Zelensky's Jet Reportedly In Near-Miss With Military Grade Drones In Ireland

Various major publications including The Telegraph and Newsweek are reporting claims that military-grade drones threatened Ukrainian President Volodymyr Zelensky's plane shortly before it landed at Dublin Airport on Monday.

The mystery drones reportedly reached the coordinates where the Ukrainian president's plane had been expected, but Zelensky is said to have arrived a little earlier than scheduled, touching down at around 11 pm, thus missing the drones.

Irish security officials believe the drones were intended to interfere with Zelensky's arrival, noting that they were flying with their lights on, also given the UAVs were military-spec. The episode is being presented in Irish and UK press reports as a form of hybrid warfare.

Source: PA Wire/The Sun

Afterward, the unidentified aircraft circled above an Irish Navy vessel that had been covertly positioned in the Irish Sea and which was patrolling there related to providing security for Zelensky's visit.

In all the drones were reportedly airborne for roughly two hours - which again would suggest are more sophisticated or even military drone technology, and the drone operators are unknown, amid an investigation.

Conflicting reports have suggested that four or up to five drones were involved in the incursion. Their operators and current whereabouts remain unknown.

According to more details via The Daily Mail:

The Dublin intrusion occurred inside a no-fly zone ordered by the Irish Aviation Authority for the duration of Zelenskyy's visit. Ahead of the visit, Irish MEP Barry Andrews posted a graphic on social media showing the no-fly zone which was imposed.

The drones then entered Irish-controlled waters and circled above the LÉ William Butler Yeats, which did not have air-search radar and was unable to disable them. An Irish Air Corps aircraft was airborne at the time but did not engage. 

One security official has been cited in press reports as describing of the UAVs, "They had their lights on. They wanted to be seen. They had both the capability and the intent. They could have acted at any time."

Western officials have suspected that this is an extension of alleged Russia-backed 'hybrid warfare' targeting Europe's skies.

However, there is cause for skepticism to these 'Russia did it!' allegations and mystery incursions...

Well colour me shocked. The Dutch magazine Trouw analysed 60 drone incidents throughout Europe and found “hardly any evidence of Russian involvement”. The most obvious NATO psy-op ever.

Link to article: https://t.co/7jPA8tzWJE pic.twitter.com/I7nc6kHEok

— Thomas Fazi (@battleforeurope) December 1, 2025

Suspicious drone sightings have of late disrupted air traffic at key hubs in places like Denmark, Germany, and other places in northern Europe. EU officials are pushing forward with plans to invest in a collective 'drone wall' defense.

Tyler Durden Fri, 12/05/2025 - 04:15

WHO–Gates Unveils Blueprint For Global Digital ID, AI-Driven Surveillance, & Life-Long Vaccine Tracking For Everyone

Authored by Jon Fleetwood via Substack,

In a document published in the October Bulletin of the World Health Organization and funded by the Gates Foundation, the World Health Organization (WHO) is proposing a globally interoperable digital-identity infrastructure that permanently tracks every individual’s vaccination status from birth.

The dystopian proposal raises far more than privacy and autonomy concerns: it establishes the architecture for government overreach, cross-domain profiling, AI-driven behavioral targeting, conditional access to services, and a globally interoperable surveillance grid tracking individuals.

It also creates unprecedented risks in data security, accountability, and mission creep, enabling a digital control system that reaches into every sector of life.

The proposed system:

• integrates personally identifiable information with socioeconomic data such as “household income, ethnicity and religion,”

• deploys artificial intelligence for “identifying and targeting the unreached” and “combating misinformation,”

• and enables governments to use vaccination records as prerequisites for education, travel, and other services.

What the WHO Document Admits, in Their Own Words

To establish the framework, the authors define the program as nothing less than a restructuring of how governments govern:

“Digital transformation is the intentional, systematic implementation of integrated digital applications that change how governments plan, execute, measure and monitor programmes.”

They openly state the purpose:

“This transformation can accelerate progress towards the Immunization agenda 2030, which aims to ensure that everyone, everywhere, at every age, fully benefits from vaccines.”

This is the context for every policy recommendation that follows: a global vaccination compliance system, digitally enforced.

1. Birth-Registered Digital Identity & Life-Long Tracking

The document describes a system in which a newborn is automatically added to a national digital vaccine-tracking registry the moment their birth is recorded.

“When birth notification triggers the set-up of a personal digital immunization record, health workers know who to vaccinate before the child’s first contact with services.”

