Zero Hedge

Feminists Are Begging For Men To Come Back But Still Blame Them For Everything

Feminists Are Begging For Men To Come Back But Still Blame Them For Everything

Authored by Brandon Smith via Alt-Market.us

One rule has remained true for generations when it comes to the division between the sexes: Men are held accountable for everything, women accept accountability for nothing.

Obviously, there’s going to be exceptions to the rule, but the majority of the time it is true that modern western women have a serious problem taking responsibility when things go wrong. They have been taught from a very early age that they are victims: Victims of men, victims of society, victims of “patriarchy”, victims of religion, victims of biology, victims of circumstance, etc.

The feminist movement is built entirely around the notion that women can weaponize their victimhood as a means to control society.

I continue to hold that feminism is the KEY movement that has undermined the success of western culture. Their zealotry has led to the destruction of the nuclear family (the most important factor in a healthy nation). They have helped to facilitate the near collapse of the west and this problem needs to be addressed before it’s too late.

I recently came across an article in the New York Times which explains the decline in western relationships in a way that is both hilarious and depressing. The essay is titled Men, Where Have You Gone? Please Come Back’. The author (a 50-something woman from Chicago) recalls the old days of dating when men were easy targets for exploitation.

We knew what worked. We knew how to frame a face, a gesture, a moment of implication — just enough to ignite fantasy and open a wallet. I came to understand, in exact terms, what cues tempt the average 18-to-36-year-old cis heterosexual man. What drew him in. What kept him coming back. It wasn’t intimacy. It wasn’t mutuality. It was access to simulation — clean, fast and frictionless…”

…That dynamic has quietly collapsed. We have moved into an era where many men no longer seek women to impress other men or to connect across difference. They perform elsewhere. Alone. They’ve filtered us out.”

The author insinuates that the era of easy money and easy sex for women was a product of the masculine dynamics of competition and status (blame men). Yet, she also seems to be waxing nostalgic, longing for those days to return. This was the “Sex And The City” era in the late 1990s and early 2000s that was born from the sexual revolution of second wave feminism. It was the era in which female promiscuity and greed was glorified as the ultimate expression of women’s empowerment.

The idea was to turn women’s early adult years into a Dionysian orgy; giving away sex to any man with decent looks and a fat wallet in the hopes of eventually trapping a lifetime pay-pig. Marriage and maybe family would come in their 30s (or maybe 40s), but not until they had achieved as much degenerate fun as they could muster.

The problem is, women are on a biological clock, which is why for thousands of years marriage was THE primary concern for the fairer sex. To waste their 20s giving away their bodies for nothing? That was unthinkable insanity. This would doom them to decades of misery as lonely old maids living off the charity of others, and frankly nothing has changed. Childless cat ladies are still a thing and they are still embarrassing. 

Only in the first world are these women able to survive.

No one looks at a spinster and sees her as “powerful” or free. Everyone can smell her failure. Her desperation. Her cope. This is why, more and more, we are beginning to see a sense of panic among women who bought into the feminist con game. They’re realizing that men are not chasing them anymore.

It started out as a joke among woke leftists who laughed at the “rise of incels”. The number of single men refusing to enter the dating world was skyrocketing and the feminists said this was a good thing. Let the “ugly scrubs” wallow in their loneliness while the ladies go out and gorge on freedom and fun until they get sick. However, the trend has continued to the point that a majority of men are checking out completely.

Recent surveys reveal that 63% of young men ages 18-29 are single. Around 30% of men have not been sexually active for a year or more. In 1980, 60% of adults were married by the age of 25. Today, only 20% are married by age 25. Men are exiting relationships and marriage at record pace, and because men are the initiators of relationships (men are biologically designed to take risks and pursue), women are starting to feel the pinch.

The latest data predicts that 45% of women ages of 25 to 44 will be single and childless by the year 2030, and not necessarily by choice. If a woman is single and childless by the time she reaches her mid-30s, her chances of creating a family drop exponentially along with her fertility.

They are calling it the female loneliness epidemic and it’s bearing down on western society like a freight train. Even feminists are getting worried. As the New York Times opines:

There was a time, not so long ago, when even a one-night stand might end with tangled limbs and a shared breakfast. When the act of staying the night didn’t announce a relationship, just a willingness to be human for a few more hours. Now, even that kind of unscripted contact feels rare. We’ve built so many boundaries that we’ve walled off the very moments that make connection memorable…”

This idea that vulnerability is a threat instead of an invitation has created a culture of hesitation, of men circling intimacy but never entering it. And the result is thousands of tiny silos. Everyone performing closeness, but no one making a move that binds. Isolation. Loneliness. A hunger for contact that has nowhere to land…”

But of course, the Times doesn’t seem to think women are culpable in the slightest for this outcome. Instead, they continue the blame game:

So here’s what I’ll say: You are missed. Not just by me, but by the world you once helped shape…”

We remember you. The version of you that lingered at the table. That laughed from the chest. That asked questions and waited for the answers. That touched without taking. That listened – really listened – when a woman spoke.

You are not gone, but your presence is thinning. In restaurants, in friendships, in the slow rituals of romantic emergence. You’ve retreated – not into malice, but into something softer and harder all at once: Avoidance. Exhaustion. Disrepair.

Maybe no one taught you how to stay. Maybe you tried once, and it hurt. Maybe the world told you your role was to provide, to perform, to protect — and never to feel…”

Listen men, your lack of participation is starting to stress out the ladies. Just admit you can’t handle intimacy. Just admit you can’t handle these “powerful” women and their vast intellects and emotional genius. You need to be taught how to behave, that’s all. Just crawl back to them and they’re ready to tolerate you again. Isn’t that nice? They’re giving you a second chance…

At no point does the author ask WHY men are exhausted? At no point does she ask any actual men what they think or feel before writing her nonsensical screed. Obscured by insufferable and flowery prose, she still blames men while asking them to come back. And that should tell you everything you need to know about feminism in general.

I would ask feminists the million dollar question that they have avoided for so long:  Have you considered the possibility that men ghost you and will not commit to you because YOU are the problem?  The answer is no, obviously.

I’m a man in my mid-40s who thankfully dodged the bulk of wokeness in the dating world, but I think I can still explain for the NYT why men are walking away if they’re willing to listen.

1) First, I must say that an author in her 50s still longing for casual sitcom encounters like she’s in her 20s reveals a lot about why modern women are oblivious. Real life is not Sex In The City – Most men of means do not gravitate towards long term relationships with women in their grandma phase. She should already be in a happy relationship or marriage, she’s had plenty of time to figure this out.

Feminism has made women think they can engage with life on their own schedule. They can’t.

2) Men are especially wary of women with baggage. Women initiate 70% of breakups and divorces and feminist influence over family law has made divorce easier and more lucrative than ever for women. The older a woman is the more baggage she has and the less likely a man is going to want to date her seriously, let alone put an expensive ring on her finger.

Western women have been taught they need to party in their 20s, then pursue serious relationships in their 30s or 40s. Meaning, they ignore their best prospects for at least a decade. Their ideology sets them up to enter the relationship market when their marriage value is lowest.

3) Men are no longer tolerating the concept of the sexual revolution. They don’t want to take any chances on women who think promiscuity is a virtue. They know that statistically, women who sleep around lack discernment, the ability to connect, self respect and mental stability. Starting a relationship with such a person will only lead to disaster. They never stay happy for long (the grass is always greener). And so, men stay home. Want to get them back? Keep your body count low.

4) Third-Wave Feminists spent the better part of the last 20 years telling men they are pure evil for being masculine and wanting to chase women. So, men did what you asked of them – They stopped chasing you. They found other more interesting endeavors like their careers and their hobbies. If you want men to come back, perhaps you should APOLOGIZE for all those years of slander.

5) Modern women have greatly overestimated the usefulness of sex as a bartering tool for securing a man. If you want a man to stick around you’re going to have to show him love and respect, not just what’s inside your pants.

6) Men are far more conditioned to be alone than women are. Women are communal creatures. They rely on constant interactions, affirmations and group inclusion. Social media might fill the void for a while but it can’t give them what they really want – Intimate personal attention 24/7. Only a partner and children can give you that. In a battle of who can endure loneliness longer, men will win, so don’t make it into a battle.

7) I’ll tell you the biggest open secret that modern women still don’t understand – They claim that men are afraid of approaching them. They say that men today are “weak” and that they can’t handle the new era of the “boss babe”. They argue that men need to abandon their traditional masculine roles and act more feminine; this will make it easier for everyone to get along.

These are common jabs at the male ego designed to make men feel ashamed for distancing themselves from feminists. In reality, men value one thing above all else: Peace. If you can’t offer peace, then no man with any sense of self worth has a use for you. Feminists offer the opposite of peace, and so they have no value.

8) Feminism, like all Marxist movements, is obsessed with power. Everything they do is driven by a desire for power and control; not just over their own lives but over the world around them. Modern women say they want the same power as men, but they need to accept that no matter how much the scales are tipped in their favor through laws, government subsidies, easy college grants, DEI hiring and unfair divorce, they will never be like men.

The author suggests that men no longer shape the world because they have abandoned the current relationship dynamic. This is foolish. Men continue to shape everything around you. Every utility, every necessity, every government, nearly every company, your safety and security, your ability to be free, it’s all reliant on men. You have no power and you never will.

