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Popular Fox Rescuer Commits Suicide After Degenerate Redditors Launch Character Assassination Campaign There are vast communities across America that most of you might not be aware of - full of people living free, satisfying lives - and often using their little slice of happiness to help those in need. Yet it seems no good deed goes unpunished, thanks to mentally ill degenerates who take pleasure in stalking, harassing, and otherwise tearing people down. These basement-dwelling assholes love attacking tradwives and homesteaders (who are apparently white supremacists). They can't stand rugged individualism and self-sufficiency, or nuclear families, or people who are thriving while carving their own path. What's more, these haters form 'snark' groups on Reddit and other platforms with the sole purpose of character assassination. And now, they've driven someone to suicide. You may recall the case of Peanut the squirrel - an internet sensation who was rescued in 2017 by Mark Longo - only to be seized from Mark's home in late 2024 by the state of New York and euthanized after an anonymous complaint was lodged against the P'nuts Freedom Farm. Who would do that? And of course, deranged leftists on Reddit (archived) defended the raid - suggesting it was justified because the Freedom Farm wasn't properly licensed. Now we have the tragic case of YouTuber Mikayla Raines, who committed suicide several days ago at the age of 29 in what her husband says is the result of an online harassment campaign. Raines founded the Save A Fox rescue in 2017 in Lakeville, Minnesota - eventually finding herself on the wrong side of local regulations after she ended up rescuing more foxes (7) than the city allowed (3). After she lost that permit, she received $60,000 in donations and opened a bigger operation near Faribault in Rice County. "From a young age, she dedicated every waking hour of her life to helping [animals], whether it was helping a snapping turtle cross the road, we're saving 500 foxes from a terrible fur farm. She was never in it for fame, money or personal gain," said her husband, Ethan Raines in a video posted to social media. Absolute Scum According to Ethan, while Mikayla did struggle with autism and depression, she became the focus of an "online bullying campaign," which included other people in the animal sanctuary community. Coming in hot with receipts is researcher and journalist Nick Monroe (remember Nick? He's a good guy and worth a follow.). Lo and behold, Ethan wasn't kidding - as Monroe found several individuals who seemed to take great pleasure in compiling 'dossiers' of unverified claims against Mikayla, which they spread throughout online communities such as Reddit's now-defunct /SaveAfoxSnark... Apparently it was this person. If you read the replies you'll find more information. https://t.co/ekCBXKTOUF pic.twitter.com/mCX2RGEqTp June 24, 2025 Apparently this person is a 'degenerate furry.' KazeoLion is a degenerate furry https://t.co/emZNWOcN6H pic.twitter.com/azGsnQ6jlV June 24, 2025 yeah I saw that the graphic description of her death is so many sociopath alarm bells like they're imagining it and ugh June 24, 2025 Monroe found a second person 'dedicated to harassing Mikayla.' https://t.co/pKgV4R6Teq stalked the shit out of Mikayla Raines online life. pic.twitter.com/AWXPTpRXCC June 24, 2025 It goes much, much deeper - so click here to continue that thread - including the fact that Mikayla's work was widely supported. What makes these people tick? We imagine lack of a father and general failure to launch are factors, but who really knows? This is true of pretty much all the "snark" subreddits - the entire object of them is to pick a target then go all in harassing them. This thread breaks it down better than I can. https://t.co/GL4tAFAuP1 June 24, 2025 Needless to say, the basement-dwellers on Reddit are reportedly deleting evidence in the wake of Mikayla's suicide. It's telling they use their energy on someone trying to help a problem, and not the fur farms themselves. Most of the time these things are started by competitors, or people who want that platform. pic.twitter.com/kqk8iqhh0r June 24, 2025 Tyler Durden Wed, 06/25/2025 - 07:45
The Real Estate Recession You Haven't Heard About (Yet) Authored by Peter Reagan, Real estate and construction are considered bellwethers of the overall economy. Recently they’re not looking good – and this isn’t an isolated issue. It’s a warning sign of a crisis that could ripple through the entire economy… The housing market is a massive portion (about 1/6th!) of the entire U.S. economy. About two-thirds of American families own their home – and for most, it’s their single biggest financial asset (as well as where they sleep). Home equity represents a tremendous share of household net worth – about half for the typical family! More of our national wealth is tied up in housing than any other single asset class. So any unusual or unexpected developments in the real estate market get attention. Because they’re extremely important for the majority of Americans – far more important than abstractions like GDP or unemployment. That makes recent updates on the state of the housing market concerning… Housing affordability is near record lows I don’t want to be the bearer of bad news, but it’s important that you know the truth of the situation. Today, the typical American family cannot afford a typical home. From an article at MoneyTalkNews: As housing prices continue to climb, a startling 70% of U.S. households now find themselves unable to afford a home at the median price point of approximately $400,000, according to the National Association of Realtors. That’s over two-thirds of U.S. households that can’t afford homes smack in the middle of the price range. We aren’t talking about McMansions here, we’re talking about what we used to call “starter homes,” much less expensive properties. To give you a more solid grasp on those numbers: About 94 million households simply can’t afford to purchase a median-priced home. In fact, to afford “median-priced” homes in the U.S., the household income needs to be at least $110,000 per year. To afford a home that is less than half of the median price requires a household income of about $61,000. Many Americans simply aren’t making that kind of money, not even on a household basis. Worse still, it takes significantly longer for a family to save up enough for a downpayment. For comparison purposes: 1970-1985: The typical family could save 10% of their income for five years and accumulate a 20% downpayment 2023: The typical family saving 10% of their income will need eight years to collect a 20% downpayment Note that those numbers are incredibly variable based on location (isn’t everything in real estate?) The average family cursed to live in New York City will need 19 years to save up a downpayment, where some Midwestern cities like Tulsa are much more affordable (4-5 years). Affordability is a major challenge right now. It’s a stark reminder of how many people are struggling financially. Especially after several years of brutal inflation – and, of course, inflation’s impact on home prices. And what happens when prices rise faster than our ability to pay? Supply starts to build up… Homebuilders and realtors are facing recession We know that is the case by just looking at the numbers. In May, builders broke ground on new homes at the slowest pace in five years Building permits issuance also hit a five-year low In June, sentiment among homebuilders dropped to the lowest level since the pandemic lockdowns! Mike Shedlock has the statistics about how the decreased numbers of new homes that builders are starting: Total: -19.6% from September 2022 Multifamily: -25.8% from August 2023 Single Family: -24.9% from June 2022 To put that into perspective, nearly one in five homes that were being built… aren’t. Not anymore. When families can’t afford to buy a home anymore, supply backs up. Prices fall. Profitability for the major homebuilding firms becomes a real concern. Why did prices surge? I mentioned the pandemic-era inflation earlier – that’s a major factor. But far from the only factor: 7% mortgage rates are less affordable than the pre-pandemic 3% rates Low consumer sentiment means families are less likely to spend their money The global dedollarization drive means foreign investors are less likely to lend to American mortgage companies Tariffs could add as much as 9.3% to today’s too-high home prices Anecdotally, fear of ICE raids have led to deserted construction sites (according to reports, some 20-50% of the construction workforce are illegal immigrants) According to Brown, other factors impacting the housing market are “new Trump-era factors, including tariffs and deportations, that are holding back construction and limiting supply.” To be fair, we can’t reasonably put the blame for the whole situation at Trump’s feet, but it’s pretty clear that we’re in the transition period that Trump talked about from failing economic policies of previous administrations to the economic upturn Trump promised us. As he also promised, the transition is far from a smooth and painless one. Homes, wages and purchasing power Inflation alone (that is, destruction of the dollar’s purchasing power) wouldn’t be as severe an issue if household incomes kept up. Unfortunately, they haven’t – here are the less-than-encouraging details: For decades, home price appreciation has been outstripping earnings growth. In the last 25 years, home values have more than tripled. The steepest climb came between 2020 and 2022, when pandemic moves and ultra-low mortgage rates spurred a buying frenzy across the country. Meanwhile, median incomes from 2000 to 2023 did not quite double. That’s why we’re seeing such an affordability gap. Now, I’m the first to blame the Federal Reserve’s inflationary policies for economic issues like this. Unfortunately, the Fed’s current efforts to tame the inflation they created is hampering home sales, too! In recent years, the housing market has been stalled by what’s known as the rate “lock-in effect.” Anyone lucky enough to have a sub-4% mortgage rate at a time when prevailing mortgage rates are closer to 7% is reluctant to give up that cheap rate in a move. That effect has kept for-sale inventory depressed. It’s no wonder that home builders aren’t optimistic about the current home buying market. Between too-high prices and above-zero interest rates, homebuyers are caught between a rock and a hard place. This is bigger than just the homebuilding sector, though. A depressed housing market is an early warning sign of a struggling economy. I’m not just speculating here, either. Remember the Great Financial Crisis of 2007-09? More recent memory offers the Great Recession, a severe economic downturn that began with the collapse of the housing market in the United States. While not as prolonged or severe as the Great Depression, it still caused significant economic hardship, with unemployment rates reaching nearly 10%. We watch the housing market for exactly this reason. It’s our canary in the coalmine of the American economy. What we can do when the canary stops singing Sure, it’s easy to fall into doom and gloom thinking when you see numbers like this. Some of my friends think I’m obsessed with bad news… But I’m really not. I do my best to point out the important economic stories you might not see on mainstream media, and to show you how and why these stories matter. I encourage you to remember one thing: While we cannot make major changes to our nation’s economy, we can take control of our own personal economies. Successful people have talked about this idea for years! Focus your attention on what you can change rather than worrying about what you can’t. An imminent housing-led slide into recession may or may not be in the cards for us. If your savings are well diversified (especially if you’re a homeowner!), your overall financial stability can endure regardless of the booms and busts of the broad economy. One of the best choices for that kind of diversification, in my opinion, is physical precious metals. Like real estate, gold and silver are one of the few financial assets you can own outright! * * * As central banks continue unprecedented money creation, protecting your purchasing power becomes critical for retirement security. Physical gold IRAs offer a tax-advantaged solution, allowing you to hold tangible precious metals with intrinsic value independent of currency fluctuations. To learn more about how physical gold could help protect your retirement portfolio, click here to get your FREE info kit on Gold IRAs from Birch Gold Group. Tyler Durden Wed, 06/25/2025 - 07:20
New York Power Grid Stabilizes After Rare Energy Warning New York's power grid stabilized late Tuesday after the grid operator issued a rare energy warning earlier in the day, as residential and commercial customers cranked up their air conditioning, driving power demand higher amid temperatures nearing 100°F across parts of the state. The warning came amid widespread grid instability across the eastern half of the U.S... "Maximum Generation Alert" Issued for Nation's Largest Power Grid Power Blackout Hits Parts Of Queens, NYC: Con Edison Urges Energy Conservation As Temps Spike DoE Declares U.S. Southeast Grid Emergency To Avert "Blackouts" "You're Welcome": Pennsylvania Boasts About Saving 'Green' Maryland From Near Power Grid Collapse On Tuesday, New York's Central Park hit 99°F, nearing its all-time June high of 101°F. The extreme heat sent demand on the already fragile grid soaring, pushing power prices to over $7,300/MWh on Long Island and nearly $3,000/MWh in New York City. The New York Independent System Operator, which manages the state's power grid, stabilized the grid by late Tuesday after issuing a rare energy alert earlier in the day, warning of potential rotating outages. An Energy Warning for June 24 has been issued due to a decline in operating reserves. The grid is operating normally at this time but emergency operations may be initiated to maintain system reliability. Visit https://t.co/UL7zM41k5P for additional information. pic.twitter.com/kplRsvqxtG June 24, 2025 To the north, New England's grid entered a Level 1 emergency late evening after unexpected generation losses that "left the region short of the resources needed to meet both consumer demand and required operating reserves," according to the local grid operator. PJM Interconnection, the operator of the largest U.S. power grid serving 65 million people across 13 states and D.C., extended its energy emergency alert into Wednesday. NY Gov. Kathy Hochul released a statement urging New Yorkers to conserve electricity during peak demand hours due to extreme heat: "Since the beginning of this week's extreme heat, we've been carefully monitoring our electrical grid to protect New Yorkers. Earlier this evening the New York Independent System Operator warned that we are approaching peak capacity in the downstate region and it is critical to conserve electricity between now and 10 p.m. That means setting window air conditioning units to 76 degrees and avoiding unnecessary appliance use. "At the same time, it's critical to stay safe in this dangerous heat: find a cooling center near you, especially if you're a senior citizen or have health concerns. Working together, we can easily get through this critical period." So much for the green policies that prematurely retired reliable fossil fuel power for unreliable climate tech; the result is clear: Power grids across the eastern half of the U.S. are stretched thin. It's time to bring back common-sense energy policy—restoring stable generation to bridge the gap until nuclear capacity meaningfully ramps up in the early 2030s. It's also time to hold the woke climate politicians accountable for their massive mismanagement of the nation's grid. Tyler Durden Wed, 06/25/2025 - 06:55
Former CFO Of Nigeria's State Oil Firm Arrested Over Alleged $7 Billion Fraud Authored by Charles Kennedy via OilPrice.com, Nigeria’s Economic and Financial Crimes Commission has arrested two ex-oil officials, including the former chief financial officer of Nigeria’s state energy firm NNPC, over an alleged $7.2-billion fraud, corruption, and abuse of office. The financial crimes authorities have arrested Umar Ajiya Isa, a former CFO at NNPC, as well as Jimoh Olasunkanmi, a former managing director of the Warri refinery in Nigeria. Three other officials are being investigated, according to a statement from the commission carried by Bloomberg. The two former executives are under investigation for alleged corruption, embezzlement, abuse of office, and kickbacks from contractors. Isa was arrested over alleged fraud for the revamp and rehabilitation of Nigeria’s old oil refineries, Kaduna, Warri, and Port Harcourt, Nigerian outlet Premium Times reports. Despite annual allocations of funds for the refineries’ rehabilitation, they haven’t been producing fuel in recent years. The latest arrests and investigations come as Nigeria’s President Bola Tinubu and his administration are working to eradicate corruption in the oil industry and boost the country’s oil production. The top African oil-producing country has consistently failed to pump to its OPEC+ quota due to oil theft, vandalism, and struggles to launch new projects. Nigerian authorities have been clamping down on oil theft and have been supportive of an increase in oil and gas output in recent months. Nigeria’s government last month urged the oil companies operating in the country to collaborate to increase oil output in the producer that hasn’t been able to pump to its OPEC quota for years. Meanwhile, the private Dangote refinery in Nigeria, Africa’s largest crude processing facility, is ramping up production of fuels and is set to ship its first gasoline cargo out of the African region with a vessel heading for Asia. The refinery, which began operations last year, has so far exported gasoline only to the West African region. Tyler Durden Wed, 06/25/2025 - 06:30
How Tariffs Might Impact US Car Prices, By Brand Tariffs on imported goods can have a wide ripple effect on prices, especially in the auto industry where supply chains are global, complex, and highly sensitive to cost changes. In this graphic, Visual Capitalist's Marcus Lu reveals how tariffs will impact U.S. car prices, assuming a flat 25% tariff is applied onto vehicles imported from outside North America. Data & Discussion The data for this visualization comes from Insurify, which projected price increases for various car brands based on their exposure to overseas manufacturing and parts. For models assembled within North America, the projections represent a 25% tariff on a model’s non-U.S. content and up to a 15% tariff discount of the total MSRP. Visit the official White House fact sheet to learn more. The analysis shows that Tesla, Jeep, and Honda will be the least affected by Trump’s auto tariffs, while Buick, Hyundai, and Kia will face the steepest price hikes. Buick’s Asia-Centric Production Although Buick is an American brand, the company produces many of its models in China and South Korea. As a result, Buick tops this list with a 22% projected price increase—the highest among all brands surveyed. This underscores how globalization has changed the footprint of even legacy U.S. nameplates. In fact, Buick is so big in China it has its own sub-brand. Hyundai and Kia Face High Tariff Risks Other vulnerable brands are Hyundai and Kia, each projected to see a 21–22% increase in vehicle prices. Though both brands have some manufacturing presence in the U.S., a significant portion of their models and components are still imported from South Korea. In late 2024, Hyundai Motor Group Metaplant America opened in Georgia, which the company will use to build its U.S.-sold electric vehicles. The plant is capable of producing up to 500,000 vehicles per year. Tesla Is the Least Affected Tesla’s vertically integrated supply chain and domestic manufacturing help shield it from tariff risks. With most of its production based in the U.S.—particularly at its Fremont and Austin plants—Tesla’s vehicles are projected to increase in price by only 3% under new tariff rules. This minimal impact could give Tesla a competitive edge if other brands are forced to raise prices. Fortune recently reported that Tesla is still America’s EV leader, though sales dropped year-over-year in April by 16%. If you enjoyed today’s post, check out The Best Selling Vehicle in Every State in 2024 on Voronoi, the new app from Visual Capitalist. Tyler Durden Wed, 06/25/2025 - 05:45
