Individual Economists

Real Estate Newsletter Articles this Week: Mortgage Delinquencies Increased in Q3

Calculated Risk -

At the Calculated Risk Real Estate Newsletter this week:

Mortgage DelinquenciesTClick on graph for larger image.

MBA: Mortgage Delinquencies Increased in Q3 2025

Part 1: Current State of the Housing Market; Overview for mid-November 2025

Part 2: Current State of the Housing Market; Overview for mid-November 2025

2nd Look at Local Housing Markets in October

November ICE Mortgage Monitor: Home Prices "Firmed" in October, Up 0.9% Year-over-year

This is usually published 4 to 6 times a week and provides more in-depth analysis of the housing market.

MiB: Binky Chadha, Chief US Equity & Global Strategist at Deutsche Bank Securities

The Big Picture -

 

 

This week, I speak with Binky Chadha, Chief US Equity & Global Strategist at Deutsche Bank Securities. They discuss Binky’s time with the IMF and his role at Deutsche Bank as an equity strategist.

We also discussed making asset allocations and market cycles.

A list of his current reading is here; A transcript of our conversation is available here Tuesday.

You can stream and download our full conversation, including any podcast extras, on Apple Podcasts, SpotifyYouTube, and Bloomberg. All of our earlier podcasts on your favorite pod hosts can be found here.

Be sure to check out our Masters in Business next week with Paul Zummo, Chief Investment Officer of J.P. Morgan Alternative Asset Management (JPMAAM). The Hedge Fund & Alternative Credit Solutions group manages $35B in external hedge fund solutions for institutional and HNW investors. He also heads the Research and Portfolio Management Group for JPMAAM and is Chair of the JPMAAM Investment Committee. Paul co-founded JPMAAM in 1994.

 

 

 

Favorite Books

 

 

 

The post MiB: Binky Chadha, Chief US Equity & Global Strategist at Deutsche Bank Securities appeared first on The Big Picture.

Schedule for Week of November 16, 2025

Calculated Risk -

SPECIAL NOTE: The statistical agencies will likely provide updated schedules this week. I'll update this schedule when that happens. The September employment report will be released this week on Thursday.

The key economic reports this week are Existing Home sales and the (likely) September employment report.

For manufacturing, Industrial Production, and the November NY, Philly and Kansas City Fed surveys, will be released this week.

Items in Red will not be released due to the government shutdown.

----- Monday, November 17th -----
8:30 AM: The New York Fed Empire State manufacturing survey for November. The consensus is for a reading of 5.7, down from 10.7.

----- Tuesday, November 18th -----
Multi Housing Starts and Single Family Housing Starts8:30 AM: Housing Starts for October.

This graph shows single and total housing starts since 1968.

This will be 2nd consecutive months without housing start data.






Industrial Production9:15 AM: The Fed will release Industrial Production and Capacity Utilization for October.

This graph shows industrial production since 1967.

The consensus is for no change in Industrial Production, and for Capacity Utilization to decrease to 77.3%.

10:00 AM: The November NAHB homebuilder survey. The consensus is for a reading of 36, down from 37. Any number below 50 indicates that more builders view sales conditions as poor than good.

----- Wednesday, November 19th -----
7:00 AM ET: The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.

During the day: The AIA's Architecture Billings Index for October (a leading indicator for commercial real estate).

2:00 PM: FOMC Minutes, Meeting of October 28-29

----- Thursday, November 20th -----
8:30 AM: The initial weekly unemployment claims report will be released.  The consensus is for 223K initial claims.

Employment per month8:30 AM: Employment Report for September.   The consensus is for 43,000 jobs added, and for the unemployment rate to be unchanged at 4.3%.

There were 22,000 jobs added in August, and the unemployment rate was at 4.3%.

This graph shows the jobs added per month since January 2021.

8:30 AM: the Philly Fed manufacturing survey for November. The consensus is for a reading of 2.0, up from -12.8.

Existing Home Sales10:00 AM: Existing Home Sales for October from the National Association of Realtors (NAR). The consensus is for 4.08 million SAAR, up from 4.06 million in September.

The graph shows existing home sales from 1994 through the report last month.

11:00 AM: the Kansas City Fed manufacturing survey for November.

----- Friday, November 21st -----
10:00 AM: University of Michigan's Consumer sentiment index (Final for November).

Climate Circus COP30: Capital Bazaar And Moral Rejuvenation

Zero Hedge -

Climate Circus COP30: Capital Bazaar And Moral Rejuvenation

Submitted by Thomas Kolbe

From November 10 to 21, the latest climate summit, COP30, is taking place in Belém, Brazil — a global stage for fighting what is labeled the “climate-damaging gas” carbon dioxide. Germany has sent a 170-member delegation to participate — ostensibly to “save the planet,” but more realistically to distribute German taxpayers’ money among the world’s climate faithful.

The German group travels in the slipstream of Chancellor Friedrich Merz, who arrived in Belém early for a brief five-minute speech and a tour of the Amazon. Merz pledged that Germany would make a “significant contribution” to the so-called Tropical Forest Forever Facility (TFFF) — an initiative rumored to receive around €1 billion in German funds.

Indulgence Level Unknown

Last year, Germany already funneled €6.1 billion into global climate financing — a form of checkbook diplomacy with zero economic return. How much will be paid this year remains unclear, but travel activity is intense: a 170-strong delegation from the ministries of economy and environment has flown commercial to Belém to negotiate Germany’s share in “saving the world’s climate.”

The sacred rule remains: every ton of CO₂ emitted must be compensated by equally costly “climate protection” measures. Greta Thunberg’s ghost clearly still haunts German ministries.

What we are witnessing is nothing but modern indulgence trading. The higher the payment, the purer the conscience. The entire climate circus survives on the illusion that sending money to global funds can stabilize the planet’s temperature. Simple, absurd, and lucrative.

Despite budget constraints, Berlin is again expected to pour over €5 billion into various initiatives. The tropical fund is a fresh addition — and Germany, as always, is in the thick of it.

Germany: The Taxpayer as Milking Cow

This is money siphoned from German workers to vanish in the opaque channels of the green clientelist economy, where corruption thrives and accountability is a relic. Reason, efficiency, and transparency have long been replaced by symbolism. Politicians now care less about impact and more about waving the green flag of virtue.

This became painfully evident in the alarmist speeches of EU Commission President Ursula von der Leyen and UN Secretary-General António Guterres, both desperate to inject new life into the limping climate show.

Guterres lamented that the 1.5-degree target had failed, warning of advancing catastrophe — but insisted that “hope remains” to secure humanity’s survival on a livable planet. One might add with a smirk: everything now depends on the price of redemption, morally steadfast and fiscally “creative.”

Yet with Europe sliding into recession, public enthusiasm for man-made climate apocalypse has faded. Ordinary citizens have other worries than embracing Greta Thunberg’s and Luisa Neubauer’s “degrowth” fantasies that lead straight into economic ruin.

Thus, COP30 exists above all to manufacture public consent — keeping the moral machinery oiled and the green patronage networks supplied with fresh credit.

Chancellor Merz, the Climate Savior

After half a year under Chancellor Friedrich Merz, one thing is clear: Germany stays the course as climate policy front-runner, continuing the legacy of his predecessors. Merz has not reversed the combustion-engine ban, nor touched the Building Energy Act, which will cost households billions. The nuclear exit remains final, Russian gas is history, and now even the gas grid faces dismantlement.

With his subsidized industrial electricity plan, Merz practices the classic shell game of interventionism: each political blunder is buried under a new subsidy — all at the expense of purchasing power and market efficiency.

CO₂ taxes continue to rise, hitting aviation and industry alike. The EU’s emissions trading reform, soon to cost German companies billions annually, remains untouched.

Merz is, in short, the perfect climate chancellor — soothing the middle class with rhetoric and fake reforms while faithfully executing Brussels’ dogmatic agenda. A believer in state omnipotence, he wields ever-more intervention as a cure for the very economic damage his policies cause.

Despite criticism from activist groups like Fridays for Future or Last Generation, the COP30 crowd in Belém will be delighted to see Merz’s delegation arrive bearing gifts. Germany’s lavish climate pledges confirm that domestic hardship will never interfere with global virtue signaling.

This is music to Ursula von der Leyen’s ears, as she pushes her 2028-2034 EU budget proposal — expanding the climate fund by over 30% to a staggering €750 billion. Facing resistance in the European Parliament, she badly needs Berlin’s continued compliance.

A European Affair

Since the United States abandoned the Paris Agreement and returned to an unregulated energy policy, the COP summits have become a Eurocentric spectacle. India refuses to foot the bill, while China plays both sides — funding climate NGOs in Europe that keep the green channel open, then using it to export its subsidized solar panels and batteries.

Meanwhile, China’s domestic energy strategy revolves around building hundreds of new coal plants, rendering Western emissions targets meaningless.

COP30 represents the lunatic apex of a Western climate dogma now facing real resistance — particularly from the United States. Under Donald Trump, carbon dioxide was removed from Washington’s list of “climate-killer gases,” where it had sat since Obama’s era.

That alone offers a glimmer of hope: that in the face of deepening global recession, this costly climate cult may soon meet its end.

Tyler Durden Sat, 11/15/2025 - 07:00

10 Weekend Reads

The Big Picture -

The weekend is here! Pour yourself a mug of Danish Blend coffee, grab a seat outside, and get ready for our longer-form weekend reads:

Why Doesn’t Anyone Trust the Media? Anatomy of a credibility crisis: Trust in the press is at a record low, with only a quarter of Americans aged 18 to 29 expressing confidence in media organizations. Jobs in journalism, meanwhile, are declining fast: since 2005, the United States has lost more than one third of its newspapers and three quarters of its newspaper journalism positions. Significant professional failures—from the flawed coverage of the COVID-19 pandemic to inadequate reporting on President Biden’s cognitive health — have sent audiences into ever-narrower silos of Substacks, podcasts, livestreams. (Harper’s)

Boomers Are Passing Down Fortunes — And Way, Way Too Much Stuff: As the $90 trillion Great Wealth Transfer begins, millennials and Gen X aren’t just inheriting money. They’re being buried under an avalanche of baseball cards, fine china and collections of all sorts. (Bloomberg free) but see also Will Trump’s Trade War Break America’s Addiction to Cheap Stuff? The president has said American children should be content with two dolls instead of 30. But the country’s shopping habit has been built over decades of abundant imports from Asia. (Wall Street Journal)

Big Tech Wants Direct Access to Our Brains: As neural implant technology and A.I. advance at breakneck speeds, do we need a new set of rights to protect our most intimate data — our minds?  (New York Times Magazine)

The Slop Cycle—How Every Media Revolution Breeds Rubbish and Art: The popularization of the term “slop” for AI output follows a centuries-long pattern where new tools flood the zone, audiences adapt and some of tomorrow’s art emerges from today’s excess. (Scientific American)

Gold, guns and cartels: The battle for a billion-dollar mine: A gold mine in Mexico was taken over by the sons of the drug lord Joaquín “El Chapo” Guzmán. Mexican officials and generals said they would help an American businessman reclaim the mine — but demanded hefty bribes. For one man, reclaiming the mine was more than a business proposition. It was a reckoning with his past and a chance to pay back the orphanage that raised him.  (Los Angeles Times)

A Jane Street Alum Teaches Trading: Adverse selection is the concept that, conditional on getting to do a trade with someone, your trade might be worse than you’d previously thought it would be – that the world that you are looking at is one that has lots of different models that will explain different systems, and you can make predictions of what those models would output for numbers. But as soon as you are putting an order into a market, you need to think about the profitability of your trade, if it gets traded with, versus if it doesn’t. If it doesn’t, it profits zero. (Party at the Moontower)

Michael Mauboussin on Capital Allocation: An essential part of creating value, and one of management’s prime responsibilities. Not all senior executives know how to allocate capital effectively. We review capital allocation alternatives in detail, including a novel discussion of intangible investments, and offer a guide for thinking about the prospects for value creation. We finish with a framework for assessing a company’s capital allocation skills, which includes looking at past behavior, calculating return on invested capital, an evaluation of incentives, and five principles of effective capital allocation. (Morgan Stanley)

Private Equity/Credit: The Bubble and its Implications. The golden age of PE – at least from the standpoint of investor returns (AUM and fees to sponsors were significantly lower) – was during 1980-2000. During this era, PE delivered legitimately good returns – in some cases outstandingly so. What enabled it was that it was still a niche industry where there was a limited amount of capital chasing deals, while the backdrop was conductive. Asset prices were cheap after the savage inflationary 1970s bear market – a period that concluded with very high interest rates, depressed multiples, and much in the way of undervalued tangible assets (due to years of cumulative high inflation understating book values). The opportunity was ripe, competition was limited, and everything subsequently went right. (The LT3000 Blog)

How to tolerate annoying things: Hassles are part of life, but the way we react often makes them worse. ACT skills can help you handle them with greater ease. (Psyche)

How a ‘Bridesmaids’ star is channeling the ‘incendiary’ rage of Gen X moms: Rose Byrne rose to fame playing uptight women who are actually hot messes. Her latest role finds her spiraling into the existential terror of motherhood. (Washington Post)

Be sure to check out our Masters in Business interview  this weekend with Bankim “Binky” Chadha, Chief US Equity & Global Strategist and Head of Asset Allocation at Deutsche Bank Securities, a role he has held since 2004.

