Individual Economists

10 Sunday Reads

The Big Picture -

Avert your eyes! My Sunday morning look at incompetency, corruption and policy failures:

U.S. Economy Shows Signs of Strain From Trump’s Tariffs and Spending Cuts: Consumer and business sentiment is wobbling as fiscal support fades and fears rise that tariffs will lead to higher prices. (New York Times)

How the British Broke Their Own Economy: With the best intentions, the United Kingdom engineered a housing and energy shortage. (The Atlantic) see also How to lose the 21st century, in three easy steps: Trump is throwing away what could have been the next great American century. (Washington Post)

Scams, Damn Scams, and Investors: There are also those scams that are less well-known. These are what I’m going to be discussing today. Because it’s very easy to deceive in the world of financial services and I’ve seen just about every trick in the book. (Of Dollars and Data)

His Hedge Fund Imploded in Spectacular Fashion. His New One Has $12 Billion. Nicholas Maounis, of the failed Amaranth, has regained investor trust at Verition. (Wall Street Journal)

Cliff Asness: The New ‘Crypto Fort Knox’ Is as Dumb as It Sounds: To create a sovereign wealth fund dedicated to something five times or more as volatile as straight-up stocks is an awful idea. (The Free Press) see also President on brink of bailout for bitcoin: Trump tries to breathe life back into the crypto markets’ “Trump pump” while federal regulatory agencies wash their hands of any crypto industry oversight. (Citation Needed) see also A sovereign crypto fund is a new way to pay out regime cronies: Once again, we find that crypto’s true innovation is enabling gray-market payments.

Is Anything Really on Sale When Everything Is on Sale? It feels like many of us are essentially in a toxic situationship with discount culture. (Slate)

Sex Traffickers in Colombia Are Using Facebook, Tinder and Airbnb to Exploit Minors: Better internet service, the proliferation of US apps and an influx of tourists have converged to facilitate the exploitation of minors in Colombia.  (Bloomberg)

One Word Describes Trump: Patrimonialism: A century ago, a German sociologist explained precisely how the president thinks about the world. (The Atlantic) see also The Authoritarian Regime Survival Guide: They will come to power with a campaign based on fear, scaremongering and distorting the truth. Nevertheless, their victory will be achieved through a democratic electoral process. But beware, as this will be their argument every time you question the legitimacy of their actions. They will claim a mandate from the People to change the system. (Verfassungsblog)

• The fact that humans can only survive on Earth doesn’t bother Trump – and I know why: He is surrounded by people who have grandiose plans and dreams beyond our planet. Vengeful nihilism is a big part of the Maga project. (The Guardian) see also Neither Elon Musk Nor Anybody Else Will Ever Colonize Mars: Mars does not have a magnetosphere. Any discussion of humans ever settling the red planet can stop right there, but of course it never does. Do you have a low-cost plan for, uh, creating a gigantic active dynamo at Mars’s dead core? No? Well. It’s fine. I’m sure you have some other workable, sustainable plan for shielding live Mars inhabitants from deadly solar and cosmic radiation, forever. No? Huh. Well then let’s discuss something else equally realistic, like your plan to build a condo complex in Middle Earth. (Defector)

Longevity over Quality: A New Look at the History of ‘S.N.L.’: Photos, scripts, hate mail and other artifacts donated by Lorne Michaels trace the show’s path from idea to institution. (New York Times)

Be sure to check out our Masters in Business next week with Philipp Carlsson, Global Chief Economist for Boston Consulting Group (BCG ). He is the co-author of “Shocks, Crises, and False Alarms: How to Assess True Macroeconomic Risk,” which was named one of the Financial Times Best Books of 2024.

 

Here’s How Government Spending Has Grown—and Where the Money Is Going

Source: Wall Street Journal

 

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The post 10 Sunday Reads appeared first on The Big Picture.

Hot Pursuit! 911 EV Update (and the new book)

The Big Picture -



 

 

I joined my pals Matt Miller and Hannah Elliot for an update on the electric 911, the Ferrari 12Cilindri, and some talk about How Not to Invest.

If you want to spend some time listening to three car nerds BS about some recent car experiences, this is a fun 45 minutes.

 

 

 

 

The post Hot Pursuit! 911 EV Update (and the new book) appeared first on The Big Picture.

"NO DISSENT": Trump Asks "All Republicans" To "Give Us A Few Months" And Approve GOP Continuing Resolution

Zero Hedge -

"NO DISSENT": Trump Asks "All Republicans" To "Give Us A Few Months" And Approve GOP Continuing Resolution

President Trump on Saturday implored 'All Republicans' to vote on a 99-page spending bill that would keep the government funded through September, as a March 14 deadline approaches for the latest government shutdown threat.

House Speaker Mike Johnson (R-LA)

The bill largely maintains current spending levels, while an additional $8 billion would be included for defense programs, and $6 billion for veterans' healthcare.

Non-defense spending would drop by approximately $13 billion.

Johnson is setting up the bill for a vote on Tuesday, despite a lack of buy-in from Democrats - essentially daring them to vote against it and risk a shutdown. He's also betting that Republicans will be able to quash inner divisions over spending and force it through.

Trump Asks GOP To Come Together

"The House and Senate have put together, under the circumstances, a very good funding Bill ("CR")!" Trump wrote on Truth Social, aking all Republicans to (Please!) vote yes on it next week.

"I am asking you to give us a few months to get us through to September so we can continue to put the Country's "financial house" in order," the post continues.

"Democrats will do anything they can to shut down our Government, and we can't let that happen. We have to remain UNITED -- NO DISSENT -- Fight for another day when the timing is right. VERY IMPORTANT. MAKE AMERICA GREAT AGAIN."

As Bloomberg notes, unlike previous shutdowns, this one would impact all discretionary spending since none of the 12 appropriations bills have been signed into law.

While key entitlement programs like Social Security, Medicare, and Medicaid would continue making payments, administrative delays could affect new enrollments. With a razor-thin Republican majority in the House and the need for bipartisan cooperation in the Senate, negotiations remain fraught, as both parties clash over budgetary provisions that could make or break a last-minute deal.

The economic consequences of a prolonged shutdown, according to Bloomberg Intelligence, would be immediate yet largely reversible. A month-long halt in government operations could shave 0.4 percentage points off GDP growth in the first quarter, though a rebound is expected once normal spending resumes. While federal workers may face furloughs, unemployment figures would not be affected in March but could rise by 0.5 percentage points in April if the impasse drags on. Inflation would see a temporary uptick because furloughed federal workers’ output wouldn’t be counted, even though they will eventually be paid.

More:

  • Economic Data Collection: The shutdown will delay crucial economic reports like the consumer price index (CPI), unemployment rate, and retail sales data.
  • Federal Agencies: Around 850,000 workers could be furloughed.
  • Impact on the Fed: The Federal Reserve, which operates independently, will continue normal operations, including the scheduled March 18-19 FOMC meeting.

As Bloomberg concludes:

In normal times, avoiding a shutdown would be a big priority – but now, amid the flurry of dramatic steps early in Trump’s term, it’s just one of many competing priorities. It’s not clear if the two sides can find common ground. Only twice before has the government been shuttered when one party controlled the White House, House of Representatives and Senate – and both were during the first Trump administration. Whether a third such episode can be avoided will depend on how the two sides assess the tactical risks of bringing the normal operations of government to a halt.

Meanwhile, US Sovereign Risk suggests people are getting nervous...

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Tyler Durden Sat, 03/08/2025 - 14:00

Iran Rejects New Nuclear Negotiations, Denies Receiving Letter From Trump

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Iran Rejects New Nuclear Negotiations, Denies Receiving Letter From Trump

President Trump announced Friday that the day prior he sent a letter to Iran’s Supreme Leader Ali Khamenei, seeking the reopening of new nuclear negotiations, while floating the potential that longtime sanctions could be dropped.

Tehran has responded by saying it never received a letter, and also by dismissing the possibility of opening new talks, after the US already years ago abandoned the Obama-brokered JCPOA nuclear deal. Lost in the mail?...

Iran FM Abbas Araghchi

Trump recently told US media outlets, "Hopefully we can have a peace deal, I’m not speaking out of strength or weakness. I’m just saying I’d rather see a peace deal, than the other. But, the other, will solve the problem."

However, Iran's Permanent Representative to the UN Amir Saeid Iravani rejected the overture. "Trump says he has sent a letter to Iran. We have not received any such letter," the representative stated.

And Iranian Foreign Minister Abbas Araghchi told AFP on Friday, "If America wants to return to a new nuclear agreement with Iran, naturally it should observe the conditions of a fair and just negotiation, and we have proven that we will not answer the language of pressure and threat but will respond to the language of respect and dignity as we did in the past."

The Iranians also appear to be passing over in silence Trump's not so veiled military threats. For example the president said in a Friday interview with Fox Business’s Maria Bartiromo: "I’ve written them a letter saying I hope you negotiate, because if we have to go in militarily, it’s going to be a terrible thing for them."

The other alternative is you have to do something because Iran can't have a nuclear weapon," he followed with, echoing his prior message warning that Tehran can either sign a deal or potentially get bombed.

The International Atomic Energy Agency (IAEA) has described that the Islamic Republic's current stockpile of 60% enriched uranium - if enriched to 90% - would be enough to produce six nuclear bombs.

Trump has recently brought back 'maximum pressure' on Iran, and has even this week advanced the possibility of cracking down on sanctions-busting Iranian oil exports on the high seas, using naval intervention. Clearly this is part of the big stick package of actions meant to push Tehran to the table.

An earlier Fox News interview in February marked the point at which Trump first laid out that Iran has two choices. "Everybody thinks Israel with our help or our approval will go in and bomb the hell out of them," Trump had said at the time while discussing potential Israeli military action against Tehran.

"I would prefer that not happen. I'd much rather see a deal with Iran where we can do a deal, supervise, check it, inspect it," the president continued.

That's when he made one of the more provocative and threatening comments: "There's two ways to stopping them: With bombs or a written piece of paper," he had previously said. But so far Tehran is viewing talks with the Trump admin as a dead end, and is clearly not moving toward the negotiating table.

Tyler Durden Sat, 03/08/2025 - 13:25

Federal Judge Denies Request To Block DOGE From Accessing Treasury Data

Zero Hedge -

Federal Judge Denies Request To Block DOGE From Accessing Treasury Data

Authored by Tom Ozimek via The Epoch Times,

A federal judge in Washington has refused to block staff from the Department of Government Efficiency (DOGE) from accessing the Treasury Department’s systems that contain millions of Americans’ personal data.

U.S. District Judge Colleen Kollar-Kotelly—who previously restricted DOGE’s work at the Treasury to two employees with read-only access—issued a decision on March 7 that rejects a request from the Alliance for Retired Americans and several employee unions to bar DOGE staff from the Treasury’s Fiscal Service system, which processes roughly 90 percent of federal payments.

In her ruling, Kollar-Kotelly determined that the plaintiffs had failed to establish that allowing DOGE employees access to the system would result in irreparable harm.

“If Plaintiffs could show that Defendants imminently planned to make their private information public or to share that information with individuals outside the federal government with no obligation to maintain its confidentiality, the Court would not hesitate to find a likelihood of irreparable harm,” the judge wrote.

She found no indication of any plans to misuse or improperly disclose sensitive data, and noted that the plaintiffs are free to return to court to seek emergency remedy if these circumstances change.

The decision also lifts Kollar-Kotelly’s earlier access restrictions, which had permitted two DOGE-affiliated individuals to view the Fiscal Service system on a read-only basis.

The Epoch Times has contacted counsel for the plaintiffs with a request for comment on the ruling.

DOGE staff remain barred from the Fiscal Service under a separate order issued by U.S. District Judge Jeannette Vargas in New York.

Vargas, responding to a lawsuit from 19 Democratic attorneys general, partially granted their request to block DOGE personnel from the Treasury’s payment system, citing concerns over insufficient vetting and training.

