Court Axes Trevor Milton Lawsuit, Awards Attorney's Fees To CNBC And Hindenburg

A New Jersey appellate court on Monday threw out Trevor Milton’s lawsuit against CNBC and short-seller Hindenburg Research, ruling that the case was time-barred and improperly framed.

In a unanimous opinion, the Appellate Division held that Milton’s claims—styled as “trade libel”—were, in substance, ordinary defamation claims subject to New Jersey’s one-year statute of limitations. Because Milton filed suit well after that deadline, the court ordered the case dismissed with prejudice and directed the trial court to award attorneys’ fees and costs to the defendants under the state’s anti-SLAPP law.

The panel rejected Milton’s attempt to recharacterize his allegations as trade libel to avoid dismissal, concluding that the complained-of statements targeted Milton personally and concerned his credibility and conduct, not any product he sold. Since the underlying claim against CNBC failed, the court also dismissed Milton’s related allegation that Hindenburg aided and abetted the network’s reporting. At oral argument, Milton’s counsel conceded that the Hindenburg claim could not survive independently. The court emphasized that New Jersey’s Uniform Public Expression Protection Act exists to deter lawsuits aimed at punishing or chilling reporting on matters of public concern.

The lawsuit stemmed from CNBC coverage and Hindenburg Research reports in 2020 that scrutinized Milton and his electric-truck startup Nikola Corp. The reporting alleged that Milton had exaggerated Nikola’s technological capabilities, including claims about proprietary battery systems and a prototype truck that was later shown to have rolled downhill rather than driven under its own power.

Milton argued that the coverage destroyed his reputation and future business prospects, asserting that CNBC knowingly broadcast falsehoods and that Hindenburg coordinated with the network to amplify them.

Both defendants countered that their reporting was accurate, newsworthy, and protected speech. Lower courts initially dismissed portions of Milton’s complaint, and the Appellate Division’s decision effectively ends the case entirely, while opening the door for CNBC and Hindenburg to recover significant legal fees. The ruling marks one of the more forceful recent applications of New Jersey’s anti-SLAPP protections to high-profile media defendants.

The decision arrives as Milton continues efforts to rebuild his business career after his dramatic fall from Nikola, which he founded in 2014 and led until his resignation in the wake of the 2020 allegations. Since then, Milton has publicly promoted new entrepreneurial ventures and investments outside Nikola, positioning himself as an innovator once again despite ongoing controversy surrounding his past claims.

After Hindenburg Research published its September 2020 report, Nikola itself publicly acknowledged that several of Trevor Milton’s prior statements were inaccurate or misleading. The company admitted that a promotional video showing a Nikola One truck “in motion” had been filmed by rolling the vehicle downhill rather than driving it under its own power, contradicting earlier impressions that the truck was fully functional.

Nikola also walked back claims that it had developed proprietary battery technology in-house, conceding that it had relied on third-party suppliers rather than owning breakthrough battery innovations as Milton had suggested. In subsequent disclosures, Nikola stated that Milton had made statements about the company’s technology and readiness that were not always supported by facts, and it emphasized that those statements were not authorized by the company—an acknowledgment that helped cement the core factual basis of the scrutiny triggered by the Hindenburg report.

Milton was indicted by federal prosecutors in 2021 on wire fraud and securities fraud charges, went to trial in 2022, and was convicted for misleading investors about Nikola’s technology and readiness. He was later spared further punishment after receiving a presidential pardon by President Trump, which wiped out the conviction.

Hindenburg Research closed up its shop at the beginning of 2025, and Milton has since moved on to his new venture, SyberJet. You can read the NJ court's opinion here. 

Tyler Durden Thu, 12/18/2025 - 16:40

Court Axes Trevor Milton Lawsuit, Awards Attorney's Fees To CNBC And Hindenburg

A New Jersey appellate court on Monday threw out Trevor Milton’s lawsuit against CNBC and short-seller Hindenburg Research, ruling that the case was time-barred and improperly framed.

In a unanimous opinion, the Appellate Division held that Milton’s claims—styled as “trade libel”—were, in substance, ordinary defamation claims subject to New Jersey’s one-year statute of limitations. Because Milton filed suit well after that deadline, the court ordered the case dismissed with prejudice and directed the trial court to award attorneys’ fees and costs to the defendants under the state’s anti-SLAPP law.

The panel rejected Milton’s attempt to recharacterize his allegations as trade libel to avoid dismissal, concluding that the complained-of statements targeted Milton personally and concerned his credibility and conduct, not any product he sold. Since the underlying claim against CNBC failed, the court also dismissed Milton’s related allegation that Hindenburg aided and abetted the network’s reporting. At oral argument, Milton’s counsel conceded that the Hindenburg claim could not survive independently. The court emphasized that New Jersey’s Uniform Public Expression Protection Act exists to deter lawsuits aimed at punishing or chilling reporting on matters of public concern.

The lawsuit stemmed from CNBC coverage and Hindenburg Research reports in 2020 that scrutinized Milton and his electric-truck startup Nikola Corp. The reporting alleged that Milton had exaggerated Nikola’s technological capabilities, including claims about proprietary battery systems and a prototype truck that was later shown to have rolled downhill rather than driven under its own power.

Milton argued that the coverage destroyed his reputation and future business prospects, asserting that CNBC knowingly broadcast falsehoods and that Hindenburg coordinated with the network to amplify them.

Both defendants countered that their reporting was accurate, newsworthy, and protected speech. Lower courts initially dismissed portions of Milton’s complaint, and the Appellate Division’s decision effectively ends the case entirely, while opening the door for CNBC and Hindenburg to recover significant legal fees. The ruling marks one of the more forceful recent applications of New Jersey’s anti-SLAPP protections to high-profile media defendants.

The decision arrives as Milton continues efforts to rebuild his business career after his dramatic fall from Nikola, which he founded in 2014 and led until his resignation in the wake of the 2020 allegations. Since then, Milton has publicly promoted new entrepreneurial ventures and investments outside Nikola, positioning himself as an innovator once again despite ongoing controversy surrounding his past claims.

After Hindenburg Research published its September 2020 report, Nikola itself publicly acknowledged that several of Trevor Milton’s prior statements were inaccurate or misleading. The company admitted that a promotional video showing a Nikola One truck “in motion” had been filmed by rolling the vehicle downhill rather than driving it under its own power, contradicting earlier impressions that the truck was fully functional.

Nikola also walked back claims that it had developed proprietary battery technology in-house, conceding that it had relied on third-party suppliers rather than owning breakthrough battery innovations as Milton had suggested. In subsequent disclosures, Nikola stated that Milton had made statements about the company’s technology and readiness that were not always supported by facts, and it emphasized that those statements were not authorized by the company—an acknowledgment that helped cement the core factual basis of the scrutiny triggered by the Hindenburg report.

Milton was indicted by federal prosecutors in 2021 on wire fraud and securities fraud charges, went to trial in 2022, and was convicted for misleading investors about Nikola’s technology and readiness. He was later spared further punishment after receiving a presidential pardon by President Trump, which wiped out the conviction.

Hindenburg Research closed up its shop at the beginning of 2025, and Milton has since moved on to his new venture, SyberJet. You can read the NJ court's opinion here. 

Tyler Durden Thu, 12/18/2025 - 16:40

Has Orwell's 1984 Become Reality?

Authored by Bert Olivier via The Brownstone Institute,

To some readers it may seem like a rhetorical question to ask whether the narrative of George Orwell’s dystopian novel, Nineteen Eighty-Four (or 1984), first published in Britain in 1949, has somehow left its pages and settled, like an ominous miasma, over the contours of social reality. Yet, closer inspection – which means avoiding compromised mainstream news outlets – discloses a disquieting state of affairs. 

Everywhere we look in Western countries, from the United Kingdom, through Europe to America (and even India, whose ‘Orwellian digital ID system’ was lavishly praised by British prime minister Keir Starmer recently), what meets the eye is a set of social conditions exhibiting varying stages of precisely the no-longer-fictional totalitarian state depicted by Orwell in 1984. Needless to stress, this constitutes a warning against totalitarianism with its unapologetic manipulation of information and mass surveillance. 

I am by no means the first person to perceive the ominous contours of Orwell’s nightmarish vision taking shape before our very eyes. Back in 2023 Jack Watson did, too, when he wrote (among other things):

Thoughtcrime is another of Orwell’s conjectures that has come true. When I first read 1984, I would never have thought that this made up word would be taken seriously; nobody should have the right to ask what you are thinking. Obviously, nobody can read your mind and surely you could not be arrested simply for thinking? However, I was dead wrong. A woman was arrested recently for silently praying in her head and, extraordinarily, prosecutors were asked to provide evidence of her ‘thoughtcrime.’ Needless to say, they did not have any. But knowing that we can now be accused of, essentially, thinking the wrong thoughts is a worrying development. Freedom of speech is already under threat, but this goes beyond free speech. This is about free thought. Everybody should have a right to think what they want, and they should not feel obliged or forced to express certain beliefs or only think certain thoughts. 

Most people would know that totalitarianism is not a desirable social or political set of circumstances. Even the word sounds ominous, but that is probably only to those who already know what it denotes. I have written on it before, in different contexts, but it is now more relevant than ever. We should remind ourselves what Orwell wrote in that uncannily premonitory novel. 

Considering the rapidly expanding and intensifying, electronically mediated strategies of surveillance being implemented globally – no doubt aimed at inculcating in citizens a subliminal awareness that privacy is fast becoming but a distant memory – the following excerpt from Orwell’s text strikes one as disturbingly prophetic, considering the time it was written (1984, Free Planet e-book, p.5): 

Behind Winston’s back the voice from the telescreen was still babbling away about pig-iron and the overfulfilment of the Ninth Three-Year Plan. The telescreen received and transmitted simultaneously. Any sound that Winston made, above the level of a very low whisper, would be picked up by it, moreover, so long as he remained within the field of vision which the metal plaque commanded, he could be seen as well as heard. There was of course no way of knowing whether you were being watched at any given moment. How often, or on what system, the Thought Police plugged in on any individual wire was guesswork. It was even conceivable that they watched everybody all the time. But at any rate they could plug in your wire whenever they wanted to. You had to live—did live, from habit that became instinct—in the assumption that every sound you made was overheard, and, except in darkness, every movement scrutinized. 

