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Study Finds Congress Often Out Of Sync With America

Zero Hedge -

Study Finds Congress Often Out Of Sync With America

Authored by Adair Teuton via RealClearPolitics,

In an era of deep political polarization, a new study indicates that many members of Congress may be out of step not just with the opposition party, but with their own voters as well.

The study by the Institute for Legislative Analysis, a conservative group led by Republican Party activists Fred McGrath and Ryan McGowan, compares the ideological leanings of every sitting member of Congress with the partisan makeup of their districts, drawing on more than 100,000 votes cast in the last session and overlapping them with the Cook Political Report’s Partisan Voter Index. The result is a striking picture of ideological misalignment across both parties, particularly among Republicans from deep-red states.

“It’s shocking to see that some Republican lawmakers are more aligned with the Democratic Party than with their own constituents,” said Fred McGrath, president of ILA and leader of this study.

More than two-thirds of lawmakers received a failing grade (“F”) for ideological alignment with their districts. Republicans were most often penalized for voting less conservatively than their deep-red districts, while Democrats struggled to meet the progressive expectations of blue districts.

“This study shows the overwhelming majority of elected officials in both parties are out of alignment with the people they represent,” said Ryan McGowan, CEO of the ILA. “Too many are either voting against the ideological tendencies of their constituents or failing to provide a clear alternative when representing swing districts.”

District-Based Grading System

The ILA introduced a District-Based Grading System to measure how well a lawmaker’s voting record aligns with their district’s ideological makeup. Districts are assigned an expected Limited Government Rating based on their partisan voter index, and lawmakers are graded on how closely their actual voting record matches that expectation.

The study found that some of the most conservative states had Republican lawmakers voting more liberally than their districts. For example, South Dakota Republicans had the largest average gap, scoring 24.3 points more progressive than their voters. Rep. Hal Rogers, a Kentucky Republican, showed a 63% more progressive voting record than his district.  Georgia Republican Rep. Marjorie Taylor Greene, by contrast, nearly perfectly matched her district’s ideological makeup with a +3 LGR that aligns with her district’s +3 voter index. Texas Democrats voted 3.4 points more conservatively than their district's preferences, the highest such gap among Democrats.

“While one may expect the most conservative lawmakers in Congress to represent the deepest red states, the data proves this is simply not the case,” McGowan said.

The study suggests that electoral dynamics in swing states like Georgia, Virginia, and North Carolina push lawmakers to align more closely with their constituents.

“Lawmakers in these states are under more scrutiny, which may explain their better alignment with their voters,” McGrath said.

The study found the largest ideological gaps in fiscal and tax policy. Many GOP lawmakers in red states failed to vote in line with conservative fiscal priorities, despite their campaign promises. This misalignment is particularly noticeable in states like South Dakota, Arkansas, and Mississippi, which don’t receive the same level of electoral scrutiny as swing states.

“Special interests and lobbying pressures may play a role, but the lack of consistent public scrutiny in these deep-red states is a key factor,” McGrath noted.

Movement conservatives (and progressive activists alike) have long demanded fealty to the policy preferences of their own political “base.” But the ILA suggests that reaching political consensus – or even public policy compromise – would be more difficult if lawmakers adhered strictly to the desires of their respective bases.

“I don’t know if all lawmakers voting completely in-line with their districts would necessarily drive greater ‘consensus,’” McGrath explained, “if by that you mean lawmakers of both parties agreeing with one another on policy.”

McGrath highlighted that the study found the largest disconnect between lawmakers and their voters in deeply red states. “If these members of Congress voted based on the makeup and views of their constituents, then they would have taken more conservative stances on policy when casting their votes,” he said.

He concluded that the data shows many Republicans are voting more progressively than their districts, suggesting that if proper alignment existed, Congress would likely see more conservative policies enacted.

As the 2026 primaries approach, the ILA scorecards may become a powerful tool for challengers seeking to unseat incumbents who are seen as ideologically extreme or insufficiently aligned with their party. By offering a clearer view of how lawmakers’ votes align with their districts, the study provides voters with the information they need to assess whether their elected officials truly reflect their values.

Tyler Durden Thu, 07/17/2025 - 12:25

MAHA

Angry Bear -

Look, if they were serious about making America healthy, here is a short list of things Congress and the Administration can do: • restore and expand Medicaid benefits; • restore and expand SNAP; • eliminate the Medicare Advantage plans; • support and expand childhood vaccinations; • replace our current nightmare of private insurance with single-payer, […]

The post MAHA appeared first on Angry Bear.

Jill Biden Aid Pleads 5th: Refuses To Answer Questions On Autopen Scandal

Zero Hedge -

Jill Biden Aid Pleads 5th: Refuses To Answer Questions On Autopen Scandal

With the recent shocking admission by Joe Biden that he did not personally approve at least some of his sweeping presidential pardons and that they were signed by autopen, millions of Americans are questioning how many decisions in the Biden White House were actually being made by his unelected wife, criminal son, along with a shadow government of bureaucrats and aids.  

Emails indicate that then-White House chief of staff Jeff Zients approved the use of the notorious White House autopen.  Biden’s team used an autopen on 25 warrants for pardons and commutations in December and January of last year, but two of those warrants granted clemency to thousands of people.

In a House Republican investigation on the autopen signatures and Joe Biden's mental state, a former senior aide to Jill Biden, Anthony Bernal, became the second person to invoke the Fifth Amendment and decline to answer questions.  

Biden's pardons include his own family dating back to 2014 (coinciding with evidence that the Bidens may have received payoffs from foreign governments in exchange for political favors).  They also protect Dr. Anthony Fauci, who has long been implicated in illegal gain of function research on coronaviruses in Wuhan, China which critics assert may have led to the outbreak of covid pandemic.

If the pardons were signed by aids using autopen and not by Biden, then there is a possibility they can be legally nullified.  Though proof would have to be provided that Biden was not specifically aware of certain autopen signatures.  Staff using the autopen to sign for a president without his knowledge or cognitive approval is potentially criminal, which is likely why aids are now pleading the 5th Amendment. 

“Well, unfortunately, that was quick,” said Rep. James Comer, chair of the House Oversight Committee, after the deposition ended. “I believe the American people are concerned. They’re concerned that there were people making decisions in the White House that were not only unelected but no one to this day knows who they were.”

Bernal ignored questions from reporters as he entered and exited the House Oversight Committee’s hearing room on Capitol Hill. He was accompanied by his lawyer, Jonathan Su, who was a deputy White House counsel to the former president. Su in a statement provided to the committee noted that pleading the Fifth is not evidence of wrongdoing.

The Biden White House, operating around Biden's failing mental capacity, was rife with dishonesty and malicious political maneuvering.  Not to mention, the administration acted as a vehicle for some of the most egregious far-left activist policies the US has ever witnessed.  The country is still reeling from the disastrous four year term and answers remain in short supply.