“Indeed, taking the time to adequately mitigate potential security concerns and properly onboard members to engage in this work outweighs the defendants’ immediate need to access and redevelop [the] Treasury system,” Vargas stated in her 64-page order

“Without addressing these issues, the potential consequences of a cybersecurity breach could be catastrophic.”

Vargas left open the possibility of lifting or modifying her order if the administration certifies that DOGE staff have undergone proper training and obtained necessary security clearances.

She also denied the plaintiffs’ request to impose broader restrictions preventing DOGE from creating processes to stop payments within the Treasury’s systems. Vargas argued that such measures would “far exceed” the scope of the earlier temporary restraining order and that the plaintiffs had not justified the need for such extensive relief against DOGE.

Trump administration officials have defended DOGE’s presence at the Treasury, arguing that DOGE is carrying out measures that will ultimately improve the efficiency of government operations.

Critics say that DOGE’s involvement raises security and oversight issues, particularly given its relatively new and undefined role in federal financial management.

President Donald Trump created DOGE on his first day in office, directing it to explore ways to eliminate wasteful government spending and streamline federal operations.

DOGE staffers have moved quickly and aggressively to audit and pursue reforms across federal agencies, with the advisory body recently reporting $105 billion in savings through canceled grants, asset sales, workforce reductions, and terminated contracts and leases.

A number of lawsuits have been filed to halt DOGE’s operations, leading to a mix of rulings.

Tyler Durden Sat, 03/08/2025 - 12:50

Vandalism And Attacks On Tesla Accelerate As Musk Says ActBlue, Soros To Blame

Zero Hedge -

Vandalism And Attacks On Tesla Accelerate As Musk Says ActBlue, Soros To Blame

The attacks on Tesla dealerships as protests against Elon Musk's recent foray into politics look to accelerating.

Over the last few weeks, there have been countless reports of protests at Tesla showrooms and vandalism to Tesla vehicles and SuperChargers. Just yesterday, another lefitst was caught on video smashing up a Tesla vehicle. 

Meanwhile in Oregon last week, a Tesla store in Tigard, Oregon, was shot up on March 6, marking the third violent attack on the company in the state, following the federal charging of a trans extremist for firebombing and shooting another Tesla location in Salem.

Despite leftist and Antifa calls for violence against Tesla and Elon Musk, Governor Tina Kotek has remained silent, though she previously supported Antifa rioters in 2020.

On X, Musk said Saturday morning that an investigation has linked five ActBlue-funded groups to Tesla protests, with ActBlue—backed by major donors like George Soros and Reid Hoffman—now under scrutiny for alleged illegal foreign donations, prompting the resignation of seven senior officials, including the associate general counsel.

Recall, late last week we pointed out that vehicle owners are being forced to alter the appearance of their cars to try and distance themselves from Musk and the Tesla name.

The Daily News wrote that some owners are using stickers and logos from other brands or displaying messages like “Anti-Elon Tesla Club” to distance themselves from Musk.

Social media posts show altered Teslas resembling Audis, Mazdas, or Hondas, while an EV website reports a surge in sales of Musk-related decals. 

Additionally, there have been a number of reports of vandalism of Tesla property and protests outside of Tesla stores worldwide. 

For example, a woman suspected of attempted arson and repeated vandalism at a Northern Colorado Tesla dealership was arrested last Monday—the fourth such incident in recent weeks. Lucy Grace Nelson was taken into custody after allegedly returning with more incendiary devices and vandalism materials.

Prior incidents occurred on Jan. 29, Feb. 2, and Feb. 7, though details on the materials remain unknown, according to NBC

Molotov cocktails were allegedly thrown at vehicles, and “Nazi cars” was spray-painted on a Tesla dealership. Similar vandalism has occurred elsewhere, including a Cybertruck in California and a Tesla charger in Utah, both defaced with “Nazi” graffiti and swastikas, Yahoo! News added.

Tyler Durden Sat, 03/08/2025 - 12:15

Los Angeles County Sues Southern California Utility Over January Fire

Zero Hedge -

Los Angeles County Sues Southern California Utility Over January Fire

Authored by Kimberly Hayek via The Epoch Times (emphasis ours),

Los Angeles County filed a lawsuit on March 5 against Southern California Edison (SCE) and its parent company, Edison International, alleging the utility’s equipment caused the deadly Eaton Fire that cost the county hundreds of millions of dollars in response efforts and cleanup.

Los Angeles County firefighters direct water onto a burning home as the Eaton Fire moves through the area in Altadena, Calif., on Jan. 8, 2025. Justin Sullivan/Getty Images

The fire began on Jan. 7 and became the second-most destructive and fifth-deadliest wildfire in California history, according to the lawsuit.

It burned more than 14,000 acres, claimed approximately 9,400 structures, and damaged hundreds more. It ravaged the unincorporated town of Altadena, and destroyed county parks, a nature center, trails, and other community infrastructure, according to Los Angeles County.

At least 17 people lost their lives, while several firefighters were injured. The fire also damaged childcare facilities, a senior center, assisted living facilities, schools, churches, a Jewish synagogue, and a mosque. Tens of thousands of residents were displaced.

The plaintiffs in the case are the county, the Los Angeles Flood Control District, and the Los Angeles Consolidated Fire Protection District, also known as the Los Angeles County Fire Department.

The complaint states that witnesses, photos, and videos suggest the fire ignited at an SCE transmission line in Eaton Canyon, near Mount Markham and San Gabriel Peak in the San Gabriel Mountains, within the Angeles National Forest, sparking a fire in the surrounding vegetation. It states that the utility company failed to de-energize its electrical circuits to reduce wildfire risk during a red flag warning.

“The Eaton Fire was not the result of an ‘act of God’ or other force majeure. The Eaton Fire was ignited by sparks from high-voltage transmission lines, distribution lines, appurtenances, and other electrical equipment within EDISON’s utility infrastructure that ignited surrounding vegetation,” the lawsuit states.

SCE notified the California Public Utilities Commission (CPUC) of a fault on its transmission line around the time the fire erupted, according to a March 5 statement from the Office of Los Angeles County Counsel. On Feb. 6, SCE sent a letter to the CPUC acknowledging photographic evidence showing possible arcing and damage to the grounding equipment on two of the three idle conductors at the terminus of the idle Mesa-Sylmar transmission line, according to the office.

EDISON had a duty to properly maintain and operate its electrical infrastructure, including any equipment that has been decommissioned, yet failed to do so,” the complaint reads. “Further, EDISON had a duty to ensure that flammable vegetation surrounding its infrastructure was maintained and had a duty to utilize public safety power shutoffs when weather conditions made it unsafe to keep its equipment energized and to otherwise ensure that its electrical equipment operated in a safe manner but failed to do so.”

County Counsel Dawyn R. Harrison filed the case. Harrison said the costs and losses that are sought include compensation for destroyed infrastructure, recreational areas, parks, road damage, cleanup and recovery efforts, flood and mudslide prevention, and workers’ compensation claims.

We are committed to seeking justice for the Altadena community and the taxpayers of Los Angeles County,” she said in a statement.

The complaint states the county’s costs and damages from the Eaton Fire and its cleanup are still unclear, but it is estimated that the final total will amount to no less than hundreds of millions of dollars.

Brian Leventhal, a spokesperson for SCE, told The Epoch Times that the Eaton Fire remains under investigation and the company will continue with its longstanding commitment to transparency.

“Our hearts are with the communities affected by the wildfires in Southern California,” Leventhal said. “We are reviewing the lawsuit that was recently filed, and we’ll address it through the appropriate legal process. Our investigation is still in the early stages.”

Tyler Durden Sat, 03/08/2025 - 11:40

'We Can't Stop Them' - Thousands Of Ukraine Troops Suddenly Face Encirclement In Russia's Kursk

Zero Hedge -

'We Can't Stop Them' - Thousands Of Ukraine Troops Suddenly Face Encirclement In Russia's Kursk

The fuse has been burning slowly, but Ukrainian President Volodymyr Zelensky's risky August invasion of Russia's Kursk region is about to blow up in his face in spectacular fashion -- as thousands of Ukrainian soldiers are suddenly in imminent peril of being encircled, according to open source intelligence analysts. The crisis comes as Zelensky is under increasing US pressure to reach a negotiated end to the war -- and a loss of captured Russian territory promises to make his already-deteriorated bargaining position even weaker

The Ukrainian-held area of Kursk, shown in blue, is nearly cleaved into two (via DeepStateMAP.live)

According to DeepStateMAP.live, an interactive map of the war run by Ukrainian military bloggers, their country's forces in Kursk are nearly cleaved into two, with roughly three-quarters of Ukraine's forces in Russia almost entirely surrounded on Friday. Their last connection between the two forces was a kilometer long and under 500 meters wide at its thinnest section. 

Black Bird Group military analyst Pasi Paroinen summed up the state of affairs for Reuters

"The situation (for Ukraine in Kursk) is very bad. Now there is not much left until Ukrainian forces will either be encircled or forced to withdraw. And withdrawal would mean running a dangerous gauntlet, where the forces would be constantly threatened by Russian drones and artillery." 

Ukraine's Kursk gambit, which surprised the world, was intended to stall Russia's steady advances in eastern Ukraine, with hopes that Russia would be forced to engage in a major redeployment of forces to deal with the capture of Russian territory. Ukraine's hold on the territory was also seen as a bargaining chip for Zelensky as the war now seems destined for a negotiated end. Not only does that chip appear to be vanishing, Putin could end up with a some new chips of its own -- as Russia may soon have thousands more Ukrainian prisoners of war among its assets.  

In late February, Russia's defense ministry said its forces had regained control of 64% of Kursk territory initially seized by Ukraine. Kiev's cross-border offensive started in early August 2024 and has managed to control dozens of towns and villages and hundreds of square kilometers of territory. That accomplishment has reportedly been aided by thousands of North Korean soldiers, with reports that one to three thousand more were being sent in February. North Korea has denied its soldiers are fighting in the war.  

The New York Times reports that Russia is on the brink of a major victory in Kursk thanks to the coordinated work of North Korean troops and Russian drone units, advancing with the aid of intense Russian artillery and air bombardment. Ukrainian soldiers report an overwhelming concentration of new, fiber-optic drones that are controlled by an ultrathin cable rather than radio signals that are vulnerable to electronic jamming.

In addition to overtaking defensive positions, Russian drones are also being used to prey on the one road that serves to supply Ukrainian forces.

That road is positively littered with destroyed vehicles: 

Some of the bleakest assessments of Ukraine's Kursk position are coming from Ukraine's own officers. “It’s true; we can’t stop them,” a Ukrainian commander tells the Times. “They just sweep us away, advancing in groups of 50 North Koreans while we have only six men on our positions.”

While the situation is sadly desperate for conscripted Ukrainian soldiers ordered into Russia pursuant to Zelensky's gamble, some creative types can't resist lampooning Ukraine's desperate situation: 

All joking aside...Can we finally end this hopeless war, and stop sacrificing Ukrainians and Russians on NATO's altar? 

*  *  *

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Click pic... buy seeds... take food supply into your own hands... Tyler Durden Sat, 03/08/2025 - 11:05

Professors Denounce Trump Border Enforcement Policies As "Ethically Indefensible"

Zero Hedge -

Professors Denounce Trump Border Enforcement Policies As "Ethically Indefensible"

Authored by Jonathan Turley,

For years, the mantra on the left was “reimagining” everything from policing to free speech to defense. 

Reimagining often was a synonym for defunding or limiting the subject matter. Now, Georgetown Law Professor Sherally Munshi and others are attacking border enforcement as “ethically indefensible.” Munshi calls it “defamiliarizing” the whole concept of borders, which she and others in higher education now find morally reprehensible.

Munshi’s talk, “Unsettling the Border,” is an example of how radical many law faculties have become. She is by no means a standout in such theories. While schools have purged their ranks of conservative, libertarian, and dissenting faculty, there is no limit to faculty writing on the far left.