Sweden's Education Crisis Authored by Anders Edwardsson via The Epoch Times, Until the late 1960s, the Swedish public school system was among the world’s best. The country’s literacy rates were nearly universal, and students performed well in mathematics, science, and reading. Education served as a social equalizer, a vehicle for social mobility, and a catalyst for economic progress. However, this source of national pride has deteriorated into a cause of public anxiety. Today, Sweden’s schools face several challenges, including declining international rankings, uneven quality, grade inflation, and issues with discipline. This shift began in the 1960s, when Sweden’s ruling Social Democrats introduced reforms to “democratize” education by replacing the conventional school system—which offered different academic and vocational paths for students and emphasized traditional teaching, discipline, and teacher authority—with a one-size-fits-all model. This new system also centered on “progressive” methods, claiming that children learn best when allowed to explore freely with minimal adult intervention. As a result, self-directed learning, collaboration, and emotional development were introduced, while grades were de-emphasized; textbooks were replaced with project-based assignments, and the teacher’s role was redefined as that of a coach. For a time, even “teacher-free lessons” were tested. These reforms were, in part, inspired by progressive American theorists such as John Dewey, who based their ideas on the fundamentally flawed behavioristic view of human nature. This philosophy posits that human nature is essentially moldable (or non-existent) and continues to influence Swedish politics today, fostering a blind belief in social engineering, the perfectibility of humanity, and the authority of state experts to reshape society through top-down reform. The result is a school system in which ideological fashion frequently trumps empirical evidence. Dr. Erik Lidstrom, commentator and author of “Education Unchained“ (2024), is a vocal critic of the Swedish school system and has studied educational dissertations written at Swedish universities. He affirms that nearly all of them present only sentiments about how the educational system should be, without any empirical evidence to support their claims: ”It’s only ‘I think’ views and nothing else.” Moreover, as Swedish schools transformed from places of learning into laboratories for shaping ideal citizens, they became a politicized arena subject to endless tinkering by various governments. Whether left-wing or right-wing, each administration attempted to mend the slow-motion collapse by introducing new curricula, teacher training requirements, grading scales, digital mandates, and assessment frameworks. This constant bickering makes long-term planning impossible, confuses teachers, frustrates parents, and forces students to adapt to new curricula and grading systems every few years. Even well-intentioned policies have backfired because they have been implemented hastily or in conflict with one another. For instance, the 1990s saw the introduction of a national school choice system that broke the public monopoly, leading to the rise of independent schools. While the intention was to enhance quality through competition, this reform led to further problems. For example, grade inflation is today an issue, with disturbing discrepancies between students’ performance on national tests and their grades that both undermine the credibility of the grading system and distort university admissions. According to Lidstrom, this is because education companies—rather than parents—have been the primary beneficiaries of the school choice system. Sweden’s decline in educational outcomes is well-documented. Since the early 2000s, the country’s performance on the Programme for International Student Assessment (PISA), which compares the academic performance of 15-year-olds across countries, has nosedived. Between 2000 and 2012, Swedish students’ performance in mathematics, reading, and science declined significantly, lagging far behind top-performing countries such as Finland, Estonia, and Japan. Moreover, according to the Swedish National Agency for Education, nearly one in three students leaves ninth grade without the qualifications needed to enter upper-secondary school. Also, illiteracy rates are skyrocketing, especially among immigrants. In 2013, university professors noted that some native-born students were not literate in any normal sense and by 2022, some 800,000 of Sweden’s 10 million residents were categorized as illiterate—the highest number since at least the mid-19th century, possibly since the early 18th century. Faced with this grim picture, several government inquiries have proposed measures to restore order and quality in the classroom, including stronger teacher authority, more straightforward curriculum guidelines, and a renewed focus on core knowledge. But the problems are systemic. While the present center-right government is trying to change course, a “deep state” network of ideological administrators, radical unions, and progressive pundits is digging in its heels, citing “research” that claims there is nothing wrong with the current system or its standards. Hence, lasting change will require more than technical fixes. It will demand a cultural shift among politicians and administrators alike that makes a reassessment of the flawed assumptions about human nature and pedagogy, which have guided Swedish education for decades, possible. In short, for Sweden to rebound as an education nation, it must rediscover the value of structure, discipline, and high expectations. Until then, new generations of children will continue to pay the price for a political experiment gone wrong. Views expressed in this article are opinions of the author and do not necessarily reflect the views of The Epoch Times or ZeroHedge. Tyler Durden Wed, 06/25/2025 - 05:00
These Are The 50 Poorest Countries By GDP Per Capita In 2025 GDP per capita offers a quick litmus test of how wealth is generated per person within a country. By dividing total economic output by population, it levels the playing field between nations of very different sizes. The infographic, via Visual Capitalist's Pallavi Rao, highlights the 50 poorest countries in the world by this measure, based on 2025 estimates from the International Monetary Fund. All values are in 2025 U.S. dollars. Data is missing for Afghanistan, Eritrea, Lebanon, Pakistan, Sri Lanka, Syria, Palestine. ℹ️ GDP per capita doesn’t account for: local prices, currency exchange rates, or distribution variance within the country. There’s also a more existential question of whether economic output can be equated to wealth. Measuring Relative Economic Productivity South Sudan is the poorest country in the world in 2025, with a $251 GDP per capita. More startlingly, India makes the list as well. It’s the 50th poorest by GDP per capita ($2,878), a rare case of a top-five economy by GDP having low levels of individual productivity. Rank Country Region GDP Per Capita (2025) 1 🇸🇸 South Sudan Africa $251 2 🇾🇪 Yemen Middle East $417 3 🇧🇮 Burundi Africa $490 4 🇨🇫 Central Africa $532 5 🇲🇼 Malawi Africa $580 6 🇲🇬 Madagascar Africa $595 7 🇸🇩 Sudan Africa $625 8 🇲🇿 Mozambique Africa $663 9 🇨🇩 DRC Africa $743 10 🇳🇪 Niger Africa $751 11 🇸🇴 Somalia Africa $766 12 🇳🇬 Nigeria Africa $807 13 🇱🇷 Liberia Africa $908 14 🇸🇱 Sierra Leone Africa $916 15 🇲🇱 Mali Africa $936 16 🇬🇲 Gambia Africa $988 17 🇹🇩 Chad Africa $991 18 🇷🇼 Rwanda Africa $1,043 19 🇹🇬 Togo Africa $1,053 20 🇪🇹 Ethiopia Africa $1,066 21 🇱🇸 Lesotho Africa $1,098 22 🇧🇫 Burkina Faso Africa $1,107 23 🇬🇼 Guinea-Bissau Africa $1,126 24 🇲🇲 Myanmar Asia $1,177 25 🇹🇿 Tanzania Africa $1,280 26 🇿🇲 Zambia Africa $1,332 27 🇺🇬 Uganda Africa $1,338 28 🇹🇯 Tajikistan Asia $1,432 29 🇳🇵 Nepal Asia $1,458 30 🇹🇱 Timor-Leste Asia $1,491 31 🇧🇯 Benin Africa $1,532 32 🇰🇲 Comoros Africa $1,702 33 🇸🇳 Senegal Africa $1,811 34 🇨🇲 Cameroon Africa $1,865 35 🇬🇳 Guinea Africa $1,904 36 🇱🇦 Laos Asia $2,096 37 🇿🇼 Zimbabwe Africa $2,199 38 🇨🇬 Congo Africa $2,356 39 🇸🇧 Solomon Oceania $2,379 40 🇰🇮 Kiribati Oceania $2,414 41 🇰🇪 Kenya Africa $2,468 42 🇲🇷 Mauritania Africa $2,478 43 🇬🇭 Ghana Africa $2,519 44 🇵🇬 Papua New Oceania $2,565 45 🇭🇹 Haiti Americas $2,672 46 🇧🇩 Bangladesh Asia $2,689 47 🇰🇬 Kyrgyz Republic Asia $2,747 48 🇰🇭 Cambodia Asia $2,870 49 🇨🇮 Côte d'Ivoire Africa $2,872 50 🇮🇳 India Asia $2,878 N/A 🌎 World World $14,213 Nigeria (8th poorest, $807) is another less dramatic example of large economy whose population brings down its GDP per capita. However, the gap between the poorest and even moderately poor countries is vast. South Sudan at $251 per capita has roughly one-eleventh the GDP per capita of India at $2,878, despite both making this list. Some Pacific island nations also appear on the list (Solomon Islands, Kiribati). These small, isolated economies face unique economic challenges with limited diversification opportunities. This seems counterintuitive, since other small islands (especially in the Caribbean) tend to be some of the richest territories in the world. However there is difference between the two groups. The latter have historical colonial relationships that provide institutional advantages—like sophisticated legal and financial infrastructure. Regional Trends Amongst the World’s Poorest Countries Noticeably, most of these economies are clustered in Sub‑Saharan Africa, with a handful from South Asia and the Pacific. Chronic conflict, fragile institutions, and limited industrial bases continue to suppress income growth in many of them, even as the global economy rebounds after the pandemic. Africa in particular is heavily underrepresented on the world stage. It accounts for 19% of the global population and only 3% of the $113 trillion world economy. Want to see how the other half lives? Check out: 50 Richest Countries by GDP Per Capita in 2025 on Voronoi, the new app from Visual Capitalist. Tyler Durden Wed, 06/25/2025 - 04:15
In Major Free Speech Victory, Federal Court Overturns Germany's Ban On Right-Wing Magazine Via Remix news, In a major win for press freedom, Germany’s Federal Administrative Court has lifted the Interior Ministry’s ban on Compact Magazine, which is published by Jürgen Elsässer. The magazine can now resume publication after dramatic police raids led to the entire publication being shut down last year. Presiding Judge Ingo Kraft stated, “The Basic Law guarantees freedom of expression and association even to its enemies.” In a move that may have broad and far-reaching consequences, the court ruled that the magazine’s position against immigration is compatible with free speech and freedom of the press rights enshrined in the constitution. 🇩🇪 Extraordinary scenes in Germany as police raid the home of Jürgen Elsässer, the publisher of the right-wing Compact Magazine, and remove various belongings from his residence outside Berlin. Germany's interior minister has placed a blanket ban on the entire publication. It… pic.twitter.com/KsV03IbbSs July 16, 2024 “Many of the anti-immigration or anti-immigration statements cited by the defendant as evidence for the ban can therefore also be interpreted as exaggerated criticism of migration policy, but ultimately permissible in light of fundamental rights of communication,” the court further stated. Kraft stated that the publication’s “exaggerated criticism of migration policy” is permissible as a fundamental right. Furthermore, Compact’s demands for stricter naturalization requirements and higher integration standards in citizenship law are not inherently incompatible with human dignity or democratic principles. The court noted that Compact’s “polemically pointed criticism of power,” conspiracy theories, and historical revisionist views are protected under Article 5, Paragraph 1 of the Basic Law. The ban on Compact first came about in 2024 when former Federal Minister of the Interior Nancy Faeser ordered house raids against Compact magazine, including the home of the publisher, Jürgen Elsässer, along with various employees of the outlet. She had the entire publication banned, scrubbed from the internet, and its property seized. Footage of the dramatic house raids went viral on social media. 🇩🇪BREAKING NEWS: Massive crackdown on the press in Germany In what may be the most aggressive move against press freedom since the Second World War, Germany has banned Compact Magazine and raided the office of the publisher, Jürgen Elsässer. The press was informed ahead of… pic.twitter.com/yLed1UkL7T July 16, 2024 The German interior ministry justified the ban by saying it was a “central mouthpiece of the right-wing extremist scene.” According to the ministry, “Compact” Magazine GmbH has long been under the scrutiny of the Federal Office for the Protection of the Constitution (BfV). It was classified as a “confirmed” right-wing extremist organization and has been under surveillance since 2021. However, there were already signs early on that a ban on the magazine would not be upheld in court, according to Welt newspaper. The federal judges had already overturned the ban during an expedited procedure last year in August, writing that “given the largely unobjectionable contributions… with regard to freedom of expression and freedom of the press, the passages violating Article 1, Paragraph 1 of the Basic Law are [not] so influential on the organization’s overall orientation that the ban is justified on the grounds of proportionality.” Now, the 6th Senate, which is responsible for the case, has made its final decision in the main proceedings. The Leipzig judges have the final say in the case, as they do with all cases regarding lawsuits on bans on associations. The outcome fo the case is a serious black eye for the German security services that sought to erase a press outlet from existence, even one they found objectionable. Their heavy-handed tactics involving morning raids of homes involving officers in SWAT gear will likely be scrutinized in light of the court’s overturning of their ban and property seizure efforts. Founded in 2010, the Compact Magazine’s publishing company was formerly based in Falkensee, Brandenburg, but shifted to Stößen, Saxony-Anhalt. The magazine has 40,000 subscribers for its physical product, and 460,000 subscribers on Youtube. Read more here... Tyler Durden Wed, 06/25/2025 - 03:30
Swiss Family Incomes Are The Highest In Europe, Bulgaria The Lowest... It really isn’t about how much you make (income) any more, it’s about how much you get to keep (incomes vs. taxes). And taxes aren’t exactly beloved, even on the continent with the highest marginal tax rates. So who’s really getting to keep the most of what they earn? We take a look in Europe specifically. This visualization, via Visual Capitalist's Pallavi Rao, ranks gross and net earnings for dual-income European families with two dependents, and quantifies the impact of taxes and social contributions made in 2024. The data for this visualization comes from Eurostat, accessed via Euronews. It is not adjusted for inflation or local costs. Net income includes tax returns and family allowances. Ranked: Countries With the Highest Income in Europe Swiss dual-income families earned the highest gross income in Europe—over €208,000 in 2024. Remarkably, they took home 86% of it, one of the highest net retention rates in the continent. This results in a net income of €178,553, far surpassing most other European peers. CountryFamily Gross Family Net Taxes & Social % of Pay 🇨🇭 Switzerland€208,755€178,553€30,20286 🇮🇸 Iceland€158,208€116,411€41,79774 🇱🇺 Luxembourg€148,591€110,438€38,15374 🇩🇰 Denmark€136,506€91,712€44,79467 🇳🇱 Netherlands€131,563€101,465€30,09877 🇳🇴 Norway€131,350€97,580€33,77074 🇮🇪 Ireland€128,317€95,776€32,54175 🇩🇪 Germany€126,575€86,372€40,20368 🇦🇹 Austria€123,398€93,722€29,67676 🇧🇪 Belgium€121,682€80,070€41,61266 🇫🇮 Finland€105,786€76,150€29,63672 🇸🇪 Sweden€93,996€75,076€18,92080 🇫🇷 France€89,937€68,228€21,70976 🇪🇺 EU€86,293€63,523€22,77074 🇮🇹 Italy€71,232€54,472€16,76076 🇪🇸 Spain€63,397€50,060€13,33779 🇲🇹 Malta€61,072€48,048€13,02479 🇨🇾 Cyprus€57,397€49,273€8,12486 🇸🇮 Slovenia€55,511€38,209€17,30269 🇬🇷 Greece€55,435€41,142€14,29374 🇱🇹 Lithuania€51,515€34,128€17,38766 🇪🇪 Estonia€47,861€39,965€7,89684 🇵🇹 Portugal€45,176€35,394€9,78278 🇵🇱 Poland€44,786€39,120€5,66687 🇨🇿 Czechia€43,769€36,076€7,69382 🇭🇺 Hungary€41,754€29,788€11,96671 🇱🇻 Latvia€40,351€31,500€8,85178 🇷🇴 Romania€40,116€26,766€13,35067 🇭🇷 Croatia€40,000€29,523€10,47774 🇸🇰 Slovakia€37,057€32,940€4,11789 🇹🇷 Türkiye€31,942€22,880€9,06272 🇧🇬 Bulgaria€28,542€23,375€5,16782 While income taxes are relatively high, Swiss families must also make mandatory contributions to healthcare and pensions, which significantly reduces their overall taxable income. Child support is also impressive: with monthly payments per child, daycare subsides, and tax deductions for childcare costs. All of this substantially increases their net income (or their take-home pay). Similarly, the Netherlands is fifth by gross income at €131,563, and they retain 77% of it after deductions. For reference, Dutch families took home over €101,000, putting them ahead of bigger economies like Germany, France, and Italy. Looking at Eastern Europe’s Taxes Countries like Romania and Lithuania show stark contrasts from Western Europe. Romanian families earned just over €40,000 but took home only €26,766, or just 67% of gross pay. Lithuania fares similarly, with families losing about one-third of earnings to taxes. Interestingly, both countries have a flat personal income tax rate. Why does that matter? This IMF analysis on tax redistribution helps explain. In countries like Romania or Lithuania, tax and transfer systems aren’t doing enough to redistribute wealth and reduce poverty. Sometimes they even make it worse because the poor pay taxes (especially flat or indirect ones) that outweigh the help they get from the state. This shows how less progressive tax systems and weak social benefits can actually increase the financial pressure on low-income families—especially in Eastern Europe. What this graphic doesn’t cover is how living costs differ. Check out The Average Income for A European Family, Adjusted for Living Costs on Voronoi, the new app from Visual Capitalist. Tyler Durden Wed, 06/25/2025 - 02:45
Will Germany Initiate Compulsory Military Service? Via Remix news, Bavarian Prime Minister Markus Söder has come out with an aggressive plan to prep Germany for war. Support for Ukraine, defense against Russia, and efforts to prevent terrorists from getting their hands on nuclear weapons are the priorities. “Compulsory military and civilian service is the future,” said Bavarian Prime Minister Markus Söder, according to Magyar Nemzet. “It is not enough to simply send out questionnaires to young people asking if they would be willing to serve; more decisive steps are needed,” he added. Germany suspended compulsory military service in 2011, but the service could be reactivated via a parliamentary ruling. The German government’s coalition agreement currently only allows for voluntary military service. However, Defense Minister Boris Pistorius has already indicated that a much more ambitious bill is in the works, which would allow for the introduction of compulsory military service if necessary. In addition to the issue of conscription, Söder also urged the maximum deployment of the Bundeswehr —the German army — and again called for the development of a national missile defense system. “This also requires technology – an Iron Dome system is absolutely necessary to protect not only Berlin, but all of Germany,” he said, emphasizing that urgent action, including more sanctions, is needed to deter Russia. Söder also called for full support for Ukraine, including supplying the country with arms. Thorsten Frei, the head of the German Chancellery, warned on Monday that the threat to U.S. military bases in Germany had increased significantly after the U.S. air strikes on Iran. “We stand with the United States and Israel,” Frei stated, adding that German security agencies are doing everything they can to protect American facilities. Regarding the attacks on Iran, the politician highlighted: “The fact is that it was not only Israel that was in serious danger. If a terrorist regime were to obtain nuclear weapons, it would also pose a serious threat to world peace.” Read more here... Tyler Durden Wed, 06/25/2025 - 02:00
Andrew Cuomo Loses NYC Mayoral Primary To Socialist Zohran Mamdani 33-year-old socialist Zohran Mamdani beat 67-year-old former New York Governor Andrew Cuomo in New York City's Democratic mayoral primary on Tuesday night, and is well on his way to becoming the city's first Muslim mayor. Cuomo conceded the race earlier in the evening after Mamdani received nearly 44% of the votes with 90% of the votes counted at 10:30 p.m. ET. The former governor said at a watch party: "He deserved it. He won." He told the NY Times that he may still run in the November mayoral election as an independent, saying "I want to analyze and talk to some colleagues." That said, as the Guardian notes, given how left-leaning NYC is along with the unpopularity of incumbent mayor Eric Adams, Mumdani is likely to become New York's 11th mayor. Mamdani's proposals include rent freezes, free buses, and city-run grocery stores which would be funded by $10 billion in new taxes on corporations and the wealthy. Rep. Alexandria Ocasio-Cortez (D-NY) and Sen. Bernie Sanders congratulated Mamdani on his win, with AOC writing on X "Billionaires and lobbyists poured millions against you and our public finance system. And you won." Congratulations, @ZohranKMamdani! Your dedication to an affordable, welcoming, and safe New York City where working families can have a shot has inspired people across the city. Billionaires and lobbyists poured millions against you and our public finance system. And you won. https://t.co/YbJFsYjemm June 25, 2025 Which may not bode well for the city's corporate tax revenues. As The Free Press noted last week, New York business owners plan to flee both the city and the state if Mamdani wins... "We may consider closing our supermarkets and selling the business," said 76-year-old billionaire John Catsimatidis of Gristedes Supermarkets, adding "We have other businesses. Thank God, we have other businesses." He also suggested that his real estate conglomerate - Red Apple Group, may move to New Jersey too. "There’s the possibility we’d move our corporate offices to New Jersey. Why not?" he said. "Then you’d have four years of peace." Probably not a bad idea... NEW: Former rapper and socialist New York mayoral candidate Zohran Mamdani has pulled ahead of Andrew Cuomo in the city’s primary, according to a new poll. Mamdani, 33, has pulled ahead of Cuomo in a new Emerson poll, leading him 52% to 48%. Mamdani is accused of voicing his… pic.twitter.com/bMmwDV0AnI June 23, 2025 * * * Tyler Durden Wed, 06/25/2025 - 01:10
