My end-of-week morning train WFH reads:

• Hollywood and Big Tech Are Preparing for War: The studios and the platforms circle each other as AI scrambles the economics of content. The fight that will define the next decade of entertainment. (The Hollywood Reporter)

• Bitcoin hits 20-month low as market sentiment sours: Price of world’s most actively traded digital asset falls below $60,000 amid shift by retail investors to AI-related stock bets. The risk-off mood reaches crypto. Another reminder that bitcoin trades like the speculative asset it is, not the haven its boosters promised. (Financial Times) see also Gold has erased all its 2026 gains: Gold just took a round trip: Prices dropped below $4,000 a troy ounce Wednesday back to where they were in early November last year. Investors are losing their taste for the precious metal. The safe haven wobbles as risk appetite and Fed expectations shift. A neat snapshot of a jittery week in markets. (Axios)

• SpaceX, OpenAI and Anthropic: The S&P 500 Inclusion Question and Investment Consequences! Damodaran on the index-construction puzzle posed by the new wave of $1T-class privates. Pure index-mechanics nerdery, in the best way. (Musings On Markets)

• Heckling from app-wielding bettors is wrecking golf: Wyndham Clark won the US Open despite phone-toting gamblers heckling him over their live bets. The harassment at the U.S. Open was the ugliest thing yet. The sports-betting era’s ugliest side effect, on full display. (Washington Post)

• Trump’s Iran War: The Midwife To A Renewable Energy Future: Complex systems can engender the opposite outcome of intentions. A contrarian argument that Mideast conflict accelerates the energy transition. Whether or not you buy it, Noema does big-think provocations well. (Noema) see also Iran Estimates $40 Billion Windfall From Reopening Hormuz With Gulf States: Deal to unblock global energy funnel gives Iran say in its future management, and route to riches. Tehran reportedly sees a toll-booth opportunity in the world’s most important chokepoint. Geopolitics as a fee business. (Wall Street Journal)

• America’s Most Talented Nepo Baby Has Two Michelin Stars to Prove It: When E.J. Lagasse, son of Emeril, took over his father’s famed restaurant, it seemed like the ultimate privilege. Two Michelin stars later, E.J., just 23, has shocked New Orleans, the food world, and all of nepo-dom by being the unlikeliest of things: deliciously legit. (GQ)

• How Did M.C. Escher Develop His Mind-Bending, Paradoxical World? A new exhibition at London’s Somerset House explores the Dutch artist’s penchant for the visual illusion. On the obsessive geometry behind the impossible staircases, pegged to a London show. A nice detour into how the trick was actually done. Note: I saw this shopw in Montreal, and it was fantastic! (Artnet)

• Sagrada Família Is a Miracle of Structural Engineering: Still underway in Barcelona after more than 140 years, Antoni Gaudí’s vision for an otherworldly church was only made possible by modern construction methods. Bloomberg on the math behind Gaudí’s basilica finally nearing completion. The building is the rare modern monument that improves your faith in long-horizon projects. (CityLab)

• Why older people are happier and what we can learn from them. Around the world, happiness tends to peak later in life. It has more to do with balancing priorities than elderly wisdom. The U-shaped happiness curve, revisited: contentment tends to climb after midlife. The lesson isn’t to wait it out, but to borrow the perspective early. (Psyche) see also A Diehard Drinker Accidentally Quits: The cultural discourse around avoiding alcohol never convinced me—and why sober up when the world is burning? Then life intervened. A wry weekend essay on losing a habit you weren’t trying to lose. The kind of personal piece The New Yorker still does best. (New Yorker)

• It Was Her First-Ever Audition Tape. She Landed a Lead on ‘The White Lotus’ Marissa Long, a 26-year-old first-time actress from Tulsa, has a major role on HBO’s obsessively guarded prestige series. She just can’t tell you who she’s playing, what happens or if she survives it. The lottery-ticket version of a Hollywood break. A fun behind-the-scenes on getting discovered the hard-and-then-suddenly-easy way. (The Hollywood Reporter)

Video of the day: The Samurai Who Became A Roman Citizen

Be sure to check out our Masters in Business this weekend with Carl Richards, a financial advisor who is also the creator of the Sketch Guy column, which ran weekly in New York Times for a decade. He hosts Behavior Gap Radio (1,300+ episodes) He co-hosts “Kitces & Carl — Real Talk for Real Financial Advisors” with Michael Kitces.” Richards latest book is Your Money: Reimagining Wealth in 101 Simple Sketches.”

 

Mistaking a Hiring Freeze for a Robot

Source: Apollo

 

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The post 10 Friday AM Reads appeared first on The Big Picture.

Police Took 8 Minutes To Locate Henry Nowak's Fatal Stab Wound... Then Performed CPR Directly Over It

Authored by Steve Watson via Modernity News,

The case of 18-year-old white British student Henry Nowak has delivered yet another layer of disturbing detail.

Officers from Hampshire and Isle of Wight Constabulary arrived at the Southampton scene roughly five to ten minutes after he was stabbed five times with a ceremonial knife. Henry remained conscious and spoke loudly at first. He told them he had been stabbed and could not breathe. They chose instead to believe the man who had just knifed him.

New evidence released this week shows it took those officers a full eight minutes to discover the fatal wound. During that time they lifted Henry, striking his head against a wall, and later began CPR. A female officer started compressions. According to the transcript and reports, officers performed chest compressions over his clothing and directly onto the area of the stab wound.

? BREAKING: Newly released evidence shows how police officers took eight minutes to discover the stab wound that killed Henry Nowak.

The attending officers also hit Henry's head on a wall as he was lifted, before a female officer begins CPR.https://t.co/C5Wb1IQZ93

— The Mercian (@TheMercianNews) June 24, 2026

It took police officers 8 minutes to check Henry Nowak for stab wounds. When they realised he wasn't breathing they did chest compressions over his clothes ONTO A STAB WOUND, somehow managing to make the situation even worse.

— Patrick Christys (@PatrickChristys) June 24, 2026

Bodycam footage shows officers dragging Henry across gravel, turning him, and forcefully pulling his arms behind his back to apply handcuffs. He lost consciousness within about three minutes of that restraint and was pronounced dead at 00:37 on 4 December 2025 after 51 minutes of resuscitation efforts.

A paediatric critical care specialist with battlefield medicine experience, Dr Krzysztof Magier, reviewed the footage and post-mortem report. He concluded there is a high probability that the police actions contributed to Henry's death.

The main source of bleeding was damage to the subclavian vein. Venous bleeding under low pressure often forms a natural clot that can slow or stop on its own. Forcefully twisting the arms behind the back and handcuffing likely stretched the vein, tore the forming clot, and triggered sudden massive internal haemorrhage.

Dr Magier stated: "I am convinced that if Henry had arrived there alive, the doctors would not have let him die." He added that paramedics arriving first could have given Henry a roughly 50% chance of survival through fluids, tranexamic acid to stabilise the clot, and other interventions. Southampton University Hospital, a major trauma centre, was only two to three minutes away by ambulance.

Serving and former Hampshire officers have now admitted that mandatory "Inclusion Matters" DEI training played a direct role in how they processed the incident. They described sessions that drummed in "white privilege" and "unconscious bias."

One officer said: "we had it drummed into us about our white privilege and unconscious bias." The outsourced trainer was described as "deeply hateful of white people and our culture." Officers feared career damage if they pushed back.

This ideological environment framed the white teenager as the likely aggressor and gave credence to the attacker's fabricated claim of racial abuse.

Vickrum Digwa, from a Sikh background, lied to police and his family reinforced the narrative on the 999 call, downplaying any knife involvement. Officers initially accepted the story. One was heard telling Henry: "Don't think you have mate."

An ex-police officer appearing on BBC Newsnight called the response "unfathomable." Basic procedure requires immediate medical assessment and priority for anyone reporting a stab wound and breathing difficulty - not restraint and dismissal. The BBC presenter appeared visibly surprised at the unsparing assessment.

Judge William Mousley KC noted the attending officer's "genuine shock" upon realising CPR was being given over a serious chest wound and suggested it showed officers "doing his best in a very difficult situation." The judge also observed that "sometimes, someone arrested and handcuffed will feign injury."

Dr Magier directly challenged that leniency: "I fear that the Judge and pathologist were too lenient towards the police."

A full jury inquest opens at Winchester Coroner's Court on 20 September 2027. It will examine whether any act or omission by police caused or contributed to the death.

The release of bodycam footage earlier this month triggered protests and disorder in Southampton. Henry's father, Mark Nowak, stated: "My son was dragged across gravel, handcuffed and called racist as he lay dying. Being read his rights was the last thing he heard."

Vickrum Digwa was jailed for life with a minimum of 21 years. His sentence has been referred to the Court of Appeal as potentially unduly lenient. Prior warnings about Digwa - including 2022 reports of him firing an illegal air pistol in his garden - were reportedly not acted upon effectively by police.

The pattern fits a broader picture of institutional capture. Training that elevates identity politics over impartial procedure produces exactly this outcome: a dying white teenager treated as a threat while his attacker's narrative receives deference.

Critics from across the spectrum have highlighted the double standard compared with other high-profile custody deaths that triggered institutional upheaval and global campaigns.

He wasn't breathing ? you start chest compressions immediately.

That's basic first aid protocol.

Taking 8 minutes to check for stab wounds, handcuffing him while he's saying he can't breathe, and then compressing over clothes directly onto the wound is a complete failure of...