Munshi insists that “there is nothing natural or inevitable about the United States’ contemporary borders.” 

She mocked the whole notion of “the so-called border crisis.” 

Millions of unvetted people just walking over the border is not a crisis… at least not for the country. It is failure in ourselves; “a crisis of imagination.”  

Accordingly, she is calling for reimagining or defamiliarizing borders:

“Our task, as I put it, is to unsettle the border, to defamiliarize, disenchant, and recontextualize it by critically evaluating the historical processes, the legal developments, the discursive formations that naturalize and legitimate the border.”

It is, of course, racist to want to have secure borders:

“Rather than redress the fact that the international border regime is practically unsustainable [and] ethically indefensible, majorities in the whitest and wealthiest nations are embracing an increasingly authoritarian form of nationalism and exclusion.”

Borders, according to Professor Munshi, are just a construct “within the American imaginary, the southern border divides white from indigenous, purity from heterogeneity, civilization from savagery, settler from Indian.”

Of course, this reimagining of borders will have to extend back a tad further than the American founders. The concept of the nation-state with sovereign borders was recognized in documents like the Treaty of Westphalia in 1648. It was credited with maintaining a Westphalian peace with nations able to maintain their own territory and governing systems. That, in turn, allowed nation-states to form international bodies and further stabilize global relations.

I have heard other faculty present papers along these same lines, dismissing the very concept of border enforcement as racist, privileged, or archaic. It is far more rare to hear conservatives on campuses arguing for border enforcement and deportations. It is even less common to find such advocates on both faculties.

In my book “The Indispensable Right: Free Speech in an Age of Rage,” I discuss the intolerance in higher education and surveys showing that many departments no longer have a single Republican as faculties replicate their own views and values.

The problem is not that there are radicals teaching at law schools, but that most faculties seem to run only from the left to the far left.

Perhaps it is time to . . . wait for it . . . reimagine or defamiliarize law school faculty appointments.

Tyler Durden Sat, 03/08/2025 - 10:30

Poland & Baltic Nations Welcome Macron's Words Of Nuclear Escalation Aimed At Russia

Zero Hedge -

Poland & Baltic Nations Welcome Macron's Words Of Nuclear Escalation Aimed At Russia

Poland as well as Baltic nations have expressed approval of Wednesday's ultra-provocative words by French President Emmanuel Macron which floated the idea of using France's nuclear deterrent to protect the European continent from Russian threats.

Macron said he is opening a "strategic debate" on possibly extending France's nuclear umbrella to all of Europe - a role currently played by US nukes stationed in NATO countries. He claimed in the televised address that unless Putin is defeated in Ukraine, he will threaten other European countries with invasion. 

Throughout the more than three-year long Ukraine war the tiny Baltic countries of Estonia, Latvia, and Lithuania have been outsized in their hawkish anti-Moscow rhetoric.

France remains the only nuclear power in the European Union, and it possesses some 290 nuclear warheads - according to media estimates - which is why Russian leaders quickly slammed the Macron comments as "extremely confrontational"

Donald Tusk, NurPhoto/Getty Images

The Kremlin further interpreted the jingoistic words as expressing Macron's intent to continue the war, coming the same week that Trump's Secretary of State Marco Rubio for the first time dubbed the conflict a "proxy war"

Rather than urge caution or telling Macron to tone down the unnecessary nuclear rhetoric, Poland’s Prime Minister Donald Tusk, whose country holds the EU’s rotating presidency, declared that "we must seriously consider this proposal."

He did caution that "as always, the details matter, but France’s willingness in this regard is very significant" - but clearly this is a leader in a NATO 'eastern flank' country, right on Russia's doorstep, encouraging more nuclear expansion.

Lithuania too decided to take the opportunity to signal escalation. Lithuania’s President Gitanas Nausėda praised Macron's proposal as a "very interesting idea."

"We have high expectations because a nuclear umbrella would serve as really very serious deterrence towards Russia," Nausėda said.

Latvian Prime Minister Evika Siliņa chimed in too, characterize it as "an opportunity to discuss" such a major security measure among other European allies. Naturally, there was no mention of WW3 or nuclear Armaggedon.

This week has seen a number of European states come out against peace, fearing what they see as a 'bad' Trump deal in the works with Moscow. Danish PM Mette Frederiksen actually declared earlier this week, "Peace in Ukraine is more dangerous than the ongoing war."

The US President has meanwhile offered more words explaining why he thinks Putin is ready for peace...

But again, Macron and his European allies don't see it that way. The French leader went so far in his Wednesday speech to say"France has to recognize its special status - we have the most efficient, effective army in Europe," affirming that France has nuclear weapons to provide to the broader Western alliance if called upon.

Tyler Durden Sat, 03/08/2025 - 09:55

Italian Govt Slams Judiciary After Ruling Demands Compensation For Illegals

Zero Hedge -

Italian Govt Slams Judiciary After Ruling Demands Compensation For Illegals

Authored by Thomas Brooke via Remix news,

The Italian government has been ordered to compensate a group of migrants who were prevented from disembarking from the Diciotti ship in August 2018, following the directive of then-Interior Minister Matteo Salvini.

The decision was handed down by the Court of Cassation on Friday, which ruled that the government is liable for damages caused by the deprivation of freedom suffered by the migrants. The court referred the case back to the lower court to determine the amount of compensation.

Salvini had been investigated by the Palermo Court for alleged kidnapping in connection with the prolonged detention of migrants aboard the Italian coast guard vessel. The case was transferred to Catania for territorial jurisdiction, where prosecutors dismissed the charges. However, the Court of Ministers overruled this decision and sought Senate authorization to prosecute Salvini, which was ultimately thrown out in December last year.

The judges in their ruling emphasized that the refusal to allow migrants to disembark for 10 days could not be considered a political act beyond judicial review. Instead, they classified it as an administrative action subject to legal scrutiny under both national and international law.

Prime Minister Giorgia Meloni criticized the ruling, arguing that it established a “highly questionable principle of compensation” by presuming damage without concrete proof. She expressed frustration that taxpayer money would be used to compensate individuals who had attempted to enter Italy illegally. Meloni stated that such decisions alienate citizens from institutions, particularly when government resources are already limited.

“As a result of this decision, the government will have to compensate — with the money of honest Italian citizens who pay taxes — people who have attempted to enter Italy illegally, that is, by violating the law of the Italian state,” Meloni said in a post on X.

“I don’t think these are the decisions that citizens bring together the institutions, and I confess that having to spend money for this, when we do not have enough resources to do everything that would be right to do, is very frustrating,” she added.

Deputy Prime Minister Antonio Tajani also opposed the ruling, stating that it undermines the government’s duty to defend national borders. He warned that if all irregular migrants sought similar compensation, it could significantly impact state finances.

Andrea Crippa, deputy secretary of Salvini’s co-governing Lega party, described the decision as “stunning” and insisted that Salvini had committed no crime. Crippa further suggested that left-wing judges should be held accountable instead of the general public.

The Diciotti ship was carrying 190 migrants rescued at sea. Under Salvini’s leadership in the Conte I government, the Italian interior ministry initially refused to grant immediate permission to disembark. However, 29 minors were ultimately allowed to land, followed by another 17 individuals for health reasons. Four women were also given permission but chose to remain on board.

The government eventually allowed the remaining migrants to disembark only after securing agreements for their redistribution across other European countries and Vatican-owned facilities. The decision aligned with the government’s hardline approach to curbing irregular migration and pressuring other EU nations to share the burden of the ongoing migrant crisis on Italy’s southern border.

The Italian judiciary and the current conservative government have long been at war over court rulings in relation to illegal immigration, with Salvini previously accusing certain judges of obstructing law enforcement.

Following his acquittal late last year, the Lega leader and deputy prime minister declared that Italy is “not a safe country anymore” due to what he referred to as “Communist judges” failing to implement the law.

“But we are not giving up!” he declared.

Read more here...

Tyler Durden Sat, 03/08/2025 - 09:20

US Firm Maxar Disables Satellite Photos For Ukraine

Zero Hedge -

US Firm Maxar Disables Satellite Photos For Ukraine

American aerospace firm Maxar Technologies announce Friday it has disabled the ability of the Ukrainian government to access its satellite imagery, in conformity to President Trump's announced suspension of intelligence sharing with Kiev.

"Each customer makes their own decisions on how they use and share that data," Maxar described of its US government contracts. The contract in question which is impacted by the intelligence-sharing suspension is GEGD (the Global Enhanced GEOINT Delivery program).

via Maxar 

The GEGD program provides access to commercial satellite imagery collected by the United States for partner nations and allies. Ukraine has apparently been blocked from further participation for the time being.

"The US government has decided to temporarily suspend Ukrainian accounts in GEGD," the Maxar statement said, referring reporters to the US National Geospatial-Intelligence Agency for any further questions.

"We take our contractual commitments very seriously, and there is no change to other Maxar customer programs," Maxar explained.

The CIA had on Wednesday confirmed blockage of all intelligence-sharing with Ukraine. President Trump on Friday linked any further sharing on Ukraine's willingness to enter peace negotiations with Moscow.

"Ukraine has to get on the ball and get a job done," Trump said, adding that the US is "trying to help" get peace negotiations moving.

But he admitted to reporters at the White House that it's currently more difficult for Washington to deal with Ukraine than with Russia, which has "all the cards" in the war. Watch:

In a fresh report in Le Monde Ukrainian military expert Ievhen Dyky has described that "The total ban on intelligence sharing is effective, both directly from the US to [Ukraine], but it is also a ban on NATO allies transferring data received from the US to us." He specified that the ban "applies to all forms of intelligence."

Reportedly the ability of the Ukrainians to receive targeting information for strikes inside Russia has been taken away as well. There was likely no chance of Moscow coming to the negotiating table so long as this ultra-provocative program was in place.

Tyler Durden Sat, 03/08/2025 - 07:35

NATO: The Case To Get Out Now

Zero Hedge -

NATO: The Case To Get Out Now

Authored by David Stockman via David Stockton’s Contra Corner.

The case for getting out of NATO encompasses four fundamental propositions:

  • First, the Federal budget has become a self-fueling fiscal doomsday machine, even as the Fed has run out of capacity to monetize the skyrocketing public debt.

  • Second, the only viable starting point for fiscal salvation is slashing the nation’s elephantine Warfare State by at least $500 billion per year.

  • Third, the route to that end is a return to the “no entangling alliance” wisdom of the Founders, which means bringing the Empire Home, closing the 750 US bases abroad, scuttling much of the US Navy and Army and withdrawing from NATO and similar lesser commitments elsewhere.

  • Fourthly, jettisoning NATO requires debunking its Origins Story and the false claim that it brought peace and security to post-war America when what it actually did was transform Washington into the War Capital of the World, dominated by a panoptic complex of arms merchants, neocon warmongers and a vast Warfare State nomenklatura. 

Part 1

As to the impending fiscal calamity, just recall this sequence. When Ronald Reagan attacked the soaring Federal deficits in 1980 the public debt was less than $1 trillion and about 30% of GDP. But it had erupted to $20 trillion by Donald Trump’s first election, now stands at $36 trillion and will be hitting $62 trillion and 163% of GDP by the mid-2030s.

Yet even that figure embodies CBO’s most recent Rosy Scenario fairy tale under which—-

  • Congress never again adopts a single new spending increase or tax cut.

  • The $5 trillion of Trump’s 2017 tax cuts are allowed to expire next year.

  • There are no recessions or other economic crises for the remainder of this decade and forever thereafter, world without end.

  • And despite 7% of GDP deficits and annual interest expense of $1.7 trillion by 2034 the average yield on the public debt clocks in at a minuscule 3.4%.

Yes, and if dogs could whistle the world would be a chorus! Boost the average debt yield by a minimally realistic 250 basis points, however, and now you have $3 trillion of annual interest expense and a $4.5 trillion deficit by 2034.

