Individual Economists

Mamdani Picks DEI Poster Child To Head FDNY

Zero Hedge -

Mamdani Picks DEI Poster Child To Head FDNY

New York City’s incoming mayor, Zohran Mamdani, has named retired EMS chief Lillian Bonsignore to run the FDNY, and the pick has generated some legitimate skepticism from those who believe that she wasn’t picked for her qualifications. The appointment makes Bonsignore only the second woman to serve as fire commissioner and the first openly gay person to hold the position. But critics zeroed in on a far more consequential fact: she has never served as a firefighter.

New FDNY Captain (center) via FDNY

While it’s true that Bonsignore spent 31 years with the FDNY, all of it was on the emergency medical services side. She joined as an EMT in 1991 at Lincoln Hospital in the South Bronx and climbed through the ranks, eventually running EMS operations during the COVID-19 pandemic from 2019 to 2022. She retired in 2022 and will now return to oversee 11,000 firefighters, 4,500 EMTs, and more than 2,000 civilian employees.

"I am honored, so honored, and humbled to stand before you as the new fire commissioner," she told reporters. "I know the job. I know what the firefighters need, and I can translate that to this administration who's willing to listen. I know what EMS needs, I've been EMS for 30 plus years.”

But even Bonsignore isn’t oblivious to the identity politics at play. She also highlighted the symbolic value of her appointment for the LGBTQ community. 

"There are some young LGBTQ members that maybe don't see this as a possibility for them, and I want them to know that there's nothing that can stop them from finding success," she said. 

That remark drew swift criticism from those who view the appointment as driven by Diversity, Equity, and Inclusion (DEI) priorities rather than actual firefighting credentials for someone picked to lead one of the world's largest fire departments.

Mamdani presented Bonsignore's appointment as a component of his larger plan for public safety. He insists that reducing response times, enhancing hospital coordination, increasing e-bike charging stations to prevent lithium-ion battery fires, and addressing EMT pay parity are among Bonsignore's top priorities.

"I am dedicated to the fostering of a culture of support, innovation, and continuous improvement within the department," Bonsignore said. "My goal is to ensure that every member has the resources and environment they need to perform their roles safely and effectively.”

Despite Mamdani’s claim that the appointment of Bonsignore is part of his safety agenda, Elon Musk blasted the appointment.

“People will die because of this,” Musk wrote Friday. “Proven experience matters when lives are at stake.

He is not wrong, and the Los Angeles wildfires earlier this year proved how a city’s obsession with DEI and politics can cripple a Fire Department’s readiness when it matters most. 

Instead of making sure the department was adequately staffed, trained, and equipped, LAFD leadership and Mayor Bass's administration had used their political capital on image, ideology, and diversity box-checking while residents faced "life-threatening" wind and fire conditions. 

Fire Chief Kristin Crowley, the first openly gay and female leader of the Los Angeles Fire Department (LAFD), spent her tenure more focused on DEI initiatives than readiness or preparedness. In fact, on her watch, the LAFD spent millions to create a DEI bureau that developed programs to recruit more women and LGBTQ+ firefighters.

The result was an ill-prepared force that could not fully mobilize when the January fires hit, even though internal documents showed the department had the capacity to send hundreds of firefighters and additional engines into high‑risk corridors. In fact, former fire chiefs argued that long‑standing wildfire tactics could have significantly reduced the damage.

Los Angeles offered a cautionary tale to all of us, and New York, under Zohran Mamdani’s leadership, clearly didn’t learn the lesson. When DEI takes precedence over experience and competence, public safety suffers. Los Angeles paid a colossal price to learn that lesson.

The troubling question now is whether New York City is heading down the same path. Hopefully, it won’t take a disaster like the Palisades fire to answer that question.

Tyler Durden Sat, 12/27/2025 - 18:05

Coinbase CEO Says Reopening GENIUS Act Is 'Red Line', Slams Bank Lobbying

Zero Hedge -

Coinbase CEO Says Reopening GENIUS Act Is 'Red Line', Slams Bank Lobbying

Authored by Amin Haqshanas via CoinTelegraph.com,

Coinbase CEO Brian Armstrong said any attempt to reopen the GENIUS Act would cross a “red line,” accusing banks of using political pressure to block competition from stablecoins and fintech platforms.

In a Sunday post on X, Armstrong said he was “impressed” banks could lobby Congress so openly without backlash, adding that Coinbase would continue pushing back on efforts to revise the law.

“We won’t let anyone reopen GENIUS,” he wrote.

My prediction is the banks will actually flip and be lobbying FOR the ability to pay interest and yield on stablecoins in a few years, once they realize how big the opportunity is for them. So it’s 100% wasted effort on their part (in addition to being unethical),” Armstrong added.

The GENIUS Act, passed after months of negotiations, bars stablecoin issuers from paying interest directly but allows platforms and third parties to offer rewards.

Coinbase CEO warning against reopening the GENIUS Act. Source: Brian Armstrong

Bank lobbying targets stablecoin “rewards”

Armstrong’s comments came in response to a post by Max Avery, a board member and business development executive at Digital Ascension Group, who outlined why parts of the banking sector are pushing lawmakers to revisit the legislation.

Avery argued that proposed amendments would go beyond banning direct interest payments by stablecoin issuers and instead restrict “rewards” more broadly, cutting off indirect yield-sharing mechanisms offered by platforms and third parties.

Avery pointed out that while banks currently earn around 4% on reserves parked at the Federal Reserve, consumers often receive close to zero on traditional savings accounts. Stablecoin platforms, he said, threaten that model by offering to share some of that yield with users.

“They're calling it a ‘safety concern.’ They're worried about ‘community bank deposits,’” he wrote, adding that independent research “shows zero evidence of disproportionate deposit outflows from community banks.”

US lawmakers propose tax relief for stablecoin payments

Last week, US lawmakers unveiled a discussion draft aimed at reducing the tax burden on everyday crypto users by exempting small stablecoin transactions from capital gains taxes. The proposal, introduced by Representatives Max Miller and Steven Horsford, would allow payments of up to $200 in regulated, dollar-pegged stablecoins to avoid gain or loss recognition.

Beyond payments, the bill targets taxation issues around staking and mining by allowing taxpayers to defer income recognition on rewards for up to five years.

Tyler Durden Sat, 12/27/2025 - 17:30

Does It Get Any More Cringe Than This?

Zero Hedge -

Does It Get Any More Cringe Than This?

Authored by Steve Watson via Modernity.news,

Just when you thought Gavin Newsom couldn’t get any more cringe, he drops a video with his wife Jennifer Siebel Newsom wishing Californians a “joyful Kwanzaa” – a made-up holiday that’s about as authentic as his political posturing.

In the awkward clip posted to his official X account, Newsom and his wife deliver a rehearsed message stating “As families come together to light the kinara, we wish you all a joyful Kwanzaa.”

Newsom further referenced “the seven principles of Kwanzaa, in particular community, purpose, and unity, guide our way toward a better future.”

Everything about this is focus-grouped and phony. It’s the kind of performative nonsense that turns stomachs and highlights how out-of-touch Democrat leaders remain, even after their electoral drubbing.

Who exactly is Newsom trying to impress here? The video is a blatant pander to an almost nonexistent crowd. The tiny sliver of ultra-woke activists who still cling to outdated identity politics? In reality, most Americans – including the vast majority of African Americans – don’t celebrate Kwanzaa, given that it is an artificial construct rather than a genuine tradition.

What the Hell Is Kwanzaa, Anyway? no, it isn’t some ancient African tradition passed down through generations. It was invented in 1966 by Maulana Karenga, a black separatist and activist, in the wake of the Watts riots. Karenga, whose real name was Ronald McKinley Everett, created it as a non-Christian alternative to Christmas, drawing loosely from various African harvest festivals.

But here’s the kicker: Karenga was later convicted in 1971 of felony assault and false imprisonment for torturing two women in his organization. He served time in prison, yet his fabricated holiday lives on as a symbol of cultural separatism.

Basically the only people actually celebrating this are east coat white ultra woke ‘progressives’ attempting to tick every diversity checkbox possible as they virtue signal their way through life.

