Distinction Matter - Subscribed Feeds

  1. Site: Zero Hedge
    1 week 2 days ago
    Author: Tyler Durden
    Bitcoin Extends Gains As Fed Pulls Biden-Era Guidance On Bank's Crypto Dealings

    The Federal Reserve Board on Thursday announced the withdrawal of guidance for banks related to their crypto-asset and dollar token activities and related changes to its expectations for these activities. 

    These actions ensure the Board's expectations remain aligned with evolving risks and further support innovation in the banking system.

    Bitcoin prices extended gains above $95,000...

    Amid a sudden resurgence in net inflows into BTC ETFs...

    The Board is rescinding its 2022 supervisory letter establishing an expectation that state member banks provide advance notification of planned or current crypto-asset activities. 

    As a result, the Board will no longer expect banks to provide notification and will instead monitor banks' crypto-asset activities through the normal supervisory process.

    The Board is also rescinding its 2023 supervisory letter regarding the supervisory nonobjection process for state member bank engagement in dollar token activities.

    Finally, the Board, together with the Federal Deposit Insurance Corporation is joining the Office of the Comptroller of the Currency in withdrawing from two 2023 statements jointly issued by the federal bank regulatory agencies regarding banks' crypto-asset activities and exposures. 

    The Board will work with the agencies to consider whether additional guidance to support innovation, including crypto-asset activities, is appropriate.

    Additionally, CoinTelegraph reports that Bitcoin is flashing multiple technical and onchain signals suggesting that a rally to $100,000 is possible by May.

    And as we have noted recently, bitcoin continues to track lagged global liquidity almost perfectly...

    Combined with bullish chart structures and concentrated short liquidity overhead, BTC remains positioned for a potential move toward $100,000 by May.

    Tyler Durden Fri, 04/25/2025 - 09:25
  2. Site: The Orthosphere
    1 week 2 days ago
    Author: JMSmith

    “We may be in the universe as dogs and cats are in our libraries, seeing the books and hearing the conversation, but having no inkling that there is any meaning in it all.” 

    William James, “Pluralism and Religion,” The Hibbert Journal (1908)*

    Speaking as one dog to another, I am inclined to believe that James’ supposition is correct.  I would only add that the library is well supplied with superior dogs (and cats) who say they have read the books and understood the conversations, and that only very stupid (or wicked) dogs (and cats) find it hard to believe them.

    *) William James, “Pluralism and Religion,” The Hibbert Journal, 6.4 (July 1908), pp. 721-728 , quote p. 724.  This was later published in The Pluralistic Universe (London: Longmans, Greens, and Co., 1909), p. 309.

  3. Site: LES FEMMES - THE TRUTH
    1 week 2 days ago
    Author: noreply@blogger.com (Mary Ann Kreitzer)
  4. Site: LifeNews
    1 week 2 days ago
    Author: Jerry Cox

    On Monday Governor Sanders signed a good law to help teach public school students about unborn children.

    S.B. 450 by Sen. Breanne Davis (R — Russellville) and Rep. Kendra Moore (R — Lincoln) lets public school students see a recording of a high-definition ultrasound video as part of human fetal growth and development education courses.

    The law also makes it possible for students to learn important facts about how unborn children develop in the womb.

    LifeNews is on TruthSocial. Please follow us here.

    Similar legislation has passed in North Dakota, Tennessee, Idaho, and Kansas.

    With the governor’s signature, S.B. 450 is now Act 915 of 2025. Act 915 received overwhelming support in the Arkansas Senate and House of Representatives, and we want to recognize the legislature for supporting this good law and Governor Sanders for signing it on Monday.

    Very few medical advancements have done more to change hearts and minds on abortion than ultrasound technology. In fact, research has shown that some women are less likely to have an abortion if they see an ultrasound image of their unborn child. Act 915 will help students understand that unborn children are human beings.

    LifeNews Note: Jerry Cox is the president of the Arkansas Family Council.

    The post Arkansas Governor Sarah Huckabee Sanders Signs Law to Teach Kids Fetal Development appeared first on LifeNews.com.

  5. Site: Mises Institute
    1 week 2 days ago
    Author: Robert P. Murphy, Joseph T. Salerno
    As Trump challenges Powell and the Fed’s authority, Dr. Joe Salerno joins Bob to dive into whether "central bank independence" really protects the economy—or just shields elite power.
  6. Site: Rorate Caeli
    1 week 2 days ago
     Cardinal Müller granted the following interview to Iacopo Scaramuzzi, for Italian daily Repubblica, and published yesterday:Iacopo ScaramuzziRepubblicaRome, April 24, 2025“The future pope is not a successor of his predecessor but a successor of Peter": thus German Cardinal Gerhard Ludwig Müller, a member of the conservative wing of the College of Cardinals.Your Eminence what are your New Catholichttp://www.blogger.com/profile/04118576661605931910noreply@blogger.com
  7. Site: AsiaNews.it
    1 week 2 days ago
    Tension remains high between Delhi and Islamabad after the attack in Kashmir that left 26 dead. Airspace closed, agreement on rivers revoked, Hindu nationalists press for armed retaliation. The vice-president of the Bishops' Conference: 'May our efforts for peace continue.'
  8. Site: Zero Hedge
    1 week 2 days ago
    Author: Tyler Durden
    Futures Slide After Trump Interview Reverses Boost From China Tariff Cut Reports

    US equity futures are mixed after three days of gain, with tech leading, highlighted by GOOG (+5.6% amid strong earnings results last night), META (+3.5%), and TSLA (+1.6%). S&P futures first rose to session highs during the Asian session, when sentiment was first buoyed by dovish remarks from Fed officials Christopher Waller and Beth Hammack, which bolstered expectations for a potential interest-rate cut as soon as June; but the session highlight was a Bloomberg report that China was considering suspending its 125% tariff on some US imports including plane leases, indicating a shift in the game theoretical "game of chicken" balance and suggesting a deal may come sooner than expected as pain levels are rising for Beijing. Later, foreign ministry spokesman Guo Jiakun reiterated that China is not in talks with the US over tariffs, contradicting Trump and underscoring the complexities for investors tracking headlines out of Washington and Beijing. Futures then slumped to session lows just after 6am ET after Time published an interview with Trump (which took place on April 22) in which the president said China's President Xi has called him (something China denies), said he would not call XI himself, and when asked if high tariffs are still present a year from now, Trump said that would be a "total victory" adding that he expects trade deals in the next 3-4 weeks. In other words, if China may have been offering an olive branch before the interview, those hopes were dashed after its publication and S&P futures reflected that, sliding to session lows down about 0.4% after earlier they rose by the same amouint.

    The dollar strengthened, while the yen and Swiss franc retreated as investor demand for non-US haven assets waned. Gold slid 1.5%. Treasuries extended their gains from Thursday; Bond yields dropped (2-, 5-, 10-yr yields are 0.8bp, -0.2bp, -1.6bp lower). Commodities were mixed with Base Metals higher and Precious Metals lower.  The US session includes revised April University of Michigan sentiment gauges, and Fed’s external communications blackout ahead of the May FOMC meeting starts Saturday.

    In premarket trading, Alphabet shares jumped as much as 5% after posting first-quarter revenue and profit that exceeded analysts’ expectations, buoyed by continued strength in its search advertising business. Alphabet was the top gainer in the Magnificent Seven stocks (Alphabet +4.9%, Meta +3.2%, Amazon +0.5%, Tesla +0.9%, Nvidia +0.4%, Microsoft -0.2%, Apple -0.8%; Alphabet rises 4.9%). Intel tumbled 7% as CEO Lip-Bu Tan gave investors a stark diagnosis of the chipmaker’s problems, along with the sense that it will take a while to fix them. Gilead drops 3.9% after the biopharmaceutical company posted 1Q revenue that fell short of estimates as sales of Trodelvy and Veklury disappointed. Here are some other notable premarket movers:

    • Eastman Chemical Co. (EMN) falls 2.3% after the chemicals and plastics maker provided a disappointing second-quarter profit forecast, citing factors including tariffs between the US and China.
    • Hasbro rises 1.0% as Citi upgrades to buy, citing underlying momentum of the toymaker’s business.
    • Ironwood Pharmaceuticals climbs 9.3% after the company reaffirmed its revenue forecast for the full year.
    • Sphere Entertainment rises 13% after its wholly-owned unit MSG Networks reached a deal to restructure the debt of its subsidiaries and amend the media rights agreements with the New York Knicks and the New York Rangers.
    • T-Mobile falls 5.7% after the company reported fewer new wireless phone subscribers than analysts expected in the first quarter.
    • Skechers USA slides 6.9% after the footwear company said it’s not providing financial guidance and withdrawing its previous annual outlook due to macroeconomic uncertainty.

    On the trade front, Bloomberg News reported that China is considering suspending its 125% tariff on some US imports. Later, Foreign Ministry spokesman Guo Jiakun reiterated that China isn’t in talks with the US over tariffs, contradicting President Donald Trump and underscoring the complexities for investors tracking headlines out of Washington and Beijing.

    “We are currently in tariff purgatory,” said Joachim Klement, strategist at Panmure Liberum. “There is no fundamental change to the outlook, so markets latch on to noise and get constantly whipsawed by the ever-changing utterances of Donald Trump and his cabinet.”

    Confirming that, in an interview Time published with Trump just after 6am ET, and which took place on April 22, Trump said China's President Xi has called him even though China has denied this; when asked if high tariffs are still present a
    year from now, Trump said that would be a "total victory." 

    • In the interview, Trump said tariffs are still necessary.
    • "If we still have high tariffs, whether it’s 20% or 30% or 50%, on foreign imports a year from now, will you consider that a victory?", he responded, "Total victory"
    • When asked if he would call Xi (if Xi did not call him), Trump replied "No".
    • US Treasury Secretary Bessent and Secretary of Commerce Lutnick "did not tell me" to do a 90-day pause.
    • ”1 certainly don’t mind having a tax increase" on millionaires
    • Being serious when talking about acquiring the Panama canal, Greenland, and making Canada the 51st state
    • Trade deals expected in the next 3-4 weeks

    More recently, on Thursday, Trump said his administration was talking with China, even as Beijing denied the existence of negotiations and demanded the US revoke all unilateral tariffs. Meanwhile, the US and South Korea could reach an “agreement of understanding” on trade as soon as next week, said Treasury Secretary Scott Bessent. 

    Traders also took some early comfort from hopes that the Fed may reduce interest rates earlier than expected. Markets currently favor a quarter-point cut in June and a total of three such reductions by year-end. Fed Governor Christopher Waller said he’d support rate cuts in the event aggressive tariffs under President Trump’s trade policies hurt the jobs market, speaking on Bloomberg Television. Cleveland Fed President Beth Hammack told CNBC the central bank could move on rates as early as June if it has clear evidence of the economy’s direction.

    While the dollar was on course for its first weekly gain in a month, Bank of America strategists said investors should sell into rallies in US stocks and the greenback, cautioning that the conditions for sustained gains are missing. The dollar is in the midst of a longer term depreciation while the shift away from US assets has further to go, according to the BofA team led by Michael Hartnett. The trend would continue until the Fed starts cutting rates, the US reaches a trade deal with China and consumer spending stays resilient. The depreciation of the dollar is the “cleanest investment theme to play,” according to Hartnett.

    The Stoxx 600 rises 0.3%, on track for a fourth day of gains as worries about trade tensions between China and the US subsided, with most significant moves triggered by a continued deluge of earnings, including from Saab and Safran. Alten and Hemnet are among the biggest laggers. Here are the biggest movers Friday:

    • IMCD shares rise as much as 8.5% after the chemicals maker’s earnings met expectations, which analysts said was a relief given yesterday’s plunge on the shock news its CEO was leaving
    • Saab shares gain as much as 4.3%, reversing earlier declines of 5.2%. The Swedish defense firm’s 1Q earnings beat expectations, though their order intake missed
    • Safran shares rise as much as 4.8% after the French aerospace and defense firm reported adjusted revenue for the first quarter that beat the average analyst estimate
    • Yara shares rise as much as 5.7% after the Norwegian agricultural chemicals firm reported adjusted Ebitda for the first quarter that beat the average analyst estimate
    • Accor shares rise as much as 5.6% to the highest level this month. Analysts say the French hotel operator’s results are favorable, noting positive demand commentary and expectations for net unit growth throughout the year
    • Saint-Gobain rises as much as 4.3% after the construction materials producer’s 1Q. Analysts are generally positive on the results, with Morgan Stanley praising the firm’s consistent delivery
    • Alten shares slide as much as 12% after the French IT firm reported a 5.5% drop in organic sales in 1Q, warning that some of its major clients are freezing or postponing projects due to tariff uncertainties
    • Hemnet shares drop as much as 11%, their worst drop since October, after the Swedish property platform missed expectations in the first quarter, giving up gains leading into the results
    • Kemira shares fall as much as 15%, the steepest drop in almost 14 years, after the Finnish chemicals company warned over the impact on end-markets of increased economic uncertainty
    • Mobico Group shares plunge as much as 11% after the company announced it is selling its school bus business in North America. Analysts said the price tag is disappointing

    Asian equities also advanced after a Bloomberg report said Beijing is weighing a suspension of its 125% tariff on some US imports, though the Chinese Foreign Ministry spokesman Guo Jiakun later denied that they’re in talks with the US.

