Individual Economists

10 Sunday Reads

The Big Picture -

Avert your eyes! My Sunday morning look at incompetency, corruption and policy failures:

Criminal Deception in Silicon Valley: With entrepreneurial fraud cases on the rise, we investigate how entrepreneurs carry out criminal deception, employing deceptive means to defraud audiences. Analyzing court data from Silicon Valley ventures and their founders prosecuted for fraud between 2000 and 2023, our findings reveal that entrepreneurs carry out criminal deception through a process of façading: Entrepreneurs construct, perform, and protect illusory appearances (façades) that externally project high-growth performance to audiences while masking ventures’ actual underperformance. An Organization Science paper extending the cultural-entrepreneurship literature — how founders craft compelling narratives to acquire resources, and where dramatized discourse crosses into fraud. (Organization Science)

How rogue officers turned a nationwide camera network into a tool for stalking: Flock’s array of license-plate cameras was built to fight crime. But at least 50 law enforcement officers were charged with or accused of misusing it and other systems. Drew Harwell on Flock’s license-plate cameras, built to fight crime — and the at least 50 law enforcement officers charged with or accused of misusing them, including to spy on their exes. (Washington Post)

A Civilian Plane Crashed in New Mexico. Was the Military’s Tech to Blame?: Jeff Wise on a medevac flight out of Roswell and how drone warfare is making the skies more dangerous, even for airplanes far from any battlefield. Drone warfare is making the skies more dangerous, even for airplanes far from the battlefield. (Wired)

• How the Reflecting Pool Came to Mirror Trump’s Washington: The New York Times on the canoe incident’s afterlife — how a shallow pool on the National Mall became the perfect metaphor for a capital where every symbol is contested and every stunt is a federal case. (New York Times)

• REVEALED: The Scope of ICE’s Surveillance of Its Online Critics: Talking Points Memo on the documents showing ICE monitoring journalists, activists, and ordinary critics. (Talking Points Memo) see also How ICE Is Weaponizing Social Media Against Its Critics: The Wall Street Journal’s parallel investigation — the agency is building cases from posts, likes, and follower lists. Agency says its surveillance program searches for threats to agents, but critics see free-speech infringements (Wall Street Journal)

How predatory trade schools drained $300 million from the GI Bill and cheated veterans: The institutions defrauded Veterans Affairs while cheating thousands out of career training, with some offering training on how to grow grass and make fake rocks, a Post investigation found. The Washington Post’s investigation into the schools charging veterans huge sums to learn how to grow grass and make fake rocks — the GI Bill grift at industrial scale. (Washington Post)

• Blanche Privately Vows to Take Down Abortion Rights Next: The New Republic reports on the AG nominee’s private assurances to conservative groups — the public confirmation-hearing moderation is not the private agenda. (New Republic)

• The Cities That Said Yes to Drugs: Michael Powell walks a mile from downtown Seattle into Little Saigon and finds an open-air market of roughly 250 people at 12th and Jackson. A long look at what harm reduction has and hasn’t delivered. Policies that gave addicts clean needles and places to use drugs were intended to reduce harm. They created a “zombie apocalypse.” (The Atlantic)

• What Happened to Talenti?: Wirecutter investigates the gelato decline — the recipe changes, the shrinking jars, and the private-equity playbook applied to premium ice cream. The comment-section outrage was right. (Wirecutter)

One Night Only: An Honest Attempt to Understand the Ridiculous World of Callum Turner and Monica Barbaro’s New Rom-Com: Why are single people only allowed to have sex once each year? How on earth is that rule enforced? Is third base permitted? Pull up a chair—and get ready for a deep dive. (Vanity Fair)

Video of the day: The Watches We Were Wrong About

Be sure to check out our Masters in Business next week with Jack Raines, a writer and venture capitalist. We discuss his new book, Young Money.

 

AI Has Doubled Computing’s Share of U.S. GDP

Source: Paul Kedrosky

 

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The post 10 Sunday Reads appeared first on The Big Picture.

Ukraine Faces Growing Air Defense Crisis As Patriot Supplies Dwindle

Zero Hedge -

Ukraine Faces Growing Air Defense Crisis As Patriot Supplies Dwindle

Via RFE/RL,

  • Ukraine failed to intercept any of the 24 ballistic missiles and four Zircon cruise missiles Russia fired in the August 5 attack, underscoring the strain on its missile defenses.

  • U.S. Patriot availability has become a significant constraint after extensive interceptor use during the Iran conflict.

  • Kyiv is increasingly seeking European inventories, expanded production, and eventually licensed or joint Patriot manufacturing to secure its air defenses ahead of winter.

Ukraine's failure to intercept a single Russian missile during a large-scale overnight attack this week has raised fresh concerns over Kyiv's dwindling supply of air-defense interceptors as Moscow escalates its ballistic missile strikes on the nearly defenseless capital and other regions.

Ukrainian President Volodymyr Zelenskyy has warned that deliveries of anti-ballistic interceptor missiles from partner countries have fallen sharply, leaving Ukraine vulnerable to deadly attacks that are being launched by Russia with increasing frequency.

Following a meeting with Ukraine's military leadership on protecting critical infrastructure on August 2, Zelenskyy said Ukraine had received only a third as many air-defense interceptors this year compared to the same period in 2025.

"Our partners have the missiles. What is needed are the necessary political decisions on deliveries and on accelerating production, including localization in Ukraine," Zelenskyy said.

Latvian Foreign Minister Baiba Braze, who was in Kyiv during the most recent attack on August 5, condemned Russia's latest strikes, which lit up the late-night skies with balls of flames from massive explosions.

"It was a vile attack on Ukrainians. I was hiding in the shelter along with a number of them and admiring their resilience. Russia is a terrorist state and needs to be contained," she wrote on X.

Ukrainian Foreign Minister Andriy Sybiha also urged allies not to slow military assistance.

Speaking on August 5, he said:

"Russian strikes take no summer vacation; support for Ukraine and pressure on the aggressor must not pause, either. Every interceptor counts. They are life-saving tools."

US Stockpile Questions

Patriot interceptor missiles remain Ukraine's most effective defense against Russian ballistic missiles, but questions are growing over how many additional interceptors Washington can realistically provide.

Last week, the Center for Strategic and International Studies (CSIS) estimated that the United States has used more than half of its Patriot PAC-3 MSE and THAAD interceptor inventories during its military operations against Iran this year.

The report estimated that US stocks of Patriot PAC-3 MSE interceptors have fallen from more than 2,300 before the conflict, which began in February, to roughly 800, while THAAD interceptor inventories have been nearly halved.

Mark Cancian, a senior adviser with CSIS and co-author of the report, told RFE/RL that the shortages leave Washington with little flexibility to supply Ukraine.

"Ukraine will not be able to expect many interceptors -- or any interceptors -- from the United States for quite a while," Cancian said.

"The US has used extensively its own inventories.... We're down to about 800 or 900 [Patriot interceptors]. The war planners don't want to go below that, so it would be very difficult to provide any of those or any new production to Ukraine.”

Cancian said Ukraine may instead have to seek Soviet-designed S-300 missiles from countries that still operate the system and intensify efforts to destroy Russian missile launchers before they can fire.

His assessment contrasts with public assurances from the Trump administration.

CNN, citing unnamed officials, reported on August 4 that Patriot inventories had fallen to "dangerously low" levels. Defense Secretary Pete Hegseth rejected that report, calling it "fake news."

Just days earlier, the Pentagon announced agreements with Lockheed Martin and Northrop Grumman to expand production of Patriot PAC-3 and THAAD interceptors.

US President Donald Trump insisted early on August 6 that the United States has "massive" amounts of munitions.

Trump also had pledged to allow Ukraine to manufacture Patriot missile interceptors, only to appear to backtrack on that promise days later.

"Additionally, large amounts are being manufactured and shipped to the US as needed. Defense companies are building the largest number of plants and factories in our country’s history," he wrote on his Truth Social platform.

"The 'leakers' of these treasonous statements are being hunted down. Long term jail sentences will be sought!" he added.

However, US administration officials who spoke to RFE/RL on condition of anonymity said the CSIS estimates broadly reflect the current state of American interceptor inventories.

Cancian said rebuilding those stockpiles will take years despite efforts to accelerate production.

"The United States is expanding production," he said.

"Before the war in Ukraine, it was producing about 300 Patriot interceptors a year. Now we're up to about 600. We're trying to get to 2,000 a year, but that will take until at least 2030."