Newsom’s stunt reeks of desperation, especially as he eyes a 2028 presidential run. Under his watch, California grapples with skyrocketing homelessness, unchecked crime, and an exodus of residents fleeing his failed policies. Yet here he is, blathering about “unity” while his state fractures under open borders and economic mismanagement.

It’s peak ideological capture: Newsom is so ensnared by leftist dogma that he can’t resist alienating the mainstream. This from the guy who just last month urged his party to dial back the cultural extremism.

Instead of projecting normalcy, he’s amplifying fringe elements that repulse everyday voters. This disconnect only fuels the MAGA surge – Americans crave leaders who prioritise real issues like border security and economic freedom over contrived cultural gestures.

The backlash on X was swift and savage, with users calling out the pandering and fakery.

Aw, c’mon, the wife change out of the ‘colorful’ clothes.

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 Sat, 12/27/2025 - 16:20

JPMorgan Freezes Accounts Of Two Stablecoin Startups Over Sanctions Concerns: Report

Zero Hedge -

JPMorgan Freezes Accounts Of Two Stablecoin Startups Over Sanctions Concerns: Report

Authored by Amin Haqshanas via CoinTelegraph.com,

JPMorgan Chase has reportedly frozen bank accounts linked to two venture-backed stablecoin startups after identifying exposure to sanctioned and high-risk jurisdictions.

The accounts belonged to BlindPay and Kontigo, two stablecoin startups backed by Y Combinator that primarily operate across Latin America, according to a report by The Information. Both companies accessed JPMorgan’s banking services through Checkbook, a digital payments firm that partners with large financial institutions.

Per the report, the freezes occurred after JPMorgan flagged business activity tied to Venezuela and other locations subject to US sanctions.

A spokesperson for JPMorgan reportedly said the decision was not driven by opposition to stablecoins themselves.

“This has nothing to do with stablecoin companies,” the spokesperson told The Information.

“We bank both stablecoin issuers and stablecoin-related businesses, and we recently took a stablecoin issuer public,” the spokesperson added.

Chargeback surge triggers JPMorgan account closures

Checkbook CEO PJ Gupta reportedly told The Information that BlindPay and Kontigo were among several firms linked to a surge in chargebacks that prompted the bank to close accounts.

According to Gupta, the spike was driven by rapid customer onboarding.

“They opened the floodgates and a bunch of people came in over the internet,” he said.

The account freezes come as JPMorgan and Checkbook deepen their partnership. In November 2024, the two companies announced that Checkbook would join the J.P. Morgan Payments Partner Network, enabling corporate clients to send digital checks. Checkbook also expanded its B2B payment offerings earlier in 2024, targeting sectors such as legal services, government and banking.

As Cointelegraph reported, cryptocurrencies are becoming a core part of the economy in Venezuela as citizens turn to digital assets to shield themselves from a collapsing currency and tighter government controls.

Cointelegraph reached out to JPMorgan for comment, but had not received a response by publication.

Winklevoss accuses JPMorgan of retaliating against Gemini over criticism

In July, Gemini co-founder Tyler Winklevoss claimed JPMorgan Chase paused the crypto exchange’s re-onboarding process in response to his public criticism of the bank’s new data access policy.

Winklevoss accused the bank of engaging in anti-competitive behavior that could damage fintech and crypto firms.

Meanwhile, JPMorgan is weighing plans to offer crypto trading, including spot and derivatives products, to its institutional clients as interest grows amid a more favorable US regulatory environment.

Tyler Durden Sat, 12/27/2025 - 15:10

Chevrolet's Pro-Family Christmas Ad Reinforces Death Of Woke Marketing

Zero Hedge -

Chevrolet's Pro-Family Christmas Ad Reinforces Death Of Woke Marketing

Chevrolet's new pro-family, long-form Christmas advertisement clearly reinforces that the Overton Window has shifted back toward what made America - and much of the Western world - strong in the first place: the family unit.

Credit goes to the executives at the US automaker for avoiding the kind of self-inflicted "Bud Light" moment that comes with pushing woke propaganda in the era of 'America First.' Fresh in many minds is how Jaguar ruined its brand by embracing tasteless, toxic identity politics.

"Chevrolet has outdone themselves once again with their new profoundly emotional, pro-family Christmas commercial. Chills from beginning to end. This is what it's all about. Be ready to cry," Benny Johnson wrote on X.

"The message is simple. No, raising children is never easy. It's loud. It's messy. It's expensive. It can be frustrating. But in the end, we wouldn't have it any other way. Children are life's greatest gift. Treasure every moment!" another X user said.

The Democratic Party's nation-killing woke agenda has run its course and is no longer marketable. You might have noticed this holiday week that more and more people are continuing to break out of the left-wing censorship matrix and are saying "Merry Christmas" more than ever.

Nature is healing. Family is everything. Those seeking to undermine America from within, including left-wing dark-money funded nonprofits and the Democratic Party, are intent on destroying the family unit. At the same time, there are signs of a Christian revival as the nation reconnects with its roots.

Late last year, Volvo produced a pro-family ad by Hoyte van Hoytema, the cinematographer of Interstellar and Oppenheimer, that sent chills from beginning to end.

America needs more pro-family adverts.

Tyler Durden Sat, 12/27/2025 - 14:35

Real Estate Newsletter Articles this Week: Economic Questions for 2026

Calculated Risk -

Junk Food Bans For SNAP Users In Some States Starting 2026: What To Know

Zero Hedge -

Junk Food Bans For SNAP Users In Some States Starting 2026: What To Know

Authored by Sylvia Xu via The Epoch Times,

Americans using Supplemental Nutrition Assistance Program (SNAP) benefits to purchase groceries may need to adjust their shopping habits in 2026 as some states will prohibit the use of SNAP funds to purchase certain “junk foods.”

Also starting next year, states will have to shoulder a larger portion of the cost of running the program. In addition, states could lose funds if their payment error rate is too high.

Here is what to know about the overhaul of America’s largest nutrition program.

Restrictions on Purchases in Some States

Eighteen states will restrict the purchase of certain foods lacking in nutritional value next year. The changes are being made under the banner of the Make America Healthy Again initiative launched by the Department of Health and Human Services. To institute the changes, the states had to submit and have approved a waiver of federal rules from the Department of Agriculture, which oversees the nutrition program.

The starting dates for the restrictions and the foods prohibited vary by state.

Indiana, Iowa, Nebraska, Utah, and West Virginia will implement purchase restrictions on Jan. 1, 2026. Idaho, Oklahoma, Louisiana, Colorado, Texas, Virginia, and Florida have starting dates from February to April. Arkansas, Tennessee, Hawaii, South Carolina, North Dakota, and Missouri will begin their bans between July and October.

Most of these states have removed candy, soda, and energy drinks from the list of SNAP-eligible items.

In Tennessee and Iowa, SNAP beneficiaries cannot use the funds to purchase processed foods. Tennessee defines a processed food as one that has been changed in any way from its natural state.

Prepared desserts, such as cakes and cookies, are restricted in Florida and Missouri.

In Iowa, foods that are prepared for consumption or come with eating utensils may not be purchased with SNAP funds. Cold, unpackaged foods without utensils, such as bread, fruit, or canned goods, are still permitted.

See the accompanying map to find specific start dates and any applicable restrictions for each state.

Agriculture Secretary Brooke Rollins said these are “bold” and “historic” steps to reverse the chronic diseases epidemic in the United States.

“We are restoring SNAP to its true purpose—nutrition,” Rollins said in a written statement.

“With these new waivers, we are empowering states to lead, protecting our children from the dangers of highly-processed foods, and moving one step closer to the President’s promise to make America Healthy Again.”

Health Secretary Robert F. Kennedy Jr. said, “We cannot continue a system that forces taxpayers to fund programs that make people sick and then pay a second time to treat the illnesses those very programs help create.”

These restrictions mark the first time in the program’s history that the Department of Agriculture has granted SNAP waivers.

From the early 2000s through 2024, the department consistently denied state requests to restrict specific food items under SNAP.

