What GAO Found VA’s fiscal year 2026 budget reflects a range of planned reforms: investing over $3.5 billion to hasten implementation of electronic health record modernization, reducing IT expenditures by about $500 million to retire outdated legacy systems and reassess IT initiatives, and streamlining administrative practices leading to about $40 million in savings. GAO has identified leading practices and selected questions that can assist in achieving IT reform goals. Figure: Leading Practices and Selected Key Questions for Agency Reform Efforts Why GAO Did This Study VA depends on critical IT systems to manage benefits and provide care to millions of veterans and their families. The department’s investment in IT is substantial—VA plans to spend about $7.3 billion in fiscal year 2026. VA operates a centralized organization, the Office of Information Technology, to plan and execute most IT management functions. This office is responsible for providing direction and guidance on IT acquisition and management. However, VA has a long history of failed IT modernization efforts. For example, after three failed attempts between 2001 and 2018, VA began implementing its fourth effort in 2020 to modernize its legacy health information system. However, in 2023 it halted further system deployments due to widespread concerns. In December 2024, VA announced plans for additional deployments restarting in 2026. VA has experienced similar weaknesses in acquiring major IT systems, managing its IT workforce, tracking software licenses, and standardizing cloud computing procurement. GAO’s statement (1) identifies key reform elements of VA’s fiscal year 2026 IT budget request, and (2) describes leading practices and selected questions for assessing agency reforms.

BMI Dismisses Trump's Copper Tariff As Likely Just A "Negotiating Tool, Not Serious Proposal" 

The global copper industry had been on edge since the start of President Trump's second term amid rising tariff threats. Earlier this week, those fears materialized when the Trump administration announced a 50% tariff on all copper imports, set to take effect August 1, citing a strong national security assessment. Still, questions remain over how long the tariffs will last—and whether they'll ultimately be reversed. 

Analysts from BMI Research, a unit of Fitch Group, view the impending 50% copper import tariffs as merely a negotiation tactic rather than a serious policy, intended to pressure trading partners into fairer agreements.

"The tariff threat is, of course, a negotiating tool more likely rather than a serious proposal," BMI analysts wrote in a Thursday report to clients.

In fact, tariffs are primarily used by the Trump administration as economic tools to pressure trading partners into offering market access, policy reforms, or more favorable trade terms. This view is echoed by the analysts, who believe the president will ultimately walk back the copper tariff, summed up by the acronym TACO: "Trump Always Chickens Out." They said the president "always backs down on his tariff threats." 

However, the analysts warned of a painful market adjustment if the tariffs are not reversed. They cautioned that the policy could backfire by undermining the competitiveness of American manufacturing firms without meaningfully reducing the country's reliance on imports. Additionally, they noted it could harm the U.S. refining sector, as a widening spread between domestic and global copper prices would likely prompt foreign exporters to redirect finished copper products toward the U.S. market.

So, with Chinese stocks dwindling and U.S. stocks soaring, and by the way, Goldman expects a further acceleration in shipments into the U.S. in the coming weeks, as the incentive to front-run the tariff implementation has increased... 

... tariffing copper right now is interesting in its timing—whether it's intended as a negotiation tactic with trade partners or, as a strategy to flood the U.S. with copper supplies to bridge the gap until domestic supply chains come online. 

Related:

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

• US-UK Arb Hits Record High As Trump Tariff Threat Sparks Copper Market Chaos

. . . 

Tyler Durden Fri, 07/11/2025 - 10:45

Can The US Avoid Recession? A Lot Depends On The Dollar

Authored by Simon White, Bloomberg macro strategist,

Near-term US recession risk is low, but there are pockets of weakness that could mutate into a downturn later this year. The weaker dollar, though, will be key to whether the US avoids that fate and stocks a significant decline.

For now, it’s gone quiet on the recession front.

Not long ago, there was febrile speculation that a downturn was imminent, despite a lack of support from leading data.

Since then, the clamour has died down, and that can make one a little uneasy. Not necessarily because we should be worried about an imminent recession, but it does imply the market is now less prepared for bad news, which increases the likelihood of a disproportionate impact on asset prices.

My Recession Gauge – an amalgamation of 14 separate recession indicators – has fallen and is well under the activation threshold. But there are areas of weakness in the economy that could trigger anxiety and cause stock markets to drop, at least temporarily.

One notable point can be found in the Federal Reserve’s regional manufacturing indexes. Individually they are very volatile. But when they act in concert, they give a more reliable indication. The combined signal has recently jumped back to 100%, with all the indexes now in the contraction zone.

As we can see from the chart above, this particular data point has given a few false positives in the past, so it is not perfect. But equally it’s not something that should be ignored, as manufacturing is one of the most leading sectors in the economy. Moreover, recessions are pervasive. So a nationwide decline in manufacturing is best monitored.

We might also see other signs of economic weakness in the coming months. One point to focus on might be whether the rise in WARN (advance layoff) notices presages weakness in unemployment claims and the wider labour market. Another area to watch is the housing market, and whether that starts to become a wider problem.

