Individual Economists

Minneapolis Pushes To Legalize Sex Bath-Houses For Gay Somali Immigrants

Zero Hedge -

Minneapolis Pushes To Legalize Sex Bath-Houses For Gay Somali Immigrants

Authored by Steve Watson via Modernity.news,

Minneapolis city leaders are barreling ahead with plans to legalize adult bathhouses and sex venues where consenting adults can engage in sexual activity, scrapping a 38-year ban enacted during the AIDS epidemic.

The push, driven by activists, comes as the gay Somali community in Minneapolis has been clamoring to legalize bathhouses. City leaders are considering the proposal that would allow patrons to engage in sexual intercourse in the venues, the New York Post reports.

This latest development underscores the deepening assimilation issues in a city long transformed by mass Somali immigration.

The Minneapolis City Council has referred a package of four proposed ordinances to staff for further development. These include creating licensing and business regulations for adult sex venues that facilitate sexual activity between consenting adults, updating zoning codes for sexually oriented businesses, revising health and sanitation standards related to contagious diseases, and adding exceptions to miscellaneous offenses provisions.

Activists from the Safer Sex Spaces Coalition have led the charge. They argue the 1988 ban, which targeted “high-risk sexual conduct” such as fellatio, anal intercourse, and vaginal intercourse in commercial settings, is outdated and stigmatizing.

“The Minneapolis Health Department and other public health organizations acknowledge this ordinance is no longer the tool needed to promote public health, “the coalition stated adding “Social science research tells us that commercial sex spaces, like gay saunas, are important for promoting safer sex practices, enhancing HIV prevention, and increasing access to testing and treatment. These spaces also enhance feelings of identity, camaraderie, authenticity, and belonging. They are spaces where people overcome isolation and develop a sense of community and pride.”

Council Member Jason Chavez supported referring the measures, saying: “LGBTQIA+ gathering spaces, including bathhouses, have long been targeted by criminalization and policing, and our communities have paid a devastating price for that. That’s why we’re referring this to staff to begin building policy alongside community members and stakeholders.”

Council President Elliott Payne noted that such activities “already happen in the shadows, and we are trying to ensure that they are safe for patrons, especially when LGBTQ+ individuals are under attack by the federal government.” He pointed to potential regulations modeled on San Francisco, including condom availability and staff training on harm reduction.

A spokesperson for Mayor Jacob Frey indicated the mayor supports continued exploration of the issue.

Hardly surprising given that all he does is pander to Somalis.

The original 1988 ban drew backing even from within the LGBTQ+ community at the time, including the city’s first openly gay council member, Brian Coyle, who backed the measure before his death from AIDS-related complications in 1991. Activists now claim the rules disproportionately harmed same-sex partnerships and people with HIV/AIDS while driving gatherings into unsafe private spaces.

Recent coverage confirms the council delayed full debate on the ordinances this week but remains committed to directing staff research.

Critics view the effort as emblematic of misplaced priorities. While neighborhoods struggle with the social and economic fallout of rapid demographic change—including documented fraud schemes and parallel economies—the focus shifts to licensing orgy venues and updating “stigmatizing language” in city code.

Minneapolis—often called “Little Mogadishu”—has faced repeated exposure for hundreds of millions in Somali cash smuggling operations routed through Minneapolis-St. Paul International Airport, in addition to an explosion of Somali related fraud scandals.

TSA whistleblowers who highlighted these schemes faced pushback, including accusations of racism and Islamophobia from figures tied to the Walz administration aimed at silencing concerns over Somali fraud.

Legalizing commercial sex spaces in a city already wrestling with smuggling networks and identity politics does not signal enlightened governance. It signals a leadership class more attuned to activist coalitions than to restoring order and cohesion.

Voters across the heartland have grown weary of cities that import unassimilated populations and then contort public policy around every resulting demand.

Minneapolis offers a cautionary tale of where such approaches lead—public health debates recycled from the 1980s, now layered atop deeper failures in border security and cultural integration.

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Tyler Durden Thu, 04/09/2026 - 14:40

DOJ Opens Criminal Investigation Into J6 Committee Star Witness Cassidy Hutchinson

Zero Hedge -

DOJ Opens Criminal Investigation Into J6 Committee Star Witness Cassidy Hutchinson

Authored by Debra Heine via American Greatness,

The U.S. Department of Justice (DOJ) has opened a criminal investigation into Cassidy Hutchinson, the former White House staffer who made a number of false claims about President Donald Trump before the January 6 Committee in June 2022.

The probe, led by the DOJ’s Civil Rights Division under Assistant Attorney General Harmeet Dhillon, began in early April 2026 after a criminal referral from Rep. Barry Loudermilk (R-Ga.).

In December 2024, the House Administration’s Oversight Subcommittee, which is chaired by Loudermilk, released a 128-page interim report concluding that the J6 star witness had lied under oath and that the Select Committee knew her outrageous claims were false when they publicly promoted her.

In a December 17, 2024  press release,  Loudermilk referred former Rep. Liz Cheney (R-Wy.) to the Department of Justice for an investigation into “potential criminal witness tampering based on the new information about her communication.”

Loudermilk accused Cheney of colluding with then-media darling Hutchinson without her attorney’s knowledge.

Hutchinson had testified that President Trump was aware that his supporters had weapons on the morning of January 6 but didn’t care because they weren’t there to hurt him.

She also falsely claimed that Trump tried to seize the wheel of the presidential limo and lunged at his former security detail when the Secret Service would not drive him to join protesters at the Capitol.

Loudermilk’s report concluded:

  • President Trump did not attack his Secret Service Detail at any time on January 6.

  • President Trump did not have intelligence indicating violence on the morning of January 6.

  • Cassidy Hutchinson falsely claimed to have drafted a handwritten note for President Trump on January 6.

  • Representative Cheney and Cassidy Hutchinson baselessly attempted to disbar Hutchinson’s former attorney.

Loudermilk’s report accused Cheney of “using the January 6 Select Committee as a tool to attack President Trump, at the cost of investigative integrity and Capitol security.”

As of now, the Justice Department has not announced any investigation into Cheney, and the report’s recommendations remain unacted upon by federal prosecutors.

Hutchinson’s  allegations were so flimsy even anti-Trump Special Counsel Jack Smith didn’t believe her and refused to use her as a witness in his prosecution of Trump.

The Department of Justice (DOJ) investigation will focus on whether she committed perjury during her “bombshell” televised testimony, particularly regarding claims that Trump encouraged violence on January 6 and attempted to seize the presidential limo’s steering wheel.

The assignment of the case to the Civil Rights Division is considered highly unusual, as perjury cases are typically handled by the U.S. Attorney’s Office in Washington, D.C., which is run by U.S. Attorney Jeanine Pirro.

The investigation will examine claims from other witnesses and internal testimony that contradict Hutchinson’s account, particularly the Secret Service’s denial of the limo incident.

During a news conference Tuesday, Acting Attorney General Todd Blanche stated that Trump has the “right” and “duty” to call for investigations into individuals he deems suspicious, including his former staffer turned anti-Trump fabulist.

* * *

Tyler Durden Thu, 04/09/2026 - 14:00

Mediocre 30Y Auction Has First Tail Since November

Zero Hedge -

Mediocre 30Y Auction Has First Tail Since November

After a solid 3Y auction and a tepid 10Y auction earlier this week, moments ago the Treasury concluded the final coupon auction of the week, when it sold $22 billion in a 30 year reopening in what was another average auction.

The sale stopped at a high yield of 4.876%, virtually unchanged from 4.871% a month ago and the highest since last July. It also tailed the When Issued 4.871% by 0.5bps, the first tail since November.

The bid to cover was 2.385, down from 2.452 in March and the lowest since December '25. 

The internals were in line: Indirects were awarded 64.14%, up from 63.4% in March but below the six-auction average of 66.8%. And with Directs down to 24.23% from 27.23% (above the recent average of 22.9%), dealers were left holding 11.6%, the most since January.

Overall, this was a mediocre 30Y auction, with average stats resulting in the first tail for the tenor since last November, yet with markets still only focused on Iran there was virtually no little market reaction.

Tyler Durden Thu, 04/09/2026 - 13:27

Trump 'Optimistic' An Iran Deal Within Reach, After First Non-Iranian Tanker Transits Hormuz Since Ceasefire

Zero Hedge -

Trump 'Optimistic' An Iran Deal Within Reach, After First Non-Iranian Tanker Transits Hormuz Since Ceasefire Summary: 
  • Bibi says pursuing Lebanon ceasefire after reports of Trump pressure. Over 250 killed and 1,000+ wounded in Lebanon from Wednesday surprise attack by Israel's military. UAE, Pakistan, and even EU (Kallas) condemn.