 

In 2010, the median age of all US homebuyers was 39 years old. Today, it is 59, see chart below

Source: Apollo

 

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~~~

To learn how these reads are assembled each day, please see this.

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Deep In The Fourth Turning: The Darkest Hours Are Before The Dawn

Zero Hedge -

Deep In The Fourth Turning: The Darkest Hours Are Before The Dawn

Via Gold and Geopolitics Substack,

Foreword

I first thought to write this as a multi-part series, but I finally decided to group everything together as it wouldn’t do justice to this article. There’s a lot to unpack when discussing the ongoing societal changes, and I feel I barely touched on anything but the essence of that. Even then, standing at more than 6000 words, and spending nearly 10 full waking days refining it, the scope of what we’re witnessing feels almost too vast to capture in any single piece.

The Fourth Turning doesn’t reveal itself gradually—it crashes over you all at once when you finally start to see the pattern. Writing this piece felt like trying to grab sand in my hands; every attempt to contain one aspect of the transformation led to three more slipping through my fingers.

What you’ll read here is my best effort to trace the contours of something far larger than any individual could possibly comprehend.

The same boiling water that softens the potato hardens the egg.

— Roald Dahl

We’re all in the same boiling water now—the Fourth Turning’s Crisis that began with Lehman Brothers’ collapse in 2008—but whether we emerge hardened or dissolved depends entirely on what we’re made of. We’re now deep in the Fourth Turning, the winter of this historical cycle, and if you think the past few years have been chaotic?

You ain’t seen nothing yet!

History doesn’t move in straight lines. It breathes, it pulses, it turns through seasons as predictable as winter following autumn. William Strauss and Neil Howe discovered this pattern in 1997. Like clockwork, every 80 years or so - a human lifetime, America faces an existential crisis that threatens to tear apart everything we thought permanent. We’ve been through this three times before, and we’re going through it again right now.

Strauss and Howe predicted in 1997 that around 2005, some spark would ignite a Crisis mood. They suggested it might be “as ominous as a financial crash, as ordinary as a national election, or as trivial as a Tea Party”. They nailed it. The 2008 financial crisis wasn’t just another recession—it was the moment the post-World War II global order began its death spiral. Lehman Brothers’ September 15, 2008 collapse marked more than a bank failure; it marked the beginning of the end of trust in the system itself.

I’ve started following these markets around 2007, and what happened after that particular collapse was unprecedented. The Federal Reserve’s balance sheet exploded from $900 billion to $4 trillion in a matter of years, then to $9 trillion during COVID. The national debt, which stood at $10 trillion in 2008, has now reached $37 trillion as of August 2025. We didn’t solve the crisis—we papered it over with printed money and kicked the can down the road. We didn’t solve the problem—we made it exponentially worse. As someone who tracks gold markets, I can tell you with increasing clarity: the people who actually understand money are quietly converting their paper promises into something that can’t be printed.

The response to 2008 revealed something critical: our institutions no longer functioned as designed. The Federal Reserve, created to be a lender of last resort, became the market itself. Banks that should have failed were declared “too big to fail”. Capitalism’s core principle—that bad bets lead to bankruptcy—was suspended for the connected class while enforced ruthlessly on everyone else. The very people who caused the crisis not only avoided jail but got bonuses funded by taxpayer bailouts. The social contract didn’t just fray; it snapped.

What most people didn’t understand then—and many still don’t grasp now—is that 2008 never really ended. Each intervention created larger distortions requiring bigger interventions. Zero interest rates led to asset bubbles. Quantitative easing led to wealth inequality explosion. Each “solution” deepens the underlying problem: a system that could only survive through ever-increasing debt monetization. The music has stopped, but the Fed keeps the party going by turning up the volume until everyone is deaf.

The knock-on effects rippled globally. European banks, stuffed with toxic American mortgage securities, required massive bailouts. The European debt crisis followed, nearly destroying the euro. China, terrified of global depression, launched the largest credit expansion in history, building ghost cities and redundant infrastructure. Every major economy became addicted to monetary heroin, and seventeen years later, we’re still shooting up.

But the financial crisis was just the catalyst. What makes this a Fourth Turning isn’t the proximate cause but the comprehensive breakdown that follows. Look around. Every institution Americans once trusted—government, media, academia, medicine, law enforcement, intelligence agencies—has suffered catastrophic reputational collapse. When the CDC changes its story for the fifth time, when the FBI raids a former president, when the Supreme Court’s legitimacy is openly questioned, you’re not watching normal political friction. You’re watching the complete unraveling of institutional authority.

This Fourth Turning differs fundamentally from all previous ones because of technology’s role. We’re not fighting with muskets or tanks—we’re fighting with algorithms, narratives, and digital currencies. The battlefield isn’t Gettysburg or Normandy; it’s your smartphone screen, your social media feed, your digital wallet.

Previous Fourth Turnings required mass mobilization of physical bodies. Men marched to war, women worked in factories, everyone bought war bonds. Physical presence mattered. But our Fourth Turning is being fought in the realm of information and perception. When you can’t trust any source of information, when deepfakes make seeing no longer believing, when AI can generate unlimited propaganda at zero marginal cost, how do you even know what you’re fighting for or against? The fog of war has become the fog of everything.

Consider the comprehensive surveillance apparatus that’s emerged since 2008. Edward Snowden’s 2013 revelations showed us the NSA was collecting everything—every email, every text, every call. But that was just the beginning. Now we have AI-powered behavioral prediction, social credit systems, and facial recognition networks. China leads the way with 700 million surveillance cameras—more than half the world’s total—but Western “democracies” aren’t far behind. London has more cameras per capita than Beijing. San Francisco uses the same facial recognition technology as Shanghai.

The COVID-19 pandemic accelerated this technological authoritarianism by decades. Digital vaccine passports normalized the idea that you need government permission to enter a restaurant. Contact tracing apps trained us to accept constant location monitoring. QR codes made every movement trackable. What would have taken a generation to impose gradually was accomplished in months under the banner of “public health”. The ratchet only turns one way—powers gained during a crisis are never voluntarily relinquished.

Consider the Central Bank Digital Currency (CBDC) agenda that’s advancing globally while most people remain blissfully unaware. This isn’t just digitizing money—it’s making money programmable, controllable, censorable. The Federal Reserve, Bank of England, and European Central Bank are all developing CBDCs, following China’s lead with the digital yuan. Imagine a world where your ability to buy gasoline depends on your carbon credit score, where your grocery purchases are limited by your BMI, where your savings can be “expired” to force spending. Money that can’t be used for disapproved purchases, that can be frozen instantly if you express wrongthink.
It’s not imagination — China is already doing it. Europe is launching trials. The Federal Reserve is “researching” it.
This is the ultimate fusion of monetary and social control.

Bitcoin emerged from the 2008 crisis’ ashes with a message embedded in its genesis block: “Chancellor on brink of second bailout for banks”. The cypherpunks who created it—whether Satoshi was an individual or a team—understood that monetary sovereignty required technological sovereignty. But here’s the uncomfortable question: did we play them or did they play us? Bitcoin’s transparent blockchain makes every transaction traceable forever. The NSA’s 1996 paper “How to Make a Mint” described a system remarkably similar to Bitcoin. The CIA met with Gavin Andresen, Bitcoin’s lead developer, in 2011. Was Bitcoin genuine resistance or the perfect trap—getting libertarians to build their own financial panopticon?

The promise was decentralization, but the reality is increasingly centralized. A handful of mining pools control Bitcoin’s hash rate. A few exchanges handle most trading volume. BlackRock and other institutions now dominate ownership through ETFs. The rebels who thought they were building an alternative to Wall Street may have just built Wall Street 2. 0. With better surveillance.

Every Fourth Turning includes a monetary reset. The Revolution gave us the Constitution’s gold and silver clause. The Civil War brought greenbacks and the National Banking System. The Depression/WWII era ended the gold standard domestically and created Bretton Woods. What’s coming this time will be even more dramatic.

The numbers are so large they’ve lost all meaning. The U. S. national debt stands at $37 trillion as of August 2025. Unfunded liabilities—Social Security, Medicare, government pensions—exceed $200 trillion. The Federal Reserve holds over $1 trillion in unrealized losses. Commercial banks sit on $600 billion in underwater securities. We’re not approaching insolvency. We’re already there. Just one repricing away from systemic collapse. And everyone in finance knows it. The only question is whether it happens slowly (inflation), suddenly (default), or systematically (CBDC rollout).

My money, literally, is on “all of the above”.

While Americans fight over pronouns and vaccines, the rest of the world isn’t standing still. The real Fourth Turning story isn’t just about America—it’s about the end of the American Century and the birth of something new. The unipolar moment that began with the Soviet Union’s collapse in 1991 is over. We’re not transitioning to a new order but to disorder—multiple competing power centers with incompatible worldviews and no hegemon strong enough to impose rules.

Russia and China’s “no limits” partnership, announced February 4, 2022, just before the Ukraine war, represents the most significant geopolitical realignment since the Molotov-Ribbentrop Pact. Unlike that cynical arrangement between natural enemies, this reflects genuine strategic convergence.

Let that sink in.

The two largest threats to American hegemony have decided they’re better off together than apart. China needs Russian resources and military technology. Russia needs Chinese markets and manufacturing. Both need to break American hegemony. Their combined nuclear arsenals, industrial capacity, and geographic position make them essentially unsanctionable and uncontainable. While we’ve been focused on internal divisions, they’ve been stockpiling gold, building alternative payment systems, and creating a parallel world order that doesn’t need dollars or SWIFT.

I’ve called this “water finding a way”—capital, trade, and power flowing around obstacles like sanctions and finding new channels. The West sanctions Russia, so Russia sells oil to India and China at a discount. We freeze Russian reserves, so everyone else starts wondering if their dollars are safe. We weaponize SWIFT, so they’re building alternative payment systems. Every action creates an equal and opposite reaction, and we’re too arrogant to see we’re accelerating our own replacement.

But perhaps the most devastating loss isn’t monetary or military—it’s moral. The West built its post-WWII hegemony not just on military might and economic power, but on moral authority. We are the “good guys” who defeated fascism, rebuilt Europe, and championed democracy and human rights. That moral high ground is gone, destroyed by our own hypocrisy. When we lecture others about sovereignty while expanding NATO to Russia’s borders despite promises not to, when we invoke “rules-based order” while ignoring international law when convenient, when we sanction countries for actions we ourselves commit—the world sees increasingly through it.

Take Ukraine. We frame it as democracy versus autocracy, good versus evil. But Russia has legitimate security concerns that we’ve deliberately ignored for decades. How would America react if China formed a military alliance with Mexico and stationed missiles in Tijuana? We know exactly how—we nearly started nuclear war over Soviet missiles in Cuba. Yet we expect Russia to accept NATO expansion to its borders as normal. The West could have guaranteed Ukrainian neutrality and avoided this war entirely. Instead, we used Ukraine as a proxy to bleed Russia, but it’s Ukraine that’s bleeding out. Hundreds of thousands dead. For what? So Victoria Nuland could have another regime change on her résumé?

Or look at Gaza. Israel is systematically destroying an entire population—bombing hospitals, schools, refugee camps, killing journalists, aid workers, children by the thousands. The International Court of Justice is investigating genocide charges. They issued arrest warrants. Yet the same Western leaders who thundered about Russian war crimes provide Israel with weapons and diplomatic cover for atrocities that shock the conscience.
When you can watch children being deliberately starved and bombed while your government calls it “self-defense”, something fundamental breaks in your worldview. The system reveals itself as not just flawed but actively evil.