None of these guarantee a recession however, especially if the weaker dollar eases financial conditions to keep a downturn at bay. The drop in the US currency should also translate into a boost for stock earnings.

More broadly, though, dollar weakness and (at least for now) relatively stable yields are typically consistent with economic data improving relative to the consensus.

There are more malign effects from the weaker dollar also in the pipeline such as higher inflation, but at least through the rest of this year, it might be enough to forestall a return of recession angst.

Tyler Durden Fri, 07/11/2025 - 10:25

Hemispheric Defense Theme Accelerates As Hegseth Calls For Drone Dominance

An investment thesis gaining traction across our desk is the "Hemispheric Defense" theme, driven by the urgent need for the Western world—led by the U.S. and Europe—to accelerate weapons production, re-shore critical supply chains, and expand domestic industrial capacity. This initiative is unfolding as the world rapidly stumbles into a bipolar geopolitical order, with the U.S. challenging the BRICS bloc to preserve the global dollar system (remember this from earlier in the week?)  

For months, we have outlined the specifics of the Hemispheric Defense investment theme, along with the companies best positioned to profit from new Department of Defense strategies aimed at ensuring America remains the dominant superpower heading into the 2030s: 

• Making Sense Of Hemispheric Defense In Trump Era

• Golden Dome Unleashes U.S. Hemispheric Defense Theme - And Goldman Finds One Firm Stands Out

• Goldman Flags Must-Own Defense Stocks Amid Pentagon's Shifting Priorities

• Goldman Cranks Up Bullish Tone On Hemispheric Defense Theme

At the start of the year, billionaire investor Marc Andreessen—co-founder of venture capital firm Andreessen Horowitz—underscored the urgent need to re-shore the drone supply chain to the U.S. He emphasized that drones share a common manufacturing ecosystem with other strategic technologies set to dominate the next decade, including chips, AI, EVs, clean tech, and space. Andreessen also issued a stark warning: 90% of drones used by the U.S. military are sourced from China. As he put it, this must change.

In April, Goldman hosted its Private Tech Tour 2025, which prompted us to reexamine eight critical industries—including AI, semiconductors, eVTOL, and photonics—that are poised to define the great powers of the 2030s. The event reinforced the idea of the urgency of re-shoring these supply chains, and in our view, the hard deadline is before the next decade begins if the U.S. intends to remain competitive and wants to preserve the dollar system. 

Which brings us to U.S. Defense Secretary Pete Hegseth's Thursday evening announcement outlining sweeping reforms to America's defense complex, centered on achieving "drone domain dominance" by 2027.

That's three years ahead of our projected timeline, underscoring the Trump administration's urgency in expanding domestic small drone production. The move comes just days after we revealed that Russia has already accomplished a similar buildout. 

"While our adversaries have produced millions of cheap drones, before us we were mired in bureaucratic red tape," Hegseth said in the video posted on X. "Not anymore."

Hegseth's announcement builds on a June 6 White House executive order about "unleashing American drone dominance."  

The executive order read:

"The United States must accelerate the safe commercialization of drone technologies and fully integrate UAS into the National Airspace System.  The time has come to accelerate testing and to enable routine drone operations, scale up domestic production, and expand the export of trusted, American-manufactured drone technologies to global markets." 

The messaging from Hegseth and June's executive order has translated into tailwinds for defense companies, including drone firms. Among stocks rising in premarket trading: Red Cat +17%, AeroVironment +4%, Kratos Defense & Security Solutions +5%. 

Unleashing U.S. Military Drone Dominance @DOGE pic.twitter.com/ueqQPc7rKI

— Secretary of Defense Pete Hegseth (@SecDef) July 10, 2025

"Drones are the future of warfare and America will come from behind to lead the way," Sequoia partner Shaun Maguire worte on X, in response to Hegseth's post. 

Maguire is right. Listen to Erik Prince's conversations from earlier this year about the future of warfighting—small drones equipped with shaped charges are beginning to eliminate the need for snipers on the battlefield, at least to some extent. The operational range is shifting from 1,000 yards with a scoped battle rifle to several miles with a drone controller.

The takeaway: Hemispheric Defense them... 

Tyler Durden Fri, 07/11/2025 - 10:05

Did TACO Trades Just Get Burrito'd?

Via Rabobank,

A combo of confidence, arrogance, and ignorance has seen continued TACO trades on tariffs:

Trump always chickens out, say those who just watched him bomb Iran’s nuclear sites with vastly fatter tail risks than a spike in CPI (the fear of which overlooking Japanese car-markers just cut prices 19.4% to keep access to the US market). 

But did that just get burrito-ed?

True, the Vietnamese government still hasn’t formally accepted the trade deal announced, showing how unhappy they are with 20% tariffs. Yet Trump just dropped a bomb in stating he plans to impose rates of 15% or 20% on most trading partners, not 10%.

He also dropped a 35% tariff on non-USMCA compliant goods from Canada starting 1 August with any counter tariff rate stacked on top: no transshipped goods from Canada will be allowed. Can you see what was flagged here months ago: that the US would set the level of the USMCA external tariff, forming a Fortress North America?

