Zero Hedge

Russia Unveils New Tactic In Latest Drone Swarms On Ukraine

Russia Unveils New Tactic In Latest Drone Swarms On Ukraine

It has now become the norm for hundreds of drones to be exchanged each night across borders between Russia and Ukraine. In the overnight and into Thursday morning hours, Russia once again sent some 400 drones into Ukraine. The attack also included close to 20 ballistic and cruise missiles.

CNN and others, who have correspondents on the ground, have witnessed a 'new tactic' in the war. Russia sent drones on the Ukrainian capital "flying from all directions" - in yet another effective effort at confusing and breaking past anti-air defenses.

"Russia has been intensifying its aerial attacks against Ukraine in recent weeks, but the assault on Thursday appeared to mark a change in approach from Moscow," CNN notes, before adding:

They were flying at different altitudes, and attacking from all directions — with some of the drones initially bypassing the capital before abruptly changing direction and speeding back towards the city.

Illustration of Shahed drones, Alamy Stock Photo

Still, Ukraine's military says it was able to shootdown or disable 382 of the 415 aerial weapons Russia launched overnight.

Local authorities said a 22-year-old female police officer was killed in these latest Russian attacks, along with one other person, and over a dozen more people were wounded.

"This is an obvious build-up of terror by Russia," President Zelensky said on Thursday, while issuing another plea for the United States and the Western allies to provide more air defense systems and missiles.

Clearly, the two warring sides are further away from direct peace negotiations than ever before. The US appears to have somewhat stepped back, content to let the war drag on, after President Trump has expressed deep frustration.

But Washington is still apparently working on the bilateral relationship with Moscow, as top diplomats from both sides held a "frank exchange" during talks in Malaysia on Thursday on the sidelines of the Association of Southeast Asian Nations (ASEAN) foreign ministers’ summit.

Reports say US Secretary of State Marco Rubio has issued a "new idea" on resolving the war to his Russian counterpart Sergei Lavrov.

"It’s not a new approach. It’s a new idea or a new concept that I’ll take back to the president to discuss," Rubio said. He underscored was not something that "automatically leads to peace, but it could potentially open the door to a path."

But if it's anything less than Kiev making territorial concessions, the Kremlin is unlikely to be interested, also as it keeps making slow but steady gains in the east.

Tyler Durden Fri, 07/11/2025 - 02:45

German Immigration Officer Jailed For Accepting Cash Bribes From Migrants In Exchange For Citizenship Documents

German Immigration Officer Jailed For Accepting Cash Bribes From Migrants In Exchange For Citizenship Documents

By Thomas Brooke of Remix News

A German court has sentenced an immigration officer to prison for accepting bribes in exchange for issuing fraudulent residence and citizenship documents.

As reported by Bild, the Lüneburg Regional Court ruled on Tuesday that the officer from the district of Lüchow-Dannenberg in Lower Saxony illegally issued permanent residence permits, settlement papers, and naturalizations to foreigners in at least 16 cases between January 2022 and July 2023, in return for cash payments.

Among those who obtained papers were individuals from Turkey, Georgia, Albania, and several Arab countries. Many had presented forged residence documents from other EU states, such as Greece, when applying for legal status in Germany. In some cases, requirements such as language proficiency certificates were waived.

The court found that the official became known for his ability to process cases “without complications,” a reputation that spread across the country, according to a district councilor. He was consequently jailed for six and a half years.

The scheme involved a co-defendant, 32-year-old Kastriot G., who knew the official from a local football club. He acted as an intermediary, arranging “customer orders” for the fraudulent documents. Kastriot G. was sentenced to nine years in prison, with his term including a previous conviction for kidnapping for ransom.

The court stated that both men had received around €154,000 from their dealings, which they are now required to repay in full. Both defendants partially admitted the charges, though they did not fully confess.

“They were only interested in the money; they wanted to split the proceeds equally,” said presiding judge Christoph Paglotke, according to the German press agency dpa.

The verdict is not yet final and can still be appealed.

Illegal immigration means big money for some, and fraudulent activity has been known to occur in several European member states.

In February, Spanish police uncovered a criminal network arranging sham marriages between Spanish women and foreign men seeking residency. Three people, including a lawyer, were arrested for their involvement in the scheme, which charged around €10,000 per client.

Continue reading on Remix news

Tyler Durden Fri, 07/11/2025 - 02:00

6 Factors That Describe China's Current State

6 Factors That Describe China's Current State

Authored by Alexander Liao via The Epoch Times,

As we reach the midpoint of 2025, it is evident that this year has been characterized by turbulence, uncertainty, and deepening despair for many in communist China.

Six phenomena best capture the country’s current state: decline, fierce competition, political struggles, the “run” movement, random acts of violence, and the “lying flat” movement.

They reveal the erosion of trust and a growing sense of disillusionment and unrest among the populace.

Decline

For many in China, 2025 is the most challenging year in nearly three decades, with numerous sectors of society experiencing a significant downturn. The real estate market is the most notable example.

By the end of May, average transaction floor prices for residential land had fallen by nearly 50 percent in second-tier cities and almost 40 percent in third-tier cities. These prices are calculated by dividing the total land cost by the total floor area that can legally be built, providing a measure of the land acquisition cost for developers.

Local governments, heavily dependent on land sales for revenue, saw this vital stream nearly vanish—crippling their finances.

The economic downturn is evident in the decline of consumer spending. Signs of shrinking domestic demand include price wars in the electric vehicle sector, the widespread closure of small businesses, and decreasing sales of luxury goods such as cosmetics, high-end watches, and designer handbags. Additionally, many foreign companies are either downsizing their operations or leaving the country altogether.

Salary cuts have affected employees across various sectors, including banks, securities companies, civil services, and both state-owned and private enterprises. Moreover, the unemployment rate among recent college graduates is rising, leading many individuals to anticipate joblessness after graduation.

Yet the most significant decline is not related to the economy but to the public’s confidence in the regime. Among ordinary citizens and government officials, many have lost hope in the Chinese Communist Party (CCP). No amount of optimistic rhetoric or economic stimulus can reverse this situation. The erosion of trust has triggered capital flight and stock market exits, posing perhaps the greatest legitimacy crisis the CCP has ever faced.

Fierce Competition

Excessive competition within the same industry has been a longstanding issue under communist rule, leading to infighting and internal exhaustion.

This year has seen a notable increase in the closures of various businesses, including restaurants, hair salons, bubble tea shops, beauty parlors, and car dealerships. While the economic downturn is a significant factor, internal competition has also played a vital role. There are too many businesses vying for a limited demand, which has prompted them to undercut each other in increasingly unsustainable ways. As a result, many are struggling, ultimately leading to shutdowns, and the deteriorating economy has only worsened this situation.

Political Struggles and Infighting

Infighting among top CCP officials is one of the most sensitive and consequential developments this year, particularly evident in the ongoing military purge.

What began in late 2023 as a sweeping crackdown on the Rocket Force—initially targeting high-ranking officials seen as disloyal to Chinese leader Xi Jinping—took a dramatic turn in the second half of 2024. In a striking reversal, the latest purges have targeted Xi’s allies, suggesting a weakening of his grip on power.

According to credible insiders speaking to overseas Chinese dissidents, Xi’s role has now become largely ceremonial. There are growing indications that top CCP officials have reached a consensus: Xi will soon be officially removed from power.

This unexpected power shift has become the defining feature of China’s political landscape in 2025.

‘Run’ Movement

This situation describes the increasing trend of Chinese citizens attempting to leave the country by any means available.

Following the CCP’s draconian three-year COVID-19 lockdowns, a growing number of people sought to emigrate to the United States, with some even illegally crossing its southern border on foot. But with President Donald Trump’s return to the White House, that pathway is now largely closed.

In recent years, some Chinese also attempted to settle in Canada by overstaying tourist visas and applying for political asylum. However, Canada has also tightened its visa policies.

Now, Thailand and Malaysia have emerged as new destinations for middle-income Chinese hoping to join the “run” movement.

For wealthier individuals, Japan has become an increasingly attractive destination compared to many Western countries, thanks to its relatively accessible business manager visa.

This visa has no requirements for Japanese language proficiency, academic qualifications, or age limits. Instead, applicants must invest a minimum of 5 million yen (approximately $35,000) in a Japanese company, register the business, and secure a physical office space.

Additionally, the business must employ at least one full-time staff member who is either a Japanese national, a permanent resident, the spouse or child of a Japanese national or permanent resident, or a foreign national with long-term resident status. Applicants can bring their family members if their business plan is approved.

Regardless of their socioeconomic status, many Chinese are leaving the country. This trend underscores the grim reality of oppressive governance, where mounting pressures compel people to take drastic measures.

Random Acts of Violence

Another disturbing phenomenon is the rise in random assaults over the past two years.

Many Chinese, either trapped by overwhelming hardship or victimized by injustice, have no outlet for their grievances. Tragically, violence often ensues when they lash out in an attempt to express their pain. The following events could be linked to this.

On Jan. 27, in Bozhou, Anhui Province, a sedan plowed into a crowd, injuring multiple people.

Then, on March 23, a man carried out a knife attack outside a supermarket in Shaoxing, Zhejiang Province, randomly targeting passersby. Several people were reportedly injured. A netizen posted videos of the incident on social media that may be disturbing to some viewers (link).

Just days later, on March 26, in Anyang, Henan Province, a taxi drove erratically down the road, hitting pedestrians and vehicles. Some sources claimed that pedestrians and food couriers were killed. A netizen posted a video on social media that may be disturbing to some viewers (link).

Authorities quickly censored information regarding these incidents.

‘Lying Flat’

This movement, initiated by young people in China in recent years, is a response to societal burnout, where individuals withdraw from the competitive frenzy and adopt a slower, minimalist lifestyle.

A new term has emerged to describe individuals who take the concept of “lying flat” to the extreme: the “Five Nos” youth. These individuals consciously choose not to buy a house or a car, avoid making unnecessary purchases, and forgo marriage and children. Their focus is on minimizing expenses as much as possible.

As the economy continues to deteriorate, this passive withdrawal from societal expectations has become increasingly widespread. In essence, Chinese society seems to have lost its vitality.

No Hope for Recovery Under CCP Rule

These miseries are the outcome of decades of communist rule coupled with a continuously weakening economy.

The CCP had hoped to stimulate the economy by relying on an internal circulation model, encouraging people to spend their remaining savings. However, this strategy has failed because China lacks a reliable social security or welfare system. With people earning less, they are too afraid to spend. Consequently, consumption has stalled, and the economy has slipped into deeper stagnation.