Escobar: Empire Of Chaos Takes War On BRICS To Next Level Authored by Pepe Escobar, They came. They bunker-busted. They fled. And then they set the stage to control the narrative via a massive P.R. operation. POTUS hailed the “spectacular” victory of B-2s flying from the US to West Asia to release MOPs (“Massive Ordnance Penetrators) over Fordow in the middle of the night of June 22 (significantly, the same date of the start of Operation Barbarossa in 1941). Trump 2.0 functionaries gloated that the Iranian nuclear program was now gone. That’s the reality show. Now for reality. Mannan Raisi, a member of the Iranian Majlis (Parliament) from the holy city of Qom, summed it all up: “Contrary to the statements of the lying US President, the nuclear facilities at Fordow were not seriously damaged. Only the above-ground structures, which can be restored, were destroyed. In addition, everything that could pose a danger to the population was evacuated in advance. There are no reports of any nuclear emissions. Trump’s false claims about the ‘destruction of Fordow’ are refuted by the fact that the attacks were so superficial that there were not even any fatalities at the facility.” What really matters is that the Empire of Chaos, in a single – spectacularly criminal – raid, bunker-busted the UN charter (again); international law (again); the NPT (perhaps for good); the US constitution; the “international community”; and Trump’s own MAGA base. The Global South is now doing the math – and drawing the necessary conclusions.“Peace through strength” POTUS now owns two wars; a genocide; and an unprovoked attack by a nuclear superpower on behalf of a nuclear power against a non-nuclear power. The IRGC’s response was swift: the real war starts now. The Zionist axis will pay – in spades. It will not be a full-scale war against the Empire: that’s supremely un-strategic. What will develop is multi-layered death by a thousand cuts. That was already in effect in the morning of June 23. Iran launched no less than five multi-directional waves of missiles – covering the whole of Israel, including new targets such as Ashdod port and power station. The Israeli interception rate fell below 50%. All hell broke loose – from alert siren malfunctions to power outages. Knesset members fled. An El Al rescue flight from New York was forced to turn back in mid-air when missiles started flying. The message: the whole of Israel is now a legitimate target – reached within minutes by Kheybar-Shakan, Emad, Qadr, and Fattah-1 missiles. The Strait of Hormuz: the ultimate card Iran’s upgraded priorities include: stop the war on Gaza and southern Lebanon; “evolve” the nuclear doctrine (all bets are off); targeted assassinations of Zionist leaders; more strikes on Mossad; more missile barrages on Tel Aviv, Haifa and Dimona. There will be no direct war on the Empire of Chaos. The blockade of the Strait of Hormuz is the ultimate Iranian card, not the nuclear card: it won’t be played in full for now. At best there could be a partial blockade of oil shipping to the – fragmented – collective West. A top former Deep State source confirmed that “the CIA advised the Trump administration that China was resolutely against the shutting down of the Strait of Hormuz, so Trump went ahead with the bombing.” Shutting down the Strait of Hormuz will detonate a global depression of unforeseem magnitude. The loss of over 20% of the world’s oil supply will trigger the implosion of over two quadrillion dollars of derivatives, as was already speculated by Goldman Sachs projections in the late 2010s. Warren Buffett described it as a chain reaction after a nuclear explosion. As it stands, Tehran learned a lesson the hardest way. It’s not that the Iranian leadership acted immorally: on the contrary, its belief in diplomacy and serious negotiations proved totally at odds at with the US empire’s totally debased modus operandi. Iranian Foreign Minister Abbas Araghchi summed it all up. Iran was negotiating with the US “when Israel decided to blow up that diplomacy.” Then Iran was talking “with the E3/EU when the US decided to blow up that diplomacy.” Ergo, it’s absurd to order Iran to “return” to the table: “How can Iran return to something it never left, let alone blew up?” At the St. Petersburg forum, President Putin was very clear that “we support Iran and the struggle for its legitimate interests, including peaceful use of atomic energy.” He added, crucially: “Those who say Russia is not a reliable partner are provocateurs.” Putin himself said earlier that week that Russia had previously offered to bolster Iran’s air defenses, but was not taken up on that offer. It also is no secret that unlike the treaty with North Korea, the Russia-Iran strategic partnership agreement didn’t feature a collective security provision. That may be about to change. There have been no substantial leaks yet on the Putin-Araghchi meeting – but supremely touchy issues would have to have been discussed. Putin reaffirmed, “the absolutely unprovoked aggression against Iran has no basis and no justification.” Then, he added, cryptically: “Russia is taking steps to support the Iranian people.” Today, Putin meets Iranian FM Araghchi in Moscow. No one should be surprised if Iran decides that it now has to possess a nuclear weapon as a deterrent to the Zionist axis. One option floated by some analysts – although extremely touchy on several levels – would be a full security partnership with Russia and perhaps China, with Iran positioned under their nuclear umbrella. After all these are three top BRICS nations – the revamped Primakov triangle and the Empire war is fundamentally a war against BRICS. This new deal would at least keep Iran’s own nuclear enrichment as a civilian, scientific and non-military process, allowing the Russia-China strategic partnership to supervise uranium enrichment while providing security guarantees to Iran. Additionally, that would be a security guarantee for the International North South Transportation Corridor (INSTC) – which is in the strategic national interest of Russia. The Chinese view is another very complex matter. There’s some sort of consensus among Chinese think tanks that Iran should now, more than ever, strengthen their air defense system. That likely means taking up Russia on its earlier offer to cooperate in this area. A long dark cloud is coming down Trump entering the – suicidal – war of Israel/US neocons on Iran just adds a new layer to the Big Picture. That was predictable since at least the late 1990s: the same playbook of controlling West Asia’s energy resources to enhance the economic power of the Empire of Chaos, while intimidating the Global South: don’t even think of deviating from our unilateral order. Even POTUS himself gave away the game, in caps: “If the current Iranian Regime is unable to MAKE IRAN GREAT AGAIN, why wouldn’t there be a Regime change? MIGA!” Inestimable Prof. Michael Hudson, among a few others, has summarized the stakes: “Iran is not only the capstone to full control of the Near East and its oil and dollar holdings. Iran is a key link for China’s Belt and Road program for a New Silk Road of railway transport to the West. If the United States can overthrow the Iranian government, this interrupts the long transportation corridor that China already has constructed and hopes to extend further West. Iran also is a key to blocking Russian trade and development via the Caspian Sea and access to the south, bypassing the Suez Canal. And under U.S. control, an Iranian client regime could threaten Russia from its southern flank.” So it’s no wonder that regime change in Tehran – that’s what the whole war is all about – is a matter of supreme national interest for US elites, in the sense stressed by Prof. Hudson of a “coercive empire of client states observing dollar hegemony by adhering to the dollarized international financial system.” Now compare all of the above with the tenor of the discussions at the St. Petersburg International Economic Forum (SPIEF) last week. The forum ended in the evening of June 20. The US attacked Iran in the middle of the night of June 22. Virtually the whole Global South was in St. Petersburg; at least 15,000 people. Over a thousand deals were signed, amounting to over $80 billion, according to Executive Secretary of the SPIEF Organizing Committee Anton Kobakov. There were enlightening panels all around: on the challenges of the Northern Sea Route, one of the key connectivity corridors of the 21st century; on Russia-China mutual investments; on the reform of the international financial system; on the fight against fake news – an industry the West excels in – and AI controlling all narratives; on BRICS, the SCO, the EAEU, ASEAN, the INSTC. At the plenary session, the Global South and BRICS were fully represented: Russia, China, Indonesia (President Prabowo was the guest of honor), South Africa, Bahrain. President Putin cut to the chase: “Russia and China aren’t shaping the new world order – it’s rising naturally, like the sun. We’re only paving the way to make it more balanced.” Yet along dark cloud is coming down, as the Empire of Chaos will go no holds barred to block the sunrise. Russia’s representative at the UN Vasily Nebenzya nailed it, sharp as a dagger: “The US has opened Pandora’s box (…) No one knows what new catastrophes and suffering it will bring.” Views expressed in this article are opinions of the author and do not necessarily reflect the views of ZeroHedge. Tyler Durden Tue, 06/24/2025 - 23:25
DHS Approves Construction Of "Alligator Alcatraz" For Illegal Aliens Florida officials are building a massive detention facility for illegal aliens, dubbed "Alligator Alcatraz” for its swampy location teeming with deadly predators. The proposed facility’s site is the Dade-Collier Training and Transition Airport, tucked along the eastern edge of Big Cypress National Preserve, about 55 miles west of Miami. Florida had big plans for it back in the day, aiming to transform it into the "Everglades Jetport," a massive airport poised to dwarf all others. But eco-activists and environmental worries slammed the brakes on that dream in the 1970s, leaving the project grounded. Florida Attorney General James Uthmeier (R) announced plans for the project last week, expressing support for President Donald Trump’s immigration policies. "I think this is the best one, as I call it: Alligator Alcatraz," Uthmeier quipped, nodding to the infamous San Francisco Bay prison island, Alcatraz. "This 30-square mile area is completely surrounded by the Everglades. It presents an efficient, low-cost opportunity to build a temporary detention facility because you don't need to invest that much in the perimeter,” the top Florida official said. "If people get out, there's not much waiting for them other than alligators and pythons." Alligator Alcatraz: the one-stop shop to carry out President Trump’s mass deportation agenda. pic.twitter.com/96um2IXE7U June 19, 2025 Uthmeier said the area is "virtually abandoned” and was given approval within a week. In a Monday interview with conservative podcaster Benny Johnson, the Florida attorney general said the detention center is on track to house 5,000 beds by early July. This morning, I joined @bennyjohnson and announced that Alligator Alcatraz will be moving forward! In Florida, the swamp means something different. pic.twitter.com/KGrHZS2DjT June 23, 2025 Homeland Security Secretary Kristi Noem said Monday that the federal government will pour money into plan, tapping FEMA’s Shelter and Services Program to foot the bill. “Under President Trump’s leadership, we are working at turbo speed on cost-effective and innovative ways to deliver on the American people’s mandate for mass deportations of criminal illegal aliens. We will expand facilities and bed space in just days, thanks to our partnership with Florida,” Noem said in a statement. A DHS official told the Miami Herald that the facility will cost $450 million annually. Tyler Durden Tue, 06/24/2025 - 23:00
Big Decisions Remain As Supreme Court's Term Approaches End Authored by Sam Dorman via The Epoch Times, The Supreme Court has already released major decisions for the 2024–2025 term, but some of its most consequential could still be in the making. So far, the justices have ruled on religious liberty, gender-related issues, environmental policy, and a case with a large impact on the vaping industry. Yet, more opinions are coming—ones that, among other things, could help determine parents’ rights, funding for abortion organizations, and whether and how much lower court judges can block presidents’ agendas. Here is a breakdown of what to expect as the term comes to an end: Birthright Citizenship and Nationwide Injunctions From President Donald Trump’s first term to his second, presidents have encountered a spike in judges’ orders that block presidents’ agendas on a nationwide basis. These nationwide injunctions have provoked concerns about the nation’s separation of powers and whether the judiciary is being gamed by political activists. Three of these injunctions have targeted Trump’s attempt to limit birthright citizenship, which is a major portion of his immigration agenda. While the justices could weigh in on the constitutionality of Trump’s order, they will likely focus, at this point in litigation, on whether judges are exceeding their authority with such orders. U.S. Solicitor General D. John Sauer told the justices in May that nationwide injunctions exceeded the power granted to judges under Article III of the Constitution. That article allows the federal judiciary to hear “cases” and “controversies,” a provision that some say means that judges’ orders should affect only the parties before them in court. It’s unclear how the court will rule. The justices seemed divided during oral arguments on May 15. Regardless, the decision could alter the balance of power in the federal government for generations to come. Sex and Gender in School Libraries The court is expected to weigh in soon in Mahmoud v. Taylor. The case is about whether schools should be able to require children’s participation involving storybooks with controversial content about sexuality and gender. A group of Christian and Muslim parents sued Montgomery County Public Schools in Maryland, alleging that requiring their kids to hear storybooks without an opt-out on these topics burdened their parents’ exercise of religion under the First Amendment. Part of their argument cited a Supreme Court precedent known as Wisconsin v. Yoder (1972), which said parents have a constitutional right to direct the religious upbringing of their children. Among the cited content in the current case is “Born Ready,” a book with a transgender character named Penelope who identifies as a boy. The school district said that allowing children to opt out was not feasible and that its actions didn’t violate the First Amendment either because it wasn’t coercing children by exposing them to certain content. During oral arguments in April, the Supreme Court seemed inclined to rule in the parents’ favor but could see some dissent. Justice Ketanji Brown Jackson, for example, asked how the county was burdening parents when they didn’t have to send their kids to public school. “You can put them in another situation,” she said. “You can home-school them.” Age Verification for Porn Websites Amid an explosion of online pornography, states have attempted to intervene to prevent health-related harms to young people. One such law from Texas has offered the justices an opportunity to analyze how regulations on pornography may or may not conflict with the First Amendment. The Texas law requires pornographic websites to verify the age of their users. A porn industry group, known as the Free Speech Coalition, alleged that the requirement was too broad and therefore violated the First Amendment. The coalition initially won in district court, but the U.S. Court of Appeals for the Fifth Circuit allowed Texas’s age verification requirement to proceed. It said the requirement was rationally related to the state’s interest in protecting minors from pornography. The Free Speech Coalition told the Supreme Court that the Fifth Circuit should have applied strict scrutiny. Under that standard, governments have to show that their laws are not overly broad and serve a compelling state interest. Planned Parenthood and State Medicaid Funds Planned Parenthood and abortion are back at the Supreme Court. But this time, the case focuses on how much money the abortion provider gets through Medicaid. In 2018, South Carolina’s government decided that abortion clinics enrolled in the program were unqualified to provide family planning services and shouldn’t receive funding. Planned Parenthood and a patient sued, arguing that the federal law establishing Medicaid allowed recipients to choose their providers. During oral argument on April 2, the Supreme Court weighed whether the law created an enforceable right for recipients to sue if they didn’t have access to the provider they chose. Obamacare Panel on Preventive Measures A separate, health-related case focuses on a panel set up under Obamacare, otherwise known as the Affordable Care Act, to recommend preventive care for insurance to cover. The legal issue the Supreme Court is reviewing is less about particular recommendations and more about the structure of the Preventive Services Task Force. A company known as Braidwood Management sued, alleging that the task force’s members had to be appointed by the president. They cited a provision of the Constitution known as the Appointments Clause. When the case, which was initiated during the first Trump administration, reached a federal appeals court, Braidwood won on that point. The Supreme Court reviewed the issue after the Biden administration asked it to intervene. The current Trump administration continued the legal defense of the task force. Tyler Durden Tue, 06/24/2025 - 22:35
California Is America's Most Expensive State, Arkansas Its Least How far does a dollar really go across America? As inflation has raised everything from housing costs to the price of eggs to record levels, consumers are feeling the burden. While tariffs stand to raise prices even further—although no meaningful signs in official data show this yet—price pressures have few signs of abating. This graphic, via Visual Capitalist's Dorthy Neufeld, shows price parity by U.S. state based on data from the Bureau of Economic Analysis (BEA). How Price Parity Compares Across America To show the differences in prices across the country, the BEA compared each state to the national average, represented as 100 as of 2023. State Regional Price Parity (U.S. = 100) California 113 Washington DC 111 New Jersey 109 Hawaii 109 Washington 109 Massachusetts 108 New York 108 New Hampshire 105 Oregon 105 Maryland 104 Connecticut 104 Florida 104 Alaska 102 Rhode Island 101 Colorado 101 Arizona 101 Virginia 101 Delaware 99 Illinois 99 Minnesota 98 Pennsylvania 98 Texas 97 Maine 97 Nevada 97 Georgia 97 Vermont 97 Utah 95 Michigan 94 North Carolina 94 South Carolina 93 Wisconsin 93 Tennessee 93 Indiana 92 Ohio 92 Missouri 92 Idaho 91 Wyoming 91 Kentucky 91 New Mexico 90 Nebraska 90 Montana 90 Alabama 90 Kansas 90 West Virginia 90 Iowa 89 North Dakota 89 Louisiana 88 Oklahoma 88 South Dakota 88 Mississippi 87 Arkansas 87 Ranking as the nation’s most expensive state, prices in California are 13% higher than the national average. In particular, California’s housing rents are 58% higher overall, second-only to Washington, D.C.. at 69% in 2023. Typically, housing is the primary driver of price disparities across the country. At the same time, Californians pay more for groceries than any other state—at around 10% higher than the U.S. average. Ranking in third is New Jersey, driven largely by its proximity to New York. In addition to high housing costs, a separate report shows that people in the Garden State pay 32% more for household bills like utilities and health insurance than the U.S. average. At the other end of the spectrum, southern states like Arkansas and Mississippi offer some of the lowest costs of living. In August 2024, the median home sale price in Arkansas was just $203,067 compared to the U.S. median of about $385,000. Beyond housing costs, daily expenses like transportation and utilities are also comparatively lower. Similarly, median home prices in Mississippi stand at just $183,507, however, median household incomes fall below the national average, at $55,060. To learn more about this topic from an affordability perspective, check out this graphic on home affordability scores by U.S. state. Tyler Durden Tue, 06/24/2025 - 22:10
'Irrelevant' Whether Iran Actually Decided To Build The Bomb, Rubio Has Said Authored by Dave DeCamp via AntiWar.com, Secretary of State Marco Rubio said Sunday that whether Iran has decided to build a nuclear weapon is "irrelevant," as he was pressed on the lack of evidence that Tehran has taken steps to weaponize its nuclear program. Rubio made the comment in an interview with CBS News when asked about the fact that US intelligence has no evidence that Iran was seeking a bomb before Israel launched its war on the country. AFP/Getty Images "That’s irrelevant. I think that question being asked in the media – that’s an irrelevant question. They have everything they need to build a weapon," Rubio said. In March, Director of National Intelligence Tulsi Gabbard said that there was no evidence that Iran decided to build a nuclear weapon, and that was still the consensus of the US intelligence community, according to multiple media reports. Rubio pointed to the fact that Iran was enriching uranium at 60%, which is still below the 90% needed for weapons-grade, as evidence that Iran has the capability to build a bomb, since it could quickly increase to the 90% level. Iran had made clear when it was engaged in negotiations with the US that it was willing to bring its enrichment level back down to 3.67%, but the US decided to back an Israeli attack instead of pursuing such a deal and ultimately bombed three Iranian nuclear facilities. Iran took the step to start enriching uranium at 60% in 2021 following an Israeli sabotage attack on its Natanz nuclear facility, which was meant to disrupt negotiations between the Biden administration and Iran that were ongoing at the time. Rubio later adds in the segment, "Forget about intelligence...they are enriching uranium well beyond anything you need for a civil nuclear program." Secretary of State Marco Rubio says "it's irrelevant" whether the U.S. had intelligence showing Iran's supreme leader had specifically ordered nuclear weaponization, saying "it doesn't matter whether the order was given. They have everything they need to build nuclear weapons."… pic.twitter.com/6YldeIc38u June 22, 2025 The Islamic Republic has built its most sensitive nuclear sites deep underground given past sabotage attacks, and on fears of Israeli or US bombing raids against them, which is exactly what happened this weekend. Tyler Durden Tue, 06/24/2025 - 21:45
Iran's IRGC Quds Force Leader Shows Up In Tehran Streets After Reports Of His Death A week ago there were widespread reports and rumors that Israeli airstrikes and targeted assassinations in Iran had killed Esmail Qaani, who in 2020 had succeeded the top Iranian IRGC Quds Force general Qassem Soleimani, killed by a US strike in Baghdad. But on Tuesday Qaani appeared before crowds in Tehran, as Iranians take to the streets to support the military and assert their defiance following Israeli and US bombs falling on the country during the current ceasefire. "Several news outlets affiliated with Iran-allied groups, including the Houthis’ Al Masirah TV, have shared footage they say shows Esmail Qaani, head of the Islamic Revolutionary Guard Corps’s Quds Force, among the rallying crowds in Tehran," Al Jazeera writes. "If confirmed, the videos would dispel reports that Qaani was assassinated by Israel," the report concludes. Below is video which disproves (assuming it is not a deepfake or impersonator) that Qaani was not killed in an Israeli airstrike last week: Iran's Quds Force commander Qaani reportedly shows up in Tehran. Iranian state media says he is alive. pic.twitter.com/U1t5siDJcP June 24, 2025 This latest flare-up in fighting between Israel and Iran is actually not the first time Qaani has falsely been reported dead. Israeli broadcasters are featuring the video of his appearance Tuesday in Iranian streets, after the initial claim spread quickly in Israeli media... תיעוד: איסמאעיל קאאני, מפקד כוח קודס במשמרות המהפכה, השתתף ב"חגיגות הניצחון" בטהראן - ובכך הזים את הדיווחים על חיסולו @OmerShahar123 pic.twitter.com/ieFP9atcxi June 24, 2025 Like with Russia-Ukraine, the fog of war is thick in the Iranian theatre, and there is evidence that both sides have national censors which are cracking down on what information gets shared, after some 12-days of exchanging deadly airstrikes and missile fire. Tyler Durden Tue, 06/24/2025 - 21:20