In short, there is a doom-loop building inside the fiscal equation under which soaring interest expense will ignite a veritable budgetary wildfire, powering the public debt upward to $150 trillion by mid-century, even under CBO’s cheerful baseline.

Of course, long before the debt actually hits this staggering figure, the whole system would implode. Every remnant of America as we now know it would go down the tubes.

So slashing the national security budget by $500 billion per year is especially urgent since there is no chance whatsoever of getting similar giant slices out of the other two fiscal biggies— Social Security and Medicare, which are surrounded by a veritable wall of political terrorists on the left.

Fortunately, slashing the Pentagon by 50% is fully warranted. Today’s bloated Empire-serving Warfare State is not remotely necessary for homeland security or the foreign policy of a peaceful Republic.

When you add-up the current year $927 billion for the national defense function, $66 billion for international operations and aid and $370 billion for veterans disability and health care—you get a comprehensive national security budget of nearly $1.4 trillion. 

Moreover, three things stand out when this stupendous total is looked at in historic perspective. First, the disappearance of the heavily armed Soviet Empire into the dustbin of history in 1991 left no visible trace on national security spending.

In fact, at the peak of the Cold War in 1962 when JFK faced down Khrushchev in Cuba the comprehensive national security budget in today’s dollars stood at just $640 billion. That was barely 46% of the current level, and it was still only $810 billion by 1990 on the eve of the Soviet collapse.

So what transpired thereafter is astounding. An adversary armed to the teeth with upwards of 37,000 nukes and a 4 million man conventional armed force vanished from the face of the earth. And yet the national security budget kept rising skyward to the present $1.4 trillion without missing a beat.

The second point is that the largest military increases occurred not in the Cold War heat circa 1960, but during the Reagan era of the 1980s when the Soviet Union was already on its last leg economically and militarily. Still, the constant dollar US national security budget actually soared by +42%, from $570 billion to the aforementioned $810 billion.

There’s no mystery as to why. During the Reagan Era the neocons hijacked the Republican party and cast its historic fiscal prudence to the winds, claiming that massive defense increases were needed because the Soviets were on the verge of a nuclear first strike capacity.

That latter was an abject lie as proven by the fact that less than 10% of the Reagan defense build-up actually went to the strategic nuclear arsenal. Most of it was for conventional forces including the 600-ship Navy, massive air power increases, new tanks, expanded air and sealift and extensive new cruise missiles and electronics warfare capabilities.

All of these latter forces had but one purpose: Namely, overseas power projection and the conduct of wars of invasion and occupation in a world in which the US was not threatened in the slightest by any industrial power with expansive conventional warfare capabilities.

The real effect of the Reagan defense build-up, therefore, was to supply future administrations with the military wherewithal to launch serial adventures in Regime Change. That is, real defense spending should have been cut in half or by $400 billion (FY 2025 $) upon the Soviet demise but was actually increased by $600 billion, thereby enabling military interventions from the First Gulf War onward.

Thirdly, the Forever Wars have been a physical, medical and fiscal disaster. Currently 5 million wounded veterans receive disability compensation and 9 million receive health care benefits. That is, one out of every 30 adult Americans is a VA client.

Accordingly, the “deferred cost” of Empire has literally shot the moon. In today’s dollars, veterans benefits have risen from $57 billion in 1962, mainly representing WWII veterans, to $370 billion. This 6.5X rise represents the frightful human and fiscal tab for the Empire.

Part 2

So, how did a peaceful Republic secure behind the great Atlantic and Pacific Ocean moats, which until 1949 eschewed permanent “entangling alliances” abroad, end up with an global Empire that it doesn’t need and can’t even remotely afford?

The answer, we believe, lies in three strategic mistakes made on the banks of the Potomac in 1917, 1949 and 1991, respectively, that have enabled the rise of a self-fueling Warfare State. This fiscal monster, to repeat, can only be eliminated by returning to Jefferson’s admonition that America should pursue—-

Peace, commerce and honest friendship with all nations, entangling alliances with none.

For most of its history, of course, America had adhered to this advice yet had been invasion-free owing to the great Atlantic and Pacific ocean moats. These blessings of Providence, in turn, enabled America to remain a peaceful Republic because its favorable geography precluded the need for a large standing military, heavy taxes, a powerful central government and, most especially, the need for entangling alliances with foreign nations.

In fact, an early treaty with France was canceled by Congress in 1797, meaning that the nation was free of permanent alliances for the next 152 years. Even as late as 1919 Congress prudently rejected the entanglements of the League of Nations Treaty after Wilson’s foolish crusade blatantly failed to make the world safe for democracy.

The inexorable slide toward Empire thus incepted only in 1949 when the Senate ratified the NATO Treaty. But, as we will argue, that was based on utterly false lessons from the world wars and a misguided theory of collective international security.

To be sure, Jefferson’s admonition had preiviously been the default position of American governance. This was demonstrated by the radical demobilization of military forces even after America had uncharacteristically elected to go to war on the world stage in both 1917 and 1941.

Thus, the US military budget on the eve of World War I was just $11 billion when expressed in present day dollars and amounted to a slim 0.9% of GDP. But after Wilson plunged American forces into the stalemated trenches on the Western Front, constant dollar military spending soared 18-fold to $194 billion by war’s end.

That amounted to nearly 15% of GDP at the wartime peak but immediately upon the armistice a sweeping demobilization began. By 1924, 100% of the troops were home and military spending bottomed out at just $12 billion. That amounted to a 93% reduction from the wartime peak and just 0.8% of GDP.

The pre-war status quo ante had thus been fully restored, implying that the lurch into a foreign war had amounted to a one-off venture, and a bad one at that.

Indeed, US intervention in the Great War had been a calamitous mistake. On the date Congress declared war (April 6, 1917) there was not even the slightest chance of a German attack on America. By then the German Fleet was quarantined in its Jutland home-port by the Royal Navy and all sides to the conflict were running out of draftable men, materiale, morale and fiscal resources.

Yet that Woodrow Wilson had plunged the US into the stalemated carnage of the old world for the vainglorious purpose of acquiring a powerful seat at the post–war peace conference is indisputable based on the testimony of his intimate alter ego, Colonel House. So doing, Wilson tipped the balance on the Western Front to a victory by the Entente powers led by England and France.

That is to say, the natural end to this pointless “world war” would have left all the sides exhausted, bankrupt and demoralized, and their respective domestic “war parties” subject to massive repudiation at the post-war polls. But the arrival of two million fresh American doughboys and massive armaments from Washington literally rechanneled history, enabling a vindictive peace of the victors at Versailles—a travesty that sowed the seeds for the even more calamitous second world war.

Yet it can’t be gainsaid that Wilson’s foolish intervention encouraged a last futile offensive by Russia in the summer of 1917, the failure of which soon gave birth to the bloody revolution of Lenin and Stalin. Likewise, the parceling out of the parts and pieces of Germany to France, Poland, Czechoslovakia, Belgium and others by the victors at Versailles fostered the stab-in-the-back myth and revanchist campaigns on which Hitler rode to power.

More importantly still, the alleged “lessons” of the interwar period and WWII were falsely played and replayed in the years after 1945. To wit, the Wilson–enabled rise of Hitler and Stalin did not happen, as claimed, because the good people of England and America slept through the 1920s and 1930s. These monsters of the 20th century were not resident in the DNA of nations nor do they continuously lurk among the lesser tinpots who rise from time to time to authoritarian tyranny among the far flung nations of the earth.

To the contrary, they were aberrations—freaks of historical happenstance. That means that even after the two catastrophic world wars there was no baseline case for Empire as a requisite of America’s homeland security. Washington and Jefferson were still correct even in 1946 and beyond.

For a brief moment after WWII ended, in fact, Jefferson’s admonition had prevailed yet again when another massive post-war demobilization occurred, laying the ground for a return to the pre–1914 status quo ante.

Accordingly, the war-weary Washington policy makers were absolutely correct when they brought America’s 12 million-man expeditionary force home, reducing it to 1.3 million by 1948, and also abruptly closed the fiscal sluice-gates to what had become America’s Brobdingnagian war budget.

When translated into present day dollars there’s no room for doubt: Military spending in FY 2025 dollars dropped form $1.7 trillion in 1945 to just $125 billion by 1948, marking another stunning 93% reduction in the post-war military budget.

And well it should have. At that point there was absolutely no military threat anywhere on the planet to the homeland security and liberty of America.

Japan’s leading cities had been fried alive by horrendous nuclear and conventional bombing assaults and Germany’s industry had been laid waste by nightly bomber storms for months on end

That’s to say nothing, of course, of the prostate corpus of Stalinist Russia, which had suffered 27 million military and civilian deaths due to bombs, bullets, starvation, disease, pestilence, atrocities and other barely imaginable inhuman afflictions. And that was atop the destruction of 32,000 industrial enterprises and upwards of 70,000 towns and villages—all leaving tens of millions of Soviet citizens destitute.

In some kind of ghoulish absolution, therefore, the slate had been wiped clean. There wasn’t even a scant reason for American expeditionary forces to remain outside the homeland after 1945—nor for bases, alliances and commitments to intervene anywhere abroad that would put American servicemen in harms’ way.

Part 3

And yet Washington’s incipient “War Party” of military contractors and globe-trotting officialdom gestated in the heat of World War II was not about to go quietly into the good night. Instead, the Cold War was midwifed on the banks of the Potomac when President Truman fell under the spell of war-hawks like Secretary James Byrnes, Dean Acheson, James Forrestal and the Dulles brothers, who were loath to go back to their mundane lives as civilian bankers, politicians or peacetime diplomats.

So exactly 11 months after Hitlers’ demise at his own hand in his bunker and a mere eight months after Armageddon had been visited upon Hiroshima and Nagasaki, the out-of-power but inveterate war-mongering Winston Churchill delivered his “Iron Curtain” speech in Fulton Missouri.

That opening call to the Cold War was powerfully seconded barely 10 months latter when the US president delivered his “Truman Doctrine” speech to the Congress. That latter was a belligerent oration which laid the planking for the post-1947 web of entangling alliances and the budget-crushing American Empire it fostered.

It can be well and truly said, however, that the ruckus in Greece and Turkey caused by local communist parties, which was the basis for Truman’s declaration, didn’t amount to a hill-of-beans with respect to the homeland security of America.

Yes, Stalin wanted a port on the Turkish Dardanelles, as had all the Russian Czars for generations before him. But so what?

Likewise, after a decade of brutal political and economic oppression by both a homegrown dictatorship and the Nazi occupiers, the Greek people were seeking more relief than could be delivered by the sickly  King George II. So they were understandably lured by the false promises of the communist left.

But, again, so what?

The population of Greece at the time was a mere 7.3 million and even in today’s dollars its GDP was just $50 billion and $7,000 per capita, meaning that Greece was a museum piece of western history that had dwindled to an economic cipher. Had the local communist party come to power that misfortune for the Greek people would have had no bearing on America’s homeland security 5,000 miles away on the far side of the Atlantic moat.

As it happened, the author of the Truman Doctrine was Undersecretary of State Dean Acheson, who was a pompous Yale-trained international lawyer from Washington’s elite Covington & Burling. He’d had been a New Dealer during the early 1930s. but then came back to the State Department in 1941, where he had designed the American/British/Dutch embargo against Japan.

In thereby paving the way to Pearl Harbor he actually became the “trigger man” for America’s entry into World War II by unilaterally shutting-off 100% of Japan’s oil while FDR was away meeting with Churchill at the famous “Atlantic Charter” confab in Newfoundland in August 1941.

Acheson was also an inveterate anglophile who apparently suffered from “empire-envy”. He thus imagined that America should step into Great Britain’s imperial shoes when it emerged economically crippled from WWII and could no longer provide aid to Greece and Turkey.

So upon such advice from the Brits in February 1947, Acheson had sprung into action. In a pivotal meeting shortly thereafter with Congressional leaders, Acheson articulated what would later become known as the “domino theory.”