Feminist empowerment is a fantasy based on institutional leverage which men ALLOW them to have. Until they stop coveting power they can’t comprehend or handle the divisions between men and women will not be resolved. In short, if feminists want men to pay attention to them again, they will have to stop being feminists.

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

Tyler Durden Thu, 06/26/2025 - 17:00

Homan Reveals ICE Rescuing Migrant Children Trafficked To Pedos Under Biden, Lives Apart From Wife Due To Death Threats

Homan Reveals ICE Rescuing Migrant Children Trafficked To Pedos Under Biden, Lives Apart From Wife Due To Death Threats

President Donald Trump’s border czar, Tom Homan, revealed that ICE has rescued migrant children sex-trafficked under the Biden administration, while noting he’s been separated from his wife due to death threats tied to enforcing Trump’s immigration policies.

There were 300,000 missing children under the last administration,” Homan told Miranda Devine’s “Pod Force One” podcast. "We rescued victims of sex trafficking [and] two weeks ago, we rescued a 14-year-old that was already pregnant, living with adult men.”

“We rescued some victims of forced labor. We found children working on ranches and chicken farms, not going to school, but enslaved labor in the United States of America,” Trump’s border czar continued.

Some of the children we found [were] perfectly fine with their families. They just didn’t respond to call-ins [because they] didn’t want to face the consequences of immigration court,” he added.

ICE officers previously disclosed to the Department of Homeland Security’s Office of Inspector General that thousands of migrant children were handed over to non-family sponsors, with HHS releasing over 14,500 in 2023 and 9,600 in 2024 to unrelated individuals or distant relatives, according to the New York Post. Additionally, only 1,000 of 2,400 kids in one November 2023 week went to parents or legal guardians.

“Although these relatives may have been appropriately qualified, [one ICE officer] noted the UACs most at risk for trafficking or forced labor are those released to an unrelated sponsor,” an IG report said.

Homan also told Devine DNA testing showed up to 30% of supposed families were unrelated.

“A lot of parents paid a smuggling organization to bring their kids [over the border]. Some of these children were trafficked. We know HSI [Homeland Security Investigations] had several investigations where a child was rented by the criminal cartel to an adult male or female, crossed the border [and] when you’re done, you send the kid back [and] re-rent them,” Homan said.

Later in the interview, Homan told Devine that living apart from his wife due to death threats he has received.

Homan has revealed that he’s living away from his wife because of death threats he’s receiving.

“I spent a lot of time with my boys growing up, but as I got more and more — climbed the ladder of what I’ve done with ICE director and now back — I don’t see my family very much,” Homan said. “My wife’s living separately from me right now, mainly because I worked for many hours, but mostly because of the death threats against me.

“She’s someplace else. I see her as much as I can, but the death threats against me and my family are outrageous,” he added.

Tyler Durden Thu, 06/26/2025 - 16:40

Hollowed Out

Hollowed Out

Authored by Charles Hugh Smith via OfTwoMinds blog,

The status quo has pushed everything to an extreme of hollowed-out instability to maintain a superficial appearance of normalcy and stability. But it's all fake.

The phrase that best describes the present era is hollowed out. By hollowed out I mean the exterior facade still looks pretty much the same as it did in the past, but the internal structure has corroded / eroded to the point that little remains of what provided strength and stability. What's left is the illusion of stability.

Our spectacles have been hollowed out, lifeless, rote repeats of past performances, reduced to unintentional parodies of what was once vibrant.

Our entertainment has been hollowed out, dominated by remakes, retreads, threadbare extensions of tent-pole franchises and sound-alike songs.

Even our outrage has been hollowed out, perfunctory displays phoned in from afar, as we all know outrage has been exhausted along with everything else.

Our "innovation" has been hollowed out, with toys such as flying motorcycles and self-driving taxis presented as "solutions" to phantom "problems," "solutions" that boil down to hype, clickbait or another reach for higher corporate profits. The most visible result of AI is AI Slop:

AI Slop: Last Week Tonight with John Oliver (29 min) (via Richard M.)

Our incentives have been hollowed out, leaving only the most perverse extremes. The motivation to flood social media with AI Slop is the faint hope of creating a viral link that earns a pittance for the AI Slopper.

Our realm of romance has been hollowed out, leaving a hellscape of dating sites and the wreckage left by ubiquitous online porn.

Our food has been hollowed out, ultra-processed slop remorselessly worked into "new" "innovative" products that are parodies of quality and innovation: you've just got to try the new jalapeno-yuzu-crawfish bagel...

Our politics have been hollowed out, with the only useful reform--requiring politicians to wear the logos of their corporate campaign donors--nixed because it would have made obvious what everyone knows: politics is now an open auction for favors and influence.

It would be far more honest if we conducted the passage of congressional bills as open auctions on eBay for all to bid and all to see: Buy Now for only $500,000: a tax break hidden deep inside the untouchable Defense Appropriations Bill.

Our economy has been hollowed out in virtually every sector, from Higher Education to Healthcare to housing. Much of what passes for "growth" is either waste (BS work, planned obsolescence, fraud), statistical trickery or artificial stimulus.

The shell remains standing but it now requires massive injections of borrowed money to prop up the rotted facade. Consider Higher Education. Before it was hollowed out, millions of college students were educated without needing to enter debt-serfdom to pay tuition and fees. As this chart shows, student loans were zero in 1993.

Now there's $1.5 trillion in student loans. The number of administrators quadrupled, while federal legislation made student debt the one form of debt that cannot be discharged in bankruptcy, effectively legalizing debt-serfdom.

The Higher Ed / student loan industry's relentless hype machine drummed the idea that doom awaited any young person without a university degree, or better yet, a graduate degree or MBA. The net result, as we all know, is a vast over-supply of MBAs, graduates of law schools and computer programmers, all fields currently being decimated as AI tools do to white-collar work what industrial robots did to blue-collar factory work.

Meanwhile, back in the real economy, the nation has a severe shortage of skilled trade workers--yup, the kind of work denigrated by the "you gotta go to college" machine. Yes, the kind of work AI and robots can't do: What AI Can't Do Faster, Better, or Cheaper Than Humans (June 2, 2025)

The housing and mortgage sectors have also been hollowed out, creating overpriced facades propped up by $2+ trillion in Federal Reserve purchases of mortgage-backed securities (MBS). How did millions of households manage to buy homes from 1946 to 2001 without the Fed nationalizing the mortgage sector and inflating one housing bubble after another in the process?

Private-equity and corporations with bottomless credit lines courtesy of the Fed have feasted on housing, pushing valuations to extremes of unaffordability while jacking rents to the stratosphere to maximize shareholder value at the expense of the workforce.

The status quo has pushed us into extremes of hollowed-out instability to maintain a superficial appearance of normalcy and stability. But it's all fake. If Higher Education now requires students to become debt-serfs, that is not a system worth propping up. It should be allowed to be obsoleted by much more effective and cheaper alternatives, for example what I proposed 13 years ago in my book The Nearly Free University and the Emerging Economy.

Everything has been hollowed out by insiders being enriched by a system that must be propped up with trillions in borrowed money lest it collapse under its own bloated weight. Insiders, grifters and apologists always trot out rationales which boil down to transparent self-serving excuses cloaked by piteous bleating. Garsh, it wasn't our greed, it was a butterfly flapping its wings in the Amazon...

Now that everything's been hollowed out, nobody is accountable or takes responsibility for any of it. Disconnecting self-serving greed from consequences is the key dynamic in hollowing out once-functional institutions and sectors.

Our experience of the real world has been hollowed out, too, something I explore in my new book Ultra-Processed Life, which is available at a 25% discount (ebook edition) and 19% discount (print edition) through Friday, June 27.

*  *  *

Become a $3/month patron of my work via patreon.com.

Subscribe to my Substack for free

Tyler Durden Thu, 06/26/2025 - 16:20

New Texas Law Prevents Land Sales To CCP Members

New Texas Law Prevents Land Sales To CCP Members

Authored by Dorothy Li via The Epoch Times (emphasis ours),

Texas will ban individuals and companies with ties to the Chinese Communist Party (CCP) from purchasing land in the state under a law set to take effect on Sept. 1.

Texas Gov. Greg Abbott speaks with the Jewish Republican Coalition in Las Vegas, Nev., on Sept. 5, 2024. John Fredricks/The Epoch Times

Gov. Greg Abbott announced on June 23 that he signed Senate Bill 17 into law, restricting the foreign ownership of residential property, agricultural land, mineral deposits, and water rights across Texas.

The legislation targets nations designated as national security threats by the Director of National Intelligence. Besides communist China, the current list includes Russia, Iran, and North Korea. It also grants the governor the authority to add more countries to the restricted list.

With the new law, Texas is joining a growing number of states that regulate foreign ownership of their land. From January 2023 to July 2024, a total of 22 states have enacted similar laws limiting or banning foreign ownership of land, according to a report by the Congressional Research Service released in August 2024.

State Sen. Lois Kolkhorst, who reintroduced SB 17 earlier in 2024, hailed the Texas measures as “the strongest national security bill that this nation has ever seen from any state.”

I believe that, from the very bottom of my heart, we are protecting our land and our minerals,” the Republican senator said at a press conference on May 31 following the bill’s passage in the Texas Legislature.

“All of these are our resources that should never fall into the hands of adversarial nations.”

In November 2022, Kolkhorst first introduced the bill, which was killed in the state’s lower chamber at the time.

