Distinction Matter - Subscribed Feeds

  1. Site: Zero Hedge
    4 weeks 8 hours ago
    Author: Tyler Durden
    Buying A John Deere Tractor? Leading Indicators Signal Supply-Side Inflection Point For Used Market

    Goldman analysts point to a bullish supply-side inflection point in the heavy machinery market, emphasizing that shrinking used equipment inventories have historically led to price increases in used machinery within 6–9 months and in new equipment within roughly 12 months. This inflection point suggests that a strategic window to purchase used heavy machinery has likely opened.

    Goldman's Jerry Revich and Clay Williams reiterated their "Buy" ratings on Deere (DE), Caterpillar (CAT), and United Rentals (URI), citing a bullish supply-side inflection point in the machinery cycle. According to their Machinery Supply tracker, declining used equipment inventories—a leading indicator—signal tightening supply and a capital stock drawdown for the first time in three years.

    Here are the key highlights of the note:

    • Shifts in used equipment inventories lead used values by ~6-9 months, new equipment production by ~12 months, with coincident performance vs. stocks. Jerry makes a purely supply-side call that points to upside beyond the economic cycle; he sees (i) declining capital stock for the first time in three years, (ii) under-production over the past year amid dealer inventory destocking, (iii) estimates that embed full tariff headwinds, and (iv) valuation upside on mid-cycle earnings.

    • Previously in 2016, the used market inflection marked the start of a multi-year recovery in ag equipment demand despite relatively soft farmer incomes. We are now seeing used inventories declining on a year-over-year basis for consecutive months which supports jerry's bullish DE view. Used values have historically been coincident wih DE stock price and histroically lead used equipment values by 6 to 9 months.

    Our focus is less on individual names like DE, CAT, and URI and more on the underlying equipment used and new values charted by Goldman analysts, which points to a clear supply-side inflection point in the heavy machinery market.

    The analysts show tightening inventories of used construction equipment, with used values appearing to bottom out and begin an upward trend.

    "As the inflation environment has normalized, we believe the relationship will revert to past cycles," the analysts said. 

    Exhibit 17 illustrates the full history of supply imbalances in the heavy machinery market—highlighting how periods of under- and oversupply have consistently driven pricing trends in the secondary market.

    Similar dynamics are underway for the used ag equipment market. 

    Is a 2016-like reversal ahead for the 100 horsepower used tractor market?

    Ag used inventories vs Deere dealer inventories...

    This insight is particularly valuable for business owners and operators weighing the decision to purchase used or new heavy machinery or ag equipment, offering a clearer view of where prices are likely headed in the quarters ahead.

    Tyler Durden Wed, 05/14/2025 - 21:20
  2. Site: Zero Hedge
    4 weeks 9 hours ago
    Author: Tyler Durden
    Don't Be A Panican, But Question Government Shenanigans

    Authored by Matthew Williams via The Mises Institute,

    “Don’t Be A Panican” is a memeable mantra adapted from a Truth Social post released by the President during the market turmoil triggered by the threat of a broad-sweeping tariff policy. While the panican meme is comical and jovial, its sentiment carries a more insidious undertone.

    Voting conservatives have given lip service to the classical liberal tenet that a smaller government is the most effective way to run a country—though we will not delve into how this desire fails to manifest in Washington, D.C. Traditionally, conservatives are supposed to question government, support free markets, condemn government overreach, and uphold constitutionalism.

    On April 2, 2025—“Liberation Day”—Trump announced a litany of tariffs. However, they were not genuine tariffs but pseudo-tariffs. The calculations relied on the ratio of trade deficits to US imports, producing a falsely-inflated tariff percentage. In response, Trump introduced retaliatory tariffs based on this misleading figure. Critics argued that the tactic was inherently dishonest. Yet, when confronted with this faulty approach, many of President Trump’s most ardent followers retorted, “trust the process” or “it’s going to hurt in the short term”—believing that the ends justify the means.

    Tariffs sent the markets into a frenzy. Both Trump and representatives from his administration conveyed conflicting messages about the tariffs’ ultimate purpose. Meanwhile, obsequious conservative think tanks scrambled to justify the policy, often issuing paradoxical interpretations of tariffs as a strategy.

    A Euthyphro’s dilemma of sorts emerged. Were tariffs sound policy—capable of paying debt, replacing taxes, and bolstering American exceptionalism—or were they valuable solely because they could be leveraged to bargain for free trade with other nations? Rather than reconciling this dilemma or acknowledging the inherent contradictions, followers and messengers embraced all premises, frequently conflating disparate ideas. The goal was clear: to cast Trump’s decision in a positive light. Even more disheartening was the fact that many of these trusted intellectuals compromised their foundational values, such as the commitment to free trade, in an effort to justify an enigmatic presidential move.

    Put bluntly, “Don’t Be A Panican” was less about avoiding panic and more a euphemism for “trust Donald Trump.” This message—emerging from traditionally skeptical conservatives—is particularly troubling given the garbled communications from the Trump administration. There were ample reasons to be skeptical—regardless of the ultimate outcome or one’s political leanings. Unfortunately, this blind trust had already taken root before April 2, and it is not a phenomenon confined solely to the Right.

    Don’t Be A Panican: Bias Media and Public Health Figures

    Five years ago, a novel virus swept the globe. Covid was a highly-contagious threat, particularly dangerous to high-risk individuals, and it cost over one million American lives. Public health figures urged citizens to confine themselves at home—no visiting family or friends, mask up, and even avoid hiking outdoors. Media outlets broadcast death counters alongside the latest news, and images of people isolated at home—waving from behind windows or hugging through plastic barriers—became ubiquitous. Commercials urging citizens to mask up and do their part to stop the contagion inundated every broadcast, fostering an environment of pervasive fear.

    A vaccine was developed in record time and though—sometimes a controversial point—data showed the vaccine safe; its efficacy in containing the spread of the contagion was questionable. Regardless, many companies and institutions pushed mask and vaccine mandates on the public at the discretion of government entities like the Center for Disease Control (CDC).

    These mandates were poorly managed and infringed on many American freedoms. Questioners or dissenters were frequently excluded from public discourse, their concerns dismissed without proper debate; in some instances, individuals even faced career-ending repercussions. Worries about vaccine side effects were labeled as “conspiracy theories.” When side effects became public knowledge, there was neither an apology nor an admission of error. Covid policy and response was a complete disaster.

    The panican narrative was quite different in this situation. It was the panicans urging the public to blindly trust authorities and the “science,” while non-panicans exercised caution and rejected that narrative. 

    Non-panicans fervently detested and rejected the technocratic establishment.

    Fast forward to 2025, and new faces have supplanted the technocrats in institutions of public health, such as the Department of Health and Human Services (HHS). Many non-panicans—once adamantly opposed to bureaucrats lecturing us on health decisions—now welcome these new figures as leaders in public health. Some even call for them to use bureaucratic power to remove additives or unwanted ingredients from foods and baby formula. Such calls are often embellished with justifications like, “They are poisoning us!”—a claim that sounds awfully like an appeal to panic.

    In this scenario, there are several reasons to reject—or at least protest—the advocacy for government intervention as a panacea that should be obvious to government minimalists—and non-panicans. First, the idea that government regulations will hold corporations accountable is debatable, as evidence suggests that such measures can instead embolden corporate entities. Second, emboldening the market, by decreasing regulations and bureaucratic controls, to apply pressures on corporations is the orthodox conservative approach. What happened?

    Conversely, the panicans have reacted in an entirely opposite manner. Now, it is the panicans telling us to no longer trust the experts—blaming them for measles outbreaks and for wasting taxpayer money on frivolous experiments like investigating a cause for autism. This stance seems excessive and misleading, especially since anti-vaccine sentiments had been on the rise before figures like Robert F. Kennedy Jr. came to prominence. Ironically, this anti-vaccine trajectory appears largely as a reaction to the panican response during covid. It is bewildering that the covid panicans failed to assume any responsibility for this trend, choosing instead to project blame onto figures like RFK Jr. and Dr. Bhattacharya for the growing movement against established scientific thought.

    The polarization surrounding nearly every policy decision leaves one questioning the appropriate course of action.

    To Be or Not to Be a Panican

    It seems the American public is constantly instructed on when to be—and not to be—a “panican” by the powers that be. While only two scenarios have been outlined above, recent years have presented a plethora of examples: Russian collusion, Biden’s mental health decline, “if you like your doctor you can keep your doctor,” etc. The list is extensive.

    It is good advice not to be a panican. Panic induces strong emotions of fear and uncertainty, rendering individuals more susceptible to short-sighted solutions that promise comfort or security. Typically, these solutions manifest as government interventionism—leading to rigid legislation and eventual bureaucratic expansion. In the words of V from V for Vendetta, “Fear got the best of you and in your panic you turned to the now high chancellor [the government].... Fear became the ultimate tool of this government.”

    However, a more troubling message accompanies the panican mantra. Whether one is labeled a panican or not often depends on partisan politics rather than objective analysis. Although panicans are generally associated with the Left and non-panicans with the Right, this alignment is not absolute. Both camps tend to place their trust in government solutions solely based on who is in power—a stance that builds a house on a foundation of sand. At its core, this philosophy assumes that the government will, or is, acting in the best interests of the people.

    Demagoguery has become commonplace in political discourse and in approach to policy. This trend sets a dangerous precedent by encouraging the abandonment of the very ideals on which our nation was founded. The Founders believed strongly in rights endowed by an extrinsic, all-powerful Creator, not government. This belief is potent precisely because it shifts power away from a flawed human institution and places it in individual rights, which transcend human authority. Thomas Jefferson famously averred, “The spirit of resistance to government is so valuable on certain occasions that I wish it to be always kept alive. It will often be exercised when wrong, but better so than not to be exercised at all.”

    On the other hand, President Trump has taken significant steps to reduce government power in some areas through initiatives such as DOGE, executive orders implementing sunsetting legislation, and crackdowns on illegal immigration—actions that support a smaller government framework. These decisions should be lauded, as they position Trump as a champion of reducing government overreach. Trump excels when held accountable and listens to his base—a notable strength—it is all the more important that conservatives uphold their values rather than succumb to populist rhetoric and defenses.

    We must remember that America’s values do not originate from those in power but from a set of ideals that exceed human authority. When the administration pursues actions that contradict these values, it is our duty to question and hold them accountable. Excusing or attempting to justify poor policy sets a dangerous precedent. With that being said, don’t be a panican.

    Tyler Durden Wed, 05/14/2025 - 20:05
  3. Site: Zero Hedge
    4 weeks 10 hours ago
    Author: Tyler Durden
    Tyson Responds To Beef Shortage With "Hard" Push Into Chicken Production

    Speaking at the BMO Global Farm to Market Conference in New York, Tyson Foods CEO Donnie King said the U.S. cattle industry appears to be in the early stages of a rebuilding cycle, with the national herd size hovering near 70-year lows.

    In response to alarmingly low herd levels pushing cattle futures in Chicago to record highs, King noted Tyson plans to ramp up chicken production. Chicken is viewed as an affordable alternative to beef, making it increasingly attractive to cost-conscious consumers. 

    "We've got more opportunity to grow," King told industry insiders and investors at the market conference, adding the company is looking to work its assets "a little harder."

    King said Tyson will expand chicken production to meet growing demand as a more affordable alternative to beef. 

    The cattle shortage, plus new developments this week of U.S. Agriculture Secretary Brooke Rollins shutting down live cattle, horse, and bison imports from southern border land ports, sent cattle futures in Chicago to fresh record highs earlier this week. 

    King expects chicken demand to remain robust through the second half of this year into 2026. This will help the U.S. largest meat processor to offset sagging beef profits amid one of the worst cattle shortages in a generation. 

    King reiterated his call, first mentioned on Monday in an earnings call, about emerging signs ranchers are in the early innings of rebuilding depleted herds. He cautioned that such an effort could take at least two years. 

    The White House's Rapid Response 47 X account reposted a video from Fox News that interviewed a rancher who warned, "it's going to take time to rebuild" the nation's herd. 

    5th Generation Cattle Rancher Steve Lucie: I think at this point, we should be all-in on what's happening... We have the lowest beef herd that we've had since 1950 and that's because so many people have gotten out of the industry. If we could've exported more of our beef, I don't… pic.twitter.com/Hmkq30KmYa

    — Rapid Response 47 (@RapidResponse47) April 7, 2025

    The question on our minds: Will the cattle shortage actually worsen in the second half of the year and into 2026? The rebuilding cycle takes time, which likely means higher beef prices and potential supply constraints—think back to the brief egg shortage. 

    At ZeroHedge, we're not waiting around to find out.

    We've launched a "Rancher-Direct" e-commerce platform to secure access to clean, American-raised beef sourced from independent ranchers across the country.

    It's about planning ahead in uncertain times. Relying on multinational supermarket chains for clean, reliable food has become a major issue over the years. The smarter path forward is building direct relationships with local ranchers—knowing where your food comes from and securing that connection before the next supply chain crunch hits.

    Tyler Durden Wed, 05/14/2025 - 19:40
  4. Site: Zero Hedge
    4 weeks 10 hours ago
    Author: Tyler Durden
    UnitedHealth Shares Plunge Continues On Reported DoJ Probe For Medicare Fraud

    And the hits just keep on coming...

    UNH shares are plunging after hours (down 6% and back below $300 for the first time since September 2020) following a report from The Wall Street Journal that, according to people familiar with the matter, the DOJ is investigating UnitedHealth Group for possible criminal Medicare fraud related to its Medicare Advantage business.

    While the exact nature of the potential criminal allegations against UnitedHealth is unclear, the people said the federal investigation is focusing on the company’s Medicare Advantage business practices.

    The Justice Department’s criminal healthcare fraud unit focuses on crimes such as kickbacks that trigger higher Medicare and Medicare payments.

    UnitedHealth’s latest annual securities filing says the company “has been involved or is currently involved in various governmental investigations, audits and reviews,” and flags involved agencies including the Justice Department.

    It doesn’t specifically mention the criminal, civil and antitrust probes the Journal has reported.

    The probe adds to a list of government inquiries into the company, including investigations of potential antitrust violations and a civil investigation of its Medicare billing practices, including at its doctors offices.

    All of this comes as the Trump administration and Congress look to cut federal health spending, a key source of UnitedHealth’s success.

    Tyler Durden Wed, 05/14/2025 - 19:15
  5. Site: Zero Hedge
    4 weeks 11 hours ago
    Author: Tyler Durden
    Where Americans Work

    Five years ago, the Covid-19 pandemic marked a dramatic shift in workplace dynamics, as working from home suddenly became the norm for millions of workers in the United States and across the globe. 

    This transformation offered employees newfound flexibility, enabling them to manage their time more effectively, eliminate commutes, facilitate childcare and often achieve a better work-life balance. 

    Remote work also allowed for a customized work environment, fostering comfort and productivity for many.

    However, as Statista's Felix Richter notes, traditional office settings continue to hold unique advantages, which is why more and more employers have started to call their workers back to offices for most days of the week. 

    Offices facilitate in-person collaboration, spontaneous brainstorming and social interaction, all of which are challenging to replicate virtually. 

    Additionally, the structured environment of an office can provide clearer boundaries between work and personal life, reducing distractions and helping employees switch off when at home.

    In many cases, hybrid models combining the benefits of both setups have emerged, catering to diverse employee preferences and living situations and striking a balance between the benefits and disadvantages of both working from home and in the office. 

     Where Americans Work | Statista 

    You will find more infographics at Statista

    According to Statista Consumer Insights, 1 in 5 American employees currently work from home regularly, while 40 percent of respondents regularly work in a company office.

    Tyler Durden Wed, 05/14/2025 - 18:50
  6. Site: Zero Hedge
    4 weeks 11 hours ago
    Author: Tyler Durden
    "Rogue" Devices Found Hidden In Chinese Solar Panels Could "Destroy The Grid"

    Authored by Steve Watson via Modernity.news,

    Undisclosed communication devices reportedly discovered in Chinese-manufactured solar panels and related equipment have sparked concerns among U.S. officials about the vulnerability of the nation’s power grid, according to a Reuters report. 

    These “rogue” devices, found over the past nine months, could potentially destabilize energy infrastructure and trigger widespread blackouts, sources familiar with the matter told the outlet.

    The undocumented devices, including cellular radios, were identified in solar power inverters, batteries, electric vehicle chargers, and heat pumps produced by several Chinese suppliers. 

    BREAKING:

    The U.S. has found Trojan horse communication devices in Chinese-made solar power inverters. They are used to connect solar panels to electricity grids.

    The devices could be turned out remotely to destabilize energy grids, potentially leading to massive blackouts like… pic.twitter.com/mShdpVD4oD

    — Visegrád 24 (@visegrad24) May 14, 2025

    U.S. experts uncovered the components during security inspections of renewable energy equipment, prompting a reevaluation of the risks posed by these products. 

    Inverters, critical for connecting solar panels and wind turbines to the power grid, are predominantly manufactured in China, amplifying concerns about their security.

    “We know that China believes there is value in placing at least some elements of our core infrastructure at risk of destruction or disruption,” said Mike Rogers, former director of the U.S. National Security Agency.

    “I think that the Chinese are, in part, hoping that the widespread use of inverters limits the options that the West has to deal with the security issue,” Roger’s further urged.

    Experts warn that these rogue devices could bypass firewalls, allowing remote manipulation of inverter settings or even complete shutdowns. 

    Such actions could disrupt power grids, damage energy infrastructure, and cause blackouts. 

    “That effectively means there is a built-in way to physically destroy the grid,” another source told Reuters.

    The discovery adds to long-standing warnings from energy and security experts about the risks of relying on Chinese-made green energy products. 

    *  *  *

    On Sale! Grab a complete 2-day emergency survival backpack at ZH Store

    Click pic... add to cart (one for each car & your go-bag storage)... be more prepared. Satisfaction guaranteed or your money back.

    Concerns over espionage and sabotage have grown as the U.S. continues to integrate these technologies into its energy systems.

    In December 2023, Republican officials, including former Wisconsin Rep. Mike Gallagher and then-Senator Marco Rubio, urged Duke Energy to discontinue using Chinese-manufactured CATL batteries at Camp Lejeune, North Carolina, citing surveillance risks. 

    “Directly following our inquiry, Duke disconnected the Chinese-manufactured systems from the grid,” Gallagher and Rubio stated in a February 2024 press release. 

    “Others that continue to work with CATL, and other companies under the control of the CCP, should take note,” they added.

    The Department of Energy (DOE) acknowledged the issue, with a spokesperson telling Reuters that the department continuously assesses risks associated with new technologies. 

    “While this functionality may not have malicious intent, it is critical for those procuring to have a full understanding of the capabilities of the products received,” the spokesperson said. 

    The DOE is working to strengthen domestic supply chains and improve transparency through initiatives like the “Software Bill of Materials,” which inventories all components in software applications.

    A spokesperson for the Chinese embassy in Washington rejected the allegations, stating, “We oppose the generalisation [sic] of the concept of national security, distorting and smearing China’s infrastructure achievements.”

    *  *  *

    Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.

    Tyler Durden Wed, 05/14/2025 - 18:25
  7. Site: Zero Hedge
    4 weeks 12 hours ago
    Author: Tyler Durden
    Living Near Golf Courses May Double Parkinson's Risk, Study Finds

    Authored by George Citroner via The Epoch Times (emphasis ours),

    Residents living within one mile of golf courses may face more than double the risk of developing Parkinson’s disease compared to those living farther away, according to new research.

    Potentially Due to Groundwater Contamination

    The case-control study, recently published in JAMA Network Open, analyzed data from more than 400 residents living with Parkinson’s and more than 5,000 matched controls across southern Minnesota and western Wisconsin, from 1991 to 2015.

    DG FotoStock/Shutterstock

    Researchers looked at how close the individuals lived to golf courses and whether their drinking water came from groundwater sources, especially in regions vulnerable to groundwater contamination from pesticide or herbicide use.

    The findings showed that those living within one mile of a golf course had more than twice the odds of developing Parkinson’s compared to those living more than six miles away.

    The study also found that residents whose tap water was supplied from groundwater sources, particularly in regions prone to groundwater pollution, faced nearly twice the risk of developing Parkinson’s if their water source was near a golf course.

    While the study did not measure the type of pesticides used at the golf courses, the authors wrote that studies have linked pesticides used to treat golf courses with the development of Parkinson’s. Examples of pesticides include chlorpyrifos, 2,4-dichlorophenoxyacetic acid (2,4-D), Mancozeb, and so on.

    Pesticides have been linked to nerve cell damage associated with Parkinson’s, yet are still commonly applied to golf courses to keep turf healthy and aesthetically pleasing.

    These can enter the environment through runoff or groundwater contamination, which could leach into underground water supplies, according to researchers.

    Parkinson’s is a progressive and currently has no cure. Risk of developing the degenerative condition increases with age, and most patients are diagnosed when older than 50.

    Dr. M. Maral Mouradian, distinguished professor of neurology and director of Rutgers Robert Wood Johnson Medical School Institute for Neurological Therapeutics, and not involved in the study, told The Epoch Times that the study adds to growing evidence that environmental exposures may play a role in the disease’s development.

    An unrelated 2020 study identified a cluster of Parkinson’s cases in a golf community. According to this group of researchers, golf courses may use more pesticides per acre than are used in agriculture.

    This can be due to golf courses striving for a visually appealing, uniform appearance that can be achieved using large amounts of pesticides to control weeds, insects, and diseases that could compromise this look.

    We were contacted by a golf community of approximately 2200 people because of a concern that PD was unusually prevalent in their community,” wrote the researchers of the 2020 study.

    They discovered that among the multiple pesticides used on the golf course, there were three previously linked with Parkinson’s risk: Mancozeb, 2,4-D, and manganese oxide.

    Significant Limitations of the Study: Expert

    Independent experts, not involved in the study, urge caution over interpreting the results.

    Dr. Michael Genovese, physician and chief medical adviser at Ascendant New York, told The Epoch Times that researchers didn’t directly measure pesticide exposure, such as testing people’s blood or checking the water for chemicals.

    That means we cannot say pesticides caused the increase in Parkinson’s,” he said. “We can say that the results are very suspicious and match what other research has shown about pesticides being harmful to the brain.

    Professor David Dexter, director of research at Parkinson’s UK, explained other significant limitations of the JAMA study in a statement.

    “Firstly, Parkinson’s starts in the brain 10-15 years before diagnosis, and the study didn’t only use subjects who permanently lived in the area,” he said. “This would not only affect participants’ exposure, but also suggests their Parkinson’s could have started before they moved around a golf course.”

    Additionally, the population was not matched for location, with 80 percent of the Parkinson’s subjects living in urban areas, compared to only 30 percent of controls. Dexter continued, “Hence other factors like air pollution from motor vehicles, etc. could also account for some of the increases in Parkinson’s incidence.”

    Genovese said this study should still be considered a “wake-up call,” even if it does not offer absolute proof. “The pattern it shows is tough to ignore.”

    Tyler Durden Wed, 05/14/2025 - 17:40
  8. Site: southern orders
    4 weeks 12 hours ago


    My interpretation of Pope Leo’s liturgical remarks to the Eastern Churches is that in no way should Latin Rite bishops try to persuade Eastern Rite Catholics to embrace the Latin Rite liturgies. 

    Implied in this, is that the integrity of the ancient liturgical traditions of the east be maintained and not corrupted by Latin Rite ideologies concerning the liturgies of the Church in the wake of Vatican II. Post Vatican II Latin Rite corruptions should not be foisted on the Eastern Rites of the Church!

    But let’s look at what has happened to the pristine heritage of the Latin Rite Liturgies of the Church in the wake of Vatican II led by liturgists who wanted to dismantle our heritage altogether. 

    We have dragged into it not only Eastern Rite/Orthodox traditions, but also Protestant traditions inimical to our own rite!

    Let’s talk about Chant!

    The Latin Rite’s chant treasury is Gregorian Chant, plain and complex, as well as, Polyphony. Vatican II asked that it be maintained.

    About 98% of Catholics in the post-Vatican II era have no clue as to our patrimony of Gregorian Chant or Polyphony. Why?

    Because we have dragged into the Latin Rite, Protestant music and their chants like Anglican and Lutheran, if chants are used. Sometimes even the manner of eastern chants. We no longer mandate that in the Sung Mass, the Propers be chanted in Gregorian Chant, plain or complex. In fact the Propers are no longer required and thus Protestant hymns with their saccharine Protestant sounds are used, like “How Great Thou Art”, Amazing Grace, and Just a Closer Walk with Thee.” Often the theology of these songs are Protestant too. But other hymns, even devotional Catholic hymns, substitute the Propers which should be sung in Gregorian Chant!

    Or, we use Kitschy new songs created by modern liturgical musicians who make mega bucks over constantly trying to keep Catholic parishes up to date with current trends. Their hymns sound like Broadway ditties!

    We also rely upon non-denominational worship and praise music, thus forming young Catholic to leave our tradition for the fleetingly trendy, superficial and energetic non-denominational worship.

    We have dragged icons from the East into our churches. 

    We have dragged Protestant fellowship into the Mass, with chatty celebrants, friendly, welcoming and smiling and their facing the congregation  to emphasize them, not God. And congregations are encouraged to be chatty in the church before and after Mass and exude fellowship, hospitality and charm during Mass especially at the Kiss of Peace.

    Pope Leo, please help us to purify our Latin Rite Mass of all these corrupting influences in our rite and get back to our heritage by getting rid of Eastern Rite, Protestant and Non-denominational corruptions! 

  9. Site: Zero Hedge
    4 weeks 12 hours ago
    Author: Tyler Durden
    Putin Says Ukraine 'Catching Men Like Dogs' On The Street 

    Russian President Vladimir Putin addressed the Ukrainian military's severe manpower crisis in a very blunt and sarcastic way, following well over three years of what has become a grinding war of attrition for both sides.

    Ukrainian recruitment officials have been rounding up would-be soldiers "like dogs" in the country's streets, the Russian leader said. He made the remarks in a Tuesday meeting with members of 'Business Russia' in which he by contrast praised the steady influx of volunteers Russia's army has seen.

    Getty Images

    "While the Kiev authorities are engaged in forced mobilization – people are caught like dogs on the street, then our guys go voluntarily, they go themselves… They are catching 30 thousand people there now, and we have 50-60 thousand a month enlisting willingly," Putin said, according to state media translation.

