Zero Hedge

Congress To Seize Control Of AI: States Stripped Of Regulatory Power

Congress To Seize Control Of AI: States Stripped Of Regulatory Power

Via JonFleetwood.substack.com,

Buried deep in Congress’s 1,116-page “One Big Beautiful Bill Act” is a provision so sweeping, so dystopian, and so underreported that it’s hard to believe it was passed at all.

Section 43201 of the bill, blandly titled the “Artificial Intelligence and Information Technology Modernization Initiative,” doesn’t just fund the federal government’s full-scale AI expansion—it removes every state’s right to regulate artificial intelligence for the next decade.

Let that sink in: For the next ten years, no state in America—not even your state—will be allowed to create its own safeguards, protections, or liability standards for how AI is developed or deployed.

“No State or political subdivision thereof may enforce any law or regulation regulating artificial intelligence models… during the 10-year period beginning on the date of the enactment of this Act.”

- Sec. 43201(c)(1) of the bill

This is not a theoretical threat.

It’s a federal ban on local AI regulation—handing the reins to the very bureaucrats and corporate tech giants already embedding AI into military systems, healthcare, financial markets, education, and law enforcement.

This section of the bill is a preemptive strike against state sovereignty.

It neuters legislatures and governors from protecting their own citizens—just as powerful corporations and federal agencies rush to install AI systems into every layer of society.

It’s not just overreach.

It’s a federal power grab dressed as “modernization.”

And President Trump is now marching on Capitol Hill to personally demand the bill’s passage—pushing the very legislation that would shield his $500 billion Stargate AI surveillance grid from any state-level resistance.

The bill—developed by the House Budget Committee, which passed the legislation yesterday—still needs to be voted on in the House and Senate before it hits Trump’s desk, so if you want your senators and representatives to vote no on it, you can contact them here and tell them why.

The House is expected to vote on the One Big Beautiful Bill by the end of this week.

Tyler Durden Wed, 05/21/2025 - 09:50

GLAAD Claims Free Speech Surge On Social Media Undermines LGBT Safety

GLAAD Claims Free Speech Surge On Social Media Undermines LGBT Safety

One of the most detrimental self-sabotage efforts of the woke movement was their rabid push to control public speech online.  In the case of gay and trans issues, any criticism no matter how factual or logical was met with Orwellian oversight.  For most major social media apps, simply engaging in debate with LGBT activists could mean your account would be flagged and silenced for days or weeks at a time.  Refusing to use a trans person's preferred pronouns could result in a permanent ban.  

Such policies were established hand-in-hand with federal government efforts to codify LGBT language and make gay and trans people a privileged class protected from any and all scrutiny. Governments and social media platforms partnered up to institute speech controls that might not be possible otherwise.  Under the guise of "protecting LGBT people" from discrimination, the door to arbitrary censorship was opened. 

This is why in the US there is no such thing as a legal definition for "hate speech".  Classifying any speech as "hate speech" would represent a clear violation of the 1st Amendment.  Yes, you can "yell fire" in a crowded theater, and yes you can call people whatever pejoratives you want to call them.  Hurt feelings are irrelevant to the law, and this is a good thing.

GLAAD, the gay and trans lobby group, thinks otherwise.

The organization issued an “alarming” Social Media Safety Index report this month, which found that, after significant rollbacks in protected speech, social media platforms are overwhelmingly "failing to protect" LGBTQ people.

The only major app that did not receive an "F" grade on LGBT safety was TikTok, which got a D+.  GLAAD has now changed it's grading system due to the lack of platforms meeting their standards.  For 2025, the platforms were rated numerically, with TikTok at 56/100; Facebook: 45/100; Instagram: 45/100; YouTube: 41/100; Threads: 40/100; and X the lowest at 30/100.

“At a time when real-world violence and harassment against LGBTQ people is on the rise, social media companies are profiting from the flames of anti-LGBTQ hate instead of ensuring the basic safety of LGBTQ users,” GLAAD President and CEO Sarah Kate Ellis said in a statement shared with TheWrap.  “These low scores should terrify anyone who cares about creating safer, more inclusive online spaces,” she added.

Taking into account the fact that woke activists consider mean words to be the same as an act of violence, it's difficult to take any warnings from GLAAD seriously. 

The report lists 14 indicators which address a range of issues affecting LGBTQ people online, including data privacy, moderation transparency, training of content moderators, and workforce diversity.  The factor that most interests GLAAD, however, is online censorship. 

Jenni Olson, senior director of social media at GLAAD, argues that “The terrible rollbacks from Meta and YouTube are the most important news this year,” referring to both company’s recent decisions to allow previously prohibited hate speech, such as references to LGBTQ people being “abnormal” and “mentally ill” as well as the use of pejorative terms such as “tranny” and “transgenderism.” 

“It is especially horrible that YouTube removed gender identity from its list of protected characteristics - and yet is continuing to state that the policy hasn’t changed, when it very clearly has …This is just unprecedented for a major platform. It is extremely concerning for a company to remove a protected characteristic group from a hate speech policy,” Olson said.

In other words, online speech policies are going back to normal and GLAAD doesn't like it.  Frankly the amount of social division and strife caused over protecting the fragile feelings of a tiny percentage of the total population isn't worth it.  LGBT groups are nothing more than a convenient minority vehicle which the establishment tried to use to inject thought control into the public consciousness.  The societal damage done has been immense and will take years to reverse.   

The popular anger over LGBT issues was created by the very activists crying about safety.  If they had left people alone instead of trying to force their ideological language on the masses, there would be no animosity today.  They earned public suspicion by trying to silence public discussion. 

Tyler Durden Wed, 05/21/2025 - 09:30

Breaking Down Global Military Spending By Country In 2024

Breaking Down Global Military Spending By Country In 2024

In a world where superpowers are defined by economic and military stature, countries continue to invest hundreds of billions in military and defense every year.

In 2024, global military expenditure reached $2.7 trillion, hitting a record high - and just three countries made up more than half of the total.

This infographic, via Visual Capitalist's Niccolo Conte, breaks down global military spending by country in 2024, highlighting the top military spenders using data from the Stockholm International Peace Research Institute (SIPRI).

The World’s Biggest Military Spenders in 2024

America continues to dominate global military expenditure, spending nearly $1 trillion or 3.4% of its GDP on defense in 2024. U.S. military expenditure makes up over one-third of the global total, and it also has the world’s biggest defense budget.

Here’s a look at the top 20 countries by military spending in 2024:

China follows the U.S. with an estimated $314 billion in military expenditure, up 7% from 2023. Over the last decade (2015–2024), China’s military spending increased by 59%.

Meanwhile, Russia’s spending was up by 38% year over year at nearly $150 billion. Together, the United States, China, and Russia—often considered strategic competitors—made up 54% of global military expenditure in 2024.

Germany and India round out the top five, with both countries ramping up military spending in light of rising geopolitical tensions in recent years. India’s simmering tensions with Pakistan and China contribute to its defense budget.

Meanwhile, as a major NATO member, Germany’s spending is partly down to the conflict between Russia and Ukraine. Together, NATO countries made up 55% of global military expenditure in 2024.

In the eighth spot, Ukraine has seen the biggest jump in military spending in recent years—with its 2024 spending at nearly 10 times 2021 levels. It also has the highest military burden globally at 34.5% of its GDP in 2024. Although peace talks between Russia and Ukraine are ongoing, a complete ceasefire is yet to be achieved.

To see how global military expenditure has evolved in the 21st century, check out 20 Years of Global Military Spending on the Voronoi app.

Tyler Durden Wed, 05/21/2025 - 04:15

UK Space Ambitions Clash With NATO Airspace Concerns

UK Space Ambitions Clash With NATO Airspace Concerns

Via CityAM,

  • The UK’s new vertical launch spaceport at Saxa Vord poses risks to Icelandic airspace and territorial waters, potentially disrupting transatlantic flights and marine ecosystems.

  • Exclusion zones for rocket launches could interfere with NATO's ability to effectively patrol the Greenland-Iceland-United Kingdom gap, an area of strategic importance for defense.

  • While a memorandum of understanding exists between the UK and Iceland, it may not adequately address the full defense and military ramifications of frequent space launches in this critical region.

When I relocated to the UK from New York in 1984, the Cold War was at its peak. US nuclear and conventional forces were spread across Europe and fears of a Soviet invasion or nuclear exchange were ever-present. In the UK, another critical strategic concern was the Greenland-Iceland-United Kingdom (GIUK) gap, which are two stretches of the North Atlantic separating these three countries. During the Cold War, Soviet naval forces aimed to control this gap to access the broader North Atlantic and block NATO reinforcements to Europe, a scenario famously depicted in Tom Clancy’s Red Storm Rising.

After the Cold War ended and the so-called Peace Dividend reduced the gap’s significance, its strategic importance faded. However, since 2014, with Russia’s renewed assertiveness, the GIUK gap has regained prominence in NATO planning. The US reopened Keflavik Naval Air Station in Iceland in 2016, re-established its 2nd Fleet in 2018 to protect the gap and, as recently as March 2025, Standing NATO Maritime Group 1 increased its patrols in the region.

I warn of danger

While NATO has prepared for Russian threats, a new risk closer to home is now emerging: the UK’s and Europe’s first vertical launch spaceport at Saxa Vord, Shetland. Ironically, this site was once an RAF early warning and air defence base during the Cold War, bearing the motto Praemoneo de Periculis, or “I warn of danger”.