Under the soon-to-be-enacted law, people from the designated nations living in the United States legally are allowed to purchase residential property but only if those properties serve as their primary residences.

It restricts members of “the ruling political party or any subdivision of the ruling political party” in these nations from purchasing the state’s property. That means CCP members, for example, would not be able to buy land in Texas.

Individuals who act “as an agent or on behalf of a designated country” are also subject to the land purchase ban.

The law prohibits them from acquiring land and limits property leases to less than a year at a time.

The bill passed in the state Senate by a vote of 25–6 on May 30, a day after receiving approval from the House with an 85–57 vote.

Among the four targeted nations—which collectively hold less than 1 percent of total foreign-held agricultural land—investors from China own the most U.S. forest land and farmland at 277,336 acres, according to the Department of Agriculture’s most recent report.

Texas alone has 123,708 of those acres, making it the state with the largest Chinese holdings. It was followed by North Carolina with 44,263 acres and Missouri with 42,905 acres.

Nationwide, Iranian and Russian investors reported owning 3,030 acres and 11 acres, respectively, while there was no reported acreage held by North Koreans, according to the report released in December 2023.

State Rep. Cole Hefner, a Republican who carried SB 17 in the House, said that the new law will “prevent hostile foreign nations from buying up Texas land and exposing Texas to a significant and growing threat.”

We cannot, we will not, allow oppressive regimes who actively seek to do us harm to seize control and dictate their terms over our economy, our supply chains, our daily lives, our critical infrastructure, or our food supply,” Hefner said at the May 31 press conference.

State Sen. Bryan Hughes told reporters that the bill was not about foreign people but was part of Texas’s efforts to stand up against threats from hostile foreign adversaries.

He pointed to the threats posed by transnational repression, saying that agents from foreign adversaries operate in Texas, going after dissidents and Americans who speak out against them.

“We love all people,” Hughes said. “We do not support hostile foreign governments that are very open about their designs on us, and we will not let them mess with Texas.

Tyler Durden Thu, 06/26/2025 - 15:45

Trump Demands Cancelation Of 'Hero' Netanyahu's Graft Trial: 'US Saved Israel, Now It's Going To Save Bibi'

Trump Demands Cancelation Of 'Hero' Netanyahu's Graft Trial: 'US Saved Israel, Now It's Going To Save Bibi'

Despite earlier reporting during Trump's opening months in office to the contrary, the US President and Israeli Prime Minister Benjamin Netanyahu now seem closer than ever. They are partners in war, and now apparently partners in looking out for each other in legal cases.

In something unprecedented, Trump has issued a statement being viewed as a brazen attempt to intervene in Israel's judicial system, at a moment that a high court cross-examination of Netanyahu is set to resume after it was paused due to the judiciary operating in emergency mode during the war with Iran.

Trump wrote on Truth Social: "BREAKING NEWS… I was shocked to hear that the State of Israel, which has just had one of its Greatest Moments in History, and is strongly led by Bibi Netanyahu, is continuing its ridiculous Witch Hunt against their Great War Time Prime Minister!"

The lengthy post described that he and Netanyahu "just went through HELL together, fighting a very tough and brilliant longtime enemy of Israel, Iran, and Bibi could not have been better, sharper, or stronger in his LOVE for the incredible Holy Land."

"Anybody else would have suffered losses, embarrassment, and chaos! Bibi Netanyahu was a WARRIOR, like perhaps no other Warrior in the History of Israel," Trump claimed further. "The result was something that nobody thought was possible, a complete elimination of potentially one of the biggest and most powerful Nuclear Weapons anywhere in the World, and it was going to happen, SOON! We were fighting, literally, for the Survival of Israel, and there is nobody in Israel’s History that fought harder or more competently than Bibi Netanyahu."

The Netanyahu trial goes back to 2020, and Trump further called the whole saga "politically motivated" and asserted that the prime minister been through a "Horror Show".

"Such a WITCH HUNT, for a man who has given so much, is unthinkable to me," Trump further wrote. "Bibi Netanyahu’s trial should be CANCELLED, IMMEDIATELY, or a Pardon given to a Great Hero, who has done so much for the State."

The trial focuses on three corruption cases - including charges of fraud and breach of trust, as well as charges of bribery. The allegations range from illegally receiving expensive gifts based on political favors, to quid pro quo agreements with some Israeli media sources for more favorable coverage, to authorizing telecom-related regulatory decisions to benefit friends and allies.

Trump's very strong words on the case have caused alarm in Israel due especially to how much foreign aid and military assistance Washington has historically given Israel.

Such direct pressure by the sitting US president could cause judicial decision makers to soften their approach and thus impartiality, many fear. It also will certainly create unease among Netanyahu's political opposition, to say the least.

Tyler Durden Thu, 06/26/2025 - 15:25

The Next Energy Revolution Is Coming. Is The DOE Ready?

The Next Energy Revolution Is Coming. Is The DOE Ready?

Authored by Drew Bond via RealClearEnergy,

The last energy revolution that changed the world — natural gas fracking — happened in part thanks to the Department of Energy (DOE). Early R&D funding, support for horizontal drilling, and key public-private partnerships helped fracking get off the ground and turn America into an energy powerhouse.

Now, we are on the cusp of another energy revolution, this time focused on the clean technologies of advanced nuclear, geothermal, natural hydrogen, and fusion. Fortunately, the United States is rich in these energy resources. The challenge with these technologies isn’t a lack of supply; it’s the speed and scale at which we can bring this energy online. 

American innovators and entrepreneurs are ready to deliver solutions, but outdated bureaucracy and inefficiency within the DOE threaten to delay progress. With a leader like Secretary Chris Wright, who brings real-world experience from the private sector, the DOE has an opportunity to once again become a force multiplier for energy innovation — if it embraces smart, structural reforms.

Here’s where the DOE can start.

1. Streamline Contracting and Applications

The DOE’s current application and contracting process is burdensome and redundant. Companies often face unnecessary delays just trying to navigate paperwork, such as being required to secure community benefits agreements or labor partnerships before the technology in question is even commercially viable. To make matters worse, organizations must submit separate applications for each DOE program or office, even when pursuing similar goals.

The DOE can address this issue by standardizing applications across the department, eliminating duplicative requirements, and leveraging modern tools like AI to automate non-critical aspects of the process. These changes would increase efficiency, lower barriers to new entrants, and accelerate the introduction of transformative technologies to market.

2. Cut NEPA Red Tape — Where DOE Has Authority

While protecting the environment and holding polluters accountable is an essential role for the government, the National Environmental Policy Act (NEPA) has been weaponized to stall or block critical energy projects. While the DOE does not have full control over NEPA’s broader structure, and Congress should seriously consider repealing this outdated law, DOE does have discretion over how NEPA is applied to its programs and supported projects.

One key opportunity is for DOE to expand the use of categorical exclusions — designations for projects that do not significantly impact the environment and therefore do not require full-scale environmental assessments. This is especially important for new energy technologies that haven’t yet reached commercial scale or environmental risk.

DOE can also streamline internal review timelines, accelerate grant negotiations, and release funding as soon as projects meet agreed-upon milestones. These kinds of administrative reforms are entirely within DOE’s control and could make a real difference in the pace of deployment.

3. Focus on Acceleration, Not Picking Winners and Losers

DOE should not be in the business of picking technological winners and losers. The private sector is far better suited to determine what solutions work best in the real world. The federal government should not also be financing projects that can secure private financing. What the DOE should do, however, is utilize its considerable resources, such as the Loan Programs Office, to bridge funding gaps and accelerate promising technologies to market on a global scale.

This means supporting a diverse range of innovations — from next-generation nuclear to long-duration storage and advanced grid software — not because of ideological preferences, but because we need all of the above to meet growing demand. The key is to level the playing field, provide support where market gaps exist, and let the best technologies rise to the top based on merit and scalability.

4. Support Transparency and Talent

DOE should publicly track and report application processing times to hold itself accountable. Additionally, it should foster a culture of excellence by rewarding employees based on talent and performance, rather than just tenure. Reform should also include the ability to swiftly remove employees who consistently undercut the department’s mission of advancing U.S. energy leadership.

The next energy revolution won’t be unleashed because of a single reform. But together, these changes would transform the Department of Energy from a slow-moving bureaucracy into a dynamic catalyst for American energy innovation.

The private sector is ready. The resources are available. With the right reforms, DOE can help unlock the full potential of American energy, reasserting our leadership at a time when energy security, economic growth, and technological competitiveness depend on it. The time to act is now.

Drew Bond is the Co-Founder, President & CEO of C3 Solutions. 

Tyler Durden Thu, 06/26/2025 - 15:05

DOGE'd? IRS Sheds 26% Of Staff As Federal Workforce Pared Down

DOGE'd? IRS Sheds 26% Of Staff As Federal Workforce Pared Down

Authored by Tom Ozimek via The Epoch Times,

A new report from the head of the IRS’s Taxpayer Advocate Service shows that the agency has lost more than one-quarter of its workforce since President Donald Trump assumed office.

The overhaul is consistent with the administration’s effort to slim down the federal government, but it raises questions about the agency’s readiness for the 2026 tax season.

According to the June 25 report, the IRS workforce has dropped from 102,113 employees to 75,702 since January—a roughly 26 percent reduction. The majority of those departures came through voluntary exit programs rolled out by the Department of Government Efficiency (DOGE), a Trump administration initiative to shrink the federal workforce, boost bureaucratic efficiency, and reduce deficits.