    However, Western intelligence sources would beg to differ. They have long claimed that Russia too is suffering significant manpower shortages, and that this was on display early in the war by the prominence of Wagner and other mercenary firms on the battlefield, as well as controversial tactics like recruiting straight from prisons. But all analysts agree that Ukraine's problems are far more acute at this point.

    Ukraine's manpower problems have never been a secret, and over the last year coverage has picked up in American mainstream press. Kiev's general mobilization policies which have been in effect since 2022 have included a controversial law banning men who are between 18 and 60 years old from leaving the country

    Endless videos have also circulated showing brutal tactics of recruitment officers - from grabbing young men from their cars at checkpoints to tackling people in the streets and shoving them into vans.

    For example, Hungarian channel M1-Hirado recently ran a special news segment compiling terrifying footage of Ukrainians being beaten and shoved into vans in forced mobilization operations.

    There remains deep fear over being sent off to Ukrainian boot camp given the likelihood of quickly being shipped off to he front lines. Most Ukrainians have come to see this as essentially a death sentence.

    We detailed before that to make up for recruitment shortfalls, authorities from the so-called Territorial Recruitment and Social Support Center (TCK) are using increasingly aggressive methods to meet monthly draft quotas. 

    After morning briefings, officers split into teams and search various locations around the city – cafes, restaurants, and even nightclubs – for men eligible for military service.

    Tyler Durden Wed, 05/14/2025 - 17:20
  10. Site: Zero Hedge
    4 weeks 12 hours ago
    Author: Tyler Durden
    Out Of Chaos, A New World Order

    Authored by Allan Feifer via AmericanThinker.com,

    Watching President Trump speaking from Saudi Arabia, I almost felt sorry for a moment for our enemies. They must ponder how to stay relevant as the world seemingly metamorphizes before them, powerless to stop the transformation. In his speech, the President said something so powerful yet unconventional that I had to stop and consider why he was the first leader of our country to say it:

    Before our eyes, a new generation of leaders is transcending the ancient conflicts and tired divisions of the past and forging a future where the Middle East is defined by commerce, not chaos; where it exports technology, not terrorism; and where people of different nations, religions, and creeds are building cities together, not bombing each other.

    Commerce is a recurring theme for Trump. His detractors miss the significance of exactly why commerce is so central to Trump’s vision of world peace and why he does not believe in “forever” enemies. I admit that Trump’s beliefs are unconventional for many, including myself.

    Trump sees Russia, North Korea, China, and a great many nations and people as future participants in a world of commerce. At the same time, Trump views some nations, traditionally considered friends, as potential adversaries and impediments to such a change in posture. It’s a lot to take in.

    In essence, Trump’s vision can be seen as a balance between stakeholder interests and dogma. I admit millions of us are heavily invested in dogma, including myself. Dogma is generally thought of as:

    • A doctrine or a corpus of doctrines relating to matters such as morality and faith set forth authoritatively by a religion.

    • A principle or statement of ideas, or a group of such principles or statements, especially when considered authoritative or uncritically accepted.

    • That which is held as an opinion, a tenet, a doctrine.

    Trump sees dogma as static thinking that sees us imprisoned in a cage of a single acceptable outcome, based not on logic but on past decision matrices that have worked at one time or another, but are not readily transferable to the current challenges. The world economy is on a path to bankruptcy, with almost no country putting debt management first. We reflexively return to the old solutions rather than look for an entirely new Rosetta Stone.

    At American Thinker, Thomas Kolbe wrote:

    In the first quarter of this year, global debt surged to a record high of $324 trillion. This milestone becomes significant when compared to global GDP, which currently hovers around $110 trillion. Governments worldwide now owe 100% of GDP -- an alarming reality, as no modern state has ever managed to free itself from the ensuing fiscal bind once this threshold is reached.

    That Rosetta Stone is about collective wealth creation versus inevitable death through debt. 

    When I am plagued trying to reconcile ambiguities, I frequently fall back on my love of the 18th-century thinker Immanuel Kant, who is most remembered for his work explaining “pure reason,” “practical reason,” and his ideas concerning applying judgment. 

    I tend to understand Kant best with these three statements:

    1. What we experience and our perceptions are not necessarily reality.

    2. The limits of our abilities can be reflected in our choices, which almost always demonstrate the limits of our knowledge.

    3. The morality of our actions can only be defined by what can be logically inferred, yet it is imperfect.

    The bottom line that extends these three precepts into the here and now is Trump’s new dictum—trade makes right. 

    In other words, nations that depend on each other to be wealthy and prosperous rarely fight each other. The old Reagan dictum was “Peace through strength.” Trump would turn that around to “Peace through interdependent trade.”

    We have a Scythian choice before us. Keep doing the things that are comfortable and familiar, or do something radically different, even if it may seem risky or untried.

    Trump demonstrates that he is not a theoretician by flatly denying Iran access to nuclear weapons. 

    This is proof positive that he is not naively foolish. We haven't seen an entirely new approach that promises to change the trajectory of the world economy since the Marshall Plan was implemented immediately after WWII. 

    Trump hasn’t named his plan, but the means and objectives are now clearly in sight. We should all wish him success because he is the captain of our Ship of State.

    Tyler Durden Wed, 05/14/2025 - 17:00
  11. Site: Zero Hedge
    4 weeks 13 hours ago
    Author: Tyler Durden
    Ed Martin Reveals J6 Pipe Bomber Probe Shakeup, Warns DOJ 'Much, Much Worse Than People Think'

    Ed Martin, a senior official in the Trump administration’s Department of Justice, is warning that corruption within federal law enforcement is far more severe than the American public realizes. Martin, who holds the roles of Director of the Weaponization Working Group, Associate Deputy Attorney General, and Pardon Attorney, made the comments during an interview with Tucker Carlson.

    Martin weighed in the unresolved case of the January 6, 2021, pipe bomber, expressing frustration with the investigation’s lack of progress, wondering whether the lack of answers may have been intentional. “The pipe bomber—as a prosecutor - I’ve got the pipe bomber case in my office,” Martin told Carlson. Martin revealed FBI Deputy Director Dan Bongino told him that the bureau had reassigned agents to the case, however, the renewed effort was still in it early stages. “It’s been going on for five weeks?” Martin said, likening the past probe to the bumbling “Keystone Cops.”

    Starts at 16 minutes

    Ed Martin was on his way to cleaning up Washington as the new U.S. Attorney, until Senate Republicans decided he was too sincere and killed his nomination.

    (0:00) Introduction
    (1:20) Ed Martin’s Response to the Crazed Leftist Who Spit in His Face
    (7:21) Why Would Republican… pic.twitter.com/WBtNxdnAqg

    — Tucker Carlson (@TuckerCarlson) May 14, 2025

    Martin further criticized the FBI’s previously handling of the case, alleging that basic investigative steps were overlooked. “They didn’t interview some of the people that you would have said, ‘That might be a suspect.’ They hadn’t interviewed him,” he said. Raising concerns about the agency’s competence, he added, “The question becomes, ‘what’s happening here?’ Is it incompetence? It feels worse than incompetence.”

    When asked by Carlson whether the DOJ is worse than people believe, Martin went further, declaring, “I think it’s worse than incompetence.” However, he urged that importance of following the facts and not getting ahead of investigations, saying, “The only way forward is not to describe what I think of the motives but to expose over and over again what’s happened. If you expose what happened and the truth gets out, then accountability is possible.

    Martin went on to praise Bongino’s efforts, noting, “He is going hammer and tongs at this stuff.” The Trump DOJ official acknowledged the complexity of pursuing accountability, saying, “You can’t arrest everybody in the first month, but you got to get this going.”

    Martin then described the issues facing the DOJ as “much, much worse than people think.”

    The FBI has begun delivering subpoenaed documents to House Judiciary Committee Republicans, addressing demands for greater “transparency and accountability” within the bureau, the Epoch Times reported in March.

    Rep. Jim Jordan (R-OH), chairman of the House Judiciary Committee, had pressed FBI Director Kash Patel in a March 7 letter for information and records allegedly withheld during the tenure of former FBI Director Christopher Wray.

    In response, FBI Assistant Director Marshall Yates provided an initial batch of documents covering key issues, including the investigation into pipe bombs discovered near the Democratic and Republican National Committee headquarters in Washington, D.C., in January 2021, as well as the FBI’s interactions with social media platforms and probes into threats against school officials.

    Jordan’s push for transparency began with a February 24 letter, sent shortly after Patel’s confirmation as FBI Director. The letter targeted Wray’s leadership, accusing him of “slow-walking” the pipe bomb investigation tied to the January 6, 2021, Capitol riot and questioning the FBI’s use of “confidential human sources” during the event.

    Some Republicans have claimed FBI informants were active on January 6, a claim partially substantiated by a December 2024 report from the FBI’s inspector general. While the report confirmed no undercover FBI agents were present, it revealed over two dozen informants were at the Capitol that day, according to the Epoch Times

    *  *  *

    Grow your own food with HEIRLOOM SEEDS (39 varieties - 4,500 seeds) from ZH Store!  Free shipping in the USA.

    Click pic... buy seeds... take food supply into your own hands...
    Tyler Durden Wed, 05/14/2025 - 16:40
  12. Site: southern orders
    4 weeks 13 hours ago

     The sash of the papal cassock has traditionally had a decoration at the end of it. Pope Francis asked that it be removed to be in more conformity with his humbleness compared to other popes who preceded him.

    Pope Leo’s cassock does not have the decoration, but that was from the cassocks in the room of tears. Hopefully a cassock truly tailored to him will eventually have it?

    Should the papal sash be humble with no decor or ornately proud with decor?

    Should the red shoes of the fisherman reappear?





  13. Site: Zero Hedge
    4 weeks 13 hours ago
    Author: Tyler Durden
    Supreme Court Set To End Era Of Nationwide Judicial Injunctions

    Authored by Matt Margolis via PJMedia.,com,

    The days of rogue district court judges hijacking executive authority may finally be numbered. On Thursday, the Supreme Court is set to hear arguments in a consolidated case, Trump v. CASA, which challenges lower court rulings that blocked President Trump’s executive order ending birthright citizenship for children born in the U.S. to illegal immigrants. Despite the constitutional authority granted to the executive branch on immigration matters, three district judges issued sweeping nationwide injunctions halting the order. 

    Now, the highest court may have the chance to rein in judicial overreach and restore balance between the branches of government.

    Since President Trump began his second term, liberal judges have weaponized nationwide injunctions against his administration an astonishing 17 times in just the first few months — and that's only counting through late March 2025. This is nothing new, of course. 

    Even Newsweek seems to believe that the court will side with the Trump administration.

    In recent years, some justices have expressed criticism of universal injunctions.

    Justice Neil Gorsuch, one of the court's conservatives, argued in a 2020 concurring opinion that injunctions are "meant to redress the injuries sustained by a particular plaintiff in a particular lawsuit."

    He said the "routine issuance of universal injunctions is patently unworkable, sowing chaos for litigants, the government, courts, and all those affected by these conflicting decisions" and that the court must address them.

    He also noted that nationwide injunctions mean that plaintiffs can shop around for the judge that is most likely to be sympathetic to their cause.

    "Because plaintiffs generally are not bound by adverse decisions in cases to which they were not a party, there is a nearly boundless opportunity to shop for a friendly forum to secure a win nationwide," Gorsuch wrote.

    Even Justice Elena Kagan, one of the Court’s three liberal justices, has criticized broad nationwide injunctions and the blatant judge-shopping tactics used by plaintiffs to game the system.

    This shouldn't be a partisan issue because Joe Biden's outgoing Solicitor General, Elizabeth Prelogar, also filed a brief in December 2024 asking the Supreme Court to limit these broad orders despite knowing Trump would benefit from the decision

    "In the Trump years, people used to go to the Northern District of California, and in the Biden years, they go to Texas," Kagan said in 2022. 

    "It just can't be right that one district judge can stop a nationwide policy in its tracks and leave it stopped for the years that it takes to go through the normal process."

    Let’s be honest: Nationwide injunctions were never about judicial oversight.

    They’ve been the left’s go-to tool for blocking President Trump’s agenda through activist judges. 

    With just one ruling, any of the hundreds of district court judges in the country can nullify federal policy they don’t like.

    Now, the left is panicking. 

    Without these judicial shortcuts, they’ll have to argue their cases on the merits instead of in front of cherry-picked friendly judges. Even Vox admitted these injunctions were “the core of the resistance.”

    But that era may be ending.

    The Supreme Court looks poised to rein in this abuse of power and restore constitutional balance. 

    For anyone who believes in law, not lawfare, this moment can’t come soon enough.

    Tyler Durden Wed, 05/14/2025 - 16:20
  14. Site: Zero Hedge
    4 weeks 14 hours ago
    Author: Tyler Durden
    'Hey, Comrade Putin, Just Go': Brazil’s Lula Presses Russian President On Istanbul Talks

    Brazilian President Luiz Inácio Lula da Silva was just recently one of the some 29 heads of state who attended the Victory Day Red Square parade and events in Moscow. He also met with his Russian counterpart Vladimir Putin while in the country.

    And now amid plans for 'direct' Russia-Ukraine talks to be held in Istanbul Wednesday, Brazilian media is reporting that Lula is urging Putin to attend in person

    "It costs me nothing to say, ‘Hey, comrade Putin, go to Istanbul and negotiate, come on'," Lula was quoted as saying by Brazil’s state news agency Agencia Brasil.

    Presidents Luiz Inácio Lula da Silva and Vladimir Putin. Kremlin.ru

    But on Wednesday, Kommersant newspaper is reporting that not even Russian Foreign Minister Sergey Lavrov will take part in the Istanbul talks.

    "Speaking to reporters during a visit to China, Lula said he would stop in Moscow on his way back to Brazil in an effort to press Putin to take part in negotiations," another regional source reports.

    As for the United States, President Trump is dispatching his two top diplomats, but there are reports they could arrive after main talks are scheduled to happen, while currently they are accompanying Trump in the Gulf:

    US President's Special Envoy Steve Witkoff and Secretary of State Marco Rubio will arrive in Istanbul, Türkiye, on Friday, May 16, reports The Guardian.

    As the outlet reports, Witkoff told journalists that he and Rubio will head to Istanbul on Friday for talks regarding Russia and Ukraine. He also noted that it remains unclear whether Russian President Vladimir Putin will be present at the planned negotiations.

    However, the potential talks between Ukraine and Russia in Istanbul are scheduled for Thursday, May 15.

    The Kremlin has since confirmed that it still plans to participate, also as Zelensky is trying to goad Putin into attending in person. Zelensky has said he's ready to be there if Putin is.

    And even Trump had days ago said he was "thinking about actually flying over"; however, this is looking increasingly unrealistic. 

    Rubio and Witkoff might arrive late, as regional sources are reporting.

    Despite some sensational recent headlines and statements, one thing we can be sure will not happen is President Putin's personal presence. There's no reason for him to be there - from a strategic point of view - given Kiev has yet to make any major concessions, and Russian forces are winning on the ground in the east.

    And if Moscow is not willing to send Lavrov, it's a clear sign the Kremlin is not approaching the Istanbul meeting as if it will result to much of great consequence or substance.

    Tyler Durden Wed, 05/14/2025 - 15:45
  15. Site: Zero Hedge
    4 weeks 14 hours ago
    Author: Tyler Durden
    Is The Senate Stablecoin Bill Dead? Dems Demand Treasury Info On Trump Citing Crypto "Bribery" Risks

    Update (1405ET): CoinDesk's Margau Nijkerk reports that Top House Democrats sent a letter to the U.S. Treasury Department Wednesday, asking its money laundering watchdog to hand over all suspicious activity reports (SARs) tied to President Donald Trump’s crypto ventures.

    In a letter sent to Treasury Secretary Scott Bessent, Reps. Gerald Connolly (D-Va.), Joe Morelle (D-N.Y.) and Jamie Raskin (D-Md.) - the ranking members of the House Oversight, Administrative, and Judiciary committees - called for an urgent investigation into Trump’s blockchain project World Liberty Financial and the $TRUMP memecoin, citing possible violations of campaign finance laws, bribery statutes and securities regulations.

    “The Committees seek to determine whether legislation is necessary to prevent violations of campaign finance, consumer protection, bribery, securities fraud, and other anti-corruption laws in connection with fundraising by candidates for federal office and federal officeholders and to guard against deceptive and predatory campaign fundraising practices, illicit foreign influence over federal officials, and other financial misconduct connected to prospective or current federal officials,” the leading Democrats on the committees wrote in a press release shared with CoinDesk.

    The request marks an escalation in congressional scrutiny on whether President Trump and his entourage are abusing their positions of power to benefit their crypto businesses. Senate Democrats pointed to Trump’s crypto ventures last week as part of their reason for not voting to advance stablecoin legislation that previously saw bipartisan support.

    The inquiry zeroes in not only on the Trump family’s September 2024 launch of World Liberty Financial and the $TRUMP memecoin launched just days before his inauguration, but also Elon Musk’s America PAC and whether they are using Trump’s name to solicit donations under false pretenses.

    As Sander Luz reported earlier via Decrypt.co, it was supposed to be a slam dunk.

    The American crypto industry, flush with more political capital than it has ever had (and perhaps will ever have), was to get its long-awaited “regulatory clarity” on stablecoins last week.

    And yet the Senate failed to pass a key procedural vote on the marquee stablecoin legislation. 

    As the bill, dubbed the GENIUS Act, languishes in legislative purgatory, should it be considered functionally dead—or might there be hope yet for its passage? 

    It depends who you ask. 

    Technically speaking, according to the Senate’s rules, the window to file a motion to reconsider the bill—which would establish a legal framework for offering stablecoins in the United States—has already passed. 

    Such a motion would have had to be filed by Monday evening, and no senators did so in time. 

    A source familiar with the Senate’s rules of procedure confirmed this state of affairs to Decrypt.

    Stablecoins are a key component of the crypto economy. They are essentially digital dollar-equivalents that allow their users to enter and exit digital asset trades, and send payments or remittances overseas, without the need to access dollars directly.

    It’s expected that once these assets are anointed by the U.S. Congress, rules of the road signed into law by President Donald Trump, banking giants and Wall Street titans will join the fray and enter the stablecoin market—bringing billions if not trillions of dollars into crypto. That’s why the lobbying arm of the crypto industry has been pushing so hard for this legislation.

    But the GENIUS Act has not been taken up for a cloture vote this week because, functionally, political calculus has not changed on the topic since Thursday. 

    A small cadre of pro-crypto Democrats still have yet to reach a deal with Republican leadership over the bill’s language. Republicans are confident, however, they will be able to take advantage of “other procedural opportunities” to get the GENIUS Act back to the Senate floor if such a deal is made, sources told Decrypt

    After a largely uneventful weekend, key Democratic and Republican stakeholders are resuming talks this week over the contents of the bill, sources familiar with the plans told Decrypt. Both sides are remaining exceptionally tight-lipped, however, about what exact language is holding up progress. 

    Five Senate Democrats who voted against the bill last week previously voted to advance it from the Senate Banking Committee. Two of the Democrats who opposed the bill on Thursday, Kirsten Gillibrand (D-NY) and Angela Alsobrooks (D-MD), are consponsors of the legislation. 

    In a statement issued last weekend, pro-crypto Democrats blamed their withdrawal of support for GENIUS on portions of a new draft of the bill, which they said contained insufficient anti-money laundering and national security protections. But optics appear to also be playing a significant role in their change of tune. 

    In the last two weeks, President Donald Trump and his family have made multiple flashy crypto and stablecoin-related announcements that have animated Democrats over perceived conflicts of interest in the White House. 

    That line of attack has only been exacerbated since the weekend, with Trump announcing Monday that he intends to personally accept a $400 million Boeing jet as a gift from the Qatari government.

    The Senate’s decision to block the GENIUS Act on Thursday drew immediate condemnation from Treasury Secretary Scott Bessent, who warned the vote could jeopardize the U.S.’s position in the global digital assets race. 

    “For stablecoins and other digital assets to thrive globally, the world needs American leadership,” Bessent posted on X. 

    “The Senate missed an opportunity to provide that leadership today by failing to advance the GENIUS Act.”

    Multiple crypto policy leaders told Decrypt Tuesday they are growing increasingly worried that the political stakes involved pose a very real threat not just to any chance of salvaging the GENIUS Act, but also the rest of the industry’s legislative agenda. 

    A parallel stablecoin bill is currently making its way through the House, and foundational market structure legislation is pending in both chambers of Congress. 

    The policy leaders all agreed that this week is do or die for crypto’s political momentum in Washington. 

    Should the GENIUS Act fail to make significant progress by Friday—as in, pass the cloture vote it failed last week—the situation could become terminal, they warned. 

    “Grim if something doesn’t give soon,” one D.C. insider put it. 

    Tyler Durden Wed, 05/14/2025 - 15:25
  16. Site: Zero Hedge
    4 weeks 15 hours ago
    Author: Tyler Durden
    What's Behind Ethereum's Recent Price Surge?

    Authored by James Hunt via TheBlock.co,

    Ethereum has lagged behind Bitcoin and alternative Layer 1s throughout this cycle amid a wave of relative bearishness.

    And yet, since the crypto market's April lows, ETH has surged nearly 100% - gaining 65% in the last 30 days alone to tap $2,750, back above pre-election levels (and key technical levels). 

    So what's driving the move?

    Analysts at research and brokerage firm Bernstein, led by Gautam Chhugani, said in a Wednesday note to clients that several narratives have been put forward attempting to explain this performance.

    While bitcoin claimed all-time highs, crossing the psychological $100,000 barrier, the ETH/BTC ratio has dropped 45% over the past year as bitcoin dominated store-of-value mindshare amid the success of Bitcoin exchange-traded funds and corporate treasury adoption, while retail flows shifted to faster Layer 1s like Solana, the analysts wrote.

    Ethereum, caught between its Layer 2 roadmap and limited ETF traction comparatively, was "stuck somewhere in the middle," they added - neither the best store of value, nor the best blockchain destination for speculative retail trenches.

    Stablecoins and tokenization, Layer 2 institutionalization, and an ETH short unwind

    However, according to the analysts, the narrative is beginning to change amid a boom in stablecoin and securities tokenization, Layer 2 institutionalization, and an ETH short unwind.

    The cycle is expanding beyond store-of-value use cases, they said, with stablecoin payments and tokenized securities gaining real traction. 

    Stripe's $1.1 billion acquisition of stablecoin platform Bridge and Meta's recent comments about reigniting its stablecoin venture are helping to bring back a focus on the underlying blockchains, and Ethereum — which holds 51% of the total stablecoin supply — is emerging as the key platform proxy for this growth trend, they added. 

    Traditional finance giants like BlackRock and Franklin Templeton are also advancing adoption of a real-world asset tokenization market now valued at over $22 billion, according to RWA.xyz — with Ethereum again dominating deployment.

    Secondly, while critics question the value accretion of Layer 2s to ETH, the Bernstein analysts said that with networks like the Coinbase-incubated Base earning revenue of around $84 million last year, Ethereum Layer 2s are taking a growing role in institutional crypto infrastructure. With Robinhood's recent acquisition of WonderFi — which also runs an Ethereum Layer 2 — brokers may soon offer tokenized equities on their own chains, they argued. Since these Layer 2s use ETH for gas and settlement, they help drive Ethereum demand and position it as a leading platform for institutional smart contract adoption, they added.

    Finally, the third driver of ETH's recent outperformance is more tactical, in the analysts' view. Over the past 12 to 18 months, crypto hedge funds have often used ETH as a delta-neutral hedge - staying long BTC and SOL while shorting ETH. But as the narrative shifts toward institutional adoption of blockchain and stablecoin payments, and beyond store of value, ETH's role as the underperformer is becoming harder to justify, they said.

    As a result, the resurgence of ETH and other non-bitcoin assets is good for crypto exchanges and broker-dealers, they argued, as a broader crypto market rally reinvigorates retail traders, driving stronger volumes.

    Tyler Durden Wed, 05/14/2025 - 14:45
  17. Site: Zero Hedge
    4 weeks 15 hours ago
    Author: Tyler Durden
    Federal Judge Rules Against Student Who Wore A "Let's Go Brandon" Shirt

    Authored by Jonathan Turley,

    We previously discussed how schools were making students remove sweatshirts reading “Let’s Go Brandon.”

    I have argued that the shirts should be treated as protected speech. 

    However, United States District Court Judge Christopher Boyko just delivered another blow to free speech in rejecting a claim for such protection, at least as the basis for injunctive relief, in  Conrad v. Madison Local School Dist—Bd. of Ed.

    In the prior Michigan case with the sweater shown below, Judge Paul Maloney in D.A. v. Tri County Area Schools (W.D. Mich.) ruled that a “Let’s Go Brandon” T-shirt could be the basis for punishment:

    A school can certainly prohibit students from wearing a shirt displaying the phrase F*** Joe Biden. Plaintiffs concede this conclusion. Plaintiff must make this concession as the Supreme Court said as much in Fraser … (“As cogently expressed by Judge Newman, ‘the First Amendment gives a high school student the classroom right to wear Tinker’s armband, but not Cohen’s jacket [which read {F*** the Draft}].'”) The relevant four-letter word is a swear word and would be considered vulgar and profane. The Sixth Circuit has written that “it has long been held that despite the sanctity of the First Amendment, speech that is vulgar or profane is not entitled to absolute constitutional protection.” …

    If schools can prohibit students from wearing apparel that contains profanity, schools can also prohibit students from wearing apparel that can reasonably be interpreted as profane. Removing a few letters from the profane word or replacing letters with symbols would not render the message acceptable in a school setting. School administrators could prohibit a shirt that reads “F#%* Joe Biden.” School officials have restricted student from wearing shirts that use homophones for profane words … [such as] “Somebody Went to HOOVER DAM And All I Got Was This ‘DAM’ Shirt.” … [Defendants] recalled speaking to one student who was wearing a hat that said “Fet’s Luck” … [and asking] a student to change out of a hoodie that displayed the words “Uranus Liquor” because the message was lewd. School officials could likely prohibit students from wearing concert shirts from the music duo LMFAO (Laughing My F***ing A** Off) or apparel displaying “AITA?” (Am I the A**hole?)…. Courts too have recognized how seemingly innocuous phrases may convey profane messages. A county court in San Diego, California referred an attorney to the State Bar when counsel, during a hearing, twice directed the phrase “See You Next Tuesday” toward two female attorneys.

    Again, I strongly disagreed with that decision. However, it has now been replicated in Ohio.

    In his complaint, C.C. details how he was wearing a shirt with the phrase “Let’s Go Brandon” on November 25, 2024, underneath a flannel shirt. 