In 2007, the USDA issued a paper explaining its reasons for denying such waivers, arguing that “no clear standards exist for defining foods as good or bad, or healthy or not healthy.”

The first-ever approval came on May 19, when Rollins signed Nebraska’s waiver request, followed quickly by approvals for Indiana and Iowa on May 22, 2025. Since then, 15 additional states have received waivers.

Administrative Cost Sharing, Error Rates

State governments will see changes in the SNAP program next year, also.

Beginning in October 2026, states will be responsible for 75 percent of SNAP administrative costs. Currently, the states pay half the cost of operating their SNAP programs, and the federal government pays the other half.

In fiscal year 2024, total state and federal administrative costs reached $6.6 billion.

The federal government will continue to fund 100 percent of SNAP benefits, which totaled about $100 billion in 2024.

Starting in 2027, states will be financially penalized for the first time in program history for having an excessive payment error rate.

States with payment error rates higher than 6 percent during fiscal year 2026 will be required to pay between 5 percent and 15 percent of the benefits distributed, starting in October 2027.

This would apply to 40 states and the District of Columbia, based on fiscal year 2024 error rates.

Previously, errors under $56 per household were ignored. However, starting in fiscal year 2026, which began on Oct. 1, every dollar in error counts toward the state’s penalty rate.

Some SNAP changes rising from the One Big Beautiful Bill Act are already in effect.

Some Changes Already in Effect

Starting in October, the maximum allotment for a family of four in the continental United States rose to $994, up from $975.

The shelter deduction, which reduces countable income when determining SNAP eligibility, also increased, to $744 from $712.

Community engagement requirements have also changed. People aged 18 through 64 without dependents are required to work, volunteer, or receive job training for at least 80 hours per month to continue receiving benefits for more than three months in any 36-month period. The previous upper age limit was 54.

Also, refugees, asylees, parolees, and those with suspended deportation orders will generally become ineligible for SNAP benefits. That provision was scheduled to take effect in November, but a federal judge in Oregon ordered that the deadline be delayed to April 9, 2026.

Tyler Durden Sat, 12/27/2025 - 14:00

Jimmy Kimmel Blasts Trump From UK, Where Free Speech No Longer Exists

Zero Hedge -

Jimmy Kimmel Blasts Trump From UK, Where Free Speech No Longer Exists

On Christmas Day, Jimmy Kimmel delivered a four-minute “Alternative Christmas Message” on the United Kingdom’s Channel 4, during which he positioned himself as a beacon against authoritarianism while warning British viewers that "tyranny is booming" in the United States. 

Kimmel’s rant, which aired less than two hours after King Charles III's traditional, non-partisan Christmas speech, portrayed America's current political climate as a cautionary tale for democratic nations everywhere.

“I do know what's going on over here, though, and I can tell you that, from a fascism perspective, this has been a really great year,” Kimmel told the UK audience. “Tyranny is booming over here. You may have read in your colorful newspapers, my country's president would like to shut me up because I don't adore him in the way he likes to be adored.”

Kimmel continued, "The American government made a threat against me and the company I work for, and all of a sudden, we were off the air."

That isn’t what happened. 

ABC pulled Jimmy Kimmel Live! in September after Kimmel falsely claimed that Tyler Robinson, the man who allegedly assassinated Charlie Kirk, was a MAGA supporter. 

“We hit some new lows over the weekend with the MAGA gang desperately trying to characterize this kid who murdered Charlie Kirk as anything other than one of them and doing everything they can to score political points from it,” Kimmel claimed.

Friends and family described Robinson as a radicalized leftist, and he also had a transgender roommate who is reportedly also his lover. 

“I had enough of his hatred,” Robinson told his lover in a text message. “Some hate can’t be negotiated out.”

Outrage over Kimmel’s remarks was significant, and local affiliates preempted the show amid backlash from conservative activists, advertisers, and station owners. His suspension had nothing to do with pressure from Trump or the federal government.

FCC Chairman Brendan Carr debunked Kimmel's narrative directly. "Local TV stations said, 'I don't want to run this Kimmel stuff, and we're going to preempt it,'" Carr explained. "And that's a really important moment of local TV stations standing up for their viewers and pushing back against Comcast and Disney."

Kimmel referred to his reinstatement as a "September miracle," crediting the decision to "millions and millions of people" who objected to the suspension. "Because so many people spoke out, we came back," he said. He even presented his return to television as a personal and institutional victory over Trump’s efforts to muzzle criticism.

And because so many people spoke out, we came back. Our show came back stronger than ever,” he claimed.

Stronger than ever? While he had an undeniable boost in ratings upon his return, his post-suspension ratings declined by 74% in mere days. Kimmel did recently sign a contract extension, but it was for one year, instead of the usual multi-year contract—a sign that ABC is merely postponing his inevitable cancellation and is merely hoping to minimize the fallout of doing so.

Despite this, Kimmel portrayed himself as the victor of a nonexistent battle with the government. “We won, the President lost, and now I'm back on the air every night giving the most powerful politician on Earth a right and richly deserved bollocking.”

Kimmel warned British viewers not to assume that government efforts to silence critics only happen in distant authoritarian states. "And the reason I'm telling you this story is because maybe you're thinking: 'Oh, a government silencing its critics is something that happens in places like Russia, or North Korea, or LA, not the UK,'" he said. "Well, that's what we've got King Donny the Eighth calling for executions. It happens fast."

The irony was thick. While Kimmel portrayed the United States as an authoritarian country and the UK as a beacon of freedom, it’s actually the UK that has pursued aggressive speech restrictions that would shock most Americans. 

British authorities have arrested citizens for social media posts and even personal text messages. Roughly 30 people are arrested daily in the UK for posting “offensive” things online. Kimmel lectured about the dangers of government censorship to one of the West's most aggressive enforcers of speech codes, with police regularly investigating and prosecuting individuals for online commentary deemed offensive or threatening.

Kimmel's Christmas message painted a picture of American authoritarianism that exists primarily in his imagination. He transformed a corporate decision driven by advertiser pressure and affiliate rebellion into a grand narrative about government persecution, all while ignoring the actual threats to free expression happening in the UK.

Tyler Durden Sat, 12/27/2025 - 13:25

Politico Claims That The 'Far-Right' Has "Stolen" Christmas By Daring To Call It Christian

Zero Hedge -

Politico Claims That The 'Far-Right' Has "Stolen" Christmas By Daring To Call It Christian

Authored by Steve Watson via Modernity.news,

A Christmas Eve screed from Politico has ignited online mockery, with the outlet claiming ‘far-right’ leaders are weaponizing the holiday by emphasizing its Christian origins amid secular pressures and immigration debates.

The article spotlights Italian Prime Minister Giorgia Meloni and others for framing Christmas as a “marker of Christian civilization” being under threat. It accuses far-right parties in Italy, France, Spain, and Germany of repurposing seasonal cheer into a culture war tool, positioning themselves against a “hostile, secular left.”

Roberts highlights Meloni’s defense of traditions, quoting her past remarks: “How can my culture offend you?” in reference to nativity scenes in public spaces. The piece notes Brothers of Italy’s lavish Christmas festival, complete with Santa and ice-skating, as a “spectacle” to rally supporters.

So called ‘experts’ like University of Surrey professor Daniele Albertazzi are cited, explaining how post-2010 Islamic terror attacks shifted the radical right to embrace “cultural Christianity” as an identity marker against perceived threats.

The piece notes how in Germany, the AfD warns of Christmas markets losing their “German character,” while in Italy, right-wing figures attack schools for scrubbing religious references from songs. Brothers of Italy MP Marta Schifone is quoted: “For us, traditions represent our roots, who we are, who we have been, and the history that made us what we are today. Those roots must be celebrated and absolutely defended.”

Politico claims those on the right are not really religious, but use Christianity as “civilizational shorthand” to draw boundaries, framing it as manipulative, while glossing over leftist efforts to neuter Christmas with “holiday season” jargon for “inclusivity.”

Online, the backlash was swift and savage, with users dismantling the premise that acknowledging Christmas’s Christian roots is some radical act.

This Politico flop underscores how legacy media twists normalcy into extremism to push leftist propaganda, diluting national identities under the guise of tolerance.