They specify that this digital identity contains personal identifiers:

“A newborn whose electronic immunization record is populated with personally identifiable information benefits because health workers can retrieve their records through unique identifiers or demographic details, generate lists of unvaccinated children and remind parents to bring them for vaccination.”

This is automated, cradle-to-grave traceability.

The system also enables surveillance across all locations:

“[W]ith a national electronic immunization record, a child can be followed up anywhere within the country and referred electronically from one health facility to another.”

This is mobility tracking tied to medical compliance.

2. Linking Vaccine Records to Income, Ethnicity, Religion, & Social Programs

The document explicitly endorses merging vaccine status with socioeconomic data.

“Registers that record household asset data for social protection programmes enable monitoring of vaccination coverage by socioeconomic status such as household income, ethnicity and religion.”

This is demographic stratification attached to a compliance database.

3. Conditioning Access to Schooling, Travel, & Services on Digital Vaccine Proof

The WHO acknowledges and encourages systems that require vaccine passes for core civil functions:

“Some countries require proof of vaccination for children to access daycare and education, and evidence of other vaccinations is often required for international travel.”

They then underline why digital formats are preferred:

“Digital records and certificates are traceable and shareable.”

Digital traceability means enforceability.

4. Using Digital Systems to Prevent ‘Wasting Vaccine on Already Immune Children’

The authors describe a key rationale:

“Children’s vaccination status is not checked during campaigns, a practice that wastes vaccine on already immune children and exposes them to the risk of adverse events.”

Their solution is automated verification to maximize vaccination throughput.

The digital system is positioned as both a logistical enhancer and a compliance enforcer:

“National electronic immunization records could transform how measles campaigns and supplementary immunization activities are conducted by enabling on-site confirmation of vaccination status.”

5. AI Systems to Target Individuals, Identify ‘Unreached,’ & Combat ‘Misinformation’

The WHO document openly promotes artificial intelligence to shape public behavior:

“AI… demonstrate[s] its utility in identifying and targeting the unreached, identifying critical service bottlenecks, combating misinformation and optimizing task management.”

They explain additional planned uses:

“Additional strategic applications include analysing population-level data, predicting service needs and spread of disease, identifying barriers to immunization, and enhancing nutrition and health status assessments via mobile technology.”

This is predictive analytics paired with influence operations.

6. Global Interoperability Standards for International Data Exchange

The authors call for a unified international data standard:

“Recognize fast healthcare interoperability resources… as the global standard for exchange of health data.”

Translated: vaccine-linked personal identity data must be globally shareable.

They describe the need for “digital public infrastructure”:

“Digital public infrastructure is a foundation and catalyst for the digital transformation of primary health care.”

This is the architecture of a global vaccination-compliance network.

7. Surveillance Expansion Into Everyday Interactions

The WHO outlines a surveillance model that activates whenever a child interacts with any health or community service:

“CHWs who identify children during home visits and other community activities can refer them for vaccination through an electronic immunization registry or electronic child health record.”

This means non-clinical community actors participating in vaccination-compliance identification.

The authors also describe cross-service integration:

“Under-vaccinated children can be reached when CHWs and facility-based providers providing other services collaborate and communicate around individual children in the same electronic child health records.”

Every point of contact becomes a checkpoint.

8. Behavior-Shaping Through Alerts, Reminders, & Social Monitoring

The WHO endorses using digital messaging to overcome “intention–action gaps”:

“Direct communication with parents in the form of alerts, reminders and information helps overcome the intention–action gap.”

They also prescribe digital surveillance of public sentiment:

“Active detection and response to misinformation in social media build trust and demand.”

This is official justification for monitoring and countering speech.

9. Acknowledgment of Global Donor Control—Including Gates Foundation

At the very end of the article, the financial architect is stated plainly:

“This work was supported by the Gates Foundation [INV-016137].”

This confirms the alignment with Gates-backed global ID and vaccine-registry initiatives operating through Gavi, the World Bank, UNICEF, and WHO.

Bottom Line

In the WHO’s own words:

“Digital transformation is a unique opportunity to address many longstanding challenges in immunization… now is the time for bold, new approaches.”

And:

“Stakeholders… should embrace digital transformation as an enabler for achieving the ambitious Immunization agenda 2030 goals.”

This is a comprehensive proposal for a global digital-identity system, permanently linked to vaccine status, integrated with demographic and socioeconomic data, enforced through AI-driven surveillance, and designed for international interoperability.