This moral bankruptcy accelerates the Fourth Turning’s institutional collapse. When people see their governments supporting genocide while preaching human rights, enabling war crimes while demanding justice, destroying countries while claiming to protect democracy—they don’t just lose trust in leaders. They lose faith in the entire Western project. Every Palestinian child killed with American weapons creates a hundred people who will never believe the Western moral claims again. Every Ukrainian conscript sent to die for NATO expansion makes a mockery of our “defensive alliance”. The hypocrisy isn’t just noted; it’s radicalizing.

The Ukraine war thus becomes a triple failure. Militarily, it demonstrates that despite spending more than the next ten nations combined, we can’t defeat Russia in its own backyard. Economically, our sanctions backfire, strengthening alternative systems while weakening our own. But most critically, morally, it exposes the lies undergirding the entire system. We’re not defending democracy—we’re pursuing hegemony. We’re not protecting sovereignty—we’re expanding empire.

e’re not the good guys.

We’re just another power, playing the same brutal game, whilst demanding everyone pretend otherwise.

The expansion of BRICS in 2024 to include Saudi Arabia, Iran, Egypt, Ethiopia, and the UAE wasn’t just about adding members—it was about creating a critical mass. BRICS now represents 45% of the global population, 35% of global GDP, and controls most of the world’s critical resources.

More importantly, it offers an alternative.

Countries can now access development funding without IMF conditionalities, trade without SWIFT, and maintain reserves without dollars. Every country that joins weakens the Western system and strengthens the alternative.

The Middle East’s transformation is particularly striking.

Saudi Arabia, America’s most important Arab ally since 1945, is now buying Chinese fighters, pricing oil in yuan, and coordinating with Russia on production cuts. The Abraham Accords, trumpeted as an historic achievement, are being superseded by Chinese-brokered agreements. When Iran and Saudi Arabia restored relations under Chinese auspices in 2023, it marked the end of American diplomatic monopoly in the region.

But the real prize is Taiwan. If China takes Taiwan —increasingly likely given war game results— without an American military response, the entire American alliance system will collapse overnight.

Japan, South Korea, the Philippines, and Australia would have to accommodate China.

The dollar would lose reserve status as countries realized American security guarantees are worthless.

It wouldn’t be a military defeat but a psychological collapse—the moment everyone realizes the emperor has no clothes.

The tragedy is that America’s military, despite spending more than the next ten nations combined, can’t win wars anymore. We couldn’t defeat the Taliban after twenty years. We can’t build ships that work—the Littoral Combat Ship, Zumwalt destroyer, and Ford-class carrier programs are all disasters. We can’t even supply Ukraine with enough 155mm shells, the most basic artillery ammunition. The military-industrial complex is optimized for profit, not victory. And now we’re paying the price.

Fourth Turnings are generational psychodramas where each archetype plays its destined role. But something’s different this time—the actors seem to be forgetting their lines.

The Boomers (our Prophet generation) should be the Gray Champions providing moral clarity during the Crisis. Instead, they are the crisis. They’ve held power longer than any generation in American history and refuse to let go. Biden, Trump, Pelosi, McConnell—all in their 80s or late 70s, all clinging to power like Gollum to his precious. The oldest president in American history is followed by the second-oldest. Congress looks like a nursing home. The Supreme Court is a gerontocracy. They won’t pass the torch; it will have to be pried from their cold, dead hands.

But which Boomer is the Gray Champion? Trump fits the archetype—the charismatic elder who emerges during the Crisis to remake society. His first term was prologue; his return in 2025 could be the main act. He has the prophetic certainty, the devoted following, the absolutist vision. But Gray Champions are supposed to unite society for collective purpose, and Trump divides as much as he inspires. Maybe that’s the point—maybe this Fourth Turning’s Gray Champion destroys the old order rather than defending it.

Generation X, my generation, are playing our Nomad role perfectly—cynical survivors building escape routes. We’re the ones stacking gold, learning skills, moving to rural areas, homeschooling our kids. We don’t believe in collective anything because every institution failed us. Latchkey kids who raised ourselves, we learned early that self-reliance is the only reliability. We’re not trying to save the system; we’re trying to survive its collapse.

But it’s the Millennials who worry me. They’re supposed to be the Hero generation—the ones who should come together, sacrifice for the collective purpose, and rebuild from the ashes. Previous Hero generations—the Republicans who fought the Revolution, the Gilded who won the Civil War, the GI Generation who defeated fascism—had external enemies to unite against. This generation can’t even agree on basic reality.

Half of them want socialism without understanding that socialism requires a social cohesion they don’t have. The other half chase wealth through crypto and day-trading while living in their parents’ basements.

They’re the most educated generation in history but can’t do basic repairs.

They’re the most connected but loneliest.

They’re supposed to be heroes, but they’re barely functional adults.

Maybe that’s harsh, but Fourth Turnings don’t care about hurt feelings.

The problem might be that this generation’s Crisis is too abstract.

Climate change is the perfect example—it’s an ever-shifting, never-reached goal that keeps moving further away the closer we supposedly get. First it was global cooling in the 1970s, then global warming, now “climate change” to cover all bases. The apocalypse is always 10 years away—in 1989, the UN said we had until 2000 before irreversible damage. In 2006, Al Gore gave us 10 years. In 2019, Greta gave us 12. The goalposts keep moving, the demands keep escalating, but the emergency never quite arrives.

You can’t defeat climate change like you can defeat Nazi Germany. There’s no V-E Day for carbon emissions, no unconditional surrender of greenhouse gases. It’s a permanent crisis requiring permanent sacrifice with no victory condition—exactly the kind of nebulous threat that demobilizes rather than mobilizes.
Systemic racism is another concept, not a Confederate army you can defeat at Gettysburg.

COVID was scary. But not scary enough. A 99% survival rate doesn't mobilize like Pearl Harbor.

Our heroes need something concrete to fight against, and they might get it soon enough.

Generation Z and Alpha, our emerging Artists, are being shaped by this Crisis in ways we don’t yet understand. They’re growing up with screens instead of friends, algorithms instead of thoughts, anxiety as baseline. Previous Artist generations were overprotected physically but connected socially. This one is overprotected digitally but isolated physically. They might be the first generation that’s more comfortable in virtual reality than actual reality. Whether that prepares them for the future or ruins them for it remains to be seen.

Every Fourth Turning includes cultural revolution—the complete inversion of previous values. What was sacred becomes profane; what was profane becomes sacred. We’re living through that inversion now, and it’s more extreme than anything since the 1960s.

The traditional family structure, foundation of every successful society in history, is now “heteronormative oppression”. Having children is selfish environmental destruction. Marriage is patriarchal enslavement. Meanwhile, drug use is harm reduction, crime is social justice, and mental illness is identity. We’re not just tolerating dysfunction; we’re celebrating it. The DSM-5 has become a character creation guide.

The gender revolution is particularly telling. Not content with equal rights—a worthy goal achieved decades ago—we’ve moved to denying biological reality itself. Men can be women. Women can be men. Children can choose their sex like they choose breakfast cereal. Anyone who points out biological facts is a “transphobe” who must be destroyed. We’re performing medical experiments on children that would have been considered crimes against humanity a generation ago, and we call it “healthcare”.

This isn’t organic social evolution—it’s engineered chaos. Every institution pushes the same message simultaneously. Corporations mandate pronoun training. Schools teach gender fluidity to kindergartners. Media celebrates each new boundary pushed. It’s too coordinated to be coincidental. Someone benefits from this social dissolution.
And it’s not the confused kids getting surgeries they’ll regret.

The racial revolution follows similar patterns. Not content with civil rights—another worthy goal largely achieved—we’ve moved to racial revenge. “Antiracism” means active racism against whites and Asians. “Equity” means equal outcomes regardless of effort. “Diversity” means everyone thinks the same but looks different. Martin Luther King’s dream of colorblind society is now considered racist. We’re re-segregating schools and calling it progress.

The religious revolution completes the trifecta. Traditional Christianity, the bedrock of Western civilization for two millennia, is now “hate”. Churches that maintained consistent doctrine for centuries are “bigoted”. Meanwhile, we’ve created new religions—wokeism, climatism, covidism—complete with original sin (privilege/carbon/unvaccination), confession (struggle sessions), and excommunication (cancellation). These new faiths are more intolerant than any Inquisition.

The purpose of cultural revolution isn’t progress—it’s demoralization.

When you can make people affirm obvious lies, you’ve broken their spirit.

When you can make them betray their children, you’ve broken their souls.

When nothing is sacred, nothing is worth defending.

A demoralized population doesn’t resist tyranny; it welcomes it as relief from chaos.

But cultural revolutions create their own antibodies.

The more extreme the push, the more violent the snapback.

Parents discovering what schools are teaching their kids become activated.

Workers forced into struggle sessions become radicalized.

Normal people told they’re evil for being normal don’t stay normal—they become resistance.

Resolution Scenarios for the 2030s

Based on historical patterns and current trajectories, this Fourth Turning will resolve somewhere between 2028 and 2033. But resolution doesn’t mean return to normal—it means transformation into something unrecognizable. Let me paint the possibilities as I see them.

The Breakup (Most Likely)

Trump returned as the Gray Champion in 2025, but not the Trump of 2017. This is a Trump unleashed, a Trump with nothing to lose, a Trump surrounded by true believers instead of establishment Republicans. He uses emergency powers to implement his vision—mass deportations, tribunals for the “deep state”, even a possible federal takeover of elections. But here’s where the script diverges from his expectations.

Trump, the self-proclaimed dealmaker and strongman, starts losing.

Everywhere.

He already lost Ukraine—Congress won’t fund it anymore, Europe can’t sustain it alone, and Russia grinds to victory through sheer attrition.
He loses Iran—they get the bomb while he’s tweeting threats, fundamentally altering Middle Eastern power dynamics.
He tries to bully Venezuela with military threats and sanctions, but they’ve learned from watching Russia that America’s bark is worse than its bite.

Each loss emboldens the next challenger. The world realizes the emperor truly has no clothes.

Seeing that he’s losing both militarily and morally—with Israel’s ongoing genocide in Gaza destroying what remained of American moral authority—Trump does what all failing empires do: he turns inward. But this creates an economic catastrophe. His tariffs, meant to punish others, punish Americans with inflation. His pressure on the Fed to cut rates despite soaring prices destroys dollar credibility. His continued weaponization of USD and SWIFT drives even allies to seek alternatives.
Suddenly, all those dollars held overseas come flooding home—tens of trillions seeking safety as global trade abandons the greenback.

The dollar hyperinflates into toilet paper.

The resulting inflation isn’t the 1970s redux everyone expects—it’s Weimar Germany. When bread costs $50 and gas hits $20 a gallon, society doesn’t slowly decay; it collapses. Supply chains that never fully recovered from COVID snap completely. Cities that depend on just-in-time delivery face actual starvation. The EBT system fails, and 40 million Americans lose food assistance overnight. The military, traditionally conservative and oath-bound, doesn’t splinter—it hunkers down, protecting what it can, essentially writing off ungovernable areas.

Blue states, which never really accepted Trump’s legitimacy anyway, make it official. California stops sending tax revenue to Washington—why fund a government that hates you? New York follows suit. Illinois, Oregon, Washington state—they all realize they’re subsidizing their own oppression. The federal government, broke from lost wars and fleeing dollars, can’t enforce compliance. It’s not 1861 where Lincoln could raise an army to preserve the union. The military won’t fire on Americans, and Trump doesn’t have the loyalty to make them.

By 2035, America follows the Soviet playbook. Not violent collapse but exhausted dissolution. The federal government, like Gorbachev’s Kremlin, simply becomes irrelevant. States stop listening, regions form their own arrangements, and one day everyone realizes the United States exists only on maps nobody updates anymore.
The empire doesn’t fall—it evaporates.

The Breakup v2 (Increasingly Possible)

The differences prove irreconcilable. After another disputed election—2028 seems likely—states start going their own way. Not through formal secession but through nullification and non-cooperation. Red states refuse to enforce federal gun laws. Blue states refuse to enforce immigration law. Both refuse to send tax revenue for programs they oppose.