U.N. Quietly Lowers Population Forecasts Authored by Bill King via RealClearPolitics.com, For decades, we’ve been told that the world’s biggest problem is too many people. From Malthus in the 18th century to “The Population Bomb” in the 1960s, the warnings were dire: More people would mean more famine, more poverty, more environmental destruction. But something unexpected has happened. The demographic math has changed. And the United Nations, the world’s most cited authority on population forecasts, has taken notice. Until recently, their models predicted that the global population would continue to grow throughout the 21st century, reaching a peak of nearly 11 billion by the year 2100. But in its 2022 and 2024 revisions, the U.N. quietly lowered its global population projections. The most recent estimate puts the peak at just 10.3 billion, and it comes nearly two decades earlier, around 2084. That might still sound like a big number. But it’s a sharp departure from the “endless growth” assumptions many policymakers, investors, and institutions still use to guide their decisions. The real story is not just that the U.N. is forecasting fewer people. It’s that many demographers believe that even those numbers are still too high. Fertility Collapse The shift in projections isn’t happening because people are dying faster. In fact, life expectancy continues to rise, albeit modestly, in most parts of the world. The big change is that people are having fewer children – much fewer. Around 1970, the global fertility rate (the average number of children a woman has in her lifetime) was about five children per woman. Today, it’s down to 2.25 and falling. In nearly 70% of the world’s countries, fertility rates are already below the so-called “replacement rate” – the level needed to maintain a stable population. In developed countries, that’s typically pegged at around 2.1 children per woman. In higher-mortality countries, it is slightly higher. This global fertility decline has happened faster than most experts expected. And that’s why the U.N. has revised its models twice in just the last five years. But not everyone thinks the U.N. has gone far enough. Over the last decade, several independent teams of researchers have developed alternative population projections. Most of them show that fertility will drop faster than the U.N. is predicting. A team at the University of Washington’s Institute for Health Metrics and Evaluation (IHME), for example, gained wide attention in 2020, when it projected that the global population would peak around 2064 at just over 9 billion and decline to about 8.8 billion by 2100. Wolfgang Lutz, one of the world’s most respected demographers, has also published projections showing a lower and earlier population peak. Lutz’s group at the Wittgenstein Centre for Demography and Global Human Capital bases its models on education and urbanization trends, which are closely tied to fertility behavior. In a 2024 analysis of surveys involving over a million women in Sub-Saharan Africa, Lutz and his co-authors concluded that fertility rates there are falling faster than expected, especially as female education improves. In their 2019 book, “Empty Planet,” Canadian journalists Darrell Bricker and John Ibbitson summarized the case for the likelihood of the lower projections. While not academic demographers, they conducted extensive interviews and focus groups in about a dozen countries, asking women about their thoughts on family and childbearing. They concluded that the fertility collapse is as much cultural as economic, and that the cultural factors will drive down fertility rates further and faster than in the past. “Predictions are hard – especially about the future.” So said that famous American philosopher, Yogi Beara. As a result, all models use probabilistic variations that incorporate a wide range of possible futures. For example, while the U.N.’s median projection sees a peak at 10.3 billion in 2084, their model also includes a low-fertility scenario, in which the population peaks around 2060 at 9.5 billion and declines from there. That lower path aligns more closely with the academic projections. It’s All About Africa The fertility rate has already fallen to or below the replacement rate in countries where nearly three-quarters of the world’s population lives. In another 15%, the rate is only just above the replacement rate and is falling fast. However, there are about two dozen countries in Sub-Saharan Africa and parts of Southwest Asia where the rate is still very high. Although these countries only account for about 11% of the world’s population, they will contribute nearly all of whatever population growth there is between now and whenever the population peaks. The common denominators in the countries that have kept birth rates high are a blend of religious fundamentalism (particularly fundamentalist Islam), limited international engagement, and weak state capacity. Nonetheless, the birth rate is falling in these countries, albeit to varying extents. Most of the debate over the trajectory of future global population boils down to how fast and to what extent these countries will follow the same fertility decline seen in the rest of the world over the last 50 years. Why This Matters The population projections we rely on shape everything from how we plan cities to how we fund pensions. They inform immigration policy, school construction, military recruitment, and long-term economic growth assumptions. If those projections are off by a billion people or by two decades, that is not just a rounding error. It’s a seismic shift in the underlying math of the future. However, most institutions continue to operate on autopilot, assuming that a growing population – encompassing more workers, consumers, and taxpayers – is the natural order that will persist indefinitely. However, the data clearly indicate that the era is rapidly coming to a close and the age of population growth is ending. Indeed, in some places, it already has. For the past three years, China has reported a decline in its population. What follows, and how we react to it, is one of the most critical and least understood stories of our time. Tyler Durden Tue, 06/24/2025 - 20:55
Israel Tried To 'Turn' Iranian Generals Against Ayatollah Just Before Bombs Fell Iranian state media is reporting another arrest of alleged spy who was coordinating with Israeli intelligence. Agents working on behalf of Mossad are believed to have played key roles in Israel's military attacks which kicked off nearly two weeks ago (on Friday, June 13). But the new arrest announced on Tuesday has been identified as a European national - without much more information being provided from Fars News agency, which issued a statement. The arrested individual was accused of "spying on sensitive and military areas" - according to the report. This comes amid a broader crackdown and search for people who may have been relaying sensitive and secret material, for example concerning the locations of Iran's ballistic missiles and anti-air systems, to the Israeli government. AP Image "Since the outbreak of conflict with Israel, Iran has arrested dozens of people and executed several accused of spying for Israel," Al Jazeera reports. "Earlier today, Iranian state media reported that six more people were arrested in the western Hamadan province for allegedly spying for Israel’s Mossad," Al Jazeera says of Tuesday developments. The trials appear to be taking place in rapid format, in military and judicial tribunals, sometimes convened in small rooms, at a moment Israeli warplanes have been striking sites in Tehran and across Western Iran. It has become clear that Israel was engaged in a massive spying and espionage campaign to pave the way for its 'Operation Rising Lion' - which is intent on destroying Iran's nuclear energy program, and possibly even accomplishing regime change. The Washington Post reports on what's been revealed as one of the most brazen recruitment operations aimed at top generals: In the hours after Israel launched its first wave of strikes against Iran on June 13, killing top military leaders and nuclear scientists, Israeli intelligence operatives launched a covert campaign to intimidate senior officials with the apparent aim of dividing and destabilizing Tehran’s theocratic regime, according to three people familiar with the operation. People working for Israel’s security services who speak Persian, Iran’s primary language, called senior Iranian officials on their cellphones and warned them that they, too, would die unless they ceased supporting the regime of Ayatollah Ali Khamenei, Iran’s supreme leader, according to the three people, who spoke on the condition of anonymity to discuss clandestine operations. One of them estimated that more than 20 Iranians in positions of power were contacted. But what's clear from all the reporting on this is that these generals were more loyal than expected - and this wasn't met with success for Israeli intelligence. WaPo and others have republished an audio recording of one such call that took place June 13 - the day Israeli warplanes initiated their attacks: Mossad is phoning Iranian regime generals and warning them to flee the country in 12 hours or be killed. @WashPost has the receipts:pic.twitter.com/JHyHwaZWLK June 23, 2025 According to one translated part of the transcript: “I can advise you now, you have 12 hours to escape with your wife and child. Otherwise, you’re on our list right now,” an Israeli intelligence operative told a senior Iranian general close to the country’s rulers, according to the audio recording. The operative then suggested that Israel could train weapons on the general and his family at any moment. “We’re closer to you than your own neck vein. Put this in your head. May God protect you,” he said. This is without doubt fueling IRGC efforts to root out Israeli spy networks, amid the general (and understandable) paranoia over potential compromise and Israeli penetration. It's widely believed that Israel uses Iranian dissident groups, like the cultic revolutionary MEK (People's Mojahedin Organization of Iran) group, which currently has its political leadership based in Europe. Tyler Durden Tue, 06/24/2025 - 20:30
As Stablecoin Bill Heads To House, Senate Shifts To Crypto Market Structure Authored by Turner Wright via CoinTelegraph.com, Roughly a week after the US Senate voted to pass the GENIUS Act to regulate payment stablecoins, the chamber is moving to discuss a path forward for a digital asset market structure framework. On Tuesday, lawmakers in the Senate Banking Committee’s digital asset subcommittee will hear from lawyers at Coinbase and Multicoin Capital as part of efforts to establish “bipartisan legislative frameworks for digital asset market structure.” The hearing will include testimony from Coinbase’s vice president of legal, Ryan VanGrack, Multicoin Capital’s general counsel, Greg Xethalis and University of Pennsylvania Wharton School Executive Director, Sarah Hammer. The hearing will be one of the Senate's first follow-ups on digital asset legislation since passing the GENIUS Act on June 17 in a 68 to 30 vote. The bill moved to the House of Representatives for discussion, proposed amendments, and a possible floor vote. While the Senate considers a bipartisan solution for crypto market structure, the House is already moving forward with its own legislation. Earlier this month, the House Agriculture Committee and the House Financial Services Committee voted to advance the Digital Asset Market Clarity, or CLARITY Act. The bill is expected to head for a floor vote soon. It’s unclear whether the Senate will introduce its own version of the House’s CLARITY Act to address crypto market structure in the form of a companion bill or incorporating aspects of the House bill. Cointelegraph reached out to Senator Cynthia Lummis, chair of the digital assets subcommittee, for comment on the hearing, but had not received a response at the time of publication. Trump’s crypto ties still under scrutiny Combined, the stablecoin bill and the market structure bill could address many of the regulatory issues that leaders in the crypto industry have criticized about the US. However, the legislation still faces pushback from many Democrats in Congress, questioning how US President Donald Trump and his family could personally profit from the bills passing, given their ties to the industry through memecoins, the World Liberty Financial platform, and political donations from digital asset companies’ executives. Trump said on Wednesday that he would sign the GENIUS Act with “no add ons” if the House were to pass it quickly. However, it’s unclear if digital assets will be a priority for the president as he faces scrutiny for ordering strikes on Iran without congressional approval over the weekend. Tyler Durden Tue, 06/24/2025 - 20:05
California NGOs Providing Supplies To Illegals So They Can Avoid ICE Raids For anyone questioning why immigration work raids are so vital in the fight to deport illegals, it's important to remember that it's not just about the migrants that are caught and sent back home. It's also about removing the incentives that keep illegals in the country so they self deport. Two primary incentives exist - Government welfare handouts and subsidies, and under the table wages which are wired back to their country of origin where those wages buy far more than they do in the US. The first issue is being dealt with on the federal level, though blue states are insisting on trying to thwart this through their own welfare policies (often funded through back channels using federal money). The second issue requires more direct intervention which Congress is unlikely to support (greatly increased fines for businesses that hire non-citizens). Most changes to immigration enforcement on the labor side of the equation cannot be made unilaterally by the White House. So, ICE raids on businesses become the only option. If Los Angeles is any indication, the strategy is working. Recent reports indicate that immigration raids at workplaces have had a chilling effect on local businesses, with many forced to close up shop because their foreign employees are afraid to show up and clock in. First, this is more proof that far too many businesses in blue cities are giving American jobs to migrant workers, often for 30% less wages than native born employees would expect to receive. It is simply a fact that US labor markets are being throttled by illegals who are driving down wages while also driving up demand in prices on goods and services. The ghost neighborhoods being created by the mere presence of ICE suggests LA is overrun (as many border control advocates have been saying for years). From The Guardian: "Guillermo, 61, had come out, with his wife, to set up their small stall selling medications, vitamins and toiletries. “To be honest, we’re scared,” he said, nervously raking his fingers through his tightly coiled hair. They’d stayed home, stayed away, for days – but this week, they found out that their landlord would be increasing their rent by $400 starting next month. “We need to make money.” Then again, he wondered if it was worth the risk to come out. There was hardly any foot traffic. No customers. “They’re all Latino,” he said, shaking his head. “They’re all scared to come out.”" There is an estimated 2 million illegals living in Los Angeles according to 2022 surveys, but there is no way to know exact numbers given the Biden Administration allowed at least 7.3 million of them into the country over the course of the last four years. Progressive governments have also made a habit of hiding true immigrant numbers. Census data does not include the immigration status of the population counted, which allows CA to eat up a large number of Electoral College votes even though millions of people in the state should not be there. In response to the raids, NGO funded activist groups have attempted to foment riots in an effort to interfere with deportations. This tactic has generated little success. Such groups are now turning to a new method which includes funding for necessities handed out to illegals while they avoid workplaces and potential encounters with ICE. BREAKING - A California NGO is delivering food to thousands of illegals across cities like Compton and Long Beach so they don’t have to leave home during ICE raids. They also cover rent for some, so they can avoid work and risk of arrest. pic.twitter.com/d7rZ7ASGcq June 22, 2025 Of course, this defeats the primary purpose for illegals to stay in the US. Handouts cannot compensate for the dollars they collect from their jobs; the same cash they send to their families across the border in order to create a nest egg for early retirement. Their purpose is to feed off the American system, not simply stay within the country doing nothing. The laws on abetting illegal immigrants are clear but enforcement is a gray area that requires state cooperation. Activist support might prolong the efforts of immigration officials to clean up LA, but with federal money through agencies like USAID drying up it's only a matter of time before the gift bags disappear. At bottom, most illegals will be inclined to leave the US on their own over the next couple of years if going to work means a constant risk of forced deportation. Soon they will realize it's simply easier for them to leave the country and come back through legal means if their skills and labor are actually needed. Tyler Durden Tue, 06/24/2025 - 19:40
Russia Considers AI Data Centers As Collapsing Gas Sales Create Glut Authored by Charles Kennedy via OilPrice.com, Russia could use its excess natural gas to power AI data centers or crypto mining operations, Russian officials have said, as Moscow’s pipeline gas exports to Europe have collapsed and led to an oversupply at home. Russian gas supply via pipelines to Europe has slumped since 2022, after Russia cut off many EU customers from its gas deliveries, and Nord Stream stopped supplying gas to Germany, after Russia reduced flows and after a sabotage in September 2022. “Previously, half a billion cubic meters per day went through the gas pipelines to the West, but now it does not, and the question of what to do with this gas is very urgent,” Alexei Chekunkov, Minister for the Development of the Russian Far East and Arctic, said at a recent economic forum in St. Petersburg, as carried by Reuters. Last month, Chekunkov said that excess gas could be used to power cryptocurrency mining. “We have plenty of gas that was previously sold to Europe, but now lies unused underground. Please, set up power installations and start mining,” the minister was quoted as saying by the TASS news agency. However, First Deputy Energy Minister Pavel Sorokin said at the St. Petersburg forum that Russia’s natural gas extraction is becoming more expensive and it wouldn’t be economically feasible to power data centers with gas. Rather, Russia should use coal for power to feed data centers, Sorokin added. “We assume gas is cheap, but this isn't true. If we continue thinking this way, there will be no gas left anywhere. The Soviet legacy reserves are depleting, the same applies to oil, while new sources like Sakhalin and Kirinskoye involve very expensive gas,” Russian news agency Interfax quoted Sorokin as saying. “We can build power plants at open-pit mines - yes, it's expensive now, but options exist - we immediately save $50-$60 in transport costs per tonne, save on electricity transmission, and free up gas supplies to develop fertilizers in the Far East, gas-intensive industries, or meet existing supply commitments,” he added. Tyler Durden Tue, 06/24/2025 - 19:15
"Get Your F**king Members In Order": L.A. Official Calls For Mexican Gangs To Mobilize Against ICE Agents A top far-left city official in southeast Los Angeles County is now under federal investigation after allegedly posting a video on social media calling on Mexican gangs to mobilize against ICE agents. If this isn't textbook insurrectionist behavior, it's hard to imagine what is. Fox News reporter Bill Melugin broke the story on X late Tuesday afternoon. He stated that Cudahy Vice Mayor Cynthia Gonzalez is under investigation for urging 18th Street and Florencia 13 gang members to defend their territory against ICE, reportedly telling gang leaders to "get your f***ing members in order." Here's the report from Melugin: EXCLUSIVE: Per federal sources, the vice mayor of Cudahy, a city in southeast L.A. County, is under FBI investigation after she allegedly posted a video to social media in which she appears to call for 18th Street & Florencia 13 gang members in L.A. to defend their territory from ICE, even urging gang leadership to "get your fucking members in order." I'm told Cynthia Gonzalez posted the video late last week, then deleted it, and that the FBI later visited her home & she is under active federal investigation. Gonzalez posted on her social media that the FBI came to her house, and she needs a lawyer. FBI LA tells FOX they cannot confirm or deny an investigation, but that they condemn any call for gang violence. We've reached out to Gonzalez via phone and email & are awaiting a response. No response yet from the city of Cudahy either. Will update as we get more. EXCLUSIVE: Per federal sources, the vice mayor of Cudahy, a city in southeast LA County, is under FBI investigation after she allegedly posted a video to social media in which she appears to call for 18th Street & Florencia 13 gang members in LA to defend their territory from… pic.twitter.com/afJfxeSCBb June 24, 2025 Meanwhile, the city of Cudahy has posted links on social media, including X, for illegal aliens to call the "CHIRLA Rapid Response Hotline" amid ongoing local ICE raids. There have been no operations in Cudahy at this time. For immediate support, call the CHIRLA Rapid Response Hotline: #### Para apoyo inmediato, llame a la Línea Directa de Respuesta Rápida de CHIRLA: pic.twitter.com/ebTsKJQfS0 June 21, 2025 Last week, Peter Schweizer and Seamus Bruner released a nonprofit report on the rogue leftist NGOs likely responsible for anti-ICE riots across the L.A. area, highlighting CHIRLA as a key organization involved: During the L.A. riots, a prominent participant was a group called the "Coalition for Humane Immigrant Rights" (CHIRLA), which received money from Arabella but also millions in taxpayer money from both the federal government (under former President Joe Biden) and the city of Los Angeles, for "citizenship education." The group claimed its activities were under a separate "action" group that received no government funds. Ongoing investigations indicate federal authorities—specifically the FBI—are actively tracing financial flows linked to far-left NGOs attempting to spark nationwide color revolutions against President Trump. Parallel to this, now a Democratic local official is allegedly calling for the mobilization of Mexican gang members against federal agents. This rhetoric suggests a possible escalation in domestic threats. Tyler Durden Tue, 06/24/2025 - 18:50