Before adducing compelling instances of the contemporary, real-world surveillance equivalents of 1984’s ‘telescreen,’ which have become sufficiently ‘normal’ to be accepted without much in the form of protest, and to refresh your memory further, here’s Hannah Arendt, in The Origins of Totalitarianism (New edition, Harcourt, Brace Jovanovich 1979, p. 438): 

Total domination, which strives to organize the infinite plurality and differentiation of human beings as if all of humanity were just one individual, is possible only if each and every person can be reduced to a never-changing identity of reactions, so that each of these bundles of reactions can be exchanged at random for any other. The problem is to fabricate something that does not exist, namely, a kind of human species resembling other animal species whose only ‘freedom’ would consist in ‘preserving the species.’ 

As Italian thinker Giorgio Agamben would say: totalitarianism reduces every singular human being to ‘bare life;’ nothing more, and after having been subjected to its mind-numbing techniques for a certain time, people start acting accordingly, as if they lack the capacity to manifest their natality (unique, singular birth) and plurality (the fact that all people are singular and irreplaceable). The final blow to our humanity comes when totalitarian rule’s coup de grȃce is delivered (Arendt 1979, quoting David Rousseton conditions in Nazi concentration camps,m p. 451):

The next decisive step in the preparation of living corpses is the murder of the moral person in man. This is done in the main by making martyrdom, for the first time in history, impossible: ‘How many people here still believe that a protest has even historic importance? This skepticism is the real masterpiece of the SS. Their great accomplishment. They have corrupted all human solidarity. Here the night has fallen on the future. When no witnesses are left, there can be no testimony. To demonstrate when death can no longer be postponed is an attempt to give death a meaning, to act beyond one’s own death. In order to be successful, a gesture must have social meaning…’

Surveying the present social scene globally against this backdrop yields interesting, albeit disturbing results. For example, Niamh Harris reports that German MEP Christine Anderson and British politician Nigel Farage have both warned that globalists are frantically trying to establish a fully fledged surveillance state ‘before too many people wake up’ to this state of affairs. Anderson – whose caution is echoed by Farage – points to the irony that people are waking up precisely because globalist efforts to hasten the installation of a totalitarian surveillance state are accelerating and becoming conspicuous. Hence, the more the process is ramped up, the louder critical voices become (and protests are likely to occur), and correlatively, the more anxious the neo-fascists become, to close the net around citizens of the world. She warns that:

‘Digital identity [is] not so your life is easier. It’s so government has total control over you.’

‘Digital currency [is] the crème de la crème of all control mechanisms…What do you think is going to happen the next time you refuse to take an mRNA shot? With the flip of a switch, they just cancel your account. You cannot buy food anymore. You cannot do anything anymore.’

Given these warnings, a case in point concerns well-known globalist Tony Blair’s recent attempt to assuage people’s fears about digital ID-systems. Needless to point out, his commendation of the system (because of its ‘amazing benefits’), in conjunction with AI and facial recognition capacity, is disingenuous in the extreme, as is palpably evident from his words (quoted from Wide Awake Media on X):

‘Facial recognition can now spot suspects in real time from live video…[It] helps identify suspects quickly in busy places like train stations and events.’ ‘AI will go even further—spotting crime patterns, guiding patrols and streamlining decisions…This is where technology, like digital ID, becomes critical.’ 

Wide Awake Media’s laconic comment on Blair’s words (alluding to the already dystopian surveillance practices in the United Kingdom) says it all: ‘Imagine this kind of system in the hands of a government that imprisons people for memes and jokes.’ 

It requires no genius to grasp that these examples of attempts at furthering the totalitarian agenda of complete surveillance, coupled with inescapable control mechanisms such as CBDCs, are rooted in the structural dynamics of the (no-longer-fictional) society of Big Brother, as evocatively depicted by Orwell more than 75 years ago. Except that – given the advent of the network society of electronically mediated actions and behaviour – such surveillance and control are at a level of efficiency and pervasiveness that Big Brother could only dream of. This is unmistakable when one peruses reports such as this one, which alerts one to the fact that, in Britain today, surveillance technology enables the neo-fascist authorities to identify, arrest, and imprison individuals for so-called ‘crimes’ which echo the thoughtcrimes of Orwell’s 1984, except that, by comparison, they seem trivial to the nth degree. As the article in question states,

Following a number of high-profile arrests for speech-related crimes, Britain is seen as far as the White House as a realm of tinpot, two-tier woke tyranny, where authors of errant tweets can expect to spend more time in prison than sex pests and paedophiles and which commentators and comedians should avoid — lest they be whisked straight from arrivals to a holding cell having offended Left-wing orthodoxies.

Lucy Connolly, a mother and childminder who received a 31-month prison sentence for ‘inciting racial hatred’ over a single (quickly deleted) tweet posted in the wake of the Southport Murders, is just one of many Brits that the state has pursued for such crimes in recent years. British police presently make 30 arrests per day for online speech offences, with many of these treated far more seriously than violent, sexual, or acquisitive crimes. Connolly’s was one of 44 convictions for ‘stirring up racial hatred’ last year…

Those, like Tony Blair, who are trying their best to justify surveillance as being ‘beneficial,’ even go as far as employing Orwell’s terminology to assuage the fears of the public who would be at the receiving end of such vaunted ‘protection.’ In this vein, in 2022 outgoing mayor of New York City, Eric Adams, was reported as claiming that: 

Americans will learn to love the Chinese-style surveillance state, according to New York City Democrat Mayor Eric Adams who responded to criticism over increasing the use of facial recognition technology by declaring, ‘Big Brother is protecting you!’

Adams made the disturbing comments in response to elected officials who expressed concerns that using such technology is turning society into an authoritarian surveillance state.

Not everyone was enamoured of the mayor’s reassurance, however:

Albert Fox Cahn, the head of the Surveillance Technology Oversight Project, responded by warning that facial recognition technology would be weaponized to crack down on ‘every aspect of dissent’ in the city.

‘These are technologies that would be chilling in anyone’s hands. But to give an agency with such a horrifying record of surveillance abuse even more power, at a time when they face dwindling oversight, is a recipe for disaster,’ he said.

Part of the problem faced by freedom-loving citizens everywhere is the uncritical acceptance by many – although by no means all – people, that constantly changing technology is somehow self-justifying. It is not, as a simple thought-experiment confirms. If someone tells you that, compared to its 18th-century French Revolution precursor, today there is a much more efficient, ‘electronic guillotine’ available, which terminates a person’s life quickly, humanely, and painlessly, and could solve the overpopulation problem by euthanising people over 60 years of age, should you agree?

Of course not. For one thing, older people have the same right to life as anyone else, and many of one’s most productive, and enjoyable years come after 60. Hence, there is absolutely no ground for accepting or justifying new technology as ‘beneficial,’ simply because it is supposedly ‘more efficient.’ 

Yet, everyone of globalist persuasion seems to believe that, to persuade the ‘sheeple’ to enter the corral of digital imprisonment, all they need to do is to glorify the technology involved – lying through their teeth, of course. But lest I forget, according to the 1984 playbook, which all and sundry among the globalist neo-fascists seem to have adopted (stupidly believing that no one would notice), everything we have been taught in the world that preceded the attempt to establish their vaunted New World Order, has been turned on its head, so that ‘falsehood’ (lying) has now become ‘truth.’ If this sounds far-fetched, take a look at the globalists’ disingenuous pronouncements through the lens of 1984 (p. 6):

The Ministry of Truth—Minitrue, in Newspeak—was startlingly different from any other object in sight. It was an enormous pyramidal structure of glittering white concrete, soaring up, terrace after terrace, 300 metres into the air. From where Winston stood it was just possible to read, picked out on its white face in elegant lettering, the three slogans of the Party: 

WAR IS PEACE 

FREEDOM IS SLAVERY 

IGNORANCE IS STRENGTH

The ‘Newspeak’ of today does exactly the same thing, as anyone who frequents the alternative media easily discovers.

Hence, if those among us who cherish our freedoms wish to preserve them, we had better be wide awake to any and all the continuing attempts to impose terminal limitations, or should I say, permanent termination, on them, all in the name of putative ‘benefits, safety, and convenience.’

If we don’t, we shall have only ourselves to blame if legislators of various stripes succeed in imposing them on us by stealth.

Tyler Durden Thu, 12/18/2025 - 16:20

Has Orwell's 1984 Become Reality?

Authored by Bert Olivier via The Brownstone Institute,

To some readers it may seem like a rhetorical question to ask whether the narrative of George Orwell’s dystopian novel, Nineteen Eighty-Four (or 1984), first published in Britain in 1949, has somehow left its pages and settled, like an ominous miasma, over the contours of social reality. Yet, closer inspection – which means avoiding compromised mainstream news outlets – discloses a disquieting state of affairs. 

Everywhere we look in Western countries, from the United Kingdom, through Europe to America (and even India, whose ‘Orwellian digital ID system’ was lavishly praised by British prime minister Keir Starmer recently), what meets the eye is a set of social conditions exhibiting varying stages of precisely the no-longer-fictional totalitarian state depicted by Orwell in 1984. Needless to stress, this constitutes a warning against totalitarianism with its unapologetic manipulation of information and mass surveillance. 

I am by no means the first person to perceive the ominous contours of Orwell’s nightmarish vision taking shape before our very eyes. Back in 2023 Jack Watson did, too, when he wrote (among other things):

Thoughtcrime is another of Orwell’s conjectures that has come true. When I first read 1984, I would never have thought that this made up word would be taken seriously; nobody should have the right to ask what you are thinking. Obviously, nobody can read your mind and surely you could not be arrested simply for thinking? However, I was dead wrong. A woman was arrested recently for silently praying in her head and, extraordinarily, prosecutors were asked to provide evidence of her ‘thoughtcrime.’ Needless to say, they did not have any. But knowing that we can now be accused of, essentially, thinking the wrong thoughts is a worrying development. Freedom of speech is already under threat, but this goes beyond free speech. This is about free thought. Everybody should have a right to think what they want, and they should not feel obliged or forced to express certain beliefs or only think certain thoughts. 

