Zero Hedge

Israel Conducts Massive Strikes On Damascus After Sharaa Regime's Sectarian Attacks

Israel Conducts Massive Strikes On Damascus After Sharaa Regime's Sectarian Attacks

"The heavy blows have started" Israel's defense minister Israel Katz has posted to X above a video (below) showing a Syrian news presenter abruptly taking shelter after a massive explosion in central Damascus.

The rare daytime aerial attack by Israel in the heart of Damascus created panic in the streets, and quickly after huge columns of smoke lingered over the downtown area. There are casualties, with state news agency SANA quoting the Health Ministry as saying that at least three were killed and nine people wounded in the Israeli attacks.

Associated Press Image

Eyewitnesses say they saw Israeli warplanes circling above the capital city, and that there were at least three to four strikes. Syria has no air defense systems to speak of, after Bashar al-Assad's December 8 ouster and subsequent heavy Israeli bombings of all remaining Syrian military equipment.

The large-scale attack, which could see more to follow, has been roundly condemned by Syria's regional partners who are trying to prop up the new Hayat Tahrir al-Sham government under self-declared interim President Sharaa (Jolani).

The Turkish Foreign Ministry condemned the Israeli attacks as an attempt to "sabotage Syria’s efforts to ensure peace." The Syrian people have a "historic opportunity to live in peace and integrate with the world," the statement continued.

Footage of Israel attacking Damascus:

The six-member Gulf Cooperation Council (GCC) has also condemned these new attacks on Damascus in the "strongest terms" - saying the air assault represented a "flagrant violation" of Syria’s sovereignty, "a breach of international laws and norms, and a serious threat to regional security and stability."

The statement further described this as an "irresponsible escalation" which threatens sought-after stability in Syria.

Israel is framing its actions as in protection of the Druze (an ancient ethno-religious minority community in region), which have come under sectarian attack by Jolani's HTS forces.

In southern Syria, jihadists have filmed themselves torturing and forcibly shaving the mustaches of prominent Druze clerics and other men. Facial hair in the Druze religion is considered sacred and is highly symbolic.

Israel's military has long used sectarian tension inside Syria as part of a 'divide and rule' strategy. Immediately after Assad's fall, the IDF send tanks and ground units deep into southern Syria.

Christians are also heavily present in the south, and they are under direct threat as well, but Israel has not invoked 'protection of Christians' as having anything to do with its policy...

Syria's new "liberators" continue to show their true colors, but also bearing immense responsibility for this are the Gulf states, the United States, and Western countries who had long armed and trained these al-Qaeda fanatics in the first place, as part of the regime change operation against Assad.

Tyler Durden Wed, 07/16/2025 - 17:20

Batman Vs The Joker: Democrats Will Double Down On Chaos To Save Their Party

Batman Vs The Joker: Democrats Will Double Down On Chaos To Save Their Party

Authored by Brandon Smith via Alt-Market.us,

Whenever I think of the behavior of the Democratic Party and the political left in general I can’t help but think of the philosophy of Batman’s nefarious arch-nemesis, The Joker. And yes, I’m saying that to understand leftists all you really need to do is read comic books.

Batman, of course, represents unflinching law, order and justice. He’s a vigilante, but a vigilante with more respect for the law than most police and politicians in his fictional realm of Gotham City. The Joker, on the other hand, represents pure chaos and the unhinged, unadulterated desire for power. Not traditional power (the means to control) but the archaic power to corrupt and destroy.

The Joker is a pure psychopath that believes his evil is a universal truth; that normal people hide behind “social constructs” to avoid admitting they want to burn down the world just like he does. He revels in the despair of calamity and the fall of moral righteousness.

I’m specifically reminded of Christopher Nolan’s film ‘Batman Begins’ in which Commissioner Gordon first warns Batman about “escalation” and reveals the calling card of the Joker:

“What about escalation? …We start carrying semi-automatics, they buy automatics. We start wearing Kevlar, they buy armor piercing rounds…And, you’re wearing a mask. Jumping off rooftops…”

In my past analysis of the political left and their habits I’ve noted many times that they seem random and unstable but they do follow some limited rules.

Rule #1 is: Leftists never admit they are wrong.

Rule #2 is: Leftists ALWAYS double down.

In other words, when they think they are losing the ability to disrupt public order and upend societal norms, they will escalate. Diplomacy is not in their nature.

The Republican Party, conservatives, moderates and even some liberals turned to Donald Trump because of his uncompromising stance on the chaos embraced by Democrats. This madness led us down a dark path of medical tyranny. It led us to woke indoctrination in public schools, race riots in American streets, trannies in the military, a stagflationary crisis and a president with a brain like cabbage.

This is not to say that Trump doesn’t have his failings; we all know he does. However, many people are willing to overlook those shortfalls as long as his administration continues to remove the leftist cancer from our fragile institutions.

When confronted with hard questions on why progressive activists do things that violate their own supposed code of ethics, invariably they will say that logic does not matter.  Their goal is to “burn it all down”. That’s it. There are no ethics. There is no other rationale (it’s the Joker philosophy incarnate).

Trump gained massive favor because he promised to bring the hammer down on these arsonists without remorse.

In the beginning the political left didn’t know what hit them. Federal funding was cut off and NGOs were throttled. Their historic sources of financial support are disappearing. Corporations that backed them a year ago are running in the other direction. They used to be able to operate nationally with impunity but now they’re relegated to petty mob actions in deep blue cities like LA, New York or Seattle where they can still find support among Democrat officials.

That said, I suspect what we are seeing the past month in New York with the rising success of Mayoral candidate Zohran Mamdani is not desperation, but escalation.

Democrats as a party have rarely been grounded in moderation, but they have always been careful to hide their true intentions when it comes to their political goals. Socialism in the US is treated as a four-letter-word and most Dems have long sought to water down their association with the term. Whenever conservatives accuse Democrats of engaging in socialist or communist agendas they quickly accuse us of being “conspiracy theorists”.

But that tactic no longer works and instead of seeking to sterilize their image the Democrats are now doubling down and openly embracing the socialist/communist platform.  They are no longer compromising by trying to hide their true intent. They are going full bore hammer and sickle with no shame.

In other words, leftist insanity pushes moderates further to the right, and the further to the right people go, the more extreme leftists will become. Think they can’t get any worse than they are now? Think again…

Democrat leaders initially criticized Mamdani’s campaign as going too far, but his appeal among New York’s progressive population is undeniable. They claim it’s because he argues his ideas with clarity, but I would say that his policies are in fact a mish-mash of socialist and Marxist mechanics that have failed time and time again throughout history.

Mamdani will drive out most major businesses and wealthy taxpayers (who already provide around 50% of all tax revenues in NYC).  Jobs will disappear.  Government interference in housing markets, including rent freezes, will force property owners to sell instead of lease. Efforts to construct government funded housing will take a decade or longer and the cost to taxpayers would be immense. The housing supply will implode and lower income workers will not be able to find a home, so they will all leave.

It’s not difficult to predict how the situation will go if this guy becomes mayor. Yet, the progressive media is starting to court Mamdani and promote his campaign. Democrats are saying that the candidate represents a new path for their party. Keep in mind that Mamdani’s theories on society are built on the same woke nonsense that led to the complete obliteration of the Democrats in 2024. So, why are they doubling down?

Again, socialism/Marxism/communism are the archetypal counterpoints to the things leftists hate most:  Conservatives, Capitalism (free markets), Christian morality, law and order, western culture and nationalism at the expense of globalism. They might not realize it yet, but they are looking for a Joker to counter our Batman and they think they’ve found him in the costume of hardcore socialism.

They could admit they are wrong; that their ideals do not appeal to the public and that their efforts to “deconstruct” American social norms are rooted in malice rather than good intentions. They could accept that they do not represent the majority of the population as they originally assumed. They could apologize and promise to stop forcing their degenerate views on the masses.

But then again, that would require them to violate Rule #1.

And so, as “populism” continues to gain public favor and Americans focus more on America and less on globalism, Democrats and liberals will drift further and further from the shore into the frenzy of the socialist storm. They may even find some initial success there.

We saw this in Canada where liberal voters in that country chose to replace Justin Trudeau (an insufferable woke leftist that nearly destroyed their economy) with an even more militant leftist/globalist in the form of Mark Carney.

Leftists in the US will rally around uncompromising socialists like Mamdani because they’re tired of pretending that they care about “democracy”, free markets, property rights, moral codes or freedom in general. They need an all encompassing vision, even if it’s a monstrous and dystopian one. And, they want leadership that is transparent and unapologetic in its psychopathic intent. They don’t want to play the role of humanitarians anymore – They want to take the mask off and taste the flavors of blood and power.

They want to unleash their inner Joker.

For the rest of us this means there will be many more clashes, more mob actions, more violence and very little peace for the foreseeable future. Remember, the goal is to “burn everything down” so that the left (and the globalists) can rebuild the nation with their own agenda in mind. Democrats will welcome the most extreme leaders, because if they don’t they know they will be forced to do the worst thing imaginable: Self reflect and change their ways.

*  *  *

As central banks continue unprecedented money creation, protecting your purchasing power becomes critical for retirement security. Physical gold IRAs offer a tax-advantaged solution, allowing you to hold tangible precious metals with intrinsic value independent of currency fluctuations. To learn more about how physical gold could help protect your retirement portfolio, click here to get your FREE info kit on Gold IRAs from Birch Gold Group.

Tyler Durden Wed, 07/16/2025 - 16:20

Batman Vs The Joker: Democrats Will Double Down On Chaos To Save Their Party

Batman Vs The Joker: Democrats Will Double Down On Chaos To Save Their Party

Authored by Brandon Smith via Alt-Market.us,

Whenever I think of the behavior of the Democratic Party and the political left in general I can’t help but think of the philosophy of Batman’s nefarious arch-nemesis, The Joker. And yes, I’m saying that to understand leftists all you really need to do is read comic books.