    Earlier in the session, Asian stocks gained as signs of progress in trade negotiations boosted sentiment, with a major regional benchmark erasing all losses driven by Trump’s April 2 Liberation Day announcement of reciprocal tariffs. The MSCI Asia Pacific Index rose 0.9%, with TSMC and Tencent among the biggest contributors. Benchmarks in Taiwan, Hong Kong, Japan and South Korea all advanced. The key MSCI Asian index joins benchmarks in India, Korea, Australia and Indonesia in recouping losses from this month’s tariff selloff. The regional gauge is on track to cap its second-straight week of gains. Meanwhile, stocks and bonds tumbled in India, as traders braced for a potential worsening of the geopolitical situation with neighboring Pakistan. Indian shares were the worst performers in Asia on Friday, while the rupee and the nation’s bonds also slid, indicating growing angst among traders over any further ramping up of tensions between the two nuclear-armed nations. Markets are closed in Australia and New Zealand for holidays Friday. Key events to watch next week include rate decisions in Japan and Thailand as well as China PMI data.

    In FX, the Bloomberg Dollar Spot Index rose as much as 0.4% and is set to notch its first weekly gain in a month. The greenback gained versus all G-10 currencies;  The Japanese yen is among the weakest of the G-10 currencies, falling 0.5% against the greenback; USD/JPY rises 0.8% to 143.85.  

    In rates, Treasury futures rose to session highs in early US trading, with yields 1bp-4bp richer across a flatter curve, outperforming European bonds after stronger-than-expected UK retail sales data. The 10-year yield near 4.29% was ~3bp richer on the day, outperforming German counterpart by 5bp, UK by 2bp. Among US yield-curve spreads, 2s10s and 5s30s are 1bp-2bp flatter.  Shorter-dated maturities also underperform in Germany where two-year borrowing costs rise 4 bps.

    In commodities, WTI falls 0.5% to $62.50 a barrel. Bitcoin rises 2% to just shy of $95,000. Haven assets underpeform, with gold falling nearly $50 to below $3,300/oz.

    Looking at today's calendar, the US session includes revised April University of Michigan sentiment gauges, and Fed’s external communications blackout ahead of the May FOMC meeting starts Saturday.

    Market Snapshot

    • S&P 500 mini -0.2%
    • Nasdaq 100 mini -0.3%
    • Russell 2000 mini -0.5%
    • Stoxx Europe 600 +0.1%
    • DAX +0.4%
    • CAC 40 +0.7%
    • 10-year Treasury yield -3 basis points at 4.28%
    • VIX +0.4 points at 27
    • Bloomberg Dollar Index +0.3% at 1227.23, 
    • euro -0.3% at $1.1353
    • WTI crude -0.3% at $62.6/barrel

    Top Overnight News

    • China has exempted some U.S. imports from its 125% tariffs and is asking firms to identify critical goods they need levy-free, according to businesses notified, in the clearest sign yet of Beijing's concerns about the trade war's economic fallout. RTRS
    • Apple plans to import most of the iPhones it sells in the US from India by the end of next year, accelerating a shift beyond China, people familiar said. The goal will require Apple to double its India capacity. BBG
    • President Trump signed an executive order boosting the deep-sea mining industry, while the order instructs the Commerce Secretary to expedite permits under the Deep Seabed Hard Mineral Resource Act, as well as instructs the Commerce and Interior Departments to issue a report on opportunities for seabed mineral exploration on the US outer continental shelf.
    • China aims to implement more growth-supporting measures amid rising challenges from hefty U.S. tariffs. The government will seek to coordinate policy measures to support domestic economic aims amid external economic and trade struggles. the government intends to cut interest rates and the amount of cash banks are required to set aside at the central bank, while making full and effective use of existing fiscal and monetary policies, the Politburo said. WSJ
    • Bessent says South Korea trade negotiations are moving along at a faster pace than anticipated. Nikkei
    • US Republicans in Congress are to unveil a $150bln defense spending package including $27bln for Trump’s Golden Dome missile defense and $29bln for shipbuilding.
    • Japan is considering a proposal that would see it boost purchases of US soybeans to compensate for a drop in China demand. Nikkei
    • Tokyo inflation picked up to 3.4% in April, its fastest in two years and supporting the BOJ’s rate-hike stance. BBG
    • A US-India trade agreement under discussion will cover 19 categories, including greater market access for farm goods, e-commerce, data storage and critical minerals, people familiar with the matter said, the first step toward a deal that may help the South Asian nation evade higher tariffs on its goods. BBG
    • UK retail sales unexpectedly rose for a third straight month in March, helped by record-breaking sunshine. But GfK data showed consumer confidence slid to the weakest level in 17 months in April. BBG
    • Russia’s oil producers are drilling at the fastest pace in at least five years, preparing for potential OPEC+ output hikes and possible sanction relief. Activity is more than a third above pre-war levels. BBG
    • Fed's Kashkari (2026 voter) said a resolution of trade frictions would relieve uncertainty and would be optimistic, while he is worried that businesses will resort to layoffs amid uncertainties and noted some businesses say they are scenario planning for potential layoffs if uncertainty lasts although he is not seeing an uptick in layoffs yet. Furthermore, Kashkari said the frequency of announcements out of Washington has created a challenge for policymakers and for everybody.

    Trade/Tariffs

    • China held a meeting on responding to trade frictions, according to the Commerce Ministry; said Trade frictions enter a high-intensity phase and are facing difficulties and challenges China said to stay confident in handling trade tension; adopt strategic approaches. To focus on preventing and resolving trade risks. Trade frictions enter a high-intensity phase and are facing difficulties and challenges. Cultivate new opportunities in crisis.
    • China's Foreign Ministry said it is not having any consultations or negotiations with the US on tariffs; on tariff exemptions, said not familiar with specifics
    • China is said to consider exempting some US goods from tariffs as costs increase with Chinese authorities considering removing additional levies for medical equipment and some industrial chemicals like ethane, according to Bloomberg citing sources familiar with the matter. It was also reported that several Chinese tech companies confirmed that eight tariff codes related to semiconductors and integrated circuits are now exempt from additional tariffs, according to Caijing.
    • US Treasury Secretary Bessent said he had a good meeting with South Korea and they are moving faster than thought, while they will talk technical terms and could get to terms next week.
    • South Korea's Trade Minister said South Korea and the US agreed in principle on the framework for trade talks. It was also reported that South Korea's Finance Minister said they will try their best to produce meaningful results by July 8th and that autos were in focus during talks, while the two countries reached common ground on discussing measures on tariffs and non-tariff barriers, economic security, investment cooperation, and currency policy. Furthermore, technical-level talks between South Korea and the US will be held in Seoul on May 15th-16th and South Korea's Industry Minister said they reached a common ground on shipbuilding cooperation with the US.
    • Japanese Finance Minister Kato met US Treasury Secretary Bessent and told him that US tariffs are deeply regretful, while they agreed the FX rate should be set by markets and that excessive volatility has an adverse effect on the economy. It was also reported that Japan is weighing buying more US soybeans as part of a tariff deal and is also considering boosting US corn imports.
    • Canadian Finance Minister Champagne said they need to fight against the US tariffs, which are still affecting a large portion of Canadian goods. Furthermore, he said the scheduling was too tight for a bilateral meeting with US Treasury Secretary Bessent but they did interact at the G7 meeting in Washington.
    • US reportedly seeks India trade deal on e-commerce, crops, and data storage, according to Bloomberg sources.

    A more detailed look at global markets courtesy of Newsquawk

    APAC stocks mostly gained as the region took impetus from the rally on Wall St amid trade-related optimism after President Trump suggested that the US and China held talks despite a denial by the latter. However, conditions were somewhat quieter for most of the session with the absence of markets in Australia and New Zealand for a holiday, although there was a slight boost on reports that China is said to consider exempting some US goods from tariffs. Nikkei 225 rallied at the open but with further gains initially capped as participants digested firmer-than-expected Tokyo CPI before the China tariff story provided a late tailwind. Hang Seng and Shanghai Comp were somewhat varied as the Hong Kong benchmark rallied amid strength in   property, tech and casino stocks, while the mainland lagged following the conflicting statements by the US and China on whether trade talks took place.

    Top Asian News

    • China's Politburo said China's fiscal policy will be more proactive, economic recovery needs to be further reinforced; China to cut RRR and rates when needed and in a timely manner; Vows to fully prepare emergency plans for external shocks. Use well moderately loose monetary policy China to cut RRR and rates when needed and in a timely manner. To create new structural monetary tools Vows to fully prepare emergency plans for external shocks. Improve policy toolbox for stabilising employment and the economy. Implement established policies early. Will speed up issuance of ultra-long bonds.
    • PBoC Governor Pan affirmed monetary policy is to be moderately loose and said they will defend global economic stability, while he vowed to drive the Chinese economy and said China’s economy is off to a good start, continues to rebound positively, and the financial market is running smoothly.
    • China’s Finance Minister attended the G20 meeting in Washington and said the current world economic growth momentum is insufficient and tariff wars and trade wars have further affected economic and financial stability.
    • Japanese PM Ishiba said he decided on a package of measures to deal with US tariffs and instructed cabinet members to do the utmost to aid small and medium-sized enterprises that will be affected.
    • Donald Trump Jr is to meet South Korean business leaders on April 30th, according to Yonhap.
    • PCA sees China's April car sales up 14.4% to 1.75mln Units, via Bloomberg

    European bourses (STOXX 600 +0.4%) opened entirely in the green with sentiment boosted by positive trade updates from China, and following a stellar Alphabet earnings report. However, around the time of the European cash open, sentiment waned a touch - but this ultimately proved fleeting. European sectors opened with a strong positive bias but is a little more mixed now. Travel & Leisure takes the top spot, with the sector propped up by post-earning strength in Accor (+4%) and Evoke (+1%). The former topped Q1 revenue expectations and highlighted that it saw “no cracks in demand” so far (re. hotels).

    Top European News

    • SNB Chairman Schlegel said the main instrument is interest rate, but forex interventions can also be used to influence monetary conditions. Trade policy situation is creating high uncertainty for all countries, including Switzerland; could fragment the global economy Economic slowdown in Switzerland cannot be ruled out. Price stability cannot prevent trade policy-related uncertainty, but remains very important.
    • UK will reportedly be expected to pay a fee to guarantee UK companies access to a EUR 150bln EU weapons fund, according to the FT citing diplomats.

    FX

    • DXY is nursing some of its recent losses after retreating amid the broad risk-on sentiment on Wall St. Price action during the European morning has been rather contained, with the index in a 99.43-99.89 range at the time of writing. Sentiment today has been boosted by reports that China is considering exempting some US goods from tariffs as costs increase.
    • EUR gave back some of the prior day's gains after hitting resistance just shy of the 1.1400 handle as the greenback regained composure. EUR/USD resides in a 1.1315-1.1394 intraday range.
    • JPY breached the 143.00 level to the upside which was facilitated by a rebound in the dollar and the positive risk appetite, while there were also some suggestions of Gotobi demand, whilst a flight out of safe-havens were seen on reports that China is said to consider exempting some US goods from tariffs as costs increase. Tokyo CPI data saw an acceleration, but failed to lift the JPY.
    • GBP faded some of Thursday's advances and eventually gave up the 1.3300 status as the Dollar picked up. Little reaction was also seen this morning to the substantial beat in UK Retail Sales, which was stronger-than-expected. On the trade front, UK Chancellor Reeves said she understands US concerns on trade imbalances, especially in China and they don't always agree with the US on policy prescriptions but is confident a trade deal can be done.
    • Antipodeans are both subdued amid the upticks in the Dollar and overall cautious risk tone amid the uncertain trade environment, whilst markets were closed on both sides of the Tasman for ANZAC Day.
    • PBoC set USD/CNY mid-point at 7.2066 vs exp. 7.2898 (Prev. 7.2098).

    Fixed Income

    • USTs are flat in what has been a rangebound morning thus far as traders digest the latest Bloomberg reports on China, which suggest China is said to consider exempting some US goods from tariffs as costs increase. UST futures rate in a narrow 111.02+ to 111.09 range at the time of writing; docket ahead is thin.
    • German debt is taking a breather after steadily climbing to just shy of the 132.00 level, whilst a slew of ECB commentary failed to trigger much price action. In terms of a recent ECB commentary on tariffs, ECB rhetoric leans towards an initial disinflationary narrative around tariffs, with Lagarde calling them a negative demand shock and noting the net inflation impact remains unclear. Knot flagged that a 25% US tariff could shave 0.3ppts off EZ growth.
    • Gilts are conforming to price action across peers despite little notable move seen from the above-forecast UK retail sales metrics. On the trade front, UK Chancellor Reeves said she understands US concerns on trade imbalances, especially in China and they don't always agree with the US on policy prescriptions but is confident a trade deal can be done. Gilt Jun'24 futures currently reside around the middle of a 92.90-93.14 range.

    Commodities

    • The crude complex has been choppy, trading on either side of the unchanged mark. Early morning sentiment was boosted by reports that China is to consider exempting some US goods from tariffs as costs increase. Around the European cash open, some modest pressure was seen in the complex, but the downside has since stabilised. Brent'Jun 25 currently trading within a USD 66.48-67.11/bbl range.
    • Precious metals hold a negative bias, with losses in spot gold more pronounced vs peers, due to the positive risk tone and relatively stronger Dollar. XAU currently towards the lower end of a USD 3,287.16-3,370.79/oz range.
    • Base metals are entirely in the red, with losses driven by the relatively stronger Dollar and potentially due to the conflicting commentary of US-China trade talks. 3M LME Copper currently trading in a USD 9,359.5-9,458.8/t range.
    • UK's Unite said TotalEnergies (TTE FP) workers balloted for strike action and that around 50 Unite members based on the Elgin Franklin and North Alwyn platforms are involved.
    • Iranian oil minister said Tehran will sign USD 4bln agreement with Russian companies to develop seven oil fields, via state TV.
    • ExxonMobil (XOM) reports flaring event at Joliet, Illinois refinery (275k BPD).

