"I Have A Wonderful Opportunity": Justice Jackson's Cathartic Jurisprudence

Authored by Jonathan Turley,

I wrote recently about the chilling jurisprudence of Justice Ketanji Brown Jackson, who has drawn the ire of colleagues in opinions for her rhetoric and extreme positions.

Many have expressed alarm over her adherence to what has been described by a colleague as an “imperial judiciary” model of jurisprudence. Now, it appears that Jackson’s increasingly controversial opinions are serving a certain cathartic purpose for the far-left Biden appointee.

On ABC News, Jackson stated, “I just feel that I have a wonderful opportunity to tell people in my opinions how I feel about the issues, and that’s what I try to do.”

Her colleagues have not entirely welcomed that sense of license.

The histrionic and hyperbolic rhetoric has increased in Jackson’s opinions, which at times portray her colleagues as abandoning not just the Constitution but democracy itself.

Her dissent in the recent ruling on universal injunctions drew the rebuke of Justice Amy Coney Barrett over what was described as “a vision of the judicial role that would make even the most ardent defender of judicial supremacy blush.” Barrett wrote:

“We will not dwell on Justice Jackson’s argument, which is at odds with more than two centuries’ worth of precedent, not to mention the Constitution itself. We observe only this: Justice Jackson decries an imperial Executive while embracing an imperial Judiciary.”

Jackson, however, clearly feels that opinions are a way for her to opine on issues of the day.

She is not alone. Across the country, liberal judges have been adding their own commentary to decisions in condemning Trump, his supporters, and his policies.

I previously wrote about this pattern of extrajudicial commentary.

District Court Judge Tanya Chutkan, an Obama appointee, was criticized for failing to recuse herself from that case after she made highly controversial statements about Trump from the bench. Chutkan lashed out at “a blind loyalty to one person who, by the way, remains free to this day.” That “one person” was still under investigation at the time, and when Trump was charged, Chutkan refused to let the case go.

Later, Chutkan again added her own commentary when asked to dismiss a case due to Trump pardoning Jan. 6 defendants. She acknowledged that she could not block the pardons but proclaimed that the pardons could not change the “tragic truth” and “cannot whitewash the blood, feces and terror that the mob left in its wake. And it cannot repair the jagged breach in America’s sacred tradition of peacefully transitioning power.”

One of Chutkan’s colleagues, Judge Beryl Howell, also an Obama appointee, lashed out at Trump’s actions, writing, “[T]his Court cannot let stand the revisionist myth relayed in this presidential pronouncement.”

Then there is Judge Amit Mehta, another Obama appointee, who has been criticized for conflicted rulings in Trump cases and his bizarre (and ultimately abandoned) effort to banish January 6th defendants from the Capitol.

Last week, Mehta had a straightforward question of jurisdiction concerning a challenge to the denial of grants by the Trump Administration. While correctly dismissing the challenge, Mehta decided to add his own commentary on Trump’s priorities and policies:

“Defendants’ rescinding of these awards is shameful. It is likely to harm communities and individuals vulnerable to crime and violence. But displeasure and sympathy are not enough in a court of law.”

For Justice Jackson, her opinions have at times left her isolated on the Court. Weeks ago, Jackson and Sotomayor were alone in dissent over the defiance of a district court judge of the Court’s decision on universal injunctions. To her credit, Justice Elena Kagan (who voted with Sotomayor and Jackson in dissent in the earlier case) voted with her conservative colleagues in rebuking Judge Brian Murphy in Boston.

Kagan joined in the reversal of Murphy’s conflicting order and wrote the new order “clarifies only one thing: Other litigants must follow the rules, but the administration has the Supreme Court on speed dial.”

This week, Jackson lost even Sotomayor and stood alone in her dissent in support of an injunction over plans to downsize the government. Sotomayor observed that the Trump order only ordered for agencies to plan for such downsizing and said that the courts could hardly enjoin such policy preparations in the Executive Branch.

However, Jackson could and would.

The controversial position of Jackson on the Court is not due to her liberal views. We have had many such liberal jurists. The difference is how Jackson views her role as a justice.

The danger is not confined to opinions. For years, justices have yielded to the temptations of public speaking before supportive groups. I have long been a critic of what I called the era of “celebrity justices” where members seem to maintain political constituencies in public events.

Such speeches can not only undermine the integrity of the Court by discussing matters that may come before it, but they can create a desire to maintain the adoration of supporters. The greatest danger is that justices will consciously or subconsciously pander to their bases with soundbites and inflammatory rhetoric.

Judicial advocacy from the bench has been a concern since the founding. Article III can have a corrosive impact on certain jurists who come to view themselves as anointed rather than appointed. Most judges and justices are acutely aware of that danger and struggle to confine their rulings to the merits of disputes, avoiding political questions or commentary.

The “opportunity to tell people how I feel” can become a slippery slope where opinions become more like judicial op-eds. The Court is not a cable show. The price of the ticket to being “one of nine” is that you should speak only through your opinions and only on the narrow legal matter before you.

Opinions must remain “opportunities” to do simple justice, not a supreme editorial.

Jonathan Turley is the Shapiro Professor of Public Interest Law at George Washington University and the best-selling author of “The Indispensable Right.”

Tyler Durden Sat, 07/12/2025 - 17:30

Air India Crash: Fuel Switches On Boeing 787 "Cutoff" During Takeoff 

Just one month ago—and days before the Paris Air Show—a horrific crash involving Air India Flight 171, a Boeing 787 Dreamliner, was captured on CCTV. The footage showed the widebody aircraft taking off down a runway in the western Indian city of Ahmedabad, but shortly after rotation, it suddenly lost altitude and crashed into a residential area, sparking all sorts of speculation about what may have caused the crash that killed 260 people. Since then, Indian authorities have remained largely silent—until now.

A newly released preliminary report may finally shed light on what went wrong. Spoiler alert: it's great news for Boeing. Early findings suggest the mid-air disaster was not due to a mechanical flaw in the engines, but likely the result of human error.

On Saturday, India's Air Accident Investigation Bureau released a report revealing that the fuel control switches on the Boeing 787 were set to "cutoff" just seconds after takeoff, explaining why the widebody jet failed to gain sufficient lift after rotation, as thrust could not be produced with Jet A fuel supply cut off. 

"The aircraft achieved the maximum recorded airspeed of 180 Knots IAS at about 08:08:42 UTC and immediately thereafter, the Engine 1 and Engine 2 fuel cutoff switches transitioned from RUN to CUTOFF position one after another with a time gap of 01 sec. The Engine N1 and N2 began to decrease from their takeoff values as the fuel supply to the engines was cut off," the report read. 

The report continued, "In the cockpit voice recording, one of the pilots is heard asking the other why did he cutoff. The other pilot responded that he did not do so."

By the time the one pilot realized the fuel had been cut off and flipped the switches back to "run," it was too late. Although the engines began relight sequences, the aircraft had already reached its peak speed of 180 knots at just a few hundred feet of altitude—leaving no time for trust recovery. 

More details from the report:

As perthe EAFR, the Engine 1 fuel cutoff switch transitioned from CUTOFF to RUN at about 08:08:52 UTC. The APU Inlet Door began opening at about 08:08:54 UTC, consistent with the APU Auto Start logic. Thereafter at 08:08:56 UTC the Engine 2 fuel cutoff switch also transitions from CUTOFF to RUN. When fuel control switches are moved from CUTOFF to RUN while the aircraft is inflight, each engines full authority dual engine control (FADEC) automatically manages a relight and thrust recoverysequence of ignition and fuel introduction.

The EGT was observed to be rising for both engines indicating relight. Engine 1's core deceleration stopped, reversed and started to progress to recovery. Engine 2 was able to relight but could not arrest core speed deceleration and re-introduced fuel repeatedly to increase core speed acceleration and recovery. The EAFR recording stopped at 08:09:11 UTC.

At about 08:09:05 UTC, one of the pilots transmitted "MAYDAYMAYDAY MAYDAY".

The report does not explain why the switches were flipped and points to no mechanical issues or bird strike. It does, however, suggest a focus on the pilots' actions. The first officer was flying at the time.

As we've previously noted, this marks the first-ever hull loss of a Boeing 787 Dreamliner since the aircraft entered service in 2011. 

At the Paris Air Show, one of the aerospace industry's biggest events, held about a week after the crash, Boeing kept a low profile while the investigation into Flight 171 was ongoing. 

Shawn Pruchnicki, a former airline accident investigator and aviation expert at Ohio State University, told The New York Times: "For example, on the 787 and probably more airliners these days, the switches themselves — you can't shut them off without actually lifting them up. So there's a little mechanical gate built into the switch — you have to lift it up over this little gate. So you can't just bump it."

The good news for Boeing is that the investigation is pointing toward human error as the contributing factor in the crash.

*   *   * 

Read The Full Report: 

Tyler Durden Sat, 07/12/2025 - 16:55

Tariff Windfall Drives Surprise $27 Billion US Budget Surplus In June

Authored by Tom Ozimek via The Epoch Times,

New data from the Treasury Department show that surging tariff revenues in June helped the U.S. government post an unexpected budget surplus of $27 billion, offering a rare fiscal bright spot amid persistently high federal deficits and suggesting that President Donald Trump’s tariff policies are becoming a significant source of government revenue.

After running a $316 billion deficit in May, the government recorded a surplus of just over $27 billion last month, according to data released on July 11 by the Treasury Department. The tariff windfall helped narrow the fiscal year-to-date deficit to $1.34 trillion—a slight 1 percent improvement from the same period last year. By contrast, June 2024 saw a $71 billion deficit.