Batman, of course, represents unflinching law, order and justice. He’s a vigilante, but a vigilante with more respect for the law than most police and politicians in his fictional realm of Gotham City. The Joker, on the other hand, represents pure chaos and the unhinged, unadulterated desire for power. Not traditional power (the means to control) but the archaic power to corrupt and destroy.

The Joker is a pure psychopath that believes his evil is a universal truth; that normal people hide behind “social constructs” to avoid admitting they want to burn down the world just like he does. He revels in the despair of calamity and the fall of moral righteousness.

I’m specifically reminded of Christopher Nolan’s film ‘Batman Begins’ in which Commissioner Gordon first warns Batman about “escalation” and reveals the calling card of the Joker:

“What about escalation? …We start carrying semi-automatics, they buy automatics. We start wearing Kevlar, they buy armor piercing rounds…And, you’re wearing a mask. Jumping off rooftops…”

In my past analysis of the political left and their habits I’ve noted many times that they seem random and unstable but they do follow some limited rules.

Rule #1 is: Leftists never admit they are wrong.

Rule #2 is: Leftists ALWAYS double down.

In other words, when they think they are losing the ability to disrupt public order and upend societal norms, they will escalate. Diplomacy is not in their nature.

The Republican Party, conservatives, moderates and even some liberals turned to Donald Trump because of his uncompromising stance on the chaos embraced by Democrats. This madness led us down a dark path of medical tyranny. It led us to woke indoctrination in public schools, race riots in American streets, trannies in the military, a stagflationary crisis and a president with a brain like cabbage.

This is not to say that Trump doesn’t have his failings; we all know he does. However, many people are willing to overlook those shortfalls as long as his administration continues to remove the leftist cancer from our fragile institutions.

When confronted with hard questions on why progressive activists do things that violate their own supposed code of ethics, invariably they will say that logic does not matter.  Their goal is to “burn it all down”. That’s it. There are no ethics. There is no other rationale (it’s the Joker philosophy incarnate).

Trump gained massive favor because he promised to bring the hammer down on these arsonists without remorse.

In the beginning the political left didn’t know what hit them. Federal funding was cut off and NGOs were throttled. Their historic sources of financial support are disappearing. Corporations that backed them a year ago are running in the other direction. They used to be able to operate nationally with impunity but now they’re relegated to petty mob actions in deep blue cities like LA, New York or Seattle where they can still find support among Democrat officials.

That said, I suspect what we are seeing the past month in New York with the rising success of Mayoral candidate Zohran Mamdani is not desperation, but escalation.

Democrats as a party have rarely been grounded in moderation, but they have always been careful to hide their true intentions when it comes to their political goals. Socialism in the US is treated as a four-letter-word and most Dems have long sought to water down their association with the term. Whenever conservatives accuse Democrats of engaging in socialist or communist agendas they quickly accuse us of being “conspiracy theorists”.

But that tactic no longer works and instead of seeking to sterilize their image the Democrats are now doubling down and openly embracing the socialist/communist platform.  They are no longer compromising by trying to hide their true intent. They are going full bore hammer and sickle with no shame.

In other words, leftist insanity pushes moderates further to the right, and the further to the right people go, the more extreme leftists will become. Think they can’t get any worse than they are now? Think again…

Democrat leaders initially criticized Mamdani’s campaign as going too far, but his appeal among New York’s progressive population is undeniable. They claim it’s because he argues his ideas with clarity, but I would say that his policies are in fact a mish-mash of socialist and Marxist mechanics that have failed time and time again throughout history.

Mamdani will drive out most major businesses and wealthy taxpayers (who already provide around 50% of all tax revenues in NYC).  Jobs will disappear.  Government interference in housing markets, including rent freezes, will force property owners to sell instead of lease. Efforts to construct government funded housing will take a decade or longer and the cost to taxpayers would be immense. The housing supply will implode and lower income workers will not be able to find a home, so they will all leave.

It’s not difficult to predict how the situation will go if this guy becomes mayor. Yet, the progressive media is starting to court Mamdani and promote his campaign. Democrats are saying that the candidate represents a new path for their party. Keep in mind that Mamdani’s theories on society are built on the same woke nonsense that led to the complete obliteration of the Democrats in 2024. So, why are they doubling down?

Again, socialism/Marxism/communism are the archetypal counterpoints to the things leftists hate most:  Conservatives, Capitalism (free markets), Christian morality, law and order, western culture and nationalism at the expense of globalism. They might not realize it yet, but they are looking for a Joker to counter our Batman and they think they’ve found him in the costume of hardcore socialism.

They could admit they are wrong; that their ideals do not appeal to the public and that their efforts to “deconstruct” American social norms are rooted in malice rather than good intentions. They could accept that they do not represent the majority of the population as they originally assumed. They could apologize and promise to stop forcing their degenerate views on the masses.

But then again, that would require them to violate Rule #1.

And so, as “populism” continues to gain public favor and Americans focus more on America and less on globalism, Democrats and liberals will drift further and further from the shore into the frenzy of the socialist storm. They may even find some initial success there.

We saw this in Canada where liberal voters in that country chose to replace Justin Trudeau (an insufferable woke leftist that nearly destroyed their economy) with an even more militant leftist/globalist in the form of Mark Carney.

Leftists in the US will rally around uncompromising socialists like Mamdani because they’re tired of pretending that they care about “democracy”, free markets, property rights, moral codes or freedom in general. They need an all encompassing vision, even if it’s a monstrous and dystopian one. And, they want leadership that is transparent and unapologetic in its psychopathic intent. They don’t want to play the role of humanitarians anymore – They want to take the mask off and taste the flavors of blood and power.

They want to unleash their inner Joker.

For the rest of us this means there will be many more clashes, more mob actions, more violence and very little peace for the foreseeable future. Remember, the goal is to “burn everything down” so that the left (and the globalists) can rebuild the nation with their own agenda in mind. Democrats will welcome the most extreme leaders, because if they don’t they know they will be forced to do the worst thing imaginable: Self reflect and change their ways.

*  *  *

As central banks continue unprecedented money creation, protecting your purchasing power becomes critical for retirement security. Physical gold IRAs offer a tax-advantaged solution, allowing you to hold tangible precious metals with intrinsic value independent of currency fluctuations. To learn more about how physical gold could help protect your retirement portfolio, click here to get your FREE info kit on Gold IRAs from Birch Gold Group.

Tyler Durden Wed, 07/16/2025 - 16:20

US Vows To Quit IEA If The Agency Keeps Pushing Green Transition

US Vows To Quit IEA If The Agency Keeps Pushing Green Transition

Authored by Charles Kennedy via OilPrice.com,

  • The U.S. is pressuring the IEA to shift focus from climate advocacy back to objective demand forecasting.

  • Energy Secretary Chris Wright says withdrawal is an option if reforms aren’t made.

  • The IEA’s forecasts clash with OPEC’s projection of rising oil demand through 2050.

The United States could abandon the International Energy Agency (IEA) if the organization, created in the aftermath of the 1970s Arab oil embargo, doesn’t return to forecasting energy demand without strongly promoting green energy.

“We will do one of two things: we will reform the way the IEA operates or we will withdraw,” U.S. Energy Secretary Chris Wright has told Bloomberg in an interview.

“My strong preference is to reform it,” Secretary Wright added.

The official echoes voices in the U.S. Republican party that the agency has become an advocate of the energy transition and is not objective in forecasting energy demand trends.

From ensuring security of supply after the 1970s embargo, the agency has shifted from this purpose in recent years to endorsing the net-zero by 2050 goal and is advocating for a major change in the global energy system to include more electric vehicles (EVs), renewable power supply, hydrogen, and all other low-carbon energy sources.

The IEA’s forecast that oil demand will peak this decade is “just total nonsense,” the U.S. official said, adding he has been talking to the IEA’s executive director Fatih Birol.

Reports emerged earlier this year that the Trump Administration is pushing the IEA to ditch its focus on the energy transition and promotion of renewable energy sources.

Last month, the IEA doubled down on its narrative that a peak in global oil demand is still on the horizon.

Annual global growth will slow from about 700,000 barrels per day (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 in its annual Oil 2025 report for the medium term. 

In contrast to this, OPEC sees oil demand rising through 2050, with consumption expected at 123 million barrels per day (bpd) then, up from about 105 million bpd this year.

Last week, OPEC reiterated its view that there is no peak oil demand in sight.

The cartel has slammed the IEA in recent years for “dangerous” forecasts of imminent peak oil demand that would hurt consumers and “only lead to energy volatility on a potentially unprecedented scale.”

Tyler Durden Wed, 07/16/2025 - 15:45

US Vows To Quit IEA If The Agency Keeps Pushing Green Transition

US Vows To Quit IEA If The Agency Keeps Pushing Green Transition

Authored by Charles Kennedy via OilPrice.com,

  • The U.S. is pressuring the IEA to shift focus from climate advocacy back to objective demand forecasting.

  • Energy Secretary Chris Wright says withdrawal is an option if reforms aren’t made.

  • The IEA’s forecasts clash with OPEC’s projection of rising oil demand through 2050.

The United States could abandon the International Energy Agency (IEA) if the organization, created in the aftermath of the 1970s Arab oil embargo, doesn’t return to forecasting energy demand without strongly promoting green energy.

“We will do one of two things: we will reform the way the IEA operates or we will withdraw,” U.S. Energy Secretary Chris Wright has told Bloomberg in an interview.

“My strong preference is to reform it,” Secretary Wright added.

The official echoes voices in the U.S. Republican party that the agency has become an advocate of the energy transition and is not objective in forecasting energy demand trends.

From ensuring security of supply after the 1970s embargo, the agency has shifted from this purpose in recent years to endorsing the net-zero by 2050 goal and is advocating for a major change in the global energy system to include more electric vehicles (EVs), renewable power supply, hydrogen, and all other low-carbon energy sources.