Commercial space launches are still in their infancy, but recent incidents such as SpaceX’s launch failures – spreading debris across Florida and the Caribbean and grounding flights – and a Norwegian test rocket explosion highlight the risks. Saxa Vord itself attempted a rocket launch last August, resulting in an engine explosion. The international nature of space launches means that countries near Saxa Vord, especially Iceland, are directly in the path of up to 30 planned launches per year, four a month at peak, with ambitions to increase to 40 or 50 annually.

These launches pose multiple risks to Iceland and the GIUK gap:

  • Rockets may enter Icelandic airspace, with first-stage returns falling through Icelandic airspace and into territorial waters.

  • Catastrophic failures could scatter debris, whilst hazardous chemicals from rocket propellants threaten marine ecosystems.

  • Rerouted transatlantic flights of up to 76 a day, according to Icelandic air traffic control’s ‘anonymous’ response to the CAA’s Saxa Vord licence consultation.

  • Even more importantly and less scrutinised – the presence of exclusion zones for launches could undermine NATO’s ability to patrol the gap effectively.

Memorandum of Misunderstanding 

These risks are partly managed by a memorandum of understanding (MoU) signed between the UK and Iceland in July 2021. The MoU mandates the closure of designated Icelandic sea and airspace areas before launches and outlines some procedures for debris recovery. However, while a handful of Icelandic officials are aware of the implications, the broader political and media discourse in both countries has yet to grapple with the full defence and military ramifications of the impact of such numbers of launches into NATO’s strategic sea and airspace.

The current trajectory of UK space ambitions – and planned rocket launch from the UK – means the UK’s space ambitions could inadvertently undermine the very security framework that underpins Western interests in the North Atlantic and the Arctic.

There is an urgent need for both the UK and Icelandic governments to reassess the risks from Saxa Vord, ensuring that existing bilateral agreements align the UK’s space programme with enduring geopolitical realities and the security needs of NATO and its allies. Saxa Vord has to be a success – but upon the present strategy security triumphs space whilst Iceland is developing its own space strategy – which might well consider how launch capability could be nationalised to give greater control over risk.

Tyler Durden Wed, 05/21/2025 - 03:30

Tea Or Coffee?

Tea Or Coffee?

Today, May 21 marks International Tea Day. 

With a global market valued at nearly $50 billion in 2023, tea is said to be the second most consumed beverage in the world. 

As the United Nations notes, the tea industry provides "a major source of income and export earnings for some of the poorest countries and, thanks to its high labor requirements, generates numerous jobs, particularly in remote and economically disadvantaged areas."

As Statista's Anna Fleck reports, Statista Consumer Insights surveyed 23 countries around the world to find out more about global tea drinking habits. 

It found that while tea was a popular choice for many respondents, coffee proved to be consumed by a higher share of adults in almost every country surveyed, save for Turkey, Morocco and India. 

Tea or Coffee? | Statista 

You will find more infographics at Statista

In the United States a comparatively lower share of people said they drank tea (46 percent) or coffee (53 percent) regularly, while soft drinks were more popular (56 percent).

Tyler Durden Wed, 05/21/2025 - 02:45

How Hackers Can Control Your Phone With "Zero-Click" Attack

How Hackers Can Control Your Phone With "Zero-Click" Attack

Authored by Chris Summers via The Epoch Times (emphasis ours),

In 2025, most people are inseparable from their laptops and smartphones. With that familiarity has come a wariness of the dangers of clicking on unsolicited emails, SMS, or WhatsApp messages.

But there is a growing menace called zero-click attacks, which have previously targeted only VIPs or the very wealthy because of their cost and sophistication.

Illustration by The Epoch Times, Shutterstock

A zero-click attack is a cyberattack that hacks a device without the user clicking anything. It can happen just by receiving a message, call, or file. The attacker uses hidden flaws in apps or systems to take control of the device, with no action needed from the user and the user remains unaware of the attack.

“Although public awareness has increased recently, these attacks have steadily evolved over many years, becoming more frequent as smartphones and connected devices proliferated,” Nathan House, CEO of StationX, a UK-based cybersecurity training platform, told The Epoch Times.

“The key vulnerability is in the software, rather than the type of device, meaning any connected device with exploitable weaknesses could potentially be targeted,” he said.

Aras Nazarovas, an information security researcher at Cybernews, told The Epoch Times why zero-click attacks usually target VIPs, rather than ordinary individuals.

“Since finding such zero-click exploits is difficult and expensive, most of the time such exploits are used to gain access to information from key figures, such as politicians or journalists in authoritarian regimes,” he said.

“They are often used in targeted campaigns. Using such exploits to steal money is rare.”

In June 2024, the BBC reported that social media platform TikTok had admitted that a “very limited” number of accounts, including those of media outlet CNN, had been compromised.

While ByteDance, the owner of TikTok, did not confirm the nature of the hack, cybersecurity companies such as Kaspersky and Assured Intelligence suggested it stemmed from a zero-click exploit.

“The part that requires high levels of sophistication is finding bugs that allow such attacks and writing exploits for these bugs,” Nazarovas said.

“It has been a billion-dollar market for years, selling zero-click exploits and exploit chains. Some gray/dark market exploit brokers often offer $500,000 to $1 million for such exploit chains for popular devices and apps.”

An attendee inspects the new iPhone 16 Pro Max during event at the Apple headquarters in Cupertino, Calif., on Sept. 9, 2024. Experts warn of a rise in zero-click attacks—cyberattacks that compromise devices without any user interaction. Justin Sullivan/Getty Images

Nazarovas added that while ordinary users have been hit in the past by zero-click ‘drive-by’ attacks. These are attacks that emerge after the unintentional installation of malicious software onto a device, often without the user even realizing it. They have become more infrequent with the growing gray market for such exploits.

House said zero-click exploits often seek out vulnerabilities in software and apps that are expensive to discover, which means the perpetrators are usually “nation-state actors or highly-funded groups.”

Expanded Spyware Markets

Although there have been recent innovations in AI that have made certain cyber crimes, such as voice-cloning or vishing, more prevalent, Nazarovas says there is no evidence yet that it has increased the risk from zero-click attacks.

House said people could use AI to “write zero-click exploit chains for people who would have otherwise lacked the time, experience, or knowledge to be able to discover and write such exploits.”

But, he said, the increase in zero-click attacks in recent years, “stems mainly from expanded spyware markets and greater availability of sophisticated exploits, rather than directly from AI-driven techniques.”

He said zero-click attacks have existed for more than a decade, the most infamous of which was the Pegasus spyware affair.

In July 2021, The Guardian and 16 other media outlets published a series of articles, alleging that foreign governments used the Israeli-based NSO Group’s Pegasus software to surveil at least 180 journalists and numerous other targets around the world.

Alleged targets of Pegasus surveillance included French President Emmanuel Macron, Indian opposition leader Rahul Gandhi, and Washington Post writer Jamal Khashoggi, who was slain in Istanbul on Oct. 2, 2018.

A woman checks the website of Israel-made Pegasus spyware at an office in Nicosia, Cyprus, on July 21, 2021. Pegasus has been tied to several high-profile international zero-click attacks in recent years. Mario Goldman/AFP via Getty Images

In a statement at the time, NSO Group said, “As NSO has previously stated, our technology was not associated in any way with the heinous murder of Jamal Khashoggi.”

On May 6, a California jury awarded WhatsApp’s parent company, Meta, $444,719 in compensatory damages and $167.3 million in punitive damages, in a privacy case against NSO Group.

The WhatsApp complaint was focused on the Pegasus spyware, which, according to the lawsuit, was developed “to be remotely installed and enable the remote access and control of information—including calls, messages, and location—on mobile devices using the Android, iOS, and BlackBerry operating systems.”

“While ordinary users can occasionally become collateral targets, attackers generally reserve these costly exploits for individuals whose information is especially valuable or sensitive,” Nazarovas said.

According to Nazarovas, corporations offer hackers ‘bug bounties’ to incentivize them to find these exploits and report them to the company, rather than selling them to a broker who then sells them on to parties who use them illegally.

Read the rest here...

Tyler Durden Tue, 05/20/2025 - 20:55

David Sacks' Lieutenant Explains The Real Reason Why Trump's AI Deal With UAE Is A Yuge Win For America

David Sacks' Lieutenant Explains The Real Reason Why Trump's AI Deal With UAE Is A Yuge Win For America

Sriram Krishnan, Senior White House Policy Advisor on Artificial Intelligence, joined the Monday edition of TBPN to explain why the U.S.-UAE AI Partnership is a strategic victory for the United States in its race to lead AI development against China, a perspective largely (and unsurprisingly) overlooked by mainstream media.

SRIRAM KRISHAN: We signed the first AI acceleration partnership. You guys probably read about in the press, but there are probably three important components that just, I wanted to have the technology brothers have the alpha and the have the first group on that. The most important part, the first part, is that this represents a large investment in U.S. data centers and U.S. AI infrastructure. So these countries will be investing in U.S. AI infrastructure. To make them as equal, if not larger, than the data centers and infrastructure they're building back home. So this means, obviously a large infusion of capital revenue to data centers here in America. 

JORDI HAYS: That story was kind of lost. Right? I feel like a lot of the focus was on localized investment and infrastructure. 