  • Trump 'optimistic' a deal within reach (NBC). WH confirms Vice President Vance will lead Kushner-Witkoff delegation in Pakistan, seen as positive in Tehran and Islamabad.

  • Trump warns of more military action if Iran doesn't uphold 'real' ceasefire deal, after disagreement over Lebanon truce status as part of deal.

  • Despite some last-minute shots in Lebanon by Israel, bombs go largely silent across Gulf and Middle East.

  • Hormuz Strait still effectively controlled by Iran: only a few vessels had passed on Wednesday. TASS reporting only 15 'vetted' tankers per day to be let through. Thursday sees first non-Iranian tanker pass since ceasefire.

//--> //--> Trump announces end of military operations against Iran by April 15th?
Yes 9% · No 92%
View full market & trade on Polymarket

*  *  *

Trump 'Optimistic' Iran Deal Within Reach, After 1st Non-Iranian Tanker Transits Hormuz Since Ceasefire

AFP has cited MarineTraffic monitor to report that the first non-Iranian tanker has transited the Strait of Hormuz since the ceasefire began.

Also per NBC, Trump says he is optimistic that an Iran peace deal is within reach, as Vance is set to head up the American side for Pakistan talks, scheduled for Saturday monring.

This marks the most direct signal yet from the US President himself that negotiations could have real momentum. He also told NBC that Tehran is "more agreeable than it shows in public." However, despite these 'positives' - the case of Israel-Lebanon fighting could derail a lasting peace:

Hezbollah MP says group rejects any direct talks between Lebanon, Israel

Bibi: We are Opening Direct Negotiations With Lebanon

Huge development per Axios:

Prime Minister Benjamin Netanyahu: In light of Lebanon's repeated calls to open direct negotiations with Israel, I instructed the Cabinet yesterday to open direct negotiations with Lebanon as soon as possible. The negotiations will focus on disarming Hezbollah and establishing peaceful relations between Israel and Lebanon. Israel appreciates the Lebanese Prime Minister's call today to evacuate Beirut

This after NBC News just reported that President Trump has requested that Israel reduce its bombing of Lebanon. There are some caveats: a senior Israeli official has said the negotiations will begin in the "coming days" and is not yet happening. Also, per Newsquawk (and via "Now 14"), the negotiations will take place "under fire" - meaning there could be continued strikes unleashed on Lebanon.

Oil dumps and stocks spike on the news...

15 'Vetted' Vessels Per Day To Be Allowed Through Hormuz: TASS

The Associated Press has emphasized Thursday, "Iran's approval system for ships granted safe passage - after vetting by the Islamic Revolutionary Guards Corps - remains unchanged despite US President Donald Trump’s demand for the strait to be reopened."

"Last week was the busiest week since the start of the war with 72 passages, still 90% below normal volumes, Lloyd’s said," the AP report continues. "Most of the vessels allowed through are connected to Iran, although some Indian vessels have gotten through with diplomatic intervention by the Indian government." There are currently few indicators revealing Iran's intent for what comes next, and it could be that much gets determined on whether Israel will cease its attacks on Lebanon. Tehran has threatened to renew its ballistic missile attacks of Israel's anti-Hezbollah actions and massive airstrikes on Beirut persist.

Russia, which is an ally of Iran, has in its media published Iranian sources saying that Iran will allow no more than 15 vessels per day through Hormuz. As for Iran's protocol for allowing passage, which reportedly could include up to a $2 million fee per vessel payable in cryptocurrency, Lloyd's list outlines the following on where things stand:

  • Vessels transiting the chokepoint must coordinate with the IRGC Navy
  • Iran's latest guidance explicitly warns of anti-ship mines in the main traffic zone of the strait
  • IRGC Navy continues to vet all traffic passing through the strait on the basis of geopolitical affiliation
Optimism: Bombs Largely Go Quiet

Asia One journalist Anas Mallick writes that "To my understanding, By tomorrow, first break of light, is when both delegations of US and Iran will be in Islamabad to hold talks."

There's some optimism regarding the US-Iran ceasefire holding, as it's been relatively quiet in the Middle East overnight into Thursday, despite Israel getting some final shots on Lebanon in. On this, Iran's president has made clear Tehran's position that Israel's renewed incursion into Lebanon and against Hezbollah violates the ceasefire, warning that these actions could make talks moot before they even begin.

Reuters observes, "Even as the U.S. and Iran seek to cement a ceasefire, Israel is seizing more territory from its neighbors in preparation for a long, drawn-out conflict across the Middle East. Israel's creation of 'buffer zones' in Gaza, Syria and now Lebanon reflects a strategic shift after the attacks of October 7, 2023, one that puts the country in a semi-permanent state of war."

Still, Gulf countries like the UAE have stated that no air threats have been detected or are inbound in the past hours, which is a rare positive development. There has been a decline in Iranian attacks across Arab states in the Persian Gulf region. Also, Israeli society has begun to return to normalcy, with emergency and shelter in place measures lifted across most parts of the country, and Ben Gurion airport in Tel Aviv having resumed operations as of midnight.

The reality of who actually controls the Hormuz Strait, told in one awkward WH press exchange:

Over 250 Killed In Lebanon on Single Day

But the reality remains that on Wednesday - the first day of the fragile ceasefire - a mere few tankers were allowed passage through the Strait of Hormuz before Iran shut down traffic again, citing the heavy Israeli attacks on Lebanon, which were the largest and deadliest of the war to date.

Sky News reports that at least 254 people were killed by the Israeli strikes across Lebanon on Wednesday, citing government health authorities. In Beirut alone, at least 91 people were killed, amid ongoing rescue efforts and treatment of the wounded in area hospitals. Over 1,000 Lebanese were wounded and injured. The Lebanese government has declared a day of mourning.

Trump To Renew Attacks if Tehran Fails in 'Real' Ceasefire Deal, Oil Rises

Meanwhile President Trump in a Truth Social message issued overnight says that "all US ships, aircraft, and military personnel" will remain in place around Iran until the "real agreement" on a ceasefire "is fully complied with" - warning of more US military action to come if not.

The renewed threats have pushed WTI back above $100...

Here's president Trump's full Truth Social statement wherein he warns that the shooting can start again "bigger, better, and stronger than anyone has ever seen before":

Iran's leadership has meanwhile been insistent on Lebanon being part of the Iran ceasefire, and has on this basis accused Washington of already violating at least three clauses of the ten point plan. It too has serious cards to play - especially while still de facto controlling Hormuz, and with the ability to renew attacks on energy sites in Gulf states.

Iran on Lebanon Violations: 'Choose War or Ceasefire, You Can't Have Both'

Iran's deputy foreign minister Saeed Khatibzadeh has told CBS News Israel's attacks on Lebanon Wednesday were "a grave violation" of the ceasefire agreement, and emphasized the US must choose "between war and ceasefire - you cannot have it both at the same time."

"You cannot ask for a ceasefire and then accept terms and conditions, accept areas the ceasefire is applied to, and name Lebanon, exactly Lebanon in that, and then your ally just start a massacre," Khatibzadeh said. 

Netanyahu's message has remained that Israel can strike Hezbollah whenever and "wherever" it chooses. "In Beirut, we eliminated Ali Youssef Kharshi, the personal secretary of Hezbollah terror organization Secretary-General Naim Qassem and one of the people closest to him. At the same time, overnight, the IDF struck a series of terror infrastructures in southern Lebanon: crossings used to transfer thousands of weapons, rockets, and launchers, as well as weapons depots, launchers, and Hezbollah headquarters," Netanyahu said.

"Our message is clear: Whoever acts against Israeli civilians will be struck. We will continue to strike Hezbollah wherever required, until we restore full security to the residents of the north."

Meanwhile, Israeli Foreign Minister Saar: "In the last 40 days, Hezbollah has fired approximately 6,500 missiles, rockets, and drones at Israel."

Pakistan Welcomes Vance Heading up US Delegation

WH Press Secretary Karoline Leavitt made clear Wednesday that Vice President JD Vance will head up talks for the US side in Pakistan, leading Jared Kushner and Steve Witkoff. Tehran had previously expressed its disdain for the latter two, accusing them of lying and being deceptive the first go-round before Iran suffered surprise US-Israeli attack. The pair are also accused of lacking technical know-how when it comes to talking about the nuclear issue.

Al Jazeera also freshly reports that the choice of Vance heading the US delegation is "being viewed very positively in Pakistan." Pakistan’s former Ambassador to the UN Maleeha Lodhi says, "Politicians know the art of the possible, and therefore I think it’s a good decision by the Trump administration to have Vance lead the talks."

Vance has stressed that Trump is "impatient to make progress" with Iran and warned that if Iranian officials don't engage in good faith "they're going to find out that President Trump is not one to mess around with." The US has clamed Iran 'begged' for ceasefire while Tehran insists it was the other way around.