— WasAcop (@WasAcop) June 24, 2026

I read that they also banged his head when they moved him after realising that he'd been stabbed. Honestly, when you think this case can't get any worse, it does. ?

— Leanne (@LeanneSpurs) June 24, 2026

They were told he had blood coming out of his mouth when they arrived, and he repeatedly said he'd been stabbed.

Totally unacceptable dereliction of duty.

— PixelatedBoot (stamping on a human face – forever) (@PixelatedBoot) June 24, 2026

It would help if the police were taught life saving rather than DEI protocol.

— Pat Herbert (@PatHerbert2) June 24, 2026

Henry's family has asked that his death not be used to sow further division. The facts, however, speak for themselves. When police training and culture elevate racial grievance narratives above the immediate duty to preserve life, the result is not justice - it is preventable tragedy.

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

Tyler Durden Fri, 06/26/2026 - 03:30

Rome Rebukes Rutte: Italy Rejects Claim US Flew Iran War Missions From Its Bases

It's no longer just a Trump-Meloni spat on the level of public rhetoric, but Italy is newly making clear that it is imposing real policy and limitations on the US, now clarifying that it had formally denied US use of its bases to strike Iran for past and future potential missions.

This has been a long time in coming, as Italy already clearly restricted at least some US use of its bases within the past months related to the Iran war, but now it is official.

On Thursday Italian Minister of Foreign Affairs Antonio Tajani reportedly told his Iranian counterpart by phone he firmly rejects NATO Secretary-General Mark Rutte's recent claims that US forces used Italian military bases in operations against Iran.

Tajani has insisted that Italian bases were never used for any kind of offensive strikes on the Islamic Republic. According to US military publication Stripes, "The Iranian foreign minister thanked Italy for the clarification and said a clear, formal denial was necessary."

via US Navy

Italy of course remains a member of NATO, and so the fact that Rome was responding to recent remark's of the organization's leader is glaring, and reveals a serious inter-NATO rift.

The NATO chief had been interviewed on Fox earlier this week, wherein he claimed that some 500 American military flights had taken off from bases in Italy in support of Operation Epic Fury. Italy's foreign ministry is firmly rejecting the claim.

In addition, the Italian Defense Ministry came out and said that Rutte "has nothing to do with Operation Epic Fury" - which might explain whey he's making "completely misleading" remarks.

"Italy only authorizes flights that are provided for by the treaties and totally exclude kinetic activities," said that Italian defense ministry statement.

It seems Italy is trying to appease both the Iranian and US sides at once, by trying to shroud its role in ambiguity and abstract definitions of terms: 

In a post analyzing how Italy’s bases were used to support the war, the site ItaMilRadar said this week that Navy MQ-4C Triton surveillance drones from Sigonella “conducted extensive intelligence and reconnaissance missions over the Persian Gulf area” before the Triton operations appeared to shift to Jordan in April. Navy P-8 Poseidon patrol aircraft operated from the base before and during the war, and several deployed to Djibouti to support U.S. naval forces in the Indian Ocean, according to the site.

Back in late March, as US-Israeli bombs were still being unleashed on Iran, a statement from PM Meloni’s office had also alluded to matters of procedure, stating that Italy is "acting in full compliance with existing international agreements"  - while underscoring that each request must be "carefully examined on a case-by-case basis, as has always been the case in the past."

Italian Defense Minister Guido Crosetto had also at the time confirmed that "some US bombers" were denied landing at Sigonella – one of seven US navy bases in Italy. The complaint is that the US didn't follow required permission protocol, and requested landing only while in the air and already en route to Sicily.

But the truth also is that American hegemonic action in the Middle East, and the Iran conflict in particular, remains deeply unpopular among the Italian population, which has long had a strongly anti-war bent especially among the youth.

In a display of obedience to the US, the NATO Secretary General bragged about NATO's participation in the war of aggression against Iran:
- “If you take Italy for example, 500 U.S. planes took off from U.S. bases in Italy to support Operation Epic Fury." pic.twitter.com/cuJWD6Uy7N

— Glenn Diesen (@Glenn_Diesen) June 25, 2026

The Guardian previously wrote, "The unpopularity of Trump in Italy has also started to erode the popularity of Meloni, who is ideologically in tune with the US president and has established good working relations with him." However, she's lately sought to distance her government from the war, having told parliament earlier this month there's a growing dangerous trend of interventions "outside the scope of international law."

Tyler Durden Fri, 06/26/2026 - 02:45

Majority Of Poles Are Against Ukraine Joining The EU

Via Remix News,

Poles are divided in their assessment of Ukraine’s possible accession to the European Union.

However, according to the latest IBRiS poll conducted for Radio ZET, the voices of those opposed to accession dominate.

A total of 35.3 percent of those surveyed voted in favor of Ukraine’s admission to the European Union. Strong support for such a solution was expressed by 8.4 percent of respondents, while 26.9 percent replied “rather yes.”

There are definitely more opponents of Ukraine’s membership in the EU. A total of 59.7 percent of those questioned took a negative position. The answer “probably not” was given by 27.4 percent of respondents, and “definitely not” by as many as 32.3 percent.

Another 5 percent remain undecided — respondents who chose the answer “I don’t know” or “hard to say.”

Among supporters of the ruling coalition, 64 percent support Ukraine’s accession to the EU, while 73 percent of opposition voters say Ukraine should not join.

The study was conducted by the IBRiS Institute for Market and Social Research using computer-assisted telephone interviews (CATI) on June 12–13, 2026. The survey was conducted on a representative sample of 1,068 adult Poles.

Zelensky canceled his visit to Poland

The two-day Ukraine Recovery Conference (URC), co-organized by Poland and Ukraine, will begin in Gdańsk on Thursday.

One of the highlights of the event will be a joint meeting of the Polish and Ukrainian parliaments.

Ukrainian President Volodymyr Zelensky will not come to Gdańsk; the Ukrainian delegation will instead be headed by Deputy Prime Minister Yulia Svyrydenko

. It is also known that the First Lady of Ukraine, Olena Zelenska, will not come to Poland.

The Gdańsk conference is being organized in the shadow of sharp tensions between Poland and Ukraine — all due to Zelensky’s decision to name one of the Ukrainian army units after “UPA heroes.”

In response, Polish President Karol Nawrocki decided to strip Zelensky of the Order of the White Eagle.

Read more here...

Tyler Durden Fri, 06/26/2026 - 02:00

A Bridge To The Future: America's 250th Celebration Time Capsule

Authored by Walker Larson via The Epoch Times,

On July 4, 2026, the United States of America has a date with the future.

America250, the national, nonpartisan group tasked with organizing the celebration of the nation’s 250th anniversary, will establish a bridge with the year 2276 by burying a time capsule at Independence National Historical Park in Philadelphia on July 4 of this year. For 250 years, the capsule will lie there silently waiting, as the ship of the nation surges forward through the uncharted seas of the future. Then in 2276, the capsule will be reopened, providing future Americans with a glimpse into their past—our present.

The capsule contains contributions from all three branches of government, all 50 states, District of Columbia, and five territories, and America250 programs. According to the America250 website, “the Time Capsule reflects a national responsibility to preserve a representative record of the United States at 250 years.” The three-foot-tall, 900-pound capsule has been officially sealed and now awaits burial.

“This moment is as much about the future as it is the past,” Rosie Rios, chair of America250, proclaimed. “When it is opened in 2276, future generations will see the care, pride, and optimism with which Americans marked our 250th anniversary.”

The capsule contains some remarkable items, including a whale bone from Maine, an AI prophecy from California, and a diamond from Arkansas. The Library of Congress has included a molecular data storage device, about the length of a pencil eraser, that contains synthetic DNA in which is encoded digital copies of key Library collection items, such as Thomas Jefferson’s rough draft of the Declaration of Independence and an 1898 audio recording of “The Star-Spangled Banner.”

Maine's contribution to the America250 time capsule is this bone from the North Atlantic right whale found off the coast of the Gulf of Maine. Courtesy of America250

America250 has explained that the artifacts, letters, records, and objects—most of which have been placed in six-by-four-by-two-inch archival boxes—have been selected to tell the story of the United States, as it exists on this semiquincentennial. Each state and territory established its own commissions to select representative items from that area to be submitted for inclusion in the capsule.

Rios observed, “When it is opened in 2276, we want future generations to have a clear, authentic window into who we were at 250—what we valued, what we built, and how we saw ourselves as a nation.”

The more-than-200 artifacts span a wide range of types, including civic records, scientific items, cultural artifacts, sports memorabilia, and items that express what everyday life in America is like in 2026.

Notable objects include student submissions from America250’s America’s Field Trip contest that respond to the question, “What does America mean to you?” There’s also a Coca-Cola glass bottle, an iPhone 17 Pro Max, a coin from the 2026 NFL playoffs, a map of Alaska when it was sold to the United States by Russia in 1867, a photograph of the military eagle “Old Abe,” and a poem celebrating America by contemporary South Dakota poet Joseph Bottum. Experts from the Library of Congress scrupulously analyzed each item to ensure that it was an appropriate material that wouldn’t decay or compromise the vessel’s integrity.