    He alleges that teacher (and registered Democrat)  Krista Ferini was bothered after spotting the shirt and ordered him to “button that up. I know what that means.” 

    C.C. did so, but later, he was in a classroom that lacked air conditioning, so he took off his flannel shirt. That is when allegedly Ferini proceeded to write him up for the infraction. Principal Andrew Keeple then instructed C.C. to wear the flannel the rest of the day and never to wear the shirt to school again.

    C.C. defied that order and wore the shirt again in January of 2025. 

    While no one else complained, Ferini was reportedly irate and again wrote up C.C.  Keeple declared that C.C. had once again violated the school’s dress code and that the shirt constituted a vulgar expression even though it contained no vulgar terms. He stated that further discipline would follow if C.C. continued to wear the shirt.

    On March 24, 2025, C.C. wore the t-shirt again.

    While no one complained,  he received a detention from Keeple.  C.C. was disciplined on two other occasions for wearing the shirt.

    The court ruled:

    “While this case presents serious questions of student free speech versus a school’s interest in protecting students from vulgar and profane speech, the Court finds Plaintiff has not met his high burden to show a substantial likelihood of success on the merits by clear and convincing evidence. While the D.A. case was on summary judgment and presented facts that are different than those before this Court, Defendant’s burden on summary judgment was a preponderance standard which is a lesser burden than Plaintiff’s here. Moreover, that case presented fact issues going to the reasonableness of the school’s interpretation. Here, as Defendants point out, Plaintiff acknowledges in his Verified Complaint that “Let’s Go Brandon” is a euphemism for F*#% Joe Biden. 

    “In school speech cases where a school limits or restricts a student’s expression, courts must determine whether the school’s interpretation of the expression is reasonable.”

    “The student’s expression must be considered in the proper context but the student’s motivation or subjective intent is irrelevant.”

    Given the strong interests of both sides, the unique characteristics of speech in a school setting, the finding by at least one court in this circuit that the school’s interpretation of the phrase as vulgar was reasonable, and the acknowledgment in this case by Plaintiff that the phrase is a vulgar euphemism, the Court finds Plaintiff has not shown a substantial likelihood of success on the merits to support injunctive relief. This does not mean Plaintiff cannot win on the merits of the claim as discovery will likely provide clearer evidence on the reasonableness of the interpretation. But given the high standard for injunctive relief, the Court finds against Plaintiff….”

    “Let’s Go Brandon!” has become a similarly unintended political battle cry not just against Biden but also against the bias of the media. It derives from an Oct. 2 interview with race-car driver Brandon Brown after he won his first NASCAR Xfinity Series race. During the interview, NBC reporter Kelli Stavast’s questions were drowned out by loud-and-clear chants of “F*** Joe Biden.” Stavast quickly and inexplicably declared, “You can hear the chants from the crowd, ‘Let’s go, Brandon!’”

    “Let’s Go Brandon!” instantly became a type of “Yankee Doodling” of the political and media establishment.

    This teacher was clearly put out over the political messaging of the shirt. However, we should encourage students to be politically aware and expressive. Moreover, if schools are allowed to extrapolate profane meaning from non-profane language, it is hard to see the limits on such censorship.

    So what if students now wear “Let’s Go Krista” shirts? How many degrees of removal will negate the profane imputation. Does that mean that the use of “let’s go” in any shirt is now prohibited?

    C.C. and his family should continue to litigate and, if necessary, appeal this worthy case in the interests of free speech for all students.

    *  *  *

    Jonathan Turley is the Shapiro professor of public interest law at George Washington University and the author of “The Indispensable Right: Free Speech in an Age of Rage.”

    Tyler Durden Wed, 05/14/2025 - 14:05
  18. Site: Zero Hedge
    4 weeks 17 hours ago
    Author: Tyler Durden
    Circling The Firing Squad: Democratic Party Moves To Negate Earlier Election Of David Hogg

    Authored by Joanthan Turley,

    The Democratic National Committee (DNC) is about to show the perils of circling a firing squad. In its announcement that it will nullify the election of David Hogg and another Vice Chair, the DNC reminded the public why they have left the Democratic Party. The sudden decision that there were procedural irregularities in the election (after Hogg said that he would target older Democratic incumbents) leaves the DNC looking more like the CCP. 

    However, it gets worse.

    Hogg caused a controversy by announcing that he will work to primary older Democratic incumbents through his group, Leaders We Deserve, to bring young candidates into the party. The leadership ordered him to retract the pledge or resign. He did neither.

    Then, the DNC announced that there were “irregularities” in how he and Pennsylvania state Rep. Malcolm Kenyatta won two of the three vice chair positions.

    The reason? One of the losing candidates, Kalyn Free, filed a complaint during the original election alleging that the DNC failed to follow rules on gender diversity.

    If you recall, the Democratic Party was widely mocked over the difficulty of the DNC leadership to explain its convoluted rules for guaranteeing gender and racial diversity. It became a parody of itself.

    This is just one of the efforts to explain the rules:

    Jamie Harrison eventually had to turn it over to another DNC member who had equal difficulty explaining the gender equality rules and procedures:

    HARRISON: “Because of our gender balance provisions on this next ballot, you will be able to vote for two candidates of any gender on the next ballot. OK? So on this next ballot, you will be able to vote for two candidates of any gender on the next ballot. If two candidates receive — I’m going to turn to Helen to clarify this last part.”

    UNKNOWN FEMALE: “You are in this next ballot where you have two votes. As the chair has said, you may vote for two males, two females, two of any gender. OK? No, you can’t do that. Because we’ve got to balance. You could vote for one of any gender, OK? Non-binary gender. Excuse me. It is late. OK?”

    After she lost, Free filed her complaint. 

    It would have been an easy matter to determine if there was an invalid balloting but the DNC moved on…for months.

    After Hogg refused to recant or resign, the DNC then issued this procedural excuse to negate the election.

    For many, the exercise seemed yet another manipulation by the DNC after it refused to have a real debate over the nomination of Kamala Harris and simply held a coronation at the convention after she failed to secure a single primary vote. Despite spending over $1.2 billion, she lost to Trump.

    DNC members rushed forward to insist that this was just a coincidence and had nothing to do with Hogg’s controversy.

    However, they then contradicted that claim in comments to the media as Hogg himself said that it was about his campaign to bring in young voters.

    One former official told the media, “This is not about David Hogg, despite what he’s saying. It is gender balance…. It’s in the rules that the officers need to be balanced between men and women.” 

    However, the same official then added The full DNC now gets to vote again. If they like what Hogg is doing then that’s great, and he’ll be re-elected. It was disingenuous to not reveal his intentions the first time before they voted. While it has nothing to do with him, it’s an elected position so now we’ll find out if the party supports it or not, which they very well may.”

    Another former official insisted that the vote was needed because “either Hogg is wrong and misled members or they think he’s doing the right thing. Either way, it’ll be settled. And he can’t complain. A re-vote is not forcing him out, there are other ways to do that if they chose to.”

    I grew up in a liberal Democratic family in Chicago and spent much of my life working for Democratic politicians. It has been astonishing to watch the current Democratic leadership destroy their own party with identity politics and radical agendas.

    Yet, this takes the cake. We have not seen such a display since the arrival of the Judean People’s Front Crack Suicide Squad:

    Tyler Durden Wed, 05/14/2025 - 12:45
  19. Site: Zero Hedge
    4 weeks 17 hours ago
    Author: Tyler Durden
    Boeing Scores Largest-Ever Order As Dealmaking Trump Tours Gulf States

    President Trump's Gulf tour began Tuesday with the lifting of long-standing U.S. sanctions on Syria and a massive $600 billion investment deal from Saudi Arabia to invest in the American economy. The visit quickly led to a flurry of other investments, including multibillion-dollar AI deals between U.S. chipmakers Nvidia and AMD with Humain, a newly launched artificial intelligence firm backed by Saudi Arabia's Public Investment Fund. On Wednesday, the momentum continued in Qatar, where Trump unveiled Boeing's largest widebody aircraft order ever. 

    Faisal Al-Mudahka, editor-in-chief of the Gulf Times, described Qatar Airways' massive purchase of between 160 - 200 widebody aircraft from Boeing—the largest order in the company's history—as a "win-win" for both nations.

    "I think Donald Trump and Qatar know how to package things to make political gains and economic gains," Al-Mudahka said.

    Qatar Airways has become one of the world's top airlines, with a growing market share worldwide. The expanded fleet of the 787 Dreamliner model will allow the airline to add more long-haul flights. 

    Earlier, Trump participated in a signing ceremony on a series of bilateral agreements with Qatar's Emir Sheikh Tamim bin Hamad Al Thani in Doha, including:

    • Qatar Airways signed an agreement to purchase 210 787 Dreamliner and 777X aircraft powered by GE Aerospace engines.

    • A number of defence agreements, including a letter of intent on defence cooperation and a letter offer and acceptance for MQ-9B drones. 

    • A joint declaration of cooperation between the two nations. 

    President Donald Trump says Boeing won an order from Qatar Airways amid a flurry of deals between Gulf nations.

    The agreement signed by the carrier is for 160 aircraft in what it said is the largest order in the company’s history https://t.co/tUQDzkarlz pic.twitter.com/9OF61zHB4f

    — Bloomberg TV (@BloombergTV) May 14, 2025

    After the signing ceremony, Qatar's emir said he had a "great" few hours with Trump, during which they discussed various topics. 

    "I think after signing these documents, we are going to another level of relations," the emir said. 

    Trump also congratulated Boeing CEO Kelly Ortberg, who was also in Doha, for the signing of the deal. 

    Here's the White House's fact sheet of the agreement with Qatar to generate at least $1.2 trillion in economic activity between both countries:

    • The landmark deals celebrated today will drive innovation and prosperity for generations, bolster American manufacturing and technological leadership, and put America on the path to a new Golden Age.

    • Since President Trump took office, his commitment to American manufacturing and innovation has attracted trillions of dollars in investments and global commercial deals. Allies like Qatar are partnering in the United States' success.

    Boeing shares rose 2% in the late morning cash session in New York, trading around the $208 handle—the highest level in roughly 15 months

    On Tuesday, at the start of Trump's trip, Saudi Arabia's sovereign wealth fund announced a $4.8 billion Boeing order. 

    President Trump is expected to return to the U.S. later this week, ready to boast about the mega-deals signed with Gulf states—deals he's likely to frame as part of the agenda to ascend America into a new Golden Age. This strategy comes as easing trade tensions between the U.S. and China has helped the stock market recover much of the recent trade war-related losses.

    The media strategy from the White House appears clear: build and sustain momentum with positive economic news that squeezes left-leaning corporate media out of the conversation because of their persistent misinformation and disinformation campaigns.

    Tyler Durden Wed, 05/14/2025 - 12:25
  20. Site: Zero Hedge
    4 weeks 17 hours ago
    Author: Tyler Durden
    Department Of Defense Orders Halt To Gender Transition Medicine, Procedures

    Authored by Zachary Stieber via The Epoch Times,

    The U.S. Department of Defense said in a new memorandum that it is halting medical treatments and procedures for troops who identify as transgender and other personnel with gender dysphoria (GD).

    “Within the direct care component, meaning at military medical treatment facilities ... Service members and all other covered beneficiaries 19 years of age or older may only receive mental health care and counseling for GD,” Dr. Stephen L. Ferrara, acting assistant secretary of defense for health affairs, said in the memo, which is dated May 9.

    “Apart from consults for the diagnosis of GD and provision of mental health care and counseling ... staff will refer all other care (e.g., cross-sex hormone therapy) for GD to the private sector.”

    The Pentagon did not return a request for comment by publication time.

    GD refers to when a person believes they’re a gender that’s different from their sex.

    President Donald Trump, after taking office in January, said in an order that “expressing a false ‘gender identity’ divergent from an individual’s sex cannot satisfy the rigorous standards necessary for military service.”

    Defense officials later said that all troops with a history of GD would be discharged, with limited exceptions. That process was paused after court rulings against the policy. The Supreme Court on May 6 stayed those rulings, enabling officials to resume the process.

    Officials said on May 8 that they were discharging about 1,000 troops who identify as transgender or otherwise have GD.

    Ferrara said in the new memo, which was sent to the director of the Defense Health Agency and assistant secretaries at the Army, Navy, and Air Force, that he was providing fresh guidance in light of the Supreme Court ruling.

    That includes emphasizing that military doctors are not to perform any surgeries that would aid in gender transition, such as breast removal.

    Ferrara also said that all unscheduled, scheduled, and planned surgical procedures “associated with facilitating sex reassignment for Service members diagnosed with GD” are now canceled, as are any previously approved waivers for the surgeries. 

    Ferrara said his office would accept waiver requests for care deemed medically necessary to address surgical complications.

    The military is allowing troops with GD who have been receiving cross-sex hormones to keep receiving them until they are separated, if a health care provider recommends that path “in order to prevent further complications.”

    The Department of Defense, though, will no longer pay for newly initiated cross-sex hormones, according to the memo, as ordered by Defense Secretary Pete Hegseth.

    Tyler Durden Wed, 05/14/2025 - 12:05
  21. Site: Zero Hedge
    4 weeks 18 hours ago
    Author: Tyler Durden
    Average Americans Poised for Double-Digit Tax Cuts In 2027, Sparking Partisan Clash

    A sweeping Republican tax overhaul proposal, estimated to deliver double-digit percentage reductions in tax bills for average-income Americans, is drawing mounting opposition in the Senate over its accompanying cuts to health care and clean energy programs - underscoring the internal divisions complicating Republican efforts to advance a unified economic agenda.

    According to a new analysis from the nonpartisan Joint Committee on Taxation (JCT), households earning between $30,000 and $80,000 would see their federal taxes drop by approximately 15 percent in 2027 under the House GOP plan. Americans earning between $15,000 and $30,000 would see an even steeper 21 percent decline - at least initially.

    But those same low-income earners would see their tax bills rise sharply in later years unless extended, with increases of 12 percent in 2029 and 20 percent in 2030, the JCT found. The report attributed some of those changes to proposed reforms of the Earned Income Tax Credit (EITC), a benefit for low-income workers that Republicans argue is vulnerable to improper payments.

    While the report’s topline numbers have fueled Republican claims that the proposal is middle-class focused, Democrats seized on the overall distribution of tax cuts in dollar terms, Politico reports. Taxpayers earning more than $500,000 are slated to receive an aggregate cut of about $170 billion in 2027 - nearly triple the $59 billion going to households earning $30,000 to $80,000.

    The proposal has already provoked heated exchanges in the House Ways and Means Committee, where lawmakers debated the fairness and sustainability of the tax package. Democrats derided the bill as a boon to the wealthy, while Republicans pointed to new breaks for tips, overtime, and seniors as evidence of its broader appeal.

    The report is not a complete picture of winners and losers under Republicans’ plans. It doesn’t include a potential deal among lawmakers to further increase the SALT cap, beyond a proposed $30,000 limit.

    The report also only looks at the tax side of Republican plans, and does not account for changes in spending programs, like Medicaid. -Politico

    "It's a trick," said Rep. Gwen Moore (D-WI). "You do it temporarily so you can get through the 2026 election" and "then these benefits for children and elders and workers disappear, while the tax benefits for the ultra-wealthy soar."

    Senate Republicans Balk

    Yet beyond the debate over tax cuts, the House plan is facing stiff resistance in the Senate for how it proposes to offset some of the revenue losses: by slashing Medicaid and rolling back key clean energy incentives passed under the Biden administration.

    A Congressional Budget Office (CBO) estimate found that the House bill’s Medicaid reforms could result in 8.6 million people losing health care coverage, largely due to new work requirements, cost-sharing mandates, and restrictions on how states finance their Medicaid programs.

    Several Senate Republicans voiced concern over the health care implications, especially for rural areas.

    "These are working people in particular who are going to have to pay more," said Senator Josh Hawley (R-MO), referring to new cost-sharing rules. He warned that changes to provider taxes - which states use to draw federal Medicaid dollars - could reduce coverage in his state and strain rural hospitals.

    "I continue to maintain my position we should not be cutting Medicaid benefits," Hawley said.

    Senator Susan Collins (R-ME), said the proposed treatment of provider taxes "would be very harmful to Maine’s hospitals," echoing concerns raised by other senators from rural and Medicaid-reliant states.

    Senator Lisa Murkowski (R-AK), also pointed to the disproportionate burden that Medicaid cuts would place on states like hers, calling the issue a key sticking point in ongoing Senate discussions.

    Not So Fast?

    In addition to health care, some senate Republicans are also wary of the House’s aggressive plans to unwind tax credits for clean energy and hydrogen development, incentives championed in the Inflation Reduction Act and credited with bringing manufacturing investments and jobs to red and purple states alike.

    Senator Thom Tillis (R-NC), who faces a competitive reelection race next year, expressed concern over quickly ending climate initiatives - suggesting that the House language on energy tax rollbacks would need to be revised.

    "You can’t shock the markets by doing it all at once," Tillis said of the proposed clean energy phaseouts.

    Senator Shelley Moore Capito (R-WV) also flagged potential impacts to her state’s clean hydrogen initiatives, saying she would review the House’s plan to eliminate the 45V hydrogen production credit, which could affect nearly $1 billion in planned federal support for the Appalachian Regional Clean Hydrogen Hub.

    The House GOP plan is expected to pass narrowly along party lines, but Senate Republicans made clear this week that the legislation will require significant changes to win broader support in the upper chamber.

    "We are coordinating very closely with our House counterparts," said Senate Minority Whip John Thune of South Dakota. "We know they have to get 218 votes... but it’s likely we’ll have a Senate substitute."

    As Republican leaders try to reconcile competing priorities — delivering tax relief, restraining federal spending, and maintaining political support in swing states — the path forward for the legislation remains uncertain.

    "How we navigate this," said Murkowski, "is something we’re all trying to wander through."

    Tyler Durden Wed, 05/14/2025 - 11:45
  22. Site: Zero Hedge
    4 weeks 18 hours ago
    Author: Tyler Durden
    Announcement On COVID-19 Vaccines For Kids Coming Soon: FDA Commissioner

    Authored by Zachary Stieber via The Epoch Times,

    Health officials are poised to make an announcement on COVID-19 vaccines, the commissioner of the Food and Drug Administration (FDA) said.

    “That is something that’s being discussed right now,” Dr. Marty Makary, the commissioner, said in an interview, released on May 12, after being asked by political activist Charlie Kirk about whether COVID-19 vaccines will remain on the childhood vaccination schedule.

    “I think you’re going to see some announcement on that in the coming weeks, but I know they are trying to review all of the scientific data.”

    The Centers for Disease Control and Prevention and the Department of Health and Human Services, which maintains the schedule, did not respond to a request for comment.

    Makary told Kirk that there’s no evidence available at this time that supports giving healthy children additional COVID-19 vaccine doses.

    “That evidence does not exist, and so we’re not going to rubberstamp things at the FDA,” he said. 

    “I don’t think you’re going to see the CDC pushing COVID shots in young, healthy children.”

    The FDA commissioner, who expressed concern before joining the agency about vaccinating children, noted that there is no data from randomized, controlled trials for the COVID-19 vaccines that are currently available. The regulatory agency cleared the vaccines from Moderna, Pfizer, and Novavax in 2024, pointing to animal testing and data from previous versions of the shots.

    “There’s no good randomized control data that the current version, the latest formulation, of the COVID shot, is necessary for young, healthy children. Other leading countries in Europe have recommended against it,” Makary said. 

    “So I think you’re going to hear something forthcoming.”

    The CDC, in 2023, added the COVID-19 vaccines to the vaccination schedule, following a recommendation from its vaccine advisory panel.

    The same panel said in April that it is leaning toward narrowing the current universal recommendation for COVID-19 vaccination. In the same meeting, officials noted that the United Kingdom and Australia are among the countries that do not recommend COVID-19 vaccine boosters for healthy children.

    Health Secretary Robert F. Kennedy Jr. said that same month that officials were considering removing the COVID-19 vaccines from the schedule. Makary has said he would support that move.

    The CDC, which has an acting director at present, has not commented on the prospect of the schedule being adjusted.

    The American Academy of Pediatrics is among the organizations that support the current COVID-19 vaccine recommendations. The group says on its site that the vaccines are safe and effective.

    The FDA is set to meet with its vaccine advisers on May 22 to discuss selecting updates to the COVID-19 vaccines, with Novavax saying it plans to participate in the meeting. Pfizer and Moderna have not responded to queries.

    Tyler Durden Wed, 05/14/2025 - 11:25
  23. Site: Zero Hedge
    4 weeks 19 hours ago
    Author: Tyler Durden
    Don Lemon Rages Over White Refugees: "Most Racist Shit Ever!"

    Authored by Paul Joseph Watson via Modernity.news,

    Ex-CNN host Don Lemon had a total meltdown over Trump resettling a small number of white South African refugees in America, calling it “the most racist shit ever.”

    A mere 59 Afrikaners arrived at Dulles International Airport outside Washington on Monday, prompting widespread derision and demonization from leftists and the media, who claimed they were not real refugees while also monstering them as white supremacists.

    The backlash to the refugees arriving in America was so vociferous that it became a stunning mask off moment in proving that anti-white hatred is still mainstream.

    Don Lemon hyperventilated over “this South African farmer bullshit, which is the most blatantly obvious racist shit ever,” implying that Afrikaners couldn’t be refugees because they “own most of the land and the property” in South Africa.

    Lemon failed to acknowledge that this is precisely why they are being targeted, sometimes violently, and officially by government discrimination in the form of compulsory land grabs.

    The former CNN anchor’s main bone of contention was that Trump was “trying to cut down on immigration from other countries” while favoring people from white countries.

    Don Lemon has a meltdown over South African refugees: “The most obvious racist sht ever”

    pic.twitter.com/eNXmnXTEXu

    — Defiant L’s (@DefiantLs) May 13, 2025

    Because legally admitting 59 white people from South Africa is totally the same as the millions upon millions of illegal immigrants who entered America under Joe Biden, many of whom were violent criminals.

    Lemon then ludicrously tried to justify the South African government taking land from farmers without compensation by claiming it’s only for land that isn’t being used.

    Who decides whether the land is being used or not?

    The same government seizing it without compensation.

    I’m sure that’s a completely impartial and fair process!

    Suddenly developing a flair for per capita statistics that leftists can’t seem to grasp when it comes to crime, Lemon complained that white South Africans own more land than blacks despite being a minority of the population.

    Apparently, this alone, in true Communist dictatorship style, is enough to justify the government just stealing it from them without compensation.

    As we highlighted earlier, African-American influencers are now suggesting that the white refugees should be violently targeted because they’re “racist,” proving precisely why they needed to flee South Africa in the first place.

    “These racist motherfuckers gonna find out the hard way, they’re gonna fuck around and find out, you can’t talk that shit over here on our soil,” he said.

    Tiktoker threatens the immigrants from South Africa and says they’re all racist and Trump brought them here to be racist

    “They’re gonna find out the hard way… These people will start getting their ass whooped”

    Seems totally normal and stable… pic.twitter.com/NuRrBxweap

    — Libs of TikTok (@libsoftiktok) May 14, 2025

    “So what’s gonna happen is that these people will start getting their ass whooped…we’re gonna start lighting motherfuckers up because they don’t know how to talk to black people in America,” he added.

    The influencer then complained that when white South African refugees start getting violently attacked, people will complain about it, prompting more discrimination against black Americans.

    *  *  *

    Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.

    Tyler Durden Wed, 05/14/2025 - 10:45
  24. Site: Zero Hedge
    4 weeks 19 hours ago
    Author: Tyler Durden
    WTI Rebounds From Overnight Dip But 'Drill, Baby, Drill' Remains Elusive

    Oil prices are marginally lower this morning after four straight sessions of gains driven by tariff optimism, following a bigger than expected build in crude stocks reported by API overnight.

    The rise in stocks comes as OPEC+ readies to add another 411,000 barrel per day tranche of supply to the market as it unwinds 2.2-million barrels per day of voluntary production cuts. The new supply is likely to check prices as Saudi Arabia looks to regain market share and respond to a U.S. call for lower prices, even as U.S. President Donald Trump began the first presidential trip of his current term with a visit to Riyadh on Tuesday.

    "While OPEC officials maintain that the US played no role in the decision to accelerate the phase -in of the voluntary barrels, the oil price environment has provided a beneficial backdrop to the Presidential visit from the Washington standpoint, Helima Croft, Head of Global Commodity Strategy and MENA Research at RBC Capital Markets, said in a note.

    All eyes now on the official data for confirmation of builds...

    API

    • Crude +4.29mm

    • Cushing -850k

    • Gasoline -1.37mm

    • Distillates -3.68mm

    DOE

    • Crude +3.45mm

    • Cushing -1.07mm

    • Gasoline -1.02mm

    • Distillates -3.16mm

    The official data echoe API's report with a sizable crude build but draws at the Cushing Hub and in products...

    Source: Bloomberg

    In a week when the Trump administration proposes a major bill to refill the SPR, total crude stocks rose around 4mm barrels (including 528k barrels to the SPR)...

    Source: Bloomberg

    US crude production rose very modestly last week but along with the rig count is basically unchanged since President Trump's election...

    Source: Bloomberg

    OPEC released its May Monthly Oil Market Report on Wednesday, sticking with its forecast for 2025 demand growth of 1.3-million barrels per day, higher last week's estimate from the Energy Information Administration for demand growth of one-million bpd this year. 

    The International Energy Agency will release its monthly outlook on Thursday.

    The cartel also lowered its estimate from production growth for countries outside of OPEC+ by 100,000 bpd to 0.8-million bpd.

    WTI is rallying back from overnight weakness...

    Finally, the question many are asking is when will see prices at the pump lower as Refineries are expected to keep ramping up ahead of the summer, allowing nationwide crude processing rates to remain at the highest seasonal level since 2019.

    ...and along with those lower prices, lower inflation.

    Tyler Durden Wed, 05/14/2025 - 10:39
  25. Site: Zero Hedge
    4 weeks 19 hours ago
    Author: Tyler Durden
    Animal Spirits

    By Benjamin Picton, Senior Market Strategist At Rabobank

    Animal Spirits

    The NASDAQ and S&P500 pumped higher yesterday as trade war détente and a lower-than-expected US CPI print fuelled optimism. The S&P500 is now in the black year-to-date and the NASDAQ is in bull market territory, despite the index remaining south of where it was on January 1st. Crude oil extended gains for a fourth-straight session, rising 2.57%, and yields on 10-year Treasuries finished mostly unchanged after trading in a 6bp range.

