These Are The US Cities Where No One Can Afford A Large Home

An April 2026 housing report by Highland Cabinetry highlights a growing affordability crisis across major American cities, revealing that the true cost of housing goes beyond total price and is better understood through the lens of cost per square foot. By analyzing home prices, rental costs, and average property sizes across 40 large cities, the study shows where Americans are paying the most for the least amount of living space. This approach offers a clearer picture of value, emphasizing how much space residents actually receive for their money rather than just the overall cost of buying or renting a home.

At the center of this trend is San Francisco, which ranks as the most expensive housing market in the country for both buyers and renters. Homebuyers in the city pay more than $1,000 per square foot on average, with a typical home costing around $1.24 million for just over 1,100 square feet. Renters face similar challenges, with average monthly rents exceeding $3,500. Despite these high costs, the amount of space available remains limited, meaning residents often pay a premium for relatively small living areas. This imbalance between price and space has made San Francisco the clearest example of how housing value has eroded in dense urban markets.

Just behind San Francisco is San Jose, which actually surpasses it in terms of price per square foot for homebuyers. In San Jose, the average cost exceeds $1,200 per square foot, pushing typical home prices to around $1.4 million. The rental market is similarly expensive, with monthly costs rivaling those in San Francisco. These high prices are largely driven by strong demand tied to the region’s technology sector, where high salaries continue to fuel competition for limited housing supply. As a result, even relatively modest homes command exceptionally high prices.

On the East Coast, New York City presents a different kind of affordability challenge. While the cost per square foot to purchase a home is significantly lower than in California’s top markets, rental prices are the highest in the nation, averaging more than $3,600 per month. Apartments in New York also tend to be smaller than those in other cities, which means renters often pay more per square foot than they would in San Francisco. This creates a situation where buying may appear more attainable on paper, but renting remains financially burdensome for a large portion of the population.

Other major cities such as San Diego, Boston, and Los Angeles also rank among the least affordable when measured by space value. In these markets, home prices remain high while property sizes vary, resulting in elevated costs per square foot that continue to strain both buyers and renters. California in particular stands out, with multiple cities appearing in the top rankings, reflecting a broader statewide issue driven by housing shortages, population demand, and long-term price growth.

The report attributes much of the current situation to economic conditions that emerged during the COVID-19 pandemic. Historically low interest rates made borrowing more accessible, encouraging a surge in homebuying activity. This increased demand led to intense competition, rapidly driving up prices across the country. Although interest rates have since risen, housing prices have remained elevated, leaving many Americans priced out of homeownership and facing high rental costs instead.

One of the most significant social impacts of these trends is the shift in living arrangements among younger adults. In cities like New York and San Francisco, it has become increasingly common for professionals to share apartments well into their 30s in order to manage costs. While this may offer a short-term solution, it reflects a deeper issue within the housing market, where affordability challenges are reshaping expectations around independence, space, and long-term living.

Ultimately, the findings of this study highlight a critical reality about housing in modern America. The issue is no longer just about how much people pay, but about how little space they receive in return. As urban populations continue to grow and housing supply struggles to keep pace, the cost per square foot will remain a key indicator of affordability, shaping how and where people choose to live in the years ahead.

You can access the complete research findings here.

Tyler Durden Sat, 04/18/2026 - 21:35

Pro-Life Dad Awarded Million-Dollar Settlement Over Biden-Era FBI Raid

Authored by Bryan Hyde via American Greatness,

A pro-life father of seven whose Pennsylvania home was raided at gunpoint by the FBI under the Biden administration has been awarded a seven-figure settlement from the Department of Justice (DOJ).

Fox News reports that Mark Houck, a devout Catholic and pro-life activist, was arrested in 2021 by the FBI and prosecuted for violating the Freedom of Access to Clinic Entrances Act, or FACE Act.

The charges stemmed from an October 2021 incident that took place outside a Philadelphia, PA abortion clinic where Houck and his young son were accosted by a pro-abortion volunteer who harassed and yelled at the boy until Houck pushed the volunteer away.

A jury acquitted Houck in 2023; he and his wife then filed a lawsuit later that year alleging that the Biden DOJ had engaged in malicious and retaliatory prosecution, abuse of process, false arrest, and assault.

Houck’s lawsuit specifically accused the DOJ of what he called “a faulty investigation” and “excessive force” and the heavy-handed FBI raid on Houck’s home sparked widespread criticism of the Biden administration over accusations of targeting pro-life activists.

In 2023, Sen. Josh Hawley (R-MO) had sharp questions for then-Attorney General Merrick Garland over the FBI’s “unbelievable show of force” in the raid.

Sen. @HawleyMO destroys Garland Mark Houck arrest: "You used an unbelievable show of force with guns, that I just note, liberals usually decry. We're supposed to hate long guns and assault-style weapons, you're happy to deploy them against Catholics and innocent children." pic.twitter.com/1xyK3ANEfP

— Media Research Center (@theMRC) March 1, 2023

According to Fox News Digital, the legal battle against the DOJ had dragged on for three years due to what Houck last year described as an “activist judge” who had blocked negotiations between Houck and the Trump-led Justice Department.

Last week, 40 Days for Life CEO Shawn Carney described the settlement as “a bigger victory for the pro-life movement at large,” as well as “a huge victory for free speech” and “a huge victory for all Americans who want our right to speak our minds peacefully in a law-abiding way without fear of our own government.”

Carney also credited President Trump for reining in federal overreach, saying that the pro-life movement had received “so much persecution from the DOJ under Biden” and expressed gratitude that “President Trump has corrected that.”

The DOJ released a report this week concluding that the Biden administration “shattered the public’s trust by weaponizing the FACE Act to advance a pro-abortion agenda.”

TODAY: The Justice Department’s Weaponization Working Group published a report detailing the Biden Administration’s weaponization of the Freedom of Access to Clinic Entrances (FACE) Act.

“This Department will not tolerate a two-tiered system of justice,” said Acting Attorney… pic.twitter.com/oXV9Y7EirO

— U.S. Department of Justice (@TheJusticeDept) April 14, 2026

Tyler Durden Sat, 04/18/2026 - 21:00

Japan Tops Canada As World's Most Polite Nation

What makes a country “polite”—and which ones stand out globally?

A new survey of over 4,600 respondents by Remitly reveals a clear frontrunner.

Japan alone captured more than 35% of all votes, far ahead of every other country on the list.

As Visual Capitalist's Gabriel Cohen shows in the chart below, the ranking highlights how perceptions of politeness vary worldwide, while also revealing strong regional patterns across Europe and Asia.

Perceptions of politeness can shape everything from tourism experiences to international business relationships.

For travelers, these rankings often influence expectations around etiquette, hospitality, and day-to-day interactions abroad.

Japan: The World’s Clear Favorite

Japan stands far ahead of every other country, capturing 35.2% of all votes—nearly three times more than second-place Canada. No other country breaks even 15%, underscoring just how dominant Japan’s reputation is globally.

Japanese culture is famous for its high emphasis on respect, etiquette, and social harmony. The country’s blend of tradition and recognizable cultural exports has helped it become well-regarded nearly everywhere.

Certain traits associated with local culture no doubt contribute to the Japanese people’s reputation of politeness, including the value placed on cleanliness and punctuality.

Beyond this, citizens of other countries may be surprised when encountering Japanese bowing, a way of conveying respect, as well as other unique elements such as relative silence on public transit within the country.

Canada’s High Respect Premium

Canada ranks second with 13.4% of the vote—less than half of Japan’s total, highlighting the gap between first place and the rest of the field.

The sprawling North American country has been deemed the most respected country worldwide by one measure, while Canadians have long been known as some of the friendliest people on the globe.