Also included in the time capsule: As part of America250’s America’s Soundtrack initiative, Coca-Cola donated a “message in a bottle” with a lyrics sheet for their song, “I’d Like to Buy the World a Coke” inside an iconic Coke bottle. Courtesy of America250

Scientists at the National Institute of Standards and Technology (NIST) along with preservation experts at the Library of Congress developed the capsule itself, and it was constructed at NIST’s technology fabrication shop. Its smooth, cylindrical hull is made of stainless steel and a water- and air-proof compression seal of indium. Finally, a 1,100-pound steel bell jar will be placed over the capsule when it is buried, forming an air pocket that will keep the cylinder’s dry for its 250-year sleep.

The duty of burying the capsule falls to the National Park Service in conjunction with the Independence Historical Trust, the philanthropic partner to Independence National Historical Park. The time capsule will become an heirloom and responsibility inherited by successive generations of park officials as they pass on the information about the time capsule from decade to decade, century to century, until the year 2276. The National Park Service has information about the capsule in its succession plans, as well as a capstone with information on the capsule, to be placed over its burial site.

A historic national event such as this inspires reflection about the passage of time and the meaning of legacy. Michael Berilla, director of the fabrication technology office at the NIST, who led the team that built the capsule, wrote a rather poignant message to whoever uncovers the cylinder:

“Greetings from the living, breathing hearts and hands of 2026. We will have long since returned to dust, but our devotion, pride, and unwavering hope for what our world could become are alive right here inside this steel. We built this for you.”

As Berilla’s words suggest, the capsule opens a kind of portal between us and our descendants, an opportunity to gaze through the haze of time and, for a moment at least, catch the eyes and hearts of people who do not yet walk the earth, people to whom we will be only a shadowy memory. For a brief window, though, when those future hands unearth this vessel of relics, the shadows of time will flee, and they will be bound to us across that chasm of years in a common surge of hope, gratitude, and patriotism.

Let us hope and pray that the world in which our descendants bring the capsule to light will be more luminous than the one in which we bury it. If it is so, then our efforts as individuals, families, and as a nation will not have been in vain.

Tyler Durden Thu, 06/25/2026 - 23:25

Trump's War Economy Accelerates As Lockheed Wins $35 Billion Deal To Quadruple Missile-Interceptor Output

President Trump's war economy continues to gain steam as weapons production is kicked into high gear and stockpiling becomes a top priority for the Department of War.

The latest evidence: Lockheed Martin has won a DoW contract worth up to $35 billion to quadruple production of THAAD missile-defense interceptors, according to Bloomberg.

The seven-year agreement follows a January framework deal between Lockheed and DoW to boost interceptor output over the next few years. It also comes as the White House moves to mobilize the defense industrial base, with Trump invoking the Defense Production Act to reduce manufacturing bottlenecks.

On Wednesday afternoon, NATO Secretary General Mark Rutte told reporters after a meeting with Trump that the goal of increasing munitions production “is important because we have to replenish our stockpiles and make sure we are totally ready for whatever might emerge."

The urgency behind the upcoming replenishment cycle comes after four years of war in Ukraine and the recent U.S.-Iran war drained key weapons stockpiles.

Trump also met with defense-industry executives on Wednesday as the administration seeks to accelerate production of other key air-defense weapons.

Defense Secretary Pete Hegseth told lawmakers in mid-May that because of Trump's "smart business deals” have sent an unmistakable demand signal to defense-industrial partners: build more, build faster, and prepare for sustained procurement.

.@SECWAR "Over the past year, through historic, multi-year procurement agreements – smart business deals – we have sent a permanent, unambiguous demand signal to our industry partners to BUILD MORE AND BUILD FASTER.

The result has been a surge – a revitalization – of our great… pic.twitter.com/wrqI5e5HQR

— DOW Rapid Response (@DOWResponse) April 29, 2026

Hegseth's recent comments about America's industrial base roaring back to life should come as no surprise to readers, as we've outlined:

• War Economy Returns: From Trucks To Tanks, Pentagon Looks To Automakers To Rebuild America's Arsenal

• Race To Refill U.S. Weapons Stockpiles Will Supercharge War Economy

• "Answering The Call": Ford Motor Eyes WWII-Style Production Push For Trump's War Economy

DoW recently published a map of America's expanding defense industrial base, centered mostly in the South and Rust Belt.

Last week, Nancy Lazar, Piper Sandler's chief global economist and head of the firm's economics research team, told clients she was bullish on goods-producing jobs, including construction workers building out the next wave of data centers.

We would add that surging production of missiles, interceptors, drones, tanks, planes, and bombs could further accelerate that shift, moving the labor market away from two decades of low-productivity service-sector jobs and back toward higher-paying industrial work tied to national security, reshoring, and Trump's war economy.

Tyler Durden Thu, 06/25/2026 - 23:00

Exxon Wins Big As Supreme Court Revives Cuba Seizure Case

The Supreme Court ruled Tuesday that Exxon Mobil can move forward with its lawsuit against Cuban state-owned oil companies over assets seized after Fidel Castro came to power, reopening a dispute tied to Cuba’s 1960 nationalizations, according to CNN.

The 6-3 decision comes as President Donald Trump has taken a more aggressive stance toward Havana.

Justice Brett Kavanaugh wrote for the majority, with the Court’s liberal justices dissenting.

CNN writes that the ruling is part of a broader wave of legal and political pressure on Cuba. In May, the Trump administration indicted former Cuban leader Raúl Castro over his alleged role in the 1996 shootdown of two civilian aircraft that killed four people, including three Americans. Trump has also floated military action, saying in March he might have the “honor of taking Cuba.”

Exxon’s case centers on property seized in 1960 and a 1996 law that allows US nationals to sue over confiscated Cuban assets in American courts. Before the revolution, Standard Oil—later Exxon Mobil—operated a refinery, product terminals and 117 service stations in Cuba, all of which were nationalized by Castro’s government.

A US commission in 1969 valued Standard Oil’s losses at nearly $72 million. With interest and Exxon’s request for treble damages, the total exposure could reach into the hundreds of millions.

The legal fight turned on whether the 1996 Cuba law overrides another federal statute that generally shields foreign governments from lawsuits in US courts. Exxon argued Congress created a clear exception for claims involving seized Cuban property, while the Cuban companies said sovereign immunity should still apply.

The Trump administration backed Exxon, telling the Court that “The United States has compelling foreign-policy interests in ensuring that US nationals whose assets were illegally expropriated by Fidel Castro’s communist regime receive recompense and in preventing the Cuban government from further benefiting from its wrongdoing.”

Lower courts were divided, and the DC Circuit had previously ruled against Exxon. The Supreme Court’s decision now clears the way for the lawsuit to proceed.

Tyler Durden Thu, 06/25/2026 - 22:10

Is Trump 2.0's 'Escalation' Strategy Against Russia Starting To Take Shape?

Authored by Andrew Korybko,

The US is preparing to radically intensify the Ukrainian Conflict over the coming year...

Trump’s decision to sign the “G7 leaders’ joint statement on geopolitical issues” calling for more arms to Ukraine and sanctions on Russia signaled that he’ll now “escalate to de-escalate” (E2DE) through a “war of attrition” waged by Ukraine. The EU will back this campaign to the hilt and Trump 2.0 will seek to obtain control over Russia’s natural resources companies as its top goal via the coercive selling of shares under pain of continued NATO-backed Ukrainian strikes against associated infrastructure if Putin refuses.

The contours of his administration’s E2DE strategy are now starting to take shape. Nearly two weeks before he signed the abovementioned joint statement, the House passed a bill that would “provid[e] more than $1 billion in security and reconstruction aid. It would make another $8 billion available for Ukraine’s defense through loans.” On the sidelines of the G7 Summit, Trump then said that he’ll soon reimpose oil sanctions against Russia, which would disrupt Putin’s Sino-Indo balancing act.

Around the same time, “A group of US senators has introduced legislation that would amend existing law to allow Ukraine to use assets confiscated from the Central Bank of Russia and other Russian sovereign assets to purchase military equipment.” All of this coincided with reports that the Senate also introduced language into the 2027 National Defense Authorization Act (NDAA) calling for continued intelligence support to Ukraine across all of next year to aid its quest to reconquer its lost land (and possibly more).

To top it all off, Zelensky then expressed confidence shortly thereafter that Trump will follow through on his explicitly conveyed interest in allowing US companies to manufacture air defense missiles (and likely also other arms) in Ukraine, thus tremendously raising the stakes if Russia strikes these facilities. Of course, it’ll take time for the US to replenish its own missile stockpile after the Third Gulf War, but the writing is on the wall and it reads that Trump 2.0 is preparing to radically intensify the Ukrainian Conflict.

Specifically, its E2DE strategy is expected to closely follow what the Wall Street Journal outlined last fall and which was analyzed here at the time, namely helping Ukraine surpass Russia’s drone capabilities, more secondary sanctions, and provoking unrest inside of Russia. To that end, the House and Senate initiatives will bolster Ukraine’s strike capabilities (including long-range missile ones), while Trump’s sanctions threat will deal with the second part. This combination might lead to unrest inside of Russia.

To be clear, that final phase is unlikely to materialize since the diverse Russian people remain united due to keenly understanding the existential stakes of this conflict as regards its grand strategic goal of “Balkanizing” their civilization-state, plus they’re not prone to protest much either. Nevertheless, the US is still preparing to try anyhow, hoping to at least generate enough disapproval of the status quo that the ruling United Russia party is forced to enter into a coalition after September’s next Duma elections.