The Fed Is Powerful... That's The Problem Authored by Matthew Blakely via the Foundation for Economic Education (FEE), Whenever the Federal Reserve releases its meeting minutes, a crowd of analysts rush to dissect every comma and qualifier. But in a country that prides itself on free markets and capitalist dynamism, why do we hang on the every word of an exclusive club of central planners? Markets shouldn’t have to interpret the tone of Jerome Powell’s press conferences or scrutinize the footnotes of bureaucratic transcripts. But they do—because we’ve built an economy where interest rates, the price of credit, and the flow of capital are controlled not by supply and demand, but by a small committee of bankers and economists. The problem isn’t just Powell. The problem is that we’ve come to accept central planning at the heart of a supposedly free-market system. What is an interest rate, if not a price? It’s simply the price of borrowing money. Every time the U.S. Treasury sells a bond, it must pay a price—an interest rate—to attract lenders. The same is true for corporations issuing debt, businesses taking out loans, or individuals financing homes and cars. Like any other price in a market economy, interest rates should respond to supply and demand. When demand for borrowing rises, interest rates should increase to ration limited funds. When the supply of savings grows, rates should fall to reflect greater availability of capital. These aren’t exotic economic theories—they’re the same price signals that govern what we pay for groceries, smartphones, or pencils. And yet, interest rates occupy a unique place in our economy—treated as too vital to be governed by market forces. Instead of allowing borrowers and lenders to determine rates naturally, we give this task to the Federal Reserve: a small group of economists with disproportionate influence over market movements through manipulating the supply and demand for U.S. Treasurys. The Federal Reserve has wielded this rate-setting ability to dramatic effect over the decades—raising interest rates aggressively in response to the unchecked inflation of the 1970s, then slashing them to near zero for years following the 2008 financial crisis, and again during the COVID-19 pandemic. The central logic behind these actions is that cheap borrowing energizes economic activity because lower rates incentivize consumer spending and business investment. Indeed, many economists justify this authority as a necessity, but few highlight the significant drawbacks and long-term tradeoffs. Nobel laureate Friedrich Hayek argued that prices are signals. Interest rates are arguably the most important prices in the economy. They guide entrepreneurs and investors in allocating capital by indicating scarcity, demand, and risk. When the Federal Reserve distorts interest rates, it clouds these signals. Businesses struggle to assess the true cost of capital, while savers earn little or nothing on their savings. Worse, artificially cheap credit can inflate bubbles in real estate, equities, or crypto assets, driven by both the low cost of borrowing and the belief that such assets will outperform traditional, interest-linked investments like Treasury bonds. The underlying problem isn’t just that the Fed sets interest rates—it’s that it does so based on internal models and incentives, divorced from the knowledge of the millions of people who participate in the very markets the Fed affects. By setting interest rates, the Fed obscures and overrides the natural market forces that would normally inform investments and business decisions. This central planning of interest rates, no matter how sophisticated the formulas and calculations employed by the Fed, invariably leads to misallocations of capital in the economy, distorts the incentives of both businesses and consumers alike, and obscures the true sentiment of marketplace participants. In a true free market, interest rates would be a natural occurrence emerging from the interaction of savers and borrowers—just as other prices in the economy are. If we trust markets to determine the prices of oil, steel, and semiconductors, why not money? The more we rely on a small group of exclusive Federal Reserve governors to fine-tune the economy from the top down, the more we endanger the dynamism and resilience that made the US economy the envy of the world. Maybe the problem isn’t just who chairs the Fed. Maybe the problem is the Fed itself. Hayek taught us that prices are not mere numbers—they are carriers of knowledge and critical to functioning markets. Thomas Sowell echoes this in his critiques of central banking, arguing that when we replace the knowledge and discipline of the market with the guesswork of central planners, the results are rarely benign. We must stop mistaking power for wisdom—and start trusting the market again. Tyler Durden Tue, 06/24/2025 - 18:25
"Very Shady": Oregon Union Tricked Lawmakers In Serious Ethical Breach According To Complaint Oregon State lawmakers lobbed a Molotov cocktail of an ethics complaint at SEIU Local 503. The target? A blatant attempt to rig the legislative game by flooding lawmakers with 1,000 pre-printed "constituent postcards" hyping House Bill 3838 - a union power grab masquerading as a "workforce standards board" for long-term care. The catch? At least two individuals, named in the complaint, are screaming foul after union leadership - well aware of their public opposition - added their names to the cards, urging lawmakers to pass the bill. Filed Friday with the Oregon Government Ethics Commission, the complaint—backed by Reps. Ed Diehl (R-Stayton), Lucetta Elmer (R-McMinnville), and Republican Minority Leader Christine Drazan (R-Canby)—alleges the union knowingly misrepresented worker support for House Bill 3838. The bill, which hands unelected bureaucrats sweeping control over care providers’ working conditions, sparked "considerable opposition” from the union's own members. 🚨BREAKING 🚨Oregon Lawmakers File Ethics Complaint Against SEIU Local 503 Documenting that SEIU Local 503 and its representatives knowingly misrepresented workers’ support for legislation SALEM, Ore. – In a formal complaint filed Friday with the Oregon Government Ethics… June 21, 2025 According to the complaint, Shannon Carskadon, an adult foster home owner and SEIU member, publicly opposed HB 3838 in written testimony submitted to the House Committee on Rules. Carskadon, represented by the union's collective bargaining agreement with the state, also vocalized her opposition directly to Melissa Unger (SEIU Local 503’s executive director), while in-person at the Oregon State Capitol—long before SEIU Local 503 delivered the postcards to legislators. “I was present at the capital, at the very first hearing where I met Melissa Unger with [another care provider],” Carskadon wrote. “Melissa was very surprised to see [the other care provider] there and in a face-to-face conversation with her, I expressed my concerns and opposition to the bill again, directly to her personally.” In an email sent to Representative Ed Diehl, Carskadon said she was shocked, disgusted, and disappointed to find the union had forged her name in support of a bill she had so publicly and adamantly opposed. Despite the considerable opposition from the union's members, lawmakers received this: “You have my COMPLETE support and I urge you to do the right thing! Thanks!” the postcards read. This wasn't just a clerical error, according to the ethics complaint—but a calculated play. Orchestrated through ambiguous Facebook surveys, the complaint alleges the union manufactured political momentum, in violation of ORS 171.764, which bans false or misleading statements made by lobbyists. According to Rep. Ed Diehl, lawmakers believe that union leadership may have forged support well beyond those represented by the complaint filed. “Based on the evidence we have, I believe SEIU Local 503 knowingly and intentionally misrepresented facts,” Diehl told ZeroHedge. “It’s quite possible that none of the individuals named on the postcards ever actually authorized the statements attributed to them.” The postcards may have been the final push needed, Diehl told ZeroHedge during a phone interview Sunday. “These postcards clearly left an impression on many legislators and likely influenced the bill’s passage out of the Rules Committee to Ways and Means,” Diehl said. “The Commission must investigate this matter to determine the full scope of the misrepresentation and how many individuals were falsely represented.” However, in a state run by progressive democrats willing to toss out their own to forge ahead with unpopular votes, don't count on accountability. 🚨 BREAKING: Senate President Rob Wagner is kicking Sen. Mark Meek (D) off the Transportation Committee MID-MEETING so Democrats can ram through their $15.5 BILLION tax hike (HB 2025). Meek recently expressed doubts about the bill—so they replaced him. Corruption at its finest! pic.twitter.com/ijWs9MN74p June 20, 2025 Oregon’s Ethics Board, similar to the majority party, has torched its credibility. With Oregon’s one-party dominance, unions have controlled the governor’s office and legislature for years. Without campaign contribution limits until 2027, and the SEIU'S (CAPE) PAC being the single largest donor to Gov. Kotek's election campaign, it's anyone's guess if loyalty will come before accountability. Our bet: the short-term memory loss of Oregon’s voters will keep the union-Democrat machine rolling and blue, no matter who. Tyler Durden Tue, 06/24/2025 - 18:00
Bondi Says DOJ On 'High Alert' Over Concerns About Iranian Sleeper Cells Authored by Jack Phillips via The Epoch Times, U.S. Attorney General Pam Bondi says the Department of Justice (DOJ) is on “high alert” following U.S. airstrikes on Iran’s nuclear program over the weekend. Rep. Tony Gonzales (R-Texas), during a House Appropriations Committee meeting on Monday, asked Bondi about the number of Iranian nationals who may have entered the United States illegally. “Over 1,000 have entered our country, and I can tell you we are on high alert and everyone is looking at that very closely,” Bondi said. The attorney general suggested the FBI is on guard against possible Iranian sleeper cells located inside the United States, connecting those cells with Iranian nationals who entered the United States across the U.S.–Mexico border during the Biden administration. “When the DOJ submitted their budget, the United States was a nation at peace, and now we’re a nation at war,” Gonzales said. “I want us to, as much as we can, get ahead of it to give you the resources, the instruments that you need to go out and make sure that we’re preventing things from happening, not waiting until after the fact.” Gonzales also suggested that proposals to cut funding to the DOJ, which encompasses the FBI, could undermine national security initiatives, noting a possible threat posed by Iran to the United States following U.S. airstrikes that targeted the country’s nuclear program. “Those are the programs that we need more resources [for], more manpower,” the lawmaker said at one point. Iran launched a barrage of missiles at a U.S. military base in Qatar on Monday. Later that day, President Donald Trump called for a cease-fire between Iran and Israel after the countries had launched airstrikes on one another for more than a week. Bondi also said that the DOJ is committed to “doing more with less” amid budget cuts across the DOJ and the federal government, before suggesting that Congress pass the Trump administration-backed One Big Beautiful Bill Act that is currently being considered by the Senate. “The One Big Beautiful Bill gives us a lot of additional funding at the Department of Justice to carry out our mission,” Bondi said. “That’s where it will truly help [the] Department of Justice combat all of these issues that you brought up.” On Monday morning, Trump told reporters at the White House before departing for a NATO summit that, in his view, both sides had violated the cease-fire agreement. He had particularly strong words for Israel, a close ally, while suggesting Iran may have fired on the country by mistake. Later, Trump wrote that the cease-fire deal was intact. “ISRAEL is not going to attack Iran. All planes will turn around and head home, while doing a friendly “Plane Wave” to Iran. Nobody will be hurt, the Ceasefire is in effect!” Trump said in a Truth Social post. The DOJ indicted three individuals in 2024 in connection with an assassination plot that officials say originated in Iran, involving the killing of Trump and a journalist before last year’s presidential election. “The charges announced today expose Iran’s continued brazen attempts to target U.S. citizens, including President-elect Donald Trump, other government leaders and dissidents who criticize the regime in Tehran,” former FBI Director Christopher Wray said at the time of the indictment of the three individuals. Tyler Durden Tue, 06/24/2025 - 17:40
Goldman Makes Flurry Of Downgrades Across Consumer Sector Goldman Sachs Managing Director Kate McShane issued a wave of notable rating changes across the consumer sector on Tuesday. The most eye-catching: Dollar General was cut from Buy to Neutral RH (formerly Restoration Hardware) was downgraded from Neutral to Sell Advance Auto Parts also moved from Neutral to Sell In contrast, Five Below was upgraded to Buy Let's start with Dollar General (DG). McShane downgraded the stock from Buy to Neutral following a 66% rally off the mid-January lows around $70. Her view: recent gains in margins and comps—driven by supply chain improvements, labor efficiencies, and better store restocking—are now largely priced into the stock. She noted there's still room for long-term margin expansion, but near-term upside in the stock appears limited given: a highly competitive retail landscape that could pressure same-store sales, and the continued need for investment in stores and supply chain infrastructure. Her 12-month price for DG stands at $116, with her view of minimal upside. Next, RH (formerly Restoration Hardware) was downgraded from Neutral to Sell. McShane cited these headwinds for the high-end, luxury home furnishings company: A still-pressured housing market and tough year-over-year comps in the second half of 2025. A delay in a key brand extension from 2H25 to spring 2026, limiting near-term growth. Weakening consumer sentiment, with RH's NPS and NPI scores now trailing peers and NPS decelerating since February. A shift toward increased promotions—contrary to RH's past strategy—which could pressure margins and dilute brand value. Year-to-date, RH shares have been cut in half, with the stock trading near $179 on Tuesday afternoon—just shy of the analyst's 12-month price target. Moving on to Advance Auto Parts (AAP)—McShane downgraded the stock to Sell from Neutral, setting a new 12-month price target of $46, which implies an 11% downside. She sees AAP underperforming peers like O'Reilly Auto Parts and AutoZone in the near term, pointing to: Traffic and survey data suggesting potential market share losses A more cautious stance on margin recovery A rich valuation at 19.5x NTM P/E, seen as unjustified without clearer signs of a turnaround The analyst noted, "However, despite our downgrade, we continue to believe the company's current turnaround strategy is the right approach, and we hold a favorable view of the company's prospects longer term." Separate from the downgrade parade in the consumer space, McShane upgraded retailer Five Below (FIVE) to Buy and raised the price target to $135, citing improving fundamentals and brand momentum. Here are her key points from the note: Tariff risk from China remains, but is likely priced in, based on management's guidance. Valuation remains attractive, with a current P/E of 25.7x vs. historical averages. Brand perception is improving, according to HundredX data, supporting the bullish thesis. Earnings estimates raised, with Q2 EPS now at $0.59 (from $0.54) and FY25 EPS at $4.73 (up $0.01). Margin expansion and merchandising improvements expected to drive continued outperformance. McShane’s three downgrades and one upgrade have certainly turned heads across the consumer sector earlier today. Tyler Durden Tue, 06/24/2025 - 17:20
FTC Approves Merger Creating World's Largest Media-Buying Ad Agency, Warns Against Censorship Authored by Naveen Athrappully via The Epoch Times, The Federal Trade Commission (FTC) has approved advertising services giant Omnicom Group Inc.’s $13.5 billion acquisition of ad company The Interpublic Group of Companies Inc. (IPG) under the condition that Omnicom does not engage in political or ideological discrimination, the agency said in a June 23 statement. New York-based Omnicom acts on behalf of its clients to buy ads to be displayed on media publishers. On Dec. 9, 2024, Omnicom announced it intended to acquire IPG, also based in New York. The FTC filed a complaint against the acquisition, arguing that the transaction risked consolidating the U.S. media market. “Omnicom and IPG are the third- and fourth-largest media-buying advertising agencies in the U.S. Combined, they will be the world’s largest media-buying advertising agency,” said the FTC statement. A combined entity increases the risk that ad media companies in the market may coordinate to push certain policies that may be anticompetitive in nature, the agency said, adding that advertising entities have previously engaged in such activities. “Advertising agencies have coordinated—including through industry associations—on decisions not to advertise on certain websites and applications,” the statement said. “Coordination among advertising firms may reduce ad revenues for particular media publishers, forcing those publishers to reduce the amount of content they can offer to their own consumers and their investment in their sites.” The FTC said it has accepted a proposed consent order that will prevent such “anticompetitive coordination” from Omnicom once its acquisition of IPG is completed. The order restricts Omnicom from colluding or coordinating to take advertising away from any media publisher based on the publisher’s ideological or political viewpoints, except in situations when the ad client insists on avoiding certain publishers. “Coordination among advertising agencies to suppress advertising spending on publications with disfavored political or ideological viewpoints threatens to distort not only competition between ad agencies, but also public discussion and debate,” said Daniel Guarnera, director of the FTC’s Bureau of Competition. “The FTC’s action today prevents unlawful coordination that targets specific political or ideological viewpoints while preserving individual advertisers’ ability to choose where their ads are placed.” The proposed agreement is now open to a 30-day public comment period. The Epoch Times reached out to Omnicom and IPG for comment on the FTC’s restrictions against discrimination underscoring the merger proposal but did not receive a response by publication time. In a June 23 statement, John Wren, CEO of Omnicom, welcomed the FTC decision related to the company’s push to acquire IPG. “We are delighted that our transaction with Interpublic has cleared this significant regulatory hurdle,” he said. “This is an important step toward the completion of the proposed acquisition.” “We continue to look forward to obtaining the remaining regulatory approvals and closing in the second half of this year, consistent with our expectations when we announced this transaction.” The FTC’s proposed consent order in the Omnicom–IPG deal is part of the agency’s broader push to prevent censorship in the digital space, affecting both platforms and users. On Feb. 20, the FTC announced launching a public inquiry “to better understand how technology platforms deny or degrade users’ access to services based on the content of their speech or affiliations.” At the time, FTC Chairman Andrew N. Ferguson said the inquiry would help the agency understand how such companies “may have violated the law by silencing and intimidating Americans for speaking their minds.” Regarding the Omnicom merger, Ferguson said: “Today, Omnicom and IPG have committed themselves to help stop that sort of coordination in their industry. This consent agreement will help mitigate the dangers inherent in a consolidated national advertising market. “I hope the conditions imposed on this merger will encourage all advertising firms to adopt similar practices and thereby reduce the temptation to collude to the detriment of their customers, independent journalists, small and independent media companies, consumers, and the American public square.” Tyler Durden Tue, 06/24/2025 - 17:00
NATO Chief Butters Up Trump, While Touting Ukraine's 'Irreversible Path' To NATO Membership Before President Trump's Air Force One even touched down in The Hague to attend this week's major NATO summit, he was responding somewhat coldly when asked about his relationship with Ukrainian President Volodymyr Zelensky and whether they will meet. The White House clarified that such a meeting will take place at some point on the sidelines of the summit, but pro-Kiev pundits are reacting to the following exchange with a reporter as an insult to Zelensky and to Ukraine... "Do you think you'll meet with Zelensky [at NATO]?"@POTUS: "Yeah, probably I'll see him." "What would you say to him?"@POTUS: "I'll say, 'How ya doing?'" 😂🤣 pic.twitter.com/zio42p5rAX June 24, 2025 The last time the two leaders met was in April on the sidelines of Pope Francis' funeral, which resulted in the famous photo of the two sitting face-to-face, talking intensely, in St. Peter's Basilica. Trump only said to reporters Tuesday that he "would probably meet" with Zelensky, and reports now say that the sit-down could happen as soon as tomorrow afternoon. The US has shut the door on Ukraine's path to NATO membership, and Trump is only expected to discuss new anti-Russia sanctions as well as purchase of a fresh weapons package from the US with Zelensky. But NATO Secretary-General Mark Rutte is still busy touting an 'irreversible' path of Ukraine toward NATO. He said ahead of the summit's start: "I can announce that now new estimates showing that our European and Canadian allies have stepped up, they will provide over €35 billion of additional security assistance to Ukraine for the year ahead," the NATO chief said. Rutte said there was agreement within the alliance on the need to keep up support. “This is the reason why, I think also last year in Washington, NATO allies agreed that for Ukraine, there is an irreversible path of Ukraine to enter NATO,” Rutte told reporters. “That is still true today, and it will still be true on Thursday after this summit.” Reporters at The Hague are busy contrasting Rutte's warmth and embrace of Zelensky's with Trump's apparent coolness... Hugs and this from NATO Sec Gen Rutte to Zelensky: "We will continue to build the bridge for Ukraine’s irreversible path to NATO membership." https://t.co/3GQooqadT2 June 24, 2025 Rutte is clearly trying to stay on Trump's good side, meanwhile, having issued a letter praising Trump's 'extraordinary' decision to hit Iran's nuclear sites. The head of NATO has formally congratulated the US president in a private text message which has been revealed as follows: The message was confirmed by the White House as authentic, after some questioned it, given how gushing it was: "You are flying into another big success in The Hague this evening,” he continued, explaining how other member states have agreed to increase their defense spending to 5 per cent of gross domestic product," Rutte wrote. "Donald, you have driven us to a really, really important moment for America and Europe, and the world," he wrote. "You will achieve something NO American president in decades could get done." Tyler Durden Tue, 06/24/2025 - 16:40