A key driver of the improved balance was a record-breaking surge in customs duties. The Treasury data released on Friday show that tariff collections soared to $27 billion in June alone, pushing total tariff revenues since October to $108 billion—the highest ever recorded for the first nine months of a fiscal year. June’s haul marked a significant jump from May’s prior record of $22 billion and was about 93 percent higher than the $56 billion collected during the same nine-month span of the previous year.

So far in July, customs duties have added another $2.4 billion to federal coffers, according to daily Treasury figures.

Treasury Secretary Scott Bessent has predicted even higher tariff revenues in the months ahead. Speaking at a July 8 White House Cabinet meeting, he said the United States is on track to collect $300 billion by the end of calendar year 2025, noting that the “major” tariffs imposed under the Trump administration did not start until the second quarter.

Since returning to the White House for a second term, Trump has imposed 10 percent universal tariffs on trading partners, along with reciprocal tariffs announced in April on a number of nations, depending on the trade barriers they have with the United States. Trump initially applied a 90-day pause to most of the reciprocal tariffs, and later signed an executive order that extended the reprieve to Aug. 1.

In recent days, the president sent letters to several countries—including Japan, South Korea, and Thailand—informing them that reciprocal tariffs ranging from 25 to 40 percent will be imposed after Aug. 1 unless they agree to reduce trade barriers and negotiate bilateral deals.

Trump has said the higher duties will substantially boost government revenue.

“The big money will start coming in on Aug. 1st. I think it was made clear today by the letters that were sent out yesterday and today,” he said during the Cabinet meeting.

Bessent also cited a June 4 report from the Congressional Budget Office projecting that tariff revenues could total $2.8 trillion over the next decade—a figure he said the administration believes is understated.

Trump said he won’t extend the Aug. 1 deadline for countries to start paying reciprocal tariffs, signaling a firm stance after earlier suggesting flexibility for nations offering trade concessions.

In one recent round of letters, Trump announced new tariffs as follows: 25 percent on Japan, Kazakhstan, Malaysia, South Korea, and Tunisia; 30 percent on Bosnia and Herzegovina and South Africa; 32 percent on Indonesia; 35 percent on Bangladesh and Serbia; 36 percent on Cambodia and Thailand; and 40 percent on Burma (also known as Myanmar) and Laos.

In each letter, Trump noted that the tariffs might be lowered if countries open their markets and reduce non-tariff barriers, emphasizing that persistent trade deficits pose “a major threat” to U.S. economic and national security.

More recently, Trump sent another round of letters, noting that Algeria, Iraq, Libya, and Sri Lanka will each be charged a 30 percent tariff, Brunei and Moldova will face a 25 percent tariff, and the Philippines will face a 20 percent tariff.

The president has also announced that Canada will face 35 percent tariffs starting on Aug. 1.

Tyler Durden Sat, 07/12/2025 - 15:10

Can Jay Powell Make It Through The Weekend?

Authored by Larry Kudlow via RealClearPolitics.com,

Is the Fed chairman, Jay Powell, going to make it through the weekend? There is talk that he is being forced to resign....

President Trump, of course, is on his case daily for not dropping interest rates in line with low inflation.

Late yesterday, the head of the Federal Housing Finance Agency that regulates Fannie Mae and Freddie Mac and oversees the 11 federal home loan banks, William Pulte, issued a statement, saying: “I’m encouraged by reports that Jerome Powell is considering resigning. I think this will be the right decision for America, and the economy will boom.”

Yesterday, the Office of Management and Budget’s director, Russ Vought, condemned Mr. Powell for his gross mismanagement of what Mr. Vought calls the palace of Versailles. 

Mr. Vought said: “We saw Chairman Powell. He was too late to recognize inflation, and now he’s too late to lower rates. And the Fed has just mismanaged the institution. And we see that the extent to which they’ve been operating at losses for a number of years now is for the first time in their history.” 

He added: “And then you just see a very practical example when you go to the nation’s mall. You see the construction of this palace, in the words of one former official, upwards of $2.5 billion, massive cost overrun.”

And this $2.5 billion monstrosity of Mr. Powell’s is already over budget by $700 million.

Mr. Vought second-guessed Mr. Powell’s Senate testimony that there’s no VIP dining room, no new marble, no special elevators, no new water features, no bee hives, and no roof terrace garden in the Fed’s renovated office complex.

Mr. Vought noted that the Fed’s Taj Mahal is way out of compliance with the National Capital Planning Act.

Mr. Powell has long argued that he can’t be replaced except “for cause.”

Yet this kind of blatant financial mismanagement over the Fed’s new building and the renovations of the old building — mismanagement that Mr. Powell denied under oath — could well represent sufficient “cause” to force his resignation, or even be fired by Mr. Trump.

Meanwhile, economists are pointing out that the Fed is hemorrhaging cash as its interest expenses exceed interest taken in.

And their $6 trillion-plus bond portfolio is underwater by $1.1 trillion.

This has all the earmarks of the bankruptcy of the Silicon Valley Bank, that went under in March of 2023 — and almost pulled the financial system down with it.

So, now the question is: Can Mr. Powell even make it through the weekend?

Tyler Durden Sat, 07/12/2025 - 14:00

Can Jay Powell Make It Through The Weekend?

Authored by Larry Kudlow via RealClearPolitics.com,

Is the Fed chairman, Jay Powell, going to make it through the weekend? There is talk that he is being forced to resign....

President Trump, of course, is on his case daily for not dropping interest rates in line with low inflation.

Late yesterday, the head of the Federal Housing Finance Agency that regulates Fannie Mae and Freddie Mac and oversees the 11 federal home loan banks, William Pulte, issued a statement, saying: “I’m encouraged by reports that Jerome Powell is considering resigning. I think this will be the right decision for America, and the economy will boom.”

Yesterday, the Office of Management and Budget’s director, Russ Vought, condemned Mr. Powell for his gross mismanagement of what Mr. Vought calls the palace of Versailles. 

Mr. Vought said: “We saw Chairman Powell. He was too late to recognize inflation, and now he’s too late to lower rates. And the Fed has just mismanaged the institution. And we see that the extent to which they’ve been operating at losses for a number of years now is for the first time in their history.” 

He added: “And then you just see a very practical example when you go to the nation’s mall. You see the construction of this palace, in the words of one former official, upwards of $2.5 billion, massive cost overrun.”

And this $2.5 billion monstrosity of Mr. Powell’s is already over budget by $700 million.

Mr. Vought second-guessed Mr. Powell’s Senate testimony that there’s no VIP dining room, no new marble, no special elevators, no new water features, no bee hives, and no roof terrace garden in the Fed’s renovated office complex.

Mr. Vought noted that the Fed’s Taj Mahal is way out of compliance with the National Capital Planning Act.

Mr. Powell has long argued that he can’t be replaced except “for cause.”

Yet this kind of blatant financial mismanagement over the Fed’s new building and the renovations of the old building — mismanagement that Mr. Powell denied under oath — could well represent sufficient “cause” to force his resignation, or even be fired by Mr. Trump.

Meanwhile, economists are pointing out that the Fed is hemorrhaging cash as its interest expenses exceed interest taken in.

And their $6 trillion-plus bond portfolio is underwater by $1.1 trillion.

This has all the earmarks of the bankruptcy of the Silicon Valley Bank, that went under in March of 2023 — and almost pulled the financial system down with it.

So, now the question is: Can Mr. Powell even make it through the weekend?

Tyler Durden Sat, 07/12/2025 - 14:00

Q2-2025 Earnings Season Preview

Authored by Lance Roberts via RealInvestmentAdvice.com,

Next week, the Q2-2025 earnings season will begin in earnest as a barrage of S&P 500 companies report, starting with the Wall Street money center banks on Tuesday and Wednesday. Since earnings drive the market by supporting investor expectations, what should investors expect? Let’s dig into the details.

Over the last few months, according to data from S&P Global, the Q2-2025 earnings estimates have declined from $234/share in the original March 2024 estimate to $220/share as of June 15th. That $14 drop in estimates is partially due to the impact of tariff concerns on corporate outlooks.

According to FactSet:

“Heading into the end of the quarter, analysts have reduced earnings estimates for S&P 500 companies for the second quarter more than average. However, the percentage of S&P 500 companies issuing negative earnings guidance for the second quarter is less than average. As a result, estimated earnings for the S&P 500 for the second quarter are lower today compared to expectations at the start of the quarter. In addition, the index is expected to report its lowest year-over-year earnings growth rate since Q4 2023 (4.0%).

In terms of estimate revisions for companies in the S&P 500, analysts have lowered earnings estimates for Q2 2025 by a larger margin than average. On a per-share basis, estimated earnings for the second quarter have decreased by 4.1% to date. This decline is larger than the 5-year average (-3.0%) and the 10-year average (-3.1%) for a quarter.”

Again, many of those negative revisions are tied to concerns over tariffs under the current Administration, and the lack of finalized “trade deals” keeps forward estimates in flux. However, as we move into Q3 and Q4 of this year, there should be sufficient resolutions to stabilize forecasts.

The macro-tailwinds of easing trade tensions, falling energy prices, and optimism over Fed rate cuts have helped equity markets return to new highs in June. However, some of those advances will be tested in the coming weeks, as there is a risk of earnings disappointment, particularly as we see continued weakness in the economic data. The Economic Composite Index (roughly 100 data points) has decreased sharply in the last two months. Historically, earnings track real economic activity, suggesting a risk of disappointment exists.