    Geopolitics: Middle East

    • "Haaretz citing sources: No significant progress in the negotiations of the exchange deal between Hamas and Israel so far", according to Al Jazeera
    • China, Russia, and Iran IAEA representatives met with the IAEA Director General on Thursday and had in-depth communication on how the IAEA can play its role in serving the political and diplomatic settlement process of the Iranian nuclear issue.
    • US is poised to offer Saudi Arabia an over USD 100bln arms package during President Trump’s visit to the kingdom in May.

    Geopolitics: Ukraine

    • Russian Foreign Minister Lavrov said the US and Russia are moving in the right direction towards the deal.
    • NATO Secretary General Rutte said he had a good meeting with US President Trump and discussed Ukraine, while he does not know if Russian President Putin wants peace but added that something is on the table for Russia-Ukraine and the ball is in Russia's court. Furthermore, Rutte said it is not accurate that the US pressured Ukraine to accept a deal that favours Russia.

    Geopolitics: Other

    • "AFP quotes Pakistani official: overnight exchange of fire on border with India", via Sky News Arabia.

    US Event Calendar

    • 10:00 am: Apr F U. of Mich. Sentiment, est. 50.5, prior 50.8

    DB's Jim Reid concludes the overnight wrap

    Back from Luxembourg and last night stayed up late to watch the final episode of the latest series of "The White Lotus", one of the most famous dramas of the last few years. If you ever think your life is going through a tough patch please watch this program as many of these guys have some serious issues!!!

    At times the series was so uncomfortable that it was a relief to get back to markets and to trade wars. However for now markets continue to recover with US assets in particular catching up on lost performance after the recent normalisation of policy from the US administration. My view is that the damage to US exceptionalism will be longer lasting but that it’s understandable that there’ll be a relief recovery after the US has come back from the brink policy wise. It’s also worth noting that before Liberation Day the Mag-7 were notably underperforming, especially since DeepSeek’s arrival onto the scene and a generally disappointing Q4 earnings season for the group. See my CoTD from yesterday here for more on this. How the Mag-7 perform from here will dictate a lot of the US exceptionalism trade.

    We had the latest taste of this with Alphabet’s earnings yesterday evening. Google’s parent delivered a decent revenue and earnings beat, mostly driven by its search advertising business, and announced a 5% dividend increase. Its shares rose by close to 5% in post-market trading, following on a +2.37% gain in the regular session. S&P 500 (+0.51%) and NASDAQ 100 (+0.62%) futures are trading higher overnight helped by these results. Next stop for the Mag-7 will be the releases from Microsoft, Meta, Amazon and Apple on Wednesday and Thursday next week. So a big couple of days ahead next week. Interestingly the FT have just broken a story as we go to print saying that Apple plans to shift the assembly of all US-sold iPhones to India as soon as next year. This is a big move away from China and shows how the geopolitics are shifting. It's a big win for India.

    As trade and geopolitics are reshaping, for now investors are becoming more relaxed about the near-term outlook with few signs of deteriorating data as yet and some dovish comments from Fed officials yesterday, which reassured investors that the Fed would still cut rates if the labour market deteriorated. So collectively, that helped the S&P 500 (+2.03%) to post a third consecutive gain for the first time since Liberation Day. And in another sign that market stress was easing, the VIX index (-1.98pts) fell to its lowest since the April 2 tariff announcements, closing at 26.47pts.

    Those comments from Fed officials really helped to support the market yesterday, as they were notably more dovish than Chair Powell, who’d sounded a lot more concerned about inflation. For instance, Fed Governor Waller repeated his previous view that tariffs just represented a one-time price effect, and said that if he saw “a significant drop in the labor market, then the employment side of the mandate, I think, is important that we step in.” Earlier, we also heard from Cleveland Fed President Hammack, who said that if they had “clear and convincing data by June, then I think you’ll see the committee move if we know which way is the right way to move at that point in time”. So that was seen as opening the possibility of a rate cut sooner than expected, and futures moved to price in 85bps of cuts by the December meeting, up +6.0bps on the day. And in turn, Treasuries saw a strong rally, with the 10yr yield (-6.7bps) falling back to 4.32%, marking its third consecutive decline.

    Aside from those remarks, the other good news yesterday was that the labour market appeared to remain in decent shape for the time being. For instance, the weekly initial jobless claims were at 222k over the week ending April 19, in line with expectations. Moreover, that was completely in line with where they’ve been over recent weeks, having oscillated between 216k-225k for the last 8 consecutive weeks now. So yet again, there was no obvious sign that layoffs were increasing, and we even saw continuing claims (for the week ending April 12) fall back to 1.841m (vs. 1.869m expected), which was their lowest since late-January.

    All that helped to spur a strong market rally, with most US assets continuing to unwind their post-Liberation Day moves. For instance, the S&P 500 (+2.03%) posted a third consecutive gain, and it was actually the first time since February 2023 that the index has managed three consecutive gains of more than +1% a day. Tech stocks led the advance, with the Magnificent 7 (+2.94%) now up by +9.67% over the last three sessions.

    When it came to the latest on tariffs, the most notable headline was Trump suggesting that his administration has been talking with China on trade. This came in contrast to comments from China officials earlier in the day, who said that there were no trade negotiations currently happening and that the US should revoke its unilateral tariffs if they wanted to start trade talks. Overnight Bloomberg are reporting that China is considering carving out exemptions to its tariffs on US goods given the stress it's causing in some areas. So whatever officials say there seems to be movement on both sides to pull back from the most extreme position of the last few weeks.

    In terms of other trade talks, Treasury Secretary Bessent said that the US and South Korea could reach an “agreement of understanding” as soon as next week. This followed similar comments earlier in the week on progress in talks with India and added to the sense that the US is keen to announce some agreements soon, even if these represent only rough outlines of the eventual deals.

    Back in Europe, markets also put in a decent performance for the most part, which was similarly supported by more robust data than expected. In particular, the Ifo’s business climate indicator from Germany unexpectedly rose to a 9-month high of 86.9 in April (vs. 85.2 expected). Fiscal expansion plans must be helping. Moreover, the expectations component only saw a modest pullback to 87.4 (vs. 85.0 expected), thus avoiding the sharp drop that was widely expected.

    That backdrop helped to support European assets across the board, with the STOXX 600 (+0.36%) posting a modest gain by the close. It also meant that the index is now up just over 10% from its low on April 9, just before Trump announced the 90-day tariff extension. In the meantime, sovereign bonds also put in a strong performance, with yields on 10yr bunds (-5.0bps), OATs (-7.2bps) and BTPs (-8.4bps) all coming down. And that got further support from ECB officials, particularly as Olli Rehn said that they shouldn’t rule out a larger cut, and chief economist Philip Lane said “there’s no reason to say we’re always going to do the default 25”.

    In Asia, Japanese markets are the best performers with the Nikkei (+1.83%) and the Topix (+1.37%) trading sharply higher after the Japanese government unveiled a package of emergency measures to counter the impact of tariffs. Elsewhere, the Hang Seng (+1.36%) and KOSPI (+1.02%) are performing well. Mainland Chinese stocks are a little more subdued with the CSI (+0.30%) and the Shanghai Composite (+0.15%) only a touch higher. Even with the Apple news mentioned above, Indian stocks (-0.90%) are lower as tensions are very elevated with Pakistan at the moment around Kashmir. Meanwhile, Australian markets are closed for a holiday.

    Early morning data showed that Tokyo CPI grew more than expected, rising to a two-year high of +3.5% y/y in April (v/s +3.3% expected) amid a recovery in private spending. It followed a +2.9% increase the prior month. Core CPI rose +3.4% y/y in April (v/s +3.2% expected) after advancing +2.4% the previous month thus increasing speculation over more interest rate hikes by the BOJ.

    To the day ahead now, and US data releases include the University of Michigan’s final consumer sentiment index for April. Elsewhere, we’ll get UK retail sales for March. Otherwise, central bank speakers include the BoE’s Greene.

    Tyler Durden Fri, 04/25/2025 - 08:29
  9. Site: Catholic Herald
    1 week 2 days ago
    Author: Elliot Hartley

    (Photo by Antonio Masiello/Getty Images)

    Loading

    The post VIDEO: Pope Francis lies in state for a final day first appeared on Catholic Herald.

    The post VIDEO: Pope Francis lies in state for a final day appeared first on Catholic Herald.

  10. Site: Zero Hedge
    1 week 3 days ago
    Author: Tyler Durden
    The Wile E. Coyote Recession

    Authored by Charles Hugh Smith via OfTwoMinds blog,

    So where are corporate profits going to come from as globalization, price-gouging, planned obsolescence, shrinkflation and immiseration run out of rope?

    We all know there's a time lag between the moment Wile E. Coyote runs off the cliff at full speed and the moment he realizes there's nothing but thin air beneath his feet. His expression in the second before he begins his descent communicates surprise, fear and a woeful awareness of impending impact with unforgiving ground.

    This is an apt description of the present moment. The economy has already run off the cliff, but we haven't yet experienced that second of realization that there's nothing but thin air below.

    We can call this the Wile E. Coyote Recession, as there is a time lag of around one quarter between the moment we left the cliff edge and the moment we start falling. The economy has momentum, as what's in transit and in the warehouses is already in the pipeline. But now that Deglobalization has disrupted supply chains, once what's in the pipeline has been distributed, the new realities start playing out.

    Legions of economists and financial pundits are claiming to measure the odds of a recession. This is akin to Wile E. Coyote attempting to measure his odds of catching the Roadrunner in mid-air: the recession is already a matter of gravity.

    Similar prognostications are being issued about the stock market, which depends on many factors, but the one that looms largest is corporate profits. If profits rise, this justifies higher stock valuations. If profits fall sharply, then stock valuations will adjust downward.

    Two charts reveal the primary sources of soaring corporate profits: globalization from 2001 to 2024, and profiteering from 2020 to 2025.

    Here we see that corporate profits were in the $700 billion to $800 billion range all through one of the greatest booms in American history, 1995 to 2000. This was sufficient to spark an economic boom and a booming stock market.

    Then globalization kicked into high gear in 2001 with China's entry into the WTO (World Trade Organization). As corporations rushed to offshore production. profits soon tripled to the $2.2 trillion - $2.4 trillion range, a range that held steady through the 2010-2019 boom in GDP and stocks.

    The Covid pandemic lockdown triggered a mini-crash which was reversed by unprecedented monetary and fiscal stimulus. In the span of a few years, corporate profits nearly doubled. Since globalization had been a force for two decades, this extraordinary rise can't be attributed to that factor.

    The reality was much uglier, and so we don't dare discuss it in polite company. Corporations boosted profits not by increasing productivity or generating higher quality goods and services; they boosted profits by:

    1. profiteering / price-gouging

    2. Shrinkflation

    3. Crapification of goods and services (a.k.a. planned obsolescence)

    4. Immiseration: reducing the quality of standard services to force consumers to "upgrade to premium," and forcing consumers to agree to subscription services via mafia-type extortion.

    With globalization reversing and prices / inflation set to rise as consumers run out of savings and credit, what happens to corporate profits going forward? As for jacking up profiteering, planned obsolescence, shrinkflation and immiseration / extortion, these strategies have already been pushed to 11 (recall the dial stops at 10).

    What's next--a can of tuna the thickness of a slice of bread? A cereal box so thin it can no longer be stood up on a shelf? Shrinkflation has already reached absurd extremes, and there isn't much left to squeeze out of this gimmick.

    As for immiseration, that's been pushed to the limits of human endurance as well. Once the reverse wealth effect and layoffs start taking a toll on consumers' incomes and willingness to spend, the most miserable services will be the first ones to be axed.

    So where are corporate profits going to come from as globalization, price-gouging, planned obsolescence, shrinkflation and immiseration run out of rope? Maybe corporate profits will experience a Wile E. Coyote type impact with reality as gravity takes hold.

    Note that if corporate profits had kept pace with inflation since 2002, they would be around $1.26 trillion annually, not $4.3 trillion. Maybe reversion will re-align corporate profits with inflation since 2001.

    *  *  *

    Become a $3/month patron of my work via patreon.com.

    Subscribe to my Substack for free

    Tyler Durden Fri, 04/25/2025 - 08:05
  11. Site: Fr. Z's Blog
    1 week 3 days ago
    Author: frz@wdtprs.com (Fr. John Zuhlsdorf)
    First, allow me to post a shot of  “Florentine” steak which two of the priests I dined with enjoyed on Holy Thursday. They could also enjoy it today, Friday in the Octave of Easter. From a reader… QUAERITUR: My wife … Read More →
  12. Site: PaulCraigRoberts.org
    1 week 3 days ago
    Author: pcr3

    Has Putin Stepped Back from His Peace Conditions?