Comer has has sought testimony from nearly a dozen former Biden aides as he conducts his investigation, including former White House chiefs of staff Ron Klain and Jeff Zients; former senior advisers Mike Donilon and Anita Dunn; former deputy chief of staff Bruce Reed, former counselor to the president Steve Ricchetti, former deputy chief of staff Annie Tomasini and a former assistant to the president, Ashley Williams. 

Tyler Durden Thu, 07/17/2025 - 12:05

Jill Biden Aid Pleads 5th: Refuses To Answer Questions On Autopen Scandal

Zero Hedge -

Jill Biden Aid Pleads 5th: Refuses To Answer Questions On Autopen Scandal

With the recent shocking admission by Joe Biden that he did not personally approve at least some of his sweeping presidential pardons and that they were signed by autopen, millions of Americans are questioning how many decisions in the Biden White House were actually being made by his unelected wife, criminal son, along with a shadow government of bureaucrats and aids.  

Emails indicate that then-White House chief of staff Jeff Zients approved the use of the notorious White House autopen.  Biden’s team used an autopen on 25 warrants for pardons and commutations in December and January of last year, but two of those warrants granted clemency to thousands of people.

In a House Republican investigation on the autopen signatures and Joe Biden's mental state, a former senior aide to Jill Biden, Anthony Bernal, became the second person to invoke the Fifth Amendment and decline to answer questions.  

Biden's pardons include his own family dating back to 2014 (coinciding with evidence that the Bidens may have received payoffs from foreign governments in exchange for political favors).  They also protect Dr. Anthony Fauci, who has long been implicated in illegal gain of function research on coronaviruses in Wuhan, China which critics assert may have led to the outbreak of covid pandemic.

If the pardons were signed by aids using autopen and not by Biden, then there is a possibility they can be legally nullified.  Though proof would have to be provided that Biden was not specifically aware of certain autopen signatures.  Staff using the autopen to sign for a president without his knowledge or cognitive approval is potentially criminal, which is likely why aids are now pleading the 5th Amendment. 

“Well, unfortunately, that was quick,” said Rep. James Comer, chair of the House Oversight Committee, after the deposition ended. “I believe the American people are concerned. They’re concerned that there were people making decisions in the White House that were not only unelected but no one to this day knows who they were.”

Bernal ignored questions from reporters as he entered and exited the House Oversight Committee’s hearing room on Capitol Hill. He was accompanied by his lawyer, Jonathan Su, who was a deputy White House counsel to the former president. Su in a statement provided to the committee noted that pleading the Fifth is not evidence of wrongdoing.

The Biden White House, operating around Biden's failing mental capacity, was rife with dishonesty and malicious political maneuvering.  Not to mention, the administration acted as a vehicle for some of the most egregious far-left activist policies the US has ever witnessed.  The country is still reeling from the disastrous four year term and answers remain in short supply.

Comer has has sought testimony from nearly a dozen former Biden aides as he conducts his investigation, including former White House chiefs of staff Ron Klain and Jeff Zients; former senior advisers Mike Donilon and Anita Dunn; former deputy chief of staff Bruce Reed, former counselor to the president Steve Ricchetti, former deputy chief of staff Annie Tomasini and a former assistant to the president, Ashley Williams. 

Tyler Durden Thu, 07/17/2025 - 12:05

Natural Gas Is America's Strategic Advantage Fueling The AI Race

Zero Hedge -

Natural Gas Is America's Strategic Advantage Fueling The AI Race

Authored by Karen Harbert via RealClearEnergy,

Today, countries around the globe are in a new race for primacy of artificial intelligence (AI) that will define economic and technological competition in the 21st century. As global powers like China accelerate investments, America’s ability to lead hinges on its capability to rapidly scale compute capacity, a feat dependent on abundant and available energy. While many energy sources will play a role, there is one that can provide the reliability, flexibility, and scalability to keep America at the head of the race: natural gas.

Advancing AI infrastructure means providing the energy to support exponential computational growth. From California to Texas to Virginia, data centers are popping up at an unprecedented rate, each requiring extensive power infrastructure. Goldman Sachs Research estimates data center power demand will grow by 160% by 2030.

Without adequate energy infrastructure, America's AI ambitions risk being throttled. The race for AI primacy depends on our ability to scale our energy infrastructure to meet the growing demand while maintaining reliability, affordability and safety for data centers, for businesses and manufacturing and for our families.

Of all the available energy sources in the U.S., natural gas is uniquely positioned to support the rapid demand growth required for America to lead the way in AI without jeopardizing reliability or affordability. With more than 2.8 million miles of pipeline networks, extensive storage systems, and abundant natural gas resources, the U.S. natural gas industry is strategically placed to serve as the backbone of a scalable energy system that can reliably meet surging energy demands.

We currently have a front row seat to history with the opportunity to accelerate the buildout of the vast natural gas pipeline system to meet the increasing energy demands from data centers. Pipeline development projects help to ensure consistent and reliable energy delivery to new large demand centers and existing consumers.

Every year, more than 21,000 businesses sign up to use natural gas for their manufacturing processes, heating needs, and operational tasks. Its cost-effectiveness is unmatched, with natural gas saving commercial and industrial customers more than half a trillion dollars over the last decade.

Data centers value reliability of supply at a premium: 78% of surveyed data centers experienced power outages between 2017 and 2020, with unplanned downtime costing some facilities more than $100,000 per incident. Such losses of power risk corrupting data, halting critical services, and even melting down servers. With only one in 650 natural gas customers expected to experience a planned or unplanned natural gas outage in any given year, natural gas is a clear solution.

Natural gas continues to drive clean energy in the power sector. Since 2005, natural gas has been responsible for 60% of the CO2 emission reductions in electricity generation. As the energy sector advances and innovates, natural gas will continue to play a vital role in driving sustainable progress.

The partnership of natural gas and AI can position American business and manufacturing at the forefront of innovation. It can increase living standards and fuel economic growth in ways unseen since the Industrial Revolution. It will strengthen our national security and keep America as a production giant on the global stage.

The innovative relationship between AI and natural gas also creates a virtuous cycle – while natural gas fuels AI, the technology itself provides vast opportunities to help make natural gas distribution smarter, more efficient and cleaner. Advanced AI can optimize energy exploration, enhance system repairs and improvements, and create a cleaner, more efficient and less costly natural gas system. Further innovation in renewable natural gas and hydrogen blending will also continue to advance a more efficient, lower-emissions energy system.

The U.S. has always risen to the challenge of global competition through innovation, resilience and strategic investment. In the 1960s, it was about reaching the moon. Today, it’s about leading on artificial intelligence, maximizing our economic capabilities, and winning that race against competitors like China. According to a report from the Center for Strategic and International Studies, U.S. natural gas provides the critical competitive advantage that America can utilize to get ahead.

Natural gas is the key to ensuring America wins in this race. Policymakers must recognize the critical intersection of energy and AI competitiveness. Accelerating the expansion and modernization of natural gas infrastructure is needed to keep pace with growing demand. Therefore, streamlined permitting reform is now vital to support American innovation. The stakes are high, and the competition is fierce, but with natural gas fueling our advancement, America is well-equipped to cross the finish line first.