The federal government, broke and impotent, can’t enforce its will. The military, asked to fire on Americans, refuses or splits. Washington becomes ceremonial while real power devolves to regions. The Pacific states form an economic union with Canada and Asia. Texas remembers it was once a republic. The Northeast aligns with Europe. The heartland goes its own way.

By 2035, America exists on paper but not in practice. The dollar is replaced by regional currencies or Bitcoin. The military splits into state militias. The federal government maintains embassies and negotiates treaties, but has no domestic power. It’s not civil war—it’s civilized divorce. Messy, expensive, but better than the alternative.

The War Resolution (Plausible but Dangerous)

Taiwan is the obvious flashpoint. China invades in 2027, calculating America won’t risk nuclear war over an island. They’re right—we won’t—but we don’t back down either. Economic war escalates to cyber war escalates to proxy war escalates to... what? Not nuclear exchange—everyone loses—but something new. Bioweapons that target specific ethnicities? AI-controlled drone swarms that can’t be stopped? Infrastructure attacks that kill millions without firing a shot?

Or maybe it’s Iran. Israel finally figures out how to strike their nuclear program. Iran retaliates. America gets drawn in. Russia backs Iran. China backs Russia. Suddenly we’re in World War III without anyone planning it. The Middle East burns. Europe freezes without Russian gas. Asia starves without Middle Eastern oil. Supply chains collapse. Billions face famine.

The war isn’t won or lost—it just ends when everyone’s exhausted. America “wins” by not losing as badly as others, but the victory is pyrrhic. A generation is traumatized. The economy is destroyed. The empire is over. We retreat to our hemisphere, rebuild what we can, and try to forget. The 2030s are about recovery, not prosperity.

The Transformation (Hopeful but Unlikely)

Maybe, just maybe, this Crisis catalyzes genuine renewal instead of collapse. A new generation of leaders emerges—not Boomers clinging to power but GenX/Millennial hybrids who understand both technology and reality. They implement radical but necessary reforms: a constitutional convention that updates our 18th-century operating system for a 21st-century reality, a monetary reset that includes a debt jubilee and sound money, a healthcare system that actually provides health rather than profits, an education system that teaches skills rather than ideology, and a political system that represents people rather than its donors.

Technology gets harnessed for liberation rather than control. Open-source AI breaks the corporate monopolies. Mesh networks break surveillance states. Cryptocurrency breaks central banks. 3D printing breaks supply chain dependencies. Unlimited clean fusion energy breaks resource scarcity. We don’t return to the past but create a future that honors what worked while fixing what didn’t.

By 2035, America is smaller globally but stronger domestically. We’re not the world’s policeman anymore but we’re not an isolationist either. We trade with everyone, ally with those who share our values, and mind our own business otherwise. The federal government is smaller but more effective. States have more autonomy but share a common purpose. It’s not utopia but it’s sustainable.

After the Storm: The Coming High

History suggests that however this Fourth Turning resolves, a High will follow. Spring always follows winter, even the harshest winter. The question isn’t whether we’ll emerge but what we’ll look like when we do.

Previous Highs shared common characteristics that we’ll likely see again. Social cohesion will replace atomization—people will desperately want to belong to something larger than themselves after years of isolation and conflict. Institutional authority will be restored—not the old institutions but new ones built by Crisis’ survivors who know what failure costs. Conformity will be valued over individualism—after chaos, order will feel like freedom. Economic growth will explode—all the delayed investment and deferred consumption will be released all at once.

But this High will be different because the world is different. It won’t be American-dominated—that era is over regardless of how this Crisis resolves. It might not even be Western-dominated. The center of global civilization could shift to Asia for the first time in 500 years. Or we might see true multipolarity—regional powers managing regional spheres without a global hegemon.

Technology will define the new High more than politics will. Artificial intelligence will be either a tool of total control or liberation depending on who controls it. Bioengineering will extend the human lifespan—but perhaps only for those who can afford it. Fusion energy might provide unlimited clean power—or remain forever 20 years away. Space colonization could open infinite resources—or remain science fiction. The choices made during the resolution of this Crisis will determine which future we get.

The Millennials who survive this Crisis will be different than the ones who entered it. The Crisis completes this Hero’s generation development—it burns away weaknesses and forges strength. They’ll build institutions with the knowledge of how previous ones failed. They’ll raise children in a stability they never knew themselves. They’ll create art that celebrates order rather than chaos.

They’ll be boring, and that will be beautiful.

Their children, the new Artists, will grow up in a world we can barely imagine. They might be the first generation that’s more machine than human—enhanced, augmented, connected to AI from birth. Or they might rebel against technology entirely, seeking authenticity in a synthetic world. Either way, they’ll be shaped by the High we create, just as we were shaped by the Crisis we’re enduring.

The 2030s and 2040s could be golden if we navigate this Crisis successfully. Imagine fusion finally working, providing unlimited clean energy. Imagine AI eliminating drudgery while humans focus on creativity. Imagine biotech defeating aging, adding healthy decades to life. Imagine space colonies opening infinite resources. Imagine governance that actually represents people. Imagine money that can’t be debased. It’s all possible—if we survive.

But survival isn’t guaranteed. Rome had its Fourth Turning and ended up with the Dark Ages. China had multiple Fourth Turnings that led to centuries of stagnation. The Soviet Union had a Fourth Turning and ceased to exist. The difference between renewal and collapse often comes down to leadership at the crucial moment. Do we get Lincoln or Buchanan? FDR or Hoover? Churchill or Chamberlain? The answer determines whether our grandchildren curse or bless our memory.

What this means for you

So we’re living through the most dangerous period in world’s history since World War II. What do we actually do about it? The answer depends on who we are and what we can control.

First and foremost: accept that this is structural, not political. Your candidate winning won’t fix it. Your party taking control won’t stop it. The system itself is what’s breaking, and it needs to break for something new to emerge. Fighting to preserve the current system is like trying to hold back winter—exhausting and futile. Better to prepare for spring while others freeze.

Secondly, position yourself for multiple scenarios. Geographic diversification matters—have somewhere else you can go if your area becomes untenable. This doesn’t mean fleeing the country necessarily, but having options. A rural property, family in another state, even just camping gear and a plan. When cities burned in 2020, those who could leave did. Those who couldn’t suffered.

Financial diversification is crucial but complicated. Yes, own gold and silver—physical metal you can hold, not ETF promises. But also understand their limitations. Gold doesn’t earn yield. Silver is bulky. Both can be confiscated or taxed into uselessness. Diversify across jurisdictions, asset classes, and storage methods. Some gold in a safe. Some silver buried. Some Bitcoin in cold storage. Some cash in small bills. Some barterable goods—ammunition, alcohol, antibiotics. Don’t put all your eggs in any basket because all baskets have holes.

Skills diversification might matter most. Learn to grow food—even apartment dwellers can grow something. Learn basic medical care—when hospitals are overwhelmed, basic knowledge saves lives. Learn to fix things—when supply chains break, repair becomes invaluable. Learn self-defense—when police won’t come, you’re on your own. Learn to teach—your children might need homeschooling. These skills have value regardless of which scenario plays out.

Community building is essential but difficult. Modern Americans barely know their neighbors, let alone trust them. But any crisis creates rapid bonding—shared danger builds relationships faster than years of small talk. Identify who around you is reliable. Build relationships before you need them. But be careful—the person flying the right flag might be an informant. The one flying the wrong flag might be an ally. Judge by actions, not words.

Mental preparation matters more than physical. This Crisis will last years more. You can’t maintain panic that long—you’ll burn out. You need sustainable vigilance—alert but not anxious, prepared but not paranoid. History is your friend here. Read about previous Fourth Turnings. Understand that a Crisis is normal, not exceptional. Our ancestors survived worse with less. You can too.

Most importantly, understand that you’re living through history, not the end of it. Yes, the West as you knew itmight be ending. But something new is being born. You get to participate in that birth. That’s not a burden—it’s a privilege. Most humans live boring lives in boring times. You get to live through transformation. Your choices matter. Your actions have consequences. Your life has meaning.

The Fourth Turning will end, probably around 2035. You’ll either be a survivor who helped shape the new order or a casualty who didn’t. The choice—and it is a choice—is yours.

The Choice Before Us

We stand at history’s inflection point. Behind us, the familiar world dissolves into memory—the American Century, the post-war order, the assumptions that guided our parents and grandparents. Ahead, something new struggles to be born—unclear, unformed, but inevitable. We can’t go back. That bridge is burned. We can only go forward, through the Crisis, to whatever awaits on the other side.

The Fourth Turning isn’t a prophecy—it’s a pattern. And patterns can be understood, navigated, even shaped by those who see them clearly. Our ancestors faced their Fourth Turnings without understanding the cycle. We have the advantage of historical perspective. We know this is temporary. We know it’s survivable. We know it’s necessary.

But knowing and doing are different things.
Knowing winter comes doesn’t keep you warm—preparing for it does.
Knowing that the Crisis peaks before its resolution doesn’t make the peak any less dangerous—it might be even more so.
Knowing previous generations survived doesn’t guarantee we will—that depends on our choices.

The water is boiling all around us. Some are hardening into stronger versions of themselves. Others are dissolving into mush. The difference isn’t random—it’s about what you’re made of and how you respond to heat. You can’t control the temperature, but you can control your composition.

These times demand passion, compassion, commitment, full-speed-ahead engagement with life.

Not because it’s comfortable—it’s not.

Not because it’s safe—it won’t be.

But because we’re living through the most consequential period in American history since World War II. Our choices will echo for generations. Our actions will be studied by historians. Our courage or cowardice will determine whether the Western experiment continues or ends.

The Fourth Turning suggests we have about five more years of Crisis before resolution.
Five years of increasing chaos, conflict, and transformation.
Five years that will feel like fifty.
Five years that will determine the next fifty.

Are you ready?

The storm is here.

The old world is dying.

The new world awaits.

What are you going to do about it?

*  *  *

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

Tyler Durden Fri, 11/14/2025 - 23:25

Russia Still Open To Trump-Backed Peace Talks, But Ukraine Must Open Door: Kremlin

Zero Hedge -

Russia Still Open To Trump-Backed Peace Talks, But Ukraine Must Open Door: Kremlin

Clearly the status of US efforts to find peace in Ukraine have stalled to the point of dying, following the Trump-Putin summit in Alaska back in August. Since then attacks on energy sites by both warring countries have only intensified.

The White House in the meantime unleashed its latest round of sanctions targeting Russia's two state oil majors Rosneft and Lukoil. All of this represented an inability to find compromise. But Russia has the upper-hand and saw no real effort from Washington to push Ukraine into territorial concessions in the east - the one thing that would probably end the war. This week Russian Presidential Spokesman Dmitry Peskov explained that the Kremlin is still open to a negotiated settlement

The Thursday Kremlin statement was the first on the prospect of returning to the peace table in a long time. "Given the lack of an opportunity to continue negotiations, we will certainly proceed with the special military operation to achieve the objectives set by the Supreme Commander-in-Chief and the President [Vladimir Putin]," Peskov said. 

He continued, "Russia is open to settling the Ukrainian conflict via political and diplomatic means. But with the lack of such an opportunity, when the doors for this have been slammed shut by the Kiev regime, we continue with the special military operation."

Despite Russian forces having made significant gains of late in the Donbass, President Zelensky has continued to try and rally Western support - including demands for NATO to help "close the skies". He has also been demanding that Putin be tried for war crimes.

Since a mid-October phone call with Putin, the question of President Trump meeting with the Russian leader in Hungary has also constituted a stalled prospect.

But for a peace process to be set in motion again, there would have to be a meeting with Trump, the Kremlin has said.

"The issue of a new meeting between the presidents was discussed in this context by Lavrov in a phone call with Rubio on October 20," TASS has newly quoted the foreign ministry as saying. "The summit is definitely necessary, but it must be preceded by careful organizational and substantive preparation. However, this is only feasible if the US firmly adheres to the Anchorage agreements."

So Washington is being chastised here too, in terms of thwarting peace. "We are convinced that the practical details of the meeting between the presidents must be worked out in the spirit of the understandings reached in Alaska," the Kremlin side continued.

And yet by the time the sides to potentially or eventually reach the negotiating table, Russia is likely to be in an even better position on the battlefield, at the rate things are going near Pokrovsk, for example.