A similar Trump letter could go out to the EU today: will it say 10%, 15%, 20%, or 35%, and will everyone continue to buy EUR on the back of it “because markets”? Perhaps: but, what a croque, monsieur or madame. There’s no ham in that toasted sandwich if you open it up and look.

That’s as Politico claims it was “BRICS-fuelled anger” around de-dollarisation behind the recent 50% tariff threat to Brazil, as I’d flagged: “The White House concluded that non-tariff methods for punishing Brazil would take too long, two people familiar with the situation said.” Brazil’s President Lula has threatened counter tariffs and said he isn’t obliged to use the dollar for trade: is he referring to the BRICScoin that doesn’t exist, or to barter, or to gold, or CNY? Somebody will be eating humble taco ahead there – place your trading bets accordingly.

However, other reports have the US lifting tariffs on Israel ahead: geopolitics sets your rate. 

Staying in geoeconomics, a US metals magnate praised “intelligent” national security tariffs on copper and dismissed any market reaction as “irrelevant.” Who knew markets come second when America comes first? Those who saw we are in a world of economic statecraft, not policy.

Similarly, US rare earths firm MP Materials announced a “Transformational public-private partnership” with the Pentagon worth billions including a new “10X” magnet facility, a 10-year price floor and offtake agreements, and the Department of Defence positioned to become its largest shareholder to create “a national champion, built to scale.” What and where next?

Bloomberg today runs a rebuttal of US tariffs aimed at local shipbuilding, but makes the argument this needs integrated economic statecraft from tariffs to subsidies to infrastructure to labour --as do copper, steel, and aluminium, required as inputs-- as well as a push to compete globally for economies of scale. So, either bank on that happening for national security reasons, or on no maritime national security and “because markets.” There are huge implications either way.

Moreover, as the latest projections show we are apparently very far from peak global oil and gas demand, OPEC+ just barred major media organisations from their meeting.

In geopolitics, Secretary of State Rubio called for a new approach to peace re: Ukraine; Trump said there could be “a major statement” on Russia Monday; Axios reports the US is to sell weapons to NATO to provide to Ukraine; and the UK and France will “police Ukraine’s skies“ and seas if Russia agrees to a ceasefire. That sounds expensive, with fat tail risks: so, TACO?

Reports suggest Israel could soon strike Iran again as the latter scuttles about its nuclear sites with intent. Jerusalem is also urging the US to resume strikes on the Houthis and form a broad coalition, after two commercial ships were sunk this week, impacting far more than Israel alone.

Moreover, as The Economist calls to end the west’s failed asylum system (when you’ve lost The Economist…), there’s more entente cordiale via a UK-French “one in, one out” asylum-seeker pilot scheme which will swap one who crosses the Channel for one from France who can show they have family connections in the UK – but, according to some reports, only up to 50 people a week, and in any case not reducing the total number of asylum-seekers in both countries.

In politics, a US judge placed a new block on Trump’s birthright citizenship order by claiming a class action weeks after the Supreme Court had blocked the use of far-reaching district court injunctions against the executive, and Justice Alito had specifically warned not to use spurious class actions to end-run it. This week also saw a lower-level judge try to overrule Congress, worth considering as the financial press worries about executive over-reach: everyone is.

Staying with the law, Trump said of FBI investigations into ex-CIA head Brennan and ex-FBI head Comey over suggestions of faking the evidence re: Russiagate: "Maybe they have to pay a price.” That’s as former Epstein lawyer Dershowitz raised his hand to God and swore he knows that documents are being suppressed to protect individuals pertaining to this scandal, and he knows who is doing the suppressing.

California Governor Newsom’s team signalled he may redistrict ahead of the critical 2026 midterms if Texas does the same to gain GOP seats - except California has an independent redistricting commission; four Republican senators threatened to reverse President Trump's DOGE cuts to funding for NPR and PBS, seeing him threaten to refuse to support them; and Axios states ‘MAGA on "amnesty watch" as Trump weighs migrant worker protections’ as the base wants no watering down of promises to deport millions, regardless of the economic consequences.

Not to leave Europe out, Germany’s Rhineland-Palatinate banned any member of an extremist organisation --which they say covers the AfD Party leading opinion polls-- for working for the civil service or police, etc. Coming just after a French police raid on the populist National Rally HQ, one wonders if that will get slipped into the Trump letter to the EU, as with Brazil.

In markets, there was excitement about a potential Chinese property bailout yesterday: yet that was as The People’s Daily argued for reintroducing “comrade” as title and pronoun rather than “Boss”, “Miss”, or “Teacher”; or “Leveraged Wall Street trader thinking a housing bubble is common prosperity” - in either China or the US?

The White House continued its new front vs Fed Chair Powell, with the director of the OMB also attacking him for the “ostentatious” $2.5bn refurbishment of the Fed’s HQ as the FT’s Big Read asks, ‘Can the Fed stay independent under Trump?’, overlooking that it hasn’t been for a large chunk of its existence, and critics question how independent of lobbyists it can ever be. 