As a result, all the gains from years of reform and opening up have been exhausted as of today.

Furthermore, the CCP’s governance model is detrimental to society, especially in times of crisis. Misguided attempts to cling to power—such as implementing the draconian zero-COVID policy during the pandemic, adopting wolf-warrior diplomacy, and allowing the unchecked growth of the real estate bubble—have seriously harmed Chinese society.

Worse still, the Party has eroded China’s moral compass. Dishonesty, betrayal, and opportunism have become increasingly commonplace, resulting in a pervasive atmosphere of mutual distrust in everyday life. In 2025, the consequences of this decades-long degradation have reached a breaking point.

If the CCP continues its rule, ordinary citizens will face increasingly difficult years ahead.

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

Tyler Durden Thu, 07/10/2025 - 23:25

US Orders "Immediate Shutdown" Of Mexican Cattle Trade After Cross-Border Parasitic Fly Threat

US Orders "Immediate Shutdown" Of Mexican Cattle Trade After Cross-Border Parasitic Fly Threat

U.S. Agriculture Secretary Brooke Rollins has ordered the immediate suspension of all live cattle, bison, and horse imports from Mexico via the southern border. The move comes in response to a newly confirmed case of New World Screwworm in Mexico—a highly destructive parasite that poses a massive threat to U.S. livestock and the broader food supply chain.

"I have ordered an immediate shutdown of live cattle, bison, and horse trade through the southern U.S.–Mexico border," Rollins wrote on X, adding, "This decisive action comes after Mexico confirmed another case of New World Screwworm in Veracruz. As promised, @USDA remains vigilant to ensure the protection of America's livestock and food supply." 

She quoted a U.S. Department of Agriculture press release that announced the trade suspension, which signals heightened biosecurity concerns within the USDA and reflects a zero-tolerance posture toward potential cross-border parasitic threats.

Related: 

With the U.S. cattle herd at its smallest since the 1950s, meatpackers have increasingly sourced from countries like Mexico. Meanwhile, 50% tariffs on Brazilian goods could further tighten U.S. beef supplies. The latest USDA data shows retail ground beef prices have surged above $6 per pound—a new record high.

However, there is good news: the globalist meatpacking giant JBS CEO revealed weeks ago that the U.S. cattle industry is in the beginning stages of rebuilding. Read more here.

Also, Goldman is looking for a bottom in the beef cycle...

Read the note. 

Tyler Durden Thu, 07/10/2025 - 23:00

OPEC Says Global Oil Consumption Will Hit 123 Million BPD By 2050

OPEC Says Global Oil Consumption Will Hit 123 Million BPD By 2050

Authored by Tsvetana Paraskova via OilPrice.com,

  • OPEC projects oil demand rising 19% to 123 million bpd by 2050, led by India and Africa.

  • The forecast contrasts sharply with IEA projections of demand peaking by 2030.

  • U.S. withdrawal from the Paris Agreement seen by OPEC as supporting continued hydrocarbon demand.

“There is no peak oil demand on the horizon,” OPEC Secretary General Haitham Al Ghais wrote in the foreword of OPEC’s latest World Oil Outlook (WOO), which sees global oil demand growing by about 19% from now until 2050 to reach 123 million barrels per day (bpd).

In view of slowing Chinese demand growth, OPEC revised down its oil demand growth forecasts for all years between 2025 and 2029.

However, global economic development with growing demand for oil and an increasing global population and middle class are set to underpin demand growth in the coming decades.

OPEC reiterated its view that there is no peak oil demand in sight and the world will see continued rising consumption for decades.

India will lead global oil demand growth through 2050, boosting consumption by 8.2 million bpd between 2025 and 2020.

The Middle East and Africa will also be key demand growth drivers, according to OPEC’s view.

Moreover, oil demand will also be supported by U.S. President Donald Trump’s exit from the Paris Agreement.

“The US withdrawal from the Paris Agreement will impact climate change negotiations and would most likely result in higher demand for hydrocarbons in general, and oil and gas in particular,” OPEC said in the World Oil Outlook as cited by Bloomberg.

“Continued, and even marginally higher, oil demand in the US is to be expected over the medium-term period.”

OPEC’s view that there is no peak oil demand on the horizon contrasts with forecasts from the industry and the International Energy Agency (IEA). Many of the largest oil firms see demand plateauing at some point next decade, while the IEA has just doubled down on its narrative that a peak in global oil demand is still on the horizon.

Global oil demand is forecast to rise by 2.5 million bpd from 2024 to 2030, reaching a plateau around 105.5 million bpd by the end of the decade, per the IEA’s annual Oil 2025 report for the medium term. 

Annual global growth will slow from about 700,000 bpd in 2025 and 2026 “to just a trickle over the next several years, with a small decline expected in 2030, based on today’s policy settings and market trends,” the IEA said.

Tyler Durden Thu, 07/10/2025 - 22:35

Measles Cases In US Climb To Highest Number In 33 Years: CDC

Measles Cases In US Climb To Highest Number In 33 Years: CDC

Confirmed measles cases in the United States have hit the highest number since 1992, according to new data from the Centers for Disease Control and Prevention.

In the United States, so far in 2025, 1,288 cases have been recorded as of July 8, the CDC said in an update on Wednesday.

That’s the highest number in one year since 1992, when 2,126 cases were logged.

Zachary Stieber reports that spokespersons for the CDC and its parent agency, the Department of Health and Human Services (HHS), said in emails to The Epoch Times that HHS “continues to support community efforts in dealing with the measles outbreaks” while the CDC “continues to provide technical assistance, laboratory support, and vaccines as requested.”

Officials say they’ve sent nearly 12,000 mumps, measles, rubella (MMR) vaccine doses to states since cases began appearing in January.

Measles was marked as eliminated from the United States in 2000. That designation means measles was not spreading within the country and that new cases only cropped up when individuals contracted measles in other countries and returned to the United States.

The United States is likely on the way to losing the elimination status, Dr. Monica Gandhi, professor of medicine at the University of California–San Francisco, wrote on social media platform X.

The previous annual peak of case numbers since the elimination was in 2019, when 1,274 cases were confirmed.

That number was primarily driven by an outbreak that occurred in New York.

Cases this year have been recorded in 38 states. More than half of the cases happened in Texas, where an outbreak broke out and spread among Mennonite communities, according to health officials. The source of the outbreak has not been identified.

Of the Texas patients, 5 percent had received at least one dose of the MMR vaccine. Nationwide, 8 percent of patients have a confirmed vaccination history.

The remaining patients are either unvaccinated or have unknown vaccination status.

Three patients have died in the United States in 2025. None of them had received a vaccine.

Measles has also been spreading in other countries.

Canada, which has a much smaller population, said this week that nearly 3,400 measles cases have been confirmed there this year.

“The risk of measles infection is low for the overall U.S. population, with a case rate of less than 0.4 per 100,000 people—lower than peer developed countries including Canada, the United Kingdom, France, Spain, and Italy,” the CDC and HHS spokespersons said.

Measles risk is higher in U.S. communities with low vaccination rates in areas with active measles outbreaks or with close social and/or geographic linkages to areas with active measles outbreaks. CDC continues to recommend MMR vaccines as the best way to protect against measles. The decision to vaccinate is a personal one. People should consult with their healthcare provider to understand their options to get inoculated and should be informed about the potential risks and benefits associated with vaccines.”

The Partnership to Fight Infectious Disease, a nonprofit whose advisory board members include pharmaceutical company officials, said in a statement that the measles case count “represents an alarming low in today’s fight against vaccine-preventable disease” and called on health leaders and lawmakers “to encourage people to protect themselves and others through vaccination.”

The CDC on its website recommends two doses of the measles, mumps, rubella (MMR) vaccine for all children beginning at 12 months of age. The vaccine is required for school attendance in every state.

Coverage with many childhood vaccines has decreased in recent years. For the MMR vaccine, coverage among kindergartners dropped from 95.2 percent during the school year that started in 2019 to 92.7 percent during the school year that began in 2023. Coverage is even lower in the counties with the most cases in Texas.

Health Secretary Robert F. Kennedy Jr., the head of HHS, has said that people should get a measles vaccine. He has also noted the vaccine has side effects and said that its protection wanes “very quickly.” Some studies have found a waning of MMR vaccine protection or antibodies among some recipients, including a 2007 paper from the United States and a 2023 paper.

The CDC estimates that one dose of the vaccine is 94 percent effective against measles and that two doses bring the effectiveness to 97 percent. The estimates are drawn from a 2013 paper analyzing studies that were performed more than a decade ago, a CDC spokesperson told The Epoch Times in an email.

The immunity provided by the vaccine is “long-term and probably lifelong in most persons,” the agency states on its website. “Some studies indicate that waning immunity may occur after successful vaccination, but this appears to occur rarely and to play only a minor role in measles transmission and outbreaks.”

It also says that approximately 2 to 7 percent of children who receive one dose of the MMR vaccine, and less than 1 percent of kids who receive two doses, do not develop antibodies against measles.

“The secretary has been very clear, it’s his priority to stop the measles outbreak,” Susan Monarez, President Donald Trump’s nominee to head the CDC, told senators during her recent confirmation hearing. “He has been very clear that the MMR vaccine is a critical component to stopping this outbreak.”

A Senate panel on Wednesday advanced Monarez’s nomination. The full Senate has yet to take up the matter.

People exposed to measles can contract the illness, particularly unvaccinated individuals, according to the CDC. Symptoms typically start appearing seven to 14 days after infection, and include a high fever, coughing, and red eyes.

There are no medicines approved by federal regulators specifically for measles. Doctors are encouraged to provide supportive care and focus on relieving symptoms.

Some doctors administer vitamin A, as recommended by the World Health Organization. Kennedy has promoted other treatments such as steroids and cod liver oil.

Tyler Durden Thu, 07/10/2025 - 22:10

China's Big Housing Stimulus Rescue Is Wishful Thinking

China's Big Housing Stimulus Rescue Is Wishful Thinking

By George Lei, Bloomberg Markets Live reporter and strategist

Expectations of policy actions to bolster the housing sector have helped real estate stocks close the gap with the broader CSI 300 benchmark over the past few sessions. That has some market participants referencing 2015 and Beijing’s housing-rescue efforts that pulled the world’s second-largest economy out of a deflationary trap. But economic and market circumstances are vastly different now, leaving policymakers neither willing nor able to repeat what they achieved a decade ago.