Karen Harbert is President and CEO of the American Gas Association. 

Tyler Durden Thu, 07/17/2025 - 11:45

Natural Gas Is America's Strategic Advantage Fueling The AI Race

Zero Hedge -

Natural Gas Is America's Strategic Advantage Fueling The AI Race

Authored by Karen Harbert via RealClearEnergy,

Today, countries around the globe are in a new race for primacy of artificial intelligence (AI) that will define economic and technological competition in the 21st century. As global powers like China accelerate investments, America’s ability to lead hinges on its capability to rapidly scale compute capacity, a feat dependent on abundant and available energy. While many energy sources will play a role, there is one that can provide the reliability, flexibility, and scalability to keep America at the head of the race: natural gas.

Advancing AI infrastructure means providing the energy to support exponential computational growth. From California to Texas to Virginia, data centers are popping up at an unprecedented rate, each requiring extensive power infrastructure. Goldman Sachs Research estimates data center power demand will grow by 160% by 2030.

Without adequate energy infrastructure, America's AI ambitions risk being throttled. The race for AI primacy depends on our ability to scale our energy infrastructure to meet the growing demand while maintaining reliability, affordability and safety for data centers, for businesses and manufacturing and for our families.

Of all the available energy sources in the U.S., natural gas is uniquely positioned to support the rapid demand growth required for America to lead the way in AI without jeopardizing reliability or affordability. With more than 2.8 million miles of pipeline networks, extensive storage systems, and abundant natural gas resources, the U.S. natural gas industry is strategically placed to serve as the backbone of a scalable energy system that can reliably meet surging energy demands.

We currently have a front row seat to history with the opportunity to accelerate the buildout of the vast natural gas pipeline system to meet the increasing energy demands from data centers. Pipeline development projects help to ensure consistent and reliable energy delivery to new large demand centers and existing consumers.

Every year, more than 21,000 businesses sign up to use natural gas for their manufacturing processes, heating needs, and operational tasks. Its cost-effectiveness is unmatched, with natural gas saving commercial and industrial customers more than half a trillion dollars over the last decade.

Data centers value reliability of supply at a premium: 78% of surveyed data centers experienced power outages between 2017 and 2020, with unplanned downtime costing some facilities more than $100,000 per incident. Such losses of power risk corrupting data, halting critical services, and even melting down servers. With only one in 650 natural gas customers expected to experience a planned or unplanned natural gas outage in any given year, natural gas is a clear solution.

Natural gas continues to drive clean energy in the power sector. Since 2005, natural gas has been responsible for 60% of the CO2 emission reductions in electricity generation. As the energy sector advances and innovates, natural gas will continue to play a vital role in driving sustainable progress.

The partnership of natural gas and AI can position American business and manufacturing at the forefront of innovation. It can increase living standards and fuel economic growth in ways unseen since the Industrial Revolution. It will strengthen our national security and keep America as a production giant on the global stage.

The innovative relationship between AI and natural gas also creates a virtuous cycle – while natural gas fuels AI, the technology itself provides vast opportunities to help make natural gas distribution smarter, more efficient and cleaner. Advanced AI can optimize energy exploration, enhance system repairs and improvements, and create a cleaner, more efficient and less costly natural gas system. Further innovation in renewable natural gas and hydrogen blending will also continue to advance a more efficient, lower-emissions energy system.

The U.S. has always risen to the challenge of global competition through innovation, resilience and strategic investment. In the 1960s, it was about reaching the moon. Today, it’s about leading on artificial intelligence, maximizing our economic capabilities, and winning that race against competitors like China. According to a report from the Center for Strategic and International Studies, U.S. natural gas provides the critical competitive advantage that America can utilize to get ahead.

Natural gas is the key to ensuring America wins in this race. Policymakers must recognize the critical intersection of energy and AI competitiveness. Accelerating the expansion and modernization of natural gas infrastructure is needed to keep pace with growing demand. Therefore, streamlined permitting reform is now vital to support American innovation. The stakes are high, and the competition is fierce, but with natural gas fueling our advancement, America is well-equipped to cross the finish line first.

Karen Harbert is President and CEO of the American Gas Association. 

Tyler Durden Thu, 07/17/2025 - 11:45

Ethereum's 'Trustware'-Era Could Push ETH Over $15k - Consensys

Zero Hedge -

Ethereum's 'Trustware'-Era Could Push ETH Over $15k - Consensys

Authored by Nate Kostar via CoinTelegraph.com,

As Ethereum nears its 10th anniversary, blockchain company Consensys is proposing a new way to think about the network’s role in the global economy: as critical infrastructure for what it calls a “trustware” era.

According to Consensys, Ethereum is evolving beyond a smart contract platform into a foundational layer for verifiable, programmable trust in financial systems and beyond.

While the concept remains speculative, Consensys points to Ethereum’s growing share of tokenized assets, stablecoins and decentralized finance as early signals of that shift, further predicting that demand for Ether could rise sharply in the coming years.

Jason Linehan, chief strategy officer at Consensys, spoke to Cointelegraph about the network’s “cost-to-corrupt” model, a framework he says could help drive ETH to new highs.

Trustware: Ethereum’s next identity

While not often discussed or measured, trust is behind nearly every economic interaction. According to Consensys, the global economy spends over $9.3 trillion annually on trust infrastructure in insurance, legal systems, auditors, compliance, notaries and go-betweens.

The digital era has enabled a new form of trust — borderless, transparent and enforced by code, allowing strangers to transact with mathematical certainty. Consensys calls this “trustware.”

“Trustware is a new way to talk about the incredible value that Ethereum is already bringing to the economy,” Linehan told Cointelegraph. 

“Value that has been built block by block over the past 10 years through the effort of organizations like the Ethereum Foundation, Consensys, and the global Ethereum developer community.”

As traditional financial institutions recognize the efficiency and value of this type of trust infrastructure, Consensys argues that demand for Ethereum will rise accordingly, driving long-term growth in the value of ETH.

How Trustware reshapes Ethereum’s value proposition

The cost-to-corrupt model is a valuation framework that links the market value of ETH to the security required to protect the economic activity on Ethereum. It operates on a simple premise: The more value Ethereum secures, in the form of stablecoins and other DeFi assets, the more expensive it must be to attack the network.

Using a “cost-to-corrupt” model, Consensys predicts the price of ETH to hit $4,900 by the end of 2025 and $15,800 by 2028. Linehan said the model assumes $1 trillion value in stablecoins, $500 billion in tokenized real-world assets (RWAs), and $300 billion in total value locked (TVL) by 2028, figures he considers conservative.

“There are credible projections of $2 trillion in stablecoins and up to $16 trillion in RWAs by 2028 or 2030,” he said, noting Ethereum’s current dominance in both asset classes.