That FT report includes the line that even the janitor knows who the worst Fed chair was: the 70’s Burns, who looked through massive commodity-driven headline inflation to please politicians. Fair enough, but who was the second worst: Greenspan, Bernanke, or Yellen?

Lastly, and this time not a multi-tasking typo, Bitcoin this morning is sitting at a record $116,500, with the S&P and Nasdaq also at all-time highs. 

Who thinks they need to chicken out of what from here?

Tyler Durden Fri, 07/11/2025 - 09:45

Nvidia CEO Makes Pit Stop At White House Before China Trip

Nvidia CEO Jensen Huang met with President Trump at the White House on Thursday, just days before a trip to China. The meeting comes as Nvidia—now the world's most valuable chipmaker (and world's most valuable company)—remains largely shut out of China's semiconductor market due to U.S. export restrictions. While the conversation wasn't disclosed, Huang likely focused on the urgent need to restore Nvidia's ability to sell advanced AI chips in the world's second-largest economy.

CNBC's Megan Cassella reported Thursday afternoon that Huang met with Trump. No details about the meeting were released, but the president praised Nvidia in a Truth Social post:

"NVIDIA IS UP 47% SINCE TRUMP TARIFFS. USA is taking in Hundreds of Billions of Dollars in Tariffs"... "COUNTRY IS NOW 'BACK.'"

Also on Thursday, Nvidia became the first company to close a trading day with a market cap over $4 trillion... This was a symbolic milestone for capital markets and the current bull cycle.

In a separate report, Bloomberg noted that Huang's White House visit comes just days before he is scheduled to travel to Beijing, where he will meet with senior Chinese officials and attend the International Supply Chain Expo. 

Huang has been vocal in recent months about the combined impact of the Biden-Harris regime and the Trump-Vance administration's export restrictions on advanced AI chips to China. In May, he told investors, "The $50 billion China market is effectively closed to U.S. industry."

However, the Trump team cancelled a planned rule by former President Joe Biden called the "AI diffusion rule," promising fewer restrictions later this year on which countries could receive Nvidia's advanced AI chips.

"The world is right now hungry, anxious to engage AI," Huang said, adding, "Let us get the American AI out in front of everybody right now."

Tyler Durden Fri, 07/11/2025 - 09:25

EPA Promises 'Total Transparency On The Issues Of Geoengineering And Contrails'

Authored by Jon Fleetwood,

Today, the U.S. Environmental Protection Agency (EPA) released new online resources to address public questions and concerns about the topics of geoengineering and contrails.

Jet engine condensation trails contain metal nanoparticles and sulfur that form lingering lines in the troposphere that disperse and form cirrus cloud cover that blocks the sun and sky when the air is cold and wet enough.

These lines are often referred to as “chemtrails,” though the term can be misleading and imply the trails are mostly caused by independent spray apparatuses attached to aircraft.

There is ongoing debate (here) among the anti-geoengineering community as to whether the cause of these sun- and sky-blocking emissions is jet engine exhaust or independent sprayers.

The FAA, NASA, and NOAA have officially admitted that jets emit substances that linger in the sky and alter the weather.

The EPA’s new move follows the revelation that Rainmaker, a drone-based cloud seeding startup backed by Peter Thiel’s elite fellowship, had active government clearance to deploy weather-modifying chemicals over Texas just days before historic July 2025 floods killed more than 60 people.

“EPA created these new online resources to communicate everything the agency knows about the latest science, research and other information regarding contrails and geoengineering,” the Thursday press release reads. “EPA is committed to total transparency with the American public on these topics.”

EPA Administrator Lee Zeldin emphasized that Americans “have legitimate questions about contrails and geoengineering, and they deserve straight answers” and his team is “publishing everything EPA knows about these topics on these websites.”

The agency’s new online resource on condensation trails (contrails) “explains the science behind the aerial phenomenon and addresses myths and misconceptions that have persisted for decades,” according to the press release.

“The new webpage also addresses head-on various claims that these occurrences are actually an intentional release of dangerous chemicals or biological agents at high altitudes for a variety of nefarious purposes, including population control, mind control, or attempts to geoengineer Earth or modify the weather.”

It’s worth noting the EPA’s contrail resource page does state that persistent contrails “can interact with wind and clouds to form cirrus clouds” and that “persistent contrail clouds could have a small net warming effect.”

These cirrus clouds are described as “thin, wispy clouds that are common at high altitudes.”

This acknowledges that contrails can create artificial cloud cover, but the EPA downplays the scale and impact, calling it a “small net warming effect” and avoiding mention of sunlight obstruction or sky whitening, terms commonly used by critics.

The EPA has also created an online resource “focused specifically on solar geoengineering activities, which involve cooling the Earth by reflecting sunlight back to space, usually through injecting gases, like sulfur dioxide, into the upper atmosphere where they form reflective particles.”