The IEA’s forecast that oil demand will peak this decade is “just total nonsense,” the U.S. official said, adding he has been talking to the IEA’s executive director Fatih Birol.

Reports emerged earlier this year that the Trump Administration is pushing the IEA to ditch its focus on the energy transition and promotion of renewable energy sources.

Last month, the IEA doubled down on its narrative that a peak in global oil demand is still on the horizon.

Annual global growth will slow from about 700,000 barrels per day (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 in its annual Oil 2025 report for the medium term. 

In contrast to this, OPEC sees oil demand rising through 2050, with consumption expected at 123 million barrels per day (bpd) then, up from about 105 million bpd this year.

Last week, OPEC reiterated its view that there is no peak oil demand in sight.

The cartel has slammed the IEA in recent years for “dangerous” forecasts of imminent peak oil demand that would hurt consumers and “only lead to energy volatility on a potentially unprecedented scale.”

Tyler Durden Wed, 07/16/2025 - 15:45

Beige Book Spells Trouble For Powell: Mentions Of "Inflation" Tumble To 4 Year Low, As Growth Concerns Mount

Beige Book Spells Trouble For Powell: Mentions Of "Inflation" Tumble To 4 Year Low, As Growth Concerns Mount

Many were shocked (again) after the latest CPI and PPI data confirmed that the experts were once again dead wrong, and instead of the widely expected inflation tsunami, Trump's tariffs have so far sparked only continued disinflation (which will only become more acute as home prices slide). And yet, anyone who read our Beige Book analysis from April (not to mention our accurate prediction from last June that "The Experts Are All Wrong About Inflation Under A Trump Presidency") would have known just that: as we laid out, "Beige Book Finds Inflation Mentions Tumble To 3 Year Low" which was the clearest indication that despite the prevailing narrative, rising prices is simply not a thing businesses across the US are worried about. We got further confirmation of this last month, when the latest Beige Book found no runaway inflation (again) but instead that sentiment in the economy splitting along party lines.

Fast forward to today when the latest, July, Beige Book was released, and it revealed that according to reports across the 12 Fed districts, "economic activity increased slightly from late May through early July." Five Districts reported slight or modest gains, five had flat activity, and the remaining two Districts (New York and Philadelphia, naturally democrat strongholds) noted modest declines in activity. That, the Beige Book admitted, represented an improvement over the previous report, in which half of Districts reported at least slight declines in activity.

The Beige Book said that all Districts reported that while economic activity rebounded, uncertainty remained elevated, contributing to ongoing caution by businesses. Nonauto consumer spending declined in most Districts, softening slightly overall (hardly a signal of an imminent inflationary burst). Auto sales receded modestly on average, after consumers had rushed to buy vehicles earlier this year to avoid tariffs. Tourism activity was mixed, manufacturing activity edged lower, and nonfinancial services activity was little changed on average but varied across Districts.

Meanwhile, offsetting some of the economic slowdown, loan volume increased slightly in most Districts. On the flip side, construction activity slowed somewhat, constrained by rising costs in some Districts while home sales were flat or little changed in most Districts, and nonresidential real estate activity was also mostly steady. Activity in the agriculture sector remained weak. Energy sector activity declined slightly, and transportation activity was mixed.

Overall, the outlook was neutral to slightly pessimistic, as only two Districts expected activity to increase, and others foresaw flat or slightly weaker activity.

Focusing on labor markets, the Beige book reported the following:

  • Employment increased very slightly overall, with one District noting modest increases, six reporting slight increases, three no change, and two noting slight declines. 
  • Hiring remained generally cautious, which many contacts attributed to ongoing economic and policy uncertainty.
  • Labor availability improved for many employers, with further reductions in turnover rates and increased job applications.
  • A growing number of Districts cited labor shortages in the skilled trades.
  • Several Districts also mentioned reduced availability of foreign-born workers, attributed to changes in immigration policy.
  • Employers in a few Districts ramped up investments in automation and AI aimed at reducing the need for additional hiring.
  • Wages increased modestly overall, extending recent trends, with reports that ranged from flat wages to moderate growth.
  • Although reports of layoffs were limited in all industries, they were somewhat more common among manufacturers.
  • Looking ahead, many contacts expected to postpone major hiring and layoff decisions until uncertainty diminished.

As for prices, it should come as no surprise by now that the runaway inflation everyone was expecting just isn't there. Here is Beige book confirmation: 

  • Prices increased across Districts, with seven characterizing price growth as moderate and five characterizing it as modest, mostly similar to the previous report. 
  • In all twelve Districts, businesses reported experiencing modest to pronounced input cost pressures related to tariffs, especially for raw materials used in manufacturing and construction.
  • Rising insurance costs represented another widespread source of pricing pressure.
  • Many firms passed on at least a portion of cost increases to consumers through price hikes or surcharges, although some held off raising prices because of customers' growing price sensitivity, resulting in compressed profit margins.
  • Contacts in a wide range of industries expected cost pressures to remain elevated in the coming months, and yet despite expecting just that for months now, there has been zero abnormal tariff-driven inflation of note yet.

In short, for yet another month, the sky is not falling.

Here is a snapshot of highlights by Fed District:

  • New York: Economic activity continued to decline modestly as heightened uncertainty hindered decision-making. Employment was up slightly and wage growth was modest. Selling price increases remained moderate, while input prices rose steeply with widespread tariff-related cost increases.

  • Philadelphia: Business activity continued to decline modestly in the current Beige Book period. Activity fell moderately for nonmanufacturers but edged up slightly for manufacturers. Employment declined slightly, while wages increased slightly. Prices rose modestly after moderate growth last period. Generally, firms expect slight growth over the next six months, although economic uncertainty remains. 

  • Cleveland: District business activity continued to be flat in recent weeks, but contacts expected activity to increase slightly in the months ahead. Several manufacturers reported softer orders, and transportation contacts reported a steep decline in demand. Contacts said that cost growth remained robust while their selling prices only increased modestly. 

  • Richmond: The regional economy grew moderately in recent weeks. Consumer spending on retail, leisure, and hospitality increased at a modest to moderate rate. Business conditions were largely unchanged as firms across most sectors reported steady sales and demand. However, manufacturing activity contracted slightly with firms citing higher prices curtailing demand in recent weeks. Employment rose modestly and price growth remained moderate this cycle. 

  • Atlanta: The economy of the Sixth District was little changed. Labor markets and wages were steady. Prices rose moderately. Consumer spending softened, but travel and tourism increased modestly. Residential and commercial real estate activity declined. Transportation activity grew modestly. Loan growth was flat. Manufacturing was flat, but energy activity rose moderately. 

  • Chicago: Economic activity increased slightly. Employment increased modestly; consumer spending, business spending, and construction and real estate activity were flat; manufacturing declined slightly; and nonbusiness contacts saw no change in activity. Prices rose moderately, wages rose modestly, and financial conditions loosened slightly. Prospects for 2025 farm income were unchanged. 

  • St. Louis: Economic activity has remained unchanged. Employment levels were generally unchanged. Prices continued to increase moderately, and most contacts continued to expect higher nonlabor costs in the coming months as a result of tariffs. The outlook among contacts remains highly uncertain and slightly pessimistic. 

  • Minneapolis: Economic activity was flat overall. Employment grew slightly and wage growth was moderate. Price growth eased but manufacturers felt more acute pressures. Overall consumer spending was down but tourism activity increased. Construction and energy activity decreased while manufacturing and vehicle sales were flat. 

  • Kansas City: Economic activity in the Tenth District was mostly unchanged, with some rebound in consumer spending and financial activities. Labor availability was reportedly much higher, which lowered expected wage pressures for the remainder of the year. Prices rose at a moderate pace. 

  • Dallas: Economic activity in the Eleventh District economy was up slightly over the reporting period. Non-financial services activity grew modestly, and manufacturing production held steady. Loan volumes expanded, while oil production was flat, retail sales declined, and the housing market weakened. Employment was unchanged and price pressures held steady. Outlooks remained pessimistic. 

  • San Francisco: Economic activity was largely stable. Employment levels were slightly lower. Wages grew at a slight pace and prices increased modestly. Retail sales expanded modestly, and consumer and business services demand eased. Conditions in manufacturing, and residential real estate markets weakened somewhat. Lending activity and conditions in agriculture were largely unchanged.

And finally, confirming that contrary to conventional wisdom the economic picture has been largely unchanged since April, the latest Beige Book found that contrary to prevailing media narratives, mentions of inflation actually dropped again, sliding to a new four year low of just 5 from 10 the previous month (effectively before the Biden inflationary explosion period) while mentions of "slow" rose to the highest since last October, just after the Powell Fed cut rates by 50bps. Overall, a very awkward report for a Fed that no longer has any excuse not to cut. 

All of which suggests that the US economy - while hardly on fire as it was during the hyperinflationary period of Biden's admin - continues to chug along and is hardly collapsing as so many Trump foes would like to see; and it certainly is not seeing prices explode higher.

Tyler Durden Wed, 07/16/2025 - 15:25

Beige Book Spells Trouble For Powell: Mentions Of "Inflation" Tumble To 4 Year Low, As Growth Concerns Mount

Beige Book Spells Trouble For Powell: Mentions Of "Inflation" Tumble To 4 Year Low, As Growth Concerns Mount

Many were shocked (again) after the latest CPI and PPI data confirmed that the experts were once again dead wrong, and instead of the widely expected inflation tsunami, Trump's tariffs have so far sparked only continued disinflation (which will only become more acute as home prices slide). And yet, anyone who read our Beige Book analysis from April (not to mention our accurate prediction from last June that "The Experts Are All Wrong About Inflation Under A Trump Presidency") would have known just that: as we laid out, "Beige Book Finds Inflation Mentions Tumble To 3 Year Low" which was the clearest indication that despite the prevailing narrative, rising prices is simply not a thing businesses across the US are worried about. We got further confirmation of this last month, when the latest Beige Book found no runaway inflation (again) but instead that sentiment in the economy splitting along party lines.