Tyler Durden Fri, 11/14/2025 - 23:00

Major American Fast Food Chain Moo-ving To Popular 'New' Milk

Zero Hedge -

Major American Fast Food Chain Moo-ving To Popular 'New' Milk

Authored by Naveen Athrappully via The Epoch Times (emphasis ours),

Fast food chain Steak ‘n Shake announced in a Nov. 13 alert on X that it is changing its milk and chocolate milk to A2 beginning Dec. 1.

A sign for the Steak 'n Shake chain restaurant in Middletown, Del., on July 26, 2019. Jim Watson/AFP/Getty Images

Steak ‘n Shake said the shift was due to A2 being easier on digestion and may help some customers avoid discomfort. The company will source A2 milk from cows that “only produce A2 type protein” and are “never treated with growth hormone rBST.”

A1 and A2 are the different types of milk proteins produced by cows, with some animals’ milk having both proteins, while others have one.

According to an August 2022 study published in the National Library of Medicine, “there seems to be a sufficient consensus on the beneficial effects of A2 milk on the reduction in digestive intolerance associated with the consumption of A1 milk.”

“This positive effect is of great importance, since a good part of the consumers who have abandoned milk consumption have done so because conventional milk causes them discomfort,” it said.

People with lactose intolerance will also face issues with A2 milk. However, for individuals who only have casein A1 intolerance, A2 milk may offer relief.

According to data analysis company Scrape Hero, Steak ‘n Shake has nearly 400 outlets across 24 U.S. states, with the number declining from a peak of 600 before the start of the COVID-19 pandemic. Most of the outlets are based in Florida, Illinois, and Indiana.

Steak ‘n Shake’s switch comes at a time when Health Secretary Robert F. Kennedy Jr. has been promoting the consumption of milk.

During a news conference in July, Kennedy said: “I grew up in a world where milk was the healthiest thing that you could eat. There’s been an attack on whole milk, cheese, and yogurt over the past couple of decades.”

He said the Health and Human Services Department (HHS) and the U.S. Department of Agriculture plan to release new dietary guidelines that aim to “elevate those products where they ought to be in terms of contributing to the health of our children.” The new guidelines are expected to be released next month.

Regarding fries, Steak ‘n Shake announced in an Oct. 29 X post: “Our fries could be partially cooked in 100 percent beef tallow before they’re shipped to us. And then we cook them again in 100 percent beef tallow at the restaurant.”

Kennedy has been an ardent backer of beef tallow.

In an Oct. 22, 2024, post on X, he said McDonald’s used to make its fries with beef tallow from 1940 before beginning to phase it out for seed oils in 1990.

“This switch was made because saturated animal fats were thought to be unhealthy, but we have since discovered that seed oils are one of the driving causes of the obesity epidemic. Interestingly enough, this began to drastically rise around the same time fast food restaurants switched from beef tallow to seed oils in their fryers,” Kennedy said.

“People who enjoy a burger with fries on a night out aren’t to blame, and Americans should have every right to eat out at a restaurant without being unknowingly poisoned by heavily subsidized seed oils. It’s time to Make Frying Oil Tallow Again.”

In an earlier Oct. 19 X post, Steak ‘n Shake said that it eliminated seed oils from its fries.

The American Heart Association (AHA) does not argue against consuming saturated fats, such as beef tallow, but advises limiting their intake.

The AHA recommends that saturated fats make up less than 6 percent of an individual’s daily total calories.

Tyler Durden Fri, 11/14/2025 - 22:35

Humanoid Robot Roundup: Auto Industry Poised To Lead First Wave Of Adoption

Zero Hedge -

Humanoid Robot Roundup: Auto Industry Poised To Lead First Wave Of Adoption

In last week's "Humanoid Robot Roundup" report, we provided readers with additional color on Tesla's Optimus humanoid robot following the company's annual shareholder meeting in Austin, Texas. Limited production of Optimus has already begun at Tesla's Fremont, California factory, with plans to scale production next year.

In this week's robotics roundup, we highlight new insights from Goldman analysts led by Mark Delaney, who met with Sanctuary AI, a Vancouver-based robotics and AI company developing industrial-grade humanoid robots. 

Our view here is to gain a clearer view of current robotics progress and the broader trajectory of automation. 

Delaney's discussion with the heads of Sanctuary AI offers not only a snapshot of where humanoid robotics stands today, but also early signals of when automation may begin scaling across major sectors such as automotive, a shift that will translate into significant job displacement. 

Within the analyst's four takeaways, number three is the most important. He concludes that industrial and automotive companies will likely be among the earliest adopters of humanoids. Timing is important as well: the expectation is that broad industry scaling is still two to three years away.

1. Sanctuary highlighted data/AI and hands/dexterity as key focus areas for R&D: On hardware, the company mentioned hand technology as one key area for development. Management discussed how it is developing proprietary technology for tactile sensors and utilizing hydraulics to improve hand technology and make progress with aspects including touch, strength, and power management. The company believes its hydraulic approach to the humanoid hand is the correct path, and that electromechanical hands can have drawbacks in terms of strength and overheating.

Sanctuary also noted the need for data to further develop its AI. While humanoid robots can be trained from open sourced LLMs and video data, the company noted that those inputs often lack the physical aspect to the world, including the sense of touch and torque. Sanctuary is developing its own foundational AI.

2. Management discussed that not all robots/humanoids need to be bipedal and noted safety, payload, and power usage as key considerations: On the form factor of the bots, Sanctuary commented that while there will be applications for bipedal robots, not all humanoids need two legs and, often times, customers are not specifically asking for bipedal robots. Management noted that some potentially limiting factors for bipedal robots in certain use cases include safety (e.g. two-legged robots can fall over including if they lose power), payload (e.g. the amount a humanoid can lift), and a higher level of power consumption.

3. Sanctuary commented that it believes the first use case for humanoids will be automotive and industrial customers, followed by services and logistics, with consumer applications being last: Management highlighted that industrial and automotive customers would likely be first to adopt humanoid technology in a meaningful way, as these organizations often have robotics/automation departments, and due to cost and safety considerations. The company commented that it is currently working with companies in these verticals on proof of concept deployments. The company also commented that many industrial customers are looking at how fast, accurate, and reliable humanoids are as key KPIs.

Sanctuary is also engaged with logistics companies, and they can have similar challenges as auto and industrial customers, although the requirements on hand/grip strength can vary. For consumer applications, the company cited cost, safety (e.g. the robot falling over), privacy, and connectivity as reasons that this market will likely be later for deployments.

On time to market, Sanctuary noted that while wider scale industry adoption could be 2-3 years away, small targeted deployments could be much sooner (and we believe small trials are underway already in some factories for the industry more generally). Longer-term, the market could be much bigger per the company. This is directionally consistent with the view expressed in our report: Platforms & Power - Part II: Humanoids and profit implications for autos & industrial tech.

4. Management plans to outsource a significant part of the manufacturing, but will make some key parts such as the hands in-house: Sanctuary commented that manufacturing is not one of its core competencies, and it will generally outsource manufacturing. However, the company noted it will do the final assembly and manufacture the hand in-house.

With our focus on point number three, we shift our attention to ....

Let's go back in time to our March 2023 warning:

Jobpocalypse incoming.

Tyler Durden Fri, 11/14/2025 - 22:10

Anti-Abortion 'Word Game' Referred To Aussie Authorities For Investigation

Zero Hedge -

Anti-Abortion 'Word Game' Referred To Aussie Authorities For Investigation

Authored by Naziya Alvi Rahman via The Epoch Times (emphasis ours),

A fundraising “game” created by prominent anti-abortion campaigner Joanna Howe has sparked political backlash in South Australia.

Joanna Howe speaks to supporters of an abortion law reform gather on the steps of Parliament House in Adelaide, Sept. 25, 2024. AAP Image/Matt Turner

It has now been referred for investigation by the Attorney-General after questions were raised during a heated debate on late-pregnancy abortion laws.

The bingo-style fundraiser was launched on Nov. 12, as the Legislative Council prepared to debate a bill seeking to restrict abortions later in pregnancy.

Supporters were invited to “buy” parliamentary words and phrases—from $1 to $70—that MPs might use during the debate.

Examples on her list included phrases such as:

  • pregnant person ($70)
  • abortion care ($70)
  • misinformation ($50)
  • late-term abortions are rare ($10)
  • trust the experts ($10)

On her website, Howe wrote that “the beautiful irony is that politicians will be inadvertently funding us every time they attack us.”

The fundraiser was raised in parliament within hours.

Greens MP Robert Simms asked whether the scheme complied with South Australia’s lottery and fundraising laws. He told the chamber that “followers are being encouraged to buy words … in relation to a debate that is due to occur in the parliament this afternoon.”

“My question to the Attorney-General is: is he aware of this fundraiser, and does it raise any concerns for him?” Simms asked.

Attorney-General Seeks Examination

Attorney-General Kyam Maher confirmed he had seen the reports about the fundraiser. He told parliament its legality depended on “a whole range of circumstances,” including whether it fell under South Australia’s Lotteries Act.

There are certain requirements around things depending on the value of the prizes,” he said.

“Whether it is a major lottery and licences need to be applied for, or whether it is a minor lottery.”

Maher said he would refer the matter to Consumer and Business Affairs.

A spokesperson for the agency later confirmed it was aware of the concerns raised.

“Consumer and Business Services is aware of the matters raised in Parliament this week and is considering them,” he told The Epoch Times.

The issue emerged during an emotional debate, with several Members of the Legislative Council visibly distressed. The late-pregnancy abortion bill was ultimately defeated 11 votes to eight.

Long History of Tension

Howe has held several federal advisory roles, including positions on the Ministerial Advisory Council on Skilled Migration in 2021, the panel reviewing Australia’s Migration Program in 2022, and an International Labour Organisation (ILO) working group on temporary labour migration in 2019.

Her activism has also brought her into repeated conflict with Parliament.

She is currently banned from the South Australian parliament precinct over what officials called “threatening and intimidating tactics’’ during an earlier abortion bill dispute.

Howe denies the allegations, saying that “no formal complaint or allegation has actually been put to me’’ and that she had been denied “procedural and substantive fairness.’’

She has also been a central figure in multiple conservative-backed attempts to wind back abortion access, including working with former One Nation MLC Sarah Game on the bill to restrict abortions after 22 weeks and six days.

Tyler Durden Fri, 11/14/2025 - 21:45

Consumers Ditch Restaurants For Groceries As Budgets Break 

Zero Hedge -

Consumers Ditch Restaurants For Groceries As Budgets Break 

Goldman analysts led by Christine Cho attended the Restaurant Finance & Development Conference (RFDC) in Las Vegas earlier this week. The conference drew restaurant executives and founders, franchisees and multi-unit operators, private-equity investors and lenders, industry consultants, and other stakeholders across the broader restaurant ecosystem.

Cho and her team met with many of these restaurant industry insiders and heard a very alarming and consistent message: the operating environment is deteriorating, especially among lower- and middle-income consumers, pushing brands to use discount campaigns to defend market share. 

She said there was also increasing discussion around accelerating AI adoption, with operators betting on hybrid human-AI models to reduce costs and improve service.

Cho's takeaways from RFDC are extensive and offer new color into the health of the restaurant industry and, by extension, the consumer. ZeroHedge Pro subscribers can find the complete list of takeaways in the usual place.

In this note, we're focusing on just two of the takeaways. The first is the alarming shift among low- and middle-income consumers who are increasingly giving up on eating out and instead buying groceries and eating at home:

  • Also noted was the drag on restaurant traffic by non-restaurants, particularly grocery and c-stores. A combination of data and surveys indicate growing evidence that consumers are leaving fast food and fast casual restaurants, replacing the meals with a combination of grocery (Aldi and Trader Joe's specifically highlighted as taking share), fresh format grocery (for example, the hot food bar at Whole Foods), and c-store food (particularly with breakfast).

The second takeaway that caught our attention is the coming automation tidal wave that's about to sweep through the restaurant industry:

  • For the second year in a row, AI was front and center at the conference, with the focus split between current applications of AI and potential future developments across the restaurant space.

  • Central to the discussion on current applications of AI was the focus on leveraging the technology to enhance the customer experience. Experts from both the restaurant industry and technology industry believe that it is not a case of robots fully replacing humans, but rather a hybrid approach by which humans leverage AI to drive efficiency gains and redirect their time and effort to other tasks that are more critical to the customer. From the perspective of a restaurant general manager, AI can help inform and expedite critical decisions around labor scheduling, inventory management, and food prep timing, and can also be leveraged to help train the workforce (seen as particularly critical given that it is a high turnover industry). Voice AI in the drive thru was also highlighted as a strong use case, with operators noting that is performing well in their tests.