Administrator Zeldin said his EPA “shares the significant reservations many Americans have when it comes to geoengineering activities.”

The online resource “delves into the current state of science and research surrounding geoengineering, including the potentially negative impacts it could have on the environment and human health, including depleting the ozone layer, harming crops, altering weather patterns and creating acid rain,” per the release.

It also “details what EPA has done to identify and track private actors potentially engaged in such activities.”

Moreover, it “discusses weather modification and cloud seeding, and related federal and state government actions.”

Whether the EPA’s new portal offers long-awaited transparency or calculated containment of public concern remains to be seen—but for now, the agency has officially entered the geoengineering debate it long pretended didn’t exist.

You can watch Administrator Zeldin’s announcement below.

Tyler Durden Fri, 07/11/2025 - 09:05

Bitcoin, Ether Soar As ETFs Clock Second-Biggest Day Of Inflows Ever

Bitcoin and Ether investors piled into their respective crypto-themed funds on Thursday, marking their second-largest daily inflows since their inception.

US spot Bitcoin exchange-traded funds inflows totaled $1.17 billion, with $448 million coming from BlackRock’s iShares Bitcoin Trust ETF (IBIT) and $324 million from Fidelity’s Wise Origin Bitcoin Fund, according to Farside Investors. The near-record inflows came as Bitcoin topped $113,800, setting new highs and continuing to rally into Friday.

CoinTelegraph reports that the inflows come second to the $1.37 billion recorded on Nov. 7, 2024, when Donald Trump won the US presidential election.

Meanwhile, Ether spot ETFs witnessed a total net inflow of $383.1 million on Thursday, which also marks the second-highest net inflow in history for the funds.

The lion’s share of inflows came from BlackRock’s iShares Ethereum Trust ETF (ETHA), which saw $300.9 million in net inflows — its highest daily inflow on record.

In a Friday X post, NovaDius Wealth Management president Nate Geraci said the near-record inflows occurred despite legacy financial advisers’ hesitation to offer Bitcoin or Ether spot ETFs.

“Major platforms such as Vanguard are still gatekeeping these ETFs,” Geraci added.

Bitcoin demand beating production

Both Bitcoin and Ether spot ETFs are absorbing the net issuance of their respective coins.

In the past 24 hours, ETH net issuance stood at 2,110 ETH, worth approximately $6.33 million, according to the Ethereum tracking website Ultra Sound Money. 

This far exceeds Thursday’s total net inflow into Ether spot ETFs, which stood at $383.1 million.

Meanwhile, Strategy and the US Bitcoin ETFs have collectively bought Bitcoin worth $28.22 billion in 2025, while Bitcoin miners’ net new issuance has amounted to $7.85 billion during the same period, according to Galaxy Research.

Bitcoin soared to a new record high 

Ethereum topped $3000 for the first time in 5 months...

With ETH outperforming BTC amid the Ethereum Community Conference, or EthCC, taking place...

EthCC, now in its eighth year, has tracked Ethereum’s trajectory from scrappy experiment to institutional backbone.

“That impact was unmistakable this year,” Falleur said.

“From Robinhood embracing decentralized finance infrastructure via Arbitrum to local governments like the City of Cannes exploring deeper integration with the crypto economy.”

Finally, as Bitcoin Magazine reports, $50 million worth of Bitcoin shorts were liquidated in the past hours and over $1.5 billion worth of Bitcoin short positions are set to be liquidated at $120,000, according to data from Coinglass.

If Bitcoin continues its upward trajectory, a massive short squeeze could be triggered, forcing bearish traders to buy back in at higher prices and further accelerating the price action.

Tyler Durden Fri, 07/11/2025 - 08:45

Until this January, you might have thought that a gift for diplomacy would be high on the list of qualifications for an ambassadorship, even if it’s the US Ambassador to Malaysia. You’d be wrong. “Coverage of his nomination has largely focused on his openly misogynistic content and internet boasts about having “the body of a […]

The post Trump’s idea of diplomacy appeared first on Angry Bear.

Expenditures by foreign direct investors to acquire, establish, or expand U.S. businesses totaled $151.0 billion in 2024, according to preliminary statistics released today by the U.S. Bureau of Economic Analysis. Expenditures decreased $24.9 billion, or 14.2 percent, from $176.0 billion (revised) in 2023 and were below the annual average of $277.2 billion for 2014-2023. As in previous years, acquisitions of existing U.S. businesses accounted for most of the expenditures. Full Text

Today, in the Calculated Risk Real Estate Newsletter: 2nd Look at Local Housing Markets in June

A brief excerpt:

Closed sales in June were mostly for contracts signed in April and May, and mortgage rates, according to the Freddie Mac PMMS, averaged 6.73% in April and 6.82% in May (slightly higher than for closed sales in May).
...
In June, sales in these early reporting markets were up 4.5% YoY. Last month, in May, these same markets were down 4.7% year-over-year Not Seasonally Adjusted (NSA).

Important: There were more working days in June 2025 (20) as in June 2024 (19). So, the year-over-year change in the headline SA data will be lower than for the NSA data.
...
Many more local markets to come!