JOHN COOGAN: To break it down in language that a venture capitalist could understand. This is something like what we're seeing with Stargate where there's a ton of capital forming and that's coming from SoftBank, but it's also coming from Middle Eastern investment funds and sovereign nations investing in American infrastructure. And then there's a whole host of companies that might come in the stack to actually build a new data center. Is that right?

SRIRAM KRISHAN: Exactly. You should be doing our talking points. I would say, look, these countries have AI ambitions, right? They want to buy American AI. They wanna buy our semiconductors. They want to buy our large language model. They want to use us. And so as a part of this deal, they're agreeing to a few things. The most important thing they're gonna agree to is that capital, like you mentioned, right? Like, and, and this is, by the way, net new. This is not part of any existing project. Sure. These net new deals will mean infrastructure being built out physically in the US.

So for example, if they build out X megawatts of gigawatts of capacity, yep. This will mean the same X megawatts of gigawatts of capacity in the US, and this is an important point. Because some of the chatter has been, Hey, how does America maintain its lead? Well, one of the ways we maintain our lead is everything that is being built up by our allies. We get a matching deal back home. So that's probably the number one headline.

The second headline would be that the vast majority of the GPUs that are as a part of this deal, which is gonna be, say, hosted in the UAE, will be hosted, run, operated by American hyperscaler companies, right? And so, you probably know them all, right? These would be large American companies who. They will be running it, hosting it, maintaining, and this is actually important because this represents an expansion opportunity for all of our companies. This means they would get to win market share away from competition from other countries. And obviously there's a whole huge amount of revenue and ecosystem coming in. And so that's the second key point, the vast majority of the GPUs are going to be run by American companies, often by a lot of our friends in these large, uh, you know, hyperscaler companies.

And the third point, and this is, again, something just lost in the chatter, is I'm sure you've heard questions about, Hey, how do we make sure these GPUs, you know, don't get to somebody they don't need to be. So there are rigorous security protocols in place, so every GPU gets shipped over. We are gonna make sure that, a., they can't be physically diverted. These are really large boxes. You can't hide them under your t-shirt or your tux and kind of stick them out the door. You can't really go George Clooney Oceans 11 on them. So one is there's going to be a large amount of physical verification and physical security protocols.

The second is remote access. We are gonna make sure through these deals, through the framework that nobody who's not supposed to have access, especially from countries of concern, can get access.

And so these three kinds of the core pillars, and here's why this event, right? And I think everybody in your audience who's like a technology person, a technology brother, or in the software world, here's why they'll understand it. What has history taught as a software industry? The company with the biggest network effect, the biggest ecosystem wins, right? We've all grown up with Microsoft. How did Microsoft win with the Windows and Office ecosystem? Think about this as the American AI ecosystem.

We are getting these resource-rich countries who are critical allies in very interesting geopolitical places to basically adopt the American AI stack, right? Up and down. This means they are going to be part of our ecosystem for years and decades to come, and it essentially forms a shield from them ever adopting or using technology or working closely with some people that we don't want them to work with. In a way, I kind of think of this like a software ecosystem play, where we now have them tied to the American AI ecosystem.

 

Tyler Durden Tue, 05/20/2025 - 20:30

Trump Unveils $175 Billion Plan For "Golden Dome" Missile Defense System

Trump Unveils $175 Billion Plan For "Golden Dome" Missile Defense System

By Ryan Morgan of Epoch Times

The Department of Defense has selected a design for President Donald Trump’s “Golden Dome” missile defense initiative, Trump announced on May 20.

“I’m pleased to announce that we have officially selected an architecture for this state-of-the-art system that will deploy next-generation technologies across the land, sea, and space, including space-based sensors and interceptors,” Trump told reporters at the White House.

In his first week in office, Trump signed an executive order directing the Department of Defense to devise a plan to implement his missile defense proposal.

“It should be fully operational before the end of my term. So we'll have it done in about three years,” the president said.

Trump said the plan the Department of Defense has selected should cost about $175 billion to complete.

The plan will meld new technologies with existing U.S. missile defense systems.

Canada may also partner with the United States to help develop the improved missile defense shield, the president said. “Canada wants to be a part of it, which would be a fairly small expansion, but we'll work with them on pricing.”

In addition to new and improved space-based sensors and interceptors, Trump’s January executive order called for the Department of Defense to consider non-kinetic missile interception technologies such as lasers.

The order also tasked the department with examining methods and technologies for intercepting missile threats before they can launch, or in their initial boost phase.

Standing beside Trump during the Oval Office announcement, Secretary of Defense Pete Hegseth noted the parallels between Trump’s missile defense proposal and the Strategic Defense Initiative put forth by President Ronald Reagan in the 1980s.

Reagan’s Strategic Defense Initiative included a number of aspirational missile defense concepts, and some critics referred to it as Reagan’s “Star Wars” proposal.

“President Reagan, 40 years ago, cast the vision for it. The technology wasn’t there. Now it is, and you’re following through,” Hegseth told the president.

Congressional Republicans have put forth a $150 billion supplemental military spending package, with about $25 billion set aside to kickstart the Golden Dome project. The $150 billion defense spending plan is one piece of a larger bill that Trump and his allies are hoping to pass through the reconciliation process, avoiding a potential Senate filibuster.

Trump expressed confidence that the reconciliation bill will pass.

“We’ve already spoken to everybody that we have to speak to,” he said.

“Everybody’s in line.”

Adding to his Golden Dome announcement on Tuesday, Trump named Gen. Michael Guetlein, vice chief of space operations for the U.S. Space Force, as the program manager for the project.

Trump said Guetlein is “one of the most respected people in the world, having to do with defense.”

Tyler Durden Tue, 05/20/2025 - 20:05

US Veteran Freed From Venezuelan Prison After Latest Trump Diplomacy With Maduro

US Veteran Freed From Venezuelan Prison After Latest Trump Diplomacy With Maduro

In another diplomatic win for the Trump administration, a US Air Force veteran unlawfully imprisoned in Venezuela has been released on Tuesday, following secret talks with President Nicolás Maduro's representatives and Trump's special envoy Ric Grenell.

Joseph St. Clair, a 33-year-old combat-disabled veteran, had been detained in Venezuela since November, and was one of nine Americans declared by Washington as 'wrongfully detained'.

Images source: the St Clair family/770 KTTH Conservative Talk Radio

"This news came suddenly, and we are still processing it — but we are overwhelmed with joy and gratitude," parents Scott and Patti St. Clair said.

Few initial details of his release or the terms of any possible deal or incentives offered Maduro have not been forthcoming. However, Grenell's talks with Venezuelan officials, reportedly in Antigua, likely focused on both oil and the migrant crisis.

Conservative news outlet Newsmax says it "learned that Grenell and Treasury Secretary Scott Bessent on Tuesday extended the waivers for U.S. companies' oil licenses in Venezuela by 60 days."

Clearly the Maduro government is ready to engage in top-level negotiations with Washington, in hopes for sanctions relief, and in return it is likely also willing to take back migrants.

According to background on St. Clair's arrest last year:

Air Force veteran Joe St. Clair, their 33-year-old son, was traveling as a tourist near the Venezuelan border in October 2024 when he and a friend from Colombia were arrested by Venezuelan authorities, who transported them across the border to a Venezuelan prison, his family said. “We learned that Joe decided to take a trip near the border with one of his friends to visit [the friend’s] family member and got too close to the border and got abducted by the Venezuelan police,” Scott St. Clair explained.

“They were shaken down, questioned and searched. All their possessions were taken.” St. Clair said he was told the border is “fluid,” and that Venezuelan authorities detain Americans as bargaining chips to gain leverage against the U.S. to ease restrictions placed on the country. Joe is a linguist who served as a tech sergeant in the Air Force until 2019. He was honorably discharged after nine years of service, his family said.

He had actually been deployed on four combat tours in Afghanistan. It's unclear whether the two travelers were inside Venezuelan territory or not.

This follows an initial big release of six Americans from Venezuela back in late January...

St. Clair's parents had been very active in public lobbying for his freedom, calling on President Trump to "act now to save Joe and his fellow captives" at various events and rallies, including in D.C.

Trump has of late been emphasizing a foreign policy message of peace through strength and dealmaking and diplomacy, as opposed to the chaos of proxy wars and conflict.

Tyler Durden Tue, 05/20/2025 - 19:40

Experts Warn Trump's "Big Beautiful Bill" Could Codify Big Land Grabs

Experts Warn Trump's "Big Beautiful Bill" Could Codify Big Land Grabs

Agricultural advocates and lawmakers are sounding the alarm this week, as section 41001 of the proposed Budget Reconciliation Act (the Big Beautiful Bill) contains language that would centralize local authority to the federal government regarding land use and land expropriation.

Beginning under the Biden administration's Federal Plan for Equitable Long-Term Recovery and Resilience (ELTRR), funding from the Inflation Reduction Act (IRA) and the USDA credit line, known as the Commodities Credit Corporation (CCC), were allocated to ideologically aligned Non-Governmental Organizations (NGOs). 

Using contract law, NGOs were then tasked with creating a carbon market and strategic buyout programs for federally funded public-private land acquisitions—entered into as an agreement structure with local municipalities—to facilitate the Green New Deal.  

Carbon capture has captured Farm Credit, and could soon capture lands across America's Heartland.

Amid a flurry of administrative rule changes, the Biden administration prioritized government-backed Farm Credit lending for rural utilities. Reallocating parts of the USDA's Rural Development budget, the Biden administration attracted "eligible organizations" to "invest in renewable energy infrastructure and zero-emission systems," to "significantly reduce greenhouse gas emissions."