Rumors are circulating that a new round of shantytown renovation — a catchphrase used a decade ago as part of the rescue package — could be in the works, according to Clocktower Group LP, an asset management and advisory firm based in Santa Monica, California. Back then, Beijing flexed its financial muscles to help a slumping real estate market, with a series of policies putting an end to falling producer prices.

The stimulus, however, resulted in double-digit home price growth in the following years, and the aftermath of that property bubble has haunted China up to this day. With the country’s population poised to keep declining in the years to come, homeowners have grown more bearish on the price outlook. The threshold for Beijing to turn things around is much higher now than a decade ago.

The expectation of renewed shantytown renovation “is likely to prove wishful thinking,” Clocktower said in a client email on Thursday. Ten years ago, PBOC’s pledged supplementary lending program enabled local authorities to redevelop land and then quickly sell to homebuilders.

The resulting land-sale revenue allowed local governments to service their PSL loans and sustain the cycle. With nationwide land-sale revenues falling last month to a decade low, market conditions are “fundamentally different” and new PSL loans could increase risks of new, hidden local debt, Clocktower cautioned.

China’s housing slump -  which has shown no signs of ending -  could emerge as a major growth drag in the rest of 2025. Investors, meanwhile, have also shifted their focus “to the domestic economy and policy” amid fading tariff concerns, Macquarie said in a research report after a series of meetings in the past few weeks.

Policymakers could act to stabilize the property sector after disappointing data, though any aid will be measured and taylored to containing risks only, according to Macquarie analysts Larry Hu and Yuxiao Zhang. Since 1H growth is set to exceed 5%, “stimulus will stay modest until exports fall, as Beijing will do just enough to hit the 5% GDP target,” the Australian bank argued.

Back in 2015, the housing boom engineered by Beijing helped absorb overcapacity in steel and cement. This time, however, it is much harder to cut capacity — and end deflation — as oversupply is more concentrated in consumer sectors such as auto, solar panels and batteries, Macquarie noted. Another housing bubble will only do more harm than good.

Tyler Durden Thu, 07/10/2025 - 21:55

Trump To Impose 35% Canadian Tariff, But USMCA Goods To Stay Exempt

Trump To Impose 35% Canadian Tariff, But USMCA Goods To Stay Exempt

Trump issued another letter late on Thursday, saying he will levy a 35% tariff on some goods coming into the US from Canada, in a blow to Canadian Prime Minister Mark Carney’s bid to avoid punishing levies on goods sold to the US. The tariff level would take effect from August 1.

“Fentanyl is hardly the only challenge we have with Canada, which has many Tariff, Non-Tariff, Policies and Trade Barriers, which cause unsustainable Trade Deficits against the United States,” Trump said in a letter to Carney posted Thursday. "Tariffs to our Dairy Farmers - up to 400% - and that is even assuming our Dairy Farmers even have access to sell their products to the people of Canada."

Trump did allow that he would “consider an adjustment to this letter” if Canada worked with him to stop the flow of fentanyl. But he criticized Canadian authorities for their existing tariffs on US dairy products and said the government had “financially retaliated against the United States.”

The announced rate will be an increase from the current 25% tariff on Canadian imports not covered by the trade deal negotiated between the US, Canada and Mexico, which do not and will not face additional tariffs. That exclusion would remain unchanged, Bloomberg reported citing an unnamed government official. Trump is also leaving in place a lower 10% tariff on energy related imports as well as his increased levies on key goods including metals, the official said.

The situation remains fluid and the legal order has not yet been drafted, they cautioned.

In order to not shake up the market, which has once again emerged as the only true barometer of Trump's actions, that formula would be a far more modest change to the trading relationship than an across-the-board 35% rate, and would preserve exceptions for closely integrated sectors like the auto industry.

While most Canadian exports were shielded from Trump’s tariffs thanks to the trade agreement, known as USMCA, the president had imposed a 25% tariff on many goods citing the threat of fentanyl. Metals, including steel and aluminum, were already subject to a 50% tariff.

Still, Bloomberg notes that the letter suggests Trump is intent on ratcheting up rather than scaling back his trade war with the US’s northern neighbor (which he has mused publicly should consider becoming the 51st state) despite furious efforts by Canadian officials to broker a deal.

Trump’s letter came after he told NBC News Thursday he is eyeing blanket tariffs of 15% to 20% on most trading partners, adding that the exact levels are being worked out now. The current blanket tariff rate is 10%.

Taken together, the moves signal no retreat from his flagship economic policy, with Trump noting to NBC the recent rise in US equity markets even as Trump plans higher tariff rates on major trading partners that would start within weeks. 

US stock futures briefly slumped, before recovering some losses when it became clear that USMCA goods would remain exempt. Almost as if Trump wants to keep imposing tariffs while watching the stock market hit record highs day after day: since the two are mutually exclusive, either Trump has to TACO on tariffs, or watch as markets tumble once more a la Liberation day. The greenback climbed against major peers in Asian trading. The Canadian dollar led losses among Group-of-10 currencies, followed by risk sensitive Australian and New Zealand dollars in fear a further disruption to trade may impact global growth.

Trump’s Canada announcement came after officials in Ottawa already moved this week to denounce US plans to impose a 50% import tariff on copper.



“We are waiting for the details of this decision by the White House and by the president, but we’ll fight against it, period,” Canada Industry Minister Melanie Joly said earlier Thursday.

The talks between the US and Canada had already shown signs of stress. Last month, Trump cut off negotiations temporarily after Canada moved to impose a digital services tax, only for the Canadian government to drop the initiative just hours later.

Tyler Durden Thu, 07/10/2025 - 21:37

Doug Casey On Why The Military-Industrial Complex Always Wins

Doug Casey On Why The Military-Industrial Complex Always Wins

Via InternationalMan.com,

International Man: During the recent Iran–Israel war, the US used up to 20% of its global stockpile of Terminal High Altitude Area Defense (THAAD) ballistic missile interceptors, each costing over $18 million. THAAD isn’t effective against hypersonic missiles, which both Iran and even Yemen’s Houthis now possess.

What do you make of this?

Doug Casey: War, in the long run, is a matter of economics. If you can’t afford to fight a war, you’ll lose the war. Missiles are now the preferred weapon for taking out enemy targets, and the only effective counter is anti-missile missiles. The problem is that both are brutally expensive. Can the costs be kept down, so war is more… affordable?

Generals, politicians, and “defense” contractors, however, love expensive high-tech toys. But if you’re going to afford a war, the most cost-effective weapon is an ignorant teenage boy—something the Third World, especially the Muslim world, is awash in. They’re cheap and stealthy delivery systems, far more effective than multi-million-dollar missiles. There’s an endless supply of them, and they can be employed in a myriad of ways. From an economic point of view, it makes no sense for technologically advanced countries (like the US) to use ultra-expensive weapons to attack primitive countries, as we’ve done for the last 75 years.

Regardless of the weapons used, the thing to remember is that war amounts to setting wealth on fire. Missiles are about taking real goods, manufactured at great expense, and using them to blow up other real wealth; there can be a perverse logic to it. However, despite their rhetoric to the contrary, I’m not sure governments are too concerned about lots of young men dying. A surplus of unemployed young males is destabilizing, especially in poor countries.

Even a large country like the US will eventually collapse under the weight of war. That’s much more true of the Ukraine. And vastly truer of Israel. Israel will further bankrupt itself shooting down missiles with ultra-expensive anti-missiles. With a gigantic debt load, enormous war expenditures and losses, living on welfare from the US, and no prospect of things getting better, the prognosis isn’t good. About a million (it’s said) of Israel’s seven million Jewish citizens have recently made the chicken run, and those who remain aren’t allowed to leave. I think Israel has a near-insoluble problem. Giving them more money and missiles won’t help.

International Man: President Trump recently unveiled a plan to build a “Golden Dome” missile defense shield over the US, modeled loosely on Israel’s Iron Dome. Critics question its feasibility, effectiveness, and cost. Independent analysts estimate the long-term price tag could reach $800 billion.

What’s your take?

Doug Casey: Almost every major weapons system ends up fighting the last war, and that will be true of the so-called Golden Dome. It strikes me as a criminally stupid idea, further ensuring the bankruptcy of the US government and the US itself, while serving no real useful purpose. If you want to attack the US, you don’t want to use missiles.

First, we don’t have a major military threat. The US is insulated from hostile powers by two very large oceans. Should someone launch a nuclear missile attack—which is what the Golden Dome is supposed to defend against—we would know exactly where those missiles came from. The enemy could expect massive retaliation from the American nuclear triad, which makes the attack pointless. That alone makes the Golden Dome redundant and unnecessary. Apart from that, if an enemy wanted to launch a nuclear attack, it would be more effective with pre-positioned nukes, or nukes delivered surreptitiously with cargo ships and planes.

Nuclear war via missiles scared everybody 70 years ago. But today it’s not a practical threat. The likely threats, I think, are from more subtle areas—cyber war, bio war, or a new type of guerrilla war.

WW3 will have a huge cyber element. Everything runs on computers: the banking system, the monetary system, the electrical grid, the communications grid, the transportation grid, and utilities. A successful cyber-attack would turn almost everything we use or need into a brick overnight. It would be cheap and effective, cause widespread chaos and mass casualties, without kinetically destroying very much.

If the enemy is really serious, though, they’ll use bioweapons. Viruses and bacteria can zero in on, or exclude, certain populations. Why have a nuclear war when you can neatly kill the people who are the real problem? And both cyber and biowar offer a great deal of plausible deniability.

The third option was demonstrated on September 11, 2001. The attack with commercial airliners was ultra cheap, super effective, and hard to counter. I suspect we’ll see numerous mutations of that theme. It’s a new type of guerrilla war. Millions of military-age males—cheap teenagers—have infiltrated the US over the last decade or so. For all we know, many may be organized as informal guerrilla armies to be activated whenever. They could surreptitiously wreak havoc.

There’s no real defense against these types of attacks.

But the real enemy is not some foreign power, but the fact that the US has turned into a dysfunctional multicultural domestic empire, which is likely to suffer serious financial, economic, social, and political problems over the next years.

Spending a trillion dollars on a useless Golden Dome is an insane distraction. Who comes up with these idiotic ideas?

International Man: The F-35 is the most expensive weapon system in human history, with lifetime costs projected at over $1.7 trillion, according to the US Government Accountability Office (GAO).

Is the F-35 worth the price tag—or is it a military-industrial complex boondoggle?

Doug Casey: The F-35 is a perfect example of fighting the last war, like having cavalry regiments before World War 1 or battleships before World War 2. Aircraft carriers and high-tech fighter planes are their WW3 equivalents.