There is much more in the article.

Texas Greenlights Gold And Silver As Legal Tender

Via SchiffGold.com,

Austin, TX keeps rewriting the monetary rulebook. 

House Bill 1056, cleared by both chambers in late May, designates properly marked gold and silver “specie” as legal tender in the Lone Star State starting September 1, 2026.  A second phase—launching no later than May 1, 2027—authorizes an electronic payment rail fully backed by bullion stored in the Texas Bullion Depository. 

While Federal Reserve notes remain king for now, the measure lays fresh track for Texans who prefer metal over paper or pixel money.

Unlike commemorative coins that often carry eyebrow-raising premiums, qualifying pieces under H.B. 1056 need only display weight and purity and may carry a private refiner’s stamp—just no hints of sovereign issuance. 

The act specifies that no person or business can be forced to accept the shiny stuff, sidestepping the usual “cash-only” grumbles from merchants. 

Supporters see the voluntary approach as a constitutional workaround that respects contract freedom while widening transactional choice.

The bill also sketches out the digital future of hard money. 

The comptroller may license electronic platforms that let consumers send fractions of ounces with smartphone ease, all fully redeemable in physical metal. 

Fees must be “reasonable and necessary,” and pricing must reflect commercially available spot quotes at the moment of each transfer—critical guardrails in a world where a Monday rally pushed gold to $3,308 per ounce. 

Notably, vendors headquartered in Texas receive preference when bidding to build the system, signaling lawmakers’ desire to keep bullion-tech jobs on home soil.

Security provisions read like a hedge against both hackers and hostile regimes.  The comptroller must adopt rules to thwart fraud and block transactions tied to any “foreign adversary.”  That language mirrors federal export-control statutes and may placate skeptics who worry that a gold rail could become a sanctions-busting playground.  At the same time, the bill reiterates—twice—that nothing in the act restricts good old coins or Federal Reserve notes, an olive branch to critics fretting over legal-tender fragmentation.

With Washington debating digital-only central-bank currencies and inflation still nibbling at every paycheck, Texas is betting that a metal-backed alternative—both physical and electronic—will resonate with citizens eager for sturdier purchasing power.  Whether other states follow or stick with fiat and flashy crypto tokens remains to be seen, but the Lone Star signal is loud: sound money is making a comeback, one troy ounce at a time.

Tyler Durden Fri, 07/11/2025 - 08:05

Trump Admin Teases Resumption Of Anti-Houthi Airstrikes After Ship Attacks

The Trump administration this week teased the possibility that it could order resumed airstrikes in Yemen following the two latest attacks by the Houthis on two commercial vessels in the Red Sea. The Houthis have repeatedly claimed the operations would cease if Israel ends its ongoing military campaign and blockade in Gaza.

“These attacks highlight the continued danger posed by Iran-backed Houthi rebels to maritime trade and regional security,” said State Department spokesperson Tammy Bruce in a briefing earlier this week.

She emphasized that the US remains committed to defending commercial shipping and freedom of navigation. That's when she followed with what appeared to be a direct threat of more action.

"The United States has been clear: We will continue to take necessary action to protect freedom of navigation and commercial shipping from Houthi terrorist attacks," she said.

That didn't sway the Houthis given on Wednesday they confirmed responsibility for a Monday strike on the Eternity C, a Greek-owned cargo ship headed to Israel’s port of Eilat. Israel has also been conducting occasional major aerial operations over Yemen. 

Some 14 or 15 crew members have been taken hostage in the aftermath, with four killed. A Houthi military spokesman had described that the assault involved an unmanned boat along with six cruise and ballistic missiles. 

The vessel was totally destroyed and sank, with the Houthis proudly boasting of the operation in a detailed, slick montage and video production of the raid.

Prior to that, the attack on the Magic Seas vessel drew international criticism. "It is the first such attack against a commercial vessel in 2025, a serious escalation endangering maritime security in a vital waterway for the region and the world," the EU warned.

"These attacks directly threaten regional peace and stability, global commerce and freedom of navigation as a global public good. They can negatively impact the already dire humanitarian situation in Yemen."

Sinking of the Magic Seas

The EU also has a freedom of navigation military patrol in the region, after Washington had long urged for the bloc to step up and shoulder some of the defense responsibility to protect international shipping.

The Houthis have meanwhile announced fresh missile attacks on Israel:

The Yemeni Armed Forces (YAF) announced on 10 July that it targeted Tel Aviv with a ballistic missile, hours after releasing new footage of an attack on a commercial vessel headed to Israel’s southern port of Eilat. 

“The missile force of the Yemeni Armed Forces carried out a qualitative military operation, targeting Lod Airport in the occupied Jaffa area with a Zolfiqar ballistic missile,” the YAF said in a statement on Thursday morning. 

If the White House reverses course on its de facto ceasefire in the Red Sea, this would mark yet another major foreign policy reversal, coming off the decision to ramp up weapons shipments to Ukraine, after recently halting transfers.

