Zero Hedge

Trump Media To Merge With Nuclear Fusion Company TAE In $6 Billion Deal

Trump Media To Merge With Nuclear Fusion Company TAE In $6 Billion Deal

Authored by Tom Ozimek via The Epoch Times,

President Donald Trump’s media company, Trump Media & Technology Group (TMTG), said on Dec. 18 that it has signed a definitive agreement to merge with nuclear fusion firm TAE Technologies in an all-stock transaction valued at more than $6 billion, an ambitious tie-up the companies said was a bid to help “power America’s technology revolution.”

In a joint statement, TMTG—owner of Truth Social—and TAE said the deal seeks to create one of the world’s first publicly traded fusion companies.

In a post on Truth Social, TMTG described the move as a natural extension of its broader mission.

“From its inception, TMTG has been dedicated to building things the American people needed,” the company said, citing the launches of Truth Social and Truth+.

“And as our country positions itself to achieve global technology dominance in AI, quantum computing, and other groundbreaking innovations, we’re merging with @TAE to build the engine we believe will power America’s technology revolution.”

Under the definitive merger agreement, TMTG shareholders and privately held TAE are expected to each own roughly 50 percent of the combined company on a fully diluted basis.

The transaction has been approved by the boards of both companies and is expected to close in mid-2026, subject to shareholder and regulatory approvals.

Fusion Ambitions

The companies said the combined entity plans to site and begin construction in 2026 on what they describe as the world’s first utility-scale fusion power plant, a 50-megawatt-electric (MWe) facility.

Additional plants in the 350 to 500 MWe range are also planned, with the companies outlining their expectations that fusion energy will deliver “economic, abundant, and dependable” electricity while helping the United States meet surging power demands driven by artificial intelligence.

To support that push, TMTG has agreed to provide up to $200 million of cash to TAE at signing, with an additional $100 million available upon the initial filing of a Form S-4 registration statement.

Founded in 1998, TAE said it has spent more than 25 years developing fusion technology aimed at commercial deployment. TAE said in a June 2 statement it had built “five increasingly powerful and productive” fusion demonstration units to National Laboratory scale. It has also advanced construction on a sixth demonstration unit, Copernicus, which the company said is “on track to achieve a net energy milestone before the end of the decade.”

The company has raised more than $1.3 billion in private capital from investors including Google, Chevron Technology Ventures, Goldman Sachs, and Charles Schwab.

Leadership, Governance

TMTG CEO Devin Nunes and TAE CEO Michl Binderbauer are expected to serve as co-CEOs of the combined entity, the companies said. Nunes would continue to lead TMTG’s brands, while Binderbauer would oversee TAE’s fusion operations.

“Trump Media & Technology Group built uncancellable infrastructure to secure free expression online for Americans, and now we’re taking a big step forward toward a revolutionary technology that will cement America’s global energy dominance for generations,” Nunes said in a statement.

Truth Social CEO Devin Nunes speaks during a general session at the Conservative Political Action Conference (CPAC) in Dallas, Texas, on August 5, 2022. Go Nakamura/Reuters

“Fusion power will be the most dramatic energy breakthrough since the onset of commercial nuclear energy in the 1950s,” he added, calling it an innovation that would “lower energy prices, boost supply, ensure America’s A.I.-supremacy, revive our manufacturing base and bolster national defense.”

Binderbauer said recent progress positions TAE to move quickly toward commercialization.

“Our talented team, through its commitment and dedication to science, is poised to solve the immense global challenge of energy scarcity,” he said, adding that the company is “excited to identify our first site and begin deploying this revolutionary technology that we expect to fundamentally transform America’s energy supply.”

Michael B. Schwab, founder and managing director of Big Sky Partners, is expected to serve as chairman of a planned nine-member board. The board is slated to include two directors from TMTG—Nunes and Donald Trump Jr.—two from TAE, and five independent directors to be named later.

Based on TMTG’s trailing 30-day volume-weighted average share price as of Dec. 17, the deal values each share of TAE common stock at $53.89 on a fully diluted basis.

Upon closing, TMTG would become the holding company for Truth Social, Truth+, Truth.Fi, TAE, and its subsidiaries, TAE Power Solutions and TAE Life Sciences.

The merger comes on the heels of TMTG’s third-quarter results, which show a strengthened balance sheet and improved cash position. The company said it ended the third quarter with $3.1 billion in financial assets and posted $10.1 million in operating cash flow, its second consecutive quarter of positive operating cash flow.

Tyler Durden Thu, 12/18/2025 - 11:40

It's Crunch Time For Europe Which Decides Whether To Confiscate Russian Assets

It's Crunch Time For Europe Which Decides Whether To Confiscate Russian Assets

By Elwin de Groot and Bas van Geffen, strategists at Rabobank

Is today crunch-time for the EU? That is the billion dollar question. European leaders are meeting in Brussels for a two‑day European Council summit. Their agenda covers a range of topics, including a ‘strategic debate’ on the EU’s Multiannual Financial Framework for 2028-2034, EU enlargement, migration, the Mercosur deal that risks being delayed (or cancelled?) again, preparation of the European defence roadmap, and geo-economic strategy through a review of competitiveness.

These are all important topics. But without a doubt, the question of funding Ukraine is the toughest nut to crack. Europe remains committed to this support, as Russia’s Putin showed little willingness to compromise in his speech yesterday: He said that Russia will not back down from its mission to “liberate its historic lands” and that the “European swine” backing Ukraine would ultimately lose power.

The EU’s goal is still to grant a €90-140  billion loan to Ukraine to support its economy and military through 2026–27, backed by frozen assets from the Russian central bank that are held mostly in Euroclear (Belgium). But Belgium has stressed legal and financial liabilities concerns. The country has proposed a joint-EU loan instead. 

As a first step towards using the frozen assets, the EU decided last week –by qualified majority– to replace the six-month renewal cycle with and open-ended freeze of those assets. This provision ensures the funds cannot be reclaimed by Russia due to vetoes from Hungary or Slovakia.

But the next step proves to be more difficult. The White House has been dialing up pressure on EU governments to block the plan, arguing that tapping these assets might prolong the war and reduce the chance of reaching a peace agreement. Indeed, US diplomats have warned that Russian lawsuits, such as the one already filed against Euroclear, could trigger repayment obligations, potentially to the US.

In any case, German Chancellor Merz has now thrown his full weight in this discussion, backing the frozen assets plan and trying to force a decision. Yesterday he told parliament that “It is about aid for Ukraine, but it is also about sending a clear signal to Russia that we will use the assets that are available here to help end this war as quickly as possible.”

That is perhaps Merz’ style. But he also may be emboldened by the fact that German lawmakers approved a record list of arms and military equipment purchases yesterday, worth around €50 billion, taking the total amount approved this year to nearly €83 billion. As those orders land on military equipment maker’s desks, this should provide a significant boost to German industry the coming year.

There have been quite some critical remarks on the effectiveness of the German spending plans, such as from the German Council of Economic Experts, but there can be little doubt that next year should see a significant fiscal impulse. And this is clearly a factor that has weighed on German Bunds in recent months, with the 10y yield –at 2.86% yesterday– within a whisker of this year’s high.

Tyler Durden Thu, 12/18/2025 - 11:21

Bessent Forecasts 'Substantial' Tax Refunds, Real Wage Increases Next Year

Bessent Forecasts 'Substantial' Tax Refunds, Real Wage Increases Next Year

Authored by Jack Phillips via The Epoch Times,

Confirming President Trump's triumphant comments last night, Treasury Secretary Scott Bessent said this week that an increase in Americans’ tax refunds would enable the United States to “go back to the kind of economy that we had.”

While speaking to Fox Business, Bessent said that “substantial refunds” are coming to Americans after they submit their taxes in the first quarter.

“They will get an increase in real incomes. So I am very optimistic for working Americans, for job growth, for capital formation,” the secretary said.

Later in the interview, the secretary said that after larger increases in tax refunds, some workers will be able to keep “more of their paychecks” and predicted the United States would “go back to the kind of non-inflationary growth where working Americans do better than supervised workers.”

He added that the government shutdown that lasted for a month and a half “was a hit to GDP [and] slowed things down.”

“We’re still going to finish the year probably [with] 3.5 percent GDP growth, which is incredible,” he said.

Regarding inflation, which has been relatively elevated since the COVID-19 pandemic years, Bessent forecast a “substantial drop” in prices during the first six months of 2026, adding that “rents are down” due to a drop in mass illegal immigration.

“President Trump, by enforcing the border, sending home more than 2 million illegals, we’re now seeing … rents coming down substantially,” he said.

However, he warned that a possible government shutdown could be coming at the end of January.

The previous stopgap measure to fund the government will last only until Jan. 30.

“If they try to shut down the government, I believe that the Senate Republicans should immediately forgo the filibuster, keep the government open, and let the economy do its thing,” Bessent said.

His comments come as the Trump administration has sought to push back on relatively lower consumer and small business sentiment, and after Democrats were able to win several key elections in November.

The November job gains were higher than the 40,000 economists had forecast. The October job losses were caused by a 162,000 drop in federal workers, many of whom resigned at the end of fiscal year 2025 on Sept. 30.

A report released on Dec. 16 shows that the United States gained 64,000 jobs in November but lost 105,000 in October as federal workers departed after cutbacks in the federal government. The unemployment rate rose to 4.6 percent last month, the highest since 2021.

Some Democrats, such as Illinois Gov. JB Pritzker, have said that Trump administration policies, such as tariffs, have harmed the economy. They are emphasizing a message of affordability.