Of the 26,411 employees who left the agency since Jan. 25, more than 17,500 took buyouts through the DOGE-related “fork in the road” resignation offer, formally known as the Deferred Resignation Program.

Another 1,475 exited through early retirement or voluntary separation incentives, while nearly 3,000 departed through standard attrition such as resignation, termination, or death.

National Taxpayer Advocate Erin M. Collins, who heads the Taxpayer Advocate Service, which produced the report, praised the IRS for delivering one of its smoothest filing seasons in recent memory this year. But she warned that the sharp reduction in personnel—particularly in areas such as taxpayer services, IT, and small business operations—could strain the agency in the year ahead.

“The 2025 filing season was one of the most successful filing seasons in recent memory,” Collins said in a statement. “But with the IRS workforce reduced by 26 [percent] and significant tax law changes on the horizon, there are risks to next year’s filing season. It is critical that the IRS begin to take steps now to prepare.”

The report noted that many of the agency’s most experienced leaders were among those who left, compounding operational challenges. Some key preparatory steps—such as hiring and training seasonal workers—had yet to begin as of mid-year, raising concerns about potential gaps when the filing season opens in January 2026.

The staffing reductions are part of a broader Trump administration push to reduce the size of the federal bureaucracy. A February executive order called for a “critical transformation” of the civil service and instructed agencies to root out what it described as “waste, bloat, and insularity.”

A subsequent memorandum from the Office of Management and Budget laid out plans for deep workforce cuts across non-defense agencies.

Critics Assail Downsizing

While proponents of the downsizing initiative argue that it will foster a more efficient and accountable federal bureaucracy, critics say the cuts could hollow out government services.

“The IRS is underfunded, understaffed, and underappreciated,” Rep. Steny Hoyer (D-Md.) said at a June 25 Capitol Hill briefing on the Trump administration’s IRS cuts.

Former IRS Commissioner John Koskinen also criticized the downsizing, calling it “nonsensical” to weaken the agency responsible for collecting revenue needed to run the government—particularly amid calls for deficit reduction.

The watchdog report also flagged potential upcoming budgetary pressures. The Trump administration’s fiscal 2026 budget proposal calls for a 20 percent cut to IRS appropriations, and a total reduction of 37 percent when accounting for the expiration of Inflation Reduction Act funds, the report noted.

“A reduction of that magnitude is likely to impact taxpayers and potentially the revenue collected,” Collins wrote.

Collins urged the administration to lift its hiring freeze and grant direct hiring authority so that the IRS can bring on essential staff in time to prepare for next year’s tax filing season. Without swift action, she warned, taxpayers could face longer wait times, service delays, and greater frustration.

Looking ahead more broadly, the administration’s fiscal blueprint envisions cutting a net 107,000 jobs across non-defense agencies next year—a more than 7 percent reduction relative to current staffing levels. The proposed cuts include both executive actions that can be implemented without legislation and broader proposals that require congressional approval.

Actual reductions may be even steeper. Several agencies, including the Department of Defense, have announced planned cuts that were not included in the June budget documents. The White House has acknowledged that the published staffing figures “may not reflect all of the management and administrative actions underway or planned in federal agencies.”

Some of the Trump administration’s workforce reduction efforts have been challenged in court. Judges have blocked implementation of certain cuts, including downsizing initiatives at the State Department and the Department of Education.

Meanwhile, the latest government jobs report, released on June 6, shows that, since January, the federal government workforce is down by 59,000 workers. The federal government employed about 3 million people as of November 2024, according to USAFacts.

Tyler Durden Thu, 06/26/2025 - 14:25

Indian Politician Calls For Bitcoin Reserve Pilot As US Embraces Crypto

Indian Politician Calls For Bitcoin Reserve Pilot As US Embraces Crypto

Authored by Ezra Reguerra via CoinTelegraph.com,

The national spokesperson for India’s ruling party called on the country to consider launching a Bitcoin reserve pilot, saying that it would be a strategic step toward economic resilience. 

In an article for India Today, Bharatiya Janata Party (BJP) spokesperson Pradeep Bhandari said the US strategic Bitcoin reserve and Bhutan’s state-led mining operations signal that global finance is shifting toward crypto. 

He added that India, with an expanding renewable energy infrastructure, is positioned to create a sovereign Bitcoin strategy.

“This isn’t a reckless pivot,” Bhandari wrote. “It’s a calculated step toward embracing digital assets’ legitimacy.”

Crypto assets are taxed but unregulated in India 

India’s crypto tax policy remains in limbo. Bhandari pointed out that in India, crypto is heavily taxed but unregulated.

The government has imposed a 30% flat rate tax on virtual digital assets (VDAs) like BTC and Ether. However, it has yet to establish a regulatory framework for digital currencies. 

Under Section 115BBH of the country’s Income Tax Act, profits from selling crypto are taxed at 30%. While purchase costs can be deducted, there are no provisions for other expenses or losses.

In addition, a 1% Tax Deducted at Source (TDS) applies to all crypto transactions above $115, deducted from either the buyer or seller. 

During India’s G20 presidency in 2023, Bhandari noted, the government helped coordinate a crypto working group with the International Monetary Fund. However, other nations are already racing ahead. 

Bhandari said that while recommendations will take their due course, jurisdictions like Russia, China, Brazil and other G20 nations led by the US are not pausing their crypto efforts to wait for a consensus.

He also cited the US government’s plan to expand its BTC reserves with budget-neutral purchases and pointed to three US states that already authorized Bitcoin as a reserve asset. 

Bhandari says Bitcoin reserve pilot could enable innovation

Bhandari said India’s path forward should include regulatory clarity, starting with a sovereign BTC reserve initiative.

He added that clear regulation could bring transparency and oversight to the emerging asset class and enable innovation while protecting investors. 

“India stands at a pivotal juncture,” Bhandari wrote. “A measured Bitcoin strategy —perhaps a reserve pilot — could strengthen economic resilience and project modernity.” 

Tyler Durden Thu, 06/26/2025 - 13:45

Stellar 7Y Auction Stops Through After Jump In Foreign Demand

Stellar 7Y Auction Stops Through After Jump In Foreign Demand

After two mixed coupon auctions this week (a solid 2Y, a subpar 5Y) moments ago the Treasury concluded the week's final coupon auction when it sold $44 billion in 7Y paper in a well-received sale.

The auction stopped at a high yield of 4.022%, down from 4.194% in May and the lowest since last September.  The auction also stopped 2bps thru the 4.024% When Issued, the second consecutive stop through in a row and 8th in the past 10 auctions.

The bid to cover was ugly: it dropped from 2.695 to 2.531, the lowest since August 2024 and obviously well below the six-auction average of 2.637.

The internals were most solid, with Indirects rising to 76.7%, up from 71.5% in May and the highest since December. And with Directs taking just 11.62%, the lowest since December's record low 2.85%, Dealers were left with 11.6%, up from May's record low of 4.85%.

Overall, this was a solid auction, arguably the best of the week, and one which came with yields across the curve already near session lows so there was little movement: the 10Y was down at 4.257% after the auction broke for trading, barely changed from where it was earlier. 

Tyler Durden Thu, 06/26/2025 - 13:22

Trump Admin Will Encourage All Americans To Use Wearables, Says RFK Jr.

Trump Admin Will Encourage All Americans To Use Wearables, Says RFK Jr.

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

The Department of Health and Human Services (HHS) will soon start a massive advertising blitz to encourage uptake of wearables such as fitness trackers among Americans, Health Secretary Robert F. Kennedy Jr. said on June 24.

Health Secretary Robert F. Kennedy Jr. testifies on Capitol Hill in Washington on June 24, 2025. Madalina Kilroy/The Epoch Times

“We’re about to launch one of the biggest advertising campaigns in HHS history to encourage Americans to use wearables,” Kennedy said on Capitol Hill in Washington during a congressional hearing.

Rep. Troy Balderson (R-Ohio) spoke positively about what he described as innovative wellness tools and asked Kennedy to describe how the government is promoting access to such tools. Balderson noted that research suggests that increased patient engagement can result in improved health.

“It’s a way people can take control over their own health, they can take responsibility, they can see what food is doing to their glucose levels, their heart rates, and a number of other metrics as they eat it, and they can begin to make good judgements about their diet, about their physical activity, about the way they live their lives,” Kennedy said.

We think that wearables are a key to the MAHA agenda, Making America Healthy Again. My vision is that every American is wearing a wearable within four years.”

Balderson also asked about concerns over keeping data from wearables private. Kennedy declined to address that aspect of the matter.

In addition to his role as health secretary, Kennedy is chairman of the MAHA Commission, established by President Donald Trump to study ways to improve the health of Americans.

The commission, in its first report, published in May, only mentions wearables once. It says that electromagnetic radiation is “an exposure due to the proliferation of cell phones, WiFi routers, cell towers, and wearables,” with some studies linking exposure to the radiation to issues such as reduced sperm count.

Other research has found that wearable trackers can lead to skin irritation and other dermatologic problems, although many user issues were resolved, and they continued using the trackers.

Two divisions of HHS said separately in May that they would be utilizing information from wearables for research, trying to discern the causes of autism.

Kennedy said some of his friends have experienced profoundly positive impacts from wearables.