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

Dramatic Video: Anti-ICE Protester Fires Weapon At Federal Agents During Immigration Raid

Dramatic video footage from Ventura County, California, shows an anti-ICE protester discharging what appears to be a weapon at federal agents during an immigration enforcement operation in an agricultural zone. The nature of the weapon remains unconfirmed.

"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," local media outlet ABC7 wrote in a post on X.

ABC7 released additional details about the immigration raid and the resulting violent clash between protesters and federal agents:

The operation was taking place at a farm along Laguna Road near Camarillo. AIR7 was over the scene surrounded by fields as federal agents formed a line across the street.

At one point, a group of protesters were seen facing off with agents, some of whom threw smoke canisters towards the growing crowd.

. . .

During the chaotic moments, AIR7 captured one of the people gathered at the demonstration allegedly firing a gun towards federal agents. This happened after the agents fired smoke canisters at the crowd. There were no reports of any injuries.

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

The incident follows the recent arrest of ten individuals in Texas accused of orchestrating a "planned ambush" on an ICE detention facility during the Fourth of July weekend.

The back-to-back events suggest a continued escalation in coordinated anti-ICE activity nationwide. What began as low-intensity demonstrations is turning increasingly violent—especially with the recent use of firearms—and should be closely monitored.

This surge in violence coincides with inflammatory anti-ICE rhetoric from Democratic figures, including NYC mayoral nominee Zohran Mamdani, who declared, "We have to stand up and fight back."

Democrat leader Zohran Mamdani doubles down on anti-ICE rhetoric: "we have to stand up and fight back."

ICE agents were brutally attacked during the LA riots and are seeing a 500% increase in assaults.

Democrats are inciting more violence against our law enforcement officers. pic.twitter.com/TiSImCNAPU

— RNC Research (@RNCResearch) June 29, 2025

Last month, a top far-left city official in southeast Los Angeles County called for Mexican gangs to mobilize against ICE agents. 

"Get Your F**king Members In Order": L.A. Official Calls For Mexican Gangs To Mobilize Against ICE Agents https://t.co/lim3BAg83o

— zerohedge (@zerohedge) June 24, 2025

Tom Homan, President Trump's border czar, stated on Fox News earlier this week: "The attack on ICE officers... is up nearly 700% now... We have Senators, we have Congresspeople that compare ICE to the Nazis... The rhetoric has to stop or it's a matter of time before one of the ICE officers goes down."

.@RealTomHoman: "The attack on ICE officers... is up nearly 700% now... We have Senators, we have Congresspeople that compare ICE to the Nazis... The rhetoric has to stop or it's a matter of time before one of the ICE officers goes down." pic.twitter.com/dkPVYqeG4N

— Rapid Response 47 (@RapidResponse47) July 7, 2025

Yet Democrats have yet to denounce the violence and continue with dangerous anti-ICE rhetoric. 

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

Houthis Again Target Tel Aviv, As Israelis Plead For More US Raids On Yemen

The Houthis have clearly been ramping up their attacks on Israeli interests and assets out of Yemen, and on Thursday another ballistic missile strike on Tel Aviv was attempted.

Israel's military said it intercepted a missile launched from Yemen, shortly after conducting airstrikes on Houthi targets. The Iran-aligned group later confirmed responsibility for the launch, calling it a "qualitative military operation" involving a ballistic missile.

Prior missile intercept over Tel Aviv in June, via AFP

As a result, multiple alert sirens were active across Israel during the dawn hours. All of this comes after the Houthis attacked and sank two commercial vessels bound for Israel, in complex operations which they boasted of and captured on film.

Israel is now reportedly formally asking the United States to renew its military strikes on the Iran-backed group, according to Kan public broadcaster..

Israel told the US that the attacks on shipping "can no longer remain solely an Israeli problem," and called for "more intense combined attacks against Houthi regime targets — not just [Israeli] air force fighter jet strikes, but also a renewal of American attacks and the formation of a coalition including additional countries."

"A broad coalition is needed to convey to the Houthi regime that it is in danger," an anonymous Israeli defense official told Kan.

At the moment, the Houthis are still actively targeting Tel Aviv international airport, along with any vessel in the Red Sea bound for Israel. Ben Gurion airport has been directly hit at least once during the conflict.

President Trump had in May declared a US ceasefire with the Houthis, to the chagrin of Israel, which stepped up its own aerial attacks on Yemen.

#Houthis in #Yemen claim missile attack targeting #Israel

Yemen’s Houthi militant group said on Thursday they had attacked Israel’s Ben Gurion Airport near Tel Aviv area with a ballistic missile, while the Israeli military said the missile from Yemen was intercepted after air… pic.twitter.com/3LCcf3jQna

— YemenOnline (@YemenOnlineinfo) July 10, 2025

Trump, perhaps realizing the futility of the US bombing raids - amid Houthi resolve - essentially declared 'victory' and departed the war theatre. Many war analysts believe that the Houthis cannot ultimately be defeated short of a full, comprehensive ground operation.

