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Winnebago Slashes Guidance As RV Slump Deepens; Management Uses Cautious Tone
1750936800 from ZEROHEDGE
Winnebago Slashes Guidance As RV Slump Deepens; Management Uses Cautious Tone Shares of Winnebago Industries plunged nearly 10% on Wednesday after the recreational vehicle maker—best known for its travel campers—slashed its full-year outlook, citing persistent pressure on consumer demand from mounting macroeconomic headwinds and elevated borrowing costs. The RV industry downturn, now well entrenched, has been underway since the Federal Reserve began hiking interest rates in early 2022. "Growing macroeconomic uncertainty led to a notable downshift in RV activity from consumers and dealers as the third quarter progressed," Winnebago CEO Michael Happe told Wall Street analysts on a call yesterday. Happe told the analysts that "these challenges are likely to continue through the remainder of the calendar year as anticipated by the RV Industry Associations." He said that for 2025, "We are lowering our industry forecast for wholesale RV shipments to a range of 315k to 335k units, with a midpoint of 325k units." The previous forecast was 320k to 350k units, with a median of 335k units. The company now expects net revenue between $2.7 billion and $2.8 billion for the year, down from its previous guidance of $2.8 billion to $3 billion. This is compared with an estimate $2.76 billion (Bloomberg Consensus). The company also lowered its adjusted earnings guidance to a range of $1.20 to $1.70 per share, down from $2.75 to $3.75, compared to the estimate of $1.80. Winnebago is one of the major players in the recreational vehicle space, which was hit hard in a multi-year downturn, mainly due to soaring interest rates during Fed Chair Powell's hiking cycle. The takeaway for the third fiscal quarter, which ended in May, is that solid performance in the marine and motorhome segments helped offset weakness in the towables segment, although profitability and earnings declined sharply year-over-year. Winnebago Q3 FY2025 Summary (YoY % Change) Adjusted EPS: $0.81 (▼28% YoY) — missed estimate of $0.83 Adjusted EBITDA: $46.5M (▼20%) — beat estimate of $45.5M Operating Income: $30.2M (▼31%) — missed estimate of $31.8M Net Revenue: $775.1M (▼1.4%) — in line with estimate of $774.8M Segment Breakdown: Motorhome: $291.2M (▼2.6%) — beat est. $272.9M Towables: $371.7M (▼3.8%) — missed est. $401.4M Marine: $100.7M (▲15%) — beat est. $97.2M Shares are flat in pre-market trading, but Wednesday's session was a bloodbath—with the stock puking nearly 10% to its lowest level since April 2020. The chart below overlays Winnebago's share price with the Fed's rate-hiking cycle. Note the lagging effect, followed by a sharp selloff as demand collapses under the weight of rising interest rates; in other words, demand falls off a cliff. First takes by Wall Street analysts were mostly cautious (courtesy of Bloomberg): CFRA (hold) "Management's tone was understandably cautious in light of soft consumer discretionary spending and uncertainty surrounding interest rate cuts," analyst Garrett Nelson tells Bloomberg News in an email "The big question is whether or not US RV sales have bottomed, which will determine the timing of the company's earnings recovery," he adds Truist (buy, PT $40) Analyst Michael Swartz says Towable RV share gains headline an "otherwise difficult" 3Q for WGO "The cat was already out of the bag with regard to the FY3Q miss and incrementally more challenged view of the motorized business (namely, the Winnebago branded business)" Roth (neutral, PT $37) Analyst Scott Stember says WGO's adjusted 3Q25 EPS of $0.81 came in above his "tempered" expectations "WGO formally lowered '25 adjusted EPS guidance to new range of $1.20-$1.70, noting that the company did not update the year when pre-releasing Q3 last month" BMO Capital (outperform, PT $50) Analyst Tristan Thomas-Martin says WGO's 3Q EPS of $0.81 came in just ahead of BMO's $0.76 estimate, which was recently lowered following WGO's preliminary release, but within WGO's preliminary range of $0.75 to $0.85 "Management commentary around retail demand remains cautious, and FY2025 guidance was reduced with FY4Q25 implied guidance coming in below the Street but closer to where we believe investors were" It's a great time for anyone who didn't panic-buy an RV during the Covid boom—heavy discounting is seen at various RV retail chains as inventory builds across the market. As for bottom fishing, WGO... needs an interest rate-cutting cycle for earnings recover. Certainly a stock to add to the watch list. Tyler Durden Thu, 06/26/2025 - 07:20
"Vicious Circle": Immigration Is Costing France 3.4% Of Its GDP
1750920300 from ZEROHEDGE
"Vicious Circle": Immigration Is Costing France 3.4% Of Its GDP Immigration has not delivered the economic benefits long promised in France and may, in fact, be dragging down the country’s economy, according to a report by the Observatory of Immigration and Demography (OID), according to Le Figaro. Rather than boosting growth, the think tank claims immigration is costing France the equivalent of 3.4 per cent of its GDP due to a significant mismatch between the taxes immigrants contribute and the services they consume. Le Figaro reports that, according to OID, taxes collected from immigrants cover only 86 per cent of their fiscal cost, creating what it calls a “budget deficit.” This imbalance is largely due to low employment rates among immigrants: only 62.4 per cent of working-age immigrants in France are employed—one of the lowest rates in the European Union, just ahead of Belgium. The French native population, by comparison, has a 69.5 per cent employment rate. The OID argues that if immigrants were employed at the same rate as native-born citizens, French GDP would be 3.4 per cent higher, and taxable income would rise by 1.5 percentage points. “Immigration maintains a vicious circle which harms employment and the French economy: it aggravates the structural problems of employment in France, degrades public accounts and indirectly penalizes exposed sectors of the economy,” said Nicolas Pouvreau-Monti, director of the Observatory. He acknowledged that the public debate often focuses on short-term labour needs in industries like hospitality, construction, and food service, but warned this is a narrow perspective. “The short-term vision prevents us from thinking about the best way to make these professions more attractive for people looking for work,” he said. Pouvreau-Monti also criticized the system for importing mainly low-skilled workers rather than high-skilled migrants who could drive innovation. He warned that the economic drag created by this model forces the government to raise taxes on businesses, compounding the economic strain. “In other words, encouraging immigration to avoid shortages in certain sectors in tension amounts to sacrificing the growth of our strategic sectors for the benefit of only a few corporate interests,” he said. According to the report, a major driver of France’s immigration pattern is family reunification, or chain migration, which prioritizes familial ties over professional skills. As Pouvreau-Monti put it, “finding work is more difficult for an immigrant when professional integration is not at the root of the decision to emigrate to France.” Worryingly, this economic inactivity appears to extend into the next generation. Drawing on OECD data, OID noted that 24 per cent of young people born in France to immigrant parents were not in employment, education, or training (NEET) during 2020–2021. This was the second-highest NEET rate in Europe and the broader Western world, just behind Belgium. OID links this trend to rising ethnic self-segregation, arguing that failure to integrate economically is contributing to increased sectarianism in France and Belgium, in contrast to other European nations. The report adds to growing skepticism across Europe over the idea that mass migration is an economic benefit. Even Britain’s Labour Prime Minister Sir Keir Starmer recently stated that the assumption that immigration automatically leads to economic growth has been “tested” and “doesn’t hold.” Starmer added a stark warning: unless migration policy is reevaluated, Britain risks becoming “an island of strangers.” Tyler Durden Thu, 06/26/2025 - 02:45
Free Speech Travesty: German Pensioner Who Called Green Economic Minister Habeck An 'Idiot' Has Been Convicted
1750917600 from ZEROHEDGE
Free Speech Travesty: German Pensioner Who Called Green Economic Minister Habeck An 'Idiot' Has Been Convicted Via Remix news, The case of German pensioner Stefan Niehoff became a major international story after police raided his home for calling Robert Habeck an “idiot” while Habeck was serving as Germany’s economy minister at the time. Now that Niehoff has been convicted — for sepearte offenses - it has become clear how far the German media has gone to create the perception that Niehoff is a Nazi to smear his name, when the exact opposite was true all along. Elon Musk tweeted about the case. The Economist included the incident in a long list of items showing Germany was walking all over free speech, and Niehoff was publicly outspoken over what happened to him. Niehoff suffered a house raid early in the morning at his home in Burgpreppach, while his disabled daughter was home, all because Habeck filed a complaint against him for Niehoff calling him an “idiot” in an internet post. 🇩🇪🚨German police raided the house of this pensioner, pictured with his daughter Alexandra, for calling Green Economics Minister Robert Habeck an "idiot." Habeck personally filed the criminal complaint against Stefan Niehoff. Welt reports that Habeck has a team of lawyers that… pic.twitter.com/b0zyNe7GCa — Remix News & Views (@RMXnews) November 16, 2024 The case looked exceedingly bad, so the German establishment went into damage control. Numerous news outlets started publishing articles that the main focus of the investigation against Niehoff — the “idiot” comment — had quietly been sidelined. Now, the courts were focusing on “unconstitutional” symbols that Niehoff shared. In other words, after the Niehoff case blew up in their faces, they needed to find an ad hoc justification after the fact to justify their witch hunt against him. In Germany, any kind of “unconstitutional symbol” basically means you were sharing swastikas or other symbols associated with the Nazi regime. Most people suddenly thought Niehoff was some kind pro-Nazi activist. The reality is that he was comparing the left-liberal traffic light government, which was in power at the time, to the era of National Socialism. In other words, he was criticizing the Nazis, not praising them. 🇩🇪 JUST IN: Police raided a German pensioner's house and arrested him after he retweeted a meme of Green Economy Minister Robert Habeck, which described Habeck as an “idiot,” The meme has been recorded as a “politically motivated right-wing crime.” On Tuesday, police officers… pic.twitter.com/BGQLSQVBd8 — Remix News & Views (@RMXnews) November 14, 2024 Now that the trial ended last week, it has come to light that these charges were related nearly entirely to retweets — specifically, five retweets and one actual tweet. Given what was actually in those tweets, it is clear that the German media lied through omission, leaving out the exact context of how these tweets were used. In one case, he retweeted Bavaria’s Green Group leader Katharina Schulze in a Nazi salute with her arm raised upwards. It contained the line: “The Green Empire.” In another post, he retweeted a photo of Hitler shaking hands with a Church official, which he used to criticize the positions of the church — again, not a post in support of Nazism. In the end, he was found guilty for four out of six tweets and now has to pay a fine, with the judge’s reasoning that it was not immediately clear he had used the meme of Schulze in a negative manner rather than a “glorifying” manner, according to reporting from Janina Lionello. Amazingly, the media did not end their misleading headlines with a conviction. Instead, as German media outlet NIUS reports, major newspapers all ran headlines that largely suggested Niehoff was convicted for sharing pro-Nazi content. “Pensioner convicted of Hitler salute on the Internet,” wrote Bild newspaper, while FAZ wrote: “64-year-old receives fine for X posts with ‘Hitler salute’.“ The Süddeutsche Zeitung wrote: “Pensioner sentenced to a fine for Hitler salute posts on X.” Double standard Following the verdict, free speech advocates, lawyers, and organizations reacted with outrage. Many pointed out that the left routinely uses “unconstitutional symbols” to attack its critics. “‘Our democracy’ is now also being defended on ‘our internet,’ and the greatest threat to ‘our internet’ are citizens like Stefan Niehoff who criticize the Green Party. This is then ‘use of symbols of unconstitutional organizations’ and costs €825 plus legal costs. While below, you also see the use of symbols of unconstitutional organizations, which is legitimate because it is directed not against the Greens, but against the right. This is how ‘our democracy’ works, and anyone who doesn’t understand that is a Nazi,” Pauline Voss wrote on X. "Unsere Demokratie" wird jetzt auch in "unserem Internet" verteidigt, und die größte Gefahr für "unser Internet" sind Bürger wie Stefan Niehoff, die die Grünen kritisieren. Das ist dann "Verwendung von Kennzeichen verfassungswidriger Organisationen" und kostet 825 Euro plus… https://t.co/3qDG5WZ3yy pic.twitter.com/y86PpL7FrZ — Pauline Voss (@Pauline__Voss) June 18, 2025 During the trial, the judge in the case stated: “I realize that our internet is full of this kind of thing, and we can’t control it. The internet is not a lawless space. We will continue to pursue such cases.” Lawyer Marcus Pretzell responded to the judge by also pointing to the media’s extensive use of swastikas on their magazine covers. “This is an abstract endangerment offense, dear Bamberg Public Prosecutor’s Office. We don’t want this to become normalized! Editorial offices are not a lawless space!” Es handelt sich um ein abstraktes Gefährdungsdelikt, liebe StA Bamberg. Wir wollen nicht, dass das normalisiert wird! Redaktionsräume sind kein rechtsfreier Raum! pic.twitter.com/MuJBH47g2J — Marcus Pretzell 🥨 🇦🇷 (@MarcusPretzell) June 19, 2025 Other constitutional experts chimed in, noting that the judge’s ruling was a twisted departure from what many expect to be a society founded on free speech and the acceptance of satire. “Sections 86 and 86a of the German Criminal Code (especially the use of symbols of banned organizations) lead to sometimes grotesque results in criminal law practice, which, in my view, are untenable in a free state. For example, expressions of opinion that are clearly critical or satirical in nature and reveal that the author is distancing themselves from the symbolism by criticizing a current issue are classified as punishable use of Nazi symbolism. It is evident that such convictions violate the fundamental right to freedom of expression. The criminal law norms urgently require revision, specifically one that narrows the scope of criminal liability,” wrote Josef Franz Lindner, who writes on constitutional law. It is also worth mentioning that Alice Weidel was graphically portrayed with a swastika at a Carnival event. The image of Weidel was circulated across the entire country, all the way from newspapers to the main public news television stations. The organizers behind the float were never charged with “unconstitutional symbols.” Notably, Niehoff had little power and reach, while these magazine covers and news outlets have infinitely more reach. The court still had to make an example out of Niehoff. Ultimately, only the tiniest minority of people are actually promoting any kind of Nazi ideology with their political memes, and in Germany, the number of people doing this is almost zero, as it is illegal to openly promote National Socialism or any type of symbol associated with it. Niehoff is far from the only victim of this double standard, though. During the coronavirus crisis, for example, one American journalist, C.J. Hopkins, learned the hard way that only the left can use these symbols to attack opponents. He was convicted for putting a swastika in a surgical mask on the cover of a book in order to criticize Covid-19 policy. He details his insane journey through Germany’s legal system, which resulted in his conviction despite numerous appeals. It remains clear that Germany’s establishment will continue to punish political opponents through the courts while turning a blind eye when their opponents are being attacked. Read more here... Tyler Durden Thu, 06/26/2025 - 02:00
At Least 5 Reasons Why Trump Should Reject A Nobel Peace Prize
1750908300 from ZEROHEDGE
At Least 5 Reasons Why Trump Should Reject A Nobel Peace Prize Submitted by Issues & Insights Editorial Board, For a brief window this week, President Donald Trump was out of the running for a Nobel Peace Prize, after a Ukrainian lawmaker withdrew his nomination on Monday for not ending the war there, and before Rep. Buddy Carter, R-Ga., nominated him on Tuesday for the ceasefire between Israel and Iran. You can imagine the guffaws and hair-pulling from the Trump-is-Hitler crowd at the thought that anyone would see him as a suitable candidate for this prize. But as much as we’d love to watch their heads explode as he walked up to accept the award, we think Trump should take himself out of the running. Sure, he probably did more for world peace when he bombed Iran’s nuclear sites than any president since Ronald Reagan did when he left Michael Gorbachev high and dry at Reykjavík and sparked the end of the Soviet Union. But why in the world would Trump want to join the ranks of other Nobel Peace Prize winners? This is an award that was given to Yasser Arafat, a man once described as the “Father of Modern Terrorism” and who, two years after taking home the prize money, declared that: “We plan to eliminate the State of Israel and establish a purely Palestinian state. We will make life unbearable for Jews by psychological warfare and population explosion … We Palestinians will take over everything.” It was given to Jimmy Carter, now the second-worst president in U.S. history after Joe Biden, whose weakness led to the Iranian revolution, a year-long hostage crisis, and Soviet Union advances around the world. And does Trump really want to share an honor bestowed on Al Gore, whose only real claim to fame is getting fabulously rich by spreading lies and misinformation about “global warming”? He’d also be joining the likes of Rigoberta Menchú, whose autobiography was later attacked as fraudulent and who the Center for the Study of Popular Culture described as a “Marxist terrorist now exposed as an intellectual hoax.” But more embarrassing than all of these (as well as other dubious winners such as Le Duc Tho, Henry Kissinger, the European Union, Mikhail Gorbachev – not Reagan – etc.) is that Trump would be accepting a prize that was given to Barack Obama nine months into his presidency on the basis of …. absolutely nothing. Like Carter before him and Biden after him, Obama showed the dangers to peace from weakness. On his watch, Russia invaded Crimea, ISIS ran wild, and Iran used his sweetheart deal to advance its nuclear ambitions. And it was this “champion of peace” who would go on to authorize more than 560 missile attacks in Pakistan, Somalia, and Yemen, one of which killed a U.S. citizen, for which he apologized. Others hit a wedding party and a funeral. Human Rights Watch concluded that two Obama-authorized attacks “were in clear violation of international humanitarian law – the laws of war – because they struck only civilians or used indiscriminate weapons.” Four others “may have violated the laws of war because the individual attacked was not a lawful military target or the attack caused disproportionate civilian harm.” Nobel-Peace-Prize-winning Obama would later be accused by Cornell West and others of being a war criminal. Why would anyone want to be associated with this crowd? If Trump were to turn down the award and call the Nobel Prize committee out for its wretched history of lionizing leftist terrorists, liars, and imbeciles, he’d do even more to advance world peace than any of its recipients. Tyler Durden Wed, 06/25/2025 - 23:25