Fast forward to today when the latest, July, Beige Book was released, and it revealed that according to reports across the 12 Fed districts, "economic activity increased slightly from late May through early July." Five Districts reported slight or modest gains, five had flat activity, and the remaining two Districts (New York and Philadelphia, naturally democrat strongholds) noted modest declines in activity. That, the Beige Book admitted, represented an improvement over the previous report, in which half of Districts reported at least slight declines in activity.

The Beige Book said that all Districts reported that while economic activity rebounded, uncertainty remained elevated, contributing to ongoing caution by businesses. Nonauto consumer spending declined in most Districts, softening slightly overall (hardly a signal of an imminent inflationary burst). Auto sales receded modestly on average, after consumers had rushed to buy vehicles earlier this year to avoid tariffs. Tourism activity was mixed, manufacturing activity edged lower, and nonfinancial services activity was little changed on average but varied across Districts.

Meanwhile, offsetting some of the economic slowdown, loan volume increased slightly in most Districts. On the flip side, construction activity slowed somewhat, constrained by rising costs in some Districts while home sales were flat or little changed in most Districts, and nonresidential real estate activity was also mostly steady. Activity in the agriculture sector remained weak. Energy sector activity declined slightly, and transportation activity was mixed.

Overall, the outlook was neutral to slightly pessimistic, as only two Districts expected activity to increase, and others foresaw flat or slightly weaker activity.

Focusing on labor markets, the Beige book reported the following:

  • Employment increased very slightly overall, with one District noting modest increases, six reporting slight increases, three no change, and two noting slight declines. 
  • Hiring remained generally cautious, which many contacts attributed to ongoing economic and policy uncertainty.
  • Labor availability improved for many employers, with further reductions in turnover rates and increased job applications.
  • A growing number of Districts cited labor shortages in the skilled trades.
  • Several Districts also mentioned reduced availability of foreign-born workers, attributed to changes in immigration policy.
  • Employers in a few Districts ramped up investments in automation and AI aimed at reducing the need for additional hiring.
  • Wages increased modestly overall, extending recent trends, with reports that ranged from flat wages to moderate growth.
  • Although reports of layoffs were limited in all industries, they were somewhat more common among manufacturers.
  • Looking ahead, many contacts expected to postpone major hiring and layoff decisions until uncertainty diminished.

As for prices, it should come as no surprise by now that the runaway inflation everyone was expecting just isn't there. Here is Beige book confirmation: 

  • Prices increased across Districts, with seven characterizing price growth as moderate and five characterizing it as modest, mostly similar to the previous report. 
  • In all twelve Districts, businesses reported experiencing modest to pronounced input cost pressures related to tariffs, especially for raw materials used in manufacturing and construction.
  • Rising insurance costs represented another widespread source of pricing pressure.
  • Many firms passed on at least a portion of cost increases to consumers through price hikes or surcharges, although some held off raising prices because of customers' growing price sensitivity, resulting in compressed profit margins.
  • Contacts in a wide range of industries expected cost pressures to remain elevated in the coming months, and yet despite expecting just that for months now, there has been zero abnormal tariff-driven inflation of note yet.

In short, for yet another month, the sky is not falling.

Here is a snapshot of highlights by Fed District:

  • New York: Economic activity continued to decline modestly as heightened uncertainty hindered decision-making. Employment was up slightly and wage growth was modest. Selling price increases remained moderate, while input prices rose steeply with widespread tariff-related cost increases.

  • Philadelphia: Business activity continued to decline modestly in the current Beige Book period. Activity fell moderately for nonmanufacturers but edged up slightly for manufacturers. Employment declined slightly, while wages increased slightly. Prices rose modestly after moderate growth last period. Generally, firms expect slight growth over the next six months, although economic uncertainty remains. 

  • Cleveland: District business activity continued to be flat in recent weeks, but contacts expected activity to increase slightly in the months ahead. Several manufacturers reported softer orders, and transportation contacts reported a steep decline in demand. Contacts said that cost growth remained robust while their selling prices only increased modestly. 

  • Richmond: The regional economy grew moderately in recent weeks. Consumer spending on retail, leisure, and hospitality increased at a modest to moderate rate. Business conditions were largely unchanged as firms across most sectors reported steady sales and demand. However, manufacturing activity contracted slightly with firms citing higher prices curtailing demand in recent weeks. Employment rose modestly and price growth remained moderate this cycle. 

  • Atlanta: The economy of the Sixth District was little changed. Labor markets and wages were steady. Prices rose moderately. Consumer spending softened, but travel and tourism increased modestly. Residential and commercial real estate activity declined. Transportation activity grew modestly. Loan growth was flat. Manufacturing was flat, but energy activity rose moderately. 

  • Chicago: Economic activity increased slightly. Employment increased modestly; consumer spending, business spending, and construction and real estate activity were flat; manufacturing declined slightly; and nonbusiness contacts saw no change in activity. Prices rose moderately, wages rose modestly, and financial conditions loosened slightly. Prospects for 2025 farm income were unchanged. 

  • St. Louis: Economic activity has remained unchanged. Employment levels were generally unchanged. Prices continued to increase moderately, and most contacts continued to expect higher nonlabor costs in the coming months as a result of tariffs. The outlook among contacts remains highly uncertain and slightly pessimistic. 

  • Minneapolis: Economic activity was flat overall. Employment grew slightly and wage growth was moderate. Price growth eased but manufacturers felt more acute pressures. Overall consumer spending was down but tourism activity increased. Construction and energy activity decreased while manufacturing and vehicle sales were flat. 

  • Kansas City: Economic activity in the Tenth District was mostly unchanged, with some rebound in consumer spending and financial activities. Labor availability was reportedly much higher, which lowered expected wage pressures for the remainder of the year. Prices rose at a moderate pace. 

  • Dallas: Economic activity in the Eleventh District economy was up slightly over the reporting period. Non-financial services activity grew modestly, and manufacturing production held steady. Loan volumes expanded, while oil production was flat, retail sales declined, and the housing market weakened. Employment was unchanged and price pressures held steady. Outlooks remained pessimistic. 

  • San Francisco: Economic activity was largely stable. Employment levels were slightly lower. Wages grew at a slight pace and prices increased modestly. Retail sales expanded modestly, and consumer and business services demand eased. Conditions in manufacturing, and residential real estate markets weakened somewhat. Lending activity and conditions in agriculture were largely unchanged.

And finally, confirming that contrary to conventional wisdom the economic picture has been largely unchanged since April, the latest Beige Book found that contrary to prevailing media narratives, mentions of inflation actually dropped again, sliding to a new four year low of just 5 from 10 the previous month (effectively before the Biden inflationary explosion period) while mentions of "slow" rose to the highest since last October, just after the Powell Fed cut rates by 50bps. Overall, a very awkward report for a Fed that no longer has any excuse not to cut. 

All of which suggests that the US economy - while hardly on fire as it was during the hyperinflationary period of Biden's admin - continues to chug along and is hardly collapsing as so many Trump foes would like to see; and it certainly is not seeing prices explode higher.

Tyler Durden Wed, 07/16/2025 - 15:25

Emails Reveal FBI Invented Trump Case Out Of Nothing

Emails Reveal FBI Invented Trump Case Out Of Nothing

Authored by Luis Cornelio via Headline USA,

Newly released emails further expose the behind-the-scenes push within the Biden DOJ’s push to manufacture a criminal case against President Donald Trump. 

The emails - obtained by the Senate Judiciary Committee and first reported by legal expert Margot Cleveland - show the FBI scrambling to go after Trump despite having no evidence. 

One email revealed former FBI Agent Tim Thibault plotting with colleagues how to zero in on the Willard Hotel.

Trump allies used the hotel as a command center to monitor the 2020 election results. 

According to the email, Thibault was actively hunting for a crime tied to the Willard Hotel.

He laid out two options: launch an assessment or open a preliminary investigation. 

He objected to the first option, noting it would limit the FBI’s authority. Under an assessment, interviews and “more probative” actions were barred. Subpoenas would be tightly restricted.

Thibault admitted the office was “hard at work attempting to predicate a Preliminary investigation.” This route, he said, would enable a broader and likely more aggressive investigation. 

In short, the FBI tried to launch a criminal probe without a shred of evidence. 

The email, dated March 2, 2022, came just six months before Special Counsel Jack Smith unsealed an indictment over Trump’s efforts to question the 2020 election. 

Federalist senior legal writer Margot Cleveland said the officials involved should be referred to the Inspector General for further investigation. 

One recipient on the email chain was Wayne Jacobs, a senior FBI agent whom Director Chris Wray later promoted to lead the Philadelphia field office. 

As Headline USA previously reported, Jacobs is married to former J6 committee investigator Soumya Dayananda. 

That connection has raised red flags, especially after Dayananda bragged that the charges against Trump closely mirrored her committee’s work. 

Despite his ties to Dayananda and the Biden-era FBI, Jacobs remains on the taxpayer payroll, running one of the agency’s most powerful field offices. 

The FBI fired Thibault in 2024 after he violated the Hatch Act by making political posts on social media. Whistleblowers have accused Thibault of showing a “pattern of active public partisanship.” Thibault participated in probes of both Trump and Hunter Biden.

Read the emails below...

Tyler Durden Wed, 07/16/2025 - 15:05

Emails Reveal FBI Invented Trump Case Out Of Nothing

Emails Reveal FBI Invented Trump Case Out Of Nothing

Authored by Luis Cornelio via Headline USA,

Newly released emails further expose the behind-the-scenes push within the Biden DOJ’s push to manufacture a criminal case against President Donald Trump. 

The emails - obtained by the Senate Judiciary Committee and first reported by legal expert Margot Cleveland - show the FBI scrambling to go after Trump despite having no evidence. 

One email revealed former FBI Agent Tim Thibault plotting with colleagues how to zero in on the Willard Hotel.