He stated that more was at stake than Greece and Turkey, for if they should fall communism would likely spread south to Iran and as far east as India. Acheson reportedly concluded that “not since the days of Rome and Carthage” had such a polarization of power existed.

That was utter poppycock. Should the people of Iran and India have made the stupid mistake of voting in their small but noisy communist parties, it would have posed no material threat whatsoever to the military security of Americans.

The Greek-Turkey aid gambit of March 1947, of course, was just the opening salvo. Soon the baleful idea that communist political gains anywhere in democratic Europe were to be viewed as cause for national security alarums gathered momentum on the banks of the Potomac.

Consequently, the modest aid to Greece and Turkey quickly ballooned into the Marshall plan announced in June 1947. Again, in today’s dollars the Marshall plan provided upwards of $175 billion to Western European countries between 1948 and 1951.

Needless to say, by virtue of doling out such tremendous sums of money Washington was soon knee-deep in the domestic politics, economics and inter-country intrigues of post-war Europe.

But why? There was not a snowballs’ chance in the hot place that a communist France or red Luxembourg would have been a military threat to the US. Or even that in league with Soviet Russia they would have posed a conventional military challenge on the New Jersey shores 4,000 miles to the further side of the Atlantic moat.

Indeed, the US had left WWII with the greatest assemblage of naval power in human history—including 28 aircraft carriers, 23 battleships, 72 cruisers, 377 destroyers, and hundreds of auxiliary vessels. Altogether this amounted to 10 million tons of naval vessel capacity or more than six times the 1.5 million tons of the Soviet Navy, whose fleets consisted of far fewer and far less lethal warships.

Needless to say, therefore, neither the Truman Doctrine nor the Marshall plan advanced America’s military security in any material manner. The requisite muscle to defend the American shorelines and airspace had already been bought and paid for during WWII.

But these politico-economic programs did grease the slippery slope to NATO and entangling alliances and interventions stretching to all four corners of the planet. And they did most definitely set off alarm bells in the Kremlin, where the hyper-paranoid Joseph Stalin everywhere and always expected treachery from friend and foe alike.

That was a given—considering the blood-soaked path by which he had climbed to absolute power in the Soviet Union itself and the treachery of Hitler’s double-cross after the Molotov-Ribbentrop Pact of August 1939 and the subsequent devastating invasion of Russia by the Nazi.

So it is not surprising that Stalin soon suspected that his wartime allies—especially with FDR and Churchill gone—were laying the groundwork for the isolation and encirclement of Soviet Russia, exactly as the allied powers had attempted after WWI.

To be sure, Stalin was among the most wretched rulers ever to oppress a decent-sized chunk of mankind, and would have remained a blight on his own countrymen and ogre before the world during the remaining six years of his despicable life. But he was no threat to the American homeland as the now open archives of the old Soviet Union prove in spades.

These documents, in fact, amount to the national security dog which didn’t bark. Dig, scour, search and forage thru them as you might. Yet they will fail to reveal any Soviet plan or capability to militarily conquer western Europe.

They show, therefore, that Washington’s standing up of NATO was a giant historical mistake. It was not needed to contain Soviet military aggression, but it did foster a half-century of hegemonic folly in Washington and a fiscally crushing Warfare State.

It is in the nature of human history, it seems, that a wrong path taken like Wilson’s 1917 error frequently begets another baleful turn. The slippery slope here had further materialized when Britain and America had needed to ally with the vile red tyrants of Moscow to rid the world of the Hitlerian nightmare that rose up from the ashes of Versailles.

Indeed, this wartime alliance with the devil seemed so urgent to both Churchill and FDR that they more or less ceded the nations of eastern Europe to the then advancing Red Army at the Yalta Conference in February 1945.

In return for Stalin’s continued march toward Berlin, the Big Three principals reached an understanding that the Soviet Union would exert significant influence over Eastern Europe from Poland down to Yugoslavia.

Of course, free elections and democratic governments were to arise in areas occupied by the Red Army, but neither Churchill nor FDR provided any enforcement mechanism. It was a case of saying Eastern Europe is in your sphere of influence, Uncle Joe—by wink from the cynical Churchill and by nod from the doddering Roosevelt.

For his part, of course, Stalin was then in the business of rescuing his bloody regime from the near extinction event that had accompanied the Nazi invasion. His aim, therefore, was not about the ideological project of extending communism westward.

Instead, it was focused on driving the remnants of the Wehrmacht from his own country and establishing an invincible “cordon sanitaire” from the Baltic to the Adriatic, as Churchill himself later charged. Never again would marauding armies from Europe plunder the Russian motherland.

Needless to say, the arrival of the Truman Doctrine, the Marshall Plan and NATO— within 25 months between March 1947 and April 1949–sent Stalin’s wartime understandings into a tailspin. Slowly at first and then aggressively he developed a paranoid certainty that his capitalist allies were once again in the business of attempting to encircle and destroy the Soviet Union.

This Soviet departure from the cooperative modus operandi of the wartime alliance thus arose from yet another unforced error in Washington. We are referring to the latter’s badly misplaced fears that deteriorating economic conditions in Western Europe could lead to the aforementioned communist parties coming to political power in France, Italy and elsewhere.

To be sure, communist governments in Western Europe would have been a misfortune for any electorate which stupidly put them in power. But that would have been a domestic governance problem over there, not a threat to the American homeland over here.

Nevertheless, Washington’s gratuitous antidote for what was essentially an internal political problem in western Europe was a sweeping course of economic and military interventions that were clinically described as “containment” measures designed only to keep the Soviet Union in its Yalta lane.

They were not meant to be the prelude to an attack on eastern Europe or Moscow itself, but if you examine a thousand random documents from the archives of the Soviet foreign ministry or even the correspondence of Stalin himself it is readily apparent that these initiatives were viewed in Moscow as anything but a polite message to stay in lane.

To the contrary, they were seen on the Soviet side as an incipient assault on the Soviet sphere of influence in eastern Europe that Stalin believed he had won on the blood-soaked battlefields against the Nazi.

To be sure, writing off this string of what came to be called “captive nations” would have amounted to an embrace of realpolitik that would have made moralists and anti-communist ideologues bristle. But abandonment of Eastern Europe per the Yalta zones of influence scheme was exactly what became Washington’s de facto policy until the very end of the Cold War in 1991, anyway.

That is to say, the uprisings against the Soviet hegemon in Hungary in 1956, Czechoslovakia in 1968 and Poland in 1981 generated no response from the West beyond empty speeches and hortatory resolutions from western parliaments. The whole policy of “containment”, therefore, was actually just a large-scale effort by Washington to steer European politics away from the communist Left.

But why in the hell was thwarting the foolishness of communism in Europe America’s business at all?

That is, NATO was essentially an instrument of political control on the European side of the Atlantic, not a military shield that added any incremental security for the citizens domiciled on the North American side of the pond.

So the question recurs as to exactly why was America’s fully warranted post-war demobilization reversed after 1947 for no good reason of homeland military security?

Part of the answer is embedded in the popular Keynesian theorem which held that post-war demobilization would result in a devastating collapse of so-called “aggregate demand” and a resulting spiral into depression unless treated with aggressive counter-cyclical fiscal stabilization measures.

Since most of post-war Europe was fiscally incapacitated, economic aid proffered by Washington through the Marshall plan, therefore, amounted to a surrogate form of Keynesian stabilization against a depressionary relapse.

Needless to say, the hive mind on the Potomac had it all wrong, and the evidence was right in its own backyard.

During the very first year of demobilization the US private sector economy came bounding out of the starting gates after being freed from wartime controls. Real private GDP grew by nearly 27% in 1946 over prior year and never looked back, expanding by 50% through 1950.

And it did so with no fiscal stabilization help from Washington, which was blocked by a Republican Congress, even as the American economy never came close to tumbling into the feared Keynesian abyss.

That the prevailing Keynesian theorem was just plain wrong was also well illustrated by the contemporaneous economic rebound in the western zone of Germany. The latter’s economy took off well before the Marshall Plan aid made any substantial impact owing to Ludwig Erhard’s famous turn to currency reform and free market policies.

In short, Washington’s Soviet “containment” policies were unnecessary as a matter of America’s homeland military security. Yet based on fuzzy thinking about economics and the taste for international power politics that had been acquired by Washington’s ruling class during WWII the US stumbled into the very entangling alliances that Washington and Jefferson had forsworn.

Part 4

The Soviet Union’s acquisition of the A-bomb in 1949 did not change the equation or gainsay the case that the entanglements of the Marshall Plan and NATO were a mistake. Crucially, neither did it create a military requirement for US air bases in Europe or alliances with European countries.

Instead, home territories and the open oceans and skies turned out to be more than adequate for basing the nuclear arsenals of both sides.

Indeed, once both sides had the A-bomb the age of nuclear deterrence or MAD (mutual assured destruction) commenced. Notwithstanding the fringe views of the likes of Herman Khan, nuclear war was soon deemed to be unwinnable and the focus shifted to the ability to reliably deliver a devastating second strike in response to a potential nuclear provocation.

This “assured” destruction was itself the defense against nuclear attack. But to be an effective deterrent the opposing side had to believe that its opponent’s ability to deliver was operationally full-proof and highly certain to happen.

In this respect, during the strategic bomber age of the 1950s the US established such deterrence early on—with the introduction of the Boeing B-52 in 1955 removing any doubt.

The B-52 had a range of nearly 9,000 miles without aerial refueling, even as it carried a payload of A-bombs far heavier than any previous aircraft, was powered by far more reliable engines and could attain altitudes beyond the reach of Soviet interdiction.

As it happened, the Soviets were late to the strategic bomber game, even after they detonated a serviceable nuke in August 1949. At the time and for several years to follow the Soviets relied upon a reverse-engineered copy of America’s earlier, far less capable B-29 to deliver their A-bombs. Soviet bombers thus faced significant range and payload capacity challenges, which made it difficult to deliver a meaningful number of nukes to the U.S. without risking detection and interception.

The Soviets soon learned the deterrence game, however, when they were the first to demonstrate a successful ICBM in mid-1957. Yet not withstanding the vaunted “missile gap” charge by JFK during the 1960 campaign, the Soviet Union had only deployed four ICBMs by 196o.

The United States’ own first successful ICBM tests didn’t occur until October 1959. But by the end of the following year it had deployed approximately 20 Atlas ICBMs, which figure grew to 129 ICBMs by the peak of the liquid fueled rocket era in 1962. The missile gap, alas, was massively in the US’ favor.

As the 1960s unfolded, both sides developed far larger numbers of more powerful, reliable and securely-protected, solid-fuel ICBMs, but neither the logic nor logistics of nuclear deterrence ever changed. To wit, the core national security policy of both sides remained based on the certainty of a devastating second strike retaliation against the cities and industries of a foe, delivered by ICBMs securely based in hardened underground silos in their home territories.

As technology evolved the same logic was extended to submarine based missiles, which were not only hidden even more securely in the deep ocean bottoms, but also required no allied partners to operate.

In short, by the time the Cold War reached it peak in the mid-1960s, two thing had been established. First, strategic nuclear deterrence was the heart of national security for both sides and was operated unilaterally from bases in the home country of each. In America’s case, therefore, the technological advances of the 20th century in no way negated the wisdom of the Founders’ 18th century admonition to eschew entangling alliances.

Secondly, throughout the entirety of the Cold War the Soviet Union never presented a meaningful threat of conventional military attack on the USA.

In fact, even at its military peak in the 1980s the Soviet Navy had but a single Nimitz class aircraft carrier, the Admiral Kuznetsov, and only a handful of amphibious ships and troop transports capable of reaching America. This rudimentary sealift capacity would have faced, in any event, insuperable challenges landing troops on the New Jersey coast owing to lack of air cover, antisubmarine protection and sufficient refueling logistics.

Thus, even in the second half of the 20th century, NATO was not any kind of militarily necessary defense asset for the US.

To the contrary, from the very get-go NATO was a make-work project for the State Department and foreign affairs officialdom including wartime spooks who were out of business after August 1945; and, at length, it became a taxpayer-funded marketing organization for the US military-industrial complex and its congressional pork barrel champions.