Simultaneously, as part of the ELTRR's "whole-of-government" approach; the Environmental Protection Agency (EPA) exempted certain "Green Energy" infrastructure projects, such as solar and carbon capture from Environmental Impact Studies, while 45Q tax credits promised billions in government subsidies, and agencies eased land acquisition regulations for "Federally Assisted Programs."

This coalescence created a proverbial gold rush. Suddenly, private equity firms like Blackrock and Vanguard quickly began backing projects for Carbon Sequestration infrastructure, such as the 2,500-mile C02 pipeline project spanning five states. 

Now, as Congress works to immediately halt IRA funding and reign-in the "whole-of-government," state lawmakers and agricultural advocates warn the cure could exacerbate the disease.

According to Amanda Radke, a fifth-generation cattle rancher who has fought against giving private corporations eminent domain power in South Dakota, "this proposal would open the door for federal overreach and eminent domain abuse, especially with the $10 million price tag to fast-track these projects."

"I'm deeply concerned that the current proposal for the budget reconciliation bill will grant centralized federal authority over the permitting of carbon dioxide pipelines," Radke said. "This Green New Deal has held America hostage for far too long, and it's time for Congress to cut ties with this boondoggle once and for all. Landowners across the nation are calling for Congress to cut wasteful spending, halt the subsidies of the IRA like the 45Q tax credit, and protect our private property rights." 

S.D. landowners have also found a fierce advocate in Speaker of the House, Rep. Jon Hansen. Hansen, who is now running for Governor,  and running-mate Rep. Karla Lems, have led the charge to protect private property rights in the State of South Dakota. 

However, according to Hansen, these hard-won efforts could now be a moot point. 

"President Trump has made it very clear that he wants to end the Green New Deal scam. In spite of that, politicians in Washington are trying to sneak a provision deep in the budget bill that would override the hard-fought protections that we have put into place for farmers, ranchers, and land owners in South Dakota," Hansen told ZeroHedge.

While GOP leadership has made quiet promises that the bill will be amended, an updated draft has yet to materialize prior to Wednesday's vote. A fact that isn't sitting well with Radke or Hansen.

"While we've been told this language would be cut on Wednesday morning, farmers and ranchers are waiting for reassurance from Congressional leaders that our land is, in fact, not for sale to the highest bidder," Radke said. 

For Hansen, however, anything short of killing this section, will be considered an absolute failure.

"All members of Congress must reject this proposal," Hansen said. "Anything short of killing the land grab proposal and totally defunding the 45Q tax credit is an absolute failure to deliver on ending the green new deal scam and a failure to defend our peoples' constitutional rights."

Tyler Durden Tue, 05/20/2025 - 18:50

Israel Preparing Possible Preemptive Attack On Iranian Nuclear Facilities: US Intelligence

Israel Preparing Possible Preemptive Attack On Iranian Nuclear Facilities: US Intelligence

Update(1830ET): At a moment it has become very clear that Netanyahu could care less about 'pressure' from Western allies the US, UK, and Canada, there are breaking reports Tuesday evening that a preemptive Israeli attack on Iran's nuclear sites could be imminent. According to CNN:

The US has obtained new intelligence suggesting that Israel is making preparations to strike Iranian nuclear facilities, even as the Trump administration has been pursuing a diplomatic deal with Tehran, multiple US officials familiar with the latest intelligence told CNN.

Such a strike would be a brazen break with President Donald Trump, US officials said. It could also risk tipping off a broader regional conflict in the Middle East — something the US has sought to avoid since the war in Gaza inflamed tensions beginning in 2023.

The same report underscores that no 'final decision' has been made yet, and this is perhaps another ploy by the Israelis to show the West and the Mideast region that it means business, in the wake of "Israel's 9/11" - the Oct.7, 2023 Hamas terror attacks. 

The late in the day headline resulted in an immediate spike in oil prices... 

* * *

The United Kingdom on Tuesday suspended its free-trade agreement negotiations with Israel over the growing Gaza crisis, and after British Prime Minister Keir Starmer expressed disgust at newly expanded Israeli military operations in the Gaza Strip, also as famine threats at least 500,000 Palestinians.

Starmer described that he and his French and Canadian counterparts are "horrified" by the Netanyahu government's escalation in Gaza. This also comes as international headlines and warnings grow more dire. For example Al Jazeera has the following new headline: "Starving Palestinians resort to eating animal feed, flour mixed with sand".

"We repeat our demand for a ceasefire as the only way to free the hostages, we repeat our opposition to settlements in the West Bank, and we repeat our demand to massively scale up humanitarian assistance into Gaza," Starmer told parliament.

David Lammy with Israeli President Isaac Herzog, via GPO

A Monday joint statement by the UK, France and Canada had threatened sanctions on Israel. Britain further did slap targeted sanctions on Israeli settler groups and individuals. 

Later on Tuesday, Foreign Secretary David Lammy voiced agreement with Starmer, saying that Israel’s actions are "morally wrong" and "unjustifiable." He also said of the fresh sanctions, "I have seen for myself the consequences of settler violence. The fear of its victims. The impunity of its perpetrators."

In announcing the pause in free-trade agreement negotiations, Lammy further revealed that the Israeli ambassador had been summoned. Britain is reportedly demanding the full resumption of humanitarian aid deliveries to the Gaza Strip.

Responding to shadow foreign secretary Priti Patel, Lammy told parliament:

I think the whole house should be able to utterly condemn the Israeli government’s denial of food to hungry children. It is wrong. It’s appalling.

Opposing the expansion of a war that has killed thousands of children is not rewarding Hamas. Opposing the displacement of 100,000s of civilians is not rewarding Hamas. On this side of the house, we are crystal clear that what is happening is morally wrong, unjustifiable, and it needs to stop.

Starting Friday the Israel Defense Forces (IDF) announced an expanded mobilization of troops for operation 'Gideon's Chariots'. Some two million Palestinians are expected to be forced into a "humanitarian zone" while most of the enclave is destroyed and flattened.

The policy somewhat contradicts Trump's main messaging during last week's Gulf tour, wherein he emphasized peace through deal-making, and not 'chaos' in the war-torn Middle East. 

This is probably the most pressure Israel has come under from its Western allies since Oct.7, 2023. As we previously reported, even Vice President JD Vance abruptly canceled a planned trip to Israel following the Netanyahu government's declaration that it would ramp up operations to conquer all of Gaza.

Meanwhile the domestic policy fight within Israel has been ramping up too...

Axios had written that "The US official said Vance made the decision because he didn't want his trip to suggest the Trump administration endorsed the Israeli decision to launch a massive operation at a time when the U.S. is pushing for a ceasefire and hostage deal." 

Neither the US nor UK have every fully cut funding or arms transfers to Israel for any reason, and are unlikely to ever escalate to that point, no matter how tense relations become.

Tyler Durden Tue, 05/20/2025 - 18:33

After Credit Downgrade, Maryland's Leftist Governor Torpedoes Reparations Bill To Avoid Political Blowback

After Credit Downgrade, Maryland's Leftist Governor Torpedoes Reparations Bill To Avoid Political Blowback

The optics are grim for far-left Maryland Governor Wes Moore. As the state grapples with a fiscal crisis (deficit explosion), a credit downgrade, illegal alien invasion, violent crime, the looming threat of resident and business flight, a potential tsunami of new taxes, and a worsening power crisis, Moore is facing a growing backlash from all Marylanders. His ability to lead is increasingly being questioned—and it's becoming clear he's far from presidential material.

Moore has managed to anger both sides of the political aisle. The latest outrage comes from within his own party after he vetoed a bill that would have established a state commission to study and recommend reparations for African Americans affected by slavery.

In a letter explaining his decision, Moore said it's not the time for another study, emphasizing the need for direct action to address racial disparities such as the wealth gap, homeownership, education, and food insecurity.

"I will always protect and defend the full history of African Americans in our state and country," Moore wrote in his letter, adding, "But in light of the many important studies that have taken place on this issue over nearly three decades, now is the time to focus on the work itself: Narrowing the racial wealth gap, expanding homeownership, uplifting entrepreneurs of color, and closing the foundational disparities that lead to inequality — from food insecurity to education."

He continued: "We have moved in partnership with leaders across the state to uplift Black families and address racial disparities in our communities. That is the context in which I've made this difficult decision. Because while I appreciate the work that went into this legislation, I strongly believe now is not the time for another study. Now is the time for continued action that delivers results for the people we serve."

Moore's rationale—more likely crafted by his advisors—appears rooted in political optics. These far-left redistribution programs are so detached from capitalist principles and Western values that they risk being deeply unpopular, especially at a time when Maryland's finances are unraveling after decades of Democratic overspending and an economy overly dependent on government funding.

We suspect Moore's veto has also angered hardline Marxist Democrats in the state, who continue to push for socialist systems that redistribute wealth from the productive to the less productive. Under the current leadership of activist progressives, Maryland is on a death spiral—and it's not us saying this—but some leaders of some of the largest companies that operate in the Baltimore area have told us this.

With Democrats furious over Moore's veto of the reparations bill, the governor has now managed to infuriate both sides of the political aisle.

The Maryland Legislative Black Caucus was not pleased with Moore: 

"The state's first black governor chose to block this historic legislation that would have moved the state toward directly repairing the harm of enslavement."