It is not speculative, but written in plain language, funded by the Gates Foundation, and published in the World Health Organization’s own journal.

Tyler Durden Fri, 12/05/2025 - 03:30

China Seeks Long-Term Vulnerabilities In US Energy Systems: House Panelists

By Ethan Howland of UtilityDive

While there don’t appear to be any specific, imminent cyber or physical threats to the U.S. power grid, China has been seeking vulnerabilities in network systems to be used in future attacks, panelists said during a U.S. House of Representatives hearing Tuesday on threats to the U.S. energy system.

Volt Typhoon — a group believed to be run by the People’s Republic of China’s state security service — is focused on maintaining ongoing access to U.S. network systems for future potential disruptions, according to Michael Ball, CEO of the Electricity Information Sharing and Analysis Center and senior vice president at the North American Electric Reliability Corp.

Michael Ball, CEO of the Electricity Information Sharing and Analysis Center and senior vice president at the North American Electric Reliability Corp., speaks at a hearing held by the House Energy and Commerce Committee’s energy subcommittee in Washington D.C. on Dec. 2, 2025

China is preparing for conflict over Taiwan, potentially in the “very near term,” and its strategy depends on preventing the United States from mounting a successful rescue mission, Harry Krejsa, director of Studies for the Carnegie Mellon Institute for Strategy & Technology, said during the hearing held by the Energy and Commerce Committee’s energy subcommittee.

Part of China’s plan is to target U.S. civilian infrastructure to create panic and chaos, Krejsa said.

“Our aging infrastructure makes these threats easier, including in our energy ecosystem,” he said. “Today’s electricity grid is too often a hodgepodge of digital tools sitting atop an analog foundation, creating seams where adversaries can slip in.”

China is the most persistent cyber threat to the U.S., according to Zach Tudor, associate laboratory director for national and homeland security at the Idaho National Laboratory.

“Through Volt Typhoon, Salt Typhoon [and] Flax Typhoon, the Chinese Communist Party has embedded itself in our energy communications and water systems to set conditions for destructive attacks during the Pacific conflict over Taiwan,” he said. “They’re winning without fighting, attempting to undermine our infrastructure.”

Although no U.S. blackouts have been attributed to a cyberattack, “the threat landscape is dynamic and requires continuous vigilance,” Ball said.

Panelists called on Congress to expand programs and funding for cyber defense.

Congress should continue to fund information sharing collaboration initiatives, like the Energy Threat Analysis Center, a pilot initiative led by the Department of Energy that brings together power sector and federal officials, according to Sharla Artz, vice president for security and resilience policy at Xcel Energy.

“Expanding programs like [the Cybersecurity Risk Information Sharing Program] enhances industry and government understanding of the threat landscape and thus needs additional government funding to accomplish that expansion,” said Artz, who represented the Edison Electric Institute at the hearing.

Tim Lindahl, president and CEO of Kenergy, a cooperative utility based in Henderson, Kentucky, urged Congress to reauthorize the $250 million Rural and Municipal Utility Cybersecurity Program, which runs through fiscal year 2026.

Lindahl called on DOE to disburse $80 million in RMUC awards that were announced last fall. 

“With continued partnership and targeted federal investment, we can strengthen our defenses and ensure the security of the energy infrastructure that powers our nation,” said Lindahl, who spoke on behalf of the National Rural Electric Cooperative Association.

NERC’s Ball urged Congress to reauthorize the expired Cybersecurity Information Sharing Act of 2015 to support information sharing between the private sector and government.

During the hearing, Rep. Robert Menendez, D-N.J., said the Trump administration was undermining U.S. infrastructure protection efforts by cutting $5.6 billion in funding for state and local grid hardening and resiliency programs.

The administration also fired more than 1,000 cybersecurity and infrastructure agency staff, according to Menendez. It also moved Department of Homeland Security Cybersecurity & Infrastructure Security Agency staff to other agencies, like Immigration and Customs Enforcement, which has “no connectivity to what their work has been,” he said.

“Does that make our country safer and more able to respond to these increasing cybersecurity attacks?” Menendez said.

Tyler Durden Thu, 12/04/2025 - 23:25

Note: Mortgage rates are from MortgageNewsDaily.com and are for top tier scenarios.

Thursday:
• At 10:00 AM ET, Personal Income and Outlays for September. The consensus is for a 0.4% increase in personal income, and for a 0.4% increase in personal spending. And for the Core PCE price index to increase 0.2% (up 2.9% YoY).