Even then, he said, Ukraine will have to compete with other US partners for new production.

"The Gulf states have used a lot of their Patriots [in the current Gulf conflict]. They want their inventories replenished, so there'll be a lot of competition for the new production. It may be four or five years before supply meets demand."

Risks For Ukraine

The prospect of fewer US interceptors raises immediate questions for Ukraine as Russia steps up missile attacks ahead of another winter.

Adding to the urgency, several media reports, including from Reuters, quoted Ukrainian military intelligence sources as saying a North Korean missile unit had begun deploying to western Russia and ‌could be equipped with up to 120 ballistic missiles and six launchers for attacks on Ukraine.

Kervin Aucoin, a US Army veteran and former military intelligence analyst, said reduced US inventories will inevitably affect Kyiv.

"It's not going to be none, but it will be far less than what Ukraine was expecting," Aucoin told RFE/RL.

Still, he argued that Ukraine has repeatedly adapted to changing battlefield conditions.

"Ukraine is doing a great job…. If they can't rely on the US, unfortunately, they will rely on their own resilience, and they will continue to succeed on the battlefield," he said.

Over time, he said, Ukraine may increasingly turn toward cheaper technologies, including drone-based air defense and laser systems, rather than relying primarily on costly Patriot interceptors.

Republican Senator Rick Scott of Florida, who chairs the Senate Armed Services Subcommittee, told RFE/RL he believes the White House remains committed to supporting Ukraine.

"When I talk to people in the White House, they are absolutely committed to supporting Ukraine. I'm confident they will provide Ukraine with the weapons it needs when it needs them."

Cancian also warned that depleted US inventories could influence how America's adversaries assess Washington's military readiness.

"China is what the United States is most worried about," he told RFE/RL.

"Using so many interceptors has created a window of vulnerability, and China might try to take advantage of that."

He added that Iran could reach similar conclusions: "Iran is certainly looking at this and thinking that the United States might be unwilling to recommence hostilities because of these growing shortages."

Ukraine Looks To Europe

With US supplies under pressure, Ukraine is increasingly looking to European allies.

US Ambassador to NATO Matthew Whitaker recently said Washington is exploring joint production of Patriot interceptors with Ukraine and European partners.

He stressed, though, that the immediate priority is to provide Ukraine with the air defense capabilities it needs to survive another winter, either from allies with excess interceptors or through increased production at US factories.

Kyiv has already begun that effort.

In early July, then-Defense Minister Mykhaylo Fedorov sent requests to nearly 40 countries seeking the temporary transfer of Patriot interceptors from existing inventories, proposing to replace them later with missiles from future production.

Ukraine has not disclosed which countries received the requests.

Within the European Union, a key provider of military assistance to Ukraine, seven countries operate Patriot systems: Germany, Poland, the Netherlands, Sweden, Greece, Spain, and Romania.

RFE/RL asked those governments on August 5 whether they would consider supplying additional interceptors following Ukraine's failure to intercept any Russian missiles during the overnight attack.

Germany declined to comment on operational matters, as did Romania, which called it a "matter of national security."

Sweden pointed to its contribution of an additional $108 million to the PURL initiative, bringing its total support for the program to $535 million.

The Netherlands has previously said it has already donated everything it could spare from its own Patriot inventories, and is providing Ukraine with around 3 billion euros per year in military aid until at least 2029.

"We have already delivered Patriots missiles and are currently unable to deliver more missiles from our existing stockpiles. At the same time, we are open to exploring any option that helps Ukraine protect its skies and people. Air defense has been a strong focus point of our military support and will continue to be so in the future,” the Netherlands Defense Ministry spokesman Kees Bakhuis told RFE/RL in a written statement on August 6.

Poland's Defense Ministry said all support requests from Ukraine are reviewed by the Polish Armed Forces and organizational units of the ministry as part of the country's comprehensive support -- from the donation of military equipment, to the training of Ukrainian soldiers, to extensive logistical support and medical support -- to Ukraine's Armed Forces.

RFE/RL asked Ukraine's ambassador to NATO, Alyona Hetmanchuk, about the state of negotiations with partner countries, but her response was not available as of publication.

Tyler Durden Sat, 08/08/2026 - 10:30

Oxford Union Debate Debacle Exposes The Real Limit Of Free Speech In Britain

Zero Hedge -

Oxford Union Debate Debacle Exposes The Real Limit Of Free Speech In Britain

Authored by Steve Watson via Modernity News,

In the heart of the Oxford Union, a supposed bastion of open debate, a single brown paper envelope triggered pure panic.

Commentator Laurence Fox stood to argue that the West is right to be suspicious of Islam. He held up the envelope and indicated it contained a cartoon of the prophet Muhammad. The chamber erupted in frantic attempts to stop him opening it. Rules were suddenly invoked. Relevance was questioned. Respect was demanded.

The Muslim president of the Union interjected that her very presence should have been enough to persuade Fox that Muslims believe in free speech.

"My wife asked me not to show this for fear of repercussions for my family," Fox said. "But I told her that if I did not, I would have submitted to Islam." He continued that the West should resist Islam "in the strongest terms on free-speech grounds alone."

Fox opened the envelope and revealed a cartoon of Rees-Mogg. Laughter and applause followed. The fear that had gripped the room evaporated the instant it became clear the image did not depict Muhammad.

In that moment the argument was settled more effectively than any speech could manage.

The debate took place under the motion "This House believes the West is right to be suspicious of Islam." Speaking for the motion were actor and free-speech campaigner Laurence Fox, Tommy Robinson, and writer Jonathan Sacerdoti. Against them stood Oxford Union president Arwa Elrayess, a 20-year-old Muslim of Palestinian heritage from Gaza, Rees-Mogg, and others. Outside, left-wing protesters tried to block entry. Inside, the atmosphere was already charged.

Fox made free speech the centrepiece of his case. He cited polling showing that 78 percent of British Muslims believe no publication should print pictures of Muhammad, rising higher among some groups. He noted that Britain had long abandoned its own blasphemy laws. Then he produced the envelope.

Jacob Rees-Mogg, speaking against the motion, reached for procedure, recalling that as a former Union librarian he believed props were against the rules. Others in the audience scrambled for any technicality that might prevent the image from appearing. The chair eventually ruled that props were permitted.

Jonathan Sacerdoti, who spoke alongside Fox that night, later described the episode in The Spectator. The opposition and their guests, he wrote, "squirmed in discomfort, terrified at the very suggestion a drawing of Mohamed might soon be unveiled."

When the real image appeared, the relief was palpable. "It seems we had found the limit of free speech they had all denied existed. That limit was Islam."

Elrayess had positioned herself as a defender of open debate by inviting the motion and the speakers in the first place. She told the chamber: "Free speech and debate is not something I do despite being a Muslim, it is something I do because of it."

Yet when the practical test arrived - the possibility of a Muhammad cartoon - the institutional machinery of the Union moved to stop it. The title of president was offered as proof of principle even as the principle itself was being restricted in real time.

Fox's point lands without further explanation: the taboo is real, the fear is real, and the clever arguments about compatibility evaporate the moment the cartoon is threatened.

This is not an abstract philosophical dispute. Britain has already seen teachers driven into hiding for showing Muhammad cartoons in classrooms. Publications and individuals face credible threats for the same act. The Oxford Union, with its historic claim to be a last redoubt of free speech, demonstrated in real time that the same constraint operates even among those who insist no such constraint exists.

Fox closed his demonstration with a clear declaration. "So it is in that spirit that I will not submit. I show you this as an Englishman who believes in free speech. I will not submit. I will not bow down." The image he actually showed was of a British politician. The image that produced terror was the one everyone understood could not be shown.

The motion was defeated in the chamber that night. The larger argument was not.

Free speech that collapses the moment it risks offending one particular religious sensitivity is not free speech at all. It is a managed privilege granted on condition of silence.

The Oxford Union's panicked reaction to a piece of paper proved the case more cleanly than any speech could. The West has every reason to notice when its most elite institutions flinch.

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 Sat, 08/08/2026 - 09:20

US Army's 400 Million Laser Deal Accelerates Race To Harden Bases From Kamikaze Swarms

Zero Hedge -

US Army's 400 Million Laser Deal Accelerates Race To Harden Bases From Kamikaze Swarms

Building on our investment theme that the US military is racing to harden its bases with counter-drone systems capable of defeating Group 1-3 drones, and potentially Group 4 threats, Bloomberg reported late in Friday's US cash session that the Army plans to purchase at least $400 million of AeroVironment's counter-drone laser systems, citing a person familiar with the deal.