Looking forward, the groundwork is rapidly being established for Trump 2.0 to make next year all about Russia, and the Democrats’ possible recapture of Congress or at least one of its chambers after November’s midterms could facilitate this. If Russia doesn’t achieve its goals before that happens or cut a reasonably fair deal by that time, then there’ll be no realistic chance of any such deal till 2029 at the earliest, thus meaning that only victory or defeat would be possible before that date. The clock is ticking.

Tyler Durden Thu, 06/25/2026 - 21:45

China’s Crackdown Threatens Hong Kong’s IPO Boom And Offshore Wealth

China’s latest push to choke off capital flight is starting to hit Hong Kong right where it hurts, according to a new feature from Bloomberg.

For years, the city has served as the main offshore escape valve for mainland wealth — the place where Chinese founders, executives and wealthy families parked money, opened private bank accounts, bought property and set up family offices. Now Beijing is tightening that channel, raising questions about whether Hong Kong can remain Asia’s go-to offshore wealth hub.

Bloomberg writes that the latest measures include roughly $330 million in penalties against three brokerages widely used by Chinese investors to access offshore markets, along with tighter scrutiny of banks, trust structures and wealthy individuals moving money abroad. Advisers in Hong Kong say clients quickly began asking whether their accounts could be affected and whether more restrictions are coming. As one lawyer put it, Beijing isn’t slamming the door shut all at once — “they are installing a doorframe.”

That matters because Hong Kong has become deeply dependent on mainland money. Chinese households and companies moved a record $807 billion out of the country last year, and a large share of it landed in Hong Kong, helping the city overtake Switzerland as the world’s biggest offshore wealth hub. That money has supported luxury spending, real estate, stock trading and Hong Kong’s IPO rebound.

Now the mechanics of moving that money are getting harder. Bankers say mainland clients are facing tougher onboarding standards, including declarations that their wealth was sourced outside China. Private banks are fielding more questions from nervous clients, and some ultra-wealthy Chinese are already looking beyond Hong Kong to Europe, Switzerland and the US. The goal doesn’t seem to be stopping every dollar from leaving China, but making sure Beijing has more visibility and leverage over where it goes.

Beijing is also targeting the offshore structures Chinese founders have long used to turn mainland business success into foreign wealth. For years, the playbook was simple: build a company in China, wrap it in an offshore structure, list it abroad or in Hong Kong, collect dividends, then move that money into overseas property, trusts or family offices. China is now squeezing that route too, restricting red-chip IPO structures and tightening rules around whether Hong Kong listing proceeds can remain offshore.

The result is pressure on one of Hong Kong’s most lucrative ecosystems all at once: wealth management, offshore structuring, IPO underwriting and luxury spending tied to mainland fortunes. If rich Chinese can’t move money into the city as easily, Hong Kong doesn’t just lose deposits — it loses deal flow, brokerage activity, family office growth and some of the conspicuous consumption that has powered its rebound. As one Hong Kong lawyer put it, “The family office figures are looking great, but the doors are shutting.”

What’s driving this is straightforward: China needs control, and it needs revenue. The property downturn has hammered local finances, land-sale income has dried up, and Beijing has become more aggressive about tracking taxable wealth that has slipped offshore. It may not want to end offshore investing altogether, but it clearly wants tighter oversight, tighter rules and a bigger claim on the money once it leaves.

For Hong Kong, that creates a real tension. The city still wants to market itself as the natural offshore home for Chinese capital and the financial bridge between China and the rest of the world. But the more Beijing clamps down, the harder it becomes for Hong Kong to play that role with the same freedom it once did — making it look less like a safe haven and more like an extension of the same system wealthy Chinese were trying to hedge against in the first place.

Tyler Durden Thu, 06/25/2026 - 21:20

Supreme Court Strikes Down Hawaii's Gun Restrictions In Major Second Amendment Case

Authored by Stacy Robinson & Matthew Vadum via The Epoch Times,

The U.S. Supreme Court voted 6-3 on June 25 to strike down a Hawaii gun law that banned residents from carrying concealed weapons in privately owned public places, such as gas stations and shopping malls, without permission from the owners.

The Supreme Court in Washington on June 23, 2026. Madalina Kilroy/The Epoch Times

The majority opinion in Wolford v. Lopez was authored by Justice Samuel Alito.

Justices Elena Kagan, Ketanji Brown Jackson, and Sonia Sotomayor dissented in the case, which was closely watched by gun rights advocates.

Alito said the Second Amendment "has the same meaning in all parts of the United States."

"It cannot give way to 'the spirit of Aloha' in Hawaii - any more than it can yield to the spirit of the Big Apple - or the Windy City," he said.

"It applies in the same way to our 50th State (where about 8% of adults possess guns) and our 49th State (where the figure is roughly 59%).

"Merely local attitudes can neither shrink nor inflate the meaning of fundamental Bill of Rights guarantees that apply to the States through the Fourteenth Amendment."

Over the years, the court has invoked the so-called doctrine of incorporation to apply the constitutional protections of the Bill of Rights - the first 10 amendments to the Constitution - to the states. Initially, the Bill of Rights was understood to apply only to the federal government.

Hawaii's Act 52 banned handguns on private property unless the permit holder had received "express authorization to carry a firearm on the property by the owner, lessee, operator, or manager of the property."

It also banned firearms in bars, beaches, parks, and "sensitive places" such as hospitals, schools, and government buildings.

The law placed the onus on private property owners who wish to allow concealed carry on their property to communicate their policy to the public.

The state calls the rule requiring express authorization to carry the "default rule," but critics call it the "vampire rule," naming it after the mythical creatures that need permission to enter a property, Second Amendment expert Cam Edwards previously told The Epoch Times.

When the U.S. Court of Appeals for the Ninth Circuit reviewed the Hawaii law, it said the restrictions fell "well within the historical tradition," a reference to the legal test the Supreme Court adopted in New York State Rifle and Pistol Association v. Bruen (2022), which held that the Second Amendment protects the right to carry firearms in public for self-defense.

The appeals court had upheld the state law, pointing to a New Jersey anti-poaching law from 1771 and a Louisiana law from 1865 that it said were "dead ringers" for Hawaii's restrictions.

Earlier in the litigation, a federal district judge blocked the law, but the Ninth Circuit largely reversed that decision. In a 2-1 vote, the appeals court allowed Hawaii to enforce much of the law because, in its view, Act 52 was consistent with Bruen, which recognized a "sensitive places" exception to the right to bear arms in public.

At the oral argument on Jan. 20, Hawaii argued that the state statute protects private property rights and the public, while those challenging the law contended it violates their constitutionally protected right to carry guns in public to defend themselves.

The case was brought by three Hawaii gun permit holders and the Hawaii Firearms Coalition, a gun rights organization, alleging that the state violated the right to bear arms.

This is a breaking story and will be updated.

Tyler Durden Thu, 06/25/2026 - 20:55

YouTube Settles With Florida Teen Alleging Social Media Addiction Harms Ahead Of California Trial

Authored by Kimberly Hayek via The Epoch Times,

Google's YouTube has settled a lawsuit brought by a 16-year-old Florida boy who says the platform's features played a role in his social media addiction and harmed his mental health.

A 12-year-old boy watches YouTube on his smartphone on March 27, 2026. Ulet Ifansasti/Getty Images

The settlement was reached ahead of a second California state court trial set to start on July 27. That trial will review similar allegations against Meta Platforms' Instagram, Snap Inc.'s Snapchat, and ByteDance's TikTok.

California state court filings portray the plaintiff, identified only as R.K.C., as first using social media at about age 8. He says he became addicted, lost sleep, and developed depression and anxiety.

Terms of the agreement between YouTube and the teenager were not disclosed.

"YouTube's decision to resolve this case before having to face a jury speaks for itself," the plaintiff's attorneys, John Morgan and Emily Jeffcott, said. "We will continue fighting on behalf of all those affected by social media addiction to bring these companies to justice and compel them to prioritize the safety of their young users over their bottom lines."

Meanwhile, Google spokesperson Jose Castaneda noted the company's continuing work on safety tools.

"Our focus remains on building age-appropriate products and parental controls that deliver on that promise," he said in a statement.

The settlement follows a March verdict in a separate California case, in which a jury determined that Meta and Google were negligent after a young woman alleged that attention-grabbing design features on YouTube and Instagram played a role in her addiction.

Meta was instructed to pay $4.2 million in damages, and Google $1.8 million. A judge dismissed the companies' request to set aside the verdict earlier this month.

More than 3,300 lawsuits regarding addiction claims against social media companies are pending in California state court. Another 2,600 cases brought by individuals, school districts, municipalities, and states are pending in federal court in California.

States Pursue Claims

In May, a Kentucky school district settled with Meta, Snap, TikTok, and YouTube before trial. The companies paid the district $27 million in total.

A jury in New Mexico ordered Meta in March to pay $375 million after finding that the company misrepresented the safety of its platforms for young users.

Nearly every state has filed lawsuits in local courts alleging that the companies misrepresented platform safety for young users and created services to addict children.

The July trial in California is the second in state court to test claims that social media platforms are intentionally engineered to be addictive and that this design has played a role in a youth mental health crisis.

Plaintiffs argue that attention-grabbing design features and other elements ensure that young users are engaged to an excessive degree, contributing to mental health problems.

Defense arguments in previous proceedings have pointed to other potential causes for the difficulties experienced by young people, including family circumstances and individual factors.