As Europe grapples with mass migration and cultural erosion, defending Christmas isn’t “far-right”—it’s common sense resistance to woke overreach.

In the end, attempts to secularize or shame Christian heritage only fuel the pushback.

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 Sat, 12/27/2025 - 12:50

MiB: Jay Leno, Live Audrain Newport Concours & Motor Week

The Big Picture -

 

 

This week, I speak with Jay Leno at the Audrain Newport Concours & Motor Week. They discuss the future of late night comedy after The Late Show with Stephen Colbert was canceled. They also discuss Jay’s classic car collection, watches, and his approach to wealth.

A transcript of our conversation is available here Tuesday.

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

Be sure to check out our Masters in Business next week with Stephanie Drescher, Apollo’s Chief Client and Product Development Officer. She oversees everything from the global wealth business to portfolio management, product development, and client marketing. She is a member of the firm’s leadership team. Since 2020, Barron’s has named her annually to its list of the 100 Most Influential Women in U.S. Finance.

 

 

 

The post MiB: Jay Leno, Live Audrain Newport Concours & Motor Week appeared first on The Big Picture.

Rearmament Without Strategy: Why Europe Risks Another Bleak Year In 2026

Zero Hedge -

Rearmament Without Strategy: Why Europe Risks Another Bleak Year In 2026

Via Middle East Eye

Addressing his party on 14 December, German Chancellor Friedrich Merz made headlines with remarks unprecedented in postwar Europe.

"Dear friends, the decades of Pax Americana are largely over for us in Europe, and for us in Germany as well. It no longer exists as we know it. And nostalgia won't change that. The Americans are now very, very ruthlessly pursuing their own interests. And this cannot have a different answer than that it is time that we also pursue our own interests. And dear friends, here we are not weak, we are not small."

Pax Americana, the US-led security order that has come to define American and European partnerships since the end of the Second World War, is now being openly questioned. Indeed, Merz has crossed a line that few European leaders have even contemplated since the Cold War - triggered by the shock generated by the new US National Security Strategy (NSS), issued earlier this month.

The document no longer even identifies Russia as a threat, describing it instead as a factor in the Trump administration's efforts to reach peace in Ukraine, an objective now presented as a strategic interest for Washington, alongside the stabilisation of relations with Moscow.

via AFP

To rub salt into the wound, the NSS states that "the perception and reality of Nato in constant expansion must stop". In a single sentence, nearly three decades of western narrative, which has brazenly denied any link between Nato's eastward expansion and the war in Ukraine, were quietly discarded by the alliance's leading power.

It is no surprise, then, that the NSS was received in Europe with consternation. But what is harder to justify is the sense of surprise. The document merely puts into writing what US President Donald Trump has been stating, with characteristic bluntness, for over a decade.

European elites were even forewarned last February, when Trump dispatched Vice President JD Vance to the Munich Security Conference to deliver an unequivocal message about what lay ahead.

Merz's remarks followed similar declarations from Nato Secretary General Mark Rutte, who delivered an apocalyptic speech in Berlin, as well as from France's Chief of Defence Staff General Fabien Mandon and Nato Military Committee chair Admiral Giuseppe Cavo Dragone. In an interview with the Financial Times, Cavo Dragone went so far as to advocate pre-emptive or preventive hybrid attacks against Russia.

It is difficult to avoid the impression that this chorus of fearmongering is intended to build public support for the EU's recently announced 800 billion euro ($942bn) rearmament plan, ostensibly designed to fill the vacuum left by a US administration increasingly determined to disengage, while confronting a heavily exaggerated Russian threat.

Rearmament without strategy

This narrative becomes even more disturbing when viewed against the rise of the far-right Alternative for Germany (AfD), which has come under accusations of ideological links to Nazism, at a time when Germany is being urged to rearm on a massive scale. Yet this contradiction appears lost on Europe's liberal elites, who remain fixated on the supposed threat posed by "Russian autocracy".

Merz has made clear what this means in practice. If Germany fails to expand its military rapidly enough, compulsory military service may become "inevitable". Similar sentiments are now being echoed by ruling elites in the UK, France, Italy, Poland and across the Nordic and Baltic states.

The premise underlying these calls, however, is highly questionable. The claim that Germany, or Europe more broadly, faces an imminent military threat from Russia is deeply contested. Moscow appears to lack both the resources and the capability to invade Nato countries. After nearly four years of war, it has not even succeeded in occupying all of Ukraine.

Likewise, Germany and a number of other European states lack the capacity to reintroduce conscription at scale or to rapidly convert their industrial base to a war economy. Its volunteer forces are shrinking and ageing, recruitment targets are consistently missed and training systems remain sluggish.

Germany's industrial base has been hollowed out, while its automotive sector is struggling under pressure from Chinese competition. Ultimately, its poorly concealed ambition to maintain its industrial edge by pivoting towards weapons manufacturing is easy to proclaim, but far more difficult to realise. Similar structural constraints affect much of Europe. The result is a surreal situation in which militarization is presented as a substitute for diplomacy, as if conscription could fill the political vacuum created by the near-total abandonment of serious diplomatic engagement across the continent.

Some describe this moment as a Zeitenwende, a historic turning point framed as Europe finally assuming "responsibility" for its own security. In reality, it represents little more than burden-shifting within the Atlantic alliance, which it could have potentially withstood were it not for the fact that the main escalatory power remains firmly across the Atlantic. At the same time, Europe is now expected to provide the workforce, social discipline and political compliance.

Strategy, therefore, continues to be conceived and remotely controlled by Washington, while Europe bears all the risks and consequences.

Europe's hollow power

If Merz and his EU counterparts believe that massive rearmament offers an escape from the cul-de-sac they have created, they are deluding themselves. Since 2022, European leaders have undermined their own energy security, lost competitiveness, hollowed out industrial capacity and embraced deindustrialization as a virtue - all in the name of a war they are unlikely to win, not least because it is being fought through a strategy they do not control.

In regular times, this would induce political vertigo. Instead, the German chancellor has the audacity to insist that his country is neither weak nor small.

Across Europe, factories are closing, energy prices are skyrocketing and supply chains are migrating. Yet EU decision-makers persist in a state of cognitive dissonance, functioning on autopilot. There appears to be no vision. Diplomacy has vanished. No credible new security architecture for the continent is even discussed. Instead, everything is filtered through a single matrix known as Russophobia, a sentiment masquerading as strategy.

And then there is the mother of all paradoxes. The EU claims to defend freedom while openly discussing and approving coercive laws that restrict freedom of thought and expression at home.

Can it seriously be argued that French President Emmanuel Macron respected the will of voters in the most recent elections? Or that the events surrounding Romania's recent electoral process were remotely normal? How is it possible that EU institutions can increasingly sanction individuals without due legal process, simply for holding dissenting views?

Militarization is now chosen over common sense and realism. Fear is obsessively instilled into public opinions and unconvincing narratives are replacing strategic thinking.  

Rather than reconsidering this self-destructive trajectory, Merz, together with European Commission President Ursula von der Leyen and much of the EU leadership, has doubled down. They attempted to confiscate frozen Russian assets held in European banks to finance the war in Ukraine, ignoring warnings from the European Central Bank and discreet alerts from ratings agencies about the risks to Europe's financial credibility.

After the political folly of seeking Russia's "strategic defeat", the economic damage inflicted by sanctions and the abandonment of Russian gas, Europe nearly added financial self-sabotage to the list.

Strategic self-harm

Will European leaders ever learn a lesson?

Fortunately, their plan failed miserably. Last week, the European Council declined to approve the measure. Belgium, Hungary, the Czech Republic, Slovakia, Italy and even France raised objections. Instead, the EU opted to burden its already strained taxpayers with a new 90 billion euro loan to Ukraine.

When historians look back on this period, they may be surprised to conclude that it was a relatively obscure Belgian prime minister, Bart De Wever, derided by much of the mainstream press, who played a decisive role in saving Europe's financial credibility.

Looking ahead to 2026, there is little evidence that Europe's leaders are prepared to abandon their mistaken course. There is, however, a faint glimmer of change. Macron has signalled a renewed willingness to engage in dialogue with Russia. It is an encouraging albeit insufficient step.