• Also at 10:00 AM, University of Michigan's Consumer sentiment index (Preliminary for December).

ICE Arrests (Another) Afghan National Accused Of Supporting ISIS

Authored by Naveen Athrappully via The Epoch Times,

Federal authorities on Wednesday arrested an Afghan national on suspicion of providing support to the ISIS terrorist group, the third such arrest in a week, according to a Department of Homeland Security (DHS) statement.

Jaan Shah Safi was arrested by Immigration and Customs Enforcement (ICE) agents in Waynesboro, Virginia. Safi is an “illegal alien terrorist who entered the U.S. on Sept. 8, 2021, in Philadelphia” under President Joe Biden’s Operation Allies Welcome program, the statement said.

He had applied for Temporary Protected Status, but his application was terminated once DHS Secretary Kristi Noem ended TPS for Afghans.

The TPS was terminated in May as Afghanistan no longer met the requirements for the designation, and “DHS records indicate that there are recipients who have been under investigation for fraud and threatening our public safety and national security,” Noem said at the time.

The DHS said that Safi was also found to provide weapons to his father, a commander of a militia group back in Afghanistan.

The Epoch Times could not ascertain whether Safi was given any legal representation.

This is the third arrest of a suspected Afghan terrorist in about a week.

The first case was that of Rahmanullah Lakanwal, who was arrested Nov. 26 on suspicion of shooting two National Guard members in Washington. One of the victims, Sarah Beckstrom, died afterward, and the other, Andrew Wolfe, remains in serious condition.

Lakanwal had worked with the CIA during the war in Afghanistan. Authorities charged him with first-degree murder and two counts of assault with intent to kill, among other charges.

Noem said in a media interview that authorities believe Lakanwal became radicalized after he arrived in the United States through connections in his community and state.

A day before the attack and in a separate incident, Mohammad Dawood Alokozay was arrested and charged with making bomb threats.

Alokozay had posted social media videos threatening to blow up a target in Fort Worth, Texas.

The three are among 190,000 Afghan nationals who were resettled in the United States as part of Operation Allies Welcome, later renamed Enduring Welcome.

Regarding Safi, Noem said, “This terrorist was arrested miles from our nation’s capital where our brave National Guard heroes ... were shot just days ago by another unvetted Afghan terrorist brought into our country.”

On Dec. 2, the Trump administration suspended the processing of immigration applications from 19 countries, including Afghanistan and Somalia, citing national security and public safety concerns.

The Epoch Times reached out to Afghan Support Network, a nonprofit that focuses on the welfare of Afghan refugees, for comment and did not receive a response by publication time.

Overhauling Vetting Process

When the United States withdrew from Afghanistan in August 2021, the Biden administration initiated the Operation Allies Welcome program to resettle thousands of Afghan nationals in the United States, including those who worked alongside U.S. authorities in the war-torn nation over the previous two decades.

“It’s the biggest national security failure in the history of the nation,” border czar Tom Homan said in a media interview on Sunday, noting that the DHS inspector general came out with a report at the time stating multiple failures in the vetting process.

“People need to understand, in these third world nations, they don’t have systems like we do. So a lot of these Afghans, who did get here to get better, they had no identification at all. Not a single travel document, not one piece of identification. And we’re going to count on the people that run Afghanistan, the Taliban, to provide us any information who the bad guys were or who the good guys are? Certainly not.”

Noem said in a Dec. 1 post on X that many Afghan nationals brought into the country were “military-aged men” who were not vetted for security clearance.

Homeland Security is currently overhauling the vetting process for aliens, requiring the country of origin to cross-reference biometric data and criminal history, screening social media accounts, and directing individuals to check in every year, Noem said.

According to the State Department’s travel advisory, Afghanistan’s security situation remains extremely unstable, with the highest critical-level threat to U.S. citizens.

All Afghanistan provinces are dangerous for travel, with targeted or random hostile acts perpetrated by the country’s citizens. “U.S. citizens and other foreign nationals are primary targets of terrorist organizations,“ warned the advisory.

Tyler Durden Thu, 12/04/2025 - 20:05

Federal Watchdog Reveals Rampant Obamacare Fraud; 90% Of Bad-Doc Applicants Approved In Undercover Test

A new bombshell report from the Government Accountability Office (GAO) details a long-running vulnerability in the Affordable Care Act exchanges, showing that weak verification controls continue to expose federal subsidies to significant fraud and abuse. 