Reuters contributed to this report.

Tyler Durden Thu, 06/25/2026 - 20:05

China Eyes Iran's Postwar Reconstruction In Bid To Lock Up Future Oil Supplies

Beijing is positioning itself to lead the post-war reconstruction effort in Tehran - a move analysts suggest could secure China long-term access to critical Iranian oil reserves.

The diplomatic groundwork was laid during a recent meeting in New Delhi between Chinese Foreign Minister Wang Yi and the deputy secretary of Iran's Supreme National Security Council, according to Nikkei Asia. The talks underscore China's broader strategy to expand its economic and diplomatic footprint in the Middle East amid the vacuum left in the wake of one failed US regime change and occupation war after another.

According to the report, Wang signaled Beijing's long-term commitment to the Islamic Republic in the wake of prior weeks of heavy US-Israeli bombing, stating that: "China will continue to provide assistance to Iran while supporting reconstruction and peacebuilding efforts in the region."

via Reuters

To date, China's official involvement has largely centered on humanitarian logistics - at least according to its public-facing narrative.

This includes an upcoming deployment of emergency medical supplies to Lebanon, following recent Israeli military strikes in the country. However, observers note that the transition from humanitarian relief to large-scale infrastructure development is a key mechanism for Beijing to solidify energy security.

Nikkei Asia has issued the following commentary on China's long-term plans in the Middle East:

Some observers argue that the U.S.-Iran war has strengthened Beijing's presence in the Middle East. Rumi Aoyama, a professor at Japan's Waseda University specializing in Chinese diplomacy, called China a "central hub where information on the situation in the Middle East was concentrated."

China has dialogue channels with both Washington and Tehran, and it enjoys friendly ties with mediator Pakistan as an arms supplier. The Iranian and Pakistani foreign ministers frequently visited China during negotiations on ending the war to report on the situation.

The Iran war may also have worked to Beijing's advantage in its dealings with Washington. With the U.S. prioritizing that conflict, it has been forced to ease up its pressure on China with regard to security and trade.

Yet Beijing has still welcomed the memorandum of understanding toward ending the war because stability in the Middle East is crucial for its energy security. Higher fuel and material prices caused by the war have dealt a blow to the Chinese economy.

Tehran, facing severe economic devastation and isolation from Western markets, has welcomed the Chinese overtures. High-level Iranian officials have made it clear they view Beijing not merely as an investor, but as a strategic anchor - akin to how defense ties with Russia have rapidly improved.

China has long been seen by outside observers as focusing on its soft power, such as through Xi's Belt and Road Initiative.

While Western policy has relied heavily on military intervention, Beijing is leveraging capital and reconstruction agreements to cement its influence over the Persian Gulf's energy infrastructure.

As we noted previously, China - the world’s largest oil importer - sharply reduced crude imports after the conflict erupted in late February as prices initially spiked, sending oil imports to a 9 year low, a key reason why oil prices did not spike even higher in the past few months.

Also as Bloomberg has noted, the nation’s sustained slowdown in flows has brought into focus a nationwide shift away from fossil fuels that’s been driven by greater electrification.

Tyler Durden Thu, 06/25/2026 - 19:40

Chicago Teachers Seek Billions In Special Session For "What We Are Owed"

Authored by Jonathan Turley,

The Chicago Teachers Union (CTU) has long been one of the most radical labor organizations in the country from its insistence on teachers being subsidized in political protests to members praising the former Communist regime in Venezuela. Now, with the Illinois Federation of Teachers, the CTU is demanding yet another massive public infusion of money despite the dismal performance of its members in actually improving scores for Chicago children. They are calling for a special session and billions in more funding.

We have previously discussed how teacher unions have become virtual slush funds for Democratic Party operations, spending over a billion dollars on Democratic candidates and campaigns. In return, Democratic politicians have agreed to bloated pension and compensation packages that have driven cities and states into the red, particularly in Illinois.

It is a closed loop of influence and excess. The teacher unions funded Democratic campaigns and Democratic politicians then sign off on windfall union contracts without forcing any improvements for the actual students.

For these students, the system borders on the criminal. Rather than actually improve their educational results, the Chicago teachers (like unions and administrators in other cities) have lowered their proficiency standards. Even with that lowering, just 2 out of 5 children meet the lower proficiency standards. Forty percent of Chicago students are "chronically absent" from class.

According to the latest Illinois Report Card, 38% of the state's public school students demonstrated proficiency in math last year. 52% showed ELA proficiency.

Nevertheless, teachers demanded the right to join May Day protests during work hours to speak against immigration enforcement, billionaires, and oligarchs. They called on citizens to boycott stores to oppose the super-wealthy and billionaires.

They are now demanding a special session to fund what "we are owed."

Chicago Board of Education member Jitu Brown demanded "The $2 billion that we are owed just adequately funds, but when you are repairing harm you have to fund above and beyond." Brown called on Chicago Mayor Brandon Johnson, who was previously a Chicago teacher and is generally viewed as owing his election to the unions, to repeat his December 2025 $1 billion tax-increment-financing push for the Chicago Public Schools.

As always, the CTU and IFT President Stacy Davis Gates framed the demand in class-warfare terms, calling on Gov. J.B. Pritzker to convene a special legislative session to raise revenue from the "ultra-wealthy."

Of course, Pritzker did not respond by raising concerns about the dismal educational record for students, but by promising more money. While he acknowledged that they have increased spending every year, with the budget hitting $3 billion, he said the unions are right that they need even more money.

Notably, both the IFT and CTU are demanding that Pritzker reject a federal tax credit scholarship program that would provide tax credits for donations to scholarship organizations that fund education-related expenses for students in public, private, and homeschool settings.

The unions oppose any voucher system that would give poor families a real choice in seeking better education for their children. Both AFT president Randi Weingarten and NEA president Rebecca S. Pringle opposed voucher options.

Some of us have changed our views of vouchers in light of the stranglehold these unions have on public education.

Decades ago, my parents helped create an organization to stem the exodus of families from public schools and to reinforce academic standards in the Chicago Public School system. They convinced more families to remain in the system because they believed (as I do) that public schools can play a critical role in shaping citizens through diverse, shared experiences.

I was long skeptical of voucher systems because of that commitment to public education. However, teacher unions and administrators are destroying public education in America. They are treating families as captive audiences while infusing education with social and political agendas. The only way to break this decades-long cycle of failure, in my opinion, is to give families alternatives by allowing them to send their children to schools with core educational priorities (as opposed to advocacy).

Of course, none of this matters when teachers' unions are funneling over a billion dollars into Democratic campaign coffers. This is all part of a pay-to-play operation. The unions fund Democratic campaigns and then Democratic politicians fund bloated union contracts. Teachers then cycle some of this money back into Democratic campaigns in a self-perpetuating machine. The only losers are the taxpayers and, more importantly, the children.

Time to cue Pringle on using their massive political campaign chests to "win all the things":

Tyler Durden Thu, 06/25/2026 - 19:15

How Hakeem Jeffries Is In Big Trouble Politically After The Primaries

Tuesday night in New York City was no routine Democratic primary. Instead, it turned into a referendum on the Democratic Party itself, and the party lost.

Three socialist-backed candidates, backed by New York City Mayor Zohran Mamdani, won their races. The Democratic establishment got slaughtered, and the man left holding the wreckage is House Minority Leader Rep. Hakeem Jeffries (D-NY).

Every candidate Jeffries backed went down. That alone would be a bad night. What made it worse was the scene at the victory party for socialist-backed winner Claire Valdez, where the crowd erupted in boos when Jeffries's image appeared on screen, then broke into a chant: "You're next," a clear sign that his leadership position won't protect him from being a target of the Democratic Socialists of America Party.

The reaction from the crowd to @RepJeffries pic.twitter.com/hxqaFQCLdT

— katie honan (@katie_honan) June 24, 2026

The Republican National Congressional Committee read the room and sent Jeffries flowers and a condolence card. "Three losses in one night is tough," NRCC spokesman Mike Marinella said. "We wanted so-called 'Leader' Jeffries to know our thoughts are with him, his candidates, and whatever remains of his influence in the Democrat Party." When the opposition party is sending you sympathy arrangements, you've had a historically bad evening.

NEW: The @NRCC has delivered flowers and a condolences card to House Minority Leader Hakeem Jeffries (D-NY) DC office after the House candidates he endorsed lost to Mamdani-backed socialists in NY last night. NRCC statement to @FoxNews: "Three losses in one night is tough. We… pic.twitter.com/tBhVrRZYzH

— Bill Melugin (@BillMelugin_) June 24, 2026

The casualties weren't minor figures. Rep. Adriano Espaillat (D-N.Y.), a long-term incumbent who chaired the Congressional Hispanic Caucus, lost his seat. So did Rep. Dan Goldman (D-N.Y.), who built his national profile as lead counsel for House Democrats during Donald Trump's first impeachment. Goldman is no moderate, and was arguably a hero of the left for years, yet voters in his own district just showed him the door because Mamdani wanted someone else.

What Tuesday revealed is something the Democratic establishment has been reluctant to admit: its own primary voters have turned against it. These aren't Republicans crossing over to cause chaos. These are Democrat voters who want to torch the house from the inside, and are using the Democratic Party infrastructure to do it.