Meanwhile, Maryland's financial outlook continues to deteriorate, with a $3 billion budget shortfall looming—likely paving the way for new taxes and triggering yet another wave of resident flight.

A large asset manager based in Baltimore told us earlier this year that they had advised clients to leave the state before the impending tax tsunami and to avoid purchasing Maryland municipal bonds due to the high risk of a credit downgrade.

And last week, Maryland's financial credit profile deteriorated, for the first time in decades—after Moody's downgraded the state's creditworthiness to Aa1 from AAA.

Since 1973, Maryland has maintained a top-tier credit rating, long seen as a reflection of fiscal discipline and responsible governance. However, far-left Democrats in Annapolis have chosen to run deficits to fund their progressive pet projects. This credit downgrade puts Maryland on the disastrous pathway toward becoming "Illinois 2.0."

“I think it’s disgraceful that we’re going to set up a reparations tax that might tax one race and give to another race all in the name of equity,” Matthew Morgan, a Republican delegate, said in April before voting against the bill.

Epoch Times noted, "Some lawmakers also took issue with the bill's broad language, which gave the proposed commission wide discretion in defining eligibility. They warned that, in theory, this could extend benefits to millions of people across the United States or even the world, costing billions of dollars."

Perhaps Moore should take some personal time—maybe at the upscale Caves Valley Golf Club, where sources say he is a member—and reflect on his state strategy while paying a round of golf. With crises piling up well before Trump's second term began, Moore has yet to demonstrate strong leadership Maryland needs.

Tyler Durden Tue, 05/20/2025 - 18:00

Working Out Is Right Wing, And That's A Good Thing

Working Out Is Right Wing, And That's A Good Thing

Authored by Braeden Sorbo via American Greatness,

The media has a new villain: fitness...

According to recent articles, engaging in physical exercise is now linked to right-wing extremism. 

The narrative suggests that lifting weights, building discipline, and taking responsibility for your body are somehow dangerous acts. The Guardian claims that getting in shape could turn you into a “right-wing jerk,” while TIME runs pieces on “the white supremacist origins of exercise.” MSNBC warns that during the pandemic, workout trends ended up leading to “extreme” ideologies.

Seriously? Can we just stop with the nonsense?

I’ll tell you the real reason fitness is under attack. It breeds autonomy. And autonomous men are a threat to systems built on dependence and compliance.

Allow me to be controversial: physical strength and mental resilience are connected. According to a 2022 study published in Frontiers in Psychology, individuals who maintain regular physical activity demonstrate significantly higher psychological resilience and lower levels of anxiety and depression. When you commit to training your body, you’re also training your mind. You’re learning delayed gratification. You’re becoming comfortable with discomfort. You’re developing the backbone to say no—to weak ideas, to bad leadership, to mob thinking. In other words, weak people are agreeable, which is exactly what the government wants.

Testosterone plays a central role in this. Individuals with higher levels of testosterone flowing through their bodies are more likely to question authority and even think for themselves. A 2015 review in Biological Psychiatry explained that testosterone influences areas of the brain involved in motivation, emotional regulation, and social behavior, helping men navigate challenges with clarity and confidence.

But wait, there’s more! Another study in PNAS (2019) directly debunked the myth that testosterone reduces empathy, showing no evidence that it impairs cognitive empathy at all. Translation: Higher testosterone doesn’t make you a bad person. It makes you sharper, more focused, and more prepared to lead.

So why the war on fitness? Because fit, strong, disciplined men are harder to control.

They don’t break down from online shaming. They don’t beg bureaucracies for handouts. They know how to fight—metaphorically and literally—and that makes them dangerous to anyone trying to neuter society. As Jordan Peterson once said, “A harmless man is not a good man. A good man is a very, very dangerous man who has it under voluntary control.”

When you’re physically able to defend yourself, you become dangerous—in the best way. The world thrives on intimidation. That’s why so many people—especially young women—go along with destructive ideas like abortion or men in women’s sports. Deep down, they know something’s off. But fear keeps them quiet. Now take a man who’s strong, capable, and confident—traits often earned through training—and you have someone who can’t be bullied into submission. He doesn’t fold under pressure. He doesn’t need the world’s approval because he knows he can stand on his own.

Without the ability to defend yourself, you stop forming your own opinions. You become agreeable out of survival instincts. Weakness breeds obedience. What’s been labeled as toxic is actually essential. Without strength, there is no freedom. And without testosterone, there is no original thought—just borrowed scripts and empty slogans. The stronger the body, the more stable the mind. The more you train your limits, the less likely you are to break under pressure.

Socially, the story is the same. Parenthood and family responsibility—things once considered pillars of adulthood—are now “conservative red flags.” But the data says otherwise. A 2022 study published in the National Library of Medicine found that becoming a parent consistently predicts a shift toward more conservative values across different cultures. Why? Because raising a child forces you to care about things that extend beyond yourself.

So yes—men who lift, who lead, who protect—are more likely to value tradition, reject chaos, and push back against cultural decay, and that’s a good thing.

If being physically fit, masculine, and protective lands you on a government watchlist, maybe it’s the government that should be watched. If being strong, loyal, and self-reliant makes you “right-wing,” maybe being right-wing just means you haven’t lost your mind.

The gym isn’t just about vanity and lifting big things. It’s about whether you can defend your home when the need arises. It’s about your son learning to lead, not obey. It’s about your daughter growing up knowing someone strong has her back.

So if working out makes you a right-wing extremist, then we need more gyms.

Tyler Durden Tue, 05/20/2025 - 17:40

NH's First Black Sheriff Jailed For Blowing Public Money On Travel With Women

NH's First Black Sheriff Jailed For Blowing Public Money On Travel With Women

A New Hampshire man who was heralded as the first black sheriff in the state's history was sentenced on Monday to 3 1/2 years in prison for squandering $19,000 of taxpayers' money on expensive getaways with multiple love interests -- and then lying to investigators about what he'd done. Tightly following the script we've seen so many times before, the disgraced "barrier-breaker" had previously said fellow Democrats who investigated his crimes were racists, and that his term in office was "rife with inequities." Despite repeatedly lying to the court and violating his bail conditions, his sentence was a fraction of what prosecutors sought. 

At 35 years old, Democrat Mark Brave was also the youngest-ever sheriff in New Hampshire history when he was elected in November 2020 -- following the summer of George Floyd and amid the Black Lives Matter mania that swept the country and helped usher under-qualified blacks into many top roles in and out of law enforcement. "It’s something I feel should have happened a long time ago, but I’m honored that I will be the person to pave the way,” said Brave at the time. (Alas, some barriers proved insurmountable that year, as a self-described transgender Satanist lost the Cheshire County New Hampshire sheriff race.) 

“His repeated lies, misuse of taxpayer funds, and abuse of office were not just criminal — they were a profound betrayal of the public trust and the oath he took to serve with integrity,” said New Hampshire Attorney General John Formella in a statement. That said, the sentence handed down by lily-white Judge Dan St. Hilaire was far lighter than the seven- to 14-year confinement that prosecutors had requested. Brave will technically be eligible for parole in 3 1/2 years, but the reality is that he'll walk even sooner if he participates in certain prison programs. He must pay $18,969 in restitution to Strafford County. 

Mark Brave was led out of the courtroom in handcuffs (WMUR)

The judge's leniency was at odds with his characterization of Brave's conduct. “The court has reviewed a record that has been unlike any other case that has come before it, mainly because of the continuation of the crimes that were being committed while the case was proceeding." The judge was apparently referring to Brave's: 

  • Lying to the grand jury
  • Lying on his application for public defense by failing to disclose $1.5 million received on the sale of his home
  • Violating his bail conditions by paying $52,000 to lease an apartment in Boston, when he was mandated to remain in New Hampshire; he also traveled to Florida and Puerto Rico
  • Lying to the judge, saying he was living in Dover with his ex-wife and that he was out of money
  • Failing to disclose his purchase of a 1968 Porsche, though he posted videos and photos of the vehicle to social media

Brave went wild with his county credit card, using it to fund multiple trips to destinations in Florida, Baltimore and Maryland for getaways with various women -- with at least some of the trysts happening while Brave was married. He attempted to conceal his misuse of funds by attributing the travel to fictional business meetings and training sessions. He also lied to investigators and a grand jury. Some of his lies were exposed by hotel lobby security cameras that captured him in the company of women on trips where he claimed to have been traveling alone.      

Brave created an entirely-new job in his department for longtime "friend" Freezenia Veras -- then jetted off to Florida with her using a county credit card (NH Journal)

Brave's misconduct started to unravel when an audit prompted an inquiry into JetBlue tickets purchased for a 2022 trip to Fort Lauderdale. Not content to merely steal public money, Brave opted for JetBlue's pricey "EvenMore" package, with the pair of tickets costing $1,615. Defending the expenditure, Brave said he needed the extra room because he's 6' 2" tall, and claimed he'd traveled with a "well-built, muscular" deputy. Investigators found, however, that he was traveling with female employee.

In another comical instance in which he was caught in a lie about a supposed business trip with a colleague, County Administrator Raymond Bower asked Brave why the hotel room only had a single king-bed. "There was a slight pause, and he said, “Oh, aw, the other person slept on the couch,” Bower said in an affidavit.  He also lied about spending money on business meals associated with meetings with the completely fictional "New England Sheriff's Association." 