“Preliminary results from GAO's ongoing covert testing suggest fraud risks in the advance premium tax credit (APTC) persist,” the report reads. “The federal Marketplace approved coverage for nearly all of GAO's fictitious applicants in plan years 2024 and 2025, generally consistent with similar GAO testing in plan years 2014 through 2016.”

According to the report, GAO conducted undercover tests by creating fictitious applicants with fake identities and fraudulent or never-issued Social Security numbers to see how the federal Marketplace would respond. Over the past two years, 90% of those fake applicants were approved for subsidized coverage despite lacking required documentation. In plan year 2024, all four of GAO’s fabricated applicants were approved and received about $2,350 per month in subsidies paid to insurers, even though they failed to provide proof of Social Security numbers, citizenship, or income. GAO scaled up the test for 2025 to 20 fake applicants; 18 were still enrolled as of September 2025, generating more than $10,000 per month in subsidies

More broadly, GAO's preliminary analyses identified vulnerabilities related to potential SSN misuse and likely unauthorized enrollment changes in federal Marketplace data for plan years 2023 and 2024. Such issues can contribute to APTC that is not reconciled through enrollees' tax filings to determine the amount of premium tax credit for which enrollees were ultimately eligible. GAO's preliminary analysis of data from tax year 2023 could not identify evidence of reconciliation for over $21 billion in APTC for enrollees who provided SSNs to the federal Marketplace for plan year 2023. Unreconciled APTC may not necessarily represent overpayments, as enrollees who did not reconcile may have been eligible for the subsidy. However, it may include overpayments for enrollees who were not eligible for APTC.

A big problem with reconciling these Obamacare subsidies is when someone uses a Social Security number that doesn’t actually belong to the person getting the insurance. GAO’s early look at federal Marketplace data found more than 29,000 Social Security numbers in 2023 that showed over a full year of subsidized coverage. One number was used so many times that it totaled more than 26,000 days of insurance across more than 125 plans - the equivalent of more than 71 years of coverage tied to a single number.

The pattern continued in 2024, with nearly 66,000 Social Security numbers being linked to more than a year of subsidized coverage. This can result from identity theft, fake identities, or simple typing errors. According to the GAO, determining the true owner of a Social Security number can be complicated, so it’s examining these cases and other examples of overlapping coverage more closely.

CMS officials say the federal Marketplace lets people sign up even when a Social Security number is already in use. They claim this helps the real owner of the number get coverage in cases of identity theft or simple typing mistakes. The system uses a model that analyzes various pieces of personal information to distinguish applicants, and CMS runs this check monthly to clear out duplicate accounts. They also say applications with repeated Social Security numbers are supposed to go through a data-matching process in which people send in documents to verify their identities. However, even with those explanations, the setup makes it far too easy for fake applicants to slip through, and clearly, they do. The way the system works gives fraudsters plenty of room to abuse Social Security numbers long before anyone notices.

GAO notes that its “covert testing is illustrative and cannot be generalized to the enrollee population.”

This report lands in the middle of an active policy fight on Capitol Hill over whether to extend enhanced Obamacare subsidies, giving Republicans fresh evidence for their arguments about the program’s structural problem, validating their long-standing criticisms of Obamacare. House Ways and Means Chair Jason Smith (R-Mo.) called the report a “smoking gun” showing how a flawed system, protected by Democrat policies, has pushed tens of billions of taxpayer dollars to insurers through identity fraud. 

Energy and Commerce Chair Brett Guthrie (R-KY) argued that Democrats’ temporary expansion of subsidies worsened fraud, harmed patients, and hid deeper affordability problems. “Republicans have sounded the alarm on the flawed structural integrity of Obamacare and how Democrats’ failed policies to temporarily prop up the program have exacerbated fraud, hurt patients, increased the burden on American taxpayers, and artificially masked the true health care affordability crisis plaguing Americans today,” Guthrie said. “The concerning findings from GAO’s report further confirm that Republican efforts to strengthen, secure, and sustain our federal health programs are critical and necessary to ensure access to quality health care at prices Americans can afford.”

Tyler Durden Thu, 12/04/2025 - 19:40

The Problem With GDP

Authored by Alasdair Macleod via VonGreyerz.gold,

With signs of economic stagnation hard to ignore, politicians, economists, and even central bankers talk about the necessity for economic growth. Not only are they displaying economic ignorance, but by chasing something that is not a measure of production, they are bound to fail in their objectives.