Former DNC chairman Jaime Harrison saw it clearly enough to say something about it. "I say this with no ill will or animosity: if you hate the Democratic Party, then please don't run for our nomination," Harrison wrote on X Tuesday night. "Don't use our resources. Don't rely on our volunteers. Don't use our infrastructure. Don't ask Democrats to invest their time, money, and energy in your campaign. Focus on building the party you actually support. Political parties aren't perfect, but they're built by millions of people who knock doors, make calls, organize meetings, and fight for the values they believe in. If you don't believe in the party, then don't ask its members to carry you across the finish line."

I say this with no ill will or animosity: if you hate the Democratic Party, then please don't run for our nomination. Don't use our resources. Don't rely on our volunteers. Don't use our infrastructure. Don't ask Democrats to invest their time, money, and energy in your campaign. Focus on building the party you actually support. Political parties aren't perfect, but they're built by millions of people who knock doors, make calls, organize meetings, and fight for the values they believe in. If you don't believe in the party, then don't ask its members to carry you across the finish line.

— Jaime Harrison (@harrisonjaime) June 23, 2026

Harrison is right about what's happening, even if his party built the conditions that made it inevitable. The Democratic Socialists of America have figured out a remarkably efficient strategy of running as insurgent candidates in Democratic Party primaries. They're parasites running on a host they intend to replace. And right now, they've got Jeffries in their crosshairs.

Jeffries survived Tuesday's primaries because nobody ran against him. But the DSA has now demonstrated it can knock off a caucus chairman and a nationally known impeachment lawyer in a single night. An emboldened socialist movement likely won't let Jeffries coast through the next cycle without a primary challenge. The "You're next" chant wasn't an empty slogan, but a promise.

The broader implications extend well past New York. Socialist candidates winning primaries in deep blue districts may feel like a local story, but the pull it exerts on the national party is real. Every time the Democrats lurch further left to appease their activist base, they surrender more ground with the centrist voters they need to appeal to nationally to win elections. The American electorate outside deep blue cities like New York City is not particularly receptive to socialism, and Republicans will spend the next two years making sure voters in swing districts understand exactly what the Democratic Party now stands for.

Jeffries entered Tuesday as the leader of House Democrats and the presumptive future Speaker. He exited it as a man his own base wants to bury. That's a hard thing to recover from, and the people who want him gone are just getting started.

Tyler Durden Thu, 06/25/2026 - 18:50

Generational Crisis! Nearly A Third Of US Adults Under 35 Are Still Living With Their Parents

Authored by Michael Snyder via The Economic Collapse blog,

Americans that are over the age of 55 control approximately 73 percent of all wealth in the United States.

Americans that are age 55 or younger control just 27 percent of all wealth in the United States.

Never before in history has there been a generational divide of this magnitude.

One of the reasons why there is such a generational divide is because housing has become so insanely unaffordable. If you purchased a home 20 or 30 years ago, it has appreciated in value a great deal and you are sitting pretty. But many young adults today look at current housing prices and wonder how they will ever be able to buy a home.

During the pandemic, we witnessed a surge of young adults moving back in with their parents.

But once the pandemic was over, things were supposed to go back to normal.

Unfortunately, that never happened.

In fact, the percentage of young adults that are living with their parents is now higher than it was at any point during the pandemic…

A record 25.2 million adults under 35 lived with their parents in 2025, according to new research from Realtor.com®. That’s nearly 1 in 3 young adults and higher than even the pandemic-era count—but the more surprising finding is just how many of them were working.

“Roughly 70% of 25- to 34-year-olds living with parents are employed,” says Hannah Jones, senior economist at Realtor.com and author of the report. “That share held steady even as the overall co-residence rate has climbed—meaning the growth is coming from working adults, not people waiting to find jobs.”

The finding challenges one of the most persistent narratives about adults living at home today: that they’re simply languishing in a tepid job market and failing to launch.

We have tens of millions of young adults that cannot form their own households.

That is a major national crisis.

A lot of those young adults would love to move out and live on their own, but home prices are simply way too high…

The report said that the median prices for new and existing homes are both over $400,000 and that existing home prices have risen 54% since 2020 and are about 5-times the median income – a level well above the ratio of 3-times that prevailed in the 1990s.

Mortgage rates are over 6%, which makes the payment on a median-priced home $3,100 in the fourth quarter of 2025, up from $1,700 in early 2020. That has pushed the income needed to afford that payment to more than $120,000 – a significant increase from $66,000 in 2020.

In 1975, the median home price in the United States was under $40,000.

But now it is over $400,000.

That is how much the purchasing power of our money has declined.

And we are being warned that housing affordability is “unlikely to return to more favorable levels of the past”…

The affordability of the U.S. housing market may not improve significantly over time for would-be homebuyers, with a new report suggesting that they shouldn’t wait in the hopes of affordability measures returning to their pre-2022 levels.

Sarah Wolfe, a senior economist and strategist at Morgan Stanley, said in a report that while housing affordability could improve modestly over time, it is “unlikely to return to more favorable levels of the past, as the market adjusts to a higher-cost, tighter-supply environment.”

That is quite sobering.

I guess our young adults are just out of luck.

At this stage, it is being projected that the median home price in this country will hit a million dollars by 2050…

According to new projections from National Association of Realtors (NAR) chief economist Lawrence Yun, the national median home price is on track to hit $1 million by 2050 — just as millennials reach the traditional retirement age.

“Essentially, in about 25 years the national median home price will be a million dollars,” Yun said at a conference in Washington, D.C., on Tuesday. “It may be hard to envision that, but back in 1990, the national median price was $90,000.”

Many of those that are on the outside looking in may remain in that position permanently.

Meanwhile, the middle class continues to shrink as large employers eliminate good paying jobs all over the nation.

Today, we learned that U.S. factories are laying off workers at a frightening pace…

Job cuts at U.S. factories ran near their highest levels since the end of the global financial crisis in 2009 and the Covid-19 pandemic as worries grew over global demand and rising costs, S&P Global reported Tuesday.

Though the firm’s manufacturing index ran better than expected for June, it came largely from an inventory rebuild and despite sharp job cuts that were the most since 2009 — excluding the massive labor reductions at the onset of the Covid crisis in 2020.

And our most prominent tech companies continue to mercilessly slash payrolls.

For example, it is being reported that Oracle has given the axe to 21,000 highly paid workers over the past year…

Oracle shed 21,000 jobs, almost 13% of its workforce, in the past year, as tech giants carry out sweeping layoffs as a result of AI.

The company’s total workforce stands at 141,000 full-time employees as of May 2026, it said in its annual regulatory filing on Monday. That’s down from 162,000 employees at the same time the previous year. This represents an almost 13% cut in its total workforce.

Almost every big tech company that you can name has laid off workers within the past 12 months.

Once upon a time Electronic Arts was doing really well, but now they are conducting yet another round of job cuts…

Electronic Arts has undergone yet another round of layoffs, seemingly impacting its recruitment, customer support, trust and safety, and IT teams.

Kotaku has learned about these layoffs both from sources aware of the situation as well as 12 separate public postings from individuals impacted by the layoffs. The total number of impacted employees is unknown, but Kotaku has found online postings both from people formerly in several remote roles in the U.S. as well as a number of laid-off individuals from EA’s office in Hyderabad, India. Multiple individuals laid off from the Hyderabad office had been with the company for more than ten years.

We are witnessing a tsunami of tech layoffs that seems to have no end.

Those were supposed to be the “jobs of the future” for our young people.

But now many of our young people are being ruthlessly replaced by AI.

An entire generation of Americans is deeply struggling, and that isn’t going to change any time soon.

Michael’s new book entitled “10 Prophetic Events That Are Coming Next” is available in paperback and for the Kindle on Amazon.com, and you can subscribe to his Substack newsletter at michaeltsnyder.substack.com.

Tyler Durden Thu, 06/25/2026 - 16:20

"Unlike Anything I've Seen In 40 Years": Explosion In Data-Centers And Memory Costs Fueling Third Inflation Wave

We're finally starting to see hints of relief when it comes to inflation. Prices at the pump are starting to come down, monthly core CPI momentum has slowed, used cars were down around 2% YoY, and food inflation is starting to moderate. On the other hand, there's America's massive explosion in artificial-intelligence infrastructure - which is beginning to push prices up on everything from electricity to smartphones.

On Thursday Apple announced a 15-25% price hike on Mac computers and iPads, after CEO Tim Cook told the Wall Street Journal that the jump in costs was "unlike anything he had seen in any area in over 40 years." An Apple spokesperson placed the blame on the "rapid expansion of AI data centers, which has created an extraordinary surge in demand for memory and storage," causing component prices to surge.

Elon Musk agrees...

Tim Cook, who told The Wall Street Journal that the jump in costs was unlike anything he had seen “in any area in over 40 years.”

Biggest price jump in anything I’ve ever seen too. https://t.co/aypJGgssnN

— Elon Musk (@elonmusk) June 25, 2026

As the Wall Street Journal notes; 

The money pouring into the AI arms race is unprecedented. Analysts peg capital spending at five of the so-called hyperscalers—Alphabet, Amazon, Meta Platforms, Microsoft and Oracle—at $741 billion this year, according to FactSet, up nearly 75% from last year.