Any genuine shift would require two fundamental principles to be upheld: the first is the indivisibility of security, the idea that one state's security cannot be pursued at the expense of others in the same region.

Eastern European states, including Ukraine, cannot plausibly insist that their security depends solely on Nato membership if Russia perceives that outcome as an existential threat. Security arrangements must take into account all parties' perceptions, rather than privileging some at the expense of others.

The second is recognition of the security dilemma, a core concept in international relations theory. When one state enhances its military capabilities, others may perceive this as threatening, regardless of intent.

Applied to Europe today, the question is obvious: why should Russia view the EU's 800 billion euro rearmament program as purely defensive when EU member states already spend more than four times as much as Russia on military procurement?

Without integrating these principles into European strategic thinking, particularly in negotiations over Ukraine, 2026 risks becoming yet another bleak year for peace on the continent.

Tyler Durden Sat, 12/27/2025 - 10:30

Turkey Makes Another $9 Billion Bet On Russian Nuclear Power

Zero Hedge -

Turkey Makes Another $9 Billion Bet On Russian Nuclear Power

Authored by Julianne Geiger via OilPrice.com,

Turkey just took another very large, very deliberate step deeper into Russia’s energy orbit — and this time it comes with a $9 billion price tag.

Ankara says that Russia has provided $9 billion in new financing for the Akkuyu nuclear power plant, Turkey’s first-ever nuclear facility, which is being built by Russia’s state-owned Rosatom on the Mediterranean coast. According to Energy Minister Alparslan Bayraktar, the bulk of that money will be deployed in 2026 and 2027, with as much as $4–5 billion flowing next year alone. The plant is now expected to come online in 2026, after multiple delays.

While this may look like a straightforward infrastructure update, it’s more about how deeply intertwined Turkish and Russian energy interests remain, despite years of flowery talk about diversification and reduced dependence on Moscow.

Akkuyu has always been different from Turkey’s other energy ambitions. It is a build-own-operate project. This means that Rosatom shoulders the financial risk, owns the plant, and will operate it for decades. That structure is precisely why Akkuyu survived when Turkey’s second nuclear project at Sinop collapsed under runaway costs and political complexity. Only Russia stayed.

What makes the timing interesting is that this financing lands just as Turkey is loudly advertising its renewable credentials. The country’s installed renewable capacity has surged to roughly 74 gigawatts, solar capacity has doubled in under three years, and Ankara says wind and solar have helped avoid $15 billion in natural gas imports since 2022. Turkey has also set a 2053 net-zero target and is negotiating massive new solar projects, including a 5-gigawatt package with Saudi Arabia’s ACWA Power.

Yet nuclear sits outside that clean-energy narrative. Akkuyu alone is expected to supply roughly 10 percent of Turkey’s electricity demand once fully operational. It reduces gas imports, stabilizes baseload power, and quietly locks in a long-term strategic partnership with Russia that renewables simply do not replace.

Turkey is also talking to South Korea, China, and the United States about future nuclear projects in Sinop and Thrace. But talk is cheap. Russia already has steel in the ground, reactors rising, and now another $9 billion on the table.

For Ankara, this is more than simply choosing Moscow over Brussels or Washington. It is about leverage. Turkey is building an energy system that is diversified on paper, but ruthlessly pragmatic underneath. Russian gas, Russian nuclear financing, Middle Eastern solar capital, European grids, and domestic renewables all coexist because Turkey wants options and bargaining power.

So regardless of what Turkey says publicly about diversification, it is not finished doing business with Russia.

Tyler Durden Sat, 12/27/2025 - 08:10

"Common Sense" Is Back: UK Finally Scraps Non-Crime Hate Incident Laws Nationwide

Zero Hedge -

"Common Sense" Is Back: UK Finally Scraps Non-Crime Hate Incident Laws Nationwide

Police chiefs will reportedly seek to scrap non-crime hate incidents in plans they will present to the Home Secretary next month.

The Telegraph reports that police leaders have decided that NCHIs are no longer “fit for purpose” after warnings that recording them undermines freedom of speech and diverts officers away from fighting crime.

Under the plans, NCHIs will be replaced with a new “common sense” system, where only a fraction of such incidents will be recorded under the most serious category of anti-social behaviour.

An NCHI falls short of being criminal but is perceived to be motivated by hostility or prejudice towards a person with a particular characteristic.

They stay on police records indefinitely and can come up in background checks.

The move to scrap them follows high-profile cases such as that of Graham Linehan, the Father Ted co-creator, whose arrest for a series of posts on X was criticized by the Trump administration as a “departure from democracy”.

The plans will be published next month by the College of Policing and National Police Chiefs’ Council (NPCC) and are expected to be backed by Shabana Mahmood, the Home Secretary.

Lord Herbert, the chairman of the College of Policing, told The Telegraph:

“NCHIs will go as a concept. That system will be scrapped and replaced with a completely different system."

“There will be no recording of anything like it on crime databases. Instead, only the most serious category of what will be treated as anti-social behaviour will be recorded. It’s a sea change.”

Their exclusion from crime databases means any incidents will no longer have to be declared as part of checks in job applications.

Police forces would be instructed not to log “hate” incidents on crime databases, instead treating them as “intelligence” reports.

Police guidance on the recording of NCHIs was first published in 2005, following recommendations by an inquiry into the murder of Stephen Lawrence - the London teenager who was stabbed to death in a racist attack in 1993.

As The BBC reports, Lord Herbert said "an explosion of social media" in the years since they were introduced has meant police had been drawn into monitoring "mere disputes" online.

Officers do not want to be "policing tweets", he told BBC Radio 4's Today program.

Last year, The Telegraph reported that 43 police forces in England and Wales had recorded more than 133,000 NCHIs since 2014.

Tyler Durden Sat, 12/27/2025 - 07:35

Stockman: The Real Story Behind The Russia–Ukraine War... And What Happens Next

Zero Hedge -

Stockman: The Real Story Behind The Russia–Ukraine War... And What Happens Next

Authored by David Stockman via InternationalMan.com,

Notwithstanding the historic fluidity of borders, there is no case whatsoever that Russia’s invasion of Ukraine in February 2022 was “unprovoked” and unrelated to NATO’s own transparent provocations in the region.

The details are arrayed below, but the larger issue needs be addressed first.

Namely, is there any reason to believe that Russia is an expansionist power looking to gobble up neighbors which were not integral parts of its own historic evolution, as is the case with Ukraine?

After all, if despite Rubio’s treachery President Trump does manage to strike a Ukraine peace and partition deal with Putin you can be sure that the neocons will come charging in with a false Munich appeasement analogy.

The answer, however, is a resounding no!

Our firm rebuke of the hoary Munich analogy as it has been falsely applied to Putin is based on what might be called the double-digit rule. To wit, the true expansionary hegemons of modern history have spent huge parts of their GDP on defense because that’s what it takes to support the military infrastructure and logistics required for invasion and occupation of foreign lands.

For instance, here are the figures for military spending by Nazi Germany from 1935–1944 expressed as a percent of GDP. This is what an aggressive hegemon looks like in the ramp-up to war: German military spending had already reach 23% of GDP, even before its invasion of Poland in September 1939 and its subsequent commencement of actual military campaigns of invasion and occupation.

Not surprisingly, the same kind of claim on resources occurred when the United States took it upon itself to counter the aggression of Germany and Japan on a global basis. By 1944 defense spending was equal to 40% of America’s GDP, and would have totaled more than $2 trillion per year in present day dollars of purchasing power.

Military Spending As A Percent Of GDP In Nazi Germany

  • 1935: 8%.
  • 1936: 13%.
  • 1937: 13%.
  • 1938: 17%.
  • 1939: 23%.
  • 1940: 38%.
  • 1941: 47%.
  • 1942: 55%.
  • 1943: 61%.
  • 1944: 75%

By contrast, during the final year before Washington/NATO triggered the Ukraine proxy war in February 2022, the Russian military budget was $65 billion, which amounted to just 3.5% of its GDP.