Wall Street Panics As Socialist Set To Take Over New York, REITs Tumble At The Idiocy Of It All
1750906800 from ZEROHEDGE
Wall Street Panics As Socialist Set To Take Over New York, REITs Tumble At The Idiocy Of It All On Wednesday morning, ground zero of global capitalism woke in a cold sweat from a nightmare that had previously made its way across the world countless times, leaving a trail of destruction in its wake... only to find out it was all too real: Wall Street will soon have a socialist mayor.... or as Trump put it, a "communist lunatic." Democratic socialist Zohran Mamdani’s stunning win over former Gov. Andrew Cuomo in the New York City Democratic primary for mayor shocked Wall Street, and pretty much everyone else including those Gen Zers who voted for him, who were then shocked to learn what socialism means after googling the term. People in New York started Googling what Socialism was after the polls closed Lol. Lmao even. pic.twitter.com/xqyerSgUhD — Inverse Cramer (@CramerTracker) June 25, 2025 And with Polymarket putting the socialist's odds of winning the final vote at 73%, Wall Street's panic is completely justified. As the WSJ reports, some of the world’s most influential and powerful financiers were left grasping to understand what Mamdani’s victory would mean for their industry, and whether when they would leave the city. “It’s officially hot commie summer,” Dan Loeb, chief executive of hedge fund Third Point, and a major Cuomo backer, wrote on X. It’s officially hot commie summer. — Daniel S. Loeb (@DanielSLoeb1) June 25, 2025 Mamdani’s campaign was, up until a few weeks ago, a long shot. On Polymarket, which successfully predicted the outcome of the 2024 presidential election, Cuomo had odds as high as 92.5% on May 27. Negative ads against Mamdani paid for by Wall Street-funded super political-action committees, as well as also-ran candidate Whitney Tilson, himself a failed investor and now selling get rich quick scams on CNBC and anyone else who will accept his ads, blanketed airwaves and filled residents’ mailboxes. Mamdani’s platform includes sharply increasing taxes on those making more than $1 million a year, making the city "more affordable" by freezing rents on rent-stabilized apartments, investing $70 billion in publicly subsidized housing (that's $70 billion in other people's money of course), providing free bus service and opening government-operated grocery stores (similar to the government operated grocery stores in 1985 USSR). In his inimitable style, Matt Taibbi described Mamdani's ascent as follows: New York City’s mayoral race has been won by Zohran Mamdani, no Bernie Sanders-style imitator but the real thing — son of a famed socialist scholar and Marvel superhero to every Jacobin-reading, keffiyeh-wearing student activist huddled in Judean People’s Front-type confabs, between bell hooks readings and visits to Mom and Dad on the Upper West Side. In this country, it’s the most significant movement victory in a century, almost certainly presaging in the near future an epic clash at the summit of American politics between socialism and, well, anything else. As Michael Buffer would say, “Let’s get ready to rum-m-m-ble." As for his policies... It’s a yummy pu-pu platter of rent freezes, free bus rides, free child care, and subsidized city-owned grocery stores that will “buy and sell at wholesale prices” and “centralize warehousing and distribution,” clamping down on those evil bodega owners and private supermarkets that force overpriced Fritos and soda on the poor. This will be the AOC theory of inflation caused by “price gouging” deployed in life, via a program to reverse ongoing harms of colonialism by liberating humans and non-human food animals from industry-driven food myths that compel us to harm our bodies, and — have you stabbed yourself in the face yet? ¡Viva la revolución! Meanwhile, Cuomo’s lock on Wall Street was all but taken for granted. He had the loud backing from billionaire figures such as Bill Ackman, Loeb and former Mayor Michael Bloomberg. In the end, it wasn't enough and on Tuesday night, Mamdani’s win became apparent immediately after polls closed: A nine-point lead in early votes held about steady as the day-of voting results came in. Cuomo conceded before the end of the night, leaving open questions of whether he will run in the general election in November. But while trust fund socialists like this lot were delighted at the outcome - and why not, when NYC turns into a communist shithole they can just flee to their daddy's mansion in Florida... Young socialists go wild while celebrating Zohran Mamdani winning the NYC Mayoral Democratic Primary.pic.twitter.com/xD7eaE6U5b — Oli London (@OliLondonTV) June 25, 2025 ... Wall Street quickly started to worry: “There are a lot of warning signs flashing here. The next mayor here is going to have his hands full,” said Ed Skyler, a former deputy mayor under Bloomberg, who is now an executive at Citigroup. Some financial executives spoke to the WSJ of backing Mayor Eric Adams, who is expected to run in November election under party lines he created: “Safe&Affordable” and “EndAntiSemitism.” Financial titans had found Adams an early improvement from his predecessor Bill de Blasio. Corporate leaders held a flurry of private phone calls to plot how to fight back against Mamdani’s primary victory and discussed backing an outside group with the goal of raising around $20 million to oppose him, according to people familiar with the matter. The calls also discussed efforts to coalesce behind Adams and working to keep Cuomo out of the race, the people said. They also discussed trying to get Republican candidate Curtis Sliwa, to drop out by getting the White House to offer him a job in the Trump administration, the people said. Not everyone was downbeat about the primary results, though. On CNBC, Philippe Laffont, founder of hedge fund Coatue Management, said the city would likely continue to thrive, arguing that it withstood the tenure of disgraced corrupt socialist de Blasio, who embraced Marxist policies that many in the business community opposed. “We had Mayor de Blasio for eight years, New York is really strong, I’m hopeful the same will happen,” he said on CNBC’s “Squawk Box.” “And there’s still an election.” Still, Mamdani’s wide support exposed how Wall Street has changed in recent decades. There were more individual donors from major banks to Mamdani than there were to Cuomo, according to city campaign-finance records where donors listed their employers. But many of them were among the increasingly large ranks of tech staff and other non-finance employees (read: foreigners). The WSJ found that three Goldman Sachs software engineers were listed as donating directly to Mamdani, for instance (most of them probably from India). Only one financier at Goldman publicly gave directly to Cuomo, according to the records. Other bankers who quietly supported Mamdani wouldn’t talk to the Journal on the record. One tried to use a fake name. The level of support for Cuomo among the moneyed set was so high that viral TikTok videos skewered the phenomenon in recent weeks, as Election Day neared. “You seem like such an alpha,” a woman says in one video to her fictional date with a finance bro. “So, you’re voting for Cuomo, right?” Dating in NYC summed up wtf 😒 pic.twitter.com/v3R9937zTk — Murray Hill Guy (@MurrayHillGuy1) June 25, 2025 But even with high support, Cuomo’s campaign lacked the kind of enthusiasm that rocketed Mamdani to his primary win, even among bankers and traders. “Confidence is a great trait, but it didn’t get his supporters out to vote,” Skyler said. Wednesday, bankers and traders were trying to figure out the repercussions of a Mamdani mayoralty, should he win the general election. Some voiced concern about Mamdani’s plan to freeze the rent of millions of New Yorkers who live in rent stabilized apartments, saying it would deter new investment in housing, reduce supply and push up prices for everyone else. “I can’t believe I even need to say this, but socialism doesn’t work,” said Anthony Pompliano, CEO of Professional Capital Management, a bitcoin-focused financial services company. “It has failed in every American city it was tried.” Then, there were renewed questions about whether the recent exodus from Wall Street to other states such as Florida and Texas would accelerate under Mamdani. Some executives cited concerns about taxes and crime under a potential Mamdani administration. Sander Gerber, chief executive of investment firm Hudson Bay Capital, said he fielded texts from some of his 170 employees who said they were “thinking of leaving.” Just when you thought Palm Beach real estate couldn’t go any higher… https://t.co/FAUcV2OrYD — Ron DeSantis (@RonDeSantis) June 23, 2025 In a midday note from Goldman's trading desk, the bank noted that its NYC Office REITs basket tumbled 430bps amid the "big focus on the back of Mayoral Candidate Zohran Mamdani winning last night. Lot of inbounds on what this potential administration means for NYC exposed REITs, particularly across Office and Apartment REITs with exposure to NYC." Some developers and landlords said they are already making plans to exit New York and focus on more business-friendly markets like Miami, Dallas or Nashville. “I’m depressed and sad,” said Ricky Sandler, who runs Eminence Capital, a Midtown Manhattan hedge fund, which employs 55 people. “If Mamdani becomes mayor, I will likely move my business and family out of New York.” Last but not least, this tweet from Tyler Winklevoss lays it out best: it's time to let New York burn. A lot of people have asked me if I will get involved in the NYC mayor race by supporting a candidate that can defeat Zohran Mamdani. TBH, I’m torn and undecided. Like every other city run by democrats, NYC is a broken kleptocracy. Taxes are astronomical and services are pathetic… — Tyler Winklevoss (@tyler) June 26, 2025 Tyler Durden Wed, 06/25/2025 - 23:00
ISIS-Inspired Drone War Plans Leaked From US National Security Council
1750905300 from ZEROHEDGE
ISIS-Inspired Drone War Plans Leaked From US National Security Council Authored by José Niño via Headline USA, According to leaked documents, British and American academics advised the U.S. National Security Council to encourage Ukraine to adopt ISIS-style drone tactics against Russian railways. In a report published by investigative journalist Kit Klarenberg for The Grayzone on Monday, Project Alchemy, a secret academic-intelligence cell whose mission was “to keep Ukraine fighting” by imposing “strategic dilemmas, costs and frictions upon Russia” was revealed as the network allegedly behind these plans. The academic recommendations were delivered to Colonel Tim Wright, who served as the Biden administration’s Director for Russia at the National Security Council from August 2021 to July 2022. The proposals came from three key drone experts within a broader Ukraine Working Group composed of “approximately 60 experts hailing from states throughout NATO” who sought to “assist Ukraine’s defense (short of deploying combat forces).” Zachary Kallenborn from George Mason University’s Schar School advocated for “two-stage attacks like ISIS did frequently” on Russian railways, recommending Ukraine “break the track, and wait for the engineers to come to fix it, then use the drone to kill them.” An unnamed Durham University researcher identified as “M.E.D.” cited Islamic State’s “innovative” use of drones as documented in a July 2018 West Point paper, suggesting commercial drones could be “modified via a simple drop mechanism… to serve as effective munitions delivery platforms.” Dominika Kunertova, formerly of ETH Zurich’s Center for Security Studies and currently directing drone warfare research at the Atlantic Council, recommended targeting “anything that uses” railroads as opposed to the infrastructure itself. These academic blueprints proved prophetic when Ukraine launched Operation Spider Web late last month conducting bold drone attacks inside Russia that killed seven people and injured more than 30, including two children. The timing proved particularly significant as these attacks took place “on the eve of scheduled negotiations between Russia and Ukraine.” Ukrainian forces subsequently destroyed a Russian fuel train late last month using a DJI Mavic III drone, one of the specific models Kallenborn had recommended for modification. The attacks continued through this month with Operation Spiderweb 2.0, demonstrating how the “British-born strategy has heavily influenced the thinking of Kiev’s increasingly desperate military.” Tyler Durden Wed, 06/25/2025 - 22:35
'Why Not An Islamic Bomb?': How Israel Planned & Failed To Stop Pakistan Going Nuclear
1750903800 from ZEROHEDGE
'Why Not An Islamic Bomb?': How Israel Planned & Failed To Stop Pakistan Going Nuclear Via Middle East Eye Former CIA Director George Tenet thought him "at least as dangerous as Osama bin Laden" and former Mossad Chief Shabtai Shavit regretted not killing him. But to almost 250 million Pakistanis, Abdul Qadeer Khan - the godfather of Pakistan’s nuclear programme - is a legend and national hero. The nuclear scientist, who was born in 1936 and died in 2021 aged 85, was more responsible than anyone else for the South Asian nation developing a nuclear bomb. He ran a sophisticated and clandestine international network assisting Iran, Libya and North Korea with their nuclear programs. One of those nations, North Korea, ended up getting the coveted military status symbol. Israel - itself a nuclear power, although it has never admitted it - allegedly used assassination attempts and threats to try and stop Pakistan from going nuclear. Pakistani nuclear scientist Abdul Qadeer Khan in January 2010, AFP In the 1980s Israel even formulated a plan to bomb Pakistan’s nuclear site with Indian assistance - a scheme that the Indian government eventually backed out of. AQ Khan, as he is commonly remembered by Pakistanis, believed that by building a nuclear bomb he had saved his country from foreign threats, especially its nuclear-armed neighbor India. Today many of his fellow citizens agree. ‘Why not an Islamic bomb?’ Pakistan first decided to build a bomb after its larger neighbor had done so. On 18 May 1974 India tested its first nuclear weapon, which it codenamed Smiling Buddha. Pakistani Prime Minister Zulfikar Ali Bhutto immediately vowed to develop nuclear weapons for his own country. "We will eat grass or leaves, even go hungry, but we will get one of our own," he said. There was, he declared, "a Christian bomb, a Jewish bomb and now a Hindu bomb. Why not an Islamic bomb?" Born during British rule of the Indian subcontinent, AQ Khan completed a science degree at Karachi University in 1960 before studying metallurgical engineering in Berlin. He also went on to study in the Netherlands and Belgium. By 1974 Khan was working for a subcontractor of a major nuclear fuel company, Urenco, in Amsterdam. The company supplied enriched uranium nuclear fuel for European nuclear reactors. Khan had access to top secret areas of the Urenco facility and blueprints of the world’s best centrifuges, which enriched natural uranium and turned it into bomb fuel. In January 1976 he made a sudden and mysterious departure from the Netherlands, saying he had been made “an offer I can’t refuse in Pakistan”. Khan was later accused of having stolen a blueprint for uranium centrifuges, which can turn uranium into weapons-grade fuel, from the Netherlands. That July he set up a research laboratory in Rawalpindi which produced enriched uranium for nuclear weapons. For a few years the operation proceeded in secret. Dummy companies imported the components Khan needed to build an enrichment program, the official story being that they were going towards a new textile mill. While there is significant evidence indicating that Pakistan’s military establishment was supporting Khan’s work, civilian governments were generally kept in the dark, with the exception of Prime Minister Zulfikar Ali Bhutto (who had proposed the initiative). Even the late prime minister, Benazir Bhutto, Zulfikar Ali Bhutto’s daughter, was not told a word about the programe by her generals. She only found out about it in 1989 by accident - in Tehran. Iranian President Rafsanjani asked her whether they could reaffirm the two countries’ agreement on “special defense matters”. “What exactly are you talking about, Mr President?” asked Bhutto, confused. “Nuclear technology, Madam Prime Minister, nuclear technology,” replied the Iranian president. Bhutto was stunned. Assassination attempts and threats In June 1979, the operation was exposed by the magazine 8 Days. There was an international uproar. Israel protested to the Dutch, who ordered an inquiry. A Dutch court convicted Khan in 1983 for attempted espionage (the conviction was later overturned on a technicality). But work on the nuclear program continued. By 1986, Khan was confident Pakistan had the capability to produce nuclear weapons. His motivation was in large part ideological: “I want to question the holier-than-thou attitude of the Americans and British,” he said. “Are these bastards God-appointed guardians of the world?” There were serious efforts to sabotage the