More Geopolitical Headlines

via Newsquawk...

  • US President Donald Trump posted: "All U.S. Ships, Aircraft, and Military Personnel....will remain in place in, and around, Iran, until such time as the REAL AGREEMENT reached is fully complied with".
  • US President Donald Trump posted: "NATO WASN’T THERE WHEN WE NEEDED THEM, AND THEY WON’T BE THERE IF WE NEED THEM AGAIN. REMEMBER GREENLAND, THAT BIG, POORLY RUN, PIECE OF ICE!!!".
  • The Trump administration is considering a plan to penalize NATO members viewed as unhelpful during the Iran war by relocating US troops to more supportive countries, with potential base closures in Europe, including in Spain or Germany, according to WSJ.
  • NATO Secretary-General Mark Rutte told President Trump that most European nations provided support.
  • US officials stated they do not rule out resuming fighting in Iran and confirmed Trump will not offer major concessions to reopen the Strait of Hormuz, warning Iran’s demands could trigger renewed conflict.
  • Iran’s deputy foreign minister stated that the speaker of parliament will lead Iran’s delegation in upcoming talks, with communication continuing through Pakistan, according to Al Jazeera.
  • Iran’s ambassador to Pakistan stated the delegation will arrive in Islamabad on Thursday night for “serious talks” based on Iran’s 10-point proposal.
  • The IRGC Navy announced alternative shipping routes to bypass potential sea mines, according to ISNA.
  • The IRGC stated that shipping through the Strait of Hormuz slowed sharply and then stopped following what it described as an Israeli ceasefire violation in Lebanon, according to CNN.
  • Iranian lawmaker Ibrahim Azizi stated: "Once again, you have proven that you do not know the meaning of a ceasefire" and "Only fire will discipline you...so wait for it".
  • Saudi Arabia and Iran discussed de-escalation during a call, according to SPA.
  • A Pakistani Foreign Ministry source indicated the US has backed away from including Lebanon in the ceasefire with Iran, according to Al Arabiya.
  • Israeli Prime Minister Benjamin Netanyahu stated Israel will continue striking Hezbollah, with the IDF targeting infrastructure in southern Lebanon overnight.
  • Israel’s Ministry of Energy ordered the resumption of operations at the Karish gas platform after a shutdown during the war, according to Channel 12.
  • Hezbollah stated its attacks on Israel will continue until aggression stops and launched rockets citing ceasefire violations, according to Fars News Agency.
  • A missile was fired from Lebanon into northern Israel, according to Fars News Agency.
  • Israeli strikes in Lebanon continued despite the ceasefire with Iran, according to Anadolu Agency.
  • French President Emmanuel Macron spoke with Iran’s President Masoud Pezeshkian and US President Donald Trump, stating their decision to accept the ceasefire was the best course of action.
  • Russia launched 119 drones at Ukraine overnight, according to Ukrainian media.

* * *

Tyler Durden Thu, 04/09/2026 - 13:20

GOP Blocks Congressional Democrats Attempt At Iran War Powers Vote

Zero Hedge -

GOP Blocks Congressional Democrats Attempt At Iran War Powers Vote

(Update 1245ET): House Republicans thwarted Democrats’ attempt to unanimously restrict President Donald Trump’s war powers in Iran, declining to recognize the lawmaker who sought to offer it during a pro forma session Thursday.

As Bloomberg reports, the forced-adoption attempt was destined to fail, but it previewed Democrats’ focus on rebuking the war in Iran when the chamber returns to session next week. Rep. Glenn Ivey (D-Md.) asked for unanimous consent to advance the Iran war powers resolution during a pro forma, or ceremonial, session held during the congressional recess.

Rep. Chris Smith (R-N.J.), who was presiding, didn’t acknowledge Ivey to speak.

Democrats can try to force a full House vote on the resolution next week when lawmakers return to Washington.

At least two of the four members of their party who opposed a similar resolution a month ago have said they plan to support it now.

*  *  *

As Nathan Worcester detailed earlier via The Epoch TimesCongressional Democrats will try to place guardrails on the Iran war when the floor is briefly open during a two-week break for Easter.

House Minority Leader Hakeem Jeffries (D-N.Y.) speaks during a press conferece on Capitol Hill in Washington on Feb. 9, 2026. Madalina Kilroy/The Epoch Times

House Minority Leader Hakeem Jeffries (D-N.Y.) detailed his intentions in an April 8 letter to colleagues.

During an April 9 session that would normally be a formality, Democrats will seek to advance a War Powers Resolution on Iran through unanimous consent. It’s a maneuver that House Republicans can easily block.

Senate Minority Leader Chuck Schumer (D-N.Y.) also announced that the Senate would take a vote on a War Powers Resolution related to Iran.

The War Powers Act will cease hostilities and require the administration to get an AUMF before going to war after the hostilities cease,” Schumer said of the proposal.

The Democrats’ calls to pursue votes for restricting the president’s war powers come a day after President Donald Trump announced he was suspending attacks in Operation Epic Fury, on the condition that Iran reopens the Hormuz Strait to unimpeded maritime traffic.

Multiple parties have accused one another of violating the two-week ceasefire. Pakistani Prime Minister Shehbaz Sharif, whose country helped mediate the brief interruption in fighting, has called on the combatant nations “to exercise restraint and respect the ceasefire for two weeks.”

In his April 8 letter, Jeffries described the present ceasefire as “woefully insufficient.”

“We have demanded that the House come back into session immediately in order to vote on our resolution to permanently end the war in the Middle East,” he wrote.

A War Powers Resolution would mandate congressional authorization of U.S. involvement in the war.

A previous attempt to constrain the president’s actions failed in the House on March 5.

Almost all Republicans opposed that resolution, which drew the support of all but four Democrats in the lower chamber.

The Senate equivalent was shot down on March 4. That vote also mostly fell along party lines. Sen. Rand Paul (R-Ky.) broke with his party to support the measure, while Sen. John Fetterman (D-Pa.) crossed the aisle to oppose it.

Ongoing two-week breaks in the House and Senate have been punctuated by pro-forma sessions. Those brief assemblies of only a few members are held as a formality so the chambers technically remain in session.

On the Senate side, the meetings keep the individual breaks short enough that the president cannot make recess appointments.

The sessions are also how lawmakers avoid adjourning for longer than three days. Under Article I of the Constitution, anything longer would take an agreement between the House and Senate.

The Easter break of 2026 has already witnessed some minor drama during sessions where little is typically expected to happen.

Earlier in April, the House did not take up a Senate-passed bill that would partly fund the Department of Homeland Security (DHS).

Some Republicans have resisted the DHS deal, which excludes immigration enforcement and border funding.

House and Senate Republican leaders have vowed to fund those areas for multiple years through a separate, party-line budget vote.

Joseph Lord contributed to this report.

Tyler Durden Thu, 04/09/2026 - 12:45

White House Says Cuban Regime Is "Bound To Fall"

Zero Hedge -

White House Says Cuban Regime Is "Bound To Fall"

Authored by Travis Gillmore via The Epoch Times,

White House press secretary Karoline Leavitt addressed the situation in Cuba, where the population of nearly 10 million are impacted by rolling blackouts and instability, during a press briefing April 8.

She further clarified President Donald Trump’s recent statement that “Cuba is next,” after the U.S. military successfully detained former Venezuelan President Nicolás Maduro and his wife Cilia Flores Maduro before striking Iran in coordination with Israel.

“I think when President Trump said that and he later clarified after making that statement that he meant the Cuban regime is bound to fall,” Leavitt said in response to a question from The Epoch Times.

“The country is very weak. They’re in a very weak position economically, obviously, and financially.”

Cuba relied on Venezuela for much of its energy resources, but that supply dried up after the United States took control of the region’s oil industry following Maduro’s capture. A fuel crisis is threatening the nation, with scarce resources available, and nationwide power outages affecting homes and businesses.

Outdated energy infrastructure and a failure to maintain electricity grids are contributing to hardships, according to the U.S. State Department.

“The Cuban people are fed up with their government, as they should be,” Leavitt said.

She offered no policy updates but said administration officials are collaborating across departments to identify diplomatic solutions.

“These talks and discussions continue to happen at the highest level of our government,” Leavitt said.

Cuba has faced embargos and economic pressure from the United States since Fidel Castro led a communist revolution in 1959 toppled Fulgencio Batista, who led the island nation with U.S. support after taking power through a coup in 1952.

President Barack Obama eased some sanctions in a normalization process, but Trump began reversing those policies during his first term.

Since taking office for a second time, Trump has ramped up criticism against the Cuban regime.