    US April CPI came in at 0.2% M-o-M for both the headline and core measurements. This takes year-on-year CPI down to 2.3%, versus an expected reading of 2.4%. Core services (shelter, principally) was the main driver of price rises, followed by energy as a ~$10/bbl fall in crude over the course of the month was more than offset by rising electricity and natural gas prices. Core goods barely registered and food prices declined. Egg prices fell by 12.7%, the largest monthly fall since 1984, which will no doubt please a President who has elevated the price of eggs as an indicator of economic policy competence.

    Egg prices down 12.7%, biggest drop since March 1984, second biggest drop on record pic.twitter.com/AWcuDPb8qh

    — zerohedge (@zerohedge) May 13, 2025

    Digging through the entrails, there were some hints of potential tariff impacts on prices. Audio equipment experienced its largest-ever monthly rise (8.8%) and price rises for home furnishings were up 1% after remaining flat in March. On the flip side, apparel prices actually fell during the month despite sharp falls in the Dollar spot index over the course of both March and April. Taken together with tariffs, a weaker Dollar would usually be suggestive of higher prices for imported goods.

    It's hard to separate the signal from the noise here because there are a lot of uncertainties at play. Consumer prices for products sold in April likely relate to stock that was brought into the country during the import surge before Liberation Day. This means that the cost basis of many of these products will not include the April tariff impact. Additionally, the influence of a weaker US Dollar over the course of March and April may be mitigated to some degree by importers forward-hedging foreign exchange exposures. There is also the possibility of both exporters and importers “eating” some of the impact of the tariffs through lower export prices and lower importer margins. Trump and Bessent have both claimed that it would be the exporters who wear the brunt of tariff impacts, but this will ultimately depend on the price elasticity of demand for individual goods.

    OIS futures are now pricing 53bps worth of easing in the Fed Funds rate by year end compared to 66.5bps at the end of last week. That was before the 90-day reduction in tariffs was agreed between the United States and China. The September FOMC meeting remains the first meeting that is fully-priced for a cut, but pricing has declined from -35.3bps on Friday to -25.8bps as of this morning. Clearly, while equity markets are welcoming the better than expected CPI result, the vagaries of trade policy are a more important influence on the path of the Fed Funds rate.

    That brings us back to the point that economics and markets cannot be taken as an abstraction from everything else that is going on, because we actually live in a world of political economy. On that score, President Trump arrived in Riyadh yesterday and swiftly announced that Saudi Arabia will be investing $1 trillion in the United States. The real figure is disputed and might be $600 billion (as announced by the White House) or as low as $300 billion. According to a White House fact sheet the deal includes a $142 billion defence sales agreement that will see new aerospace and missile defence equipment sold to Saudi Arabia.

    Trump also announced during the visit that the United States will be lifting sanctions on Syria, apparently at the urging of Saudi Crown Prince Mohammed Bin Salman and Turkish President Erdogan. Saudi Arabia and Turkey had been two of the parties backing Syrian rebels (along with Qatar, who are gifting the USA a luxury jet) against the Iran and Russia-backed Assad regime. Is the United States now encouraging development to fill a regional power vacuum in a similar vein to what it did post-WWII? Is it a coincidence that the US Treasury Department just announced sanctions on more than 20 companies it claims have been involved in shipping Iranian crude oil to China (a key backer of both Iran and Russia)?

    This comes as China criticizes the terms of the recent trade agreement struck between the United Kingdom and the United States. Much has been made of the agreement’s limited impact in economic terms, but China’s Foreign Ministry seems to think that the agreement is substantive from a geopolitical perspective, and freezes China out from investment and trade opportunities in the UK.

    So, the question now is: has the UK signed up for the worst trade deal in the history of trade deals? Or will other countries end up signing similar agreements that likewise seek to isolate Chinese trade and supply chain interests?
    Animal spirits may be back as markets rejoice at trade détente for the time being, but all of the elements that led to trade conflict in the first place are still present.

    Tyler Durden Wed, 05/14/2025 - 10:25
  26. Site: southern orders
    4 weeks 20 hours ago

     

    Greek Catholic Bishop: Synod on Synodality Is Not Like Eastern Synods

    Greek Byzantine Catholic Bishop Manuel Nin stresses that Synod means, above all, journeying with Christ and warns against “Christian parliamentarianism.” 

    Bishop Manuel Nin is seen before an open-air service at the 102th German Catholics Day on the Castle Square in Stuttgart, southern Germany, on May 26, 2022.Bishop Manuel Nin is seen before an open-air service at the 102th German Catholics Day on the Castle Square in Stuttgart, southern Germany, on May 26, 2022. (photo: Thomas Kienzle / AFP via Getty Images)
    Synodality in all Christian Churches, both East and West, cannot be a kind of reflection of the modern world whereby the Church becomes like a “modern Western democracy, possibly parliamentary, where everyone can say everything,” he warned. The life of the Church, he said, “has never been a form of democracy in which everyone decides everything by majority rules.”
    READ THE REST OF THE NATIONAL CATHOLIC REGISTER’S ARTICLE HERE!

  27. Site: Zero Hedge
    4 weeks 21 hours ago
    Author: Tyler Durden
    Trump To Scrutinize Pardons Biden Issued Before Leaving Office

    Authored by Zachary Stieber via The Epoch Times,

    President Donald Trump’s newly tabbed pardon attorney said on May 13 that his work will include scrutinizing pardons that former President Joe Biden issued just before leaving office in January.

    “I do think that the Biden pardons need some scrutiny. And they need scrutiny because we want pardons to matter and to be accepted and to be something that’s used correctly,” Ed Martin, the pardon attorney, told reporters during a press briefing in Washington.

    “So I do think we’re going to take a hard look at how they went and what they did and if they’re, I don’t know, but null and void, I’m not sure how that operates,” he added.

    Biden’s pardons, issued in his final hours in office, went to multiple individuals, including former Rep. Liz Cheney (R-Wyo.).

    The pardons were for conduct for which the individuals had not been charged.

    Biden said at the time that the people “do not deserve to be the targets of unjustified and politically motivated prosecutions.”

    Trump said in March that the pardons were “hereby declared void” because, he alleged, they were done with an autopen, or a device that lets people sign documents with preloaded signatures.

    Martin said on Tuesday that the pardons were not particularly reasonable but that he did not necessarily think the use of an autopen would nullify them.

    Martin is stepping down as the interim U.S. attorney for the District of Columbia on Wednesday. Trump on May 8 named Martin pardon attorney and director of the Department of Justice’s weaponization working group after some senators publicly opposed Martin’s nomination to take the U.S. attorney post permanently.

    Asked later on Tuesday about the resignation of Denise Cheung, who had been chief of the U.S. Attorney’s Office for the District of Columbia’s Criminal Division, Martin said that he had asked Cheung to look into what he described as unprecedented conduct, or $6.7 billion transferred from the government to a nonprofit that was created just six months prior.

    That kind of conduct “does make you pause,” Martin said. “That’s what you’re supposed to do, is pause, just like if the Biden pardons are unprecedented in their extent. Right back to when Hunter Biden was whatever age you say, ’that’s uncommon, we ought to take a look at that.'”

    Biden also pardoned his son, Hunter Biden, 55.

    Martin also said that the weaponization working group has been looking at various actions taken during the Biden administration, including the prosecution of people who participated in the Jan. 6, 2021, breach of the U.S. Capitol. He said that under him, the group will be giving more updates on its work and is exploring the launch of a portal that will enable people to provide them tips.

    Tyler Durden Wed, 05/14/2025 - 08:40
  28. Site: Zero Hedge
    4 weeks 21 hours ago
    Author: Tyler Durden
    Futures Rise After Erasing 2025 Loss As Meltup Just Won't Stop

    US equity futures are modestly in the green with tech/AI stocks leading and small caps lagging as equities may see some profit-taking given the relentless strength of the rally. Stocks has now erased their YTD losses, and the recovery pace of the past 6 weeks is the fastest since the 1980s. As of 8:00am ET, S&P futures are up 0.2%, near session highs after reversing earlier losses; Nasdaq futures gain 0.4% with chips higher on new deals being made by Trump in the Middle East regarding chips/AI infra build. Pre-mkt, NVDA/TSLA are higher with the rest of Mag7 mixed but Semis are higher though other Cyclicals are slightly weaker. AI theme is higher, too. The yield curve is twisting steeper as USD strength fizzles sparked by concerns Trump may turn to dollar strength next (following overnight Bloomberg report there was discussion between US and SKorea on dollar strength). Commodities are lower as Energy sells off, and gold is flat around $3220. The macro data focus is on mortgage applications (up 1.1%) and XHB is +5% over the last two days.

    In premarket trading, magnificent seven stocks are mixed: Nvidia leads gainers as the semiconductor giant is on track to extend gains after a deal to supply chips to Saudi Arabian AI company Humain for a massive data center project (Nvidia +3%, Tesla +2%, Alphabet +0.6%, Meta +0.7%, Amazon +0.2%, Apple -0.3%, Microsoft -0.3%).  Super Micro Computer (SMCI) rises 14%, set to extend Tuesday’s 16% rally, after Saudi Arabia-based data center company DataVolt signs a multi-year partnership agreement with the beleaguered US company. Here are some other notable premarket movers:

    • American Eagle (AEO) slumps 12% after the retailer withdrew its fiscal year 2025 guidance due to macroeconomic uncertainty.
    • Aurora Innovation (AUR) plunges 18% after Uber, a leading backer, said it plans to sell $1 billion of senior notes exchangeable into shares of the self-driving technology developer.
    • Cboe Global Markets Inc. (CBOE) slips 1.5% after Morgan Stanley double downgraded the stock, recommending lower defensives exposure on the back of greater than expected tariff de-escalation between China and the US.
    • Dynatrace (DT) rises 3% after the analytics platform company forecast 1Q revenue that beat the average analyst estimate.
    • Exelixis (EXEL) climbs 4% after the maker of cancer drug Cabometyx raised its projection for revenue this year.
    • Grail Inc. (GRAL) tumbles 13% after the cancer-detection firm posted 1Q revenue that fell short of expectations.
    • KKR (KKR) rises 1.8% after Morgan Stanley upgraded the private equity firm to overweight, recommending it as a way to play the anticipated capital markets recovery.
    • Nu Holdings Ltd. (NU) slips 2% after the company posted 1Q results that showed higher spending to attract new clients and protect against potential bad loans.
    • Septerna (SEPN) soars 62% after the biotech said it’s partnering with Novo Nordisk A/S on the development of oral pills for obesity and type-2 diabetes.

    After the recent faceripping rally left the S&P 500 flat for the year, Wall Street strategists - who were skeptical stocks would rebound at all - are now skeptical about how much further stocks can run. Goldman Sachs strategist Peter Oppenheimer warned that equities remain vulnerable if deteriorating economic data reignites recession worries.

    “Investors got very bearish in April, missed the market rebound and then were forced to chase it,” said Lilian Chovin, head of asset allocation at Coutts & Co. With focus shifting to the impact of tariffs, he’s using the rebound to take some profit and reduce his equities overweight.

    After its recent rally, the dollar weakened 0.4% after Bloomberg reported that the US and South Korea discussed their currency policies in early May, fueling speculation President Donald Trump’s administration is open to a weaker greenback. The won jumped more than 1% and neighboring currencies, including the Japanese yen, also rose against the dollar. 

    Investors took news of the talks between South Korea and the US as reason to suspect foreign governments may accept strength in their exchange rates to smooth the way to trade deals with the US. Trump and other administration officials have argued weakness in Asian currencies versus the dollar have handed an unfair advantage for regional exporters over US rivals.

    In Europe, the Stoxx 600 dipped 0.2% as stocks paused for breath after the rally spurred by trade optimism. Insurance, utility and telecoms stocks outperform, while autos and consumer products lag. Among individual stocks, Burberry surges after the luxury group’s fourth-quarter retail sales beat estimates and the company announced plans to cut almost a fifth of its workforce.  Shares in tour operator TUI slide after summer bookings showed a negative inflection. Here are some of the more notable movers:

    • Burberry shares rise as much as 9.9% after the British luxury group’s 4Q retail sales beat estimates, sparking hopes among analysts that the company is seeing the early signs of a turnaround.
    • EON shares advance as much as 1.6% after the German utility reported strong first-quarter figures, with analysts saying consensus estimates are likely to rise after the report.
    • ABN Amro shares outperform as the lender reports a 1Q profit that was bigger than expected, while strong capital fueled share buyback optimism. Lending revenue was disappointing, RBC analysts said.
    • Imperial Brands shares drop as much as 8.3%. The tobacco firm’s earnings missed expectations amid declines in volumes and its CEO’s decision to retire caught investors off-guard.
    • FLSmidth shares gain as much as 13% to a two-month high after posting a “whopping” 24% beat on first-quarter adjusted Ebitda, according to Jefferies.
    • Compass shares fall as much 4.8% as organic growth at the catering firm is slightly below some estimates, with some concern over North America revenue. Panmure Liberum questions the current valuation.
    • TUI shares slide as much as 11%, most in three months, after the tour and travel operator signaled a negative bookings inflection for the key summer season.
    • Experian shares fall as much as 1.8% after the UK credit and marketing firm reported in-line earnings and offered organic revenue guidance slightly below expectations.
    • Alcon shares slide as much as 9.5%, the most since March 2020, after first-quarter results from the Swiss eyecare firm missed estimates across the board.
    • Alstom shares slump as much as 17% after the French transport system company’s earnings. Morgan Stanley says the quarterly print is ahead “but the softer guidance will likely be the focus.”
    • InPost shares drop as much as 8.3% after the parcel locker operator guided for softer volumes in Poland in 2Q.
    • Spirax shares fall as much as 5.6% after a first-quarter update from the UK engineering services firm that Morgan Stanley says contained both positives and negatives.

    Earlier in the session, Asian stocks rose, on track for a fourth-straight session of gains, as Chinese tech firms climbed ahead of earnings announcements.  The MSCI Asia Pacific Index advanced as much as 1.1%, with Tencent and Alibaba among the biggest boosts. Chipmakers TSMC and SK Hynix also drove gains, following US peers higher after news that Nvidia and Advanced Micro Devices will supply semiconductors for a large Saudi Arabian data-center project. Hong Kong, South Korea, Taiwan and Indonesia led gains in the region. Japanese stocks bucked the trend, with the benchmark Topix snapping a 13-day win streak, as worries about the nation’s continued lack of a tariff deal with the US and weak earnings from the auto sector drove profit-taking. Traders are looking to China’s tech earnings as another possible catalyst for stocks after this week’s US-China tariff cuts. The results could provide clues on whether the sector’s artificial intelligence-driven rally is back on track, which may offset lingering doubts over the potential for final deals between US and its trading partners.

    In FX, the Bloomberg Dollar Spot Index is down 0.5% as the greenback falls across the board after Bloomberg reported the US and South Korea discussed their currency policies in early May and agreed to continue talks, according to a person familiar with the matter. The South Korean won rises 1.7%. The Japanese yen is the best performing G-10 currency with a 1.1% gain.

    In rates, the 10-year Treasury yields are higher by 1basis point at 4.48%, reversing an earlier drop. US 2- to 10-year yields are 1bp-2bp cheaper on the day led by the 5-year, with long-end little changed, steepening 5s30s by about 1bp. UK gilts lag Treasuries slightly after an auction of 10-year debt.

    In commodities, WTI drops 1% to $63 a barrel. Spot gold falls $20 to around $3,230/oz. Bitcoin falls over 1% toward $103,000.

    The US economic data slate is blank; scheduled Fed speakers include Jefferson (9:10am) and Daly (5:40pm)

    Market Snapshot

    • S&P 500 mini +0.2% 
    • Nasdaq 100 0.4% 
    • Russell 2000 mini -0.1%
    • Stoxx Europe 600 -0.4%
    • DAX -0.6%
    • CAC 40 -0.7%
    • 10-year Treasury yield little changed at 4.46%
    • VIX +0.1 points at 18.34
    • Bloomberg Dollar Index -0.5% at 1224.7
    • euro +0.7% at $1.1259
    • WTI crude -0.8% at $63.18/barrel

    Top Overnight News

    • House Republicans may reach a SALT deduction compromise today, House Speaker Mike Johnson said. A proposal is being debated to increasing the cap to $30,000 from $10,000. BBG
    • Trump’s tariff policies are projected to cut California’s tax revenue by $16 billion in the next fiscal year, Governor Gavin Newsom’s finance department said. BBG
    • Qatar Airways is set to announce that it secured an agreement to purchase 150 aircraft from Boeing while President Trump is in Doha on Wednesday, a source familiar with the matter confirmed to NewsNation. The Hill
    • China criticizes the US-UK trade deal, warning that Washington shouldn’t pursue agreements that isolate Beijing. FT
    • Companies expected to rush inventory to the US from China ahead of the holidays to capitalize on the 90-day détente between the two countries. FT
    • Japan’s PPI slowed more than expected to 0.2% in April. BBG
    • Trade talks between India and the US are progressing smoothly, with the first tranche of a deal expected by fall, according to people familiar with the discussions. However, it’s unclear if India can secure an interim deal by early July, when Trump’s reciprocal tariffs are expected to kick in. BBG
    • Joachim Nagel said markets were close to a meltdown after last month’s US trade announcements. The ECB’s Governing Council member said he couldn’t see how raising barriers to free trade would produce positive outcomes for the US. BBG
    • The BOE’s Catherine Mann told CNBC she flipped her vote from a bumper interest-rate cut to a pause because sharp moves on markets had lowered borrowing costs and provided enough easing of financial conditions. BBG
    • Fed's Goolsbee (2025 Voter) says some part of April inflation represents the lagged nature of data and the Fed is still holding its breath. It will take time for current inflation trends to show up in data. Right now is a time for the Fed to wait for more information and try get past the noise in the data. Cannot jump to conclusions about long-term trends given all the short term volatility.

    Tariffs/Trade

    • White House economic adviser Hassett said the administration has more than 20-25 deals on the table with deals close to being finalised and when President Trump returns, he will announce the next deal, according to a Fox interview.
    • US-China trade ceasefire is to drive early Black Friday and Christmas stockpiling with ports and shipping companies expecting a surge in demand as retailers take advantage of lower tariffs on Chinese imports, according to the FT.
    • China criticised a trade deal between the UK and US that could be used to squeeze Chinese products out of British supply chains, according to the FT.
    • Mexico's Economy Minister said they hope to start the USMCA review as soon as possible to give consumers and investors clarity.

    Top Overnight News

    • White House economic adviser Hassett said the administration has more than 20-25 deals on the table with deals close to being finalised and when President Trump returns, he will announce the next deal, according to a Fox interview.
    • US-China trade ceasefire is to drive early Black Friday and Christmas stockpiling with ports and shipping companies expecting a surge in demand as retailers take advantage of lower tariffs on Chinese imports, according to the FT.
    • China criticised a trade deal between the UK and US that could be used to squeeze Chinese products out of British supply chains, according to the FT.
    • Mexico's Economy Minister said they hope to start the USMCA review as soon as possible to give consumers and investors clarity.

    A more detailed look at global markets courtesy of Newsquawk

    APAC stocks traded somewhat mixed but with the region predominantly in the green following the momentum from the constructive performance on Wall St, where most major indices closed higher in the aftermath of the softer-than-expected US CPI data, although demand was contained overnight amid a lack of fresh major catalysts and as participants digested earnings releases. ASX 200 lacked firm direction as strength in energy and tech was counterbalanced by weakness in utilities and consumer stocks, while financials were rangebound despite Australia's largest bank CBA reporting an increase in profits. Nikkei 225 wiped out opening gains and briefly reverted to a sub-38,000 level with the list of worst performers in the index dominated by companies that had just reported earnings results. Hang Seng and Shanghai Comp gained amid strength in Chinese healthcare stocks and tech names leading the upside in Hong Kong ahead of Tencent and Alibaba earnings results scheduled for today and tomorrow, respectively, while the upside in the mainland was limited amid a lack of major fresh catalysts.

    Top Asian News

    • South Korea is preparing support measures for small and medium-sized firms expected to be hit by tariffs, according to Reuters citing the government.
    • CATL (300750 CH/3750 HK) is reportedly to set a price of HKD 263/shr for its upcoming Hong Kong listing, via Reuters citing sources; to increase the HK listing size by 17.7mln shares.
    • Foxconn (2317 TW) Q1 (TWD): net 42.12bln (exp. 37.9bln); operating 46.5bln (exp. 46.3bln), revenue 1.64tln (exp. 1.65tln); expects 2025 revenue to see significant growth Y/Y (prev. exp. to grow "strongly").
    • Tencent (700 HK) Q1 (CNH) Revenue 180.02bln (exp. 175.6bln), Op. Profit 57.57bln (exp. 59.2bln), Adj. Net Income 61.33bln (exp. 59.68bln).

    European bourses (STOXX 600 -0.2%) opened modestly mixed and on either side of the unchanged mark; since, the risk tone has deteriorated to display a mostly negative picture in Europe. European sectors opened mixed and with no clear theme or bias, and with the breadth of the market fairly narrow. Real Estate takes the top spot, joined closely by Telecoms and then Utilities to complete the top three. Autos sit towards the foot of the pile, driven by post-earning weakness in Daimler Truck (-1.1%). US equity futures are flat/modestly lower, attempting to hold onto the gains seen yesterday, strength which was in-part spurred by the plethora of deals announced/reported on during the Saudi event. Barclays raises its 2025 year-end price target for STOXX 600 to 540 (prev. 490, currently 545.09). Barclays European Equity Strategy downgrades Consumer Staples to Underweight; upgrades Consumer Discretionary  to Market Weight (prev. Underweight). Goldman Sachs lifts its Stoxx 600 target for the next 12-months to 570 (prev. 520).

    Top European News

    • BoE's Mann says the UK labour market has been more resilient than expected. Worried that household inflation expectations have increased. Need to see a loss of pricing power by firms, however, goods price inflation is increasing. Trade aversion will result in lower global good prices. Firms will look for the opportunity to rebuild their margins. "Dollar is still king".
    • BoE's Breeden: "A macro-prudential approach to the supervision of CCPs is essential given their central role in the financial system".
    • ECB's Nagel says there is a good probability the inflation target will be maintained; current uncertainty will be the new "normal", central banks have to get used to manage it Very supportive of the new (German) fiscal debt brake, however, it is clear that Germany will need to return to fiscal rules in the future. USD is very important, but the EUR's role will become stronger as a reserve currency in the next few years.
    • Hapag Lloyd (HLAG GY) CEO says they have seen an increase in orders for China-US shipments by more than 50% W/W; demand is considerably higher compared with the time before US tariffs.

    FX

    • DXY began the European session on a modestly weaker footing, continuing to pare back some of the US-China induced upside. As the session progressed, some hefty Dollar pressure was seen, as the risk tone deteriorated and with some traders pointing towards a technical driven move. Some focus may also be on Deputy Finance Minister Choi's meeting with Kaproth of the US Treasury on May 5th to discuss FX. DXY currently towards the lower end of a 100.28-101.02 range. Data docket ahead is thin, focus will be on commentary from Fed Vice Chair Jefferson and Fed's Daly (2027 voter) - do note that in prepared remarks from Waller, he did not comment on monetary policy.
    • EUR is on a firmer footing, largely benefiting from the broader Dollar weakness, rather than any EZ-specific updates, which have been lacking in today’s session. To recap, Spanish and German Final inflation figures were unrevised. Elsewhere, ECB's Nagel said "there is a good probability the inflation target will be maintained; current uncertainty will be the new "normal", central banks have to get used to manage it" - remarks which had little impact on the pair. The Single Currency has made a fresh WTD high at 1.1264.
    • JPY is the best-performing G10 currency thus far; early morning strength was thanks to the broadly softer US yield environment, and with some modest deterioration in the risk tone (leading to broader Dollar weakness) USD/JPY managed to dip back below the 147.00 mark to a fresh low at 145.76, taking out the 50 DMA at 146.18.
    • GBP is modestly firmer vs the broadly weaker Dollar, but is a little weaker vs EUR. Today has seen a few appearances from BoE members; starting with arch-hawk Mann, she noted that “UK labour market has been more resilient than expected. Worried that household inflation expectations have increased”. Elsewhere, Breeden released a text publication, but that focused more on supervision matters rather than on monetary policy. There was little price action sparked by both members.
    • Antipodeans are modestly firmer vs the weaker Dollar; AUD/USD currently trading at the upper-end of a 0.6464-0.65 range; NZD/USD in a 0.5931-0.5968 parameter.
    • PBoC set USD/CNY mid-point at 7.1956 vs exp. 7.1813 (Prev. 7.1991)

    Fixed Income

    • A similar setup to Tuesday morning as USTs find themselves marginally in the green while peers across the pond are a touch in the red. USTs find themselves at the upper-end of a very thin 110-01 to 110-09 band. Fed's Waller did not comment on monetary policy in prepared remarks; next up, Jefferson and Daly.
    • Bunds are in-fitting with action at this time on Tuesday, a touch softer in narrow parameters with specifics for the bloc fairly light. No move to a handful of final data points from Germany and Spain. Elsewhere, ECB's Nagel said "there is a good probability the inflation target will be maintained; current uncertainty will be the new "normal", central banks have to get used to manage it" - remarks which had little impact on the pair. Some modest upside was seen as the risk tone was hit a little in European trade and currently trades in a 129.29-59 band. Some modest upside was seen following a well received Bund auction.
    • Again, echoes of the dynamic on Tuesday as Gilts find themselves the modest fixed underperformer. Specifics for the UK are a touch light, remarks from BoE’s Breeden this morning largely stayed clear of monetary policy. Before Breeden, “activist” Mann was on the wires and expressed concern that the labour market has been more resilient than forecast and that household inflation expectations have increased; overall, her commentary was hawkish and may be factoring into the bearish bias for Gilts, but nothing overly surprising from the dissenter.
    • UK to sell GBP 4.25bln 4.50% 2035 Gilt: b/c 3.13x (prev. 2.85x), average yield 4.673% (prev. 4.638%) & tail 0.3bps (prev. 0.4bps).
    • Germany sells EUR 1.313bln vs exp. EUR 1.5bln 1.25% 2048 Bund and EUR 0.818 vs exp. EUR 1bln 2.50% 2054 Bund.