They “utterly changed their lives just from wearing a glucose meter,” he told members of Congress on Tuesday.

He then indicated that the administration is looking into making sure the costs of wearables are covered, bringing up the weight loss drug Ozempic.

“It’s a miraculous impact on health in our country,” he said. “It’s $80 a month, we’re exploring ways of making sure that those costs can be paid for. Ozempic is costing $1,300 a month. If you can achieve the same thing with an $80 wearable, it’s a great thing for the American people.”

Tyler Durden Thu, 06/26/2025 - 13:00

Treasury Sanctions 3 Mexican Financial Institutions For Aiding Cartels In Fentanyl Trade; Sheinbaum Denies

Treasury Sanctions 3 Mexican Financial Institutions For Aiding Cartels In Fentanyl Trade; Sheinbaum Denies

Update (1100ET): Mexican President Sheinbaum has commented on the sanctions, denying any fraud and claiming the Mexican banking system is 'sound':

  • *SHEINBAUM: NO EVIDENCE OF MONEY LAUNDERING IN MEXICAN BANKS

  • *SHEINBAUM SAYS MEXICO ONLY FOUND ADMINISTRATIVE FLAWS IN BANKS

  • *SHEINBAUM: MEXICO ASKED US TREASURY MONEY LAUNDERING EVIDENCE

  • *SHEINBAUM: MEXICAN FINANCIAL SYSTEM SOUND, ACCUSED FIRMS SMALL

  • *MEXICO TRANSFERS TO CHINA COS 'NOT MONEY LAUNDERING': SHEINBAUM

Just a coincidence?

*  *  *

As Naveen Athrappully detailed earlier via The Epoch Times, The Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) sanctioned three financial institutions based in Mexico for allegedly laundering money for cartels involved in the illegal trade of fentanyl, the Treasury said in a June 25 statement. The institutions are CIBanco S.A., Intercam Banco S.A., and Vector Casa de Bolsa S.A. de C.V.

CIBanco and Intercam are commercial banks with assets worth more than $7 billion and $4 billion, respectively. Vector is a brokerage company managing almost $11 billion in assets.

FinCEN has determined that the entities launder money in connection with illicit opioid trafficking, and have “collectively played a longstanding and vital role in laundering millions of dollars on behalf of Mexico-based cartels and facilitating payments for the procurement of precursor chemicals needed to produce fentanyl,” the statement said.

CIBanco facilitated illicit opioid trafficking by Mexican cartels such as Jalisco New Generation Cartel (CJNG), Beltran-Leyva Cartel, and Gulf Cartel. Intercam was linked to CJNG, and Vector with the Sinaloa Cartel and Gulf Cartel, said the statement.

FinCEN said that between 2021 and 2024, CIBanco processed more than $2.1 million in payments from Mexico-based companies to entities in China that shipped precursor chemicals to Mexico. Intercam processed over $1.5 million during the same period.

As for Vector, the institution processed more than $1 million between 2018 and 2023.

The sanctions prohibit financial institutions in the United States from engaging in the transmission of funds from or to CIBanco, Intercam, or Vector. The prohibition also applies to any account or convertible virtual currency address administered by the three institutions.

In a June 25 statement, CIBanco said it does not maintain illegal business relationships. The bank “reiterates its compliance with all guidelines established by the competent authorities,” it said.

“CIBanco maintains constant communication with the relevant Mexican and U.S. authorities and reaffirms its full willingness to cooperate,” it said.

Intercam said they “categorically deny” any links between the institution and illicit activity, specifically money laundering, according to a June 25 statement. The institution reiterated its “firm commitment to transparency and legality.”

In a June 25 statement, Vector said it “categorically rejects any accusation that compromises its institutional integrity.” The institution has operated under strict rules, auditing, and supervision of national financial authorities, it said.

Illicit Transactions

In a June 25 statement, Mexico’s Ministry of Finance and Public Credit said it had asked the U.S. Treasury for evidence of CIBanco, Intercam, and Vector having links to illicit activities that could be corroborated by Mexico’s Financial Intelligence Unit (UIF) or the National Banking and Securities Commission. “However, no substantiating information was received,” it said.

“The only information provided by the Treasury Department that Mexico can verify contains data on some wire transfers made through the aforementioned financial institutions to legally incorporated Chinese companies. However, thousands of these transactions are made through Mexican financial institutions.”

“The UIF found transactions made to these Chinese companies by more than 300 Mexican companies through 10 Mexican financial institutions. This is because Mexico has thousands of regular transactions with legally incorporated Chinese companies, with annual trade totaling $139 billion,” according to the statement.

The ministry clarified that if it receives “conclusive information” proving that CIBanco, Intercam, and Vector engaged in illicit activities, it will “act to the fullest extent of the law.” However, the ministry has not received any such information to date, it added.

According to the June 25 Treasury statement, the sanction orders against the Mexican financial institutions were made pursuant to the Fentanyl Sanctions Act and the FEND Off Fentanyl Act.

The two Acts provide the Treasury with additional powers to target money laundering linked with the trafficking of fentanyl and other synthetic opioids. These are the first actions taken by FinCEN under the two Acts, according to the Treasury.

Secretary of the Treasury Scott Bessent said that “financial facilitators like CIBanco, Intercam, and Vector are enabling the poisoning of countless Americans by moving money on behalf of cartels, making them vital cogs in the fentanyl supply chain.”

“Today’s actions affirm Treasury’s commitment to using all tools at our disposal to counter the threat posed by criminal and terrorist organizations trafficking fentanyl and other narcotics,” he said.

In a June 26 post on social media platform X, Bessent said both the United States and Mexico are committed to ensuring that financial systems have “strong anti-money laundering/countering the financing of terrorism controls.”

China’s Long Game

In an interview with podcaster Joe Rogan on June 6, FBI Director Kash Patel said that China’s plan was to weaken the United States over the long term using the fentanyl crisis.

The Chinese Communist Party did not make much money off the drug trade by supplying precursor chemicals. The plan is to “take out generations of young men and women” who could have taken on jobs such as a police officer, a soldier, or a teacher, he said.

“That’s what they [China] are doing, when you wipe out tens of thousands of Americans a year. It’s a long-term plan for them,” he said.

According to data from the Centers for Disease Control and Prevention, there were an estimated 48,422 deaths in the country involving synthetic opioid fentanyl in 2024.

The Chinese communist regime’s ongoing supply of illegal drugs to the United States was one of the reasons stated by the Trump administration for imposing 20 percent additional tariffs on Chinese imports earlier this year.

Following a recent trade agreement, China has announced new controls for two fentanyl precursors.

Tyler Durden Thu, 06/26/2025 - 12:20

Toxic Fallout: NC Lawmakers Face Fire Over Monsanto 'Get-Out-Of-Jail-Free' Provision

Toxic Fallout: NC Lawmakers Face Fire Over Monsanto 'Get-Out-Of-Jail-Free' Provision

In a move that has ignited fierce backlash, North Carolina lawmakers attempted a “gut and stuff.” By inserting a last-minute "de facto immunity provision" into an unrelated House bill, agrochemical giants like Monsanto-Bayer will be given a free pass from accountability for its products linked to cancer and infertility, depending on what happens next. 

A highly controversial policy, Monsanto-Bayer has been seeking state level labeling exemptions amid bankruptcy exploration, as the company faces over 67,000 lawsuits nationwide for its product Round Up.

The revelation, brought to light by molecular toxicologist Dr. Alexandra Muñoz, set off alarm bells among health advocates and concerned citizens alike, who quickly lit-up the phone lines. 

In a bipartisan vote [21-13], the House voted “Nay” to the gut and stuff amendment, passing the bill without the immunity language after the committee reconvened yesterday morning. 

According to Muñoz, this tactic aimed to circumvent the democratic process by skipping critical testimony and debate

Due to the fact that the North Carolina Senate already passed SB 401 - a version of the House bill with the immunity language - the Senate will now be faced with striking the language from its version, or going into overtime. 

Unlike basketball, the legislative form of OT is called a Conference Committee. Composed of House and Senate leadership, both chambers could face-off over which form of the bill to adopt during the conference. 

Given the 50/50 odds of a conference, opponents of the bill are calling on Senate leadership to drop its unpopular fight for Monsanto-Bayer. 

Muñoz's urgent call to action has mobilized constituents to flood legislative leadership with emails, as sources indicate a conference committee could be convened by the end of the week, unless the Senate agrees with the House. 

The stakes are high. Passing this bill would remove North Carolina residents’ right to sue for “failure to warn,” by asserting that federally regulated warning labels preempt state rights.

This type of legislative sleight of hand is part of a disturbing trend where industries seek to evade responsibility. Critics, like Dr. Meryl Nass, have pointed out the similarities to the 1986 National Vaccine Injury Compensation Program—another liability shield that's created far-reaching consequences.

Meanwhile, Monsanto-Bayer is hard at work attempting to expand federal preemption laws in D.C. A move that critics argue will undermine both legislative and judicial integrity, prioritizing corporate interests over public welfare. 

As the battle lines are drawn, the outcome of this legislative tug-of-war could have profound implications for the health and safety of North Carolinians and beyond. 

The question remains: will the voices of the people prevail, or will the agrochemical lobbyists silence them once again?