Trump told an audience at the Future Investment Initiative Institute in Miami on March 27 that his peace through strength approach is built on a “great military,” while economic leverage and tough negotiating strategies can facilitate change without the use of force.

“I said, you'll never have to use it, but sometimes you have to use it, and Cuba’s next, by the way,” Trump said, while adding the line might be a joke. “But, pretend I didn’t say that please. ... Please, please, please media, please disregard that statement. Thank you very much. Cuba’s next.

In an executive order signed Jan. 29, 2026, the president described the Cuban government’s actions as constituting an “unusual and extraordinary threat.”

The order cites Cuba’s support for and alignment with hostile nations, including China, Iran, and Russia, along with the terrorist groups Hamas and Hezbollah, as evidence of the threat.

“Cuba has long provided defense, intelligence, and security assistance to adversaries in the Western Hemisphere, attempting to thwart United States and international sanctions designed to enforce the stability of the region, uphold the rule of law, and safeguard the national security and foreign policy of the United States,” the order reads.

Furthermore, the executive order states the Cuban government is spreading communist ideology across the Western Hemisphere, “threatening the foreign policy of the United States.”

“The communist regime persecutes and tortures its political opponents; denies the Cuban people free speech and press; corruptly profits from their misery; and commits other human-rights violations,” the order states.

U.S. Secretary of State Marco Rubio called for regime change in Cuba while reiterating concerns about communism during remarks to the media on March 27.

“The only thing worse than a communist is an incompetent communist,” Rubio said. “So, their system of government has to change, because they will never be able to develop economically without those changes.”

Tyler Durden Thu, 04/09/2026 - 12:25

New Jersey Governor Sherrill Lifts 40-Year Nuclear Moratorium

Zero Hedge -

New Jersey Governor Sherrill Lifts 40-Year Nuclear Moratorium

Governor Mikie Sherrill signed legislation that scraps New Jersey’s 40-year de facto moratorium on new nuclear power plants, clearing the way for expanded baseload generation in a state long plagued by some of the nation’s highest utility bills. 

The bill, S3870/A4528, amends the Coastal Area Facility Review Act to remove an outdated permitting roadblock tied to Nuclear Regulatory Commission waste-disposal rules that no modern project could satisfy.

The NJ Department of Environmental Protection can now approve permits based on proven, NRC-compliant storage methods that have maintained a 100% safety record.

Speaking after a tour of the Salem Nuclear Power Plant, Sherrill launched the state’s new Nuclear Task Force by executive order.

The group, which includes officials from PSEG Nuclear, labor unions, business groups, and environmental stakeholders, will focus on five priorities: financing, supply chains and technology, workforce development, regulatory streamlining, and public trust. 

For costs to come down, we need more energy supply,” Gov Sherrill said.

“By lifting outdated barriers and bringing together leaders across government, industry, and labor, we’re setting the stage for our state to pursue new advanced nuclear power.”

Existing reactors at Salem and Hope Creek already supply more than 40 percent of the state’s electricity and roughly 80 percent of its pollution-free power.

A 2020 Brattle Group analysis found those plants save ratepayers more than $400 million annually while running at 90-95 percent capacity on just 740 combined acres.

Tyler Durden Thu, 04/09/2026 - 12:05

David Pogue’s Apple Book

The Big Picture -

Apple: The First 50 Years

1. To tell you the truth, I finished this book almost a week ago, and I forgot most of what I wanted to say about it. Primarily the business insights.

Not that I don’t remember the facts. Not that I haven’t internalized the messages.

In any event, this book is not for casual fans, casual readers. If you came to the Mac after Steve Jobs returned or later, you probably won’t get far in this tome. But if you were there at the beginning…

I was not. At the very beginning. Because it was all about the Apple II.

And that lore is repeated here, the creation of the Apple I, the Apple II team’s frustration that it was considered a second class citizen whilst generating all the profits, keeping the company alive well into the Macintosh era.

But I came in in 1986. With the Mac Plus…

The original Mac was close to unusable, it only had 128kb of RAM…

Now let me see… This machine I’m running has 48 GIGS of RAM. 128kb was infinitesimal. Months later came the Fat Mac, with 512kb, but the Mac Plus had a gig of RAM. However you still had to swap floppies. The screen was still small and black and white. But if you bought in, it was a religion. Like being a fan of your favorite band, but deeper. Maybe because you were there early, you were intrigued, and you knew these machines would change the world.

Computers were not rare in 1986, but most of them were PCs…which really didn’t have an effective Windows interface until 1995. In other words, they were not very usable. They were business tools.

But what really blew up computing was AOL. Didn’t matter what platform you were on, they all worked with AOL…and people ran out and bought computers just to play.

But that was almost thirty years ago. Do today’s generations, many birthed in this century, know this?

No, just like we couldn’t fathom the introduction of television in our parents’ era.

Anyway, I had no allegiance to Apple. All I knew was I wanted to start a newsletter and needed a computer to do so. And it didn’t take much research to find out I needed a Mac, with PageMaker, and a LaserWriter.

This was a different era, not quite the hobbyist era, but the machines were not foolproof, unlike your iPad and iPhone. Not only did they crash, they might not reboot. The Mac wasn’t truly user-friendly for everybody until the introduction of Mac OS X, based on Unix with the Mach kernel.

Not that you need to know that, not that today you need to know how your car runs. But for almost all of my life, you had to have a rudimentary knowledge of how your automobile functioned, because it would break! Computers were even worse, although they rarely physically broke, they just stopped working.

And you had to figure out why.

That’s right, there was no Genius Bar, really very little tech help at all. You had to sit in front of the computer and figure out what was wrong, and it could take you hours…I found it nearly impossible to fall asleep until I’d solved the problem, gotten my computer back on the right track.

Needless to say, those are not these days.

2 So forty years ago…

Not only was there no internet, techies were considered nerds, geeks, they were not respected by the hoi polloi, who were infatuated by MTV. But once you got bitten…

I used to say it was like having a math problem on my desk. Only there was no test, I wasn’t graded, but when I figured it out the level of satisfaction…

And what the Macintosh could do, and what the PC could not!

So if you were around in those days, you’ll be intrigued, you will be riveted, because Pogue brings it all back. The system updates, which you had to go to the store at first to get. The step by step innovation. The dark years and then the renaissance.

Now this is not the first time this territory has been covered, but it has never been covered so well, because David Pogue is one of our own, he’s not only writing about the Mac, he LIVED the Mac!

The best books ever about the Mac and Mac products were authored by Pogue, and I used to buy the “Missing Manual”s and read them cover to cover. You’d be stunned how powerful these machines are, most only use a tiny faction of their ability.

And the software too.

I read all the manuals, also from cover to cover.

Do you know if you double-click the top of your window, it will shrink it down to the dock? I could list tons of tips, but most are not used and not cared about. It’s almost an insider’s game. But…

Those early days, do you remember Conflict Catcher?

All the breakthroughs and bumps in the road are catalogued by Pogue. In an upfront, breezy style. He makes Walter Isaacson’s Steve Jobs look like the doorstep it is. Content is secondary to readability, and Pogue is very readable. And as much as he knows to leave in, he’s not afraid of leaving a bit out. It’s a book. Made to be read from start to finish. If you do so, you’ll know Apple’s history.

But how many people need to know this?

3

Apple was the little engine that could. The true breakthrough was the iPod.

But before that, during Jobs’s hejira with NeXT…

The problem with Sculley was he was a marketer, of a completely different product. Pepsi could sit on the shelves for a while. Computers lost value every day they were held in inventory.

Also, Sculley was a publicity hog, who wrote a book and liked being perceived as a visionary, even though he was not. We see this story again and again, do not believe the hype. Which is easy to garner. Can you say “Theranos”? No, the true people to admire are those who are doing the work, whose names are out there, but oftentimes say no to press, it slows them down, never mind that the press always gets it wrong, ALWAYS! Because unlike Pogue, most writers are not familiar with the territory.

Was Jobs a terror?

Yes.

And he was milder when he came back.

But he had a vision, and he didn’t believe in consumer research. He was about the bleeding edge. A lot of this has been documented, which is why the second half of the book is less interesting.

As for Tim Cook and the players in power today…

Yes, the petty wars are delineated, but the real point is they are not superstars, they are not visionaries, those only come along once in a while.

Like a classic musician, Jobs is focused on getting it right, in a world where everybody is taught to compromise to get along, where no one wants to stand out, upset the apple cart. Jobs focuses on product, believing the rest will take care of itself.

And prior to his return and their replacement, those who sat on the board saw Apple as a traditional business. They wanted to sell it, before it cratered, before Jobs came back and reinvigorated it.