Tyler Durden Fri, 07/11/2025 - 06:55

Sweden Cracks Down On OnlyFans - Will U.S. Follow Suit?

Authored by Addison Graham via RealClearPolitics,

The X-rated social media platform OnlyFans is experiencing real growth, with revenue, content, and user numbers all on the rise. The site’s over 4 million “creators” sell content – including images, videos, and personalized chats – to more than 300 million subscribers, or “fans.” It’s primarily a sex site, and claims that the platform isn’t powered by porn are usually accompanied by winks and nods to the contrary.

OnlyFans keeps a 20% cut of what users pay, boasting $1.3 billion of revenue in 2023. It’s a lucrative approach to monetizing porn consumption, but the platform just hit a legal roadblock in a seemingly unlikely country.

Sweden, which in 1971 became the second country in the world to formally legalize all forms of pornography, has not been as soft on prostitution. In 1999, the country criminalized the purchase of sex, but not the sale, in efforts to protect vulnerable women from facing stiff legal consequences.

That policy will now apply to the virtual world. As of July 1, Swedes could face up to a year in prison for paying someone for personalized online sexual services, including sexting and video content. The new law also criminalizes promoting or profiting from others who perform sex acts for payment on demand, forcing OnlyFans to pull out of Sweden.

In a country known for libertines more than prudes, the law passed with broad, cross-party support. “The idea is that anyone who buys sexual acts performed remotely should be penalized in the same way as those who buy sexual acts involving physical contact,” said Gunnar Strommer, Sweden’s Justice Minister and a member of the Moderate party.

The U.S. has drawn a harder line on in-person prostitution than Sweden. Excluding certain counties in Nevada, it is illegal to both buy and sell sex in America. But OnlyFans – which exploded in the U.S. during the pandemic – remains legal in all 50 states, allowing Fenix International Limited, the London-based firm that owns OnlyFans, to profit from the sale of millions of sext messages and live video chats.

A growing number of bipartisan lawmakers are citing concerns about the role of social media in online sex trafficking. Some are calling out OnlyFans by name.

“Americans are being sexually exploited on OnlyFans,” said U.S. Rep. Ann Wagner, a Missouri Republican. “Congress and federal law enforcement must do more.”

In 2018, Wagner sponsored the FOSTA-SESTA Act, which Donald Trump signed into law. The bill gave federal and state prosecutors more authority to go after websites on which sex is sold, even holding platforms and Internet service providers responsible for user-generated ads related to sex work. But the FOSTA-SESTA Act mostly targets traffickers who use the internet as a recruitment or facilitating tool, whereas Sweden’s law prohibits the purchase of virtual prostitution (that is, paying for sex from sex workers who provide their services in the virtual space) as well as profiting from virtual prostitution.

With Trump back in office, Wagner and like-minded lawmakers appear eager to enact stricter regulations. If Sweden’s new law were replicated in the U.S., OnlyFans’ earnings would plummet. Roughly a quarter of the site’s content creators are American women, and nearly two-thirds of the platform’s revenue is generated in the U.S., according to the most recent data. 

Many sex workers say that criminalizing online prostitution is illogical because it will only result in women working in more dangerous in-person settings. A number of human rights organizations also argue that prostitution should be legalized because it grants sex workers greater access to legal protection and healthcare while also helping law enforcement better differentiate between the consenting and the coerced.

Some European governments agree, including Belgium, which last December granted sex workers formal labor rights, entitling them to sick leave, maternity pay, and pensions. Some are unionizing, and many more are opting to ditch the brothel scene and work from home.

As for trafficking, OnlyFans argues that they have invested in AI tools and ID verification systems to ensure that only of-age, consenting adults are participating on the site. It is true that OnlyFans has invested more into such measures than most other social media platforms or porn sites. But despite these filters, there are still reports of abuse and trafficking occurring on the site, which OnlyFans says is the result of only a few bad apples.

Many industry advocates say that lawmakers seeking to regulate the online sex trade are simply anti-porn religious zealots. But few U.S. lawmakers are signing on with Utah Senator Mike Lee, who is currently on his third attempt since 2022 to ban pornography nationwide. Rather, most speak of the issue in terms of the need to curb trafficking – mirroring the narrative of many Swedish lawmakers.

Clara Blanc

Sanna Backeskog, a Swedish politician and proponent of the recent law, insists she has no interest in being the porn police. She said, “This is about digitalized prostitution, where the boundaries between pornography and human trafficking are blurred.”

As lawmakers in the U.S. and Europe seek to clarify those blurred boundaries, some say Sweden is on the right track, that regulations will curb demand, and trafficking will go down. Others say the law will only make things worse as more prostitutes revert to doing their work in the dark.

The appetite for online sexual interactions is growing, and OnlyFans is reportedly on sale for $8 billion. The platform’s current owners hope that nations (especially the U.S.) won’t mimic Sweden’s recent law. After all, how else would OnlyFans continue to flourish in such a hot market?

Tyler Durden Fri, 07/11/2025 - 06:30