Canada’s hospitality and civility has boosted the country’s reputation for politeness, both in dealings with each other and with people from other countries. This has been reinforced in some corners by the country’s relative contrasts with its southern neighbor, the United States, which obtained just over a tenth of the share of votes (1.6%) of Canada.

Europe’s High Prevalence of Politeness

After Canada, the United Kingdom ranks third at 6.2%, leading a strong European showing. In total, European countries make up more than half of the top 25—suggesting that politeness, as perceived globally, is strongly associated with the region.

Northern Europeans appear to fare better than their peers across the Old Continent, with the UK joined in the top 10 by Germany (2.8%) and Nordic countries like Sweden (2.3%), Denmark (2.1%), and Finland (1.9%).

In contrast, Asian countries nabbed a fifth of the spots on the list, while Africa was home to only one country in the top 25: South Africa, which at 1.8% of all votes cast landed at the 10th position worldwide.

If you enjoyed today’s post, check out The Best Countries For Culture & Heritage, As Determined by the People on Voronoi.

Tyler Durden Sat, 04/18/2026 - 20:25

'Money Laundering'? Newsom Used Donations To Inflate Book Sales

Authored by Luis Cornelio via HeadlineUSA,

California Gov. Gavin Newsom and his allies spent weeks boasting that his book, Young Man in a Hurry, became a “best-seller” within hours of its March release. However, a new report found those sales were largely driven by Newsom’s own super PAC using donor funds.

FILE - California Gov. Gavin Newsom speaks during a press conference in Los Angeles, Wednesday, Sept. 25, 2024. (AP Photo/Eric Thayer, File)

The book, published March 10 and centered on Newsom’s upbringing in California, has reportedly sold 97,400 copies since its release. Of those, 67,000 were purchased by Newsom’s Campaign for Democracy Committee through a donation-for-book scheme,

The leftist New York Times reported Friday that the PAC urged supporters to make donations in exchange for a copy of the book, effectively turning each contribution into a guaranteed sale.

Critics described the setup as a potential money-laundering scheme, with the super PAC purchasing copies from its publisher Porchlight Book Company for every donation, regardless of the amount.

“Make a contribution of ANY AMOUNT today and I will send you a copy,” Newsom reportedly wrote in an email pitch.

In total, Newsom’s PAC spent $1,561,875 on the effort.

This might not be the book people expected me to write.

It's about something universal — the messiness of becoming who we are.

Young Man in a Hurry is out February 2026.

Pre-order it here: https://t.co/WMGKrREIre pic.twitter.com/OtB0MlcFSf

— Gavin Newsom (@GavinNewsom) December 9, 2025

Defending the arrangement, Newsom spokesperson Nathan Click said the governor did not receive royalties from those purchases.

“Our goal was to deepen the relationship between him and the millions of folks who have already expressed support for Governor Newsom’s work. And as it turns out, the tactic more than paid for itself,” Click claimed.

Critics questioned the ethics of the program, with some suggesting it may have influenced Porchlight Book Company’s advance for Newsom’s 2026 book.

It remains unclear how much Newsom received as part of that advance. In 2019, however, he was paid $125,000 by Penguin Random House for Ben and Emma’s Big Hit, a children’s book.

A spokesperson for Newsom did not immediately respond to Headline USA’s request for comment regarding the advance for his latest book.

Steve Hilton’s on it! This is basically money laundering. Newsom writes a book, his PAC uses campaign donations to buy his books. He makes money on the royalties he gets back. His book sales are artificially inflated making him look more legitimate on the presidential stage. So,… https://t.co/iswaAlFo8a

— Buzz Patterson (@BuzzPatterson) April 17, 2026

Tyler Durden Sat, 04/18/2026 - 19:50

Ilhan Omar: Hey, Um, As It Turns Out, I'm Not Actually A Multimillionaire After All

Authored by Robert Spencer via PJMedia.com,

Rep. Ilhan Omar (D-Mogadishu) has for some time now been the poster child not only for the legion of ungrateful, America-hating migrants, but for members of the House of Representatives who have become multimillionaires on a $174,000 annual salary. 

The latter in particular has brought her unwelcome scrutiny: In February, House Oversight Chairman James Comer (R-Ky.) announced that he was opening an investigation after two companies Omar’s husband owns jumped in value from $51,000 to $30 million in value in a single year. Now, however,

Omar is trying to make an end run around the whole investigation, and lessen the suspicion that she is a totally corrupt grifter, by claiming that the whole thing was a mistake. She and her hubby Tim Mynett don’t have $30 million after all.

It was all just an “accounting error,” you see. 

The Wall Street Journal reported Friday that while “an Omar disclosure filed last year showed she and her husband held assets of between $6 million and $30 million, a massive rise in wealth from her previous annual filing,” now “an amended filing” claims “the couple’s assets to be just $18,004 to $95,000. The forms don’t require exact values, only broad ranges.”

Man, that’s one massive accounting error. James Comer should find the error in itself worth looking into. Is Omar simply trying to cover something up? Or did she really hire the most inept accountants in the history of the world? 

The great solon herself was going with the inept accountant theory, and apparently wants us to believe that she has simply been too busy serving the people to concern herself with such mundane matters as a phantom thirty million dollars:

“Aides said that Omar looked at the form before it was filed in 2025, but that the error didn’t jump off the page for her because she isn’t involved with her husband’s businesses and she trusted the accuracy of the accountant who provided her husband’s figures.”

Omar spokeswoman Jacklyn Rogers claimed victory, saying:

“The amended disclosure confirms what we’ve said all along: The congresswoman is not a millionaire. The congresswoman amended her disclosures voluntarily as soon as the discrepancy was identified.”

Okay, great. She is as honest as the day is long. That’s wonderful.

And yet there is more.

Back in January, before Comer announced his investigation, the New York Times, which has generally been quite friendly to Omar, reported that “the Justice Department under the Biden administration opened an investigation into Representative Ilhan Omar, Democrat of Minnesota, in 2024 to scrutinize her finances, campaign spending and interactions with a foreign citizen, according to people with knowledge of the matter.”

The Biden administration! When one’s own leftist political allies open an investigation on you, you’re either guilty as sin, beyond all denial and stonewalling, or they’re looking for a way to jettison you without backlash or embarrassment. Either way, not a good look for the patriotic servant of the people from Mogadishu, Minnesota.

Omar and Mynett have also acted as if they had something to hide. The New York Post reported in Dec. 2025 that “embattled Rep. Ilhan Omar’s husband’s venture capital firm quietly scrubbed key officer details — including former Obama officials — as scrutiny grows over the family’s skyrocketing wealth.”

Mynett’s Rose Lake Capital firm “saw its reported value go from nearly zero in 2023 to between $5 million and $25 million in just a year, and touted its officers’ $60 billion in ‘previous’ assets under management — an amount many Wall Street money managers only dream of.” But once Rose Lake Capital started coming under scrutiny, it suddenly started become considerably more secretive than it had been: “Between September and October — when federal prosecutors announced charges against eight more individuals, including six of Somali descent, for their roles in the welfare scheme — the names and bios of Rose Lake Capital’s nine officers and advisers were removed from the website. None of them were charged in the fraud.”

The names that were removed included “lobbyist and former Obama Ambassador to Bahrain Adam Ereli; former Senator and Obama Ambassador to China Max Baucus; DNC Finance Chair associate Alex Hoffman; former DNC treasurer William Derrough; and former ex-CEO of Amalgamated Bank Keith Mestrich, who once described Amalgamated as “the institutional bank of the Democratic Party.”

If it was all just a misunderstanding based on an accounting error, why move to protect these people?

They had nothing to worry about, right?

Omar’s “accounting error” calls for as much of an investigation as the sudden jump in wealth she denies.