The consequences for us all end in a crisis of reality. The errors of economic and monetary management by modern governments result in a credit crisis, which ultimately destroys their currencies. The signs that such a crisis is descending upon us are growing.

This article focuses on the delusions and destruction by macroeconomics: its principle objective is demonstrated to be an egregious error: to achieve economic growth. Being the sum of all recorded qualifying transactions over a period usually of a year, the measure of GDP is not of output, but of credit deployed in the economy. The error is to assume that all credit is deployed productively.

Credit recorded in GDP finances consumption, production (including investment), and government spending. Only credit for production and investment in it leads to price stability. But US industrial production is lower than in 2008, when on the Federal Reserve Bank of St Louis’s total index, it was 102.38 compared with 101.27 last:

Separately, FRED shows that industrial investment increased by a paltry $100 billion since 2008.

Credit expansion to finance production, particularly of goods, is non-inflationary because it is employed to make goods better, cheaper and more relevant to evolving consumer desires. And if credit funding goods production and investment have gone nowhere in the last seventeen years, then the increase in GDP is misleading.

Since 2008, GDP has more than doubled to about $30,000 billion. With the exception of service industries, many of which add little value, the expansion of credit funds, excess consumption and government spending. Credit expansion to finance the credit bubble is excluded from GDP, which is a separate issue.

It should now be clear that economists and politicians trumpeting growth are being misled or misleading themselves into promoting inflationary policies. The only offset is savings. If consumers save instead of spending, then consumer prices will not be driven up so much by excess credit. But here the US’s record over time is dismal:

Other than the spikes during the COVID lockdowns, when no one could spend, the long-term savings trend is down. Not only are savings down, but consumer debt is up:

Using 2008 as our base, consumer debt has doubled, while production of goods has stagnated. So not only has the personal savings rate generally declined, but the expansion of consumer debt has been a driving factor behind growth in GDP.

That leaves government spending. Governments are notoriously bad distributors of economic resources, and nowhere is this more so than reflected in GDP. Total US Government spending is about 40% of GDP, with the federal government portion being 23%. At least state and local governments’ spending is more relevant to their communities, but federal government spending is not, and that is where trouble is mounting from wasteful spending, all of which is included in GDP. 

The easiest way to grow GDP is for the federal government to increase its useless and economically destructive spending, which undoubtedly encourages the political class to do so.

The deflator myth

Starting with nominal GDP, econometricians point out that it should be deflated for inflation. If nominal GDP is shown to grow by 5%, than an inflation rate of 2% reduces that to real growth of 3%. The deflator usually used is the consumer price index.

The temptation to bolster real GDP growth by tinkering with the CPI is irresistible. Various methods are used to achieve this outcome. The result is that the current US inflation rate is calculated by the Bureau of Labour Statistics to be 3%, while John Williams of Shadowstats, who uses the original 1980 basis of calculation, computes it as 12%. Taking nominal GDP growth currently estimated by the Congressional Budget Office of 4.5%, this changes “real” GDP growth from 1.5% to minus 7.5%.

Imagine the furore if that was admitted! But we can’t even believe this more realistic presentation of the contraction of the value of total credit deployed in the economy (for that is what it is), because in theory there is a general level of prices, but in practice, no such thing exists. Its construction is therefore purely subjective and can say anything a government statistician wants. Hence, the difference between Shadowstats’ 1980 basis and subsequent revisions.

Consequently, the idea that GDP growth, nominal or real, represents the economic progress we all desire gets even further away from the truth. Instead, we can explain how the real economy is being suppressed by statistical misrepresentation, despite GDP headlines.

The debt trap

If there is one thing GDP is genuinely useful for, it gives a nation’s lenders a basis for judging its creditworthiness. Put simply, if national debt is growing faster than its tax base — roughly measured by the growth in GDP — then the economy is in a debt trap. However, if we are realistic about the distortions in the numbers, then many of the G7 nations are already there.

The reason that debt traps are yet to be properly recognised by markets is that they have been captured by governments themselves. The entire macroeconomic myth, coupled with regulatory oversight, have engendered complacency, which eventually will be shattered. 

It happened in Britain the last time it had a far-left government. In 1976, sterling began to fall, and the IMF were called in to stabilise government finances. Inflation the previous year had hit 25% and bond yields had soared to over 16%. The problem was that without the IMF forcing the UK government to cut spending and raise taxes to generate a budget surplus, the dynamics of the debt trap would have driven gilt yields higher still.