Tyler Durden Thu, 06/26/2025 - 12:00

Republicans Scramble After Senate Parliamentarian Nixes Deep Cuts From 'Big Beautiful Bill'

Republicans Scramble After Senate Parliamentarian Nixes Deep Cuts From 'Big Beautiful Bill'

It isn't just rogue judges subverting the will of the people... The Republicans' Big Beautiful Bill was dealt a major blow on Thursday after the Senate Parliamentrian gutted nine major provisions included in GOP efforts to cut $250 billion in Medicaid and other health care spending

Democrat parliamentarian Elizabeth MacDonough's latest rulings include major pieces of Medicaid policy - including a plan to reduce federal expenses by cracking down on a state provider tax, which would have had a nine-figure impact on the bill. 

She also struck down;

  • Immigrant Medicaid eligibility 
  • Prohibiting Medicaid and Children's health insurance (CHIP) from funding 'gender affirming care'
  • Restricting certain states from increasing taxes on providers
  • Limiting noncitizen immigrants from qualifying for premium tax credits or cost-sharing reductions
  • Disallowing premium tax credits during periods of Medicaid ineligibility due to immigrant status

The rulings couldn't have come at a worse time for Senate Majority Leader John Thune and other GOP leaders - who are trying to carefully handle an internal revolt from members wary of the practical and political impacts of the Medicaid changes. 

Now Republicans have to try and rework the provider tax language to get it back in the Senate bill, Politico reports, citing two anonymous sources. 

"We’ll continue our work and find a solution to achieve the desired results," said one of the people.

The second person described the parliamentarian's cuts as "technical," with some Republicans optimistic that they can make changes to the language that lets them keep the provisions. 

Some Republicans are PISSED

"The Senate Parliamentarian is not elected. She is not accountable to the American people," Rep. Greg Steube (R-FL) posted on X. "Yet she holds veto power over legislation supported by millions of voters."

.Steube called on Vice President JD Vance to 'overrule the Parliamentarian and let the will of the people, not some staffer hiding behind Senate procedure, determine the future of this country.'

Ignore her?

The Senate parliamentarian is a nonpartisan advisor who interprets the Senate's rules, including the Byrd Rule, which limits what can be included in reconciliation bills. Their guidance is not legally binding - it's advisory, but traditionally followed to maintain Senate norms.

Senate Republicans can 'ignore' her rulings in two ways; 

Option 1: The Presiding Officer Overrules

  • The presiding officer of the Senate, Vice President JD Vance, can choose to ignore the parliamentarian's advice and rule in favor of including the provision.

  • This is extremely unusual. If it happens:

    • Any senator can challenge the ruling, triggering a vote on whether to uphold it.

    • If a simple majority supports the override, the ruling stands — effectively overruling the parliamentarian.

Option 2: Fire or Replace the Parliamentarian

  • The Senate Majority Leader John Thune could request a different parliamentarian or pressure the presiding officer to disregard the current one's rulings.

  • This happened once before:

    In 2001, the Republican-controlled Senate replaced Parliamentarian Robert Dove after disagreements over tax cuts.

Needless to say, America's gatekeepers are hard at work... 

Tyler Durden Thu, 06/26/2025 - 11:20

Shadow Fed Chair Waller?

Shadow Fed Chair Waller?

By Elwin de Groot, head of macro strategy at Rabobank

European bond yields inched up by several basis points whilst equity markets took a breather following the oil-price inspired rebound as the truce between Iran and Israel appeared to hold. Along with a 3bp decline in US Treasury yields, the dollar index slipped to its lowest level in more than three years, as President Trump is considering to announce his pick for the next Fed Chairman earlier than planned.

The Wall Street Journal writes this could be already in September or October, so well ahead of the official end to Powell’s term, which still has some eleven months to run. Even as Powell is likely to resist pressures to cut rates (quickly), an early nomination could undercut his ability to steer rates. Once his successor is known, markets will split their attention between Powell and the views of the next Fed chair. And whomever Trump picks, they are likely to be more dovish than Powell. Hence the distinct bend in the OIS forward curve in recent months with markets pricing in a higher probability of significant rate cuts over the course of 2026.

Source: Polymarket

Other than that, a light data calendar on both sides of the Atlantic left market participants largely bound to the geopolitical news flow, in particular the NATO summit. To some extent, the latter even stole the show from the World Economic Forum, taking place in Tianjin, China this week.

After all the preparations and last-minute haggling between members, there was little doubt that the NATO summit was going to be successful. And, indeed, from a zoomed-out perspective, it was a success. Historic, even, by some standards. In its statement, NATO members reaffirmed their “[…] ironclad commitment to collective defence as enshrined in Article 5 of the Washington Treaty – that an attack on one is an attack on all.” Although Trump had earlier cast fresh doubts whether the US wholeheartedly support the Article, he later said that the US is with NATO “all the way. And NATO Secretary General Mark Rutte went out of his way to underscore the US’ commitment in the press conference.

But the key achievement of the summit was the commitment by ‘Allies’ (a wording used instead of ‘NATO Members’ or ‘We’ to keep Spain on board),  to ”invest 5% of GDP annually on core defence requirements as well as defence-and security-related spending by 2035 to ensure our individual and collective obligations […]” As expected this 5% of GDP should be broken down to at least 3.5% of GDP committed to ‘core defence requirements’ to meet NATO capability targets and up to 1.5% of GDP annually to, protect critical infrastructure, networks, ensure civil preparedness and resilience, unleash innovation, and strengthen the NATO defence industrial base.

As these broader goals had already been well-telegraphed, this explains the relatively muted reaction of European bond markets. But when you think of it, the relatively limited response in recent months to the swelling chorus of “more defence spending” is somewhat remarkable. Remember we had the significant jump in German Bund yields earlier in March when Germany announced its U-turn on defence and infrastructure spending and the interpretation of its debt-brake. But since that 50bp jump in only a few days, yields have come back down and are just 10bp higher than before that momentous decision.

And now – in essence – we have something that looks like a coordinated European-wide massive spending impulse (plus Canada etc.) lasting for many years. And bond investors seem to be shrugging. Yes, it will be phased-in, and yes, it remains to be seen whether members will stick to their plan. But not doing so seems the surest way of losing the US’s commitment to Article 5. No doubt there will be some shirking and foot-dragging, but the broader picture is that there is now a broad-based commitment. Of note: even Belgian Prime Minister De Wever, who had positioned himself as a ‘holdout’, had to swallow the bitter pill, as he acknowledged that 3.5% is a realistic figure and that NATO’s European member states must recognise that “our long break from history is over and we must take responsibility.” And Trump’s displeasure with the Spanish position indicates that we can be sure that peer pressure will be used to keep everyone in line. 

So, again, moving from around 2% of GDP to at least 3.5% or even 5% structurally is not a small thing. To put it in perspective, the Eurozone’s structural (cyclically-adjusted) government balance, which is projected at roughly -3% for 2025 by the European Commission, has – since the Eurozone’s existence – never been higher than -0.8% (2018) and never lower than -5.1% (2010, in the midst of the sovereign debt crisis). In other words, this is going to require a lot of budgetary and financial acrobatics to make it work. Trying to find savings in other government spending items? Sure. Trying to raise some revenues here and there? Sure. But ultimately it would seem hard to avoid a significant increase in the deficit and hence issuance of government debt.

So, if you want to approach this from a more traditional viewpoint, then please look at the scenario’s we devised here. We basically assumed that in the coming years debt issuance will play a significant role, which is to be followed at some stage by fiscal consolidation. But the key message is also that to get sufficient ‘bang for the buck’, the design, execution and strategic patience will be the keys to success (or failure!) of these defense spending plans. That means leaving sufficient room for the European industrial complex to benefit from this spending, ensuring a coordinated approach (so that not everyone’s going to produce drones), make innovation with a significant ramp-up in defense R&D a key objective and ensure simplification of administrative processes, etc.

But, will there be sufficient (political) will in the future to consolidate after a debt binge? Or, if member states want to do this in a (budgetary) neutral way, how can they ensure that the economy doesn’t break down before they reach their strategic objective? Or how can Europe ensure that everyone meets their objective, and not just the countries with relatively sound debt-to-GDP ratios and the fiscal space (i.e. Germany)? So if you think that, somehow, this is not going to work then need to start thinking more out-of-the-box to ensure that funding will flow to the right sectors, that the financial burden is fairly distributed, and that these long-term security and defence objectives are ultimately reached without blowing up bond markets. There are no straightforward answers there, but the only suggestion I’d make is that at least we start thinking about this rather than just assuming that the current budgetary/financial framework we operate under can handle all this.

Tyler Durden Thu, 06/26/2025 - 11:00

House GOP Accelerates ActBlue Probe With New Subpoena

House GOP Accelerates ActBlue Probe With New Subpoena

Reps. James Comer (R-Ky.), Bryan Steil (R-Wisc.), and Jim Jordan (R-Ohio)—who chair the House committees probing shady Democratic fundraising giant ActBlue—have issued a subpoena to former executive Alyssa Twomey, ordering her to testify on the platform's handling of fraud prevention. The subpoena follows multiple attempts to obtain her voluntary cooperation since March.

It is important to note from the subpoena letter to Twomey that House Republicans from the Committees on House Administration, Judiciary, and Oversight are leading the investigation into the highly questionable online donation platform, which may have received foreign and fraudulent contributions for political fundraising purposes.