Tyler Durden Sat, 04/18/2026 - 18:40

"Mamdani Mart" Exposes The Inefficiency Of Socialism In One Chart

Andreessen Horowitz's a16z New Media published the most popular charts of the week on financial markets, but the most revealing one came at the end of the note: a comparison suggesting that New York City's first grocery store, which will soon be run by unhinged socialists, will be structurally less efficient than private-sector supermarkets. 

But who cares when it's not taxpayer monies?

According to the New York Post, Mayor Zohran Mamdani's proposed city-owned grocery store in East Harlem would require roughly $30 million in taxpayer funding.

At just 9,000 square feet, the project implies a construction cost of about $3,000 per square foot - an exceptionally and alarmingly high number by grocery industry standards. 

From an economic standpoint, the "Mamdani Mart" underscores a familiar pattern: state-directed supermarkets often fail to achieve the cost discipline, operational efficiency, and scale seen in private-sector chains.

This story has played out time and again in the U.S., as unhinged left-wingers have experimented with socialism:

• "There's No Nothing": Empty Shelves, Rotten Odors Plague Gov't-Funded Supermarket In Missouri

The end result is Cuba.

When taxpayer-funded stores fail, socialists will never blame themselves but will merely say they didn't experiment hard enough.

Related:

• Is There A "Cuba Connection" Behind The Radicalization Of America's Nonprofit Left

Socialism is inherently parasitic, abusing productive taxpayers to subsidize left-wing experiments. It always tend to fail. Let's not forget CNBC's Sara Eisen blasted the far-left mayor after he filmed a promotional video touting a proposed new tax on luxury properties.

Tyler Durden Sat, 04/18/2026 - 18:05

Trump Says First Releases Of UFO Documents Will Begin 'Very, Very Soon'

Authored by Jill McLaughlin via The Epoch Times (emphasis ours),

President Donald Trump announced April 17 that he expects his administration to begin releasing documents “very soon” related to extraterrestrial life and unexplained phenomena.

President Donald Trump walks toward reporters before answering questions prior to boarding Air Force One at Joint Base Andrews, Md., on April 10, 2026. Win McNamee/Getty Images

“As you remember, I recently directed the Secretary of War … to begin releasing government files relating to UFOs and unexplained aerial phenomena,” Trump told an audience in Phoenix, Arizona. “I’m pleased to report today … that this process is well underway and we’ve found many very interesting documents, I must say. And, the first releases will begin very, very soon.”

Trump made the remarks at an event with Turning Point Action, an affiliate of Turning Point USA.

The president ordered government agencies to release information about UFOs and related phenomena in a Feb. 19 Truth Social post. Tremendous interest in the files prompted Trump to issue the directive to release files related to alien and extraterrestrial life, he said.

The U.S. government holds thousands of documents related to historical reports about the subjects of unidentified flying objects and alien phenomenon, including more than 12,600 reports from Project Blue Book, which took place from 1947 to 1969. The public can already access some of the public records, photos, and sounds at the National Archives.

The buzz over revealing more evidence comes days after Artemis II made its historic voyage around the moon, stirring the public’s interest in space discovery.

Trump’s announcement, however, fell flat with UFO investigator Donald Schmitt, who said he had “very little hope” the documents would prove anything more than what has already been released to the public.

“They’re just documents,” Schmitt told The Epoch Times. “They don’t prove anything. We need to stop dancing around the idea that we want to see the files or documents. … I want to hold a piece of the hardware. I want to see a tissue sample. Take me to where you’re preserving the bodies after all these years.”

“That’s what this should come down to,” Schmitt said. “Otherwise this is just song and dance.”

Schmitt, a seven-time best-selling author whose first book was made into the made-for-TV movie “Roswell,” serves as lead investigator for the International UFO Museum in Roswell, New Mexico. He has spent decades researching the alleged crash of a UFO about 75 miles north of the rural southeastern town in 1947.

At the peak of the independent investigations into the Roswell incident, Schmitt said they had 150 eyewitnesses for government officials to interview, but no one was interested in talking with them, he said.

“We have 30 deathbed confessions. They’re not interested,” Schmitt said about the government investigators.

The International UFO Museum in Roswell, New Mexico, tells the story about the 1947 UFO crash that eyewitnesses say happened 75 miles away from the southeastern city. Jill McLaughlin/The Epoch Times

He said he hoped he was wrong about the upcoming release of information, but it seemed to be generating a lot of confusion.

“I’m always cautious of people who speak as though they have any answers or they refer to themselves as experts, especially on this topic,” he added. “I can’t emphasize enough, there is no such thing as an expert on UFOs.

“The mystery continues.”

Secretary of War Pete Hegseth told reporters Feb. 23 he was already working on getting the documents in order.

Gen. John "Jay" Raymond (L), Commander of U.S. Space Command, and Chief Master Sgt. Roger Towberman (C) hold the Space Force Flag as President Donald Trump gestures to it during the presentation in the Oval Office of the White House in Washington on May 15, 2020. AP Photo/Alex Brandon, File

“We’ve got our people working on it right now,” Hegseth said. “We’re digging in. We’re going to be in full compliance to be able to provide that for the president.”

Hegseth didn’t have a time frame for when he would be able to provide the documents. He didn’t say whether he believed aliens existed, but Vice President JD Vance weighed in on his thoughts about the unknown beings in an interview with conservative political commentator Benny Johnson on March 27.

“When I came in, I was obsessed with the UFO files,” Vance said. “I have not been able to spend enough time on this to fully understand it. I’m going to get to the bottom of it.”

Vance elaborated on his beliefs about extraterrestrial beings.

“I don’t think they’re aliens,” Vance said. “I think they’re demons anyway, but that’s a long discussion.”

Tyler Durden Sat, 04/18/2026 - 17:30

Senate Bill Wants Commercial Reactors On Federal Land

Senators Mike Lee (R-UT) and Dave McCormick (R-PA) introduced the Nuclear Energy Innovation and Deployment Act (NEIDA) on April 14th, presenting what could be one of the most significant regulatory shifts for U.S. nuclear power in decades. 

The legislation would expand the DOE’s authority to license and regulate commercial reactors and fuel-cycle facilities when sited on federal land or built for federal purposes, including electricity supplied to federal power marketing agencies. 

The United States should lead the nuclear energy renaissance, not watch it from the sidelines.

My Nuclear Energy Innovation and Deployment Act with @SenMcCormickPA will help power America’s future. https://t.co/X8mOPRlMIT

— Mike Lee (@SenMikeLee) April 14, 2026

It would also create a permanent Nuclear Energy Launch Pad program to streamline demonstration projects on DOE and National Lab sites, with a built-in path to commercial operations under DOE oversight rather than the traditional NRC bottleneck.

Under current rules, even projects on federal property like Idaho National Laboratory (INL) typically require full NRC licensing if they want to be used for commercial purposes. NEIDA flips that script. Commercial reactors and related fuel facilities on qualifying federal sites could operate under DOE authority, complete with Price-Anderson liability protections. 

The bill also repurposes surplus plutonium as reactor fuel through a milestone-driven program, turning a liability into domestic supply while federal power marketing administrations gain explicit authority to purchase and transmit nuclear-generated electricity.

The centerpiece is the Nuclear Energy Launch Pad, which would designate secure federal zones (primarily on DOE and National Lab land) for private companies to test and demonstrate advanced nuclear technologies. Private entities pay the bill, but gain infrastructure support and regulatory certainty. After demonstration, projects could transition seamlessly to commercial operation under DOE licensing. 

As we have covered in recent reporting on surging nuclear interest, this framework directly addresses the “valley of death” between pilot and full deployment that has stalled U.S. progress while China and Russia build out capacity at pace.