    Commodities

    • The crude complex is failing to benefit from the weaker dollar, as it gives back a little of Tuesday’s strength with today’s focus on US President Trump in Riyadh, where commentary has weighed on benchmarks, currently down by around USD 0.40/bbl on the day. Crude edged lower this morning amid constructive language regarding the Middle East from the US President, who announced the lifting of sanctions on Syria, expressed interest in normalizing relations, and emphasized a vision for a peaceful and prosperous region. WTI and Brent are just above session lows, in respective USD 62.86-63.68 and 65.82-66.59/bbl ranges.
    • OPEC MOMR will be released at 13:00 BST (08:00 EDT).
    • Spot Gold, like Crude, is failing to benefit from the weaker dollar, which sees the Dollar index lower by 0.4%. While pressured, the benchmark is in a thin c. USD 30/oz band and one that is essentially a repeat of the confines from Tuesday.
    • Copper is modestly firmer, and trading at session highs as base metals are broadly benefitting from Dollar weakness. 3M LME Copper currently in a USD 9,562.6-9,638.45/t range.
    • US Private Inventory Data (bbls): Crude +4.3mln (exp. -1.1mln), Distillate -3.7mln (exp. 0.1mln), Gasoline -1.4mln (exp. -0.6mln), Cushing -0.9mln.

    Geopolitics: Middle East

    • Iranian Foreign Ministry spokesman said they have made it clear that no agreement will be reached with the US without concrete guarantees, according to Iran International. It was also reported that Iran is to hold talks with European parties on Friday in Istanbul, according to European and Iranian sources cited by Reuters.
    • Israel's military said it identified the launch of a missile towards Israeli territory from Yemen which was intercepted.
    • Jordanian army said a rocket of unknown origin landed in a desert area in the Ma'an, according to a source via X.
    • US President Trump is meeting Syrian President al-Sharaa, via AP.
    • US President Trump says the US wants to do a deal with Iran. Reiterates that Iran cannot have a nuclear weapon. Lifting sanctions on Syria. Exploring normalising relations with them. Wants a peaceful and prosperous Middle East. Special relationship with Saudi Arabia.
    • Syria's President told US President Trump that they are inviting US firms to invest in Syria's oil and gas sector.

    Geopolitics: Other

    • Senior Russian Lawmaker says the makeup of the Russian delegation to Istanbul for the Ukraine talks will be known on Wednesday evening, via Telegram
    • China's Defence Minister met with the UN Secretary General on Tuesday and said that China will put forward new peacekeeping commitments, while China will support the reform and transformation of UN peacekeeping. Furthermore, the Minister said China is always a staunch supporter and constructive force for UN peacekeeping operations, according to Xinhua.

    US Event Calendar

    • 7:00 am: May 9 MBA Mortgage Applications, prior 11%

    Central Banks (All Times ET):

    • 5:00 am: Fed’s Goolsbee Appears on NPR
    • 5:15 am: Fed’s Waller Speaks on Central Bank Research
    • 9:10 am: Fed’s Jefferson Speaks on Economic Outlook
    • 5:40 pm: Fed’s Daly Speaks in Fireside Chat

    DB's Jim Reid concludes the overnight wrap

    It's been another 24 hours where the Trump administration continues to hog the headlines. With the President in the Middle East, various stories on AI supported a huge tech-led rally, which helped the S&P 500 (+0.72%) move back into positive territory for the year. That got a further boost thanks to a softer-than-expected CPI print (the third in a row), and it now means the index is now up +18.1% since the low on April 8. Indeed, the last time the index surged that fast in just over a month was back in April 2020, when markets were roaring back from the initial Covid slump. In the meantime, several other post-Liberation Day moves unwound further, with the VIX closing at 18.22pts, whilst US HY spreads (-6bps) fell to 299bps.

    The Nasdaq (+1.61%) and the Mag-7 (+2.24%) led the gains yesterday, elevated by Nvidia’s +5.63% rise on the news they’d help build Saudi Arabia’s AI infrastructure, as part of an Economic Partnership that President Trump struck with Saudi Crown Prince Mohammed bin Salman yesterday. The White House framed the deal as a $600bn investment commitment from Saudi Arabia, while Trump and MBS touted a pledge of $1trn in commercial deals. The deal includes a $142bn defense agreement between the US and Saudi as well as tech firms like Google, Oracle and AMD pledging to invest $80bn in tech across both countries. So it was another win for tech stocks which helped push the S&P 500 +0.72% higher.

    Trump’s visit is the first of a four-day trip to the Middle East, as the President seeks to form a series of financial deals with Qatar and the UAE. He's clearly in a mood to do deals so watch out for more on his trip. In fact, Bloomberg reported yesterday that the administration is weighing a deal that would allow the UAE to import 500k of Nvidia’s advanced chips annually, far exceeding limits for AI chip exports set under Biden. Meanwhile on trade, NEC Director Kevin Hassett suggested that Trump will announce the next trade deal upon his return to the US, and there were more than 20-25 deals on the table.

    The ongoing rally was also helped by the US April CPI report, which came out weaker than predicted, with monthly headline and core CPI each up +0.2% (vs. +0.3% expected for both). From a market point of view, the main relief was also that tariffs weren’t showing up in a major way in consumer prices, even though April included the 10% universal baseline tariffs, and much higher tariffs on China. Admittedly, there were some categories likely showing tariff-related jumps, like an +8.8% monthly rise for audio equipment, but the broad impact was muted. And in turn, the year-on-year CPI rate fell to just +2.3%, which is the weakest since February 2021. Our US economists think the April data is still too early for the Liberation Day tariffs to show up in the aggregate numbers, and they don’t expect the effects to show up in consumer prices until June.

    When it comes to the Fed, markets continued to dial back their expectations for cuts this year, but that was driven by the broader risk-on tone and lower recession fears, rather than the soft inflation print. So by the close, futures were only expecting 53bps of cuts by the December meeting, which was -3.2bps lower on the day, and the fewer cuts priced for this year since February. President Trump continued to call for lower rates, saying in a post that “THE FED must lower the RATE, like Europe and China have done.” Looking forward, our US economists will be watching tomorrow’s PPI data closely for categories that feed through into core PCE, the Fed’s preferred inflation gauge. They now see April core PCE tracking at +0.23% m/m, which would be consistent with the year-over-year rate remaining at 2.6%. See their full CPI reaction note here.

    As investors dialled back their pricing of Fed cuts, that in turn helped to bring down front-end Treasury yields, with the 2yr yield falling -1.0bps on the day to 4.00%. By the close, the 10yr yield was also down -0.6bps to 4.47%, but the 30yr yield moved up +0.1bps to its highest closing level since January, at 4.91%. That’s still beneath the intraday peak above 5% just before the 90-day tariff extension, but still up from 4.68% at the end of April.

    Back in Europe, markets posted moderate gains, with the STOXX 600 (+0.12%), DAX (+0.31%) and CAC (+0.30%) all moving higher. For the DAX it marked a new all-time high, with the index now up almost +19% YTD, so still well ahead of the S&P 500 which has only just turned positive for 2025 again. The gains came as Germany’s ZEW survey for May was stronger than expected, with the expectations component up to +25.2 (vs +11.3 expected) reaffirming a more bullish sentiment for the country’s economy. Against that backdrop, 10yr bund yields inched up +3.1bps to 2.68%, and sovereign spreads continued to tighten amidst the risk-on mood. For instance, the 10yr Italian spread over bunds tightened to just 102bps, the lowest since 2021.

    Meanwhile in the UK, there were signs of an ongoing loosening in the labour market, with the unemployment rate ticking up a tenth to 4.5%, whilst wage growth in March softened to +5.5% year-on-year, the weakest since October. The news helped 2yr gilts to outperform yesterday, falling -2.0bps to 3.97%, unlike 2yr German yields which moved up +1.2bps.
    In the commodity space, oil prices moved higher as Trump threatened to ramp up sanctions against Iranian oil if a nuclear deal weren’t reached, and Brent crude rose +2.57% to $66.63/bbl. The likes of gold (+0.43%) and copper (+2.25%) also advanced, in part helped a new decline in the dollar index (-0.77%), which retreated after posting its best day since Trump’s election win on Monday.

    Overnight, markets have generally held on to their gains, with futures on the S&P 500 up +0.08%. Similarly in Asia, most of the major equity indices have moved higher as well, with a strong gain for the Hang Seng (+1.43%) and the KOSPI (+1.18%), alongside advances for the CSI 300 (+0.27%), the Shanghai Comp (+0.19%). The one exception to that has been Japanese equities however, with the Nikkei down -0.42%, whilst the TOPIX (-0.64%) has lost ground after advancing for 13 consecutive sessions. Otherwise this morning, data showed Japan’s PPI inflation coming in at +4.0% in April as expected, whilst Australia’s Q1 wage index was a bit stronger than anticipated, up +0.9% quarter-on-quarter (vs. +0.8% expected), and yields on 10yr Australian government bonds are up +4.1bps this morning.

    To the day ahead now, data releases include Canada March building permits. For Central Bank speakers, expect Fed’s Waller, Jefferson and Daly speak, ECB’s Nagel and Holzmann speak, and BOE’s Breeden speak. Earning releases include Tencent, Cisco, Sony, and Coreweave.

    Tyler Durden Wed, 05/14/2025 - 08:27
  29. Site: southern orders
    4 weeks 21 hours ago

     The sinner Pope Leo greeted is a great worldwide know tennis Sinner, Jannik Sinner.

    In his audience with him, Pope Leo XIV wears for the first time the pectoral cross of Pope Leo XIII, through whom we should read our new pope!





  30. Site: Zero Hedge
    4 weeks 21 hours ago
    Author: Tyler Durden
    Coming "Back To Life": Burberry On Track For Best Weekly Performance Since Early 2009 

    Burberry's earnings report, released Wednesday, indicates modest but encouraging progress in its strategic turnaround. One Wall Street analyst remarked that the iconic British trench-coat maker is "showing signs of life," with early traction visible in brand repositioning efforts. While demand remains soft in key markets like China and the U.S., operational improvements suggest the brand may be approaching an inflection point that deserves investors' attention. 

    Despite a year-over-year decline in revenue and profitability, Burberry delivered several above-consensus results, including sales that fell less than expected in the fourth quarter, while its full-year operating profit and margin beat Bloomberg Consensus estimates. Mainland China and the U.S. remain weak spots for demand. 

    The results suggest the worst may be behind, and with improved execution, Burberry could be at the start of a recovery phase... 

    Fourth-Quarter Results:

    Retail comparable sales fell 6%, better than expectations of -7.78% (Bloomberg Consensus) 

    • Asia Pacific: -9% vs. -10.5% est.
    • Mainland China: -8% vs. -9.5% est.
    • EMEIA (Europe, Middle East, India, Africa): -4% vs. -5.53% est.
    • Americas: -4% vs. -2.76% est. (slightly worse than expected)

    Full-Year Results:

    Adjusted pretax loss of £37M vs. £44.8M loss expected (better than forecast).

    Retail comparable sales -12%, estimate -13.1%

    Revenue matched expectations at £2.46B, but fell 17% y/y.

    • Retail sales: -14% y/y; slightly ahead of consensus.
    • Wholesale: -37% y/y; in line with estimates.
    • Licensing: +6.5% y/y; beat expectations.

    Adjusted operating profit: £26M vs. £4.65M est. (significant beat, though down 94% y/y).

    Adjusted operating margin: 1% vs. 0.25% est. (down from 14.1% y/y).

    Adjusted EPS: loss of 14.8p vs. loss of 10.4p est.

    No dividend declared (0p, as expected).

    CEO Joshua Schulman, who joined the company last July, recently unveiled 'Burberry Forward' to revive the faltering brand and boost popularity for its outerwear products and expensive trench coats.

    Schulman expanded his turnaround strategy today with a plan to deliver $80 million in cost savings over the next two years, driven partly by a workforce reduction of 1,700 jobs—approximately 18% of total headcount. The move comes amid a broader global slowdown in luxury demand as the company looks to streamline operations and protect margins.

    In markets, Burberry shares in London jumped 15% during the cash session. For the week, up nearly 24% - and if gains hold through Friday, this could be the company's best weekly stock performance since the first week of April 2009.

    Shares are trading at 2010 lows...

    Analyst commentary on the earnings report was mostly positive but cautious. 

    Goldman analyst Louise Singlehurst and Adrien Duverger provided clients earlier with their first take on the report:

    GS View: We think performance in 2H25, and the focus on strong cost control, demonstrates the pace of execution at Burberry. Despite the tough environment, we note that inventory was -7% cFX (ahead of guidance of broadly at least flat) which we also expect reflects that Q4 trading was ahead of company expectations. The key is the additional cost savings target: we see as this as providing increased confidence for investors on the recovery in EBIT, whilst enabling Burberry to invest in the brand's re-acceleration. We note that post FY25 adjusted EBIT of £26m, Visible Alpha Consensus Data adj EBIT for FY26 is at £138m (GSE £125m). We remain Neutral.

    Additional commentary from other Wall Street desks (courtesy of Bloomberg):

    Deutsche Bank (buy)

    • Burberry is showing further progress on its brand turnaround, says analyst Adam Cochrane; an improvement in sales will be the key factor for investors over the next 12 months
    • Outerwear and scarves were better than average, while leather goods were weaker

    Jefferies (underperform)

    • Burberry's results suggest the brand's turnaround case is in slow-burn mode, writes analyst James Grzinic, given fourth- quarter sales momentum has not built on the third-quarter sequential improvement
    • Reference to a toughening backdrop and a back-end loading to this year's delivery implies a mixed start to the new year on the sales front

    Citi (buy)

    • Burberry is coming "back to life," writes analyst Thomas Chauvet, with the company's robust strategic plan set to unlock value in the medium term
    • Patience is needed, but the potential rewards now outweigh the risks

    RBC Capital Markets (outperform)

    • Burberry's results are "an encouraging first step," says analyst Piral Dadhania, with management pursuing the right strategy to reset the business
    • This should, in time, support a return to positive revenue and profit growth

    Bernstein (outperform)

    • Burberry's earnings look like a small beat on low expectations, writes analyst Luca Solca, which the market will take as an "encouraging sign"
    • However, the new Burberry is yet to appear, given the new CEO arrived just before the SS25 fashion show

    . . . 

    Tyler Durden Wed, 05/14/2025 - 08:05
  31. Site: Zero Hedge
    4 weeks 22 hours ago
    Author: Tyler Durden
    Nvidia, AMD Secure Saudi AI Data Center Deals During Trump's Gulf States Tour 

    Several U.S. tech companies announced big AI deals in the Middle East after the White House announced the kingdom's commitment to invest $600 billion in the U.S.

    Among the largest deals, Nvidia will supply 18,000 of its cutting-edge Blackwell chips to Humain, an AI startup just launched by Saudi Arabia's Public Investment Fund.

    Tuesday's announcement comes as part of the White House's Gulf tour, which includes President Trump and top CEOs.

    "I am so delighted to be here to help celebrate the grand opening, the beginning of Humain," CEO Jensen Huang told the audience at the Saudi-U.S. Investment Forum in Riyadh on Tuesday, adding, "It is an incredible vision, indeed, that Saudi Arabia should build the AI infrastructure of your nation so that you could participate and help shape the future of this incredibly transformative technology."

    A New Chapter of Global Technological Leadership — Born in Riyadh!

    Today at the #SaudiUSForum2025, history was made.

    Tareq Amin, CEO of HUMAIN and Jensen Huang, visionary CEO of NVIDIA, announced a groundbreaking partnership that is setting a new global benchmark: building AI… pic.twitter.com/Vm6ncjYCrA

    — Dr Khalid AlShaigi د خالد الشايقي MD MTEI MDI MHI (@K_Alshaigi) May 13, 2025

    Huang said that AI data centers are power-hungry, and the energy-rich country can use Nvidia's technology to unlock new capabilities. 

    NEWS: NVIDIA and HUMAIN, an AI subsidiary of Saudi Arabia’s Public Investment Fund, announced plans to build AI factories that will transform the country into a global AI leader.

    NVIDIA founder and CEO Jensen Huang participated in a state visit today to share how this effort… pic.twitter.com/4Au6NxvTQ6

    — NVIDIA Newsroom (@nvidianewsroom) May 13, 2025

    Humain plans to develop Arabic versions of large language models. CEO Tareq Amin said the startup would build 1.9 gigawatts of data centers by the decade's end. He anticipates Nvidia's technology will power AI factories across the Middle East. 

    Here are the AI deals that were announced:

    • Nvidia will supply hundreds of thousands of AI chips to Saudi Arabia, starting with 18,000 Blackwell GPUs for Humain, a newly launched AI firm backed by Saudi Arabia's sovereign wealth fund.

    • AMD announced a $10 billion collaboration with Humain to deploy 500 megawatts of AI infrastructure, including CPUs, GPUs, and orchestration software.

    • Qualcomm signed an MoU with Humain to develop server CPUs for future data centers.

    • Saudi firm DataVolt will invest $20 billion in U.S. AI data centers and energy infrastructure.

    • Google, Oracle, Salesforce, AMD, Uber, and DataVolt will invest $80 billion into transformative technologies across both countries.

    Trump's Gulf tour aims to ramp up trillions of investments between the U.S. and Saudi Arabia. 

    Outside of chips, the White House announced a $142 billion defense deal with the kingdom to provide "state-of-the-art warfighting equipment and services from over a dozen U.S. defense firms." This is nearly double Saudi Arabia's 2025 defense budget. 

    Tuesday's announcement highlights how Nvidia's chips have become a bargaining tool for the Trump administration. 

     

    Tyler Durden Wed, 05/14/2025 - 07:45
  32. Site: Zero Hedge
    4 weeks 22 hours ago
    Author: Tyler Durden
    BlackRock Flags Quantum Computing As Risk For Bitcoin ETFs

    Authored by Alex O'Donnell via CoinTelgraph.com,

    Emerging technologies, including quantum computing, could potentially render the cryptography securing Bitcoin and other blockchain networks ineffective, asset manager BlackRock said in a regulatory filing. 

    On May 9, BlackRock updated the registration statement for its iShares Bitcoin ETF (IBIT). The revised version addressed potential risks to the integrity of the Bitcoin network posed by quantum computing, the filing shows.

    “[I]f quantum computing technology is able to advance […] it could potentially undermine the viability of many of the cryptographic algorithms used across the world’s information technology infrastructure, including the cryptographic algorithms used for digital assets like bitcoin,” BlackRock said.

    It is the first time the asset manager has explicitly flagged this risk in its IBIT disclosures. The IBIT ETF is the largest spot Bitcoin ETF, with approximately $64 billion in net assets, according to its website.

    Quantum computing is an emergent field that seeks to use the principles of quantum mechanics to greatly enhance computers’ processing capabilities. 

    Source: James Seyffart/Bloomberg Intelligence

    Record-breaking inflows

    James Seyffart, an analyst for Bloomberg Intelligence, cautioned that risk disclosures such as IBIT’s are required to highlight every possible risk to an asset, even those that are extremely unlikely. 

    “They are going to highlight any potential thing that can go wrong with any product they list or underlying asset that’s being invested in,” Seyffart said in a May 9 X post. “It's completely standard. And honestly [it] makes complete sense.”

    Since launching in January, Bitcoin ETFs have collectively attracted more than $41 billion in net inflows, according to data from Farside Investors. 

    Bitcoin ETF inflows reached all-time highs on May 8. Source: Eric Balchunas/Bloomberg Intelligence

    On May 8, Bitcoin ETF net inflows surpassed all-time highs of around $40 billion, according to Bloomberg Intelligence. 

    “Lifetime net flows is #1 most imp metric to watch IMO, very hard to grow, pure truth, no bs,” Bloomberg Intelligence analyst Eric Balchunas said in a May 9 X post. 

    “Impressive, they were able to make it to a new high water mark so soon after the world was supposed to end.”

    In February, Tether CEO Paolo Ardoino predicted that quantum computing would eventually enable hackers to break into inactive Bitcoin wallets and recover the dormant coins. 

    “Any Bitcoin in lost wallets, including Satoshi (if not alive), will be hacked and put back in circulation,” Ardoino said in a Feb. 8 X post.

    Tyler Durden Wed, 05/14/2025 - 07:20
  33. Site: Zero Hedge
    4 weeks 22 hours ago
    Author: Tyler Durden
    How Do US Universities Make Their Money?

    The cost of funding American universities is huge - covering everything from faculty salaries and special departments to laboratories.

    Not only that, government funding for public institutions has fallen substantially over the past 50 years, making universities rely more heavily on tuition and other sources of revenue. The Trump administration’s freezing of billions in grants and contracts is adding further strain to elite academic institutions.

    This graphic, via Visual Capitalist's  shows how American public universities are funded, based on data from the National Center for Education Statistics.

    The Top Sources of Revenue for American Universities

    Below, we break down the $392 billion in revenues generated across 1,592 public American institutions as of 2023:

    State government funding, typically in the form of research grants, contracts, and appropriations, makes up the largest share at 28%.

    Overall, New Hampshire ranks last in spending on higher public education spending per student, followed by Vermont. Going further, 25 states spend less than levels seen in 2008, with Nevada, Arizona, and Louisiana spending 30% less in 2023.

    In absolute terms, California and Texas spend the most on academic funding, at $22.3 billion and $11.5 billion, respectively in fiscal 2025.

    Meanwhile, tuition and fees generated 21% of revenues totaling $80.8 billion. Despite tuition costs more than tripling since 1990, it has struggled to make up the funding losses from state cutbacks. At the same time, university spending has swelled for administrators, construction, and faculty salaries as demand for higher education has increased.

    Looking at private sources of revenue, these brought in $51.2 billion, or 13% of the total. Private sources include endowment additions, investment income, and private grants. While universities have massive endowment funds, funding is often tied to specific purposes. For instance, certain donors will designate funds to scholarships or a specific research center over a series of years.

    To learn more about this topic from a global perspective, check out this graphic on the top universities outside of America.

    Tyler Durden Wed, 05/14/2025 - 06:55
  34. Site: Zero Hedge
    4 weeks 23 hours ago
    Author: Tyler Durden
    Florida Troopers Now Federally Credentialed To Arrest Illegal Immigrants On Their Own

    Authored by Darlene McCormick Sanchez via The Epoch Times (emphasis ours),

    Florida officials announced that 1,800 state Highway Patrol troopers are the first in the nation to receive federal credentials under an Immigration and Customs Enforcement (ICE) agreement allowing them to arrest illegal immigrants on their own.

    An Immigration and Customs Enforcement agent and a local police officer arrest an illegal immigrant in Florida in April 2025. ICE

    Florida Gov. Ron DeSantis said at a press conference on May 12 that the state’s ongoing partnership with ICE included what is known as 287(g) agreements, where state and local law enforcement partner with ICE to help arrest and deport illegal immigrants.

    The Florida Highway Patrol entered into a 287(g) task force model that gives them the power to arrest foreign nationals who are in the country illegally and place detainers on them during routine policing, such as traffic stops.

    In essence, it allows local law enforcement to operate as an extension of ICE under federal supervision.

    DeSantis encouraged other states to support President Donald Trump’s efforts to deport illegal immigrants, noting the success of Operation Tidal Wave. The recent joint federal-state operation arrested more than 1,100 illegal immigrants.

    Some of those arrested included members of gangs such as MS-13 and Tren de Aragua, both designated as terrorist organizations by the Trump administration.

    Additionally, DeSantis said Florida also swore in 100 troopers as special deputy U.S. marshals, which will allow them to execute federal search warrants and remove dangerous illegal immigrants.

    Dave Kerner, director of the Florida Department of Highway Safety and Motor Vehicles, said during the press conference that the Florida troopers are the first fully credentialed law enforcement to be fully operational under the 287(g) task force model.

    What that means is, if you see a state trooper, he or she has federal authorities to detain, investigate, apprehend, and deport,” Kerner said. “We have troopers in all 67 counties of this great state that have that authority.”

    Kerner told The Epoch Times that troopers serving as U.S. marshals will be able to go into homes to serve warrants, which isn’t part of the 287(g) agreements.

    He said that the programs offer flexibility to state and local jurisdictions, allowing them to determine their level of involvement once they sign up for the agreements.

    It is, by and large, a voluntary effort,” he said. “You can decide how much you want to participate.”

    Illegal immigrants from Venezuela turn themselves in to Texas state troopers after crossing the border from Mexico into Del Rio, Texas, on May 18, 2021. John Moore/Getty Images

    DeSantis added that there’s a plan on the table that, if approved by the federal government, would allow military judge advocates to act as immigration judges and provide makeshift detention space and transportation for illegal immigrants.

    The governor noted that the state’s experience with disaster response, such as during hurricanes, helped the state come up with the plan. He said there are 70,000 to 80,000 illegal immigrants in the state, with final deportation orders issued by a judge.

    Getting rid of criminal illegal immigrants helps cut down on crime and save lives, DeSantis said.

    “You’re really making a difference in your community,” he said.

    Some 11 million illegal immigrants were apprehended at U.S. borders over the past four years, according to Customs and Border Protection data.

    Trump campaigned on border security and illegal immigrant deportations. Upon returning to the White House, he has moved to keep that promise through a whole-of-government approach that has included designating several Mexican cartels and other transnational criminal groups as terrorist organizations. As a result, some members of the MS-13 and Tren de Aragua gangs have been deported to El Salvador’s Terrorism Confinement Center, known as CECOT.

    As of May 8, ICE statistics show there are 531 agreements with state and local agencies throughout the country. Another 105 applications are pending.

    Although dozens of states have agreements under the 287(g) program, Florida is the first to have its law enforcement officers credentialed.

    U.S. military personnel escort alleged members of the Venezuelan gang Tren de Aragua and the MS-13 gang recently deported by the U.S. government to be imprisoned in the Terrorism Confinement Center (CECOT) prison as part of an agreement with the Salvadoran government, in San Luis Talpa, El Salvador, on March 30, 2025. Office of the President's Press Secretary/Reuters

    Law enforcement nationwide has been encouraged to sign up for 287(g) agreements by the Trump administration because there are not enough federal officers to find and process millions of illegal immigrants.

    Besides the task force model, the federal government created the jail enforcement model and the warrant service officer model.

    The jail enforcement model allows local officers to identify and process removable noncitizens already booked into local jails. The warrant service officer model allows officers to serve and execute administrative warrants on illegal immigrants already in custody.

    Florida had 266 agreements that included all 67 sheriff’s offices in the state, according to the Florida Sheriffs Association. Texas had the second-highest number of agreements at 77.