Trump has been “doing nothing” to lower grocery or energy prices, Pritzker told Pod Save America earlier this week, adding that “he’s doing the opposite” with tariffs.

Responding to the affordability narrative, President Donald Trump said at an event in Pennsylvania this past week that he has made it a priority to lower costs and accused Democrats of pushing inflationary policies.

“They always have a hoax—the new word is affordability,” he said, adding, “They gave you the highest inflation in history.”

Tyler Durden Thu, 12/18/2025 - 10:20

Activist Investor Elliott Builds Billion Dollar Stake In Lululemon

Activist Investor Elliott Builds Billion Dollar Stake In Lululemon

Shares of Lululemon are higher in premarket trading after a report that activist investor Elliott Investment Management has built a $1 billion stake in the company and is pushing for a turnaround at the struggling athletic apparel brand.

The Wall Street Journal cites sources familiar with Elliott's move to build a billion-dollar position, making it one of the company's largest shareholders. Elliott is seeking a new CEO to replace Calvin McDonald, who will step down in January.

Elliott has been working with veteran retail executive Jane Nielsen as a potential CEO candidate. Nielsen, a former CFO and COO at Ralph Lauren and a former CFO at Coach, is seen by Elliott as a capable leader to turn the company around. The company has faced mounting criticism over quality issues, brand dilution, and operational missteps. More importantly, it has lost market share in recent years to athletic apparel competitors Vuori and Alo Yoga.

Elliott's Paul Singer must be an admirer of the leggings.

Last week, Lululemon shares moved higher after the company reported a China-led third-quarter beat and announced McDonald's transition.

Goldman analyst Brooke Roach offered her take on earnings and CEO transition:

With investors focused on LULU's ability to drive core US market reacceleration, we believe today's update offers three areas for incremental optimism. (1) Clearer action plan. Today we heard a more formal representation of LULU's three-pillar action plan to drive an inflection. While we believe US growth remains a show-me story after core deceleration more than offset the benefit from incremental newness in 2025, we are encouraged by the more comprehensive plan to improve the store experience and highlight new product launches, as well as management's commentary regarding healthy consumer engagement with new product. (2) Potential for a new leadership perspective. The announced departure of Mr. McDonald offers an opportunity for LULU to bring in a leader who could offer a new perspective on the changes necessary and the urgency with which those changes should be implemented. (3) Recent trends have been modestly stronger, driven by China and margin delivery. China comps were much stronger than expected, and while some of this is due to timing or specific activations, the sequential recovery is notable. Further, margin delivery in the quarter was stronger, and tariff mitigation commentary was modestly better. Stepping back, we acknowledge the strategic initiatives that management is implementing to reinvigorate US growth, and see potential for some improvement as the company accelerates newness to ~35% of the assortment by Spring 26 alongside a faster go-to-market process. That said, this is balanced by an uncertain near-term outlook (timing shifts / post-Thanksgiving slowdown / continued negative US comps), and margin pressure will persist into FY26. Next catalyst is the ICR Conference in early January (holiday sales).

The WSJ report made no mention of when Elliott's traders were buying shares of Lululemon. But with the stock down roughly 68% from its December 2023 peak, it's reasonable to think the position was built over the past several months. Shares are also at Covid lows...

Earlier this year, Elliott took a $4 billion stake in Pepsi as it sought a transformation. In recent months, it took a position in Barrick Mining.

Tyler Durden Thu, 12/18/2025 - 10:00

Initial Jobless Claims Show No Signs Of Labor Market Distress

Initial Jobless Claims Show No Signs Of Labor Market Distress

After the Thanksgiving Week debacle, the number of Americans filing for jobless benefits for the first time remains back in the same - very low - range it has been in for the last four years at 224k...

Source: Bloomberg

After the shutdown, we have seen an uptick in initial jobless claims in the 'Deep TriState'...

Source: Bloomberg

Continuing jobless claims bounced back a little from the big Thanksgiving week plunge but remain well off recent highs...

Source: Bloomberg

So despite the uptick in the BLS-derived unemployment rate, jobless claims data show no signs of acute distress anywhere.

Tyler Durden Thu, 12/18/2025 - 08:51

"It's Unbelievable": Taxpayers' Money Still Flowing To Indicted Fraud Suspect: Minnesota Lawmaker

"It's Unbelievable": Taxpayers' Money Still Flowing To Indicted Fraud Suspect: Minnesota Lawmaker

Authored by Janice Hisle via The Epoch Times (emphasis ours),

A Minnesota lawmaker alleged on Dec. 17 that a man awaiting trial on federal charges that he laundered $1.1 million in taxpayer dollars and his wife continue to collect payments from other government programs, a state lawmaker said Dec. 17.

The Minnesota State Capitol in Saint Paul, Minn., on May 11, 2024. Madalina Vasiliu/The Epoch Times

That’s concerning, state Rep. Kristin Robbins told the fraud-fighting committee that she chairs.

This is just one example of how potential fraudulent activity is being allowed to continue in Minnesota,” she said during a hearing at the state Capitol in St. Paul, Minnesota. Later, she alleged on social media that the state government “continued to pay a fraudster who was indicted.”

With the help of whistleblowers, a public-records researcher uncovered an intertwined web of people and entities allegedly tied to the man. Those connections are still receiving taxpayer dollars for assisted-living facilities and adult day services despite multiple “red flags” indicating possible fraud, Robbins said.

These revelations show that state agencies are failing to employ “the most basic checks and balances” to prevent and detect fraud despite state agencies promising reforms, Robbins told fellow members of the Fraud Prevention and State Agency Policy Committee.

The committee—five Republicans and three Democrats—has met regularly since February, trying to get a handle on the state’s burgeoning fraud scandals. In recent weeks, Minnesota fraud cases have drawn national attention and multiple federal investigations. The scandals mostly involve federal programs that state programs administer, with matching state contributions in some instances.

The defendant, whom Robbins dubbed Person One, allegedly received $49 million from state-run programs from 2019 to 2024 on top of the $1.1 million he is accused of laundering, she said.

He is among 78 people charged since 2022 in the Feeding Our Future (FOF) scandal. Fraudsters connected to that now-defunct nonprofit agency reaped a total of nearly $250 million from the Federal Child Nutrition Program after falsely claiming to provide 91 million meals to needy children.

Robbins alleged that Person One “changed his name months before he was indicted” for FOF, and used his new name to purchase two homes that are operating as an assisted-living facility that receives government money.

One of those homes, Robbins alleged, was bought under the same business name tied to alleged money laundering in the FOF case.

It is unbelievable,” she said.

A chart that Minnesota Rep. Kristin Robbins presented at a hearing shows how an indicted fraud suspect is allegedly tied to other people, businesses, and taxpayer-funded government programs. Screenshot via The Epoch Times/Minnesota Fraud Prevention and State Agency Oversight Policy Committee

What’s more, Robbins said, the defendant’s wife “just recently purchased a fourth home” that will become part of an assisted-living facility that she operates—and for which she was granted a temporary license in September.

Homes that the accused man purchased or owned were still enrolled in state programs as recently as this October, Robbins said, noting that the wife has run the sites for two years after her husband’s FOF indictment.

One of the assisted-living facilities that Person One administers has four beds. “Despite this limited capacity,” the facility was paid $826,000 in 2024 and was “on pace to double that” this year, Robbins said.

“We need to be concerned about that,” she said, adding, “This home was purchased with cash, which is a red flag because there’s a lot of money laundering going on in these spaces.”

Minnesota law allows the state to stop government program payments based on “credible allegations of fraud,” Robbins said. “And, my friends, if someone has been indicted in Feeding Our Future, that’s a credible allegation of fraud, and they should not be getting state money for any other program.”

Robbins urged state agency leaders: “At a minimum, any business with ties to Feeding Our Future indictments should receive higher scrutiny,” especially if involved parties are also seeking money from other government programs.

“Any business owner should be checked to see if the owner has a history of other violations,” she said.

State Rep. Kristin Robbins, a Republican, speaks at a committee meeting in St. Paul, Minn., on Dec. 17, 2025. Screenshot via The Epoch Times/house.mn.gov

State agency officials who testified at the hearing included Dr. Brooke Cunningham, the state health commissioner. She testified about the “large and growing” assisted-living industry, acknowledging a “need for oversight.”

But Cunningham noted that health care professionals who are involved in licensing and on-site reviews do not process billing claims. Therefore, they would not be privy to financial matters.

However, Cunningham said those staffers do pass along any concerns they notice “to our partners who do handle the billing for those services and who do investigate any sort of criminal activity.”

James Clark, inspector general for the Department of Human Services, said the department is putting a two-year “pause” on licensing new adult day centers.

“We’re shifting staff ... so that they can squarely focus on existing adult day businesses,” he said.

Thus, he said, they can be more vigilant for signs of fraud.

In addition, he said, “we are aggressively suspending payments” whenever investigators are seriously concerned about fraud.

“I am sick of Medicaid fraud. I want to shut off payments to any provider that is stealing from us,” Clark said, adding that he would welcome information from the committee.

Robbins replied that the committee has not shared whistleblowers’ disclosures with Clark’s office because “this fraud has been perpetuated on your watch,” and the whistleblowers insist on confidentiality. They report being  “terrified,” Robbins said, because many of them allege they were subjected to retaliation or surveillance when they previously tried to sound alarms about fraud.

Committee members interviewed whistleblowers and relayed information to federal prosecutors, the FBI, and the Office of Legislative Auditor, all of whom have access to bank, health, and payment records that legislators cannot obtain, Robbins said.