Now I remember one of the lessons I wanted to impart… Don’t underestimate expertise. We see this all the time in the music business, since you don’t need a degree to be in it, no one has any respect for those who work in it. Average citizens believe they can find talent, they can do ticketing. But again and again outsiders fail, because the expertise cannot be quantified, it is built over time, it’s something you feel, it’s something innate. Even as simple as picking the hits. I’d say at least ninety percent of what people e-mail me, saying it’s great and deserves further attention, does not. I’m not saying they can’t like it, but they don’t have the seasoning and the vision to know what will spread to the public.

But it’s not only in music, in politics people have contempt for expertise. There’s this belief everybody can do everything. Then why did it take Steve Jobs to come up with the iPod and iPhone?

Breaking rules all the while. Getting rid of legacy ports on computers, getting rid of the physical keyboard on the iPhone. People are attached to the past, and if you’re busy serving them you’re going to be left behind. Jobs knew the iPhone was going to destroy the iPod, but rather than keep the music player alive, Jobs insisted on pushing the envelope, he was not willing to rest on his laurels, giving competitors a window to leapfrog Apple.

Hell, me-too is everywhere. When was the last time you heard a successful record that was truly surprising, completely different? Labels don’t sign those acts anymore, it’s too heavy a lift. They want it easy. Just like the movie studios, whose lunch was eaten by Netflix. Let me see… You raise the prices, you make fewer movies in obvious genres and then you complain that the theatre experience is dying? Believe me, people will show up for something unique and different. Then again, something might have to percolate in the marketplace for a while to catch on, but these flicks play in theatres for a minute and are then available on TV, which is a better experience.

User experience. That was Jobs’s main focus. But in most avenues of life, this is denied. Purveyors are trying to whittle down and control human behavior, keep it in the past, which is a fool’s errand.

4

The press is all over Apple’s 50th.

But it’s kind of like a lifetime achievement award… Once you get that, you’re usually done.

I get a new iPhone every year. But recently, the changes have been miniscule, almost irrelevant.

Apple is making a ton of money on services, and maybe the days of hardware breakthroughs are done, then again, the days of tech wowing us died over a decade ago, now tech is the enemy.

But the story of going from Motorola to Intel to in-house chips… Once again, the company is always thinking about the future, whereas in entertainment, everybody seems to be constantly blind-sided. Kind of like George Bush and 9-11. Who could envision they’d fly planes into buildings?

Then again, entertainment executives are all about lifestyle, accumulating and displaying. The company is something to milk.

Oh, I just remembered another thing that struck me… This happened again and again, but foremost with the original Macintosh team.

Yes, Jobs asked for the theoretically unachievable, which they always delivered, but once the Mac was released…most of the members of the team were so burned out, they couldn’t work for months, if ever at this level again. Most left Apple. None set the world on fire once again. They’d been to the mountaintop, they’d experienced the ride and the rewards, they just weren’t up for doing it again, like a hit act that cannot create hits anymore.

There are a lot of lessons in Pogue’s book. Not that he bats you over the head with them. But almost no one is going to read this book. They might buy it, but the average punter just doesn’t care about the minutiae of tech, the history of creation. Kind of like cars. You may love Mercedes-Benz, Ferrari, but how many people want to go back seventy or a hundred years and hear about the arguments and decisions regarding what kind of engines and suspensions to use, the failures…

However, the thing about Apple is unlike any single car brand, unlike any musician, period, the company’s products and services touch a broad swath of the public. Sure, Android might be bigger internationally, but all the innovation is on the iPhone first, which has over fifty percent market share in the U.S.

And now with the MacBook Neo, Macs are no longer expensive. The last hurdle has been eliminated, you can enter the cult on the cheap.

And once you do…

You get locked in.

And the love for Apple sustains. This is not a musical act or TV show that ultimately peters out. We expect Apple to continue to deliver, to lead us into the future.

Did it miss AI?

I’m not even gonna get into it. Could be their philosophy of licensing turns out to be the best.

But one thing is for sure, Apple is not a one trick pony. So many use their products and they think they know what goes on inside the gold mine. In truth they don’t. And, in truth, they don’t really care that much, they have no need to know.

But if you do…

P.S. Don’t buy the e-book unless you’re going to read it on an iPad… There are numerous color photos.

 

~~~

Visit the archive:   http://lefsetz.com/wordpress/

@Lefsetz  http://www.twitter.com/lefsetz

If you would like to subscribe to the LefsetzLetter

~~~

Originally published by Bob Lefsetz at the Leftsetz Letter

The post David Pogue’s Apple Book appeared first on The Big Picture.

FBI Arrests Former Army Contractor For Allegedly Leaking Top Secret Details About Special Forces To Media

Zero Hedge -

FBI Arrests Former Army Contractor For Allegedly Leaking Top Secret Details About Special Forces To Media

Authored by Jill McLaughlin via The Epoch Times,

The FBI arrested a former Fort Bragg civilian contractor April 7 for allegedly providing top secret details about the Delta Force special forces unit to a journalist who later published the information in an article and book.

Courtney Williams, 40, of Wagram, North Carolina, was indicted by a federal grand jury and charged with violating the Espionage Act in connection to the alleged transmission of classified national defense information to the journalist in violation of federal law.

“Let this serve as a message to any would-be leakers: we’re working these cases, and we’re making arrests,” FBI Director Kash Patel posted on X.

“This FBI will not tolerate those who seek to betray our country and put Americans in harm’s way.”

Officials say Williams worked for a Special Military Unit from 2010 to 2016 supporting top-level military warfighters. During that time, she held a top secret, sensitive compartmented information security clearance, according to prosecutors.

Williams allegedly had daily access to a wide range of classified information, according to the U.S. Department of Justice.

As a clearance holder, Williams was trained to know about proper handling, safeguarding, and storage of classified information, prosecutors said. She also allegedly signed a nondisclosure agreement that confirmed she understood that disclosing it could constitute a criminal offense.

Investigators allege Williams repeatedly communicated with a journalist by phone and through text messages between 2022 and 2025. The two had over 10 hours of phone calls and exchanged more than 180 messages, according to prosecutors.

In one message, the reporter identified himself as a journalist and said he was seeking information about the unit to support an upcoming article and book, according to prosecutors.

After the communications, the journalist published a book and article that named Williams as a source and attributed specific statements to her, per court documents.

Prosecutors didn’t name the journalist in the complaint, but Seth Harp, an investigative reporter and foreign correspondent, published a Politico article on Williams on Aug. 12, 2025.

The article was an excerpt from his New York Times best-selling book, “The Fort Bragg Cartel: Drug Trafficking and Murder in the Special Forces.”

Harp didn’t immediately return a request for comment about Williams’s arrest but posted statements about it on X.

“The FBI is incapable of solving real crimes, like all the murders on Fort Bragg involving elite soldiers trafficking drugs, so they settle for retaliating against courageous whistleblowers like Courtney Williams, whose only ‘crime’ was telling the truth about Delta Force,” Harp wrote.

The article names Williams and describes her decision to take a job as a contractor at Fort Bragg after ending a four-year enlistment in the Army, where she had served as an interrogator and Arabic linguist.

Her position in Southern Pines, North Carolina, was in mission support and was run by former members of Delta Force, the Army’s component of Joint Special Operations Command. Williams told Harp the job was to create and maintain fictitious cover identities for Delta Force operators to use on clandestine missions.

She also described her grievances about the unit, claiming she was discriminated against and sexually harassed. She lost her security clearance after a dispute with leadership in 2016, according to the article.

Williams and her husband allegedly burned through their savings defending herself in the dispute before settling with the unit’s lawyers and retiring from the position, she told Harp.

FBI Special Agent in Charge of the North Carolina Field Office Reid Davis said Williams faced serious charges.

“The tradecraft, tactics, and techniques used by the U.S. military unit in this case are classified and should be shared only with those with proper clearances and a need to know in order to protect American lives and safeguard classified National Defense information,” Davis said in a press release.

“These are serious accusations. Anyone divulging information they vowed to protect to a reporter for publication is reckless, self-serving and damages our nation’s security.”

Williams was not reachable for comment.

Tyler Durden Thu, 04/09/2026 - 11:45

South Beirut Sees Mass Exodus Amid Diplomatic Scramble To Ward Off Israeli Raids

Zero Hedge -

South Beirut Sees Mass Exodus Amid Diplomatic Scramble To Ward Off Israeli Raids

Israel has on Thursday warned civilians in south Beirut to evacuate their homes and neighborhoods, amid fears of a fresh impending aerial assault, after IDF strikes across Lebanon and the capital the day prior led to at least 250 Lebanese deaths and over 1,400 people wounded. These were the heaviest strikes of the war.