    PCR On Target with Larry Sparano

    Larry Sparano and I discuss the report in the Financial Times that Putin has modified his conditions for a settlement of the conflict.  No confirmation of the Financial Times’ report has been forthcoming.  The lack of comment by the spokespersons for the Russian Foreign Ministry and the Kremlin is puzzling.  This morning’s report of the details of Trump’s peace deal, already rejected by Zelensky, are somewhat confusing.  The Russian advance is to halt before evicting Ukraine from all of the territory now reincorporated into Russia, but the deal includes American de facto recognition of the territories claimed by Russia:  DPR, LPR, Zaporozhye and Kherson.  https://sputnikglobe.com/20250425/details-of-us-peace-proposal-to-end-ukraine-conflict-unveiled-1121930834.html 

    Here is the 26 minute interview:  https://www.youtube.com/watch?v=SJDSe1m9I3k 

  13. Site: Fr. Z's Blog
    1 week 3 days ago
    Author: frz@wdtprs.com (Fr. John Zuhlsdorf)
    Today the Roman Station is Santa Maria ad Martyres… the Pantheon. We hear about the consecration of the Pantheon as a church by Boniface IV in 609 and the screaming of the demons that came out of it because of … Read More →
  14. Site: RT - News
    1 week 3 days ago
    Author: RT

    European and Asian diplomats have claimed a territorial settlement in Ukraine could send a “dangerous message”

    Officials in Western Europe and Asia have claimed US President Donald Trump's reported framework to end the Ukraine conflict could set a precedent for territorial conquest, CNN reported on Thursday, citing anonymous sources.

    The framework, which has not been officially confirmed by the White House, reportedly includes US recognition of Crimea as Russian territory and acknowledgement of Moscow’s control over large parts of four former Ukrainian regions that have joined Russia. US Vice President J.D. Vance has also stated that the administration is considering the option to “freeze the territorial lines at some level close to where they are today.”

    CNN cited several unnamed diplomats who criticized the proposed settlement, claiming it would “reward” Russian President Vladimir Putin and send a “dangerous message” to other leaders, including China’s Xi Jinping.

    “This is about the fundamental principles of international law,” one Eastern European diplomat told CNN, claiming that “if one country in Europe is forced to give up parts of its own legal territory… no country in Europe or elsewhere can feel safe, NATO or no NATO.”

    Moscow has repeatedly denied having any intention to strike NATO or EU countries, or claim their territories, accusing Western officials of “fearmongering” in order to justify further militarization.

    Nevertheless, many Eastern European governments, such as Poland and the Baltic states, have cited the supposed threat of a Russian attack as justification for increasing defense budgets and deploying additional forces. 

    Read more US President Donald Trump delivers remarks during a meeting with Norway's Prime Minister Jonas Gahr Store in the Oval Office at the White House on April 24, 2025 in Washington, DC Trump names Russia’s ‘big concession’ on Ukraine

    The CNN report comes as US special envoy Steve Witkoff is expected to meet with Russian officials in Moscow for another round of talks in the coming days. Trump has warned that Washington could abandon its diplomatic efforts altogether if no significant progress is made in the peace effort soon.

    Trump has publicly expressed frustration with Ukraine’s Vladimir Zelensky, whom he has accused of obstructing peace efforts by refusing to even consider any territorial concessions. At the same time, the US president has suggested that he has found Russia easier to negotiate with than Ukraine. 

    Moscow has welcomed the Trump administration’s attempts to settle the conflict. Russian Foreign Minister Sergey Lavrov stated this week that Moscow and Washington are “moving in the right direction” with regard to reaching a peace deal.

    Russian officials have repeatedly said that Moscow remains open to a negotiated solution, but have emphasized that any peace agreement must reflect the territorial realities on the ground and address the root causes of the conflict.

  15. Site: southern orders
    1 week 3 days ago



     I saw a brief video of CNN celebrity Anderson Cooper in Rome. He was completely thrilled as he watched the body of Pope Francis carried in procession through St. Peter’s Square. He said, and I loosely quote, that no Catholics had ever seen anything like this!

    All he had to do was google papal funerals from the past to see that every pope, in recent history at least, had had their body processed through St. Peter’s Square and all of them, except for Pope Francis, were processed with the bodies fully exposed, not in a coffin. And all of them at the translation of their bodies had far more people in attendance. Pope Benedict was not afforded the dignity of the translation of his body through St. Peter’s Square. Pope Benedict XVI was scandalously placed in a van under the cover of dark and brought to the Basilica. 

    In addition, if Anderson Cooper had compared photos of the number of people in St. Peter’s Square for the translation of the pope’s body to the Basilica, he would have seen just how small the congregation was for Pope Francis compared to other popes. It was a scandalously small group of people.

    Now, reporters are gushing that so many people are viewing the body of Pope Francis, with some taking “selfie” photos of the dead pope and mourners. 

    As I type this on Friday and the last day of viewing Pope Francis’ body, about 130,000 have passed through the Basilica to view Pope Francis.

    How does that compare to the Emeritus Pope Benedict XVI and his abbreviated funeral rites and viewing? Keep in mind Pope Benedict had ceased to be the active pope for over 9 years at the time of his death:

    His death ended a nine-year period during which an incumbent pope and a retired pope both lived within Vatican City. Benedict's body lay in state in St. Peter's Basilica from 2 to 4 January 2023, during which around 195,000 mourners paid their respects.

    Here are photos of St. Pope John Paul’s and Pope Pius XII’s translations of their bodies, JPII’s in color:




    And St. Pope John XXIII:





  16. Site: southern orders
    1 week 3 days ago



     I saw a brief video of CNN celebrity Anderson Cooper in Rome. He was completely thrilled as he watched the body of Pope Francis carried in procession through St. Peter’s Square. He said, and I loosely quote, that no Catholics had ever seen anything like this!

    All he had to do was google papal funerals from the past to see that every pope, in recent history at least, had had their body processed through St. Peter’s Square and all of them, except for Pope Francis, were processed with the bodies fully exposed, not in a coffin. And all of them at the translation of their bodies had far more people in attendance. Pope Benedict was not afforded the dignity of the translation of his body through St. Peter’s Square. Pope Benedict XVI was scandalously placed in a van under the cover of dark and brought to the Basilica. 

    In addition, if Anderson Cooper had compared photos of the number of people in St. Peter’s Square for the translation of the pope’s body to the Basilica, he would have seen just how small the congregation was for Pope Francis compared to other popes. It was a scandalously small group of people.

    Now, reporters are gushing that so many people are viewing the body of Pope Francis, with some taking “selfie” photos of the dead pope and mourners. 

    As I type this on Friday and the last day of viewing Pope Francis’ body, about 130,000 have passed through the Basilica to view Pope Francis.

    How does that compare to the Emeritus Pope Benedict XVI and his abbreviated funeral rites and viewing? Keep in mind Pope Benedict had ceased to be the active pope for over 9 years at the time of his death:

    His death ended a nine-year period during which an incumbent pope and a retired pope both lived within Vatican City. Benedict's body lay in state in St. Peter's Basilica from 2 to 4 January 2023, during which around 195,000 mourners paid their respects.

    Here are photos of St. Pope John Paul’s and Pope Pius XII’s translations of their bodies, JPII’s in color:




    And St. Pope John XXIII:





  17. Site: Mises Institute
    1 week 3 days ago
    Author: David Gordon
    Dr. Gordon reviews Quinn Slobodian‘s latest book trashing the Austrians, especially Murray Rothbard. Not surprisingly, Slobodian shows little understanding of the Austrians and economic history.
  18. Site: Novus Motus Liturgicus
    1 week 3 days ago
    One of the most magnificent features of the Byzantine Rite is a group of hymns known as the Paschal stichera. These are sung at Orthros and Vespers each day of Bright Week, as the Easter octave is called, and thenceforth on the Sundays of the Easter season, and on the Leave-taking of Easter, the day before the Ascension. As with all things Byzantine, there are variants in local usage; and they Gregory DiPippohttp://www.blogger.com/profile/13295638279418781125noreply@blogger.com0
  19. Site: Zero Hedge
    1 week 3 days ago
    Author: Tyler Durden
    Germany Downgrades Growth Outlook, Now Expects Recession For Record 3rd Year, Blames Trump

    Entering 2025, Germany's economic situation had never been worse: following a 6th consecutive GDP contraction in Q4, the country which was once Europe's growth dynamo, has contracted for 6 consecutive quarters, the longest recessionary stretch in modern German history (since its 1989 reunification).

    But if anyone had hoped that the recent German pro-debt "revolution" in which Berlin eliminated its long-standing "debt brake" and unleashed an unlimited, debt-funded "defense" spending spree courtesy of an anti-democratic, fiscal stimulus putsch, which was rammed through in the final days of the outgoing government (even as the top political party in the new government campaigned on precisely the opposite plaform) meant that Germany would finally record some modest growth, will be very disappointed.

    Earlier today, the German government slashed its economic growth forecast yet again, and now sees stagnation in 2025 instead of a 0.3% expansion as its had previously. The reason: why blame Trump of course, or as Reuters put it, "uncertainty from global trade disputes is set to hobble growth and dampen investment."

    Exports are expected to fall by 2.2% this year, following a 1.1% decline in 2024. Next year, exports are expected to rise by 1.3%, but they won't since by then most German export markets will be in an even worse recession. Earlier this month, German economic institutes cut their growth forecast for this year to 0.1% from the 0.8% expected in September, taking into consideration initial U.S. tariffs on steel, aluminium and cars.

    Germany was the only G7 economy that failed to grow for the last two years, and the tariffs announced by U.S. President Donald Trump could put Europe's largest economy on track for a third year without growth for the first time in history.

    Only, it's not really Trump. Germany's energy intensive, export-driven economy was already struggling with high energy costs and weak global demand for its products as foreign companies - mostly China - chipped away at its competitiveness, and destroyed demand for German cars.

    And while the US may or may not have stagflation (spoiler alert: it won't), Germany is now in it, with the government forecasting sticky inflation falling to 2% this year and then to 1.9% next year, down from 2.2% last year, at a time when the economy is contracting.  At the same time, economic weakness will take its toll on the labour market, with the unemployment rate expected to go up to 6.3% this year from 6.0% last year, before falling to 6.2% in 2026.

    In other words, the definition of stagflation.

    While announcing the figures, Economy Minister Robert Habeck called for the European Union and the U.S. to find a solution on trade but also for the EU to prepare countermeasures if needed.

    "Now the German economy is once again facing major challenges due to the unpredictable trade policy of the United States," Habeck said in a written statement.

    "Given the German economy's close integration into global supply chains and our high level of foreign trade openness, the new US protectionism could have significant direct and indirect effects on our economic growth," he said.

    For 2026, the government now expects growth of 1%, down slightly from its January forecast of 1.1%, expecting some uptick under the incoming government of chancellor-in-waiting Friedrich Merz. Spoiler alert: expect yet another downward revision, and a record 4th year of contraction in about a year's time.

    And the cherry on top: just as Germany desperately needs a much weaker euro, the concurrent collapse in the dollar - which will unleash a surge in US exports just as the Mar-A-Lago accord had stipulated - means the euro will stay strong and only a fresh NIRP cycle by the ECB, one which sends the deposit rate from 2% currently back to sub zero, has any hope of kickstarting growth in what was once Europe's strongest economy and is now officially the sick man of Europe.

    Tyler Durden Fri, 04/25/2025 - 06:55
  20. Site: RT - News
    1 week 3 days ago
    Author: RT

    The US president has claimed that even Zelensky understands the peninsula will remain under Moscow’s control in a final settlement

    The Crimean Peninsula will remain a part of Russia under a final settlement of the Ukraine conflict, US President Donald Trump has said in an interview with Time Magazine published on Friday.

    Crimea officially joined the Russian Federation in 2014 after a referendum that followed a Western-backed coup in Kiev. Ukraine and its backers have dismissed the results of the referendum as illegitimate, and Kiev has continued to claim sovereignty over the peninsula, vowing to take it back by any means necessary.

    In an interview to mark his first 100 days in office, Trump said Crimea “went to the Russians” long ago and suggested that “everyone understands” that Ukraine will not be able to get it back.

    “Crimea will stay with Russia” under a final settlement of the Ukraine conflict, Trump went on to say, adding that even Ukraine’s Vladimir Zelensky understands this. “It’s been with them for a long time,” the US president stated, noting that Russia had its submarines there “long before any period that we’re talking about” and that the majority of Crimeans speak Russian.

    Read more FILE PHOTO Russia ‘ready for a deal’ with US on Ukraine – Lavrov

    Trump also stressed that the peninsula was “given” to Russia by former US President Barack Obama, claiming that the whole conflict is “Obama’s war,” which “should have never happened.”

    Since returning to office in January, Trump has been pressuring both Moscow and Kiev to settle the conflict. During last year’s election campaign, he said he would end the hostilities “within 24 hours” of entering the White House. He told Time, however, that he said this “figuratively” as an “exaggeration.”

    Recently, Trump has signaled that he has grown frustrated with the lack of progress on reaching a resolution of the Ukraine conflict. He has expressed dissatisfaction with Zelensky, saying he has found Russia much easier to negotiate with than the Ukrainian leader. In a Truth Social post this week, the US president criticized Zelensky for refusing to even consider any territorial concessions.

    Russia has expressed its appreciation for Trump’s peace efforts and has repeatedly indicated that it is open to negotiations. However, Russian officials have stressed that a final peace deal must respect the territorial realities on the ground and address the root causes of the conflict, such as Ukraine’s NATO aspirations.

    In his interview with Time, Trump acknowledged that Ukraine would likely never be able to join NATO. He cited Kiev’s ambitions to enter the US-led bloc as the issue that “caused the war to start.”

    “If that weren’t brought up, there would have been a much better chance that [the conflict] wouldn’t have started,” he said.

  21. Site: Zero Hedge
    1 week 3 days ago
    Author: Tyler Durden
    Whatever Happened To The Green New Deal?

    Authored by William Anderson via The Mises Institute,

    Fresh off her 2018 upset New York Democratic congressional primary win, Alexandria Ocasio-Cortez (better known as AOC) and Massachusetts Sen. Edward Markey announced they were launching an ambitious legislative plan called the Green New Deal. 