Robbins also said the Department of Human Services so far has responded to only one of her recent requests for data; six such requests remain unfulfilled.

The Epoch Times sought a response from Clark’s office and received no reply prior to publication.

Tyler Durden Thu, 12/18/2025 - 08:40

Pentagon Escalates Probe Of Sen. Mark Kelly Over 'Illegal Orders' Video

Pentagon Escalates Probe Of Sen. Mark Kelly Over 'Illegal Orders' Video

Authored by Arjun Singh via The Epoch Times (emphasis ours),

Sen. Mark Kelly (D-Ariz.), a former astronaut and captain in the U.S. Navy, is now facing a “command investigation” into his conduct by the Department of War.

Sen. Mark Kelly (D-Ariz.) speaks at the Democratic National Convention in Chicago on Aug. 22, 2024. Madalina Vasiliu/The Epoch Times

A “command investigation” is a procedure by which a commanding officer conducts an official inquiry into allegations of serious misconduct by a military person, which involves sworn witness testimonies, multiple personnel working on the matter, and the opportunity for the target to submit evidence in response. At the end, a report is prepared by the investigating officer and is used as a basis for action, such as a court-martial.

The Office of the Secretary of War, in conjunction with the Department of War’s Office of the General Counsel, is escalating the preliminary review of Capt. Mark Kelly, USN (Ret.), to an official Command Investigation. Retired Capt. Kelly is currently under investigation for serious allegations of misconduct,” a spokesperson for the Department of War told The Epoch Times by email.

On Nov. 18, Kelly and five other members of Congress with military or intelligence community experience released a video exhorting U.S. military personnel to refuse what they called “illegal orders” from President Donald Trump.

“Like us, you all swore an oath. ... Our laws are clear, you can refuse illegal orders,” Kelly says in the video, while Rep. Chris Deluzio (D-Pa.) adds, “You must refuse illegal orders.”

Trump has criticized Kelly on social media for his statement and accused him of treason, as well as suggested that he should receive the death penalty for that alleged crime.

“This is really bad, and Dangerous to our Country. Their words cannot be allowed to stand,” the president wrote on Nov. 20. “Seditious behavior from traitors!!! Lock them up???”

The Department of War, after Trump’s comments, announced that it had initiated a review of Kelly’s record.

Kelly responded to the news on social media.

“We learned the Pentagon is escalating its review of me into ‘an official command investigation.’ If Donald Trump or Pete Hegseth think they can stop me from doing my job and serving the American people, they’ve got the wrong guy,” he wrote on X on Dec. 15.

Kelly is being represented by law firm Arnold and Porter, which wrote a letter to Secretary of the Navy John Phelan defending the senator.

“To be clear: there is no legitimate basis for any type of proceeding against Sen. Kelly, and any such effort would be unconstitutional and an abuse of power,” wrote Paul J. Fishman, Kelly’s attorney.

Tyler Durden Thu, 12/18/2025 - 08:05

Instacart Shares Slide As FTC Reportedly Investigates AI Pricing Tool

Instacart Shares Slide As FTC Reportedly Investigates AI Pricing Tool

Instacart shares fell in premarket trading in New York after an overnight report said the Federal Trade Commission has opened an investigation into the online grocery delivery and pickup platform.

Reuters reported that the FTC's investigation is focused on Instacart's AI-driven pricing tool and whether it led shoppers to be charged different prices for identical goods.

The scrutiny comes as the Trump administration places renewed emphasis on lowering consumer prices after four years of failed Bidenomics.

The FTC has sent Instacart a civil investigative demand seeking information on the Eversight pricing tool. Instacart shares fell about 7% in premarket trading.

"The Federal Trade Commission has a longstanding policy of not commenting on any potential or ongoing investigations. But, like so many Americans, we are disturbed by what we have read in the press about Instacart's alleged pricing practices," the FTC told the outlet.

According to a study of 437 shoppers across four metro areas conducted by nonprofit groups Groundwork Collaborative, Consumer Reports, and More Perfect Union, shoppers paid different prices for the same supermarket items, with some paying more than 23% more than others.

"Some shoppers found grocery prices that were up to 23% higher than prices available to other shoppers for the exact same items, in the exact same store, at the exact same time," the study's authors wrote.

Instacart says Eversight enables retailers to run randomized price tests and argues the system is not based on shopper data or demand fluctuations. The company also says retailers, not Instacart, set prices, except at Target, where Instacart scrapes public prices and adds its own margin.

FTC emphasized that an investigation does not imply wrongdoing. The probe comes amid heightened political focus on affordability and AI-driven pricing practices.

Overnight, President Trump addressed the nation in a live-stream from the White House about the successes of his first year back in office. One of the topics he started with was affordability...  

As we've pointed out, Democrats know their constituents can't read charts and have launched multiple misinformation campaigns, attempting to pin the power price surge on Trump. However, much of the surge in power prices occurred during the nation-killing years of the Biden-Harris administration (see here).

Affordability seems likely to be a hot topic in the 2026 midterm election cycle.

Tyler Durden Thu, 12/18/2025 - 07:45

How Social Security Has Evolved

How Social Security Has Evolved

Authored by Tom Margenau via The Epoch Times (emphasis ours),

I continually remind my readers that they shouldn’t worry too much when they read or hear reports of Social Security’s imminent collapse. Once Congress works up the nerve to deal with the issue (and once the American people accept the fact that the program needs reform), they will get around to passing amendments to the Social Security laws that will keep the program solvent for generations to come. (If you want to learn more about possible reforms to Social Security, spend 15 bucks and get my little guidebook called “Social Security: Simple and Smart.”)

Almost every year since the Social Security Act was passed in 1935, there have been amendments to that original law. Everett Collection/Shutterstock

And here is something else you should know. Change is nothing new to Social Security. Almost every year since the Social Security Act was passed in 1935, there have been amendments to that original law. For many years, they have been simply minor technical adjustments. But some years, they include major changes to the program. Here is a brief summary of how the Social Security program has evolved over the years.

The Social Security Act of 1935

The original law provided benefits only for a retired worker age 65 or older.

The 1939 Social Security Amendments

Even before the first monthly benefits were paid in 1940, these amendments added many provisions to the original law. They included benefits for a dependent wife 65 and older and for the minor children of a retiree. They also added the first survivor’s benefits: for a widow age 65 or older; for the minor children of a deceased worker; for a widowed mother of any age caring for those children; and for dependent parents of a deceased worker.

The 1950 Social Security Amendments

Congress must have realized the 1939 amendments were sexist because this year they added benefits for a dependent husband of a retired woman and for a dependent widower age 65 or older. They also provided benefits for a retiree’s dependent wife of any age as long as she was caring for his minor child. And for the first time, Congress recognized that not all marriages last forever. They included benefits for a divorced or widowed mother caring for the minor child of a deceased worker, but only if she was married at least 20 years.

The 1956 Social Security Amendments

These amendments added a major new Social Security program: disability benefits. This first law offered monthly benefits only for disabled people over age 50. But in a few years, disability benefits were made available to people of all ages. Provisions were also added to pay monthly benefits to disabled adult children of retired, disabled and deceased workers. And for the first time, Congress recognized that not all senior citizens wanted to wait until age 65 to claim benefits. Initially, they offered earlier benefits only to women. They provided reduced retirement benefits for women between the ages of 62 and 64 and reduced spousal benefits for dependent wives and widows between the ages of 62 and 64.

The 1961 Social Security Amendments

Finally, Congress authorized reduced retirement benefits for men. These changes also provided for reduced benefits for dependent widowers between ages 62 and 64.

The 1965 Social Security Amendments

For the first time, benefits were offered to divorced wives if they were at least 62 years old and if they had been married for at least 20 years. (The 1950 amendments had provided benefits only for divorced widows.) The 1965 amendments also added the Medicare program. But Medicare is NOT a Social Security program and an entirely separate funding mechanism was established for these health care benefits, so I am not including Medicare changes in the rest of this column.)

The 1972 Social Security Amendments

The concept of a “delayed retirement bonus” was added for the first time to offer an incentive to workers who wait to file for retirement benefits until beyond age 65. Over the years, this bonus has been liberalized.

The 1977 Social Security Amendments

Congress must have heard women complaining that having to be married to some philandering jerk for 20 years to get some of his Social Security was too long. So this year, they lowered the length of marriage requirement for divorced spouses to 10 years.

1983 Social Security Amendments

When these changes were implemented, the Social Security system was much closer to insolvency than it is today. These amendments bumped up the retirement age from 65 to 67. A minor tax increase was implemented. And Social Security benefit, payments to children over age 18 were eliminated. Also, for the first time, Social Security benefits became taxable.

1996 Social Security Amendments

The earnings penalty provisions were eliminated for anyone over full retirement age and were liberalized for people between the ages of 62 and the FRA. Provisions in these amendments also led to the “file and suspend” and “restricted application” loopholes in the law that allowed some retirees to get unintended benefits out of the program. Those loopholes were finally closed several years ago.

Tyler Durden Thu, 12/18/2025 - 07:20

Why Coal Is Here To Stay, In One Chart

Why Coal Is Here To Stay, In One Chart

Bloomberg Opinion columnist and chief energy correspondent Javier Blas posted a chart on X from the International Energy Agency's new global coal report showing that coal demand jumped to an all-time high this year, despite years of efforts by the green-industrial complex to end its very existence.