The source told the outlet that the deal would provide the Army with dozens of LOCUST systems, which use artificial intelligence to track and identify small and medium-sized drones before human operators engage them with a high-energy laser.

AeroVironment's LOCUST system was originally developed by BlueHalo, which the defense firm acquired for about $4.1 billion in 2025. The latest LOCUST X3 uses a scalable 20-to-35-plus-kilowatt laser, AI-enabled detection and tracking software, and precision beam control to defeat Group 1-3 drones.

LOCUST can be deployed at fixed installations, including military bases, or mounted on tactical vehicles such as the Infantry Squad Vehicle and Joint Light Tactical Vehicle.

The economics of laser weapons are almost certainly a major focus among military planners. At roughly $5 per shot, compared with a $100,000 rocket or a million-dollar interceptor missile, lasers offer one of the most cost-effective ways to defeat Group 1-3 drones.

Drone Groupings (via Piper Sandler) 

The report sent AeroVironment's stock soaring nearly 8% during the final hour of Friday's US cash session. The shares have been cut in half since late 2025 but recently found support near the $140 level.

More broadly, the Goldman Sachs US Defense equity basket (GSXUDFNS) is also reversing higher after a five-month slump.

How to profit:

 . . . 

Tyler Durden Sat, 08/08/2026 - 08:45

MiB: Jack Raines, Young Money 

The Big Picture -



 

 

This week, I speak with Jack Raines, a writer and venture capitalist. We discuss his new book, “Young Money.” Jack dives into his unlikely journey into finance and venture capital. We discuss how his travels impacted the way he sees money and purpose for young people. He also reviews how to incorporate passion into your career and the impact it will have on your long-term finances.

A transcript of our conversation is available here Tuesday.

You can stream and download our full conversation, including any podcast extras, on Apple Podcasts, Spotify, YouTube (video), YouTube (audio), and Bloomberg. All of our earlier podcasts on your favorite pod hosts can be found here.

Be sure to check out our Masters in Business next week with Dr. Ankur Crawford, EVP and Portfolio Manager at Alger. She heads the firm’s flagship Alger Capital Appreciation strategies. She was an Engineer at Intel, won the Intel Ph.D. Fellowship, and was awarded fellowship Natl Academy of Sciences, Engineering & Medicine, and holds several U.S. patents.  She was recognized as a “Top Women in Asset Management” in 2020 and serves on the board of The Knowledge House, a Bronx-based charity teaching technology skills to underserved communities.

 

 

SPOTIFY EMBED

 

 

Current Reading/Favorite Books

 

 

 

The post MiB: Jack Raines, Young Money  appeared first on The Big Picture.

Teacher Exposes Chaos: Violence, Drugs, & Prostitution At 75% Migrant School In Germany

Zero Hedge -

Teacher Exposes Chaos: Violence, Drugs, & Prostitution At 75% Migrant School In Germany

Via Remix News,

A German teacher has described a secondary school in the Rhineland where violence, drug dealing, and severe behavioral problems have become part of everyday life, including one case in which a 15-year-old girl allegedly prostituted herself in the school toilets for drugs and money.

Speaking anonymously to Bild, special education teacher “Carola S.” said around 75 percent of students at her school have a migrant background, with many having arrived from Syria, Iraq, Afghanistan or Ukraine.

“It’s all blowing up in our faces,” she said.

“Every day is a challenge. Fights, shouting — this happens in the classroom and on the schoolyard,” she told the German tabloid.

“We are happy if we can teach for a few minutes at a time. Sometimes the police have to come several times a week.”

She said drugs are also dealt on school grounds and recalled an extreme case involving a 15-year-old pupil.

“A particularly egregious case involved a 15-year-old student who prostituted herself in the school toilets for drugs and money. She became pregnant and left the school.”

Carola said many newly arrived pupils initially speak little German and do not receive grades for their first two years. “After that, the students are graded regularly, but for many, their performance is still unsatisfactory. Some don’t return at all,” she said. “This year, almost 40 percent failed to obtain their secondary school leaving certificate.”

She also described clashes over cultural attitudes, including a Syrian father who objected to his son being taught by a woman.

“It is very difficult for us to reach these parents,” she said.

Carola said she was punched in the face just three weeks ago while attempting to intervene in a fight between pupils.

“I got caught in a fight between students and ended up with a split lip because a student punched me in the face during the scuffle,” she said.

She reported the incident to police, but said the case was subsequently closed.

“This is not an isolated incident. Some colleagues are openly insulted, threatened, or ambushed after school, and this isn’t even reported,” she added. “Many talk about not being able to do the job until retirement. We have a high rate of sick leave.”

The German Teachers’ Association has long accused politicians of failing to respond quickly enough. Its chairman, Stefan Düll, said back in 2024 that preventive measures, social work, school psychology and other support systems had failed to expand in line with demand.

“For too long, politicians have primarily acted reactively,” Düll said. He warned that Germany’s education system is being overwhelmed by immigration, arguing that large numbers of children entering schools with little or no German were placing an unsustainable burden on teachers.

“Due to immigration in 2015, the war in Ukraine and other immigration, new people are constantly coming into the system, but the system is slow to keep up because it is moving too fast,” he said at the time.

“The higher the percentage of immigrants, the more difficult it is to motivate the class.”

Recent incidents have added to concerns over conditions in German schools. In May, a 20-year-old Afghan was remanded in custody after allegedly sexually assaulting an 11-year-old girl inside a school restroom in Koblenz while a 19-year-old suspected accomplice allegedly held the child down.

That same month, authorities announced a regular police presence at the Karolina-Burger high school in Ludwigshafen following 118 criminal complaints, around 100 fire department call-outs and a succession of knife attacks, assaults and threats.

Teachers there had reported death threats including “I’ll shoot you all,” pupils attacking one another, and extensive vandalism. In one of the most serious cases, prosecutors said a 16-year-old girl attacked a teacher with a knife “with the intention of killing her.”

Concerns have also been raised over religious intimidation. In April, Berlin youth worker Wolfgang Büscher warned that some schools were producing what he described as “mini-Islamists,” with pupils allegedly pressuring Muslim and non-Muslim classmates to conform to strict religious practices.

Back in the Rhineland, Carola said teachers increasingly feel abandoned by authorities.

“No one from the school board ever shows up. They’ve left us to fend for ourselves,” she said.

“And then the politicians want to close the secondary schools. Where are the children supposed to go then?”

Read more here...

Tyler Durden Sat, 08/08/2026 - 08:10

EU Cohesion Breaks: Madrid Socialists Impose Border Protections Against Italians After Third World Invasion

Zero Hedge -

EU Cohesion Breaks: Madrid Socialists Impose Border Protections Against Italians After Third World Invasion

Update: Spain is to impose new border controls for flights and ships from Italy as the two countries' row over the influx of migrants into Ceuta intensifies.

Sky News reports that the Spanish government has confirmed that passport, nationality and visa checks would be conducted for Italian passengers and visitors from other countries arriving from Italy from midnight ​on Saturday ‌until 7 September.

The Spanish government called Italy's decision to suspend Schengen travel agreements (following the Spanish enclave's un-fettered invasion by over 70,000 military-aged male Moroccans), "unjust, contrary ‌to EU interests and discriminatory" and with a full straight face the socialist leadership added that the decision has been taken "amid the persistent irregular migratory pressure" from Italy.

*  *  *

The unhinged socialists in Madrid are losing their minds over the Italian government's move to suspend the Schengen travel agreement because it wanted to protect its national sovereignty after the Spanish African enclave of Ceuta was invaded by 70,000 mostly military-aged men.

The migrant invasion, which Elon Musk described as comparable to scenes from "World War Z," was a complete optics disaster for the socialists in Madrid, and really, for socialists and the far left across the West, who have been hellbent on importing the Third World to install new voting blocs and build political power. Now, that move, via uncontrolled mass migration, has been delegitimized, and countries like Italy have had enough.

Madrid's socialists say the new border checks are "unfair" and are "affecting the mobility of thousands of passengers." But really, who cares what socialists in Madrid have to say?

The West is shifting away from the nation-killing policies of uncontrolled mass migration and entering a new era focused on restoring national security after a decade marked by repeated migrant invasion after invasion with disastours consequences.