"Just a short while ago, the Israeli military issued new forced evacuation orders, warning of air strikes this time for the southern suburbs, expanding the area where it says strikes may be conducted, including the Jnah neighborhood, which is south of a previously evacuated area," Al Jazeera reports. Panic and a mass exodus is being reported:

The effected area is densely populated with civilians and lies adjacent to Beirut's lone international airport. People who fled Wednesday's strikes on central Beirut in some places came to the Jnah area.

If Israeli bombs on Lebanon start flying again, this could re-trigger Iranian attacks on Israel. The Houthis in Yemen have also threatened to act, and all of this could collapse the fragile US-Iran ceasefire, amid impending talks expected to begin in Pakistan on Saturday.

Hezbollah now says it is engaged in ground clashes with the Israeli military in southern Lebanon’s Bint Jbeil area, per Al Jazeera, which lies a mere 3 miles from the Israeli border. Israel is seeking to de facto annex the area, Lebanon believes.

Israel's Defense Minister Israel Katz has meanwhile stated the operations have dealt a "very strong blow to Hezbollah's face, leaving it stunned and confused by the depth of the penetration and the scope of the blow." Meanwhile:

TRUMP ASKED NETANYAHU TO REDUCE BOMBING IN LEBANON TO AID SUCCESSFUL IRAN NEGOTIATIONS, ACCORDING TO NBC REPORTS.

Referencing hundreds of ballistic missiles which were sent on Israel in the last weeks, Katz said the IDF is "prepared and ready to act forcefully if Iran fires at Israel." Hezbollah had also by mid-March joined the fight.

via UPI

Currently, Lebanese hospitals are said to be overwhelmed while treating victims of the latest Israeli air raids, and are said to be in short supply, also seeking blood donations.

Reuters details, "Some of Lebanon's hospitals could run out of life-saving trauma medical kits within days ​as supplies near depletion following mass casualties from large-scale Israeli strikes over ‌the past day, the World Health Organization said on Thursday." The WHO outlined that "The life-saving trauma kits include bandages, antibiotics and anaesthetics to treat patients who sustained war-related injuries."

Tyler Durden Thu, 04/09/2026 - 11:35

CoreWeave Expands Meta AI Deal To $21 Billion, Issues $4.25 Billion In New Convertible & Junk Debt

Zero Hedge -

CoreWeave Expands Meta AI Deal To $21 Billion, Issues $4.25 Billion In New Convertible & Junk Debt

CoreWeave has expanded its agreement to supply Meta with AI computing capacity, lifting the total value of the deal to $21 billion, as reported by Bloomberg. The updated terms extend AI cloud services through December 2032.

This means that circular financing circle jerk we've been tracking since last year continues.

This builds directly on the $14.2 billion pact the companies struck last September, which originally ran through 2031 with an option for extension. The additional capacity will come from multiple data centers equipped in part with Nvidia's next-generation Rubin AI chip systems.

The move gives Meta more assured access to specialized GPU clusters as it scales training and inference workloads for its expanding lineup of large language models.

It also means that CoreWeave now holds $35 billion in contracts with Meta, a firm that has made SPV private credit financing into an art form, making the tech firm one of Coreweave's largest customers.

CoreWeave will provide AI cloud capacity to Meta from multiple data centers powered in part by the Rubin systems of chips, through December 2032, the company said in a statement Thursday. 

As billion-dollar commitments have become almost routine, this latest expansion offers another glimpse into the staggering sums being funneled into AI infrastructure. Meta and the rest of the hyperscalers continue to chase AI dominance, committing vast resources even as it pours money into its own massive data center buildout. The numbers keep climbing with seemingly no ceiling in sight.

CoreWeave, a cash-incinerating provider of GPU-accelerated cloud computing and a longtime Nvidia investment darling, has carved out a lucrative niche in the frenzy. The company - part of a group of “neoclouds” or  businesses that, among other things, rent out access to leading AI chips - has landed nearly every big ticket name from Microsoft to OpenAI, positioning itself as an alternative to the traditional hyperscalers for the most demanding AI jobs. Its backlog of long-term contracts continues to swell, supporting rapid expansion even as the broader market watches the leverage closely. Nebius and Nscale are some of its smaller rivals.

CoreWeave has dramatically ramped up borrowing in recent years to finance deals in which it rents access to high-end artificial intelligence processors, joining an industrywide debt binge that has unsettled some investors. CoreWeave has turned to multiple financing channels to fund the capital-intensive expansion needed to keep pace with the AI boom.

And just in case its already massive debt load - at last check around $30 billion, triple what it was a year earlier - wasn't enough, CoreWeave separately said it plans to offer $3 billion in convertible senior notes due 2032 and $1.25 billion in senior notes due 2031 to cover general business including the repayment of outstanding debt.

The company is offering a 1.5% to 2% coupon on the latest $3 billion in bonds that investors can choose to convert into stock later at a premium, Bloomberg reported on Thursday, citing people familiar with the situation. Coreweave is also tapping the junk-bond market for the $1.25 billion in notes, offering just above 10% on the deal that may be sold as soon as Thursday, according to a person with knowledge of the matter.

In February, the company was seeking to raise about $8.5 billion from banks including Morgan Stanley and Mitsubishi UFJ Financial Group Inc. to help finance its buildout of cloud computing capacity for Meta, Bloomberg reported at the time. 

Meanwhile, Meta has emerged as one of the top spenders on AI infrastructure. CEO Mark Zuckerberg is planning to drop hundreds of billions of dollars over the next few years on the energy, computing power and talent needed to build, train and run AI models. In its latest earnings call, Meta raised its 2026 capex projections to $115-$135 billion, nearly doubling its 2025 capex spend. 

Earlier this year we noted Nvidia's additional $2 billion investment in the firm to speed construction of new AI factories, and the company's revenue forecast adjustments last fall amid shifting contract timing. CoreWeave also carries roughly $21 billion in debt, a figure that coincidentally matches the scale of its enlarged Meta pact.

The deal underscores a broader truth in the current cycle: hyperscalers are willing to lock in enormous, multi-year contracts to guarantee scarce high-performance computing resources. Nvidia itself has repeatedly highlighted the exponential growth in demand, and contracts of this size keep materializing to feed it. 
 

Tyler Durden Thu, 04/09/2026 - 11:25

Iran To Allow No More Than 15 Vessels Per Day Through Hormuz: Russian Media

Zero Hedge -

Iran To Allow No More Than 15 Vessels Per Day Through Hormuz: Russian Media

Despite the positive development of a shaky US-Iran ceasefire holding, the reality is that Tehran still maintains de facto control over the vital Strait of Hormuz waterway. A mere few vessels passed without incident on Wednesday, before Iran's military closed the strait again, citing Israel's massive attacks on Lebanon.

The Associated Press has emphasized Thursday, "Iran's approval system for ships granted safe passage - after vetting by the Islamic Revolutionary Guards Corps - remains unchanged despite US President Donald Trump’s demand for the strait to be reopened."

"Last week was the busiest week since the start of the war with 72 passages, still 90% below normal volumes, Lloyd’s said," the AP report continues. "Most of the vessels allowed through are connected to Iran, although some Indian vessels have gotten through with diplomatic intervention by the Indian government."

There are currently few indicators revealing Iran's intent for what comes next, and it could be that much gets determined on whether Israel will cease its attacks on Lebanon. Tehran has threatened to renew its ballistic missile attacks of Israel's anti-Hezbollah actions and massive airstrikes on Beirut persist.

Russia, which is an ally of Iran, has in its media published sources saying that Iran will allow no more than 15 vessels per day through Hormuz.

via abc.net

While this has not been confirmed officially by the Islamic Republic or IRGC, the following comes via TASS on Thursday:

Under the ceasefire agreement, Iran will allow no more than 15 vessels per day to pass through the Strait of Hormuz, a senior Iranian source told TASS ahead of talks in Islamabad.

"Under the current ceasefire, fewer than 15 ships per day are permitted to transit the Strait of Hormuz. This movement is strictly contingent upon Iran's approval and the enforcement of a specific protocol. This new regulatory framework, operating under the supervision of the IRGC, has been officially communicated to regional parties. There will be no return to the pre-war status quo," the source said.

The same source additionally indicated that "the unfreezing of Iran's blocked assets is a critical executive guarantee that must be realized within this two-week timeframe."

Also, Iran is demanding that the end of the war must be formalized in a resolution of the United Nations Security Council: "If the termination of the war is not codified into a UN Security Council resolution based on our stipulated terms, we are fully prepared to resume combat against the US and the Zionist regim —just as we have over the past 40 days, and with even greater intensity," the source told TASS. Iran is further saying the US cannot build up more forces in the region during the two week ceasefire interim.