Trump allies used the hotel as a command center to monitor the 2020 election results. 

According to the email, Thibault was actively hunting for a crime tied to the Willard Hotel.

He laid out two options: launch an assessment or open a preliminary investigation. 

He objected to the first option, noting it would limit the FBI’s authority. Under an assessment, interviews and “more probative” actions were barred. Subpoenas would be tightly restricted.

Thibault admitted the office was “hard at work attempting to predicate a Preliminary investigation.” This route, he said, would enable a broader and likely more aggressive investigation. 

In short, the FBI tried to launch a criminal probe without a shred of evidence. 

The email, dated March 2, 2022, came just six months before Special Counsel Jack Smith unsealed an indictment over Trump’s efforts to question the 2020 election. 

Federalist senior legal writer Margot Cleveland said the officials involved should be referred to the Inspector General for further investigation. 

One recipient on the email chain was Wayne Jacobs, a senior FBI agent whom Director Chris Wray later promoted to lead the Philadelphia field office. 

As Headline USA previously reported, Jacobs is married to former J6 committee investigator Soumya Dayananda. 

That connection has raised red flags, especially after Dayananda bragged that the charges against Trump closely mirrored her committee’s work. 

Despite his ties to Dayananda and the Biden-era FBI, Jacobs remains on the taxpayer payroll, running one of the agency’s most powerful field offices. 

The FBI fired Thibault in 2024 after he violated the Hatch Act by making political posts on social media. Whistleblowers have accused Thibault of showing a “pattern of active public partisanship.” Thibault participated in probes of both Trump and Hunter Biden.

Read the emails below...

Tyler Durden Wed, 07/16/2025 - 15:05

'Genderfluid' 19-Year-Old Attempts To Firebomb GOP Office In Michigan

'Genderfluid' 19-Year-Old Attempts To Firebomb GOP Office In Michigan

Authored by Debra Heine via American Greatness,

A 19-year-old man was arrested over the weekend after throwing a Molotov cocktail at the Dickinson County Republican Committee headquarters in Iron Mountain, Michigan.

Zayn Edward Arcand, who allegedly identifies as “genderfluid,” appeared for his arraignment via Zoom Monday afternoon.

Arcand admitted to throwing the Molotov cocktail, which failed to ignite, at the Republican Party office “to send a message against the corruption.”

The suspect acted out of dissatisfaction with Trump administration policies, according to authorities.

Arcand was charged Monday in Dickinson County District Court with arson and manufacturing and possessing a Molotov cocktail.

A witness reported seeing the suspect in the area just before 4 p.m. Saturday attempting to light a rag sticking out of a bottle and throwing the bottle at the window of the GOP headquarters,  according to Jeff Solka, director of Iron Mountain Police and Fire Services.

Surveillance camera footage showed the bottle shattered on impact but did not catch fire.

A second broken glass bottle was found in the parking lot, also with an unknown liquid and rag sticking out of the top, according to the news release.

Officers were able to identify the suspect, who later admitted to assembling the bottle bombs in his driveway. He threw them at the GOP headquarters “to send a message against the corruption,” Solka stated in a news release, adding, “The suspect was hoping what he made was flammable and would ignite.”

Arcand was arrested later Saturday and booked into the Dickinson County Jail on a $15,000 bond.

The owners of the building said they were relieved the damage wasn’t worse, according  13 News.

“We were very concerned,” Ray Broullire told reporters. “Not to mention there’s people in this building. It was a Saturday, thank goodness. You know, that was a big plus. But yeah, when something like that happens, you just kind of expect the worst. We’re glad it worked out the way it did.”

Angela Hall, chair of the Dickinson County Republican Committee, said she was relieved that the fire-bombing attempt failed, but  called the incident “scary.”

“It was one of those moments of shock where you try to just digest it,” Hall said, adding, “Violence to try to sway anyone politically is not OK.”

Since President Trump returned to office, left-wing “protesters” have escalated their violent tactics against their political enemies while the corporate media has attempted to excuse or downplay the violence.

Early into Trump’s 2nd term, agitators targeted then-DOGE chief Elon Musk by vandalizing and firebombing Tesla dealerships and harassing Tesla owners.

In May, Elias Rodriguez, 30, opened fire on Yaron Lischinsky, 28, and Sarah Milgrim, 26, at the Capital Jewish Museum, killing both.  He shouted “Free, free Palestine” as he was being arrested.

Last month another pro-Hamas  radical shouted “Free Palestine” as he threw Molotov cocktails at Jewish demonstrators in Boulder, wounding thirteen people, and killing one.
Also in June, downtown Los Angeles saw antifa-fueled anti-ICE riots where agitators assaulted immigration officers, slashed tires, torched vehicles and and defaced public buildings.  President Trump had to call in thousands of National Guard troops and 700 active-duty U.S. Marines to the city to quell the violence.

On the 4th of July, heavily armed antifa agitators from the Dallas-Fort Worth ambushed an ICE facility in Alvarado, Texas, setting off fireworks to lure police to the scene and shooting a responding officer in the neck.

Left-wing militants also clashed with federal officers at an ICE facility in Portland, Oregon on the 4th of July, with hundreds of agitators attempting to storm holding cells.

And last week, a gunman armed with tactical gear and a rifle  opened fire upon Border Patrol agents at the entrance of a Border Patrol annex facility in McAllen, Texas, injuring two police officers and a Border Patrol employee.

Mari Negro, chair of the Dickinson County Democratic Party, also condemned the Iron Mountain attack in a written statement Monday.

“The Dickinson County Democratic Party does not condone or support violence in any form,” Negro wrote. “We’re glad that property damage was kept to a minimum and no one was hurt, thanks to the immediate response of our local police.”

Hall added that she believes 95 percent of the community feels the same way, no matter what their political affiliation.

Michigan Governor Gretchen Whitman (D) and Attorney General Dana Nessel (D) have yet to comment on the attack.

Tyler Durden Wed, 07/16/2025 - 14:25

'Genderfluid' 19-Year-Old Attempts To Firebomb GOP Office In Michigan

'Genderfluid' 19-Year-Old Attempts To Firebomb GOP Office In Michigan

Authored by Debra Heine via American Greatness,

A 19-year-old man was arrested over the weekend after throwing a Molotov cocktail at the Dickinson County Republican Committee headquarters in Iron Mountain, Michigan.

Zayn Edward Arcand, who allegedly identifies as “genderfluid,” appeared for his arraignment via Zoom Monday afternoon.

Arcand admitted to throwing the Molotov cocktail, which failed to ignite, at the Republican Party office “to send a message against the corruption.”

The suspect acted out of dissatisfaction with Trump administration policies, according to authorities.

Arcand was charged Monday in Dickinson County District Court with arson and manufacturing and possessing a Molotov cocktail.

A witness reported seeing the suspect in the area just before 4 p.m. Saturday attempting to light a rag sticking out of a bottle and throwing the bottle at the window of the GOP headquarters,  according to Jeff Solka, director of Iron Mountain Police and Fire Services.

Surveillance camera footage showed the bottle shattered on impact but did not catch fire.

A second broken glass bottle was found in the parking lot, also with an unknown liquid and rag sticking out of the top, according to the news release.

Officers were able to identify the suspect, who later admitted to assembling the bottle bombs in his driveway. He threw them at the GOP headquarters “to send a message against the corruption,” Solka stated in a news release, adding, “The suspect was hoping what he made was flammable and would ignite.”

Arcand was arrested later Saturday and booked into the Dickinson County Jail on a $15,000 bond.

The owners of the building said they were relieved the damage wasn’t worse, according  13 News.

“We were very concerned,” Ray Broullire told reporters. “Not to mention there’s people in this building. It was a Saturday, thank goodness. You know, that was a big plus. But yeah, when something like that happens, you just kind of expect the worst. We’re glad it worked out the way it did.”

Angela Hall, chair of the Dickinson County Republican Committee, said she was relieved that the fire-bombing attempt failed, but  called the incident “scary.”

“It was one of those moments of shock where you try to just digest it,” Hall said, adding, “Violence to try to sway anyone politically is not OK.”

Since President Trump returned to office, left-wing “protesters” have escalated their violent tactics against their political enemies while the corporate media has attempted to excuse or downplay the violence.

Early into Trump’s 2nd term, agitators targeted then-DOGE chief Elon Musk by vandalizing and firebombing Tesla dealerships and harassing Tesla owners.

In May, Elias Rodriguez, 30, opened fire on Yaron Lischinsky, 28, and Sarah Milgrim, 26, at the Capital Jewish Museum, killing both.  He shouted “Free, free Palestine” as he was being arrested.

Last month another pro-Hamas  radical shouted “Free Palestine” as he threw Molotov cocktails at Jewish demonstrators in Boulder, wounding thirteen people, and killing one.
Also in June, downtown Los Angeles saw antifa-fueled anti-ICE riots where agitators assaulted immigration officers, slashed tires, torched vehicles and and defaced public buildings.  President Trump had to call in thousands of National Guard troops and 700 active-duty U.S. Marines to the city to quell the violence.

On the 4th of July, heavily armed antifa agitators from the Dallas-Fort Worth ambushed an ICE facility in Alvarado, Texas, setting off fireworks to lure police to the scene and shooting a responding officer in the neck.

Left-wing militants also clashed with federal officers at an ICE facility in Portland, Oregon on the 4th of July, with hundreds of agitators attempting to storm holding cells.

And last week, a gunman armed with tactical gear and a rifle  opened fire upon Border Patrol agents at the entrance of a Border Patrol annex facility in McAllen, Texas, injuring two police officers and a Border Patrol employee.

Mari Negro, chair of the Dickinson County Democratic Party, also condemned the Iron Mountain attack in a written statement Monday.

“The Dickinson County Democratic Party does not condone or support violence in any form,” Negro wrote. “We’re glad that property damage was kept to a minimum and no one was hurt, thanks to the immediate response of our local police.”