Most people would know that totalitarianism is not a desirable social or political set of circumstances. Even the word sounds ominous, but that is probably only to those who already know what it denotes. I have written on it before, in different contexts, but it is now more relevant than ever. We should remind ourselves what Orwell wrote in that uncannily premonitory novel. 

Considering the rapidly expanding and intensifying, electronically mediated strategies of surveillance being implemented globally – no doubt aimed at inculcating in citizens a subliminal awareness that privacy is fast becoming but a distant memory – the following excerpt from Orwell’s text strikes one as disturbingly prophetic, considering the time it was written (1984, Free Planet e-book, p.5): 

Behind Winston’s back the voice from the telescreen was still babbling away about pig-iron and the overfulfilment of the Ninth Three-Year Plan. The telescreen received and transmitted simultaneously. Any sound that Winston made, above the level of a very low whisper, would be picked up by it, moreover, so long as he remained within the field of vision which the metal plaque commanded, he could be seen as well as heard. There was of course no way of knowing whether you were being watched at any given moment. How often, or on what system, the Thought Police plugged in on any individual wire was guesswork. It was even conceivable that they watched everybody all the time. But at any rate they could plug in your wire whenever they wanted to. You had to live—did live, from habit that became instinct—in the assumption that every sound you made was overheard, and, except in darkness, every movement scrutinized. 

Before adducing compelling instances of the contemporary, real-world surveillance equivalents of 1984’s ‘telescreen,’ which have become sufficiently ‘normal’ to be accepted without much in the form of protest, and to refresh your memory further, here’s Hannah Arendt, in The Origins of Totalitarianism (New edition, Harcourt, Brace Jovanovich 1979, p. 438): 

Total domination, which strives to organize the infinite plurality and differentiation of human beings as if all of humanity were just one individual, is possible only if each and every person can be reduced to a never-changing identity of reactions, so that each of these bundles of reactions can be exchanged at random for any other. The problem is to fabricate something that does not exist, namely, a kind of human species resembling other animal species whose only ‘freedom’ would consist in ‘preserving the species.’ 

As Italian thinker Giorgio Agamben would say: totalitarianism reduces every singular human being to ‘bare life;’ nothing more, and after having been subjected to its mind-numbing techniques for a certain time, people start acting accordingly, as if they lack the capacity to manifest their natality (unique, singular birth) and plurality (the fact that all people are singular and irreplaceable). The final blow to our humanity comes when totalitarian rule’s coup de grȃce is delivered (Arendt 1979, quoting David Rousseton conditions in Nazi concentration camps,m p. 451):

The next decisive step in the preparation of living corpses is the murder of the moral person in man. This is done in the main by making martyrdom, for the first time in history, impossible: ‘How many people here still believe that a protest has even historic importance? This skepticism is the real masterpiece of the SS. Their great accomplishment. They have corrupted all human solidarity. Here the night has fallen on the future. When no witnesses are left, there can be no testimony. To demonstrate when death can no longer be postponed is an attempt to give death a meaning, to act beyond one’s own death. In order to be successful, a gesture must have social meaning…’

Surveying the present social scene globally against this backdrop yields interesting, albeit disturbing results. For example, Niamh Harris reports that German MEP Christine Anderson and British politician Nigel Farage have both warned that globalists are frantically trying to establish a fully fledged surveillance state ‘before too many people wake up’ to this state of affairs. Anderson – whose caution is echoed by Farage – points to the irony that people are waking up precisely because globalist efforts to hasten the installation of a totalitarian surveillance state are accelerating and becoming conspicuous. Hence, the more the process is ramped up, the louder critical voices become (and protests are likely to occur), and correlatively, the more anxious the neo-fascists become, to close the net around citizens of the world. She warns that:

‘Digital identity [is] not so your life is easier. It’s so government has total control over you.’

‘Digital currency [is] the crème de la crème of all control mechanisms…What do you think is going to happen the next time you refuse to take an mRNA shot? With the flip of a switch, they just cancel your account. You cannot buy food anymore. You cannot do anything anymore.’

Given these warnings, a case in point concerns well-known globalist Tony Blair’s recent attempt to assuage people’s fears about digital ID-systems. Needless to point out, his commendation of the system (because of its ‘amazing benefits’), in conjunction with AI and facial recognition capacity, is disingenuous in the extreme, as is palpably evident from his words (quoted from Wide Awake Media on X):

‘Facial recognition can now spot suspects in real time from live video…[It] helps identify suspects quickly in busy places like train stations and events.’ ‘AI will go even further—spotting crime patterns, guiding patrols and streamlining decisions…This is where technology, like digital ID, becomes critical.’ 

Wide Awake Media’s laconic comment on Blair’s words (alluding to the already dystopian surveillance practices in the United Kingdom) says it all: ‘Imagine this kind of system in the hands of a government that imprisons people for memes and jokes.’ 

It requires no genius to grasp that these examples of attempts at furthering the totalitarian agenda of complete surveillance, coupled with inescapable control mechanisms such as CBDCs, are rooted in the structural dynamics of the (no-longer-fictional) society of Big Brother, as evocatively depicted by Orwell more than 75 years ago. Except that – given the advent of the network society of electronically mediated actions and behaviour – such surveillance and control are at a level of efficiency and pervasiveness that Big Brother could only dream of. This is unmistakable when one peruses reports such as this one, which alerts one to the fact that, in Britain today, surveillance technology enables the neo-fascist authorities to identify, arrest, and imprison individuals for so-called ‘crimes’ which echo the thoughtcrimes of Orwell’s 1984, except that, by comparison, they seem trivial to the nth degree. As the article in question states,

Following a number of high-profile arrests for speech-related crimes, Britain is seen as far as the White House as a realm of tinpot, two-tier woke tyranny, where authors of errant tweets can expect to spend more time in prison than sex pests and paedophiles and which commentators and comedians should avoid — lest they be whisked straight from arrivals to a holding cell having offended Left-wing orthodoxies.

Lucy Connolly, a mother and childminder who received a 31-month prison sentence for ‘inciting racial hatred’ over a single (quickly deleted) tweet posted in the wake of the Southport Murders, is just one of many Brits that the state has pursued for such crimes in recent years. British police presently make 30 arrests per day for online speech offences, with many of these treated far more seriously than violent, sexual, or acquisitive crimes. Connolly’s was one of 44 convictions for ‘stirring up racial hatred’ last year…

Those, like Tony Blair, who are trying their best to justify surveillance as being ‘beneficial,’ even go as far as employing Orwell’s terminology to assuage the fears of the public who would be at the receiving end of such vaunted ‘protection.’ In this vein, in 2022 outgoing mayor of New York City, Eric Adams, was reported as claiming that: 

Americans will learn to love the Chinese-style surveillance state, according to New York City Democrat Mayor Eric Adams who responded to criticism over increasing the use of facial recognition technology by declaring, ‘Big Brother is protecting you!’

Adams made the disturbing comments in response to elected officials who expressed concerns that using such technology is turning society into an authoritarian surveillance state.

Not everyone was enamoured of the mayor’s reassurance, however:

Albert Fox Cahn, the head of the Surveillance Technology Oversight Project, responded by warning that facial recognition technology would be weaponized to crack down on ‘every aspect of dissent’ in the city.

‘These are technologies that would be chilling in anyone’s hands. But to give an agency with such a horrifying record of surveillance abuse even more power, at a time when they face dwindling oversight, is a recipe for disaster,’ he said.

Part of the problem faced by freedom-loving citizens everywhere is the uncritical acceptance by many – although by no means all – people, that constantly changing technology is somehow self-justifying. It is not, as a simple thought-experiment confirms. If someone tells you that, compared to its 18th-century French Revolution precursor, today there is a much more efficient, ‘electronic guillotine’ available, which terminates a person’s life quickly, humanely, and painlessly, and could solve the overpopulation problem by euthanising people over 60 years of age, should you agree?

Of course not. For one thing, older people have the same right to life as anyone else, and many of one’s most productive, and enjoyable years come after 60. Hence, there is absolutely no ground for accepting or justifying new technology as ‘beneficial,’ simply because it is supposedly ‘more efficient.’ 

Yet, everyone of globalist persuasion seems to believe that, to persuade the ‘sheeple’ to enter the corral of digital imprisonment, all they need to do is to glorify the technology involved – lying through their teeth, of course. But lest I forget, according to the 1984 playbook, which all and sundry among the globalist neo-fascists seem to have adopted (stupidly believing that no one would notice), everything we have been taught in the world that preceded the attempt to establish their vaunted New World Order, has been turned on its head, so that ‘falsehood’ (lying) has now become ‘truth.’ If this sounds far-fetched, take a look at the globalists’ disingenuous pronouncements through the lens of 1984 (p. 6):

The Ministry of Truth—Minitrue, in Newspeak—was startlingly different from any other object in sight. It was an enormous pyramidal structure of glittering white concrete, soaring up, terrace after terrace, 300 metres into the air. From where Winston stood it was just possible to read, picked out on its white face in elegant lettering, the three slogans of the Party: 

WAR IS PEACE 

FREEDOM IS SLAVERY 

IGNORANCE IS STRENGTH

The ‘Newspeak’ of today does exactly the same thing, as anyone who frequents the alternative media easily discovers.

Hence, if those among us who cherish our freedoms wish to preserve them, we had better be wide awake to any and all the continuing attempts to impose terminal limitations, or should I say, permanent termination, on them, all in the name of putative ‘benefits, safety, and convenience.’

If we don’t, we shall have only ourselves to blame if legislators of various stripes succeed in imposing them on us by stealth.

Tyler Durden Thu, 12/18/2025 - 16:20

The Cleveland Fed released the median CPI and the trimmed-mean CPI.

According to the Federal Reserve Bank of Cleveland, the median Consumer Price Index rose 0.1% in November. The 16% trimmed-mean Consumer Price Index increased 0.1%. "The median CPI and 16% trimmed-mean CPI are measures of core inflation calculated by the Federal Reserve Bank of Cleveland based on data released in the Bureau of Labor Statistics’ (BLS) monthly CPI report".