Why Estimates Are Being Cut More Sharply

There are three core drivers to explain the steeper-than-normal downward revisions in Q2-2025 earnings.

Rising trade risks: Trump’s tariff actions renewed mid‑year jitters. Industry groups and strategists at Goldman, Bank of America, and Citi warn tariffs may shave off ~1–2% EPS growth per 5pp increase in effective duty rates. While tariffs are on pause, that “pause” expires July 7th. We fully expect that pause to be extended into Q3, given the Administration has deals currently in progress. However, investors should potentially hedge against unforeseen problems later in the summer.

Weaker consumer spending: Our most significant concern for Q2-2025 earnings and the rest of the year is slowing economic growth, which will spill over into consumer spending. As discussed in “Consumer Spending Drives Earnings,” there is a high correlation between Personal Consumption Expenditures (PCE) and earnings. To wit:

“One of the better measures for developing a framework for future earnings growth is personal consumption expenditures (PCE), since they comprise nearly 70% of the economic equation. The annual percentage change in forward earnings tracks the yearly percentage change in PCE fairly closely.”

Given the recent softness in the employment data and the downturn in PCE, the risk to earnings is rising.

Lastly, the downturn in energy and materials earnings directly reflects economic weakness. The Q2-2025 earnings for the energy sector declined by ~19%, while materials fell by ~12% year‑over‑year. The decline in those two sectors is essential given their reflection of economic activity.

However, on the optimistic side, the Technology and Communications companies (particularly given their weight in the index) are buoying corporate earnings. Ongoing strong investment in AI and capex, particularly within the “Magnificent 7,” is expected to report strong earnings and revenue growth. As such, their Q2 guidance and commentary will likely offset some of the risk of spillover from trade and consumer dynamics.

Positioning For Earnings Season

At RIA Advisors, here is how we are positioning ahead of Q2 earnings reports.

After the strong run in asset markets from the April lows, markets are technically back to more overbought levels, with sentiment returning to “extreme greed.” Those levels open the door to a higher level of “disappointment” in earnings announcements than would otherwise be the case.

As such, we are looking to rebalance portfolio risk by reducing risk in areas with the highest degree of “disappointment potential” and somewhat raising cash levels. This gives us a hedge against downside risk, and cash to buy earnings “over reactions” in structurally advantaged sectors.

Our primary focus will be to:

(The following is not a recommendation or solicitation to buy or sell any securities. This is strictly for educations and informational purposes only and a disclosure of RIA’s positioning.)

• Focus on structurally advantaged sectors: Stick with AI heavyweights like Microsoft, Nvidia, and Alphabet. They carry forward earnings momentum, and guidance around AI spending could prompt positive sentiment . Conversely, avoid high-beta cyclical stocks, which may underperform if tariffs spark volatility.

• Tilt toward defensive, dividend‑paying stocks: As equity valuations remain elevated, despite slowing economic forecasts, adding exposure to low‑volatility and dividend‑generating segments, like consumer staples or utilities, can add ballast. Our primary portfolio includes companies like PG, BRK.B, RTX, and V.

• Watch guidance tone, not just numbers: Companies may retract or express uncertainty. Last quarter, ~4% of S&P 500 firms withdrew forward EPS commentary due to tariff uncertainty. In Q2 calls, examine the economic forecast from cyclical, discretionary, and staple companies for warnings or downward momentum beyond base estimates.

• Expect upside surprises, but remain realistic: Historically, 75–77% of S&P 500 firms top EPS expectations, due to the deep cuts of estimates going into earnings season. However, with consensus estimates already cut deeply, there is a high potential for a higher-than-normal “beat rate,” especially in tech (MSFT, NVDA), healthcare (ABBV, LLY), and communications (META, GOOG).

• Retain domestic vs. international exposure: The powerhouse of earnings growth remains the U.S. versus the rest of the world. With Central Banks cutting rates globally to offset sluggish economic growth, the backdrop of U.S. earnings will remain attractive to investors globally. This is why the U.S. has massively outperformed international markets over the last 15 years, and it is unlikely to change soon, given the dominance of AI by U.S. companies.

Conclusion

Q2-2025 earnings season reflects a more cautious narrative: earnings growth is decelerating, estimates have been cut more sharply, and company guidance is likely to follow suit. Yet underlying fundamentals remain solid, especially in the technology, communication, and defensive segments. Historically, positive surprises tend to outpace negativity, offering upside potential if macro headwinds remain stable.

However, our primary concern remains the slowing growth trend in the economic data. That trend, combined with rising delinquency rates, rising defaults, and declining consumption, all suggest that monetary policy is too restrictive and the Federal Reserve is likely behind on cutting rates. As discussed recently:

“This raises the danger of a policy mismatch: If the Fed waits for inflation that doesn’t arrive, it may keep real interest rates excessively high for too long, just as it kept them too low following the pandemic. The consequences could be severe.”

Next week, as earnings season kicks into high gear, investors should emphasize quality, weigh defensive income options, remain alert to guidance tone, and consider hedged exposure in reports. A well‑balanced approach, with a tilt toward AI‑led growth balanced with conservative positioning, will align risk/reward ahead of potentially market-moving announcements.

Trade accordingly.

Tyler Durden Sat, 07/12/2025 - 10:30

Trump To Impose 30% Tariffs On Mexico, European Union

President Trump on Saturday morning fired off two trade warning letters via Truth Social, threatening to impose 30% tariffs on all Mexican and European imports starting August 1. The warning to Mexico hinges on action to curb the flow of fentanyl and dismantle drug cartels, while the threat to Europe demands an end to long-standing trade imbalances driven by EU tariffs and non-tariff barriers. This caps off a week of letters sent to America's top trade partners, with tariff threats used as a negotiation tool by the Trump administration to seal deals.

"Despite our strong relationship, you will recall, the United States imposed Tariffs on Mexico to deal with our Nation's Fentanyl crisis, which is caused, in part, by Mexico's failure to stop the Cartels, who are made up of the most despicable people who ever walked the Earth, from pouring these drugs into our country," Trump said in the letter addressed to Mexican President Claudia Sheinbaum Pardo. 

He continued, "Mexico has been helping me secure the border, BUT, what Mexico has done, is not enough. Mexico still has not stopped the Cartels who are trying to turn all of North America into a Narco-Trafficking Playground." 

Here are the key points in the letter:

• 30% tariff will apply to all Mexican imports unless action is taken.

• Tariff waivers will be granted for companies that build or manufacture in the U.S.

• If Mexico raises tariffs in retaliation, the U.S. will match them on top of the 30%.

• Adjust tariffs if Mexico successfully confronts the cartels and halts fentanyl trafficking

Copy of the letter that was posted on Trump's Truth Social:

The second letter Trump was addressed to Ursula von der Leyen, President of the European Commission, in which he informed Brussels that he would impose a 30% tariff on all EU products starting August 1, unless long-standing trade imbalances—driven by EU tariffs and non-tariff barriers—are addressed.

"The European Union, despite having one of our largest Trade Deficits with you. Nevertheless, we have decided to move forward, but only with more balanced and fair TRADE," the president said. 

He emphasized:

• The U.S. market is open and fair, but EU practices have created an unsustainable trade deficit.

• The 30% tariff applies separately from any sectoral tariffs and will be higher for goods transshipped to avoid it.

• No tariffs will be applied if EU companies manufacture within the U.S.

• The EU must allow full market access to the U.S. or face higher tariffs.

• Retaliatory EU tariffs will be met with additional levies.

Trump warned that this trade deficit with the EU is a "major threat to our Economy and, indeed, our National Security!" 

Copy of the letter that was posted on Trump's Truth Social:

This past week, the Trump administration sent out two dozen trade warning letters to countries.

Let's recap the week with the most important trade headlines:

• Trade Crackdown: 14 Countries Receive Tariff Letters Including Japan, South Korea And Thailand

• Tariff Time Again: Trump Sends Trade Letters Ahead Of Deadline, Threatens 10% Tariff On BRICS-Aligned Nations

• Trump Says BRICS Members Will Get Additional 10% Tariffs Over De-Dollarization Attempt

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

• Copper Soars To Record High As Trump Unleashes 50% Tariff

In markets, crypto was the only asset class trading, with Bitcoin edging lower following the trade warning posts around 8:30 a.m. ET. Some selling pressure in BTC/USD had already emerged earlier, starting around 6:00 a.m. ET.

If no deals are reached by August 1, renewed trade tensions could roil global markets.

Tyler Durden Sat, 07/12/2025 - 09:55

Ford Recalling 850,000 Vehicles For Fuel Pump Failure

Ford is recalling over 850,000 vehicles in the U.S. due to a faulty low-pressure fuel pump that could fail and cause engine stalls, increasing crash risk, according to AP.

The recall includes various recent Ford and Lincoln models, such as the Bronco, Explorer, F-150, Aviator, and Navigator, according to the National Highway Traffic Safety Administration.

AP writes that starting July 14, Ford will notify affected owners about the issue, though a fix is still in development. A second notice will be sent once the repair is available, which will be free of charge.

Ford just launched its new “Zero-Zero-Zero” summer sales event to ease upfront vehicle costs amid rising interest rates and growing tariff pressures.

The campaign—starting July 8—offers zero down payment, 0% interest for 48 months, and no payments for 90 days on most Ford and Lincoln models.