He also installed a friend, Freezenia Veras, in a newly-created $80,000 job, and jetted off to Florida with her for a non-existent consultation with a law enforcement agency. In one of his many lies to a grand jury, Brave denied that he took another woman on a dinner cruise using his county credit card. When prosecutors whipped out a photo of Brave and the woman, he hilariously couldn't come up with her name: "Her name, her name is … um … let me see, I forget which one this is. I’ve been dating a lot of people,” he told the grand jury, according to NH Journal. 

Brave used public money for his trip to visit Kenisha Epps-Schmidt -- then talked her into giving him $2,300 for a used-car purchase he never made (NH Journal)

Brave also traveled to Maryland to spend time with Kenisha Epps-Schmidt, whom he'd met online. He tried papering over that embezzlement by attributing the trip to a Washington DC meeting with Rep. Chris Pappas that never happened. Brave proceeded to cheat Epps-Schmidt out of $2,300 she gave him to buy a car -- which he never did.   

Add it all up, and we have another low-IQ miscreant advanced to a position of authority because he had the right skin color. That's bad enough, but the black-catering madness carried over over to his sentencing, as a white Republican judge ensured a short stay in prison despite the black defendant's profound and repeated contempt for the criminal justice system all throughout the adjudication of his crime.   

As part of his plea deal, Brave is barred from seeking a law enforcement job during his post-confinement probation. That still leaves him in prime position to become the boyfriend of a leftist congresswoman or a progressive NGO executive and take a salary for providing "security consultant" services. Just axe former Rep. Cori Bush or Black Lives Matters Global Network Foundation co-founder Patrissee Cullors how it works.  

*  *  *

Best sellers at ZH Store last week:

Click hat... add to cart... check out... receive awesome hat... Tyler Durden Tue, 05/20/2025 - 16:40

Boomers, Let's Face It: The Math Doesn't Work

Boomers, Let's Face It: The Math Doesn't Work

Authored by Charles Hugh Smith via OfTwoMinds blog,

There are many consequential things we can't discuss factually because the topic upsets everyone. And since getting upset shuts down any direct discussion of difficult issues, these issues metastasize into problems that end up sinking the ship.

The Titanic has already struck the iceberg and is doomed, but since this upsets the passengers, we dance around the facts rather than take immediate action. Everything about the situation is upsetting, and so emotions dominate the zeitgeist: resentments, blame-game, accusations, the whole self-reinforcing dynamic leads to people shouting at others as they drown. The last word, indeed.

Federal deficit spending and the overweighting of entitlement spending on retirees is too upsetting to discuss factually, so we don't. But the math doesn't work, and so the ship will sink. This was obvious 20 years ago, when I posted this: Boomers, Prepare to Fall on Your Swords (June 2005), in which I suggested that well-off Boomers address the problem by gracefully making the necessary sacrifices rather than heap them on the younger generations.

It was even more obvious by 2013, when I posted this: Generation X: An Inconvenient Era (May 23, 2013), in which correspondent Eric A. explains how the math doesn't work.

Let's start with some necessary stipulations. When I suggest well-off Boomers accept the need to make sacrifices to save the ship from sinking, I suggest this as someone in this cohort.

I am a Boomer, drawing my Social Security benefit, which like my lifetime income, is close to the national median SSA benefit. I'm solidly in the middle of the pack. Being over the age of 65, I also have Medicare benefits. Like many others of my generation, I've lived frugally, saved money, worked hard, etc. Since I'm still working, I pay Social Security and Medicare taxes--15.3% of all earned income as I am self-employed.

Unlike others in my generation, I attribute only a modest percentage of my net worth to frugality and working hard, as the majority of whatever "wealth" I own is the direct result of the hyper-financialization credit-asset bubble that's been inflated since 2007.

Those who were able to buy assets such as houses and stocks decades ago saw their net worth rise to extraordinary heights in the bubble. Those who didn't or couldn't buy assets before the bubble did not see their net worth rise to extraordinary heights.

Let's go over how we got here. The current federal tax system and retiree benefits evolved in the 1930s to the mid-1960s. In the 1930s, retirement meant poverty for many workers who were unable to save a nestegg large enough to fund their no-earnings years. Social Security was enacted as a way of using the SSA taxes paid by current workers (1% of wages in those days) to fund a modest retirement income for retirees.

Social Security was always a pay as you go system. Whatever SSA tax revenues that weren't distributed piled up in a Trust Fund. This Trust Fund was eliminated in the mid-1960s, and excess SSA taxes went into the federal general fund. The current Trust Fund is a useful fiction. When SSA runs a deficit, the Treasury funds the deficit by selling Treasury bonds, just as it does with all other deficit spending.

Political realities demanded that the program be universal to attract widespread support. So millionaires collect Social Security and Medicare benefits, too. As SSA's financial foundations erode, a modest reform was enacted: above a modest income, 50% of SSA benefits are taxed as regular income.

Back when the program was enacted, there were around 10 workers for every retiree. The demographics and economy were different then. The economy was mostly domestic, and the bubble of the 1920s had popped. Financialization and globalization were at low ebb. Everyone assumed there would always be 10 workers for every retiree.

But people started living longer, the disabled were added to Social Security, and Medicare ballooned from a modest program to an open-ended spending juggernaut. In other words, the economy changed, demographics changed, but the system has not been changed to reflect these realities. SSA and Medicare taxes have increased dramatically, but these programs are still funded by payroll taxes paid by employees and employers.

Capital (assets, income from capital gains, speculation and investments) only pays a thin slice of Medicare via the Net Investment Income Tax (NIIT) on capital gains incomes above $200,000 for single taxpayers and above $250,000 for couples filing jointly.

What we're actually discussing isn't just generational; it's 1) the open-ended nature of the Medicare and Medicaid programs, 2) the impossibility of relying on two workers to pay all the benefits for each retiree as the number of retirees and beneficiaries exceeds 69 million people while the full-time workforce is 135 million, and 3) the extraordinary wealth divide in the U.S. where the majority of the wealth is held by the top few percent and the retiree generation (Boomers) for the reasons stated above.

The solutions are as obvious as plugging a hole in the ship's hull.

1) The tax burden has to be shifted from labor to capital via financial transaction taxes and ending the multi-trillion dollar exclusions on capital gains.

2) Social Security and Medicare benefits must be means tested; those collecting $10,000 a month in other pensions and investment income don't need Social Security benefits, which should be reserved for those with no other substantive source of steady income in their retirement years.

3) The open-ended entitlement programs must be limited in some fashion, and there is no way to do this that will not upset everyone. Hard choices--triage--must be made, as doing nothing is choosing to let the ship sink.

Let's feast on the facts of the matter. Those who need a calming agent, please do so now.

Here's household/non-profit net worth. The household sector has a net worth of $160 trillion. Notice that the total is far above the inflation rate. This is a credit-asset bubble on steroids.

Here is total debt. Borrow a bunch of money into existence and dump it into financial speculation, and voila, a debt-fueled asset bubble for the ages.

Here is total public debt. Is a parabolic rise really sustainable? No, the math doesn't work, especially as interest rates rise: the debt costs nothing to service at 0%, but the interest payments are huge at 4%.

Apologists love to attribute the debt to inflation or "growth," but that's misdirection. As a percentage of the nation's GDP (gross domestic product), the debt has risen 4-fold since president Reagan shepherded Social Security reforms in the early 1980s, and doubled as a percentage of GDP since 2007, before the Federal Reserve bailed out the status quo with hyper-financialization.

Here is a pie chart of federal spending. Social Security, Medicare and Medicaid are 44%. Toss in the other mandatory spending--a big chunk of which is interest paid on federal debt--and there's not much left to cut. The reality is there is no way to slow the runaway debt train without tackling open-ended retirement / healthcare programs.

The vast majority of projected growth in federal spending stems from these programs and the interest paid on funds borrowed to fund them. Unfortunately, these facts don't disappear because we don't like them.

Boomers hold the majority of net worth. So it follows that increasing taxes on capital will impact the Boomers who are wealthy--and younger folks who are wealthy, too, of course.

It's interesting how debt and the net worth of the top 1% have soared in tandem. Could it be that soaring debt-asset bubbles have benefited the top 1% far more than the debt bubble has benefited the bottom 50%? And if that's the case, then what does this suggest in terms of saving the ship from sinking?

The passengers on the Titanic arguing with each other can't stop the ship from sinking by "winning the argument." Silencing those willing to discuss the issues factually doesn't actually make the factual realities go away.

Those of us who run businesses / are self-employed don't have the luxury of not dealing with financial realities. Triage comes with every enterprise. We need a national discussion of triage that doesn't immediately degrade into denial or histrionics. And no, AI and stablecoins aren't going to make all this go away, any more than hoping the Central Bank of Mars will emerge to give us a 36 trillion-quatloo bailout.

Boomers--and Gen X, Millennials, Gen Z--let's face it: the math doesn't work. Triage means sacrifices will have to be made and distributed to those most able to afford them to spare those least able to afford them. The ship is not just taking on water; it's loaded with third rails and sacred cows that can't be touched, and so it's doomed to sink if we do nothing.

Tyler Durden Tue, 05/20/2025 - 16:20

No Trial Data, No Vax: FDA Demands Gold Standard Testing For Any New COVID-19 Vaccines

No Trial Data, No Vax: FDA Demands Gold Standard Testing For Any New COVID-19 Vaccines

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

The Food and Drug Administration (FDA) will not approve COVID-19 vaccines for many Americans absent trial data showing that the benefits outweigh the risks, top agency officials said on May 20.