"Global coal demand rose to an all-time high in 2025, up 0.5% y-on-y to 8,845 million tons (also, @IEA revised up 2024)," Blas wrote on X, adding, "Now, IEA says 2025 will mark a peak, with consumption dropping over the next 5 years. Time will tell, but previous peak forecasts were off."

Years of climate alarmists' demonization of coal have seemingly failed. In fact, coal remains structurally embedded in power systems and heavy industry, especially in Asia, even as renewables expand.

IEA's global coal demand forecast:

  • 2025 global coal demand: 8.85 billion tonnes, a new record.

  • 2030 outlook: roughly 3% below 2025 levels, still above pre-2023 norms.

  • Coal’s role shifts from baseload power to flexibility, backup, and reliability as wind and solar penetration rises.

  • Industrial coal use declines slowly; substitution is difficult outside power generation.

By country and/or region:

China:

  • Consumes more coal than the rest of the world combined and fully determines global trends.

  • Demand is broadly flat through 2025, then declines only marginally by 2030. Rapid renewable buildout reduces coal’s share of generation, but coal remains essential for grid stability.

  • Coal-to-chemicals and gasification offset declines in cement and steel, creating upside risk to demand forecasts.

India and Southeast Asia

  • India is the main source of net demand growth through 2030, driven by electricity demand, cement, steel, and coal-based industrial processes.

  • Southeast Asia shows the fastest growth rate, led by new coal power and metals processing.

  • Together, these regions offset most declines in advanced economies.

Europe

  • Structural decline continues, but short-term coal burn remains volatile due to gas prices, wind variability, and security-of-supply concerns.

  • Coal exits are politically uneven, with delays and carve-outs across several countries.

United States

  • Near-term coal demand rebounds in 2025 due to higher gas prices, weather effects, and explicit federal policy support.

  • Long-term trend remains downward, but decline slows materially versus prior expectations.

  • Coal plants increasingly retained for reliability amid rising power demand and data-center load. 

Focusing on the U.S. and separate from the IEA report, Goldman analysts, led by Carly Davenport, wrote in a note to clients earlier this month that U.S. coal retirements would slow.

In this note, we update our US and ERCOT power supply/demand models. We lower our US coal retirement forecast, now expecting ~40 GW of coal capacity retirement through 2030 (vs. 66 GW prior), as we expect assets to remain online to meet growing power demand until new build baseload solutions are more readily available.

What may infuriate climate alarmists is that coal is not disappearing this decade and will continue to serve as a bridge in a world of surging power demand from AI data centers and other electrification trends until sufficient nuclear power generation comes online, which is a 2030s story.

The bigger story should be the climate alarmists who, under the guise of a "climate crisis" hoax, were hellbent on stripping the grid of stable power, while conveniently ignoring China's massive additions of coal-fired power generation. That seems highly suspicious.

Tyler Durden Thu, 12/18/2025 - 05:45

Trump Claims There's 'Peace In The Middle East'

Trump Claims There's 'Peace In The Middle East'

Authored by Dave DeCamp via AntiWar.com

President Trump had kicked off this week by saying that there is "legitimate peace in the Middle East for the first time in 3,000 years," comments that came after three Americans, including two National Guard members and a civilian interpreter, were killed in Syria.

The president made the remark when asked why the US has troops in Syria. "Because we’re trying to make sure that there’s going to be and remain peace in the Middle East, and Syria is a big part of it," he said.

Getty Images

"The new leader is a strong person, and that’s what you need," Trump said, referring to Syrian President Ahmed al-Sharaa, the former al-Qaeda commander who took power in Damascus after the ousting of Bashar al-Assad.

"It’s been amazing what — what’s taken place in Syria. We got rid of Assad," Trump said, acknowledging a US role in the regime change that put Sharaa’s group of jihadists, known as Hayat Tahrir al-Sham, in power.

The three Americans were killed on Saturday by a member of Syria’s security forces — though the US has claimed in the face of Damascus' own admissions that it was an 'ISIS attacker'.

"We got rid of other people that were really bad people and that were in the way of peace in the Middle East. You know, we have legitimate peace in the Middle East, first time in 3,000 years, and we have 59 countries backing it, and we’ll see what happens with Hamas," Trump said, referring to the Gaza ceasefire deal, which Israel has continued to violate by killing nearly 400 Palestinians since it went into effect.

Israel has also continued to violate a ceasefire deal in Lebanon signed in November 2024 with near-daily strikes, surveillance flights, and ground incursions. "Hezbollah in Lebanon has been a problem. We’ll see what happens there," Trump said.

The president appeared to be arguing that it was necessary for the US to be involved in the Middle East to maintain "peace," and also referenced the 12-day US-Israel war on Iran, which killed over 1,000 Iranians, as an example of US action in the region.

"If we didn’t knock out there nuclear capability, we would have never had peace," he followed with.

Tyler Durden Thu, 12/18/2025 - 05:00

Russia Deploys Entire Fleet Of Nuclear Icebreakers To Arctic

Russia Deploys Entire Fleet Of Nuclear Icebreakers To Arctic

Russia has deployed all eight of its nuclear icebreakers simultaneously in an unprecedented move. The fleet is being used to keep critical winter shipping lanes in the Gulf of Ob and the Yenisei Gulf open, ensuring continued access to key export terminals. The deployment sends a clear signal to the West that Russia can sustain year-round Arctic shipping and maintain its natural resource export revenues.

Ship tracking website MarineTraffic reported earlier this week:

Russia deploys all eight nuclear icebreakers to keep Arctic export routes open.

Russia has, for the first time, deployed its entire fleet of eight nuclear-powered icebreakers simultaneously to maintain winter navigation in the Gulf of Ob and the Yenisei Gulf. #MarineTraffic data shows that the nuclear icebreakers Taymyr, Yamal, Arktika, Yakutiya, Sibir, and 50 Let Pobedy have been operating in the Gulf of Ob since December 14, supporting traffic linked to Arctic Gate, Yamal LNG, and other terminals. Meanwhile, Ural and Vaygach are deployed in the Yenisei Gulf, enabling access to ports and industrial sites deep inside Siberia.

Maritime news website gCaptain added more color to this unprecedented move by Russia:

For the first time, all four of Russia's new Project 22220 Arktika-class nuclear icebreakers are deployed simultaneously. Arktika, Ural, Sibir, and Yakutiya represent the future of Russia's nuclear icebreaking capability, offering greater power, improved efficiency, and the ability to operate both in deep Arctic seas and, with adjustable draft, in shallower coastal waters.

Looking ahead, Russia has three additional nuclear icebreakers of the new Arktika class under construction. Chukotka, Leningrad, and Stalingrad are expected to enter service in 2026, 2028, and 2030, respectively, bringing the new Arktika class to a total of seven vessels, though western sanctions against Rosatomflot have slowed construction.

In parallel, the massive Leader-class icebreaker Rossiya is intended to enable year-round navigation along the Northern Sea Route by around 2030, but its completion timeline has been pushed back multiple times. It is currently around 30 percent complete based on progress updates.

To sum up, Russia's export system has come under intense Western sanctions, with the threat of another round if Moscow does not agree to a near-term peace deal with Ukraine. The deployment of the icebreakers sends a clear message to Brussels and Washington that Arctic energy will continue to flow, whether they like it or not.

Tyler Durden Thu, 12/18/2025 - 04:15

Cold, Green Europe: What Happens When Ideology Trumps Physics

Cold, Green Europe: What Happens When Ideology Trumps Physics

Authored by Vijay Jayaraj via RealClearMarkets.com,

Europe stands as the self-proclaimed cathedral of the “green” transition.

Bureaucrats in Brussels and politicians in Berlin have spent decades lecturing the world on the moral necessity to abandon hydrocarbons.

They have constructed a narrative of the European Union as a shining city powered by the breeze and sun, modeling a net-zero utopia. 

Yet, when the first real chill of winter settled over the continent this fall, that facade collapsed under the weight of physical reality.

Europe depends on fossil fuels for approximately 70% of its total energy consumption. This figure has remained stubbornly consistent over the years despite billions of euros spent on solar and wind infrastructure. The much-celebrated growth in those technologies masks a fundamental truth about energy systems that European policymakers refuse to acknowledge in public: Electricity accounts for only a fraction of total energy demand. 

Transportation, heating, industrial processes and manufacturing continue to run overwhelmingly on oil, natural gas and coal. Highlighting additions in renewable power generation while ignoring the broader energy picture is like taking pride in a new front door while the rest of the house is in shambles

In late November, the fragility of a weather-dependent energy system went on display as temperatures dropped and the demand for space heating surged. This is a predictable feature of life in the Northern Hemisphere, yet European energy policy seems perpetually surprised by it.

Right when families needed heat the most, the wind refused to blow. This is the "Dunkelflaute" – the dark doldrums – about which engineers have warned for years. Wind generation plummeted by 20%. 

Operators of the power grid, needing a backup source to avoid blackouts, turned not to batteries, which remain woefully inadequate for the job. Instead, they harnessed a workhorse of today’s energy systems: natural gas. Gas-fired generation surged by more than 40% to fill the void left by stalled wind turbines.

In the Netherlands, heating-degree days – a measure of demand for warmth – were 35% above the five-year average. Data from mid-November paints a damning picture of the failure of so-called renewables. Between November 14 - 21, as the first cold spell gripped the region, European gas demand skyrocketed by 45%. 

In absolute terms, daily gas demand leaped by 0.6 billion cubic meters per day. This was not a gradual uptick. It was the panic-induced spike of a 75% increase in residential and commercial heating needs.