This initiative follows the “From America, For America” employee pricing strategy, which helped boost Q2 sales (Ford up 14.2%, Lincoln up 31%).

The move comes as tariffs have begun to impact Ford’s pricing. Vehicles like the Maverick, Mustang Mach-E, and Bronco Sport—built in Mexico—are now subject to a 25% import tariff, prompting Ford to raise prices on those models. Additionally, tariff-related increases in parts costs could affect other vehicles across Ford’s lineup.

Recall we wrote weeks ago that tariffs would cost auto consumers an extra $2000 per vehicle. 

General Motors and Ford have projected tariff-related hits of $5 billion and $2.5 billion, respectively, and plan to offset some of it through price hikes. This could result in around 1 million fewer cars sold in the U.S. over the next three years. AlixPartners sees a rebound, projecting U.S. auto sales to hit 17 million by 2030.

Tyler Durden Sat, 07/12/2025 - 08:45

Turkey's Outlawed PKK Begins 'Symbolic' Disarmament By Burning Weapons

Via The Cradle

A group of fighters from the Kurdistan Workers Party (PKK) laid down their arms on Friday during a disarmament ceremony in Iraq’s northern Kurdistan region, coinciding with continued Turkish attacks on the organization despite months of a ceasefire between the historic rivals. 

Just 30 minutes into the ceremony, the Turkish army launched air attacks on villages in the Amediya district of Dohuk province in north Iraq. The small ceremony was held on Friday near the province of Sulaimaniya. Twenty to 30 PKK fighters destroyed their weapons in a symbolic gesture, rather than surrender them to authorities. 

Via X

Images on social media showed the militants placing their guns in a fire pit, ready to be lit. 

The group “comprised around 30 fighters who laid down weapons including AK-47s, PKM machine guns, and sniper rifles,” informed sources told Kurdish news outlet Rudaw.  

The fighters affirmed during the ceremony their commitment to democratic political engagement aimed at securing Kurdish rights in Turkey.

In a statement, the group of PKK fighters – identifying themselves as the Group for Peace and Democratic Society – said they disarmed to “ensure the practical success of ‘Peace and Democratic Society’ process, to wage our freedom, democracy and socialist struggle with methods of legal and democratic politics on the basis of enacting laws for democratic integration.”

They said their destruction of the arms was “a step of goodwill and determination.” Ankara welcomed the step, with Turkish President Recep Tayyip Erdogan describing it as “totally ripping off and throwing away the bloody shackles that were put on our country’s legs.” He added that the move would benefit the region. 

In the weeks leading up to the ceremony, Turkish attacks continued to target Kurdish areas of northern Iraq, according to a war monitor.

The US-based Community Peacemaker Teams (CPT) said on Thursday that “Turkish military strikes and operations have remained steady – though increasingly concentrated in specific areas – even as a disarmament ceremony approaches this Friday.”

These pictures show PKK beginning its disarmament today, starting with 30 armed members laying down their weapons. In the region’s history of conflict, such scenes—if not unique—are certainly rare. Lasting peace will require continued effort, especially from the Turkish state. pic.twitter.com/4L3S46zSGd

— Kamaran Palani (@KamaranMPalani) July 11, 2025

“Turkish military strikes have remained steady and concentrated – though notably, no civilian casualties have been reported – since their surge in May. In June, bombardments and attacks increased by just eight percent compared to the previous month but continue to exceed levels observed prior to the ceasefire,” CPT said. 

“Notably, 98 percent of strikes and shelling occurred within the Duhok governorate, specifically in the Amedi district, a stark contrast to previous years when Turkish offensives were more geographically dispersed,” it added. 

Between June 1 and June 30, at least 550 bombings and strikes were documented in the Iraqi Kurdistan region, the monitor went on to say.

The PKK has been engaged in a guerrilla campaign against Turkiye for decades. Its leader, Abdullah Ocalan, is currently serving a life sentence in prison on the Turkish island of Imrali. In February, Ocalan issued a call for the PKK to lay down its arms. 

The group has been holding talks on the matter with the pro-Kurdish Peoples' Equality and Democracy Party (DEM) in Turkiye. It has demanded legal and political guarantees in exchange for disarming, including constitutional reforms and equal rights for Kurds in Turkiye. It is also hoping for an eventual release of its leader from Turkish prison.

Thirty #PKK fighters burned their weapons in a ceremony in Sulaymaniyah as part of their #disarmament process.

Photo: Hama Sur / Channel8 pic.twitter.com/XIHsa25iE2

— Channel 8 English (@Channel8English) July 11, 2025

Ocalan reiterated his call in a video message released on 9 July, declaring that the Kurdish militant group’s decades-long armed struggle against Turkiye has come to an end. On March 1, the PKK declared an immediate ceasefire in its insurgency against the Turkish state, in line with Ocalan’s call in February. 

The PKK is very closely linked to the US-backed Syrian Democratic Forces (SDF) in Syria, which earlier this year signed a deal with Damascus to integrate into the new Syrian military. The integration has yet to take place. Ankara has urged the SDF to quit “stalling” and integrate with Damascus’s forces immediately.

Tyler Durden Sat, 07/12/2025 - 08:10

Conservative Creators: Don’t Let The Liberal Entertainment Crisis Go To Waste

Authored by Brandon Smith via Alt-Market.us

We’ve all heard the argument before – “Liberals are the ‘creatives’ in western culture and conservatives have no imagination”. And, if you only use venues like the Hollywood film industry or maybe the New York art and literature scenes as examples, then this claim might appear to have validity. After all, the vast majority of filmmakers, writers, actors and artists today are rabidly progressive. It’s hard to find a single conservative among them.

Of course, the argument falls apart when we look back to the artists and musical geniuses of the Renaissance, or the great writers and poets of the early industrial age. In fact, for centuries the creative world was dominated by conservative and Christian powerhouses. It wasn’t until the quiet leftist invasion of media starting in the 1940s (which was stalled by McCarthy) and the eventual takeover in the 1970s that “art” became the exclusive domain of progressives.

How did this happen? How did conservatives get pushed out of the creative world?

Well, they’re still around; thousands upon thousands of them. However, the art world and the realm of entertainment are largely dictated by corporate dollars. Wealthy benefactors used to PAY conservative artists and commissioned great works. Now, they don’t. Whoever gets the money gets the exposure, and liberal artists get the money. It’s not about merit, it’s about ideology and politics.

Try to be a new talent with openly conservative views in mainstream film, television, fiction writing, comic books, painting, music, etc. Watch how quickly you are added to the blacklist and how quickly you disappear regardless of how brilliant your work is. It’s not a conspiracy theory, it’s observable fact.

There are numerous case studies of conservatives in Hollywood being buried by the industry. In literature the progressives learned how to control the bottleneck – Nearly all literary agencies are run by leftists (and women), and if you can’t get representation for your book then it won’t get nationally published.

A common argument among leftists (or idiots) is that women simply read far more and so books that cater to female consumers get the green light. It’s the “free market” – Don’t you support the free market?

In reality, the woke takeover of literature came first. And, now that books are rarely written by men for men, male readers have no market to tap into. The problem has become so epidemic that a literary company in Britain called Conduit Books announced that they are going to focus on male writers for the foreseeable future. And guess what happened? Mobs of leftists and the corporate media attacked them, arguing that men had their time and now is the time for women to “have a voice”.

In other words, male writers (let alone male conservative writers) aren’t even allowed to have ONE company that supports their work.

As the Gamergate movement exposed, woke activists hijacked gaming by extorting companies with threats of cancellation. They then organized “consultation” groups (like Sweet Baby Inc.) that invaded the industry and injected woke narratives into every new product. Conservatives are persona non grata in the AAA game development space.

Comic books have been utterly destroyed by the political left. An army of feminists and LGBT activists now control every aspect of the comic industry and American comics no longer sell because of woke politics. Did the market die? No, customers simply moved on to the alternatives. Japanese Manga dominates the comic market today with sales that dwarf American comics. In 2021, total US comic sales hit $2.07 billion, with $1.47 billion of that being manga.

These are just a few examples of how leftists act as gatekeepers in creative markets. For decades they have dictated who gets exposure and who doesn’t. And you know whose fault it is? It’s ours.

For many years I have listened to conservatives dismiss pop culture as “kids stuff” and not important compared to politics. Meanwhile, woke saboteurs were slithering into every corner of the entertainment world and planting their degenerate notions into every movie, every show, every song, every book, everywhere you look their cultism is rampant. You can’t get away from it and we allowed this to happen because we weren’t paying attention.

Luckily, a counter-movement has formed and the vast effort to stop wokeness in media has been largely effective in organizing boycotts. In the past few years nearly every entertainment platform that produces woke material is dying.

In movies, production companies are forced to reduce or completely cut out woke messaging in order to draw an audience. The problem is, the leftists still stand guard at the gates. Conservatives still aren’t getting access to media markets, which means all we are going to get for years to come is progressive slop, or productions that avoid wokeness but remain mediocre.

My fear is that audiences will simply settle for mediocre as a replacement for woke; that people will throw up their hands and give up on quality in art and entertainment as long as they’re no longer bombarded with DEI. It basically means the the death of creativity in the west.

So what’s the solution?

It seems so obvious to me that it’s painful, but maybe conservative creators are so despondent that they’ve given up. The internet and social media offer immense opportunities for independent content creation, but this is not enough. Audiences and investors need to put cash and support behind the alternative content industry.