    Tyler Durden Wed, 05/14/2025 - 06:30
  35. Site: Zero Hedge
    4 weeks 1 day ago
    Author: Tyler Durden
    The Income Needed To Buy A Home In Every US State

    As home prices continue to climb and mortgage rates remain elevated, buying a home in the U.S. has become increasingly out of reach for the average household.

    In 2025, buyers now need six-figure salaries to afford a median-priced home in all but 15 states.

    This visualization, via Visual Capitalist's Bruno Venditti, using data from Realtor.com, maps the annual income required to purchase a typical three-bedroom home in every state, based on a 10% down payment, a 6.65% interest rate on a 30-year fixed mortgage, and a 30% income-to-housing cost threshold (which includes taxes and insurance).

    The Growing Gap Between Income and Home Prices

    A recent study found that nearly 50% of U.S. households cannot afford a home priced at $250,000. This is particularly concerning when the median price of a new single-family home nationwide has reached $495,750, according to the National Association of Home Builders.

    In many states, the income needed to comfortably afford a median-priced home far exceeds what a typical family earns.

    Where Buying a Home Requires the Highest Salaries

    Here are the top five most expensive states for homebuyers in 2025:

    Hawaii tops the list, where buying a median three-bedroom home requires an annual income of $229,000—the highest in the country. Despite its small population, Montana has climbed into the top five least affordable states, driven by a widening gap between soaring home prices and relatively modest local incomes.

    In contrast, in West Virginia a buyer would need a salary of just $71,000 to afford a median-priced home—well below the state’s median household income of $90,000. Other states with lower thresholds include Mississippi, Ohio, and Indiana.

    What’s the cost of a median price in every U.S. state? Find out in this map on Voronoi.

    Tyler Durden Wed, 05/14/2025 - 05:45
  36. Site: southern orders
    4 weeks 1 day ago


    This pope is so clear and precise! No scratching of one’s head here! 

    I have often spoken of Pope Benedict’s most wonderful Christmas speech to the Curia about the proper interpretation of Vatican II in continuity, not in a breach, with the Church prior to Vatican II.

    Pope Leo has told us that he agrees with Pope Benedict’s elocution to the Roman Curia, not by words but by a major, major symbolic gesture, taking the name of Leo and specifically linking his papacy to one of the strongest pre-Vatican II popes of the late 1800’s to 1903, Pope Leo XIII!

    If you had any doubt about this, read and watch Pope Leo’s very first Wednesday audience and the speech he gave to the bishops and laity of the Eastern Churches. 

    And, WOW!, what Pope Leo said about their Liturgy and how the Latin Rite’s new Mass has blown it. That implies the old Latin Rite was far more in continuity with the Eastern Churches’ Liturgy as it concerns Mystery and Prayer and Christ being the center rather than the personality of the priest!

    Pope Leo is so clear in his discourses and teachings compared to Francis. And please recall how many times Pope Francis tossed his written text in order to give off-the-cuff gibberish! Pope Leo won’t do this in another break with his predecessor!

    Pope Leo also speaks of the Eastern Church’s proper use of Synodality. This has implications too for how Pope Leo will refine the hot mess of synodality over the last 13 years in the Latin Rite!

    Please note my comments in RED embedded in the Pope’s text:

    ADDRESS OF THE HOLY FATHER LEO XIV
    TO PARTICIPANTS IN THE JUBILEE OF ORIENTAL CHURCHES

    Audience Hall
    Wednesday, 14 May 2025

    [Multimedia]

    _________________________________

    In the name of the Father, and of the Son, and of the Holy Spirit. Peace be with you.

    Your Beatitudes, Your Eminence, Your Excellencies,

    Dear priests, consecrated men and women,
    Dear brothers and sisters,

    Christ is risen. He is truly risen! I greet you in these words that Eastern Christians in many lands never tire of repeating during the Easter season, as they profess the very heart of our faith and hope. It is very moving for me to see you here during the Jubilee of Hope, a hope unshakably grounded in the resurrection of Jesus Christ. Welcome to Rome! I am happy to be with you and to devote one of the first audiences of my pontificate to the Eastern faithful.

    You are precious in God’s eyes. Looking at you, I think of the diversity of your origins, your glorious history and the bitter sufferings that many of your communities have endured or continue to endure. I would like to reaffirm the conviction of Pope Francis that the Eastern Churches are to be “cherished and esteemed for the unique spiritual and sapiential traditions that they preserve, and for all that they have to say to us about the Christian life, synodality, and the liturgy. We think of early Fathers, the Councils, and monasticism… inestimable treasures for the Church (Address to Participants in the Meeting of Aid Agencies for the Oriental Churches [ROACO], 27 June 2024).

    I would also like to mention Pope Leo XIII, the first Pope to devote a specific document to the dignity of your Churches, inspired above all by the fact that, in his words, “the work of human redemption began in the East” (cf. Apostolic Letter Orientalium Dignitas, 30 November 1894). Truly, you have “a unique and privileged role as the original setting where the Church was born” (SAINT JOHN PAUL II, Orientale Lumen, 5). It is significant that several of your liturgies – which you are now solemnly celebrating in Rome in accordance with your various traditions – continue to use the language of the Lord Jesus. Indeed, Pope Leo XIII made a heartfelt appeal that the “legitimate variety of Eastern liturgy and discipline... may redound to the great honor and benefit of the Church” (Orientalium Dignitas). His desire remains ever timely. In our own day too, many of our Eastern brothers and sisters, including some of you, have been forced to flee their homelands because of war and persecution, instability and poverty, and risk losing not only their native lands, but also, when they reach the West, their religious identity. As a result, with the passing of generations, the priceless heritage of the Eastern Churches is being lost. (This has happened to the Latin Rites by way of a liturgy committee of Pope Paul VI and modern liturgists after it who have completely dismantled the liturgical patrimony of the Latin Rites!)

    Over a century ago, Leo XIII pointed out that “preserving the Eastern rites is more important than is generally realized”. He went so far as to decree that “any Latin-Rite missionary, whether a member of the secular or regular clergy, who by advice or support draws any Eastern-Rite Catholic to the Latin Rite” ought to be “dismissed and removed from his office” (ibid). (My friends this has implications for those who are being forced today to abandon the patrimony of the Liturgical pre-Vatican II Church by a bishop of Rome as well as other bishops who force them to be accompanied to the modern rites of the Church!) We willingly reiterate this appeal to preserve and promote the Christian East, especially in the diaspora. In addition to establishing Eastern circumscriptions wherever possible and opportune, there is a need to promote greater awareness among Latin Christians. In this regard, I ask the Dicastery for the Eastern Churches – which I thank for its work – to help me to define principles, norms, and guidelines whereby Latin Bishops can concretely support Eastern Catholics in the diaspora in their efforts to preserve their living traditions and thus, by their distinctive witness, to enrich the communities in which they live. (This is a bombshell, because Pope Leo could easily ask the Dicastery for Divine Worship to reexamine TC and make it more like SP and thus help Pope Leo support those who desire the older liturgies with bishops supporting this desire!)

    The Church needs you. The contribution that the Christian East can offer us today is immense! We have great need to recover the sense of mystery that remains alive in your liturgies, liturgies that engage the human person in his or her entirety, that sing of the beauty of salvation and evoke a sense of wonder at how God’s majesty embraces our human frailty! It is likewise important to rediscover, especially in the Christian West, a sense of the primacy of God, the importance of mystagogy and the values so typical of Eastern spirituality: constant intercession, penance, fasting, and weeping for one’s own sins and for those of all humanity (penthos)! It is vital, then, that you preserve your traditions without attenuating them, for the sake perhaps of practicality or convenience,(INTELLIGIBILITY or SIMPLICITY?) lest they be corrupted (LIKE THE MODERN LATIN RITE?)by the mentality of consumerism and utilitarianism. (This is bombshell stuff folks, bombshell. It has implications for how Pope Leo will move the liturgies of the Church in the Eastern direction, even ad orientem, by recovering what was abandoned in our similar Latin Rite liturgies that are rooted in Eastern principles! I am thrilled that Pope Leo mentions the East’s emphasis on PENANCE, FASTING AND WEEPING FOR ONE’S OWN SINS AND FOR THOSE OF ALL HUMANITY! Look at the pre-Vatican II Mass and its constant reminder of our sinfulness, erased in the new rites, and our practice of fasting prior to 1966!)

    Your traditions of spirituality, ancient yet ever new, are medicinal. In them, the drama of human misery is combined with wonder at God’s mercy, so that our sinfulness does not lead to despair, but opens us to accepting the gracious gift of becoming creatures who are healed, divinized and raised to the heights of heaven. For this, we ought to give endless praise and thanks to the Lord. Together, we can pray with Saint Ephrem the Syrian and say to the Lord Jesus: “Glory to you, who laid your cross as a bridge over death… Glory to you who clothed yourself in the body of mortal man, and made it the source of life for all mortals” (Homily on our Lord, 9). We must ask, then, for the grace to see the certainty of Easter in every trial of life and not to lose heart, remembering, as another great Eastern Father wrote, that “the greatest sin is not to believe in the power of the Resurrection” (SAINT ISAAC OF NINEVEH, Sermones ascetici, I, 5).

    Who, better than you, can sing a song of hope even amid the abyss of violence? Who, better than you, who have experienced the horrors of war so closely that Pope Francis referred to you as “martyr Churches” (Address to ROACO, ibid.)? From the Holy Land to Ukraine, from Lebanon to Syria, from the Middle East to Tigray and the Caucasus, how much violence do we see! Rising up from this horror, from the slaughter of so many young people, which ought to provoke outrage because lives are being sacrificed in the name of military conquest, there resounds an appeal: the appeal not so much of the Pope, but of Christ himself, who repeats: “Peace be with you!” (Jn 20:19, 21, 26). And he adds: “Peace I leave you; my peace I give to you. I do not give it to you as the world gives it” (Jn 14:27). Christ’s peace is not the sepulchral silence that reigns after conflict; it is not the fruit of oppression, but rather a gift that is meant for all, a gift that brings new life. Let us pray for this peace, which is reconciliation, forgiveness, and the courage to turn the page and start anew.

    For my part, I will make every effort so that this peace may prevail. The Holy See is always ready to help bring enemies together, face to face, to talk to one another, so that peoples everywhere may once more find hope and recover the dignity they deserve, the dignity of peace. The peoples of our world desire peace, and to their leaders I appeal with all my heart: Let us meet, let us talk, let us negotiate! War is never inevitable. Weapons can and must be silenced, for they do not resolve problems but only increase them. Those who make history are the peacemakers, not those who sow seeds of suffering. Our neighbours are not first our enemies, but our fellow human beings; not criminals to be hated, but other men and women with whom we can speak. Let us reject the Manichean notions so typical of that mindset of violence that divides the world into those who are good and those who are evil.

    The Church will never tire of repeating: let weapons be silenced. I would like to thank God for all those who, in silence, prayer and self-sacrifice, are sowing seeds of peace. I thank God for those Christians – Eastern and Latin alike – who, above all in the Middle East, persevere and remain in their homelands, resisting the temptation to abandon them. Christians must be given the opportunity, and not just in words, to remain in their native lands with all the rights needed for a secure existence. Please, let us strive for this!

    Thank you, dear brothers and sisters of the East, the lands where Jesus, the Sun of Justice, dawned, for being “lights in our world” (cf. Mt 5:14). Continue to be outstanding for your faith, hope, and charity, and nothing else. May your Churches be exemplary, and may your Pastors promote communion with integrity, especially in the Synods of Bishops, that they may be places of fraternity and authentic co-responsibility. Ensure transparency in the administration of goods and be signs of humble and complete dedication to the holy people of God, without regard for honors, worldly power or appearance. Saint Symeon the New Theologian used an eloquent image in this regard: “Just as one who throws dust on the flame of a burning furnace extinguishes it, so the cares of this life and every kind of attachment to petty and worthless things destroy the warmth of the heart that was initially kindled” (Practical and Theological Chapters, 63). Today more than ever, the splendor of the Christian East demands freedom from all worldly attachments and from every tendency contrary to communion, in order to remain faithful in obedience and in evangelical witness.

    I thank you for this, and in cordially giving you my blessing, I ask you to pray for the Church and to raise your powerful prayers of intercession for my ministry. Thank you!

    FOLKS THIS IS A BOMBSHELL SPEECH WITH IMPLICATIONS FOR HOW POPE LEO WILL REFINE OUR LATIN RITE LITURGIES AND KEEP IN MIND THE LATIN RITE HAS SEVERAL RITES EMBEDDED IN IT OBLITERATED  BY REFORMS AND DESTRUCTION AFTER VATICAN II NEVER INTENDED BY VATICAN II!

  37. Site: Zero Hedge
    4 weeks 1 day ago
    Author: Tyler Durden
    Supreme Court Chief Justice: Critique Our Rulings, Not Our Justices

    Authored by Jack Philips via The Epoch Times (emphasis ours),

    The U.S. Supreme Court’s chief justice on Monday told an event that criticism of the court should be relegated to its decisions and not the nine justices themselves.

    Chief Justice John Roberts attends the State of the Union address in the House Chamber of the U.S. Capitol in Washington on Feb. 7, 2023. Jacquelyn Martin/Pool/Getty Images

    While speaking at Washington’s Georgetown University, Chief Justice John Roberts said that the Supreme Court “has obviously made mistakes throughout its history, and those should be criticized, so long as it is in terms of the decision.”

    Roberts said that criticism of the highest court should not be based on “ad hominem” arguments or attacks “against the justices” themselves, referring to the logical fallacy where an argument is dismissed based on the character or background of the individual making that claim.

    “I just think that doesn’t do any good. The harshest critics are usually colleagues, if it’s the sort of thing where there are dissents. So it’s something we’re used to,” he continued. “And again, it’s a good thing. We’re not immune from any criticism. And there are many, many instances in our history where it’s been effective over time in leading to a better result.”

    The comment from Roberts marks the third time in nearly as many months in response to criticism about the Supreme Court.

    In a rare written statement in March, Roberts appeared to respond to President Donald Trump’s public suggestion to impeach a federal judge who had blocked his administration’s deportations of accused Venezuelan gang members under the Alien Enemies Act.

    For more than two centuries, it has been established that impeachment is not an appropriate response to disagreement concerning a judicial decision,” Roberts said in a statement provided to The Epoch Times at the time. “The normal appellate review process exists for that purpose.”

    Following U.S. District Judge James Boasberg’s initial ruling against the administration’s use of the 1798 law to deport accused gang members, Trump wrote that the judge wasn’t elected as president.

    A senior adviser to Trump, tech billionaire Elon Musk, also commented on the judge’s stymying the administration’s agenda. In a post on Feb. 25, Musk wrote that the only way to allow the agenda to move forward is to “impeach judges,” responding to an article that said El Salvador’s president did the same starting in 2021.

    Trump hasn’t been critical of the Supreme Court and has indicated that he will follow orders from any court. Since the start of his administration, numerous lawsuits have been filed against his administration, particularly in relation to his immigration enforcement, spending cuts, and efforts to downsize and reshape the federal government.

    And last week, Roberts said during an event in Buffalo, New York, that the judiciary needs to maintain its independence in order to check executive or congressional power.

    The judicial branch’s independence is “the only real political-science innovation in our Constitution,” Roberts said. Elaborating, he said that “in our Constitution … the judiciary is a co-equal branch of government, separate from the others, with the authority to interpret the Constitution as law and strike down … acts of Congress or acts of the president.”

    And that innovation doesn’t work if … the judiciary is not independent. Its job is to … check the excesses of Congress or of the executive, and that does require a degree of independence,” he said.

    In his recent remarks and written statement, Roberts did not mention Trump, nor did he mention any other elected official.

    Tyler Durden Tue, 05/13/2025 - 23:25
  38. Site: Zero Hedge
    4 weeks 1 day ago
    Author: Tyler Durden
    How China Is Reusing Its Dying EV Batteries And Solar Panels

    China is ramping up efforts to build a circular economy around its booming clean energy sector, as retired batteries and solar panels pile up and global trade tensions make critical minerals harder to source, according to the South China Morning Post.

    “There is huge potential in the business of new-energy waste, because new energy is where China and the world are going,” said Ma Long, sales manager at a Henan Hairui Intelligent Technology subsidiary. His company already generates 70% of its business from battery and solar panel recycling equipment.

    China’s rapid adoption of electric vehicles (EVs) and solar power is driving this trend. After a decade of EV growth, the country is now facing a “large-scale retirement of car batteries,” with retired batteries expected to exceed 4 million tonnes annually by 2028 and generate over 280 billion yuan (US$38.5 billion) in industry output, according to state estimates. Retired photovoltaic modules are also set to surge in the next five years.

    “The recycling of minerals is largely for the sake of resource security,” said Du Huanzheng, a circular economy expert at Tongji University. He noted that China’s recycling push, once focused on pollution control, is now also about boosting economic growth and cutting reliance on imported minerals amid rising tensions with the U.S. and its allies.

    A Beijing-based professor of environmental economics warned that China is “facing more difficulty in buying from allies of the US, such as Australia and Canada,” while other suppliers like Congo and Chile could be pressured by U.S. trade policy. “Business with other [mineral] suppliers may also be affected,” he added.

    In response, China has created the state-owned China Resources Recycling Group to build a nationwide recycling network for products from electronics to retired wind and solar equipment.

    The SCMP article says that big players like CATL and BYD are leading the way in battery recycling, but smaller companies are rushing in. Yu Zhongkai, senior manager at Tianli Technology, said a quarter of his company’s business now comes from battery-recycling equipment. “But we’re still experimenting, because there are no industry-wide standards yet, and the market is still unclear,” he admitted.

    China’s recycling industry remains in its infancy, though its complete industrial chain and massive market give it an edge over global competitors. Du cautioned that despite investor enthusiasm, “large-scale recycling has yet to come, and a mature recycling system has yet to be formed.”

    The government is tightening regulations, with 156 companies on a white list to standardize battery recycling and prevent safety and environmental risks. In February, the State Council passed an action plan to improve car battery recycling, following a December directive mandating stronger quality assurance and product traceability.

    Guangdong Brunp Recycling Technology, a CATL subsidiary, claims it can recover over 99% of key metals from retired batteries. “It ensures that the batteries go where they came from, and it improves the resilience of the new-energy industry’s supply chain,” said CEO Li Changdong.

    However, challenges remain. Many retired batteries end up in illegal workshops, and rural households are starting to discard old solar panels directly into trash bins, warned environmental activist Chen Liwen.

    For now, legal recyclers face overcapacity as waste collection lags behind, but Ma expects the situation to improve as regulations tighten and battery retirements surge.

    “So, overall, this is a big track to follow in the next few decades,” he said.

    Tyler Durden Tue, 05/13/2025 - 23:00
  39. Site: Zero Hedge
    4 weeks 1 day ago
    Author: Tyler Durden
    EPA Targets Engine Start-Stop Systems In Cars... That Everyone Hates

    Authored by Tom Ozimek via The Epoch Times (emphasis ours),

    The Trump administration is taking aim at automatic engine start-stop systems—technology installed in millions of U.S. vehicles to reduce fuel use and emissions—with Environmental Protection Agency (EPA) Administrator Lee Zeldin signaling plans to roll back incentives for the feature that he says drivers despise.

    People wait to drive through the Holland Tunnel into New York during morning rush hour in Jersey City, N.J., on March 8, 2023. Ted Shaffrey/AP Photo

    Start/stop technology: where your car dies at every red light so companies get a climate participation trophy,” Zeldin wrote in a May 12 post on social media. “EPA approved it, and everyone hates it, so we’re fixing it.”

    Zeldin’s announcement comes amid a broader shift under President Donald Trump, whose administration has moved aggressively to dismantle a range of environmental rules it says put pointless burdens on energy producers, manufacturers, and consumers.

    While the EPA doesn’t require start-stop systems, it has granted automakers fuel economy credits for adopting the technology. Zeldin’s post suggests the agency may eliminate or revise those incentives, though officials have yet to announce formal policy changes.

    The EPA declined to provide details of any plans to revise or eliminate existing incentives in response to an inquiry from The Epoch Times.

    Start-stop systems are designed to automatically shut off a vehicle’s engine when it stops—at a red light, for example—and restart it when the driver releases the brake. Proponents say the technology helps reduce emissions and saves drivers money at the pump by improving fuel economy. Critics say that it’s annoying, unnecessary, and sometimes difficult to disable. In most vehicles, drivers must press a button to turn the feature off each time they start the car.

    The feature became increasingly common under fuel efficiency rules implemented during the Obama administration, expanding from fewer than 1 percent of new vehicles in 2012 to about 45 percent in model year 2021, according to EPA data. The agency notes on its website that start-stop systems can improve fuel economy by up to 5 percent, with the biggest benefits under stop-and-go city driving.

    An Obama-era regulatory impact analysis from 2012 estimated that start-stop systems can reduce carbon dioxide emissions by 1.8 percent to 2.4 percent, depending on vehicle type and size, compared with baseline models. The systems have helped cut nearly 10 million tons of greenhouse gas emissions per year, according to The Battery Council International.

    Zeldin’s remarks come as the Trump administration pursues a sweeping deregulatory agenda across multiple agencies.

    On May 9, Trump directed agencies to rescind federal water efficiency standards for household appliances such as showerheads, toilets, dishwashers, and washing machines—calling them relics of a “radical green agenda” that reduced performance and increased costs.

    The federal government should not impose or enforce regulations that make taxpayers’ lives worse,” Trump wrote in a memo, saying the rules made appliances less useful, more prone to failure, and costlier to fix.

    The Department of Energy has also begun rolling back efficiency rules for outdoor heaters, decorative hearth products, and other miscellaneous appliances. In each case, the administration says it is eliminating unnecessary regulations and restoring consumer choice, while environmental advocates say the changes could undermine years of progress on conservation and fighting climate change.

    “Under President Trump’s leadership, the Department of Energy is returning to common sense–and that means giving the American people the ability to choose which heaters they use in their own backyards,” Secretary of Energy Chris Wright said in a May 2 statement. “To date, rescinding or delaying unnecessary consumer regulations such as this have saved the taxpayers nearly $24 billion–and we’re just getting started.”

    The EPA’s expected rollback of incentives for start-stop systems would mark another high-profile pivot away from the climate policies of previous administrations.

    Tyler Durden Tue, 05/13/2025 - 22:35
  40. Site: Zero Hedge
    4 weeks 1 day ago
    Author: Tyler Durden
    Turmeric Lowers Blood Pressure-How To Get the Most Out Of It

    Authored by Zena le Roux via The Epoch Times (emphasis ours),

    If you’ve cut salt, eased up on caffeine, and tried to stress less, and your blood pressure still won’t budge, perhaps a golden spice in your kitchen cabinet can ease your efforts.

    Curcumin is found in the root of the turmeric plant, giving it its distinctive golden hue and earthy flavor. It belongs to a group of plant-based substances called polyphenols, known for their antioxidant and anti-inflammatory effects.

    These effects may help explain why curcumin—turmeric’s most active compound—is being studied for its potential to support healthy blood pressure.

    A Natural Ally for Blood Pressure Control

    The most convenient and widely available source of curcumin is turmeric powder, a pantry staple that adds color and flavor to a variety of dishes.

    Curcumin may help lower blood pressure and improve blood vessel function by reducing the thickening and stiffness of arterial walls, a common issue in chronic hypertension.

    Based mostly on animal studies, in some cases, curcumin has also reversed damage—such as thickening and scarring—to blood vessels, especially in pulmonary arterial hypertension, which causes blood vessels to narrow and blood pressure in the lungs to increase.

    Curcumin may also protect the kidneys and heart, which are key to keeping blood pressure in check.

    In animal studies, curcumin has also been found to relax blood vessels by increasing nitric oxide levels, which helps improve blood flow and reduce resistance in the arteries.

    Get the Most Out of Turmeric

    Although curcumin offers many health benefits, its bioavailability is poor, meaning the body doesn’t easily absorb it.

    After being consumed, only a small amount is absorbed through the small intestine, and much of it is quickly broken down by the liver,” Chantelle van der Merwe, a registered dietitian, explained. Very little curcumin actually makes it into the bloodstream to have an effect, she added.

    To overcome this challenge, researchers have explored ways to improve curcumin’s absorption and effectiveness. One method includes adding ingredients such as black pepper, which helps slow the breakdown and enhance the absorption and retention of curcumin, according to van der Merwe.

    *  *  *

    Grab some potent turmeric here... 

    Anti-Inflammatory packed with antioxidants. Give it a shot, we take it daily...

    Piperine, the active compound in black pepper, blocks certain liver enzymes that would typically break down curcumin.

    Piperine may also help by stimulating the release of digestive enzymes from the pancreas, improving overall digestion and nutrient absorption, and increasing blood supply to the digestive system, van der Merwe said.

    Since curcumin is also fat-soluble, meaning it requires fat to be absorbed, eating turmeric with a fat source—such as avocado, olive oil, or coconut milk—can help the body absorb it better, van der Merwe said. Without fat, curcumin has a harder time transporting across the gut wall and into the body, limiting its effectiveness, she said.

    How to Incorporate Curcumin Into Meals

    Beyond how we pair turmeric to boost absorption, it’s a versatile ingredient that can be easily added to a variety of dishes and snacks.

    Turmeric is traditionally used in curries and enhances the flavor of soups, marinades, and rice dishes, van der Merwe said. In baking, turmeric can add a unique twist to cookies and breads. It also blends beautifully into herbal teas, smoothies, or milk.

    My personal favorite ways to enjoy turmeric include spicy, savory muffins packed with vegetables, a soothing blend of rooibos tea with ginger and turmeric, and the classic pairing of a curry served with savory yellow rice,” van der Merwe said.

    “I personally love it in my overnight oats,” Mary Curristin, nutritionist at ART Health Solutions, told The Epoch Times. Her other options include stirring it into scrambled eggs or roasted vegetables.

    Remember that a small amount goes a long way—typically, one-fourth to one-half teaspoon of turmeric powder per serving delivers ample flavor and color, depending on personal taste and intensity preferences. Van der Merwe said turmeric also works well with spices such as cumin, coriander, ginger, cinnamon, and cardamom, creating aromatic and flavorful combinations in a variety of cuisines.

    Golden Latte Recipe

    One of the best ways to enjoy turmeric is in a cozy golden milk latte. This drink tastes great and brings those health benefits right to your cup—especially when paired with a pinch of black pepper for optimal absorption.