NATO was thus not about homeland military security but was actually a globalist project of international politics that eventually transformed Washington into a menace and the War Capital of the World. Accordingly, NATO and the whole string of entangling alliances it begat elsewhere on the planet, functioned to actually diminish America’s homeland security, even as it added mightily to its fiscal cost.

That’s because the nearly 300,000 US servicemen remaining in Europe during the Cold War and the scores of bases and facilities which supported them were stationed there as “trip wires”.

Their purpose was to bring the US to the fight immediately upon a Soviet incursion in western Europe. While the latter was an exceedingly low-probability contingency, it should have been addressed, in any case, by Europe’s own military capabilities from its own fiscal resources. After all these years, Donald Trump is absolutely correct on that matter.

As the great Senator Robert Taft held at the time, the modest threat to homeland security presented by the war-ravaged corpus of the Soviet Union and the collectivist disaster imposed on China by Mao could have been readily handled with a invincible nuclear deterrent and fortress defense of America’s airspace and shorelines. As he said in his speech against ratification of the NATO Treaty,

… If we undertake to arm all the nations around Russia from Norway on the north to Turkey on the south, and Russia sees itself ringed about gradually by so-called defensive arms from Norway and Denmark to Turkey and Greece, it may form a different opinion…. how would we feel if Russia undertook to arm a country on our border; Mexico, for instance?

For want of doubt, just consider that every single war fought after the 1949 NATO Treaty ratification was unecessary and a blatant waste of American treasure and blood—to say nothing of the millions of foreigners who have been killed and maimed by these military operations.

That is to say, how in the world was America’s homeland security enhanced by the pointless bloodbath on the Korean peninsula just one year after NATO’s birth? Had China and the regime in Pyongyang prevailed would Seoul today actually look that much different than Shanghai or would it matter?

Likewise, what was accomplished by the overthrow of Mossadegh in Iran in 1953? Since that paved the way for restoration of the brutal thievery of the Shah and the even more benighted rule of the mullahs who replaced him, exactly what was the point? Denying the Soviets a Persian Gulf port for a blue water Navy that it never actually had?

Soon came the 1954 partition of Vietnam, its own civil war and an utterly heinous Washington intervention that brought death to 58,000 American soldiers along with 300,000 wounded and 75,000 severely disabled for life. And that’s to say nothing of 3.4 million Vietnamese—60% of whom were civilians—whose lives were snuffed out and for what?

Well, apparently so that this “domino” would not fall into the laps of the Chicoms, which were allegedly doing the bidding of the Kremlin? Yet what in the world did this slaughter contribute to America’s homeland security then, and most especially now?

After all, three decades after the Soviets passed into the dustbin of history and 52 years after Nixon went to Beijing and was feted by Mao, Vietnam remains an “unfallen” domino. Rather than being under the thumb of Beijing, in fact, the red capitalists of Vietnam are now exporting even cheaper shoes and shirts to America, thereby taking away market share on Walmart shelves from the red capitalists of China.

Indeed, in the light of history all of the Forever Wars and interventions that flowed from the Empire which was built upon the false foundation of NATO were not just pointless; they were tantamount to criminal undertakings—given their historical pointlessness.

And yet and yet. The list of interventions goes on and on—almost always on the grounds that these disasters are necessary to support local “allies” or bolster regional stability—with the middle east iterations of this canard being especially loathsome.

The first Gulf War, for instance, amounted to a spat between Saddam Hussein and the Emir of Kuwait over directional drilling in the Rumaila oilfield that straddled their border. But so frickin’ what!

There is not the slightest case that this intervention on behalf of a purported “ally” in Kuwait that we didn’t need in the first place had any benefit to the homeland security of America. It simply provided occasion for a CNN reality TV show about tank battles in the desert.

The same can be said of the shock and awe campaign a decade later that finally suspended Saddam from the end of a rope—only to open Iraq to anti-American chaos led by the dominant vengeance-seeking Shiite population. Ditto for Libya, Syria, Somalia, Afghanistan, Yemen, Lebanon—all victims of Washington conducted or supplied military assaults that had absolutely nothing to do with the military defense of the North American continent.

Indeed, the interventions box-score since Washington abandoned the Founders’ wisdom regarding foreign entanglements is approximately 0 wins, 12 losses.  Every single one of these significant interventions in behalf of entangling alliances and Washington’s global Empire have been a failure.

Part 5

That surely has profound implications. It must perforce mean that the predicate on which they were based was deeply flawed.

In fact, the case for a true America First policy—that is, returning to the pre-1948 status quo ante and a proper Fortress America military posture—has powerfully strengthened during the last three decades.

That’s because in the world of 2025 the only theoretical military threat to America’s homeland security is the possibility of nuclear attack or blackmail in the form of a First Strike capacity so overwhelming, lethal and effective that an adversary could simply call out checkmate and demand Washington’s surrender.

Fortunately, there is no nation on earth that has anything close to the Nuclear First Strike force that would be needed to totally overwhelm America’s triad nuclear deterrent and thereby avoid a retaliatory annihilation of its own country and people if it attempted to strike first.

After all, the US has 3,700 active nuclear warheads, of which about 1,800 are operational at any point in time. In turn, these are spread under the seven seas, in hardened silos and among a fleet of 66 strategic bombers—all beyond the detection or reach of any other nuclear power.

For instance, the Ohio class nuclear submarines each have 20 missile tubes, with each missile carrying an average of four-to-five warheads. That’s 90 independently targetable warheads per boat. At any given time 12 of the 14 Ohio class nuclear subs are actively deployed, and spread around the oceans of the planet within a firing range of 4,000 miles.

So at the point of attack that’s 1,080 deep-sea nuclear warheads cruising along the ocean bottoms that would need to be identified, located and neutralized before any would be nuclear attacker or blackmailer even gets started. Even Russia’s vaunted hypersonic missiles couldn’t find and take out by surprise the US sea-based deterrent.

And then there are the roughly 300 nukes aboard the 66 strategic bombers, which also are not sitting on a single airfield Pearl Harbor style waiting to be obliterated either, but are constantly rotating in the air and on the move.

Likewise, the 400 Minutemen III missiles are spread out in extremely hardened silos deep underground across a broad swath of the upper Midwest. Each missile currently carries one nuclear warhead in compliance with the Start Treaty but could be MIRV’d in response to a severe threat, creating upwards of a thousand more retaliatory warheads.

Needless to say, there is no way that America’s nuclear deterrent can be neutralized by a blackmailer. And that gets us to the heart of the case for drastically downsizing America’s military muscle. To wit, according to the most recent CBO estimates the nuclear triad will cost only about $75 billion per year to maintain over the next decade, including allowances for periodic weapons upgrades.

That’s right. The core component of America’s military security requires only 7% of today’s massive military budget. Moreover, the sea-based ballistic missile force is estimated to cost just $188 billion over the entire next decade or only 1.9% of the $10 trillion CBO defense baseline.

So after setting aside $75 billion per year for the strategic nuclear triad, how much of the remaining $900 billion+ DOD budget would needed in a post-NATO world shorn of America’s entangling alliances, foreign bases and foolish overseas commitments—such as the utter folly of decreeing which Chinese political faction is permitted to rule Taiwan.

And please don’t say because semiconductors. Beijing actually practices the reverse of Lenin’s aphorism. That is to say, to keep their subjects fat and happy Beijing’s rulers will sell us shirts, shoes, solar panels, semiconductors and even the rope to hang them with if they should ever foolishly attack the American homeland.

So the question recurs: In addition to an invincible nuclear deterrent what would be the cost of a conventional Fortress America defense of the continental shorelines and airspace?

The starting point is that a conventional invasion by an adversary would require a massive military armada many times the size of current US forces, huge air and sealift resources and humongous supply lines and logistics capacities.

You also need an initial GDP of say $50 trillion to sustain what would be the most colossal mobilization of weaponry and materiale in human history. And that’s to say nothing of needing to be ruled by suicidal leaders willing to risk the nuclear destruction of their own countries in order to accomplish, what? Occupy Denver?

Obviously, no nation has the GDP or military heft to successful execute an invasion of the American homeland. Russia’s GDP is a scant $2 trillion, not the $50 trillion that would needed for it to put invasionary forces on the New Jersey shores. And its ordinary defense budget apart from the SMO is $75 billion, which amounts to about four weeks of waste in the Pentagon’s $950 billion monster.

As for China, it doesn’t have the sustainable economic heft to even think about landing on the California shores because it has accumulated in excess of $50 trillion of debt in barely two decades!

Rather than growing organically in the historic capitalist mode, it printed, borrowed, spent and built like there was no tomorrow. The resulting simulacrum of prosperity would not last six months if China’s $3.6 trillion global export market—-the source of the hard cash that keeps its Ponzi upright—were to crash, which is exactly what would happen if it tried to invade America.

Indeed, when it comes to the threat of a conventional military invasion the vast Atlantic and Pacific moats are even greater barriers to foreign military assault in the 21st century than they so successfully proved to be in the 19th century. That’s because today’s advanced surveillance technology and anti-ship missiles would consign an enemy naval armada to Davy Jones’ Locker nearly as soon as it steamed out of its own territorial waters. With today’s military technologies there can be no Pearl Harbor redux.

Indeed, America’s ostensible “enemies” actually have no invasionary capacity at all. Russia has only one aircraft carrier—the aforementioned 1980s era relic which has been in dry-dock for repairs since 2017 and is equipped with neither a phalanx of escort ships and suite of attack and fighter aircraft nor even an active crew.

Likewise, China has just three aircraft carriers—two of which are refurbished rust buckets purchased from the remnants of the old Soviet Union (actually Ukraine!).

In short, neither China nor Russia will be steaming their tiny 3 and 1 carrier battle groups toward the US shores any time soon. An invasionary force that had any chance at all of surviving dense flocks of US cruise missiles, drones, jet fighters, attack submarines and electronics warfare, we’d dare say, need to be 100X larger.

Again, there is also no GDP in the world—$2 trillion for Russia or $18 trillion for China—that is even remotely close in size to the $50 trillion, or even $100 trillion, that would be needed to support such an invasionary force without capsizing the adversary’s home economy.

Still, Washington maintains a globe-spanning conventional war-fighting capability driven by NATO and other foreign entanglements fully one-third of a century after the Soviet Empire collapsed and China went the Red Capitalist route of deep global economic integration.

We are referring, of course, to the 173,000 US troops in 159 countries and the network of 750 bases in 80 countries. This includes —

  • 19 bases and nearly 34,000 troops in Germany.

  • 44 bases and 12,250 troops in Italy.

  • 120 bases and 53,700 troops in Japan.

  • 73 bases and 26,400 troops in South Korea

All told, Washington equips, trains and deploys an armed force of 2.86 million not for purposes of homeland defense but overwhelmingly for missions of overseas offense, invasion and occupation all over the planet. So if Washington withdrew from NATO and its clones, conventional military requirements would shrink drastically.

For instance, a post-NATO military posture would eliminate most of the nearly one-million man standing US Army. The latter would have no uses abroad because there would be no cause for wars of foreign invasion and occupation, while the odds of any foreign battalions and divisions reaching America for hand-to-hand combat with the US Army in, say North Carolina, are virtually non-existent.

With a proper coastline garrison of missiles, attack submarines and jet fighters any invading army would become shark bait long before it saw the shores of California or New Jersey.

Yet the 462,000 active-duty army soldiers at $112,000 per year each have an annual budget cost of $55 billion, while the 506,000 army reserve costs upwards of $16 billion. And on top of this force structure, of course, you have $77 billion for operations and maintenance and $53 billion for procurement, RDT&E and everything else (based on the FY 2025 budget request).

In all, the current Army budget totals nearly $200 billion, and virtually all of that massive expenditure–nearly 3X the total defense budget of Russia—is deployed in the service of NATO and Empire, not homeland defense. It could readily be cut by 70% or $140 billion.