Take Oklo’s Aurora powerhouse already under construction at INL. The company received DOE approval for its Nuclear Safety Design Agreement (NSDA) in March 2026 under the existing Reactor Pilot Program. If NEIDA made that pathway permanent and explicit, Oklo could complete testing and iteration under DOE oversight, then secure a commercial operations license directly from the agency without restarting with the NRC. The shift would provide exactly the certainty developers have long sought.

The bill could also create a natural bridge to the Genesis Mission, DOE’s flagship AI and energy-dominance initiative. Genesis is already pushing co-location of data centers on federal land with advanced nuclear power to meet exploding AI-driven power demand. Under NEIDA, reactors licensed and operated by DOE on those same sites could enter straightforward commercial offtake agreements to supply Genesis-linked data centers. 

The Launch Pad’s streamlined DOE process, combined with existing experience, could compress timelines dramatically. Consider an AP1000 reactor announced for a federal site: from initial filing to full commercial license, the bill’s framework suggests a matter of months rather than the multi-year NRC odyssey that has become standard. 

If enacted, NEIDA does not overhaul the entire NRC system. It would simply carve out a fast lane on federal real estate. In an era of record electricity demand from AI and manufacturing, that lane may prove decisive.

Tyler Durden Sat, 04/18/2026 - 16:55

White House Working With FBI To Probe Cases Of Missing Scientists

Authored by Jacki Thrapp via The Epoch Times,

The Trump administration confirmed on April 17 that it was working with the FBI to investigate the mysterious deaths and disappearances of ten U.S. scientists and government employees who had access to nuclear or aerospace material.

“In light of the recent and legitimate questions about these troubling cases, and President [Donald] Trump’s commitment to the truth, the White House is actively working with all relevant agencies and the FBI to holistically review all of the cases together and identify any potential commonalities that may exist,” White House Press Secretary Karoline Leavitt wrote in a post on X Friday afternoon.

The scientists and employees who worked on highly classified projects started vanishing or dying in recent years.

“No stone will be unturned in this effort, and the White House will provide updates when we have them,” Leavitt said.

The confirmation from Leavitt happened one day after Trump said the White House would look into whether the cases are connected.

“I hope it’s random, but we’re going to know in the next week and a half,” Trump told reporters on April 16, adding “I just left a meeting on that subject.”

One of the missing people included retired Air Force Maj. Gen. William “Neil” McCasland, who vanished on Feb. 27, according to the Bernalillo County Sheriff’s Office in New Mexico.

The 68-year-old previously served as the head of research at the Wright-Patterson Air Force Base, which conspiracy theories allege was tied to Roswell’s UFO incident in 1947.

He also worked at the Pentagon as the director, space acquisition in the Office of the Secretary of the Air Force and then as director of special programs, Office of the Under Secretary of Defense for Acquisition, Technology, and Logistics.

McCasland’s wife reported that she saw him interacting with a repairman around 10:00 a.m., she went to a medical appointment at 11:10, and he was gone when she returned just after noon.

The Albuquerque-area resident did not take his phone, prescription glasses, and wearable devices, but investigators did discover that the household was missing his hiking boots, wallet, and a .38 caliber revolver with a leather holster.

Another missing person included Monica Reza Jacinto, a rocket scientist who had worked with McCasland.

Jacinto was last seen hiking on June 22, 2025, in the Angeles National Forest.

Another one of the cases that is being questioned was the shooting of California Institute of Technology astrophysicist Carl Grillmair.

The astrophysicist, who worked on missions related to the Hubble and Spitzer space telescopes, was shot and killed outside of his home on Feb. 16, 2026.

Tyler Durden Sat, 04/18/2026 - 16:20

US Treasury Extends Russian Crude Waiver Amid Supply Disruptions

Authored by Kimberley Hayek via The Epoch Times,

The Trump administration renewed a key sanctions waiver on April 17, allowing countries to purchase Russian oil stranded at sea, responding to urgent pressure from Asian nations battered by skyrocketing energy costs.

The move also reverses a position Treasury Secretary Scott Bessent had stated two days earlier.

The Treasury Department’s Office of Foreign Assets Control issued General License 134B on Friday, authorizing transactions tied to Russian crude and petroleum products loaded onto vessels as of that date. 

The waiver runs through May 16 and replaces a previous license that expired on April 11.

The move comes after Bessent told reporters on Wednesday the administration would not extend the earlier waiver, signaling what appeared to be a firmer stance on Russian energy exports. 

“As negotiations [with Iran] accelerate, Treasury wants to ensure oil is available to those who need it,” a Treasury spokesperson said.

The Russia-related license waiver excludes transactions to Iran, Cuba, and North Korea.

Global oil prices tumbled 9 percent on Friday to about $90 a barrel after Iran temporarily reopened the Strait of Hormuz, an oil choke point in the Gulf.

Trump also discussed oil on a call on Tuesday with Indian Prime Minister Narendra Modi, a major purchaser of Russian crude.

The ongoing war in Iran has cost New Delhi access to approximately 3 million barrels per day that previously transited the Strait of Hormuz.

The war, which enters its eighth week on Saturday, has damaged more than 80 oil and gas facilities in the Middle East, and Tehran has warned it could close the strait again if the recent U.S. Navy blockade of Iranian ports continues. 

Just before Friday’s reversal, the Treasury had declared it was moving aggressively to maintain “maximum pressure” on Iran under its “Economic Fury” campaign, and would not renew a separate waiver on Iranian oil sales.

The juxtaposition of tightening Iranian sanctions while loosening Russian oil relief underscores the competing pressures bearing on the administration’s energy policy.

Friday’s decision follows a series of energy-related policy adjustments Washington has made since U.S.–Israeli military operations against Iran began in late February.

On March 6, Bessent said the United States may consider easing sanctions on more Russian oil after granting India a 30-day waiver to purchase Russian crude. 

Days later, on March 9, Trump said Washington would waive oil-related sanctions on some countries.

“We’re looking to keep the oil prices down,” he said during a press conference in Miami, adding that prices had risen artificially due to the conflict.

On March 18, the Treasury eased sanctions on Venezuela’s state-owned oil and gas company, allowing U.S. companies to do business with the firm amid tightening oil supplies during the Iran war. The following day, Bessent said the United States may lift sanctions on Iranian oil currently in transit to bolster supply and stabilize energy prices. An Iranian oil waiver, issued March 20, ultimately allowed some 140 million barrels to reach global markets.

Tyler Durden Sat, 04/18/2026 - 15:10

Dramatic Audio: Indian Tanker Was Given Permission Before Being Fired On By IRGC, Delhi Summons Ambassador

India has summoned the Iranian ambassador in New Delhi in a rare moment of inter-BRICS discord after its tanker was attacked earlier Saturday while trying to traverse the Strait of Hormuz, which has been closed once again.

"During the meeting, the Foreign Secretary conveyed India's deep concern at the shooting incident earlier today involving two Indian-flagged ships in the Strait of Hormuz," the statement from India said. The full statement, which is still somewhat tame in its rhetoric in light of the fact that what the Indian vessel thought was an "approved" transit came under direct attack:

The UK Maritime Trade Operations (UKMTO) reports that a tanker was "approached by 2 IRGC gunboats, with no VHF challenge, and then fired upon."

The official Indian government statement continues: "He noted the importance that India attached to the safety of merchant shipping and mariners and recalled that Iran had earlier facilitated the safe passage of several ships bound for India."

It adds, "Reiterating his concern at this serious incident of firing on merchant ships,  the Foreign Secretary urged the Ambassador to convey India's views to the authorities in Iran and resume at the earliest the process of facilitating India-bound ships across the Strait."