As for Iran's protocol for allowing passage, which reportedly could include up to a $2 million fee per vessel payable in cryptocurrency, Lloyd's list outlines the following on where things stand:

  • Vessels transiting the chokepoint must coordinate with the IRGC Navy
  • Iran's latest guidance explicitly warns of anti-ship mines in the main traffic zone of the strait
  • IRGC Navy continues to vet all traffic passing through the strait on the basis of geopolitical affiliation

All of this means that the Iranian delegation in Pakistan will possess real leverage when it meets with the US side led by Vice President JD Vance this weekend. The White House has said talks are set to begin Saturday.

Tyler Durden Thu, 04/09/2026 - 10:45

Shmeasefire

Zero Hedge -

Shmeasefire

By Molly Schwartz, cross-asset macro strategist of Rabobank

The trouble with ceasefires is that they often require both sides to agree to a set of terms, and then actually cease fire. However, if the set of terms are not comprehensively established and neither side can be held accountable to pause hostilities, then the so-called “ceasefire” loses all meaning.

Yesterday morning, Secretary of War, Pete Hegseth spoke about the Iran war ceasefire in a press conference. According to Hegseth, the US has achieved a “historic and overwhelming victory.” We have previously highlighted that in order for the US to achieve its stated goal of ending Iranian nuclear programs, regime change plays a fundamental role. 

Hegseth has explicitly said that regime change has been achieved, echoing Trump who posted on social media that Iran “has gone through what will be a very productive Regime Change!” However, the rhetoric out of the IRGC and the continued execution of Iranian protestors may indicate otherwise. Hegseth also said that Iran will “never have nuclear weapons” and that the Strait of Hormuz was indeed open for business.

At around 1:00pm ET yesterday, it was announced that the Strait of Hormuz was closed amid dispute over ceasefire terms. When a ceasefire is typically negotiated, this includes some formal written agreement. While that may be the case with the current “ceasefire”, the public has yet to see one. A lack of clearly defined and agreed upon terms leaves room for confusion. 

Israel conducted what was referred to as the “largest attack yet” on Hezbollah in Lebanon yesterday, with Israeli PM Netanyahu asserting that Lebanon and Hezbollah were not included in the ceasefire agreement. Netanyahu also provided his view on the ceasefire, declaring that this ceasefire is not the end of the war, but rather a “station en route to achieving aims.” 

Lebanon attack, April 8

The war certainly does not seem to be over, given Iran’s decision to close the Strait of Hormuz again, citing Israel’s “breach.” While the ceasefire announcement laid out by Iran does clearly state that the ceasefire extends to “Lebanon and other regions” (which may call into question the Iranian attacks on Israel, Kuwait, and the Saudi Arabia East-West pipeline in the ceasefire aftermath), the statement from the US does not, and Trump backed Netanyahu’s interpretation that Hezbollah was still fair game.

Closing the Strait of Hormuz, of course, also breaches the US stipulations for the ceasefire, including the “COMPLETE, IMMEDIATE and SAFE OPENING of the Strait of Hormuz.” Crucially, US Press Secretary Karoline Leavitt clarified that this also means Iran must operate the passage free of tolls or other duties.

EU players also released a statement to say that they “welcome the two-week ceasefire” and that their “Governments will contribute to ensuring freedom of navigation in the Strait of Hormuz.” The US Administration seemed skeptical of the EU’s commitment with Leavitt saying that over the course of the past few weeks, “they [the EU and NATO] were tested, and they failed.”

But the EU and NATO may have an opportunity to redeem themselves in Trump’s eyes. Iran’s Speaker of the Parliament, Mohammad-Bagher Ghalibaf, said on X that three clauses of Iran’s 10-point proposal had been violated, these being the aforementioned “ceasefire everywhere, including Lebanon and other regions,” as well as the “entry of an intruding drone into Iranian airspace,” and finally the “denial of Iran’s right to [uranium] enrichment.” 

As Iranian Minister of Foreign Affairs, Abbas Araghchi said on X yesterday, the ball is now in the US’ court. Everyone, but the US right now, is still lobbing missiles. So will the US hold up its commitment to halt offensive measures or put an official end to the ceasefire?

Markets are awaiting a response from the White House as well. Financial markets eagerly digested the ceasefire news from Tuesday in earnest, with the S&P 500 jumping 2.4% yesterday on the open, and trading around the $6,750-6,790 level all day, despite headline fury. 

Global macro markets were a little more sensitive to (war) hawkish headlines. While US Treasury yields gapped lower at the open, 2 year Treasury yields spent the day creeping higher 6bp to 3.79% from open, and 10 year yields up 3bp to 4.29%. But the market that (surprisingly) barely moved yesterday was crude oil. Crude one month futures fell more than $16 to $94/bbl after the news of a ceasefire first broke, but the Strait reclosing and the fragility of the ceasefire exposed resulted in minimal price action, with crude closing at around $96/bbl.

These market moves may provide some insight into the US Administration’s logic in attempting this ceasefire in the first place. While one school of thought suggests that a ceasefire is a way to walk back Trump’s pugnacious rhetoric from Tuesday morning, the Administration may also be banking on the temporary market reprieve. We have suspected that prior so-called “TACO” trades from the Trump Administration were partially driven by negative market reactions, like the stress in US Treasuries after Liberation Day in April of 2025, or last summer when Trump threatened to fire Fed Chair Powell.

A ceasefire announcement that is well-received by the market could soothe markets and inflationary expectations, as well as depress the price of oil—which it has done for the time being. Should the Trump Administration choose to ramp up offensive measures in two weeks (or even today), it’s possible that the jump in prices may be somewhat mitigated, as we’re bouncing off of a “suppressed” crude level of $94/bbl, as opposed to the $110/bbl level we were at earlier in the week. While the moving parts here are extremely complex and there is likely much more at play here than just “because markets,” the markets angle is still something to think about.

In other markets-related news, yesterday the Fed released the Minutes from the March 18 meeting. According to said Minutes, “most” FOMC board members said that a “protracted war could hit jobs” and “warrant rate cuts.” On the other hand, “many” board members said “inflation higher for longer could call for hikes.” These very insightful and directional comments maintained US OIS pricing expectations at no hikes nor cuts this year. 

Tyler Durden Thu, 04/09/2026 - 10:10

"Build Geothermal At Scale": Fervo Energy Locks In 1.7 GW Turbine Supply Deal With Turboden

Zero Hedge -

"Build Geothermal At Scale": Fervo Energy Locks In 1.7 GW Turbine Supply Deal With Turboden

Fervo Energy and Turboden, part of the Mitsubishi Heavy Industries Group, announced a three-year framework agreement to supply Organic Rankine Cycle (ORC) turbines for up to 35 of Fervo’s standardized 50 MW GeoBlocks. The deal totals 1.7 gigawatts of carbon-free, dispatchable baseload power, marking a major step toward scaling next-generation geothermal across the United States.

The agreement builds directly on an earlier pact covering three GeoBlocks at Fervo’s Cape Station project in Utah, where Phase I commissioning is now in advanced stages with startup expected later this year. By locking in supply chain capacity and shortening lead times for Turboden’s proprietary ORC technology, the framework strengthens domestic manufacturing resilience and accelerates project timelines at a moment when U.S. power demand is surging from data centers and AI infrastructure.

ORC units efficiently convert geothermal heat into electricity, delivering the firm 24/7 power that intermittent renewables struggle to match. Fervo CEO Tim Latimer called the collaboration with Mitsubishi Heavy Industries a key move to “strengthen the supply chain needed to build geothermal at scale.”

This announcement arrives as interest in geothermal and nuclear power intensifies. With electricity demand exploding from AI and data centers, the market is showing a growing distaste for intermittent renewables that cannot guarantee reliable baseload power when needed most.

We hope nobody has forgotten how (not) helpful renewable energy was during Winter Storm Fern

We first highlighted Fervo’s potential in the geothermal revolution reshaping America’s energy mix, where enhanced techniques and big-tech backing are turning the Earth’s heat into a practical solution for exploding electricity needs.

This latest supply deal also comes just weeks after we covered the DOE’s $171 million push for next-gen geothermal field tests.

With over 470 Turboden plants operating worldwide, the partnership positions Fervo to deliver reliable megawatts wherever the grid needs them most.

In an era of relentless demand growth, that kind of firm capacity looks increasingly indispensable.
 

Tyler Durden Thu, 04/09/2026 - 10:00

House Democrats Threaten Contempt For Bondi If She Doesn't Testify In Epstein Probe

Zero Hedge -

House Democrats Threaten Contempt For Bondi If She Doesn't Testify In Epstein Probe

Authored by Jacob Burg via The Epoch Times,

Democrats on the House Oversight Committee on April 8 threatened to file contempt of Congress charges against former Attorney General Pam Bondi if she doesn’t testify before the House as part of its ongoing investigation into deceased sex offender Jeffrey Epstein.