"In light of allegations that online fundraising platforms that serve as conduits for political donations have accepted fraudulent donations from domestic and foreign sources, the Committees are conducting oversight to inform potential legislative reforms," Comer and the other lawmakers wrote in the letter. 

Key points from the letter:

  • Twomey's Role: As ActBlue's former VP of Customer Service, she oversaw the fraud-prevention team during a period when the platform allegedly weakened fraud controls despite knowing about vulnerabilities.

  • Committee Findings: Internal documents show ActBlue prioritized accepting donations over fraud detection, ignored red flags from foreign actors, and had internal assessments acknowledging potential for abuse.

  • Justification for Subpoena: The committees rejected arguments that the DOJ's parallel investigation justified refusal to testify. They emphasized that Congress has independent constitutional oversight authority even amid executive investigations.

  • Rebuttal to Legal Claims: The GOP committees dismissed ActBlue's constitutional defenses (First Amendment, Equal Protection) as unfounded and asserted that legislative oversight is being conducted to inform potential campaign

Read Full Subpoena Letter to Alyssa Twomey (ActBlue)

According to Elon Musk in March—when rogue leftist NGOs were targeting Tesla—he stated: "ActBlue is currently under investigation for allowing foreign and illegal donations in criminal violation of campaign finance regulations. This week, seven ActBlue senior officials resigned, including the associate general counsel."

Related:

Separate but likely connected in some way, the FBI has launched an investigation into the dark-money-funded NGOs that transformed parts of Los Angeles into a warzone earlier this month.

Federal investigators are accelerating efforts to map the command-and-control structures of the rogue Democratic Party. A primary focus includes identifying whether funds—possibly originating from adversarial foreign actors (see here)—were funneled through digital donation platforms to support not only political campaigns but also unrest in city streets. 

Tyler Durden Thu, 06/26/2025 - 10:40

US Pending Home Sales Rose In May, But Remain Near Record Lows

US Pending Home Sales Rose In May, But Remain Near Record Lows

Following last month's collapse (-6.3% MoM), analysts expected May pending home sales to bounce very modestly (+0.1% MoM).

New home sales plunged, existing home sales ticked up very modestly, and so pending home sales breaks the tie with a 1.8% MoM increase...

Source: Bloomberg

That modest rebound (though better than expected) dragged the YoY change in pending home sales up to just a 0.34% decline, but the index remains near record lows...

Source: Bloomberg

Signings picked up in all four US regions, most notably in the West, which rose by the most since December 2023.

NAR Chief Economist Lawrence Yun attributed May’s rise to resilience in the US labor market, with wage gains outpacing home price appreciation.

However, “mortgage rate fluctuations are the primary driver of homebuying decisions and impact housing affordability more than wage gains,” Yun said in a prepared statement.

The supply of existing homes for sale has reached an almost five-year high, as more people list their homes for sale, but the extra inventory isn’t yet pushing prices down.

Source: Bloomberg

Pending-homes sales tend to be a leading indicator for previously owned homes, as houses typically go under contract a month or two before they’re sold.

Tyler Durden Thu, 06/26/2025 - 10:07

Trump Plans Mass Dismissal Of Asylum Claims, Fast-Track Deportations

Trump Plans Mass Dismissal Of Asylum Claims, Fast-Track Deportations

The Trump administration is preparing to dismiss asylum claims for potentially hundreds of thousands of migrants—primarily those who crossed the southern or northern borders illegally and later applied for protection—according to CNN, citing two sources. Once dismissed, these migrants would become immediately deportable under fast-track removal procedures, bypassing immigration court.

Migrants who entered the U.S. unlawfully and sought asylum through U.S. Citizenship and Immigration Services (USCIS) would be impacted if the new policy goes into effect. This could result in up to 250,000 migrants—out of the 1.45 million pending asylum cases—being slated for removal.

Here's more from the report:

The people being targeted in this case are those who entered the U.S. unlawfully and later applied for asylum, the sources said. Their cases are expected to be closed, therefore leaving them at risk of deportation. It could affect hundreds of thousands of asylum applicants.

According to a memo obtained by CNN, USCIS, which falls under the control of Homeland Security Secretary Kristi Noem, will place those migrants in fast-track deportation proceedings as well as "take additional actions to enforce civil and criminal violations of the immigration laws."

USCIS spokesperson Matthew Tragesser told the outlet that no agency changes have been "announced at this time," adding that its "top priority remains the screening and vetting of all aliens seeking to come, live, or work in the United States. President Trump and Secretary Noem have given USCIS the ability to use all tools in our toolbox to ensure that the integrity of the immigration system is upheld, fraud is uncovered and expeditiously addressed, and illegal aliens are removed from the country."

Earlier this month, President Trump directed Immigration and Customs Enforcement to ramp up operations in chaotic sanctuary cities run by far-left politicians working with dark money-funded NGOs to shield criminal illegal aliens from deportations. In one extreme case, a Los Angeles official reportedly called for Mexican gangs to mobilize against ICE agents.

Meanwhile, the Democratic Party's nominee for New York City mayor, 33-year-old Marxist Zohran Mamdani, is campaigning on a platform of free stuff paid for by the government (taxpayers)—even promoting his campaign in at least one foreign language. Keep in mind NYC is the mecca of sanctuary cities in America

Understand where we are: Marxist-aligned Democrats are offering government handouts to migrants to establish a new, dependent voting class. This invasion—driven by a mass migration of third-worlders and supported by dark money-funded NGOs and the federal gov't during the Biden-Harris regime—has been used to reshape the electorate. The Democratic Party's political future entirely hinges on protecting criminal illegal aliens.

Tyler Durden Thu, 06/26/2025 - 10:00

US Worked On Plan To Destroy Iran's Fordow For 15 Years, But European Intel Says Uranium Stockpile Was Moved

US Worked On Plan To Destroy Iran's Fordow For 15 Years, But European Intel Says Uranium Stockpile Was Moved

Summary: As expected Hegseth during the Thursday morning Pentagon press conference excoriated the mainstream media for its coverage of the Trump-ordered attacks on Iran's nuclear sites. This after repeatedly praising Trump's leadership at yesterday's NATO summit.

"I hope, with all the ink spilled, all of your outlets find the time to properly recognize this historic change in continental security that other presidents tried to do, other presidents talked about," Hegseth said. "President Trump accomplished it. It’s a huge deal." He strongly pushed back especially against CNN reporting that the strikes merely set back Iran's nuclear program by months, again, framing the avalanche of MSM skepticism as supposedly due merely to anti-Trump bias and not wanting to give him a 'win'.

"Again, it was preliminary, a day and a half after the actual strike, when it admits itself in writing that it requires weeks to accumulate the necessary data to make such an assessment," the defense secretary said. The president "created the conditions to end the war, decimating – choose your word – obliterating, destroying Iran’s nuclear capabilities," he asserted, before reading aloud the assessments of various US and foreign intelligence heads.

Much of the press conference consisted of a highly detailed narrative of what it was like for troops - from officers to enlisted privates - in the Middle East as Iran's very brief retaliatory missile strike rained down on Qatar, and US-manned anti-air batteries intercepted the inbound projectiles. There was also a lot of focus on the pilots and crew of the B-2s and their marathon 37-hour bombing run all the way from Missouri to Tehran and back. The presser, especially while Hegseth was speaking, was charged with patriotism and emotion - much more than is normal for a Pentagon press briefing.

Chairman of the Joint Chiefs of Staff Gen. Dan Caine emphasized in a detailed way the specs of the 30,000 pound bombs dropped on the Iranian sites, and they "functioned as designed, meaning they exploded."

"A point that I want to make here: the Joint Force does not do [battle damage assessments]," Caine told the press pool. "By design, we don’t grade our own homework. The intelligence community does. But here’s what we know following the attacks and the strikes on Fordow: First, that the weapons were built, tested and loaded properly. Two, the weapons were released on speed and on parameters. Three, the weapons all guided to their intended targets and to their intended aim points. Four, the weapons functioned as designed, meaning they exploded. We know this through other means intelligence means that we have that were visibly, we were visibly able to see them. And we know that the trailing jets saw the first weapons function." He actually cited one pilot's eyewitness account as saying the blast from the initial bombs was so big as it was like an overwhelming flash of daylight

Among the more interesting assertions and revelations was that the Pentagon has been working intensely on the operation, particularly to take out the Fordow site, for-15 years. While the US military often spends a lot of time on various 'contingency' options to present to the Commander-in-Chief, Gen. Caine's description of two Pentagon analysts who devoted a decade-and-a-half of their lives to studying just Fordow strongly suggests the US long ago knew it would pull the trigger at some point.

"In the days preceding the attack against Fordow, the Iranians attempted to cover the shafts with concrete to try to prevent an attack. I won’t share the specific dimensions of the concrete cap, but you should know that we know what the dimensions of those concrete caps were," Caine said. "The planners had to account for this, they accounted for everything. The cap was forcibly removed by the first weapon, and the main shaft was uncovered."

And President Trump soon after the Pentagon briefing ended, wrote the following on Truth Social:

Meanwhile, Fox is reporting that the Senate has finally received a delayed Iran briefing. This seems to continue a long GWOT era tradition of presidents across administrations bombing first, and then notifying Congress later.