What is the F-35 built to fight? Other fighter planes? But the next generation of fighter planes will be pilotless, highly sophisticated, and much cheaper. They’ll be drones run by artificial intelligence, which won’t need to drag around a heavy, expensive, and limiting pilot. The F-35 is a dinosaur.

The real enemy here, however, isn’t Russian or Chinese fighters. The real enemy is US military contractors—the so-called defense companies. They’ve learned to fight wars by hiring lobbyists instead of engineers. They take decades to build planes like the F-35, which are already obsolete by the time they’re in production.

It amazes me that during World War 2, the P-51—one of the most effective fighters of the war—went from blank paper to production in six months and was turned out at $50,000 per copy, which is about $600,000 or so in today’s money. The F-35 has taken 30 years to put into production; it got underway in 1995. And it costs—who knows, because the numbers are floating abstractions, buried under mountains of phony accounting and corruption. But somewhere between $100 and $200 million per plane. Enough money that you almost can’t afford to lose one. And that doesn’t count the huge direct and indirect maintenance costs.

International Man: Recently, Israel and Ukraine used relatively cheap drones smuggled into Iran and Russia to bypass advanced air defenses and hit strategic targets with ease.

How are drones changing warfare and its economics?

Doug Casey: Drones are totally changing the entire nature of warfare. The next generation of drones—which are already being manufactured—are the size of bumblebees or even houseflies. They can be produced by the millions and released onto a battlefield or into a city.

Moving up from there, you’ll have quadruped drones like the BigDog, and of course, real, true-to-life Terminators. Tesla anticipates manufacturing AI-powered bipedal robots for as little as $10,000 apiece. Oscar Wilde didn’t know how right he was when he said that life imitates art.

I would not want to be a soldier fighting drones of all descriptions. Human soldiers are dead meat on the battlefield in the next generation of military technology, which is already here.

International Man: It seems the US military-industrial complex is more focused on producing ultra-expensive hardware than on building systems that actually win wars.

What are the investment and geopolitical implications of this trend?

Doug Casey: Everybody’s familiar with Eisenhower’s warning about the military-industrial complex. That was 65 years ago—a lifetime—and it’s mutated and grown like a cancer since then. Today, any movie with a modern military theme is probably propaganda for the government or the companies that manufacture its weapons. Anyway, Congressmen don’t think in terms of the effectiveness of weapons; they think in terms of the number of dollars that will be spent in their home district and the number of people that weapons manufacturers can employ.

Innovations, however, are made by small companies or individual inventors, not by giant companies run by administrators and suits. You don’t want to own the Lockheeds or General Dynamics. You want to own small outfits, run by innovators, not suits.

It’s funny that after World War 2, the War Department changed its name to the Defense Department. It’s odd because the Defense Department has nothing to do with defense. It’s a complete misnomer. The US hasn’t had any wars defending the US, or “freedom”, a word they always throw in there, in living memory. As America transformed into an empire, very much like ancient Athens in many regards, its many wars have been offensive, not defensive. They’ve been wars of words and lies as well as wars of weapons.

In any event, the best defense for the US, or any country, is economic strength and liberty, not a giant military/industrial bureaucracy.

In addition to economic strength, successful countries have a citizenry that shares common values and loves their culture. Those things pretty much disappeared as the US mutated into a welfare-warfare state.

*  *  *

As the cracks in the global economy deepen, it’s becoming clear that a major upheaval isn’t just possible—it’s likely. Inflation, debt, and geopolitical tension are converging into a perfect storm. If you wait until the collapse is official, it may already be too late to act. That’s why we’re offering an a free special report: Guide to Surviving and Thriving During an Economic Collapse. Inside, you’ll discover practical strategies to protect your assets, secure essential resources, and position yourself to come out stronger on the other side. Click here to get it now.

Tyler Durden Thu, 07/10/2025 - 20:55

Iron Ore Soars As China Pledges Crackdown On Industrial Overcapacity

Iron Ore Soars As China Pledges Crackdown On Industrial Overcapacity

Iron ore futures in Singapore surged toward $100 a ton — the highest since May — fueled by renewed pledges from the Chinese government to curb overcapacity in key industrial sectors. Beijing's comments have boosted sentiment across ferrous markets. 

Singapore futures jumped as much as 3.6% during the session, marking the largest daily gain since September. Iron ore futures have traded in a tight range between $90 and $110 a ton for more than 18 months. Futures on the Dalian Exchange — which are more influenced by the Chinese market — closed at their highest level since April.

"Iron ore has gained more than 5% in two weeks, having recovered a third of its early year tariff related loss in just the last 10 sessions. Lead is up almost 4% in the last three weeks," UBS analyst Simon Penn wrote in a note. 

"Many industries are currently caught in a wave of anti-overcapacity, leading to rising prices," after top officials pledged to tackle the problem, said Steven Yu, a researcher at Mysteel, who Bloomberg quoted. He was referring to iron ore's month-long slide of almost 10% from mid-May. He noted  that "ferrous prices were kept low during the previous decline, making the rebound particularly strong."

Here's more from Bloomberg:

The rebound has been spurred by vows from the Chinese government to crack down on excessive competition and supply in core industries including steel. President Xi Jinping visited a valve manufacturer in industrial heartland Shanxi province this week, where he stressed that the nation's traditional industries remained vital and shouldn't be abandoned.

. . . 

The renewed demand has also been seen in futures of Dalian coking coal — a key ingredient in the steel-making process — which surged more than 4.5% on Thursday and topped 900 yuan ($125.40) a ton, the highest since May, before paring some gains.

Meanwhile, data from Mysteel showed rebar steel inventories are still declining, despite stockpiles usually beginning to accumulate around this time of year. Hot-rolled steel has only seen a slight buildup, which indicates better-than-expected demand.

Separately, rumors of policy support sent Chinese property equities higher in the overnight hours. The Bloomberg Intelligence index of the nation's real estate stocks jumped 11%, while Goldman's China-H Real Estate basket gained 7.4%. Individual stocks, Logan Group Co. skyrocketed 85% in Hong Kong, and Sino-Ocean Group Holding Ltd soared 37%. 

It appears Beijing is finally stepping up with more decisive policy measures to stabilize the economy. This may signal a move by the government to suppress mounting economic dissent. 

Tyler Durden Thu, 07/10/2025 - 20:30

California Might Stop Making Necessary Debt Payments For 2 Years

California Might Stop Making Necessary Debt Payments For 2 Years

Authored by John Moorlach via The Epoch Times,

It’s July. The California State Legislature has successfully met the budget submission deadline of June 15, and it was signed by the governor. There was one small fly in the ointment: how to cut $12 billion in spending? All while trying to provide $750 million in tax credits annually to one specific industry: Hollywood. Go figure.

One massive spending reduction strategy that Gov. Gavin Newsom is negotiating is nonpayment for two years of the state’s unfunded actuarial accrued liability for retiree medical benefits. This nearly $85 billion debt would not be paid down by Sacramento and its employees, causing this languishing debt to increase from interest costs, for this unique lifetime benefit rarely seen in the private sector.

The wrong way to address the obligation of future costs is the “pay as you go” method, which deals with the immediate and not the upcoming higher bills on the horizon. Known as an “other post-employment benefit,” or OPEB, paying these retiree medical bills is a future cost that should be addressed systematically with an “annual required contribution,” or ARC, every year. Not doing so fits the definition of “kicking the can down the road.”

Not paying the ARC, or a higher amount, each year is a technique being pursued by what I would refer to as bottom-dwelling states that can’t afford to honor their commitments.

It’s July. It’s also backpacking season. And camping etiquette 101 is “Leave your campsite better than you found it.” But Sacramento, over the last decade, has failed to leave California’s balance sheet in better shape, even in flush economic times when this would have been a smart money move to make.

Reducing liabilities with higher payments helps to reduce the annual minimum payment, like with a credit card balance. But California leaders did not renegotiate or aggressively pay down the retiree medical liabilities.

I reminded both the Brown and Newsom administrations of this every year I served in the California State Senate, from 2015 to 2020. Not to toot my own horn, but I was vocal every budget cycle, to no avail.

Here is what I stated during my first State budget experience in June of 2015 in the Sierra Sun Times:

“The state is at a critical juncture, ‘an inflection point,’ where the state begins to seriously address its unrestricted net deficit and unfunded liabilities or continue to hire more state employees who will pay more dues to the unions that appear to be running California. This budget before us departs from Governor Brown’s call for greater fiscal restraint. Instead, it takes the most fiscally optimistic revenue estimates and spends up to that line. And many expenditures are also optimistic, if recent trends continue. Staying on this current course will lead to a fiscal implosion. The time to change course is now.”

In June of 2016, The Bond Buyer provided the following quote from me:

“I’m thankful that Governor Brown has worked to model out a softening economy and a budget agreement that grants a $2 billion increase for the rainy day fund; however, we still have much work to do to constrain spending and address our ever increasing debts and liabilities.”

In June of 2017, the Orange County Breeze provided my thoughts:

“Governor Jerry Brown has openly stated that a recession is coming and that budget cuts are inevitable. So I began my comments on the final budget acknowledging the uncomfortable fact that—at $125 billion—this is California’s largest general fund budget ever. It is difficult to reconcile the fact that a future deficit is a foregone conclusion while we quickly ramp up spending. Now would be the prudent time to put a little extra to the side and draw down our debts.”

In June of 2018, The Associated Press reported:

“Republicans praised the focus on savings but said the budget doesn’t do enough to pay down debt and irresponsibly increases long-term commitments that will hamstring the state in the future. Sen. John Moorlach, a Republican from Costa Mesa in Orange County, said the state isn’t doing enough to address growing obligations for pensions and retiree health care.

“‘In a year when one enjoys a bumper crop, one must set aside cash and pay down the credit card balance,’” Moorlach said. “‘We’ve got to get ahead of this mess.’”

In June of 2019, The Epoch Times would communicate my concerns about California’s balance sheet:

“When asked as to whether this provision would add to the debt, Senator Moorlach pointed out that Betty Yee, the state’s Controller, highlighted the significant increase in the state deficit for this fiscal year.

“‘In the middle of the budget conference committee meetings, the State Controller, Betty Yee, released the comprehensive annual financial report for the year end of June 30th 2018. It was finally completed in the middle of June, a year later. [The report] will show you that the retiree medical liability for health benefits for state employees has increased by $44 billion and our unrestricted net deficit went up from $169.5 billion to $213 billion. The state not only this last week approved the largest budget in its history, but it’s also been notified that its unrestricted net deficit is also the largest in its history as well,’ he said.”