Interestingly, the socialists responded to the Italian government by stating:

Therefore, we urge the Italian government to rectify the situation, end the checks, and treat Spaniards like all other European citizens. If it fails to do so by Sunday, August 9, Spain will be forced to take proportionate measures to protect the interests and dignity of its citizens.

Immediately after last week's invasion, 22 European leaders condemned Madrid's socialist regime over its open-border policies and warned that the mass crossing may have been an act of "hybrid warfare."

Related:

"We cannot allow uncontrolled mass crossings, the instrumentalization of migration or other hybrid threats to create the perception that illegal entry into the European Union is possible," EU leaders, including Denmark's Mette Frederiksen, Italy's Giorgia Meloni and Germany's Friedrich Merz, wrote in a letter last week published on X by Denmark's Ministry of State.

Who organized or facilitated the invasion from the Moroccan side remains a big question. Unverified speculation has pointed to possible US or Israeli involvement, but no evidence has emerged to substantiate those claims.  

More speculation:

What is observable is Italy's quick response under its right-leaning, Trump-aligned government and the resulting political blowback spreading across Europe. Years of uncontrolled mass migration have boosted support for right-wing parties campaigning on border security, national sovereignty, and the restoration of law and order.

Tyler Durden Sat, 08/08/2026 - 07:35

Kids In Tiny British Village Beg The Government Not To Force Illegal Migrants On Their Home

Zero Hedge -

Kids In Tiny British Village Beg The Government Not To Force Illegal Migrants On Their Home

Authored by Steve Watson via Modernity News,

The children of a quiet Oxfordshire village have been forced to put pen to paper and plead with the Prime Minister himself. Their message is simple and heartbreaking: leave our home alone.

Piddington is a tiny English settlement of roughly 350 people - around 250 adults and just 46 children. The Home Office and Labour government under Andy Burnham intend to place 1,250 single adult male asylum seekers on a former Ministry of Defence site that borders the village, runs along the back of homes, and sits directly against the parish playing field and children's park.

If the plan proceeds, the number of young men dumped on their doorstep will dwarf the entire local population.

Residents previously held a symbolic independence vote after the government announced the scheme with zero meaningful consultation. Weeks later the silence from Downing Street continues, so the children themselves have now spoken.

Seven-year-old Rex Perkin wrote: "Dear Andy, We like our village because I and my family walk down to my sister's grave to see her. I worry I won't be able to do that anymore. My family has lived here for over 100 years. I love the playing field in Piddington because I go there every week. Thanks Andy."

Eleven-year-old Tilly West pleaded: "Please, please, please! This is for the 300-400 people in the village as well as dogs who won't be able to go sniffing in the bushes as much."

Nine-year-old Orla West was direct: "I do not like this idea because we love our park. We can walk our dogs. We love Piddington."

Other children echoed the same theme - freedom to play, walk the dog, cycle, and simply be children in the only home they have ever known. Their letters were delivered as adults in the village continue to face a wall of non-response from the government.

Parish Council chair Tim McNally has documented the official silence. Fourteen days after an open letter to Burnham, there was still no engagement. "Families are anxious. Questions are growing. And trust is being tested," he said. "This is bigger than one village. It's about whether communities like ours still matter when decisions are made."

The village has opened a fundraising effort and is weighing further democratic steps, including a referendum on self-determination.

Residents describe a place with deep roots and generations of the same families. One mother whose children wrote letters told reporters the scale would leave them "so outnumbered that it would change our lives completely."

Another parent noted that even the ability of an elderly grandmother to walk home safely at night is now in question.

The site itself is a long-abandoned munitions area requiring major infrastructure work, yet the government presses ahead with plans for an open facility where men aged 18-65 can sign in and out at will for a minimum of ten years.

McNally has framed the fight as one that now represents more than Piddington. On TalkTV he made clear he feels he is speaking for the country as well as his neighbours.

Conservative MP Joy Morrissey addressed the fears of locals, noting "These mothers don't want their daughters to [be] raped or molested."

The official response remains the familiar boilerplate. Number 10 says community concerns are "central" to its reforms, points to a drop in hotel numbers, and claims it will "consider" the children's letters.

That is little comfort to a village that has already watched its local voice sidelined, its planning powers stripped from the district council, and its future decided in Whitehall.

Piddington's children are not asking for special treatment. They are asking to keep the ordinary freedoms that previous generations took for granted - walking their pets, playing on the field, growing up without being outnumbered by a sudden influx of foreign fighting-age men whose presence was never put to a democratic vote.

In a country that still claims to value local communities and the safety of its own children, those letters should be impossible to ignore. The government has so far chosen silence.

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 Sat, 08/08/2026 - 07:00

10 Camp Kotok Weekend Reads

The Big Picture -

The weekend is here! Pour yourself a mug of Danish Blend coffee, grab a seat outside, and get ready for our longer-form weekend reads:

The Future, Made in China: Beijing is competing with the U.S. for tech supremacy. Who wins will have huge political implications. Beijing is competing with the U.S. for tech supremacy. Who wins will have huge political implications. (New Yorker)

• The Wisdom of Crowds: Michael Mauboussin’s Consilient Observer paper on when crowds are smart and when they’re dangerous — the diversity, independence, and aggregation conditions that make collective judgment work, and what happens when they break down. (Morgan Stanley / Consilient Observer)

Bernard Arnault: Inside the court of France’s richest man: Investigation’Bernard Arnault’s Empire’ (1/6). The billionaire at the head of LVMH is as secretive as he is powerful. He relies on a devoted entourage in which a mix of fear and admiration prevails. Raphaëlle Bacqué’s six-part series on the LVMH founder — the free-marketeer who whispers in the ear of every president, keeps his media outlets in line, and patronizes the arts. (Le Monde)

How Hulk Hogan’s Heel Turn Changed Everything: An excerpt from David Shoemaker’s new book. When Hogan joined the nWo he didn’t just rewrite his own legacy — he recalibrated what fans expect from storytelling generally. As this excerpt from David Shoemaker’s new book, ‘Why Hulk Hogan Matters,’ explains, Hulk’s shift to villainy recalibrated how fans watch wrestling—and what they expect out of storytelling on a much deeper level. (The Ringer)

• Can Robots Save an Aging Japan?: The New York Times on Japan’s demographic bet — with a shrinking workforce and resistance to immigration, the country is wagering its future on automation, from elder care to cherry blossom maintenance. (New York Times)

• Nobody Said Stop: Inside 1.8 Million Chatbot Conversations: Digital Digging’s analysis of a massive conversation dataset — what people actually use chatbots for, and how rarely anyone pushes back on anything the AI says. How ChatGPT, Claude, Gemini and Copilot keep the conversation going (Digital Digging)

Why Is Everyone In Tech So Sad? A lot of people seem to be realizing that knowledge work is mostly pointless. AI might give us the pleasure of finding out what happens if an entire class of workers loses faith in their careers. NOEMA’s essay on the industry’s emotional recession — the layoffs, the AI anxiety, the collapse of the mission-driven self-image, and the malaise settling over the people who were supposed to be building the future. (NOEMA)

The end of the age of heroes AI will soon be better at math than any human. What does that mean? Noah Smith on the cultural shift away from great-man narratives — the founders, the geniuses, the visionaries — and toward institutions, systems, and collective competence. (Noahpinion)

The Mentor: How Roy Cohn taught Donald Trump everything. When President Donald Trump’s first Attorney General, Jeff Sessions, recused himself from a federal investigation into ties between the Trump campaign and Russia, in 2017, the President was angry. “Where’s my Roy Cohn?” he yelled. But Roy Cohn—an American scoundrel and the lawyer who helped send Julius and Ethel Rosenberg to the electric chair, aided Senator Joseph McCarthy in implementing the Red Scare, and showed Trump the ropes in the real-estate business—was long gone.  (New Yorker)

• Inside the Long, AI-Powered Quest to Perfect Pringle-Making: The Wall Street Journal on Kellanova’s chip optimization program — machine vision, predictive maintenance, and the surprisingly hard physics of the saddle-shaped crisp. (Wall Street Journal)

Video of the day: How George Lucas Outsmarted Every Studio In Hollywood

Be sure to check out our Masters in Business next week with Jack Raines, a writer and venture capitalist. We discuss his new book, Young Money.