Dr. Marty Makary, commissioner of the Food and Drug Administration, in Washington on May 5, 2025. Anna Moneymaker/Getty Images

“Moving forward, the FDA will adopt the following Covid-19 vaccination regulatory framework: On the basis of immunogenicity—proof that a vaccine can generate antibody titers in people—the FDA anticipates that it will be able to make favorable benefit–risk findings for adults over the age of 65 years and for all persons above the age of 6 months with one or more risk factors that put them at high risk for severe Covid-19 outcomes,” such as asthma or cancer, FDA Commissioner Dr. Marty Makary and Dr. Vinay Prasad, head of the FDA’s Center for Biologics Evaluation and Research, wrote in a New England Journal of Medicine article.

“For all healthy persons—those with no risk factors for severe Covid-19—between the ages of 6 months and 64 years, the FDA anticipates the need for randomized, controlled trial data evaluating clinical outcomes before Biologics License Applications can be granted.”

Pfizer, Moderna, and Novavax, which have received licenses for their COVID-19 vaccines, did not immediately respond to requests for comment.

Several medical groups that have commented on FDA steps concerning COVID-19 vaccines, such as the American Academy of Family Physicians, did not return inquiries.

The FDA in 2024, in its most recent action concerning the Pfizer and Moderna vaccines, approved updated versions for most Americans and extended emergency authorization for others, despite there being no trial data available for those formulations.

The regulatory agency on May 16 approved Novavax’s COVID-19 vaccine for the first time. The approval was for adults aged 65 and up. The agency said that people aged 12 to 64 could receive a Novavax shot, but only if they have one of the conditions that puts them at higher risk for severe COVID-19 outcomes.

An earlier version of Novavax’s shot was tested in a randomized, controlled trial in 2021.

The Centers for Disease Control and Prevention currently recommends that people aged 6 months and older receive one of the latest COVID-19 vaccines, but just 13 percent of children and 23 percent of adults have followed that recommendation.

Makary and Prasad noted that a number of other countries, such as Australia and Germany, only recommend COVID-19 vaccines to certain populations.

“While all other high-income nations confine vaccine recommendations to older adults (typically those older than 65 years of age), or those at high risk for severe Covid-19, the United States has adopted a one-size-fits-all regulatory framework and has granted broad marketing authorization to all Americans over the age of 6 months,” they wrote on Tuesday. “The U.S. policy has sometimes been justified by arguing that the American people are not sophisticated enough to understand age- and risk-based recommendations. We reject this view.”

The officials said that while the quick development of COVID-19 vaccines was a scientific and medical achievement, the benefit of repeated dosing—some people have received at least six doses—is unclear.

The trials of the vaccines should measure prevention of symptomatic COVID-19, with secondary endpoints including severe COVID-19, hospitalization, and death, according to Makary and Prasad, who said that the trials should include participants who contracted COVID-19 within the past year, and they should follow participants for at least six months “to ensure that early booster gains persist.” The control group could receive a saline placebo, the officials said.

“Ultimately, these studies alone can provide reassurance that the American repeat-boosters in-perpetuity strategy is evidence-based,” they wrote.

Health Secretary Robert F. Kennedy Jr. recently pledged to require placebo-controlled trials for new vaccines.

Makary and Prasad planned to talk about the policy update at 1 p.m. on Tuesday.

This is a developing story that will be updated.

Tyler Durden Tue, 05/20/2025 - 15:40

"Today I Will Show My Naked Body": Rep. Nancy Mace Combats Voyeurism During Oversight Hearing

"Today I Will Show My Naked Body": Rep. Nancy Mace Combats Voyeurism During Oversight Hearing

Rep. Nancy Mace (R-SC) showed 'photos of her naked body' during a House Oversight meeting on Tuesday as the latest twist in her crusade against voyeurism.

Mace was engaged to Charleston-based software entrepreneur, Patrick Bryant. After purchasing two properties together, their relationship ended abruptly in 2021 after Mace reportedly discovered Bryant on a dating app.

Mace would later claim in a February speech on the House floor that in November 2023, she discovered a digital cache of over 10,000 videos and photos on Bryant’s phone, depicting rape, nonconsensual photos, and videos of women and underage girls, including herself. 

She recounted finding a video of herself naked, unaware she was being filmed, and alleged that Bryant recorded her without consent - and claims that Bryant and several other men conspired to commit sexual exploitation, voyeurism, and assault targeting multiple women, including minors, for over two decades.

She also says she found evidence of an app storing files from a hidden camera - with one alone containing 10,633 videos.

Rape, Drugging and Sex Trafficking

Mace alleged that in 2022, while at a property co-owned by Bryant and another accused man, she consumed two vodka sodas, blacked out, and was raped, though she could not confirm if Bryant was the perpetrator - but that Bryant and his associates drugged her and other women, suggesting the incidents might have been filmed or sold on the dark web.

She also accused the men of sex trafficking, alleging they paid each other to abuse women, which she described as a “premeditated, calculated exploitation.”

Bryant, a co-founder of the software firm Code/+/Trust and former chairman of the Charleston Metro Chamber of Commerce, categorically denied all allegations.

"I categorically deny these allegations. I take this matter seriously and will cooperate fully with any necessary legal processes to clear my name," he told the Associated Press, calling Mace's accusations "devastatingly harmful" and an attempt to further her political career.

'Today I will show my naked body'

Which brings us to today - when Mace posted on X; "Today I will show my naked body on one of the videos predator and rapist Patrick Bryant took of me and many other women. Mace made the statement one hour after she posted: "In my Oversight hearing today I’m going to expose predator and rapist Patrick Bryant for the monster he is. With evidence. Naked bodies. Legs spread apart. Upskirt photos. The kinds of things he would film and photograph women without their knowledge, permission or consent."

People waited with anticipation...

* * *

* * *

Needless to say, it was a huge letdown. 

Mace was ridiculed far and wide...

Click here for boob redemption...

*  *  *

Best sellers at ZH Store last week:

Click hat... add to cart... check out... receive awesome hat... Tyler Durden Tue, 05/20/2025 - 15:20

US Shale Output Nearing Peak As Oil Prices Stagnate

US Shale Output Nearing Peak As Oil Prices Stagnate

Authored by Tsvetana Paraskova via OilPrice.com,

  • Low oil prices and economic uncertainty are causing U.S. oil production, particularly in shale basins, to plateau or decline earlier than anticipated.

  • Major oil companies acknowledge the accelerated peak in U.S. oil output, with the Permian Basin being the last major area still showing growth potential.

  • Forecasts for U.S. crude supply are being revised downward as the profitability of shale production is challenged by current oil prices.

The decline in oil prices and the prevailing uncertainty about the economy, trade, and supply chains are accelerating the peak in U.S. oil production despite President Donald Trump’s ‘drill, baby, drill’ slogan.  

With the U.S. benchmark WTI crude prices at $60 per barrel, it’s mostly “hold, baby, hold” in the American shale patch, where output in the major basins except the Permian has already started to level off or drop. 

The U.S.-China 90-day tariff pause and the start of trade talks did little to erase the crash in oil prices from April, and even less to restore confidence or wipe out the high uncertainty regarding the economy and the cost of supply with unknown levels of tariffs. The shale patch has historically been immediately responsive to changing market conditions, but living in 90-day cycles of tariffs, no-tariffs, reduced tariffs, or surprise U.S. geopolitical moves could be too much for the oil industry, especially the smaller companies. 

The big ones, including ExxonMobil, Chevron, Occidental, and ConocoPhillips, aren’t voicing publicly concerns about doing business and doing it as usual at $60 oil. But some of them have already said that the peak in U.S. oil production is being accelerated and could be sooner than previously expected. 

The peak, whenever it occurs, does not mean a steep decline afterwards—it would rather be a long plateau of leveling off of U.S. crude oil production in which the slowdown in shale would be partly offset by rising output from the U.S. Gulf of Mexico, executives and analysts say.  

“As you know that most of the shale basins now have either plateaued or starting to decline, except for the Permian,” Vicki Hollub, President and CEO of Occidental Petroleum, said on the Q1 earnings call. 

“If companies continue to talk about dropping activity levels, I think the Permian could plateau sooner than we expected - and we had expected the Permian to continue growth through 2027,” Hollub added. 

Oxy had expected that U.S. production overall would peak between 2027 and 2030. 

“It's looking like with the current headwinds or at least volatility and uncertainty around pricing and the economy and recessions and all of that - it's looking like that peak could come sooner,” Hollub said, adding that the Permian would grow very little this year, if at all.  

Ryan Lance, the chief executive of ConocoPhillips, said on the company’s earnings call that at $60 oil, “the folks that don't have the kind of cost of supply sitting in their portfolio are going to find themselves cash-strapped and returns-strapped.”

“Obviously, the balance sheets are in pretty good shape across the industry, better than we were in the last downturn, but you'll see a lot of activity cut back,” Lance added. 

At current prices, ConocoPhillips doesn’t expect a lot of things to change for the company, although there would be changes if WTI sinks to $50 per barrel. However, “that's not our view today and doesn't represent where we think the market is going to be for the next few years,” Lance noted. 

The current mantra at ConocoPhillips is “don't whipsaw this thing too hard right now…so don't overreact, but don't put your head in the sand either.” 