And in June of 2020, Amanda Carroll of KFBK AM 1530 stated my position:

“We’re not making any systemic corrections or fixes. We’re not addressing pension plans. We’re not addressing retiree medical. And so those costs will increase in future years.”

So here we are in 2025, and Californians are burdened with even greater debts.

And now the governor wants to skip making payments on liabilities that he has ignored during his tenure, allowing them to grow by the high 7 percent interest costs. Worse, he’s also risking that those benefits may not be fully funded when state retirees will need them.

State leaders were warned to improve the campsite, to no avail. Now, California’s ever-increasing debt is a fiscal train wreck in slow motion. And it’s one that lawmakers and officials should have avoided. Now the Golden State is reaping the results of prior poor financial management, and the next governor is going to be very disappointed with the mess the prior campers left.

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

John Moorlach is the director of the California Policy Center's Center for Public Accountability. He has served as a California State Senator and Orange County Supervisor and Treasurer-Tax Collector. In 1994, he predicted the County's bankruptcy and participated in restoring and reforming the sixth most populated county in the nation.

Tyler Durden Thu, 07/10/2025 - 20:05

Three Choices, None Good

Three Choices, None Good

Authored by Charles Hugh Smith via OfTwoMinds blog,

The moral rot of unlimited debt looks "free" but it's unaffordable in the end.

We like to think we're special and this moment in history is special, but alas, we're still running Wetware 1.0 which was coded between 300,000 and 60,000 years ago, when the last "out of Africa" migration finally got traction. Since then, the code has been tweaked a bit here and there (adults can now digest dairy products, etc.), but we're running the old code, and so we make the same mistakes and follow the same emotional pathways as individuals and as groups.

Which leads us to our current predicament, which is not unique: we're living on debt, "money" borrowed from the future, a future we're assuming will be so over-supplied with energy and other goodies that we'll be able to pay all the interest we're piling up with ease.

All the charts below are shouting "parabolic," as in crazy-unsustainable increases. There's the federal debt, $36 trillion, up 4X from the 2008 spot of bother, there's TCMDO, total public and private debt (McMansions, university degrees and SUVs all paid for with debt), student loans from zero to $1.5 trillion, Medicare and Medicaid, now 1/3 of the federal budget, and so on.

How did we get here? Let's start with what's not taught in Econ 101: primary surplus. Every economy--from households to empires, meaning this is scale-invariant--generates a surplus from its production of goods and services, or it runs a deficit, meaning it has to get more money from somewhere to support its consumption.

The question then becomes, how is the primary surplus being spent? (Or put another way, how is it being distributed across the economy and society?) There are only three options: 1) consume it, 2) invest it and 3) save it / hoard it.

Without making a conscious choice, the US has chosen to "invest" most of its primary surplus in moral rot, unproductive frauds, skims, scams, monopolies, cartels, regulatory capture, grift and graft.

This is the problem with giving an irresponsible teenager a no-limit Platinum credit card with an easily ignored admonishment to "stick to a tight budget, pay the balance off every month." Uh, right.

Since the US can borrow unlimited trillions on its credit card, we can "afford" to burn our surplus on grift, graft, inefficiency, cronyism, profiteering, etc. Since our surplus was squandered on moral rot, we have to borrow trillions to pay for what the citizenry wants and what politicians must promise to get re-elected.

Wetware 1.0: we like windfalls and free stuff, and so every program becomes a "third rail" politically: touch it and you don't get re-elected. But if you borrow a few "free" trillions a year, you get re-elected.

We love windfalls and free stuff and hate hard choices, but that's all we have now. 

We have three choices in how we deal with our dependence on parabolic debt to sustain our profligate lifestyle:

1. Run the debt up to the point that nobody is dumb enough to lend us more, and then default on the debt / go bankrupt. All our creditors are wiped out.

The problem here is all debt is an asset to the wealthy entity that owns it as an income stream. Since the wealthy run the status quo in a manner that serves their interests, they're unlikely to be thrilled with debt jubilees that zero out their assets and income or messy defaults that end up doing the same thing.

So nix that option. The wealthy want to keep their wealth and income streams, and since they own US Treasuries, they're not going to approve defaulting on that debt.

2. Inflate the debt away with sustained high inflation. So we borrowed $1 when $1 bought a lot of stuff, and now we've inflated everything so it takes $10 to buy what $1 bought back then. Now we can pay back the $1 with a fraction of the earnings it took back when we borrowed it.

We've already taken that step--what once cost $1 now costs $10. So the next step is to do another 10X reduction in the debt via inflation.

In previous eras, authorities reduced the silver content of coinage to near-zero, effectively devaluing the money, i.e. inflating away the debt. What cost one mostly-silver denarius in the good old days soon cost 100 devalued denarius.

This looks like some pretty easy hocus-pocus to pull off, but there's a catch: Catch-19, which is devaluing the money devalues trust in the leadership, social contract and the future, all of which leaves the economy and society a hollowed-out shell awaiting a stiff breeze to push the whole system off the cliff.

The problem here is inflation is distributed asymmetrically, along with the primary surplus. The wealthy, powerful elites skim off the surplus, and they're equally adept at distributing the "inflation tax" to the middle and working classes, which soon meld into a single class, the impoverished.

A funny thing about Wetware 1.0 is we're hard-wired to take note of rampant unfairness and eventually we respond in a destabilizing fashion, for example, uprisings, revolts, revolutions, etc.

3. The third option is to root out all the moral rot that's consuming the economy's surplus and our future, scrap all the programs designed in the bygone eras of 50+ years ago (defense, Social Security, Medicare, Medicaid, higher education, etc.) and start from scratch with new programs whose expenses are limited to what the economy generates as surplus.

In other words, go Cold Turkey on our addiction to living on debt.

Yes, I know: ain't gonna happen, because the moral rot is too deep, it's now normalized to the point that we don't even recognize the reality that there's nothing left but a flimsy facade we paint with gaudy colors to hide the rot.

Everyone assumes the empire is forever and can endlessly fund any amount of grift and graft with borrowed money. But this is a self-serving fantasy, not reality. Every empire of debt implodes.

These charts are merely facts. If we find them depressing, that response says something about our refusal to be accountable and responsible for our choices. Who's going to cut up the unlimited Platinum card?

The federal government's Platinum card balance:

The US economy's Platinum card balance:

Student loans Platinum card balance:

Medicare, which has an unlimited Platinum card:

Medicaid, which also has an unlimited Platinum card, though this is obscured by phony "reforms":

There are only three options, none easy, and not making a choice is a greased slide to collapse. The moral rot of unlimited debt looks "free" but it's unaffordable in the end.

*  *  *

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Tyler Durden Thu, 07/10/2025 - 19:15

Communist Billionaire Accused Of Funding Anti-ICE Riots Mysteriously Vanishes

Communist Billionaire Accused Of Funding Anti-ICE Riots Mysteriously Vanishes

Rep. Anna Paulina Luna (R-Fla.) posted on X Wednesday, exposing how Communist billionaire Neville Roy Singham—who operates a dark-money NGO network allegedly tied to funding anti-ICE riots in Los Angeles and resides in China with close ties to the Chinese Communist Party (CCP)—has suddenly vanished

"Neville Singham— the billionaire communist with ties to the CCP, who funded the LA riots and used immigration & Mexicans as a Trojan horse for communism— is hiding from our letter requesting testimony," Rep. Luna wrote on X. 

She said, "This poses an issue for delivering subpoena," adding, "Therefore, if he decides to hide in CHINA,  we will now be asking the State Dept. and Treasury to freeze his assets/visa." 

"Singham is literally hiding," she emphasized. 

In June, U.S. Congressional Republicans, led by Oversight Committee Chairman James Comer (R-KY), launched a formal investigation into Singham's dark money networks and the political affiliations... 

Singham is suspected of funding far-left color revolutions in the U.S. with alleged ties to the CCP. The Oversight Committee's inquiry focuses on Singham's possible role as a proxy in CCP propaganda operations and his potential legal exposure under the Foreign Agents Registration Act. 

"Nonprofits have become the main vehicle for subverting America and destabilizing society. There is seemingly no enforcement in this sector for criminal activity, money laundering, or as seen with the Neville Roy Singham network, acting on behalf of foreign interests. America cannot continue on this path where a tax-exempt nonprofit can promote a protest, have partner nonprofits cosponsor it, yet none of these entities are held responsible for any damages," stated Jason Curtis Anderson from One City Rising.

Commenting on Luna's X post, DataRepublican wrote, "If we can actually freeze his assets ... this will be a massive improvement for our country. We should also look into the Magnitsky Act for Soros. Given the very real deaths and human abuses his NGOs have caused, he may qualify." 

Tyler Durden Thu, 07/10/2025 - 18:00

Jeffrey Epstein's Brother Breaks Silence On Bombshell FBI Memo

Jeffrey Epstein's Brother Breaks Silence On Bombshell FBI Memo

Mark Epstein, brother of the late Jeffrey Epstein, dismissed a bombshell memo from the Department of Justice and Federal Bureau of Investigation that declares the disgraced financier’s 2019 death a suicide, accusing the government of covering up the truth.

The joint DOJ-FBI memo claimed an “exhaustive review” of evidence from Epstein’s death at the Metropolitan Correctional Center in New York City definitively ruled out murder.

After a thorough investigation, FBI investigators concluded that Jeffrey Epstein committed suicide in his cell at the Metropolitan Correctional Center in New York City on August 10, 2019,” the memo reads.

The agencies also brazenly denied the existence of a “client list” tied to Epstein, directly contradicting earlier remarks by Attorney General Pam Bondi. Bondi had previously suggested on Fox News that such a list was “sitting on my desk” for review, igniting speculation about Epstein’s possible blackmailing of globalist elites.

Every time they say something or try to do something to quash that he most likely was murdered, they put their foot further in their mouth,” Mark Epstein said in an interview with NewsNation host Chris Cuomo. “When Kash Patel came out with that statement, I laughed at how stupid it was.”

The memo has sparked outrage among President Donald Trump’s fiercest supporters, with Laura Loomer leading the charge against Bondi, demanding the Trump official resign from the DOJ.

How come Blondi didn’t sign her name to her own memo about the Epstein Files? She needs to resign. This is going to suppress the vote in 2026,” Loomer wrote on X. “The American people and MAGA base will not tolerate being lied to. I hope President Trump fires Pam Blondi if she lacks the SHAME to resign. I called for her resignation the day of Binder Gate.”