    Ingredients

    350 ml milk of choice

    ¼ teaspoon ground turmeric

    ¼ teaspoon ground ginger

    ½ teaspoon ground cinnamon

    1 teaspoon raw honey or maple syrup

    ½ teaspoon vanilla extract

    Grind of black pepper

    Instructions

    Combine all the ingredients in a saucepan and whisk continuously over low heat or using a milk frother if you have one. Once heated, pour into mugs and top with a sprinkle of cinnamon before serving.

    To make this golden milk latte truly your own, feel free to tweak the recipe based on your taste preferences:

    • Customize the spice mix to your liking. If you’re a fan of a spicier kick, try adding extra black pepper, ginger, or even a pinch of cayenne pepper.
    • For a creamier texture, use a richer milk, like full-fat coconut milk, or add a spoonful of coconut oil or ghee.
    Tyler Durden Tue, 05/13/2025 - 22:15
  41. Site: Zero Hedge
    4 weeks 1 day ago
    Author: Tyler Durden
    Trump Admin Targets Journal's "Proximal Origin" Paper Which Dismissed Possible Wuhan Lab Accident

    Authored by Paul D. Thacker via the DisInformation Chronicle,

    A brief flurry of media reports last month criticized letters sent to medical journals by Edward R. Martin Jr., the former interim U.S. attorney for the District of Columbia, who questioned whether journals have become “partisans in various scientific debates.” One liberal academic called the letters “fascist tactics” designed “to intimidate academic journals” triggering similar allegations across the media.

    “Experts worry this will have a chilling effect on publications,reported the New York Times, noting that an obscure journal called CHEST had been targeted.

    DOJ questions science journal about bias, triggering free-speech concerns,” reported the Washington Post, adding that three major publishers of medical journals, including the New England Journal of Medicine and Health Affairs, said they had not received letters, while publisher Springer Nature chose not to comment. NPR reported last week that the New England Journal of Medicine had in fact received a letter as had the American Medical Association’s journal JAMA.

    The DisInformation Chronicle has learned that the actual target of Martin’s letters is the Nature Springer journal Nature Medicine, publisher of a highly controversial paper “Proximal Origin” which has faced charges of corruption and calls for retraction. A source inside the Department of Health and Human Services said Trump officials suspect the paper is a quid pro quo, written by the authors to dismiss the possibility of a lab accident and who then received a large grant months later from Tony Fauci.

    The existence of the Nature Medicine letter has not been previously reported and is being made public for the first time. After Martin lost support among Republicans to be confirmed as U.S. attorney for the District of Columbia, President Trump picked him to head a new Weaponization Working Group inside the Justice Department.

    Follow the science

    Published in the third month of the COVID pandemic and arguing “we do not believe that any type of laboratory-based scenario is plausible,” the “Proximal Origin” paper became a handy tool for NIH officials and virologists attempting to dismiss as a “conspiracy theory” claims that the pandemic could have started in a Wuhan lab funded by Fauci. Nature Medicine’s editor-in-chief, Joao Monteiro, tweeted that the paper “put conspiracy theories” about the pandemic’s possible lab origin to rest.

    NIH Director Francis Collins promoted the “Proximal Origin” paper weeks after Nature Medicine published it on his March 2020 NIH Director's Blog, and Fauci then seized upon the paper during a televised White House briefing a month afterwards.

    “There was a study recently that we can make available to you,” Fauci said during the White House briefing, “where a group of highly qualified evolutionary virologists look at the sequences there and the sequences in bats as they evolve and the mutations that it took to get to the point where it is now is totally consistent with a jump of species from an animal to a human.”

    The paper would go on to become one of the most heavily cited scientific papers in 2020. The Nation reported in 2023 that “Proximal Origin” had been accessed online more than 5.7 million times and more than 2,000 media outlets had cited it. ABC News, for instance, ran an article titled “Sorry, Conspiracy Theorists. Study Concludes Covid-19 ‘Is Not a Laboratory Construct.’”

    But by then, cracks had already appeared.

    Follow the money, follow the documents

    Emails made public through freedom of information act requests and by congressional investigators in 2022 showed that the papers’ authors had run it past funders—Francis Collins and Tony Fauci at the NIH, as well as with Jeremy Farrar, who was then at the Wellcome Trust. In one example, lead author Kristian Andersen with the Scripps Research Institute emailed the three funders thanking them for their “advice and leadership” and offering them a right to comment and give suggestions.

    Further emails and internal slack discussions calling into question the credibility of “Proximal Origin” became public in the summer of 2023 following a congressional hearing. During the hearing, Republicans charged that Tony Fauci had helped orchestrate the paper’s publication. However, Democrats countered by releasing a report that found Wellcome Trust’s Jeremy Farrar helped “organize and facilitate” and “led the drafting process of the paper.”

    “Jeremy, Dr. Farrar has been an amazing leader,” wrote “Proximal Origin” co-author Robert Garry of Tulane University in an email released by House Democrats. “Should be author.”

    When questioned about his email during a House deposition, Garry agreed that Farrar should have been listed as an author.

    According to Nature’s editorial policy, “A specific role for the funder in the conceptualization, design, data collection, analysis, decision to publish, or preparation of the manuscript, should be disclosed.” However, the paper failed to note the involvement of either Fauci or Farrar, and Nature Medicine has refused to follow its own ethics guidelines.

    News sites the Racket and Public co-published a slack message Andersen sent to his “Proximal Origin” co-authors on April 16, 2020, a month after Nature Medicine published the paper in March 2020.

    I’m still not fully convinced that no culture was involved,” Andersen wrote his co-authors, a month after publishing the paper that concluded the virus was not a laboratory construct. “We also can't fully rule out engineering (for basic research).”

    Days after the congressional hearing, the group BioSafety Now wrote a letter to Nature Medicine, signed by over 50 scientists, demanding retraction of “Proximal Origin.” The letter cited an investigation published by The Nation reporting on internal emails by the “Proximal Origin” authors that showed they didn’t even believe what they wrote in the paper.

    “The main issue is that accidental release is in fact highly likely,” the Nation reported that Andersen wrote in a message to co-authors some weeks before Nature Medicine published the paper. An online campaign by BioSafety Now has since garnered over 5,700 signatures petitioning Nature Medicine to retract the paper.

    In his letter to Nature Medicine, Martin wrote that he has been told that some journals “have a position for which they are advocating due to advertisement (under postal code) or sponsorship (under relevant fraud regulations).”

    The letter also asks, “How do you clearly articulate to the public when you have certain viewpoints that are influenced by your ongoing relations with supporters, funders, advertisers, and others?”

    A source close to the investigation said this question pertains to a grant Fauci awarded Andersen and Garry several months after they published “Proximal Origin” dismissing the possibility of a lab accident. Allegations that this grant was a bribe from Fauci have dogged Andersen for several years, accusations which he dismissed under oath during the July 2023 congressional hearing.

    There is no connection between the grant and the conclusions we reached about the origin of the pandemic,” Andersen wrote in sworn testimony to Congress. “We applied for this grant in June 2019, and it was scored and reviewed by independent experts in November 2019.”

    The Intercept later reported that Andersen “knew that was false.” NIH records show the grant to Andersen wasn’t finalized until May 21, 2020, two months after Andersen published “Proximal Origin” in Nature Medicine.

    In a guest essay earlier this month for The DisInformation Chronicle, an NIH infectious disease researcher wrote that the “Proximal Origin” authors left a gaping hole in their analysis by failing to account for a common method to manipulate viruses called “serial passaging.”

    “And because they didn’t discuss this very common laboratory practice, they did not ‘disprove’ a laboratory origin for the virus,” the NIH research official wrote. “I have no idea how ignoring something so obvious could make it pass peer review and get published in a prestigious journal like Nature Medicine.”

    Subscribe to The DisInformation Chronicle here...

    Tyler Durden Tue, 05/13/2025 - 21:45
  42. Site: Zero Hedge
    4 weeks 1 day ago
    Author: Tyler Durden
    Student Loan Delinquencies Surge, Hammer Credit Scores - Southern States Hit Hardest

    The party is over for millions of Americans who paused payments on their federal student loans over the last several years through pandemic-era forbearance programs. Many had hoped for sweeping loan forgiveness under the Biden-Harris administration, But with the federal government officially resuming collections on defaulted loans this month—for the first time in over five years—borrowers now face sliding credit scores as delinquencies soar, while in April we warned the restart could drain as much as $63 billion from the economy. 

    On Tuesday, the Center for Microeconomic Data at the New York Fed released its Quarterly Report on Household Debt and Credit, updated through the first quarter of 2025.

    Within the report is a snapshot of consumer credit profiles, including the sharp rise in delinquent student loan debt that's now piling up.

    Starting with a 10,000-foot view; in the first quarter of 2025 the aggregate U.S. delinquency rate climbed to 4.3% of outstanding debt in some stage of delinquency - up from 3.6% in the fourth quarter of 2024. Total aggregate household debt increased by $167 billion in the quarter, up .9% from 4Q24, while overall, America's consumer debt balance now stands at a whopping $18.20 trillion - an increase of more than $4 trillion since 4Q19. 

    Narrowing it down, while early-stage delinquency rates remained stable across most debt categories, student loans bucked the trend, posting a sharp increase as the federal government resumed credit reporting on missed payments for the first time in nearly five years.

    "Transition into early delinquency held steady for nearly all debt types; the exception was for student loans, which saw a large uptick in the rate at which balances went from current to delinquent due to the resumption of reporting of delinquent student loans on credit reports after a nearly 5-year pause due to the pandemic," the quarterly report said. 

    The shift comes amid the expiration of pandemic-era forbearance, exposing millions of borrowers to renewed repayment obligations

    Last month, Education Secretary Linda McMahon told President Trump at a Cabinet meeting: 

    "We're going to start getting it back," adding "For those people who have borrowed money and have not been paying -- that's just not to be punitive, there are many ways that they can go online to understand how they can get back into the right payment structure. Because when they're in default, they can't buy a house, they can't buy a car, their credit scores go down."

    Also reported last month (full note available to premium subs), student-loan delinquencies have increased since the pandemic-era forbearance on repayment ended in September 2023. The Biden administration allowed a year for payments to fully ramp back up, which temporarily suppressed delinquency rates. Now, though, missed payments are crossing the 90-day threshold and showing up on borrowers' credit reports.

    Transition rates into serious delinquency (90+ days past due) held steady for auto loans and credit cards, but rose for mortgages, HELOCs, and, notably, student loans, reflecting growing financial strain among consumers.

    Bloomberg noted: 

    Transitioning into serious delinquency (90-plus days late) for student loans rose to tie a 10-year-old record for those age 50 and older. Among that cohort, 11.23%, or around one in nine households, is now seriously delinquent on their student loan debt. Americans age 50 and older held $418.5 billion in student loan debt, split among 9.2 million borrowers. The ratios of serious delinquency for younger age groups was lower but still rose sharply. The average age of a delinquent borrower ticked up to 40.4.

    The Fed's data shows that the credit hit is substantial for newly delinquent student loan borrowers. Among the 7.5% who had a relatively high credit score of at least 720 before the delinquency, their scores dropped by 177 points on average. Overall, the Fed found that 2.2 million borrowers saw their credit scores drop by at least 100 points.

    Data from Bloomberg shows the student debt bubble stood at a record high of $1.63 trillion. 

    New York Fed economists via Liberty Street Economics published a note with more color about the student loan turmoil unfolding, indicating "more than twenty million federal borrowers were not in repayment and five million federal borrowers had a zero dollar monthly payment," adding, "Among borrowers who were required to make payments, nearly one in four student loan borrowers (23.7 percent) were behind on their student loans in the first quarter of 2025." 

    The economists noted that seven states have a conditional borrower delinquency rate over 30%: Mississippi (44.6%), Alabama (34.1%), West Virginia (34.0%), Kentucky (33.6%), Oklahoma (33.6%), Arkansas (33.5%), and Louisiana (31.8%). These states are located in the heartland and are primarily Trump states

    The economists offered their take on the grave situation:

    After a five-year hiatus, student loan delinquency has returned to the pre-pandemic "normal" with more than 10 percent of balances and roughly six million borrowers either past due or in default. The ramifications of student loan delinquency are severe.

    The U.S. Department of Education, in concert with the U.S. Treasury, began collection efforts for defaulted loans in May, which includes the garnishment of wages, tax returns, and Social Security payments.

    Additionally, millions of borrowers face steep declines in their credit standing which will increase borrowing costs or seriously limit their access to credit like mortgages and auto loans. It is unclear whether these penalties will spill over into payment difficulties in other credit products, but we will continue to monitor this space in the coming months.

    Millennials and GenX feeling the brunt of student debt woes. 

    Credit score downgrades begin... 

    More:

    What's critical to understand is that delinquent student loan debt continues to pile up quickly, increasingly hitting borrowers' credit reports. This growing wave of defaults could trigger a domino effect on consumer spending, potentially dragging down GDP by as much as $63 billion—a risk we warned about in our note titled The Next Economic Shock: Student Loan Default Wave = $63 Billion GDP Hit ...

    .   .   .

    View the full report here:

    Tyler Durden Tue, 05/13/2025 - 18:50
  43. Site: Zero Hedge
    4 weeks 1 day ago
    Author: Tyler Durden
    The Deep State Goes Viral

    Via The Brownstone Institute,

    The following is Jeffrey Tucker’s Foreword introduction to Debbie Lerman’s new book, The Deep State Goes Viral: Pandemic Planning and the Covid Coup.

    It was about a month into lockdowns, April 2020, and my phone rang with an unusual number. I picked up and the caller identified himself as Rajeev Venkayya, a name I knew from my writings on the 2005 pandemic scare. Now the head of a vaccine company, he once served as Special Assistant to the President for Biodefense, and claimed to be the inventor of pandemic planning. 

    Venkayya was a primary author of “A National Strategy for Pandemic Influenza” as issued by the George W. Bush administration in 2005. 

    It was the first document that mapped out a nascent version of lockdowns, designed for global deployment. 

    “A flu pandemic would have global consequences,” said Bush, “so no nation can afford to ignore this threat, and every nation has responsibilities to detect and stop its spread.”

    It was always a strange document because it stood in constant contradiction to public health orthodoxies dating back decades and even a century. 

    With it, there were two alternative paths in place in the event of a new virus: the normal path that everyone is taught in medical school (therapeutics for the sick, caution with social disturbances, calm and reason, quarantines only in extreme cases) and a biosecurity path that invoked totalitarian measures. 

    Those two paths existed side-by-side for a decade and a half before the lockdowns. 

    Now I found myself speaking with the guy who claims credit for having mapped out the biosecurity approach, which contradicted all public health wisdom and experience. His plan was finally being implemented. Not too many voices dissented, partially due to fear but also due to censorship, which was already very tight. He told me to stop objecting to the lockdowns because they have everything under control. 

    I asked a basic question. Let’s say we all hunker down, hide under the sofa, eschew physical meetings with family and friends, stop all gatherings of all kinds, and keep businesses and schools closed. What, I asked, happens to the virus itself? Does it jump in a hole in the ground or head to Mars for fear of another press conference by Andrew Cuomo or Anthony Fauci? 

    After some fallacy-filled banter about the R-naught, I could tell he was getting exasperated with me, and finally, with some hesitation, he told me the plan. There would be a vaccine. I balked and said that no vaccine can sterilize against a fast-mutating respiratory pathogen with a zoonotic reservoir. Even if such a thing did appear, it would take 10 years of trials and testing before it was safe to release to the general population. Are we going to stay locked down for a decade?

    “It will come much faster,” he said. “You watch. You will be surprised.”

    Hanging up, I recall dismissing him as a crank, a has-been with nothing better to do than call up poor writers and bug them. 

    I had entirely misread the meaning, simply because I was not prepared to understand the sheer depth and vastness of the operation now in play. All that was taking place struck me as obviously destructive and fundamentally flawed but rooted in a kind of intellectual error: a loss of understanding of virology basics. 

    Around the same time, the New York Times posted without fanfare a new document called PanCAP-A: Pandemic Crisis Action Plan – Adapted. It was Venkayya’s plan, only intensified, as released on March 13, 2020, three days before President Trump’s press conference announcing the lockdowns. I read through it, reposted it, but had no idea what it meant. I hoped someone could come along to explain it, interpret it, and tease out its implications, all in the interest of getting to the bottom of the who, what, and why of this fundamental attack on civilization itself. 

    That person did come along. She is Debbie Lerman, intrepid author of this wonderful book that so beautifully presents the best thoughts on all the questions that had eluded me. She took the document apart and discovered a fundamental truth therein. The rule-making authority for the pandemic response was not vested in public-health agencies but the National Security Council.

    This was stated as plain as day in the document; I had somehow missed that. This was not public health. It was national security. The antidote under development with the label vaccine was really a military countermeasure. In other words, this was Venkayya’s plan times ten, and the idea was precisely to override all tradition and public health concerns and replace them with national security measures. 

    Realizing this fundamentally changes the structure of the story of the last five years. This is not a story of a world that mysteriously forgot about natural immunity and made some intellectual error in thinking that governments could shut down economies and turn them back on again, scaring a pathogen back to where it came from. What we experienced in a very real sense was quasi-martial law, a deep-state coup not only on a national but on an international level. 

    These are terrifying thoughts and hardly anyone is prepared to discuss them, which is why Lerman’s book is so crucial. In terms of public debate about what happened to us, we are barely at the beginning. There is now a willingness to admit that the lockdowns did more overall harm than good. Even the legacy media has started venturing out to grant permission for such thoughts. But the role of the pharmaceuticals in driving the policy and the role of the national-security state in backing this grand industrial project is still taboo. 

    In 21st-century journalism and advocacy designed to influence the public mind, the overwhelming concern of all writers and institutions is professional survival. That means fitting into an approved ethos or paradigm regardless of the facts. This is why Lerman’s thesis is not debated; it is hardly spoken of at all in polite society. That said, my work at Brownstone Institute has put me in close contact with many thinkers in high places. This much I can say: what Lerman has written in this book is not disputed but admitted in private. 

    Strange isn’t it? We saw during the Covid years how professional aspiration incentivized silence even in the face of egregious violations of human rights, including mandatory school closures that robbed children of education, followed by face-covering requirements and forced injections for the whole population. The near-silence was deafening even if anyone with a brain and a conscience knew that all of this was wrong. Not even the excuse that “We didn’t know” works anymore because we did know. 

    This same dynamic of social and cultural control is fully in operation now that we are through that stage and onto another one, which is precisely why Lerman’s findings have not yet made their way to polite society, to say nothing of mainstream media. Will we get there? Maybe. This book can help; at least it is now available for everyone brave enough to confront the facts. You will find herein the most well-documented and coherent presentation of answers to the core questions (what, how, why) that all of us have been asking since this hell was first visited upon us. 

    Tyler Durden Tue, 05/13/2025 - 18:25
  44. Site: Zero Hedge
    4 weeks 1 day ago
    Author: Tyler Durden
    The Manipulators' Playbook

    Authored by Gigi Foster via The Brownstone Institute,

    [Here is the text of my TedX talk in Australia, October 2024, which the sponsor refused to post]

    Every four years, when I was growing up in the US, my mother and father would go to the polling booths and cancel each other out. They’d come home and say as much, with a smirk. Then they’d clink their glasses and have “cocktail hour” together, and enjoy the end of another day of married life in each other’s arms.

    Mom was a lifelong Democrat and Dad a lifelong Republican. Back then, people firmly positioned on opposing sides of politics could talk to one another – and even, apparently, marry each other and produce kids! Do you think that is common today? The “cancellation” my parents joked about 30 years ago has, today, become no laughing matter.

    Diversity is one of humanity’s greatest gifts. Despite outward appearances, the person right next to us typically does NOT share exactly the same beliefs, perspectives, or assumptions that we hold. Look at that person now, being aware of this reality. Shock horror! You are not sitting next to a mental clone of yourself! Well, thank god for that, some of you may be saying. How boring would the world be if no one we met could teach us anything new?

    I have grown all my life, as have you, by being exposed to new and different ideas, methods, and mindsets. At a societal level, all growth in quality of life ultimately comes from innovation. Innovation in turn can be seen as the manifested potential of diversity: the discovery of an idea or an approach that’s different from what is circulating in the mainstream. This is one of the crowning lessons of my home discipline of economics.

    Yet individual and societal access to the potent and progressive power of diversity of thought was acutely damaged during the Covid era. 

    This damage was done by the mainstreaming – by politicians, bureaucracies, large companies, the media, whole professions, academic disciplines, and even families – of a single accepted view on many Covid topics. On the subjects of lockdowns, masks, and vaccines, it was made very clear by those in authority that one way was correct, and alternatives were wrong. Not only were other views wrong, but anyone who challenged the mainstream view on lockdowns, masking, or especially mass Covid vaccination was labelled as a danger to public health, a tinfoil-hat wearing conspiracy theorist wedded to wacko, fringe ideas. Probably a prepper. Or a cooker. Maybe a “religious nut-job.” Almost surely a “far-right” adherent, and probably racist to boot.

    In short, there was denigration, gaslighting, and suppression of dissenting (that is, diverse) voices on those topics, with this suppression of a core societal strength done in the name of preserving the health and strength of society.

    That sounds ironic, but actually it’s a well-worn playbook from history.

    This is the same trick that has been pulled in other historical tragedies, from the Cultural Revolution to the rise of the Third Reich. 

    In the case of the Cultural Revolution, Chinese citizens were urged by those in authority to “smash the four olds” – referring to old habits, old customs, old culture, and old ideas – and instead to “cultivate the four new,” which allegedly would rejuvenate the great nation of China by accelerating the “proletariat revolution” after the tragic failure of the Great Leap Forward that left tens of millions dead or starving. The Great Leap itself was the ideological progeny of the Chinese authorities, rather than a grassroots movement – and naturally those authorities never directly admitted its failure. 

    During the Cultural Revolution, Chinese citizens – weakened by the tragedy of the Great Leap – dutifully sacrificed what they and their ancestors had previously been taught for centuries to revere. Ancient temples were destroyed, shopkeepers and others associated with “old ideas” like capitalism were denigrated and abused, and even elderly people were assaulted and killed, just for being old. 

    Such actions ran strongly against traditional Chinese values, so performing such actions and aiding and abetting those who performed them was a significant sacrifice in terms of morality, and even personal identity, for many Chinese people. Individuals who did not conform with the mainstream line were socially excluded or punished in other ways. Of course, the result of the Cultural Revolution was not a successful, nationally rejuvenating revolution, but even more death and destruction.  

    In the case of the rise of the Third Reich, those in authority preyed upon the economic and moral suffering of the German people after the Great War. As National Socialism rose to prominence in Germany, Jewish people, those with sympathies for communism, and others were demonised as “enemies of the state.” 

    The sacrifice eventually asked of the suffering German citizens, allegedly in order to strengthen the “fatherland” that they loved, was essentially to dehumanise other human beings. The Biblical phrase “He who is not with us is against us” was used to implicitly encourage the quashing of dissident views and those who held them. 

    This nudge to see dissenters as dangerous was coupled with heavy censorship, such as book-burning and criminalising the act of listening to foreign radio stations, and the creation and promotion of state propaganda that mainstreamed the accepted viewpoint, including through films like Triumph of the Will. Of course, the result of the Nazis’ reign was not a strengthening of Germany but rather total defeat, moral bankruptcy, and international humiliation.

    In both of these tragic historical cases and in the more recent tragic case of Covid policy, the pattern is this: People in authority assert that the many sacrifices they are proposing are necessary to preserve and enhance the nation, simultaneously quashing any alternative views. Those who object are denigrated and despised as not caring about the nation, or about whoever or whatever is supposedly receiving the benefits of the sacrifice. 

    Think about how this pattern played out in the Covid era. 

    Do you remember calling anyone a ‘granny killer’ in the Covid era – or being called one yourself? I do. From March 2020 onwards, I advocated against lockdowns, seeing how costly they were to health and wealth, and seeing no scientific evidence of their medical efficacy. 

    But for years, I was insulted and denigrated in mainstream circles by those following the standard Covid policy lines. I was called a granny-killer and a “neoliberal Trumpkinaut death cult warrior.” I received death threats and, worse, people made memes about me. (I don’t really know what this one means, but the Harry Potter fans in the audience might.) 

    I was defamed on Twitter even though I’ve never had a Twitter account. I was smeared as being anti-health and anti-“saving lives,” and these smears were used in attempts to get me to shut up about the costs of the lockdown policy that was being promoted in the mainstream as the ONLY way to preserve health and save lives. 

    Well, I didn’t shut up, and four years on after the start of the madness, hundreds of books, academic papers, and tragic personal stories now confirm I was right: the Covid lockdowns didn’t save lives, but were instead a massive human sacrifice induced by fear, politics, and money. The lockdowns did not lead to victory over Covid, but rather to a weakened nation with more debt, less societal strength and cohesion, and less health than before Covid. I’ve written here in detail about the massive damage inflicted on Australia, and particularly Australian youth, by Covid lockdowns. 

    The well-worn playbook is as follows: when populations are weakened, such as by severe economic distress or a great fear of some external threat, the people in charge advocate for policies that happen to be good for them politically and turn out also to be destructive to society (something often admitted in history books only much later), while wrapping their policies at the time in the “red threads” of altruism, pro-sociality, strengthening the nation, or preserving health, as a sales pitch to the weakened population. The implicit message is “If you really love something, you should be willing to sacrifice for it, and this is the sacrifice that is now required.” 

    Why does this work? For two reasons: fear and love.

    First, it works because fear makes us forget about everything except the feared object, weakening our ability to reason and think for ourselves, making us easy targets.

    Second, it works because our love for things outside ourselves – including our country, our parents, our children, and our gods – is a powerful motivator of our thoughts and our actions, and so we are vulnerable to being manipulated by it.

    Understanding love is crucial in explaining human behaviour, which is why I co-wrote a book about it over a decade ago. Love is the most important thing in the world: it is the building block of societies, and the ultimate source of joy and meaning. If we are not careful, we can be manipulated by our loves when we are fooled into believing that some sacrifice is needed in order to preserve the welfare of something we love. If we can be convinced of that, then we will often willingly make the sacrifice.

    People’s fear, combined with their pro-social connection to one another and to their society, was used during the Covid era as it has been at so many other points in history to manipulate them into supporting policies that actually, in the long run, harmed that society. When told that we had to lock down, mask up, pull our children out of schools, and mass-vaccinate against Covid, many Australians willingly went along with these enormous sacrifices, because of their fear and their love. 