Price call ETH cost-to-corrupt floor & market premium. Source: Consensys

The report also suggests that investors in ETH are still early stages. Currently, the total market capitalization of cryptocurrencies represents 0.3% of global wealth, while stablecoin volume is 0.1% of foreign exchange.

As of May 31, Ethereum had secured $220 billion in High-Quality Liquid Assets (HQLA) onchain, according to Consensys, significantly outpacing Solana’s $20.3 billion and Avalanche’s $3.7 billion, despite these networks growth over the past years.

“The future will not look like the past… it’s going to be an economy like we’ve never seen, and it will blow the doors off of what we have today. Ethereum makes it possible,” said Linehan.

Atheneum’s architecture of safety and scale

As Ethereum nears its 10th anniversary, it boasts 21 network upgrades and a legacy of foundational innovations, including smart contracts, NFTs, tokens, DeFi, DAOs, oracles, rollups, stablecoins, proof-of-stake and RWAs — all pioneered on its platform.

Its architecture is powered by 1,056,000 validators across 84 countries. Consensys says that while other blockchains may attract specific sectors, like gaming and memecoins, where trustware is less critical, Ethereum is still a prime choice for institutional investors managing billions in global capital. 

“Agentic finance will mean tokenized RWAs and all other asset classes will be accessed and transacted in thousands of times a second, 24/7/365, by the most sophisticated algorithms we can imagine,” he said. 

Tyler Durden Thu, 07/17/2025 - 11:05

Ethereum's 'Trustware'-Era Could Push ETH Over $15k - Consensys

Zero Hedge -

Ethereum's 'Trustware'-Era Could Push ETH Over $15k - Consensys

Authored by Nate Kostar via CoinTelegraph.com,

As Ethereum nears its 10th anniversary, blockchain company Consensys is proposing a new way to think about the network’s role in the global economy: as critical infrastructure for what it calls a “trustware” era.

According to Consensys, Ethereum is evolving beyond a smart contract platform into a foundational layer for verifiable, programmable trust in financial systems and beyond.

While the concept remains speculative, Consensys points to Ethereum’s growing share of tokenized assets, stablecoins and decentralized finance as early signals of that shift, further predicting that demand for Ether could rise sharply in the coming years.

Jason Linehan, chief strategy officer at Consensys, spoke to Cointelegraph about the network’s “cost-to-corrupt” model, a framework he says could help drive ETH to new highs.

Trustware: Ethereum’s next identity

While not often discussed or measured, trust is behind nearly every economic interaction. According to Consensys, the global economy spends over $9.3 trillion annually on trust infrastructure in insurance, legal systems, auditors, compliance, notaries and go-betweens.

The digital era has enabled a new form of trust — borderless, transparent and enforced by code, allowing strangers to transact with mathematical certainty. Consensys calls this “trustware.”

“Trustware is a new way to talk about the incredible value that Ethereum is already bringing to the economy,” Linehan told Cointelegraph. 

“Value that has been built block by block over the past 10 years through the effort of organizations like the Ethereum Foundation, Consensys, and the global Ethereum developer community.”

As traditional financial institutions recognize the efficiency and value of this type of trust infrastructure, Consensys argues that demand for Ethereum will rise accordingly, driving long-term growth in the value of ETH.

How Trustware reshapes Ethereum’s value proposition

The cost-to-corrupt model is a valuation framework that links the market value of ETH to the security required to protect the economic activity on Ethereum. It operates on a simple premise: The more value Ethereum secures, in the form of stablecoins and other DeFi assets, the more expensive it must be to attack the network.

Using a “cost-to-corrupt” model, Consensys predicts the price of ETH to hit $4,900 by the end of 2025 and $15,800 by 2028. Linehan said the model assumes $1 trillion value in stablecoins, $500 billion in tokenized real-world assets (RWAs), and $300 billion in total value locked (TVL) by 2028, figures he considers conservative.

“There are credible projections of $2 trillion in stablecoins and up to $16 trillion in RWAs by 2028 or 2030,” he said, noting Ethereum’s current dominance in both asset classes.

Price call ETH cost-to-corrupt floor & market premium. Source: Consensys

The report also suggests that investors in ETH are still early stages. Currently, the total market capitalization of cryptocurrencies represents 0.3% of global wealth, while stablecoin volume is 0.1% of foreign exchange.

As of May 31, Ethereum had secured $220 billion in High-Quality Liquid Assets (HQLA) onchain, according to Consensys, significantly outpacing Solana’s $20.3 billion and Avalanche’s $3.7 billion, despite these networks growth over the past years.

“The future will not look like the past… it’s going to be an economy like we’ve never seen, and it will blow the doors off of what we have today. Ethereum makes it possible,” said Linehan.

Atheneum’s architecture of safety and scale

As Ethereum nears its 10th anniversary, it boasts 21 network upgrades and a legacy of foundational innovations, including smart contracts, NFTs, tokens, DeFi, DAOs, oracles, rollups, stablecoins, proof-of-stake and RWAs — all pioneered on its platform.

Its architecture is powered by 1,056,000 validators across 84 countries. Consensys says that while other blockchains may attract specific sectors, like gaming and memecoins, where trustware is less critical, Ethereum is still a prime choice for institutional investors managing billions in global capital. 

“Agentic finance will mean tokenized RWAs and all other asset classes will be accessed and transacted in thousands of times a second, 24/7/365, by the most sophisticated algorithms we can imagine,” he said. 

Tyler Durden Thu, 07/17/2025 - 11:05

US Strikes Destroyed Only One Of Three Iranian Nuclear Sites: Intel Assessment

Zero Hedge -

US Strikes Destroyed Only One Of Three Iranian Nuclear Sites: Intel Assessment

The intelligence-gathering saga and (highly politicized) efforts to ascertain just how much of Iran's nuclear program was truly destroyed during the US attacks on Iran called "Midnight Hammer" on June 22 continues. And now NBC is reporting that it was likely much less damage inflicted on two among the three facilities than previously thought.

"One of the three nuclear enrichment sites in Iran struck by the United States last month was mostly destroyed, setting work there back significantly," the Thursday report says. "But the two others were not as badly damaged and may have been degraded only to a point where nuclear enrichment could resume in the next several months if Iran wants it to, according to a recent U.S. assessment of the destruction caused by the military operation, five current and former U.S. officials familiar with the assessment told NBC News."

One of Iran's nuclear sites allegedly destroyed in US strike, via Reuters.

The assessment was issued in a briefing to some US lawmakers, as well as American defense officials and even allied countries in recent days, officials told NBC.

Another revelation is that US Central Command (CENTCOM) "had developed a much more comprehensive plan to strike Iran that would have involved hitting three additional sites in an operation that would have stretched for several weeks instead of a single night, according to a current US official and two former US officials."

Of course, it is normal and standard practice for Pentagon planners to develop and present multiple 'options' for any potential military course of action when briefing the Commander-in-Chief.

Trump balked at the weeks-long plan version of an attack, seeing in it a recipe for getting the US sucked into another Middle East quagmire:

President Donald Trump was briefed on that plan, but it was rejected because it was at odds with his foreign policy instincts to extract the United States from conflicts abroad, not dig deeper into them, as well as the possibility of a high number of casualties on both sides, one of the current officials and one of the former officials said.