    While people who had a grounding in economic thought found this new initiative to be naïve at best and destructive at worst, nonetheless it has energized American progressives and other environmental true believers.

    The goals for the GND were right out of Central Planning Fantasyland, something that is obvious from reading from the website:

    The Green New Deal starts with a WWII-type mobilization to address the grave threat posed by climate change, transitioning our country to 100% clean energy by 2030. Clean energy does not include natural gas, biomass, nuclear power or the oxymoron “clean coal.”

    The implementation of the Green New Deal will revive the economy, turn the tide on climate change and make wars for oil obsolete. This latter result, in turn, enables a 50% cut in the military budget, since maintaining bases all over the world to safeguard fossil fuel supplies and routes of transportation could no longer be justified. That military savings of several hundred billion dollars per year would go a very long way toward creating green jobs at home.

    On top of that, the Green New Deal largely pays for itself in healthcare savings from the prevention of fossil fuel-related diseases, including asthma, heart attacks, strokes and cancer.

    Moving to 100% clean energy means many more jobs, a healthier environment and far lower electric costs compared to continued reliance upon fossil fuels. Studies have shown that the technology already exists to achieve 100% clean energy by 2030. And we can speed up the transition by making polluters pay for the damage they’ve caused, starting with a robust carbon fee program.

    The Green New Deal is not only a major step towards ending unemployment for good, but also a tool to fight the corporate takeover of our democracy and exploitation of the poor and people of color. Our transition to 100% clean energy will be based on community, worker and public ownership and democratic control of our energy system, rather than maximizing profits for energy corporations, banks and hedge funds.

    We need to treat clean energy as a human right and a common good. We also need a just transition to provide resources to the low-income communities and communities of color most impacted by climate change.

    The Green New Deal will provide assistance to workers and local communities that now have workers employed in the fossil fuel industry and to the developing world as it responds to climate-change damage caused by the industrial world.

    The idea that, in five years, the entire grid will consist of electricity powered by windmills and solar panels, with more electricity being produced in 2030 than is currently generated using fuels such as coal and natural gas is preposterous on its face. However, the framers of the GND are not done, as they are promising a cornucopia of jobs and wealth:

    The Green New Deal includes an Economic Bill of Rights, which ensures all citizens the right to employment through a Full-Employment Program that will create 20 million jobs by implementing a nationally funded, but locally controlled direct-employment initiative. We will replace unemployment offices with local employment offices offering public sector jobs that are “stored” in job banks in order to take up any slack in private sector employment.

    The GND proponents believe they can accomplish a complete transition of America’s energy production by government fiat and through massive tax-fed subsidies. Of course, this kind of largesse needs legislation behind it and the true believers—led by AOC herself—settled on the infamous (and hilariously named) Inflation Reduction Act. In fact, AOC served as a cheerleader for what was the cornerstone measure of the Biden administration, one that supposedly would create nine million jobs and totally transform the US economy.

    However, the promised transformation never occurred. Price inflation remained high, and none of the lofty goals came close to being reached, nor is there the remotest possibility that all of these utopian promises will be fulfilled five years from now. Forget those thousands of EV charging stations that were supposed to be built, or other promises that failed to get past the paper on which they were written. And there is good reason for why the GND and the Inflation Reduction Act have failed other than for the lack of political will.

    Austrian economics offers the following explanation: one cannot ignore the issues behind economic calculation. More than a century ago, Ludwig von Mises warned in Socialism that the lack of a social mechanism built upon private property, profits and losses, and market prices would doom any socialist plans. As he noted in Bureaucracy, economic planning requires what he called a “common denominator” that would guide the planners:

    In the capitalist system all designing and planning is based on the market prices. Without them all the projects and blueprints of the engineers would be a mere academic pastime. They would demonstrate what could be done and how. But they would not be in a position to determine whether the realization of a certain project would really increase material well-being or whether it would not, by withdrawing scarce factors of production from other lines, jeopardize the satisfaction of more urgent needs, that is, of needs considered more urgent by the consumers. The guide of economic planning is the market price. The market prices alone can answer the question whether the execution of a project P will yield more than it costs, that is, whether it will be more useful than the execution of other conceivable plans which cannot be realized because the factors of production required are used for the performance of project P.

    The Green New Deal and its accompanying legislation—the Inflation Reduction Act—have been based upon the belief that government agents can identify problems and impose solutions by directing resources through command-and-control. While their system gives a nod to prices and private ownership, at best, the organizational structure would resemble what came out of Italy and Germany in the 1930s, or Fascism. Profits and market prices don’t guide that system; indeed, the organizers of the GND and the IRA see profits and market prices as hindrances to their plans, for they represent the capitalist scourge of placing profits above people.

    Yet, as Mises noted, the system will grind to a near halt without the “common denominator” of market prices, and that is what we have seen. While New York Times columnist Ezra Klein laments the lack of progress made by the Biden administration to carry out its grandiose plans, it also is clear that he fails to understand the roots of that failure:

    Delay has become the default setting of American government. The 2021 infrastructure law was supposed to pump hundreds of billions into roads, bridges, rural broadband, electric vehicle chargers. By 2024, few of its projects were finished or installed. That wasn’t because Biden or his team wanted to run for re-election on the backs of news releases rather than ribbon cuttings. But the administration didn’t make the changes necessary to deliver on a time frame the public could feel. Many members of Biden’s staff now bitterly regret it. That includes Sullivan, who described his experience as “profoundly radicalizing.”

    “Whether it’s infrastructure or submarines or energy generation or transmission lines or chip fabs — it is crazy the extent to which we have clogged up our delivery,” Sullivan told me. “Part of it is laws and regulations. Part of it is the self-deterrence of caution. Part of it is litigation. Part of it is complacency. Part of it is bureaucracy. But what I encountered in my four years as national security adviser was a constant and growing set of obstacles to getting anything done fast. It was a huge frustration. Huge.”

    Indeed, the vast regulatory system that is the very pride of the progressive movement of the past 120 years plays a part in the inability of governments to carry out many of their grandiose schemes. But it is much more than just regulation; without market prices and the prospects of profits and losses, the government planners tasked with implementing these programs are unable to make rational economic decisions. When their own fiat decision-making process runs headlong into the regulatory system that was created to deter private enterprise from building profitable projects, what remains is a wealth-killing stalemate.

    The Green New Deal has not failed because of a lack of political will or because government regulators were too good at their jobs. It failed because it is based upon a socialistic model of command-and-control akin to the former Soviet Union. 

    Mises told us that very thing 100 years ago and world events since then have only confirmed he was telling the truth.

    Tyler Durden Fri, 04/25/2025 - 06:30
  22. Site: Catholic Herald
    1 week 3 days ago
    Author: John L Allen Jr/ Crux

    ROME – Fundamentally, every conclave shapes up as a referendum on the papacy that just ended: Do we want to keep going in the same direction, or do we want to change?

    After the death of John Paul II in 2005, the vote was overwhelming for continuity, which is how you got to Cardinal Joseph Ratzinger, John Paul’s right-hand man, as Pope Benedict XVI in just four ballots; in 2013 the decision was massively for change, explaining the election of Cardinal Jorge Mario Bergoglio of Buenos Aires as Pope Francis in just five.

    If we assume the same choice will shape the 2025 edition, then it’s worth asking who the continuity candidate might be this time – and it’s hard to think of a more obvious answer than 69-year-old Cardinal Matteo Zuppi of Bologna, arguably as close to a potential “Pope Francis II” as one will find among the plausible contenders.

    Not only is his background in the Community of Sant’Egidio, by far Francis’s favorite among the “new movements” in the Catholic Church, but Francis gave Zuppi the historically influential post in Bologna in 2015, chose him as president of the Italian conference in 2022, and also tapped Zuppi in 2023 as his personal peace envoy for the war in Ukraine. Short of pointing a finger and publicly shouting, “This is my beloved son, upon whom my favor rests,” it’s difficult to think of anything else a pontiff might do to signal that someone has his trust.

    Zuppi returned the favour, backing Francis at every controversial turn during his papacy, from the decision in 2015 to open a cautious door to communion for Catholics who divorce and remarry outside the church – Zuppi called it a blow for “closeness” to people doing their best – to the 2024 authorisation of blessings for people in same-sex unions, which he said placed the church “on the horizon of mercy”.

    His liberal credentials certainly aren’t in any doubt. For instance, he contributed the foreword to the Italian edition of American Jesuit Father James Martin’s 2017 book Building a Bridge, arguing for greater tolerance and inclusivity for the LGBT community.

    A native Roman, Zuppi was born in 1955 as the fifth of six children. He was almost literally born into ecclesiastical service: His father Enrico was the longtime editor of an illustrated weekly supplement to L’Osservatore Romano, the official Vatican newspaper, while his mother was the niece of the legendary Cardinal Carlo Confalonieri, a veteran Vatican official who played a key role in the Second Vatican Council and later became the very first prefect of the newly created Congregation for Bishops.

    In 1973, at the tender age of 18, Zuppi’s life took a turn when he met the then 23-year-old Andrew Riccardi, a lay Catholic intellectual and activist who, five years before, had founded the Community of Sant’Egidio. Reflecting the idealistic impulses of Vatican II, Riccardi originally conceived the group’s mission as serving poor students in popular schools in rough neighbourhoods on the outskirts of the city of Rome.

    As time went on, Sant’Egidio took on a bewildering variety of other roles, from ecumenism and inter-faith dialogue to conflict resolution, all basically inspired by the progressive energies unleashed by the council.

    At every step, Zuppi was at Riccardi’s side. He became the pastor of the Basilica of Santa Maria in Trastevere, where Sant’Egidio holds its famous evening vespers services that attract throngs of secularised young Romans who otherwise would never darken the door of a Catholic Church, and in the early 1990s, he became part of the Sant’Egidio team that helped negotiate an end to a long-running civil war in Mozambique.

    So strong is the bond between Zuppi and Riccardi that the late Australian Cardinal George Pell, a conservative who tended to look askance at the Sant’Egidio phenomenon, once warned that if Zuppi should emerge wearing white from the conclave, the “real pope” would be Riccardi.

    In 2012, Pope Benedict XVI made Zuppi an auxiliary bishop of the Diocese of Rome. When Francis took the reins in 2013, his enthusiasm for Sant’Egidio was immediately evident – during one of his first Sunday Angelus addresses, he spotted a banner from the group in the crowd and blurted, “Those guys from Sant’Egidio are great!”

    Francis didn’t waste much time elevating the cleric most identified with the community, naming Zuppi Archbishop of Bologna in 2015. It was a symbolically charged choice, since the liberal Catholic energies associated with the so-called “Bologna School” have long seen themselves as the keeper of the flame for Vatican II in Italian Catholicism.

    Zuppi’s later appointment by the pope as president of the powerful Italian bishops’ conference made him a national and international point of reference.

    The case for Zuppi as pope?

    First and foremost, his election would solidify and, at least to some extent, institutionalise Pope Francis’s legacy. He’s cut from the same cloth, and given his lifetime of experience inside the ecclesiastical system, he arguably would know how to pick the personnel and to create the structures to make that legacy more invulnerable to being rolled back.

    In a time when the uncertainties and pressures of geopolitics are seen as a key voting issue in the conclave, Zuppi also brings hard-won international experience, most recently from his missions to Russia, China and the U.S. as part of his diplomatic roadshow related to the Ukraine war – even if some would point out that his mission didn’t really produce many concrete results, even at the basic humanitarian level of prisoner exchanges or the return of forcibly removed children.

    Zuppi is also seen as a gifted pastor, whose 19-year run at Santa Maria in Trastevere gave him a deep understanding of how to engage and inspire a staggering variety of people. He was seen as especially successful at reaching young adults, but his affable and outgoing personality made him popular with pretty much all demographic groups.

    Why not Zuppi?

    The fear of him being overly beholden to a particular movement in Catholicism is real, especially one that’s already seen with resentment in some circles for what critics regard as a relentless drive for self-promotion and a tendency to infiltrate circles of power wherever possible. Veteran Italian columnist Sandro Magister recently wrote that a Zuppi papacy would be dominated by an “external oligarchy, or, rather, a monocracy”, referring to the overwhelming influence of Riccardi and Sant’Egidio.

    In addition, there’s also some sense that Zuppi may be a bit too political to be seen as a fair broker to all parties. Last year, he publicly voiced doubts about a proposed constitutional reform to allow for the direct election of Italy’s prime minister, in what was seen as a clear break with a key priority of the country’s conservative government under Giorgia Meloni.

    Most basically, however, the objection to Zuppi is that he’s simply too identified with the Francis era, and if you’re looking for a change, he’s not your candidate.

    One thing no one disputes about Matteo Zuppi is that at a personal level, he’s a truly nice guy who’s almost impossible not to like. It remains to be seen whether, in this case too, nice guys really do finish last.

    (Photo by FILIPPO MONTEFORTE/AFP via Getty Images)

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    The post Papabile of the day: Cardinal Zuppi first appeared on Catholic Herald.

    The post Papabile of the day: Cardinal Zuppi appeared first on Catholic Herald.

  23. Site: RT - News
    1 week 3 days ago
    Author: RT

    The stockpile is reportedly sufficient to fully repair the gas pipeline, made inoperable in an act of sabotage in 2022

    Germany continues to store spare pipes for the Nord Stream gas pipeline, which was rendered inoperable by sabotage in September 2022, Ostsee Zeitung has reported. The stockpile is reportedly large enough to fully repair the damaged sections.