Hall added that she believes 95 percent of the community feels the same way, no matter what their political affiliation.

Michigan Governor Gretchen Whitman (D) and Attorney General Dana Nessel (D) have yet to comment on the attack.

Tyler Durden Wed, 07/16/2025 - 14:25

Bitcoin, Ether Bounce Back As House Passes Procedural Vote On 'Crypto Week' Bills

Bitcoin, Ether Bounce Back As House Passes Procedural Vote On 'Crypto Week' Bills

After yesterday's disappointment - and a meeting with President Trump - conservative Republicans flip-flopped and voted to push forward with landmark cryptocurrency legislation.

As The Block reports, The House voted 215 to 211 on Wednesday to move forward and later take a vote on the Guiding and Establishing National Innovation for U.S. Stablecoins (also known as the GENIUS bill), which would create a regulatory framework for stablecoins and could be slated to head to President Donald Trump's desk before the end of the week. 

Lawmakers also voted to proceed with the Digital Asset Market Clarity Act, or Clarity for short, that takes a whole-of-crypto approach and would create a clear regulatory framework for crypto in part through designating how the SEC and CFTC will regulate.

They also agreed to later vote on a bill to block the Federal Reserve from issuing a central bank digital currency (CBDC) directly to individuals, which was reportedly the most critical itemn for the conservative Republicans yesterday. 

No Democrats voted yes to move forward with the bills. 

The vote pushed Bitcoin higher (after yesterday's disappointment)...

And sent Ethereum soaring even higher (notably outperforming its big brother this week)...

Is The ETH/BTC ratio set to retake Election levels and beyond?

Rep. Andy Harris, R-Md., who chairs the House Freedom Caucus, posted on X during the vote that the caucus would be voting in favor and that they had agreed to meet later to add CBDC provisions into Clarity. 

"This is an important step to ensure Americans are protected from government overreach into their financial privacy," Harris said. 

Punchbowl News reported that Rep. Greene originally voted no for moving forward with the bills, but later changed her vote to yes. 

Earlier in the day, Greene said she would not vote for it, again signalling concerns over CBDC bans. 

"The only way to guarantee a ban on a central bank digital currency is through law," Greene posted on X ahead of Wednesday's vote.

"The GENIUS Act does not ban CBDC or maintain people’s chain of custody."

During a press conference earlier on Wednesday, House Democrats urged lawmakers to vote no on Clarity. Top Democrat of the House Financial Services Committee Maxine Waters called the Clarity and GENIUS "two of the most dangerous pieces of legislation."

"Let's be clear, these bills are a gift-wrapped invitation for Trump to continue his full-scale crypto con," she said.

Next, lawmakers will take votes on the bills.

Both Clarity and the anti-CBDC bill would have to be passed by the Senate before becoming law. GENIUS has already been passed by the Senate, so it would go to Trump's desk.

 

Tyler Durden Wed, 07/16/2025 - 14:07

Bitcoin, Ether Bounce Back As House Passes Procedural Vote On 'Crypto Week' Bills

Bitcoin, Ether Bounce Back As House Passes Procedural Vote On 'Crypto Week' Bills

After yesterday's disappointment - and a meeting with President Trump - conservative Republicans flip-flopped and voted to push forward with landmark cryptocurrency legislation.

As The Block reports, The House voted 215 to 211 on Wednesday to move forward and later take a vote on the Guiding and Establishing National Innovation for U.S. Stablecoins (also known as the GENIUS bill), which would create a regulatory framework for stablecoins and could be slated to head to President Donald Trump's desk before the end of the week. 

Lawmakers also voted to proceed with the Digital Asset Market Clarity Act, or Clarity for short, that takes a whole-of-crypto approach and would create a clear regulatory framework for crypto in part through designating how the SEC and CFTC will regulate.

They also agreed to later vote on a bill to block the Federal Reserve from issuing a central bank digital currency (CBDC) directly to individuals, which was reportedly the most critical itemn for the conservative Republicans yesterday. 

No Democrats voted yes to move forward with the bills. 

The vote pushed Bitcoin higher (after yesterday's disappointment)...

And sent Ethereum soaring even higher (notably outperforming its big brother this week)...

Is The ETH/BTC ratio set to retake Election levels and beyond?

Rep. Andy Harris, R-Md., who chairs the House Freedom Caucus, posted on X during the vote that the caucus would be voting in favor and that they had agreed to meet later to add CBDC provisions into Clarity. 

"This is an important step to ensure Americans are protected from government overreach into their financial privacy," Harris said. 

Punchbowl News reported that Rep. Greene originally voted no for moving forward with the bills, but later changed her vote to yes. 

Earlier in the day, Greene said she would not vote for it, again signalling concerns over CBDC bans. 

"The only way to guarantee a ban on a central bank digital currency is through law," Greene posted on X ahead of Wednesday's vote.

"The GENIUS Act does not ban CBDC or maintain people’s chain of custody."

During a press conference earlier on Wednesday, House Democrats urged lawmakers to vote no on Clarity. Top Democrat of the House Financial Services Committee Maxine Waters called the Clarity and GENIUS "two of the most dangerous pieces of legislation."

"Let's be clear, these bills are a gift-wrapped invitation for Trump to continue his full-scale crypto con," she said.

Next, lawmakers will take votes on the bills.

Both Clarity and the anti-CBDC bill would have to be passed by the Senate before becoming law. GENIUS has already been passed by the Senate, so it would go to Trump's desk.

 

Tyler Durden Wed, 07/16/2025 - 14:07

Trump Sparks Market Chaos: Denies CBS Reports Of Imminent Firing Of 'Knucklehead' Powell

Trump Sparks Market Chaos: Denies CBS Reports Of Imminent Firing Of 'Knucklehead' Powell

Update (1200ET): Well that didn't take long. President Trump was asked in the Oval Office whether he was looking to fire Powell 'soon'.

He responded 'no'...

  • *TRUMP: POWELL 'TERRIBLE' FED CHAIR

  • *TRUMP, ASKED IF HE WILL FIRE POWELL: HE HAS BEEN TOO LATE

  • *TRUMP: POWELL TRIED TO CUT RATES FOR DEMOCRATS

  • *TRUMP: POWELL DOES A TERRIBLE JOB, WE FIGHT THROUGH IT

  • *TRUMP, ASKED IF HE WILL FIRE POWELL:  'NOT PLANNING'

  • *TRUMP: NOT TALKING ABOUT FIRING POWELL

  • *TRUMP ON FIRING POWELL: HIGHLY UNLIKELY

  • *TRUMP DENIES DRAFTING LETTER TO FIRE POWELL

  • *TRUMP: POWELL A 'KNUCKLEHEAD'

Then Trump switched to the possible 'cause' for any firing: 

  • *TRUMP ON POWELL, FRAUD PROBE: I THINK HE'S GOT SOME PROBLEMS

  • *TRUMP: POWELL SPENT MORE MONEY THAN EXPECTED

  • *TRUMP SAYS HE THINKS POWELL IS 'ALREADY' UNDER INVESTIGATION

And all those moves in markets below reversed!!!

*  *  *

Initially CBS reported that President trump spoke to a group of GOP lawmakers about firing Fed Chair Powell (and markets reacted modestly), but now Bloomberg reports that a White House official confirms Powell's outser is imminent.

While the lawmakers voiced support for the move, which would likely roil financial markets and lead to a consequential legal showdown, Trump has not made a final decision and could change his mind, according to the official who requested anonymity to discuss a private conversation.

The NYTimes reports, according to two people briefed on the meeting, President Trump showed off a draft of a letter firing the Powell during a meeting with roughly a dozen House Republicans on Tuesday night, polling them as to whether he should do it and indicating that he likely would.

Some advisers to and allies of Mr. Trump insist he’s simply trolling Mr. Powell and hoping to torment the Fed chair but won’t actually follow through with trying to fire him.

In seeking to fire him, Trump would test the legal bounds of his authority over the central bank and independent federal agencies more broadly.

In recent days, Trump has lambasted Powell over renovations at the central bank that the president and his allies have seized on, arguing that the work has been plagued by cost overruns and is exorbitantly lavish for a government office building.

Trump suggested that the renovation costs were “pretty disgraceful.”

Asked if it was a fireable offense by reporters on Tuesday, Trump responded “I think it sort of is,” but stopped short of saying he planned to push out the Fed chief over the flap.

“I think he’s a total stiff, but the one thing I didn’t see him as is the guy that needed a palace to live in,” Trump said.

Anna Paulina Luna, a Florida Republican who was among the holdouts on the cryptocurrency bill, wrote on social media that she was “Hearing Jerome Powell is getting fired! From a very serious source.”

In a later post, she wrote, “I’m 99% sure firing is imminent.”

The reaction was swift with stocks tumbling...

The bond market is swinging wildly with the short-end bid and long-end yields oaring (major steepening)

Rate-cut expectations are spiking...

Gold soaring...

And bitcoin bid...

The dollar was clubbed like a baby seal...

“If Trump fires Powell and puts someone in place to bully the Fed into cutting rates, the bond market would react poorly to that — it would sell off and yields would go up,” said Jim Bianco, president and macro strategist at Bianco Research.

“We’ve already seen an example” of what might happen, he said, pointing to the jump in 10-year Treasury yields in late 2024 that came alongside Fed rate cuts.

The market was “basically saying to the Fed you have the wrong policy — the economy doesn’t need extra stimulus. That’s what would happen now.”

Trump's timing could not be better (or worse) for stocks as Goldman predicted the top would be July 17th.

Market chaos is certainly a decent distraction from the Epstein 'hoax'?

Tyler Durden Wed, 07/16/2025 - 14:00

Trump Sparks Market Chaos: Denies CBS Reports Of Imminent Firing Of 'Knucklehead' Powell

Trump Sparks Market Chaos: Denies CBS Reports Of Imminent Firing Of 'Knucklehead' Powell

Update (1200ET): Well that didn't take long. President Trump was asked in the Oval Office whether he was looking to fire Powell 'soon'.