Moreover, the prior years showed no build-up of the kind that has always accompanied historic aggressors. For the period 1992 to 2022, for instance, the average military spending by Russia was 3.8% of GDP– with a minimum of 2.7% in 1998 and a maximum of 5.4% in 2016.

Needless to say, you don’t invade the Baltics or Poland—to say nothing of Germany, France, the Benelux and crossing the English Channel—on 3.5% of GDP! Not even remotely.

Since full scale war broke out in 2022 Russian military spending has increased significantly to 6% of GDP, but all of that is being consumed by the Demolition Derby in Ukraine—barely 100 miles from its own border.

That is, even at 6% of GDP Russia has not yet been able to subdue its own historic borderlands. So if Russia self-evidently does not have the economic and military capacity to conquer its non-Ukrainian neighbors in its own region, let alone Europe proper, what is the war really about?

In short, it is rooted in territorial disputes and civil strife in lands which have been vassals or integral parts of greater Russia for several centuries. As indicated, Ukraine actually means “borderlands” in the Russian language, connoting stateless areas that were first assembled into a coherent polity by Lenin, Stalin and Khrushchev by force of arms after 1920.

In fact, prior to the communist takeover of Russia, no country that even faintly resembled today’s Ukrainian borders had ever existed. So what NATO’s proxy war actually amounts to is an insensible attempt to enforce the dead hand of the Soviet presidium, as we amplify below.

For avoidance of doubt here are sequential maps that tell the story, and which make mincemeat of the Washington/NATO sanctity of borders malarkey. The first of these is a 220-year-old map from 1800, where the yellow area depicts the approximate territory of the five regions—Donetsk, Luhansk, Kherson and Zaporizhia plus Crimea—that will be allowed to go their own way, including back to Mother Russia, if the key ingredients of the Donald’s 28-point peace place can be resurrected.

As it has happened, these regions have voted overwhelmingly during referendums in 2023 and 2014, respectively, to separate from Ukraine in favor of affiliation with Russia.

Collectively, the five regions were historically known as the aforementioned Novorossiya or “New Russia” and had been acquired by Russian rulers, including Catherine the Great between 1734 and 1791.

The red markings within the yellow areas of the map designate the year of Russian acquisition. Self-evidently, therefore, the Russian Empire had gradually gained control over this vast area north of the Black Sea before the end of the 18th century. To that end, it had signed peace treaties with the Cossack Hetmanate (1734) and with the Ottoman Empire at the conclusion of the various Russo-Turkish Wars of that era.

Pursuant to this expansion drive – which included massive Russian investment and the in-migration of large Russian populations to the region – Russia established the “Novorossiysk Governaorate” in 1764. The latter was originally to be named after the Empress Catherine, but she decreed that it should be called “New Russia” instead.

The Provinces Of Ukraine Slated For Partition By The Trump Plan Were Part Of Russia Before The US Constitution Was Even Written

Map: © Роман Днепр, CC BY-SA 3.0

Completing the assemblage of New Russia, Catherine forcefully liquidated its aforementioned century-long Cossack ally known as the Zaporizhian Sich (present day Zaporizhia) in 1775 and annexed its territory to Novorossiya, thus eliminating the independent rule of the Ukrainian Cossacks. Later in 1783 she acquired Crimea from the Turks, which was also added to Novorossiya, as shown in yellow area of the map above.

During this formative period, the infamous shadow ruler under Catherine, Prince Grigori Potemkin, directed the sweeping settlement and Russification of these lands. Effectively, Catherine had granted him the powers of an absolute ruler over the area from 1774 onward.

The spirit and importance of “New Russia” at this time is aptly captured by the historian Willard Sunderland,

“The old steppe was Asian and stateless; the current one was state-determined and claimed for European-Russian civilization. The world of comparison was now even more obviously that of the Western empires. Consequently, it was all the more clear that the Russian empire merited its own “New Russia” to go along with everyone else’s New Spain, New France and New England. The adoption of the name of New Russia was in fact the most powerful statement imaginable of Russia’s national coming of age.

In fact, the passage of time solidified the borders of Novorossiya even more completely. One century later the light-yellow area of the 1897 map below gave an unmistakable message: To wit, in the late Russian Empire there was no doubt as to the paternity of the lands adjacent to the Azov Sea and the Black Sea: They were now part of the 125 years-old “New Russia”.

Where’s Waldo—Ukraine—on This Map

After the Russian Revolution, of course, the pieces and parts in this region of the old Czarist Empire were bundled-up into a convenient administrative entity by the new red rulers of Moscow, who christened it the “Ukrainian SSR” (Soviet Socialist Republic). In a like manner, they created similar administrative entities in Belorussia, Georgia, Moldavia, Turkmenistan etc.—ultimately confecting 15 such faux “republics”.

During the course of this communist state-building, here is how and when these brutal tyrants attached each piece of today’s Ukrainian map to the territories acquired or seized by the Russian Czars over 1654-1917 (yellow area):

  • The old Novorossiya of the Donbas and Black Sea rim was added to the Ukraine SSR by Lenin in 1922.

  • The western territory around Lviv that been known as Little Poland and Galicia were captured by Stalin in 1939 and thereafter when he and Hitler carved up Poland.

  • Upon the death of the bloody Stalin in 1954, Khrushchev made a deal with his Presidium allies to transfer Crimea from the Russian SSR to the Ukrainian SSR in return for their support in the battle for succession.

In a word, Ukraine is the bastard spawn of communist blood and iron. Yet during the last decade the Washington and the NATO warhawks have spent upwards of $300 billion to ensure that the handiwork of autocratic Czars and Commissars remains intact into the 21st century and presumably beyond.

It is ironic, therefore, that the historically illiterate Donald Trump has the good sense to dispense with one of the stupidest crusades that the War Party on the Potomac has yet concocted. So doing, he would enable the failed handiwork of communist tyrants to be made right with history—an outcome that can now happen if and only if the Donald gets the Rubio digression back on track.

Modern Ukraine: Born In Communist Blood and Iron

Image: © Sven Teschke et al., CC BY-SA 3.0.

Of course, had the above-mentioned 20th century communist trio been noble benefactors of mankind, perhaps their subsequent map-making handiwork and reassignment of Novorossiya to Ukraine might have been justified. Under this benign counterfactual, they would have presumably combined peoples of like ethnic, linguistic, religious and politico-cultural history into a cohesive natural polity and state. That is, a nation worth perpetuating, defending and perhaps even dying for.

Alas, the reason that Trump is right to attempt to end this bloody catastrophe via partition is that the very opposite was true. From 1922 to 1991 modern Ukraine was held together by the monopoly on violence of its brutally totalitarian rulers. And that became more than evident when the Kremlin temporarily lost control of Ukraine during the military battles of World War II. During that especially bloody interlude, the communist administrative entity called Ukraine came apart at the seams.

That is, local Ukrainian nationalists joined Hitler’s Wehrmacht in its depredations against Jews, Poles, Roma and Russians when it first swept through the country from the west on its way to Stalingrad; and then, in turn, the Russian populations from the Donbas and south campaigned with the Red Army during its vengeance-wreaking return from the east after winning the bloody 1943 battle of Stalingrad that turned the course of WWII.

Not surprisingly, therefore, virtually from the minute it came out from under the communist yoke when the Soviet Union was swept into the dustbin of history in 1991, Ukraine has been engulfed in political and actual civil war. The elections which did occur were essentially 50/50 at the national level but reflected dueling 80/20 vote breakouts within the regions. That is, the Ukrainian nationalist candidates tended to get vote margins of 80% + in the West/Central areas, while Russian-sympathizing candidates got similar pluralities in the mainly Russian-speaking East and South.

This pattern transpired because once the iron-hand of totalitarian rule ended in 1991, the deep and historically rooted conflict between Ukrainian nationalism, language and politics of the central and western regions of the country and the Russian language and historical religious and political affinities of the Donbas and south came rushing to the surface.

Accordingly, so-called democracy barely survived these contests until February 2014 when one of Washington’s “color revolutions” finally “succeeded”. That is to say, the Washington fomented and financed nationalist-led coupe d état ended the fragile post-communist equilibrium.