 An understanding that GDP represents credit and not economic progress, and that most of its deployment is inflationary, tells us that the dollar and other major currencies already face debt traps. That is why central bankers in the know are selling currencies and buying gold.

Conclusion

Investors should be aware that the government statistics upon which they rely for guidance are thoroughly misleading. Nowhere is this truer than in GDP, the quicksand upon which macroeconomics is built. Distortion of the facts compounds distortions of the past. This is why the entire basis of economic analysis is misleading and is bound to end up in a general economic and credit crisis when reality returns.

For this reason, individuals should follow the actions of central banks and protect themselves from a looming credit crisis. That can only be done by getting out of credit and into real money without counterparty risk, which is only physical gold.

Tyler Durden Thu, 12/04/2025 - 17:40

A Newsom Nihilist Nomination?

Authored by Victor Davis Hanson via American Greatness,

As California Governor Gavin Newsom gears up to run for president, what in the world will he run on?

Californians know that Newsom will not boast, “I will do for America what I have done to California!”

Why not?

Count the reasons.

California’s astronomical gas prices and taxes remain the highest in the continental U.S.

Ditto the state’s trifecta of the highest electricity rates, the costliest home prices, and the fourth-highest home insurance costs.

California has the largest unfunded liability debt in the nation, approaching $270 billion.

The budget deficit each year usually ranges from $15 to $70 billion.

Such profligate spending and deficits explain why the state also has the highest income taxes and state sales tax rates in the nation.

Just 1% of California households pay 50% of the state income tax. And the fleeced are leaving in droves.

Newsom recently boasted that he extended Medi-Cal health insurance to thousands more illegal aliens.

So, no wonder Newsom next begged for a nearly $3 billion Medi-Cal federal bailout.

Half of the state’s 41 million residents are now on Medi-Cal. Some 50 percent of all births are Medi-Cal-provided—and growing.

California has a lot of other firsts among the 50 states:

• The largest population of illegal aliens.

• The largest number of homeless people.

• The largest number of people fleeing a state.

• The largest number (11 million) and percentage (27%) of foreign-born residents.

• The largest number of people living in poverty.

• The highest food prices in the continental U.S.

• The state’s infrastructure is usually rated near the bottom.

• California ranks among the five worst states in per capita violent crime.

Here are a few other observations about the current disaster that is Newsom’s California.

One, California is a naturally wealthy state. It is the third largest by area. It ranks seventh in the nation in oil reserves. No nation has more agricultural production or forested land acreage. So it’s hard to bankrupt California, but Newsom has managed.

Two, under prior governors Pat Brown, Ronald Reagan, George Deukmejian, and Pete Wilson, California used to be the best-run state in the country.

California once produced more oil than any other state except Texas.

Its now-moribund timber industry once used to be the third largest in the nation.

And its currently ossified mining and mineral industries were once among the top ten producers in the country.

Three, no state politician over the last three decades has been more responsible for California’s decline than Gavin Newsom: six years as governor, eight years as lieutenant governor, seven years as mayor of San Francisco, and seven years on the San Francisco Board of Supervisors.

Four, California chose decline. In the last thirty years, it drove out somewhere between 18 and 20 million affluent and middle-class state residents, the largest state exodus in U.S. history.

Its open border welcomed in an influx of over 10 million illegal aliens.

Meanwhile, Silicon Valley’s $11 trillion in market capitalization created the wealthiest and the most left-wing out-of-touch elite in the United States.

The result was a medieval state of a few million elites, a mass of poor people, and a vanishing middle class.

Five, such influxes and exoduses, along with gerrymandering, have ensured a one-party state. There are no Republican statewide officeholders.

Democrats control all branches of government. Only 17% of its congressional delegation is Republican. So the Left proudly owns what California has become.

What, then, will Newsom run on?

• Certainly not high-speed rail—17 years, $15 billion, and not a foot of track laid.

• Certainly not a $500-million exploding solar battery plant.

• Certainly not illegally issuing 17,000 commercial truck driver’s licenses to non-resident illegal aliens with little or no English competency.

• Certainly not the horrific but preventable Pacific Palisades fire.

• And certainly not a now-closed $2-billion desert solar plant boondoggle.

Instead, Newsom will continue his he-man threats to Trump, like, “We’re going to punch this bully in the mouth.”

But will such bluster lower the state’s gas and power prices or reduce its sky-high taxes?