 

America’s biggest companies report ‘rock solid’ profits as consumers face higher costs

Source: Financial Times

 

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Pillagers Vs Producers: There's Only Two Ways To Save The Western World

Zero Hedge -

Pillagers Vs Producers: There's Only Two Ways To Save The Western World

Authored by Brandon Smith via Alt-Market.us

For the past couple of weeks I have been closely tracking the migrant surge in the Spanish enclave of Ceuta and taking notes on the behavior of the extremely liberal Spanish government. One of the most important things to note about the event is that European officials quickly took to the media to admonish the OPTICS of the crisis, but not the migrants.

In other words, left-wing politicians didn’t like that the situation made them look bad, but they never spoke out against the basic premise of mass immigration from the third world. In fact, Spain’s Prime Minister, Pedro Sanchez, has been enthusiastically promoting open border policies since 2018. The main reason the migrants all flooded into Ceuta at the same time was because Spain’s supreme court ruled only days before that migrants arriving by sea could not be immediately deported.

It’s a scene we have witnessed over and over again in the past several years. The multiculturalists set the wheels in motion for a migrant rush into Europe then pretend to be shocked when it happens.

They engineer these events by breaking the cardinal rule of western civilization – Never leave the gates open, because the barbarians will see this as an invitation to pillage. Like hyenas circling a wounded animal, they will be uncontrollably drawn to the smell of an easy meal.

The only reason European elites took any opposition to the incident in Ceuta was because the migrants immediately started looting, burning and attacking locals the second they set foot on the beaches. If the barbarian horde had behaved themselves for a couple weeks, journalists and politicians would have called it a humanitarian crisis and lavished the migrants with praise for their “bravery.”

And yes, I have heard all the conspiracy theories about the US and Israel supposedly pulling the strings to facilitate the invasion and I have found those theories to be complete tripe based on zero tangible evidence. If the Trump Administration, for example, actually wanted migrants to invade Spain, all they would have to do is sit back and let the Spanish government continue to do what they’ve already been doing for years.

The fall of the western world is being aided by progressives, but these elitists are only tapping into the forces of an eternal conflict that has been raging for millennia.

Meaning, even if globalists were not a thing, the west would still be threatened with the constant danger of third world plunder. The elites are merely exploiting a problem that already exists naturally. The root of this conflict is the prominence of two distinct groups of human beings that are incapable of coexistence…

Pillager Culture vs Producer Culture

I was recently watching Sargon of Akkad’s latest expose on a small town in South Africa called Orania. It’s an all white town built by Afrikanns in the middle of nowhere in order to protect themselves from the exceedingly violent black population; a population organized around the ideology of race communism. The video is a great overview of the town and the controversy that surrounds it and I highly recommend watching it in full.

The details of Orania remind me of an article I published last year titled “The Third World Is Forever Chasing The White Man”. The concept of cultural separation is, I believe, the key to almost every problem we are facing in modern times. It may very well be the key to understanding every conflict since human history began.

At bottom, I argue that there are two kinds of people in the world: There are people who produce, create and maintain a functioning civilization. Then, there are parasites and pirates; people whose only survival trait is to pillage the wealth and resources of producer societies.

A community like Orania would not be controversial at all if it was made up of black isolationists, or Asians, or Hispanics, etc.  In fact, it would be celebrated.  It is treated as radioactive by the media specifically because the town was created by white people FOR white people. Their goal? To preserve their western principles and heritage and, most of all, to protect themselves from pillaging tribes and communists.

Orania looks much like any smaller rural town in America, with clean streets, quiet parks, well maintained infrastructure, self sufficient utilities and farms, safe neighborhoods and kids playing outside without fear.

The interesting thing is the reactions to the town by the YouTubers who visit with the expectation of discovering a virulent, racist, hate-fest. What they find instead is a community that functions far better than any other place in South Africa, run by white western people who just want to be left alone to enjoy the fruits of their labor.

There are two common reactions to Orania:

1) Black influencers, surprised by the peace and relative tranquility of the town, ask “why can’t black people have something like this…?”

2) South African politicians and thought leaders ask “How can we take away what these people have built and keep it for ourselves…?”

The answer to both questions is uncomfortable for most westerners in the US and Europe to think about, but it is a fact we desperately need to consider and embrace. They can’t copy Orania because they are socially and in some cases genetically incapable (the average IQ of Africans is 70). They can’t steal it for themselves because as soon as they take it over, the town will turn to shit and collapse.

In Ceuta, over 60,000 migrants overran the local infrastructure and demanded access to provisions, jobs, housing and the ability to travel deeper into Europe.  When asked why they came to Spanish territory, they all tended to say the same thing: “We want more money and a better life.”  They came to Europe because they can’t build a prosperous society on their own.  Their pillager mentality drives them to latch onto the west, but as they do this they turn the west into the third world.

Western Civilization Has Two Choices: Separation Or Colonization

In recent articles I have explained the differences that separate the west from the third world, including the absence of the concept of “maintenance” in third world societies. In Africa, for example, there is no terminology for the idea of “maintenance”. They simply don’t have a word for it. They have words for “repair” or “replace”, but not a word for “maintain.” Learning this fact was a revelation for me.

It explains everything about the conflict between the third world and the west. It explains why third worlders are “forever chasing the white man.” It explains why these cultures never seem to progress without direct western investment, intervention or colonization. It explains why these people flood into western countries by the millions the second the gates are left open.

If you cannot maintain, then you can’t keep a system alive for future generations. From basics like water, sewer, sanitation, electricity, food, security, etc. – There can be no generational infrastructure and no generational wealth. Your tribe will be perpetually resource-poor and scratching in the dirt for bugs, UNLESS, that is, you turn to pillaging. You can steal the wealth created by producer tribes, but you can’t copy their success.

If we come to terms with the undeniable existence of the parasite or pillager class, everything becomes clear. The third world as we know it today is rooted in pillager culture, but this ideal is not limited to brown people. Within the west we also have white socialists and communists, useless people who have devised an entire philosophy to justify stealing from producers.

As far as the third world is concerned, the west has been dealing with such people for centuries. We were almost destroyed by them during the Muslim invasions into the Holy Roman Empire from the 7th Century to the 10th Century, and we had to continue to hold them back for several centuries after.

We’ve tried a variety of methods to solve this issue. We tried the Crusades to beat them into submission (effective). We tried colonization and importing western infrastructure so they don’t come to the west to steal what we have (also effective).

However, these solutions are no longer considered political correct by progressive ideology. It’s not a coincidence that liberalism has worked tirelessly to demonize colonization as one of the “great evils” of history. They hate it because it works; it made the west far more safe.

So, we tried global subsidization instead. In other words, western governments paid out billions of dollars (perhaps trillions) in subsidies to third world countries in order to keep them happy enough that they would stop trying to invade us. This has not worked for a number of reasons.

Most of all, migrants cannot help themselves. They will never be self reliant and independent producers, so they are compelled by their survival imperatives and their tribal instincts to plunder whenever an opportunity arises. The political left understands this dynamic and they stage opportunities so they can use migrants as biological weapons to tear down the west.

The reason third worlders and leftists seem to be joining forces (through Democratic Socialists and other organizations) is because they ARE joining forces. Conservatives will often point out the hypocrisy of progressives who claim to be champions of individual rights for women and “marginalized” groups. Meanwhile they aggressively defend the invasion of people who oppress those same groups.

I’ve made the point many times myself, but its not as profound as conservatives think it is. Leftists know exactly what they’re doing, because Marxists/Socialists/Communists and third worlders are the same. Both tribes are pillager tribes; both tribes are parasitic. They all want the same thing, which is to feed like vampires on the resources of producers. They are joining forces because parasites tend to work together.

One parasite infection can weaken a host’s immune system, which indirectly helps other parasites move in and thrive. At least, until the host is dead.

I have heard it argued that conservatives need to come to an understanding on why younger generations are turning to socialism as a solution. People claim that we don’t have enough empathy for their plight.

My position is, these people were ALWAYS going to turn to socialism because they are born pillagers. They are incapable of functioning in any merit based system, even one that is highly prosperous, because they are predisposed to feel as if they’re entitled to more. They are always going to be jealous of people who have more.

The idea of earning what we have never plays into it. They are barbarians. They are pillagers. There is no reasoning with them. There is no bargaining or compromise that will satisfy them. The only solution is for producers to separate completely, or, conquer the pillagers and force them to stop pillaging. Anything else would be a pointless half-measure.

Views expressed in this article are opinions of the author and do not necessarily reflect the views of ZeroHedge.