Click on graph for larger image.

This graph shows the year-over-year change for these four key measures of inflation. 
On a year-over-year basis, the median CPI rose 3.1% (down from 3.5% YoY in September), the trimmed-mean CPI rose 2.9% (down from 3.3%), and the CPI less food and energy rose 3.0% (down from 3.2%). 
Core PCE is for September was up 2.8% YoY, down from 2.9% in August.  

Watch: Presidential 'Wall Of Fame' Gets A Savage Upgrade...

Authored by Steve Watson via Modernity.news,

President Trump has seemingly taken his trolling to new heights by installing brutal plaques beneath key presidential portraits at the White House, exposing the failures of his leftist predecessors.

The inscriptions lay waste to the deep state’s darlings—detailing Obama’s foreign policy debacles, Clinton’s globalist sellouts, and Biden’s total mental collapse—while also celebrating Reagan’s conservative triumphs that paved the way for Trump’s landslide victory.

Building on the initial autopen stunt, fresh images reveal expanded plaques that deliver unfiltered truth about how radical policies wrecked American sovereignty and prosperity.

The new additions, spotted near the Rose Garden, align with Trump’s promise to rewrite the narrative on failed administrations that prioritized open borders, endless wars, and economic surrender over putting America First.

Analysis of the photos suggests they are genuine, with natural lighting, shadows, and reflections on the frames and glass showing no signs of AI manipulation such as distorted text or unnatural elements. 

The White House has added text to the Wall of Fame next to the Rose Garden. ? @PenguinSix pic.twitter.com/3mVNI21LDo

— Breaking911 (@Breaking911) December 17, 2025

The images are credited to X user @PenguinSix—a D.C.-based freelancer and live streamer known for real-time coverage of White House developments.

Starting with the autopen standing in for Biden, the top plaque reads:

“Sleepy Joe Biden was, by far, the worst President in American History. Taking office as a result of the most corrupt Election ever seen in the United States, Biden oversaw a series of unprecedented disasters that brought our Nation to the brink of destruction. His Policies caused the highest Inflation ever recorded, leading the U.S. Dollar to lose more than 20% of its value in 4 years. His Green New Scam surrendered American Energy Dominance and, by abolishing the Southern Border, Biden let 21 million people from all over the World pour into the United States, including from prisons, jails, mental institutions, and insane asylums. His Afghanistan Disaster was among the most humiliating events in American History, and resulted in the murder of 13 brave American Servicemembers, with many others gravely wounded. Seeing Biden’s devastating weakness, Russia invaded Ukraine, and Hamas terrorists launched the heinous October 7th attack on Israel.”

The bottom plaque for Biden continues:

“Nicknamed both ‘Sleepy’ and ‘Crooked,’ Joe Biden was dominated by his Radical Left handlers. They and their allies in the Fake News Media attempted to cover up his severe mental decline, and his unprecedented use of the Autopen. Following his humiliating debate loss to President Trump in the big June 2024 debate, he was forced to withdraw from his campaign for re-election in disgrace. Biden weaponized Law Enforcement against his political opponents, while also persecuting many other innocent people. He left office issuing blanket pardons to Radical Democrat criminals and the guilty as well as members of the Biden Crime Family — But despite it all, President Trump would get Re-Elected in a Landslide, and SAVE AMERICA!”

Moving to Barack Obama, the plaques are forthright on his divisive tenure. The top one states:

“Barack Hussein Obama was the first Black President, community organizer, one term Senator from Illinois, and one of the most divisive political figures in American History. As President, he passed the highly ineffective ‘Unaffordable Care’ Act, resulting in his party losing control of both Houses of Congress, and the Election of the largest House Republican majority since 1946. He presided over a stagnant Economy, approved the terrible Iran Nuclear Deal, and signed the one-sided Paris Climate Accords, both of which were later terminated by President Donald J. Trump.”

The bottom Obama plaque adds:

“Under Obama, the ISIS Caliphate spread across the Middle East, Libya collapsed into chaos, and Russia invaded and took Crimea, in Ukraine. He crippled small businesses with crushing regulation and environmental red tape, devastated American coal miners, and weaponized the IRS and Federal bureaucracies against his political opponents. Obama also spied on the 2016 Presidential Campaign of Donald J. Trump, and presided over the creation of the Russia, Russia, Russia political scandal in American History. His handpicked successor, Hillary Rodham Clinton, would then lose the Presidency to Donald J. Trump.”

For Bill Clinton, the single plaque highlights his globalist betrayals:

“Bill Clinton served as Attorney General and Governor of Arkansas before winning the Presidency in what was called a major upset over President George H. W. Bush. As President, Clinton signed crime and welfare legislation, which was passed with the leadership of Republicans in Congress. He approved NAFTA, which President Donald J. Trump would later terminate as being bad for the United States, welcomed China into the World Trade Organization, and oversaw NATO’s Military intervention in Bosnia and Kosovo. Despite the scandals that plagued his Presidency, the tech boom of the late 1990s resulted in excellent Economic growth, which helped him and Republicans in Congress deliver balanced budgets for the first time in decades. In 2016, President Clinton’s wife, Hillary, lost the Presidency to President Donald J. Trump!”

Finally, Ronald Reagan gets a glowing tribute that ties directly to Trump’s movement:

“Ronald Reagan won the Cold War and transformed American politics and the Conservative Movement. Before entering the White House, Reagan was a Hollywood actor, President of the Screen Actors Guild, Governor of California and, for decades, a leading voice in American Conservatism. As President, he enacted Tax Cuts, presided over a thriving Economy, and rebuilt the American Military. He survived being shot by an assassin, and confronted the Soviet Union with striking moral clarity, labeling it an ‘evil empire,’ and putting unprecedented pressure on the Communist menace. Known as ‘The Great Communicator,’ he was re-elected in a Landslide in 1984, and left office with high approval, having restored National Confidence, Spirit, and Will. He was a fan of President Donald J. Trump long before President Trump’s Historic run for the White House. Likewise, President Trump was a fan of his!”

Responses have been mixed, with some praising the additions and some suggesting they are a waste of time.

Quiet little move, but it matters. History is written by whoever gets the wall space, and the bureaucracy knows it. Who decided these additions, and what else is getting rewritten behind the scenes?

— rowdyamerican (@rowdyamerican69) December 17, 2025

Hahaha. Sign a bill saying these can never be removed. ??

— C_Ross_++ (@C_Ross_tt) December 17, 2025

This is what we get instead of deep state arrests and economic advancement. Peak boomer-IQ level.

— Im Just Here For The Chaos. (@MashedPotatoJK) December 17, 2025

All this time and effort spent on ‘owning the libs’ when we just want a thriving country.

Like haha yes this is funny, but not too funny because White people are being replaced and we can’t fucking afford anything.

This administration is a joke, I can’t believe I voted for…

— Mr. White (@MrWhiteGroyper) December 17, 2025

This administration needs to stop doing petty bullshit and actually start cracking down.

— I. Williams (@TedWilliam97) December 17, 2025

Pointless performative distractions. Where are the arrests? Where are the Epstein files? On and on…

— Puke (@Puke1260) December 17, 2025

Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.

Tyler Durden Thu, 12/18/2025 - 15:30

Watch: Presidential 'Wall Of Fame' Gets A Savage Upgrade...

Authored by Steve Watson via Modernity.news,

President Trump has seemingly taken his trolling to new heights by installing brutal plaques beneath key presidential portraits at the White House, exposing the failures of his leftist predecessors.

The inscriptions lay waste to the deep state’s darlings—detailing Obama’s foreign policy debacles, Clinton’s globalist sellouts, and Biden’s total mental collapse—while also celebrating Reagan’s conservative triumphs that paved the way for Trump’s landslide victory.

Building on the initial autopen stunt, fresh images reveal expanded plaques that deliver unfiltered truth about how radical policies wrecked American sovereignty and prosperity.

The new additions, spotted near the Rose Garden, align with Trump’s promise to rewrite the narrative on failed administrations that prioritized open borders, endless wars, and economic surrender over putting America First.

Analysis of the photos suggests they are genuine, with natural lighting, shadows, and reflections on the frames and glass showing no signs of AI manipulation such as distorted text or unnatural elements. 

The White House has added text to the Wall of Fame next to the Rose Garden. ? @PenguinSix pic.twitter.com/3mVNI21LDo

— Breaking911 (@Breaking911) December 17, 2025

The images are credited to X user @PenguinSix—a D.C.-based freelancer and live streamer known for real-time coverage of White House developments.

Starting with the autopen standing in for Biden, the top plaque reads:

“Sleepy Joe Biden was, by far, the worst President in American History. Taking office as a result of the most corrupt Election ever seen in the United States, Biden oversaw a series of unprecedented disasters that brought our Nation to the brink of destruction. His Policies caused the highest Inflation ever recorded, leading the U.S. Dollar to lose more than 20% of its value in 4 years. His Green New Scam surrendered American Energy Dominance and, by abolishing the Southern Border, Biden let 21 million people from all over the World pour into the United States, including from prisons, jails, mental institutions, and insane asylums. His Afghanistan Disaster was among the most humiliating events in American History, and resulted in the murder of 13 brave American Servicemembers, with many others gravely wounded. Seeing Biden’s devastating weakness, Russia invaded Ukraine, and Hamas terrorists launched the heinous October 7th attack on Israel.”

The bottom plaque for Biden continues:

“Nicknamed both ‘Sleepy’ and ‘Crooked,’ Joe Biden was dominated by his Radical Left handlers. They and their allies in the Fake News Media attempted to cover up his severe mental decline, and his unprecedented use of the Autopen. Following his humiliating debate loss to President Trump in the big June 2024 debate, he was forced to withdraw from his campaign for re-election in disgrace. Biden weaponized Law Enforcement against his political opponents, while also persecuting many other innocent people. He left office issuing blanket pardons to Radical Democrat criminals and the guilty as well as members of the Biden Crime Family — But despite it all, President Trump would get Re-Elected in a Landslide, and SAVE AMERICA!”