    Three of the four pipelines were fractured in underwater explosions that caused severe leaks in September 2022, just months after the escalation of the Ukraine conflict. The pipelines were shut down, and the Nord Stream 2 gas receiving station in the German port city of Lubmin was mothballed. No perpetrators have been officially named, though investigations continue, and some reports have pointed to Kiev.

    According to the outlet, around 1,000 replacement pipes worth €25 million ($28 million) remain stored in two warehouses near Lubmin.

    “The material has a high value,” a source familiar with the situation said. “Such a quantity of pipes should be approximately enough to repair the destroyed sections,” they added.

    Another source said the underwater repairs would be “relatively easy in the technical sense” and fast, assuming the materials don’t require new production.

    Hans-Peter Huber, a lawyer for pipeline operator Nord Stream 2 AG, a subsidiary of Russia’s Gazprom, confirmed that the pipes remain in Lubmin and belong to the operators. He said their recovery has been complicated by insolvency proceedings in Switzerland concerning the company’s debts to minor creditors.

    Read more RT EU delays Russian energy withdrawal plan – FT

    As a result of Western sanctions, around €70 million in company funds held at an EU bank were frozen, blocking payments to debtors, Huber noted. The company has until May 9 to settle with creditors or face bankruptcy, which could lead to roughly 500 of the stored pipes being auctioned off. The proceedings do not affect Nord Stream 1, however, which is not in insolvency, Huber added.

    Gazprom previously said the pipelines could be restored, though the process could take more than a year.

    Amid signs of a thaw in US-Russia ties following President Donald Trump’s return to office, both sides have reportedly discussed restoring Nord Stream as part of Ukraine peace talks.

    According to Politico, Washington is considering lifting sanctions on Nord Stream and other Russian assets in Europe as part of the efforts. Other outlets reported a potential deal that would allow US investors to acquire a stake in Nord Stream 2 to prevent its bankruptcy. Under the plan, Russia would reportedly retain ownership while US companies would manage the operations.

    READ MORE: Is a Russia-US Nord Stream revival really possible?

    Bild reported last month that a US-led consortium has already outlined a proposal to partner with Gazprom once sanctions are lifted. However, there has not been official confirmation of the plans from either Moscow or Washington so far.

  24. Site: RT - News
    1 week 3 days ago
    Author: RT

    Social democrat Cansel Kiziltepe has linked a slump in the car maker’s sales to CEO Elon Musk’s “far-right positions”

    A Berlin senator has branded Elon Musk’s Tesla a “Nazi car,” while commenting on the company’s declining sales. Social democrat Cansel Kiziltepe attacked the electric vehicle maker in a now-deleted post on X on Wednesday.

    Musk has faced criticism in the EU for his perceived right-wing political views. He was condemned in Germany for endorsing the Alternative for Germany (AfD) party, and in the wider EU for being a close ally of US President Donald Trump, whose policies on issues such as diversity and the Ukraine conflict do not align with those of Brussels.

    Musk in turn has accused the EU of censorship, bureaucratic overreach, and economic harm, often framing the bloc’s policies as stifling free speech and national autonomy.

    “Who wants to drive a Nazi car? Electric car manufacturers are experiencing a sales boom – apart from Tesla,” Kiziltepe, a member of the Social Democratic Party (SPD) and the senator for labour, social affairs, equality, integration, diversity and anti-discrimination of the state of Berlin, wrote on X.

    Read more Elon Musk and his son X Æ walk on the south lawn of the White House on April 13, 2025 in Washington, DC. Musk promises to cut back on White House role

    The post drew sharp criticism from officials in the neighboring state of Brandenburg, home to Tesla’s only car factory in Europe. Brandenburg's minister-president, Dietmar Woidke, slammed it as being “completely out of place,” while the state’s economic minister, Daniel Keller, demanded that Kiziltepe retract her statement.

    The post has since been deleted, although Kiziltepe has defended her position, stating on X on Friday that she “expressly stands” by her assessment of Musk, and linking Tesla’s slump in sales to “the far-right positions” of its CEO.

    In the first quarter of this year, Tesla vehicle deliveries dropped globally by 13% year-on-year, automotive revenue slumped 20% and net income plunged by 71%.

    Tesla’s Gigafactory near Berlin was targeted by protesters earlier this year when the word “heil” was seen projected onto its wall next to the automaker’s logo, spelling the message “Heil Tesla.” During a campaign ceremony marking Trump’s inauguration in January, Musk made a gesture that his critics interpreted as a Nazi “Sieg Heil” salute. Musk dismissed the accusations as politically motivated.

    The billionaire has previously voiced his support of Germany’s right-wing AfD, a rival to the ruling SPD. Outgoing Chancellor Olaf Scholz called Musk’s backing of the AfD “disgusting.” Economic Minister Robert Habeck also accused the entrepreneur of launching a “frontal attack” on democracy.

    READ MORE: Germany faces third year of zero growth – media

    The AfD secured 20.8% of the vote in the German federal election in February, becoming the country’s second-largest party. Immigration and economic discontent were cited as among the key factors behind the party’s success.

  25. Site: RT - News
    1 week 3 days ago
    Author: RT

    Ukrainian assurances that all US weapons and funds are fully accounted for are the “funniest thing,” the billionaire has quipped

    US government efficiency tsar and tech billionaire Elon Musk has ridiculed Vladimir Zelensky’s claims that all American aid received by Ukraine is fully accounted for.

    Washington has provided around $200 billion to Kiev, according to US President Donald Trump, who has insisted that US expenditures should be recouped by access to Ukrainian mineral resources.

    Zelensky has consistently disputed Trump's math, most recently in an interview on Thursday.

    “We have complete reporting, accounting, absolutely transparent,” Zelensky he told Ben Shapiro. All Western assistance is rigorously monitored by both foreign and domestic auditors, he claimed, dismissing Trump's figures as Russian “fake news.”

    Senator Mike Lee shared a clip of Zelensky’s comments on X. Musk, who owns X, responded with “Funniest thing I’ve read all day,” accompanied by two rolling-on-the-floor-laughing emojis.

    Read more Former Deputy Secretary of Ukraine's National Security and Defense Council, Sergey Krivonos Ukraine overpaid for expired ‘crap’ – former general

    Zelensky informed Shapiro that Ukrainian records show approximately $105 billion in US aid, primarily in the form of weaponry. He asserted that no arms had been diverted to the black market, based on Defense Ministry documentation. He emphasized that he was not disputing Trump’s figure but merely reporting what the “output” was on the Ukrainian side.

    In February, Zelensky claimed that Ukrainians had received “about $76 billion” in US aid, adding he did not know what had happened to the remaining funds from the claimed $200 billion.

    Ukraine’s Defense Ministry has faced numerous corruption scandals in recent years, including the notorious “Reznikov’s golden eggs,” which involved allegations of overpriced food procurement for the military during 2022-2023 under then-Defense Minister Aleksey Reznikov.

    This month, the authorities in Kiev announced charges against a former military procurement chief and several business associates suspected of profiting from the scheme. The minister was dismissed in September 2023, months after the pricing irregularities were revealed, but he has not been charged with any crime.

  26. Site: Catholic Herald
    1 week 3 days ago
    Author: Patrick Pullicino

    The increasing pace of scientific discoveries, including the race to put a man on the moon in the late 1950s, meant that there was widespread enthusiasm and support for science in the 20th century. In addition, science produced the first oral contraceptive pill which started to be marketed in 1960. The Pill showed that science could be a major ulterior force for changing society.

    Pope St John XXIII had made reference to the marvellous progress of science in his day and on the need for science.[1] The feeling was that through science modern society would be able to give a better life to all and that the Church had to keep up with this inexorable progress. This appeared to be the principal motivation for calling of Second Vatican Council aggiornamento or the bringing of the Church up to speed.

    Professor Roberto Mattei has revealed behind-the-scenes activity during the Council.[2] Apart from aggiornamento John XXIII did not appear to have an agenda but sought input from all the participants about what needed to be discussed. The number of participants asking for Communism to be denounced at the Council was greater than any other request. This however never happened despite both John XXIII and Pope St Paul VI having read the secrets of Fatima and knowing Our Lady had warned about Russia spreading its errors. It was a major flaw of the Council. In the end the Council embraced ecumenism, religious freedom and inter-religious dialogue and state-church separation.[3] Russia was effectively free to spread its errors, and the Catholic Church was no longer insisting on being the only source of truth. The demands of a secular world made the Church move from a position of motivation by spirit and truth to motivation by empathy and mercy.

    If we go back to what motivated John XXIII to bring the Council, it seemed to be the excitement that with science the world was moving quickly forward and all problems could be solved. The major motivator of changes in the world in the 1960s was scientific discovery: publicly everyone was excited about space exploration, privately about contraception. Through contraception, however, science helped secularise society. Initially, many in the Church saw contraception as a science-driven advance for society rather than an improper use of science. Pope Paul VI belatedly but bravely stood up against contraception but the Church did not see itself as having jurisdiction over the scientific world. Pope Paul rather gently chided scientists that they might have “peace of conscience”[4] if their methods did not stop the transmission of life. He also might have issued a stern warning to pharmaceutical companies and pharmacists if he realised the huge market that contraception was opening up for them.

    The Church has been repeatedly told it was against science. However, modern science arose out of the fact that in the Bible, God is shown to be very vested in the temporal world. This led to the development of calculus and inductive scientific reasoning.[5] Pope St John Paul II confirmed Galileo and Gaudium et Spes (36) that faith and science can never be at odds with each other.[6] Not only is the Church not against science but science is the only source of truth aside from revelation – a gift of God to both religious and secular mankind. It should therefore be at the centre of the Church’s orbit, and in the Church’s dealings with the secular world, as a common trusted language. Also, church-state separation makes no sense if science can be used by both church and state as both should come to the same conclusions in keeping with natural law, since natural law is written in everyone’s heart.[7] It would seem that the aggiornamento of Second Vatican Council might have been better for the Church, had it been centred on firmly co-opting science into the Church.[8]

    [1] Veterum Sapientia 4.

    [2] De Mattei, R. (2010) Il Concilio Vaticano II, una storia mai scritta. Torino, Lindau. p. 492.

    [3] Cf. Dignitatis Humanae 15.

    [4] Humanae Vitae 24.

    [5] Pullicino, P. (2023) The Science of Ezekiel’s Chariot of YHWH Vision. Richmond, Tiger of the Stripe. p. 255.

    [6] Fides et Ratio 29.

    [7] Gilson, E. (1956) The Christian Philosophy of St Thomas Aquinas. Indiana, University of Notre Dame Press. p. 267. Valid interpretation of scientific results is still dependent on spiritual guidance (Pullicino, P. (2023) Ibid. p.250)

    [8] This might be achieved by a) setting up a dicastery for science, b) becoming involved in research, (particularly into negative effects of science (e.g. contraception, abortion) that remain unpublished), c) highlighting unethical science: basic science, stem cell/embryo or clinical research. d) highlighting immoral practice in hospitals: beating heart donors, abortion wards, end of life “care” e) applying science to optimise health of clergy and to biblical study (cf. footnote 5).

    ( Photo: The Council Fathers seated during the Second Vatican Council. The bishop in the front row is Aimé-Georges Martimort (credit Lothar Wolleh.)

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    The post Science, contraception, and the missed opportunity of Vatican II first appeared on Catholic Herald.

    The post Science, contraception, and the missed opportunity of Vatican II appeared first on Catholic Herald.

  27. Site: Real Investment Advice
    1 week 3 days ago
    Author: RIA Team

    Despite a growing chorus of pundits claiming the "death of the dollar" is imminent, Treasury Secretary Scott Bessent said the dollar will remain the world's reserve currency. The following clip from Bloomberg was based on a speech Scott Bessent gave Thursday morning to the IMF and World Bank:

    More broadly, the Treasury secretary reinforced backing for the central role of the US and its dollar in the global financial system. “I think that the US will always, for my lifetime, be the reserve currency,” said Bessent, age 62. He also quipped of the global reserve role, saying “I am actually not sure that anyone else wants it.”

    Some believe Donald Trump's economic policies are designed to end the dollar's role as the world's reserve currency. Scott Bessent clears up such misinformation, affirming the dollar's status as the reserve currency. In Trump's Economic Revolution, we opined on the long-standing Bretton Woods Agreement that made the dollar the reserve currency and how Trump may be steering away from some of the "rules" that evolved since the agreement was signed in 1944.

    The agreement and its unwritten rules are economically unsustainable. Trump is rightfully taking action to change them. However, that doesn't mean he intends to change the dollar's status as the reserve currency. As we summarized in the article mentioned above:

    The dollar will likely remain the world’s reserve currency as no reasonable alternative exists. However, the unspoken agreements and promises surrounding the global economy may change drastically.

    dollar trading range

    What To Watch Today

    Earnings

    Earnings Calendar

    Economy

    Economnic Calendar

    Market Trading Update

    This is a snippet from this weekend's upcoming #BullBearReport:

    In Risk Off Positioning Signaling A Market Low? " We discussed the extremely oversold market conditions that are beginning to suggest the market may be approaching a near-term low. That analysis was based on various indicators, including extremely negative investor sentiment, positioning, and technical oversold conditions. As we stated, the current market environment is much like 2022. The first chart below shows the 2022 market correction versus 2025. The rally that began this past week could certainly rally further. Still, as we have warned, any rally in the near term will likely be met with sellers until there is a resolution on tariffs, monetary policy, and more certainty around recession risks.