program, including a series of assassination attempts widely understood to have been the work of Israel’s intelligence agency, Mossad. Executives at European companies doing business with Khan found themselves targeted. A letter bomb was sent to one in West Germany - he escaped but his dog was killed. Another bombing targeted a senior executive of Swiss company Cora Engineering, which worked on Pakistan’s nuclear program. Historians, including Adrian Levy, Catherine Scott-Clark and Adrian Hanni, have argued that the Mossad used threats and assassination attempts in a failed campaign to prevent Pakistan from building the bomb. Siegfried Schertler, the owner of one company, told Swiss Federal Police that Mossad agents phoned him and his salesmen repeatedly. He said he was approached by an employee of the Israeli embassy in Germany, a man named David, who told him to stop “these businesses” regarding nuclear weapons. The Israelis “didn’t want a Muslim country to have the bomb”, according to Feroz Khan, a former official in Pakistan’s nuclear weapons program. Imran Khan (L) walks with AQ Khan after a meeting at his residence in Islamabad on 7 February 2009 (AFP) In the early 1980s Israel proposed to India that the two collaborate to bomb and destroy Pakistan’s nuclear facility at Kahuta in Pakistan’s Rawalpindi district. Indian Prime Minister Indira Gandhi approved the strike. A plan developed for Israeli F-16s and F-15s to take off from the Jamnagar airbase in India’s Gujarat and launch strikes on the facility. But Gandhi later backed out and the plan was shelved. In 1987, when her son Rajiv Gandhi was prime minister, the Indian army chief Lieutenant General Krishnaswami Sundarji tried to start a war with Pakistan so India could bomb the nuclear facility at Kahuta. He sent half a million troops to the Pakistani border for military drills, along with hundreds of tanks and armored vehicles - an extraordinary provocation. But this attempt at triggering hostilities failed after the Indian prime minister, who had not been properly briefed on Sundarji’s plan, instigated a deescalation with Pakistan. Despite Indian and Israeli opposition, both the US and China covertly helped Pakistan. China provided the Pakistanis with enriched uranium, tritium and even scientists. Meanwhile, American support came because Pakistan was an important Cold War ally. US President Jimmy Carter cut aid to Pakistan in April 1979 in response to Pakistan’s program being exposed, but then reversed the decision months later when the Soviet Union invaded Afghanistan: America would need the help of neighboring Pakistan. In the 1980s, the US covertly gave Pakistani nuclear scientists technical training and turned a blind eye to its program. But everything changed with the end of the Cold War. In October 1990 the US halted economic and military aid to Pakistan in protest against the nuclear program. Pakistan then said it would stop developing nuclear weapons. AQ Khan later revealed, though, that the production of highly enriched uranium secretly continued. The seventh nuclear power On 11 May 1998 India tested its nuclear warheads. Pakistan then successfully tested its own in the Balochistan desert later that month. The US responded by sanctioning both India and Pakistan.Pakistan had become the world’s seventh nuclear power. And Khan was a national hero. He was driven around in motorcades as large as the prime minister’s and was guarded by army commandos. Streets, schools and multiple cricket teams were named after him. He wasn’t known for playing down his achievements. “Who made the atom bomb? I made it,” Khan declared on national television. “Who made the missiles? I made them for you.” But Khan had also organized another, particularly daring, operation. From the mid-1980s onwards, he ran an international nuclear network which sent technology and designs to Iran, North Korea and Libya. He would order double the number of parts the Pakistani nuclear program required and then secretly sell the excess on. In the 1980s the Iranian government - despite Ayatollah Khomeini’s opposition to the bomb on the grounds that it was Islamically prohibited - approached Pakistan’s military dictator, General Zia-ul-Haq, for help. Between 1986 and 2001, Pakistan gave Iran key components needed to make a bomb, although these tended to be secondhand - Khan kept the most advanced technology for Pakistan. The Mossad had Khan under surveillance as he travelled around the Middle East in the 1980s and 1990s, but failed to work out what the scientist was doing. Then-Mossad chief Shavit later said that if he had realised Khan’s intentions, he would have considered ordering Khan to be assassinated to “change the course of history”. Gaddafi exposes the operation In the end, Libyan dictator Muammar Gaddafi blew Khan’s operation in 2003 while attempting to win support from the US. Gaddafi disclosed to the CIA and MI6 that Khan was building nuclear sites for his government - some of which were disguised as chicken farms. The CIA siezed machinery bound for Libya as it was being smuggled through the Suez Canal. Investigators found weapons blueprints in bags from an Islamabad dry cleaner. When the operation was exposed, the Americans were horrified. “It was an astounding transformation when you think about it, something we've never seen before," a senior American official told the New York Times. "First, [Khan] exploits a fragmented market and develops a quite advanced nuclear arsenal. “Then he throws the switch, reverses the flow and figures out how to sell the whole kit, right down to the bomb designs, to some of the world's worst governments." In 2004 Khan confessed to running the nuclear proliferation network, saying he had provided Iran, Libya and North Korea with nuclear technology. In February, he appeared on television and insisted he had acted alone, with no support from the Pakistani government, which then swiftly pardoned him. President Musharraf called him “my hero”. However, reportedly under US pressure, he placed Khan under effective house arrest in Islamabad until 2009. Later AQ Khan said that he “saved the country for the first time when I made Pakistan a nuclear nation and saved it again when I confessed and took the whole blame on myself”. He was diagnosed with prostate cancer in 2006 but recovered after surgery. Enormously wealthy, in his later years, Khan funded a community centre in Islamabad and spent his time feeding monkeys. Those who knew him said Khan firmly believed what he had done was right. He wanted to stand up to the west and give nuclear technology to non-western, particularly Muslim, nations. “He also said that giving technology to a Muslim country was not a crime,” one anonymous acquaintance recalled. When Khan died of Covid in 2021, he was hailed as a “national icon” by then-Pakistani Prime Minister Imran Khan. And that is how he is still widely remembered today in Pakistan. “[The] nation should be rest assured Pakistan is a safe atomic power,” the nuclear scientist had declared in 2019. “No one can cast an evil eye on it.” Tyler Durden Wed, 06/25/2025 - 22:10
New COVID-Wave Scare-Campaign: A Massive Flop...
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New COVID-Wave Scare-Campaign: A Massive Flop... Authored by Rebekah Barnett via The Brownstone Institute, Like the Marvel franchise, with its unlimited instalments and spin-offs, a new Covid scare campaign is underway in Australia. Like the Marvel franchise, the entertainment content exists largely to create demand for merchandise. Unlike most Marvel films, this latest virus fear-mongering drive is turning out to be a massive flop. The hook: There’s a new “highly contagious” Covid Omicron subvariant in town, catchily named NB.1.8.1. Sticking with time-tested tradition, health authorities, experts, and media are playing the ‘cases, cases, cases’ angle, as the latest variant “sweeps the nation” with what I calculate to be Australia’s twelfth Covid wave since the pandemic scare series kicked off in 2020. Exposition: “According to Griffith University, the NB.1.8.1 variant makes up more than 40 per cent of total COVID cases tested in Victoria, around 25 per cent in Western Australia and New South Wales, around 20 per cent in Queensland and less than 10 per cent in South Australia,” reports ABC. “There are hundreds of different strains of Omicron, and the new subvariant NB.1.8.1 is driving up infections and hospitalisations, particularly in Asia and Western Australia,” reports the Daily Mail. Narrator’s aside: Case counts and hospitalisations are well within the normal range in Western Australia (WA), and no one has been admitted to ICU with Covid for months, according to the latest WA Health reporting. Source: Virus WAtch, 11 May 2025, WA Health. Source: Virus WAtch, 11 May 2025, WA Health. We’re not seeing anything out of the ordinary in national statistics either. Source: Australian Respiratory Surveillance Report – 5 May to 18 May 2025. Source: Australian Respiratory Surveillance Report – 5 May to 18 May 2025. However, we mustn’t let this contextualising information get in the way of the narrative arc. Climactic buildup: Back to cases, cases, cases. It’s “pretty much everywhere,” according to ABC. “Doctors are expecting a further spike in cases,” so “experts are urging people to get their COVID booster jab.” Source: ABC Endless vaccination is the only way out! Climactic escalation: But experts are furious that Australians are not vaccinating enough. You naughty, naughty Australians. In the past six months, only 6.6% of adults have received a Covid vaccine, according to recent federal figures, despite the vaccines being “free,” i.e., already paid for with your taxes. Source: Daily Mail Crisis response: Our protagonist takes action to meet the threat head-on. After all, the government has product to shift, so the vaccine advertorial must keep pumping. Health Minister Mark Butler bravely does the media rounds, imploring anyone who can get a booster to “have a serious think” about following through. Source: news.com.au Hero falters: Unfortunately for Butler, boosters aren’t recommended for many cohorts in Australia anymore, because the risk-benefit profile is not favourable for most people. Current Australian guidelines suggest adults aged over 75 should get a booster every six months, while those aged between 65 and 74, along with severely immunocompromised adults over 18 years of age, should get one every year. Outside of this, boosters are not recommended but are available to all Australian adults and to children who are severely immunocompromised. Plot twist: Experts admit that the reason everyone needs another booster is that vaccinating against a fast-mutating coronavirus doesn’t work super well. “The virus gradually evolves so that some of its proteins are a little bit different so that it can avoid the antibodies that we’ve now got present at population level,” says one. “In this case, we’ve got mutations in the spike protein that seems to be making it easier for this virus to attach to our cells and it seems to be making this virus evade our antibodies better,“ says another. Flashback montage: Every expert who warned of immune imprinting, immune suppression, immune tolerance, the role of vaccines in driving new variants, vaccine-associated enhanced disease (VAEDs), and the general futility of vaccinating against respiratory viruses. Slow roll a peer-reviewed article co-authored by Dr Anthony Fauci concluding that, “Durably protective vaccines against non-systemic mucosal respiratory viruses with high mortality rates have thus far eluded vaccine development efforts.” Comic relief: Like the good lackeys they are, media outlets are beating up the BREAKING new variant story, to which the general public response has been LMAO. An online Murdoch media poll indicates three-quarters of their readers just aren’t interested. Denouement: Collective apathy. The failure of this latest scare campaign is unlikely to preclude a thirteenth scare campaign, as the government is generally unresponsive to market feedback, and it has mRNA investments and purchase commitments driving its decision-making. Media will continue to uncritically print government press releases provided they convert to clicks – LMAO or otherwise. Expect the next installment just in time for the summer Covid wave. Republished from the author’s Substack Tyler Durden Wed, 06/25/2025 - 21:45
"Modern-Day Monopoly": GOP Senator Sounds Alarm On Mega Corporations Hijacking US' Beef Supply
1750900800 from ZEROHEDGE
"Modern-Day Monopoly": GOP Senator Sounds Alarm On Mega Corporations Hijacking US' Beef Supply Republican Senator Josh Hawley slammed the stranglehold four mega-corporations—two of them foreign-owned—have over America's beef processing industry, calling it a "modern-day monopoly." Hawley, speaking Monday at the Senate Judiciary Committee's Subcommittee on Competition Policy, Antitrust, and Consumer Rights, warned about the cartel-like grip that mega-corps such as JBS, Tyson Foods, Cargill, and National Beef have on the nation's beef supply chain. "Four companies currently control over 80% of beef processing in this country and very similarly high shares of poultry and pork. In Missouri, just in the last year, we have had two poultry plants closed by the dominant. Poultry processor Tyson Food canceling contracts with farmers putting hundreds of people out of work across my state really acting with total impunity why ... because they can because they they are essentially a monopolist," Hawley said. Hawley asked Federal Trade Commissioner Mark Meador: "Is this kind of thing [beef monopoly] that the FTC can take action on?" Meador responded, "Yes, with the small caveat that the Department of Justice typically handles the packers but the FTC sees this at the retail level as well. When there are a smaller number of packers, retailers pay higher prices, and then consumers pay higher prices, and then retailers want to merge and consolidate their own part of the supply chain to counteract that, and then it's sort of an arms race to see who can get the biggest, the fastest." Hawley noted, "I'll end with this right now beef processing is just one example but it's a perfect example for a state like mine the only people who win are the monopolists - you know if you're a cattle rancher you're not getting paid for your product - if you are a consumer at the grocery store you're paying an arm and a leg for some hamburger - yet so the consumers are paying more the farmers are getting paid less who is making out like a bandit here? It's the monopolists, it's the four companies that control 80% of beef processing, that is not competition. We need more competition in this country, economy-wide." On X, Hawley called for "more industry competition in America." A total of 4 companies control a whopping 80% of the entire beef-processing industry. That's a modern-day monopoly. The winners here? The monopolists - like Tyson Foods. The losers? Farmers & grocery shoppers. We need more industry competition in America pic.twitter.com/UxZc7eoAOZ — Josh Hawley (@HawleyMO) June 24, 2025 More here Hawley is right. And here at ZeroHedge, we've been at the forefront of sounding the alarm on America's imploding food sovereignty. With two of the Big Four beef processors—JBS and National Beef—foreign-owned, it's only a matter of time before Washington wakes up to the national security threat that poses. The answer? A grassroots revival of regional microprocessors—a decentralized, community-driven push to take back control of the food supply chain from globalist monopolists and put it where it belongs: in the hands of ranchers nationwide. A network of smaller processors adds redundancy, preventing catastrophic bottlenecks, such as what we saw during the early days of the Covid pandemic. When one large meat plant goes offline, the entire national supply chain is thrown into chaos. Regional processors would provide alternative outlets for ranchers and farmers to sell cattle at higher prices, helping to revive rural economies and preserve family farms. The move to support local ranchers will only gain momentum under the MAHA movement. Know your rancher. Tyler Durden Wed, 06/25/2025 - 21:20
California Risks Federal Actions Over Transgender Athletes On Women's Sports
1750899300 from ZEROHEDGE
California Risks Federal Actions Over Transgender Athletes On Women's Sports Authored by Bill Pan via The Epoch Times, The U.S. Department of Education has found California in violation of federal anti-discrimination laws for allowing male athletes to compete in women’s sports. The finding on June 25 follows investigations launched earlier this year into both the California Interscholastic Federation (CIF), which is the governing body for high school sports in the state, and the California Department of Education. The inquiries, opened in February and April, focused on whether California’s School Success and Opportunity Act conflicts with Title IX, the law prohibiting sex-based discrimination in education programs that receive federal dollars. The California law, in effect since 2014, allows students to participate in sports programs and use sex-segregated bathrooms and locker rooms based on their preferred gender identity rather than biological sex. CIF has stated that it intends to continue following state law, even as President Donald Trump warned that doing so could jeopardize its federal funding. As a result of Wednesday’s noncompliance finding, the U.S. Education Department outlined a series of required actions that state authorities must implement within 10 days. Those include directing schools to adopt biology-based definitions of “male” and “female”; restoring titles, awards, and records to female athletes who were displaced by male competitors in girls’ events; and sending personalized letters of apology to each affected female athlete on behalf of California for the discrimination they had suffered. Failure to comply, the U.S. Education Department warned, could be met with enforcement actions, including referral to the U.S. Department of Justice for legal proceedings. The state agencies did not immediately respond to requests for comment. The announcement comes just weeks after CIF crowned two champions in girls’ track and field events at the state meet, where a transgender athlete took first place in both the high jump and triple jump. The male student, who also finished second in the long jump, shared the podium with female competitors under a new rule that allows all athletes to receive medals based on their placement if no transgender athlete had competed. “The CIF values all of our student-athletes and we will continue to uphold our mission of providing students with the opportunity to belong, connect, and compete while complying with California law and Education Code,” the federation said in a statement ahead of the championship matches. In March, in a rare change of tone, California Gov. Gavin Newsom, a Democrat, described the current policy as “deeply unfair” during an episode of his own podcast. Speaking with conservative commentator Charlie Kirk, Newsom agreed with Kirk’s argument that Democrats had become out of touch with many Americans by insisting that transgender athletes should compete based on gender identity. “I revere sports, and so the issue of fairness is completely legit,” Newsom told Kirk. He has not yet proposed any changes to the law since the show aired and has drawn criticism from members of the Democratic Party, including pro-LGBT state lawmakers. Citing the governor’s remarks, U.S. Education Secretary Linda McMahon condemned the state’s continued enforcement of the policy. “Although Governor Gavin Newsom admitted months ago it was ‘deeply unfair’ to allow men to compete in women’s sports, both the California Department of Education and the California Interscholastic Federation continued as recently as a few weeks ago to allow men to steal female athletes’ well-deserved accolades and to subject them to the indignity of unfair and unsafe competitions,” McMahon said in a statement. “The Trump Administration will relentlessly enforce Title IX protections for women and girls, and our findings today make clear that California has failed to adhere to its obligations under federal law. “The state must swiftly come into compliance with Title IX or face the consequences that follow.” Tyler Durden Wed, 06/25/2025 - 20:55