Tyler Durden Fri, 08/07/2026 - 23:25

Digging Deeper Inside Physical AI's Hardware Stack Powering Humanoids

Zero Hedge -

Digging Deeper Inside Physical AI's Hardware Stack Powering Humanoids

Building on our "Physical AI Faces One Critical Chokepoint, and Here's How to Profit" report earlier this week, Barclays analysts are closing out the week with a comprehensive map of the humanoid value chain.

As readers look beyond flashy Chinese Unitree robot demonstrations, attention is shifting toward the critical hardware stack, including motors, actuators, sensors, and batteries, and the deep supply-chain players positioned to reap the rewards before global humanoid deliveries begin to ramp up.

Anatomy of a humanoid robot

"While the humanoid market remains small today, at roughly $2-3bn, forecasts range from $10-25bn by 2030, with more optimistic scenarios reaching ~$200bn by 2035, as detailed in (open in new tab)Global Macro - AI gets physical: Ten things to know about humanoids(open in new tab)," Barclays analyst William Thompson wrote in a note on Thursday.

Within the hardware stack, reducers - high-precision gearing systems embedded in actuators - have been high barriers to entry and are led by Japanese players such as Harmonic Drive Systems and Nabtesco, while rare earth materials - particularly magnets used in high-performance motors - create strategic dependencies, with supply chains heavily concentrated in China.

Actuators are the biggest hardware prize. A humanoid may require 40 to 70 actuators, representing roughly 30% to 50% of the material bill. This makes motors, reducers, bearings, and motion-control systems  critically important.

The current supply chain for humanoids is mostly dominated by China.

The supply chain will likely be shaped by geopolitics as much as technology. China currently leads in humanoid deployment volumes and holds strong positions across several parts of the value chain, including rare earth processing, motors, batteries, and robot manufacturing.

However, growing U.S. and European scrutiny of Chinese technology and industrial supply chains could influence market access, procurement decisions, localization requirements, and ultimately the geographic distribution of production and deployment. As a result, humanoid supply chains may become increasingly regionalized over time, with parallel hardware, software, and manufacturing ecosystems emerging across China and Western markets.

Thompson provided a deep understanding of how to profit from the humanoid robotic value chain by subcategory.

Earlier this week, Bernstein analyst Dien Wang warned about "critical chokepoints" in the humanoid robotic supply chain, outlining high-performance motors, robotic actuators, and rare-earth minerals that are mostly dominated by China.

"A humanoid robot can consume more than twice as much magnetic material as an EV motor (Exhibit 3), highlighting the growing strategic importance of rare-earth magnets," Wang said.

He outlined that China's dominance in rare earth magnets is troubling in an "increasingly multipolar world."

Taken together, both Barclays and Bernstein notes suggest the humanoid robotics value chain remains dangerously exposed to China and concentrated Asian supply chains. The Trump admin must accelerate the development of domestic production for motors, rare earth magnets, precision reducers, semiconductors, and other critical actuator components.

If Beijing moves on Taiwan, U.S. robot manufacturers could lose access not only to advanced chips but also to the motion-control systems needed to build humanoids at scale. In that scenario, America's physical-AI ambitions could grind to an instant halt

Professional subscribers can read a whole lot more on humanoids here at our new Marketdesk.ai portal. 

Tyler Durden Fri, 08/07/2026 - 23:00

ADNOC Reports 15 Vessel Attacks As Hormuz Risks Mount

Zero Hedge -

ADNOC Reports 15 Vessel Attacks As Hormuz Risks Mount

Submitted by Julianne Geiger of OilPrice.com

Abu Dhabi National Oil Company said attacks on its vessels and employees are having a significant impact on operations as the company tries to keep crude, gas and refined products moving through the Strait of Hormuz.

Fifteen ADNOC vessels have been hit by missiles or drones since the war began, including three this week, the company said Friday. One crew member has been killed and 20 others injured.

The Strait of Hormuz carried roughly one-fifth of global oil consumption before the U.S.-Israeli war against Iran expanded into a broader regional conflict. Repeated attacks on commercial vessels have disrupted traffic through the waterway, driven freight costs sharply higher, and made some shipowners reluctant to enter the Persian Gulf.

ADNOC said it is working with authorities to protect personnel and assets while meeting customer requirements “as much as possible” in what it called an exceptionally challenging operating environment.

The attacks are hitting one of the few Gulf producers that has managed to restore exports close to pre-war levels. The UAE has relied on crude loading points outside Hormuz, including Fujairah, while continuing to move some barrels through the strait despite the security risk.

ADNOC is expanding its own shipping capacity even as those risks increase. Its logistics arm announced Friday that it had acquired six very large crude carriers and five very large gas carriers for about $1.3 billion.

Nine of those vessels are scheduled to enter service this quarter, with two newbuild gas carriers due in the fourth quarter. ADNOC Logistics & Services already owns more than 340 vessels and operates another 600 chartered ships.

The fleet additions are intended to support higher crude and LNG exports as ADNOC expands production and trading volumes. The company also ordered four new LNG carriers last month in a $900 million deal.

“Freedom of navigation and the safe, uninterrupted passage of commercial shipping through international waterways must be respected and protected,” ADNOC said Friday.

Tyler Durden Fri, 08/07/2026 - 22:35

DHS Hiring "Bounty Hunters" For Overseas Tracking Of Deported Migrants

Zero Hedge -

DHS Hiring "Bounty Hunters" For Overseas Tracking Of Deported Migrants

The Trump administration is planning to hire private investigators to track down deported immigrants in their home countries, verify where they live, and deliver notices seeking payment of U.S. immigration fines, according to Wired.

The proposed program, budgeted at up to $9 million over two years, would cover countries including Mexico, Guatemala, and Honduras.

Rather than collecting money directly, contractors would be paid to confirm a person's location using evidence such as photographs of their residence, public records, utility bills, employment information, or other documentation accepted by the government. They would also hand-deliver notices listing any outstanding penalties.

Wired writes that the initiative comes as DHS says it has assessed more than $84 billion in civil immigration fines, including "failure-to-depart" penalties that can accumulate to hundreds of thousands—or even millions—of dollars. Although the administration has encouraged migrants to self-deport by promising to forgive many of these fines, legal advocates argue the new overseas tracking effort undercuts that message because some penalties can still remain.

Immigration attorneys and civil rights groups describe the program as a major expansion of enforcement, saying it targets people who have already left the United States and raises due process and privacy concerns. CBP, meanwhile, maintains that the effort is intended to enforce existing legal obligations and notify individuals of debts owed to the U.S. government.

Legal experts say the initiative represents a major escalation. NYU law professor Alina Das called it a "significant escalation in tactics," while attorney Charles Moore described it as "part and parcel" of the administration's broader immigration crackdown. Hasan Shafiqullah, who is challenging the fines in court, questioned the effort's purpose: "What’s the point of this?"

The proposal builds on ICE's growing use of private "skip-tracing" contractors inside the United States, extending similar investigative practices to people living abroad.

Tyler Durden Fri, 08/07/2026 - 22:10

Trump To Announce $180 Million Grants For Mining Industry

Zero Hedge -

Trump To Announce $180 Million Grants For Mining Industry

Authored by Emel Akan via The Epoch Times,

WASHINGTON - President Donald Trump is set to host a major mining industry roundtable on Friday at the State Department, bringing together nearly 200 business leaders, educators, and government officials to strengthen domestic mining companies.

President Donald Trump arrives to speak at General Motors proving ground, Monday, July 27, 2026, in Milford, Mich. AP Photo/Alex Brandon

At the event, the president is expected to announce over $180 million in grants to expand workforce training and trade programs for the mining industry, according to the White House. CBS first reported the plan.

The Department of Energy is launching a $100 million grant program to support scholarships and related initiatives. Universities, community colleges, trade schools, industry groups, and other partners will be eligible to apply.

Additionally, the military is providing over $80 million in funding to three universities for technology and workforce development programs. The recipients are the Colorado School of Mines, the South Dakota School of Mines, and Johns Hopkins University.

"The mining industry has never had a greater champion than President Trump," White House spokeswoman Taylor Rogers told The Epoch Times in an email.

"His unprecedented support has driven record investment, streamlined permitting, and delivered real results for American workers, companies, and communities. President Trump is the first president in decades to prioritize our country's mining industry, unleash its abundant resources, and build the next generation of American miners."

The meeting comes as the White House is working to reduce America's reliance on China for critical minerals and processed metals, which are essential for the U.S. defense and technology sectors.