He responded 'no'...

  • *TRUMP: POWELL 'TERRIBLE' FED CHAIR

  • *TRUMP, ASKED IF HE WILL FIRE POWELL: HE HAS BEEN TOO LATE

  • *TRUMP: POWELL TRIED TO CUT RATES FOR DEMOCRATS

  • *TRUMP: POWELL DOES A TERRIBLE JOB, WE FIGHT THROUGH IT

  • *TRUMP, ASKED IF HE WILL FIRE POWELL:  'NOT PLANNING'

  • *TRUMP: NOT TALKING ABOUT FIRING POWELL

  • *TRUMP ON FIRING POWELL: HIGHLY UNLIKELY

  • *TRUMP DENIES DRAFTING LETTER TO FIRE POWELL

  • *TRUMP: POWELL A 'KNUCKLEHEAD'

Then Trump switched to the possible 'cause' for any firing: 

  • *TRUMP ON POWELL, FRAUD PROBE: I THINK HE'S GOT SOME PROBLEMS

  • *TRUMP: POWELL SPENT MORE MONEY THAN EXPECTED

  • *TRUMP SAYS HE THINKS POWELL IS 'ALREADY' UNDER INVESTIGATION

And all those moves in markets below reversed!!!

*  *  *

Initially CBS reported that President trump spoke to a group of GOP lawmakers about firing Fed Chair Powell (and markets reacted modestly), but now Bloomberg reports that a White House official confirms Powell's outser is imminent.

While the lawmakers voiced support for the move, which would likely roil financial markets and lead to a consequential legal showdown, Trump has not made a final decision and could change his mind, according to the official who requested anonymity to discuss a private conversation.

The NYTimes reports, according to two people briefed on the meeting, President Trump showed off a draft of a letter firing the Powell during a meeting with roughly a dozen House Republicans on Tuesday night, polling them as to whether he should do it and indicating that he likely would.

Some advisers to and allies of Mr. Trump insist he’s simply trolling Mr. Powell and hoping to torment the Fed chair but won’t actually follow through with trying to fire him.

In seeking to fire him, Trump would test the legal bounds of his authority over the central bank and independent federal agencies more broadly.

In recent days, Trump has lambasted Powell over renovations at the central bank that the president and his allies have seized on, arguing that the work has been plagued by cost overruns and is exorbitantly lavish for a government office building.

Trump suggested that the renovation costs were “pretty disgraceful.”

Asked if it was a fireable offense by reporters on Tuesday, Trump responded “I think it sort of is,” but stopped short of saying he planned to push out the Fed chief over the flap.

“I think he’s a total stiff, but the one thing I didn’t see him as is the guy that needed a palace to live in,” Trump said.

Anna Paulina Luna, a Florida Republican who was among the holdouts on the cryptocurrency bill, wrote on social media that she was “Hearing Jerome Powell is getting fired! From a very serious source.”

In a later post, she wrote, “I’m 99% sure firing is imminent.”

The reaction was swift with stocks tumbling...

The bond market is swinging wildly with the short-end bid and long-end yields oaring (major steepening)

Rate-cut expectations are spiking...

Gold soaring...

And bitcoin bid...

The dollar was clubbed like a baby seal...

“If Trump fires Powell and puts someone in place to bully the Fed into cutting rates, the bond market would react poorly to that — it would sell off and yields would go up,” said Jim Bianco, president and macro strategist at Bianco Research.

“We’ve already seen an example” of what might happen, he said, pointing to the jump in 10-year Treasury yields in late 2024 that came alongside Fed rate cuts.

The market was “basically saying to the Fed you have the wrong policy — the economy doesn’t need extra stimulus. That’s what would happen now.”

Trump's timing could not be better (or worse) for stocks as Goldman predicted the top would be July 17th.

Market chaos is certainly a decent distraction from the Epstein 'hoax'?

Tyler Durden Wed, 07/16/2025 - 14:00

"Maximum Generation Alert" Declared On America's Largest Power Grid

"Maximum Generation Alert" Declared On America's Largest Power Grid

America's largest power grid has issued another "Maximum Generation Alert" and "Load Management Alert" as temperatures soar across the eastern half of the U.S. This comes amid a national trend of retiring fossil fuel power plants and replacing them with unreliable 'green' energy sources—creating a severe mismatch between baseload capacity and rising demand, and raising the risk of rolling blackouts in some areas. 

PJM Interconnection, the operator of the largest U.S. power grid serving 65 million people across 13 states and D.C., issued a "Maximum Generation Alert and Load Management Alert" for Wednesday, ordering all available power generation to run at full capacity to ensure power demand is met during peak hours amid tightening conditions. 

PJM's grid alerts are procedural and inform neighboring grids of potential export curtailments, advising transmission/generation owners to defer maintenance. Today's peak demand forecast is around 145,000 MW across the service district.

The NOAA Climate Prediction Center's latest 6–10 day temperature outlook map shows that much of PJM's customers will experience temperatures well above average levels for this time of year. 

None of this should come as a surprise to readers: we've extensively covered PJM's repeated warnings, shared a Goldman Sachs note highlighting that the grid is "getting critically tight," and urged those at risk to consider adding backup power generation at home.

Tyler Durden Wed, 07/16/2025 - 12:45

Pentagon Awards Contracts To 4 Artificial Intelligence Developers

Pentagon Awards Contracts To 4 Artificial Intelligence Developers

Authored by Ryan Morgan via The Epoch Times (emphasis ours),

The U.S. Department of Defense announced on July 14 that it has awarded contracts to four U.S.-based artificial intelligence (AI) developers to address national security challenges.

The Pentagon building, headquarters of the Department of Defense, in Arlington, Va., in an undated aerial photo. U.S. Air Force/Getty Images

Anthropic, Google, OpenAI, and xAI will each receive a contracting award with a ceiling of $200 million, according to a statement shared by the Chief Digital and Artificial Intelligence Office.

The office said these four companies would help “develop agentic AI workflows across a variety of mission areas.”

“Agentic AI” refers to systems designed to operate with minimal human input.

Formed in 2021, the Chief Digital and Artificial Intelligence Office is responsible for speeding up the military’s adoption of AI systems.

OpenAI was the first of the four contract awardees to announce its contract with the Chief Digital and Artificial Intelligence Office.

In June, the company unveiled “OpenAI for Government” and said its first partnership under the new initiative would help the Pentagon office identify and prototype new AI tools for administrative operations.

Anthropic has developed the Claude family of AI chatbots.

In June, Anthropic announced the development of custom “Claude Gov” models intended for national security clients.

The company said agencies operating at the highest level of the U.S. national security sector are already using these AI models.

Formed by billionaire entrepreneur Elon Musk in 2023, xAI serves as a parent to X Corp., which operates the social media platform X. Among its services, xAI has developed the Grok AI chatbot.

On July 14, xAI announced “Grok for Government” and confirmed that the service holds contracts with the Department of Defense and the U.S. General Services Administration.

Google Public Sector Vice President Jim Kelly said in a July 14 blog post that the new AI announcement with the Department of Defense would build on a long-standing partnership between Google and the U.S. military.

Kelly said his company would give the military access to its Cloud Tensor Processing Units, which power Google’s current AI applications.

“These advanced AI solutions will enable the DoD to effectively address defense challenges and scale the adoption of agentic AI across enterprise systems to drive innovation and efficiency with agile, proven technology,” Kelly wrote.

Tyler Durden Wed, 07/16/2025 - 12:25

Trump Clarifies No Long-Range Missiles To Ukraine, Declares "I'm On Nobody's Side"

Trump Clarifies No Long-Range Missiles To Ukraine, Declares "I'm On Nobody's Side"

Only this week are further contents of a July 4 phone call between Presidents Trump and Zelensky being revealed, but it comes amid accusations of fake news and taking statements out of context.

"Volodymyr, can you hit Moscow? … Can you hit St Petersburg too?" - that's reportedly what Trump posed to the Ukrianian leader in their July 4th call, which came the day following the president had a disappointing call Russian leader Vladimir Putin.

Zelensky responded: "Absolutely. We can if you give us the weapons." All of this is according to a report in Financial Times, which the White House is now pushing back against. The FT presented the exchange as indicative of a new US approach of quietly encouraging Ukraine's military to strike Moscow and other targets deeper inside Russia.

Anadolu via Getty Images

Press secretary Karoline Leavitt has said the FT's framing of the call was misleading and without proper context. "The Financial Times is notorious for taking words wildly out of context to get clicks because their paper is dying," she has stated.

Trump sought to clarify in remarks to reporters on Tuesday that Zelensky "shouldn’t target Moscow" and proclaimed in interesting and ironic remarks that he's "on nobody’s side" - but that simply he wants the killing to stop.

The major announcement which had been planned for Monday did not include any new package of offensive long-range missiles (that the public knowns about at least).

"President Trump was merely asking a question, not encouraging further killing. He’s working tirelessly to stop the killing and end this war,"  Leavitt has added.

All of this helped paint a picture of Trump doing a complete 180 on Ukraine policy. To some extent he has - given he has continued sending Kiev arms packages, albeit 'defensive' in nature, supposedly. More anti-air defenses have been approved, despite that America's own stockpiles are being depleted.

But clearly the White House is somewhat feeling the sting of pushback and angry criticism from among the Right and Trump's base.

Trump has blasted the below FT reporting as fake news...

Tucker Carlson has also been merciless in blasting Trump for keeping the proxy war going in Ukraine, due to US deep involvement. 

The reality is that Washington could force Zelensky to the negotiating table, and to finally make serious compromises - including territorial concessions - by merely stopping the arms and ammo flow altogether.