The ship has since been identified as the SANMAR HERALD:

It is likely that the tanker in involved is the Indian-flagged VLCC Sanmar Herald (IMO 9330563) which as changed its name to INDIANSHIPINDIANCREW on AIS. In a recording of a purported VHF radio message circulating in the industry a crew member says it is the Sanmar Herald and “you gave me clearance to go, you are firing now, let me turn back”.

An AIS track for the tanker from Pole Star Global also matches the timing and location given in the UKMTO warning.

Clearly the audio, released by TankerTrackers, strongly suggests the captain and crew had prior permission from Tehran/IRGC authorities, which the dramatic exchange demonstrates: 

Audio of the Indian oil tanker Sanmar Herald pleading with Iranian forces to stop shooting at it in the Strait of Hormuz this morning. pic.twitter.com/7Y5n7Jb7o0

— OSINTtechnical (@Osinttechnical) April 18, 2026

According to two Channel 16 audio recordings captured today, two Indian vessels were forced back west out of the Strait of Hormuz by Iran's Sepah (IRGC) Navy. Firing was involved. One of the vessels is an Indian-flagged VLCC supertanker carrying 2 million barrels of Iraqi oil.… pic.twitter.com/c1uOvmKDNO

— TankerTrackers.com, Inc. (@TankerTrackers) April 18, 2026

A second Indian-flagged vessel seems to have been subject to inbound projectiles. More from the first Indian tanker's audio exchange with the Iranian side:

Captain in dramatic audio: "You gave me clearance to go... you are firing now!"

Meanwhile, President Trump reacted at the White House on Saturday: "We're talking to them. They wanted to close up the strait again — you know, as they've been doing for years — and they can't blackmail us."

Subsequently there are reports that the US Navy could begin intercepting and boarding Iran-linked vessels anywhere in the world, as Washington tries to reassert leverage over the dicey Hormuz Strait situation.

Tyler Durden Sat, 04/18/2026 - 14:35

American Airlines Shuts Down United Merger Talk As Wells Fargo Signals Another Possible Tie-Up

Certainly this past week saw several key stories in the aviation world.

First came the story that Spirit Airlines could be liquidated at any moment, only to be followed later in the week by reports that the budget carrier had asked the Trump administration for an emergency bailout.

Then, of course, came the reopening of the Strait of Hormuz late in the week, which sent jet fuel prices in New York sharply lower and airline stocks soaring...

It now appears that American Airlines has rejected United Airlines CEO Scott Kirby's idea to merge the two carriers. Kirby recently pitched President Trump on the tie-up.

American told The New York Times in a statement that it was "not engaged with or interested" in the merger idea pitched by CEO Kirby.

"While changes in the broader airline marketplace may be necessary, a combination with United would be negative for competition and for consumers, and therefore inconsistent with our understanding of the administration's philosophy toward the industry and principles of antitrust law," American said, adding, "Our focus will remain on executing on our strategic objectives and positioning American to win for the long term."

White House Press Secretary Karoline Leavitt told reporters earlier this week that the merger was "not something the president or the White House has an opinion on or is weighing in on at this time."

Wells Fargo analyst Christian Wetherbee told clients that the American-United merger was unlikely, but on his radar was "an opportunity for United and Delta." 

"This idea furthers our belief that the fuel shock presents an opportunity for United and Delta to emerge better positioned, potentially suggesting upside to out-year estimates," Wetherbee said.

He noted a potential merger between United and American could be too large, as the combined carrier would control around 40% of domestic capacity without divestitures.

As an alternative, Wetherbee suggested JetBlue could emerge as a smaller, more realistic target if American rejected United, giving United valuable assets in New York and Florida with less regulatory fallout.

Some analysts have already described the airline industry as highly consolidated and a classic oligopoly.

On our radar next week: Spirit's meeting with Transportation Secretary Sean Duffy, along with the carrier's uncertain fate as creditors could pull the plug at any moment. Attention will also shift to United and whether, after being rejected by American, it makes a move toward Delta. Meanwhile, jet fuel prices in New York are plunging, a welcome development for airlines after four weeks of soaring prices that led some carriers to hike bag fees and ticket prices to offset fuel costs.

Tyler Durden Sat, 04/18/2026 - 13:25

The Universe Is Expanding 'Too Fast' And Nothing We Know Can Explain It

Authored by Steve Watson via Modernity.news,

New ultra-precise measurements have confirmed the cosmos is expanding faster than models based on the early universe predict, while a separate study has dramatically shortened estimates of how long the universe itself will last.

Astronomers have long observed a mismatch in the universe’s expansion rate depending on how it is measured. Local observations of nearby galaxies point to a faster rate, while data from the early universe, such as the cosmic microwave background, suggest a slower pace. This longstanding puzzle is known as the Hubble tension.

A major international collaboration, the H0 Distance Network (H0DN), has now produced one of the most accurate local measurements yet. The team combined decades of independent distance measurements—including observations of red giant stars, Type Ia supernovae, and different galaxy types—into a unified “Local Distance Network.” Their result: the Hubble constant stands at 73.50 ± 0.81 kilometers per second per megaparsec, with precision just over 1 percent.

James Webb just uncovered a serious problem with our understanding of the universe.

New data from the James Webb Space Telescope confirms a major discrepancy in the universe's expansion rate, suggesting our current understanding of physics may be fundamentally incomplete.

For… pic.twitter.com/x5sWtyHDI7

— Astronomy Vibes (@AstronomyVibes) April 10, 2026

“This isn’t just a new value of the Hubble constant,” the collaboration notes, “it’s a community-built framework that brings decades of independent distance measurements together, transparently and accessibly.”

The findings, published April 10, 2026, in Astronomy & Astrophysics, strengthen the case that the discrepancy is not due to a simple measurement error.

“This work effectively rules out explanations of the Hubble tension that rely on a single overlooked error in local distance measurements,” the authors conclude. “If the tension is real, as the growing body of evidence suggests, it may point to new physics beyond the standard cosmological model.”

Dr Kathy Romer of the Dark Energy Survey commented, “The universe is not only expanding, but it is expanding faster and faster as time goes by.” She added, “What we’d expect is that the expansion would get slower and slower as time goes by, because it has been nearly 14 billion years since the Big Bang.”

Dark Energy May Be Weakening

Separate research using the largest-ever 3D map of the universe from the Dark Energy Spectroscopic Instrument (DESI) has produced hints that dark energy—the force accelerating cosmic expansion—might not be constant but could be weakening over time.

The DESI team mapped nearly 15 million galaxies and quasars. When combined with cosmic microwave background data and supernova observations, the results fit better with an evolving dark energy model than the standard assumption of a fixed force.

Dr Willem Elbers, a researcher from the Institute for Computational Cosmology at Durham University, said: “For decades, we have relied on a standard model of the universe, but our new data suggests that dark energy might be evolving over time. If this is true, it will change everything we thought we knew about the cosmos.”

Professor Will Percival, co-spokesperson for DESI and an astronomer from the University of Waterloo, added: “We’re guided by Occam’s razor, and the simplest explanation for what we see is shifting. It’s looking more and more like we may need to modify our standard model of cosmology to make these different datasets make sense together—and evolving dark energy seems promising.”

Dr Andrei Cuceu, a researcher at Berkeley Lab who worked on the study, noted: “We’re in the business of letting the universe tell us how it works, and maybe the universe is telling us it’s more complicated than we thought it was.”

Paul Steinhardt, Director of the Princeton Center for Theoretical Science, observed that if dark energy becomes weak enough, scientists say the universe could be pulled together into a Big Crunch “remarkably quickly.”

UNIVERSE MAY END IN BIG CRUNCH

New data suggests dark energy is weakening, letting gravity eventually collapse the universe.

Expansion will reverse billions of years from now, ending everything in a single point.