Gas storage sites were the unsung heroes of this drama, meeting approximately 90% of the jump in daily demand during a critical week. Withdrawals from storage facilities surged by nearly 450%.

The magnitude of this intervention by natural gas is difficult to overstate. To put the 0.6 billion cubic meters of gas into perspective, consider that the energy equivalent of that amount of gas is the daily output of 220 nuclear power plants – a number nearly five times the size of France’s entire nuclear fleet.

Imagine the catastrophe if Europe had achieved its net-zero goals and eliminated its gas infrastructure. There is no battery system on Earth, existing or planned, that could deploy the equivalent of 220 nuclear reactors.

Despite this frantic consumption of gas, prices have remained relatively stable. This was not due to European foresight. It was due to the "peace dividend" of potentially resolving the Ukraine conflict and, more importantly, a flood of liquefied natural gas from the United States.

Herein lies the supreme irony of the story: An anti-fossil fuel, anti-drilling European Union is keeping its population alive only because of a pro-fossil fuel, pro-human administration across the Atlantic.

The United States, by encouraging hydrocarbon production, has created the surplus that now warms European homes.

Fossil fuels are the lifeblood of daily life, especially in advanced societies, which cannot run on the wishful thinking of wind and sun worshipers. The stability of European society today rests on the shoulders of American drillers of gas wells.

The European Union serves as a warning of what happens when ideology trumps physics. Climate mandates cannot make the wind blow. The "green" emperor has no clothes, and, baby, it’s cold outside.

Tyler Durden Thu, 12/18/2025 - 03:30

What The Scopes Trial Was Really About

What The Scopes Trial Was Really About

Authored by J Scott Turner via RealClearScience,

This is the centennial year for the Scopes “monkey trial” in Dayton, Tennessee, 1925’s “trial of the century”. In the dock was John Scopes, a substitute high school teacher who was accused of violating the state’s recently passed Butler Act, which prohibited any state school from teaching any theory of the origin of man that contradicted the account in Genesis. Scopes’ conviction was later overturned by the Tennessee Supreme Court on a technicality.  

By any objective measure, the Scopes trial should arouse no greater attention in 2025 than Dayton’s 1925 Strawberry Festival. It set no legal precedent, led to no repeal of the Butler Act, and everyone involved just got on with their lives. Yet here we are, still talking about it a hundred years later, in commemorative conferences, in high profile commentaries, on podcasts, and even a documentary (full disclosure, produced by me).  

Interest in the Scopes trial has been kept alive by a prevailing narrative that has built up over the last century: of two titans of 1920s America, William Jennings Bryan and Clarence Darrow, squaring off in an epic courtroom confrontation of science versus religion, evolution versus creation, academic freedom versus state control of education.  

We have known for some time that little of this narrative is true. The Scopes trial was a put-up job, instigated by the American Civil Liberties Union (ACLU) and Dayton town luminaries who wanted to bring commerce and publicity to their small town and its sluggish economy. The “epic confrontation” was more performative than substantive, with drama provided by the defense’s claim that evolutionism and Darwinism were crystalline scientific truths, and that any contrary claims, particularly when the doubts were religiously-motivated, posed a threat to civilization itself. Ever since 1925, scientists generally have bought into the Scopes defense’s narrative. But just how strong was their case?  

The Scopes defense team brought in a group of scientific expert witnesses to inform the Court how misguided the Butler Act was. The judge, John Raulston, allowed one of the experts, Maynard Metcalf of Johns Hopkins, to testify, but with the jury absent. Based on Metcalf’s testimony, Raulston barred the defense from calling any of the other expert witnesses, and struck Metcalf’s testimony from the trial transcript. Even so, Raulston invited the experts to submit written statements for the trial record, essentially amicus curiae briefs. Their statements give us a window into the strength of the defense’s case.  

To put the matter politely, the experts were underwhelming. Metcalf’s testimony was supercilious and condescending, resting on the presumption that something had to be true because he, an expert, said it. The others’ statements were vague and tended to wander off-topic. Two of the experts trotted out the dubious Piltdown Man fossil as proof of the “missing link” between apes and humans. At best, this was evidence of expert laziness and wishful thinking. Since its “discovery” in 1912, doubts had swirled about the Piltdown fossils’ authenticity, later definitively revealed by Charles Oakley and Joseph Weiner as a hoax and an “evolutionary absurdity.”  

Aside from those faux pas, the experts fell into a logical error: an insistent conflation of evolutionism – the proposition that life on Earth has a history – with Darwinism, a proposed mechanism for evolution. In the Scopes trial record, the two terms are used interchangeably, one the synonym of the other, when they are in fact quite distinct things.  

Since the mid-nineteenth century, evolutionism has rested on a solid scientific foundation, both for life in general, and for human origins in particular. We know it is scientific because scientific knowledge is by its nature tentative and provisional, which the science of human origins exemplifies. In 1925, the science of human origins painted a different sketch of human origins than the one we presently paint, but then as now, the sketch is informed by the ongoing dialogue with nature that defines science. Our picture of human origins will continue to adjust as more evidence emerges. 

In 1925, in contrast, Darwinism was at its lowest scientific ebb since its inception in 1859. This period is known broadly as the eclipse of Darwinism. Darwinism’s most serious challenge came from Thomas Hunt Morgan’s mutationist theory for evolution, which he claimed invalidated Darwinian natural selection or at least relegated it to a minor role. While Darwinism’s bacon would eventually be pulled out of the fire by Ronald Fisher’s “genetical theory of natural selection”, that was still five years into the future. How, then, did the scientifically weak Darwinian idea come to be synonymously bound to the more scientifically robust evolutionism, both at the Scopes trial, and in the minds of the public?  

Beginning in the late 19th century, Darwinism became transformed into an ideology – “popular Darwinism” – that could be enlisted as support for a wide range of political and social causes. Some of these were flatly contradictory to one another. “Social Darwinism”, for example, has been a justification both for generous social welfare programs, and for abolishing them entirely. Generally, popular Darwinism has served as a proxy for progressive ideology, like Wilson’s “living constitution.”  

The nebulousness of popular Darwinism puts William Jennings Bryan and the anti-evolution movements in the 1920s South in a different light. Bryan’s principal complaint about popular Darwinism was its fundamental emptiness: that if Darwinism could mean anything at all, it also could mean nothing at all, making it a nihilistic ideology that would bear bitter fruit wherever it took root. The social and economic upheavals in the decade following the Great War seemed to provide ample evidence for Bryan’s argument, which resonated strongly in the largely agrarian and tradition-minded South. It was not ignorance and religious bigotry that was at work here. To the contrary, people of the South were paying close attention to events, and were not liking what they saw.  

Bryan’s critique of Darwinism was the seed crystal that precipitated these anxieties into political action, among them the passage of the Butler Act. John Butler was a communicant of the fundamentalist Primitive Baptist Church, but his eponymous Act drew support from across a broad spectrum of Tennessee society, both secular and religious. So strong was that support that Tennessee’s progressive Democrat governor, Austin Peay, felt compelled to sign it into law.  

What was at stake in the Scopes trial was not a conflict of science versus religion, or evolution versus creation. Rather, it was a political tussle over a different question entirely, namely, who gets to decide how parents educate their children? In passing the Butler Act, the people of Tennessee arrogated that decision to themselves. For their temerity, the ACLU decided it had to parachute into Dayton to take the decision back. To the extent that the high-minded rhetoric of the Scopes defense played a role, it was a political agenda masquerading as science.  

Tyler Durden Wed, 12/17/2025 - 23:00

Ancient RNA Extracted From Extinct Woolly Mammoth Fuels De-Extinction Dreams

Ancient RNA Extracted From Extinct Woolly Mammoth Fuels De-Extinction Dreams

European researchers have achieved a milestone in paleogenomics by sequencing RNA from a woolly mammoth specimen dating back approximately 39,000 to 40,000 years, roughly three times older than the previous record for ancient RNA.

The RNA was recovered from a well-preserved juvenile mammoth known as Yuka, discovered in northern Siberian permafrost in 2010, according to Love Dalén, a professor of evolutionary genomics at Stockholm University and lead author of a study published in the journal Cell. Dalén told the Wall Street Journal that the findings could aid in identifying the genetic traits responsible for the mammoth's distinctive woolly coat. The researcher first encountered the specimen, named after the Yukagir region where it was found by locals, during a visit to Yakutsk, Russia, in 2012.

The skin and muscle of Yuka’s front left leg are exceptionally well preserved
Love Dalen

“While the path to de-extinction might be a little bit longer than most people appreciate, I think this is actually a very important steppingstone on the way,” said Marc Friedländer, an RNA biologist from Stockholm University and a co-author of the paper.
The Wall Street Journal notes:

Yuka’s legs were intact, as were the animal’s foot pads and trunk, covered in reddish-brown fur. The skull, genitalia and internal organs were missing. Genetic analyses revealed the animal was a male; some of the RNA had come from a Y chromosome.

RNA, or ribonucleic acid, adds another level of insight into an animal beyond DNA, Dalén said, showing which genes are active in a cell at one time. DNA contains the recipe for how to make an organism, but RNA passes along the instructions on how to build and operate it.

Although the specific RNA sequences have limited direct application to current editing efforts, experts say the proof that RNA survives millennia expands the toolkit for reconstructing ancient biology. This could help prioritize gene edits for traits like thick fur, cold tolerance, and fat metabolism.