On social media and in podcasts, Newsom will continue his adolescent threats to federal officials like Secretary of Homeland Security Kristi Noem while serving up his adolescent potty-mouth smears (e.g., “son of a b***h,” “god-d**n,” “f**k,” etc.).

But that profanity will not lower crime or house prices.

In other words, in the Democrat primaries, Newsom will try to out-crazy the violence, profanity, and extremism of the now-crazy Democrat socialists.

Newsom will rant nonstop about the evil Trump, but neither offer a word nor do a thing about his own responsibility for the collapse of a once great state.

Newsom will lecture on “affordability” without mentioning that he has created the most unaffordable state in the nation.

Will all this gobbledygook work?

It did in New York.

So, who knows?

Tyler Durden Thu, 12/04/2025 - 17:00

Connecticut Orders Robinhood, Crypto.com, & Kalshi To Stop Prediction Markets

Connecticut’s Department of Consumer Protection issued cease-and-desist orders to Kalshi, Robinhood and Crypto.com, alleging that the platforms are conducting unlicensed online gambling there.

“Only licensed entities may offer sports wagering in the state of Connecticut,” DCP commissioner Bryan T. Cafferelli said in a statement on Wednesday.

“None of these entities possess a license to offer wagering in our state, and even if they did, their contacts violate numerous other state laws and policies, including offering wagers to individuals under the age of 21.”

DCP Gaming Director Kris Gilman accused the platforms of “deceptively advertising that their services are legal,” adding that they operate outside of the state’s regulatory environment, “posing a serious risk to consumers who may not realize that wagers placed on these illegal platforms offer no protections for their money or information.”

As CoinTelegraph's Martin Young details below, prediction markets have come under legal scrutiny in several US states, as the use of these platforms has skyrocketed this year and attracted billions of dollars in investment for allowing users to bet on the outcome of a variety of events.

Prediction markets saw huge volumes in November. Source: Token Terminal 

Kalshi fires back in court

A Kalshi spokesperson told Cointelegraph that it is “a regulated, nationwide exchange for real-world events, and it is subject to exclusive federal jurisdiction.

“It’s very different from what state-regulated sportsbooks and casinos offer their customers. We are confident in our legal arguments and have filed suit in federal court,” Kalshi added.

In a complaint filed on Wednesday against the DCP, Kalshi claimed that “Connecticut’s attempt to regulate Kalshi intrudes upon the federal regulatory framework that Congress established for regulating derivatives on designated exchanges.”

[ZH: Kalshi is perhaps the most exposed in this suit given their massive push into sports predictions...]

It added that its platform was subject to the Commodity Futures Trading Commission’s “exclusive jurisdiction” and its sports event contracts “are lawful under federal law.”

“As we’ve previously shared, Robinhood’s event contracts are federally regulated by the CFTC and offered through Robinhood Derivatives, LLC, a CFTC-registered entity, allowing retail customers to access prediction markets in a safe, compliant, and regulated manner,” a Robinhood spokesperson told Cointelegraph.

Crypto.com did not immediately respond to requests for comment.

In its statement, Connecticut’s DCP said that prediction market platforms pose serious risks to consumers because they lack the required technical standards and security protections for financial and personal data.

Source: Connecticut Department of Consumer Protection

The agency claimed that such platforms also lack integrity controls to prevent insider betting or manipulation, operate without regulatory oversight of their payout rules, advertise to self-excluded gamblers and on college campuses, and permit betting on events with known outcomes, thereby giving insiders unfair advantages.

Only three platforms are legally licensed for sports wagering in Connecticut: DraftKings, FanDuel and Fanatics, all of which require users to be at least 21 years old.

Kalshi under fire in at least 10 US states

Connecticut is not the only state to take a hard stance on prediction platforms; regulators in two neighboring states have previously taken action. 

New York sent a cease and desist to Kalshi in late October, and the company responded on Oct. 27 by suing the state. Meanwhile, the Massachusetts state attorney general sued Kalshi in the state court in September. 

Kalshi also previously received cease and desist orders from Arizona, Illinois, Montana and Ohio this year, and it remains embroiled in ongoing litigation in New Jersey, Maryland and Nevada, reported Bookies.

Kalshi announced this week that it has closed a $1 billion funding round at a valuation of $11 billion, after seeing its best-ever monthly volume in November.

Tyler Durden Thu, 12/04/2025 - 16:40

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.

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

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.