Iran Confirms Death Of 'War-Time Chief Of Staff' After Israeli Attacks
1750897800 from ZEROHEDGE
Iran Confirms Death Of 'War-Time Chief Of Staff' After Israeli Attacks Israel claims that its military campaign against Iran has resulted in the targeted killing of at least 14 scientists. Although these were key figures, the reality is that this is unlikely to completely halt any potential nuclear ambitions. Speaking to The Associated Press, Israel’s ambassador to France has declared that assassinations would make it "almost" impossible for Iran to develop nuclear weapons with what infrastructure might remain. Other assessments say that all of this set back the Islamic Republic's program by a mere months. And of course, nuclear scientists are replaceable - and it remains that the country's nuclear energy program has always been large, and a top national priority. Also important is that on Wednesday Iran belatedly confirmed the death of Maj. Gen. Ali Shadmani, who succumbed to injuries sustained during Israeli airstrikes last week. Shadmani had been appointed on June 13 to lead the Khatam al-Anbiya Central Headquarters, which coordinates operations between Iran’s regular military and the elite Islamic Revolutionary Guard Corps (IRGC). He filled the top spot following the death of his predecessor, Lt. Gen. Gholam Ali Rashid, in Israel’s earlier attacks that took the lives of several senior commanders. Israel had called Shadmani Iran's ‘War-Time Chief of Staff’ upon claiming his death in a targeted operation last week. But Tehran has only now issued official confirmation of his death. Ali Shadmani Additionally: At least 35 Air Defense Force personnel were killed in the Israeli attacks between June 13 and Tuesday, Iran’s semi-official Student News Network (SNN) said today. SNN published the names of those who were killed. Among them were two brigadier generals, seven colonels and three lieutenant colonels. Below are some further casualty figures in Iran following what Trump dubbed the '12-day war': At least 627 people were killed in Iran during its conflict with Israel in the period between June 13 and June 25, Iranian state media outlet IRIB reported on Wednesday, citing the country’s health ministry. At least 4,870 other people were injured during that time, IRIB said. The health ministry said 86% of the victims died at the scene of Israeli attacks, as cited by IRIB. Currently a ceasefire is held, and Iran is assessing the damage - and likely rapidly trying to replenish losses both in terms of personnel and equipment and infrastructure. Meanwhile The GrayZone's Max Blumenthal weighs in on where things stand regarding Trump's statements saying Iran's nuclear program has been completely destroyed... Only the most deluded Trump cultists believe Orange McCain destroyed Iran's nuclear program, or that it's possible to do so in a Top Gun-style raid Even Israeli nationalists admit Trump's attack was a PR stunt, complimenting a leaked DIA assessment, satellite imagery and more https://t.co/HMrnkujJDJ — Max Blumenthal (@MaxBlumenthal) June 25, 2025 Among Iran's first pressing tasks will be to quickly try to reconstitute its destroyed anti-air defenses, given that Israeli warplanes apparently achieved total domination and freedom of action over Western Iran's skies. Tyler Durden Wed, 06/25/2025 - 20:30
Martial Law In Mascara: How FDR Hijacked The Constitution And No One Told You
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Martial Law In Mascara: How FDR Hijacked The Constitution And No One Told You Authored by Maureen Steele via AmericanGreatness.com, The Constitution wasn’t suspended... it was sidelined, buried under emergency powers, executive orders, and fear, while Americans barely noticed the quiet coup... Let’s get this out of the way first. No, the Constitution wasn’t officially suspended in 1933. But it was gagged, blindfolded, and tied to a chair while the federal government handed itself sweeping emergency powers and redefined “freedom” into a kind of bureaucratic improv comedy routine. They didn’t declare martial law on paper because that would have looked bad. Instead, they declared it in practice and gave it a haircut, a press pass, and a desk job. Most Americans never noticed. Most still don’t. The story begins with a “banking emergency.” On March 6, 1933, President Franklin Delano Roosevelt signed Executive Order 2039, effectively closing the banks. This wasn’t a request—it was a national lockdown of the financial system. Within days, Congress passed the Emergency Banking Relief Act, which amended the Trading With the Enemy Act of 1917 to allow the president to seize private property and control commerce even in peacetime. You read that right. The original act was intended for use against foreign enemies during wartime. Roosevelt’s administration simply redefined the term “enemy” to include American citizens. That’s not a conspiracy theory. That’s a matter of historical record. You can read it here and here. This wasn’t martial law with tanks in the streets. It was something more insidious: the silent transfer of authority from constitutional governance to executive fiat, wrapped in the language of patriotic crisis management. Then came House Joint Resolution 192 in June of that same year. This little piece of legal sorcery declared that debts could no longer be paid in gold. Instead, all gold was to be surrendered to the Federal Reserve, and the American public would now transact in fiat currency—Federal Reserve Notes. In one move, Roosevelt erased the gold standard domestically, outlawed the most stable form of lawful money, and replaced it with an I.O.U. The people didn’t protest. They complied. It was all for the good of the nation, they were told. Never mind that their savings were now denominated in debt-backed paper. Never mind that the Constitution says only gold and silver shall be legal tender. Never mind that the American people’s wealth was effectively nationalized with the stroke of a pen. By 1938, the Supreme Court put the nail in the coffin. Erie Railroad Co. v. Tompkins may sound like a mundane case about trains and trespass, but the decision fundamentally altered the legal landscape of America. Prior to Erie, federal courts operated under general common law principles—those ancient foundations rooted in natural law and the rights of man. After Erie, federal courts were now confined to statutory law. In other words, judges would interpret the rules written by bureaucrats and legislatures, not derive justice from first principles. The Constitution didn’t vanish overnight. It just became irrelevant in practice. What mattered now was what the statute said. If Congress wrote a law giving an agency the right to inspect your property, seize your earnings, or regulate your behavior, the courts would uphold it, even if it made a mockery of the Bill of Rights. So no, martial law was never formally declared. But we’ve been living under a continuous state of emergency ever since. Roosevelt’s national emergency was never truly repealed. Instead, it became the precedent for every president that followed. As of this writing, there are at least 41 ongoing national emergencies in effect, some of them decades old. You can find the full list here. The 9/11 emergency is still active. The COVID emergency was extended multiple times before it was quietly phased out. New emergencies are declared regularly over foreign sanctions, trade disruptions, and cyber threats. Each declaration unlocks a set of executive powers that bypass the normal constitutional process. Congress almost never intervenes to end them. The public barely registers their existence. The result is a legal environment in which emergency governance is the norm, not the exception. Why does this work? The answer lies in psychology. When people feel threatened, they surrender liberty for safety. The fight-or-flight part of the brain takes over. Critical thinking shuts down. This is not speculation. It’s basic neuroscience. Governments have long known that fear makes citizens more compliant. Tell them the banks are collapsing, the virus is coming, the terrorists are plotting, or the climate is boiling, and they’ll accept almost anything in the name of protection. Even the erosion of their most sacred rights. Once that pattern is set, it becomes permanent. Americans have been conditioned to believe that constitutional protections are optional—valid only when convenient and subject to immediate cancellation when the sirens start blaring. Now let’s talk about the legal sleight of hand. Most Americans assume they live under the jurisdiction of the Constitution. But the courts increasingly operate under a hybrid system of statutory and administrative law, often enforced through what is functionally maritime law. Don’t believe me? Take a look at the gold-fringed flag in most courtrooms. That’s not just decoration. It’s a symbol of admiralty jurisdiction, meaning you’re not in a constitutional court. You’re in a corporate tribunal. And speaking of corporations, the United States is defined in 28 U.S. Code § 3002(15)(A) as a federal corporation. You are not a sovereign individual under natural law. You are a legal entity—an asset tracked by a Social Security number and collateralized against the national debt. From Roosevelt to Biden, every president has expanded these powers. Truman declared emergency powers during the Korean War. Reagan authorized secret continuity of government plans. Bush signed the Patriot Act. Obama embedded indefinite detention into the NDAA. Trump launched Operation Warp Speed and accelerated the surveillance state through Palantir and FISA. Biden renewed and expanded nearly every emergency he inherited. The mechanisms of control don’t change. Only the branding does. And here we are. The Constitution is still there, printed in pocket-sized booklets and waved around at rallies. But in most courtrooms, classrooms, and government buildings, it has all the force of a museum artifact. They didn’t suspend it. They just bypassed it. They didn’t tear it up. They just buried it under 90,000 pages of federal regulations. And when someone like you or me points this out, we’re called extremists, radicals, or conspiracy theorists. That’s fine. History is full of people who were slandered for telling the truth too early. But the Constitution doesn’t give you rights. It recognizes the rights you already have. The paper is not the source. You are. And no act of Congress, no executive order, no foreign or domestic emergency can erase what God has written into your being. They can only convince you to forget it. Until you remember. Tyler Durden Wed, 06/25/2025 - 20:05
Hegseth Readies Presser For "Dignity of Great American Pilots" As FBI Probes Iran Strike Intel Leak
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Hegseth Readies Presser For "Dignity of Great American Pilots" As FBI Probes Iran Strike Intel Leak Defense Secretary Pete Hegseth says the FBI is probing the leak of an intelligence assessment indicating that the U.S. weekend strikes on three Iranian sites only delayed the country’s nuclear program by months rather than completely destroying it. “We’re doing a leak investigation with the FBI right now because this information is for internal purposes, battle-damage assessments,” Hegseth said at the NATO summit in the Netherlands on June 25. “And CNN and others are trying to spin it to make the president look bad when this was an overwhelming success.” President Trump is furious: Secretary of Defense (War!) Pete Hegseth, together with Military Representatives, will be holding a Major News Conference tomorrow morning at 8 A.M. EST at The Pentagon, in order to fight for the Dignity of our Great American Pilots. These Patriots were very upset! After 36 hours of dangerously flying through Enemy Territory, they landed, they knew the Success was LEGENDARY, and then, two days later, they started reading Fake News by CNN and The Failing New York Times. They felt terribly! Fortunately for them and, as usual, solely for the purpose of demeaning PRESIDENT DONALD J. TRUMP, the Fake News (Times and CNN) lied and totally misrepresented the Facts, none of which they had (because it was too soon, there were no Facts out there yet!). The News Conference will prove both interesting and irrefutable. Enjoy! In response to The Epoch Times’ Jackson Richman's request for comment, the FBI said, “In keeping with Department of Justice policy, the FBI can neither confirm nor deny conducting specific investigations.” Hegseth stood by President Donald Trump’s assessment that the June 21 U.S. strikes on the Fordow, Natanz, and Esfahan nuclear sites completely took out Iran’s nuclear capabilities. “Given the 30,000 pounds of explosives and capability of those munitions, it was devastation underneath Fordow,” Hegseth said. “And the amount of munitions, six per location, any assessment that tells you that it was something otherwise is speculating with other motives.” Hegseth noted that the report, which was compiled by the Defense Intelligence Agency, was top-secret and preliminary and that its conclusion is one of low confidence. “You make assessments based on what you know,” he said. Hegseth said the leak of the report is motivated by politics. The assessment—which was first reported by CNN and has been reported by numerous other outlets but not verified by The Epoch Times—said that the strikes did notable damage to the facilities but did not obliterate them. It also suggested that Iran may have relocated some of its uranium ahead of the strikes. Vice President JD Vance said on Fox News on June 23 that even if Iran has uranium, it cannot produce a nuclear weapon without the infrastructure. “If they have 60 percent enriched uranium, but they don’t have the ability to enrich it to 90 percent, and, further, they don’t have the ability to convert that to a nuclear weapon, that is mission success,“ he said. ”That is the obliteration of their nuclear program, which is why the president, I think, rightly is using that term.” The Trump administration has called the assessment “flat-out wrong,” and Trump said that the end result of the strikes “was obliteration.” “These leakers are professional stabbers,” Secretary of State Marco Rubio said at the NATO summit in the Netherlands on June 25. Appearing on Fox News on June 24, Special Envoy for the Middle East Steve Witkoff called the leak “treasonous” and said that “it ought to be investigated.” Tyler Durden Wed, 06/25/2025 - 19:40
Giant Leviathan Gas Field Offshore Israel Resumes Operations
1750893300 from ZEROHEDGE
Giant Leviathan Gas Field Offshore Israel Resumes Operations Authored by Tsvetana Paskova via OilPrice.com, The massive Leviathan gas field offshore Israel is resuming production on Wednesday, following two weeks in which it was shut down due to the Israel-Iran conflict. Leviathan, operated by U.S. supermajor Chevron, was shut down on June 13, after the Israeli strike on Iranian nuclear sites that escalated hostilities in the region. Following the ceasefire from earlier this week, Chevron’s unit, Chevron Mediterranean Limited, received a notice from the Israeli Ministry of Energy and Infrastructures, whereby the Leviathan platform may be restarted and prepared for production, Israeli firm NewMed, a partner in the Leviathan field, said on Wednesday. Accordingly, Chevron is now working on restarting the platform and resuming regular production from the reservoir within a few hours, NewMed said. Leviathan is a major supplier of gas to Egypt and Jordan, which scrambled in the past weeks to replace lost gas supply from Israel’s major gas field. Another gas field offshore Israel that had stopped production during the conflict has also been cleared by the Israeli authorities to restart output. UK-based oil and gas producer Energean plc suspended production from its offshore platform in Israel amid the escalation of tensions in the Middle East earlier this month. After U.S. President Donald Trump announced a ceasefire earlier this week, Energean announced on Wednesday that it is working to safely restart production and resume normal operations at the Energean Power FPSO, after receiving notice from the Ministry of Energy and Infrastructure, instructing the safe restart and resumption of production and operations. “We look forward to bringing production safely back online, in full coordination with the authorities, to deliver energy security to Israel and the broader region,” Energean’s chief executive officer, Mathios Rigas, said. Resumption of Israeli gas field operations is set to ease concerns in Egypt and Jordan about gas supply and pressure downwards Europe’s gas prices, which had soared in the past weeks amid fears of gas supply disruptions due to the Middle East conflict. Tyler Durden Wed, 06/25/2025 - 19:15
Stockman: Washington's Fiscal Doomsday