"We were willing to go all the way in our options, but the president did not want to," one of the sources with knowledge of the plan said.

Despite this new US intelligence briefing saying that two of the sites among the three (Fordo, Natanz and Isfahan) were less badly damaged than previously believed, the Trump administration is sticking by the president's insistence that they were all totally "obliterated".

"As the President has said and experts have verified, Operation Midnight Hammer totally obliterated Iran’s nuclear capabilities," White House spokeswoman Anna Kelly said in a statement responding to the NBC report. "America and the world are safer, thanks to his decisive action."

The White House has of late additionally warned that it is ready to attack Iran's nuclear sites again if it is perceived that the Islamic Republic is trying to revive and utilize its sites and uranium enrichment capability. Certainly Israel would welcome such a move, as would Iran hawks in Congress. Some are already advocating for more US militarism.

Tyler Durden Thu, 07/17/2025 - 10:45

US Strikes Destroyed Only One Of Three Iranian Nuclear Sites: Intel Assessment

Zero Hedge -

US Strikes Destroyed Only One Of Three Iranian Nuclear Sites: Intel Assessment

The intelligence-gathering saga and (highly politicized) efforts to ascertain just how much of Iran's nuclear program was truly destroyed during the US attacks on Iran called "Midnight Hammer" on June 22 continues. And now NBC is reporting that it was likely much less damage inflicted on two among the three facilities than previously thought.

"One of the three nuclear enrichment sites in Iran struck by the United States last month was mostly destroyed, setting work there back significantly," the Thursday report says. "But the two others were not as badly damaged and may have been degraded only to a point where nuclear enrichment could resume in the next several months if Iran wants it to, according to a recent U.S. assessment of the destruction caused by the military operation, five current and former U.S. officials familiar with the assessment told NBC News."

One of Iran's nuclear sites allegedly destroyed in US strike, via Reuters.

The assessment was issued in a briefing to some US lawmakers, as well as American defense officials and even allied countries in recent days, officials told NBC.

Another revelation is that US Central Command (CENTCOM) "had developed a much more comprehensive plan to strike Iran that would have involved hitting three additional sites in an operation that would have stretched for several weeks instead of a single night, according to a current US official and two former US officials."

Of course, it is normal and standard practice for Pentagon planners to develop and present multiple 'options' for any potential military course of action when briefing the Commander-in-Chief.

Trump balked at the weeks-long plan version of an attack, seeing in it a recipe for getting the US sucked into another Middle East quagmire:

President Donald Trump was briefed on that plan, but it was rejected because it was at odds with his foreign policy instincts to extract the United States from conflicts abroad, not dig deeper into them, as well as the possibility of a high number of casualties on both sides, one of the current officials and one of the former officials said.

"We were willing to go all the way in our options, but the president did not want to," one of the sources with knowledge of the plan said.

Despite this new US intelligence briefing saying that two of the sites among the three (Fordo, Natanz and Isfahan) were less badly damaged than previously believed, the Trump administration is sticking by the president's insistence that they were all totally "obliterated".

"As the President has said and experts have verified, Operation Midnight Hammer totally obliterated Iran’s nuclear capabilities," White House spokeswoman Anna Kelly said in a statement responding to the NBC report. "America and the world are safer, thanks to his decisive action."

The White House has of late additionally warned that it is ready to attack Iran's nuclear sites again if it is perceived that the Islamic Republic is trying to revive and utilize its sites and uranium enrichment capability. Certainly Israel would welcome such a move, as would Iran hawks in Congress. Some are already advocating for more US militarism.

Tyler Durden Thu, 07/17/2025 - 10:45

DOJ Fires James Comey's Daughter, Who Handled Epstein And Maxwell Cases

Zero Hedge -

DOJ Fires James Comey's Daughter, Who Handled Epstein And Maxwell Cases

Authored by Ken Silva via Headline USA,

The Justice Department has fired Maurene Comey, the daughter of former FBI director James Comey and a federal prosecutor in Manhattan who worked on the cases against Sean “Diddy” Combs, Ghislaine Maxwell and Jeffrey Epstein.

Maurene Comey was key in covering up the Epstein scandal. In June 2024, she filed a declaration to keep the FBI’s records on Epstein secret, on the grounds that his former associate Maxwell could be granted a new trial soon.

“Because the majority of the records in this category were not introduced as public exhibits during Maxwell’s first trial, they remain non-public, though the Government may still seek to introduce them should Maxwell be granted a retrial,” Comey argued last year.

At the time, Comey’s concerns seemed unfounded. Shortly after she filed her declaration, an appeals court upheld Maxwell’s conviction on five charges of recruiting and grooming four underage girls for Epstein to abuse between 1994 and 2004.

However, in the wake of President Donald Trump downplaying Epstein’s crimes, some observers have suggested that Maxwell has a new ground to challenge her conviction because she never received a fair trial. Maxwell currently has an appeal pending before the Supreme Court.

“With all the talk about who’s being prosecuted and who isn’t, it’s especially unfair that Ghislaine Maxwell remains in prison based on a promise that the US government made and broke,” her family said in a statement, referring to a sweetheart plea deal Epstein struck in 2009 to indemnify his co-conspirators.

Come’s firing comes as Attorney General Pam Bondi faces intense criticism from some members of Trump’s base for the Justice Department’s decision not to release any more evidence in the government’s possession from Epstein’s sex trafficking investigation.

Meanwhile, James Comey, who was director when the FBI launched its politically driven and ultimately fruitless Russiagate investigation into Trump, is reportedly under federal investigation himself.

“DOJ sources told Fox News Digital that an investigation into the former director is underway, but could not share details of what specifically is being probed,” Fox News reported earlier this month, citing anonymous DOJ sources.

Tyler Durden Thu, 07/17/2025 - 10:25

DOJ Fires James Comey's Daughter, Who Handled Epstein And Maxwell Cases

Zero Hedge -

DOJ Fires James Comey's Daughter, Who Handled Epstein And Maxwell Cases

Authored by Ken Silva via Headline USA,

The Justice Department has fired Maurene Comey, the daughter of former FBI director James Comey and a federal prosecutor in Manhattan who worked on the cases against Sean “Diddy” Combs, Ghislaine Maxwell and Jeffrey Epstein.

Maurene Comey was key in covering up the Epstein scandal. In June 2024, she filed a declaration to keep the FBI’s records on Epstein secret, on the grounds that his former associate Maxwell could be granted a new trial soon.

“Because the majority of the records in this category were not introduced as public exhibits during Maxwell’s first trial, they remain non-public, though the Government may still seek to introduce them should Maxwell be granted a retrial,” Comey argued last year.

At the time, Comey’s concerns seemed unfounded. Shortly after she filed her declaration, an appeals court upheld Maxwell’s conviction on five charges of recruiting and grooming four underage girls for Epstein to abuse between 1994 and 2004.