Moving to Barack Obama, the plaques are forthright on his divisive tenure. The top one states:

“Barack Hussein Obama was the first Black President, community organizer, one term Senator from Illinois, and one of the most divisive political figures in American History. As President, he passed the highly ineffective ‘Unaffordable Care’ Act, resulting in his party losing control of both Houses of Congress, and the Election of the largest House Republican majority since 1946. He presided over a stagnant Economy, approved the terrible Iran Nuclear Deal, and signed the one-sided Paris Climate Accords, both of which were later terminated by President Donald J. Trump.”

The bottom Obama plaque adds:

“Under Obama, the ISIS Caliphate spread across the Middle East, Libya collapsed into chaos, and Russia invaded and took Crimea, in Ukraine. He crippled small businesses with crushing regulation and environmental red tape, devastated American coal miners, and weaponized the IRS and Federal bureaucracies against his political opponents. Obama also spied on the 2016 Presidential Campaign of Donald J. Trump, and presided over the creation of the Russia, Russia, Russia political scandal in American History. His handpicked successor, Hillary Rodham Clinton, would then lose the Presidency to Donald J. Trump.”

For Bill Clinton, the single plaque highlights his globalist betrayals:

“Bill Clinton served as Attorney General and Governor of Arkansas before winning the Presidency in what was called a major upset over President George H. W. Bush. As President, Clinton signed crime and welfare legislation, which was passed with the leadership of Republicans in Congress. He approved NAFTA, which President Donald J. Trump would later terminate as being bad for the United States, welcomed China into the World Trade Organization, and oversaw NATO’s Military intervention in Bosnia and Kosovo. Despite the scandals that plagued his Presidency, the tech boom of the late 1990s resulted in excellent Economic growth, which helped him and Republicans in Congress deliver balanced budgets for the first time in decades. In 2016, President Clinton’s wife, Hillary, lost the Presidency to President Donald J. Trump!”

Finally, Ronald Reagan gets a glowing tribute that ties directly to Trump’s movement:

“Ronald Reagan won the Cold War and transformed American politics and the Conservative Movement. Before entering the White House, Reagan was a Hollywood actor, President of the Screen Actors Guild, Governor of California and, for decades, a leading voice in American Conservatism. As President, he enacted Tax Cuts, presided over a thriving Economy, and rebuilt the American Military. He survived being shot by an assassin, and confronted the Soviet Union with striking moral clarity, labeling it an ‘evil empire,’ and putting unprecedented pressure on the Communist menace. Known as ‘The Great Communicator,’ he was re-elected in a Landslide in 1984, and left office with high approval, having restored National Confidence, Spirit, and Will. He was a fan of President Donald J. Trump long before President Trump’s Historic run for the White House. Likewise, President Trump was a fan of his!”

Responses have been mixed, with some praising the additions and some suggesting they are a waste of time.

Quiet little move, but it matters. History is written by whoever gets the wall space, and the bureaucracy knows it. Who decided these additions, and what else is getting rewritten behind the scenes?

— rowdyamerican (@rowdyamerican69) December 17, 2025

Hahaha. Sign a bill saying these can never be removed. ??

— C_Ross_++ (@C_Ross_tt) December 17, 2025

This is what we get instead of deep state arrests and economic advancement. Peak boomer-IQ level.

— Im Just Here For The Chaos. (@MashedPotatoJK) December 17, 2025

All this time and effort spent on ‘owning the libs’ when we just want a thriving country.

Like haha yes this is funny, but not too funny because White people are being replaced and we can’t fucking afford anything.

This administration is a joke, I can’t believe I voted for…

— Mr. White (@MrWhiteGroyper) December 17, 2025

This administration needs to stop doing petty bullshit and actually start cracking down.

— I. Williams (@TedWilliam97) December 17, 2025

Pointless performative distractions. Where are the arrests? Where are the Epstein files? On and on…

— Puke (@Puke1260) December 17, 2025

Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.

Tyler Durden Thu, 12/18/2025 - 15:30

House Kills Bill On Blocking War With Venezuela

Authored by Dave DeCamp via AntiWar.com

The House on Wednesday voted down a War Powers Resolution meant to block President Trump from launching a war with Venezuela without congressional authorization, as required by the Constitution.

The bill failed in a vote of 211-213, with nine representatives not voting. Just three Republicans joined Democrats in supporting the bill: Reps. Thomas Massie (R-KY), Marjorie Taylor Greene (GA), and Don Bacon (NE). One Democrat, Henry Cuellar (TX), voted against the legislation.

Source: Spectrum News 1

The legislation would have directed the president to remove "United States Armed Forces from hostilities within or against Venezuela that have not been authorized by Congress."

Before the Venezuela bill, another War Powers Resolution aimed at stopping President Trump’s bombing campaign against alleged drug boats in the Caribbean and the Eastern Pacific Ocean also failed. That bill failed in a vote of 210-216, with two Republicans (Massie and Bacon) voting in favor and two Democrats (Ceullar and Vicente Gonzalez (TX) voting against.

The votes came a day after President Trump declared a "complete and total blockade" on "sanctioned" tankers going into and leaving Venezuela, an action that’s widely considered an act of war under international law. President Trump and his top officials have also been clear that their goal is regime change.

"Do we want a miniature Afghanistan in the Western Hemisphere?" Massie, a co-sponsor of the bill, asked on the House floor before the vote.

"If that cost is acceptable to this Congress, then we should vote on it as a voice of the people and in accordance with our Constitution," Massie continued.

Massie: Previous presidents told us to go to war over WMDs that did not exist. Now it's the same playbook. Except we're told that drugs are the WMDs. If it were about drugs, we'd bomb Mexico or China or Colombia. And the president would not have pardoned Juan Orlando Hernandez.… pic.twitter.com/5h296rYnPJ

— Acyn (@Acyn) December 17, 2025

"And yet today, here we aren’t even voting on whether to declare war or authorize the use of military force. All we’re voting on is a War Powers Resolution that strengthens the fabric of our Republic by reasserting the plain and simple language in the Constitution that Congress must decide questions of war."

Several polls in recent months have found that the idea of the US going to war with Venezuela is extremely unpopular among Americans.

Tyler Durden Thu, 12/18/2025 - 15:00

House Kills Bill On Blocking War With Venezuela

Authored by Dave DeCamp via AntiWar.com

The House on Wednesday voted down a War Powers Resolution meant to block President Trump from launching a war with Venezuela without congressional authorization, as required by the Constitution.

The bill failed in a vote of 211-213, with nine representatives not voting. Just three Republicans joined Democrats in supporting the bill: Reps. Thomas Massie (R-KY), Marjorie Taylor Greene (GA), and Don Bacon (NE). One Democrat, Henry Cuellar (TX), voted against the legislation.

Source: Spectrum News 1

The legislation would have directed the president to remove "United States Armed Forces from hostilities within or against Venezuela that have not been authorized by Congress."

Before the Venezuela bill, another War Powers Resolution aimed at stopping President Trump’s bombing campaign against alleged drug boats in the Caribbean and the Eastern Pacific Ocean also failed. That bill failed in a vote of 210-216, with two Republicans (Massie and Bacon) voting in favor and two Democrats (Ceullar and Vicente Gonzalez (TX) voting against.

The votes came a day after President Trump declared a "complete and total blockade" on "sanctioned" tankers going into and leaving Venezuela, an action that’s widely considered an act of war under international law. President Trump and his top officials have also been clear that their goal is regime change.

"Do we want a miniature Afghanistan in the Western Hemisphere?" Massie, a co-sponsor of the bill, asked on the House floor before the vote.

"If that cost is acceptable to this Congress, then we should vote on it as a voice of the people and in accordance with our Constitution," Massie continued.

Massie: Previous presidents told us to go to war over WMDs that did not exist. Now it's the same playbook. Except we're told that drugs are the WMDs. If it were about drugs, we'd bomb Mexico or China or Colombia. And the president would not have pardoned Juan Orlando Hernandez.… pic.twitter.com/5h296rYnPJ

— Acyn (@Acyn) December 17, 2025

"And yet today, here we aren’t even voting on whether to declare war or authorize the use of military force. All we’re voting on is a War Powers Resolution that strengthens the fabric of our Republic by reasserting the plain and simple language in the Constitution that Congress must decide questions of war."

Several polls in recent months have found that the idea of the US going to war with Venezuela is extremely unpopular among Americans.

Tyler Durden Thu, 12/18/2025 - 15:00

Apocalyptic Environmentalism Collides With Data Center Boom, Fuels Sky-High Mid-Atlantic Power Prices

A combination of "apocalyptic environmentalism" and an explosion in data center power demand has left power markets in the Mid-Atlantic heavily strained, triggering a surge in power bills that is roiling working-poor families, middle-income households, and mom-and-pop businesses.

Democratic kings, operating under one-party rule in crisis-ridden Maryland, spent the week pushing ahead with a slavery reparations study instead of tackling the power bill crisis that is inflicting tremendous financial pain on working poor households across the central part of the state.

Maryland's "apocalyptic environmentalism" - something we warned about 17 months ago - has helped create a fragile power grid that consumes roughly 40% more electricity than it generates, leaving consumers exposed to soaring power costs amid the rise of data centers being hooked up to the grid.

Left-wing lawmakers in Annapolis, fixated on a green globalist framework, ignored basic reliability planning for years. Utilities such as Exelon are now attempting to correct the power crisis by building new power plants, something that should've happened years ago. But the effort comes too late to close the power supply gap and to prevent skyrocketing regional power prices.

The latest power capacity auction run by PJM Interconnection, which operates the 13-state grid serving nearly one-fifth of Americans, particularly across the Mid-Atlantic, shows how sharply power generation capacity prices have exploded in recent years. Payments to generators active on the grid have surged to about $333.44 per megawatt day, up from a sub-$50 level in 2023.

Much of America's data center power demand is coming from the Mid-Atlantic region, specifically from Data Center Alley in Northern Virginia and parts of Maryland.

Meanwhile nationwide... 