Meanwhile, the international debate over just where Iran's enriched uranium stockpile is now located (if it's not destroyed) continues to intensify, despite the Trump denials that it remains:

  • TRUMP: NOTHING WAS TAKEN OUT OF THE FACILITY
  • IRAN LAW SUSPENDING IAEA COOPERATION COMES INTO EFFECT

Simultaneous to Trump issuing another statement rejecting the thesis that the uranium has been moved and hidden, Financial Times reports in a strangely worded headline ("Iran moved uranium from Fordow before US strikes, EU capitals believe") the following:

Iran’s highly enriched uranium stockpile remains largely intact following US strikes on its main nuclear sites, European capitals believe, calling into question President Donald Trump’s assertion that the bombing “obliterated” the Islamic republic’s nuclear programme.

Two people briefed on preliminary intelligence assessments said European capitals believe Iran’s stockpile of 408kg of uranium enriched close to weapons-grade levels was not concentrated in Fordow, one of its two main enrichment sites, at the time of last weekend’s attack. It had been distributed to various other locations, the capitals believe.

This would indeed be an interesting twist - that the bulk of enriched uranium stockpiles were not even located at Fordow, which appeared to be the heaviest hit in the US operation. According to more:

The people said EU capitals were still awaiting a full intelligence report on the extent of the damage to Fordow — which was built deep beneath a mountain near the holy city of Qom — and that one initial report suggested “extensive damages, but not full structural destruction”. Iranian officials have suggested the enriched uranium stockpile was moved before the US bombing of the plant, which came after days of Israeli strikes on the country.

But again, the White House as well as Thursday Pentagon presser is sticking by the Trump claim of total and utter obliteration. Perhaps the world will learn the truth in the coming days and weeks, or possibly not at all, pending 'proof' and data from the ground, which the Iranians will likely not be willing to give. For some of our prior coverage on this pressing coverage, see--

Where Is Iran's Uranium? Top Secret Leaked US Intel Says Core Nuclear Components 'Intact'

* * *

After blasting the 'fake news' and mainstream outlets NY Times and CNN in particular in Wednesday comments at the NATO summit, President Trump will continue 'setting the record straight' on the Iran bombings, as the Pentagon is set to hold an "irrefutable" press conference on Thursday morning, providing more details on last weekend's B-2 bomber raids on the Iranian nuclear sites of (per AI summary)--

  • Fordow Fuel Enrichment Plant: A heavily fortified, deeply buried uranium enrichment site near the northern city of Qom.
  • Natanz Nuclear Facility: Iran's main uranium-enrichment complex, located near Isfahan in central Iran.
  • Isfahan Nuclear Technology Center: A key conversion and research facility south of Isfahan city.

Very unusually, the US President claimed that 'fake news' reports upset the pilots who flew the bombs over Iran, by claiming that Iran's nuclear capability was not in fact completely destroyed.

"Secretary of Defense (War!) Pete Hegseth, together with Military Representatives, will be holding a Major News Conference tomorrow morning at 8 A.M. EST at The Pentagon, in order to fight for the Dignity of our Great American Pilots," Trump posted to Truth Social. 

"These Patriots were very upset! After 36 hours of dangerously flying through Enemy Territory, they landed, they knew the Success was LEGENDARY, and then, two days later, they started reading Fake News by CNN and The Failing New York Times. They felt terribly," he continued.

WATCH LIVE (to start at 0800ET):

Hegseth is also expected to address a controversial leaked Defense Intelligence Agency (DIA) report, first revealed by CNN, which strongly suggested that the US strikes did not destroy Iran's nuclear capability:

Two of the people familiar with the assessment said Iran’s stockpile of enriched uranium was not destroyed. One of the people said the centrifuges are largely “intact.” Another source said that the intelligence assessed enriched uranium was moved out of the sites prior to the US strikes.

“So the (DIA) assessment is that the US set them back maybe a few months, tops,” this person added.

Most recently the CIA has since backed the Trump admin's claims, with CIA Director John Ratcliffe on Wednesday having sought to clarify in a statement that the agency had obtained "a body of credible evidence [that] indicates Iran’s Nuclear Program has been severely damaged" by recent strikes. But then this too includes somewhat ambiguous language.

Tyler Durden Thu, 06/26/2025 - 09:42

BYD Slumps After Scaling Back Production, Rising Inventories, Slower Sales Growth

BYD Slumps After Scaling Back Production, Rising Inventories, Slower Sales Growth

BYD stock and its U.S. listed ADRs slumped about 3% on Wednesday this week, after it was reported the vehicle manufacturer was cutting production.

China’s top automaker is scaling back production at several factories due to rising vehicle inventories and slower-than-expected sales growth, multiple outlets including Reuters and CarNewsChina reported.

The company has canceled night shifts and delayed adding new production lines, reducing output at at least four factories by about one-third. “There were two reasons for the mentioned actions: saving costs and failing to meet targets,” two sources told Reuters.

In May 2025, BYD launched aggressive discounts across 22 of its models, slashing prices by as much as 53,000 yuan (USD 7,390) in an attempt to ease dealership backlogs. However, inventories continued to rise despite the deep price cuts. A major dealer network in eastern China even suspended operations, partly due to unsold stock.

According to a May 2025 survey by the China Automotive Dealer Association, BYD dealers held an average of 3.21 months of inventory—more than double the national brand average of 1.38 months—making it the highest among all carmakers in the country.

The report continues, saying production is also showing signs of strain. Although BYD’s domestic sales rose 11% year-over-year to over 1.15 million vehicles from January to May, and exports more than doubled to 374,200 units, data from the China Association of Automobile Manufacturers (CAAM) showed production growth had nearly stalled at just 0.2% in May.

Despite these challenges, BYD set a record for car registrations in China during the week of June 16–22, hitting 83,400 units—an 18.6% increase from the prior week and nearly 25% higher than the same week in 2024. In total, the company registered 208,550 vehicles in the first three weeks of June.

We've noted over the last year that BYD has been the tip of the spear in Chinese auto manufacturing becoming more popular globally.

Over the past year, BYD has emerged as the dominant force in the global auto market, overtaking Tesla in Q4 2024 as the world’s top seller of battery-electric vehicles.

Its total sales reached 4.27 million in 2024—a 41% jump—driven by aggressive pricing, a strong domestic lead in China, and surging exports, which more than doubled to over 417,000 units. BYD's vertically integrated supply chain and wide model lineup, including the best-selling Seagull and Atto 3, gave it a cost and production edge.

Tyler Durden Thu, 06/26/2025 - 09:40

RFK Jr.'s New Vaccine Panel Lost Member Ahead Of First Meeting

RFK Jr.'s New Vaccine Panel Lost Member Ahead Of First Meeting

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

A doctor who was named to a federal advisory panel has decided not to serve, the Department of Health and Human Services (HHS) said on June 24.

Health Secretary Robert F. Kennedy Jr. testifies on Capitol Hill in Washington on June 24, 2025. Madalina Kilroy/The Epoch Times

“Dr. Michael Ross decided to withdraw from ACIP [Advisory Committee for Immunization Practices] during the financial holdings review required of members before they can start work on the committee,” an HHS spokesperson told news outlets in a statement.

The sacrifice to serve on ACIP varies from member to member, and we appreciate Dr. Ross’s willingness to go through this rigorous process.”

Health Secretary Robert F. Kennedy Jr. named eight members, including Ross, to the committee earlier in June, after dismissing all 17 members of the panel.

The committee advises the Centers for Disease Control and Prevention on vaccines and is set to meet in Atlanta on June 25 and June 26.

The CDC website listing members does not show Ross as a member of the panel. Ross could not be reached for comment.

Ross, who holds a medical degree, previously worked as a professor at George Washington University and Virginia Commonwealth University, spokespersons for the schools confirmed to The Epoch Times. His résumé also includes time as a member of a CDC panel that offered advice on preventing cancer and research into breast cancer prevention.

Ross is listed as an operating partner at Havencrest Capital Management, a biotechnology company that has invested in companies involved in vaccine development and autism therapy.

Ross’s biography on Havencrest’s website describes him as “a serial CEO and physician leader with over 35 years of executive experience in leading private healthcare and life science companies.”

Kennedy, when announcing Ross as a new member, said that “his continued service on biotech and healthcare boards reflects his commitment to advancing innovation in immunology, reproductive medicine, and public health.”

Kennedy told members of a congressional panel in Washington on Tuesday that the Advisory Committee for Immunization Practices was “rife with conflicts at the pharmaceutical companies.” An Epoch Times review found that some of the people removed by Kennedy voted on vaccines despite receiving or recently receiving money from firms that stood to benefit from the votes.

Kennedy also defended his new hires, telling lawmakers that “none of them are anti-vax” and highlighting the experience of the chair, longtime epidemiologist Martin Kulldorff, and a member, Dr. Robert Malone, who helped invent messenger ribonucleic acid (mRNA), which is utilized in COVID-19 vaccines made by Pfizer and Moderna.

He added, “We have scientists, immunologists, toxicologists, every kind of medical discipline you would want on that committee.”

Sen. Bill Cassidy (R-La.) said earlier in the week that new members hold scientific credentials but that “many do not have significant experience studying microbiology, epidemiology, or immunology.”

“In particular, some lack experience studying new technologies such as mRNA vaccines, and may even have a preconceived bias against them,” he said.

Cassidy, the chairman of the Senate Health Committee, called for this week’s committee meeting to be delayed until more members are named.

Tyler Durden Thu, 06/26/2025 - 09:25

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