Yuka had been found thawing out of a permafrost cliff near the Siberian coastline. The young mammoth, which lived and died during the last Ice Age some 39,000 years ago, had been buried and frozen for millennia. Valeri Plotnikov

“If at some point in the future that we want to bring back the mammoth or other extinct animals, then it’s very important to recognize that we need to understand them not just at the DNA level, but also all the other components that make up an animal, like the RNA and the proteins,” Friedländer said.

“The Russians said, ‘Come with me, and we’ll bring you to see something interesting,’” he said. “They walked me into this room, and there’s this dead mammoth lying on an autopsy table.”

Tyler Durden Wed, 12/17/2025 - 22:35

Trump Administration Faces Balancing Act On Agriculture

Trump Administration Faces Balancing Act On Agriculture

Authored by Beige Luciano-Adams via The Epoch Times (emphasis ours),

The Trump administration has in recent months rolled out a series of actions to address the long-brewing existential crisis facing America’s family farmers and ranchers, who for years have been pummeled by industry consolidation and rising costs, as well as regulatory, environmental, and trade issues.

Cows roam the ranch of R.C. and Annia Carter outside of Ten Sleep, Wyo., on Oct. 14, 2025. John Fredricks /The Epoch Times

Traditionally the backbone of American agriculture, family operations are disappearing, shrinking by more than 17 percent since 2017. In 2024, the number of U.S. farms dropped to the lowest level in more than a century.

In the cattle and beef industry, an ongoing contraction driven by a dwindling domestic herd has created an increasingly unstable climate. As prices soar and processing plants shutter, the Trump administration faces a balancing act between calming consumer anxieties and reassuring ranchers that it will deliver on deep reforms.

The Trump administration has proposed renewed antitrust enforcement, land-use reform, and supportive programming for ranchers. But the administration also slashed the tariffs it imposed earlier this year on beef imports, which ranchers say may undercut their business.

In conversation with The Epoch Times, many ranchers have been largely sanguine about what they see as an administration that is listening to their concerns and taking decisive action, but suggest more is needed to transform an industry that has become deeply exploitative, corrupt, and anti-competitive.

“Trump is trying to satisfy a lot of people right now, and I don’t mean that in a bad way,” Patrick Robinette, a North Carolina cattle producer and industry consultant, told The Epoch Times.

“But he made promises to the rural people that he was going to improve their economy. He also made promises to the consumer that he was gonna lower their prices.”

Patrick Robinette on his family ranch in North Carolina, in this photo taken within the past five years. Courtesy of Patrick Robinette Trump’s Reforms

In October, the U.S. Departments of Agriculture, Interior, Health and Human Services, along with the Small Business Administration, unveiled a sweeping plan to restore the nation’s shrinking cattle herd and bolster independent ranchers, including by expanding grazing on federal lands, a reversal of Biden-era policy.

Noting that around 10 percent (24 million acres) of grazing allotments are currently vacant, the Departments of Agriculture and Interior plan to position “grazing as a central element of federal land management,” while also promoting innovative tools such as virtual fencing and “outcome-based practices to sustain ecological health,” signaling federal support for regenerative grazing practices. The USDA in December confirmed it will launch a $700 million pilot program focused on regenerative agriculture.

Additionally, the government is attempting to assuage longstanding rancher concerns over predatory endangered species by developing new standards of evidence for compensating producers whose herds are impacted by wolves, bears, and coyotes.

In an attempt to address consolidation in the packing industry and stabilize prices, the White House is also ramping up loans and grants to support small- and medium-sized processors that supply local and regional markets.

And to make ranching more accessible, it plans to expand benefits for new ranchers and prioritize support for veteran-owned and operated ranches.

The USDA announced earlier this month a $12 billion bailout for farmers “in response to temporary trade market disruptions and increased production costs.”

A worker spreads salted meat, which will be dried and then packed at a plant of JBS SA, the world's largest beef producer, in Santana de Parnaiba, Brazil, on Dec. 19, 2017. Paulo Whitaker/Reuters Antitrust Challenges

President Donald Trump on Nov. 7 ordered a Department of Justice (DOJ) crackdown on “foreign-owned meat packing cartels,” referring to the handful of massive conglomerates that dominate the industry, citing potential collusion, price fixing, and price manipulation. He said that the companies artificially inflate prices and jeopardize U.S. food security.

The “Big Four” meatpackers—Cargill, Tyson Foods, JBS, and National Beef—control 85 percent of U.S. beef processing and vast majorities of pork and poultry markets. JBS and National Beef are majority-owned by Brazilian parent companies.

For decades, industry consolidation has “crushed competition and hammered cattle producers,” the Trump administration said in its Nov. 7 memo, citing “mounting evidence” showing monopoly power has “slashed payments to ranchers, reduced herd sizes, driven up consumer prices and threatened America’s food supply chain.”

Robinette said it’s about time for a DOJ investigation. “But the other side to it is, maybe nothing comes out of it.”

He pointed to a similar investigation of the same companies in 2020, following years of class-action consumer lawsuits and urging from producers.

In a Nov. 21 statement, the U.S. Cattlemen’s Association, which represents independent producers and processors, said it appreciated the Trump administration returning to the issue, but added that past inquiries left producers without answers.

We urge the Administration to ensure this investigation leads to substantive action and real reforms,” it stated.

Multiple federal investigations of the companies and their subsidiaries have spanned across administrations, resulting in millions in settlement payouts.

But their hold on the market remains.

The 2020 DOJ investigation, according to Farm Action, a nonpartisan watchdog group, produced “no major enforcement actions or reforms.”

All the “Big Four” companies have faced multiple antitrust lawsuits. Last month, Tyson and Cargill paid a combined $87.5 million to settle a federal class action lawsuit brought by consumers who accused them of conspiring to inflate beef prices by restricting supply. Along with other poultry producers, they settled a civil wage-fixing case in January for $398 million, which mirrored a DOJ case.

JBS, the world’s largest meat processing company, settled a case for $83.5 million in January, in which producers alleged all four companies conspired to artificially reduce the price of cattle.

The conglomerate has also been plagued by corruption scandals in the United States and in Brazil. In 2017, JBS owners agreed to a $3.2 billion plea deal in Brazil after admitting to bribing more than 1,800 politicians to illicitly acquire financing; in 2020, the company pleaded guilty to bribery charges and agreed to pay around $256 million in criminal fines following a DOJ investigation.

Despite increased scrutiny from lawmakers across various administrations over antitrust concerns, consolidation and U.S. expansion have continued.

According to a recent analysis by Farm Action, price-fixing settlement payouts remain a tiny fraction of the companies’ profits. And five years after the last DOJ investigation, their hold on the market remains undiminished.

“This time,” the group urges, “the DOJ must dig deeper into the collusion and political influence that define this industry.”

Heather Hampton-Knodle feeds cattle on her ranch in Illinois in 2025. Courtesy of Heather Hampton-Knodle Trade Policy

In an effort to curb domestic beef prices, Trump in October proposed increasing imports from Argentina, drawing ire from U.S. ranchers who say cheap imports undercut them while failing to lower consumer prices.

In November, the administration solidified an agreement with Argentina that will quadruple low-tariff beef imports from the country, to some 80,000 metric tons.

The National Cattlemen’s Beef Association opposed the move and urged the president to “let the cattle markets work.”

Responding to pushback from ranchers, Trump said in an Oct. 22 Truth Social post that “the only reason cattle ranchers are doing so well, for the first time in decades,” is because of his tariffs.

“If it weren’t for me, they would be doing just as they’ve done for the past 20 years – Terrible! It would be nice if they understood that, but they also have to get their prices down, because the consumer is a very big factor.

Secretary of Agriculture Brooke Rollins has attributed much of the affordability crisis to inherited impacts from the last administration, including a $50 billion agricultural trade deficit, and has defended Trump’s trade policy as putting America first. She also noted that while the cost of many staples has fallen since Trump took office, beef remains an outlier.

“The president is committed to getting that down but also to ensuring that we’re supporting, protecting and rebuilding our herd for our cattle ranchers,” she said in a Nov. 20 interview.

Heather Hampton-Knodle, an Illinois-based cattle producer and former president of American Agri-Women, told The Epoch Times that the Argentina beef deal “is really hard to relate to, given how tariff policies have impacted us on both ends—our costs of inputs and our opportunities for exports.”

Hampton-Knodle blames tariffs for driving up farm bankruptcies and the cost of inputs such as fertilizers, which are mostly imported.

“This is not sustainable,” she said, noting emergency federal aid for farmers—such as that doled out during Trump’s first administration, a $10 billion payout in March, and a similar, upcoming plan—only goes to the creditors, not to the root cause.

“It does not result in a return to farmers so they can reinvest in their business or send their children to college or do the things that people in developed countries want to do,” she said.

Hampton-Knodle said solidifying multiple significant trade deals could help smaller producers.

In the bigger picture, she said, “I am concerned not only for beef producers, but agriculture as a whole, that we continue to be pawns on other people’s chess boards.”

“A deeper understanding of how farming actually works and how the majority of us are price takers—we’re not price makers—would really help develop better policy.”

Some industry players welcomed the Trump administration’s efforts to address rising consumer prices.

Following a Nov. 14 executive order removing tariffs on certain foods and agricultural products, Michelle Korsmo, president of the National Restaurant Association, called the move a “common-sense step” to strengthen the food supply chain.

This action delivers needed relief for restaurants and their customers at a time when food costs have risen nearly 40 percent over the past four years,” Korsmo said in a statement.

Trump on Nov. 20 issued an executive order exempting a range of Brazilian agricultural imports, including beef, from 40 percent retaliatory tariffs he’d imposed in July; reciprocal 10 percent tariffs remain in place.