Source: NewsForce
Host: @MacyGunnell pic.twitter.com/PxUdo1l9Sg

— NewsForce (@Newsforce) April 9, 2026

A related theoretical model led by physicist Henry Tye from Cornell University and collaborators from China and Spain explores one possible scenario. Their calculations suggest the universe has a total lifespan of about 33.3 billion years. With 13.8 billion years already passed, roughly 19.5 billion years would remain. In this model, expansion continues for another 11 billion years before slowing, stopping, and reversing into collapse.

New research suggests our universe might not expand forever as we once thought. Instead, it could eventually collapse in on itself in a “reverse Big Bang,” a scenario scientists call the Big Crunch.

For years, astronomers believed the universe would keep growing, driven by a… pic.twitter.com/Fk8wx9Nvbw

— Astronomy Vibes (@AstronomyVibes) December 21, 2025

These independent lines of inquiry highlight ongoing gaps in our understanding of the universe’s expansion rate and the behavior of dark energy. Future observations from next-generation telescopes are expected to test whether new physics is required to reconcile the data.

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, 04/18/2026 - 12:50

NY State Loses $73 Million In Federal Highway Funding Over Failed CDL Revocations

Authored by Bryan Hyde via American Greatness,

Over $73 million in federal highway funds are being withheld from New York state after an audit found more than half the state’s commercial drivers licenses (CDL) were issued to foreigners illegally.

U.S. Transportation Secretary Sean Duffy announced yesterday that the state failed to revoke “illegally issued nondomiciled commercial learner’s permits and commercial driver’s licenses.”

According to a December press release from the U.S. Dept. of Transportation, a Federal Motor Carrier Safety Administration’s (FMCSA) nationwide audit of non-domiciled commercial driver’s licenses (CDLs) uncovered a shocking 53 percent failure rate in the records sampled, indicating serious problems in New York’s CDL program.

Among the failures documented were New York DMV systems defaulting to issuing eight-year licenses to foreign drivers for non-REAL ID licenses, regardless of when their legal status expired, and the state issuing commercial licenses to foreign drivers without providing any evidence that it had verified their current lawful presence in the United States.

Just the News reports that Derek Barrs, administrator of the motor carrier administration, stated, “FMCSA’s mission is safety. That means ensuring that every commercial driver on the road is properly vetted and qualified. New York’s continued refusal to fix these failures undermines that mission, and we will not allow federal dollars to support a system that falls short of the law.”

Duffy told Fox News that the Dept. of Transportation has documented licenses and permits being issued to commercial truck drivers who are unskilled, putting American families at risk.

In December, Duffy gave the state of New York 30 days to get in compliance, warning state officials that, “When more than half of the licenses reviewed were issued illegally, it isn’t just a mistake—it is a dereliction of duty by state leadership. Gov. Hochul must immediately revoke these illegally issued licenses.”

Just the News reports that with the forfeiture of nearly $74 million in funding, Democratic Gov. Kathy Hochul’s administration is losing 4 percent of its National Highway Performance Program and Surface Transportation Program Block Grant Funds.

Duffy, in a post on X, posed the question of whether pulling federal funding from non-compliant states worked before responding, “Just ask Gavin Newsom,” referring to how California revoked more than 17,000 licenses issued to undocumented people after the DOT pulled over $160 million in federal funding from the state.

Tyler Durden Sat, 04/18/2026 - 11:40

NY State Loses $73 Million In Federal Highway Funding Over Failed CDL Revocations

Authored by Bryan Hyde via American Greatness,

Over $73 million in federal highway funds are being withheld from New York state after an audit found more than half the state’s commercial drivers licenses (CDL) were issued to foreigners illegally.

U.S. Transportation Secretary Sean Duffy announced yesterday that the state failed to revoke “illegally issued nondomiciled commercial learner’s permits and commercial driver’s licenses.”

According to a December press release from the U.S. Dept. of Transportation, a Federal Motor Carrier Safety Administration’s (FMCSA) nationwide audit of non-domiciled commercial driver’s licenses (CDLs) uncovered a shocking 53 percent failure rate in the records sampled, indicating serious problems in New York’s CDL program.

Among the failures documented were New York DMV systems defaulting to issuing eight-year licenses to foreign drivers for non-REAL ID licenses, regardless of when their legal status expired, and the state issuing commercial licenses to foreign drivers without providing any evidence that it had verified their current lawful presence in the United States.

Just the News reports that Derek Barrs, administrator of the motor carrier administration, stated, “FMCSA’s mission is safety. That means ensuring that every commercial driver on the road is properly vetted and qualified. New York’s continued refusal to fix these failures undermines that mission, and we will not allow federal dollars to support a system that falls short of the law.”

Duffy told Fox News that the Dept. of Transportation has documented licenses and permits being issued to commercial truck drivers who are unskilled, putting American families at risk.

In December, Duffy gave the state of New York 30 days to get in compliance, warning state officials that, “When more than half of the licenses reviewed were issued illegally, it isn’t just a mistake—it is a dereliction of duty by state leadership. Gov. Hochul must immediately revoke these illegally issued licenses.”

Just the News reports that with the forfeiture of nearly $74 million in funding, Democratic Gov. Kathy Hochul’s administration is losing 4 percent of its National Highway Performance Program and Surface Transportation Program Block Grant Funds.

Duffy, in a post on X, posed the question of whether pulling federal funding from non-compliant states worked before responding, “Just ask Gavin Newsom,” referring to how California revoked more than 17,000 licenses issued to undocumented people after the DOT pulled over $160 million in federal funding from the state.

Tyler Durden Sat, 04/18/2026 - 11:40

Former AI SPAC Executives Indicted For Fabricating "Virtually All" Revenue And Customers

What looked like a booming AI company was, prosecutors say, an audacious house of cards built on deception.

iLearningEngines (former stock symbol AILE) executives allegedly fabricated virtually every pillar of their business—customers, revenues, and contracts—to cash in on the AI hype and dupe both everyday investors and major institutions.

The scheme involved creating entire fake client ecosystems: shell companies with polished websites, insiders or relatives posing as corporate executives, and bogus multimillion-dollar agreements designed to withstand scrutiny, according to a DOJ press release. As U.S. Attorney Joseph Nocella put it, the company’s pitch of AI innovation masked something far more fraudulent: “the truly artificial part of the defendants’ story was iLearning’s customers and revenues.”

The scale of the alleged deception was staggering. The company reported soaring growth—claiming revenues that reached hundreds of millions—while prosecutors say those figures were largely invented. According to the indictment, executives inflated results through an “intricate web of sham contracts,” many supposedly worth tens of millions annually, all designed to convince investors the business was thriving.

In reality, the operation functioned less like a tech company and more like a carefully staged illusion meant to unlock funding and drive up valuation.

Behind the scenes, the mechanics of the fraud were brazen. Prosecutors say executives orchestrated “round-trip” transactions exceeding $144 million, secretly funneling investor and lender funds through fake customer accounts and then back into the company to simulate real revenue.

According to the DOJ press release, associates even opened bank accounts in the names of nonexistent clients to keep the money moving and the illusion alive. This circular flow of cash allowed the company to falsely appear profitable while relying entirely on outside funding.

When scrutiny finally intensified, the alleged response was not to come clean—but to double down. Executives allegedly lied repeatedly to auditors, investors, and lenders, and even coached others to back up the false story. “Our Office is committed to protecting investors and holding accountable corporate executives who undermine the integrity of our financial markets for personal gain,” Nocella said.

The scheme ultimately unraveled after a critical report by Hindenburg Research triggered a stock collapse, erasing massive value and pushing the company into bankruptcy—by which point insiders had already walked away with millions, leaving investors with devastating losses.