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Stockman: Washington's Fiscal Doomsday Authored by David Stockman via The Brownstone Institute, If you don’t think Washington is in the maws of a Fiscal Doomsday Machine, think again. And the place to start is with the 30-year CBO projections, expressed as the dollar increase from the current $29 trillion level of publicly held US Treasury debt. If Washington does nothing except leave current tax, spending, and structural deficit policies in place (i.e. baseline policy), the publicly-held debt will grow by $102 trillion over the next three decades, reaching a staggering 154% of what would be $85 trillion of GDP by 2054. Moreover, that outcome assumes that Rosy Scenario does not lose her footing for even a moment through the middle of the century. Stated differently, the underlying CBO projections presume that there will be no recession during the 34-year span from 2020 to 2054, and that, in fact, there will be perpetual full employment at about 4% from here on out. Of course, during the last 30 years there have been three recessions (shaded area) and no such full-employment perfection was even remotely achieved. The short spells of 4% unemployment or under, in fact, were few and far between—in stark contrast to the CBO baseline which presumes 4% unemployment year after year until 2054. Monthly Unemployment Rate, 1994 to 2024 The CBO projections also assume that inflation stays strictly in its Fed-prescribed lane at around 2.0% for the next 30 years, as well. That hasn’t remotely happened during the last 30 years, when the inflation rate has exceeded the 2.0% mark during 17 years, and frequently by substantial amounts. Y/Y Change In CPI 1994 to 2024 Likewise, it assumes that the bond pits will have no problem funding more than $100 trillion of new Treasury debt at yields which average just 3.6% over the next 30 years. Of course, the actual weighted average yield in the Treasury market today stands at 4.2% and the fulcrum 10-year note has been cycling around 4.4%, albeit at this point the prospective debt inundation is just getting started. Again, judging by the last 30 years of history, the odds that interest rates will be pushed down into the mid-3% range and remain there for 30 years running would not seem very compelling, either. Indeed, during the past 30-year period shown in the graph below the bond pits had the Fed’s big wind at their back as the latter monetized upwards of $8.5 trillion of US Treasury and GSE paper by the 2022 peak. Even then, yields were well above the CBO 3.6% assumption half the time, and were pushed lower only by the massive money-printing spree between 2008 and 2022—a feat not likely to be repeatable again without fueling even more inflation and speculation than we already have. 10-Year UST Yield, 1994 to 2024 Needless to say, with a baseline projection of $102 trillion of new debt riding on the back of a veritable Rosy Scenario, you would think that Washington might be forming a fiscal bucket brigade to begin bailing out the sinking budgetary ship. And most especially that it would be led by the GOP—the once and former party of balanced budgets and fiscal rectitude. Not the Trumpified GOP, however. Again, as we showed yesterday, the Donald’s OBBBA—even with the egregious budget gimmick of terminating new tax cuts and bennies in the 2028 election year to make the cost look lower on the standard 10-year window—would add massively to the public debt. The head-in-the-sand GOP leadership and White House economic policy pimps say not to sweat the extra debt because it is only $3 trillion on paper over 10 years, and, besides, much of that can be purportedly absorbed through enhanced “growth.” Actually, what drives revenue growth is nominal GDP and the CBO baseline assumes an average of+3.7% growth per annum for the entire 30-year period through 2054. Given that nominal GDP growth averaged exactly 3.9% during the 20 years ending in Q1 2020—a period in which the Fed’s printing presses were running red-hot—we doubt there would be much additional nominal GDP growth tonic from essentially extending existing tax law (i.e. the expiring 2017 Trump tax cuts) through the next three decades of massive rising debt burdens. In any event, on a 30-year basis, the OBBBA as written would add $117 trillion to the public debt, which would rise to an additional +$133 trillion when you price out OBBBA without the accounting gimmicks. Now, how anyone thinks that quintupling the public debt from $29 trillion to $162 trillion over the next three decades is a plausible route to the Golden Age of Prosperity actually extends well beyond our powers of imagination. Even then, the truth is surely far worse. Just remove one brick from the edifice of Rosy Scenario—perpetually low interest rates—-and the fiscal dragons truly come surging from the budgetary vasty deep. That is, if you assume the weighted average UST yields will clock in at 4.25% rather than 3.5% over the next three decades, the added debt from the permanent extension of the OBBBA would amount to $156 trillion. That’s right. Faced with a veritable Fiscal Doomsday Machine as embodied in the current CBO baseline, the Trumpified GOP has essentially embraced a budgetary path to a $185 trillion public debt by mid-century, representing a crushing 218% of GDP. In a word, the GOP has surrendered to fiscal calamity lock, stock and barrel. But that’s not the entirety of the matter. As it happens, given the GOP’s allergy to taxes, cowardice on entitlements, and thirst for Forever Wars and a massive Warfare State, there is no way the nation’s runaway debts will be tackled from the Republican side of the aisle. To remind, when you set aside defense, which will cost $9.7 trillion over the next decade, Veterans at $4.1 trillion, Medicare and Social Security at $15.3 trillion and $20.6 trillion, respectively, and interest at $13.9 trillion, these GOP Sacred Cows add up to $63.4 trillion over the next decade. That’s 71% of total baseline outlays of $89 trillion and when you add in $7 trillion of Federal Medicaid—from which the GOP has not yet agreed to cut only a small bite–there is only $18 trillion left. And that’s for the entirety of the Federal government from the NIH to highways, the national parks, farm programs, school lunches, the Bureau of Indian Affairs, the BLM, the Federal judiciary, the Coast Guard and the Washington Monument, too, among countless others. That is to say, the $89 trillion of spending built into the budgetary baseline is virtually immune to the budgetary knife because after decades of Dem demagoguery on these items the GOP has thrown in the towel, too. Baseline Federal Spending For The GOP’s Sacred Cows, FY 2026 to FY 2035 At the same time, the UniParty has come to a frozen standoff on the revenue side of the ledger. When it comes to the possibility of a new revenue source such as a national sales tax or VAT, the Dems are dead set opposed because these taxes are allegedly too regressive, while the GOP is opposed in principle because they are a tax. At the same time, the income tax is essentially tapped out from an economic perspective. At the present time fully 58.7% of Federal income taxes are paid for by the top 5% of households and 86% by the top 20%. In a word, the preponderance of the nation’s 160 million income tax filers pay no tax at all (about 45 million returns owe no taxes) or after the vastly enlarged standard deduction and increased child credits owe a single digit percentage of their income in Federal taxes. Indeed, as shown below, in 2022 the bottom 80% of taxpayers paid only $292 billion in income taxes, amounting to just 13.7% of total collections. Against AGI, the effective tax rate was just 5.6%. At the end of the day, the GOP and Dems have competed their way into a de facto income tax holiday for 80% of households. And we don’t see how you raise their taxes in that competitive environment, while recognizing that the GOP has every reason to staunchly oppose shifting even more income tax burden on the top of the economic ladder. Distribution of 2022 Federal Income Tax Payments By Income Level There is always the possibility of higher payroll taxes or returning the corporate income tax to the 35% level of pre-2017. But there is not a snowball’s chance in the hot place that organized labor would allow the former or that the vast phalanx of business lobbies would permit the latter. In short, raising taxes is usually a bad idea—especially when the $7 trillion Federal budget is freighted down with Warfare State and Welfare State spending that should be drastically curtailed. But there is no visible combination of political factions within the UniParty arrangement that makes this even remotely feasible—even as the second-best solution of revenue increases is even more beyond the range of political possibility. That is to say, there is really no escape from the Fiscal Doomsday Machine that has now tightly engulfed the nation’s very governing process. A version previously published in Stockman’s private service Tyler Durden Wed, 06/25/2025 - 14:20
21 States Sue Trump Admin Over Clause Used To Cut Federal Funding
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21 States Sue Trump Admin Over Clause Used To Cut Federal Funding Authored by Katabella Roberts via The Epoch Times, A coalition of 21 attorneys general from more than 20 states and the District of Columbia has filed a lawsuit against the Trump administration over a provision it used to justify cuts to billions of dollars in critical federal funding. The lawsuit, filed in the U.S. District Court for the District of Massachusetts by attorneys general from states including Arizona, California, Illinois, Massachusetts, Michigan, and New York, cites a clause from the Office of Management and Budget that says a grant can be terminated if it “no longer effectuates the program goals or agency priorities.” The suit lists dozens of federal agencies as defendants, including the Department of Agriculture, Commerce, Defense, Homeland Security, Justice, Labor, and State, as well as the Environmental Protection Agency. The complaint states that since January, the Trump administration has directly cited language in the clause to unlawfully terminate critical funding expressly authorized by Congress and awarded to states for various projects and programs. The aims of the projects and programs include combating violent crime, educating students, protecting clean drinking water, conducting life-saving medical and scientific research, safeguarding public health, and addressing food insecurity, according to the lawsuit. “The Trump Administration has claimed that five words in this Clause—'no longer effectuates ... agency priorities’—provide federal agencies with virtually unfettered authority to withhold federal funding any time they no longer wish to support the programs for which Congress has appropriated funding,” the lawsuit states. “And it has made a concerted decision, reflected in its uniform practice across a wide range of federal agencies, to invoke the Clause as grounds for terminating billions of dollars of federal funding to Plaintiffs.” This has been done “without any advance notice, without any explanation to the State recipients, and in direct contravention of the will of Congress,” according to the complaint. The attorneys general further argue that the administration’s decision to invoke the clause as the purported basis for slashing the funding marks a dramatic departure from past practice and OMB’s interpretation of the clause, which was first promulgated in 2020. Protesters at a rally held by the American Federation of Government Employees of District 14 at the Office of Personnel Management in Washington, on March 4, 2025. Alex Wroblewski/AFP via Getty Images “OMB never suggested, in either the 2020 or 2024 rulemaking, that a grant could be terminated even though the grant was continuing to serve the very goals for which the monies had initially been awarded, merely because the agency’s priorities shifted midway during the use of the grant—let alone with no advance notice,” the complaint states. The attorneys general are seeking a declaratory judgment stating that the OMB regulation does not permit the Trump administration to terminate funding that doesn’t align with its priorities. Alternatively, the coalition is seeking to vacate the administration’s decision to invoke the regulation as grounds for terminating the funding. The Trump administration has argued it acted within its authority to freeze and cancel grant awards that did not reflect its priorities, including those supporting diversity, equity, and inclusion, and climate programs. The latest lawsuit is one of several that the coalition of mostly Democratic-led states has filed over the funding cuts. White House spokesperson Harrison Fields said in a statement that Democrats pursuing the case “should focus on serving their constituents, not their party bosses, and work with the president and this administration to enact the agenda the American people overwhelmingly supported.” The Epoch Times has contacted the White House’s Office of Management and Budget for comment. Tyler Durden Wed, 06/25/2025 - 13:40
BIS Claims Stablecoins Fail As Money, Calls For Strict Limits On Their Role
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BIS Claims Stablecoins Fail As Money, Calls For Strict Limits On Their Role Authored by Amin Haqshanas via CoinTelegraph.com, A new report from the Bank for International Settlements (BIS) challenged the notion that stablecoins can serve as money in a modern financial system. According to the BIS Annual Economic Report 2025, stablecoins fail the fundamental tests of “singleness,” “elasticity” and “integrity,” three critical criteria that define effective monetary instruments. The BIS described stablecoins as “digital bearer instruments” that resemble financial assets more than actual money. “Stablecoins perform poorly when assessed against the three tests for serving as the mainstay of the monetary system,” the report said. Unlike central bank-backed money, which is accepted “at par” and requires no background checks, private entities issue stablecoins and often trade at fluctuating rates. This undermines the core principle of monetary singleness, the report claimed. Stablecoins continue to grow, but volatility remains. Source: BIS Stablecoins fail elasticity and integrity tests Elasticity, the second test, is crucial for absorbing shocks and meeting large-value payment demands, BIS said in its report. It pointed out that “any additional supply of stablecoins thus requires full upfront payment by its holders,” likening it to a “strict cash-in-advance setup” that contrasts with the flexibility of modern banking systems, where central banks provide liquidity as needed. The third and perhaps most damning failure lies in the area of integrity. The report claimed that stablecoins’ design, especially those transacted via unhosted wallets on public blockchains, makes them prone to financial crime. “Stablecoins have significant shortcomings when it comes to promoting the integrity of the monetary system,” the BIS noted, emphasizing their vulnerability to money laundering, sanctions evasion and terrorist financing. Cross-border use of stablecoins has been rising. Source: BIS Stablecoins should have a limited role While acknowledging the continued demand for stablecoins due to features like cross-border accessibility and lower transaction costs, the BIS argued that they should only play a limited, well-regulated role. “Society can re-learn the historical lessons about the limitations of unsound money,” the report cautioned. “Bold action by central banks and other public authorities can push the financial system along the right path, in partnership with the financial sector.” Circle, the company behind USDC, saw its stock drop more than 15% on Tuesday after the BIS report, hitting $222. CRCL shares had reached an all-time high of $299 on Monday. Despite its hard take on stablecoins, the BIS report praised tokenization as a “transformative innovation” for the next-generation monetary and financial system. It said tokenization builds on the current financial system rather than replacing it. Some in the crypto community said it is “no surprise” that the BIS paper was generally negative on stablecoins, given that it is a “regulatory body owned by global central banks.” “The BIS is hysterical in its opposition to crypto,” Jim Walker, chief economist at Aletheia Capital, wrote. “The first criterion, backed by a central bank, should make it a laughing stock given the historical failures of those institutions around the world.” Tyler Durden Wed, 06/25/2025 - 11:25
Trump Hoping For Comprehensive Peace Agreement With Iran: Witkoff
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Trump Hoping For Comprehensive Peace Agreement With Iran: Witkoff Authored by Katabella Roberts via The Epoch Times, Talks between the United States and Iran resumed one day after Iran and Israel reached a Washington-brokered cease-fire agreement, U.S. Special Envoy to the Middle East Steve Witkoff said on June 24, describing the discussions as promising. Witkoff made the comments in an interview on Fox News after Trump announced on June 23 that a cease-fire deal had been reached to end 12 days of fighting. Trump said on his Truth Social platform that Iran would first stop its attacks for 12 hours, after which Israel would stop its attacks. After 24 hours, there would be an official end to the war, he said. Both Iran and Israel accused each other of violating the truce shortly after it was announced. Despite those early violations, the cease-fire appeared to be holding up as of June 24, and Witkoff told Fox News that the Trump administration is hopeful of a long-term peace deal. “With regard to the Iranians, the president has said unequivocally, that he wants to see and is hopeful for a comprehensive peace agreement that goes beyond even the cease-fire. We are already talking to each other, not just directly but also through interlocutors. I think that the conversations are promising,” Witkoff said. “We are hopeful that we can have a long-term peace agreement that resurrects Iran, that brings it into the league of nations, that creates long-term prosperity for Iran, and most importantly, allows for the GCC to grow economically,” he said, referring to the Gulf Cooperation Council, of which Iran is not a member. Witkoff said now is the time to sit down with the Iranians and “get to a comprehensive peace agreement,” adding, “I am very confident that we are going to achieve that.” Witkoff’s comments come after Israel launched an air war on June 13, attacking Iranian nuclear facilities and killing top military commanders as part of what it said were efforts to prevent Tehran from developing nuclear weapons. A satellite view shows an overview of the Fordow underground complex, after the United States struck the nuclear facility, near Qom, Iran, on June 22, 2025. Maxar Technologies/Handout via Reuters Tehran, which has repeatedly said its uranium enrichment program is peaceful, retaliated with barrages of missiles on Israeli military sites and cities. In announcing the cease-fire agreement, Trump said the war between the U.S. ally and its regional rival “could have gone on for years,” and “destroyed the entire Middle East” but that “it didn’t, and never will!” He said both nations had agreed to remain peaceful and respectful during the ceasefire, and that, assuming everything works out as it should, the “12-day war” would come to an end. Witkoff reiterated Trump’s comments to Fox News, declaring the conflict over. “Since this conflict began, we’ve been talking to [Iran] about having some sort of peaceful settlement, and Iran’s one caveat has always been that Israel had to stop its campaign,” Witkoff said. “And once Israel fulfilled its objective, which they did, and once the United States fulfilled its objective, which it did ... the president was able to go to both parties and get a cease-fire done. And by the way, the proof is in the pudding. No one’s shooting at each other. It’s over.” Tyler Durden Wed, 06/25/2025 - 10:15