Some 'Predictions' For The Latter Half Of 2025... Authored by Eric Utter via AmericanThinker.com, Back in mid-January I issued “My Predictions For The Rest Of 2025.” We are half a year in, and I thought I should issue an update. Ergo, I hereby present to you “My Updated Predictions For The Last Half Of 2025:” *June 25—A lone federal district court judge rules that President Trump must re-rename the large body of water between Florida and Mexico “The Gulf of Mexico.” *June 26—A lone federal district court judge, installed by Barack Obama in 2015, rules that all African-Americans must be given $2 million each in reparations—and a $1,000 IHOP gift card. *June 27—Rep. Ilhan Omar (D-MN) takes to the Congressional podium to vehemently declare that illegal aliens’ right to vote must be immediately codified and enshrined in law, while white people “and other infidels” should not be allowed to vote, in order to “save our democracy.” *June 28—Yes, the Chicago White Sox are mathematically eliminated from playoff contention. *July 7—Minnesota Gov. Tim Walz and Canadian Prime Minister Mark Carney jointly issue a stunning announcement: Minnesota will become Canada’s 11th province as of August 1st. *July 24—A lone federal district court judge rules that President Trump must “immediately restore the White House to exactly as it looked at the very moment when President Biden left office on January 20th, 2025.” *August 12—With the Canadian wildfires raging as strong as ever, four months in, President Trump, citing national security and health concerns, decides to annex Canada and put out the fires. This also reunites Minnesota with the United States. Sort of. Trump says, “I must protect the rights of American citizens to go outdoors, play golf, and breathe without being forced to inhale toxic smoke that could eventually kill them.” *August 30—A lone federal district court judge rules that Trump must un-annex Canada and restart the Canadian wildfires. *September 10—Elon Musk, continuing to try to patch things up with President Trump, says that he misspoke when his tweet implied that Trump visited Epstein Island. Musk says what he meant to tweet was that Trump had once visited Gilligan’s Island. “My bad,” says Musk. *September 23—A lone federal district court judge rules that, contrary to recent Trump administration directives, the United States military must be at least 50% comprised of members of the LGBTQ Community by Jan. 1, 2027. *September 30-- Extensive new studies find that COVID-19 vaccines injured or killed far more people than originally thought…prompting the mainstream media to immediately launch a series of programs revisiting the “January 6 Insurrection.” *October 12—Kamala Harris is found passed out on a San Francisco street, empty wine box to her side. *October 29—Nancy Pelosi is found passed out on a San Francisco street, empty Haagen Dazs containers and vodka bottles to her side. *November 18—It is revealed that CNN became the first cable news network ever to have a negative ratings share for any week. Lifesitenews brands the network’s Nov. 9- Nov. 15 performance “a miracle.” *November 20—Congressional Democrats propose a bill that would require the payment of reparations to Blacks and mandate that the U.S. return the southwestern states to Mexico, the middle of the country to France, and the Eastern seaboard to England. An amendment to the bill calls for all English-speaking folks to subsequently return to England, effectively returning the erstwhile United States to the Indigenous Peoples. *December 10—A lone federal district court judge’s ruling declares that President Trump must only wear boxers, never briefs. *December 31—Yes, CNN’s Anderson Cooper does accidentally vomit on air after guzzling a glass filled with a mix of Wild Turkey and Clorox Bleach-- and taking several prolonged bong hits to celebrate the New Year. A sneak peek at 2026: *January 9—Al Gore says that, unless all human activity on planet Earth immediately ceases, the planet will spontaneously combust by the end of the year. *January 27—The U.S. observes the 10-year anniversary of Al Gore stating that, unless the Earth took “drastic measures,” it would reach the “point of no return” in 10 years. *January 29—A lone federal district court judge invalidates the 2024 presidential election, finding that “the American people are incapable of voting in a way that furthers and supports our precious democracy.” He rules that Kamala Harris be immediately installed as president and Tim Walz as vice-president. He adds, “There are no kings in this country. I have spoken!” Tyler Durden Tue, 06/24/2025 - 16:20
Illegal Immigrant Allegedly Aided By Wisconsin Judge Agrees To Plea Deal Authored by Aldgra Fredly via The Epoch Times, The illegal immigrant whom Milwaukee County Circuit Judge Hannah Dugan is accused of helping evade arrest has accepted a plea deal in which he admitted to entering the United States illegally. Mexican national Eduardo Flores-Ruiz faces up to two years in prison and a $250,000 fine under the terms of a plea deal filed in the U.S. District Court for the Eastern District of Wisconsin on June 23. He is also subject to one year of supervised release. The plea deal states that Flores-Ruiz has agreed to be deported after completing a federal prison sentence. According to the plea agreement, Flores-Ruiz first entered the United States illegally on Jan. 15, 2013, near Arizona. He was arrested and deported the next day but later re-entered the country. Flores-Ruiz was arrested in Milwaukee on March 12 over a battery incident. He was subsequently charged with misdemeanor counts of battery, domestic abuse, and causing physical harm. On April 18, when Flores-Ruiz was slated to appear before Dugan at a Milwaukee courthouse, Dugan allegedly escorted him out through a jury door and evaded immigration agents who were waiting to arrest him. Federal officials stated that Flores-Ruiz escaped the courthouse and was apprehended by agents outside the building after a foot chase. Dugan was suspended by Wisconsin’s Supreme Court and charged with obstructing a proceeding and concealing an individual to prevent his arrest. FBI Director Kash Patel said on social media platform X that evidence indicates that Dugan “intentionally misdirected” federal immigration agents away from Flores-Ruiz, which allowed the illegal immigrant to evade arrest. The judge has pleaded not guilty to the charges. In a May 14 motion to dismiss the case, Dugan’s attorneys argued that it is “no ordinary criminal case, and Dugan is no ordinary criminal defendant,” while citing her job as a circuit court judge. “The government’s prosecution of Judge Dugan is virtually unprecedented and entirely unconstitutional—it violates the Tenth Amendment and fundamental principles of federalism and comity reflected in that amendment and in the very structure of the United States Constitution,” the attorneys stated. Homeland Security Department Assistant Secretary Tricia McLaughlin said: “This criminal illegal alien has a laundry list of violent criminal charges including strangulation and suffocation, battery, and domestic abuse. Ruiz illegally entered the U.S. twice.” The Epoch Times reached out to legal representatives for Flores-Ruiz and Dugan but received no response by publication time. Tyler Durden Tue, 06/24/2025 - 15:45
China Reportedly On Verge Of 100 DeepSeek-Like Breakthroughs Amid Aspirations For World Domination China is preparing to launch a tsunami of domestic AI innovation, with more than 100 DeepSeek-like breakthroughs (more here) expected within the next 18 months, according to former PBOC Deputy Governor Zhu Min, as reported by Bloomberg. This development signals Beijing's intent to rapidly close the technological gap ahead of the 2030s. Speaking at the World Economic Forum's "Annual Meeting of the New Champions" in Tianjin, China, Min told the audience that 100 DeepSeek-like breakthroughs "will fundamentally change the nature and the tech nature of the whole Chinese economy." The emergence of DeepSeek, a low-cost, powerful AI model, has fueled Chinese tech stocks and underscored China's AI competitiveness despite U.S. restrictions on advanced chips and domestic macroeconomic headwinds. Bloomberg Economics projects high-tech's contribution to China's GDP could rise from 15% in 2024 to over 18% by 2026. Traders are rotating into Chinese equities, with the Hang Seng Index surging 25% year-to-date, significantly outperforming the S&P 500, which is up just 3.3% and effectively flat in real terms. China stocks outperformed soon after DeepSeek's launch in January. Global Equities YTD Performance A successful deployment of 100+ advanced AI systems modeled after high-performance DeepSeek would drastically accelerate China's digital transformation across surveillance, industrial automation, finance, and, most importantly, defense. China's Hypersonic Missile Min's comments aren't just about more efficient AI chatbots—they serve as a strategic signal from Beijing. The push for AI dominance is increasingly a vehicle for projecting national power as the world fractures into a dangerous bipolar state. With the U.S. and China locked in a zero-sum struggle over who will shape the global economic system of the 2030s (supply chains the U.S. must reclaim), this AI race is rapidly becoming the frontline of a broader power struggle—one that increasingly resembles a winner-takes-all contest for global supremacy. Tyler Durden Tue, 06/24/2025 - 15:05
DOJ Accuses Biden-Appointed Judge Of 'Unprecedented Defiance' After Rejecting SCOTUS Ruling Allowing Deportations Authored by Debra Heine via AmericanGreatness.com, The U.S. Department of Justice on Tuesday accused an activist Biden-appointed judge of engaging in a “lawless act of defiance” against a Supreme Court decision that came down on Monday. The Supreme Court ruled that the Trump administration may resume expedited deportations of criminal illegal aliens to countries other than their own. The 6-3 decision stayed U.S. District Judge Brian Murphy’s May 21 order blocking the administration’s attempt to deport a group of violent criminals to South Sudan. Late Monday night, Murphy issued an order blatantly defying that ruling. Last Month, the Department of Homeland Security had conducted a deportation flight from Texas to South Sudan to remove what it called “some of the most barbaric, violent individuals” living illegally in the United States. “No country on earth wanted to accept them because their crimes are so uniquely monstrous and barbaric,” DHS stated on X on May 21. Murphy quickly ordered the Trump administration to give the eight deported illegal alien criminals more adequate due process, including a “meaningful opportunity to object” to their removals to a foreign country. The Boston-based judge also ordered the Department of Homeland Security to give the violent illegals access to phones and attorneys and grant them a minimum of ten days to raise concerns about the “safety risks” of being deported to a third country. If the convicted criminal illegal is found to have a “reasonable fear,” Murphy said, the government would be required to reopen their immigration proceedings. Murphy’s intervention forced DHS to keep the illegals at a military base in Djibouti, Sudan. The administration argued in court that its deportation policy already complied with due process and was necessary for removing criminal illegals because their countries of origin often refuse to take them back. The Supreme Court’s decision Monday lifted Murphy’s order placing restrictions on third-country deportations. “The Supreme Court’s stay of a left-wing district judge’s injunction reaffirms the president’s authority to remove criminal illegal aliens from our country and Make America Safe Again,” White House spokesperson Abigail Jackson said after Monday’s decision. “The Supreme Court ruling is a victory for the safety and security of the American people. The Biden Administration allowed millions of illegal aliens to flood our country, and now, the Trump Administration can exercise its undisputed authority to remove these criminal illegal aliens and clean up this national security nightmare,” said Department of Homeland Security Assistant Secretary Tricia McLaughlin in a statement. “If these activist judges had their way, aliens who are so uniquely barbaric that their own countries won’t take them back, including convicted murderers, child rapists and drug traffickers, would walk free on American streets. DHS can now execute its lawful authority and remove illegal aliens to a country willing to accept them,” McLaughlin added. “Fire up the deportation planes.” Despite the Supreme Court’s ruling however, Murphy declared in a court order late Monday night that his previous order preventing the deportation of the dangerous criminals to South Sudan “remains in full force and effect.” In response, White House Deputy Chief of Staff Stephen Miller accused Murphy of trying to “overrule the Supreme Court.” “A Boston judge openly defying and nullifying a Supreme Court order is a radical escalation of the communist coup taking place within the judiciary,” Miller posted on X. Attorney General Pam Bondi’s chief of staff at the Department of Justice described Murphy’s defiance as “an Article III insurrection.” “Last night, hours after the Supreme Court 6-3 blocked a Boston district judge’s lawless preliminary injunction preventing the government from removing the worst of the worst illegal aliens to third countries, the district judge announced business as usual and said its orders enforcing the injunction remained in effect,” said Chad Mizelle. “When a single district judge immediately and flagrantly defies the Supreme Court, that is not the rule of law—it is an Article III insurrection.” Mizelle added: “Today is Justice Kagan’s ultimate test. She, more than any other Justice, has invoked the rhetoric of respecting the rule of law. She, more than any other Justice, should now recognize that the greatest threat to the rule of law comes from district courts openly defying Supreme Court judgments hours after their issuance.” Miller told Fox News’ Sean Hannity Monday night to “expect fireworks” when the Trump administration hold’s Murphy “accountable for refusing to obey the Supreme Court.” On Tuesday, Solicitor General D. John Sauer filed a motion at the Supreme Court addressing Murphy’s “unprecedented defiance” of the court’s authority, calling his order “untenable.” The district court’s ruling of last night is a lawless act of defiance that, once again, disrupts sensitive diplomatic relations and slams the brakes on the Executive’s lawful efforts to effectuate third-country removals. For over two months now, the Executive has labored under an injunction that this Court yesterday deemed unenforceable. This Court should immediately make clear that the district court’s enforcement order has no effect, and put a swift end to the ongoing irreparable harm to the Executive Branch and its agents, who remain under baseless threat of contempt as they are forced to house dangerous criminal aliens at a military base in the Horn of Africa that now lies on the borders of a regional conflict. Sauer also suggested that the court kick Murphy off the case entirely, writing, “given the lower court’s conduct, this Court may consider ordering that the case be reassigned to a different district judge.” Tyler Durden Tue, 06/24/2025 - 14:45
Goldman Weighs In On Tesla Robotaxi Launch Tesla officially launched its long-anticipated self-driving Robotaxi service in Austin, Texas, on Sunday. A select group of early-access users—many of them FSD beta testers and Tesla influencers on X—have begun sharing their experiences as the AI car company sets its sights on competing near-term with Waymo and, more broadly, becoming a leader in the autonomous ride-hailing industry by 2030. A team of Goldman analysts, led by Mark Delaney, provided their initial assessment of the robotaxi service in Austin, which features a fleet of self-driving Model Ys. They discuss three key items from the launch, including: Our initial thoughts on performance of the early rides, which generally show a good degree of drive smoothness in our opinion but with one user posting a navigation issue with improper use of a left turn lane and the vehicle driving temporarily in the turn lane for traffic going the other direction; How Tesla's Austin service currently compares to Waymo, including the operating area; Our views on how fast Tesla will scale (we continue to expect it to be measured in the near-term). Delaney said the initial feedback posted on X about Robotaxi has mainly been positive, with users praising the smooth ride experience and tech integration, including personalized music preferences and an in-car customer support feature. However, one early ride encountered a notable navigation error. This video is circulating on X trying to paint Tesla in a bad light. It clearly shows the Robotaxi attempting a turn, detecting an error and correcting itself. This is exactly how a human driver would react and honestly, it reassures me that it’s catching errors and not getting… pic.twitter.com/aamPzfxqke June 23, 2025 "We consider this navigation error as somewhat concerning about the overall level of tech readiness, especially in light of the limited number of vehicles on the road, but also we appreciate that this behavior is not unprecedented to see from human drivers either," the analysts noted. Tesla had previously indicated that its pilot fleet would consist of 10–20 vehicles, and the service is currently restricted to a limited geographic area in Austin and available only from 6 a.m. to midnight local time. A Tesla employee remains seated in each vehicle, suggesting the company still requires human supervision. In contrast, Alphabet's Waymo operates across 37 square miles of Austin on a 24/7 basis, accessible to all Uber users. Tesla is charging a flat fee of $4.20 per ride, while Waymo's pricing is dynamic, based on Uber's existing fare model. On the subject of Robotaxi scaling in Austin, the analysts said: The use of an Austin-specific tech stack, a Tesla employee being present in the vehicle (albeit on the passenger side), and the navigation/lane issue reported in the first day of use suggests scaling will be slow in the near-term in our view — As we discussed in our note from 6/20, we hadn't initially expected a Tesla employee to be in vehicle. Given this news, the navigation related error from one early consumer ride, and other factors like geofencing and a version of the software that at least for now is specific to Austin, suggests in our view that scaling in the near-term will be slow. We also believe this suggests that it will be some time before consumers can use FSD on their personal vehicles in a wide operating area. Adding: Separately, the regulatory environment will be key to monitor and could determine the speed of the ramp as well. California currently requires permits for robotaxi deployments, and on 6/20 the Texas governor signed a bill that requires robotaxi/AV operator permits starting in September. However, new federal rules could help speed AV adoption. Delaney pointed out that Tesla added more than $90 billion in market capitalization leading up to the Robotaxi launch, nearly "double Waymo's reported valuation of >$45 bn as of October 2024." In other words, much of the Robotaxi optimism has been priced in. The analysts maintained a "Neutral" rating with a 12-month price target of $285, or about 20% below Monday's closing price. Their valuation model suggests Robotaxi could add anywhere from $2.50 to over $80 per share in value by 2040, depending on the eventual fleet size and profit margins. Earlier this month, a separate Goldman note outlined that the autonomous vehicles era is just beginning and about to enter hyperscaling in North America. Read the full note here... Tyler Durden Tue, 06/24/2025 - 14:25
Silver Price Shows What Government Has Done To Our Money Authored by Douglas French via The Mises Institute, You hear about gas prices everyday. The President brags that per gallon prices have dropped to $1.99 in some places. After paying over $4.00 here in Las Vegas, I wonder where he is talking about. He ran on bringing down prices at the pump, saying “drill baby drill” constantly at his rallies. But, in real terms gas prices have gone down. A line from a Wall Street Journal piece illustrates the point. “Silver’s rally has made it worth the effort to sift through coin jars looking for old dimes, quarters and half dollars. The melt value of 25-cent coins minted from before 1965, when they were made of silver, is more than $6.50.” I’m old enough to remember 25-cent gas. And, someone pumped the gas for you checked your oil and the air pressure in your tires. During lunch with an old friend, he told me his kids don’t know what cash is, let alone pre-1965 quarters. No wonder monetary matters don’t really matter to Americans, especially young folk. No one seems concerned about the constant devaluation of the dollar. High prices they blame on whoever is president or corporate greed. The idea that the problem is the constant creation of more money escapes them. As Ludwig von Mises wrote, “What people today call inflation is not inflation, i.e., the increase in the quantity of money and money substitutes, but the general rise in commodity prices and wage rates which is the inevitable consequence of inflation. This semantic innovation is by no means harmless.” The WSJ reports of people selling silver and some that are buying. “Daniel Herzner, who owns businesses that buy and sell estate jewelry in White Plains, N.Y., said his phone is ringing frequently with customers eager to sell jewelry and flatware that they inherited or no longer need.” “They’d rather turn it into cash,” he said. Cash that’s value will disintegrate. Tyler Durden Tue, 06/24/2025 - 14:05