Back in 2024, Hindenburg Research alleged that the artificial intelligence company had "artificial partners and artificial revenue". The firm headed by Nathan Anderson said that iLearningEngines "was borderline insolvent when it merged with a desperate SPAC sponsor that was quickly running out of time to get a deal done."

The report focuses on an unnamed "Technology Partner" crucial to AILE's business, stating "nearly all of company’s revenue and expenses (~96% of revenue and ~100% of CoGs in 2022) seem to be run through an undisclosed related party, an unnamed 'Technology Partner'."

The company then told the SEC the technology partner was not a related party in a comment letter, Hindenburg says. It alleges that it "unmasked" the partner to be a related party...one which, at one point, shared a listed address with AILE's CEO's home residence. 

"We believe the majority of iLearningEngines’ revenue doesn’t exist, and that its relationship with the mystery 'Technology Partner' is merely a conduit for falsifying its financials. We do not expect it will remain a public company for long," the short seller wrote.

Hindenburg published the AILE report the same week it wrote on Super Micro Computer, which saw its co-founder arrested last month. It looks like even though the short seller is now defunct, its work is still having an impact.

Tyler Durden Sat, 04/18/2026 - 11:05

 

 

This week, I speak with Philippe Bouchaud, co‑founder, chair & head of research/chief scientist at Capital Fund Management (CFM). The $20 billion firm specializes in managed futures. He began his career in theoretical physics, was awarded the IBM Young Scientist Prize (1990) and the C.N.R.S. Silver Medal (1996), and has published over 300 scientific papers and several books in physics and finance.

A list of his current reading is here; 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 Joe McLean, Managing Partner at MAI Capital Management, where he leads firm’s Sports & Entertainment division, serving 100s of pro athletes/entertainers across NBA, NFL, MLB, PGA + NASCAR. His path to finance runs directly through the locker room as a 4-year NCAA Division 1 player at U of Arizona. Dubbed the athlete’s “Money Whisperer” by the New York Times, he is known for his non-negotiable 60% savings mandate for clients.

 

 

 

 

Current Reading/Favorite Books

 

 

 

The post MiB: Philippe Bouchaud, Founder/Chief Scientist, Capital Fund Management appeared first on The Big Picture.

The post A $600 Billion Increase for the Military is a Ton of Money appeared first on CEPR.

The Architecture Of Abundance: How Bitcoin Reveals The Truth Of Time And Technology

Authored by Sylvain Saurel via 'In Bitcoin We Trust' Substack,

How escaping the fiat illusion and holding the world's hardest money turns the relentless march of technology into unprecedented purchasing power.

Look closely at the image below:

On the left, two standard Papa John’s pizzas, purchased in 2010 for the seemingly arbitrary sum of 10,000 Bitcoin. On the right, a colossal supertanker cutting through the ocean, a leviathan of modern engineering carrying millions of barrels of crude oil - the literal lifeblood of the global industrial economy. Today, a mere 26 Bitcoin commands this staggering vessel of kinetic energy.

If we run the mathematics of this evolution, the implications are paradigm-shattering. In a span of roughly a decade and a half, the purchasing power of that original 10,000 Bitcoins has metamorphosed from two boxes of delivered fast food into the equivalent of 384 supertankers of oil.

This image is not merely a meme or a historical curiosity; it is the most perfect, succinct encapsulation of what Bitcoin actually is. It is a visual representation of economic truth. Yet, when the world discusses Bitcoin, the conversation is almost universally dominated by the chaotic noise of short-term price action. Pundits obsess over hourly charts, quarterly earnings, regulatory whispers, and the cyclical volatility of a nascent asset finding its sea legs. But zooming out to observe the macroeconomic horizon across sixteen years reveals a profound narrative about time, technology, and the very nature of human energy.

To understand Bitcoin, we must stop looking at what it does in a week and start looking at what it does across an epoch. We must understand why patience is the ultimate economic virtue, why technology demands abundance, and why our current fiat money system is fundamentally designed to steal that abundance from us.

The Tyranny of the Short-Term and the Power of 2042

Human beings are biologically wired for high time preference. Our evolutionary ancestors survived by prioritizing immediate caloric intake and immediate safety over abstract, long-term planning. Today, this biological vestige manifests in our financial behaviors. We want immediate returns. We want the “get rich quick” button. Nobody wants to wait; nobody wants to endure the discomfort of delayed gratification.

When you look at the leap from two pizzas to 384 supertankers, you are looking at the unparalleled reward of a low time preference. You are witnessing the mathematics of holding the hardest money ever engineered by humanity.

Imagine, for a moment, the year 2042. If the purchasing power of this decentralized network can scale from melted cheese and pepperoni to global energy armadas in a mere 16 years, what will a single Bitcoin command in another two decades? What entire industries, infrastructures, or technological marvels will be priced in fractions of a single coin?

Most people cannot fathom this reality because their economic worldview is constrained by the immediate present. The volatility of the short-term timeframe shakes out those who lack conviction. But the fundamental point of Bitcoin is intrinsically linked to time: the longer you hold it, the more you gain from it. This is not a speculative guarantee based on finding a “greater fool” to buy your bags; it is a mathematical inevitability aligned with the deepest truths of technological advancement.

Technology’s Unyielding Mandate: The Deflation of Marginal Cost

To grasp why Bitcoin’s purchasing power aggressively expands over time, we must first understand the fundamental nature of technology.

What is technology, at its core? It is the process of doing more with less. From the invention of the wheel to the printing press, the steam engine, the microchip, and now artificial intelligence, every technological leap shares a singular, unifying characteristic: it drives the marginal cost of production toward zero.

When a farmer transitions from a horse-drawn plow to a mechanized tractor, the caloric energy and time required to harvest a field plummet, while the yield skyrockets. When telecommunications shifted from laying copper cables across oceans to bouncing signals off satellites and routing data through fiber optics, the cost of communicating with someone on the other side of the planet fell from dollars per minute to fractions of a cent. Today, software and AI are eating the world, automating cognitive labor and optimizing supply chains with ruthless efficiency.

The natural consequence of this technological march is abundance. As it becomes cheaper, faster, and easier to produce food, energy, housing, information, and manufactured goods, the prices of these goods should fall dramatically. Deflation—the decrease in the general price level of goods and services—is the natural, logical, and inevitable byproduct of a technologically advancing civilization.

As time elapses, technology advances. As technology advances, it births abundance. And that abundance should rightfully be delivered to humanity in the form of consistently lower prices, requiring us to work less to secure our basic needs, thereby freeing human time and capital for higher-order pursuits.

This is exactly what has happened when we measure the global economy in Bitcoin. The price of everything in the economy is significantly lower in BTC terms than it was a decade ago. Whether you are pricing real estate, the S&P 500, a gallon of milk, or a supertanker of oil, the chart denominating these assets in Bitcoin trends aggressively downward. Bitcoin accurately captures the deflationary dividend of technological progress.

So, if technology is making everything cheaper to produce, why does life feel more expensive than ever?

The Fiat Illusion: Manufacturing the Energy of Scarcity

The reason our grocery bills are soaring, housing has become unaffordable for a younger generation, and the cost of living feels like an ever-accelerating treadmill is not because technology has failed us. It is because our money is broken.

We operate on a fiat currency standard—money decreed by governments, backed by nothing but the threat of force and the promise of future taxation. More importantly, it is a debt-based monetary system. In a fiat system, money is created when debt is issued. In order for this colossal architecture of global debt to survive without collapsing into a deflationary depression, central banks and governments are mathematically forced to constantly expand the money supply. They must inflate.

Inflation is not a bug of the fiat system; it is its foundational feature. The fiat system requires the continuous debasement of currency to service ever-expanding sovereign debts.