Trade group representatives from different parts of the U.S. supply chain took opposite positions on the issue, a display of the complex balance the administration is trying to strike.

“When the president imposed 40 percent tariffs on Brazilian beef, we viewed it as a signal to support our industry’s ability to produce what we consume,” Bill Bullard, CEO of R-Calf, told The Epoch Times.

“Now, that’s been erased, sending a new signal that will deter the domestic industry from rebuilding and expanding as needed.”

On the other hand, the International Fresh Produce Association, a trade organization, welcomed Trump’s removal of the 40 percent tariff, noting Brazil is a “key global supplier” that complements U.S. production.

“This action will help maintain the affordability of high-quality fresh produce for American consumers,” the association said in a statement.

Cattle Versus Beef Prices

Before 2020, the issue for ranchers was that the price of live cattle collapsed while beef prices soared, benefitting processor conglomerates. While cattle prices historically followed beef prices closely, they began to diverge around 2015.

Bullard, of R-Calf, suggests the longstanding disconnect between cattle and beef prices is evidence of market failure.

A drought that began in 2020 accelerated the decline of the national herd, he explained, and cattle prices started chasing already inflated beef prices.

Both cattle and beef prices have hit record highs in recent months. The USDA reported this month that cattle prices fluctuated following the news of imports from Brazil and Tyson’s announcement of beef packing plant closures, but projects that tight supply will support record prices through 2026.

Bullard, in a recent analysis, points out that the per capita supply of beef was higher in 2024 than at any time since 2020. Still, domestic production has not kept up with consumption, and the United States has become increasingly reliant on imports.

A New World screwworm outbreak that temporarily suspended cattle imports from Mexico, which the United States relies on to maintain a stable supply of inexpensive beef, has also contributed to the shortage.

“Our problem is that we’ve reduced our nation’s ranchers and their herd size over the past few decades to the point where it cannot ... meet domestic food security needs, but also it cannot withstand any form of economic shock without causing severe price anomalies for producers and consumers,” Bullard said in his analysis.

While the Trump administration is telling ranchers that beef prices are too high, R-Calf has asked the administration to investigate how much of that is caused by anticompetitive practices on the part of packers and retailers.

In its Oct. 21 letter to the president decrying the Argentina trade deal, the U.S. Cattlemen’s Association stressed today’s beef prices are not due to inflation or market manipulation, but rather the result of decades of industry contraction, a depleted national herd, and increased input costs for ranchers.

For the first time in years, cattle producers are finally earning prices that reflect actual costs of production—a long-overdue correction, not an unintended sign of distress,” the group said.

But some warn the recent upswing may be particularly volatile.

As processing plants shut down during the COVID-19 pandemic, Robinette explains, many ranchers began switching at least part of their operation to a direct-to-consumer model. He suspects the jump in live cattle prices that followed, while good for producers, won’t last and may be artificial.

Robinette said one theory he is watching is “that the Big Four have worked with the brokers to artificially increase the price of the cattle, and then there will be a certain period of time, and they’ll collapse that price.” The purpose, he said, would be to undermine the direct-to-consumer model and further consolidate the market.

“The big Packers can afford to lose $300 a head while the independent producers and packers cannot—we don’t have enough runway,” R.C. Carter, an independent rancher based in Wyoming, told The Epoch Times.

Ranchers reason that conglomerates can afford temporary losses in part because they can make up for it with cheap imports.

“They need that foreign beef coming in at 30 or 40 percent below the USDA beef price so they can make their 2 to 3 percent margin they’re doing now,” Robinette said.

The Epoch Times contacted JBS, Cargill, Tyson, and National Beef for comment but did not receive a response by publication time.

USDA prime beef is displayed at a Costco store in Novato, Calif., on Nov. 11, 2025. Justin Sullivan/Getty Images Origin Labeling

A group of independent cattle ranchers has been lobbying the Trump administration to issue an executive order reinstating Mandatory Country of Origin Labeling, which they argue does not require congressional intervention, as it is based on existing federal code.

The White House and USDA did not respond to inquiries about a potential executive order by publication time.

For Robert Groom, a cattle producer and U.S. Cattlemen’s Association board member representing the Northeast, the problem is not so much that imports have increased, but that they have been deceptively labeled for decades.

I’m not so worried about imports from Argentina or Brazil or anywhere if it’s properly inspected, and if it retains its origin [labeling] all the way to [the] consumer,” he told The Epoch Times. But under current policy, the country-of-origin label can be stripped and replaced with a “USDA Inspected” label, which consumers mistakenly believe is U.S. origin beef.

“Demand for beef has been on a continual upward trend since the early 1990s. That signal hasn’t gone through to the [producer]—they’ve lost money far more years than they made money. There’s no incentive to rebuild, and that’s entirely because we have no product differentiation,” he said.

The USDA in November announced that, beginning in 2026, it will begin enforcing compliance on products that bear voluntary U.S. origin labels—meaning that ultimately only animals born, raised, and slaughtered in the United States can make such claims. It also plans to invest in independent processors. This, however, doesn’t mean it will enforce Mandatory Country of Origin Labeling.

Groom is encouraged by the Trump administration’s focus on rebuilding the domestic herd and helping small producers.

“Their hearts are definitely in the right place; it’s just that some of the fundamental factors behind this are going to need to be at the top of their list,” he stated.

As for the DOJ investigation, Robinette said, it’s too broad and too soon to tell. The past two years will show razor-thin margins for the meat packers; looking further back, he said, a different pattern emerges.

“They are manipulating our market. It’s been obvious for decades, but nobody would touch ‘em,” he stated.

For now, there is an uneasy balance.

*  *  * Please consider buying clean, high-quality beef here.

Tyler Durden Wed, 12/17/2025 - 22:10

Meta Chose Revenue Over Policing Chinese Scam Ads, Documents Show

Meta Chose Revenue Over Policing Chinese Scam Ads, Documents Show

Meta knowingly tolerated large volumes of fraudulent advertising from China to protect billions of dollars in revenue, a new investigation from Reuters unveiled this week. Internal documents show executives prioritized minimizing “revenue impact” over fully cracking down on scams, illegal gambling, pornography and other banned ads.

Although Meta platforms are blocked inside China, Chinese companies are allowed to advertise to users abroad, according to Reuters. That business grew rapidly, reaching more than $18 billion in revenue in 2024—about 11% of Meta’s global sales. Internal estimates showed roughly 19% of that revenue, more than $3 billion, came from prohibited or fraudulent ads.

Meta documents reviewed by Reuters describe China as the company’s top “Scam Exporting Nation,” responsible for roughly a quarter of scam ads worldwide. Victims ranged from U.S. and Canadian investors to consumers in Taiwan. An internal presentation warned, “We need to make significant investment to reduce growing harm.”

In 2024, Meta briefly did just that. A dedicated China-focused anti-fraud team cut problematic ads roughly in half, from 19% to 9% of China-related revenue. But after what one document described as an “Integrity Strategy pivot and follow-up from Zuck,” the team was asked to pause its work. Meta later disbanded the unit, lifted restrictions on new Chinese ad agencies, and shelved additional anti-scam measures.

Within months, fraudulent advertising rebounded. By mid-2025, banned ads again made up about 16% of Meta’s China revenue. Former Facebook executive Rob Leathern said the scale of abuse was indefensible: “The levels that you’re talking about are not defensible. I don’t know how anyone could think this is okay.”

Reuters writes that Meta relies on a network of Chinese ad resellers that receive commissions and special protections. Ads flagged for violations often remain live during lengthy secondary reviews, allowing scammers time to profit. One internal document acknowledged that the delay was “adequate for scammers to accomplish their objectives.”

An external report commissioned by Meta concluded that the company’s own policies fostered systemic corruption. Because the ads target foreign users, Chinese authorities generally do not intervene, leaving fraudsters with “little or no risk.” Compared with competitors, the report found Meta’s enforcement in China to be inconsistent.

Despite internal warnings, Meta decided it would permanently tolerate higher levels of misconduct from Chinese advertisers rather than seek parity with ad quality elsewhere. A February 2025 document said the company would aim only to “maintain the % of global harm” from China.

Meta disputes aspects of Reuters’ findings, saying the China-focused team was always temporary and that Zuckerberg did not order its shutdown. The company says it has blocked or removed tens of millions of ads and cooperates with law enforcement. Still, internal discussions show enforcement proposals repeatedly scaled back because “the revenue impact is too high.”

As one document bluntly concluded, even when abusive accounts are shut down, “It’s likely the revenue will return.”

Tyler Durden Wed, 12/17/2025 - 21:45

'I Inherited A Mess And I'm Fixing It': Watch President Trump Unveil 'Warrior Dividend', Signal Housing Reform, Not Mention Venezuela

'I Inherited A Mess And I'm Fixing It': Watch President Trump Unveil 'Warrior Dividend', Signal Housing Reform, Not Mention Venezuela

Update (2120ET): As expected, President Trump celebrated the successes of his first year back in office as part of tonight's national address from the White House.

“11 months ago, I inherited a mess, and I’m fixing it,” Trump began.

“When I took office, inflation was the worst in 48 years, and some would say in the history of our country, which caused prices to be higher than ever before, making life unaffordable for millions and millions of Americans.”

As JustTheNews' Ben Whedon reports, Trump touched on a wide array of subjects, highlighting the decline in maritime drug trafficking, his efforts to tackle wokeness in schools, and the revitalization of the military, among others.