Harvard Wins Injunction Against Trump Admin's Student Visa Ban Authored by Aldgra Fredly via The Epoch Times, A federal judge on Monday issued a preliminary injunction halting enforcement of President Donald Trump’s proclamation that bars foreign nationals from entering the United States through Harvard’s student exchange visa program. District Judge Allison Burroughs granted Harvard’s request for an injunction to extend a block on enforcement of the June 4 proclamation while litigation is ongoing. Trump stated in his proclamation that the Chinese Communist Party and other U.S. adversaries are trying to “take advantage of American higher education by exploiting the student visa program for improper purposes and by using visiting students to collect information at elite universities in the United States.” The proclamation also pointed to a rise in crime rates at Harvard in recent years, alleging that the university had failed to discipline certain categories of conduct violations on campus. In a 44-page memorandum, Burroughs stated that the proclamation did not establish any connection between the high crime rates at Harvard and the presence of foreign students. “The proclamation does not state, for example, that the rise in crime is correlated with a rise in the percentage of international students of Harvard, nor does it cite any evidence whatsoever that international students are committing these crimes, statistics which, presumably, would be available to the federal government if they exist,” she wrote. Burroughs said the case centers on core constitutional rights to freedom of thought, expression, and speech, which she said must be safeguarded as they serve as “a pillar of a functioning democracy and an essential hedge against authoritarianism.” The judge found that the government’s attempts to exert control over “a reputable academic institution and squelch diverse viewpoints seemingly because they are, in some instances, opposed to this administration’s own views,” are threatening those rights. “To make matters worse, the government attempts to accomplish this, at least in part, on the backs of international students, with little thought to the consequences to them or, ultimately, to our own citizens,” she stated. The Epoch Times has sought comment from both the White House and Harvard but did not receive a response by publication time. Funding Frozen Before Trump’s proclamation, the president froze billions in federal funding for medical research at Harvard amid his administration’s crackdown on anti-Semitism and diversity, equity, and inclusion initiatives in higher education. Harvard challenged the move, arguing that the funding freeze had no connection to the alleged harassment of Jewish students on its campus. In April, Trump threatened to revoke Harvard’s tax-exempt status. He then issued the proclamation on June 4 to end the university’s visa program for international students, resulting in an additional lawsuit from Harvard. The proclamation barred foreign nationals from entering the United States to study at Harvard or take part in an exchange visitor program hosted by the university for six months. It also directed Secretary of State Marco Rubio to consider whether the visas of foreign nationals already enrolled at Harvard should be revoked. In a June 5 statement, Harvard President Alan Garber said Trump’s order against student visas was “yet another illegal step taken by the administration to retaliate against Harvard.” Burroughs issued a preliminary injunction on June 5 to block the proclamation. The latest injunction extended that block until the court reaches a decision. Trump said on June 20 that he has been in talks with Harvard University officials regarding their “large-scale improprieties” and expects to reach an agreement with the university soon. “They have acted extremely appropriately during these negotiations, and appear to commit to doing what is right,” he wrote on the social media platform Truth Social. The university has not publicly commented on the president’s announcement. Tyler Durden Tue, 06/24/2025 - 13:25
Solid 2Y Auction Stop Through Despite Weak Foreign Demand With attention firmly on the equity meltup which has sent the S&P 1% higher and the Nasdaq looks like it will close in record territory, moments ago we had the week's first Treasury coupon auction when some $69BN in 2 Year notes were sold to what was a very smooth reception. The high yield of 3.786% was down from 3.955% in May and the lowest since Sept 2024. It also stopped through the When Issued 3.787% by 0.1bps, which was the 4th through auction in the past five for the tenor. The bid to cover was 2.576, effectively unchanged from 2.567 last month, if just below the six-auction average of 2.61. Internals were slightly weaker, with Indirects awarded 60.5%, down from 63.3% in May and clearly below the recent average of 71.3%. And with Directs taking down 26.3%, or flat from last month's 26.2%, Dealers were left with 13.2%, higher than last month's 10.5% and the 11.2% recent average. Overall, this was a solid auction, which is to be expected on the back of dovish Fed speak in recent days and even though Powell tried to keep a hawkish facade today, he too hinted that rate cuts are coming, especially now that oil is once again tumbling and does not threaten to push gas prices sharply higher. As for the market reaction, there was none indicating that the auction was largely as expected. Tyler Durden Tue, 06/24/2025 - 13:19
DoE Declares U.S. Southeast Grid Emergency To Avert "Blackouts" A massive heat dome is scorching the eastern half of the U.S., triggering widespread grid stress. The week began with emergency alerts across the Mid-Atlantic, including a multi-hour blackout in New York City's Queens borough as power demand surged. Now, the Southeast grid is under similar tight conditions. The Trump administration has declared a power emergency as millions blast air conditioning. On Tuesday morning, the Department of Energy issued an emergency order under Section 202(c) of the Federal Power Act to prevent blackouts in the Southeast U.S. amid surging demand due to extreme heat. The order allows Duke Energy Carolinas to operate fossil fuel power generators at maximum capacity from early this morning through Wednesday, overriding 'green' rules to maintain grid stability and prevent a rolling blackout. U.S. Secretary of Energy Chris Wright released a statement on X: "As electricity demand reaches its peak, Americans should not be forced to wonder if their power grid can support their homes and businesses. Under President Trump's leadership, the Department of Energy will use all tools available to maintain a reliable, affordable, and secure energy system for the American people. "This order ensures Duke Energy Carolinas can supply its customers with consistent and reliable power throughout peak summer demand." Duke Energy, the power utility serving around 1.7 million customers across North and South Carolina, warned the DoE on Monday about tightening grid conditions that could lead to "isolated power outages." Duke Energy is urging customers in the Carolinas to reduce energy use during periods of peak demand today, June 23 from 3-8 p.m., to help lessen the energy demand on the power grid and reduce the potential of isolated power outages. https://t.co/lzcp4RC8bz. pic.twitter.com/mLWCjMdjgH June 23, 2025 What's transpired so far: Weather Check: "It's About To Get Brutal" "Maximum Generation Alert" Issued for Nation's Largest Power Grid Power Blackout Hits Parts Of Queens, NYC: Con Edison Urges Energy Conservation As Temps Spike "You're Welcome": Pennsylvania Boasts About Saving 'Green' Maryland From Power Grid Collapse Just brutal... The good news is that the Trump administration signed an executive order in early April to "strengthen the reliability" of the nation's power grid after years of de-growth green policies retired ultra-reliable fossil fuel generation in favor of unreliable solar and wind. This action comes amid soaring demand from AI data centers, electric vehicles, re-shoring, and broader electrification trends. It's time to shore up the grid to create more stability to bridge the gap until the nuclear renaissance expected in the 2030s. Tyler Durden Tue, 06/24/2025 - 13:00
Off Ramps, On Ramps By Benjamin Picton, Senior Market Strategist at Rabobank Markets are in a jubilant mood as Donald Trump announced that Israel and Iran have agreed to a ceasefire to begin within hours. Brent crude prices have fallen by more than 7% at time of writing to $71.48/bbl and US equity indices have finished the day higher across the board. Equity futures in North America and Asia are also pointing higher. Trump’s announcement followed an Iranian missile strike on the United States’ Al Udeid base in Qatar. The New York Times reports that Iran had provided backchannel notification of the impending retaliation for US strikes on Iranian nuclear facilities to Qatar and the United States prior to the attack. That was subsequently confirmed in a ‘Truth’ by Donald Trump who described the Iranian attack as “weak”, but also thanked Iran for issuing the heads up. Trump subsequently took to Truth Social again to announce the ceasefire agreement which he says will effectively end what he is calling the 12 Day War. An Iranian official has since confirmed that Iran has agreed to the ceasefire, raising hopes that an effective off-ramp has been found and that strikes on Iran’s nuclear facilities in Fordow, Natanz and Esfahan will not drag the US into a protracted regime-change effort. The ceasefire announcement follows earlier reports that Israel was seeking to seize on the success of US strikes and end the war in coming days. Unnamed officials had reportedly told the Times of Israel that Jerusalem was willing to end its bombing campaign if Iran agreed to dismantle its nuclear program. Up until now Iran has remained defiant that it would continue its nuclear program and, critically, its controversial drive to enrich its own uranium. So, is there some agreement to come on the nuclear program, or has this simply been placed in the “too hard” basket for now? While the US claims to have ‘obliterated’ Iran’s enrichment facilities at Fordow, Natanz and Esfahan, the extent of the destruction is not completely clear and it seems that up to 400kg of uranium already enriched to near weapons grade remains unaccounted for. Former Russian President Dmitry Medvedev said yesterday that Iran’s enrichment program – including the pursuit of nuclear weapons – would continue, and that “other” countries had expressed willingness to supply Iran with warheads. That might have been pure bluff as Russia, still reeling from the loss of a friendly regime in Syria, seeks to stave off the loss of another friendly regime in central Asia. In (another) post to Truth Social Trump seemed to treat it as such, criticising Medvedev for casual use of the “N word” (nuclear) while making pointed reference to the technological superiority of the US’s nuclear submarines, which had just fired 30 Tomahawk missiles at the Esfahan facility. The subtext was reasonably clear: “you’re not the only one with extensive nuclear capabilities in the region.” While the Middle East and energy prices seem to be on course to return to something resembling the status quo ante bellum (aside from Iran’s enrichment capabilities, air defences and ballistic missile stocks), the NATO summit today kicks off in the Netherlands with the FT reporting that Poland is upset that Spain has been granted an exemption to the 5% of GDP defence spending target, and that Belgium is set to seek a similar exemption. Poland’s indignation is easy to understand given its shared border with Russian client state Belarus and its plans to get very close to the 5% spending target this year. The position taken by Spain (and Belgium) underlines some of the inherent contradictions of European collective defence that seem destined to require strengthened supra-national structures to overcome. Chancellor Friedrich Merz seems to understand that Germany – Europe’s largest economy and more geographically Eastern than other big economies – will need to take the lead for collective security to work. Merz reiterated yesterday that Europe can no longer “free-ride” on the United States and must step up defence investment to achieve “strategic independence”. That’s all well and good, but as Mark Rutte pointed out to Chatham House last week, Russia currently produces more ammunition in three months than the entire NATO alliance can in a year, and much of the NATO contribution comes from the United States. Ahead of the NATO summit, our European team examines the conditions for success of boosted European defence spending here. Critically, Europe lacks a shared nuclear deterrent. Emmanuel Macron has recently indicated that he is open to French nuclear weapons being deployed in EU countries to the East, but that they must remain under complete French control. This raises questions about whether a forward-deployed French nuclear deterrent would be a deterrent at all, especially in light of comments that Macron made in 2022 where he said that the French nuclear doctrine was based on the vital interests of France, and that if Russia were to launch a nuclear strike on Ukraine “or in the region”, this would not meet the threshold for the use of French nuclear weapons. Consequently, Merz remains clear-eyed that French nuclear weapons are not a credible substitute for the US nuclear deterrent. Meanwhile, Aussie Prime Minister Albanese will not be attending the Indo-Pacific partners event at the NATO summit tomorrow. That event features Donald Trump, who Albanese is likely anxious to meet with following a US decision to place the AUKUS program (the centrepiece of Australia’s defence planning) under review. Australia will instead send Deputy PM Richard Marles, who will presumably attempt to secure assurances from Trump that the US really will let Australia buy some of those nuclear submarines that Trump was bragging about on Truth Social overnight. That effort may be complicated by news today that Australia will add YouTube to its social media ban for under-16s, an effective non-tariff barrier for US tech that we explore in a new report on Australian economic statecraft. Does sharing the crown jewel of your defence capabilities with allies who resist your wishes on trade, sanctions and defence spending sound very “America First” when you have insufficient supply for your own needs? Perhaps not. Tyler Durden Tue, 06/24/2025 - 12:40
Senate GOP's 'Big, Beautiful Bill' On The Brink As Tax Clashes, Medicaid Cuts And Parliamentarian Delays Derail Timeline Senate Republicans are in panic mode this week, frantically rewriting their so-called “big, beautiful bill” before a planned Thursday vote, but the trillion-dollar package is sagging under the weight of internal brawls, Medicaid landmines, and the looming judgment of the Senate parliamentarian, Politico reports. Senate Majority Leader John Thune GOP leaders insist they’re on track to start voting Thursday, but senators emerging from a tense closed-door briefing Monday night admitted that major parts of the megabill, including key tax language and Medicaid provisions, remain in flux, and the final text still hasn’t been released. “I think we’ll eventually pass something, I just can’t tell you when,” Sen. John Kennedy (R-LA) said bluntly. “We’ve got a lot of stuff to work out, and the bill will be changed on the floor.” The holdup centers on the so-called “Byrd bath,” the parliamentarian’s behind-closed-doors review of which pieces of the legislation qualify under budget reconciliation; the GOP’s only way to pass the bill without Democratic support. Parliamentarian Elizabeth MacDonough’s rulings could land as late as Wednesday night, just hours before the Senate’s first expected vote. As we noted on Monday, MacDonough (D) has booted several major provisions from the Republican megabill to enact President Trump's agenda - including language which would authorize states to conduct border security and immigration enforcement (more below). “Part of it right now is the Byrd bath, and it’s taking a little bit longer,” admitted Senate Majority Leader John Thune (R-SD), who’s hoping for a Thursday kickoff with final passage over the weekend. But it’s not just Senate procedure clogging the drain — it’s the substance, too. SALT Showdown Sen. Markwayne Mullin (R-Okla.) has been trying to broker a deal on the controversial state-and-local-tax deduction cap, or SALT. He pitched keeping the $40,000 cap that the House passed while tweaking the income threshold at which it phases out - a move aimed at soothing House SALT rebels. Problem is, those same House Republicans already rejected that combo days ago. And after Monday night’s briefing, even GOP senators weren’t sure if Mullin had actually sealed any agreement or just tossed out “options.” Medicaid Minefield Then there’s Medicaid... GOP leaders are floating a special fund for rural hospitals to ease concerns over deep Medicaid cuts in the Senate version of the bill, specifically, a plan to slash the provider taxes that many states rely on to trigger larger federal payments. “I am absolutely happy with a rural fund; I think that would be great,” Sen. Josh Hawley (R-MO) said. “Will that solve the issue? I don’t know.” Sen. Thom Tillis (R-NC) even handed out a printed breakdown showing how much Medicaid money states like his and Hawley’s would lose under the current proposal. Hawley also said Thune reassured senators the bill wouldn’t alter federal cost-sharing for states that expanded Medicaid under Obamacare, a key worry among more moderate Republicans. But none of that is calming nerves in the House, where GOP leaders are warning that the Senate’s version could be a poison pill. Speaker Mike Johnson has urged senators to make minimal tweaks to the House-passed bill. House Freedom Caucus Chair Andy Harris (R-MD) put it more bluntly: “If it should pass the Senate in its current rumored form, it probably would have trouble in the House.” Parliamentarian Potholes Meanwhile, Senate Republicans are reeling from MacDonough’s early rulings that tossed out several major cost-saving provisions. A proposal to penalize states for food-aid payment errors, designed to shift costs and save billions, was deemed noncompliant with reconciliation rules. Senate Agriculture Republicans are now scrambling to salvage the plan with a rewrite. Also in the trash heap: Sen. Mike Lee’s plan to overhaul federal rulemaking and sell off millions of acres of public lands. Lee is now offering a narrower version excluding Forest Service lands and may revive the proposal as a floor amendment. And the tax section, the heart of the GOP bill, is still under review. Finance Committee staff met with MacDonough Monday and are expected to return Tuesday to go over the language line by line. Final rulings aren’t expected until Wednesday at the earliest. Trump Steps In President Donald Trump is now working the phones and the White House to get fiscal conservatives on board. On Monday, Trump met with Sens. Lee, Rick Scott (R-FL), and Ron Johnson (R-WI) and urged them to support full repeal of Biden’s clean energy tax credits and to focus on slashing Medicaid waste, fraud and abuse. The trio delivered Trump’s message to House Freedom Caucus members in a private meeting Monday night. But even with Trump leaning in, time is short and the to-do list is long. Republicans had originally hoped to release the final version of the bill Monday. Now, insiders say it won’t drop until after MacDonough’s rulings land, leaving very little time for senators to read, debate, or amend the text before a floor vote. Despite it all, Thune remains hopeful. “We’re pushing hard to get this done by Thursday,” he said. Others aren’t so sure. Tyler Durden Tue, 06/24/2025 - 12:20
"You're Welcome": Pennsylvania Boasts About Saving 'Green' Maryland From Near Power Grid Collapse Pennsylvania State Sen. Kristin Phillips-Hill (R-York) wrote in a late Monday Facebook post that the state's surplus electricity supplies were exported to Maryland during Monday's peak demand surge, as temperatures in the region approached 100°F. She credited Pennsylvania's stable power grid with preventing a blackout crisis in "our 'green energy' neighbor - Maryland." As we've reported on several occasions, far-left climate Marxists running Maryland have mismanaged the grid, which now teeters on the verge of a Spain-style blackout disaster if outside energy imports are not secured. "Just a friendly note to our "green energy" neighbor - Maryland: You're welcome," Sen. Phillips-Hill wrote in the post. She said, "During this heat wave, Maryland consumers demand a lot more energy than it generates. If it was not for Pennsylvania - it would be lights out and air conditioning off," adding, "This is another reminder that Maryland should work on supporting (and not shutting down) baseload energy generation rather than require farmers in Southern York County to give up pristine farmland to construct more transmission lines." Not even two weeks ago, a top official at Baltimore Gas and Electric (BGE), a local utility with 1.3 million electric customers and 700,000 natural gas customers, warned that rolling power blackouts could soon become a regular feature in the state due to a rapidly alarming mismatch between total power capacity on the grid and soaring demand. As per The Baltimore Sun: Regular rolling blackouts could become reality for Baltimore-area residents if a lack of energy supplied to the power grid remains unaddressed, Baltimore Gas and Electric Company Vice President Electric Operations Steven Singh warned. BGE has worked during the last two decades to lessen the number of short-term loads shed events, Singh said, but rolling blackouts — during which power is disconnected from some segments of the community when the grid remains viable — could be implemented if power demand continues to exceed supply. "It's a huge concern," Singh said. "It's a clear and present issue." At a recent round table at the University of Maryland … We have a supply and demand issue." Singh also shared larger concerns with energy shortages that may result as the energy transition away from coal-fired power plants continues, and electric vehicle ownership grows. He said one factor that impacts the region is an increase in data centers — reliant on huge, power-hungry server infrastructure. Regular rolling blackouts could become a reality for Baltimore-area residents, Baltimore Gas and Electric Company Vice President of Electric Operations Steven Singh said. Storms and other large-scale weather events are the main reason for outages, while blackouts are caused by a… pic.twitter.com/O0nmbpxXFQ June 9, 2025 We first highlighted Maryland's deepening power crisis in August 2024, citing a Goldman Sachs note circulated to institutional clients: Goldman Says Mid-Atlantic Power Prices "Finally Caught Up To AI Data Center Load Growth Story" Also noted: Maryland "Can't Import Itself Out Of Energy Crisis" Amid Urgent Need To Boost In-State Power Generation At the heart of the crisis is the state's Democratic leadership, which has masqueraded as efficient managers but are, in reality, far-left climate Marxists. Disastrous "green" policies are plunging the state into yet another crisis. Maryland needs to wake up to the reality that local elections matter. Power bills are spiraling out of control because Democrats in the state are more focused on Marxist-style reparations schemes to fleece taxpayers, overtaxing residents, having margaritas with illegal aliens, diverting public funds to migrants, pushing radical woke agendas, attempting to install condom machines in elementary schools, and advancing degrowth green policies. Condoms for Kindergarteners — this is the priority of @mddems. Rather than supplying the grid with more power and lowering electric bills, or giving children stuck in failed schools a better option, Annapolis Democrats want to put condoms in kindergarten classrooms. Sad. pic.twitter.com/rpBog5jkgd February 21, 2025 Far-left Governor Wes Moore—whom Democrats are eyeing as a future presidential candidate—has steered Maryland into multiple crises. Remember, activists in managerial roles often lack the experience to govern effectively, instead focusing on advancing their ideological agendas. The result is a state in rapid decline—mismanaged policies, soaring costs, and growing frustration among residents. It's no surprise that Marylanders are packing up and leaving in search of better-run Red States. Tyler Durden Tue, 06/24/2025 - 12:00