Given these findings, let's build on yesterday's UBS note from analyst Jonathan Pingle, which highlights a tale of two consumer worlds

And it gets worse. 

Financial strains are building among low-income, millennial, and Gen-Z consumers, suggesting the Trump administration will likely push an affordability agenda into hyperdrive (read here) to prevent younger and lower-income voters from drifting toward the new unhinged Democratic Party that has been seized by Marxist DSA-ers, which will be dangling "free stuff" heading into next year's midterm elections. 

Tyler Durden Fri, 11/14/2025 - 21:20

Bipartisan Congressional Report Finds CCP Manipulates Global Mineral Prices

Zero Hedge -

Bipartisan Congressional Report Finds CCP Manipulates Global Mineral Prices

Authored by Jill McLaughlin via The Epoch Times (emphasis ours),

A bipartisan congressional report published on Nov. 12 revealed that the Chinese Communist Party (CCP) manipulates critical minerals markets to further its global ambitions.

A worker at a factory for Xinwangda Electric Vehicle Battery Co. Ltd, which makes lithium batteries for electric cars and other uses, in Nanjing in China's eastern Jiangsu province on March 12, 2021. STR/AFP via Getty Images

The U.S. House Select Committee on the CCP released the “Predatory Pricing” report following an investigation into market manipulation.

From cell phones to fighter jets, every American is dependent on minerals that China manipulates for its own selfish reasons,” Committee Chair Rep. John Moolenaar (R-Mich.) said in a statement. “As we saw last month with its rule on rare earths, China has a loaded gun that is pointed at our economy, and we must act quickly.”

Moolenaar accused China of predatory practices that have caused Americans to lose their jobs, driven American miners out of business, and jeopardized national security.

The investigation revealed several findings, including that the Chinese communist regime subsidizes its state mining companies with tens of billions of dollars and gives zero-interest loans to support its global acquisition of mining assets.

The regime engaged in a decades-long strategy to dominate the rare-earth element supply chain, according to the investigation. The strategy involved luring in mostly Western companies to collaborate with Chinese companies, then selling products significantly below existing market prices to put competition out of business.

Finally, after establishing its dominance, the PRC wielded this market clout as a geopolitical weapon,” the investigation found.

Beijing has also established a legal framework governing mineral price reporting, giving it the ability to raise and lower prices to favor its national security interests, the report said.

China intentionally kept rare-earth element prices low to ensure that Western participants did not enter the market, according to the investigation.

The regime also pushed down the price of critical minerals, including lithium, an important element used in rechargeable batteries and electric vehicle batteries, the report said.

Chinese miners are expected to continue dominating lithium production through 2030, the investigation found.

When prices were low, the regime subsidized its firms to aggressively acquire mining assets and cement its control over the global supply chain, according to the report.

A man drives a front loader to shift soil containing rare earth minerals for export to Japan at a port in Lianyungang, Jiangsu Province, China, on Sept. 5, 2010. Edited by The Epoch Times, STR/AFP via Getty Images

“The PRC government, under the Chinese Communist Party (CCP), has engaged in a coordinated, decades-long scheme to control different critical minerals and bend the global market to their will,” the investigation states.

On Oct. 9, China’s Ministry of Commerce issued a global export licensing regime for rare-earth items, but that was a culmination of policies, investments, and other moves made over decades, according to the investigation.

The congressional report gives several policy recommendations, including aligning critical mineral financing and industrial-base programs under a single authority, such as a “critical minerals czar.”

The report also suggested bolstering U.S. mining and recovery efforts and discussed how to expedite permits while keeping important safeguards.

In this July 6, 2010, file photo, workers use machinery to dig at a rare earth mine in the Baiyunebo mining district of Baotou in China’s Inner Mongolia Autonomous Region. AP Photo, File

They also suggested preventing unfairly priced imports from undermining U.S. industries, developing federal tools for price discovery and costs, and strengthening coordination among allies on critical minerals.

The report also suggested creating a Strategic Resources Reserve, similar to the federal reserve for oil.

The committee also encouraged creating a critical minerals tax credit, supporting low-cost loans for critical minerals projects, and developing an American rare earths workforce.

Tyler Durden Fri, 11/14/2025 - 20:55

RFK Jr. May Revive Food Pyramid Focused On Whole Foods

Zero Hedge -

RFK Jr. May Revive Food Pyramid Focused On Whole Foods

Robert F. Kennedy Jr., President Donald Trump's Health and Human Services (HHS) Secretary, will be releasing new dietary guidelines in December to reset America's food supply chain away from toxic seed oils and highly processed foods toward real food, the kind our grandparents and parents ate many decades ago.

Ahead of next month's release, a new Bloomberg report on Thursday night says the administration may roll out a revamped food pyramid centered on protein and whole foods. Sorry, Bill Gates, fake food and insects are not on the menu.

The food pyramid was retired in 2011 and replaced with MyPlate, but RFK Jr., according to the report, could make the food pyramid great again

America's top health official has long criticized previous nutrition advice, arguing that saturated fat was wrongly vilified

Health and agriculture officials say the forthcoming 2025–2030 Dietary Guidelines will be rooted in better "science," focus on reducing chronic disease, and support the administration's "Make America Healthy Again" theme, which will be supercharged in the midterm election cycle. 

The only major hurdle to eating real food that isn't grown on massive commercial farms drenched in chemicals is cost. That's why the Trump administration rolled out Operation Affordability this week, an effort to cut tariffs and strengthen trade deals to boost imports of staple foods and drive grocery prices lower next year.

The administration should also place more emphasis on rebuilding local food supply chains by strengthening small farms and ranches.

Americans are long overdue to push back against the globalist food giants on the food system (see here), a system saturated with chemicals and additives that have left the nation in a health crisis.

One of the simplest acts of rebellion is to plant your own "MAHA Garden" during the Northern Hemisphere's next growing season. Also, purchase chickens and other farm animals ... time to know where your food comes from

Tyler Durden Fri, 11/14/2025 - 20:30

New Heart-Kidney Syndrome Affects 90% Of Americans... And You've Probably Never Heard Of It

Zero Hedge -

New Heart-Kidney Syndrome Affects 90% Of Americans... And You've Probably Never Heard Of It

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

Nearly every American adult has a health condition that could lead to heart failure, yet nine out of 10 have never even heard of it. Now, the American Heart Association (AHA) is sounding the alarm on cardiovascular-kidney-metabolic (CKM) syndrome, a newly defined cluster of interconnected diseases that doctors have been treating separately for decades.

The condition encompasses a cluster of interconnected conditions—including heart disease, kidney disease, diabetes, and obesity—that often occur together, significantly increasing the risk of heart attack, stroke, and heart failure. It was first defined in a 2023 AHA Presidential Advisory. Despite affecting roughly 90 percent of U.S. adults, few people have heard of it, according to a recent AHA survey.

In early 2026, the AHA will release its first-ever clinical guidelines on the syndrome to help health care providers better identify and treat this widespread condition.

Study Reveals Widespread Prevalence of CKM Syndrome in U.S. Adults

“It’s really common to have risk factors for heart, kidney, and metabolic disease [like diabetes] at the same time, and they’re interconnected,” Dr. Stacey E. Rosen, national volunteer president of the American Heart Association, told The Epoch Times.

The problem, Rosen noted, is that care for people with multiple conditions is often fractured, with various specialists and primary care clinicians working in silos. Through the AHA’s CKM Health Initiative, the association aims to help doctors work together and treat cardiovascular, kidney, and metabolic risk factors together, because that’s how patients experience them, she said.

The Numbers Behind the Problem

A comprehensive analysis of U.S. adults based on data from the National Health and Nutrition Examination Survey spanning 2011 to 2020 showed that nearly 90 percent of adults had signs indicating early stages of CKM syndrome. They carried risk factors such as high blood pressure, obesity, or problems controlling blood sugar.

About 15 percent of adults were classified as having advanced stages, which include having blood vessel damage or kidney disease. Older adults—particularly those aged 65 and older—were most affected, with more than 55 percent classified as having advanced stages.

The study found that the prevalence of CKM syndrome remained steady over the decade, with no significant improvements in reducing the overall burden of disease. Even younger adults aged 20 to 44 showed notable risk, especially among black adults and men, who were more likely to be in higher stages of CKM syndrome.

The condition stems from overweight and obesity in its initial stage and progresses to multiple risk factors and advanced disease, warranting early recognition, Dr. Eugenia Gianos, director of cardiovascular prevention at Northwell Health and director of women’s heart health at Lenox Hill Hospital, told The Epoch Times.

How Heart, Kidney, and Metabolic Systems Are Connected

CKM health involves three critical systems: the heart, kidneys, and metabolic system.

The heart pumps blood to supply oxygen and nutrients; the kidneys filter waste, regulate fluids, and help control blood pressure; and the metabolic system turns food into energy and manages blood glucose levels.

When one system functions poorly, it can create a domino effect, worsening the others. For example, reduced heart function can lower blood flow to the kidneys, impairing their ability to filter waste and regulate blood pressure. Conversely, kidney dysfunction can lead to high blood pressure and fluid overload, which increases strain on the heart.

Additionally, metabolic issues such as high blood sugar and excess weight contribute to inflammation and damage across these systems.

This interconnected cycle can escalate silently, often without obvious symptoms, until significant damage occurs.

Current guidelines emphasize cardiovascular screening beginning at age 40. “Yet the early drift in blood pressure, glucose, and lipids often begins much earlier, especially among young adults with sedentary lifestyles,” Akshaya Bhagavathula, associate professor of epidemiology at North Dakota State University, told The Epoch Times.

While metabolic syndrome has gained attention as a warning stage, he noted, chronic kidney disease can go unnoticed. “Nearly nine in 10 adults with kidney impairment are unaware of it until significant damage has occurred,” Bhagavathula said. The CKM model encourages integrating prevention, screening, and treatment of the metabolic, renal, and cardiovascular systems together, rather than waiting for the disease to declare itself.

Warning Signs You Shouldn’t Ignore

Many people expect heart disease to appear with dramatic chest pain, but early warning signs are far subtler, Bhagavathula said.

Less obvious symptoms include unusual fatigue or weakness that isn’t proportional to activity level and mood changes—such as depression or brain fog—which might also be early indicators. Other symptoms that may indicate trouble include swelling in uncommon areas such as the abdomen or the back of the ankles, which may be caused by fluid retention related to heart or kidney issues.

Something else to watch for is changes in urination patterns, including foamy urine indicating protein loss, dark urine, or decreased urine output, which can be signs of kidney problems.

Toxin buildup from impaired kidney function may cause a metallic taste or bad breath, and difficulty sleeping can stem from fluid overload or breathing difficulties.

Elevated blood pressure that develops gradually without noticeable symptoms is another warning sign.

“Women may present with jaw pain, nausea, or extreme tiredness rather than classic pressure pain,” he added.

“Even small rises in resting heart rate, post-meal glucose, or inflammatory markers predict future cardiac events years in advance,” Bhagavathula said. “These patterns reflect the systemic nature of CKM syndrome; the heart rarely fails in isolation.”

How to Improve Heart and Kidney Health

Most people with CKM syndrome can reverse or slow down the disease process with lifestyle changes and appropriate medications to reduce their risk for heart attack, stroke, or heart failure, Rosen said.

These lifestyle changes include:

  • Adopt a Heart-Healthy Diet: Eat plenty of fruits, vegetables, whole grains, lean proteins, and healthy fats, while limiting salt intake to help control blood pressure.
  • Stay Physically Active: Aim for at least 150 minutes of moderate exercise weekly to significantly improve overall health.
  • Monitor Health Regularly: Track blood pressure, blood sugar, cholesterol, weight, and kidney function through routine checkups to catch potential issues early.
  • Avoid Tobacco and Limit Alcohol: Both habits significantly increase risk across all three systems.
  • Manage Stress Effectively: Use mindfulness or relaxation techniques and ensure adequate sleep.
  • Follow Medical Advice: Take prescribed medications and attend routine checkups.

People should also be cautious with over-the-counter medications such as nonsteroidal anti-inflammatory drugs, which can harm kidney health if used excessively.