This requirement for inflation is a silent, insidious thief. It systematically robs humanity of the lower prices that should rightfully be ours due to technological advancement. Imagine a world where human ingenuity reduces the cost to produce a good by 5%, but the central bank inflates the money supply by 7%. The price on the shelf goes up by 2%. The consumer falsely believes the good has become more expensive to create, completely blind to the fact that their money has simply become vastly weaker. The technological dividend—the 5% savings—was siphoned away by the creators of the currency.

Because fiat money relentlessly loses its purchasing power, it traps humanity in a perpetual rat race. We are forced to sprint at full capacity simply to maintain our current standard of living. Instead of receiving the abundance our technology produces, we are force-fed the energy of scarcity. We are alienated from the fruits of our collective innovation, living in a hyper-financialized world where citizens must become amateur hedge fund managers just to protect their life savings from melting away.

Bitcoin: The Denominator of Truth

Bitcoin stands in stark defiance of this systemic theft. It is an incorruptible ledger, a closed thermodynamic system of money with an absolutely scarce, unforgeable supply cap of 21 million coins. No central bank can print more to bail out failing institutions. No politician can expand their supply to fund a war. No committee can alter its monetary policy to service unpayable debts.

Because its supply is fixed and immune to manipulation, Bitcoin acts as a perfect measuring stick for the global economy. It is simply money that accurately prices the truth of technological advancement.

When you hold fiat currency, you are holding a leaky bucket. When you hold Bitcoin, you are holding an asset that acts as a sponge, eagerly absorbing the deflationary abundance generated by human innovation. As technological advances lower the cost of producing goods and services, and the supply of Bitcoin remains immutably fixed, the purchasing power of your Bitcoin inevitably rises.

As Bitcoin holders, we cease to be the victims of hidden inflation taxes. Instead, we become the direct beneficiaries of technological abundance. We capture that abundance in the form of exponentially greater purchasing power. The transformation of a 10,000 BTC stack from two pizzas to a fleet of supertankers is not a glitch; it is the correct mathematical repricing of the world against a true, unmanipulated denominator.

The Long-Term Horizon: Where Truth Resides

Both of these realities—the magnificent deflationary power of technology and the absolute scarcity of Bitcoin—take time to fully manifest.

In the short term, markets are emotional. They are driven by leverage, news cycles, panic, greed, regulatory saber-rattling, and the sheer noise of human behavioral psychology. Over a timeframe of weeks or months, Bitcoin’s price in fiat terms can fluctuate wildly, leading critics to dismiss it as a volatile speculative toy.

But true economic reality cannot be judged in the span of a fiscal quarter. The truth of money, value, and human progress is only revealed over longer time horizons. Time acts as a filter, stripping away the irrational noise of the day-to-day market and leaving only the undeniable, structural signal. Over a 16-year timeframe, the volatility smooths out, and the undeniable truth emerges: fiat money trends toward zero, while structurally sound money trends toward infinity in purchasing power.

We rely on money to communicate value across space and time. When our money is manipulated, the communication is corrupted. It lies to us about what is scarce, what is valuable, and what our time is worth. Bitcoin is money that reflects reality. It provides perfect information. We cannot ask for anything more from our money than to tell us the truth.

And the truth, eventually, is unstoppable.

As the Buddha profoundly observed:

“Three things cannot be long hidden: the sun, the moon, and the truth.”

The fiat system relies on obscurity, complexity, and a lack of public understanding to maintain its illusion. Bitcoin relies on open-source code, verifiable math, and total transparency. Every ten minutes, a new block is mined, and the network shouts its truth to the world.

It takes time for society to recognize this shift. It takes time for the legacy systems to crack under the weight of their own debt and for the populace to seek a lifeboat. But time is the ultimate ally of the honest ledger. As Leonardo da Vinci wisely noted:

“Time is the daughter of truth.”

The longer Bitcoin survives, the longer it processes blocks without fail, the deeper its roots grow into the global financial infrastructure. Every passing year is a testament to its resilience and its necessity.

In the end, the transition from a debt-based system of manufactured scarcity to a mathematically sound system of technological abundance is not just an economic imperative; it is a moral one. The legacy financial world may fight it, central bankers may scoff at it, and the impatience of the masses may momentarily dismiss it. But the historical trajectory is set.

To borrow the words of Winston Churchill:

“The truth is incontrovertible. Malice may attack it, ignorance may deride it, but in the end, there it is.”

There it is: 10,000 Bitcoin for two pizzas in 2010. 26 Bitcoin for a supertanker today. A world of infinite technological abundance is waiting for us in 2042. The only question that remains is whether you have the patience, the conviction, and the low time preference to step out of the illusion of scarcity and hold the truth.

Tyler Durden Sat, 04/18/2026 - 10:30

Here's What Happened Inside Gas Stations When Gas Hit $4

In Goldman's first-quarter "Nicotine Nuggets" survey of retailers and wholesalers covering roughly 44,000 U.S. stores, or about 28% of all tobacco outlets nationwide, analysts observed that once the national average for regular 87-octane gasoline hit the politically sensitive $4-a-gallon level, the squeeze on consumers began to emerge. One of the clearest signs of stress was a downshift in purchases as budget-conscious consumers started pulling back on tobacco purchases or, in some cases, trading down. 

"The outlook remains cautious but retailers & wholesalers generally see the environment as stable despite ongoing concerns on the consumer and recent pressure from higher gas prices," Bonnie Herzog, managing director and senior consumer analyst at Goldman, wrote in a note on Friday morning. 

According to the survey, 58% of respondents said consumer behavior had noticeably changed once 87-octane gasoline prices at the pump crossed the $4 threshold, while another 26% said they have not seen changes yet but expect them if prices remain elevated.

The biggest changes cited were consumers downtrading in stores, buying less fuel, and purchasing less overall inside stores. Some retailers also reported fewer trips, weaker inside sales, and more "splash and go" visits at the pump, where customers buy smaller amounts of fuel and skip in-store purchases.

She said, "Downtrading was strong in Q1, as roughly 80% of respondents indicated that deep-discount cigarettes gained share."

Main points of the survey:

• Specific changes in behavior noted included consumers purchasing less in stores (indicated by 32% of respondents), downtrading in stores (47%), downtrading at the gas pump (11%), driving less (16%), and purchasing less fuel (37%).

• Multiple respondents noted seeing fewer customer trips to stores as a result of their higher retail fuel prices (with one noting higher basket sizes as a result of trip consolidation), along with overall lower levels for inside-store sales. One respondent pointed to considerable pressure on the consumer buying at budgeted dollar increments (a rapidly growing consumer segment), which naturally purchases less fuel as the price increases.

• Negatively, one retailer is witnessing more "splash and go" trips to the pump (fewer gallons and fewer people converting to inside sales). That said, the retailer also sees a shift in consumer behavior toward value, which has been a benefit to the nicotine pouch category in this regard, as higher engagement with fuel reward promos has led to category sales - with VELO Plus sales for the retailer up 20%+ in the last three weeks.

Herzog and her team "remain cautious on the U.S. tobacco/nicotine industry near-term given continued cig volume declines in Q1 and pressures on the tobacco consumer as a result of the inflationary backdrop and recently higher gas prices, although we see continued robust growth for the nicotine pouch category."

The "Nicotine Nuggets" report underscores just why politicians are so sensitive to surging gasoline prices: once fuel prices spike, cash-strapped consumers are forced into difficult trade-offs, whether that means buying less gas or diesel, cutting back elsewhere, or, in some cases, trading down in tobacco products.

Late last year, Herzog told clients, "Buy nicotine, energy drink, and candy stocks."

Professional subscribers can read the "Nicotine Nuggets" note on our new Marketdesk.ai portal. 

Tyler Durden Sat, 04/18/2026 - 08:45