"The amount of pressure on PJM is enormous," Daniel Palken, director of infrastructure for energy and permitting at philanthropy Arnold Ventures, told Bloomberg.

Fixing Maryland's power grid could have been done years ago and under the Biden-Harris admin, but Mid-Atlantic Democrats instead focused on implementing a globalist agenda centered on woke politics, illegal aliens, and green policies that stripped the grid of stable fossil fuel generation.

Now, Democrats in Maryland have spent this week more focused on slavery reparations than on power bills. This is what happens when far-left activists take control: their intent is not to fix problems but to advance ideology, regardless of the economic damage.

We've outlined the competing narratives at play from both political parties.

• Electric Bill Crisis Blame Game Begins: Democrats Slam Data Centers, GOP Faults "Climate-Cult Ideology"

Let's not forget the power bill crisis is mainly happening in Democrat-run states... 

And as we've noted, Nvidia-backed startup Starcloud has entered the picture that will use SpaceX's Starship rocket to blast data centers into low-Earth orbit to "bypass Earth-Based constriants." 

Tyler Durden Thu, 12/18/2025 - 14:40

Apocalyptic Environmentalism Collides With Data Center Boom, Fuels Sky-High Mid-Atlantic Power Prices

A combination of "apocalyptic environmentalism" and an explosion in data center power demand has left power markets in the Mid-Atlantic heavily strained, triggering a surge in power bills that is roiling working-poor families, middle-income households, and mom-and-pop businesses.

Democratic kings, operating under one-party rule in crisis-ridden Maryland, spent the week pushing ahead with a slavery reparations study instead of tackling the power bill crisis that is inflicting tremendous financial pain on working poor households across the central part of the state.

Maryland's "apocalyptic environmentalism" - something we warned about 17 months ago - has helped create a fragile power grid that consumes roughly 40% more electricity than it generates, leaving consumers exposed to soaring power costs amid the rise of data centers being hooked up to the grid.

Left-wing lawmakers in Annapolis, fixated on a green globalist framework, ignored basic reliability planning for years. Utilities such as Exelon are now attempting to correct the power crisis by building new power plants, something that should've happened years ago. But the effort comes too late to close the power supply gap and to prevent skyrocketing regional power prices.

The latest power capacity auction run by PJM Interconnection, which operates the 13-state grid serving nearly one-fifth of Americans, particularly across the Mid-Atlantic, shows how sharply power generation capacity prices have exploded in recent years. Payments to generators active on the grid have surged to about $333.44 per megawatt day, up from a sub-$50 level in 2023.

Much of America's data center power demand is coming from the Mid-Atlantic region, specifically from Data Center Alley in Northern Virginia and parts of Maryland.

Meanwhile nationwide... 

"The amount of pressure on PJM is enormous," Daniel Palken, director of infrastructure for energy and permitting at philanthropy Arnold Ventures, told Bloomberg.

Fixing Maryland's power grid could have been done years ago and under the Biden-Harris admin, but Mid-Atlantic Democrats instead focused on implementing a globalist agenda centered on woke politics, illegal aliens, and green policies that stripped the grid of stable fossil fuel generation.

Now, Democrats in Maryland have spent this week more focused on slavery reparations than on power bills. This is what happens when far-left activists take control: their intent is not to fix problems but to advance ideology, regardless of the economic damage.

We've outlined the competing narratives at play from both political parties.

• Electric Bill Crisis Blame Game Begins: Democrats Slam Data Centers, GOP Faults "Climate-Cult Ideology"

Let's not forget the power bill crisis is mainly happening in Democrat-run states... 

And as we've noted, Nvidia-backed startup Starcloud has entered the picture that will use SpaceX's Starship rocket to blast data centers into low-Earth orbit to "bypass Earth-Based constriants." 

Tyler Durden Thu, 12/18/2025 - 14:40

Trump Promises New Evidence Showing 2020 Election Fraud

Authored by Petr Svab via The Epoch Times,

President Donald Trump has in recent interviews repeatedly foreshadowed new revelations about improprieties in the 2020 election. He has suggested the evidence to be both voluminous and clear.

“The election was rigged in 2020. We have all the ammunition, all the stuff, and you'll see it come out. It’s coming out in truckloads,” Trump said during remarks at the White House Christmas reception this week.

He took particular aim at California, suggesting the state’s system of mailing ballots to all active registered voters is not secure.

“They mail out 38 million ballots, and they come in. Where ... do they go and where do they come from?” he said.

He said that because in 2024 he was able to win a number of heavily Hispanic districts in Florida and along the southern portion of Texas, he would also have been able to win the votes of Hispanic communities in California to the point of carrying the state. The fact that he did not, he suggested, indicated improprieties in the election process.

“It’s a rigged election in California, because we would win California by a lot,” he said. “And again, they feel they have the advantage with Hispanic. They don’t, because I won [the] Hispanic vote.”

Trump also promised evidence of 2020 election rigging several days earlier during a Dec. 9 interview with Politico’s Dasha Burns.

“It was a rigged election. Now everyone knows it. It’s going to come out over the next couple of months too. Loud and clear. Because we have all the information there,” Trump said.

The 2020 election, conducted under the COVID-19 pandemic restrictions, was marred by allegations of fraud and other illegalities. The Trump campaign attempted to litigate the claims, but was not able to overturn the results in any state as many of the lawsuits were dismissed on procedural grounds.

An FBI investigation brought during the Biden administration and taken over by special counsel Jack Smith resulted in charges against Trump in 2023 over his efforts to challenge the official results of the election, including the appointment of several slates of alternative electors.

The prosecutors in that case filed secret subpoenas directed at more than 400 conservative organizations and individuals, including lawmakers, according to documents provided through whistleblower disclosures to Sen. Chuck Grassley (R-Iowa), which he released in October.

Smith dropped the case after Trump won the 2024 election, citing the inability to prosecute a sitting president.

Before the 2020 election, the FBI suppressed the issuance of intelligence from an informant alleging that the Chinese communist regime shipped tens of thousands of fake drivers licenses to the United States to be used by ineligible voters to cast ballots for Trump’s then-opponent Joe Biden, according to internal FBI communications released in July by Grassley.

The intelligence was reported internally by the Albany field office in September 2020, but FBI headquarters then asked the field office to recall it and collect more information. A field agent did so, but the report was never reissued, with the explanation that it would “contradict” congressional testimony of then-FBI Director Christopher Wray, according to released emails.

In March, Trump issued an executive order tasking the administration with ensuring that states properly check voter eligibility, including citizenship. It also tasked the Department of Justice with collecting voter fraud information from states and focusing voter fraud investigations on those states that refuse to cooperate.

The department is to use “all necessary action” to enforce laws that bar counting ballots received after Election Day.

Since May, the DOJ has been sending letters to states asking for voter registration data with the stated purpose of inspecting voter rolls to make sure they are accurate and up to date.

The department is now suing at least 18 states that have refused to provide the data.

Besides election fraud, the Trump camp has pointed to other issues that affected the 2020 election, such as some states using the pandemic as a justification to change election rules, as well as a letter signed by more than 50 former intelligence officials suggesting inaccurately that revelations from the Hunter Biden laptop were “Russian disinformation.”

Some polling has indicated that a determinative minority of voters might have changed their vote if they had been aware of the laptop story.

Tyler Durden Thu, 12/18/2025 - 14:20

Trump Promises New Evidence Showing 2020 Election Fraud

Authored by Petr Svab via The Epoch Times,

President Donald Trump has in recent interviews repeatedly foreshadowed new revelations about improprieties in the 2020 election. He has suggested the evidence to be both voluminous and clear.

“The election was rigged in 2020. We have all the ammunition, all the stuff, and you'll see it come out. It’s coming out in truckloads,” Trump said during remarks at the White House Christmas reception this week.

He took particular aim at California, suggesting the state’s system of mailing ballots to all active registered voters is not secure.

“They mail out 38 million ballots, and they come in. Where ... do they go and where do they come from?” he said.

He said that because in 2024 he was able to win a number of heavily Hispanic districts in Florida and along the southern portion of Texas, he would also have been able to win the votes of Hispanic communities in California to the point of carrying the state. The fact that he did not, he suggested, indicated improprieties in the election process.

“It’s a rigged election in California, because we would win California by a lot,” he said. “And again, they feel they have the advantage with Hispanic. They don’t, because I won [the] Hispanic vote.”

Trump also promised evidence of 2020 election rigging several days earlier during a Dec. 9 interview with Politico’s Dasha Burns.

“It was a rigged election. Now everyone knows it. It’s going to come out over the next couple of months too. Loud and clear. Because we have all the information there,” Trump said.

The 2020 election, conducted under the COVID-19 pandemic restrictions, was marred by allegations of fraud and other illegalities. The Trump campaign attempted to litigate the claims, but was not able to overturn the results in any state as many of the lawsuits were dismissed on procedural grounds.

An FBI investigation brought during the Biden administration and taken over by special counsel Jack Smith resulted in charges against Trump in 2023 over his efforts to challenge the official results of the election, including the appointment of several slates of alternative electors.

The prosecutors in that case filed secret subpoenas directed at more than 400 conservative organizations and individuals, including lawmakers, according to documents provided through whistleblower disclosures to Sen. Chuck Grassley (R-Iowa), which he released in October.

Smith dropped the case after Trump won the 2024 election, citing the inability to prosecute a sitting president.

Before the 2020 election, the FBI suppressed the issuance of intelligence from an informant alleging that the Chinese communist regime shipped tens of thousands of fake drivers licenses to the United States to be used by ineligible voters to cast ballots for Trump’s then-opponent Joe Biden, according to internal FBI communications released in July by Grassley.

The intelligence was reported internally by the Albany field office in September 2020, but FBI headquarters then asked the field office to recall it and collect more information. A field agent did so, but the report was never reissued, with the explanation that it would “contradict” congressional testimony of then-FBI Director Christopher Wray, according to released emails.

In March, Trump issued an executive order tasking the administration with ensuring that states properly check voter eligibility, including citizenship. It also tasked the Department of Justice with collecting voter fraud information from states and focusing voter fraud investigations on those states that refuse to cooperate.