Just as great Christian artists were once given the ability to conjure historic works of grandeur because of commissions, there needs to be a movement to focus production and distribution back into conservative hands.

The crisis in liberal entertainment cannot be allowed to go to waste. Never before has the progressive media juggernaut been as weak as it has been in the last few years. Now is the time to take the culture back. Not necessarily by forcing conservative politics into movies and books, but by creating meaningful and powerful art again; art that removes the stains of wokeness.

Films and short form fictional content are incredibly cheap to make and distribute compared to 20 years ago. I have always loved the artform of film but when I started writing in the early 2000s the field was prohibitively expensive and digital cameras were in their infancy. Even making a short film could bankrupt the average twenty-something artist with a tight budget.

Today, you can get near Hollywood quality digital cameras, lighting, editing, sound, etc, for well under $10,000. Maybe half that price if you buy used. All you need is a good idea and the will to make it happen. Price is no longer a factor like it once was.

I will say, though, that conservative filmmakers need some kind of venue to tap into – Maybe a yearly short film contest or a screenplay competition. Someone needs to step up and provide an arena where conservative creators can compete for greater opportunities beyond some cash from YouTube.

In literature I suspect the crusade will be much more difficult, unless companies with weight and money step in to launch a conservative renaissance in fiction. Self publishing is definitely an option but reach without marketing is limited. The most successful creators will be those with a preexisting audience. A lot of brilliant writers will fall by the wayside because they don’t already have an online presence.

Indie video games are in the wild west phase and there are some incredible success stories out there.  As the technology becomes more accessible I suspect leftists will lose their hold on development.  It may take another few years, though.

I believe comic books is one area that is BEGGING for revitalization and new blood. As noted, the market is huge. American readers are hungry for good stories, they just aren’t finding them at Marvel and DC because of the woke takeover. No one wants to buy leftist drivel.

American comic creators like Eric July have proved that the industry can be saved. His libertarian/conservative “Rippaverse” project has garnered a lot of attention (and a lot of hate) for offering non-woke comic books and he has shown that there is a steady audience for this kind of content.

I’m adding my own limited contribution to the fight with my action/horror graphic novel ‘Mountain Hollow’ which is now in print. A story about a survivalist who fights a guerrilla war against an interdimensional evil. Here’s a promo video for my book:

Anyone interested in purchasing a copy can BUY ONE HERE.

I think most people accept the prevailing theory that the political left, with the help of NGOs and even governments, has steamrolled into the cultural zeitgeist with the goal of saturating our media with as much propaganda as possible. Perhaps they they thought we would be so overwhelmed that we would give up and embrace their ideology as the “new normal”.

However, I would suggest that this was only part of their plan. Their secondary goal was to deconstruct western pop-culture should they fail to control it. In other words, if they can’t have it, they would rather burn it all down to the ground so that no one else can have it. And I have to admit that they are winning when it comes to destroying what remains of our entertainment. The options today look bleak.

Stories and art are not simply about fantasy and escapism – They are the catalyst by which a civilization passes on its principles, its ideas, its dreams, its lessons and its morals. Leftists understand this all too well. For some reason conservatives are late to the party. There is still time to save our culture from being cast into the pit of despair.

We only require an organized effort that provides support to conservative art; a new Renaissance which resurrects the values of merit, talent, hard work and conscience.

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

Tyler Durden Fri, 07/11/2025 - 23:05

These Are 2025's 'Most Livable' Cities

Every year, The Economist ranks cities around the world on livability, based on factors including crime and conflict to public transportation and education.

This map, via Visual Capitalist's Kayla Zhu, shows the 10 most livable cities in the world, according to The Economist Intelligence Unit’s Global Liveability Index 2025.

The index ranks cities on over 30 factors across five categories to determine their overall livability. Factors include:

• Stability: Prevalence of crime, terror, military conflict, civil unrest/conflict

• Healthcare: Availability and quality of private and public healthcare, general healthcare indicators

• Culture and environment: Humidity/temperature rating, cultural and sporting availability, social or religious restrictions

• Education: Availability and quality of private education, public education indicators

• Infrastructure: Quality of road network, public transport, international links, availability of good housing

What is the Most Livable City in the World?

Below, we show the 10 most livable cities in the world according to The Economist, and their livability scores.

Copenhagen was ranked the most livable city in the world, ending Vienna’s three-year streak at the top of the rankings.

Denmark’s capital city scored perfect 100s across stability, education, and infrastructure, with an overall score of 98.

Vienna and Zurich tied for second with scores of 97.1. Switzerland—which had two cities rank in the top 10 for livability—also ranked first as the top migration destination to live and work in for 2025.

Vienna saw its scores for stability drop dramatically in the wake of a bomb threat before a Taylor Swift concert (later cancelled), and a planned attack on a city train station in 2025.

Overall, cities in Western Europe and Asia-Pacific continue to dominate the top of the rankings.

Vancouver, Canada is now the only North American city in the top 10, after Calgary saw the biggest drop in ranking, falling from fifth in 2024 to 18th in 2025 due to declines in its healthcare scores.

The average score for livability in 2025 was 76.1 out of 100, the same as 2024. However, scores in the stability category have continue to decline amid widespread geopolitical tension and civil unrest around the world.

To compare this list with last year’s livability rankings, check out the 2024 graphic here.

Tyler Durden Fri, 07/11/2025 - 22:40

China Reports Worst Producer Deflation In 2 Years Amid Ongoing Trade Uncertainty

Authored by Lily Zhou via The Epoch Times (emphasis ours),

China’s factory-gate prices in June saw the biggest fall in two years amid uncertainty in international trade and weak domestic demand.

A worker moves pieces of steel machinery at a manufacturing company in Hangzhou, Zhejiang Province, China, on June 16, 2025. AFP via Getty Images

According to figures released on July 9 by China’s National Bureau of Statistics, the producer price index for industrial products in June fell by 3.6 percent compared with the same month in 2024—worse than a 3.3 percent drop in May, and the biggest annual decline since July 2023.

The month’s purchasing price index for industrial products fell by 4.3 percent year over year, bigger than the 3.6 percent drop in May, and the sharpest decline since August 2023.

According to Dong Lijuan, statistician at the National Bureau of Statistics, the producer price index deflation in June was driven by cheaper energy prices, uncertainties in international trade, and hot and wet weather that drove down the price of building materials.

Sectors that rely on exports faced more downward pressure in prices, she said.

“The prices of computers, communication equipment, and other electronic equipment in June dropped by 0.4 percent [compared to May], the prices of electrical machinery and equipment fell by 0.2 percent, and textile prices fell by 0.2 percent,” she said.

In annual terms, the prices of computers, communication equipment, and other electronic equipment fell by 2.3 percent.

China’s factory activity shrank for a third month in a row in June, albeit at a slower pace, with employment and new export orders still languishing.

“We expect demand to weaken later this year, as exports slow and the boost from fiscal support diminishes,” Zichun Huang, China economist at Capital Economics, said.

Market reaction to the data was cautious amid uncertainties in the trade war between the United States and other economies. China’s Shanghai Composite Index was up by 0.3 percent by the midday break, while Hong Kong’s benchmark Hang Seng Index traded down by 0.7 percent.

As subdued domestic demand remains a drag on China’s economy, companies have resorted to price discounts to boost sales, prompting the authorities to urge an end to the auto industry’s bruising price wars.

Highlighting the tepid consumer market, Chinese e-commerce giants Alibaba and JD.com have pledged heavy subsidies over recent months to expand aggressively into fast deliveries.

Consumer prices rose by 0.1 percent compared with the same month in 2024, following four months of deflation.

“Consumer inflation is likely to remain near zero for the rest of the year, as structural adjustment continues slowly, with consumer demand weighed by the protracted property downturn and worries over the jobs market,” Duncan Wrigley, chief China economist at Pantheon Macroeconomics, said.

He also said that trade tensions between Washington and Beijing are likely to continue despite the recent framework agreement.

“More flare-ups are likely and cooling export growth will add to downward price pressure in manufactured goods sectors,” he said.

According to supply chain technology provider Descartes, U.S. container imports from China were about 639,300 20-foot equivalent units in June, slightly up (0.4 percent) from May, but a 28.3 percent decline from June 2024.

The company said it expects that “China’s share of U.S. imports may remain under pressure through the second half of 2025,” with the upcoming expirations of U.S. tariff pauses extended to Aug. 1 and the trade truce with China on Aug. 12, and with additional U.S. tariffs on transshipped goods via Vietnam.

Reuters contributed to this report.

Tyler Durden Fri, 07/11/2025 - 22:15

"Now That Is A Coronal Hole. Whoa Momma." 

Ben Davidson of Space Weather News issued a warning on X overnight about an Earth-facing coronal hole that could eject fast-moving solar wind toward Earth, potentially triggering elevated geomagnetic activity, including auroras and geomagnetic storms. The high-speed stream is expected to reach Earth within days.

"Now THAT is a coronal hole. Whoa momma," Davidson said, adding,"Excess magnitude/volcanic watch is in play now. Solar wind enhancement expected Saturday/Sunday/Monday."

Now THAT is a coronal hole. Whoa momma.

Excess magnitude/volcanic watch is in play now. Solar wind enhancement expected Saturday/Sunday/Monday. pic.twitter.com/XRuiMOBqtY

— SpaceWeatherNews (@SunWeatherMan) July 11, 2025

Solarham, a solar storm monitoring website, warned, "The onset of a coronal hole stream was not expected until within the next few days." 