Hey Dems: Unseat Mamdani And You’ll Win The 2028 National Election
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Hey Dems: Unseat Mamdani And You’ll Win The 2028 National Election Submitted by QTR's Fringe Finance I think it was Mark Twain who said “every massive communist nightmare of a problem with a chance to destroy the most iconic city in American history is an opportunity in disguise”. Maybe it was Milton Friedman. Or Kim Kardashian. I can’t remember. But the point is that Zohran Mamdani’s win in the New York City Mayoral Democratic primary tonight could actually turn out to be a national moment of truth for the Democratic Party. After a bruising 2024 presidential defeat, one in which Democrats were widely criticized for alienating moderates and independents with a platform that veered too far left, the party now finds itself at a crossroads. Again. Among many, well-known (former) Democrats like Ana Kasparian, Bill Ackman, Joy Reid, Elon Musk and former Rep. Jared Golden have distanced themselves—if not removed themselves—from the party altogether. More will soon follow. This New York City mayoral election is no longer a local issue—it’s a symbolic referendum on whether Democrats have learned anything from their recent loss, or if they’re content to continue losing the middle in pursuit of ideological purity. 2024 should have been winnable for Democrats. The Republican Party fielded a polarizing candidate, the economy was relatively stable, and yet voters across the country turned away because they feared what the Democrats were becoming. Centrist voters who once leaned blue looked at the messaging, the priorities, the excesses and the socialism, activism and radical policy stances and simply said “enough”. In the nation’s most important city, Democrats are voting for a platform that feels like it was written during a fireside drum circle in the quad of Evergreen University. Free housing. Free transit. Free groceries—courtesy of government-run stores. A policing strategy that replaces cops with counselors and bureaucrats with badges. Tax hikes that seem designed not to generate revenue, but to punish — and will assuredly lead to a massive capital outflow from New York. It’s not policy, it’s bullshit performance art that has no chance of being effective in one of the world’s most important geographic locations. And it is everything that turned off centrist Democrat voters in 2024. So here’s the opportunity: Democrats can make a statement—not just to New York, but to the country—that they are still the party of rational governance and common sense — and that they can self-correct. That they are capable of breaking with their worst parts when it matters. And it matters now. This means one thing for the Democratic party: backing a centrist, independent candidate in November who can beat Mamdani in the general. Not a protest candidate. Not a placeholder. A real, serious contender who speaks to the exhausted majority that is desperate for competence over chaos. 🔥 50% OFF FOR LIFE: Using this coupon entitles you to 50% off an annual subscription to Fringe Finance for life: Get 50% off forever Yes, it would mean bypassing your own party’s nominee. Yes, it would mean a messy, unscripted break with tradition. But it would also be a powerful signal to the rest of the country: we heard you. We understand that winning elections in a diverse, divided nation means appealing to a broad coalition. Not just activists and donors, but homeowners, working-class voters, small business owners, families, and independents. Democrats have a chance—right now—to show they’ve learned from their mistakes. That they’re not doubling down on the same playbook that cost them the White House, House seats, and voter trust. Let’s be clear: the only viable path forward is an independent candidacy with full-throated support from party leaders, major donors, national figures, and the rank-and-file who quietly know this has gone too far. And the media must stop treating this like some heartwarming tale of a plucky outsider shaking up the system. This isn’t a feel-good story. It’s the slow-motion capture of a governing disaster in the making. If Democrats let it happen unchallenged, they’ll be complicit—not just in Mamdani’s mayoralty, but in further defining the national brand as unserious, unanchored, and unelectable. Because if Mamdani wins, it won’t just be a local experiment gone wrong. It’ll be seen as confirmation that the Democratic Party is unable—or unwilling—to police its own excesses. And that message won’t stop at the Hudson. It’ll ripple across every swing district, every suburban race, every national conversation where voters are quietly asking: who is looking out for the middle anymore? This is Democrats’ chance to answer. And I can’t believe I’m saying this, but I hope they don’t waste it. -- Please share this article and subscribe for free if you enjoyed the content. QTR’s Disclaimer: Please read my full legal disclaimer on my About page here. This post represents my opinions only. In addition, please understand I am an idiot and often get things wrong and lose money. I may own or transact in any names mentioned in this piece at any time without warning. Contributor posts and aggregated posts have been hand selected by me, have not been fact checked and are the opinions of their authors. They are either submitted to QTR by their author, reprinted under a Creative Commons license with my best effort to uphold what the license asks, or with the permission of the author. This is not a recommendation to buy or sell any stocks or securities, just my opinions. I often lose money on positions I trade/invest in. I may add any name mentioned in this article and sell any name mentioned in this piece at any time, without further warning. None of this is a solicitation to buy or sell securities. I may or may not own names I write about and are watching. Sometimes I’m bullish without owning things, sometimes I’m bearish and do own things. Just assume my positions could be exactly the opposite of what you think they are just in case. If I’m long I could quickly be short and vice versa. I won’t update my positions. All positions can change immediately as soon as I publish this, with or without notice and at any point I can be long, short or neutral on any position. You are on your own. Do not make decisions based on my blog. I exist on the fringe. The publisher does not guarantee the accuracy or completeness of the information provided in this page. These are not the opinions of any of my employers, partners, or associates. I did my best to be honest about my disclosures but can’t guarantee I am right; I write these posts after a couple beers sometimes. I edit after my posts are published because I’m impatient and lazy, so if you see a typo, check back in a half hour. Also, I just straight up get shit wrong a lot. I mention it twice because it’s that important. Tyler Durden Wed, 06/25/2025 - 08:05
The Real Estate Recession You Haven't Heard About (Yet)
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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
Sweden's Education Crisis
1750842000 from ZEROHEDGE
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
1750839300 from ZEROHEDGE
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 African Republic 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 Islands 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 Guinea 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
1750836600 from ZEROHEDGE
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 — Remix News & Views (@RMXnews) 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 — Remix News & Views (@RMXnews) 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
Andrew Cuomo Loses NYC Mayoral Primary To Socialist Zohran Mamdani
1750828252 from ZEROHEDGE
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 — Alexandria Ocasio-Cortez (@AOC) 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 — Collin Rugg (@CollinRugg) June 23, 2025 * * * Tyler Durden Wed, 06/25/2025 - 01:10
Escobar: Empire Of Chaos Takes War On BRICS To Next Level
1750821900 from ZEROHEDGE
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
1750820400 from ZEROHEDGE
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 — Attorney General James Uthmeier (@AGJamesUthmeier) 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 — Attorney General James Uthmeier (@AGJamesUthmeier) 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
'Irrelevant' Whether Iran Actually Decided To Build The Bomb, Rubio Has Said
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'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 — Face The Nation (@FaceTheNation) 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
Israel Tried To 'Turn' Iranian Generals Against Ayatollah Just Before Bombs Fell
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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 — Eylon Levy (@EylonALevy) 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
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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
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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 — Right Angle News Network (@Rightanglenews) 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
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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
Goldman Makes Flurry Of Downgrades Across Consumer Sector
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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
Some 'Predictions' For The Latter Half Of 2025...
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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
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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
1750791900 from ZEROHEDGE
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
Harvard Wins Injunction Against Trump Admin's Student Visa Ban
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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
Off Ramps, On Ramps
1750783200 from ZEROHEDGE
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
"You're Welcome": Pennsylvania Boasts About Saving 'Green' Maryland From Power Grid Collapse
1750780800 from ZEROHEDGE
"You're Welcome": Pennsylvania Boasts About Saving 'Green' Maryland From 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 — The Baltimore Sun (@baltimoresun) 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 — Mark Fisher (@fisher4maryland) 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
Polymarket Raising $200 Million At $1BN Valuation, Led By Thiel's Funders Fund
1750778400 from ZEROHEDGE
Polymarket Raising $200 Million At $1BN 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 — Shayne Coplan 🦅 (@shayne_coplan) 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 — zerohedge (@zerohedge) June 22, 2025 Tyler Durden Tue, 06/24/2025 - 11:20
Peace Through Strength
1750774800 from ZEROHEDGE
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
Russia's Lavrov Says 'WW3 Could Be Near' After US Drawn In To Iran War
1750772100 from ZEROHEDGE
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 - Biden mocked Russia's warning it would have to align with China, and joked that Russia could also partner with Iran as the crowd laughed pic.twitter.com/eGYHjZ0qGT — Glenn Diesen (@Glenn_Diesen) 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
Trump Slams "Dumb" Fed Chair As Powell Shrugs Off Dovish Colleagues, Reiterates "No Rush" To Cut
1750768949 from ZEROHEDGE
Trump Slams "Dumb" Fed Chair As Powell Shrugs Off Dovish Colleagues, Reiterates "No Rush" To Cut In his prepared remarks ahead of this morning's Humphrey-Hawkins testimony to Congress, Fed Chair Powell reiterated his comments from last week's FOMC that the central bank is in no rush to lower interest rates as officials wait for more clarity on the economic impact of President Donald Trump's tariffs. “The effects of tariffs will depend, among other things, on their ultimate level,” Powell said Tuesday in remarks prepared for delivery to Congress. “For the time being, we are well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance.” His comments - with no a bit of dovishness - comes after three of his colleagues (Waller, Bowden, and Goolsbee) all hinted at rate cuts as soon as July in recent days. Powell said the tariffs’ impact on inflation could be short-lived or possibly be more persistent. “Expectations of that level, and thus of the related economic effects, reached a peak in April and have since declined,” Powell said in a statement that largely echoed remarks he delivered last week. “Even so, increases in tariffs this year are likely to push up prices and weigh on economic activity.” Avoiding the latter outcome “will depend on the size of the tariff effects, on how long it takes for them to pass through fully into prices and, ultimately, on keeping longer-term inflation expectations well anchored,” he said. President Trump chimed in: “‘Too Late’ Jerome Powell, of the Fed, will be in Congress today in order to explain, among other things, why he is refusing to lower the Rate,” Trump said on social media early Tuesday. “I hope Congress really works this very dumb, hardheaded person, over. We will be paying for his incompetence for many years to come.” Economic data so far has shown limited impact from tariffs. Does make you wonder about "Fed Independence"... Powell: Inflation Has Eased Significantly but Remains Somewhat Elevated is it somewhat less elevated than it was in Sept 2024 when you cut 50 bps to ram stocks higher into the election? — zerohedge (@zerohedge) June 24, 2025 * * * Read Powell's full prepared remarks below: Chairman Hill, Ranking Member Waters, and other members of the Committee, I appreciate the opportunity to present the Federal Reserve's semiannual Monetary Policy Report. The Federal Reserve remains squarely focused on achieving our dual-mandate goals of maximum employment and stable prices for the benefit of the American people. Despite elevated uncertainty, the economy is in a solid position. The unemployment rate remains low, and the labor market is at or near maximum employment. Inflation has come down a great deal but has been running somewhat above our 2 percent longer-run objective. We are attentive to the risks to both sides of our dual mandate. I will review the current economic situation before turning to monetary policy. Current Economic Situation and Outlook Incoming data suggest that the economy remains solid. Following growth of 2.5 percent last year, gross domestic product (GDP) was reported to have edged down in the first quarter, reflecting swings in net exports that were driven by businesses bringing in imports ahead of potential tariffs. This unusual swing has complicated GDP measurement. Private domestic final purchases (PDFP)—which excludes net exports, inventory investment, and government spending—grew at a solid 2.5 percent rate. Within PDFP, growth of consumer spending moderated, while investment in equipment and intangibles rebounded from weakness in the fourth quarter. Surveys of households and businesses, however, report a decline in sentiment over recent months and elevated uncertainty about the economic outlook, largely reflecting trade policy concerns. It remains to be seen how these developments might affect future spending and investment. In the labor market, conditions have remained solid. Payroll job gains averaged a moderate 124,000 per month in the first five months of the year. The unemployment rate, at 4.2 percent in May, remains low and has stayed in a narrow range for the past year. Wage growth has continued to moderate while still outpacing inflation. Overall, a wide set of indicators suggests that conditions in the labor market are broadly in balance and consistent with maximum employment. The labor market is not a source of significant inflationary pressures. The strong labor market conditions in recent years have helped narrow long-standing disparities in employment and earnings across demographic groups. Inflation has eased significantly from its highs in mid-2022 but remains somewhat elevated relative to our 2 percent longer-run goal. Estimates based on the consumer price index and other data indicate that total personal consumption expenditures (PCE) prices rose 2.3 percent over the 12 months ending in May and that, excluding the volatile food and energy categories, core PCE prices rose 2.6 percent. Near-term measures of inflation expectations have moved up over recent months, as reflected in both market- and survey-based measures. Respondents to surveys of consumers, businesses, and professional forecasters point to tariffs as the driving factor. Beyond the next year or so, however, most measures of longer-term expectations remain consistent with our 2 percent inflation goal. Monetary Policy Our monetary policy actions are guided by our dual mandate to promote maximum employment and stable prices for the American people. With the labor market at or near maximum employment and inflation remaining somewhat elevated, the Federal Open Market Committee (FOMC) has maintained the target range for the federal funds rate at 4-1/4 to 4-1/2 percent since the beginning of the year. We have also continued to reduce our holdings of Treasury and agency mortgage-backed securities and, beginning in April, further slowed the pace of this decline to facilitate a smooth transition to ample reserve balances. We will continue to determine the appropriate stance of monetary policy based on the incoming data, the evolving outlook, and the balance of risks. Policy changes continue to evolve, and their effects on the economy remain uncertain. The effects of tariffs will depend, among other things, on their ultimate level. Expectations of that level, and thus of the related economic effects, reached a peak in April and have since declined. Even so, increases in tariffs this year are likely to push up prices and weigh on economic activity. The effects on inflation could be short lived—reflecting a one-time shift in the price level. It is also possible that the inflationary effects could instead be more persistent. Avoiding that outcome will depend on the size of the tariff effects, on how long it takes for them to pass through fully into prices, and, ultimately, on keeping longer-term inflation expectations well anchored. The FOMC's obligation is to keep longer-term inflation expectations well anchored and to prevent a one-time increase in the price level from becoming an ongoing inflation problem. As we act to meet that obligation, we will balance our maximum-employment and price-stability mandates, keeping in mind that, without price stability, we cannot achieve the long periods of strong labor market conditions that benefit all Americans. For the time being, we are well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance. To conclude, we understand that our actions affect communities, families, and businesses across the country. Everything we do is in service to our public mission. We at the Fed will do everything we can to achieve our maximum-employment and price-stability goals. Tyler Durden Tue, 06/24/2025 - 08:42