    That is a testament not only to the power of fear, but to how much we love each other. Yet tragically, our loves – including our children, our parents, and the nation of Australia – were greatly harmed by these policies. If you’re interested in exploring this topic further, I have co-authored this book with Paul Frijters and Michael Baker, The Great Covid Panic: What happened, why, and what to do next, published in 2021.

    My loving advice to you today – the one thing I want you to take away from my talk – is to be alert to those in authority who would manipulate you by exploiting your loves. This manipulation usually starts with an implicit request that you sacrifice some moral principle, some right, or some assumption that you previously took for granted as patently obvious, with that sacrifice supposedly going to benefit something that is universally loved. 

    That universally-loved beneficiary might be planet Earth – in the case of green energy subsidies, the “net-zero transition,” and the sacrifice of ignoring the fact that cheap, dense fuels are critical to human thriving and a key ingredient in lifting people out of poverty. It might be people’s desire to find the truth – in the case of internet censorship and denigrating some views as “misinformation” or “disinformation,” thereby ironically sacrificing the right to decide for yourself what is true. It might even be women as a group – in the case of the #metoo movement and the sacrifice of denigrating half the human race as dangerous sex predators whose “toxic masculinity” threatens women.

    In all such cases, ask yourself: Is the proposed sacrifice truly going to help the alleged and universally loved recipient? Would people in power directly benefit in some way from this sacrifice, politically or monetarily? Am I being manipulated by my loves into being just another nodding head, helping those in positions of authority to weaken my society?

    The most powerful antidote to this clear and present danger is the seeking out, preservation, and uplifting of diversity of thought. Allowing dissent holds the power to reveal false promises for what they are.

    How can you personally promote diversity of thought, and nurture an environment in which open dissent is possible?

    You can promote and celebrate forums where people are allowed and encouraged to think, discuss, critically analyse, and ponder aloud together, respectfully, confidently, and joyfully, becoming closer to one another as they do, sharing their common humanity without the crutch of also sharing beliefs and perspectives.

    You can support alternative schools of thought, like this one called Academia Libera Mentis that has just started up in Belgium. 

    You can be part of Big Dialogues about contemporary social, economic, and political issues, dialogues that help us rebuild a society capable of discussing meaningful ideas with one another, across aisles of perspective, belief, experience, and mindset. 

    You can join a grassroots movement focused on restoring the respect that used to be embedded in Western culture for individual freedom – including expressive and academic freedom – and the scientific method, using which people have horse-raced competing ideas since the Enlightenment.

    Initiatives like these help restore our societies by honouring our deep and powerful diversity. They help to fend off and thwart the constant manipulation attempts of elites hungry for power, while building respect and nurturing progress for all. They help us build robust red threads – bonds of love for one another based not on conformity with “right-think,” but on the joy of discovering who others truly are, and expanding ourselves by contemplating and revelling in their differentness.

    What will always win in the end is love, joy, confidence, tolerance, and an unshakeable belief in the infinite potential of every unique individual in the human species. But these precious things will only win in our lifetimes if we live and breathe that love, joy, confidence, tolerance, and belief, while purposefully rejecting the attempts of the powerful to manipulate and divide us by destroying our diversity. This is what eternal vigilance looks like.

    Tyler Durden Tue, 05/13/2025 - 17:40
  45. Site: Zero Hedge
    4 weeks 1 day ago
    Author: Tyler Durden
    Taiwan's Legislature Passes Bill Easing Restrictions On Nuclear Power

    It looks like nuclear power is once again becoming popular not just in the U.S., but globally.

    This morning it was reported that Taiwan’s legislature passed a bill Tuesday easing restrictions on nuclear power, signaling a policy shift driven by rising energy needs and growing geopolitical tensions, according to Bloomberg.

    The amended law allows nuclear plants—previously capped at 40 years of operation—to renew licenses for up to 20 years at a time, either before or after expiration, according to Legislative Speaker Han Kuo-yu.

    Energy security has become critical for Taiwan as it struggles to reduce reliance on nuclear power while meeting the soaring demands of its chip industry and managing dependence on imported fossil fuels amid escalating pressure from Beijing.

    Bloomberg writes that just days before Taiwan’s last reactor is set to shut down on May 17, lawmakers passed a bill signaling a potential return to nuclear power. While the closure will proceed, the move reflects a global shift back to nuclear energy as a low-carbon solution to rising demand.

    Premier Cho Jung-tai said his cabinet wouldn’t oppose restarting decommissioned reactors if the law passes, but safety reviews—estimated at 3.5 years by state-owned Taipower—would delay any restarts.

    Reviving nuclear power could reduce Taiwan’s dependence on imported liquefied natural gas, which is vulnerable to disruption amid rising tensions with Beijing, and help meet a projected 13% increase in power demand by 2030, driven by AI growth.

    As we have continued to report, accelerating power demand growth from AI data centers has sparked a nuclear power revival in the US. 

    For those who missed it, in our note "The Next AI Trade" from April 2024, more than one year ago, we outlined various investment opportunities for powering up America, most of which have dramatically outperformed the market since then.

    Tyler Durden Tue, 05/13/2025 - 17:20
  46. Site: Zero Hedge
    4 weeks 1 day ago
    Author: Tyler Durden
    DOGE's Second Act

    Via OpenTheBooks.substack.com,

    As Elon Musk steps back, Congress, agencies and We the People need to step up...

    When Elon Musk announced on a less-than-stellar Tesla earnings call that “starting probably next month, May, my time allocation to DOGE will drop significantly,” DOGE critics rejoiced.

    Yet, as Teddy Roosevelt so aptly said, it’s not the critic who counts, but the person who enters the arena.

    President Trump praised Musk at his cabinet meeting marking his first 100 days and said Musk “opened up a lot of eyes as to what could be done.” 

    Trump signaled DOGE’s first act was coming to a close, and its second act was about to begin.

    At Open the Books, we’re committed to transparency and helping taxpayers understand what DOGE has uncovered. Taxpayers deserve to know what cuts have been made and what remains to be done. Critics have raised concerns in both good and bad faith, in my view, and we’re committed to a reality-based conversation about the data and results.

    I’m appreciative of Musk’s effort because I know first-hand what it’s like to be demonized for trying to downsize the modern administrative state. As the long-time Communications Director and co-author for the late U.S. Representative and Senator Tom Coburn (R-OK), I spent nearly 15 years in constant combat with people who treated commonsense restraint as a crime against humanity.

    Coburn, a practicing physician and citizen legislator, believed in radical concepts like reading bills before you voted on them and paying for bills that spent new money by spending less money elsewhere. He believed the Senate, the world’s greatest deliberative body, needed more debate not less. Instead of bending the knee to Senate norms like passing “non-controversial” bills by unanimous consent, Coburn would hold bills until savings could be discovered or at least debated. Some of his colleagues derided his desire for open debate as “obstructionism” and called him “Dr. No.”

    In 2008, Coburn’s commitment to deliberation and spending offsets pushed then-Senate Majority Leader Harry Reid (D-NV) over the edge. Reid bundled 36 of Coburn’s “holds” on bills ranging from the “Captive Primate Safety Act” to the “Christopher and Dana Reeve Paralysis Act” into one package called the “Advancing America’s Priorities Act.”

    During one demagogic tirade, Reid declared, “You go home and tell people in a wheelchair you voted against moving forward on something that could get them out of their wheelchair.”

    In Reid’s view, wanting basic research to be fiscally sustainable and financed by cuts to lower-priority items meant you were pro-paralysis. Today, it’s DOGE’s turn to endure the ire and moral condescension of scorned spenders. If DOGE’s critics in Congress hated government waste half as much as they hate Musk our debt and deficits would have been erased long ago.

    To his credit, Musk often said DOGE would make mistakes but would try to correct them as quickly as possible. His admission of fallibility was refreshing and rare in politics and could have been taken as an invitation for collaboration. Sadly, partisan tribalism blinded Musk’s critics from seeing openings to find common ground.

    DOGE’s second act can succeed by focusing on two key priorities that build on lessons learned in a rapid-fire first hundred days.

    First, enact real-time transparency by creating “America’s Checkbook.” The most important achievement of DOGE’s first act was arguably gaining access to the Treasury Payment system, which is the administrative state’s Holy of Holies. Opening the payment temple to all taxpayers and letting them see federal expenditures in real-time would lock in a permanent and revolutionary win. Doing so would also remove much of the uncertainty on which DOGE’s critics rely – and stoke. And why not? Ordinary Americans have the same right to see America’s bank account as they do their own. After all, it’s their money.

    Our founders understood that transparency was a powerful, relentless, and subversive force for freedom. Transparency cuts through government like water cuts through stone. When its steady flow finds cracks, it can wash away mighty walls of opposition. That’s why they wrote transparency into Article I of the Constitution. Their language demanding a “regular accounting” of expenditures precedes the Bill of Rights, the First Amendment and freedom of speech. They understood that in the public square transparency is like oxygen. We can’t speak if we can’t breathe.

    If Madison and our framers had access to today’s technology, they would demand real-time transparency. Fortunately, the framework for real-time transparency already exists. In 2006, Coburn teamed up with an ambitious young Senator from Illinois named Barack Obama to put all federal spending online for the first time. Our dream was to create an ecosystem of organizations and citizen activists who would crowdsource oversight and put permanent downward pressure on spending.

    The Coburn-Obama bill created USASpending.gov, a platform to search past federal spending. It helped enable organizations like Open the Books, which I run, to exist along with thousands of other individual accounts on platforms like X. DOGE should urgently close the gap, and lag time, between what they can see on the Treasury Payment System and what is visible to everyone else on USASpending.gov. Leaving this gap open asks taxpayers to take DOGE’s word for it. “Trust us, we’re with the government” isn’t a winning strategy whether you’re wearing a blue jersey or red jersey. In DOGE’s defense, the lack of clarity in accounting isn’t easy to correct if it’s at the source of spending. Taxpayers and Congress need much greater clarity and insight into the nature of the problem that only transparency can correct.

    DOGE’s second act also should feature much closer collaboration with legislators who have the authority to enact smart and durable cuts. We already have a permanent standing deficit reduction commission. It’s called Congress. What DOGE can do is deliver its findings to Congress, and the American people, with the same level of clarity, transparency and rigor as a prosecutor would make a case in court. Then, members of Congress will have the support they need to achieve durable savings with the force of law. Cancelling contracts and Executive Orders are reversible actions. Congress has the power to make DOGE’s actions and recommendations much harder to reverse.

    DOGE has a window of opportunity to work with allies in Congress who are willing to do the work necessary to achieve savings. I recently testified before the House DOGE Subcommittee during their hearing on the federal real estate portfolio. My testimony focused on a “broken windows” argument that spending less lavishly to decorate and redecorate the administrative state’s mostly vacant buildings can usher in greater savings. When DOGE, Congress and outside groups focus on commonsense savings targets the wisdom of crowds – democracy – can prevail over the bureaucracy.

    Real spending cuts are achievable in Washington. Between 2011-2013, Coburn and Tea Party-era members helped achieve the first two-year spending reductions since the end of the Korean War and saved taxpayers $150 billion; we enacted a ban on earmarks that saved about $140 billion; and we leveraged debt limit negotiations to force the Government Accountability Office to publish an annual report on duplicative programs. GAO claims those have resulted in $667 billion in savings. That comes to $957 billion saved. Had we had someone of Musk’s stature in our corner we could have accomplished so much more.

    As Musk transitions away from a day-to-day role, he can still invest the currency of his celebrity in serious reform efforts and challenge the country to dream big. Rather than scaling back the scope of what DOGE can accomplish and settling for $160 billion in savings, he should go back to the much more ambitious target of more than $2 trillion in savings.

    This is a realistic and necessary target. President Reagan’s Grace Commission found that one in three tax dollars is wasted. In today’s budget numbers, one-third of $6.75 trillion (last year’s spending total) is $2.25 trillion. DOGE is right to investigate fraud, and their work on that front can lead to enormous savings, but hitting this larger $2 trillion target will require Congress and the administration to reimagine how mandatory programs like Medicare, Medicaid and Social Security can better serve lower and middle-income Americans. Musk can challenge the bipartisan surrender caucus that would rather see these 90 and 60-year-old programs collapse than be renovated. When members pledge to “not touch” entitlements they are protecting themselves, not seniors or poor people. Not touching these programs guarantees their demise, American decline and weakness, and unimaginable economic suffering.

    Today’s political conditions are much more favorable for fiscal reform than during the Reagan years and Tea Party era when we still made gains. In the past, demagogic attacks about hurting poor people and “keeping people in wheelchairs,” as Reid claimed, had more potency. With today’s political realignment, the GOP is now the working-class party.

    Now is the time to be bold. This is a 1989 moment for America – a chance to tear down the bureaucratic wall that has separated We the People from their government for 100 years.

    DOGE may be the most unifying Trump administration initiative. People hope Trump’s tariff gambit works, but they know DOGE, which is a movement more than a rebranded department, can deliver lasting change. Politicians define themselves by the hills they die on and DOGE is the high ground.

    DOGE is popular because it’s rooted not just in common sense but American constitutional first principles. As Thomas Jefferson said, “The natural progress of things is for liberty to yield and government to gain ground.”

    As the president said, eyes have been opened. Now it’s time to look, learn and act.

    Every dollar saved in Washington is a dream realized somewhere in America. DOGE’s second act can be a time to dream new dreams and deliver real growth and opportunity.

    Tyler Durden Tue, 05/13/2025 - 17:00
  47. Site: Zero Hedge
    4 weeks 1 day ago
    Author: Tyler Durden
    'Biggest Untold Story in Tech': Explosive Book Reveals How Apple Sold Out America To China

    Financial Times journalist Patrick McGee has released a gripping new book that meticulously exposes Apple’s deeply troubling ties with China, revealing how these connections fueled the communist regime’s rise to a global manufacturing powerhouse.

    (Nikkei Montage / Reuters)

    In an interview with The Free Press founder Bari Weiss, McGee revealed key insights from his new book, Apple in China, detailing Apple’s complex relationship with the country.

    Presently, approximately 155 million Americans own an iPhone - a remarkable figure that McGee contends would have been unattainable without Apple’s substantial investments in China.

    “I think it’s fairly straightforward that China is the only place on the planet that has the tech competence in terms of manufacturing capability, certainly the price, the cost, the quantity, the scale,” McGee told Weiss. My novel argument is that it has those skills because Apple built them there, right? It’s not that China offered something to Apple. Apple didn’t find these skills in China; it shipped people over by the plane load and created them.

    .@PatrickMcGee_ lays out how Apple helped China become a manufacturing superpower:

    "The number of people they trained in China since 2008 is 28 million people—larger than California's labor force."

    "Apple is investing in China at twice the annual spend of the Marshall Plan." pic.twitter.com/PHDHLSBHKz

    — Josh Caplan (@joshdcaplan) May 13, 2025

    “And so it’s this another layer of nuance that Apple is dependent on the very capabilities that it created. And I think this is like the biggest untold story in tech over the last 25 years. And like, my jaw was on the floor as I talked to 200 people and sort of unraveled it all. But I mean, some of the numbers— anytime you’re dealing with Apple, the numbers are just crazy. And so the two numbers that really stick out at me are that the number of people they have trained in China since 2008 is 28 million,” the Apple in China authored continued.”

    That’s larger than the labor force of California. And the investments they were making in China by 2015 were $55 billion a year. And that’s such a large number that I couldn’t find any corporate equivalent,” he added. “I had to go to nation-building efforts, and I took the Marshall Plan, the most famous nation-building effort ever, converted it to 2015 dollars, and you realize that Apple’s investing in China twice that of the annual spend of the Marshall Plan. And the Marshall Plan was for 16 countries.”

    McGee outlines Apple's production hurdles and economic incentives that propelled this transformative shift, which he compares to a geopolitical event as significant as the fall of the Berlin Wall.

    “I have these chapters in the book where they're trying to build iPods and the Sunflower iMac. You might remember it; it sort of looks anthropomorphic, like a Pixar lamp. It's really sexy, and my God, is it a complicated product to build,” McGee said. “And so Apple's trying to do it in Taiwan, but with the help of Singapore, Japan—you know, basically all of Southeast Asia, including China. But the more you're doing things a little bit in China and comparing the costs, the flexible demand of labor, and just the armies of affordable labor, the more it looks like China is the way to go. And they just rapidly begin to consolidate in 2003.

    Author @PatrickMcGee_: The West “sleepwalked” into making China a global powerhouse.

    Corporations like Apple “were setting up the world’s most sophisticated supply chain—and made the rookie and calamitous mistake of putting all their eggs in one basket. And that basket… pic.twitter.com/ASZTatTikm

    — Honestly with Bari Weiss (@thehonestlypod) May 13, 2025

    “So, the sort of fun line I have is that in 1999, zero products from Apple were being made in China. By 2009, virtually all of them were. And that transition, I compare to a geopolitical event, like the fall of the Berlin Wall. But it took place over many years. And it's one that I don't think we've really grappled with or understood,” the author added.

    Under Tim Cook’s leadership, Apple has significantly deepened its investment in China, most notably through a secretive $275 billion, five-year agreement signed in 2016 with Chinese officials to bolster the country’s economy and technological capabilities, The Information reported in 2021. The deal, aimed at mitigating regulatory threats, included commitments to build new retail stores, research and development centers, and renewable energy projects, while fostering partnerships with local suppliers like Foxconn and enhancing China’s supply chain infrastructure.

    President Donald Trump has been pushing Apple to move its manufacturing away from China, primarily through aggressive tariff policies aimed at incentivizing U.S.-based production. Since his first term, Trump has consistently advocated for Apple to bring iPhone and other product manufacturing to the United States, famously vowing in 2016, “I’m going to get Apple to start making their computers and their iPhones on our land, not in China.

    Apple has responded by shifting production for U.S.-bound iPhones to India and iPads, Apple Watches, and other products to Vietnam, with Cook confirming that by 2026, most iPhones sold in the U.S. will be made in India.

    In February 2025, Apple announced a commitment to invest over $500 billion in the U.S. over the next four years, aimed at strengthening domestic manufacturing and advancing semiconductor production.

    Tyler Durden Tue, 05/13/2025 - 16:40
  48. Site: Zero Hedge
    4 weeks 1 day ago
    Author: Tyler Durden
    Nodule Found In Biden's Prostate During Routine Exam

    Authored by Zachary Stieber via The Epoch Times,

    A small nodule was found in former President Joe Biden’s prostate during an exam, a spokesperson told news outlets on May 13.

    “In a routine physical exam, a small nodule was found in the prostate, which necessitated further evaluation,” the Biden spokesperson said.

    It’s not clear whether the additional evaluation has already taken place and, if it has, what it showed.

    A nodule could indicate the presence of prostate cancer.

    Out of every 100 men in America, about 13 will suffer from prostate cancer during their lifetime, according to the Centers for Disease Control and Prevention. 

    Early treatment can eliminate the cancer, which is fatal in a minority of cases.

    The most common risk factor is age. Biden is 82.

    Biden wrote in an Aug. 20, 2024, proclamation during National Prostate Cancer Awareness Month that “we mourn all the courageous men we have tragically lost too soon to prostate cancer” and “we honor the extraordinary resilience of those currently living with and surviving this disease.”

    Biden left office in January after a single term. He initially launched a reelection bid, but later dropped out under pressure from some fellow Democrats due to his advanced age. President Donald Trump, 78, beat former Vice President Kamala Harris, 60, in the 2024 election.

    Dr. Kevin O‘Connor, Biden’s physician, reported in 2023 that Biden had a cancerous lesion removed from his chest. The area around the biopsy site was treated, O’Connor said, and no further treatment was required.

    “The site of the biopsy has healed nicely and the President will continue dermatologic surveillance as part of his ongoing comprehensive healthcare,” he wrote at the time.

    O'Connor also said in 2019 that Biden had a polyp removed from his colon, describing the polyp as “potentially pre-cancerous.”

    One of Biden’s sons, Beau, died in 2015 from brain cancer.

    Ahead of the election in 2024, O'Connor said that an examination showed that Biden was healthy and active.

    Biden “remains fit to successfully execute the duties of the Presidency, to include those as Chief Executive, Head of State and Commander in Chief,” O'Connor wrote in a summary of the exam.

    In his first interview since Trump was sworn in, Biden said recently that he did not have any cognitive issues and that he understands the concerns about his age.

    “I get it,” Biden said. “I understand the concern. I really do. But the point of the matter is that I would offer specific evidence, if we had time, [of] exactly what I got done when I supposedly lost my cognitive capability.”

    Tyler Durden Tue, 05/13/2025 - 16:20
  49. Site: Zero Hedge
    4 weeks 1 day ago
    Author: Tyler Durden
    Bitcoin Treasury Exposure Goes Mainstream As Coinbase Soars On Joining The S&P 500

    On May 19, 2025, Coinbase will officially join the S&P 500 - widely regarded as the most trusted, most tracked equity index in the world. With over $5 trillion in assets benchmarked to it, the S&P 500 isn’t just a measure of corporate strength - it’s a gravitational center of global capital allocation.

    And starting next week, it will include Bitcoin treasury company.

    Coinbase currently holds 9,267 BTC on its balance sheet, valued at $963.8 million at today’s price of $104,000 per Bitcoin, making it the 9th largest public corporate Bitcoin holder globally.

    As Nick Ward reports for BitcoinMagazine.com, this marks a quiet turning point for Bitcoin in capital markets - one that reframes the treasury conversation and reshapes how companies think about index eligibility, institutional flows, and balance sheet strategy.

    The Most Passive Flows in Finance Just Found Bitcoin

    Coinbase’s addition to the index means something profound: millions of investors will soon have indirect exposure to Bitcoin—and they didn’t choose it.

    Because the S&P 500 is tracked by passive strategies, funds and institutions must purchase Coinbase stock in proportion to its index weight. If Coinbase is assigned even a 0.20% weighting, that implies more than $10 billion in net inflows from index-tracking vehicles.

    This is not speculative capital. This is mandatory exposure—capital governed by rules, not conviction.

    And for the first time, those rules lead directly to Bitcoin.

    Bitcoin Treasuries Are Now Index-Eligible

    For years, Bitcoin on the corporate balance sheet was treated as a novelty—or worse, a liability. But Coinbase’s inclusion signals something different: Bitcoin exposure is now compatible with the highest standards of institutional eligibility.

    It’s a powerful validation for public companies already holding Bitcoin—and a strategic consideration for those that aren’t. Index inclusion is not reserved for fiat-only treasuries. Coinbase’s addition confirms that sound operations and a Bitcoin-aligned balance sheet are not mutually exclusive.

    In fact, they may now be complementary.

    Strategy May Be Next to Join The S&P 500

    Coinbase may be the first S&P 500 company with a Bitcoin treasury—but it likely won’t be the last.

    Strategy ($MSTR), formerly MicroStrategy, is widely viewed as the next potential candidate. The company meets many of the S&P 500’s baseline criteria:

    • It is U.S.-based and publicly listed on the Nasdaq.

    • It has sufficient free float and market capitalization.

    • Its last four quarters of GAAP earnings are positive.

    And perhaps most notably: Strategy is the largest corporate Bitcoin holder in the world—by far.

    As of today, it holds 568,840 BTC, currently worth $59.16 billion.

    Its balance sheet is no longer just Bitcoin-heavy - it is Bitcoin-native. If admitted, Strategy would represent an even deeper exposure to Bitcoin inside the world’s most influential index.

    This matters. Because it signals that Bitcoin is becoming a foundational component of corporate capital formation—not an outlier.

    From Signal to Strategy: A New Corporate Playbook

    Coinbase’s entry - and Strategy’s potential follow-on - reinforces an emerging thesis: a Bitcoin treasury can enhance a company’s capital profile—not detract from it.

    Here’s why:

    • Visibility: Index inclusion provides perpetual exposure to new capital.

    • Flows: Passive funds are forced buyers—providing liquidity and price support.

    • Perception: Bitcoin is no longer a reputational liability—it’s becoming a marker of long-term vision and resilience.

    In this context, treasury strategy becomes a capital markets strategy. Holding Bitcoin isn’t just about hedging inflation or diversifying reserves—it’s about aligning your company with where capital is flowing.

    BFC Perspective: The Bridge Has Been Crossed

    From a Bitcoin For Corporations standpoint, this is not just news—it’s a case study in what institutional acceptance looks like.

    Coinbase has:

    • Navigated the public markets as a Bitcoin-native company,

    • Maintained a material Bitcoin treasury position, and

    • Demonstrated that such positioning is not a barrier to index inclusion—it can be a feature.

    And Strategy, with its commanding treasury and growing influence, may soon follow—cementing Bitcoin’s place at the core of U.S. corporate indices.

    This should embolden public companies and pre-IPO candidates alike. It’s proof that Bitcoin alignment doesn’t isolate you from the traditional system—it can embed you deeper into it.

    This is the BFC thesis in action: Bitcoin-native capital structures are compatible with institutional legitimacy.

    What Comes Next: Bitcoin Is Entering the Core Portfolio

    With Coinbase’s S&P 500 inclusion and Strategy potentially next, the implications are clear:

    • Bitcoin is no longer confined to speculative portfolios.

    • Bitcoin treasuries are now appearing in default asset allocations.

    • The passive indexing era is now passively onboarding Bitcoin—whether the end investor realizes it or not.

    For CFOs and capital allocators, the takeaway is simple: Bitcoin on the balance sheet is no longer a bet - it’s a bridge. To the index. To the allocators. To the long game.

    With Coinbase joining the S&P 500, Bitcoin exposure is entering the core of institutional portfolios—not through a financial product, but via a public company’s balance sheet. As Strategy positions to follow, this marks a broader shift: Bitcoin treasury strategy is becoming part of the mainstream capital structure.

    Tyler Durden Tue, 05/13/2025 - 15:52
  50. Site: southern orders
    4 weeks 1 day ago






    I just discovered that the last public Mass presided over by Pope Francis was the Jubilee Year Mass for the Armed Forces, Police and Security Personnel on February 9, 2025. The main celebrant, though, and hold on, was Pope Leo XIV, aka, Robert Cardinal Prevost.

    I had a clairvoyant experience when I watched that Mass. It was cold outside at St. Peter’s Square and a bit windy. I thought to myself that the pope did not look well. I wondered if he had a death wish being out there in the cold. 

    The next day, Pope Francis was admitted to the hospital and thus continued his journey to death and new life. 

Pages

Subscribe to Distinction Matter - Subscribed Feeds