Tucker Carlson joined the fray, warning Trump that the memo’s release was a “very dangerous” move that could incite a “revolution.” Carlson called the government’s handling of the Epstein case unprecedented. “That is so crazy. This is like-, this is honestly one of the craziest things I’ve ever seen in my entire life. And I just think it’s very dangerous to play around with this stuff,” Carlson said. “Like, very dangerous. I don’t want a revolution, but if you wanted a revolution this is how you would act.”

On Tuesday, Trump himself brushed off questions about Epstein during an exchange with reporters. “Are you still talking about Jeffrey Epstein? This guy’s been talked about for years,” Trump said, while taking questions during a Cabinet meeting. “You’re asking – we have Texas, we have this, we have all of the things, and are people still talking about this guy? This creep? That is unbelievable. I mean, I can’t believe you’re asking a question on Epstein at a time like this, where we’re having some of the greatest success and also tragedy with what happened in Texas. It just seems like a desecration.”

Tyler Durden Thu, 07/10/2025 - 17:44

The Roots Of Leftist Rage

The Roots Of Leftist Rage

Authored by Victor Davis Hanson via AmericanGreatness.com,

Across the political left, from orthodox Democrats to Antifa in the streets, the opposition to Trump has lost its collective mind.

The House minority leader and now self-styled tough guy, Rep. Hakeem Jeffries, poses with a baseball bat to show how dangerous he is in opposing Trump’s budget bill.

Jeffries harangued Congress for eight hours; Sen. Cory Booker went on for 25—both to no effect.

Bernie Sanders and AOC hit the rally trail in private jets to rail about oligarchs, omitting that the ultra-rich are not only mostly leftists but also the funders of the Democratic Party.

Sometimes the Democrats in Congress make bizarre videos, featuring profanity like f**k or s**t. On other occasions, they scream and interrupt Congress.

Some representatives now confess that they’re being pressured by their constituents to take a bullet for the cause.

The racialist Rep. Jasmine Crockett—sometimes playing the prep-school prima donna, sometimes modulating her accent to pass as the authentic inner-city activist—gains headlines for monotonously ranting about old white men.

On left-wing social media, the assassin Luigi Mangione remains a heartthrob for murdering a health-care executive, replacing the Tsarnaev brothers as the hot new left-wing killer.

He, too, might soon end up with a cover photo on Rolling Stone.

The left-wing internet mob grotesquely claims that children lost to the recent flash flood in Texas deserved their fate.

They even advance three sick reasons for their ghoulishness. Texas Christians supported the MAGA agenda and thus met a just fate. Or, as red-state Texans, they were deservedly collateral damage to DOGE’s bureaucratic reductions. Or, as climate denialists would say, the flash flood took righteous revenge on children for their supposed ignorance.

Add it all up, and there is a sizable leftist “base” that is completely amoral.

Then there are the college campuses, where left-wing anti-Semitism, pro-Hamas terrorism, and DEI-fueled racism risk costing elite universities their multibillion-dollar subsidies which fund the indoctrination of young leftists.

In panic, cash-strapped universities can no longer hide that they were gouging the federal government with outrageous surcharges on grants. They were systematically defying the Supreme Court by their race-based admissions and hiring. They institutionalized segregationist dorms, segregated graduations, and anti-Semitism.

Finally, there is the so-called “left-wing Résistance” and the street mobs’ descent into violence and terrorism.

Sometimes, thugs ambush ICE agents.

Sometimes, they firebomb Tesla dealerships.

Sometimes, they attack federal buildings, shut down freeways, and pelt patrol cars with concrete.

They continue with impunity because they know the Democrat Party cannot and will not censure them.

As in the months-long rioting of 2020, leftist politicos assume their street bandits will cause so much mayhem, violence, and chaos that Trump will either be forced to call out the troops (and thus “prove” he’s Hitler) or be too scared to—only to be blamed for the unrest, which could cost him the midterms.

But who or what drives the insane rages of these various armies of the left?

One is an obvious bleeding Democrat Party.

Despite gushing about its new DEI, illegal alien, trans, and Middle Eastern constituents, it has no political power. Its issues are mostly 30-70 losers.

It has little power in the House or Senate beyond fake-filibusters, performative outrage, or profanity-laced rants.

It lost the White House. The Supreme Court eventually nullified the illegality of left-wing district judges.

It does not trust the people, so plebiscites and ballot measures are mostly out.

Two, unlike his first term, Donald Trump is addressing the causes, not just the symptoms, of the progressive project, whether on the border, crime, cultural issues, or foreign policy.

This time around, there are no John Boltons, no Rex Tillersons, no Alexander Vindmans, and no Anonymouses from the inside to thwart the Trump agenda.

The administration is loyalist and committed to addressing the root causes of the left-wing influence, not just its manifestations.

So, Trump has focused on leftist sacred cows like NPR, PBS, the elite campuses, USAID, and the administrative state—all the inculcators and laboratories of leftist ideology.

Finally, the left is outraged that so far, the Trump counterrevolution is working.

The economy is solid. The border is closed. Military recruitment has radically recovered.

The budget bill has passed. The Iranian nuclear threat has lessened. NATO is strengthening. The Middle East has a chance for calm.

Tariffs did not cause inflation. Deportations created more, not fewer, American jobs. Biological men will likely no longer be winning women’s athletic contests.

Add it all up, and the impotent left in all its orthodox and street manifestations has become unhinged.

And why not when it rightly fears that not just its power, but the very sources of its power, are in mortal danger?

Tyler Durden Thu, 07/10/2025 - 17:00

Death Toll In Texas Floods Reaches 119 As Search Crews Race Against Time

Death Toll In Texas Floods Reaches 119 As Search Crews Race Against Time

The death toll from the devastating flash floods that swept across Central Texas over the Fourth of July weekend has climbed to at least 119, with scores more still missing as search and rescue operations enter their sixth day.

A damaged house, following severe flash flooding, near the Guadalupe River in Hunt, Texas, on July 8, 2025. Ronaldo Schemidt/AFP

The hardest hit region, Kerr County - known for its summer camps and riverfront retreats - accounted for 95 of the fatalities, including 59 adults and 36 children, local officials said on Wednesday. Among the dead are at least 27 campers and counselors from Camp Mystic, a century-old Christian camp for girls nestled along the banks of the Guadalupe River in Hunt, Texas.

Sheriff Larry Leitha, whose department has been coordinating the response in Kerr County, said more than two dozen of those killed remain unidentified, underscoring the challenges posed by the scale of the disaster and the swiftness of the floodwaters.

More than a foot of rain fell in under an hour on Saturday evening, officials said, triggering a sudden and violent rise in the Guadalupe River, which surged nearly 30 feet above normal levels - inundating low-lying areas, sweeping away vehicles, and overwhelming even elevated structures.

Governor Greg Abbott said Wednesday that more than 170 people across the region remain unaccounted for. Of those, 161 are believed to be missing in Kerr County alone, including five children and one counselor from Camp Mystic.

"We will not stop until every missing person is accounted for," said Abbott. 

The additional 24 deaths occurred in neighboring counties; Travis, Burnet, Kendall, Tom Green, and Williamson, as the storm system carved a path of destruction through the Hill Country region, long known for its natural beauty and quiet charm.

Search and rescue teams, along with volunteers, continue to comb the area in an effort to locate the missing. Efforts are focused along miles of riverbank, where debris and strong currents have hampered access.

Authorities have not yet released a full accounting of property damage, but officials described the scale of destruction in central Texas as catastrophic. Governor Abbott’s office has not issued a formal disaster declaration as of Wednesday, but emergency personnel from multiple jurisdictions remain deployed.

Officials have not provided details on weather conditions in the days ahead, and it remains unclear whether additional rainfall could impact recovery operations.

As the search continues, families and local communities are grappling with grief and uncertainty. State agencies are coordinating with local authorities to provide support and assistance to survivors and displaced residents.

Tyler Durden Thu, 07/10/2025 - 16:40

17 Out-Of-Place Artifacts That Suggest High-Tech Civilizations Existed Thousands (Or Millions) Of Years Ago

17 Out-Of-Place Artifacts That Suggest High-Tech Civilizations Existed Thousands (Or Millions) Of Years Ago

Authored by Tara MacIsaac via The Epoch Times,

According to our conventional view of history, humans have only walked the Earth in our present form for some 200,000 years. Much of the mechanical ingenuity we know of in modern times began to develop only a couple hundred years ago, during the Industrial Revolution. However, evidence today alludes to advanced civilizations existing as long as several thousand years ago—or possibly even earlier.

“Oopart”—or “out-of-place artifact”—is the term given to numerous prehistoric objects found in various places across the world today that show a level of technological sophistication incongruous with our present paradigm.

Many scientists attempt to explain these ooparts away as natural phenomena. Yet others say that such dismissive explanations only whitewash over the mounting evidence: that prehistoric civilizations had advanced knowledge, and this knowledge was lost over the ages only to be developed anew in modern times.

We will look at a variety of ooparts here, ranging from millions to hundreds of years old in purported age, but all supposedly demonstrating advancement well beyond their time.

Whether these are fact or merely fiction we cannot say. We can only offer a glimpse at what’s known, supposed, or hypothesized regarding these phenomena, in the spirit of being open-minded and geared toward real scientific discovery.

17. 2,000-Year-Old Batteries?

Clay jars with asphalt stoppers and iron rods made some 2,000 years ago have been proven capable of generating more than a volt of electricity. These ancient “batteries” were found by German archaeologist Wilhelm Konig in 1938, just outside of Baghdad, Iraq.

Right: An illustration of a Baghdad battery from museum artifact pictures. (Ironie/Wikimedia Commons) Background: Map of area surrounding present-day Baghdad, Iraq. Cmcderm1/iStock/Thinkstock

“The batteries have always attracted interest as curios,” Dr. Paul Craddock, a metallurgy expert at the British Museum, told the BBC in 2003. “They are a one-off. As far as we know, nobody else has found anything like these. They are odd things; they are one of life’s enigmas.”

16. Ancient Egyptian Light Bulb?

A relief beneath the Temple of Hathor at Dendera, Egypt, depicts figures standing around a large light-bulb-like object. Erich Von Däniken, who wrote “Chariot of the Gods,” created a model of the bulb which works when connected to a power source, emitting an eerie, purplish light.