Key cabinet members attending include Interior Secretary Doug Burgum, Secretary of State Marco Rubio, and Commerce Secretary Howard Lutnick. Industry executives from Resolution Copper, MP Materials, American Ocean Minerals, Ivanhoe, and Century Aluminum will also participate, according to the White House.

The new funding is expected to develop skilled workers and strengthen supply chains for the American mining industry.

Tyler Durden Fri, 08/07/2026 - 21:45

Your Tax Dollars At Work: NJ Cops Dress Up As Bushes To Hand Out Cell Phone Violations

Zero Hedge -

Your Tax Dollars At Work: NJ Cops Dress Up As Bushes To Hand Out Cell Phone Violations

If you thought speed traps were getting creative, New Jersey police have officially entered the landscaping business.

Officers in Dunellen spent part of the week hiding in full ghillie suits, essentially dressing up as oversized shrubs, to catch drivers using their phones behind the wheel, according to Newser.

While unsuspecting motorists scrolled through texts and notifications, a camouflaged officer watched from the roadside with binoculars, radioing violations to waiting patrol units.

The six-hour operation ended with 74 distracted driving tickets, proving that plenty of drivers never saw the world's most judgmental bush staring back at them. Police said they targeted the busy downtown stretch because it's packed with traffic and pedestrians, making distracted driving especially dangerous.

New Jersey law bans handheld phone use while driving, with first-time violations carrying fines between $200 and $400. The department defended the unusual tactic as a safety measure, reminding drivers that "That text or notification can wait. Keep your eyes on the road, not your screen."

Apparently, in New Jersey, the bushes aren't just watching anymore, they're writing tickets. And it feels like we're literally one step away from officers just framing people at this point...

Tyler Durden Fri, 08/07/2026 - 21:20

What Else Are They Hiding?

Zero Hedge -

What Else Are They Hiding?

Authored by Jeffrey Tucker via The Epoch Times,

This past couples of weeks was a wild ride. Sen. Rand Paul (R-Ky.) released many thousands of pages of documentation concerning the strange world of the National Institutes of Health (NIH) while Dr. Anthony Fauci was at the height of his power as head of the National Institute of Allergy and Infectious Diseases. Fauci’s wife headed the ethics department for the entire agency.

His tenure there came to an end in December 2022, following three years in which he was celebrated by mass media as the nation’s leading voice for science and the man with all the answers for dealing with a respiratory pandemic. He was on television daily, sitting for as many as 12 interviews a day.

All this while, he kept careful logs of each day, while working with a large staff to prepare the document as the first draft of an autobiography. He believed that he would go down in history with exactly the reputation the media had cultivated for him. He lobbied for and amassed dozens of awards, some of which paid in the high six figures. He was sought after and doted on by all the elites.

All at once, it has fallen apart.

The simple reason: The agency he once occupied is now run by a man and people he had ferociously denounced in public and private.

The release was an act not of revenge but of simple transparency.

The American people deserve to know the truth about a time in which accurate information was denied to them through censorship and media propaganda.

It’s a rare treat.

We find out, for example, that the billionaire Bill Gates has special security clearances at NIH, where at every visit he was treated like royalty. Gates cleared his book on pandemics with Fauci, who recommended an editor at NIH, none other than Dr. David Morens, who has been charged with document destruction.

The revelations go on and on seemingly without limit. I started reading as soon as the diary was released. I saw that it was 1,100 pages, but that’s full pages in small type. In book form, it would be 2,400 pages. I could not stop reading. Having lived and breathed every day of this, I was fascinated to see Fauci’s own thinking in light of the world outside.

Not only was my weekend gone completely, but also, without notice, the project took up the next day and evening and then again. And again. It was late Thursday afternoon before I finished. My notes on the salient parts, the truly astounding material, alone took up 30 pages along with screenshots. I had lost so much sleep over these days and canceled every appointment. It was all too delicious to resist.

And you know why, correct?

For years we had been stuffed to the gills with the greatness myth. Then it suddenly all unraveled, slowly but furiously and all at once. The author was put in front of a Senate subcommittee and questioned in great detail about the origin of the virus, the contracts, the cover-ups, the angling for fame and fortune, and so much more.

At every question, the witness would only invoke his Fifth Amendment right to remain silent to avoid self-incrimination. But this alone was strange because the witness had already gained a full pardon for any misdeeds dating back to 2014. He could have confessed all and then some and faced no prosecution. All he had to do was tell the truth.

He was vulnerable only to the charge of perjury, but even that he could not risk. So he remained silent throughout, invoking his Fifth Amendment right 111 times. I have watched many Senate hearings in my life. I had never seen one like this. The drama was intense. I was not there, but those who were said it was even more fiery in person.

There is really no way to sum up our current moment.

In 2019, the economy was doing well and Trump was popular. There were the usual political divisions but no real emergency on the horizon. All at once in the first months of 2020, everything fell apart and a foreign regime was visited upon us, complete with new protocols that required staying home and standing apart from people and covering our faces. We could not go to church, visit the sick, or travel to other countries.

A year later came the promised relief that turned out not to hold up but instead caused more suffering. All the while, trust in the system we had never really questioned began to collapse. We were routinely instructed to trust this Dr. Fauci. Most of the dissidents, including my friends who wrote the Great Barrington Declaration, were censored. Our accounts were threatened and removed. Many were debanked.

Our world collapsed completely, and all these years we’ve cried out for answers. We’ve received only bits and pieces, enough to cobble together workable theories.

Seemingly out of nowhere, we are sitting on tens of thousands of pages of revelations. We can only read with amazement at the inner workings of government, the chaos, the pettiness, the corruption, the confusion, the deception. It’s all here, and now we see that there was a strong basis for why trust had evaporated. It seems as if every conspiracy theory was coming true.

Consider too that we have all these documents only because Fauci left so much behind on government computers. We also have men and women of conscience in charge of releasing them. Millions of hours of painstaking work are behind these releases, all done in the service of truth.

It’s really not possible to feel any joy from what we read. There is only tragedy, not only in the life of one man but also in all those who followed him and the nation that suffered so much from living under his diktat. At the very least, we are entitled to hear answers from him, point by point, but instead we get silence.

The list of institutions that have been hit hard by this is long and includes large media, academia, the scientific establishment, the world of professional medicine, and government itself. We cannot help but wonder today what is real and what is fake, what can be trusted and what is too far gone ever to be trusted again. No one ever wanted to be where we are today at the 250th anniversary of the country, to see how the dreams and ideals of our Founders have been so trounced and disrespected by so many in power. And yet that is where we are.

There is some deeply profound poetry about this moment. As sad as all of this is, and as much as it pains us today to think of all who have suffered, we should feel gratitude mainly for the truth to which we suddenly have access. For me, reading all these releases has been something of a catharsis. I hope you too will read and not merely trust media summaries or artificial intelligence reductions. It needs to be read in full to get the whole picture.

Nor can we shelve that great, great question: What else is being hidden from us, and for how long? Trust cannot return until we know the full truth. I suspect that this will take many years, and that’s fine. We can be patient.

Let there be no despair in the land today. These files have been released by men and women of enormous courage and conviction. They have taken huge risks to stand up for what is right. They have given us all a gift, the evidence that our instincts that something was not right were on target. They are evidence that redemption is not only possible; it is happening.

In those dark days of 2020 when the world seemed to be collapsing, Dr. Jay Bhattacharya of Stanford University would call me with a grave sense of moral urgency. “What can we do to stop the madness?” he would ask. He did what he could then. Now he finds himself as the head of the National Institutes of Health, working to begin the process of rebuilding. We have a very long way to go, but the essential first steps are done.

We are going to get what we seek: the truth, the whole truth, and nothing but the truth.

Tyler Durden Fri, 08/07/2026 - 20:55

Iran Launches Battlefield Trophy Propaganda Campaign With Captured US Reaper Drone

Zero Hedge -

Iran Launches Battlefield Trophy Propaganda Campaign With Captured US Reaper Drone

The off-ramp narrative is growing louder. With the US midterm elections quickly approaching, the Trump administration may have reached its "declare victory and leave" moment, shifting from military operations toward a negotiated peace deal, one that must last more than one month. Treasury Secretary Scott Bessent reinforced that possibility earlier, saying the Strait of Hormuz could reopen "today or tomorrow."

As US negotiations with Tehran appear to be ongoing, the Iranian semi-official news agency Tasnim has released battlefield trophy propaganda that appears to show largely intact U.S. MQ-9 Reaper and Israeli Hermes 900 drones, and even parts of an F-15 fighter jet.