Got Beef? 12-Year Cycle Signals "Cyclical Low"
1750765500 from ZEROHEDGE
Got Beef? 12-Year Cycle Signals "Cyclical Low" The U.S. beef industry operates on 12-year herd cycles, with the last herd low in 2014 and the beef packer margin trough in 2015. The current herd liquidation began in 2019, and as of the start of 2025, the nation's cattle herd stands at 86.7 million, the lowest level since the 1950s. Herd rebuilding trends may begin soon, according to Goldman analysts Leah Jordan and Eli Thompson, who cited support from high calf prices and low feed costs, though herds appear tight for the foreseeable future. They expect this dynamic to keep beef packer margins depressed due to reduced slaughter volumes and elevated live cattle prices. Beef cycles typically last about twelve years on average, looking at trough-to-trough in the cattle herd. The prior trough in the herd occurred in 2014, while the prior trough in beef packer margins occurred in 2015. The current herd liquidation cycle began in 2019, with the herd tracking at ~86.7mm as of January 1, 2025, the lowest level since the 1950s. Herd rebuilding may already be underway, or is likely soon, noting supportive industry conditions (high calf prices and low feed costs), which should further constrain supply in the near-term, partially offset by record weights for cattle on feed. As a result, we expect beef packer margins to remain depressed in the near-term due to lower slaughter volumes and high live cattle prices. That said, herd retention will set up the industry better for the longer term, and effectively starts the clock for more normalized margins in about two years given the breeding timeline, with better visibility likely in a few quarters. TSN's beef operating margins track with industry packer margins, while its stock has a moderate correlation as well, noting the stock started to work in advance of the beef-driven earnings recovery in 2016. Additionally, the relationship has already started to decouple in the current cycle, owing to the strength of its diversified business mix across proteins (including prepared foods with greater margin stability). Analysts posed the question: "When will the beef cycle turn?" — one we've been asking at ZeroHedge, too. Here's a visual breakdown of the beef industry's turning points, as charted by the analysts: "We also believe the cyclical low in beef profitability is creating an attractive entry point for patient investors in Buy-rated TSN," the analysts noted. During Tyson Foods' earnings call in early May, Brady Stewart—head of Tyson's beef and pork supply chains—offered insights into what may be the emerging bottom in U.S. cattle supplies, which have fallen to their lowest levels in over 70 years. His comments came in response to a question from one Wall Street analyst. Stewart explained that while cattle supply remains down year-over-year, record-high animal weights are helping to offset the decline in volume. He added that the U.S. cattle industry is likely at or near the bottom of its inventory cycle, with herd levels now at a 73-year low. At the start of the year, the U.S. Department of Agriculture's annual Cattle Inventory report revealed that the nation's cattle supply had fallen to a 73-year low, totaling about 86.7 million head. At the supermarket, USDA data from the end of May showed the average price for a pound of ground beef reached yet another record high of nearly $6 a pound. While analysts expect a cyclical low in the beef cycle, that doesn't mean the industry is out of the woods just yet—tight supplies and elevated prices are likely to persist for years. Now is the time for consumers to secure local supply chains, even if that means getting to know the rancher down the road. The rise of the 'MAHA' movement is accelerating this shift, as more Americans turn to clean, locally raised beef and reject products from globalist-owned food conglomerates. Tyler Durden Tue, 06/24/2025 - 07:45
Tether Teases Plans To Slay Wall Street, Big Tech Entering Stablecoin Arena
1750762500 from ZEROHEDGE
Tether Teases Plans To Slay Wall Street, Big Tech Entering Stablecoin Arena Tether CEO Paolo Ardoino teased the company’s ambitious plan to maintain its dominance in the rapidly growing stablecoin market, even as Wall Street and Big Tech signal their intent to enter the sector. In an interview with the popular crypto podcast Bankless, Ardoino discussed how Tether’s expansive global distribution network, strategic investments in dozens of companies, and the potential regulatory advantages that could hinder tech giants like from launching competing stablecoins. Over 11 years, Tether has built what Ardoino described as “the biggest distribution network for the U.S. dollar in the history of humanity,” with millions of physical touchpoints worldwide. Namely, the network reaches deep into emerging markets through initiatives like solar-powered kiosks in Africa, Ardoino told the show. "Just in Africa, you know, we build, we are building, we did this pilot with 500 kiosks with solar panels on top and rechargeable batteries inside in Africa. 400 million people, 600 million people, actually, don’t have access to electricity, and so we build this kiosks with solar panels on top and batteries inside,” the Tether CEO said. "We sell subscriptions for 3 USDT per month to the people in these villages, and we have around 500,000 users already and 10 million battery swaps.” Tether plans to expand this initiative significantly, according to Ardoino. “By 2026, we’re going to have 10,000 kiosks, and, end of 2030, we’re going to have 100,000 kiosks. So, we are going to touch around 30 million households by 2030. That means that 120 million people, on average, in Africa, first of all, is a change that you can see from space, because you light up a continent, and, also, you know, you have 120 million people that are going to rely, on a day-to-day basis, on the US dollar in the form of USDT,” he said. Tether’s investment portfolio, encompassing over 100 companies, plays an integral role in market reach, Ardoino said, pointing to a partnership with the pro-free speech video-sharing platform Rumble. “Think about the U.S. domestic stablecoin. Rumble will launch a Rumble wallet and has 70 million users. It’s not bad to start with. It’s good to bootstrap. I think that is pretty much how many active users, much more active users than, probably, the biggest exchange in the U.S.” During his discussion with hosts Ryan Sean Adams and David Hoffman, Ardoino also delved into Tether’s meteoric growth. “The reason why Tether is the lead stablecoin and has such high metrics, like 450 million users, we grow by 30 million new wallets per quarter, and we publish that data. We have this website, called usdt.net, where we publish the updated data. 37% of our users are savings accounts, for example,” he explained. Ardoino also reaffirmed Tether’s mission as one of extending the U.S. dollar’s influence to emerging markets. “That’s how you bring the US dollar farther, and you bring it to the emerging markets. That’s what what boiled in our pot for the last many years, and that is one of the least understood things about Tether,” he said. Ardoino then weighed in on the recently Senate-approved GENIUS Act, which establishes a federal regulatory framework for stablecoins, as a potential obstacle for technology companies aiming to issue stablecoins. "We need to wait, but seems like companies like Meta might have a hard time to launch a stablecoin, given, if I'm not wrong, given the GENIUS Act,” Ardoino said. “There is kind of, sort of, a prohibition, if you are not primarily involved in finance. There is kind of prohibition that is, at least, my take from the language that I saw.” As of April 2025, Tether’s USDt held a 66% share of the stablecoin market, with a market capitalization of approximately $150 billion, according to CoinGecko. The Department of the Treasury’s first-quarter 2025 report projects that USD-pegged stablecoins could reach a combined market cap of $2 trillion by 2028. Circle, the issuer of USDC, saw its stock soar over 200% after a $1.1 billion IPO on the NYSE in June 2025, as major players like Amazon and banks explore launching their own stablecoins to capitalize on the growing market. Tyler Durden Tue, 06/24/2025 - 06:55
Auto Tariffs Will Cost Consumers An Estimated $2,000 More Per Vehicle
1750758300 from ZEROHEDGE
Auto Tariffs Will Cost Consumers An Estimated $2,000 More Per Vehicle President Trump’s tariffs are hitting car buyers hard, with prices expected to rise nearly $2,000 per vehicle, according to consulting firm AlixPartners. The firm estimates that automakers will pass on 80% of the $30 billion tariff cost, adding about $1,760 per car, according to Bloomberg. “These tariffs bring a big wall of cost,” said Mark Wakefield, AlixPartners’ global auto lead. “We see consumers taking the majority of the hit.” General Motors and Ford have already projected tariff-related hits of $5 billion and $2.5 billion, respectively, and plan to offset some of it through price hikes. Wakefield warned this will result in around 1 million fewer cars sold in the U.S. over the next three years. Still, AlixPartners sees a rebound, projecting U.S. auto sales to hit 17 million by 2030. Bloomberg reports that while the 25% tariff is steep now, the firm expects it to ease as trade deals evolve, predicting a drop to 7.5% for assembled cars and 5% for parts. “This tariff wall is not likely to last forever,” Wakefield noted. What may have longer-lasting consequences, however, is the Trump administration’s rollback of EV incentives, including the $7,500 consumer tax credit. Without that support, Americans are expected to “follow their pocketbook,” Wakefield said, and stick with gas-powered cars. As a result, AlixPartners slashed its EV forecast for 2030. They now see battery electrics making up just 17% of U.S. car sales—down from an earlier prediction of 31%. Internal combustion engines, previously expected to fall to one-third of sales, are now projected to hold at 50%. Traditional hybrids are forecast to reach 27%, while plug-in hybrids will make up only 6%. Wakefield warned that these policy shifts could seriously undercut U.S. automakers in the global EV race, potentially making them reliant on Chinese platforms and technology. “It makes it much more likely that they end up licensing or joint venturing or otherwise using platforms and EV technologies from China,” he said. And while American automakers might still dominate one segment, Wakefield had a biting prediction: “They’ll have the world’s best V8 engines by 2028. They’ll probably also have the world’s only V8 engines by 2028.” Tyler Durden Tue, 06/24/2025 - 05:45
German Police Caught Dropping Off Migrant In Dutch Border City
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German Police Caught Dropping Off Migrant In Dutch Border City Authored by Thomas Brooke via Remix News, German federal police were filmed quietly dropping off a migrant in the Dutch city of Venlo in the early hours of the morning in what appears to be a cross-border expulsion carried out without the knowledge of local Dutch authorities. The incident, which took place in May, came to light after local florist Masha Verstappen’s security camera captured the scene, and she later shared her concerns publicly. The footage shows a police van arriving at around 4:00 a.m., parking briefly as a man is handed a suitcase and a large brown envelope, then left behind as the vehicle drives away. “He sat outside for a few more hours and used my power to charge his phone,” she told Dutch outlet L1 Nieuws. “We are less than 100 meters from the border here.” 🇳🇱🇩🇪‼️ German police officers have been caught on camera crossing the Dutch border to drop off migrants. CCTV footage from a florist in Venlo recorded the moment a man was left at 4 a.m. with his suitcase and a brown envelope in the Dutch city, just 4 miles from Germany. The… pic.twitter.com/oPpfsLFGgl — Remix News & Views (@RMXnews) June 23, 2025 The Dutch Ministry of Asylum and Migration confirmed to L1 Nieuws it was aware of such incidents and admitted they have been occurring for years. A spokesperson said there are two types of transfers of foreign nationals between Germany and the Netherlands: so-called “hot transfers,” where a migrant is physically handed over between authorities, and “cold transfers,” in which no coordination takes place. The May incident is categorized as a cold transfer. The ministry defended the legality of the practice, stating that such returns are not classified as illegal “pushback” because they occur within the Schengen Area, not at an external European border. This assessment, however, is a moot point. There have been multiple instances in which courts have intervened to rule the return of migrants from one EU country to another to be unlawful, including between Germany and Poland. A German judge ruled in early June that such expulsions are unlawful, affirming that all individuals have the right to a fair asylum procedure. The Bundespolizei, however, maintains that it is acting within its rights. That particular case concerned three Somali nationals who had arrived in Frankfurt (Oder) on May 9 by train, only to be removed back to Poland by the German authorities despite having declared their intention to seek asylum. The Berlin Administrative Court ruled the German government could not bypass the Dublin Regulation by invoking emergency clauses under the EU treaties where there was “a lack of sufficient demonstration of a danger to public safety or order.” The drop-off in Venlo appears to be a byproduct of increased German border checks under the new CDU-led federal government. When those individuals are believed to have come from the Netherlands, they are sometimes returned without formal coordination, as in the case of the Venlo incident. The municipality of Venlo, however, said it had no prior knowledge of the incident and reiterated that it has no jurisdiction over border control or immigration enforcement. “The police and the Royal Netherlands Marechaussee are responsible for supervising the lawful residence of foreign nationals. Furthermore, it is up to the national governments to make mutual agreements about this,” a spokesperson for Mayor Scholten said. The Dutch coalition government collapsed recently over the insistence of Geert Wilders, leader of the Party for Freedom (PVV), for a stricter asylum policy. With fresh elections on the horizon, Wilders has remained committed to defending the Dutch border, potentially putting any future Dutch government on a collision course with Berlin over such practices. Read more here... Tyler Durden Tue, 06/24/2025 - 05:00
Beyond Beyond Meat: Lab Grown Meat Has Now Arrived For Sale In 3 Countries
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Beyond Beyond Meat: Lab Grown Meat Has Now Arrived For Sale In 3 Countries Is this what's beyond Beyond Meat? Australia just gave lab-grown meat the official thumbs-up, approving the sale of cultivated Japanese quail and joining the elite global club of… three. That’s right—only Singapore, the U.S., and now Australia are on board with selling meat that’s never had feathers, feet, or a heartbeat, Bloomberg wrote last week. Sydney-based startup Vow is behind the venture and says it’ll start serving up foie gras, parfait, and other fancy dishes made from quail cells in select restaurants within weeks. This follows a long-overdue tweak to the country's food standards code, years in the making. The science behind it? Cultivating animal cells in vats instead of raising entire animals, allegedly to save the planet and spare some lives. Noble goals, sure. But the cultivated meat industry hasn’t exactly been thriving. Funding is drying up, scaling remains a headache, and the political pushback—especially in the U.S.—has turned into a sideshow. “While other markets face regulatory uncertainty, Australia is embracing innovation and consumers are ready to try something new and delicious,” Vow CEO George Peppou said, clearly feeling good about being the new kid on the bioreactor block. Vow’s lab-grown quail will show up under its Forged brand at places like NEL in Sydney and Bottarga in Melbourne. Meanwhile, in Singapore, where Vow already operates, the company claims 200% month-over-month growth. Though when your starting point is a couple of upscale restaurant menus, that math isn’t exactly hard to beat. Production is still a drop in the bucket compared to the real meat market, but Vow promises to hit 10.8 tons a month by year’s end. The company’s managed to raise more than $70 million from investors including Blackbird, Square Peg, and Peakbridge—suggesting at least some people are betting that cell-cultured quail is more than a novelty. Still, whether diners will bite—or keep biting once the novelty wears off—remains the real question. It’s one thing to get approval; it’s another to convince people their $45 foie gras came from a vat and not a bird, and that’s a good thing. Tyler Durden Tue, 06/24/2025 - 04:15
All Eyes On Beijing's Annual Reshuffle Of Military Chiefs Amid Signs Of Xi's Waning Power