The light-bulb-like object engraved in a crypt under the Temple of Hathor in Egypt. Lasse Jensen/CC BY 2.5

15. Great Wall of Texas

In 1852, in what is now known as Rockwall County, Texas, farmers digging a well discovered what appeared to be an ancient rock wall. Estimated to be some 200,000 to 400,000 years old, some say it’s a natural formation while others say it’s clearly man-made.

A historic photo of the “wall” found in Rockwall, Texas. Public Domain

Dr. John Geissman at the University of Texas in Dallas tested the rocks as part of a History Channel documentary. He found they were all magnetized the same way, suggesting they formed where they are and were not moved to that site from elsewhere. But some remain unconvinced by this single TV-show test and call for further studies.

Geologist James Shelton and Harvard-trained architect John Lindsey have noted elements that seem to be of architectural design, including archways, linteled portals, and square openings that resemble windows.

14. 1.8-Billion-Year-Old Nuclear Reactor?

In 1972, a French factory imported uranium ore from Oklo, in Africa’s Gabon Republic. The uranium had already been extracted. They found the site of origin to have apparently functioned as a large-scale nuclear reactor that came into being 1.8 billion years ago and was in operation for some 500,000 years.

Nuclear reactor site, Oklo, Gabon Republic. NASA

Dr. Glenn T. Seaborg, former head of the United States Atomic Energy Commission and Nobel Prize winner for his work in the synthesis of heavy elements, believed it wasn’t a natural phenomenon, and thus must be a man-made nuclear reactor.

For uranium to “burn” in a reaction, very precise conditions are needed. The water must be extremely pure, for one—much purer than exists naturally. The material U-235 is necessary for nuclear fission to occur. It is one of the isotopes found naturally in uranium. Several specialists in reactor engineering have said they believe the uranium in Oklo could not have been rich enough in U-235 for a reaction to take place naturally.

13. Sea-Faring Map Makers Before Antarctica Was Covered in Ice?

A map created by Turkish admiral and cartographer Piri Reis in 1513, but sourced from various earlier maps, is thought by some to depict Antarctica as it was in a very remote age before it was covered with ice.

A portion of the Piri Reis map of 1513. Public Domain

A landmass is shown to jut out from the southern coastline of South America. Captain Lorenzo W. Burroughs, a U.S. Air Force captain in the cartographic section, wrote a letter to Dr. Charles Hapgood in 1961 saying that this landmass seems to accurately show Antarctica’s coast as it is under the ice.

Dr. Hapgood (1904–1982) was one of the first to publicly suggest that the Piri Reis map depicts Antarctica during a prehistoric time. He was a Harvard-educated historian whose theories about geological shifts earned the admiration of Albert Einstein. He hypothesized that the land masses shifted, explaining why Antarctica is shown as connected to South America.

Modern studies refute Hapgood’s theory that such a shift could have taken place within thousands of years, but they show it could have happened within millions of years.

12. 2,000-Year-Old Earthquake Detector

In 132 A.D., Zhang Heng created the world’s first seismoscope. How exactly it works remains a mystery, but replicas have worked with a precision comparable to modern instruments.

A replica of an ancient Chinese seismoscope from the Eastern Han Dynasty (25-220 A.D.), and its inventor, Zhang Heng. Wikimedia Commons

In 138 A.D., it correctly indicated that an earthquake occurred about 300 miles west of Luoyang, the capital city. No one had felt the quake in Luoyang and dismissed the warning until a messenger arrived days later, requesting aid.

11. 150,000-Year-Old Pipes?

Caves near Mount Baigong in China contain pipes leading to a nearby lake. They were dated by the Beijing Institute of Geology to about 150,000 years ago, according to Brian Dunning of Skeptoid.com.

A file photo of a pipe, and a view of Qinghai Lake in China, near which mysterious iron pipes were found. NASA; Pipe image via Zhax/Shutterstock

State-run media Xinhua reported that the pipes were analyzed at a local smeltery and 8 percent of the material could not be identified. Zheng Jiandong, a geology research fellow from the China Earthquake Administration, told state-run newspaper People’s Daily, in 2007, that some of the pipes were found to be highly radioactive.

Jiandong said iron-rich magma may have risen from deep in the Earth, bringing the iron into fissures where it may have solidified into tubes; though he admitted, “There is indeed something mysterious about these pipes.” He cited the radioactivity as an example of the strange qualities of the pipes.

10. Antikythera Mechanism

A mechanism often referred to as an ancient “computer,” which was built by Greeks around 150 B.C., was able to calculate astronomical changes with great precision.

The Antikythera Mechanism is a 2000-year-old mechanical device used to calculate the positions of the sun, moon, planets, and even the dates of the ancient Olympic Games. Marsyas/CC by SA 3.0

“If it hadn’t been discovered … no one would possibly believe that it could exist because it’s so sophisticated,” said Mathematician Tony Freeth in a NOVA documentary. Mathias Buttet, director of research and development for watch-maker Hublot, said in a video released by the Hellenic Republic Ministry of Culture and Tourism, “This Antikythera Mechanism includes ingenious features which are not found in modern watch-making.”

9. Drill Bit in Coal

John Buchanan, Esq., presented a mysterious object to a meeting of the Society of Antiquaries of Scotland on Dec. 13, 1852. A drill bit had been found encapsulated in coal about 22 inches thick, buried in a bed of clay mixed with boulders about 7 feet thick.

File image of coal (Kkymek/iStock) File image of a drill Konstik/iStock; edited by Epoch Times

The Earth’s coal is said to have formed hundreds of millions of years ago. The Society decided that the instrument was of a modern level of advancement. But it concluded that “the iron instrument might have been part of a borer broken during some former search for coal.”

Buchanan’s detailed report did not include any signs that the coal surrounding the instrument had been punctured by drilling.

8. 2.8-Billion-Year-Old Spheres?

Spheres with fine grooves around them, found in mines in South Africa, have been said by some to be naturally formed masses of mineral matter. Others have said they were precisely shaped by a prehistoric human hand.

Top left, bottom right: Spheres, known as Klerksdorp spheres, found in the pyrophyllite (wonderstone) deposits near Ottosdal, South Africa. (Robert Huggett) Top right, bottom left: Similar objects known as Moqui marbles from the Navajo Sandstone of southeast Utah. Paul Heinrich

“The globes, which have a fibrous structure on the inside with a shell around it, are very hard and cannot be scratched, even by steel,” said Roelf Marx, curator of the museum of Klerksdorp, South Africa, according to Michael Cremo’s book, “Forbidden Archaeology: The Hidden History of the Human Race.” Marx said the spheres are about 2.8 billion years old.

If they are mineral masses, it is unclear how exactly they formed.

7. Iron Pillar of Delhi

This pillar is at least 1,500 years old but could be older. It remains rust-free and is of astounding purity. It is 99.72 percent iron, according to professor A.P. Gupta, head of the Department of Applied Sciences and Humanities at the Institute of Technology and Management in India.

An inscription from about 400 A.D. by King Chandragupta II on the Iron Pillar of Delhi. Venus Upadhayaya/Epoch Times

In modern times, wrought iron has been made with a purity of 99.8 percent, but it contains manganese and sulfur, two ingredients absent in the pillar.

It was made at least “400 years before the largest known foundry of the world could have produced it,” wrote John Rowlett in “A Study of the Craftsmen of Ancient and Medieval Civilizations to Show the Influence of their Training on our Present Day Method of Trade Education.”

6. Viking Sword Ulfberht

When archaeologists found the Viking sword Ulfberht, dating from 800 to 1000 A.D., they were stunned. They couldn’t see how the technology to make such a sword would have been available until the Industrial Revolution, 800 years later.

An Ulfberht sword displayed at the Germanisches Nationalmuseum, Nuremberg, Germany. Martin Kraft/CC BY-SA 3.0

Its carbon content is three times higher than other swords of its time and impurities were removed to such a degree that the iron ore must have been heated to at least 3,000 degrees Fahrenheit.

With great effort and precision, modern blacksmith Richard Furrer of Wisconsin forged a sword of Ulfberht quality using technology that would have been available in the Middle Ages. He said it was the most complicated thing he'd ever made, and he used methods not known to have been used by people of that time.

5. 100-Million-Year-Old Hammer?

A hammer was found in London, Texas, in 1934, encased in stone that had formed around it. The rock surrounding the hammer is said to be more than 100 million years old.

Glen J. Kuban, a vocal skeptic of claims that the hammer was made millions of years ago, said the stone may contain materials that are more than 100 million years old, but that doesn’t mean the rock formed around the hammer so long ago.

He said that some limestone has formed around artifacts known to be from the 20th century, so concretions can form fairly quickly around objects. (Concretions are masses of hardened mineral matter).

Carl Baugh, who was in possession of the artifact, has said the wooden handle has turned to coal (evidence of its great age) and that the metal its made of has a strange composition. Critics have called for independent testing to verify these claims, but so far no such testing has been conducted.

4. Prehistoric Work Site?

Workers at a stone quarry near Aix-en-Provence, France, in the 18th century, came across tools stuck in a layer of limestone 50 feet underground.

The find was recorded in the American Journal of Science and Arts in 1820 by T. D. Porter, who was translating Count Bournon’s work, “Mineralogy.”

A file photo of a limestone rock formation. Andrew Roland/Shutterstock

The wooden instruments had turned into agate, a hard stone. Porter wrote: “Everything tended to prove that this work had been executed upon the spot where the traces existed. The presence of man had then preceded the formation of this stone, and that very considerably since he was already arrived at such a degree of civilization that the arts were known to him, and that he wrought the stone and formed columns out of it.”

As stated in the case of the hammer above, limestone has been known to form relatively quickly around modern tools.

3. Million-Year-Old Bridge?

According to ancient Indian legend, King Rama built a bridge between India and Sri Lanka more than a million years ago. What appears to be remnants of such a bridge have been seen from satellite images, but many say its a natural formation.

Adam’s Bridge, also known as Rama’s Bridge, or Ram Setu, between India and Sri Lanka. NASA

Dr. Badrinarayanan, former director of the Geological Survey of India, studied core samples from the bridge. He was puzzled by the appearance of boulders on top of a marine sand layer, and surmised that the boulders must have been artificially placed there.

No single natural explanation has been agreed upon by geologists. Dating has been controversial, as some say any given part of the bridge (such as coral samples) cannot give a true picture of how old the entire bridge is.

2. 500,000-Year-Old Spark Plug?

In 1961, three people were out searching for geodes for their gem and gift shop in Olancha, California, when they found what appeared to be a spark plug encased in a geode. Virginia Maxey, one of the three discoverers, said at the time that a geologist examined the fossils around the device and dated the device at 500,000 years old or older.