The AHA offers educational resources and tools through its CKM Health Initiative website to help people understand these connections and take early action to prevent serious complications such as heart attacks or strokes.

Tyler Durden Fri, 11/14/2025 - 20:05

China Warns Citizens Against Travel To Japan Amid Serious Taiwan-Related Dust Up

Zero Hedge -

China Warns Citizens Against Travel To Japan Amid Serious Taiwan-Related Dust Up

It's no secret that Japan and China have had a long history of animosity, which at times appears to cool but at others flares up to intensity again. The past week has seen historic tensions explode to the forefront once again, resulting in China summoning the Japanese ambassador in Beijing to vehemently denounce some recent statements by Tokyo leadership.

The spat started when Japanese Prime Minister Sanae Takaichi made comments in a parliamentary meeting which made clear Japan could possibly intervene militarily in the scenario of China invading Taiwan.

Sanae Takaichi, via Japan Forward

This represents a public first, and potential initial move abandoning the US ally's longstanding 'strategic ambiguity' on the Taiwan issue.

China's foreign ministry had been quick to blast the comments as "egregious" - related in the following:

The current tensions were sparked at a parliamentary meeting in Japan last Friday, when an opposition lawmaker asked Takaichi what circumstances surrounding Taiwan would count as a survival-threatening situation for Japan.

"If there are battleships and the use of force, no matter how you think about it, it could constitute a survival-threatening situation," Takaichi responded.

A "survival-threatening situation" is a legal term under Japan's 2015 security law, referring to when an armed attack on its allies poses an existential threat to Japan. In such a situation, Japan's self-defense forces can be activated to respond to the threat.

Now, a week after the initial provocative remarks, and China has further escalated the spat by formally advising its citizens to avoid traveling to Japan in the near future over 'safety concerns'.

The foreign ministry specifically invoked PM Takaichi's incendiary Taiwan-related comments, going so far as to say her words created "major risks" to the safety of Chinese nationals in Japan. The ministry further cited "a surge in crimes against Chinese citizens and numerous attacks against them." 

The NY Times reviews how this could set off deteriorating relations less than a month in to Takaichi taking office:

The abuse abruptly ended a honeymoon between Ms. Takaichi, in office for less than a month, and China. She had met China’s top leader, Xi Jinping, just last month in South Korea, with the two leaders warmly shaking hands and smiling.

It also ended China’s turn away from so-called wolf warrior diplomacy, an aggressive, in-your-face approach to foreign relations that took shape after Mr. Xi rose to power in Beijing in 2012 but had largely faded in recent years.

Relations between China and Japan have for decades been prone to intemperate feuds fueled largely by bitter Chinese memories of World War II, when the Japanese army committed multiple atrocities, including the 1937 Nanjing Massacre, crimes for which Beijing believes Tokyo has never sufficiently apologized.

The drastic move further followed a Thursday social media posting by China's foreign ministry - issued in Japanese and English - which warned Tokyo must "stop playing with fire" and that it would be "act of aggression" if Japan "dares to meddles in the cross-Strait situation."

As for Japan, it has been most angered at a social media post issued last Saturday by China's consul general in the Japanese city of Osaka, Xue Jian. He had shared article about Takaichi's parliamentary remarks on X with his own words, "the dirty head that sticks itself in must be cut off.Tokyo quickly lodged its own diplomatic protest over the "high inappropriate" commentary.

But China has still maintained all of this ultimately stems from the "extremely wrong and dangerous" words of Japanese Prime Minister Sanae Takaichi related to defending Taiwan.

Tyler Durden Fri, 11/14/2025 - 19:40

The Swamp Got Bigger, Better Paid & More Secretive Since 2020

Zero Hedge -

The Swamp Got Bigger, Better Paid & More Secretive Since 2020

Via Open The Books,

If you were told a business increased their staff headcount by 5% over four years but its payroll rose 24% over that time, all the while withholding the names of 39% of their staff, would you invest in that company?

Unlikely. But that’s just what the United State government does, funded by taxpayer dollars and operating as if accountable to no one.

Open the Books analyzed the FY 2024 payroll records of executive agencies and found that 2.9 million federal employees were paid $270 billion, compared to 2.8 million employees paid $217 billion in FY 2020. While the civilian employee ranks grew 5%, pay grew nearly 5 times as much, 24%.

The Office of Personnel Management provided the pay for over 1.5 million executive agency bureaucrats; Department of Defense provided pay for its 761,624 civilian employees; and United States Postal Service gave its 638,007 employees’ payroll, via Freedom of Information Act (FOIA) requests.

Not included are pay for judicial branch employees; the 535 members of Congress and their staff; the 1.3 million active-duty military members; the Office of the Vice President (which claims itself entirely exempt from FOIA); nor the staff of several intelligence agencies.

While payroll records don’t include benefits, adding an estimated 30% to the $270 billion payroll brings total costs to $351 billion.

That means the disclosed federal workforce costs the American taxpayer $673,000 per minute, $40.4 million per hour, and just under $1 billion per day.

Meanwhile, more than a million civilian names were redacted from payroll productions produced by Office of Personnel Management and Department of Defense.

The Trump administration has a historic opportunity to bring much-needed transparency to the administrative state. While federal employees don’t add as much to the debt as safety net programs, defense, and overall agency spending, they are an indicator of government growth.

A New Minimum Wage? $100,000 Earners

These employees are now being paid more than ever before.

The average pay exceeded $100,000 in 117 of 127 executive agencies and the White House.

In FY 2024, there were 31,452 federal employees who out-earned every governor of the 50 states. That includes the highest paid, New York Gov. Kathy Hochul, who collects a $250,000 salary.

Even worse, there were 956 federal employees who outearned the president himself.

The vast majority — 939 people — are medical officers at the Veterans Health Administration, while another 15 doctors at the National Institutes of Health earning more than $400,000.

Two more people outearned the president: Micah Nix, an emergency room doctor with the Indian Health Service, part of Department of Health and Human Services and one other redacted employee working at Bureau of Prisons, part of Department of Justice.

The highest paid federal employee is cardiologist Gary H. Gibbons, Director of the National Heart, Lung, and Blood Institute at the National Institutes of Health. He earned $519,246 last year.

Lest one think these highly paid doctors are the only ones raking in big checks, the payroll is top-heavy across the board.

Of the 2.1 million non-DOD employees in FY 2024, 793,537 people made $100,000 or more, a 49% increase from 532,784 people in FY 2020.

There were 68,445 employees who earned $200,000 or more – an 82% increase from 37,631 in FY 2020.

Those making $300,000 or more numbered at 14,144 – an 84% increase from 7,692 in FY 2020.

At least 20 federal agencies have an average pay above $150,000. Topping the list is Commodity Futures Trading Commission, where the 721 staffers make an average of $236,006.

The obscure Public Buildings Reform Board and Arctic Research Commission each pay their staff an average of $192,000, while the 1,851 employees of the Consumer Financial Protection Bureau earn an average pay of $187,120.

Boards for Civil Rights Cold Case Review, Privacy and Civil Liberties Oversight, and Surface Transportation have average pay between $166,091 and $181,903.

The Swamp Gets Larger

In the largest federal agencies, there’s little correlation between employee headcounts and increased pay.

In most cases, even a decrease in headcount still led to an increase in total pay for that agency.

For instance, the Post Office lost 6% of its staff between FY 2020 and FY 2024, yet payroll increased 11% during that time.

At Department of Justice, headcount decreased less than 1% but its payroll nonetheless increased 16%.

Social Security Administration and Department of Commerce both lost staff in those years, 4% and 8%, respectively, but their payrolls still increased 11% and 13%.

At the agencies where headcount increased, payroll soared past them. Department of Homeland Security increased its staff by 6% but its payroll went up 26%. Department of Transportation saw its staff grow by 3% but its payroll by 19%.

Those that grew headcount significantly saw their payroll skyrocket, including a 19% staff increase at both Department of Health and Human Services and Department of State, with 39% and 35% increased payrolls, respectively.

A 20% increase in Department of Energy headcount led to a 37% increase in paychecks.

Top 20 Departments and Agencies by Employee Count

FY 2024 Compared to FY 2020

“Name Withheld” for 39% of Staff

The secrecy of the federal bureaucracy has worsened.

It’s bad enough that Department of Defense redacted all 761,624 civilian employee names from their payroll, and that records production excludes pay for 1.3 million active-duty military members.

When Open the Books requested the FY 2022 federal payroll, the Biden administration had redacted the names of 350,860 rank-and-file employees.

In the most recent FY 2024 production a record-breaking 383,000 names were redacted in 58 federal agencies. Back in FY 2016, a mere 2,300 names were redacted. What gives?

Many of those include investigative and law enforcement roles in agencies including Departments of Homeland Security, Justice, Treasury and Veterans’ Affairs — which account for 97% of the redactions.

But still, dozens of additional agencies redacted names, from two each at U.S. Agency for Global Media, Office of National Drug Control Policy and Armed Forces Retirement Home, to over 1,000 each in Departments of Labor, Agriculture, Transportation and Health and Human Services. At Department of Interior, 2,331 identities were redacted.

The payroll report also contains no information about staff in the Office of the Vice President.

That’s because the Office of the Vice President claims not to be subject to FOIA and is not listed on the FOIA website.

Open the Books has tried unsuccessfully in the past to obtain the salaries through open records requests, and has accessed limited payroll information in the semi-annual Report of the Secretary of the Senate.

In the most recent report covering Oct. 1, 2024, through March 31, 2025, we can see that Kamala Harris ended her stay in the office with 43 staffers, while J.D. Vance began his vice presidential term with 23 staffers.

As the federal headcount and payroll grow, there are far too many redactions and blind spots that DOGE should have identified and fixed. We can’t have accountability for the federal workforce without better transparency.

Tyler Durden Fri, 11/14/2025 - 19:15

Berkshire Builds $4.9 Billion Stake In Alphabet; Adds To Chevron; Sells More Apple And Bank of America

Zero Hedge -

Berkshire Builds $4.9 Billion Stake In Alphabet; Adds To Chevron; Sells More Apple And Bank of America

With less than two months left until the Berkshire Hathway becomes just another company after the 95-year-old Warren Buffett exits as CEO at the end of the year, there is still some (waning) interest in what this massive long only fund with a record $382 billion in cash, is buying and selling, or as we recently discussed, mostly selling. Which is why today's 13F deadline is usually a reason for the Berkshire faithful to promptly check out the company's latest stock holdings on Edgar.com.

What it showed was a total of $267.3 billion in long-only positions, an increase of $10 billion from the previous quarter, with, a handful of notable changes. 

Most notable was that in Q3, Berkshire acquired 17.9 million shares of Google parent Alphabet, the first time it has accumulated a position in the search engine,  while further trimming its holdings in Bank of America by 7% to 568 million shares, and Apple by 15% shares to 238 million shares or $60.6 billion as of Nov 30. At this rate, Apple which has been a mainstay at the top of Berkshire's investments, will soon be surpassed by #2, American Express, which was untouched for another quarter at 151.6 million shares, or roughly $50 billion.

Berkshire’s Alphabet stake, representing 0.31% of the outstanding shares, was worth $4.3 billion as of Sept 30, and about $4.9 billion as of the market close on Friday.

Some other notable movers, starting with additions:

  • Added 20.2 million shares of Chevron, boosting the value of that holding to $19 billion at the end of the quarter. 
  • Added 4.3 million shares of insurer Chubb, boosting the value of that holding to $8.8 billion 
  • Added 400K shares of Coke, bringing the total value to $26.5 billion.
  • Added 497.9K shares of Capital One, bringing the total value to $1.5 billion
  • Added 348K shares of Dominos Pizza, bringing the total value to $1.3 billion

And the reductions:

  • Sold 41.8 million shares of Apple, reducing the value of that holding to $60.7 billion at the end of the quarter. 
  • Sold 42.2 million shares of Bank of America, reducing the value of that holding to $29.3 billion 
  • Sold 1.6 million shares of Davita, reducing the value of that holding to $4.3 billion 
  • Sold 4.3 million shares of Verisign, reducing the value of that holding to $2.5 billion 
  • Sold 1.1 million shares of Constellation Bands, reducing the value of that holding to $1.8 billion 

Buffett also liquidated his entire small stake in DR Horton, which stayed on the books for a very brief 3 months, after it was initiated in Q2, 2025. However it wasn't a complete homebuilder capitulation, as Berkshire added a tiny 2,007 shares to its holdings in Lennar. 