X user The Hormuz Letter said:

Iran has released an image of a fully intact Israeli Hermes 900 drone taken down by Iran's electronic warfare, with the IRGC now reverse-engineering various parts of the drone, per Tasnim. Iran has also started the process of reverse-engineering the previously captured F-15 fighter jet, MQ-9 drone, and C-130 Hercules.

Tasnim images:

IRGC engineers will likely examine the captured drones and study their technology in an effort to reverse-engineer key components for future domestic advancements.

A battlefield trophy display usually serves as propaganda to show 'proof of victory' or as intelligence signaling, demonstrating to the US and other allies that their weapons of war can be studied and reverse-engineered.

Tyler Durden Fri, 08/07/2026 - 20:30

Texas Energy Giant Oncor Supports Governor's Data Center Freeze

Zero Hedge -

Texas Energy Giant Oncor Supports Governor's Data Center Freeze

By Emma Penrod of UtilityDive.com

About 44 GW of large load projects slated for Oncor’s service territory qualified for ERCOT’s new “Batch Zero” interconnection process for large loads, company executives told analysts during a Thursday earnings call. But the timeline for that process is uncertain following an order by Texas Gov. Greg Abbott that paused new data center interconnection approvals pending a state-wide audit.

ERCOT’s criteria for Batch Zero, which include new financial and technical requirements for loads with a peak demand of 75 MW or greater, narrowed immediate load growth projects for Oncor, a subsidiary of Sempra.

The batch approach, Sempra Chairman and CEO Jeff Martin said, was intended to align the interconnection of large loads with the construction of new generation. The criteria for acceptance into the first Batch Zero was finalized in June.

Jeff Martin, chairman and CEO of Sempra, in Washington, D.C. on April 14, 2026. Kevin Dietsch via Getty Images

“Think about a situation where you’ve got close to 500 GW of generation on the sideline waiting to come on the system and, similarly, over 400 GW of large load customers,” Martin said. “That batch process is intended to sequence generation with large loads. Over time, it will be a sequencing effect that’s intended to balance what we think is going to be remarkable load growth.”

The utility had submitted a qualifying load forecast of about 127 GW to ERCOT earlier this year, before the Batch Zero eligibility criteria were released.

On Thursday, executives expressed confidence in the durability of the pipeline, despite uncertainty. Oncor CEO Allen Nye said service requests at that company had increased from 289 GW at the end of the first quarter, to 298 GW this past quarter.

“We continue to have really strong growth, really strong interest. And yes, there is more out there,” Nye told analysts on Thursday.

By the numbers: Sempra Q2’26

  • 44 GW: Oncor Batch Zero interconnection requests under ERCOT review prior to the state moratorium.
  • $65B: Capital plan through 2030, including $47.5B at Oncor.
  • $560M: Additional base rate revenue approved at Oncor by the Public Utility Commission of Texas.

It is not yet clear how the governor’s order, issued on Monday, will affect the new ERCOT review process. ERCOT spokespeople told local media on Monday that they had put the Batch Zero review on hold pending clarification from the governor.

Oncor’s current $47.5 billion capital plan does not include any spending tied to the Batch Zero load, Martin said. The utility plans to update its capital plan in the fourth quarter of this year, he said, but any capital needs associated with the batch study will not make their way into the company’s capital plan until at least 2027.

But the current plan does include about $5 billion tied to high-voltage transmission projects Oncor has underway in Texas’ Permian Basin, which Nye noted were the subject of a 15-hour public hearing in July. Lt. Gov. Dan Patrick and several state senators called on the Public Utility Commission of Texas to deny the transmission lines’ applications following the hearing, in which speakers decried the projects’ potential impacts on private landowners.

Martin and Nye said they understood the Texas lawmakers’ position and expressed support for their efforts, despite the potential for delays at Oncor.

“Like all across this country, there’s a variety of elections taking place in November,” Martin said. “There’s a big focus on affordability. It doesn’t matter whether you’re a Republican or a Democrat or an independent, we’re looking for ways to release pressure on American families, and I think Texas is not immune to that.

“There’s a process going forward where we’re doing things at a scale...that have never been done before,” Martin continued. “What we want to do is make sure that we’re supportive of the process. We’re there to make sure that we can address some of the needs of stakeholders. If the outcome is it takes a little bit longer to make the process better for everybody, and we end up with a durable framework, I think it’s great for the state of Texas.”

Leaders at Sempra also expressed support for legislative processes in California, where lawmakers are still mulling wildfire liability reforms. SoCalGas, a Sempra-owned utility, was named in January in a lawsuit filed by Edison International alleging actions by the gas utility worsened the 2025 Eaton Fire, for which Edison International has been sued. SoCalGas filed a cross-complaint against Edison seeking compensation for damages to SoCalGas’ infrastructure in April. A trial has been scheduled for January 2027. SoCalGas has also been named in suits related to the 2025 Palisades Fire. Sempra-owned San Diego Gas & Electric is not currently the subject of any wildfire-related litigation.

Sempra continues to pursue the sale of its interests in SI Partners, which owns LNG and natural gas infrastructure in the U.S. and Mexico, to KKR Partners for $10 billion, and of Mexican natural gas utility Ecogas. Mexican regulators recently approved the Ecogas sale, which Martin said puts the transaction on track to close later this month.

The sales will allow Sempra to remove more than $9 billion in debt from its balance sheet and should improve the company’s prospects with ratings agencies, according to Karen Sedgwick, executive vice president and chief financial officer at Sempra. Moody’s issued a negative outlook for the parent company in January on account of its debts and funding capacity, Sedgwick said.

Texas regulators in April approved a $560 million base rate increase at Oncor that took effect on June 1, and SDG&E filed an initial 2028 GRC application with the California PUC in June.

Tyler Durden Fri, 08/07/2026 - 20:05

Both Iranian & Israeli Officials Call Out 'Paper Tiger' Saudi Arabia

Zero Hedge -

Both Iranian & Israeli Officials Call Out 'Paper Tiger' Saudi Arabia

Regional rivals and enemies are calling out Saudi Arabia as a "paper tiger" which must rely on others for protection and defense needs.

Criticisms of Riyadh are being issued on the same day the kingdom signed a major security pact with the other major Muslim-dominant nations of Pakistan and Turkey. Formally called the Makkah Joint Defense Agreement, it is essentially a NATO-style agreement for the 'Muslim world' - given that it stipulates and formalizes that an armed attack on any of the countries will be treated as an attack against all of them.

Saudi national media

The pact extends across populations with a combined total of some 380 million people. Both Iranian and Israeli officials have taken to mocking the historic agreement.

For example, on Friday within hours of the deal's signing, prominent Iranian MP Ebrahim Rezaei called on Riyadh to change course in terms of its pro-American policies, which has included allowing US troops to be stationed on Saudi soil. He said the new pact won't bring Riyadh protection or peace.

He stated on X: "Saudis must know that a paper agreement with Turkiye and Pakistan will not bring them security, just as years of one-sided nursing to the Americans did not bring them security."

"Reform your policies so that you do not need to beg for security from others," continued Rezaei, who is also a member of parliament’s National Security and Foreign Policy Commission.

Somewhat ironically, voices out of Israel echoed similar criticisms, blasting the wealthy kingdom as seeking to appear strong but in truth being weak with not much of a military to speak of:

Saudi Arabia is less powerful than it may seem at first glance, former head of the National Security Council Prof. Jacob Nagel told 103FM in a Friday morning interview addressing the defense agreement between Saudi Arabia, Turkey, and Pakistan.

"You have to understand that Saudi Arabia, despite all its wealth and weapons, is to a large extent a paper tiger. It has a great deal of weaponry and a great deal of money, but militarily, it cannot manage to 'get through the day,'" Nagel said.

He added, "If we examine the war in which the Saudis tried to fight the Houthis, we see that they failed despite all the advanced capabilities at their disposal. They have a great many assets, but nothing is really liquid, and they have reached a situation in which, economically, they need help."

Saudi has in prior months been subject of sporadic 'retaliatory' attacks from Iran in the context of the war, and has earlier even responded by launching numerous unpublicized strikes on Iran. Yemeni Houthis have lately also fired projectiles onto Saudi Aramco sites.

So it did seek to flex - apparently - but still must be largely reliant on US weaponry and especially on American Patriot batteries, which form the backbone of the kingdom's defense system.

Tyler Durden Fri, 08/07/2026 - 19:40

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