That’s the true meaning of the Maidan coup. It ended the tenuous cohesion that kept the artificial state of Ukraine intact for barely two decades after the Soviet demise. So save for Washington’s destructive intervention, the partition of a communist-confected state that had never been built to last would have materialized all on its own–perhaps like in Czechoslovakia—-and likely sooner than later.

At the end of the day, therefore, the necessary impending partition of the rogue state of Ukraine is not a case at all of legitimate sovereign borders being violated. Nor does it involve an assault on the hypocritical notion of a “rules-based international order” that has not actually ever existed and which, instead, has been a cover for Washington’s global hegemony all along.

But the lessons are nonetheless profound. History accumulates and eventually leads to destructive, but wholly unnecessary outcomes.

That is the case today with the utterly foolish action of Washington during the 1990s and 2000s to bring former Warsaw Pact Nations, and even breakaway Soviet Republics into a NATO alliance whose mission was over and done in 1991.

It should have been dismantled then and there. When the old Soviet monster with its 50,000 tanks and 7,000 nuclear warheads disappeared into the dustbin of history, there was no longer a threat to the east. There was no “front line” to defend.

At that point Washington should have and easily could have led the world to disarmament and to a revival of the lasting peace that had disappeared in the “Guns of August” in 1914.

But now the NATO section 5 mutual defense commitment to these 31 nations is equivalent to a stupid charity that the nearly bankrupt Federal government cannot afford in any case.

There is absolutely nothing in it for the enhancement of America’s homeland security, and huge incentives for the politicians of these nations to caterwaul against Russia rather than seek peaceful accommodation.

So here is the historic moment before us: The Donald now needs to tell Rubio in no uncertain terms to take a hike and then return to the essence of the 28-point plan and agree with Putin to a partition of Ukraine.

So doing, he would not only end the utter stupidity of NATO’s proxy war on Russia, but in the process accomplish something more of literally epic proportions: Namely,the defenestration of the neocons, official Washington, NATO, the rules based international order and all the other globalist humbug that has saddled America with $1.5 trillion per year Warfare State and Global Empire that it cannot afford and doesn’t need.

*  *  *

If the history laid out above makes anything clear, it’s that the real danger to America rarely comes from distant, shifting borders—but from the misguided ambitions of those who gamble with our future in the name of “global leadership.” As Washington sleepwalks deeper into conflicts that have nothing to do with genuine US security, the stakes for ordinary Americans grow higher by the day. That’s why now is the moment to get informed, not after the next crisis erupts. Legendary investor Doug Casey has issued a stark warning about what he believes may be the most dangerous event of the 21st century—an event set in motion by the very forces discussed in this article. His special report explains what’s coming, why it matters, and how you can prepare before it’s too late. If you want to understand the real risks ahead—and what they could mean for your freedom, finances and future—you can access Doug’s urgent video report here.

Tyler Durden Sat, 12/27/2025 - 07:00

Peter Schiff: Printing Money Is Not the Cure for Cononavirus

Financial Armageddon -


Peter Schiff: Printing Money Is Not the Cure for Cononavirus



In his most recent podcast, Peter Schiff talked about coronavirus and the impact that it is having on the markets. Earlier this month, Peter said he thought the virus was just an excuse for stock market woes. At the time he believed the market was poised to fall anyway. But as it turns out, coronavirus has actually helped the US stock market because it has led central banks to pump even more liquidity into the world financial system. All this means more liquidity — central banks easing. In fact, that is exactly what has already happened, except the new easing is taking place, for now, outside the United States, particularly in China.” Although the new money is primarily being created in China, it is flowing into dollars — the dollar index is up — and into US stocks. Last week, US stock markets once again made all-time record highs. In fact, I think but for the coronavirus, the US stock market would still be selling off. But because of the central bank stimulus that has been the result of fears over the coronavirus, that actually benefitted not only the US dollar, but the US stock market.” In the midst of all this, Peter raises a really good question. The primary economic concern is that coronavirus will slow down output and ultimately stunt economic growth. Practically speaking, the world would produce less stuff. If the virus continues to spread, there would be fewer goods and services produced in a market that is hunkered down. Why would the Federal Reserve respond, or why would any central bank respond to that by printing money? How does printing more money solve that problem? It doesn’t. In fact, it actually exacerbates it. But you know, everybody looks at central bankers as if they’ve got the solution to every problem. They don’t. They don’t have the magic wand. They just have a printing press. And all that creates is inflation.” Sometimes the illusion inflation creates can look like a magic wand. Printing money can paper over problems. But none of this is going to fundamentally fix the economy. In fact, if central bankers were really going to do the right thing, the appropriate response would be to drain liquidity from the markets, not supply even more.” Peter explained how the Fed was originally intended to create an “elastic” money supply that would expand or contract along with economic output. Today, the money supply only goes in one direction — that’s up. The economy is strong, print money. The economy is weak, print even more money.” Of course, the asset that’s doing the best right now is gold. The yellow metal pushed above $1,600 yesterday. Gold is up 5.5% on the year in dollar terms and has set record highs in other currencies. Because gold is rising even in an environment where the dollar is strengthening against other fiat currencies, that shows you that there is an underlying weakness in the dollar that is right now not being reflected in the Forex markets, but is being reflected in the gold markets. Because after all, why are people buying gold more aggressively than they’re buying dollars or more aggressively than they’re buying US Treasuries? Because they know that things are not as good for the dollar or the US economy as everybody likes to believe. So, more people are seeking out refuge in a better safe-haven and that is gold.” Peter also talked about the debate between Trump and Obama over who gets credit for the booming economy – which of course, is not booming.