Likewise, the US Navy and Marine Corps spends $59 billion annually on 515,000 active-duty forces and  88,000 reserves. Yet if you look at the core requirements of a Fortress America defense posture, these forces and expenses are way over the top, as well.

By core missions were refer to the Navy component of the strategic nuclear triad and the Navy’s large force of attack and cruise missile submarines. As it happens, the direct manpower requirements for the 14 Ohio-class Strategic Nuclear Subs is about is about 10,000 military personal when Admirals, overhead, support and woke compliance is included (or not).

Likewise, the 50 or so attack and cruise missile subs have two crews of 132 officers and enlisted men for each boat, for a direct requirement of 13,000 and an overall total of 20,000 including Admirals and overhead.

In short, the core Navy missions of a Fortress America defense involve about 30,000 servicemen or less than 6% of the current active-duty force of the Navy/Marine Corps.

On the other hand, the totally unnecessary carrier battle groups, which operate exclusively in the service of Empire, have crews of 8,000 each when you count the escort ships and suites of aircraft, meaning that the 11 carrier battle groups and their infrastructure require 88,000 direct military personnel and 140,000 overall when you include the usual support and overhead.

Finally, the active-duty force of the Marine Corps is 175,000, and that’s entirely an instrument of invasion and occupation. It’s totally unnecessary for a homeland defense because the latter encompasses neither the halls of Montezuma nor the shores of Tripoli.

In short, fully 315,000 or 60% of the current active-duty force of the Navy/Marine Corps functions in the service of Empire. So, if you redefine the Navy’s missions to focus on strategic nuclear deterrence and coastal defense, it is evident that more than half of the Navy’s force structure is unnecessary muscle.

Instead, it functions in the service of global power projection, policing of the sea-lanes from the Red Sea to the East China Sea and platforming for wars of invasion and occupation.

Overall, the current Navy/Marine Corps budget stands at about $236 billion when you include $59 billion for military personnel, $81 billion for O&M, and $97 billion for procurement, RDT&E and others. A $96 billion or 40% cut, therefore, would still leave $140 billion for the core missions of a Fortress America defense.

Among the services, the $246 billion contained in the Air Force budget is considerably more heavily oriented to a post-NATO Fortress America versus Empire-based national security posture. Both the Minuteman land-based leg of the strategic triad and the strategic bomber forces are funded in this section of the defense budget.

And while a significant fraction of the budget for the manning, operations and procurement of conventional aircraft and missile forces is currently devoted to overseas missions, only the airlift and foreign base component of those outlays inherently function in the service of Empire.

Under a post-NATO Fortress America defense, therefore, a substantial part of the conventional air power, which includes upwards of 4,000 fixed wing and rotary aircraft, would be re-purposed to homeland defense missions, which would insure North American airspace was defended in depth. Accordingly, upwards of 75% or $180 billion of the current Air Force budget would remain in place, limiting the savings to $65 billion.

Finally, an especially sharp knife could be brought down upon the $181 billion component of the  current defense budget which is for the Pentagon and DOD-wide overhead operations. Fully $110 billion or 61% of that huge sum could be cut because it actually funds the hordes of DOD civilian employees and DC/Virginia based contractors which feast upon the Warfare State. Immerwahr, Daniel Best Price: $15.69 Buy New $17.24 (as of 11:50 UTC – Details)

Most of these overhead expenditures are counter-productive. They actually fund the beltway think tanks, consultants, lobbyists and influence-peddling racketeers that keep the Empire defended and fully funded on Capitol Hill.

Overall, therefore, re-sizing the DOD portion of the national security budget to a post-NATO world would generate $410 billion of savings on a FY 2025 basis. Another $50 billion in savings could also be obtained from eliminating most funding for the UN, other international agencies, security assistance and economic aid—all of which service alliances and the Empire, not homeland security.

Adjusted for inflation through the end of the second Trump term in FY 2029 the total savings would come to $500 billion per year.

At the end of the day, Bush the Elder should have parachuted into NATO’s Ramstein air base in Germany and declared “mission accomplished” 34 years ago when the Cold War officially ended—even after 42 years of an unnecessary and largely counter-productive existence.

But now the time to bring the Empire home is surely long, long overdue. The $1.4 trillion annual cost of the Warfare State is no longer even remotely affordable as it fuels a spiraling public debt that menaces the very future of constitutional liberty and capitalist prosperity in the American Republic.

Tyler Durden Sat, 03/08/2025 - 07:00

10 Weekend Reads

The Big Picture -

My end-of-week morning train WFH reads:

Can Trump Deliver on His Promises? These 12 Metrics Will Tell Us: How the 47th president leads the US on inflation, immigration and other areas will help define his legacy. These data points show where the country stands — and where he could take it. (Bloomberg Free)

The Gilded Age Is Back — And That Should Worry Conservatives: Corporate dominance over politics brought power, wealth — and backlash. (Politico)

What Game Is Jeff Bezos Playing? The tech billionaire has acquired a new look and a new lifestyle in recent years. Now an editorial shift at the Washington Post has many wondering if he’s changed his politics too. (Wall Street Journal)

California Keeps Making the US Great — Again: The White House needs reminding that the Golden State is where most of the country’s prosperity is derived. (Bloomberg)

Tesla’s Fortunes Fall as Musk Rises in Trump World: CEO’s politics erode brand’s appeal among some core buyers of electric vehicles; ‘I used to idolize the guy’ (WSJ)

How China came to dominate the world in renewable energy: China now eclipses every other country in the world — including the United States — in the green technologies of the future. Here’s how it achieved this lead. (Washington Post)

Tyler Cowen, the man who wants to know everything: He is Silicon Valley’s favourite economist. Does his lust for knowledge have a place in the age of AI? (Economist)

A Radical New Proposal For How Mind Emerges From Matter: If we could stop bickering about which creatures do or don’t deserve to be called smart, an emerging movement of scientists and philosophers argue that we might discover fundamental elements of intelligence that are common to all life. (NOEMA)

A Thousand Snipers in the Sky: The New War in Ukraine Drones have changed the war in Ukraine, with soldiers adapting off-the-shelf models and swarming the front lines. The war in Ukraine has changed — and it’s deadlier than ever. After Russia invaded, artillery, missiles, tanks and trench warfare dominated the fight, often echoing the World Wars. Today, drones do most of the killing, commanders say. They now cause about 70 percent of deaths and injuries, commanders say. The drastic shift is changing the way wars may be fought in the future. (New York Times)

Putin Played a Long Game. It’s Starting to Pay Off. Advisers to the Russian leader have been surprised by the sudden change in tone from the White House in recent weeks. (Wall Street Journal)

Be sure to check out our Masters in Business next week with Philipp Carlsson, Global Chief Economist for Boston Consulting Group (BCG ). He is the co-author of “Shocks, Crises, and False Alarms: How to Assess True Macroeconomic Risk,” which was named one of the Financial Times Best Books of 2024.

 

The States Most Impacted by Tariffs on Canada and Mexico

Source: Apollo

 

Sign up for our reads-only mailing list here.

 

The post 10 Weekend Reads appeared first on The Big Picture.

De-Dollarization Was Always More Of A Political Slogan Than A Pecuniary Fact

Zero Hedge -

De-Dollarization Was Always More Of A Political Slogan Than A Pecuniary Fact

Authored by Andrew Korybko via substack,

The three-year-long NATO-Russian proxy war in Ukraine contributed to the belief that the international community had bifurcated into the West and the World Majority respectively, with the outcome of the aforesaid conflict determining which camp will most powerfully shape the global systemic transition. This paradigm predisposed observers to imagine that BRICS, which represents the World Majority, is actively coordinating de-dollarization policies in order to decouple themselves from the West’s financial clutches.

That perception persists to this day despite last October’s BRICS Summit achieving nothing of tangible significance at all, including on the de-dollarization front, and leading members like India and Russia subsequently confirming in response to Trump’s tariff threats that they’re not creating a new currency. As it turns out, even before Trump initiated the nascent Russian-US “New Détente”, the international community wasn’t as divided over the past three years as many multipolar enthusiasts thought.

Complex interdependencies kept most of the main players together, including Russia and the West after Russia continued selling oil, gas, and critical minerals like uranium to the West in spite of their proxy war. Similar interdependencies account for why Indian External Affairs Minister Dr. Subrahmanyam Jaishankar declared in mid-November that “India has never been for de-dollarization” and then reaffirmed this position last week when he said that “we have absolutely no interest in undermining the dollar at all.”

He also said that “I don’t think there is a unified BRICS position on [de-dollarization]. I think BRICS members, and now that we have more members, have very diverse positions on this matter. So, the suggestion or the assumption that somewhere there is a united BRICS position against the dollar, I think, is not borne out by facts.” 

The reason why it’s important to draw attention to his latest words is because of the global context within which they were shared as regards the nascent Russian-US “New Détente”.

Putin’s recent invitation to American companies to cooperate with Russia on strategic resources, including energy in the Arctic and even rare earth minerals in Donbass, will lead to Russia using more dollars in international trade if anything comes of this. That would in turn discredit the perception shared earlier in this analysis of Russia actively de-dollarizing, which Putin himself always said that it was forced by sanctions into doing and thus wouldn’t have ordinarily happened on its own.

A thaw in their tensions brought about by the US brokering an end to their proxy war in a way that meets most of Russia’s interests would therefore naturally see Russia using the dollar yet again. To be sure, it’ll still support the creation of platforms like BRICS Bridge, BRICS Clear, and BRICS Pay, but these would be aimed at preventing dependence on the dollar more so than advancing de-dollarization per se. The ruble will also continue to be used as Russia’s preferred currency in conducting international trade.

Nevertheless, any breakthrough in Russian-US relations would inevitably disappoint those multipolar enthusiasts who bought into the most ideologically dogmatic narratives of the New Cold War and consequently believed that Russia would forever eschew the dollar out of principle. Those who previously criticized India’s pragmatic approach towards this currency, particularly Jaishankar’s comments from mid-November, would then eat crow if Russia ultimately ends up following its lead.

Even if Russia is just partially returned to the dollar’s global ecosystem through the lifting of US sanctions on that currency’s use for facilitating the strategic resource deals that Putin just proposed, then it would likely result in the rest of BRICS moderating their de-dollarization policies as well, if they even had them. China alone might continue making the most progress in this regard, but even it too has been hesitant to go all-out, also due to its complex interdependencies with the West (including its US Treasury holdings).

These observations about Russia, India, and China’s diverse views towards the dollar show that de-dollarization was always more of a political slogan than a pecuniary fact, one that only Russia made tangible progress on but only because it was forced to, though it might soon rebalance as explained. They collectively form RIC, the core of BRICS, so whatever they say or do will influence comparatively smaller countries. There’s nothing wrong with that though, neither in general nor in this context.

Comparatively smaller countries can’t make major impacts on the global economic or financial systems on their own, and in this particular context, almost all of them with few exceptions still have close trading ties with the US that necessitate them remaining within the dollar’s global ecosystem. They couldn’t realistically de-dollarize in the way that the most dogmatic ideologues imagined without immense cost to themselves or replacing their dependence on the US/dollar with China/the yuan.

The most pragmatic approach has always been the one pioneered by India whereby countries strive to use their national currencies more in trade while diversifying their foreign currency baskets in order to avert dependence on any single one. This enables them to strengthen their sovereignty in a meaningful and realistic way without risking the ire of major players by actively dropping their currency and/or actively adopting their rival’s. It’s this balance that will come to define financial multipolarity processes.

*  *  *

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

Tyler Durden Fri, 03/07/2025 - 23:25

Classified X-37B Spaceplane Returns To Earth

Zero Hedge -

Classified X-37B Spaceplane Returns To Earth

About two weeks after the Secretary of the Air Force Public Affairs published the first-ever in-orbit image captured by Boeing's X-37 spaceplane, the US Space Force revealed early Friday that the top-secret spaceplane has returned to Earth.