US Oil Producers Rushed To Hedge... Just In Time Authored by Tsvetana Paraskova via OilPrice.com, U.S. oil producers rapidly increased hedging activities to lock in higher prices following a surge triggered by Israel's strike on Iranian facilities. Hedge trades hit record highs on platforms like Aegis Hedging as producers anticipated short-term price spikes, aiming to protect profits amid geopolitical risks. With a ceasefire now easing geopolitical tensions, the window for securing higher oil prices has quickly closed, returning WTI to pre-conflict levels around $65 per barrel. U.S. oil producers flocked to hedge higher prices for their output for the rest of the year and early into 2026 as international crude oil prices surged earlier this month. Early on June 13 local time, Israel attacked Iranian nuclear facilities and military leadership in coordinated strikes that sent oil prices surging amid concerns that an escalating conflict could disrupt oil flows from the Middle East. On the night of June 12 and the following morning, Texas-based Aegis Hedging Solutions – a company with a platform for oil producers’ hedging – registered its highest-ever number of hedge trades, Aegis Hedging’s president Matt Marshall told Bloomberg. U.S. shale producers, who were under-hedged going into this spring, saw a major opportunity to lock in higher prices for the next few months as WTI crude prices surged out of the high $50s - low $60s per barrel price range and hit the $75 mark last week. Oil prices had lingered into the low $60s for the three months between early April and early June, as the U.S. tariff blitz and the OPEC+ production hikes weighed on market sentiment with fears of oversupply. As of March, a survey by Standard Chartered of 40 independent U.S. oil and gas companies revealed they had little protection, with a 2025 oil hedge ratio of just 21% for their combined 5.03 million barrels per day (bpd) of production and a 2026 hedge ratio of just 4%. To compare, the U.S. shale industry entered 2020 with an oil hedge ratio of 51.7%, which provided significant support when oil prices collapsed during the pandemic. As of the end of 2024, independent North American oil and gas producers had more than 80% of their first-half 2025 oil production unhedged, leaving them exposed as OPEC+ supply hikes and concerns about a global recession weighed on the market, data from Evaluate Energy showed in April. Hedging activity, however, spiked on June 12-13 to a record high on the Aegis Hedging platform as producers rushed to lock in higher prices in the short term amid the geopolitics-driven jump in WTI prices. Such war premium-related spikes in oil prices tend to lift the front of the futures curve more than contracts further out in time, unlike in price jumps related to fundamentals. In the case with the Middle East conflict, the hedging strategy was geared more toward the short term, Aegis Hedging says. “In this case it was probably a six-month effect,” Aegis Hedging’s Marshall told Reuters. “Producers recognized that this could be a fleeting issue and so they saw a price that was above their budget for the first time in a few months, and instead of doing a structure that would give them a floor which is below market, they opted to be aggressive and lock in,” Marshall added. U.S. oil and gas executives polled in the Dallas Fed Energy Survey in Q1 indicated that their companies need an average $65 per barrel to profitably drill a new well. Oil companies that hedged production probably did so just in time. The tentative ceasefire between Iran and Israel, which was announced by U.S. President Donald Trump as "complete and total," has deflated the geopolitical risk premium and brought WTI oil back to $65 per barrel, roughly the level where it traded at before the Israeli strike on Iran. Tyler Durden Tue, 06/24/2025 - 11:40
Polymarket Raising $200 Million At Unicorn Valuation, Led By Thiel's Funders Fund It's been a good year for Polymarket. After first notching record traffic last month, the blockchain-based prediction market then signed a deal earlier this month with Elon Musk's xAI company, becoming the official prediction market partner for xAI and X. And now Polymarket is on the edge of raising $200 million in new capital at a $1 billion valuation, according to The Information. Peter Thiel’s Founders Fund is said to be leading the round, according to the report. The $200 million figure includes $50 million that was raised in previously unannounced funding. Shayne Coplan, CEO, Polymarket, speaks at Consensus 2024. In May, Polymarket reached a record high in terms of website traffic in May with 15.9 million visits, more than rival betting markets FanDuel, DraftKings and Betfair, and roughly 10x more than direct competitor Kalshi. It's surreal just how big Polymarket has gotten pic.twitter.com/iXT52YQkEY June 13, 2025 Polymarket's continued success comes after a record-breaking US election year that saw around $8 billion worth of bets placed on the platform. It was also widely cited during the election as a data source for predicting the outcome. According to a Dune data scientist, betting markets on Polymarket predict outcomes with up to 94% accuracy. Polymarket's predictive track record has moved beyond mere politics, however, and as noted earlier this week, Goldman now directly cites the platform for its own analysis. Goldman using Polymarket for oil price analysis https://t.co/7n7GfGGwu2 pic.twitter.com/JA0csVar2j June 22, 2025 Tyler Durden Tue, 06/24/2025 - 11:20
Trump Chastises Russia's Medvedev Over 'Casually' Saying The 'N-Word' President Trump while messaging seemingly non-stop on the Iran-Israel war found time late Monday to lash out at Russia's deputy chairman of Russia’s Security Council Dmitry Medvedev over his latest nuclear-related comments connected to the ongoing Iran war. Trump chastised Medvedev for "casually" talking about nuclear weapons, especially given that Medvedev had claimed that due to America's bombing of Iran's nuclear facilities, there are several countries ready and willing to provide Tehran with weapons of mass destruction. The former Russian president didn't identify such nations, but only said in the Sunday statement, "A number of countries are ready to directly supply Iran with their own nuclear warheads." And he also said provocatively of Iran, "The enrichment of nuclear material — and, now we can say it outright, the future production of nuclear weapons — will continue." Trump's belated clap-back came Monday via his Truth Social platform, where he wrote: "Did I hear Former President Medvedev, from Russia, casually throwing around the ‘N word’ (Nuclear!), and saying that he and other Countries would supply Nuclear Warheads to Iran?" And for good measure, why not throw in some additional nuclear brinksmanship with Russia. Awesome! pic.twitter.com/6pIfUeNsVU June 23, 2025 Continuing the humor and obvious sarcasm, Trump informed Medvedev in the message that "the ‘N word’ should not be treated so casually." "Did he really say that or, is it just a figment of my imagination? If he did say that, and, if confirmed, please let me know, IMMEDIATELY. The ‘N word’ should not be treated so casually," Trump had said. Then Trump pivoted to touting US military might, supposedly on display with the weekend attack on Iran's nuclear facilities. "They are the most powerful and lethal weapons ever built, and just launched the 30 Tomahawks — All 30 hit their mark perfectly,” Trump wrote. Medvedev often acts as what we might call "Russia's John Bolton"... He plays 'bad cop' to Putin's 'good cop' - or often says the quiet part out loud, and issues the most extreme threats, with Putin often later being the voice of reason, dialing down the threats based on the possibility of the West making concessions in Ukraine. Via Fox News Later on Monday, Medvedev actually responded to Trump's N-word commentary. "Regarding President Trump’s concerns: I condemn the US strike on Iran – it failed to achieve its objectives. However, Russia has no intention of supplying nuclear weapons to Iran because, unlike Israel, we are parties to the Nuclear Non-Proliferation Treaty," he wrote on X. Tyler Durden Tue, 06/24/2025 - 10:40
Peace Through Strength By Peter Tchir of Academy Securities Academy’s Geopolitical Intelligence Group (“GIG”) weighed in on the American Strike. The overall assessment was that this was a good move: Helped re-establish deterrence and sent a strong message to all adversaries. The assessment was that Iran had limited capacity/capability to strike back. Iran would be under pressure internally and externally not to mess with the Strait of Hormuz. We recommended buying the dip in stocks and bonds, in a large part due to the GIG’s assessment. Academy had the privilege, yesterday, to be on Bloomberg TV, Bloomberg Radio and the Wolf of All Streets (a more crypto centric podcast). We discussed and re-iterated our view that the strike was likely a good decision and would lead to good things! Academy’s section starts at the 56 minute mark in this Bloomberg TV Clip. Much of what we discussed has come to pass – and we sent out an optimistic SITREP shortly after Iran Attacks U.S. Bases. At this stage Peace Through Strength seems to be working out according to plan. Things can obviously change, but not only has a lot of progress been made in the region, but all of our adversaries have to consider us in a different light after that bold (and successful) strike. There has been some discussion about how much damage was inflicted. What Iran may or may not have moved away. It is still early to tell, as it will take time to collect the full intelligence, but we argued, and continue to argue: The damage was likely extensive. Sensitive equipment, even if not fully damaged, may be inoperable for a long time. The damage was secondary to the message delivered. To a great extent, it doesn’t matter what was hit or not hit. Those facilities are likely to be inoperable and inaccessible. Anyone considering entering the facilities, for repair, further work, or extraction, has to realize they will likely be attacked (for those attacks, the Israeli Air Force is more than capable). If things have been moved, it is likely they will be found (intelligence has been very good) so they will ultimately get attacked. This combination of so many factors, which the GIG has the experience, understanding and insights to lay out, has been working well. There is talk about Regime Change, and we discuss that in the clip above. Whether that can occur or not, remains to be seen, but our current thoughts are: It has to be an organic, groundswell, from the people of Iran. It should not be something orchestrated (certainly not via military) by Israel or the U.S. With the IRGC command structure hurt badly, with the Ayatollah in hiding, the opportunity may be there. There is reason to be optimistic that this strike has set the region on a better path. The “Other” Moving Parts As discussed in Sunday’s T-Report, there are A LOT of Moving Parts. We will be watching progress on the Big Beautiful Bill now. More Tariff extensions seem the most likely and obvious path. One thing that we are hearing more about, are various “tariff mitigation” strategies. We have already discussed the potential to change the component values to import the same good into the U.S. at lower tariff rates, by shifting the various input values to countries with lower tariffs (primarily, not China at current levels). We are seeing a surge in USMCA Compliant approvals – a process that was largely ignored, until it had the ability to sidestep tariffs. On the Fed, we have now had two members, Waller and Bowman try and put July on the table. The market (nor the Fed) are with our more aggressive view on timing and number of rate cuts, or bond yields in general (we are more bullish than consensus), but things are moving that direction and Peace Through Strength should further help our view. Things could still go wrong in the Middle East. Iran could dig in its heels on nuclear enrichment, etc., but for now, we can be optimistic. It is not unreasonable for this success to translate into renewed efforts with Russia/Ukraine, which would also be a positive (especially for global bond yields). Tyler Durden Tue, 06/24/2025 - 10:20
June Gloom Hits Consumer Confidence After Gay May; Inflation Expectations Plunge After surging by the most in 14 years in May, analysts expected this morning's June data for The Conference Board's consumer confidence index to continue to rebound in June. However, it did not. The headline Confidence print disappointed, dropping from an upwardly revised 98.4 to 93.0 with future expectations dropping, but Present Situation tumbling to its weakest since Sept 2024... Source: Bloomberg “Consumer confidence weakened in June, erasing almost half of May’s sharp gains,” said Stephanie Guichard, Senior Economist, Global Indicators at The Conference Board. “The decline was broad-based across components, with consumers’ assessments of the present situation and their expectations for the future both contributing to the deterioration. Consumers were less positive about current business conditions than May. Their appraisal of current job availability weakened for the sixth consecutive month but remained in positive territory, in line with the still-solid labor market. The three components of the Expectations Index—business conditions, employment prospects, and future income—all weakened. Consumers were more pessimistic about business conditions and job availability over the next six months, and optimism about future income prospects eroded slightly.” The Conference Board's Inflation Expectation index tumbled, leaving UMich alone in its partisan pathology... Source: Bloomberg Guichard added that: "Tariffs remained on top of consumers’ minds and were frequently associated with concerns about their negative impacts on the economy and prices." "Inflation and high prices were another important concern cited by consumers in June. However, there were a few more mentions of easing inflation compared to last month." Of course, the partisanship never ends - we note that Democratic states are seeing confidence collapse while Trump states are seeing confidence rise... Source: Bloomberg Let's wait and see if UMich can 'fix' its bias or just keep pushing inflation expectations to the moon. Tyler Durden Tue, 06/24/2025 - 10:13
Crude Slides After Trump Says China "Can Continue To Purchase Oil From Iran" Trump continued his crusade against high oil prices, and US energy producers (recall yesterday he posted "EVERYONE, KEEP OIL PRICES DOWN. I’M WATCHING! YOU’RE PLAYING RIGHT INTO THE HANDS OF THE ENEMY. DON’T DO IT!"), when the President posted on Truth Social that "China can now continue to purchase Oil from Iran"... ... which of course they have been doing, purchasing pretty much all the oil Iran is exporting (with the "Asia/Unknown" in the chart below primarily signaling Singapore which is also effectively China). It was not immediately clear whether Trump's post meant that the US was removing sanctions on Chinese purchases of Iranian oil. If so, that would explain the quid-pro-quo that took place behind the scenes, with Trump convincing Tehran to lay its arms down in exchange for Iran no longer having to hide its exports to China, which were technically sanctioned but nobody enforced said sanctions as it would mean a spike in oil prices. And ultimately while the Trump post meant just a continuation of the status quo - because whether with or without sancitons China would always import Iranian oil - his intention was clear: hammer oil even more, and sure enough, WTI crude which was already reeling after a near record swing over the past 24 hours, slumped to session lows around $65 before recovering. At this point, it is clear that it won't be Iran, or any foreign producer, that ends up taking the hit, but rather US shale that is forced to pump much less at ever lower prices, until eventually the first axiom in commodity trading comes true, namely that the solution to low oil prices, are low oil prices... and the resulting collapse in supply as unprofitable companies either shut down or are liquidated. Unfortunately, neither helps makes American energy producers great again. Tyler Durden Tue, 06/24/2025 - 09:57
Russia's Lavrov Says 'WW3 Could Be Near' After US Drawn In To Iran War Israel and Iran's renewed and intensifying attacks at the start of this week, just prior to President Trump desperately trying to enforce a ceasefire, saw Russian Foreign Minister Sergey Lavrov warn that World War III "could be just around the corner" - especially following America's entry into the conflict with the weekend bombing of Iran's nuclear sites. He also called the B-2 bomber attacks authorized by Trump "irresponsible" and said they were in violation of international law. "This will be not peace and order, but complete chaos and, as [President Putin] said today, the third world war may be very close," Lavrov said. Since the Ukraine war began, Russia has initiated closer defense ties with Tehran, and has relied on a steady supply of Iranian Shahed drones. It has offered to assist Iran based on specific requests, but is unlikely to get engaged in any military action against Israel. Lavrov's comments focused 'big picture' and the unraveling of regional stability, and he connected the Mideast and Eastern European theatres. The 'chaos' sown by the US in the Middle East is parallel to the same in Ukraine, he explained. "Their intention to use Ukraine against Russia is no longer hidden. Russia is demonized. Even the world demonized does not quite reflect this aggression, some kind of beastly one in rhetoric, in actions," he added. This certainly isn't the first time the top Russian diplomat warned that Washington actions are preparing for potential WW3. For example last year, there was this: Russian Foreign Minister Sergei Lavrov issued a World War III warning to the U.S., saying that the West was "asking for trouble" by even considering Ukrainian requests to use supplied weapons to conduct strikes deep within Russian territory. Discussions about using Western supplied missiles to strike Russia are tantamount to "playing with fire," Lavrov told reporters in Moscow on Tuesday. So it seems Moscow is now saying the US is also playing with fire in its attacks on Iran. There's also been much speculation that Trump's muscular and brazen actions are meant to signal China too. Decades ago, Sen. Biden inadvertently predicted the future closer relations of 'pariah' states Russia, China, and Iran: In 1997, Biden bragged that he dismissed Russia's concerns about NATO expansion. Moscow could be ignored as the US was the only game in town pic.twitter.com/eGYHjZ0qGT March 3, 2025 But if anything, Russia and China are sitting back watching the chaos unfold, as a desperate Trump seems to now be begging 'America's closest ally' to halt the warplanes and abide by ceasefire. If Trump is unable to achieve ceasefire in the Middle East, Moscow and Beijing will surely take note of this too, and will use it as another black eye and charge against Washington. Tyler Durden Tue, 06/24/2025 - 09:35
New York City Voters Head To Polls For Highly-Contested Mayoral Election Primary Authored by Arjun Singh via The Epoch Times, It’s primary day on Tuesday in New York City as voters there cast their ballots in party primary elections for city offices, with the Democratic Primary for the mayoral election being the most highly-watched and closely contested, between former Gov. Andrew Cuomo and New York Assemblyman Zohran Mamdani. New York City’s incumbent mayor, Eric Adams, has chosen to run for re-election as an independent candidate, meaning that he is not on the ballot in this primary election. Adams’s tenure as mayor has been controversial and he is unpopular with the city’s Democrats. Cuomo—who served as the Governor of the State of New York from 2011 to 2021 and is the scion of the Cuomo political family—has long been the frontrunner in the mayoral primary, though he has recently seen a strong challenge from Mamdani, a 33-year-old Indian-Ugandan immigrant who is running on a left-wing platform. “I’m proud to be the labor candidate in this race—endorsed by most major labor unions, 650,000 working men and women. Because the labor movement is the heart and the soul of the Democratic Party,” Cuomo wrote on social media on June 22. He scooped up dozens of endorsements in recent weeks, including that of The New York Times editorial board, former Mayor Michael Bloomberg, and several high-ranking federal and state officials, including some from other states. Mamdani, by contrast, has received the endorsement of progressive figures like Sen. Bernie Sanders (I-Vt.), Rep. Alexandria Ocasio-Cortez (D-N.Y.), and the Democratic Socialists of America (DSA), among others. [ZH: PolyMarket sees Mamdani as the front-runner for now...] Given the strong Democratic lean of New York City, the Democratic primary election has usually been the real contest of the city’s mayoral election. Apart from the office of mayor, voters will cast primary ballots for several citywide offices, such as the public advocate, comptroller, the district attorneys of various judicial districts in the city, as well as city councilors. In several of these races, incumbents are running for re-election, through New York City Comptroller Brad Lander (D) has decided to run for mayor instead. New York City voters will be using “ranked-choice voting” to select their parties’ nominees. The system differs from the usual first-past-the-post voting in that, instead of casting one vote, voters may rank all candidates in order of preference. After the first round of tallying, where all first-preference votes are counted, the candidate with the least votes is eliminated and their voters’ second-preference votes are added to other candidates’ tallies, respectively. This process continues until one candidate crosses the threshold of 50 percent of the vote, at which point they are elected. Polls opened at 6 a.m. and the primary results will be tallied after polls close at 9 p.m. The general election will be held on Nov. 4 of this year. Tyler Durden Tue, 06/24/2025 - 09:15
US Home Prices Plunged In April - Biggest Drop Since Dec 2022 After US home pries declined in March (the latest data) for the first time in over two years, this morning's Case-Shiller Home Price Index data was expected to show another drop in the cost of buying a home. And the consensus was right but way off in magnitude as prices in April tumbled 0.31% MoM (-0.02% exp) - the biggest MoM drop since Dec 2022... Source: Bloomberg Prices are still up 3.4% YoY, but that is the slowest acceleration since Aug 2023. Tampa prices continue to lead the plunge... Arguably, (lagged) mortgage rates dipped during that period (positive short-term for the highly smoothed and lagged Case Shiller series), but as is clear, the next couple of months do not bode well... Source: Bloomberg However, home price appreciation does seem to track very closely with bank reserves at The Fed (6mo lag), which implies prices are going continue to lag for the next couple of months before re-accelerating once again... Source: Bloomberg So 100bps of rate-cuts prompted a re-acceleration in home prices... and now prices are tumbling again as you pause... Well played Fed!! Tyler Durden Tue, 06/24/2025 - 09:05
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