On Thursday, Solarham described the "Coronal Hole to Face Earth" that will begin impact Earth this weekend:

A large coronal hole will begin to face Earth this weekend. A solar wind stream flowing from this zone is expected to reach Earth beginning July 12th with the main influence by July 13/14. It is possible that a geomagnetic storm watch will be issued in the days ahead.

As of Friday morning, Solarham data shows all quiet across the Western Hemisphere. 

For context, disturbances in Earth's magnetosphere—triggered by solar activity such as coronal mass ejections (CMEs)—can impact the modern economy in multiple ways, including degrading satellite systems and GPS, disrupting power grids and high-frequency communications, and more.

A Carrington-class storm would be absolutely catastrophic for the world, potentially causing trillions of dollars in economic damage globally.

Can you guess which US power grid is most at risk? Find out here...

Tyler Durden Fri, 07/11/2025 - 21:50

'Global War on Terror' Is Over. Terror Won.

Authored by Daniel McAdams via RPI,

On Sept. 16, 2001, five days after the attacks on New York and Washington, DC, President George W. Bush declared, “This crusade – this war on terrorism – is going to take a while. And the American people must be patient. I’m going to be patient. But I can assure the American people I am determined.”

Four days after that, President Bush declared the “war on terror” to be primarily against al-Qaeda. “Our war on terror begins with al Qaeda,” he said in an address to Congress and the nation, “but it does not end there. It will not end until every terrorist group of global reach has been found, stopped and defeated.”

He described the enemy thus:

This group and its leader — a person named Osama bin Laden — are linked to many other organizations in different countries, including the Egyptian Islamic Jihad and the Islamic Movement of Uzbekistan.  There are thousands of these terrorists in more than 60 countries.

Bush was correct in his assessment of the group.

One of those countries into which al-Qaeda jihadists implanted themselves was Syria, where from 2011 – with the support of the Obama Administration – they attempted to overthrow the secular leader, Bashar al-Assad, using terrorist tactics they had been well-trained in.

They soon changed their name – but not their stripes – and became the Al-Nusra Front, headed up by an experienced jihadist who fought against US troops in Iraq by the name of Abu Mohammad al-Jolani. His group was known for chopping off heads. Perhaps even American heads.

Last December Jolani’s jihadists – with support from the US, Turkey, and Israel – finally brought down the Assad government and quicker than you can say “Washington PR makeover” he clipped his beard, switched out his tactical military watch for a $90,000 Patek Philippe World Time Chronograph, and declared himself president.

The “civilized world” cheered the re-emergence of democracy in Syria!

At their first meeting earlier this year in Saudi Arabia, President Trump praised jihadist Jolani as “a young, attractive fellow” and “a tough guy, a fighter, with a very strong background. He has a lot of potential, he’s a real leader.”

This was a US-designated global terrorist with a $10 million bounty placed on his head by the US authorities. His “wanted” poster STILL remains on the X account of the US Embassy in Syria!

This week, President Trump “removed sanctions on Jolani’s Syria at (Israeli Prime Minister) Netanyahu’s request,” and just yesterday Secretary of State removed Jolani’s old al-Qaeda affiliate (which had gone from al-Nusra to HTS over the years) from the US terrorist list.

As one observer on X quipped:

The history of the GWOT (Global War on Terror) began in 2001 with the US invading Afghanistan to dig out Al Qaeda. It ends twenty-four years later with the US recognizing an AQ affiliate as the new ruler of Syria.

According to Brown University’s Cost of War Project, the “Global War on Terror” cost the American people at least eight trillion dollars. It also took the lives of perhaps a million people.

And what did we get for all this blood and treasure? In Afghanistan, the Taliban were after 20 years of US military action replaced by the Taliban, and in Syria a fierce opponent of al-Qaeda was replaced by…al-Qaeda!

As Jake Sullivan, then right hand to Secretary of State Hillary Clinton, wrote to the Secretary in 2012, “al-Qaeda is on our side in Syria.” He wasn’t joking!

That was the shot…here’s the chaser: In the same week the United States removed sanctions on al-Qaeda ruled Syria, it placed sanctions on…UN Special Rapporteur on the occupied Palestinian territories Francesca Albanese!

Who is Albanese? She is the fearless defender of human life in a Gaza where it is slowly being extinguished by Israel with the backing (and weapons) of the US government.

In hitting UN human rights defender Albanese with sanctions, US Secretary of State Marco Rubio wrote:

Today I am imposing sanctions on UN Human Rights Council Special Rapporteur Francesca Albanese for her illegitimate and shameful efforts to prompt @IntlCrimCourt action against U.S. and Israeli officials, companies, and executives.

Albanese’s campaign of political and economic warfare against the United States and Israel will no longer be tolerated. We will always stand by our partners in their right to self-defense.

The United States will continue to take whatever actions we deem necessary to respond to lawfare and protect our sovereignty and that of our allies. (emphasis added)

What might those “whatever actions” be? Clearly it is a physical threat against Albanese for speaking out against a mass murder happening in real time, observable for all who wish to do so on our own computer screens.

So that is it. The “Global War on Terror” is over. Terrorists have been elevated by the US government to be heads of state and those who speak out against state terrorism are threatened with “whatever actions we deem necessary” to shut them up.

Tyler Durden Fri, 07/11/2025 - 21:25

FBI's 'Raw' Epstein Prison Video Was Likely Doctored: Wired

In an effort to quell longstanding theories surrounding the death of Jeffrey Epstein, the U.S. Department of Justice this week released nearly 11 hours of what it described as “full raw” surveillance footage from outside Epstein’s prison cell. Instead of ending speculation, the release has introduced new doubts.

According to an analysis conducted by WIRED in collaboration with independent video forensics experts, metadata embedded in the files shows the footage was not a direct export from the prison’s surveillance system. Rather, it appears to have been modified - likely using Adobe Premiere Pro, a professional video editing tool.

The file, investigators say, was assembled from at least two source clips, saved multiple times, exported, and then uploaded to the DOJ’s website, where it was labeled “raw” footage.

"If a lawyer brought me this file and asked if it was suitable for court, I’d say no. Go back to the source. Do it right," said Hany Farid, a professor at UC Berkeley whose research focuses on digital forensics and misinformation. "Do a direct export from the original system—no monkey business."

Farid also questioned why the video’s aspect ratio shifted during playback. "Why am I suddenly seeing a different aspect ratio?" he asked.

While experts emphasize that the metadata alone does not prove deceptive intent, they caution that the DOJ’s failure to explain the editing process adds to the cloud of suspicion that has long surrounded Epstein’s 2019 death in federal custody.

Earlier this week, the DOJ released a memo concluding that Epstein had 'no incriminating client list' and wasn't murdered later releasing the footage in question. 

Again, Bongino's claim is impossible. Epstein had three other inmates on his cell block, and the camera there wasn't recording. Even if no one came to kill Epstein from the outside, we can't rule out these other inmates.

This is from the DOJ-OIG: https://t.co/rsXD2YOFH9 pic.twitter.com/L5Fl29t8r4

— Ken Silva (@JD_Cashless) May 30, 2025

According to Wired, "the video may have simply been processed for public release using available software, with no modifications beyond stitching together two clips. But the absence of a clear explanation for the processing of the file using professional editing software complicates the Justice Department’s narrative."

For months leading up to the joint memo the DOJ and FBI published Monday, attorney general Pam Bondi had promised the release of records related to Epstein, raising expectations that new, potentially incriminating details might surface about the disgraced financier’s death and his ties to powerful individuals. However, rather than revealing new information, the memo largely confirmed conclusions reached years earlier: that Epstein was found in a Manhattan prison cell on August 10, 2019, and died by suicide while awaiting trial on sex trafficking charges.

To support its conclusion, the FBI reviewed surveillance footage overlooking the common area of the Special Housing Unit (SHU) at the Metropolitan Correctional Center (MCC), where Epstein was held. The FBI enhanced the footage by adjusting contrast, color, and sharpness, and released both the enhanced and what it described as the “raw” version. Both versions of the video appear to have been processed using Premiere and include much of the same metadata. According to the FBI, anyone entering the area containing Epstein’s cell during the relevant time frame would have been visible on that camera. -Wired

According to the metadata from the "raw" file reveals that the video had been saved at least four times on May 23, 2025, by a Windows user named "MJCOLE~1." The footage references two source clips—“2025-05-22 21-12-48.mp4” and “2025-05-22 16-35-21.mp4” - and Premiere project files, indicating that it was a composite video.

One media forensics expert, who reviewed the metadata and asked not to be named, told Wired “It looks suspicious - but not as suspicious as the DOJ refusing to answer basic questions about it.”

The Department’s handling of the footage has also drawn criticism in light of previous issues at MCC. According to a 2023 report from the DOJ’s Office of the Inspector General, starting on July 29, 2019 - less than two weeks before Epstein’s death - around half of MCC’s 150 analog surveillance cameras stopped recording due to a technical error. Repairs scheduled for the night of August 9 were not carried out because the technician lacked an escort.

Only two cameras were operational in the SHU area at the time Epstein was found hanged: one near the entrance to the 10 South Unit and one by a ninth-floor elevator bay. Neither covered Epstein’s cell door.

What's more there was a notable gap in the recording: one minute of footage, from 11:58:58 p.m. to 12:00:00 a.m., is missing. The recording resumes immediately afterward.

At a press conference Tuesday, Attorney General Pam Bondi attributed the missing minute to a daily system cycle, claiming that one minute is missing from every night’s recording.