Where is all that money going? While much of the conversation is focused on what AI can do, the build-out itself is strikingly physical, said Columbia University economist Stijn Van Nieuwerburgh. -WSJ

AI data centers require specific, sophisticated equipment to ensure cool, stable operation - as well as electric and fiber-optic cables and backup generators in order to keep them running 24-7. According to the report, Van Nieuwerburgh estimates that the AI buildout could cost somewhere in the range of $8 trillion over the next six years. As such, the demand for components shared throughout the economy (memory, for example), the effects are now trickling down to consumer electronics - like iPads. Other companies such as Nintendo, Microsoft and Sony have all raised prices on devices. 

According to the Labor Department, consumer prices for computer software and accessories were up around 15% from a year earlier in May, while the Department's measure of wholesale electronic components and accessories shot up 27% from a year earlier last month. 

 When it comes to electricity - the price began to rapidly increase during covid - and it's now slingshotting even higher. Note the rate of change in the lower panel. 

According to Goldman, data centers will account for nearly half of US growth in power demand through 2030 - and see consumer electricity prices rising around 6% annually in 2026 and 2027. 

The Journal also notes that while tariffs and oil were one-time economic shocks, the AI shock to demand could persist for years. 

That dynamic is reflected in the rally in the shares of chip stocks, which have moved sharply higher on investor expectations of sharply higher demand. Even with a sharp selloff this week, the PHLX Semiconductor Index is up about 150% over the past year.

Of course, more than just chips go into data centers. And like chips, a lot of the other things that go into building and running a data center are used widely across the economy. That could raise costs for a variety of businesses, which may then try to recoup those costs by charging consumers higher prices.

In some instances, the AI build-out could also add to labor costs. Wages for workers who are in demand from data-center construction have been picking up: Average hourly earnings for electrical and wiring-installation contractors were up 6.5% in April from a year earlier, which compared with 3.6% for all private-sector workers. -WSJ

Still, economics aren't predicting an AI-fueled inflation surge like we saw during Covid. 

On The Other Side Of This - Disinflation?

In November, now-Fed Chairman Kevin Warsh wrote in a WSJ op-ed that "AI will be a significant disinflationary force, increasing productivity and bolstering American competitiveness," arguing "productivity improvements should drive significant increases in real take-home wages. A 1-percentage-point increase in annual productivity growth would double standards of living within a single generation." 

Yet, UBS economists think that the delta between the current building frenzy and AI lowering prices will be at least a couple of years. 

According to a Monday survey by the National Association for Business Economics, 81% of those polled said the AI build-out will add to inflation over the next year.

"In the first phase of any major technological revolution, you tend to have a strain on limited resources, and that tends to put upward pressure on prices," EY-Parthenon chief economist Gregory Daco - president of NABE - told The Journal. 

TL;DR - the AI build-out may keep inflation broadly elevated, and at some point it may all be worth it in the form of disinflationary productivity. Then again, who's going to buy anything when tens of millions are without jobs that are now done by AI?

Tyler Durden Thu, 06/25/2026 - 15:40

"Unlike Anything I've Seen In 40 Years": Explosion In Data-Centers And Memory Costs Fueling Third Inflation Wave

We're finally starting to see hints of relief when it comes to inflation. Prices at the pump are starting to come down, monthly core CPI momentum has slowed, used cars were down around 2% YoY, and food inflation is starting to moderate. On the other hand, there's America's massive explosion in artificial-intelligence infrastructure - which is beginning to push prices up on everything from electricity to smartphones.

On Thursday Apple announced a 15-25% price hike on Mac computers and iPads, after CEO Tim Cook told the Wall Street Journal that the jump in costs was "unlike anything he had seen in any area in over 40 years." An Apple spokesperson placed the blame on the "rapid expansion of AI data centers, which has created an extraordinary surge in demand for memory and storage," causing component prices to surge.

Elon Musk agrees...

Tim Cook, who told The Wall Street Journal that the jump in costs was unlike anything he had seen “in any area in over 40 years.”

Biggest price jump in anything I’ve ever seen too. https://t.co/aypJGgssnN

— Elon Musk (@elonmusk) June 25, 2026

As the Wall Street Journal notes; 

The money pouring into the AI arms race is unprecedented. Analysts peg capital spending at five of the so-called hyperscalers—Alphabet, Amazon, Meta Platforms, Microsoft and Oracle—at $741 billion this year, according to FactSet, up nearly 75% from last year.

Where is all that money going? While much of the conversation is focused on what AI can do, the build-out itself is strikingly physical, said Columbia University economist Stijn Van Nieuwerburgh. -WSJ

AI data centers require specific, sophisticated equipment to ensure cool, stable operation - as well as electric and fiber-optic cables and backup generators in order to keep them running 24-7. According to the report, Van Nieuwerburgh estimates that the AI buildout could cost somewhere in the range of $8 trillion over the next six years. As such, the demand for components shared throughout the economy (memory, for example), the effects are now trickling down to consumer electronics - like iPads. Other companies such as Nintendo, Microsoft and Sony have all raised prices on devices. 

According to the Labor Department, consumer prices for computer software and accessories were up around 15% from a year earlier in May, while the Department's measure of wholesale electronic components and accessories shot up 27% from a year earlier last month. 

 When it comes to electricity - the price began to rapidly increase during covid - and it's now slingshotting even higher. Note the rate of change in the lower panel. 

According to Goldman, data centers will account for nearly half of US growth in power demand through 2030 - and see consumer electricity prices rising around 6% annually in 2026 and 2027. 

The Journal also notes that while tariffs and oil were one-time economic shocks, the AI shock to demand could persist for years. 

That dynamic is reflected in the rally in the shares of chip stocks, which have moved sharply higher on investor expectations of sharply higher demand. Even with a sharp selloff this week, the PHLX Semiconductor Index is up about 150% over the past year.

Of course, more than just chips go into data centers. And like chips, a lot of the other things that go into building and running a data center are used widely across the economy. That could raise costs for a variety of businesses, which may then try to recoup those costs by charging consumers higher prices.

In some instances, the AI build-out could also add to labor costs. Wages for workers who are in demand from data-center construction have been picking up: Average hourly earnings for electrical and wiring-installation contractors were up 6.5% in April from a year earlier, which compared with 3.6% for all private-sector workers. -WSJ

Still, economics aren't predicting an AI-fueled inflation surge like we saw during Covid. 

On The Other Side Of This - Disinflation?

In November, now-Fed Chairman Kevin Warsh wrote in a WSJ op-ed that "AI will be a significant disinflationary force, increasing productivity and bolstering American competitiveness," arguing "productivity improvements should drive significant increases in real take-home wages. A 1-percentage-point increase in annual productivity growth would double standards of living within a single generation." 

Yet, UBS economists think that the delta between the current building frenzy and AI lowering prices will be at least a couple of years. 

According to a Monday survey by the National Association for Business Economics, 81% of those polled said the AI build-out will add to inflation over the next year.

"In the first phase of any major technological revolution, you tend to have a strain on limited resources, and that tends to put upward pressure on prices," EY-Parthenon chief economist Gregory Daco - president of NABE - told The Journal. 

TL;DR - the AI build-out may keep inflation broadly elevated, and at some point it may all be worth it in the form of disinflationary productivity. Then again, who's going to buy anything when tens of millions are without jobs that are now done by AI?

Tyler Durden Thu, 06/25/2026 - 15:40

China's YMTC Global NAND Market Share Surges To 13%, Now Tied With Sandisk

Yangtze Memory Technologies Corporation (YMTC), China's largest maker of NAND flash memory which is breathing down Sandisk's neck in global sales, and which is widely expected to IPO soon after China's DDR giant CXMT goes public in the coming weeks, has increased its global NAND flash memory market share from 8% in the same period in 2025 to 13%, Kuai Technology reported citing the latest Counterpoint research report.

According to Counterpoint, Samsung ranks first in the global NAND market with a 29% revenue share, followed by SK Hynix at 18%, while YMTC ranks fifth, tied with Sandisk, and is about to tie Japan's Kioxia for fourth position in global marketshare. YMTC increased its market share to 13% from 8% in Q1 2025, boosted by memory shortages and rising prices.

The Wuhan-based YMTC has recorded double-digit growth for three consecutive quarters, with revenue reaching $2.6 billion in the first quarter of 2026, up nearly 445% year-on-year.

Major Korean players such as Samsung and SK Hynix said that the pace of Chinese memory chipmakers’ catch-up has exceeded expectations.

According to the latest report from market research firm Counterpoint Research, YMTC has become the fastest-growing company in the global NAND market. Korean industry insiders believe that its rapid expansion in both technology and production capacity is directly threatening the market positions of Samsung and SK Hynix.

Amid the global shortage for DDR and NAND ram, China is rapidly emerging as the biggest wildcard. With both CXMT and YMTC expected to go public shortly and raise billions in new capital, expect China to aggressively pursue market share in the only way that China knows how: by aggressively undercutting all its competitors on price. 

In April, DigiTimes reported that YMTC passed Apple’s verification test and will begin supplying storage chips for the company in May. YMTC would become the first Chinese company to supply Apple with NAND chips, and Apple’s third flash memory chip supplier after US-based Kioxia and Korea-based SK Hynix.

A report by Bloomberg said that Apple has been testing chips from Yangtze Memory for months, but the deal has yet to be confirmed, with Apple currently weighing different options. In light of the recent price increases by Apple, one can be absolutely certain that Apple will announce - in weeks if not days - a major commercial partnership with YMTC which will aggressively undercut all of its flash competitors on price as it sees to catch up to Korean giants Samsung and SK Hynix. 