    2022 vs 2025 market

    The following chart compares our weekly Technical Composite Index. You will note that when the technical composite reached levels below 20, the market bounced or bottomed.

    Techncial Gauge 2022 vs 2025

    The current conundrum is whether the extremely low technical readings preceding this week's rally were a technical bounce or a market bottom. Unfortunately, we won't know until after the fact. Still, our gut instinct suggests that given the depth of the decline and the technical damage to the market overall, any significant bounce will be met with sellers. Historically, the first market low during a correction phase is not usually a bottom. Regardless, the market continues to follow the 2022 playbook closely this year, but I would not expect the rest of the year to be an exact match.

    The optimistic view is that while there are never any guarantees when it comes to investing, history suggests that after such a volatile period, we tend to perform better in the future, barring the onset of a recession or credit-related event. The bad news is that these increases in volatility tend to lead investors to make many emotionally driven investment mistakes. We rationalize, try to avoid losses, fail to take action when needed, or take action when we shouldn't—all driven by our emotions. Yet being unemotional about your money is crucial to long-term investment outcomes.

    As Howard Marks once stated:

    “If I ask you what’s the risk in investing, you would answer the risk of losing money. But there actually are two risks in investing: One is to lose money, and the other is to miss an opportunity.

    You can eliminate either one, but you can’t eliminate both at the same time. 

    So the question is how you’re going to position yourself versus these two risks: straight down the middle, more aggressive or more defensive.

    I think of it like a comedy movie where a guy is considering some activity. On his right shoulder is sitting an angel in a white robe. He says: ‘No, don’t do it! It’s not prudent, it’s not a good idea, it’s not proper and you’ll get in trouble’.

    On the other shoulder is the devil in a red robe with his pitchfork. He whispers: ‘Do it, you’ll get rich’. In the end, the devil usually wins.

    Caution, maturity and doing the right thing are old-fashioned ideas. And when they do battle against the desire to get rich, other than in panic times the desire to get rich usually wins. That’s why bubbles are created and frauds like Bernie Madoff get money.

    How do you avoid getting trapped by the devil?

    I’ve been in this business for over forty-five years now, so I’ve had a lot of experience.  In addition, I am not a very emotional person. In fact, almost all the great investors I know are unemotional. If you’re emotional then you’ll buy at the top when everybody is euphoric and prices are high. Also, you’ll sell at the bottom when everybody is depressed and prices are low. You’ll be like everybody else and you will always do the wrong thing at the extremes.

    Therefore, unemotionalism is one of the most important criteria for being a successful investor. And if you can’t be unemotional you should not invest your own money, period. Most great investors practice something called contrarianism. It consists of doing the right thing at the extremes which is the contrary of what everybody else is doing. So unemtionalism is one of the basic requirements for contrarianism.”

    If you didn't read that quote carefully, I would read it again.

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    Is A Fed Cut Coming?

    Powell's hawkish tone in recent speeches has led the market to believe that rate cuts, at least in the next few months, are unlikely, barring a crisis. Some Fed members are not so hawkish. For example, Cleveland Fed President Beth Hammack ruled out a cut in May. But, she stated they could move as early as June if there is "clear and convincing data" that the economy is weakening. Fed Governor Waller worries that firms may lay off workers due to tariffs. Thus, in such a scenario, he would support lower rates to "protect the labor market."

    The Fed has little ability to use its policy to impact price changes due to tariffs. Furthermore, the jury is still out on whether tariffs are inflationary or deflationary. Therefore, a month or two of labor market deterioration could be enough to persuade the Fed to cut rates. The graph below shows that the market now assigns a 61% chance that the Fed will cut rates in June.

    fed rate cut odds

    How To Build An Emergency Fund To Protect Your Retirement Savings

    An emergency fund is often associated with working individuals preparing for job loss or unexpected expenses, but it is just as crucial for retirees. Having a dedicated emergency fund for retirees helps cover unforeseen costs without dipping into long-term investments, particularly during market downturns. Protecting retirement savings requires a financial cushion that prevents unnecessary withdrawals from investment accounts, allowing retirees to maintain stability and sustain their income for the long haul. This guide outlines why retirees need an emergency fund, how to determine the right amount to save, the best places to keep these funds, and strategies to replenish them when used.

    READ MORE...

    Tweet of the Day

    tariff talk in the media scott bessent

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    The post Scott Bessent Affirms The Dollar Is Not Dying appeared first on RIA.

  28. Site: PeakProsperity
    1 week 3 days ago
    Author: Chris Martenson
    Join Chris and Evie for the Signal Hour live at 1pm ET.
  29. Site: PeakProsperity
    1 week 3 days ago
    Author: Chris Martenson
    Premium members may join Chris and Evie for an extended version of the Signal Hour live at 1pm ET.
  30. Site: Real Investment Advice
    1 week 3 days ago
    Author: Lance Roberts

    Are you a "speculator" or an "investor"? This is an essential question that every individual deploying capital into the financial markets must answer. The reason is that how you answer that question determines how you should behave during market cycles. Over the last 15 years, due to repeated rounds of monetary and fiscal interventions, most investors are simply chasing performance. However, why would you NOT expect this to happen when financial advisers, the mainstream media, and Wall Street continually press the idea that investors "must beat" some random benchmark index from one year to the next?

    However, if you are only chasing performance, are you an "investor" or a "speculator"

    While some may hold a negative connotation of being called a "speculator," that would be incorrect. However, it is critical to understand the difference, as being a "speculator" in financial markets requires a different set of "rules" than being an "investor."

    Let's begin our discussion with a definition of both.

    • Speculator: A person who utilizes strategies within a shorter time frame, attempting to outperform traditional longer-term investors. Speculators take on risk, especially when anticipating future price movements, hoping to make large gains to offset the risk.
    • Investor: A person who systematically grows wealth by buying assets with reasonable levels of risk in exchange for long-term growth. 

    I asked ChatGPT to provide a table of the key differences between being an investor and a speculator.

    Key differences between investor and speculator

    When you examine your approach and expectations of investment returns, which definition describes you?

    There is nothing wrong with either approach, but each requires a very different set of rules and expectations.

    But no rule says you can't be a little bit of both.

    Investor Meets Speculator

    As portfolio managers, we are, by nature, long-term investors. We focus on fundamental data like free cash flow, return on invested capital, earnings growth rates, and sales. While fundamental investing certainly provides better long-term returns, it becomes difficult for investors to stay the course during volatile markets. This is where our emotional behaviors, such as loss avoidance, confirmation bias, herding, and availability bias, interfere with our decision-making. Such is why we also engage in various actions to mitigate risk and reduce volatility.

    A good example of this was in a post on January 7th entitled "Curb Your Enthusiasm in 2025."

    In that article, we explained why we expected increased market volatility and lower returns this year. Even though we are long-term fundamental investors, we suggested taking specific actions more often associated with market speculators. To wit:

    "While 2025 presents its share of challenges, the solution is not to abandon the market altogether. Instead, investors can take practical steps to navigate these uncertainties. None of this means the next “bear market” is lurking. The data does suggest that being overly aggressive, taking excess risk, and increasing leverage may not have the desired outcome. Since exceedingly bullish markets are a function of psychology, they can last longer and go further than logic predicts. The requirement to “end” such a phase is an exogenous event that changes psychology from bullish to bearish. Such is when the stampede for the exits occurs, and prices can decline very quickly. As such, investors need guidelines to participate in the market advance. But, of course, the hard part is keeping those gains when corrections inevitably occur. This is our approach as portfolio managers for our clients."

    1. Tighten up stop-loss levels to current support levels for each position. (Provides identifiable exit points when the market reverses.)
    2. Hedge portfolios against significant market declines. (Non-correlated assets, short-market positions, index put options)
    3. Take profits in positions that have been big winners(Rebalancing overbought or extended positions to capture gains but continuing to participate in the advance).
    4. Sell laggards and losers(If something isn’t working in a market melt-up, it most likely won’t work during a broad decline. It is better to eliminate the risk early.)
    5. Raise cash and rebalance portfolios to target weightings. (Rebalancing risk regularly keeps hidden risks somewhat mitigated.)

    "Notice, nothing in there says, 'Sell everything and go to cash.'"

    Those actions of reducing risk, rebalancing portfolios, and taking profits are things that speculators should do to mitigate risk. However, many individuals don't understand the difference between being an investor and a speculator. Let me explain:

    When markets rise sharply, individuals invest capital in them without understanding the underlying dynamics or fundamentals. They buy an asset because it is going up. The more the number goes up, the more they buy of it. However, when the price eventually falls, they fail to take action and get trapped within their own psychological biases. At this point, they are generally "investors" in that asset and "hope" that someday it will get back to even.

    This same cycle has repeated throughout history, whether in stocks, bonds, gold, or bitcoin. However, investing, ultimately, is about managing the risks, which will substantially reduce your ability to "stay in the game long enough" to "win." Robert Hagstrom, CFA, penned a piece discussing the differences between being an investor and a speculator:

    "Philip Carret, who wrote The Art of Speculation (1930), believed “motive” was the test for determining the difference between investment and speculation. Carret connected the investor to the economics of the business and the speculator to price. 'Speculation,' wrote Carret, 'may be defined as the purchase or sale of securities or commodities in expectation of profiting by fluctuations in their prices.'”

    Chasing markets is the purest form of speculation. It is simply a bet on prices going higher rather than determining if the price being paid for those assets is selling at a discount to fair value. When prices are NOT selling at a discount, investors devise various rationalizations about why this time is different.

    When you look at your portfolio today and assess its risk, are you an investor or a speculator? But more critically, whether you currently own stocks, bonds, gold, or bitcoin, are you a "speculator calling yourself an investor" and coming up with rationalizations to support your view?

    To help you in your quest to be a better long-term investor, here are 10 investing guidelines from legendary investors.

    10-Investing Guidelines From Legendary Investors

    1) Jeffrey Gundlach, DoubleLine

    “The trick is to take risks and be paid for taking those risks, but to take a diversified basket of risks in a portfolio.”

    This is a common theme throughout this post. Great investors focus on “risk management” because “risk” is not a function of how much money you will make, but how much you will lose when you are wrong. In investing or gambling, you can only play as long as you have capital. If you lose too much capital while taking on excessive risk, you can no longer play the game.

    Be greedy when others are fearful and fearful when others are greedy. One of the best times to invest is when uncertainty and fear are at their highest.

    2) Ray Dalio, Bridgewater Associates

    “The biggest mistake investors make is to believe that what happened in the recent past is likely to persist. They assume that something that was a good investment in the recent past is still a good investment. Typically, high past returns simply imply that an asset has become more expensive and is a poorer, not better, investment.”

    Nothing good or bad goes on forever. Investors repeatedly make the mistake of thinking, “This time is different.” The reality is that despite central bank interventions or other artificial inputs, business and economic cycles cannot be repealed. Ultimately, what goes up must and will come down. How many investments in history have never lost value at some point, and in many cases, a lot of value? The answer is none. The same goes for assets with a significant correction, as long as they are fundamentally sound.

    3) Seth Klarman, Baupost

    “Most investors are primarily oriented toward return, how much they can make and pay little attention to risk, how much they can lose.”

    The most significant risk in investing is investor behavior driven by cognitive biases. Greed and fear dominate investors' investment cycles, which ultimately lead to “buying high and selling low.”

    4) Jeremy Grantham, GMO

    “You don’t get rewarded for taking risk; you get rewarded for buying cheap assets. And if the assets you bought got pushed up in price simply because they were risky, then you are not going to be rewarded for taking a risk; you are going to be punished for it.”

    Successful investors avoid “risk” at all costs, even if it means underperforming in the short term. The reason is that while the media and Wall Street have you focused on chasing market returns in the short term, ultimately, the excess “risk” built into your portfolio will lead to extremely poor long-term returns. Like Wile E. Coyote, chasing higher financial markets will eventually lead you over the cliff.

    5) Jesse Livermore, Speculator

    “The speculator’s deadly enemies are: ignorance, greed, fear and hope. All the statute books in the world and all the rule books on all the Exchanges of the earth cannot eliminate these from the human animal….”

    Allowing emotions to rule your investment strategy is, and always has been, a recipe for disaster. All great investors follow a strict discipline, strategy, and risk management diet. Emotional mistakes show up in the returns of individuals' portfolios over time. (Source: Dalbar)

    Dalbar Investor Returns

    6) Howard Marks, Oaktree Capital Management

    “Rule No. 1: Most things will prove to be cyclical.

    Rule No. 2: Some of the greatest opportunities for gain and loss come when other people forget Rule No. 1.”

    As with Ray Dalio, realizing nothing lasts forever is critical to long-term investing. To “buy low,” one must first " sell high.” Understanding that all things are cyclical suggests that investments become more prone to declines after long price increases.

    Secular markets and valuations

    7) James Montier, GMO

    “There is a simple, although not easy alternative [to forecasting]… Buy when an asset is cheap, and sell when an asset gets expensive…Valuation is the primary determinant of long-term returns, and the closest thing we have to a law of gravity in finance.”

    “Cheap” is when an asset sells for less than its intrinsic value. “Cheap” is not a low price per share. When a stock has a very low price, it is usually priced there for a reason. However, a very high-priced stock CAN be cheap. Price per share is only part of the valuation determination, not the measure of value itself.

    8) George Soros, Soros Capital Management

    “It’s not whether you’re right or wrong that’s important, but how much money you make when you’re right and how much you lose when you’re wrong.”

    Back to risk management: Being right and making money is great when markets are rising. However, rising markets tend to mask investment risk, which is quickly revealed during market declines. If you fail to manage the risk in your portfolio and give up all of your previous gains and then some, then you lose the investment game.