Earlier this month, Diamondback Energy said onshore oil production in the U.S. has already peaked. 

“We currently estimate that the U.S. frac crew count is already down ~15% this year, with the Permian Basin crew count down ~20% from its January peak, and both are expected to decline further,” Diamondback said in a letter to investors. 

Liberty Energy, the fracking company founded by now-Energy Secretary Chris Wright, is also prepping for a slowdown in shale drilling.  

U.S. crude oil supply will rise more slowly than expected for the rest of 2025 and in 2026 and peak as early as this year, as WTI prices at $60 per barrel are testing the breakeven point of shale production, energy flows intelligence firm Kpler said last week. 

With the low oil prices, Kpler has now cut its U.S. crude supply forecast by 120,000 barrels per day (bpd) to 170,000 bpd for the rest of 2025 and into 2026, “as weaker prices threaten to slow shale production.”  

Despite steady near-term activity, growth is slowing in the U.S. shale patch, and U.S. crude output is set to peak this year, Kpler noted. 

Tyler Durden Tue, 05/20/2025 - 14:20

The Red Line: Democratic Officials Claim A Dangerous License For Illegality

The Red Line: Democratic Officials Claim A Dangerous License For Illegality

Authored by Jonathan Turley,

Across the country, a new defense is being heard in state and federal courtrooms. From Democratic members of Congress to judges to city council members, officials claim that their official duties include obstructing the official functions of the federal government. 

It is a type of liberal license that excuses most any crime in the name of combating what Minn. Gov. Tim Walz called the “modern-day Gestapo” of the Immigration and Customs Enforcement (ICE).

The latest claimant of this license is Rep. LaMonica McIver (D-NJ), who was charged with assaulting, resisting, and impeding law enforcement officers during a protest at Delaney Hall ICE detention facility in Newark, New Jersey. McIver is shown on video forcing her way into an ICE facility and striking and shoving agents in her path.

This was not a major incursion, but these state and federal officials joined a mob in briefly overwhelming security and breaching the fence barrier after a bus was allowed through the entrance. Federal officials were able to quickly force back the incursion.

McIver and House Democrats insisted that McIver’s forcing her way into the facility might be trespass and assault for other citizens, but she was merely exercising “legislative oversight.” Rep. Alexandria Ocacio-Cortez (D., N.Y.) declared “You lay a finger on someone – on Bonnie Watson Coleman or any of the representatives that were there – you lay a finger on them, we’re going to have a problem.”

Minority Leader Hakeem Jeffries (D., N.Y.) even ominously warned the federal government that Democrats would bring down the house if it tried to charge McIver: “It’s a red line. They know better than to go down that road.”

Well, the red line was crossed in a big way after Acting U.S. Attorney for the District of New Jersey Alina Habba charged McIver with a felony under Title 18, United States Code, Section 111(a)(1).

The ACLU called the charged “authoritarianism” and insisted that these state and federal politicians “have every right to exercise their legally authorized oversight responsibilities for expanded immigration detention in New Jersey.”

The problem with the oversight claim is that McIver’s status as a member of Congress does not allow her access into closed federal facilities. Congress can subpoena the Executive Branch or secure court orders for access. However, member do not have immunity from criminal laws in unilaterally forcing their way into any federal office or agency.

If that were the case, Rep. Alexandria Ocacio-Cortez would not have posted images of herself crying at the fence of an immigrant facility, she could have climbed over the fence in the name of oversight.

Conversely, Republicans in the Biden Administration could have simply pushed their way into the Justice Department to seek the files on the influence-peddling scandal.

Yet, the point of the claim is less of a real criminal defense and more of a political excuse.

It is the same claim being heard this week from Worcester City Councilor Etel Haxhiaj who was shown in a video shoving and obstructing ICE officers attempting to arrest a woman on immigration charges. Two other individuals (including a Democratic candidate for a school board) were arrested, but not Haxhiaj who claimed that she was merely protecting “a constituent.” After the melee, the city manager issued an order preventing city police from assisting in any way in the carrying out of such civil immigration enforcement efforts by the federal government.

Even judges are claiming the same license. 

In Wisconsin, Judge Hannah Dugan has been charged with obstructing a federal arrest of an illegal immigrant who appeared in her courtroom. Dugan heard about agents waiting outside in the hallway to arrest the man and went outside to confront the agents. She told them to speak to the Chief Judge and that they needed a different warrant.

The agents complied and the Chief Judge confirmed that they could conduct the arrest. In the interim, however, Dugan led the man out a non-public door and facilitated his escape (he was arrested after a chase down a public street).

Judge Duggan also claimed that she was carrying out her duties even though her hearing was over, the charges were not part of state matter, and the arrest was being carried out outside of her courtroom.

As Democratic leaders like Walz engage in rage rhetoric and paint Republicans (and federal law enforcement) as Nazis, political violence across the country. Many of the people burning Teslas and engaging in such crimes claim the same type of license that the ends justify the means. That includes affluent professionals who are now shoplifting from Whole Foods as a “protest” against Jeff Bezos meeting with Trump.

When the Administration sought to investigate those burning Teslas and dealerships, Rep. Dan Goldman (D., N.Y.) denounced it as a “political weaponization” of the legal system. The comments suggest that such arson is somehow a form of political expression on the left.

House Minority Leader Jeffries was correct that a “red line” was crossed but not the one that he was thinking of in threatening consequences for any charges. The red line is the one separating political expression and criminal conduct.

Border Czar stressed repeatedly to political leaders that they can protest and refuse to help but “you can‘t cross the line” into obstruction and interference with their operations.

If oversight means that members can force their way into any federal facilities, we would have 535 roaming inspectors general who could wander at will through the executive branch.

Rep. McIver would be better to claim a different type of oversight, in allowing her passion to briefly overwhelm her judgment in rushing into the facility.

In the end, however, McIver and Duggan may have a license of a different kind.

Both have an advantage of being charged in liberal districts where they would appear before sympathetic jurors.  They need to just convince a single jury to engage in “jury nullification,” to vote based on the cause, not the crime, in the case.

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

Tyler Durden Tue, 05/20/2025 - 13:40

US Should Never Have Gotten 'Entangled' In Ukraine 'Death Trap': Trump

US Should Never Have Gotten 'Entangled' In Ukraine 'Death Trap': Trump

President Trump following Monday's phone calls with Russia's Vladimir Putin and Ukraine's Volodymyr Zelensky said that the United States should have never intervened in Ukraine in the first place.

He blasted his predecessor Joe Biden for sinking boundless billions in arms and aid into Kiev's coffers and yet it has only been a "death trap" and "real mess" which US decision-makers should have avoided altogether. "This is not my war. We got ourselves entangled in something we shouldn't have been involved in, and we would have been a lot better off. It's a real mess. It's a death trap," he said before reporters Monday afternoon.

Via Reuters

"I do have a certain line, but I don't want to say what that line is because I think it makes the negotiation even more difficult than it is," Trump asserted. When pressed, he refrained from divulging what precisely that red line is in the press briefing.

Trump also addressed the ever-present potential for the US to get drawn in deeper, which is why he said this should be Europe's mess and responsibility, and not the United States'.

"We don’t have boots on the ground, we wouldn’t have boots on the ground. But we do have a big stake. The financial amount that was put up is just crazy," he added.

"Again, this was a European situation. It should have remained a European situation. But we got involved – much more than Europe did – because the past administration felt very strongly that we should," he said. "We gave massive amounts, I think record-setting amounts, both weaponry and money."

Watch a key segment of the Trump presser:

Meanwhile, in the wake of the Trump-Putin call, which lasted over two hours, the mainstream media has been slamming the US president as essentially giving Putin a free hand. President Trump had said it went "very well" and that he seems "an imminent end to the war".

For example, below is The Washington Post's perspective in a fresh Tuesday report:

A phone call between President Donald Trump and Russian President Vladimir Putin shut down an effort to pressure Russia into an immediate ceasefire and instead opened the way for continued fighting while lengthy negotiations take place — much to the consternation of Ukraine and its European allies Tuesday.

Trump’s abandonment of new sanctions on Russian indicated that he may be stepping away from involvement in the talks, something that his team has been flagging for weeks. Trump said Monday that the conditions for a ceasefire could only be agreed by the warring parties “because they know details of a negotiation that nobody else would be aware of.”

European leaders say they had originally been planning with U.S. officials to levy new sanctions on Russia if it did not declare an immediate ceasefire in Ukraine.

And yet the reality is that the sanctions themselves would certainly escalate the conflict and proxy war further, providing even less of an opportunity for a diplomatic off-ramp, and Trump knows this.

Trump had written just after the call: "Russia and Ukraine will immediately start negotiations toward a Ceasefire and, more importantly, an END to the War.

Growing impatience on all sides, even among Trump supporters and conservatives, amid fears that the proxy war could just continue endlessly...

He wrote on Truth Social, "The conditions for that will be negotiated between the two parties, as it can only be, because they know details of a negotiation that nobody else would be aware of. 

He then emphasized, "The tone and spirit of the conversation were excellent. If it wasn’t, I would say so now, rather than later."

* * * 

Fresh remarks from Rubio on Tuesday, defending the president's talks with Putin...

Rubio pushes back against claims about the administration's disengagement, says "I see some of those Foreign Ministers, including individuals from Ukraine, more than i see my own children."

Tyler Durden Tue, 05/20/2025 - 13:20

Pages