Tyler Durden Thu, 06/25/2026 - 15:00

China's YMTC Global NAND Market Share Surges To 13%, Now Tied With Sandisk

Yangtze Memory Technologies Corporation (YMTC), China's largest maker of NAND flash memory which is breathing down Sandisk's neck in global sales, and which is widely expected to IPO soon after China's DDR giant CXMT goes public in the coming weeks, has increased its global NAND flash memory market share from 8% in the same period in 2025 to 13%, Kuai Technology reported citing the latest Counterpoint research report.

According to Counterpoint, Samsung ranks first in the global NAND market with a 29% revenue share, followed by SK Hynix at 18%, while YMTC ranks fifth, tied with Sandisk, and is about to tie Japan's Kioxia for fourth position in global marketshare. YMTC increased its market share to 13% from 8% in Q1 2025, boosted by memory shortages and rising prices.

The Wuhan-based YMTC has recorded double-digit growth for three consecutive quarters, with revenue reaching $2.6 billion in the first quarter of 2026, up nearly 445% year-on-year.

Major Korean players such as Samsung and SK Hynix said that the pace of Chinese memory chipmakers’ catch-up has exceeded expectations.

According to the latest report from market research firm Counterpoint Research, YMTC has become the fastest-growing company in the global NAND market. Korean industry insiders believe that its rapid expansion in both technology and production capacity is directly threatening the market positions of Samsung and SK Hynix.

Amid the global shortage for DDR and NAND ram, China is rapidly emerging as the biggest wildcard. With both CXMT and YMTC expected to go public shortly and raise billions in new capital, expect China to aggressively pursue market share in the only way that China knows how: by aggressively undercutting all its competitors on price. 

In April, DigiTimes reported that YMTC passed Apple’s verification test and will begin supplying storage chips for the company in May. YMTC would become the first Chinese company to supply Apple with NAND chips, and Apple’s third flash memory chip supplier after US-based Kioxia and Korea-based SK Hynix.

A report by Bloomberg said that Apple has been testing chips from Yangtze Memory for months, but the deal has yet to be confirmed, with Apple currently weighing different options. In light of the recent price increases by Apple, one can be absolutely certain that Apple will announce - in weeks if not days - a major commercial partnership with YMTC which will aggressively undercut all of its flash competitors on price as it sees to catch up to Korean giants Samsung and SK Hynix. 

Tyler Durden Thu, 06/25/2026 - 15:00

Apple, Microsoft Tumble On Abrupt Price Hikes Amid Chip-Crunch Contagion; Wall Street Responds

Summary:

• Memory Chip Crunch Crisis May Unleash Flood Of Consumer Device Companies Hiking Prices 
• Microsoft Hikes Prices on Xbox 
• Apple Hikes Prices on Macs and iPads

Wall Street Responds To Apple Hikes 

Apple shares were down 5.5% in late-afternoon trading, on track for their largest intraday decline in 15 months, as the stock tumbled into correction territory. Shares are now down about 14% from their early June peak near $317.

Investors appear spooked by Apple's rare overnight price hike, which boosted Mac computers by 15% to 20% and iPad prices by 15% to 25%.

An Apple spokesperson said that "the rapid expansion of AI data centers has created an extraordinary surge in demand for memory and storage" and that the company has "never seen a component price increase this much, this quickly."

JP Morgan equity research analyst Samik Chatterjee offered clients three takeaways from Apple's price hikes:

1. Higher-than-expected magnitude of price increases on announced SKUs could drive pressure on volume expectations for Macs and iPads, which have been able to deliver robust share gains recently with Apple delaying price increases relative to competition.

2. The magnitude of the price increases announced leads us to believe that our earlier expectations for a mid-single-digit increase in iPhone pricing in conjunction with an announced launch in September is likely to be too optimistic, although we still expect Apple to use additional levers to limit the magnitude of price increases on iPhones with greater volume and installed base implications relative to the price increase announced today

3. The company continues to balance market share, revenue growth, and profitability objectives, which should reassure investors around the resilience of earnings growth drivers.

Price Hikes:

Wedbush analyst Dan Ives noted, "While Apple is well known for using its huge memory and storage purchases as leverage to secure low prices, the current memory price increases have forced Apple's hand to raise prices, but we believe the company is in a strong position to increase prices without sacrificing hardware performance and risking increasing customer churn given the company's increasing focus on the higher-end consumer." 

UBS analyst David Vogt also responded to the price hikes, telling clients that while no new iPhone price adjustments were announced on Thursday, there is reason to believe that "iPhone price increases are likely in the fall."

Vogt explained:

We expect iPhone price increases in the fall but likely flows in FY27 ests In conjunction with the expected launch of new iPhones in the fall, we expect Apple to lift effective prices anywhere from $50 to $100 along with possibly changing specs to offset the share rise in DRAM and NAND. For a typical $1,000 iPhone, memory was around $50 to $60 or a mid-single digit % of the BOM before the sharp rise in memory prices. With normalized/blended iPhone gross margins in the low 40s% range prior to recent memory dynamics, memory related BOM depending on the nature of LTAs could now be ~20% implying a broad based price increase approaching $100 could be an offset, hence we forecast 'Product' gross margin stability in FY27 in the 37-38% range.

Beyond Apple's price hikes on Thursday, Microsoft also raised prices on Xbox consoles, suggesting the memory-chip squeeze can not be contained by big tech consumer device companies. MSFT shares were down around 2.4% in late afternoon trading. 

We expect more device makers heavily exposed to memory chip price volatility to adjust prices in the coming weeks and months, especially given the chip crunch will persist through year's end.

Apple Price Shock: Macs And iPads Jump $200 Or More As Memory Crisis Worsens

Readers were warned as early as late January to front-run the coming memory shortage by purchasing their favorite electronics, whether PCs, laptops, TVs, smartphones, or anything else dependent on high-end memory chips, as unprecedented data-center demand was already beginning to emerge.

Fast forward nearly five months, and just two weeks after Apple CEO Tim Cook warned that "price increases are unavoidable" for laptops and other devices, a Wall Street Journal report has confirmed that those hikes have now been passed along, potentially delivering sticker shock to customers.

Here's what happened earlier: The Apple Online Store briefly went down, and when it came back online, prices for Mac computers jumped 15% to 20%, while iPad prices increased 15% to 25%.

The company briefly took down its Apple Online Store early this morning as it typically does when announcing new products. When it came back online, the price tags for Mac computers rose roughly 15% to 20% and iPad prices rose 15% to 25%. Among the price increases, the base MacBook Air rose $200 to $1,299; the base MacBook Pro increased $300 to $1,999; the entry-level MacBook Neo increased $100 to $699. The iPad Air increased $150 to $749 and the iPad Pro increased $200 to $1,199. -WSJ

Vision Pro became even more unaffordable.

*APPLE RAISES VISION PRO HEADSET PRICE TO $3,699 FROM $3,499

*APPLE HOMEPOD NOW $349, HOMEPOD MINI IS $129, APPLE TV TO $199

— zerohedge (@zerohedge) June 25, 2026

However, iPhone prices remained unchanged, but the company told the outlet in a statement that additional price hikes could be on the way.

"We have now reached a point where we need to begin raising prices," Apple said in the statement. "We have never seen a component price increase this much, this quickly."

An Apple spokesperson placed the blame on the "rapid expansion of AI data centers, which has created an extraordinary surge in demand for memory and storage," and this is why component prices surged.

Earlier this month, Cook told WSJ that price increases had become "unavoidable" because of higher component costs, adding, "There's less supply at a time when consumers want devices, and the memory guys are passing along huge price increases."

Apple has historically revealed price hikes with new launches of iPhones, iPads, and other devices, making this overnight price hike extraordinarily rare.  

The high-end chip market is dominated by US-based Micron and South Korea's SK Hynix and Samsung, which have all seen massive demand for high-bandwidth memory from AI "hyperscalers" such as Google, Meta, and Amazon.

Apple's price hikes come hours after Micron delivered blowout quarterly earnings, touting gross profit margins that topped 80%. Shares soared nearly 18% in premarket trading.

Micron executives told investors that "tight conditions" will persist beyond 2027 and that only suggests further price hikes are coming not just for Apple but also for other major big tech firms that sell devices.

Micron Chief Business Officer Sumit Sadana said in a WSJ interview last night that "a couple of the customers who were being very aggressive with pricing at that time were not constructive," without naming Apple...

Sadana noted, "A lot of the industry investments got shut down in 2023 because of really poor pricing and really poor margins."

A recent Morgan Stanley note found that memory prices have climbed sixfold over the past year, with new manufacturing capacity likely to take years to build and ramp up.

The iPhone price hike may be unavoidable: JPMorgan analysts estimate DRAM and NAND could jump from roughly 10% to 15% of an iPhone's total component cost today to more than 45% by 2027.

Memory price spikes are already showing up in the Producer Price Index for semiconductor and other electronic component manufacturing.

At what point does Trump start raging at soaring memory prices

PPI Electronic Components is pulling entire core index higher pic.twitter.com/v9ufHmx0gG

— zerohedge (@zerohedge) June 11, 2026

... and at what point does President Trump start raging at memory prices, just as his administration has successfully sent oil prices crashing by entering a diplomatic phase with Tehran to secure a permanent peace deal?

Tyler Durden Thu, 06/25/2026 - 14:50