The geologist was never named, and the current whereabouts of the artifact are unknown. Critics of the claim, Pierre Stromberg and Paul V. Heinrich, only have x-rays and an artist’s sketch of the artifact to analyze. They think it was a modern spark plug encased in a quick-forming concretion rather than a geode.

But, Stromberg and Heinrich have said, “There is little hard evidence that the original discoverers intended to deceive anyone.”

1. Prehistoric Wall Near Bahamas?

A wall of rock in large, thick block shapes was found off the coast of the Bahamas in 1968. Archaeologist William Donato has conducted multiple dives to investigate the wall and hypothesizes it is a man-made structure some 12,000 to 19,000 years old, built to protect a prehistoric settlement from waves.

He’s found it to be a multi-tiered structure including prop stones that appear to be placed there by human hands. He’s also found what he believes to be anchor stones with rope holes in them.

Stones submerged off the coast of the Bahamas, said by some to be a man-made wall, more than 10,000 years old. FtLaud/Shutterstock

Dr. Eugene Shinn, a retired geologist who worked for the U.S. Geological Survey, has said core rock samples he took show a dip toward deep water. If all the cores show a dip toward deep water, this would prove the rock formed where it is and did not form elsewhere, later to be transported by humans to its present location.

His later writings said that all of his samples showed this dip, seeming to prove it is a natural formation. But his earlier study stated that only 25 percent of his samples showed a dip.

Dr. Greg Little, a psychologist who has taken an interest in this structure, confronted Shinn about this discrepancy and Shinn admitted he didn’t really take his study seriously. He said, “I got a little carried away to make a good story.”

Tyler Durden Thu, 07/10/2025 - 16:20

xAI Launches 'Remarkable, Terrifying' Grok 4 Model; Musk Says AI Could Discover New Physics

xAI Launches 'Remarkable, Terrifying' Grok 4 Model; Musk Says AI Could Discover New Physics

The xAI team revealed its latest development plans following the launch of Grok 4, as founder Elon Musk shared bold predictions about artificial intelligence.

During a Thursday livestream on X, the xAI team said the first public release of Grok 4 is based on the company’s sixth foundation model.

"In some ways it's a little terrifying, but the growth of intelligence here is remarkable," Musk quipped on the livestream.

"It only gets better from here."

A seventh version is currently in training and expected to be completed “in a few weeks,” with improvements focused on “weakness on the vision side.”

As CoinTelegraph's Adrian Zmudzinski reports, the update is significant in light of Musk’s broader plans. During the livestream, he said that Grok will be able to interact with the real world through Tesla’s Optimus robot.

Musk, who also leads electric vehicle and robotics company Tesla, added that Grok will be integrated into Tesla cars “next week at the latest,” according to a post on X.

This, Musk said, would allow Grok to test whether its theories are valid in the real world, an approach that suggests the chatbot may evolve beyond text-based output and into scientific experimentation.

Source: xAI

New physics, new technology

Musk said that he expects Grok to “discover new technologies that are actually useful no later than next year and maybe by the end of this year.” He added:

“It might discover new physics next year. And within two years, I'd say almost certainly.“

Musk is no stranger to making grandiose statements concerning AI. Last month, he said xAI will retrain Grok on a new knowledge base free of “garbage” and “uncorrected data,” even suggesting the AI would rewrite history in the process.

During the livestream, Musk also said that AI will lead to “an economy that is thousands of times bigger than our current economy, or maybe millions of times.” He went as far as to reference the Kardashev civilization classification scale:

“[With AI] we will get to most of the way, like 80%, 90% of Kardashev 1, and then hopefully, if civilization doesn't self-annihilate, and then Kardashev 2.”

The Kardashev scale measures a civilization’s advancement based on its energy use, proposed by Soviet astronomer Nikolai Kardashev in 1964.

Type one uses all the energy from its planet, Type two captures energy from its star, and Type three harnesses energy from its entire galaxy.

Programming AI and new capital

The xAI team also hinted at an upcoming programming AI model that was already trained. The new model is purportedly “both fast and smart” and expected to be released in a few weeks.

The news follows xAI securing $10 billion in fresh capital earlier this month, as it doubles down on its challenge to OpenAI, intensifying the race to dominate the AI landscape.

In late May, the firm also “agreed in principle“ to integrate its AI chatbot Grok across Telegram in a $300 million deal.

Tyler Durden Thu, 07/10/2025 - 15:40

It's Time To End The 'Deep State' Fed

It's Time To End The 'Deep State' Fed

Authored by Larry Kudlow via RealClearPolitics.com,

Both Kevins Will End the Fed's Deep State

There’s a great story on the front page of the Wall Street Journal today, called “Two Kevins Battle to Be Next Fed Chair in Trump’s Apprentice-Style Contest.”

The two Kevins are a former Federal Reserve governor, Kevin Warsh, and the director of the National Economic Council in the Trump White House, Kevin Hassett.

They are both very dear friends of mine, going back a long while. And they are both brilliant people.

I doubt seriously that they’re battling each other, but I do think they’re at the top of President Trump’s list for Fed chairman, at least for now.

Here’s a key point, though: the Fed is in need of perestroika.

In other words, the Fed has to be cleansed of its Deep State dislike of all things Donald Trump, and frankly its Deep State bureaucratic groupthink of deadwood economists with models that haven’t worked in 50 years — who are now advising Chairman Jay Powell to fight Mr. Trump and his economic growth agenda.

The next Fed chairman has to go toe-to-toe with the hundreds of Fed economists who are spurring Mr. Powell on in his fight against Mr. Trump’s tariff and reciprocity fair trade policies. Also, against Mr. Trump’s tax-cut policies.

Economic growth does not cause inflation. Tariffs do not cause inflation.

As per the recent paper by the Council of Economic Advisers chairman, Stephen Miran, and even the interview by the Chicago Fed president, Austan Goolsbee, where he acknowledged the real-world fact that exporters and American companies will eat the tariffs, not consumers.

Of course, the Board of Governors has to be changed, and that will come over time.

Importantly, however, presidents of the regional reserve banks have got to be rotated out. The vast majority of them are Obama-Biden lefties who are heavily biased against Mr. Trump.

All this has to be changed: the chairman, the board, the regional reserve bank presidents, and the bulk of the Fed staff economists.

I myself started my career at the New York Fed — and am proud of it. I even had a chance to work with the great Paul Volcker.

But the Fed, over the past 50 years or so, has atrophied into a self-serving, central-planning Deep State that is essentially ignoring and opposing the wishes of the 80 million people who voted for Mr. Trump for president.

It’s time to end the Fed’s deep state.

Tyler Durden Thu, 07/10/2025 - 15:20

Trump Threatens Brazil With 50 Percent Tariff Citing Trial Of Former President

Trump Threatens Brazil With 50 Percent Tariff Citing Trial Of Former President

Authored by Jacob Burg via The Epoch Times (emphasis ours),

Among a batch of letters that President Donald Trump sent out to several U.S. trading partners on July 9 was one issued to Brazil threatening to impose a 50 percent tariff on its exports to the United States.

A ship with the logo of BYD, a Chinese company, delivers vehicles at the Port of Itajaí in Santa Catarina, Brazil, on May 28, 2025. Anderson Cohelo/Reuters

Trump posted on Truth Social on Wednesday a copy of his letter sent to Brazilian President Luiz Inácio Lula da Silva, in which he accused the nation of becoming an “international disgrace” due to the ongoing trial of its former president, Jair Bolsonaro, a Trump ally.

Sometimes referred to as the “Trump of the Tropics,” Bolsonaro is currently on trial for charges stemming from an alleged plot to overturn Brazil’s 2022 election results. Prosecutors allege that Bolsonaro and several associates were attempting a coup d’état, including an alleged plan to assassinate da Silva.

Bolsonaro has denied wrongdoing and any involvement in the alleged coup plot.

In his letter, Trump called Bolsonaro’s trial a “witch hunt” and said it should end immediately.

“Due in part to Brazil’s insidious attacks on Free Elections, and the fundamental Free Speech Rights of Americans ... starting on August 1, 2025, we will charge Brazil a Tariff of 50% on any and all Brazilian products sent into the United States,” Trump wrote.

He also cited Brazil’s nontariff trade barriers in his decision to impose the new tariff rate.

“There will be no Tariff if Brazil, or companies within your Country, decide to build or manufacture product within the United States and, in fact, we will do everything possible to get approvals quickly, professionally, and routinely—in other words, in a matter of weeks,” Trump added.

Lula responded to Trump’s letter, saying in a statement that “any unilateral tariff increases will be addressed in accordance with Brazil’s Economic Reciprocity Law.”

The law allows trade, investment, and intellectual property agreements to be suspended for countries that harm Brazil’s competitiveness.

He defended the country’s legal system and said the United States has had a trade surplus of $410 billion with Brazil over the past 15 years.

“Brazil is a sovereign nation with independent institutions and will not accept any form of tutelage,” Lula said.

While the other 21 countries that Trump sent letters to this week were set to return to April’s reciprocal tariff levels, Brazil was not, as it instead received only the 10 percent baseline tariff that was imposed on all U.S. trading partners.

Brazil also does not have a trade deficit with the United States like the other 21 nations, as America ran a $7.4 billion trade surplus with Brazil in 2024. That means the United States exports more products to Brazil than it imports.

However, Brazil, along with the other BRICS nations—Russia, India, China, and South Africa—may see an additional 10 percent tariff after Trump threatened BRICS members with higher levies on Tuesday, accusing the group of trying to replace the U.S. dollar as the leading currency for international trade.

The other nations that received tariff letters on Wednesday are Iraq, Libya, Algeria, Brunei, Moldova, Sri Lanka, and the Philippines. Some will see rates as high as 30 percent on their imports into the United States, with the new rates set to go into effect Aug. 1, absent trade negotiations with the Trump administration.

Trump had initially set 12:01 a.m. ET on Wednesday as the deadline for U.S. trading partners to cut deals with his administration or see tariffs as high as those imposed in early April.

Prior to the countries that received tariff letters on Wednesday, Trump had sent similar two-page letters on Monday to Japan, South Korea, Malaysia, Kazakhstan, South Africa, Laos, Burma (also known as Myanmar), Bosnia and Herzegovina, Tunisia, Indonesia, Bangladesh, Serbia, Cambodia, and Thailand.

South Africa was included in the BRICS announcement.

More letters could be issued soon, Trump said in an earlier Truth Social post.

Lily Zhou contributed to this report.

Tyler Durden Thu, 07/10/2025 - 14:40

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