However, in the wake of President Donald Trump downplaying Epstein’s crimes, some observers have suggested that Maxwell has a new ground to challenge her conviction because she never received a fair trial. Maxwell currently has an appeal pending before the Supreme Court.

“With all the talk about who’s being prosecuted and who isn’t, it’s especially unfair that Ghislaine Maxwell remains in prison based on a promise that the US government made and broke,” her family said in a statement, referring to a sweetheart plea deal Epstein struck in 2009 to indemnify his co-conspirators.

Come’s firing comes as Attorney General Pam Bondi faces intense criticism from some members of Trump’s base for the Justice Department’s decision not to release any more evidence in the government’s possession from Epstein’s sex trafficking investigation.

Meanwhile, James Comey, who was director when the FBI launched its politically driven and ultimately fruitless Russiagate investigation into Trump, is reportedly under federal investigation himself.

“DOJ sources told Fox News Digital that an investigation into the former director is underway, but could not share details of what specifically is being probed,” Fox News reported earlier this month, citing anonymous DOJ sources.

Tyler Durden Thu, 07/17/2025 - 10:25

Trump Says Coca-Cola Agreed On Major Reformulation To Use Real Cane Sugar 

Zero Hedge -

Trump Says Coca-Cola Agreed On Major Reformulation To Use Real Cane Sugar 

Just days after the White House released a list of massive corporate changes across parts of the processed foods industrial complex—including the removal of toxic synthetic dyes, seed oils, and dozens of harmful additives—President Trump posted on Truth Social that Coca-Cola will begin reformulating its U.S. products to use real cane sugar instead of high-fructose corn syrup. 

"I have been speaking to Coca-Cola about using REAL Cane Sugar in Coke in the United States, and they have agreed to do so,"  President Trump wrote in the post. He added, "I'd like to thank all of those in authority at Coca-Cola. This will be a very good move by them — You'll see. It's just better!" 

Reuters cited a Coca-Cola spokesperson who said the Atlanta-based company will publish new offerings soon and that it appreciates the president's enthusiasm for its product.

The current Coke formulation in the U.S. consists of high-fructose corn syrup (HFCS-55) as its sweetener, carbonated water, caramel coloring, phosphoric acid, caffeine, and other ingredients. 

HFCS consumption has been linked to obesity, Type 2 diabetes, and heart disease. Cane sugar, on the other hand, has a slightly lower glycemic index. Still consume in moderation.

While Coca-Cola had been using HFCS-55 since the 1980s in the U.S., by 2009, virtually all U.S. Coke products used HFCS-55 instead of cane sugar. This was primarily a cost-saving measure due to corn subsidies and sugar tariffs; however, it has also contributed to America's obesity crisis. 

According to Bloomberg Intelligence analyst Alvin Tai, a reformulation of U.S. coke products could lift domestic sugar consumption by nearly 4.5%....

Here's more from Tai:

U.S. sugar consumption could rise about 4.4% from the usual amount of around 11 million metric tons annually if Coca-Cola implements President Donald Trump's advice to use cane sugar in Coke beverages within the country, we calculate. Coca-Cola sold 4.36 billion liters of regular Coke in the U.S. last year, according to Euromonitor data. Using sugar would displace high-fructose corn syrup, creating an oversupply of corn and hurting ADM's corn-processing business. Wilmar's sugar business could gain.

Also, here's the growing list of major Make America Healthy Again (MAHA) changes to the nation's food supply chain: 

  • Steak & Shake moved to 100% all-natural beef tallow and replaced its "buttery blend," which contained seed oils, with 100% Grade A Wisconsin butter.

  • McCormick announced it will drop certain food dyes from its products.

  • PepsiCo announced it will remove artificial ingredients from popular food items — including Lay's and Tostitos chips — by the end of the year.

  • In-N-Out announced it will remove synthetic food dyes and artificial flavors from its menu items, and also transitioned to 100% beef tallow.

  • Tyson Foods eliminated synthetic dyes in its food products.

  • Mars removed titanium dioxide from its Skittles product.

  • Sam's Club committed to removing 40 harmful ingredients — including artificial colors, additives, dyes, and high-fructose corn syrup — from its private-label products.

  • Kraft-Heinz announced it will remove artificial dyes from its U.S. products.

  • General Mills announced it will remove artificial dyes from its U.S. cereals and all foods served in K-12 schools.

  • Nestlé announced it will remove all petroleum-based food dyes from its food and beverage products.

  • Conagra Foods announced it will remove certain color additives from its frozen products, no longer offer products with artificial dyes in K-12 schools, and stop using artificial dyes in the manufacturing of its products.

  • JM Smucker announced it will remove synthetic colors from its consumer food products.

  • Hershey announced it will remove synthetic dyes from its snacks.

  • Consumer Brands announced it will urge its members to remove artificial colors in food and beverage products served in schools.

As we've previously stated, Americans must demand a complete overhaul of the toxic food supply chain—controlled by globalist corporations that prioritize profit over public health. The best way to protect your well-being is to reject all processed foods pushed by these companies and instead support local farmers and ranchers. Plant a garden, build a chicken coop, and take back control of the food supply chain. We're all in agreement that we don't want to eat bugs from the globalists.

What's truly alarming is that it took President Trump and Health Secretary Robert F. Kennedy Jr. to force these long-overdue changes. It raises an important question: What if the Harris regime had won? Would these corporations still be pumping toxic ingredients into the food supply? At this point, it feels deliberate.

Tyler Durden Thu, 07/17/2025 - 10:05

Trump Says Coca-Cola Agreed On Major Reformulation To Use Real Cane Sugar 

Zero Hedge -

Trump Says Coca-Cola Agreed On Major Reformulation To Use Real Cane Sugar 

Just days after the White House released a list of massive corporate changes across parts of the processed foods industrial complex—including the removal of toxic synthetic dyes, seed oils, and dozens of harmful additives—President Trump posted on Truth Social that Coca-Cola will begin reformulating its U.S. products to use real cane sugar instead of high-fructose corn syrup. 

"I have been speaking to Coca-Cola about using REAL Cane Sugar in Coke in the United States, and they have agreed to do so,"  President Trump wrote in the post. He added, "I'd like to thank all of those in authority at Coca-Cola. This will be a very good move by them — You'll see. It's just better!" 

Reuters cited a Coca-Cola spokesperson who said the Atlanta-based company will publish new offerings soon and that it appreciates the president's enthusiasm for its product.

The current Coke formulation in the U.S. consists of high-fructose corn syrup (HFCS-55) as its sweetener, carbonated water, caramel coloring, phosphoric acid, caffeine, and other ingredients. 

HFCS consumption has been linked to obesity, Type 2 diabetes, and heart disease. Cane sugar, on the other hand, has a slightly lower glycemic index. Still consume in moderation.