The House Oversight Committee confirmed to The Epoch Times on Wednesday that the Justice Department had said Bondi would no longer appear for a congressional deposition on April 14 “since she is no longer Attorney General and was subpoenaed in her capacity as Attorney General.”

“The Committee will contact Pam Bondi’s personal counsel to discuss next steps regarding scheduling her deposition,” the committee said in a statement.

Ranking Member Robert Garcia (D-Calif.) said in a statement that if Bondi “does not come in to testify, we will begin contempt charges in Congress.”

“Our bipartisan subpoena is to Pam Bondi, whether she is the Attorney General or not,” Garcia said.

Committee Chair James Comer (R-K.Y.) issued a subpoena to Bondi on March 17 to order her testimony regarding the Justice Department’s handling of the Epstein files.

Democrats and several Republicans have accused her of violating the Epstein Files Transparency Act through the Justice Department’s piecemeal release of documents, and for redacting alleged co-conspirator names while leaving some victim names un-redacted.

Enacted late last year with bipartisan support, the Epstein Files Transparency Act mandates that the Justice Department publicly release all non-classified records related to the investigation and prosecution of Epstein and his convicted co-conspirator, Ghislaine Maxwell.

Rep. Nancy Mace (R-S.C.) moved in early March to subpoena Bondi to testify before Congress. Four other Republicans—Reps. Lauren Boebert (R-Colo.), Tim Burchett (R-Tenn.), Michael Cloud (R-Texas), and Scott Perry (R-Pa.)—joined Democrats on the House Oversight Committee to support Mace’s motion.

Bondi has repeatedly defended the Justice Department’s handling of the Epstein files and denied Democrats’ allegations that she was obstructing congressional oversight.

The Justice Department called the subpoena “completely unnecessary” at the time.

On Wednesday, Mace reacted to the news that Bondi will no longer appear at next week’s deposition and suggested the Oversight Committee may still subpoena her, now that the former attorney general is a private citizen.

“Pam Bondi cannot escape accountability simply because she no longer holds the office of Attorney General. Our motion to subpoena Pam Bondi, which was passed by the Oversight Committee, was for Bondi by name, not by title,” Mace wrote on social media.

“She will still have to appear before the Oversight Committee for a sworn deposition. The American people deserve answers, and we expect her to appear as soon as a new date is set.”

The House Oversight Committee also recently enforced subpoenas ordering former President Bill Clinton and former First Lady Hillary Clinton to testify regarding Congress’s investigation into Epstein.

Tyler Durden Thu, 04/09/2026 - 09:40

Marc Faber Vs Brent Johnson On What's After Iran War: Utopia Or Crash

Zero Hedge -

Marc Faber Vs Brent Johnson On What's After Iran War: Utopia Or Crash

As the dust begins to settle from the latest escalation in the Iran conflict, markets are left to grapple with a more complicated question: what comes next? Is this the beginning of a reset toward stability, another leg up in markets, and lower inflation -or- are the early stages of a broader economic unraveling tied to supply shocks, currency stress, and geopolitical fragmentation? Not to mention... is the Straight of Hormuz even open? Reports are that Iran is only allowing passage after a hefty payment in either cryptocurrency or Chinese Yuan.

Tonight at 7pm ET, longtime market commentator Marc “Dr. Doom” Faber squares off against Brent Johnson, with Adam Taggart of Thoughtful Money moderating. 

Faber is an OG dollar bear while Johnson is critical of the “US Empire is doomed to fail” crowd.

Nonetheless Johnson has warned, in a recent post on his research blog, that “rationing hits next. And the downstream effects...energy prices, manufacturing inputs, food prices...follow on a timeline that stretches months, not days.” He says consequences are largely baked in, as most ships take 10 to 45 days to reach their destination and are just leaving now.

“What’s actually happening right now is slower, quieter, and more consequential than anything in the financial press.”

Faber has consistently bashed paper money, in all its forms, as destined to fall to zero against the price of gold:

Where he and Johnson might agree is that it is unlikely for the Euro or the Japanese Yen to unseat the dollar. But could the Chinese Yuan or a basket currency put forth by BRICS? Especially if backed by gold (or advertised as such), might other countries begin making the switch?

Iran has long known the risks of dealing in U.S. dollar-denominated assets that may be frozen unilaterally. However, the country has also now learned the consequences of challenging U.S. (or perhaps more accurately in their case, Israel) regional hegemony. So, if more countries announced their intention to de-dollarize, would the American government strike such initiatives down by force a la Libya? And even if the U.S. tries, does it become too many impossible fires to put out? Global market forces could usher in a return to gold whether the Pentagon likes it or not.

Taggart, Faber, and Johnson will answer these questions tonight, here on the ZeroHedge homepage at 7pm ET.

Tyler Durden Thu, 04/09/2026 - 09:25

Artemis II Astronauts Prepare For Re-Entry, Splashdown

Zero Hedge -

Artemis II Astronauts Prepare For Re-Entry, Splashdown

Authored by T.J.Muscaro via The Epoch Times,

When Artemis II crew members wake up at 11:35 a.m. ET on April 9, they will begin their last full day in space and start preparing the cabin for their return home.

NASA’s Reid Wiseman, Victor Glover, and Christina Koch, and Jeremy Hansen of the Canadian Space Agency, continue to fall back to Earth on a free return trajectory aboard their Orion spacecraft, Integrity, targeting a splashdown in the Pacific Ocean at about 8:05 p.m. ET on April 10.

Over the past eight days, those astronauts became the first people in more than 50 years to leave Earth’s orbit and cross the proverbial channel of deep space to fly around the moon.

They ventured farther from Earth than any other human expedition in history. They saw areas and aspects of the lunar surface that no other humans had ever been able to see with their own eyes, and they became the first humans ever to observe a full solar eclipse from lunar space.

They captured striking images of their home planet, and shared a call with their colleagues onboard the International Space Station, marking the first time in spaceflight history that a crew in deep space communicated directly with a crew in low Earth orbit.

But now, it’s almost time to come home.

On April 8, the crew started preparing their capsule for arrival, storing equipment and securing items for the upcoming comet-like ride through the Earth’s atmosphere.

They started reinstalling their seats into the configuration for launch and reentry, and they tested their orthostatic intolerance garments.

Those special garments are worn underneath the astronaut’s spacesuits to help “maintain blood pressure and circulation during the transition back to Earth’s gravity,” NASA explained.

“After extended time in microgravity, some astronauts experience orthostatic intolerance, a condition that can make it difficult to stand upright without dizziness or fainting. The garment applies lower‑body compression to counteract this effect and support a safe return.”

The crew was also supposed to demonstrate deployment of an emergency radiation shield inside the cabin, a procedure developed in case astronauts encounter a high dose of radiation beyond Earth orbit. But mission teams decided to forego the demonstration to prepare Integrity for reentry.

The spacecraft also executed short course correction burns on April 7 and April 8, and a third was scheduled for April 9. Also on April 8, the crew took manual control of their ship one last time, turning it around to point the tail end toward the sun.

Throughout April 9, the crew was scheduled to continue working to get Integrity into its reentry configuration.

Images, audio logs, and other data collected by the crew during their mission continue to be downlinked to mission control.

The Artemis II crew will have one more sleep period aboard Integrity beginning at 3:05 a.m. on April 10. They’ll wake up at 11:35 a.m., and then, if all goes well, they’ll fall asleep for the first time in 10 days beneath the blanket of Earth’s gravity.

Artemis II is scheduled to reenter Earth’s atmosphere at about 7:53 p.m. ET on April 10 and splash down off the coast of San Diego less than 15 minutes later.

On April 7, the mission’s recovery ship, the USS John P. Murtha, left port and set sail toward the designated recovery zone.

Tyler Durden Thu, 04/09/2026 - 09:10

Continuing Jobless Claims Tumble To 2-Year Lows

Zero Hedge -

Continuing Jobless Claims Tumble To 2-Year Lows

The number of Americans filing for jobless benefits for the first time rose from 203k to 219k last week (higher than the expected 210k), but still hovering within the low-low range of the last four years...

Source: Bloomberg

New Jersey and Oregon saw the largest WoW rise in initial claims while Texas and New York saw the biggest decline...

But, while initial claims rose, continuing jobless claims tumbled to the lowest level since May 2024...

Source: Bloomberg

Soft survey data continues to signal a stressed labor market, while hard claims data says - all clear...

Source: Bloomberg

The bottom line is the 'no hire, no fire' economy remains firmly in place with policy-makers holding their breath for March's inflation data to make a decision.

Expectations for The Fed's moves in 2026 currently price in 25% odds of a single 25bps rate-cut this year.

Tyler Durden Thu, 04/09/2026 - 09:03

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