"Drugs brought in by ocean and by sea are now down 94%" he said. "We have broken the grip of sinister woke radicals in our schools, and control over those schools is back now in the hands of our great and loving states where education belongs, after rebuilding the United States military in my first term, and with the addition we are adding right now, we have the most powerful military anywhere in the world, and it's not even close."

Early in the speech, he addressed affordability, insisting that his use of tariffs had helped to address the issue.

"Much of this success has been accomplished by tariffs, my favorite word tariffs, which for many decades have been used successfully by other countries against us, but not anymore," he said.

"Companies know that if they build in America there are no tariffs and that's why they're coming home to the USA in record numbers."

He also used the speech to announce a Christmas bonus to American service members to celebrate the 250th anniversary of the nation.

"Tonight, I am also proud to announce ...1,450,000 military service members will receive a special we call 'warrior dividend' before Christmas," Trump said.

"So warrior dividend in honor of our nation's founding in 1776, we are sending every soldier $1,776... and the checks are already on the way."

Later in the speech, he vowed to dramatically reform the American housing industry as costs of living increasingly rank among the top issues for young Americans.

"I will announce some of the most aggressive housing reform plans in American history," he promised.

"A major factor driving up housing costs was the colossal border invasion."

"The last administration and their allies in Congress brought in millions and millions of migrants and gave them taxpayer funded housing while your rent and housing costs skyrocketed," he lamented.

"Over 60% of growth in the rental market came from foreign migrants."

"At the same time, illegal aliens stole American jobs and flooded emergency rooms getting free health care and education paid for by you, the American taxpayer," he went on.

"They also increase the cost of law enforcement by numbers so high that they are not even to be mentioned. For the first time in 50 years, we are now seeing reverse migration."

And finally, perhaps most notably, not a mention of the word 'Venezuela'.

Watch President Trump's address here:

President Trump is due to deliver remarks to the nation at 9 p.m. ET.

While there has been no confirmation of the content of the address, The White House said his speech will highlight the administration’s actions during the past year and tease priorities for 2026.

Prediction markets see Venezuela, Inflation, and the Border as the most likely topics for discussion...

Source: PolyMarket

..with some suggesting the 'peace-maker' president may use this moment to announce kinetic actions in Venezuela (following his complete blockade of sanctioned oil tankers this week)...

Earlier in the evening, Trump told reporters:

  • *TRUMP ON VENEZUELA: IT'S A BLOCKADE, NOT LETTING ANYONE GO THROUGH WHO SHOULDN'T

  • *TRUMP CLAIMS VENEZUELA 'ILLEGALLY TOOK' US HOLDINGS, THREW OUR COMPANIES OUT, WE WANT IT BACK

  • *TRUMP ON VENZ.: GETTING LAND, OIL RIGHTS, THEY TOOK IT AWAY

  • *TRUMP: MESSAGE THIS EVENING IS OUR COUNTRY WILL BE STRONG

  • TRUMP ADMINISTRATION ASKING US OIL INDUSTRY IF THEY WOULD RETURN TO VENEZUELA ONCE MADURO IS GONE -POLITICO

Odds have been rising...

Source: PolyMarket

“It has been a great year for our Country, and THE BEST IS YET TO COME!" Trump posted on social media on Tuesday while announcing the speech.

Watch Live here (due to start at 2100ET):

Tyler Durden Wed, 12/17/2025 - 21:30

Polysilicon: An Opportunity To Demonstrate 'America First'

Polysilicon: An Opportunity To Demonstrate 'America First'

Authored by Emma Bishop via RealClearPolicy,

If the world’s future is powered by semiconductors and designed by advanced AI chips, then it will be printed on polysilicon; the purest manmade material and the foundation for any semiconductor chip. Without it, advanced technologies and electronics would not exist.

Importantly, the U.S. currently faces a decision: to rely on imported polysilicon from China to unlock the electronic economy, or to protect and expand existing capacity across the U.S. and allied nations to feed the growing demand for chips, and therefore for polysilicon. The ongoing Section 232 investigation into imported polysilicon is at the heart of this opportunity, as it allows the U.S. to confront China’s stranglehold on a key advanced material head-on. The investigation provides the federal government with the opportunity to enforce tariffs, quotas, or other import restrictions on Chinese polysilicon, and raises the question of how strong a stance the administration will take to cut dependence on volatile supply chains for vital technologies. 

What makes this Section 232 decision unique is that polysilicon is one of a few materials the U.S. already produces in sufficient quantities. Today, the U.S. has approximately 50,000 metric tons (MT) of active production, with an additional 16,000 MT of announced new capacity and 17,600 MT of idled capacity that could be restarted. This production capacity, bolstered by supply from allies, is sufficient to meet expected U.S. demand.

China controls the polysilicon market and erodes global competition by producing more than double the polysilicon needed to meet global demand. State-backed programs including massive subsidies, limited environmental oversight, and forced labor programs targeting Uyghur workers are taken advantage of by Chinese entities as they produce polysilicon far below free-market prices. Cratering the global price for these materials enables China’s supply chain network to undermine the short- and long-term financial viability of U.S. and allied companies.

This moment demands uncompromising policy to protect American jobs and capabilities while reducing our dependence on the global behemoth that controls these markets, and the Section 232 investigation provides an opportunity to seize it. Yet, at such a critical time, some groups are calling on the administration to implement a tariff-rate quota (TRQ), which guarantees access to underpriced material by designating the amount of Chinese polysilicon that can enter the market duty-free. This approach does nothing to counter China’s anti-competitive, market-manipulative tactics, and instead institutionalizes dependence on an adversary while leaving American industry and workers out to dry. leaving American industry and workers out to dry.

As PV Tech recently noted, policymakers face key design questions for the 232: Will restrictions only cover raw polysilicon or extend to wafers, cells, and modules? Will enforcement differ by region, creating carve-outs for “friendly” exporters? Those questions are irrelevant if the U.S. begins with a quota for Chinese content - undermining the very goal of the Section 232 investigation, which is to address national security vulnerabilities associated with import reliance. In addition, a quota signals an interest in this cheaper material despite the ramifications of this dependence, leading importers to also relabel shipments, reroute through third countries, and exploit country-of-origin loopholes. That is not a trade remedy; it’s a blueprint for circumvention.

As with rare earths, we have seen what happens when the U.S. becomes dependent on a foreign adversary. Repeating mistakes that hurt existing domestic capacity in the interest of cheaper material is a short-term political compromise with long-term implications for U.S. competitiveness and technological leadership. Working closely with our G-7 partners presents an opportunity to coordinate restrictions on Chinese-origin or -linked polysilicon, close circumvention pathways, and create a unified front among free-market economies to prevent dependence on artificially low-cost polysilicon fraught with abusive labor regimes and environmental negligence.

The United States does not need half-measures. It needs clear, uncompromising enforcement that restores domestic market confidence. A full prohibition on imports of Chinese-origin and -linked polysilicon and derivatives ensures a competitive, transparent, and reliable supply chain for the material, unlocking a new era of advanced technologies. Anything less will leave American manufacturing expertise vulnerable, American jobs on the line, and America’s national security at risk.

Emma Bishop is the President of the Advanced Materials Security Council (AMSC) and a Vice President at Venn Strategies. Alex Rubin is a nonresident senior fellow at the Information Technology and Innovation Foundation (ITIF).

Tyler Durden Wed, 12/17/2025 - 21:20

One-Party-Rule Maryland Democrats Ignore Power Bill Crisis, Push Ahead With Slavery Reparations Study

One-Party-Rule Maryland Democrats Ignore Power Bill Crisis, Push Ahead With Slavery Reparations Study

Instead of addressing the state’s mounting crises, from fiscal mess, soaring power bills, and exodus of residents to violent crime and illegal aliens, unhinged Democrats in Annapolis spent their time on Tuesday overriding Gov. Wes Moore’s veto of Senate Bill 587, creating a reparations commission to study how Maryland should address slavery and racial discrimination.

What better way to spend precious time as the year winds down? Many thought the entire reparations and wealth-redistribution grift was over. Apparently, not in Maryland.

Democrats in the state still cannot read the tea leaves and remain hellbent on pushing a continued state-killing agenda that has unleashed mounting crises, such as the growing deficit crisis, continued exodus of residents to red states, and a power bill crisis.

All of this is happening under one-party left-wing rule, where accountability is nonexistent in what has effectively become a state run by Democratic kings.

Moore had vetoed the Senate Bill 587 in May, arguing that Maryland has already studied the legacy of slavery extensively and should focus on direct policies to reduce racial disparities rather than launching another commission.

"Democrats have launched another spending spree, starting with an unnecessary special session and then forcing through a misguided Reparations Commission," conservative state representative Nino Mangione wrote on Facebook. "Even the big-spending Governor knew this was a bad idea. Voters should remember who supported this waste and hold them accountable at the ballot box."

Conservative state representative Matthew Morgan stated, "This bill betrays the original intention, the unifying event of the civil rights movement. It's immoral, and it's fiscally ruinous to this state, and it sends a message to the generations out there now in Maryland that if you're concerned about fairness, dignity, opportunity in this state, to flee Maryland."

The commission will study potential reparations, including apologies, direct payments, property tax rebates, childcare support, debt forgiveness, and higher-education tuition assistance. It will issue a preliminary report by January 1, 2027, a final report by November 1, 2027, and sunset in summer 2028.

The Legislative Black Caucus of Maryland hailed the override in an X post.

Residents are fleeing the state (read report), as smart money recognizes that one-party Democratic rule has sent it what may be a terminal decline.

Tyler Durden Wed, 12/17/2025 - 20:30

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