While Coca-Cola had been using HFCS-55 since the 1980s in the U.S., by 2009, virtually all U.S. Coke products used HFCS-55 instead of cane sugar. This was primarily a cost-saving measure due to corn subsidies and sugar tariffs; however, it has also contributed to America's obesity crisis. 

According to Bloomberg Intelligence analyst Alvin Tai, a reformulation of U.S. coke products could lift domestic sugar consumption by nearly 4.5%....

Here's more from Tai:

U.S. sugar consumption could rise about 4.4% from the usual amount of around 11 million metric tons annually if Coca-Cola implements President Donald Trump's advice to use cane sugar in Coke beverages within the country, we calculate. Coca-Cola sold 4.36 billion liters of regular Coke in the U.S. last year, according to Euromonitor data. Using sugar would displace high-fructose corn syrup, creating an oversupply of corn and hurting ADM's corn-processing business. Wilmar's sugar business could gain.

Also, here's the growing list of major Make America Healthy Again (MAHA) changes to the nation's food supply chain: 

  • Steak & Shake moved to 100% all-natural beef tallow and replaced its "buttery blend," which contained seed oils, with 100% Grade A Wisconsin butter.

  • McCormick announced it will drop certain food dyes from its products.

  • PepsiCo announced it will remove artificial ingredients from popular food items — including Lay's and Tostitos chips — by the end of the year.

  • In-N-Out announced it will remove synthetic food dyes and artificial flavors from its menu items, and also transitioned to 100% beef tallow.

  • Tyson Foods eliminated synthetic dyes in its food products.

  • Mars removed titanium dioxide from its Skittles product.

  • Sam's Club committed to removing 40 harmful ingredients — including artificial colors, additives, dyes, and high-fructose corn syrup — from its private-label products.

  • Kraft-Heinz announced it will remove artificial dyes from its U.S. products.

  • General Mills announced it will remove artificial dyes from its U.S. cereals and all foods served in K-12 schools.

  • Nestlé announced it will remove all petroleum-based food dyes from its food and beverage products.

  • Conagra Foods announced it will remove certain color additives from its frozen products, no longer offer products with artificial dyes in K-12 schools, and stop using artificial dyes in the manufacturing of its products.

  • JM Smucker announced it will remove synthetic colors from its consumer food products.

  • Hershey announced it will remove synthetic dyes from its snacks.

  • Consumer Brands announced it will urge its members to remove artificial colors in food and beverage products served in schools.

As we've previously stated, Americans must demand a complete overhaul of the toxic food supply chain—controlled by globalist corporations that prioritize profit over public health. The best way to protect your well-being is to reject all processed foods pushed by these companies and instead support local farmers and ranchers. Plant a garden, build a chicken coop, and take back control of the food supply chain. We're all in agreement that we don't want to eat bugs from the globalists.

What's truly alarming is that it took President Trump and Health Secretary Robert F. Kennedy Jr. to force these long-overdue changes. It raises an important question: What if the Harris regime had won? Would these corporations still be pumping toxic ingredients into the food supply? At this point, it feels deliberate.

Tyler Durden Thu, 07/17/2025 - 10:05

NAHB: "Builder Confidence Edges Up in July"'; "Negative territory for 15 consecutive months"

Calculated Risk -

The National Association of Home Builders (NAHB) reported the housing market index (HMI) was at 33, up from 33 last month. Any number below 50 indicates that more builders view sales conditions as poor than good.

From the NAHB: Builder Confidence Edges Up in July
Builder confidence for future sales expectations received a slight boost in July with the passage of the One Big Beautiful Bill Act but elevated interest rates and economic and policy uncertainty continue to act as headwinds for the housing sector.

Builder confidence in the market for newly built single-family homes was 33 in July, up one point from June, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) released today. Builder sentiment has now been in negative territory for 15 consecutive months.

“The passage of the One Big Beautiful Bill Act provided a number of important wins for households, home builders and small businesses,” said NAHB Chairman Buddy Hughes, a home builder and developer from Lexington, N.C. “While this new law should provide economic momentum after a disappointing spring, the housing sector has weakened in 2025 due to poor affordability conditions, particularly from elevated interest rates.”

Indeed, the latest HMI survey also revealed that 38% of builders reported cutting prices in July, the highest percentage since NAHB began tracking this figure on a monthly basis in 2022. This compares with 37% of builders who reported cutting prices in June, 34% in May and 29% in April. Meanwhile, the average price reduction was 5% in July, the same as it’s been every month since last November. The use of sales incentives was 62% in July, unchanged from June.

“Single-family housing starts will post a decline in 2025 due to ongoing housing affordability challenges,” said NAHB Chief Economist Robert Dietz. “Single-family permits are down 6% on a year-to-date basis and builder traffic in the HMI is at a more than two-year low.”
...
The HMI index gauging current sales conditions rose one point in July to a level of 36 while the component measuring sales expectations in the next six months increased three points to 43. The gauge charting traffic of prospective buyers posted a one-point decline to 20, the lowest reading since end of 2022.

Looking at the three-month moving averages for regional HMI scores, the Northeast increased two points to 45, the Midwest held steady at 41, the South dropped three points to 30 and the West declined three points to 25.
emphasis added
NAHB HMI Click on graph for larger image.

This graph shows the NAHB index since Jan 1985.

This was at the consensus forecast.

Lucid Shares Soar On Robotaxi Alliance With Uber, Nuro

Zero Hedge -

Lucid Shares Soar On Robotaxi Alliance With Uber, Nuro

America's robotaxi race is entering a new phase, inching closer and closer to a hyperscaling inflection point. With Waymo rapidly expanding across U.S. cities and Tesla's robotaxi fleet launching in Austin, Texas, this June, the momentum is building. Now, a new alliance emerges—Uber Technologies, EV maker Lucid Group, and autonomous driving startup Nuro—is preparing to enter the robotaxi market with a  "next-generation premium global robotaxi program" slated to launch in a major U.S. city in the second half of 2026. 

A press release from Lucid revealed that Uber will launch a robotaxi program late next year, deploying 20,000 Lucid Gravity vehicles equipped with the Nuro Driver Level 4 autonomy system. 

"Uber aims to deploy 20,000 or more Lucid vehicles equipped with the Nuro Driver over six years. The vehicles will be owned and operated by Uber or its third-party fleet partners and made available to riders exclusively via the Uber platform," the struggling EV maker stated. 

The ride-sharing company plans to invest several hundred million dollars into both Lucid and Nuro, including a $300 million commitment to Lucid. A portion of that funding will go toward upgrading Lucid's assembly line to integrate Nuro's autonomous hardware into its Gravity SUVs. 

Lucid noted, "The first Lucid-Nuro robotaxi prototype is already operating autonomously on a closed circuit at Nuro's Las Vegas proving grounds." 

In markets, Lucid shares jumped as much as 62% in premarket trading in New York. As of Wednesday's close, the stock was down 24% on the year. Shares remain heavily shorted—about 32% of the float, or roughly 395 million shares, are sold short, with a days-to-cover ratio around 2.9—leaving room for a potential squeeze during the cash session. Since the peak of the Covid-era mania in 2021, the stock is down 95% from its highs.