For months, Bondi had promised that the DOJ would release records that could shed light on Epstein’s death. But the new video and memo “largely confirmed conclusions reached years earlier,” WIRED noted, leaving many observers unsatisfied.

Tyler Durden Fri, 07/11/2025 - 21:00

Cambridge Researchers Find Gut Bacteria Could Help Remove 'Forever Chemicals' From Body

Authored by George Citroner via The Epoch Times (emphasis ours),

Researchers have found that nine species of gut bacteria can help detoxify the body from forever chemicals, rapidly absorbing PFAS linked to cancer and other serious illnesses.

Kateryna Kon/Shutterstock

“This uncovers a new beneficial role of gut bacteria for the human health—to help removing toxic PFAS from our body,” senior study author Kiran Patil, a member of the MRC Toxicology Unit, University of Cambridge, told The Epoch Times.

How Bacteria Work

The Cambridge University study, published in the journal Nature Microbiology, identified nine bacterial species that can absorb up to 75 percent of toxic PFAS—per- and polyfluoroalkyl substances—from their surroundings.

PFAS are synthetic chemicals used in thousands of consumer products, from nonstick pans and waterproof clothing to cosmetics and food packaging. Dubbed “forever chemicals” because they resist breaking down in the environment, PFAS accumulate in human bodies and have been linked to various cancers, liver damage, and immune system disorders.

Currently, there are no approved treatments to remove PFAS from the human body, making this discovery potentially significant for public health.

The research team identified nine bacterial species—including six in the Bacteroides family, Odoribacter splanchnicus, Parabacteroides distasonis, and Parabacteroides merdae—that can absorb two common types of PFAS: perfluorononanoic acid (PFNA) and perfluorooctanoic acid (PFOA).

When these bacteria were introduced into mice, they quickly absorbed the chemicals. When they were excreted through the gut, the forever chemicals were removed with them in waste. Within minutes of exposure, the bacteria absorbed between 25 and 74 percent of PFAS chemicals at various concentration levels.

The researchers believe the way bacteria collect PFAS into protective clumps inside their cells is a survival mechanism that prevents the chemicals from causing cellular damage.

As the mice were exposed to increasing PFAS levels, the bacteria kept removing a steady percentage of the toxins, suggesting they could act as a natural filter in the gut.

Treatment Potential

The effectiveness of this approach depends on the specific type of PFAS compound, Patil said.

Short-chain PFAS leave the body quickly through urine. However, long-chain PFAS stay in the body for years and are mostly removed through feces. Therefore, using bacteria works best for PFAS compounds that are primarily eliminated through fecal excretion, according to Patil.

The bacteria proved effective even at very low exposure levels similar to those found in European and U.S. water samples, suggesting potential real-world applications.

The researchers plan to develop probiotic supplements that could boost these helpful bacteria, offering a new way to reduce PFAS levels in humans. However, while promising, the results have not yet been tested directly in humans.

There are always unknown factors between lab studies on mice and real-world applications for humans, Bryan Quoc Le, a food scientist and founder of and principal food consultant at Mendocino Food Consulting, who was not involved in the study, told The Epoch Times.

“Despite this,” he said, “the study did take a more comprehensive approach, such as using diverse microbial populations that are realistic for humans, and testing with different types of PFAS.”

However, he also noted the main challenges with a study like this include not knowing how things change in the long term, how these selected bacteria survive in different microbiomes with different diets and health conditions, and whether the same level of PFAS uptake would occur consistently and reliably.

“Needless to say, this area of research is still developing, so nothing is conclusive for human applicability yet, but it does suggest that further research would be worthwhile,” Le continued.

Safety Considerations

Medical experts urge caution despite the findings. Dr. Joseph Mercola, board-certified family medicine osteopathic physician, not involved in the study, emphasized the importance of careful implementation when introducing new bacterial strains into the human gut.

While the bacteria used in the study came from species already found in healthy humans, even familiar microbes can act differently depending on our overall gut balance, immune system, and existing health conditions, he told The Epoch Times.

“The good news is that these species aren’t exotic imports; they’re already natural residents in many people,” he said. “Still, scaling up their population through supplements or engineered probiotics could throw off your microbial balance if done recklessly.”

Dr. Kham Ali, an emergency medicine physician at Northwell Health in New York and not involved in the study, warned that adding bacteria to our microbiome that store toxic PFAS could have “unintended consequences,” such as disrupting other beneficial bacteria or affecting how the body processes food and medicine.

“We’d need long-term human studies to understand the safety of such interventions,” he told The Epoch Times.

Tyler Durden Fri, 07/11/2025 - 20:35

Goldman Sees Housing Affordability Relief Ahead - Here's The Timeline

Housing affordability is at its worst in decades, but a new Goldman report suggests some of the most severe pressures may begin to ease, offering modest relief in the years ahead. That's welcome news for prospective homebuyers who've been priced out by soaring home values and the Federal Reserve's aggressive interest rate hiking cycle. 

"We are lowering our forecasts for U.S. home price appreciation over the next two years," analyst Vinay Viswanathan wrote in a note to clients. He cut the firm's national home price appreciation (HPA) forecast from 3.2% to .5% in 2025, and from 1.9% to 1.2% in 2026. 

Viswanathan outlined three specific drivers that underpinned his decision to revise the HPA forecast down:

• First and foremost, recent home price index data has deteriorated, likely reflecting a drop in demand. Case-Shiller, FHFA, and Zillow indices all gauged negative sequential HPA in March, April, and, based on Zillow's higher frequency estimates, May (Exhibit 2). Though some of the weakness can likely be attributed to the acute tariff concerns earlier in the year (which equity prices and, to a lesser extent, consumer sentiment suggest are subsiding), the decline in May consumer spending is evidence that an uncertain growth environment is influencing household financial behavior.

• Second, the lack of supply that previously bolstered strong HPA is gradually recovering. While most metrics suggest that aggregate supply is still far from overwhelming demand, for-sale inventory of existing homes is approaching pre-COVID levels while for-sale inventory of newly constructed homes is at levels last seen in 2009.

• Third, we see only limited scope for mortgage rates to decline in a softer growth environment, and our base case is for mortgage rates to decline by only 20-25 bp through the end of 2026. We do not see the pullback in immigration as a major risk for single-family HPA given the likely low headship rate for the humanitarian/undocumented immigrants most affected, but there could be a larger impact on multifamily rents.

The analyst emphasized that this does not signal a significant downturn in prices, writing: "...but meaningful national home price declines remain unlikely."

What caught our attention in the 33-page report was the section outlining modest affordability relief for prospective homebuyers. This is especially important for the folks who've been sidelined in recent years because of higher prices and elevated rates. 

"Mortgage rates will likely grind lower," Viswanathan wrote in the report, with the 30-year conforming mortgage rate forecasted to end the year at 6.5%. 

Viswanathan continued, "Alongside a downtick in mortgage rates, the growing gap between income growth and HPA should help slightly improve housing affordability, albeit remaining historically poor..." 

How many young people are still on the sidelines? A lot....

According to Census Bureau data, about a third of all 18- to 34-year-olds are still living in their parents' basements or attics.

And this.

Real estate agents and mortgage originators are praying for a new Fed chief who'll slash rates and bring life back into an industry crushed by Fed Chair Powell.

More here from Goldman's Research team available to pro subs.

Tyler Durden Fri, 07/11/2025 - 20:10

US Charges Chinese Man Accused Of Hacking Into Universities to Steal COVID-19 Research

Authored by Frank Fang via The Epoch Times (emphasis ours),

The Department of Justice (DOJ) announced charges on July 8 against a Chinese national taken into custody in Italy at the behest of Washington, and accused him of hacking into several U.S. universities to steal COVID-19 research at the direction of China’s main intelligence agency.

The Department of Justice (DOJ) in Washington on March 10, 2025. Madalina Vasiliu/The Epoch Times

Xu Zewei, 33, was arrested in Milan, Italy, on July 3 by Italian law enforcement officials and FBI agents as he departed a plane from China. Xu and another Chinese national, Zhang Yu, 44, who remains at large, are charged in a nine-count indictment unsealed in the Southern District of Texas on Tuesday for their alleged involvement in computer intrusions between February 2020 and June 2021.

According to the indictment, Xu was a general manager at a Chinese company called Shanghai Powerock Network, which allegedly conducted hacking operations at the direction of the Shanghai State Security Bureau (SSSB) under China’s Ministry of State Security (MSS).

The DOJ said that Xu’s case exemplifies the Chinese regime’s use of a vast network of private companies and contractors in China to carry out hacking and information theft in a manner that concealed Beijing’s involvement.

“The indictment alleges that Xu was hacking and stealing crucial COVID-19 research at the behest of the Chinese government while that same government was simultaneously withholding information about the virus and its origins,” Nicholas Ganjei, U.S. attorney for the Southern District of Texas, said in a statement.

“The Southern District of Texas has been waiting years to bring Xu to justice and that day is nearly at hand. As this case shows, even if it takes years, we will track hackers down and make them answer for their crimes. The United States does not forget.”

The CIA, FBI, and Energy Department have determined that the COVID-19 pandemic likely originated from a laboratory in China, an assessment that Beijing has dismissed. Chinese authorities initially downplayed the severity of the outbreak for several weeks before it escalated into a pandemic.

The FBI’s Houston Field Office, which is investigating the case, said that Xu is allegedly “one of the first hackers linked to Chinese intelligence services to be captured by the FBI,” according to a post on social media platform X on July 8.