Dump the Dollar before Bank Runs start in America -- Economic Collapse 2020

Financial Armageddon -












We are living in crazy times. I have a hard time believing that most of the general public is not awake, but in reality, they are. We've never seen anything like this; I mean not even under Obama during the worst part of the Great Recession." Now the Fed is desperately trying to keep interest rates from rising. The problem is that it's a much bigger debt bubble this time around , and the Fed is going to have to blow a lot more air into it to keep it inflated. The difference is this time it's not going to work." It looks like the Fed did another $104.15 billion of Not Q.E. in a single day. The Fed claims it's only temporary. But that is precisely what Bernanke claimed when the Fed started QE1. Milton Freedman once said, "Nothing is so permanent as a temporary government program." The same applies to Q.E., or whatever the Fed wants to pretend it's doing. Except this is not QE4, according to Powell. Right. Pumping so much money out, and they are accusing China of currency manipulation ? Wow! Seriously! Amazing! Dump the U.S. dollar while you still have a chance. Welcome to The Atlantis Report. And it is even worse than that, In addition to the $104.15 billion of "Not Q.E." this past Thursday; the FED added another $56.65 billion in liquidity to financial markets the next day on Friday. That's $160.8 billion in two days!!!! in just 48 hours. That is more than 2 TIMES the highest amount the FED has ever injected on a monthly basis under a Q.E. program (which was $80 billion per month) Since this isn't QE....it will be really scary on what they are going to call Q.E. Will it twice, three times, four times, five times what this injection per month ! It is going to be explosive since it takes about 60 to 90 days for prices to react to this, January should see significant inflation as prices soak up the excess liquidity. The question is, where will the inflation occur first . The spike in the repo rate might have a technical explanation: a misjudgment was made in the Fed's money market operations. Even so, two conclusions can be drawn: managing the money markets is becoming harder, and from now on, banks will be studying each other's creditworthiness to a greater degree than before. Those people, who struggle with the minutiae of money markets, and that includes most professionals, should focus on the causes and not the symptoms. Financial markets have recovered from each downturn since 1980 because interest rates have been cut to new lows. Post-2008, they were cut to near zero or below zero in all major economies. In response to a new financial crisis, they cannot go any lower. Central banks will look for new ways to replicate or broaden Q.E. (At some point, governments will simply see repression as an easier option). Then there is the problem of 'risk-free' assets becoming risky assets. Financial markets assume that the probability of major governments such as the U.S. or U.K. defaulting is zero. These governments are entering the next downturn with debt roughly twice the levels proportionate to GDP that was seen in 2008. The belief that the policy worked was completely predicated on the fact that it was temporary and that it was reversible, that the Fed was going to be able to normalize interest rates and shrink its balance sheet back down to pre-crisis levels. Well, when the balance sheet is five-trillion, six-trillion, seven-trillion when we're back at zero, when we're back in a recession, nobody is going to believe it is temporary. Nobody is going to believe that the Fed has this under control, that they can reverse this policy. And the dollar is going to crash. And when the dollar crashes, it's going to take the bond market with it, and we're going to have stagflation. We're going to have a deep recession with rising interest rates, and this whole thing is going to come imploding down. everything is temporary with the fed including remaining off the gold standard temporary in the Fed's eyes could mean at least 50 years This liquidity problem is a signal that trading desks are loaded up on inventory and can't get rid of it. Repo is done out of a need for cash. If you own all of your securities (i.e., a long-only, no leverage mutual fund) you have no need to "repo" your securities - you're earning interest every night so why would you want to 'repo' your securities where you are paying interest for that overnight loan (securities lending is another animal). So, it is those that 'lever-up' and need the cash for settlement purposes on securities they've bought with borrowed money that needs to utilize the repo desk. With this in mind, as we continue to see this need to obtain cash (again, needed to settle other securities purchases), it shows these firms don't have the capital to add more inventory to, what appears to be, a bloated inventory. Now comes the fun part: the Treasury is about to auction 3's, 10's, and 30-year bonds. If I am correct (again, I could be wrong), the Fed realizes securities firms don't have the shelf space to take down a good portion of these auctions. If there isn't enough retail/institutional demand, it will lead to not only a crappy sale but major concerns to the street that there is now no backstop, at all, to any sell-off. At which point, everyone will want to be the first one through the door and sell immediately, but to whom? If there isn't enough liquidity in the repo market to finance their positions, the firms would be unable to increase their inventory. We all saw repo shut down on the 2008 crisis. Wall St runs on money. . OVERNIGHT money. They lever up to inventory securities for trading. If they can't get overnight money, they can't purchase securities. And if they can't unload what they have, it means the buy-side isn't taking on more either. Accounts settle overnight. This includes things like payrolls and bill pay settlements. If a bank doesn't have enough cash to payout what its customers need to pay out, it borrows. At least one and probably more than one banks are insolvent. That's what's going on. First, it can't be one or two banks that are short. They'd simply call around until they found someone to lend. But they did that, and even at markedly elevated rates, still, NO ONE would lend them the money. That tells me that it's not a problem of a couple of borrowers, it's a problem of no lenders. And that means that there's no bank in the world left with any real liquidity. They are ALL maxed out. But as bad as that is, and that alone could be catastrophic, what it really signals is even worse. The lending rates are just the flip side of the coin of the value of the assets lent against. If the rates go up, the value goes down. And with rates spiking to 10%, how far does the value fall? Enormously! And if banks had to actually mark down the value of the assets to reflect 10% interest rates, then my god, every bank in the world is insolvent overnight. Everyone's capital ratios are in the toilet, and they'd have to liquidate. We're talking about the simultaneous insolvency of every bank on the planet. Bank runs. No money in ATMs, Branches closed. Safe deposit boxes confiscated. The whole nine yards, It's actually here. The scenario has tended to guide toward for years and years is actually happening RIGHT NOW! And people are still trying to say it's under control. Every bank in the world is currently insolvent. The only thing keeping it going is printing billions of dollars every day. Financial Armageddon isn't some far off future risk. It's here. Prepare accordingly. This fiat system has reached the end of the line, and it's not correct that fiat currencies fail by design. The problem is corruption and manipulation. It is corruption and cheating that erodes trust and faith until the entire system becomes a gigantic fraud. Banks and governments everywhere ARE the problem and simply have to be removed. They have lost all trust and respect, and all they have left is war and mayhem. As long as we continue to have a majority of braindead asleep imbeciles following orders from these psychopaths, nothing will change. Fiat currency is not just thievery. Fiat currency is SLAVERY. Ultimately the most harmful effect of using debt of undefined value as money (i.e., fiat currencies) is the de facto legalization of a caste system based on voluntary slavery. The bankers have a charter, or the legal *right*, to create money out of nothing. You, you don't. Therefore you and the bankers do not have the same standing before the law. The law of the land says that you will go to jail if you do the same thing (creating money out of thin air) that the banker does in full legality. You and the banker are not equal before the law. ALL the countries of the world; Islamic or secular, Jewish or Arab, democracy or dictatorship; all of them place the bankers ABOVE you. And all of you accept that only whining about fiat money going down in exchange value over time (price inflation which is not the same as monetary inflation). Actually, price inflation itself is mainly due to the greed and stupidity of the bankers who could keep fiat money's exchange value reasonably stable, only if they wanted to. Witness the crash of silver and gold prices which the bankers of the world; Russian, American, Chinese, Jewish, Indian, Arab, all of them collaborated to engineer through the suppression and stagnation of precious metals' prices to levels around the metals' production costs, or what it costs to dig gold and silver out of the ground. The bankers of the world could also collaborate to keep nominal prices steady (as they do in the case of the suppression of precious metals prices). After all, the ability to create fiat money and force its usage is a far more excellent source of power and wealth than that which is afforded simply by stealing it through inflation. The bankers' greed and stupidity blind them to this fact. They want it all, and they want it now. In conclusion, The bankers can create money out of nothing and buy your goods and services with this worthless fiat money, effectively for free. You, you can't. You, you have to lead miserable existences for the most of you and WORK in order to obtain that effectively nonexistent, worthless credit money (whose purchasing/exchange value is not even DEFINED thus rendering all contracts based on the null and void!) that the banker effortlessly creates out of thin air with a few strokes of the computer keyboard, and which he doesn't even bother to print on paper anymore, electing to keep it in its pure quantum uncertain form instead, as electrons whizzing about inside computer chips which will become mute and turn silent refusing to tell you how many fiat dollars or euros there are in which account, in the absence of electricity. No electricity, no fiat, nor crypto money. It would appear that trust is deteriorating as it did when Lehman blew up . Something really big happened that set off this chain reaction in the repo markets. Whatever that something is, we aren't be informed. They're trying to cover it up, paper it over with conjured cash injections, play it cool in front of the cameras while sweating profusely under the 5 thousands dollar suits. I'm guessing that the final high-speed plunge into global economic collapse has begun. All we see here is the ripples and whitewater churning the surface, but beneath the surface, there is an enormous beast thrashing desperately in its death throws. Now is probably the time to start tying up loose ends with the long-running prep projects, just saying. In other words, prepare accordingly, and Get your money out of the banks. I don't care if you don't believe me about Bitcoin. Get your money out of the banks. Don't keep any more money in a bank than you need to pay your bills and can afford to lose.











The Financial Armageddon Economic Collapse Blog tracks trends and forecasts , futurists , visionaries , free investigative journalists , researchers , Whistelblowers , truthers and many more













The Financial Armageddon Economic Collapse Blog tracks trends and forecasts , futurists , visionaries , free investigative journalists , researchers , Whistelblowers , truthers and many more

Hillary Clinton's Top Secret Files Revealed Here

Financial Armageddon -

The FBI released a summary of its file from the Hillary Clinton email investigation on Friday, showing details of Clinton's explanation of her use of a private email server to handle classified communications. The release comes nearly two months after FBI Director James Comey announced that although Clinton's handling of classified information was "extremely careless," it did not rise to the level of a prosecutable offense. Attorney General Loretta Lynch announced the next day that she would not pursue charges in the matter. "We are making these materials available to the public in the interest of transparency and in response to numerous Freedom of Information Act (FOIA) requests," the FBI noted in a statement sent to reporters with links to the documents. The documents include notes from Clinton's July 2 interview with agents, as well as a "factual summary of the FBI's investigation into this matter," according to the FBI release. Throughout her interview with agents, Clinton repeatedly said she relied on the career professionals she worked with to handle classified information correctly. The agents asked about a series of specific emails, and in each case Clinton said she wasn't worried about the particular material being discussed on a nonclassified channel.





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