Overall, as noted previously, the company was a net seller of equities during the period, offloading $6.1 billion of stocks. 

Buffett, 95, who will step down as CEO at year-end, has been finding ways to deploy some of Berkshire’s gargantuan cash pile, which rose to a record $382 billion at the end of the quarter. The Omaha, Nebraska-based conglomerate recently reached a deal to buy Occidental Petroleum Corp.’s petrochemical business for $9.7 billion and acquired a $1.6 billion stake in UnitedHealth Group Inc.

The full summary of his holdings is below.

Source

 

Tyler Durden Fri, 11/14/2025 - 18:50

US Agrees To $330 Million Sale Of Fighter Jets To Taiwan, Drawing Rebuke From China

Zero Hedge -

US Agrees To $330 Million Sale Of Fighter Jets To Taiwan, Drawing Rebuke From China

Authored by Rachel Roberts via The Epoch Times,

The United States agreed a $330 million deal for the sale of fighter jets and other aircraft parts to Taiwan on Nov. 13 in the first such deal since President Donald Trump returned to the White House, prompting anger from China.

The announcement of the proposed arms deal follows last month’s meeting between Trump and Chinese leader Xi Jinping in South Korea in a diplomatic bid to secure a trade deal amid the ongoing tariff war between the world’s two largest economies.

Red Line

Beijing claims Taiwan as its own territory. Beijing’s foreign ministry spokesman Lin Jian told reporters that the Chinese regime’s claim over Taiwan is at the core of China’s interests and is a red line that must not be crossed in China–U.S. relations.

He said the arms sale undermines Beijing’s sovereignty and security interests, sending what he called a “wrong signal” to Taiwan’s leaders.

The United States cut official ties with Taipei in 1979. While Washington has formal diplomatic ties with Beijing, its ties with Taiwan remain unofficial as the island nation maintains its own democratic government, military, and distinct way of life.

The United States is the main supplier of arms to the island nation and is bound by law to provide Taiwan with the means to defend itself.

Taiwanese President Lai Ching-te delivers his address during National Day celebrations in front of the Presidential Office in Taipei on Oct. 10, 2025. Sung Pi-lung/The Epoch Times

‘Cornerstone of Peace’

The Pentagon said in a statement that the proposed sale will improve Taiwan’s “capability to meet current and future threats by maintaining the operational readiness of the recipient’s fleet of F-16, C-130,” and other aircraft.

“The deepening of the Taiwan-U.S. security partnership is an important cornerstone of peace and stability in the Indo-Pacific region,” Taiwan’s presidential office spokesperson Karen Kuo said in a statement, noting the arms sale was the first announced by the current administration.

The statement thanked Washington for continuing its policy of regularized arms sales to Taiwan and supporting the island in enhancing its defense capabilities.

The deal, expected to take effect within a month, will help maintain the air force’s fighter readiness and bolster air defenses, strengthen resilience, and enhance the nation’s ability to respond to China’s “gray-zone” incursions, Taiwan’s defense ministry said.

The Chinese Communist Party (CCP) has not ruled out the use of force to take control of the island.

Taiwan’s government strongly refutes Beijing’s sovereignty claims.

A U.S.-made F-16V fighter jet taxis on the runway at an air force base during Taiwan's annual Han Kuang military drills in Hualien on July 23, 2024. Sam Yeh / AFP via Getty Images

Trump said in August that Xi told him he would not invade Taiwan while the Republican leader remains in office.

He made the comments in an interview with Fox News, ahead of a planned talk with Russian President Vladimir Putin on the Russia–Ukraine war.

“I don’t believe there’s any way it’s going to happen as long as I’m here,” Trump said of a potential invasion of the island nation.

“He told me, ‘I will never do it as long as you’re president,’” Trump said, regarding Xi.

“But he also said, ‘But I am very patient, and China is very patient.’”

Trump said he told Xi, “Well, that’s up to you, but it better not happen now.”

Chinese Premier Li Qiang said in March that China planned to pursue the “reunification” of Taiwan and would oppose external interference. The CCP has never ruled Taiwan.

Military Exercises

The CCP’s military stages regular exercises in the waters and airspace around Taiwan, which the government in Taipei regards as a way of putting pressure on the island, while stopping short of actual combat.

Taiwanese President Lai Ching-te has repeatedly offered to have talks with China, but Beijing has refused, calling him a “separatist.”

The history between China and Taiwan is long and complex. The island nation, with an estimated population of around 23.9 million to China’s 1.4 billion, is known officially as the Republic of China, and most nations only recognize it unofficially.

Taiwan, which uses the official name the Republic of China (ROC) as shown on its citizens’ passports, is the last territory of the republic that also ruled mainland China from 1911 to 1949.

After being defeated by the CCP in 1949 on the mainland, the ROC’s nationalist government, led by Chiang Kai-shek, retreated to the island of Taiwan, which was returned to China from Japanese occupation in 1945. The Republic of China has remained Taiwan’s official name since then. Meanwhile, the CCP established the communist regime, the People’s Republic of China (PRC), on the mainland in 1949.

Polling in Taiwan consistently shows that the vast majority favors the status quo, with younger people more in favor of declaring full independence from China. In a poll from earlier this year, 82.5 percent of respondents rejected Beijing’s claim that “Taiwan is part of China’s territory.”

Tyler Durden Fri, 11/14/2025 - 18:25

Secret US Memo Links Venezuela To 'Chemical Weapons Threat'

Zero Hedge -

Secret US Memo Links Venezuela To 'Chemical Weapons Threat'

It didn't take long for the words Nicolás Maduro, Venezuela, and chemical weapons to show up in the same US government national security memo. We've examined before various possible 'justifications' Washington might use for some kind of future military action on Venezuela, or even a full regime change operation.

From Vietnam to Iraq to Libya, Washington is always looking for some kind of casus belli - even if it has to be manufactured - to sell war to the American people. And now we're quickly in WMD territory at a moment that unprecedented US Naval power is parked off Venezuela's coast.

"A classified Justice Department brief authorizing strikes on drug-smuggling boats describes fentanyl as a potential chemical weapons threat, according to a House member and another person familiar with the memo," a Friday Wall Street Journal report says.

DEA-seized fentanyl in the US. Image source: DEA/CNN

It cites a lengthy document by the department’s Office of Legal Counsel, which lays out the legal justification of the Trump administration for continuing military operations in the southern Caribbean with an eye on Venezuela. 

Revelation of the classified memo comes less than 12 hours after US Secretary of War Pete Hegseth late in the day Thursday announced a new major US military campaign, dubbed "Operation Southern Spear," ordered by President Trump.

"Led by Joint Task Force Southern Spear and SOUTHCOM, this mission defends our Homeland, removes narco-terrorists from our Hemisphere, and secures our Homeland from the drugs that are killing our people," the Pentagon chief described. He added "The Western Hemisphere is America’s neighborhood – and we will protect it."

But the chemical weapons angle is unlikely to be very convincing to Congressional leaders, much less the American public:

The main argument in the memo is that President Trump’s designation of drug cartels as foreign terrorists makes them legitimate military targets, asserting that the groups are smuggling drugs to fund deadly and destabilizing actions against the U.S. and its allies, according to lawmakers and others who have read it.

So there are 'terrorists' who possess a substance classified as a 'chemical weapon'. WSJ continues, "The mention of fentanyl is one of many points in the brief, which was drafted over the summer to justify the use of military force against drug traffickers. The legal case for military action doesn’t rest on concerns about chemical-weapons use."

Still, it's very questionable whether Venezuela is actually at all involved in the fentanyl trade, as the report notes further:

Venezuela, a base for one of the criminal groups designated as a terrorist organization, has long been a transit route for Colombian cocaine. There is no evidence it produces or traffics fentanyl, which is typically made in Mexico and smuggled over land, experts note.

"It is an incredible stretch," said Brian Finucane, a former legal adviser to the State Department during the Obama administrations and first Trump administration said of the memo’s warning about fentanyl.

Fentanyl as a "chemical weapon"...

 

The Center for Disease Control's (CDC) National Institute for Occupational Safety and Health (NIOSH) has written that "Fentanyl depresses central nervous system (CNS) and respiratory function. Exposure to fentanyl may be fatal." It has a potency at least 80 times that of morphine.

Going back several years, the single biggest sources of the world's fentanyl trade have been consistently identified as China and Mexico. At this point it's impossible to know, and hasn't been disclosed, whether any of the some 20 boats blown up by US military action off Latin America since September have been loaded with fentanyl, or in what quantities. 

Tyler Durden Fri, 11/14/2025 - 18:00

Waymo Launches First US Freeway Robotaxi Rides In California And Arizona

Zero Hedge -

Waymo Launches First US Freeway Robotaxi Rides In California And Arizona

Authored by Cynthia Cai via The Epoch Times (emphasis ours),

Waymo has launched driverless robotaxi rides on freeways in the United States, a first in the country for autonomous ride-hailing services.

A self-driving Waymo vehicle awaits passengers in Los Angeles on July 1, 2025. John Fredricks/The Epoch Times

In a Nov. 12 announcement, the Alphabet-owned company said it will provide some riders with routes that include freeways in California’s San Francisco Bay Area and Los Angeles as well as in Phoenix, Arizona.

The expansion will also include curbside service at San Jose Mineta International Airport. The company is still in the testing phase at San Francisco International Airport.

Users need to opt in to Waymo’s new services and features through the app to be able to try this kind of trip.

The open road symbolizes freedom and unlimited possibility—highlighted especially by the ease and speed by which freeways allow us to get where we’re going,” the company said in the announcement.

Waymo has been rapidly expanding its autonomous ride-hailing services domestically and abroad. Earlier this month, it announced plans to launch robotaxi services in San Diego, Detroit, and Las Vegas.

London is also slated to welcome these fully driverless vehicles to its streets in 2026 as a pilot project.

“Over the coming months, we’ll lay the groundwork for our service in collaboration with our fleet operations partner Moove, and continue to engage with local and national leaders to secure the necessary permissions for our commercial ride-hailing service in London,” Waymo said.

In April this year, Waymo brought its vehicles to Tokyo, where the company began adapting its technology and operations to the busy roads of Japan’s capital city.

Waymo isn’t the only company aiming to bring autonomous ride-hailing to the public, as Tesla recently launched limited self-driving cab services in Austin, Texas. However, with Tesla rides, a human safety operator sits in the front passenger or driver’s seat. Most Waymo cabs are unmanned.

Tesla’s website says its Robotaxi fleet is currently invite-only and consists of Model Y vehicles, and riders are required to stay out of the driver’s seat.

Earlier this year, California greenlit Tesla’s autonomous ride-hailing services for limited operation in pre-arranged trips available to company employees. Tesla obtained a charter-party carrier permit, which allows the company to work towards expanding its service to members of the public, the California Department of Motor Vehicles stated in March.

Tesla’s self-driving technology relies on exterior cameras for 360-degree visibility and artificial intelligence (AI) to navigate roads. Its AI system works to identify objects on the road and maintain speed to keep up with traffic conditions.

Meanwhile, Waymo’s autonomous technology uses a combination of lidar, cameras, radar, and computing to create a 3D picture of the car’s surroundings for the Waymo Driver system to make decisions while on the road.

Over the years, Waymo has faced obstacles while trying to make autonomous ride-hailing widely available.

In 2024, the company temporarily paused expansion plans in California after public officials in San Mateo and Los Angeles counties raised concerns about Waymo cars potentially stalling and causing public safety issues by blocking firefighters and police.

The U.S. Department of Transportation in 2024 probed Waymo’s autonomous driving system following reports of crashes and violations of traffic safety laws.

These cars have also been the target of vandalism. A mob surrounded, smashed, and set on fire a stopped car in San Francisco during Lunar New Year celebrations last year.

Similarly, protesters destroyed several Waymo vehicles during riots in Los Angeles earlier this year. Videos and photos showed rioters calling for the vehicles on apps. When the cars arrived, rioters sprayed graffiti, tore the cars apart, and set them ablaze.

The Mountain View, California-based company currently has over 1,500 cars in its fleet spread across San Francisco, Los Angeles, Phoenix, and Austin, with the goal of building 2,000 more fully autonomous I-PACE vehicles through next year.

Tyler Durden Fri, 11/14/2025 - 17:40

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