Space Force announced the X-37B Orbital Test Vehicle-7 (OTV-7) "successfully deorbited and landed" at Vandenberg Space Force Base, California, on early Friday around 0222 local time. 

Images posted on X by the space agency show military personnel in laboratory protective suits, like NBC and/or BSL-4 suits, approaching the X-37 after touchdown at Vandenberg. 

More images were posted on X of the X-37B, which concluded its seventh mission in orbit.

This time, X-37B remained in space for 434 days.

"While on orbit, Mission 7 accomplished a range of test and experimentation objectives intended to demonstrate the X-37 B's robust maneuver capability while helping characterize the space domain through the testing of space domain awareness technology experiments," Space Force wrote in a statement. 

USAF Public Affairs posted this image from X-37B late last month during a series of "experiments in a highly elliptical orbit in 2024."

With each successive top-secret mission, the X-37B spends long and longer time in orbit:

. . . 

Tyler Durden Fri, 03/07/2025 - 23:00

Astroturf Activism: How The US Government And NGOs Created "Gay Pride" From Thin Air

Zero Hedge -

Astroturf Activism: How The US Government And NGOs Created "Gay Pride" From Thin Air

Authored by Brandon Smith via Alt-Market.us,

Growing up in America through the 1980s and 1990s there was a general sense of “live and let live” among Gen X and Gen Y that truly defined the era and our notions of what a society should look like. We all knew gay people were a permanent fixture in society. For the most part nobody bothered them and they kept their gayness to themselves (and far away from children). Frankly, it was working just fine.

There were some protests and marches, but the only “individual right” straight people had that they didn’t was the right to legal marriage. Most people figured that once that changed there wouldn’t be anything left to protest. What we didn’t understand at the time was that the seemingly harmless rise of “Gay Pride” in the 90s and early 2000s would become a primer for the woke madness that spread like wildfire from 2014 onward.

As we now know, a lot of that insanity was rooted in programs funded through the US government. It’s important to keep in mind, however, that the government is a tool, not the hand holding the tool. Elitist interests through NGO’s and think tanks like the Ford Foundation and the Rockefeller Foundation were the real impetus for the creation of the woke movement. They spent decades building the revolving door dynamic that cycled taxpayer cash through agencies like USAID and into the pockets of NGOs.

In other words, it’s a mistake to think of the federal government as the mastermind. Rather, the government and the politicians within it are paid (or blackmailed) by wealthy globalists to support legislation that funds and empowers globalist projects.

The international spread of “queer activism” or “pride activism” has been a goal of the elites since the days of the Kinsey Institute, which was funded by the Rockefeller Foundation and became the source for the invasion of LGBT ideology into modern academia starting in 1947. The Rockefeller Foundation still brags to this day about funding the rise of the “sexual revolution” and the notion of “non-binary sexuality”.

The transgender movement is largely tied to the intellectually dishonest and disturbed studies of John Money conducted in the 1950-1960s. His experiments were bankrolled through the Johns Hopkins School, which was founded and largely funded by the Rockefeller Foundation.

Once these ideologies, posing as social science, infected the halls of higher academia, students were turned into adherents of the cult. They then spread like a plague into politics and federal bureaucracy. They would go on to grow the unaccountable bureaucratic system that now cycles taxpayer cash from federal agencies into the coffers of NGOs. The great scam was set in motion – Using American money to fund the demise of western civilization.

A large part of this agenda relies on the mafia-like enforcement of LGBT normalization in every facet of society, even in public schools where teachers now hang pride flags and expose children to gender fluid theories with no basis in scientific fact.

On the international front, a little known agency called “USAID” was launched in 1961 for the purposes of providing material support to foreign populations in dire need (and to combat the threat of communism). However, from the 1990s onward the organization was increasingly involved in leftist propaganda with a specific interest in DEI. The apparatus that was built to stop communism was retooled to promote communism.

Fast forward to the 2020s and what we have today is a hostile takeover, a government and NGO funded color revolution that desires to annihilate western values, Christian morals and the general American regard for freedom of speech and freedom of thought. The woke movement is not just Cultural Marxism (that’s part of it), it’s a massively well-funded ideological machine. A new religion, of sorts, that seeks to wipe out the fundamental principles that hold our society together.

For the western world the pendulum swings from left to right, but noticeably more and more to the left and less and less to the right over time. Some call this the “Overton Window”. In other words, conservative or traditionalist ideas and values that were acceptable 20 years ago are slowly and incrementally suffocated by artificial social and legal pressures until they’re no longer present in the next generation.

The woke ideas and values the establishment WANTS the public to adopt are promoted widely, but this requires extensive monetary backing. Social engineering campaigns are expensive and take many years to achieve results.

With the revelations surrounding USAID (and at least a dozen other institutions), it appears that the agency was a key driver behind the rapid spread of DEI into every corner of our nation, not to mention many other nations. Their LGBT operations are particularly interesting and I would assert that it was USAID that specifically injected woke cultism into the public school system.

They were the organization that encouraged school officials and teachers to indoctrinate children with woke ethics and transgender politics, and they also actively encouraged teachers to hide these activities from parents.

One document that outlines the basic agenda is USAID’s ‘Integrating LGBTQI+ Considerations Into Education Programming’. The PDF was drafted and provided to field employees and workers in their Inclusive Development Hub and Center for Education. It explains how to inject DEI and LGBT propaganda into various public education institutions, using teachers and school officials as “advocates”.

Researching back through some of USAID’s activities from 2014 onward there was a clear spike in funding surrounding LGBT programs for teachers and administrators. Because of the recent shutdown and audits you have to use the Wayback Machine website to view a lot of this stuff, but it’s still there.

The document states:

The purpose of this document is to support USAID’s staff working in the education sector to integrate lesbian, gay, bisexual, transgender, queer and intersex (LGBTQI+1) considerations into programming and across the Program Cycle…”

USAID’s mission statement uses the same justification as most DEI promoters: They claim that educational environments around the world are “not safe” for LGBT students and teachers. Their solution? To use overwhelming funding power to incentivize (bribe) governments and educational institutions to inject gay propaganda into the curriculum.

That is to say, they sought to evangelize education organizations with the woke belief system in the name of “saving lives”. USAID head Samantha Power directly links the wokification of culture to the “fight for democracy”, creating a progressive crusade. Meaning, the elites frame LGBT indoctrination as an existential imperative to save the planet (skip to 24:40 in video).

It reminds me a bit of the movie “Invasion of the Body Snatchers”; aliens slowly and strategically taking over the world by hijacking each person and absorbing them into the collective. You might think it’s paranoid exaggeration to claim that USAID wanted to turn everyone gay, but you would be wrong. Consider for a moment the prevailing argument in favor of gays in the 1990s:

They were born that way and they can’t change it, just like a person can’t change their ethnicity. So leave them alone…”

What’s the prevailing argument now? (The same argument presented within USAID’s own documentation.)

Gender and sexuality are completely fluid and any person, including children ages 3-5, can change their preferences at any moment for any reason. Straight people only exist because they are forced to be that way through social constructs…”

In other words, the gay movement now agrees with its old Christian adversaries – Gayness is a personal lifestyle choice, not a permanent condition you are born with. When the movement for gay rights morphed into the “Pride Movement”, the goal was no longer equal rights but the erasure of biological and objective reality.

As USAID notes:

The development and realization of one’s sexual orientation and gender identity is a process, rather than a singular event. This implies that self-identification of sexual orientation and gender identity may change over time and may not be congruent, and young people may need varying levels of support, space, and attention during this process…”

USAID has maintained a laser focus on schools, education and children. They admit that they targeted 120 school principles in Kosovo for “LBGT inclusion training”. They “sensitized” educators in Honduras on LGBT inclusion. They developed university programs in Jamaica on LGBT discrimination, etc.

In the UK, a group called Stonewall is warning it might have to shut down after losing funding funneled through USAID. Stonewall is notorious for targeting children with trans propaganda in schools and funding pride propaganda across the UK and in other countries.

Not only did USAID (along with other agencies and NGOs) invade schools with LGBT cultism, polling indicates they’ve been rather successful. Various public surveys show that Gen Z, the most targeted generation, identifies as LGBT at a rate of 7% to 28% depending on which poll you look at. A generational increase from 2% to 28% is scientifically impossible. It can only be accomplished through social engineering.

It’s not that these kids are actually gay. It’s not that it’s now more acceptable to be open about it (polls were always anonymous anyway). It’s not even that being gay is considered trendy for Gen Z. Rather, they have been brainwashed to believe that being straight is a form of social oppression.

They have been taught through USAID and NGO funded programming to accept gender relativism as socially conscious and morally superior. They will never be gender fluid or feel attraction to the same sex, but they want to be on the right side of history. So, they identify as LGBT to feel like they are good people.  Identifying gay is not about sexual preference, it’s a virtue signal.

One can theorize about the deeper motives behind USAID’s efforts – There’s the theory that the pride movement is designed to reduce population growth for the sake of reaching “net zero” carbon goals (gays usually don’t have children and trans kids are often sterilized by hormone therapy).

Then there’s the theory that pride is a precursor to the normalization of child grooming and the legalization of pedophiles as a “marginalized group” (the globalist Epstein Island crowd would love that).  It’s a big reason why a lot of gay people oppose the trans agenda – They don’t want to be associated with the obvious groomer undertones of transgender activism.

And let’s not forget about the connection between LGBT indoctrination and progressive political organizations looking to create a permanent voting block.  Leftist political parties use social pressure to trap “marginalized groups” in voter plantations.  You’re not allowed to be gay and vote against the Democrats, for example.  If you do, you’re considered a traitor and a heretic.

I think the evidence supports all of these to some degree. My personal theory is that “Pride” and the woke movement in general are the precursors to a new secularist religion of self worship and the worship of government. A globalist theology in which the greatest virtue is to deny objective reality and embrace relativism in everything from biological sex to moral compass.

Was there EVER a real “Pride Movement”? Was it all just establishment financed astroturf from the very beginning? It sure looks that way.

As DOGE cuts continue to run their course and many of these agencies and NGOs are eventually defunded, I predict we will see a rapid decline in younger people identifying as LGBT. I also predict that most of the pride parade activity seen every June will fade and that trans activism will mostly vanish outside of a handful of crazies. The Pride movement was never grassroots. It was a fabrication; an illusion conjured into existence through the sheer power of government cash and NGO manipulation.

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

Tyler Durden Fri, 03/07/2025 - 22:35

Bidenomics Hangover Worsens: Subprime Auto Loan Delinquencies Hit Record High In January

Zero Hedge -

Bidenomics Hangover Worsens: Subprime Auto Loan Delinquencies Hit Record High In January

In January, the Bidenomics hangover weighed on consumers. New data showed that car owners defaulted on their monthly payments at the highest rate in over three decades. 

Bloomberg reports that the share of subprime auto borrowers at least 60 days past due hit 6.56%, the highest percentage since Fitch Ratings began collecting data in 1994. 

The most recent data from the Federal Reserve Bank of New York shows that the percentage of auto loans transitioning into serious delinquency—defined as payments overdue by 90 days or more—increased to 3% in the final quarter of 2024, marking the highest level since 2010.

On Tuesday night, Trump addressed a joint session of Congress, informing the nation:

"We inherited from the last administration an economic catastrophe and an inflation nightmare. Their policies drove up energy prices, pushed up grocery costs and drove the necessities of life out of reach for millions and millions of Americans." 

The Trump team is moving swiftly to stabilize the economy amid the worsening Bidenomics hangover while leveraging tariffs as a negotiation tool to advance the 'America First' agenda.

It's a delicate balance, for sure... 

Commerce Secretary Howard Lutnick said Wednesday...

Borrowing costs for used cars still linger at multi-decade highs of around 8.36%.

If stabilization is all about lowering interest rates... 

Then, more tariff wars = growth scare = rate traders pricing in more interest rate cuts by year-end. 

Tyler Durden Fri, 03/07/2025 - 22:10

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