“Our investigation revealed that the PRC government will stop at nothing to steal from America. They have no shame in their actions, and no respect for international laws,” the Houston Field Office added in a separate X post. “Their only regret is that their criminal conduct is now unmasked and laid bare for the world to see.”

Hacking

Xu and his coconspirators are accused of hacking the networks of several U.S.-based universities, as well as the email accounts of immunologists and virologists conducting research into COVID-19 vaccines, treatment, and testing.

Prosecutors did not name the universities. According to the indictment, two universities are based in the Southern District of Texas, identified only as “UNIVERSITY 1” and “UNIVERSITY 3,” and the third, identified only as “UNIVERSITY 2,” is located in North Carolina. An unnamed law firm, with offices in the United States and elsewhere, was also targeted.

Xu allegedly compromised the network of “UNIVERSITY 1” on Feb. 19, 2020, according to prosecutors. Three days later, an SSSB officer directed Xu to target and access certain email accounts belonging to the university’s virologists and immunologists. According to the indictment, Xu informed the officer that he had “acquired the contents of the mailboxes” days later.

Xu and Zhang are also accused of being part of a China-sponsored hacking group called Hafnium, which garnered global attention in 2021 after Microsoft identified the group for exploiting the vulnerabilities in its Exchange Server email program.

“Through HAFNIUM, the CCP targeted over 60,000 U.S. entities, successfully victimizing more than 12,700 in order to steal sensitive information,” Brett Leatherman, assistant director of the FBI’s cyber division, said in a statement.

Xu and his coconspirators began exploiting the Exchange Server vulnerabilities in late 2020, prosecutors said. According to the indictment, Xu confirmed to Zhang that he had compromised the computer network of “UNIVERSITY 3” on Jan. 30, 2021, after the coconspirators breached the school’s computers running the Exchange Server and installed web shells on them to enable remote administration.

Using similar techniques associated with the Exchange Server, Xu and his coconspirators gained access to the law firm’s computer and used keywords such as “HongKong” and “MSS” to look for information regarding specific U.S. policymakers and government agencies.

The charges Xu faces include wire fraud, aggravated identity theft, and conspiracy to cause damage to and obtain information by unauthorized access to protected computers. He faces up to 20 years in prison for the wire fraud charges alone.

On Tuesday, Xu’s lawyer said that his client is a victim of mistaken identity, given that his surname is common in China, and his cellphone had been stolen since 2020.

Xu appeared before an appeals court in Milan and opposed extradition to the United States.

Reuters contributed to this report.

Tyler Durden Fri, 07/11/2025 - 19:45

Forced Labor, Human Trafficking? Illegal Alien Kids Rescued After ICE Raids Industrial Pot Farm In Newsom's California

California Gov. Gavin Newsom wrote on X, "Kids running from tear gas, crying on the phone because their mother was just taken from the fields." 

Kids running from tear gas, crying on the phone because their mother was just taken from the fields.

Trump calls me “Newscum” — but he’s the real scum. pic.twitter.com/fj0l25mRBN

— Gavin Newsom (@GavinNewsom) July 11, 2025

"Kids running from tear gas." Think about that for a second… Why were there children at state-licensed, industrialized commercial marijuana farms in Southern California's agricultural zones?

That's a very good question — and perhaps protesting ICE seems the most plausible explanation. But one thing is sure: CBP Commissioner Rodney Scott revealed that federal agents rescued children from what appears to be forced labor conditions on industrial-sized marijuana farms.

"10 juveniles were found at this marijuana facility - all illegal aliens, 8 of them unaccompanied. It's  now under investigation for child labor violations," Scott revealed on X.

He asked: "California, are you ready to partner with us to stop child exploitation?" 

Here’s some breaking news: 10 juveniles were found at this marijuana facility - all illegal aliens, 8 of them unaccompanied. It’s now under investigation for child labor violations.

This is Newsom’s California. https://t.co/Z1XoRMtBSN

— CBP Commissioner Rodney Scott (@CBPCommissioner) July 11, 2025

ICE agents on Thursday targeted two locations by Glass House Farms — one in the Santa Barbara County town of Carpinteria, about 90 miles northwest of Los Angeles, and another in the Ventura County community of Camarillo, about 50 miles from the metro area controlled by a far-left regime — resulted in the rescue of what could be illegal alien childeren exploited by labor mules.

Homeland Security Assistant Secretary Tricia McLaughlin wrote on X that federal law enforcement rescued the children from what appears to be "potential exploitation, forced labor, and human trafficking." She said agents were met by "500+ rioters," one of whom opened fire on law enforcement.

ICE and @CBP officers who so bravely rescued 9 children from potential exploitation, forced labor and human trafficking, were met by 500+ rioters, one of whom shot at law enforcement.

Thank you to the brave men and women of @ICEGov @CBP @DHSgov. You make America proud. pic.twitter.com/Hk0UELT8KJ

— Tricia McLaughlin (@TriciaOhio) July 11, 2025

X users were horrified Thursday night when an anti-ICE protester opened fire on federal law enforcement — a disturbing sign that low-intensity skirmishes are escalating into armed confrontations. This comes as the Democratic Party's leftist radicals continue to promote dangerous anti-ICE rhetoric, putting federal agents directly in harm's way.

A protester was seen apparently firing some kind of weapon at federal agents during the immigration raid at a farm near Camarillo on Thursday. It’s unknown if anyone was injured in the chaos. https://t.co/tZBT2XnVEH pic.twitter.com/p4YZ3qkHnM

— ABC7 Eyewitness News (@ABC7) July 10, 2025

President Trump and Border Czar Tom Homan have been vocal about the "missing 300,000 migrant children" reportedly somewhere in the U.S., a consequence of the Biden-Harris regime's deliberate border invasion that only resulted in the exploitation of some migrants — whether through forced labor or sex trafficking. Shame on Democrats..

Tyler Durden Fri, 07/11/2025 - 19:20

Massive Rare Earths Elements Deposit Confirmed In Wyoming

By John Paul Hamsptead of FreightWaves

In a groundbreaking moment for the American mining industry, the Fluor Corporation has confirmed the feasibility of large rare earth element deposits at Ramaco Resources’ Brook Mine in Wyoming. This announcement marks a significant step towards redefining the United States’ position in the critical minerals market. The confirmation by Fluor not only solidifies the economic potential of the Brook Mine but also positions Ramaco Resources as a key player in reducing the country’s dependency on foreign sources of rare earth elements.

Ramaco Resources, initially known for its operations as a metallurgical coal miner, was thrust into the spotlight with this unexpected discovery. The company, headquartered in Lexington, Kentucky, had been primarily focused on coal mining in Appalachia. The Brook Mine project represents a strategic pivot for Ramaco, leveraging its mining expertise to tap into the lucrative rare earth element market.

According to the Preliminary Economic Assessment (PEA) conducted by Fluor Corporation, the rare earth deposits at Brook Mine are not only abundant but also economically viable. The PEA outlines a robust financial outlook, with a net present value (NPV) of $1.197 billion at an 8% discount rate and an internal rate of return (IRR) of 38% pre-tax. The report projects that the mine will produce 1,242 tons annually of oxides, including high-value minerals such as dysprosium, neodymium, and scandium, which are critical to various advanced technologies. Specifically, dysprosium and neodymium have unusual magnetic properties that make them perfect for high-performance magnets in electric vehicles and various electronics, while scandium’s most important applications involve its use as an alloy for aluminum.

The economic significance of these discoveries cannot be overstated. Rare earth elements are integral to modern technology, playing a crucial role in the manufacturing of everything from electric vehicles and wind turbines to sophisticated military systems. Historically, the United States has relied heavily on imports, particularly from China, to meet its demand for these minerals. The Brook Mine’s potential to support 3-5% of the U.S.’s total permanent magnet demand is a crucial development in shifting the nation’s supply chain dynamics.

Aside from economic viability, the strategic implications are profound. Rare earth elements have long been a strategic lever for China, which controls roughly 85% of global production. China’s dominance in the market has allowed it to wield significant influence, at times restricting exports as a tool in trade negotiations. This dependency has underscored the urgency for the U.S. to establish a secure, domestic supply of these critical materials.

Ramaco’s leadership has recognized the strategic and national security dimensions of their project. Randall Atkins, the Chairman and CEO of Ramaco Resources, emphasized the importance of the Brook Mine discovery not only for the company but also for the nation. With plans to develop processing facilities capable of handling these rare earth elements domestically, Ramaco aims to foster a vertically integrated supply chain, addressing both extraction and processing within the United States.

The transition from a coal-centric operation to a rare earth element powerhouse reflects broader shifts in the global energy landscape. As the demand for cleaner, sustainable energy solutions grows, the need for rare earth elements will only increase. The Brook Mine discovery positions Ramaco at the forefront of this evolution, offering significant economic rewards while contributing to national security.

As Ramaco Resources continues to develop the Brook Mine, the focus will be on optimizing extraction processes and scaling up operations to meet projected demand. The backing from Fluor Corporation, an internationally renowned engineering firm, provides additional credibility and support to Ramaco’s ambitious plans.

The discovery and subsequent validation of rare earth elements at the Brook Mine is a landmark event for Ramaco Resources and American industry at large. By establishing a domestic supply chain for these essential materials, the United States not only reduces its reliance on foreign sources but also strengthens its strategic autonomy.

Tyler Durden Fri, 07/11/2025 - 18:55