Lucid has faced ongoing challenges in recent years, mirroring broader struggles across the EV industry amid an extended price war and softening demand. The eventual rollback of federal EV tax credits under President Trump's administration could add further pressure, creating additional headwinds for manufacturers already grappling with profitability issues.

A recent Goldman note suggests that the U.S. robotaxi market is poised for significant growth over the next decade. The report offers valuable insights, providing a framework for understanding where the industry is headed before 2030. Read the note here...

And the robotaxi race begins. Next comes trucking... 

Tyler Durden Thu, 07/17/2025 - 09:25

Lucid Shares Soar On Robotaxi Alliance With Uber, Nuro

Zero Hedge -

Lucid Shares Soar On Robotaxi Alliance With Uber, Nuro

America's robotaxi race is entering a new phase, inching closer and closer to a hyperscaling inflection point. With Waymo rapidly expanding across U.S. cities and Tesla's robotaxi fleet launching in Austin, Texas, this June, the momentum is building. Now, a new alliance emerges—Uber Technologies, EV maker Lucid Group, and autonomous driving startup Nuro—is preparing to enter the robotaxi market with a  "next-generation premium global robotaxi program" slated to launch in a major U.S. city in the second half of 2026. 

A press release from Lucid revealed that Uber will launch a robotaxi program late next year, deploying 20,000 Lucid Gravity vehicles equipped with the Nuro Driver Level 4 autonomy system. 

"Uber aims to deploy 20,000 or more Lucid vehicles equipped with the Nuro Driver over six years. The vehicles will be owned and operated by Uber or its third-party fleet partners and made available to riders exclusively via the Uber platform," the struggling EV maker stated. 

The ride-sharing company plans to invest several hundred million dollars into both Lucid and Nuro, including a $300 million commitment to Lucid. A portion of that funding will go toward upgrading Lucid's assembly line to integrate Nuro's autonomous hardware into its Gravity SUVs. 

Lucid noted, "The first Lucid-Nuro robotaxi prototype is already operating autonomously on a closed circuit at Nuro's Las Vegas proving grounds." 

In markets, Lucid shares jumped as much as 62% in premarket trading in New York. As of Wednesday's close, the stock was down 24% on the year. Shares remain heavily shorted—about 32% of the float, or roughly 395 million shares, are sold short, with a days-to-cover ratio around 2.9—leaving room for a potential squeeze during the cash session. Since the peak of the Covid-era mania in 2021, the stock is down 95% from its highs.

Lucid has faced ongoing challenges in recent years, mirroring broader struggles across the EV industry amid an extended price war and softening demand. The eventual rollback of federal EV tax credits under President Trump's administration could add further pressure, creating additional headwinds for manufacturers already grappling with profitability issues.

A recent Goldman note suggests that the U.S. robotaxi market is poised for significant growth over the next decade. The report offers valuable insights, providing a framework for understanding where the industry is headed before 2030. Read the note here...

And the robotaxi race begins. Next comes trucking... 

Tyler Durden Thu, 07/17/2025 - 09:25

'DOGE' Effect Accelerates As 'Deep Tristate' Jobless Claims Hit 4 Year high

Zero Hedge -

'DOGE' Effect Accelerates As 'Deep Tristate' Jobless Claims Hit 4 Year high

The number of Americans filing for jobless benefits for the first time fell last week to 221k - the lowest in 3 months - as this high frequency labor market signal shows no signs of cracking for now. Initial jobless claims have gone literally nowhere for four years...

Source: Bloomberg

New York and Nevada saw the largest week over week rise in jobless claims...

Overall, continuing claims remains stubbornly above the 1.9 million Americans level - its highest since Nov 2021...

Source: Bloomberg

Finally, the DOGE impact is very clear now as continuing jobless claims in the 'Deep Tristate' region continue to soar - now at their highest since Dec 2021...

Source: Bloomberg

Something Musk can be proud of?

Tyler Durden Thu, 07/17/2025 - 08:56

The (Muted) Impact of Tariffs on Inflation

The Big Picture -

 

 

I wanted to drop a quick note regarding some recent CPI data and tariffs. There is a fundamental misunderstanding (aka political spin) about the impact of tariffs..

It won’t take very much math to put the effect of tariffs into a broader context.

The United States is a ~$30 trillion economy; 70% of this annual activity is consumer spending. And, more than half of that is Services spending.

Imported physical goods account for less than $4 trillion, or approximately 13% of the overall economy.1

A 10-20% tariff/tax on these goods is ~$350B to $700B. Even a 30% tariff on every country in the world is under a trillion dollars. Not nothing, but not recession-inducing by themselves.

The problem is that pile of cash has to come from somewhere, and there are only three places it could come from: The producer/exporters could lower prices to offset it, the consumers can pay higher prices, or the importers could lower their margins. It’s likely to be some combination of all three, and I suspect consumers will bear the biggest brunt of it.

The problem is that tariffs act as a tax increase. Any dollar spent on tariffs is a dollar that is not spent elsewhere. That reduces overall consumer spending and slows overall economic growth.

For Corporate America, reductions in margins will negatively impact profits.

So far, we have seen only a muted impact on the economy. The tariffs have barely been in effect for a single quarter. Once we have a full year’s worth of results we will see far more data and effects from what is a VAT-like tax on consumption.

~~~

The US economy has shown itself to be both robust and resilient. Any money raised by tariffs will affect consumption and profits.

Past experiments with tariffs have shown that they are a net negative on the economy. We will find out just how much over the next few quarters…

 

 

 

See also:
The Economy Seems Healthy. Were the Warnings About Tariffs Overblown? 
By Ben Casselman
New York Times, July 16, 2025

 

 

__________

1. Note: Imports get subtracted from GDP…

 

The post The (Muted) Impact of Tariffs on Inflation appeared first on The Big Picture.

US Retail Sales Surged In June (Despite Sentiment Slump)

Zero Hedge -

US Retail Sales Surged In June (Despite Sentiment Slump)

Despite all the dismal downbeat sentiment signals from various 'soft' data, it appears the American consumer is not deterred from spend, spend, spend as US Retail Sales surged 0.6% MoM in June (up from the 0.9% MoM plunge in May and better than the +0.1% MoM expected), driving sales up 3.9% YoY...

Source: Bloomberg

Under the hood, Motor Vehicles and Auto Parts sales surged in June (yes this is AFTER the tariffs went into place and NOT due to any front-running)...

Source: Bloomberg

The Control Group - which feeds directly into GDP - also surged 0.5% MoM in June, leaving sales up 4.0% YoY...

Source: Bloomberg

Of course, this data is all nominal, so we make a rough and ready approximate to 'real' spending by reducing the sales by CPI and voila, 'Real' Retail Sales have risen YoY for the last 9 months...

Source: Bloomberg

So are spending outlooks from all those 'soft' survey just a load of partisan bullshit?

Tyler Durden Thu, 07/17/2025 - 08:48

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