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All Eyes On Beijing's Annual Reshuffle Of Military Chiefs Amid Signs Of Xi's Waning Power Authored by Alex Wu via The Epoch Times, As infighting within the top echelons of the Chinese Communist Party (CCP) intensifies, many China watchers are wondering if Chinese leader Xi Jinping is still in power and really in control, especially of the military. According to long-standing CCP practice, a group of generals are promoted before Army Day on Aug. 1 every year. Since many generals were reported to have been taken down or investigated in an alleged military purge over the last year, whether Xi will promote any generals or announce new appointments before Aug. 1 has attracted attention as an indication of whether he’s still in control of the military. Xu Qiliang, former vice chairman of the CCP’s Central Military Commission, the highest military leadership body of the communist regime, suddenly passed away on June 2, making him the latest casualty following a string of top CCP military officials who have encountered misfortunes, including sudden death, arrest, or simply disappearing. Meanwhile, He Weidong, one of two vice chairmen of the Central Military Commission, whose status in the military is second only to the other vice chairman, Zhang Youxia, disappeared from the public eye on March 11 after the closing ceremony of the third session of the National People’s Congress. He is regarded as one of Xi’s most trusted men. There have been rumors coming out of Beijing that He was under investigation. With this, some observers have speculated that Zhang is now in charge of the CCP’s military and that he stripped Xi’s power last year. Since two other members of the Central Military Commission—Li Shangfu and Miao Hua—were successively brought down in the two years prior, if He’s absence is officially confirmed, the number of members of the Central Military Commission will drop from seven to four. Who will fill these top military positions and who will replace the generals who have been pushed out is a focus for this year’s Army Day. Generals in Prison Enough to Form a Military Company In the past 13 years since Xi became CCP leader, he has launched waves of “anti-corruption” campaigns to purge his political enemies, many of whom were in the military, to consolidate his power. “So much resentment has been accumulating for 13 years,” Su Tzu-yun, researcher and director of Division of Defense Strategy and Resources at Taiwan’s Institute for National Defense and Security Research, told the Chinese language Epoch Times on June 16. “The CCP’s internal struggle in the name of anti-corruption is more dangerous than a battlefield.” But within one year from 2023 to 2024, the Chinese regime began to see purges, with 12 top PLA (People’s Liberation Army) officials removed in the name of “anti-corruption;” including Li Shangfu and Wei Fenghe who were both former ministers of defense, three rocket force commanders, and one air force commander, and others. In 2024, overseas Chinese media re-posted a now-deleted X post by China observer “Li Jun” listing the names and ranks of 101 top CCP military leaders who were put in jail. Li said there were enough individuals to form a military company, with 97 being at “general-level” alongside four more “colonel-level” cadres. Su noted that all the senior military officials purged over the last year were previously promoted to their position by Xi. “At present, it seems that only Zhang Youxia has the power to carry out the purge, and Xi Jinping may have become a rubber stamp, otherwise, not all of them would be people from Xi’s faction,” he said. U.S.-based China affairs observer Tang Jingyuan shares the same assessment. He told the Epoch Times on June 16 that “not only this wave of the large-scale purge is almost entirely aimed at Xi Jinping’s cronies ... those replacements are all people from Zhang Youxia’s faction,” while some positions after the purge remain vacant. “This means there might have been a huge replacement and transfer of power in the CCP’s military,” Tang said. “Once control over the military is transferred, it means that the party leader’s power base has collapsed. So now, Xi Jinping may still be the top leader in name, but in fact, he has lost control of the highest power of the CCP.” Shen Ming-shih, director of the Division of National Security Research at Taiwan’s Institute for National Defense and Security Research, told The Epoch Times on June 16 that such speculation is difficult to confirm as there is no public information about the power struggles within the CCP, and no way to get official clarification or proof of any internal strife either. Soldiers of the People's Liberation Army are seen before a giant screen as Chinese leader Xi Jinping speaks at the military parade marking the 70th founding anniversary of the regime in Beijing on Oct. 1, 2019. Jason Lee/Reuters “It’s expressed entirely through vague information or vague language, and even deliberately uses such vague language to indicate who is in power or who has stepped down. It’s harder for the outside world to read these signs.” Possible Personnel Changes by Army Day U.S.-based China affairs commentator Chen Pokong told The Epoch Times that this year’s Army Day will be a major point to observe who will be promoted in the military and which faction they belong to. “If they really want to add new members to the Central Military Commission on the Aug. 1 Army Day, they must be confirmed by the Fourth Plenary Session of the CCP’s Central Committee, which is definitely a big fight between the Xi faction and the anti-Xi faction.” If new members are added, it will also show which faction has the upper hand in the CCP’s infighting, Chen said. Shen said it remains unclear which exact dates the Fourth Plenary Session of the Central Committee will be held amid the rumors of a power struggle. “If it is held before the end of June, the CCP’s general secretary or the Central Military Commission will have made the personnel arrangement to promote a group of generals before the Aug. 1 Army Day,” he said. Insiders close to the regime’s top circle have leaked two possible dates for the top CCP political meeting. Well-known independent current affairs commentator Cai Shenqun cited a source within the regime saying that the Fourth Plenary Session will be held Aug. 27 to Aug. 30. Meanwhile, Australia-based current affairs commentator Jiang Wangzheng has said that according to his source in China, the top meeting will be held on Oct. 13 to Oct. 16. Chen said that the CCP’s personnel arrangements are opaque and that it has been very difficult for the various factions to reach an agreement. “The internal struggles of the CCP’s top leaders may be far more fierce than the outside world imagines, and the CCP and its military are in a precarious state,” he said. Tyler Durden Mon, 06/23/2025 - 23:25
"Extraordinary": More Than Two Dozen Missing Children Found In Florida Special Operation
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"Extraordinary": More Than Two Dozen Missing Children Found In Florida Special Operation In the first operation of its kind in Florida, authorities have located over two dozen missing children during a multi-day rescue mission in Northeast Florida, according to Local 12. The children, aged 7 to 17, had been missing from 10 days to more than a year. Over 30 local, state, and federal agencies participated in the joint effort. Kevin Branzetti, CEO of the National Child Protection Taskforce, stressed the importance of follow-up care: "Finding the children is the first stage, but somebody has to listen to them and help them," he told WFOX. Branzetti also emphasized the long-term impact of the effort: "What's occurring here isn't just protecting these kids. It's saving generations to come," he said to WJAX. Al Rollins, also with the taskforce, noted the emotional toll many children faced:"In some cases, these kids were waiting for someone to show that they cared about them and show that they were looking for them," he told WJAX. Local 12 reports that Operation Light Shine, which supported the effort, posted on Instagram that "countless lives [were] forever changed" and called the week’s events "extraordinary." Clay County Sheriff's Office representative Ron Lendvay explained that detectives brought their toughest unsolved cases to the operation:"We all know that when kids run away, they're either running to something or they're running from something," he said. "And what the intercept taskforce does is we go after those to give them something to run to or pull them away from their families." Each case is now being reviewed to determine whether human or sex trafficking was involved. Tyler Durden Mon, 06/23/2025 - 23:00
The Trump Doctrine (AKA The Businessman's Way Of War)
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The Trump Doctrine (AKA The Businessman's Way Of War) Authored by 'Cynical Publius' via American Greatness, As the dust and smoke settle over Iran’s devastated nuclear weapons program, President Donald Trump’s method of waging war is coming into focus. We had hints of what I call the “Trump Doctrine” in his first term as he annihilated ISIS in Syria, but the two-decade war in Afghanistan that he had inherited initially obscured what has now become a coherent doctrine. In his second term, the freedom of navigation attacks against Yemen’s Houthis were once again a hint of Trump’s way of war, but Saturday’s attack on Iran—and the events leading up to it—tell us much about the deliberate and precise manner in which Trump seeks to conduct American wars. Similar to (but different from) the famous “Powell Doctrine” promulgated by former Secretary of State Colin Powell (more on that later), the Trump Doctrine is the doctrine of a businessman serving his stockholders. Explained another way, the Trump Doctrine is the “Businessman’s Way of War.” To preview succinctly, the Trump Doctrine consists of a series of business-like, iterative steps for all uses of American military force, and it performs as follows: Identify America’s national interest. Bargain with the prospective enemy. If/when negotiations fail, conceal & misdirect. Strike with precision and overwhelming force. Achieve submission. Bargain again (from a position of complete strength) with the defeated enemy. I’ll now examine each of these escalating steps in detail. “IDENTIFY AMERICA’S NATIONAL INTEREST.” This first point is key in understanding the Trump Doctrine and how it differs from the Powell Doctrine. Both the Trump Doctrine and the Powell Doctrine focus on war as only being necessary when a vital American national interest is at stake, but the definition of that “interest” differs rather dramatically between the two doctrines. Whereas the Powell Doctrine allows for amorphous goals such as exporting democracy, the Trump Doctrine takes a fundamentally different approach—a businessman’s approach. You see, Donald Trump, a man whose entire life until 2016 was focused on winning in business, does not view himself as President of a nation so much as he views himself as Chief Executive Officer and Chairman of the Board of a very large business, and that business is the United States of America. As CEO and Chairman, he knows he has a fiduciary duty to his stockholders. (You, me, and every other American are his stockholders.) The company Trump leads is not a non-profit—his company has no purpose other than to profit the stockholders. Regime change, spreading democracy, and trying to implement American concepts of liberty are the altruistic purposes of a tax-free, non-profit entity. But Trump sees America as a for-profit, and no actions will be taken for any reason other than to profit the American stockholders, and ending the nuclear capability of an Iranian regime of medieval theocrats greatly serves that purpose. “BARGAIN WITH THE PROSPECTIVE ENEMY.” Donald Trump will never expend American blood and treasure when a deal can be made first. Unlike so many of his predecessors, he does not care much about the moral fiber of America’s prospective enemies; he only cares about benefiting his American stockholders. Thus, when he offered the crazed theocrats ruling Iran a chance to bargain, he meant it. Trump does not care how much the mullahs punish their own citizens; he only cares about his fiduciary duties to his stockholders. Had the mullahs decided to bring their nation to the nuclear negotiating table in good faith, no B-2 bombers would have flown over Iraq this past weekend. “IF/WHEN NEGOTIATIONS FAIL, CONCEAL & MISDIRECT.” Trump gave the mullahs a chance to bargain. They declined. Think about this in the same way as when a large, profitable public company seeks to buy a weaker, distressed private company by way of merger. The first step is to offer a deal that benefits both parties. That’s what good businessmen do. But when the weaker company refuses to strike a deal that is in its best interest, the CEO of the stronger company starts to plan a hostile takeover while hiding his intent, and that’s just what Trump did with Iran. When Google wants to buy a hot, new artificial intelligence start-up, it does not tip its intent off to Apple, and in fact will publicly pretend it has no interest at all in buying the distressed target company. Trump employed a similar strategy as he engaged in what is now obviously a deception plan, where Trump and Netanyahu publicly pretended they were at odds. Even at the last minute—while Pentagon OPSEC was airtight—the public message was that Air Force B-2s were headed to Guam, but that was only a deception plan to obscure their actual flight plan from Missouri. Business is often like war, except without actual bloodshed. CEO Trump knows this, and made the same deception play in Iran as he would in forcing the sale of a distressed casino to one of his real estate ventures. “STRIKE WITH PRECISION AND OVERWHELMING FORCE.” Like the Powell Doctrine, the Trump Doctrine calls for the total commitment of America’s most lethal capabilities in an overwhelming manner. Like the large public company bringing all of its financial assets and influence to bear against a distressed merger target running from an undesired acquisition, Trump employed never-before-used Massive Ordnance Penetrators, delivered by our untrackable B-2 bombers, with an aerial corridor opened by Navy and Air Force stealth aircraft, while sub-launched Tomahawk cruise missiles took out targets that did not need the deep underground attack of the MOPs. Overwhelming military force is the way to defeat America’s enemies, just as overwhelming financial capabilities and business strategies ensure a powerful company controls the market against its competitors. “ACHIEVE SUBMISSION.” This is where the Trump Doctrine deviates most significantly from the Powell Doctrine. The lynchpin of the Powell Doctrine is achieving an “exit strategy.” An “exit strategy” is amorphous, and the enemy gets a vote. What was our exit strategy in Afghanistan? Tribal leaders who finally decided a democracy and personal liberty were the way to govern Afghanistan? Was the exit strategy in Iraq a sort of multi-ethnic republic with a constitution like our own? These goals were wishful thinking and led to 20+ years of useless, endless wars. President Trump sees “exit strategies” differently—he sees them as complete and total submission of the enemy. To borrow a term from popular culture, Trump demands our foes “bend the knee,” and he will settle for nothing less. Like the businessman he is, Trump expects his competitors to submit to his company’s will or cease to exist. As Trump said in his speech last Saturday night, “There will be either peace, or there will be tragedy for Iran, far greater than we have witnessed over the last eight days. This is not an “exit strategy.” This is a demand for complete and total submission. Importantly, Trump planned our attacks on Iran’s nuclear capabilities realizing that total submission was possible, and he would never have launched the attacks if total submission was not on the menu. That is a sea change from our recent history of complex geopolitical “exit strategies.” Trump’s exit strategy is simply complete and total submission, and nothing less. His stockholders deserve as much. “BARGAIN AGAIN (FROM A POSITION OF COMPLETE STRENGTH) WITH THE DEFEATED ENEMY.” This is another area that is separate and distinct from the Powell Doctrine, and from all American wars since the Spanish-American War in 1898. Like the businessman he is, Trump sees war as a means to force our enemies to the negotiating table to give us what we want. Democracy? LGBTQ+ rights? Capitalism? Trump does not care. He only cares about what tangibly benefits his stockholders. When Trump says, “But if peace does not come quickly, we will go after those other targets with precision, speed, and skill,” he implies that negotiations can create peace. The B-2 strikes also serve to bring the mullahs to the negotiating table. If they acquiesce, they survive. If they do not, they die. Additionally, Trump sees the deployment of U.S. forces as creating second- and third-order effects. Did China get the message? Will Russia stop giving arms to Iran if we agree to stop arming Ukraine? Every action Trump takes has deep meaning, and often outside the obvious scope of military objectives. This, too, is a businessman’s approach to war, and differs greatly from the standards of other recent presidents. If an action can influence your company’s competitors to act in your best interest, that is an action that must be taken. At some point, every American enemy will realize that you must give Donald Trump what he wants, or he will destroy you. Military force as a negotiating tool is a new concept in American warfare, and I like it. The Trump Doctrine provides for six steps to a new way of war. The Spanish-American War was the last war America ever fought for any reason other than to benefit the stockholders. Woodrow Wilson brought America into World War I to make the world “Safe for Democracy,” and for over a century, that has been America’s guiding wartime light. Yes, that was necessary and proper in World War II, but as a veteran of Afghanistan and Iraq, I know that most of the world today does not want democracy, and wasting American lives to achieve such an objective is futile. I vastly prefer a war that benefits America’s stockholders, and hopefully, all future presidents will know that the Trump Doctrine is the best method of serving America’s national interests. Thank you, President Trump, for realigning America’s military mission into something that best serves the American people. Cynical Publius is the nom de plume of a retired U.S. Army colonel and veteran of Iraq and Afghanistan, who is now a practicing mergers and acquisitions corporate law attorney. He believes the confluence of his experiences fighting wars and fighting business acquisitions has shown him Donald Trump’s way of war. You can follow Cynical Publius on X at @CynicalPublius. * * * Views expressed in this article are opinions of the author and do not necessarily reflect the views of ZeroHedge. Tyler Durden Mon, 06/23/2025 - 22:35