, he was at the top of his game, systematically exposing the complete lack of legal authority for district judges to issue universal injunctions — a favorite tactic of the left to block President Trump’s agenda. Questioning Assistant Attorney General nominee Brett Shumate, Kennedy systematically dismantled any justification for these sweeping judicial orders. "Mr. Shumate, what's a universal injunction?" Kennedy asked. Shumate explained, "Senator, a universal injunction is an order from a court enjoining the government in a way that goes beyond the parties to the case but applies nationwide or in some cases universally." Kennedy pressed further, asking, "What's the statutory basis for a federal judge issuing an order that affects people other than the parties before the court?" "I'm not aware of a statutory basis, Senator," Shumate admitted. "There is no statutory basis, is there?" Kennedy reiterated. "No, Senator," Shumate confirmed. Kennedy then challenged Shumate to name a Supreme Court ruling that interprets the Constitution to allow such injunctions. "Can you name me that case?" he asked. "I'm not aware of one, Senator," Shumate responded. "There isn't one, is there?" Kennedy pressed. "I'm not aware of one, Senator," Shumate repeated. Kennedy then laid out the fundamental issue: "You have a plaintiff and a defendant, and the plaintiff files a lawsuit in federal court. The judge has jurisdiction over those parties. How can a federal judge issue an order that affects everyone else outside of that courtroom?" "Uh, it shouldn't be possible, Senator, but district courts do it all the time," Shumate admitted. "I think on the theory that courts need to enjoin a federal policy from going into effect, and they often will enjoin it nationwide so that all non-parties are protected." "I thought that if you wanted to affect parties who aren't in court, you had to file a class action," Kennedy countered. "That's correct, Senator," Shumate agreed. Kennedy pointed out that instead of filing class-action suits, plaintiffs often seek universal injunctions, which have no legal foundation. "Does this encourage forum shopping?" he asked. "Yes, Senator. Not only does it encourage forum shopping, but also district shopping and filing multiple strategic lawsuits to find one judge who will enjoin a single policy nationwide," Shumate said. "If you have five lawsuits, only one of those cases needs to be successful." Kennedy then turned to historical precedent. "Universal injunction is basically an equitable remedy. Did this exist in common law courts in England?" he asked. "I don't believe so, Senator," Shumate responded, citing Supreme Court precedent that equitable relief was traditionally limited to the parties in a case. Kennedy then pointed out that judges issued only about 27 universal injunctions in the entire 20th century. "But 86 of them were issued against President Trump in his first term. Is that correct?" Kennedy asked. "I don't know the specific number, but it was a high number," Shumate conceded. "And so far in President Trump's second term, 30 universal injunctions have been issued against him. Have they not?" Kennedy continued. "Senator, I don't have the specific number, but that sounds about right," Shumate said. "The universal injunction has become a weapon against the Trump administration, has it not?" Kennedy asked. "Yes," Shumate affirmed. In his closing remarks, Kennedy highlighted the constitutional issue at hand: "Tell me the basis for universal injunction in Article III. Where does it mention universal injunction?" "It does not, Senator," Shumate said. "It says courts are to decide the case or controversy before them, which is based on the parties to the case." Kennedy concluded, "So Congress could act and say, 'Look, federal judges, you render a decision to a plaintiff or a defendant, but you can't impact people outside of your courtroom other than through a class action.' That's why God created class actions, isn't it?" "Yes, Senator," Shumate agreed. Kennedy’s questioning explained that universal injunctions lack any basis in statutory law, Supreme Court precedent, or historical common law and exposed their use as a judicial overreach that disproportionately targets President Trump’s policies. The left's weaponization of universal injunctions against Trump continues unchecked, but Senator Kennedy just exposed their game. Tyler Durden Thu, 04/03/2025 - 11:25
'Luigi Mangione' Copycat Kills Pharmacy Worker In California Authored by Luis Cornelio via Headline USA, A copycat of alleged insurance executive assassin Luigi Mangione apparently harbored so much hatred toward large pharmacies that he targeted a Walgreens in California and fatally shot a vulnerable employee, police said. The accused perpetrator, Narciso Gallardo Fernandez, shot and killed Erick Valasquez inside a Walgreens in Madera, California during Velasquez’s shift in what investigators describe as a random attack, Madera Police Chief Gino Chiaramonte said. A chilling video widely shared on social media captured Gallardo Fernandez entering the Walgreens, waving his hands before firing at the camera. He then targeted Valasquez, a husband and father of two young children. “He has generalized anger towards pharmacies through previous issues,” Chiaramonte said, according to local news outlet KSEE. In an apparent "Luigi style" shooting at a Walgreens in Madera, CA, 30-year-old Narciso Gallardo Fernandez murdered a father of two in cold blood due to a grudge against large pharmacies. This is a deranged coward who deserves society's deepest contempt and punishment. pic.twitter.com/VCvKvS90Ni April 2, 2025 The unhinged man, who reportedly drove 80 miles to reach the Walgreens, also shot other store workers and customers as they fled. He was reloading his weapon when law enforcement approached him in the parking lot. “He not only point blank murdered the store employee Erick Velasquez, but the store manager and a female victim after the shooting fled out the front door and he turned and started shooting towards them,” Chiaramonte said. The police chief said the alleged gunman told officers that he knew it was over by the large presence of police, lights and sirens coming. Local resident Alexis Miller-Jones expressed shock at the harrowing incident, noting that she often visits the store with her 11-year-old child. “I’ve not seen anything to this magnitude in our town,” Miller-Jones told KSEE. “One time somebody busted in the doors and stole a bunch of cigarettes, but that was the biggest, this is a lot more scary.” Walgreens reacted to the killing in a press statement, stating: “We are deeply saddened by last night’s tragic event, which resulted in the death of one of our team members. Our thoughts and prayers are with their loved ones during this difficult time.” The killing comes less than four months after UnitedHealthcare CEO Brian Thompson was fatally shot by activist Luigi Nicholas Mangione in a New York City street. CCTV footage captured Mangione approaching Thompson and firing a 3D-printed pistol fitted with a 3D-printed suppressor in an assassination-style attack. Mangione now faces several state and federal charges for the murder, with the Trump-led DOJ seeking the death penalty. Tyler Durden Thu, 04/03/2025 - 10:45
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