The department is to use “all necessary action” to enforce laws that bar counting ballots received after Election Day.

Since May, the DOJ has been sending letters to states asking for voter registration data with the stated purpose of inspecting voter rolls to make sure they are accurate and up to date.

The department is now suing at least 18 states that have refused to provide the data.

Besides election fraud, the Trump camp has pointed to other issues that affected the 2020 election, such as some states using the pandemic as a justification to change election rules, as well as a letter signed by more than 50 former intelligence officials suggesting inaccurately that revelations from the Hunter Biden laptop were “Russian disinformation.”

Some polling has indicated that a determinative minority of voters might have changed their vote if they had been aware of the laptop story.

Tyler Durden Thu, 12/18/2025 - 14:20

Former Harvard Morgue Manager, Wife Sentenced For Stealing And Selling Body Parts

Authored by Bill Pan via The Epoch Times,

A former morgue manager at Harvard Medical School has been sentenced to eight years in prison for stealing and selling human body parts donated for scientific research, the Department of Justice said.

Cedric Lodge, 58, was sentenced on Dec. 16 during a hearing in federal court in Pennsylvania. His wife, Denise Lodge, 65, received a sentence of 12 months and one day in prison.

The couple previously pleaded guilty to charges related to the interstate transportation of stolen goods. Cedric Lodge admitted to stealing body parts from cadavers donated to Harvard Medical School’s Anatomical Gift Program and selling them to buyers across the country.

Prosecutors said that between 2018 and March 2020, Cedric Lodge stole and trafficked “heads, brains, skin, bones, and other human remains” after the donated bodies had been used for teaching and research. Under agreements between donors and Harvard, those bodies were supposed to be cremated or returned to their families.

According to the federal indictment, Cedric Lodge transported the stolen remains from Harvard Medical School in Boston to his home in New Hampshire, where he stored and sold them. Prosecutors said Denise Lodge assisted in the scheme by communicating with buyers, accepting payments, and arranging shipments of the stolen remains. Payments were often made online through her PayPal account.

The remains were sold to Katrina MacLean, Joshua Taylor, and others, prosecutors said. MacLean allegedly resold the remains to buyers across the country, including through her curiosities store, and Taylor has been accused of purchasing body parts from Lodge for resale. Lodge also allowed MacLean, Taylor, and others to enter the morgue to select which remains they wished to buy, according to the indictment.

MacLean, of Massachusetts, and Taylor, of Pennsylvania, have both pleaded guilty this year for their roles in the scheme and are awaiting sentencing. Several other buyers have already been sentenced to prison time.

The case has drawn widespread attention since federal authorities announced charges in 2023. Prosecutors brought the case in Pennsylvania because key elements of the crimes, including the shipping, receipt, and resale of stolen remains, took place in that jurisdiction.

“Today’s sentencing is another step forward in ensuring those who orchestrated and executed this heinous crime are brought to justice,” Wayne Jacobs, special agent in charge of the FBI Philadelphia Field Office, said in a statement.

Harvard Medical School officials said they were unaware of Cedric Lodge’s activities until notified by the FBI. The school placed him on leave in March 2023 after learning of the federal investigation and “immediately” suspended his campus access. He was fired in May of that year after investigators provided what the school said was “adequate information” to justify his termination.

Harvard, which hired Cedric Lodge in 1995, condemned his actions as an “abhorrent betrayal.”

“We owe it to ourselves, our community, our profession, and our patients and their loved ones to ensure that [Harvard Medical School] is worthy of the donors who have entrusted their bodies to us for the advancement of medical education and research,” Medical School Dean George Daley and Dean of Medical Education Edward Hundert wrote in a campuswide message following the indictment.

Although federal investigators did not find any criminal wrongdoing on Harvard’s part, the university is facing a class-action lawsuit brought by families affected by the scandal.

In February 2024, a Massachusetts Superior Court judge dismissed a lawsuit from family members of donors whose remains were stolen and sold. However, in October, a four-judge panel of the Massachusetts Supreme Judicial Court revived the case, saying that the families had presented sufficient evidence to claim that Harvard failed to act in good faith in overseeing its morgue.

Harvard has maintained that Cedric Lodge’s conduct was “inconsistent with the standards and values of Harvard” and expressed “deep sorrow for the families of donors who may have been impacted,” according to student newspaper The Harvard Crimson.

An attorney representing Cedric Lodge did not respond to a request for comment.

Tyler Durden Thu, 12/18/2025 - 13:00

Australian Counterterrorism Unit Rams Car, Arrests Five Men Suspected Of Planning Violence

Four days after the Bondi Beach terror attack in Australia, a counterterrorism unit stopped what appeared to be a vehicle carrying five Middle Eastern men in Liverpool, Sydney, who were allegedly heading toward the Bondi Beach area.

BREAKING:

Australian police ram a car with 5 Islamists travelling to Bondi Beach.

Seems like they had info that another attack might have been imminent. The West is full of dangerous Islamists. pic.twitter.com/jbUGtBaC53

— Visegrád 24 (@visegrad24) December 18, 2025

Local media 7NEWS Sydney reported, "Counter terrorism police have deliberately rammed a car in Liverpool to arrest those inside, shocking onlookers on Campbell Street."

Counter terrorism police have deliberately rammed a car in Liverpool to arrest those inside, shocking onlookers on Campbell Street. pic.twitter.com/9nexWyDwZp

— 7NEWS Sydney (@7NewsSydney) December 18, 2025

Sky News said NSW Police acted on intelligence given the heightened security environment following the Bondi Beach terror attack four days ago, which left 15 people dead and more than 40 injured at a Hanukkah celebration. The victims ranged in age from children to elderly adults, and the attack has been widely described as an antisemitic terrorist act by radical Islamists.

"Tactical Operations police responded to information received that a violent act was possibly being planned," NSW Police wrote in a statement.

"It's understood police took a cautious approach to the intelligence, given the climate in the wake of the Bondi terror attack on Sunday evening," the outlet noted, adding, "It's unclear what the intention of the men was in travelling to Bondi."

UK tabloid Daily Star ...

Is anyone going to tell the liberals that mass migration was perhaps a bad idea?  

Tyler Durden Thu, 12/18/2025 - 12:55

At the end of each year, I post Ten Economic Questions for the following year (2025). I followed up with a brief post on each question. Here is review (we don't have all data yet - and some data is still delayed due to the government shutdown).  I've linked to my posts from the beginning of the year, with a brief excerpt and a few comments.

I don't have a crystal ball, but I think it helps to outline what I think will happen - and understand - and change my mind, when the outlook is wrong.  As an example, when the pandemic hit, I switched from being mostly positive on the economy to calling a recession in early March 2020.
Here were my questions for 2025 (posted in December 2024).  The analysis for the housing related questions were posted in the newsletter, and the other questions on this blog.
10) Question #10 for 2025: Will inventory increase further in 2025?

"“Time” will likely lead to more new listings in 2025. Mortgage rates will remain well above the pandemic lows, and new listings will likely be depressed again in 2025 compared to pre-pandemic levels.

The bottom line is inventory will probably increase year-over-year in 2025. However, it still seems unlikely that inventory will be back up to the 2019 levels."

This was correct on all points.

Here is a graph from Altos Research showing active single-family inventory through December 12, 2025.

The red line is for 2025.  The black line is for 2019.  Note that inventory is up 14% compared to the same week last year.
However, inventory is still below pre-pandemic normal levels. 
9) Question #9 for 2025: What will happen with house prices in 2025?

"I don’t expect national inventory to reach 2019 levels but much of the remaining gap between 2019 and 2024 levels will likely close in 2025. If existing home sales remain fairly sluggish, we might see national months-of-supply above 5 months in mid-2025.

That would likely lead to mostly flat prices nationally in 2025. However, I expect some areas - with higher months-of-supply - will see price decline in 2025."

This was correct.

As of September, the National Case-Shiller index SA was up 1.3% year-over-year. (Case-Shiller for October will be released December 30th).

The FHFA index was up 1.7% YoY in September, and the Freddie Mac index was up 1.0% in October.
 The ICE HPI was up 0.8% in November.
Mostly flat prices year-over-year and no crash or surge in house prices in 2025.  

8) Question #8 for 2025: How much will Residential investment change in 2025? How about housing starts and new home sales in 2025?

"My guess is multi-family starts will decline further in 2025, likely down 5% or so year-over-year (less than the previous 2 years). Single family starts will likely be mostly unchanged year-over-year, putting total starts down slightly.

I expect New Home sales to be up around 5% YoY."

NOTE: The most recent data is for August due to the government shutdown, so this is very uncertain.
This graph shows single and multi-family housing starts since 2000.

As of August, single family starts were down 4.9% year-to-date (YTD) compared to the same period in 2023.  Single family starts were a little weaker than expected.
Multi-family starts were up 17.5% YTD (much stronger than expected).
Total starts were up 0.7% YTD.

The next graph shows new home sales as of August (Sales reports for September, October and November have not been scheduled yet).

New home sales were down 1.4% YTD through August. 
This is still very unclear.  
I expect multifamily starts to be weaker later in the year (rents remain under pressure, and architects have reported weak billings for multifamily for 40 consecutive months.
7) Question #7 for 2025: How much will wages increase in 2025?

"Clearly wage growth is slowing and I expect to see some further decreases in both the Average hourly earnings from the CES, and in the Atlanta Fed Wage Tracker.  My sense is nominal wages will increase close to mid-to-high 3% range YoY in 2025 according to the CES."

This was correct.
The graph shows the nominal year-over-year change in "Average Hourly Earnings" for all private employees from the Current Employment Statistics (CES).  
There was a huge increase at the beginning of the pandemic as lower paid employees were let go, and then the pandemic related spike reversed a year later.

Excluding the pandemic spike, wage growth peaked at 5.9% YoY in March 2022 and declined to 3.5% in November 2025.
6) Question #6 for 2025: What will the Fed Funds rate be in December 2025?

"With inflation still above target over the last 6 months, my guess is there will be 1 or 2 rate cuts in 2025."

There were 3 rate cuts in 2025 with the Fed Funds rate target range at 3-1/2 to 3-3/4 percent in December 20254. 