Tyler Durden Wed, 07/16/2025 - 12:05

Trump Accuses 'Shifty Adam Schiff' Of Mortgage Fraud, Says He 'Needs To Be Brought To Justice'

Trump Accuses 'Shifty Adam Schiff' Of Mortgage Fraud, Says He 'Needs To Be Brought To Justice'

Authored by Debra Heine via American Greatness,

President Donald Trump on Tuesday accused Sen. Adam Schiff (D-Calif) of engaging in a pattern of mortgage fraud, calling him a “scam artist” who “needs to be brought to justice.”

The president took to Truth Social Monday morning to share the conclusion of fraud allegedly reached by Fannie Mae’s financial crimes division.

“I have always suspected Shifty Adam Schiff was a scam artist. And now I learn that Fannie Mae’s Financial Crimes Division have concluded that Adam Schiff has engaged in a sustained pattern of possible Mortgage Fraud,” Trump stated.

“Adam Schiff said that his primary residence was in MARYLAND to get a cheaper mortgage and rip off America, when he must LIVE in CALIFORNIA because he was a Congressman from CALIFORNIA,” the president continued.

By listing his Maryland home as his primary residence, according to the accusation, Schiff may have been trying to take advantage of more favorable loan terms, such as lower interest rates.

“I always knew Adam Schiff was a Crook,” Trump posted on Truth Social.

“The FRAUD began with the refinance of his Maryland property on February 6, 2009, and continued through multiple transactions until the Maryland property was correctly designated as a second home on October 13, 2020.”

The president concluded: “Mortgage Fraud is very serious, and CROOKED Adam Schiff (now a Senator) needs to be brought to justice.”

Trump’s accusations follow a “bombshell ethics complaint” against Schiff detailed in a May 2025 USA Herald report.

The complaint was filed by Christine Bish and Darren Ellis in October 2024, accusing him of a “pattern of mortgage fraud, voter fraud, and unlawful campaign filings stretching back over two decades.”

According to the complaint, “In 2009, Adam Schiff’s residence and voting registration was called to question in a House Ethics Committee hearing. Adam Schiff, despite claiming to live and represent the people in the state of California, filed and reaffirmed through refinancing documents, his primary residence at [—- —— —- ——-], Potomac Maryland, 28054.”

The complaint further alleges, “Adam Schiff is on the record having acknowledged the mortgage document filings [of Maryland as his primary residence] during a House Ethics hearing in 2009… He made the claim of ‘mistake,’ thereby acknowledging the appearance of possible mortgage fraud.”

The allegations against Schiff mirror those leveled against New York Attorney General Letitia James earlier this year  involving her properties in Norfolk, Virginia and Brooklyn, New York. The U.S. Department of Justice (DOJ) launched a formal criminal investigation into James in May which could potentially lead to charges of wire fraud, mail fraud, bank fraud, and making false statements to financial institutions.

The junior senator from California, who earned the nickname “Shifty Schiff” as a member of the House of Representatives from January 2001 to December 2024, has been a major player in numerous political operations against President Trump, including the Russia hoax, the Ukraine hoax, and the “Hunter Biden’s laptop is Russian disinformation” hoax.

In 2019, then-House Minority Leader Kevin McCarthy signed a Republican resolution to censure then-House Intelligence Committee Chairman Adam Schiff for fabricating the presidential phone call between Trump and Ukraine President Volodymyr Zelenskyy that spurred the Democrats’ impeachment inquiry.

In January 2023, then the House Speaker,  McCarthy took the extraordinary step of kicking Schiff and fellow Russia-hoaxer Rep. Eric Swalwell (D-Calif.) off the Intelligence Committee. In June of that same year, the House of Representatives censured Schiff “for misleading the American public and for conduct unbecoming of an elected Member of the House of Representatives.”

After Trump’s election in November, Schiff and many other Democrats repeatedly voiced concerns that Trump’s Department of Justice could potentially investigate Democrats in retaliation for their past weaponization of the Justice system to prosecute and harass their political enemies.

“Since I led his first impeachment, Trump has repeatedly called for me to be arrested for treason,” Schiff wrote on X in response to Trump’s post. “So in a way, I guess this is a bit of a letdown.”

He added: “And this baseless attempt at political retribution won’t stop me from holding him accountable. Not by a long shot.”

Tyler Durden Wed, 07/16/2025 - 11:45

(Progressive) Bonfire Of The Vanities, 'Mad-Mani' Style

(Progressive) Bonfire Of The Vanities, 'Mad-Mani' Style

Authored by David DesRosiers, President of the RealClearFoundation,

New York City has met many challenges in its history as the capital of capital.

The constant problem that surrounds the city is that with great wealth comes great political profligacy. It is not the first time New York has found itself staring down a time for choosing at the barrel of a gun.

Tom Wolfe captured the “radical chic” and “mau-mauing” of the compromised big-city life in America, most obviously in San Francisco and New York. But Mayor Rudy Giuliani and his capable chieftains snuffed out the bonfire of the vanities through such commonsense policies like fixing broken windows policing, COMP-STAT, and welfare to work – commonsense policies that fueled an urban renaissance, which Mayor Michael Bloomberg inherited, embraced, and built upon over his three terms.

Somehow, New York voters forgot what unbridled crime in the streets and rampant racialist and redistributionist policies in city hall did to their quality of life. And so they elected Bill de Blasio as mayor. As promised, he swiftly began dismantling the regime of good governance that had made the city great again.

Eric Adams was elected precisely because the people of New York wanted a return to law and order sanity after eight years of de Blasio’s progressive dumpster fire. Sadly, Adams proved to be too ethically compromised to effectively resist the flood of illegal immigrants – many of whom were dispatched on border state buses – who filled the Port Authority. Housed in luxury hotels at taxpayers’ expense, they tested New York City’s sanctuary resolve.

Motivated by his political survival instincts, Adams’ spine stiffened. Conveniently, he was summarily whacked with a federal prosecution. “More lawfare!” said his defenders. “Just following the facts where they lead,” countered the Justice Department careerists. Nonetheless, he and Donald Trump found common purpose – and this triggered Democrats in general and progressives in particular. Rep. Alexandria Ocasio-Cortez, naturally, called for Adams to step down “for the good of the city.” You know, the new mantra of the left: guilty until proven innocent.

What are the political odds on Mayor Adams winning against the Democratic Party blob that has just nominated 33-year-old anti-Israel, Marxist Zohran Mamdani as its mayoral nominee? Not good. Presently, far from a coin toss.

Adams and New York City have four months to mount a credible, winning opposition. It’s a window of political opportunity that would not exist if it were not for Trump’s gratuitously playing a lawfare card of his own in the form of a timely presidential pardon, giving Adams a new lease on life – and New Yorkers a last chance to inhabit a livable city.

Trump hasn’t yet nicknamed Mamdani “Mad-Mani,” so I’ll go ahead and do it for him. Whatever he’s called, he’s a real threat to the city. Peter Orszag spoke for many successful business executives – the ones responsible for New York’s financial health. Appearing on CNBC, Lazard’s CEO revealed how troubling he found Mad-Mani’s “globalize the intifada” language – not to mention the would-be mayor’s antipathy for free-market capitalism and dislike for the wealthy. Orszag strongly hinted that his firm, and all the public and cultural goods that it underwrites, could relocate to more friendly climes. Florida beckons.

What have this long-time Democrat in good standing, and others like New York’s senior Sen. Chuck Schumer, been hearing from the socialist-friendly new guard?

It’s “they” – the old guard – who are no longer in charge of New York City politics. The Brooklyn progressives are running things now. Atop the pyramid is the new Adam and Eve, political power couple Mad-Mani and AOC. The vibe they send out is that they would happily have the old guard acquiesce to their agenda or move to Boca Raton.

What does this ascendant power couple hold to be shared and self-evident? For them, Israel and America are both apartheid states, and capitalism is the engine of inequality. And this antisemitic, anti-capitalist, anti-American power couple is trending on Instagram and just won the Democratic primary. AOC is coming for you, Chuck.

Why do they hold fast to such obvious falsehoods? The answer is that they are repeating what they have been taught in school, from Head Start to college classes. This is what most American kids are being taught, unless they were home-schooled, took the Catholic school route, or went to Hillsdale College.

Sen. Schumer and Orszag know this, as do untold numbers of sensible, centrist Democrats. Many of them know the “Chicken for KFC” mindset firsthand in their own families, and that their kids, grandkids, and wives are voting for this madness. The intifada chicken has come home to politically roost – and on your watch, and with your wallet.

While conservatives and centrists were shaking their heads in mirth at the spectacle of “Dykes for Palestine,” AOC was still basking in the spotlight for successfully killing a proposal from Amazon to build a second headquarters in Queens, adjacent to her congressional district. Not because she wanted the jobs in her Bronx district, but because she didn’t want them in New York City at all. Mind you, this was a project so beneficial to the area – it included some 25,000 jobs – that not only was Andrew Cuomo for it, but so was Bill de Blasio. AOC, though, was content to invoke the specter of “corporate greed,” which is what passes for reasoned debate among the generation of young Democrats.

And New York’s City Council, and the protest industrial complex surrounding it, has gotten a lot younger. They are the ones doing the work, organizing, showing up, and winning elections. The Democratic Party is nothing without the protest industrial complex. George Soros and his son pay well and seem to have a taste for chaos.

The progressive ramparts have their favorites. They want true believers running things.

Sorry, Chuck, they are not that into you anymore. Truth be told, they never were.

Although New York has not had a viable two-party system for a long time, when things get bad enough, New Yorkers turn to a law-and-order Republican like Giuliani or an independent like Mike Bloomberg. But do NYC voters really need to wait for all those broken windows – and the chaos it symbolizes – to materialize again before waking up?

It is time for New Yorkers’ wallets to shut tight on Mamdani, and open wide for Adams. A new coalition of sanity needs to be built and built quickly. New York is worth fighting for and saving. Its future hangs on the choice those who have not yet left make now.

Tyler Durden Wed, 07/16/2025 - 11:45

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