    9) Jason Zweig, Wall Street Journal

    “Regression to the mean is the most powerful law in financial physics: Periods of above-average performance are inevitably followed by below-average returns, and bad times inevitably set the stage for surprisingly good performance.”

    The chart below shows the 3-year average of annual inflation-adjusted returns of the S&P 500 from 1900. The power of regression is seen. Historically, when returns exceeded 15%, it was not long before they fell below 0% below the long-term mean, which devastated much of investors’ capital.

    3 year rolling returns in the market

    10) Howard Marks, Oaktree Capital Management

    “The biggest investing errors come not from factors that are informational or analytical, but from those that are psychological.”

    As should be obvious, the most significant driver of long-term investment returns is minimizing psychological investment mistakes.

    As an investor, it is simply your job to step away from your “emotions” and look objectively at the market around you. Is it currently dominated by “greed” or “fear?” Your long-term returns will depend greatly not only on how you answer that question, but also on managing the inherent risk.

    What should be obvious is that even great long-term investors adopted some of the traits of speculators to manage risk and volatility. Nothing says you can't do the same.

    Being a pure speculator and trying to "day trade" the market by jumping on the latest trends rarely works out well over the long term. However, as you will note, every great investor throughout history has had one core philosophy in common: managing the inherent risk of investing to conserve and preserve investment capital.

    “If you run out of chips, you are out of the game.”

    The post Speculator Or Investor? 10-Rules From Legendary Investors appeared first on RIA.

  31. Site: Crisis Magazine
    1 week 3 days ago
    Author: Paul Kengor
    Vatican Vaccine

    It was August 18, 2021. I was at a coffee shop in Paso Robles, California. I had kids in college who feared that their institutions might kick them out if they didn’t get one of the experimental mRNA-based Covid “vaccines.” They didn’t need the shots for many reasons, from their healthy age and lack of any co-morbidities to the most important fact of all: our entire family had gotten and fought…

    Source

  32. Site: AsiaNews.it
    1 week 3 days ago
    Between 2000 and 2020, the region recorded an urban population growth rate of around 2.3% per year - one of the highest globally. By 2050, more than half of the Pacific's population will live in urban areas.
  33. Site: AsiaNews.it
    1 week 3 days ago
    For days, Catholics and non-Catholics alike have been paying tribute to Pope Francis. A 'national day of mourning' has been declared to coincide with the funeral. Cardinal Ranjith recalls the support given to the victims of the Easter massacre. For President Dissanayake, he was an example of 'compassion, justice and interreligious harmony' for all the people.
  34. Site: Crisis Magazine
    1 week 3 days ago
    Author: Austin Ruse

    The way God set up the Church is one Pope, a lot more Bishops, and exponentially more laymen. This should tell us something about our role in the Church. Clearly, the “institutional” Church is not our role, either to be in it or be overly concerned with it. A few years ago, I wrote a column about three men who became overly concerned about the institutional Church and how their unremitting…

    Source

  35. Site: AsiaNews.it
    1 week 3 days ago
    Today's news: Ahmad al-Sharaa reported to have toldUS congressman that Syria could join the Abraham Accords 'under certain conditions';Marcos supporters denounce 'Chinese influence' in the midterm election campaign;Myanmar arrests astrologer who causes panic by announcing new earthquake;Peppa Pig cartoons now available in Tibetan.
  36. Site: Zero Hedge
    1 week 3 days ago
    Author: Tyler Durden
    India Throws Trump A Harley-Davidson Olive Branch In Trade Talks

    President Donald Trump hinted overnight at a potential easing of the trade war with Beijing, suggesting that the current 145% tariffs on Chinese goods "could come down substantially"—though he added, "but it won't be zero." The trade news extended beyond China as Vice President Vance continued his four-day visit to India, raising new hopes for a swift trade agreement. 

    According to Bloomberg, citing sources, the Narendra Modi-led administration may have extended an olive branch to the Trump administration by potentially lowering trade barriers for U.S. motorcycle maker Harley-Davidson, specifically for motorbikes with engine capacities over 750cc or more in India. 

    Here's more color on the Harley-Davidson olive branch

    The offer aims to tear down tariff barriers largely for the iconic American bike maker Harley-Davidson Inc. and will expand on India's budget-time concessions when duties on motorcycles up to 1600cc were slashed to 40% from 50% earlier. The market for such high-capacity motorcycles in India is a tiny fraction of the nearly 16 million units sold every year, making this concession relatively painless for the local industry.

    India is also willing to extend a similar zero-for-zero duty arrangement to auto parts, another category where it sees export competitiveness and minimal domestic resistance, people familiar said.

    The Harley-Davidson olive branch also comes after Trump slapped 26% reciprocal tariffs on India, but soon after, paused for 90 days so both sides could hammer out trade deals. Still, the baseline 10% tariff remains. 

    On Monday, India's Prime Minister Narendra Modi and VP Vance said trade talks between both countries made "significant" progress.

    On Tuesday, VP Vance also touted progress toward a U.S.-India trade deal while speaking in the northwestern Indian city of Jaipur. 

    "Both of our governments are hard at work on a trade agreement built on shared priorities, like creating new jobs, building durable supply chains and achieving prosperity for our workers," VP Vance said, adding, "In our meeting yesterday, Prime Minister Modi and I made very good progress on all of those points, and we're especially excited to formally announce that America and India have officially finalized the terms of reference for the trade negotiations. I think this is a vital step toward realizing President Trump and Prime Minister Modi's vision because it sets a roadmap toward a final deal between our nations. I believe there is much America and India can accomplish together."

    VP Vance also noted: "Americans want further access to Indian markets. This is a great place to do business, and we want to give our people more access to this country. And Indians, we believe, will thrive from greater commerce in the United States. This is very much a win-win partnership. It certainly will be far into the future." 

    Tyler Durden Fri, 04/25/2025 - 04:15
  37. Site: RT - News
    1 week 3 days ago
    Author: RT

    Moscow has compromised by not seizing the whole of the neighboring country, the US president has said

    Russia has made a major concession in Ukraine peace talks by refraining from taking over the entire country, US President Donald Trump has said.

    Speaking during a press conference with Norwegian Prime Minister Jonas Gahr Store on Thursday, Trump expressed optimism about achieving major progress in the settlement within two weeks.

    Asked what concessions Russia was making in peace negotiations over Ukraine, the US president replied: “Stopping the war… Stop taking the whole country, pretty big concession.”

    Moscow has long insisted that the Ukraine conflict could end quickly if Kiev commits to bloc neutrality and demilitarization, and recognizes the territorial realities on the ground, namely the decision by Crimea and four other former Ukrainian regions to overwhelmingly vote to join Russia.

    Read more FILE PHOTO Trump makes ‘final offer’ to end Ukraine conflict – Axios

    When pressed on whether Ukraine would have to cede territory to secure peace, Trump would not rule out the possibility, saying: “It depends [on] what territory. We’ll do the best we can, but they lost a lot of territory.”

    However, the US leader also insisted that his administration was “putting a lot of pressure on Russia.”

    His comments came after Trump signaled he was “not happy” with the recent Russian missile and drone strikes across Ukraine, calling them “not necessary, and very bad timing.” “Vladimir, STOP! 5000 soldiers a week are dying. Let’s get the Peace Deal DONE!” he wrote on Truth Social.

    Ukrainian officials have claimed that 12 people were killed and more than 100 injured in the strikes, with Kiev taking the brunt of the damage. Russia’s Defense Ministry said the strikes targeted military-related industries, including rocket fuel and gunpowder production facilities. Moscow also maintains that its attacks never target civilians.

    When asked whether he would consider additional sanctions against Russia if the attacks continue, Trump declined to give a definitive answer. “I want to see if we can have a deal. No reason to answer it now, but I won’t be happy.” he said. “Let me put it that way – things, things will happen.”

    Commenting on the Ukraine conflict settlement process, Russian Foreign Minister Sergey Lavrov suggested on Thursday that Moscow and Washington are “moving in the right direction.” “We are ready to reach a deal. But there are still some specific points, elements of this deal which need to be fine-tuned, and we are busy with this exact process,” he said.

  38. Site: Mises Institute
    1 week 3 days ago
    Author: Peter G. Klein
    This year marks the 30th anniversary of the founding of mises.org. In 1995, as soon as it became possible to purchase domain names and contract with private servers, we snapped up “mises.org,” and the rest is history.
  39. Site: Mises Institute
    1 week 3 days ago
    Author: Mises Institute
    Jason Jewell is chief academic officer and vice chancellor for strategic initiatives of the State University System of Florida. He began attending Mises Institute events as a graduate student in 2002.
  40. Site: Mises Institute
    1 week 3 days ago
    Author: Steve H. Hanke
    The covid-19 pandemic gave rise to widespread lockdowns and some of the greatest peacetime infringements on personal liberties in history.
  41. Site: Mises Institute
    1 week 3 days ago
    Author: Roberta A. Modugno
    In “The Making of the State,” Prof. Modugno shows that even as the state was coming into being, historians and scholars understood that it was something new and different and that the state is central to what we now call “modernity,” which is defined by the overwhelming power of states.
  42. Site: Mises Institute
    1 week 3 days ago
    Author: Mises Institute
    Excerpts from the 2025 Memorial Lectures presented at the Austrian Economics Research Conference in Auburn, Alabama.
  43. Site: Mises Institute
    1 week 3 days ago
    Author: David Gordon
    Excerpts from the 2025 Memorial Lectures presented at the Austrian Economics Research Conference in Auburn, Alabama.
  44. Site: RadTrad Thomist
    1 week 3 days ago


    Rome is crowding up with mobs of people in the days before the funeral of Jorge Bergoglio. The streets are full of the people and Novus Ordo religious, nuns and small streams of Franciscans, who can be seen flowing down all of the main arteries of the city. There is absolutely no sign of mourning. None. What is occurring in peoples' hearts cannot be known by mere sight, but normally the emotions are revealed by external acts. Tears. No such thing is happening in Rome on the day before the funeral of a man currently being lionized by the press and granted a pass by almost all. The world, which includes the "Catholic" world, is treating him like an old grandfather who was nice to people and who was concerned for the poor. I do not sense any love for Francis here amongst the people gathered in Rome. On several occasions, in the last few days, there has been literal dancing in the streets by youth who were rapping, seemingly unaware that the flags of the Second Italian Republic, the Vatican City State flag, and the EU circle of stars were at half-staff. Rome as a tourist city, especially in the week after Easter, was unchanged in tempo, attitude, and demeanor. All having having fun and all the shops were open. In the Church of St. Alphonsus de Ligouri, one block from St. Mary Major, there was a picture of Francis, placed in the front of the sanctuary, in front to the Pascal Candle and surrounded by a purple cloth. Apparently black  is not even allowed to surround the portrait of a dead man who most of the world accepted as Roman Pontiff. The Chinese "mass" of singing, constant singing, and casual chat by the "celebrant" in front of the table with a book in the middle of it, which was taking place a couple of days after Bergoglio's death, did not bear witness to the slightest touch of sadness, solemnity, or reflectiveness. It was also, thanks to the virtual banning of the Latin Mass, totally unintelligible and incomprehensible to anyone who did not understand what I took to be Mandarin Chinese. But I don't know. Neither did the occasional person sitting in the pews. This was the fruit of the life of Jorge Bergoglio.  

  45. Site: The Unz Review
    1 week 3 days ago
    Author: Paul Craig Roberts
    The details of the peace deal presented today by US special envoy Steve Witkoff are consistent with the report in the Financial Times discussed in my previous article and with Larry Sparano in the posted interview. Putin will halt the Russian advance prior to driving Ukrainian soldiers out of all of the territory that has...
  46. Site: The Unz Review
    1 week 3 days ago
    Author: Jonathan Cook
    Israel’s execution of 15 emergency workers a month ago is incontrovertibly established. So why are the Guardian and other outlets still so ready to fudge the issue? Here is yet another example of stunningly craven journalism from the Guardian, entirely illustrative of what is going on across the British establishment media in its coverage of...
  47. Site: The Unz Review
    1 week 3 days ago
    Author: Kevin Barrett
    Rumble link Bitchute link Oliver Boyd-Barrett discusses the train wreck that Trump’s Ukraine peace negotiations have become. Is the US grand strategy to leave Europe fighting Russia, bleeding both US rivals, while the US turns its attention to China…and perhaps gets dragged into an Israeli war on Iran? And if the Ukraine war won’t end...
  48. Site: The Unz Review
    1 week 3 days ago
    Author: C.D. Corax
    Part 1: Reasons for Embracing Protectionism Nothing destroys a good idea so efficiently as success—not so much the success of the idea itself as much as the success of those, politicians mostly, who claim to be implementing it. This is why in Russia advocating privatization is more likely to get you punched in the face...
  49. Site: The Unz Review
    1 week 3 days ago
    Author: Courtney Alabama
    How did whites in different parts of the country vote in the 2024 Presidential election? There is usually analysis of how different age groups vote, how the sexes vote, and sometimes even how whites of different religious denominations vote, but seldom of how whites vote by region. Although in our circles, it is common to...
  50. Site: The Unz Review
    1 week 3 days ago
    Author: Pepe Escobar
    Captain Chaos definitely does not have the cards – which as even South Pacific penguins know, are all made in China. SHANGHAI and HONG KONG – So, predictably, Captain Chaos did blink first. As much as he – and his sprawling media circus – could not possibly admit it. It all started with “tariff exemptions”...

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