5) Question #5 for 2025: What will the YoY core inflation rate be in December 2025?

"In general, I'm ignoring policy changes ... tariffs could be implemented quickly and depending on the policy this could push up the inflation rate.

My guess is core PCE inflation (year-over-year) will decrease in 2025 (from the current 2.8%) but still be above the Fed's 2% target by Q4 2025."

This data has also been delayed.  
According to the September Personal Income and Outlays report released in early December, the September PCE price index increased 2.8 percent year-over-year, and the September PCE price index, excluding food and energy, increased 2.8 percent year-over-year. 

4) Question #4 for 2025: What will the participation rate be in December 2025?

"Since almost all of the workers impacted by the pandemic have returned to the labor force, demographics will be the key driver of the participation rate in 2025 (barring some unseen event).  Demographics will be pushing the participation rate down over the next decade, so, my guess is the participation rate will decline to around 62.2% in December 2025."

The Labor Force Participation Rate was at 62.5% in November.
The participation rate dipped to 62.2% in July, but bounced back some at the end of the year.
This is down from the post pandemic peak of 62.8%.
The decline from demographics (retiring baby boomers) is now pushing down the rate, however, not as much as I expected.
3) Question #3 for 2025: What will the unemployment rate be in December 2025?

"My guess is the unemployment rate will decline to 4% or so by December 2025.  (Lower than the FOMC forecast of 4.2% to 4.5%)."

The unemployment rate was at 4.6% in November (the FOMC beat me on this one!).  Policy has been more negative for unemployment than I expected.

2) Question #2 for 2025: How much will job growth slow in 2025? Or will the economy lose jobs?

"So, my forecast is for gains of around 1.0 million jobs in 2025.  This will probably be the slowest job growth since 2010 (excluding the 2020 pandemic job losses)."

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

Through November the economy has added 610 thousand jobs in 2025, well below my guess.
Policy has been negative for employment in 2025.

1) Question #1 for 2025: How much will the economy grow in 2025? Will there be a recession in 2025?

"Looking at 2025, a recession is mostly off the table. ... GDP growth is a combination of labor force growth and productivity. Productivity varies and is difficult to predict, but the labor force growth will likely be sluggish in 2025.  So, my guess is that real annual GDP growth will be less than most expect, perhaps around 1.5% in 2025."

We still do not have the GDP release for Q3.
I was correct about no recession, but growth will likely be closer to 2.0% or so in 2025.

For the most part, the economy evolved as expected in 2025. Policy impacted employment and unemployment more than I expected.

China's 'Manhattan Project' Builds Secret EUV Chip Machine Long Blocked By The West

Chinese scientists have built a prototype extreme ultraviolet (EUV) lithography machine in a high-security Shenzhen lab, a milestone Washington has long sought to block, according to a new report from Reuters. The machine, completed in early 2025 and now in testing, occupies nearly an entire factory floor and was developed by former ASML engineers who reverse-engineered the Dutch firm’s technology, two sources said.

EUV machines are central to advanced chipmaking, using extreme ultraviolet light to etch ultra-fine circuits. China’s prototype can generate EUV light but has not yet produced working chips. In April, ASML CEO Christophe Fouquet said China would need “many, many years” to develop the technology, but the prototype suggests Beijing may be closer to semiconductor independence than expected.

Speculation on Twitter this morning suggests China may have simply "stole the source"...

My sources on the ground says:

They stole the source… literally. Apparently they tried using a bunch of other versions for past decade could never get enough power out of it.

It’s hard to actually just rip one out of a functioning machine without being caught. So they think… https://t.co/1PR2DKGw49

— bubble boi (@bubbleboi) December 18, 2025

Reuters comments that China still faces major hurdles, especially in precision optics. Parts from older ASML machines sourced on secondary markets enabled the prototype, with an official target of producing chips by 2028, though insiders say 2030 is more realistic. Chinese authorities did not comment.

Reuters notes that the secret project caps a six-year push for semiconductor self-sufficiency under President Xi Jinping and is described by sources as China’s version of the Manhattan Project. Huawei coordinates thousands of engineers across companies and research institutes. “The aim is for China to eventually be able to make advanced chips on machines that are entirely China-made,” one source said. “China wants the United States 100% kicked out of its supply chains.”

Until now, only ASML has mastered EUV technology. Its machines cost about $250 million, took decades to commercialize, and have never been sold to China due to U.S.-led export controls. “It makes sense that companies would want to replicate our technology, but doing so is no small feat,” ASML said.

Those controls slowed China’s progress but did not stop aggressive recruitment of overseas talent, including retired, Chinese-born former ASML engineers working under aliases in secure facilities. Dutch intelligence has warned China uses extensive espionage and recruitment to obtain Western technology.

China’s prototype is much larger and cruder than ASML’s but operational. Progress has been limited by difficulty sourcing advanced optics from suppliers like Zeiss. Research institutes such as the Chinese Academy of Sciences’ CIOMP helped integrate EUV light into the system in early 2025.

Analyst Jeff Koch said China will have made “meaningful progress” if the light source proves powerful and reliable. “No doubt this is technically feasible, it's just a question of timeline,” he said. “China has the advantage that commercial EUV now exists, so they aren't starting from zero.”

Obviously would be very racist to suggest that when EUV light sources are one of our last 3 technical advantages over China, hiring “Lin Nan” as “head of light sources” might not be the greatest idea https://t.co/qOcAQQggHD pic.twitter.com/FolTvVUteU

— Curtis Yarvin (@curtis_yarvin) December 18, 2025

China has sourced components from older ASML systems, Japanese suppliers, and secondhand markets, sometimes using intermediaries. Around 100 young engineers are reverse-engineering parts under constant surveillance, with bonuses for success.

Huawei is deeply involved across the chip supply chain. Some staff sleep on-site with restricted phone access, and teams are isolated to protect secrecy. “The teams are kept isolated from each other to protect the confidentiality of the project,” one source said. “They don't know what the other teams work on.”

Tyler Durden Thu, 12/18/2025 - 12:40

The post Public Makes Trillions on Plunging Crypto appeared first on CEPR.

Fed Inflation Target Nears As US CPI Tumbles More Than Expected In November

'A grain of salt' is how many have described their position on this morning's government shutdown-delayed release of October and November Consumer Price Inflation data.

Headline CPI slowed to 2.7% YoY in November (dramatically below the 3.1% YoY expected)

Core CPI fell to 2.6% YoY in November (well below the 3.0% YoY expected) and the lowest since March 2021...

The Core CPI print was five standard deviations below consensus...

There is very little additional data for now with Core Goods and Services down modestly while Energy prices were higher...

...but will drop notably as oil prices have plunged...

Shelter and Rent inflation also continues to slow dramatically...

As expected in Sept, both Rent and Shelter CPI are freefalling as they catch down to real-time 3rd party metrics.

This is also Miran's thesis on disinflation and CPI extending its slide in 2026. https://t.co/xcwlPzTjQO pic.twitter.com/9cQdYTHKXj

— zerohedge (@zerohedge) December 18, 2025

SuperCore CPI also plunged...

3m annualized CPI tumbled to 2.08% YoY... very close to The Fed's target...

For all those whining about the missing data or extrapolated data... the BLS shows that this report was not that different than we have become used to...

Finally, we end with three words from Goldman's Delta-One desk-head with regard this morning's data: 'beware the noise'.

Disinflation remains a key pillar of the equity bull case, and these levels still imply inflation hovering closer to 3% so not quite there yet (but heading in the right direction... a lot faster than many expected).

Tyler Durden Thu, 12/18/2025 - 12:36

US Judge Plans To Block Hundreds Of Trump Admin Layoffs

Authored by Kimberley Hayek via The Epoch Times,

U.S. District Judge Susan Illston stated during a court hearing that she would block the departments of State and Education from moving forward with approximately 250 and 150 layoffs, respectively.

The decision comes after a lawsuit filed in October by unions challenging the Trump administration’s plans to shrink the federal workforce.

Illston also noted she would require the rehiring of about 300 employees laid off amid the 43-day shutdown that began on Oct. 1 at the State Department, Defense Department, General Services Administration, and Small Business Administration.

“The chaotic nature of these [layoffs] has been continuing and has affected employees of the government in many ways, including loss of potential alternative jobs and loss of health care coverage,” Illston said.

She said she would issue a formal written order later Wednesday but anticipated postponing enforcement until next week to provide the government time to appeal her decision. Illston said she was concerned about causing “whiplash” for workers who have dealt with multiple layoffs and reinstatements already this year.

The ruling comes after a continuing resolution passed last month, preventing agencies from imposing layoffs until Jan. 30. The Trump administration argued that the ruling did not apply to cuts announced prior to the Oct. 1 shutdown but Illston concurred with the unions, including the American Federation of Government Employees.

The lawsuit, first filed in October, sought to prevent more than 4,000 layoffs across all agencies.

Illston previously stayed a restraining order in response to the union’s request, arguing that it is “far from normal for an administration to fire line-level civilian employees during a government shutdown as a way to punish the opposing political party,” before referencing comments made by President Donald Trump on social media.

In late October, Illston extended an indefinite block on thousands of layoffs during the shutdown, which followed a temporary injunction earlier that month stopping shutdown-related layoffs. She then expanded the block on layoffs during the shutdown. She expanded the block to employees represented by the National Federation of Federal Employees, the Service Employees International Union, and the National Association of Government Employees.

Her original Oct. 15 order had applied only to members of the American Federation of Government Employees and the American Federation of State, County and Municipal Employees, the unions that filed the lawsuit.

“The American people selected someone known above all else for his eloquence in communicating to employees that ‘you’re fired,’” Assistant U.S. Attorney Michael Velchik said at an Oct. 28 hearing. “This is what they voted for.”

The “You’re fired” line stems from Trump’s time on the reality television series “The Apprentice.” He used the catchphrase regularly.

In May, Illston prevented mass layoffs at the Department of Education, a move the administration tried to stop but chose not to appeal to the Supreme Court after withdrawing an attempt to do so.

Tyler Durden Thu, 12/18/2025 - 12:20